Category: Latin America

  • MIL-OSI Global: How Trump’s tariffs could hit developing economies – even those not involved in the trade war

    Source: The Conversation – UK – By Selim Raihan, Professor of Economics, University of Dhaka

    The world has witnessed a resurgence of protectionism since Donald Trump returned to the White House. So-called “reciprocal” tariffs, imposed on all US trading partners at varying degrees based on the tax they charge on American goods, have been one of the hallmark features of Trump’s economic policy. They aim to correct what he perceives as “unfair” trade practices.

    In early April, Trump said many countries had “ripped us off left and right” and declared “now it’s our turn to do the ripping”. His administration swiftly imposed sweeping tariff increases, with some of the highest rates falling on poorer countries like Laos and Lesotho.

    A 90-day suspension was eventually made for most of these tariffs, and Trump has now softened duties on imported cars and car parts. But the danger remains high. No one can be certain that the initial reciprocal tariffs will not be reinstated.

    Developing countries, many of which rely heavily on the export of manufactured goods to the US, will be keeping a keen eye on what happens next.

    We employed the Global Trade Analysis Project model to analyse the possible effects of US tariffs on trade and economic growth. The model captures interactions and feedback among economic agents (households, firms and governments), markets, sectors and regions in the world economy.

    It can be used to forecast the effect of trade reforms on various indicators such as production, welfare, income, prices and trade flows. Based on certain assumptions, the changes are likely to be seen in between two and three years.

    We used simulations to compute the effects of Trump’s tariff regime under two alternative scenarios. In the first, which reflects the global trade situation at the time of writing, baseline tariffs are levied on all countries at 10%. The duties are 25% on goods from Canada and Mexico, and 145% on China. Retaliatory duties by China on US goods are set at 125%.

    In the second, across-the-board reciprocal tariffs are imposed on countries at the levels Trump declared in his initial plan on April 2. This is in addition to the 145% tariff on Chinese goods, 25% on those from Canada and Mexico and a 125% duty by China on imports from the US.

    Winners and losers

    As shown by the graph below, our simulations suggest the US tariff regime will distort export patterns worldwide. The most painful effects will fall on China and the US itself.

    Chinese exports would shrink by 10.8% in the first scenario and 10.9% in the second. The US would suffer an even larger loss of 11.7% and 14.9%, respectively.

    The model suggests that other major US trading partners such as Canada and Mexico would also experience deep export declines of over 5% in both scenarios. Roughly 75% of Canada’s exports head south towards the US.

    Among the developing Asian economies, Nepal, Pakistan and the Philippines would experience substantial export declines. This is particularly the case in the second scenario, with losses ranging from 2% to 4.4%. These countries are particularly vulnerable to reciprocal tariffs because they rely heavily on exports and are deeply tied to global supply and production chains.

    Bangladesh, Cambodia, Indonesia, Sri Lanka and Vietnam may benefit in the first scenario due to a possible diversion of trade. These countries, which are known for having some of the lowest labour costs in the world, offer cheap alternatives for goods that US importers would previously have sourced from China.

    But they are expected to lose the majority of these benefits in the second scenario under a full reciprocal tariff regime. The exceptions are Cambodia and Indonesia, which our simulations suggest will retain positive export growth – albeit reduced to 1.6% from 4% for Cambodia and unchanged at 0.7% for Indonesia.

    This may be because Cambodia and Indonesia have slightly more diversified export baskets than countries like Bangladesh and Sri Lanka, and trade with more partners. However, these gains are likely to be short lived if global uncertainties continue.

    Major advanced economies such as Japan, the UK and EU will lose exports by a moderate amount. And the Middle East, north Africa, sub-Saharan Africa and Latin America (excluding Brazil) will see similar declines.

    The second graph presents a concerning picture of how trade disruption could affect GDP, which economists use to measure the size of a country’s economy. The US and China are again set to suffer the steepest GDP losses, of 0.3% in the US and 1.9% in China under the second scenario. This confirms the well-established economic consensus that trade wars are mutually destructive.

    Under the second scenario, most emerging and developing economies would suffer modest GDP declines between 0.3% and 1%. Thailand (1%), Malaysia (0.9%), Brazil (0.9%) and Vietnam (0.9%) are the worst hit countries in this category.

    Like most of the developing countries in Asia, which are not directly involved in the trade war, many countries in Latin America, the Middle East, north Africa and sub-Saharan Africa would still face hits to their GDP. This underscores the global interconnectedness of trade and investment flows.

    The simulations confirm what economists have been asserting for years: trade wars do not have winners. While some countries do benefit in the short term by way of trade diversion, the total losses are high and developing countries are not immune from the damage.

    However, there are strategies developing countries can employ to improve their resilience to global trade disruptions. This includes diversifying their export markets by, for example, establishing stronger trade ties in regional blocs.

    One example is the Regional Comprehensive Economic Partnership, a free trade agreement between the Asia-Pacific nations of Australia, Brunei, Cambodia, China, Indonesia, Japan, South Korea, Laos, Malaysia, Myanmar, New Zealand, the Philippines, Singapore, Thailand and Vietnam. Such ties can be strengthened further.

    Developing countries should also use this turbulent period to streamline customs, upgrade port infrastructure and improve logistics. This can reduce costs, enhance competitiveness and help developing economies engage more deeply in international trade.

    No country is exempt from disruptions to global trade. But those with diversified economies, strong regional linkages and resilient trade infrastructure will weather the turbulence more successfully.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. How Trump’s tariffs could hit developing economies – even those not involved in the trade war – https://theconversation.com/how-trumps-tariffs-could-hit-developing-economies-even-those-not-involved-in-the-trade-war-255435

    MIL OSI – Global Reports

  • MIL-OSI USA: Latta and Kaptur Introduce Resolution Proclaiming May 9th to May 18th National American Birding Week

    Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)

    This week, Congressman Bob Latta (R-OH5) and Congresswoman Marcy Kaptur (D-OH9), introduced a bipartisan resolution proclaiming May 9 through May 18, 2025, as “National American Birding Week.” Birding is a pastime that generates billions in economic benefits annually, but migratory bird populations face many threats to their survival. Annual birding events such as the “Biggest Week in American Birding”, sponsored by the Black Swamp Bird Observatory in Oak Harbor, Ohio, leverage government, nonprofit, and private resources to promote conservation of migratory bird populations and economic development through a multifaceted approach that combines research, education, and outreach. Coordinated efforts by Federal, State, and local governments, conservation organizations, and businesses help to promote conservation of migratory birds and economic development through birding.

    “Birdwatching in Ohio is a year-round activity, with a wide variety of birds and over 400 species to spot,” Latta said. “There is a reason Northwest Ohio is dubbed the ‘Warbler Capital of the World,’ and I am proud to introduce this bipartisan resolution with Congresswoman Kaptur, to continue recognizing the art of birdwatching, support local conservation and to encourage more people to get outside enjoy birdwatching during National American Birding Week.”

    “Our bipartisan resolution calls attention to the array of natural and human-caused threats to migratory bird populations, emphasizes contributions birders make to local economies, and applauds the cooperation among governments, conservation organizations, and businesses,” Kaptur said. “I call on my fellow Ohioans to join Congressman Latta and me in supporting the designation of ‘National American Birding Week’ as we celebrate this important event that brings birders from around the world to Northwest Ohio every year. I encourage birders and people from across our nation to attend events including the ‘Biggest Week in American Birding’ to learn about efforts to preserve migratory bird populations.”

    Approximately 3,500,000,000 songbirds, raptors, shore birds, and waterfowl representing over 350 species migrate north through the United States to breeding grounds every spring from wintering grounds in the southern United States, Mexico, and the tropics. Populations of many migratory bird species are in decline due to habitat loss, predation, and collisions with buildings, utility infrastructure, and vehicles. An estimated 45,000,000 American birders spend close to $40 Billion annually on birdwatching and birding activities creating hundreds of thousands of jobs and billions in employment income and Federal and State tax revenue.

    MIL OSI USA News

  • MIL-OSI Security: Revere Man Pleads Guilty to Role in International Money Laundering Organization

    Source: Office of United States Attorneys

    More than 16 kilograms of methamphetamine, fentanyl and cocaine seized during the investigation

    BOSTON – A Revere man pleaded guilty yesterday in federal court in Boston to laundering hundreds of thousands of dollars in drug proceeds for drug suppliers based in Central and/or South America and possessing over 17 kilograms of various controlled substances.

    Jason Hunter, 48, pleaded guilty to one count of conspiracy to distribute and to possess with intent to distribute controlled substances; one count of distribution of and possession with intent to distribute 500 grams or more of a mixture and substance containing methamphetamine, 500 grams or more of cocaine and other controlled substances; and one count of money laundering conspiracy. U.S. Senior District Court Judge William G. Young scheduled sentencing for July 22, 2025.

    According to court documents, law enforcement received information from a confidential source about large-scale international money laundering organizations that used money brokers in Colombia as liaisons between drug suppliers based in Central and/or South America and their drug customers in the United States. The money brokers arrange contracts with U.S.-based money launderers to conduct pickups of drug proceeds on behalf of the drug suppliers in Latin America. As part of the investigation, law enforcement agents – posing as money launderers – conducted controlled pickups in connection with contracts offered by the money brokers in cities throughout the United States, including Boston.

    Over the course of the investigation, Hunter delivered drug proceeds to undercover investigators on multiple occasions, including on Feb. 28, 2024, when he delivered $140,000 of bulk cash drug proceeds. On April 3, 2024 Hunter was arrested on his way to a money pickup that had been arranged by a broker. At the time of his arrest $100,000 in drug proceeds was seized from Hunter’s possession. A subsequent search of his residence and vehicle resulted in the seizure of over 16 kilograms of counterfeit pills containing methamphetamine, thousands of counterfeit pills containing fentanyl, additional pills containing oxycodone, as well as over a kilogram of cocaine and multiple kilograms of marijuana.

    The charge of conspiracy to distribute and to possess with intent to distribute 500 grams or more of substance containing methamphetamine provides for a sentence of at least 10 years and up to life in prison, at least five years and up to a lifetime of supervised release and a fine of up to $10 million. The charge of distribution and possession with intent to distribute 500 grams or more of substance containing methamphetamine provides for a sentence of at least 10 years and up to life in prison, at least five years and up to a lifetime of supervised release and a fine of up to $10 million. The charge of money laundering conspiracy provides for a sentence of up to 20 years in prison, up to three years of supervised release and a fine of up to $500,000 or twice the amount of laundered funds, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.

    United States Attorney Leah B. Foley and Stephen Belleau, Acting Special Agent in Charge of the Drug Enforcement Administration, Boston Field Division made the announcement today. Valuable assistance was provided by the Massachusetts State Police. First Assistant U.S. Attorney Katherine Ferguson and Assistant U.S. Attorney Alathea Porter of the Narcotics & Money Laundering Unit are prosecuting the case.  

    This case is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) operation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at https://www.justice.gov/OCDETF.

    The details contained in the charging document are allegations. The remaining defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in the court of law.  
     

    MIL Security OSI

  • MIL-OSI Security: Jury Convicts Ohio Men For Conspiring To Distribute More Than Five Kilograms Of Cocaine

    Source: Office of United States Attorneys

    Tampa, FL – United States Attorney Gregory W. Kehoe announces that a federal jury has found Virgil Cooper (42, Cleveland, OH) and Angelo Jordan (49, Euclid, OH) guilty of conspiracy to distribute and to possess with intent to distribute five kilograms or more of cocaine and attempting to possess with intent to distribute five kilograms or more of cocaine. Each faces a minimum penalty 15 years’ imprisonment, due to prior serious drug or violent felonies, and a maximum penalty of life in federal prison. The sentencing hearings have not yet been set. 

    According to testimony and evidence presented during the four-day trial, Cooper established contact with a former federal prison cellmate who had been deported to his native country of Colombia after serving his sentence. Cooper wanted to purchase multiple kilograms of cocaine directly from Colombia at a discount rate. The former cellmate introduced Cooper to a Drug Enforcement Administration confidential source who helped arrange for a viewing of 10 kilograms of cocaine with undercover officers in Tampa in February 2023. Because Cooper was still serving the remainder of his sentence in a halfway house, he sent his friend, Jordan, to view the cocaine. After repeated communications and Cooper’s release from the halfway house, Cooper and Jordan traveled from Cleveland to Tampa on August 3, 2023, to deliver a down payment of $120,000 for an initial 30 kilograms of cocaine, and they were arrested.

    This case was investigated by the Drug Enforcement Administration, with assistance from the Tampa Police Department. It is being prosecuted by Special Assistant United States Attorney David Rehfuss and Assistant United States Attorney E. Jackson Boggs, Jr.

    This case was part of an Organized Crime Drug Enforcement Task Force (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach. Additional information about the OCDETF Program can be found at www.justice.gov/OCDETF.

    MIL Security OSI

  • MIL-OSI Security: Bahamian National Pleads Guilty to Alien Smuggling Charges

    Source: Office of United States Attorneys

    MIAMI – A Miami federal district judge adjudicated a Bahamian national guilty on alien smuggling charges.  

    According to court documents and statements made in court hearings, on Dec. 19, 2024, U.S. Customs and Border Protection (CBP) officers aboard a CBP aircraft observed Shakerio Michael Jones, 31, traveling from the direction of The Bahamas toward the United States, and notified CBP officers on the water.

    Once the boat crossed into United States waters, off the coast of Miami-Dade County, Fla., the CBP officers onboard a CBP Air and Maritime Operations vessel approached the go-fast boat and ordered the driver to stop. The CBP officers brought all the individuals from the boat onboard the USCG Cutter Bernard C. Webber and confirmed that the 13 individuals did not have permission to enter the United States. The CBP officers determined that the individuals were nationals of the United Kingdom, Haiti, Honduras, Ireland, India and The Bahamas, and that Jones had been previously removed from the United States.

    The CBP officers brought Jones to shore to face charges. The rest of the aliens were returned to The Bahamas.

    On April 24, Jones entered a guilty plea before magistrate judge Edwin G. Torres, who issued a report recommending that the plea be accepted. On April 30, U.S. District Judge Jacqueline Becerra adopted the report and recommendations and adjudicated the defendant guilty.

    Jones is scheduled to be sentenced on July 18 at 10:00 a.m. in Miami. He faces up to 20 years in prison, followed by up to three years of supervised release and a fine of up to $250,000.

    U.S. Attorney Hayden O’Byrne for the Southern District of Florida and Acting Special Agent in Charge José R. Figueroa of Homeland Security Investigations (HSI), Miami Field Office, made the announcement.

    HSI Miami investigated the case with assistance from CBP and USCG, 7th Coast Guard District. Special Assistant U.S. Attorney Tanner Stiehl is prosecuting the case.

    You may find a copy of this press release (and any updates) on the website of the United States Attorney’s Office for the Southern District of Florida at https://www.justice.gov/usao-sdfl.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-10027.

    ###

    MIL Security OSI

  • MIL-OSI Global: Perfect storm of tech bros, foreign interference and disinformation is an urgent threat to press freedom

    Source: The Conversation – UK – By Tom Felle, Associate Professor of Journalism, University of Galway

    Media freedom has long been essential to healthy democracy. It is the oxygen that fuels informed debate, exposes corruption and holds power to account. But around the world, that freedom is under sustained attack.

    The actions of populist political elites, tech billionaires and foreign disinformation campaigns are reinforcing one another. This is weakening independent journalism and reshaping the global public sphere.

    This convergence was on full display at US president Donald Trump’s 2025 inauguration. The presence of Elon Musk, Jeff Bezos and Mark Zuckerberg signalled that the tech elite are no longer simply disruptors. They are increasingly aligned with populist politics, a project openly hostile to independent journalism and democratic accountability.

    Nowhere is this clearer than on X (formerly Twitter). Musk’s takeover has transformed the platform into a breeding ground for conspiracy theories and misinformation, while systematically undermining the credibility of established media outlets. Meta’s decision to abandon factchecking political content in the US also marks a dangerous retreat from even the minimal efforts once made to curb disinformation.

    At its core, journalism’s role is simple but essential: to inform the public and hold power to account. Independent media – outlets free from government, political, or corporate control – are essential to democracy. They play a critical role in exposing corruption, amplifying marginalised voices, scrutinising government decisions and challenging abuses of power.

    When media organisations are weakened, this essential accountability collapses – allowing governments, politicians and corporations to operate unchecked. Minorities and vulnerable groups suffer most when no one is left to shine a light on abuse or discrimination. Human rights violations go unreported. Misinformation and rumour fill the void.

    That is precisely what is happening, not just in fragile states but in established democracies. Populist leaders have attacked journalists as enemies of the people and smeared media outlets that challenge them.

    Donald Trump infamously branded critical coverage as “fake news”. Brazil’s Jair Bolsonaro vilified journalists who investigated corruption and environmental crimes. Hungary’s Viktor Orbán has systematically dismantled media independence. Slovakia’s Robert Fico called journalists “bloodthirsty bastards” and “possessed by the devil”.

    These leaders know that controlling the narrative is key to holding power. Discrediting the media is the first step.

    One of the clearest recent examples is the Trump administration’s shuttering of Voice of America (VOA). This move to silence a broadcaster that had promoted press freedom for over 80 years has been celebrated by authoritarian regimes. China’s state media mocked VOA as “discarded like a dirty rag”.

    Foreign threats

    What makes this moment uniquely dangerous is that these political attacks are now supercharged by technology platforms retreating from accountability, and exploited by hostile foreign powers.

    The latest European External Action Service (EEAS) Foreign Information Manipulation and Interference Threat Report paints a stark picture of how disinformation is used as a strategic weapon to weaken democracies from within.

    In 2024, the EEAS – the diplomatic service of the European Union – detected
    record levels of foreign manipulation, particularly from Russia and China. The EEAS recorded more than 500 coordinated manipulation campaigns targeting 90 countries.

    These included AI-generated deepfake videos impersonating European politicians, such as a fabricated video of Moldova’s president endorsing a pro-Russian party.

    Bot networks were deployed to amplify false narratives about migration and inflation, distorting online discourse and inflaming social divisions. Impersonation tactics cloning legitimate news websites like Le Monde and German media were used to disseminate pro-Kremlin disinformation. All these efforts were aimed at undermining trust in democratic institutions, inflaming social divisions and creating confusion.


    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

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    Disinformation has become a standard geopolitical weapon, often used as a precursor to military or economic action. In the lead-up to its full-scale invasion of Ukraine in February 2022, Russia conducted a sustained disinformation campaign. Fabricated videos and false flag operations portrayed Ukraine as the aggressor to justify military action.

    Similarly, during the 2020-21 border clashes with India, China spread disinformation downplaying its military build-up while casting India as the instigator.

    Russia has also used disinformation to pursue economic goals, notably by spreading falsehoods about European renewable energy and gas supply stability, to influence energy policy and sow public doubt about the EU’s energy independence strategy.

    While this happens, platforms like Meta and X are retreating from content moderation and fact-checking. The result is a perfect storm where domestic populism, platform failure and foreign manipulation reinforce one another. Platforms like X have become the key battleground, accounting for 88% of detected disinformation activity.

    What’s at stake – and what must change

    As these threats grow, the traditional media model is collapsing. Advertising revenue – once the lifeblood of newspapers, radio, and television – has shifted almost entirely to digital platforms. Local newsrooms are closing, while investigative journalism is increasingly rare, expensive and risky.

    In the UK, more than 320 local papers have closed since 2009. Titles like the Evening Standard ended daily print in 2024 due to plummeting ad revenues. Across Europe, rising news deserts and newsroom cuts are weakening media’s democratic role.

    In the US, things are even worse – 3,200 newspapers have closed since 2005. More than half of all counties now have little or no local news coverage.

    As social media platforms abandon even basic content moderation, they create vast, ungoverned digital spaces where bad actors dominate the conversation.

    Into this gap flood social media influencers, partisan outlets and state-backed propaganda. The result is a fractured, polarised information ecosystem. Facts struggle to compete with viral misinformation and coordinated disinformation campaigns.

    News consumers must navigate a sea of misinformation and propaganda.
    Olezzo/Shutterstock

    In the end, it is citizens who pay the price, bombarded by propaganda and adrift in a sea of misinformation. This is not just a media problem, it is a fundamental threat to democracy itself. Without independent journalism, there is no one left to ask difficult questions, expose wrongdoing or defend the public interest.

    Protecting media freedom must now be treated as a democratic priority, as essential as free and fair elections or an independent judiciary. Governments need to regulate tech platforms effectively, enforcing transparency over algorithms and bringing in meaningful protections against disinformation.

    Public investment in journalism is critical to ensure the press can survive and hold power to account. Democracies must coordinate efforts to counter foreign information manipulation, and protect journalists facing harassment and threats from authoritarian regimes.

    The future of democratic accountability now depends on whether governments, regulators and the media can reclaim this space before it is lost entirely. Above all, this means recognising that journalism is not a luxury or a relic. It is a vital public good.

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

    ref. Perfect storm of tech bros, foreign interference and disinformation is an urgent threat to press freedom – https://theconversation.com/perfect-storm-of-tech-bros-foreign-interference-and-disinformation-is-an-urgent-threat-to-press-freedom-252986

    MIL OSI – Global Reports

  • MIL-OSI Canada: The month of May brings a pair of inspiring new docs to nfb.ca: Saturday, by Jessica Hall, and Incandescence, by Nova Ami and Velcrow Ripper. Plus, special programming to mark Asian Heritage Month, and more.

    Source: Government of Canada News (2)

    May 1, 2025 – Montreal – National Film Board of Canada (NFB)

    Continue to Stream Canadian in May on nfb.ca! This month, explore two new documentaries from Yukon and British Columbia. Each in its own way offers an inspiring perspective:

    • In Saturday, by Jessica Hall, the filmmaker explores the joyful, creative life of her sister, who has an intellectual disability.
    • Incandescence, by Nova Ami and Velcrow Ripper, leads us to a new understanding of massive wildfires, a worldwide challenge.

    May is also Asian Heritage Month in Canada, which will be celebrated with a rich themed channel. The NFB wants to highlight the importance of sharing the distinctive stories and important contributions of people from Asian communities across the country. This is all the more crucial in the wake of the terrible attack on Vancouver’s Filipino-Canadian community on April 26, Lapu-Lapu Day.

    In addition, a blog post in conjunction with Mental Health Week (May 5–11) will explore animation filmmakers’ perspectives on the subject.

    Is Montreal on your itinerary? Starting Thursday, May 8, stop by the Alanis Obomsawin Theatre in the Quartier des Spectacles to enjoy a few gems from the NFB’s collection on the big screen, at the Hello Film! series. Free films, first-come, first-wowed!

    Remember, nfb.ca is home to more than 7,000 streaming films and a collection of over 100 interactive works.

    NEW ONLINE RELEASES

    Starting May 16

    Saturday by Jessica Hall (2025, NFB)
    Documentary (13 min 8 s) / Press kit

    • Filmmaker Jessica Hall’s sister Katherine manages her intellectual disability by leading an independent, creative and joyful life. Saturday documents her story. An inspiring tribute to a daughter and mother’s close and supportive relationship.
    • The film has been screened at a number of Canadian festivals, including the Available Light Film Festivalin Whitehorse, where it was shot.

    Starting May 26

    Incandescence by Nova Ami and Velcrow Ripper (2024, NFB)
    Documentary (105 min 22 s) / Press kit

    • Wildfires are burning with increasing intensity around the world. Following the rhythms of the seasons, the film is an immersive cinematic experience, weaving on-the-ground footage with extraordinary stories of survival and adaptation that transform our understanding of wildfire. From the flightpath of bees to an osprey’s aerial perspective, floating over the landscape: the Earth comes back.
    • The doc has been selected for festivals in Canada and the US, including the Santa Barbara International Film Festival. This spring, it played at sold-out screenings across British Columbia.
    • Incandescence will be shown in Montreal on Thursday, May 22,* as part of the Hello Film! series at the NFB’s Alanis Obomsawin Theatre.

    SPECIAL PROGRAMMING
    THEMED CHANNEL AND BLOG POSTS

     Marking Asian Heritage Month

    Channel: Asian-Canadian Perspectives

    Watch close to 30 NFB animated films and documentaries that centre around Asian communities and stories told from Asian perspectives. The selection includes Eisha Marjara’s Am I the skinniest person you’ve ever seen?, which won the prestigious Betty Youson Award for Best Canadian Short Documentary at the Hot Docs Canadian International Documentary Festival.

    Celebrating the NFB’s 86th anniversary

    • English Collection Curator Camilo Martín-Flórez is publishing a new blog post on April 30.

    Marking Mental Health Week (May 5–11)

    • French Collection Curator Marc St-Pierre will publish the blog post “An Animated Journey into Mental Health, available soon.

    HELLO FILM! – FREE SCREENINGS IN MONTREAL

    Free admission (reservations required)

    Details: events.nfb.ca/hello-film-free-screenings-at-the-nfb

    Each of the films below will be preceded by a short to open the program.

    • Marking Asian Heritage Month

      Thursday, May 8, 2025, 7 p.m.:

      The Apology by Tiffany Hsiung (104 min)

      The film follows three former “comfort women” who were among the 200,000 girls and young women kidnapped and forced into military sexual slavery by the Imperial Japanese Army during World War II.

    • Marking the International Day of Families

      Thursday, May 15, 2025, 7 p.m.:

      Seguridad by Tamara Segura (76 min)

      Once dubbed “Cuba’s youngest soldier” in a militia publicity stunt, Tamara Segura uncovers family secrets and portrays her troubled relationship with her father.

    • Looking ahead to Father’s Day in June

      Thursday, May 29, 2025, 7 p.m.:

      Sons by Justin Simms (70 min)

      As Donald Trump is elected to a first term in 2016, a first-time dad wrestles with traditional methods of raising boys. How do we teach our boys to become better men?

    The Hello Film! series will continue through July 31, with more films to discover or rediscover.

    To get to the NFB’s Alanis Obomsawin Theatre

    1500 Balmoral Street
    Montreal
    Place-des-Arts Metro

    Accessible to persons with reduced mobility.

    – 30 –

    Media Relations

    Jennifer Mair
    NFB Publicist
    C.: 416-436-0105
    j.mair@nfb.ca | @NFB_Jennifer

    Katja De Bock
    NFB Publicist
    C.: 778-628-4890
    k.debock@nfb.ca@NFB_Katja

    Lily Robert
    Director, Communications and Public Affairs, NFB
    C.: 514-296-8261
    l.robert@nfb.ca

    Stay Connected

    Online Screening Room: nfb.ca
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    MIL OSI Canada News

  • MIL-OSI: Kootenay Silver Inc. to Present at the Metals & Mining Virtual Investor Conference May 6th 2025

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 02, 2025 (GLOBE NEWSWIRE) — Kootenay Silver Inc. (TSXV: KTN; OTCQX: KOOYF), based in Vancouver, BC, focused on the Columba High-Grade Silver Project, Chihuahua, Mexico, today announced that James McDonald, President & CEO of Kootenay Silver Inc., will present live at the Metals & Mining Virtual Investor Conference hosted by VirtualInvestorConferences.com, on May 6, 2025

    DATE: May 6, 2025
    TIME: 12:30 PM EST
    LINK: REGISTER HERE
    Available for 1×1 meetings: May 6-7th, 9th, 12-13th

    This will be a live, interactive online event where investors are invited to ask the company questions in real-time. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.  

    Learn more about the event at www.virtualinvestorconferences.com.

    Recent Company Highlights

    • Drill Hole CDH-24-153: 1.35 Meters of 920 gpt Silver and 11 Meters of 481 gpt Silver
    • Drill Hole CDH-22-125: 2.45 Meters of 5,840 gpt Silver and 34.45 Meters of 540 gpt Silver
    • Drill Hole CDH-21-103: 6 Meters of 2,035 gpt Silver and 44 Meters of 333 gpt Silver
    • NI 43-101 Global Silver Eqv. Resources of 214 Million M&I & 54.9 Million Inf. Ounces

    About Kootenay Silver Inc.

    Kootenay Silver Inc. is an exploration company actively engaged in the discovery and development of mineral projects in the Sierra Madre Region of Mexico. Supported by one of the largest junior portfolios of silver assets in Mexico, Kootenay continues to provide its shareholders with significant leverage to silver prices. The Company remains focused on the expansion of its current silver resources, new discoveries and the near-term economic development of its priority silver projects located in prolific mining districts in Sonora, State and Chihuahua, State, Mexico, respectively.

    About Virtual Investor Conferences®

    Virtual Investor Conferences (VIC) is the leading proprietary investor conference series that provides an interactive forum for publicly traded companies to seamlessly present directly to investors.

    Providing a real-time investor engagement solution, VIC is specifically designed to offer companies more efficient investor access.  Replicating the components of an on-site investor conference, VIC offers companies enhanced capabilities to connect with investors, schedule targeted one-on-one meetings and enhance their presentations with dynamic video content. Accelerating the next level of investor engagement, Virtual Investor Conferences delivers leading investor communications to a global network of retail and institutional investors.

    CONTACTS:
    Kootenay Silver Inc.
    James McDonald
    President & CEO
    Ph: +1-403-880-6016
    Email: makwaexploration@gmail.com
    Website: kootenaysilver.com

    Virtual Investor Conferences
    John M. Viglotti
    SVP Corporate Services, Investor Access
    OTC Markets Group
    (212) 220-2221
    johnv@otcmarkets.com 

    The MIL Network

  • MIL-OSI USA: Kaptur and Latta Introduce Resolution Proclaiming May 9th To May 18th National American Birding Week

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Toledo, Ohio — This week, on Wednesday April 30, 2025, Congresswoman Marcy Kaptur (OH-09) and Congressman Bob Latta (OH-05), introduced a bipartisan resolution proclaiming May 9 through May 18, 2025, as “National American Birding Week.” Birding is a pastime that generates billions in economic benefits annually, but migratory bird populations face many threats to their survival. Annual birding events such as the “Biggest Week in American Birding”, sponsored by the Black Swamp Bird Observatory in Oak Harbor, Ohio, leverage government, nonprofit, and private resources to promote conservation of migratory bird populations and economic development through a multifaceted approach that combines research, education, and outreach. Coordinated efforts by Federal, State, and local governments, conservation organizations, and businesses help to promote conservation of migratory birds and economic development through birding.

    “Our bipartisan resolution calls attention to the array of natural and human-caused threats to migratory bird populations, emphasizes contributions birders make to local economies, and applauds the cooperation among governments, conservation organizations, and businesses,” said Congresswoman Marcy Kaptur (OH-09). “I call on my fellow Ohioans to join Congressman Latta and me in supporting the designation of ‘National American Birding Week’ as we celebrate this important event that brings birders from around the world to Northwest Ohio every year. I encourage birders and people from across our nation to attend events including the ‘Biggest Week in American Birding’ to learn about efforts to preserve migratory bird populations.”

    “Birdwatching in Ohio is a year-round activity, with a wide variety of birds and over 400 species to spot,” said Congressman Bob Latta (OH-05). “There is a reason Northwest Ohio is dubbed the ‘Warbler Capital of the World,’ and I am proud to introduce this bipartisan resolution with Congresswoman Kaptur, to continue recognizing the art of birdwatching, support local conservation and to encourage more people to get outside enjoy birdwatching during National American Birding Week.”

    Approximately 3,500,000,000 songbirds, raptors, shore birds, and waterfowl representing over 350 species migrate north through the United States to breeding grounds every spring from wintering grounds in the southern United States, Mexico, and the tropics. Populations of many migratory bird species are in decline due to habitat loss, predation, and collisions with buildings, utility infrastructure, and vehicles. An estimated 45,000,000 American birders spend close to $40 Billion annually on birdwatching and birding activities creating hundreds of thousands of jobs and billions in employment income and Federal and State tax revenue.

    A full copy of the resolution declaring “National American Birding Week” can be found by clicking here.

    # # #

    MIL OSI USA News

  • MIL-OSI USA: USGS Coral Reef Science Informs State, Territorial, and National Policy

    Source: US Geological Survey

    Since then, using these data, following this guidance, and under this definition, the states and territories have passed their own laws declaring their coral reefs as natural infrastructure and secured $48 million in FEMA hazard mitigation funding to restore their coral reefs to make their infrastructure, communities, and economy more resilient to coastal hazards, with more, larger proposals being planned.

    USGS and partners continue to provide stakeholders and decision-makers with information on how, where, when, and for whom coral reefs provide critical coastal storm flood risk reduction benefits. These efforts support state and local preparedness through infrastructure prioritization and strategic investments, providing critical information needed to make risk-informed decisions for a more hazard-resilient Nation.

    • Research on coastal hazard risk reduction provided by coral reefs used by Puerto Rico government to justify Puerto Rico Law 72-2020 “Law to Declare Coral Reefs as an Essential Structure for the Protection of the Coasts of Puerto Rico”, 2020
    • Research on coastal hazard risk reduction provided by coral reefs used by Guam government to justify Guam Legislature Bill No. 372-35 (COR) to pursue insurance for coral reefs because of their coastal protection benefits, 2020
    • Research on coastal hazard risk reduction provided by coral reefs highlighted in State of Hawaii’s Senate Concurrent Resolution SCR-159 to pursue insurance for coral reefs because of their coastal protection benefits, 2021
    • Research on coastal hazard risk reduction provided by coral reefs noted in “Restoring Resilient Reefs Act and Coral Reef Sustainability Through Innovation Act of 2022” in the 2023 National Defense Authorization Act, 2022
    • Research on coastal hazard risk reduction provided by coral reefs highlighted in US Coral Reef Task Force’s Resolution 47.2 “Coral Reefs as National Natural Infrastructure”, 2023
    • Research on coastal hazard risk reduction provided by coral reefs highlighted in State of Hawaii’s House Concurrent Resolution HCR-80 to declare coral reefs as essential natural infrastructure for the protection of coastlines, 2023
    • Research on coastal hazard risk reduction provided by coral reefs highlighted in State of Hawaii’s Senate Concurrent Resolution SCR-41 to declare coral reefs as essential natural infrastructure for the protection of coastlines, 2023
    • Research on coastal hazard risk reduction provided by coral reefs highlighted in Territory of American Samoan Public Law 38-13 An act designating the Coral Reef as Critical Natural Infrastructure, 2024
    • Research on coastal hazard risk reduction provided by coral reefs highlighted in Territory of Guam’s Senate Resolution 207-37(COR) to declare coral reefs as essential natural infrastructure for the protection of coastlines, 2024
    • Executive Order 2025-001 to establish coral reefs as critical natural infrastructure in the Commonwealth of the Northern Mariana Islands, 2024

    MIL OSI USA News

  • MIL-OSI USA: ICE ERO Newark arrests illegally present Venezuelan wanted overseas for homicide

    Source: US Immigration and Customs Enforcement

    NEWARK, N.J. — U.S. Immigration and Customs Enforcement’s Enforcement and Removal Operations officers in Newark arrested Juan Luis Ramos Marin, 23, an illegal alien and Venezuelan fugitive wanted for homicide in his home country, in East Orange April 29.

    “This illegal alien wanted for a violent crime committed overseas was placed into removal proceedings for violating immigration law by illegally entering the United States,” said ICE Newark Field Office Director John Tsoukaris. “Ramos is a criminal alien with multiple charges for crimes committed on the East Coast primarily related to theft. We are dedicated to keeping our public safe from fugitives who think they can hide in the U.S.”

    On an unknown date and an unknown place, Ramos entered the United States, without being inspected, admitted or paroled by an immigration officer.

    Ramos has criminal convictions in the United States for disorderly conduct and petit larceny, with pending charges for multiple theft-related offenses, including property theft valued between $100 and $25,000, and possession of stolen property with intent to sell.

    On April 9, the U.S. Border Patrol referred Ramos to ICE Newark, identifying him as a fugitive from justice in Brazil.

    ICE Newark, with assistance from Homeland Security Investigations Newark and the U.S. Customs and Border Protection, arrested Ramos April 29 and served him with a notice to appear before a Department of Justice immigration judge. He is detained in ICE custody without bond.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X at @ERONewark.

    MIL OSI USA News

  • MIL-OSI USA: ICE Boston arrests criminal alien fugitive convicted of homicide, firearms crime in Brazil

    Source: US Immigration and Customs Enforcement

    MARLBORO, Mass. — U.S. Immigration and Customs Enforcement, in partnership with U.S. Drug Enforcement Administration, apprehended a criminal alien fugitive wanted by Brazilian authorities for failing to serve a sentence after convictions for homicide and illegal possession of a firearm. Officers from ICE Boston and agents from DEA New England arrested Jomar Henrique Souza-Santos, 33, in Marlboro March 20.

    “Jomar Henrique Souza-Santos murdered a person in his native country and attempted to subvert justice by hiding out in Massachusetts,” said ICE Enforcement and Removal Operations acting Field Office Director Patricia H. Hyde. “By his own selfish refusal to repay his debt to society, he presented a threat to the residents of New England. ICE Boston will not allow our communities to become safe havens for the world’s reprobates. We will continue to prioritize the safety of our public by removing criminal alien threats from our neighborhoods.”

    U.S. Border Patrol arrested Souza-Santos July 23, 2022, after he illegally entered the United States near El Paso, Texas. On Sept. 23, 2022, ICE Boston issued Souza-Santos a notice to appear before a Justice Department immigration judge and released him on an order of recognizance.

    Brazilian authorities issued a criminal arrest warrant for Souza-Santos Oct. 27, 2023, for failure to serve a sentence after his convictions for homicide and illegal possession of a firearm.

    Members of the public can report crimes and suspicious activity by dialing 866-DHS-2-ICE (866-347-2423) or completing the online tip form.

    Learn more about ICE’s mission to increase public safety in our communities on X at @EROBoston.

    MIL OSI USA News

  • MIL-OSI USA: ICE Phoenix removes Mexican fugitive wanted for domestic violence

    Source: US Immigration and Customs Enforcement

    NOGALES, Ariz. — U.S. Immigration and Customs Enforcement removed Roxana Juarez-Balbastro, a 31-year-old Mexican fugitive wanted in Mexico for domestic violence, April 29.

    ICE transported Juarez-Balbastro from the Eloy Detention Center to the Dennis DeConcini Port of Entry in Nogales, where she was transferred to the custody of Mexican authorities.

    “The return of this fugitive to Mexico is a prime example of how ICE works closely with our international law enforcement partners to identify, locate and remove criminal aliens who are wanted in their native countries,” said ICE Enforcement and Removal Operations Phoenix Field Office Director John Cantu. “This fugitive attempted to flee justice in Mexico and take refuge in Arizona, which is a direct threat to our communities across Arizona.”

    Juarez-Balbastro entered the United States Jan. 23, 2020, at Nogales on a visitor visa. The Arizona Department of Public Safety arrested her Jan. 24, 2020, for transportation of dangerous drugs for sale. The Superior Court of Arizona in Pinal County convicted Juarez-Balbastro Feb. 5, 2021, of conspiracy to commit transportation of dangerous drugs for sale. The court sentenced her to six years of imprisonment.

    If you have information about foreign fugitives, transnational gang members or other criminal aliens who are in the U.S. illegally, call the ICE Tip Line at 866-347-2423 or internationally at 001-1802-872-6199. You can also file a tip online by completing ICE’s online tip form.

    For more news and information on how ICE carries out its immigration enforcement mission in Arizona, follow us on X at @ERO__Phoenix.

    MIL OSI USA News

  • MIL-OSI USA: House Passes Bipartisan Legislation to Strengthen Protections Against Foreign Threats to U.S. Networks

    Source: US Representative Tom Kean, Jr. (NJ-07)

    Contact: Riley Pingree

    (May 1, 2025) WASHINGTON, D.C. — This week, the House of Representatives passed H.R. 906, the Foreign Adversary Communications Transparency (FACT) Act.

    Currently, U.S. law does not require public disclosure of companies tied to foreign adversaries operating in our technology and telecommunications markets. Although the Federal Communications Commission (FCC) is prohibited from issuing new licenses to entities deemed national security threats, some companies linked to adversarial governments still hold certain approvals.

    This bicameral, bipartisan legislation, introduced by U.S. Representative Robert Wittman (VA-01) and co-led by Congressman Tom Kean, Jr. (NJ-07), would require the FCC to publish a list of companies that both hold FCC authorizations and have any ownership ties to adversarial foreign governments, including China, Russia, Iran, Venezuela, Cuba, and North Korea.

    “This week, Congress voted to protect the security and privacy of every American,” said Congressman Kean. “I am pleased to have co-led this bipartisan effort, which strengthens the FCC’s ability to hold foreign adversaries like China and Russia accountable for exploiting our telecommunications infrastructure. The FACT Act is necessary to securing our networks and ensures Americans are no longer left in the dark about who has access to them. It is important that we work across the aisle to recognize this threat and to reinforce our national security.”

    Congressman Wittman (VA-01) said, “The House’s passage of my bipartisan FACT Act marks real progress in countering foreign threats to our tech infrastructure. The Chinese Communist Party continues to use every tool at its disposal to surveil Americans and infiltrate our telecommunications and technology markets. This legislation is a critical step toward exposing the CCP’s malign influence and preventing foreign adversaries from having unfettered access to our telecommunications infrastructure. I’ll continue advocating for strong, bipartisan action to protect our national security.”

    Congressman Brett Guthrie (KY-02), Chairman of the Committee on Energy and Commerce said, “The enemies of America have made a concerted effort to destabilize and undermine our communications networks. The FACT Act will increase awareness of whether companies with licenses or other authorizations to access our networks have ties to adversaries like China, Russia, North Korea, and Iran. I thank Rep. Kean for his work gathering overwhelming bipartisan support for this legislation to secure our infrastructure and improve our national security.”

    Read the full text of the bill here.

    Congressman Kean was the Republican lead of the FACT Act on the Energy and Commerce Committee, making this his first co-led bill and fourth cosponsored bill to pass the House during the 119th Congress. 

    ###

    MIL OSI USA News

  • MIL-OSI Europe: The Atlantic Council hosted French Minister for Europe and Foreign Affairs Jean-Noël Barrot on Europe and the new world order.

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

    Frederick Kempe: Good afternoon to those joining us in our headquarters, our relatively new global headquarters here in Washington today. Good evening to those watching online from Europe and the globe, to everyone joining us from throughout the world. My name is Frederick Kempe. I’m President and CEO of the Atlantic Council, and I’m delighted to welcome you to Atlantic Council Front Days. This is our premier platform for global leaders. And it’s an honor to host today the Minister for Europe and Foreign Affairs of the French Republic, Jean-Noël Barrot. Today’s discussion turns our attention to one of the most enduring and consequential bilateral relationships in U.S. history.

    In the nearly two and a half centuries since France became the first country to formalize diplomatic relations with the newly born United States. Next year, Mr. Minister, is the anniversary of the revolution here. France became the first country to formalize diplomatic relations with the newly born United States. Since that time, this pillar of the transatlantic relationship has seen moments of triumph and moments of trial. From Lafayette and Washington to the beaches of Normandy, the United States, and France have forged partnership unlike any other based on common values in history. However, this relationship goes beyond just sentiment. At each major inflection point in recent history, our countries have stood together, not just because of friendship, but because of shared interests. And now, facing a war on European soil, basing an unfolding trade war, potentially rapidly evolving technological disruptions, and more, the United States and France must consider how to recalibrate and perhaps how to reinvent its partnership and the broader Atlantic alliance with it in order to achieve our common goals of security, prosperity, and freedom.

    As we think through how best to address these challenges, we are delighted to welcome Minister Barrot for today’s event and on the occasion of his first visit to the United States in his current role. The Minister has held numerous positions in the French government, including most recently Minister Delegate for Europe and then Minister Delegate for Digital Affairs, making him well-placed to share the French perspective on the political dynamics at the EU level as well as critical issues of digital and tech policy, and it may help in these times also to be a policy. Minister, welcome to the Atlantic Council. Before we begin let me just say to our audience that we will be taking questions. First, the Minister will make some opening comments Then I will join him on the stage and ask a few questions and then turn to the audience for questions. For those in person, we’ll have a microphone to pass around. For those online, please go to askac.org, askac.org to send your question in virtually. Minister Barrot, it’s always a pleasure to have someone speak at the end of meetings in Washington instead of the beginning of the meetings in Washington. So we look very much forward to your attention.

    Jean-Noël Barrot : Thank you very much, Mr. President. Hello, everyone. One week from now, on May 8th, we mark an important anniversary, the 80th anniversary of the end of World War II in Europe. This was the starting point of an extraordinary endeavor, a formidable building, a building of rule-based international order, a building of multilateralism. Who was the architect of this formidable building? Well, the architect of this building were the United States of America. They did not do this out of charity. They did this as out of enlightened self-interest. They collected substantial dividends from multilateralism throughout the eight decades that have just passed by. The dividends of multilateralism. Think about security. Thanks to the nonproliferation treaty, we collectively have avoided a raise to the nuclear bomb that would have caused so much instability and raised the cost of defense for all our countries.

    NATO has allowed the US, alongside its European partners, to ensure security in the North Atlantic, but also to offer major investment opportunities for its defense industry. Think about trade. WTO has allowed the US economy to grow, has allowed US services to thrive, digital services, financial services around the world. Think about currency. The Bretton Woods framework has made the dollar a global reserve currency. What does it mean to be a global reserve currency? It means that everyone wants to hold it. So that the yields on your treasury bonds are the lowest on earth. And even more than that, when there is a crisis, even when there is a crisis in the US, people rush to buy your treasury bonds, and the cost of borrowing goes down. This exorbitant privilege, as a French president coined it, is part of the dividends of multilateralism that the US brought to the world and that they also benefited from.

    This formidable building, the building of multilateralism, was designed 80 years ago for a unipolar world, where a benevolent hegemon, the United States of America, was the guarantor of rule-based international order. A world in which US leadership was unchallenged, untested. But eight years later, indeed, the world has changed. It has become multipolar, US leadership is challenged, And sometimes multilateralism seems powerless or unfit for power. And therefore, and gradually, a temptation arises for the US to perhaps let go of multilateralism, quit multilateralism, to pull back, to restrain it. This is our choice that belongs to the American people. But this would be a major shift, a major shift for the US, who would not be able to collect the dividends of multilateralism any longer, a major shift for the world, because the multilateralism will survive whether or not the US quits multilateralism. And so someone will fill the void starting with China, which was already getting ready to step up and to become the new hegemon of this new era of multilateralism, in the case where the US would decide to let them play this role.

    Now there is another route, there is an alternative route. Rather than quitting multilateralism, reshaping it, adjusting it, making it fit for the 21st century. The first step, and this is a difficult step, is accepting to share the power. in order not to lose it altogether. This means reforming the UN and its Security Council, reforming the financial infrastructure to make space for big emerging countries and share the burden with them, but also hold them responsible because they have part of the burden to share in handling the global issues and challenges. The second step when building multilateral for a multipolar world is to be ready to build coalitions of the willing to overcome obstruction in multilateral forum like the UN Security Council when they arise. It’s not because something won’t happen at the UN, at the IMF, or the World Bank, that you cannot design a coalition of the willing with willing and able countries in order to overcome this obstruction. This is the new era of multilateralism. This is the route that Europe is willing to take and that Europe is hoping to take alongside the United States of America.

    One week from now, we’ll celebrate another anniversary, not on May 8th, but on May 9th, the 75th anniversary of the birth of Europe. On May 9th of 1950, my distant predecessor, Robert Schuman, woke up in a country, France, that was five years past World War II, where tensions were rising with the neighbor and rival, Germany. Germany was recovering from the war faster than France was. And so what was the tendency in Paris on that day, in that year? Well, the tendency was protectionism, was raising tariffs, raising barriers to prevent Germans from thriving and fully recovered. And so Robert Schuman, as he was heading to the Council of Ministers, he had this crazy idea in mind to put in common steel and coal across France and Germany, swimming against the tide to favor cooperation over confrontation. At the Council of Ministers, he barely mentioned his initiative for his prime minister not to prevent him from announcing it. And at 6 p.m., in a one-minute and 30-second speech, he made this unilateral offer to create the European steel and coal community and make the foundation of a multilateral, cooperative European Union. So you see, when times are hard, and when the tendency is to restrain, pull back, raise barriers, Those visionary men that brought us prosperity and that brought us peace in the European continent, they swung against the tide and offered innovative models for cooperation. So let us find inspiration in the great work of these visionary people. Thank you very much.

    Frederick Kempe : I feel that was a very important statement and I’m gonna start with that. You see by the audience and standing room only that there was a lot of interest in this conversation and what you had to say : 75th anniversary of the birth of Europe, the 80th anniversary of the E.A., all next weekend, we’re calling attention to that. And it seemed really to be a call to your American allies and to the current administration to stay the course on multilateralism and transatlantic engagement, et cetera. So, A, do you intend to do that? And it’s no accident that no one in this audience who’s following the news, everyone knows that there are doubts right now in the transatlantic stream. Not all of them do I share, but I just wonder if you could give us a little bit more of the context of your statement.

    Jean-Noël Barrot : Well, we deeply care about the world-based international model of multilateralism. So I spent two days in New York at the Security Council as we were wrapping up our presence. You know, 15 members of the Security Council, they get one month’s presidency every 15 months. And so we try and make the most of your months-long presence. And to give you a sense of what our commitment is, I am, we are very committed to the three fundamental missions of the United Nations, peace and security, human rights, sustainable development. That’s why we had three bottom security meetings, Ukraine, Middle East, but also non-proliferation, in a closed-door Security Council meeting that was on proliferation. that was first convened in 15 years, or last convened in 15 years, 15 years ago. On human rights, we brought together, mentioning coalitions of the wing, international humanitarian law is under attack, let’s say. And we brought together countries from all around the world, east, south, west, and north, in a coalition of the willing to support politically and better implement in practice the rules of international humanitarian law. And then third, on sustainable development, we took this opportunity to bring together the countries that are the most committed, like we are, to the preservation of oceans, 40 days ahead of the third United Nations Conference on Oceans that will take place in Nice, south of France, and that is aimed to be the equivalent for ocean as what the Paris Accord has been for carbon emissions. So we’re very ambitious with this event as many countries as possible to rally some of the key deliverables of these countries. And so I decided I would spend some time at the UN talking about that.

    So we think this is the right way to go, adjusting multilateralism to make it more efficient in the multi-border world that we’re living in. And I hear that the new leadership in the US is considering what its course of action is going to be. And I think amongst friends that are actually oldest friends, we owe each other an honest discussion on what we see our common interest to be. And I think that was the sense of my introductory remarks. Thank you so much.

    Frederick Kempe : And I think you’ve seen a signal of commitment today, I think, toward the United Nations with the nomination of National Security Advisor Mike Walz to be the UN ambassador, so also an interesting piece of news. Speaking of news, you have had meetings here. We do have media, French, US, other here, and I wonder whether you could tell us your perspective on what do you take away from the conversations, Secretary Rubio, others, anything specific that we can take away from that? And then in that context, as you’re looking at what your greatest challenges are, what were the priorities in your conversations with U.S. leadership?

    Jean-Noël Barrot : Well, I mentioned the 9th of May and 75th anniversary of this declaration by Robert Truman. This year will be Ukraine, because I think a very important, significant chunk of our future, and I’m not talking about the future of Europeans only, depends on how this war of aggression is going to end. So we’ll be with my fellow European ministers of foreign affairs there to express our support to Ukraine and our willingness for this war to end in accordance with the UN Charter international rule. So that was clearly an important topic that I discussed with the US leadership at the State Department as well as Capitol Hill. But we also discussed Middle East, where France and the US have been leading the efforts to put an end to the war that was basically destroying Lebanon eight months ago. We managed to broker a ceasefire five months ago to monitor the ceasefire through a joint mechanism. We managed to bring the conditions for the end of the political crisis with the election of President Joseph Aoun. that then appointed the government, that is now at work trying to implement reforms that are long due in Lebanon. And we want to do the same thing, same food for cooperation in Syria, where this, after overturning the dictatorship of Bashar al-Assad, there is an opportunity to build a strong sovereign country that will be a source of stability rather than instability for the region. I cannot let aside Gaza and the Israel-Palestinian conflict, where again, we converge on the necessity to bring back stability and peace to the region. We have praised the Arab accord logic, and we’re working in the same direction, bringing peace to the region. Muslim and Arabic countries in the region and Israel towards security architecture that would ensure the security of all peace and stability. We also discussed Africa, where the U.S. made a breakthrough in handling or in sort of moving towards a cessation of hostilities in the Great Lakes regions in the east of the Democratic Republic of Congo, where the second worst humanitarian crisis is happening right now. This is good. And after they were received or they were hosted by the Department of State, a few days ago, the DRC and Rwanda gathered in Qatar with France and with the United States. So as you can see, some of the major, major issues, major crises. France and the U.S. are working together in order to find the right solution. Sometimes it isn’t we. Sometimes we don’t start from the same point, but look at Lebanon. It’s because of our complementarity, because of different history in the region, because of the different nature of our partnership, relationship, friendship with the stakeholders of that crisis that we were able.

    Frederick Kempe : Thank you for that answer. Let’s start with Ukraine. News yesterday about critical minerals deal with Ukraine almost more interested in the political side of this than the economic side of this. Talking to Ukrainian officials over the last few months, they’ve been concerned that the U.S. gone more from being an actual partner of Ukraine in trying to counter Russian threat and the Russian attack, and more of an arbitrator, more of a moderator. This critical mineral deal, if you read the language of it, suggests a little bit of a change of direction. And I just wonder, and that is an area where France and the U.S. have not always been entirely singing from the same song sheet. What did you hear during your trip there? How do you assess this new agreement and its political meaning?

    Jean-Noël Barrot : Well, I think it’s a very good agreement. I think it’s a very good agreement for Ukraine and also for the U.S. But I also think that it tells us something very important about what’s happening right now. Let’s go back to the Oval Office when President Zelensky was there. What was the expectation by President Trump with respect to Ukraine? Well, actually, there were two expectations. Ceasefire and sign of a new deal. Since then, on March 9, in Jeddah, Saudi Arabia, Ukraine accepted a comprehensive ceasefire. And yesterday night, they agreed to a mineral deal with the United States of America. They’ve done their part of the job. They’ve walked their part of the talk. But in the meantime, we haven’t seen Vladimir Putin send any signal, any sign of his willingness to comply with the requests of President Trump, to the very contrary. So let’s face it, right now, the main obstacle to peace is Vladimir Putin. So what I found very interesting in my meetings here in Washington is the efforts, the commendable efforts by Senator Lindsey Graham, who put together a massive package of sanctions that he collected bipartisan support for, with almost 70 senators now signing the bill which is aimed at threatening Russia into accepting a ceasefire, or else those sanctions will apply. And here again, we agree that we will try to coordinate because we, Europeans, are in the process of putting together the 17th sanction package that we are going to try, on substance and timing, to coordinate with Senator Graham’s own package. That was, perhaps, a bit of a long answer. But in summary, it’s good news that this deal was struck. It’s good news that the US, and I heard Secretary Besant express what he had in mind, the US was considering deep economic cooperation with Ukraine. It goes in the right direction. It’s the right course that they should, that should be taken.

    Frederick Kempe : And Secretary Bessent also said this is meant to be a signal to Putin. You see this as well.

    Jean-Noël Barrot : Yeah, put together this deal. The package by Lindsey Graham, who last time I checked is not a political adversary of President Trump, as well as the pressure that Europe is building up on Russia. And you get, the sense of the variant, it’s now basically Putin’s fault if we don’t yet have a ceasefire in the world.

    Frederick Kempe : So in recent discussions with US envoy Steve Witkoff, what divergences existed between France and the United States? And how do you hope to close those divergences? I guess part of this has to do with European troops, American backstop, but it also gets to the conditions behind a peace deal.

    Jean-Noël Barrot : If Ukraine was to capitulate, this would have long-lasting, wide-ranging consequences for the entire world. because it would basically replace rule-based international order by the law of the strongest. It would create massive incentives for countries around the world that that have border issues with their neighbors to consider that they can invade, that they can use military threats or force to obtain territorial concessions. This would be major, and this would be very costly for all of us, at least for responsible powers like the US and France that tend to get involved when there are issues around the world. When we would see issues exploding all around, it would be a major threat. In addition to that, should Ukraine capitulate after Ukraine has agreed to let go of its nuclear weapons in exchange for security guarantees. This will send the signal that the only ultimate security guarantee is the possession of nuclear weapons. And there we have a nuclear proliferation crisis, which again raises global instability at levels that we haven’t seen for the past 80 years, and will increase the cost massively of security in the US, security in Europe. And I think this view is shared between the U.S. and France. But of course, there is one difference between the perspective of the U.S. and the European perspective of this crisis, which is that our own security is at stake because we are neighbors of Russia or because we don’t want to be neighbors of this Russia that is now spending 40% of its budget on its military spending, 10% of its GDP, that just conscribed 160,000 additional soldiers, the largest conscription in 14 years. I’ve heard many, many times Russia say that they don’t want NATO at their borders. Well, we don’t want this Russia at our borders either. And that’s why we are so serious about what’s happening and about how the war will end. And that’s why we’ve been insisting so much about the security guarantees. And I think our message went through. And I think the US are counting on us to build the security arrangements such that when the peace deal is struck, that we can provide those security arrangements in order for the peace to be lasting and durable. But I think it’s well understood, and I’ve heard President Trump, but also officials from the US, clearly saying that of course they want this peace to be lasting, and of course this means that there is security guarantee.

    Frederick Kempe : And can it work without an American backstop where you’re getting closer to a conversation about that? Or, alternatively, is this critical minerals deal a security guarantee in a different form?

    Jean-Noël Barrot : So you should put things in two perspectives. We have been supporters of the Euro-Atlantic integration of Ukraine. Namely, we said that we were open to extend an invitation, a NATO invitation to Ukraine. We understand that NATO members, not all NATO members, agree with our view, so we have to find an alternative path. The sense of this coalition of the able of the willing that France and the UK has been putting together in order to design those security arrangements. This is ongoing work. This starts with making the Ukrainian army strong enough to be able to deter any further aggression by Russia, but it also very likely means some form of military capacity as a second layer of sanction or guarantee. When those detailed discussions will have been wrapped up, they’re currently ongoing, it will appear whether or not and how much any contribution or backstop by the US is needed. It’s possible that it is needed. Why? Well, because as far as Europeans are concerned, we’ve been working. We’ve been working and planning for our defense. It’s a little bit different for France, the UK, and Poland. But for the rest of European armies, we’ve been working within NATO. So if you’re going to work on a security arrangement outside of NATO framework, then at some point, you might need some kind of NATO-like enablers or make items that are going to make sure that the security arrangements are robust. But that being said, in the same way, do we understand that the US have decided that they will likely reduce their commitment to. We also understand that they are counting on us to bear the burden of providing the security arrangements. But we also need to be honest with them once we’ve done our homework. If there are pieces of these security arrangements that cannot be found outside of US contribution, we’ll just be honest.

    Frederick Kempe : Thank you so much. The one thing you didn’t mention in your opening comments is you didn’t talk about tariffs. You knew I was going to say that. And I wondered if it came up at all in your discussions. And also, I wonder if you could talk a little bit about what this 90-day pause gives a potential for an agreement. What sort of agreement can you imagine, or what is the direction of agreement with the European Union and the United States? How concerned are you about the tariffs driving a more lasting wedge across the Atlantic?

    Jean-Noël Barrot : Well, the good thing when you’re a foreign minister or an FF minister from France is that you’re not in France working tariffs. That being said, you’re allowed to have your own view on things. And indeed, as an economist, I have to say, otherwise I would be a traitor to my profession, that tariffs are not a good idea. President Trump wants to bring jobs back to America, and this is a perfectly legitimate ambition. In fact, we have the same in Europe. We want to bring jobs back to Europe. But tariffs are probably not the best way to achieve this objective. Tariffs are a tax on our economy. It’s a tax on the middle class. And it will make us Europeans, as well as Americans, poor. We do have research on what happened during the last trade war, the 2018 trade war. What happened? Well, the effect on the economy on this side of the Atlantic was limited. It’s basically a $7 billion loss, $7 billion loss on the economy. That’s not big. But it led to a massive transfer from the US consumer, middle class, of $50 billion. So the loss for the US consumer of $50 billion transferred to producers, $9 billion, to the government, $35 billion. And the rest is what’s lost for the US economy. So it’s a mild loss. But it’s a massive transfer from the US consumers to the US government. That’s what happened last time around. And those numbers are small because the trade war at the time was very big. Multiply this by 10. And you’ll get the kind of effects that you’re going to see on European economies, U.S. economies, and so on. So our hope is to reach the same type of outcome that we got the last time around. The U.S. retaliated, we retaliated, and then at some point we suspended those who lifted those tariffs. It was not the same administration that did it, but still, those tariffs were lifted. And I really hope that we get to this objective because, again, we’re very closely intertwined economies, so we have a lot to lose, but we have major rivals, adversaries, competitors that are going to benefit massively from this framework if we sort of choose confrontation over cooperation.

    Frederick Kempe : So let me ask one more follow-up there, and then I’ll go to the audience. On the tariffs, didn’t you raise this issue when you were here, when you are the foreign minister, but it is a political as well as an economic issue. And did you get any indications of what direction ?

    Jean-Noël Barrot : Well, the good thing about being Marco Rubio is that you’re not in charge of terrorists either. But when we met in NATO, I told him that if there was only one positive aspect of those tariffs, is that by lowering GDPs, it would allow us to reach our NATO targets.

    First question from an author and journalist : We see re-entering a phase, a new intensive phase of big power rivalry with the United States retreating from security commitments in Europe, Russian military militarizing its society and having designs on other neighbors besides Ukraine and China seeking economic domination of the world. President Macron has spoken often about the need for Europe to achieve greater strategic autonomy. Do you think Europe should seek to constitute a fourth bloc, even at the risk of putting greater space with its principal ally, the United States? And a quick follow-up, you spoke about the need to share power in a multilateral context. In terms of UN Security Council reform, is France prepared to fold its seat into the European Union presence, or would you also agree to the idea of expanding the Security Council to have 10 to 12 nations? Thank you.

    Jean-Noël Barrot : So you mentioned Russia. You mentioned the four months. That was your first question. I wouldn’t go Russia a block. Russia has a GDP that is 20 times smaller than the EU. I wouldn’t call that a block. Russia is a big country geographically. It is one of the winning nations of the Second World War. So, there are a number of consequences coming with that, including the permanent seat of the Security Council. But I wouldn’t call Russia a block. And we don’t see ourselves, when we speak about strategic autonomy, we don’t see ourselves as entering into a logic of blocks or spheres of influence and stuff like that. We remain committed to multilateralism, rule-based international world order, balance. The only thing is that in a more brutal world, if you want to be heard and be respected, when you’re upholding the values that Europe and the EU upholding, freedom, democracy, free speech and so on, you’re going to need to be much stronger, much less dependent on other regions. And so we see our strategic autonomy as a way to defend the model, which is an open model, which is a balanced model, which is a multilateral model of governance for the world. And we see a lot of appetite for this approach, because since those trade wars started, we cannot count the number of countries that are knocking at EU’s door to strike a trade deal or even to become a candidate. And it’s not only Iceland and Norway that seem to be interested. I heard that on this side of the Atlantic, there are people considering. And you know that there is one geographical criteria. But I just want to mention that even though it’s a very, very, very, very tiny island in the middle of the Atlantic Ocean, no one lives there. I think it’s like 20 meters long. But this island is split between Canada and Denmark, which gives Canada an actual border with the European Union. And the second question is about… I went quickly because I was told that we should not be long in the introduction of those conversations, but I really think that if we want to adjust those institutions, Security Council and so on, To the new era, we need to accept that others have grown over the past 18 years and they need to be represented, but they also need to take their responsibility. Some of them are no longer developing countries. They are actual major economies, major powers. So they should have a seat at the table, but they should also behave as major powers. So what’s our position? Our position is a permanent seat of the Security Council for India, Germany, Japan, Brazil, and two African countries with all associated priorities. This is what we want for the reform of the Security Council. But we also want the same kind of thing to happen with international financial institutions. And this is the spirit of what President Macron has called the Paris Act, or the Act for the People and the Planet, where the ideal is reform. No country in the south should have to choose between fighting against poverty and fighting against climate change. So it should be more balanced, more equal, equitable funding for southern countries. But those emerging countries from the South that are now developed economies should also bear their responsibilities with respect to the least developed countries, the poorest countries. Because right now, some of them are sort of bunching with the least advanced countries sort of take their responsibility with respect to the poor countries. So that’s the spirit in which we’re pushing. And in fact, I had a meeting dedicated to security council reform on Monday in New York with some of the African countries that were working on it.

    Frederick Kempe : Thank you for that good answer. While we’re open, we’ve got a lot of questions now. I saw this gentleman first. and then we’ll go, I’ll figure it out, we’ll figure it out. Anyone here that wants to, there we go, that’s what I’m gonna do next. There we go, please.

    Second question : In context with President Macron’s call to Prime Minister Modi of India in solidarity after the terror attack in Palgakush, India, do you see a justifiable response by India against this attack as another roadblock to ensuring the India-Middle East Corridor gets off the ground. Of course, it was set back after the Israel-Hamas war. And did that conversation come up in your discussion with Secretary Rubio today? And if not, then what do we need to do collectively as the international community to make sure this gets off the ground?

    Jean-Noël Barrot : Thank you, so President Macron has been in touch with Prime Minister Modi, I have been in touch two times with my fellow foreign minister from India. We expressed solidarity. We hope tensions not to escalate and I heard Secretary Rubio call Pakistan to formally recognize the terrorist nature of this attack and to condemn it in the strongest possible way. And I would happily join this call to Pakistan to recognize the terrorist nature of what happened. And we’ll keep in touch with Marco Rubio, but also with my fellow minister David Lamb from Great Britain, UK, and my Indian colleague, in order to ensure or to try and avoid procrastination in the region.

    Third question : Good afternoon, journalist from the French newspaper Le Monde. I have two questions, the first one regarding security guarantees for Ukraine. For months, France supported the idea of the deployment of some international monitoring force in Ukraine, but with a very strong American security guarantees. The Trump administration doesn’t seem to see eye to eye on this. They’re not inclined to offer any sort of serious security guarantees, so what’s the plan B? Have you given up on this two-fold idea or not? And the second question regarding Iran, there are currently very important discussions between the Trump administration directly and indirect with the Iranian representatives. For a very long time, France was in favor of putting on the table as well with Iran the ballistic issue. It doesn’t seem the case at all right now. The Trump administration is basically considering a sort of GCPOA revisited or maybe an interim agreement. So what’s your view exactly on the current discussions? Thank you.

    Jean-Noël Barrot : So on the first question, let me just clarify, because I think it’s important that everyone gets this right. There are two things. First, there is a ceasefire, and a ceasefire needs to be monitored. And the coalition of the able and willing put together by France and the UK have been working on proposals so that at the minute the ceasefire is broken, that the US have in their hands, because there will be that sort of origins of the ceasefire, solutions for this ceasefire to be monitored. And this might involve some European capacity just to check what’s happening in the line of contact and to be able to attribute violations. So that’s one thing. But the ceasefire is only one step towards what’s our end goal, which is a full-fledged peace treaty or peace agreement. This peace agreement that the Ukrainians and Russians will be discussing, but that was President Trump’s intuition, this discussion cannot happen while the war is happening in Ukraine. That’s why he did a ceasefire for the discussion. It will end up with discussions on territories and a discussion on security. And with the same question of the coalition of willing, we’re working on this second piece, which is security guarantee. But security guarantee has nothing to do with monitoring the ceasefire. Security guarantee is deterrence against any further aggression. How do you do that? As I was saying earlier, the first layer is to porcupine the Ukrainian army for it to be deterrent enough for anyone to try and invade. But then you probably have other layers, so military capacity deployed in Ukraine or around Ukraine, and that’s what we’re working on, and when the moment is right, we get to the Americans and ask them or tell them what is it we need for this security guarantee. And we’re working on this, and we’re confident, and again, as I was saying, I’ve heard President Trump in several occasions speak in a way that shows that he understands the importance of the security terms. And then on Iran, a very important topic that I should have mentioned in response to your first question, Mr. President, because this is a topic in which we’ve been coordinating with Marco Rubio from day one. We are supporting, encouraging the discussion that the U.S. opened with Iran. Why? Because Iran is posing a major threat to our security interests. Because we France, Marseille are within reach. And because our partners, close partners, in the region are also within reach. So we are very serious about this question. But we believe that there is no other route, no other path, and a diplomatic path to solve this issue. That there is no military solution to this issue and that any form of military attempt to solve this issue will have very large costs that we would not like to bear. So, in order for this discussion to be as successful as possible, we’ve been coordinating with the US on a substance and timing. substance because our teams have been working for the last few months ahead from the expiration of the GCP area, the nuclear agreement that was struck 10 years ago and that is expiring in the fall. So we were getting ready for this expiration a clear idea of indeed what might be a robust and protected field for us, and this would include indeed some of the ballistic components, but also the regional activities components. And the substance is sort of at the disposal of U.S. negotiators because it’s for free and there is no copyright. But we’re also coordinated on timing because we will not hesitate to reapply all the sanctions that we lifted in 10 years ago when GCPOA was struck. In the case where the IAEA confirms that Iran has violated its obligations under GCPOA, and if it happens that by the summer we will have a protected frontier that is sufficiently protected of our security interests.

    Frederick Kempe : So this has got to be the last question. I really apologize to others, but I saw that gentleman’s hand approach right through the middle. So, no, no. Yes, thank you. Yes. Thank you.

    Last question from a student from Sciences Po : I’d like to know what’s your opinion what’s your take on how france will balance its relationship with the U.S. and at the same time with China in light of the fact that France needs new partners and also in light of the fact that President Trump openly asked European leaders to direct ties with the PRC. Thank you.

    Frederick Kempe : And since this is the last question, let me add to it on the terror front because You know, in your conversations here, and you’ve spoken before about the relationship between the European Union and China on the trade front, does this terror policy drive Europe more into the hands of trade and economic relationships with China? And if you believe that, have you said that to your interlocutors here watching during your visit?

    Jean-Noël Barrot : I mean, it’s obvious, no? Whether you want it or not, look at one and read economic research. The numbers I quoted earlier are from a paper in the Portal Reform of Economics called the Returns to Protection. It’s the last paper on the 2018 trade war, last economic paper, research paper. But anyway, I will tell you that what happened last time is that during the 2018 trade war, it’s not like suddenly factories moved from one country to another. It was a reshuffling of international trade. So you’re going to see a lot of reshuffling. You mentioned, or you recall what I said, on China and filling the void. Listen to Chinese officials’ speeches now. And again, we take all of this with lots of grains of salt, but my colleague, Wang Li, now in all his speeches, he’s saying how much he cares about multilateralism. And I’m sure… No, seriously. And he will, I mean, I’m pretty sure that they will consider filling the void at the World Health Organization. I’m pretty sure that they will, anytime they will see some pullback, they will try to step in. Because they have two, there are two possible strategies. Either the U.S. are there, filling the void, then they will try to build sort of formats outside of the established formats that we’ve seen them do or they will see U.S. pull back and they will try fill the void. Now, what’s our relationship with China? As far as Europe is concerned. Again, we’re lucid. We’re not blind. And so we think there can be a trade agenda with China. So that’s some of the issues that we’ve are sold, which is not quite the case now. We’ve also had our trade war with China these past few years, with us sanctioning Chinese EVs and then sanctioning European cognac and armagnac. So this is dear to our hearts. And of course, it’s going to be difficult to engage into a natural trade agenda until those sort of contentious issues are solved. Then we can. But of course, our discussion cannot only touch upon trade. And when China is supporting Russia’s war on Russia, when China is on the side of DPRK, on the side of Iran, proliferating countries that are threatening this non-proliferation treaty and sort of the global stability, it’s difficult to build trust. If China was to establish a sort of trusted relationship with European countries, it will have to show also that it takes our security interests into account. Otherwise, it might be challenging.

    Frederick Kempe : Thank you. Do you have your answer? Yes, Fred, thank you. So, look, this, Minister Barrot, on behalf of the audience, on behalf of the Atlantic Council, thank you for three things. First of all, for your visit to the United States, a very timely visit, a very crucial moment. Second of all, for taking so much time with us at the Atlantic Council and talking so frankly and clearly in your opening statement and in this fascinating engagement, and then most of all for our enduring alliance. Thank you so much.

    MIL OSI Europe News

  • MIL-OSI Security: Bread Springs Man Sentenced to Home Confinement with GPS Monitoring for Assault

    Source: Federal Bureau of Investigation FBI Crime News (b)

    ALBUQUERQUE – A Bread Springs man was sentenced to four years of supervised probation with strict special conditions following his guilty plea to assault resulting in serious bodily injury following a confrontation on the Navajo Nation.

    According to court documents, on January 22, 2024, Arthur Pat, 69, an enrolled member of the Navajo Nation, responded to a commotion near his residence in Bread Springs, New Mexico. Upon observing his son involved in an altercation with three other men, Pat retrieved a loaded handgun and drove to the scene. After a verbal dispute escalated, Pat fired multiple shots, one of which struck John Doe in the knee. Doe was hospitalized with a “limb-threatening” injury and may face lifelong mobility issues.

    Pat was arrested following a criminal complaint filed January 23, 2024, and later pleaded guilty to assault resulting in serious bodily injury. For the first year of his sentence, Pat will be subject to home detention with GPS monitoring. He is also strictly forbidden from contacting his victim and must complete 250 hours of community service. If Pat violates the terms of his supervised probation, the sentencing judge could impose any term of imprisonment originally available; that is, up to 10 years.

    U.S. Attorney Ryan Ellison and Phillip Russel, Acting Special Agent in Charge of the Federal Bureau of Investigation’s Albuquerque Field Office, made the announcement today.

    The Gallup Resident Agency of the FBI Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Department of Criminal Investigations. Assistant U.S. Attorney Zachary Jones is prosecuting the case. 

    MIL Security OSI

  • MIL-OSI Security: San Antonio Man Sentenced to Over 11 Years in Federal Prison for Smuggling Meth and Fentanyl from Mexico

    Source: Office of United States Attorneys

    SAN ANTONIO – A San Antonio man who had resided in Coahuila, Mexico was sentenced in a federal court Thursday to 135 months in prison for smuggling more than 10 kgs of fentanyl and nearly 35 kgs of methamphetamine into the United States.

    According to court documents, Ruben Martinez Martinez, 22, was stopped by a Guadalupe County Sheriff’s deputy on Sept. 15, 2023 for traffic violations on Interstate 10. A return on the vehicle’s license plate indicated that the vehicle had crossed into Mexico on Aug. 11, 2023 and returned into the U.S. the morning of Sept. 15. When questioned by the deputy, Martinez provided responses that were inconsistent and became visibly nervous.

    A K9 search of the vehicle revealed a container of methamphetamine hidden in the fold of a collapsed center seat in the front of the vehicle. A search of the vehicle’s camper shell led to the discovery of a compartment inside the roof. After the vehicle was relocated for further inspection, an X-ray revealed the outlines of bundles inside the roof that contained a white substance and other white and blue pills.

    Approximately 39 packages were removed from the roof, and subsequent laboratory testing confirmed the white substance to be 34.9 kgs of methamphetamine and that there were 95,417 pills containing fentanyl. Martinez stated that he had followed directions to pick up the camper shell near Piedras Negras, Mexico the day prior to the traffic stop. He said he was transporting the narcotics to a location in Houston, where arrangements would be made for him to transfer the camper shell to someone else.

    “Fentanyl and methamphetamine have been poisoning our communities and even causing the deaths of friends, neighbors, and loved ones throughout this district and across the nation,” said Acting U.S. Attorney Margaret Leachman for the Western District of Texas. “Working with our law enforcement partners to stop the illicit trafficking of these incredibly dangerous drugs is a top priority.”

    “DEA, along with its local partner, the Guadalupe County Sheriff’s Office, successfully halted Ruben Martinez Martinez from funneling over 95,000 fentanyl pills into our communities, which could have resulted in a tragic number of deaths,” said Acting Special Agent in Charge William Kimbell for the Drug Enforcement Administration Houston Division. “These deadly doses could have shattered the lives of many families in the San Antonio area, but fortunately lives were saved, and it’s all due to our collaborations with our state, local, and federal partners that have always shown to be a true force multiplier.” 

    The DEA investigated the case with valuable assistance from the Guadalupe County Sheriff’s Office and Guadalupe County Narcotics Task Force.

    Assistant U.S. Attorney John Fedock prosecuted the case.

    ###

    MIL Security OSI

  • MIL-OSI Global: Can Keir Starmer learn anything from Mark Carney’s near-miraculous election win in Canada?

    Source: The Conversation – UK – By Steve Hewitt, Associate Professor in North American History, University of Birmingham

    The greatest comeback since Lazarus. So went some of the sentiment around novice politician Mark Carney’s near-miraculous victory in the April 28 Canadian federal election.

    His Liberal party was on political life support in January. The highly unpopular Justin Trudeau had just resigned and, after nearly ten years in office, the governing centrist Liberals seemed destined for an historic defeat. The Conservative party led by over 20 points in opinion polls and looked certain to enter government.

    Then came a two-part salvation. First was the arrival of Carney as Liberal leader. Without a previous political record, Carney avoided the contamination attached to the Liberals’ time in office.

    The other part of the revival came courtesy of President Donald J. Trump, who repeatedly referred to the outgoing Trudeau as “governor” and mused continually, including on the day of the Canadian election, about his desire for Canada to become the “51st state” of the United States. Applying tariffs on Canadian goods made it clear that the threat was real and triggered a dramatic nationalistic reaction on the part of Canadians.

    They began avoiding travel to the United States and boycotting American products. Carney rode such sentiments to a near majority parliamentary victory and the highest Liberal share of the popular vote at the federal level since 1980.

    But are there lessons from the Carney triumph that might aid other struggling leaders, such as British prime minister Keir Starmer? Having achieved a large majority less than a year ago, Labour has lost a safe seat to Reform in a byelection and languishes in the polls.

    Whereas Carney and the Liberals have been vocal in their resistance to Trump, Starmer and Labour have followed a path of obsequiousness, even to the point of avoiding criticism of the US president over threats to Canada. Instead of speaking out, Starmer has managed Trump by flattering him through an invitation for a second state visit.

    Starmer and Labour seem determined to curry favour with Trump to gain a free trade agreement with the US. Setting aside the value of such an agreement, given how Trump has simply ignored the deal his first administration struck with Mexico and Canada in 2020, the toadying appears to have all been for naught.

    According to the Guardian, the Trump administration has made a free-trade agreement with the UK a second or third level priority. So much for the “special relationship”.

    This apparent disinterest would imply that Starmer and Labour have little to risk by taking a more aggressive stance. Playing a more overtly nationalistic card might play well with more centrist voters in the UK, as it did in Canada. There is clear evidence from opinion polls of growing unhappiness with the United States among Britons, along with increasing disdain for the idea of the “special relationship”.

    Such an approach might undermine some of the momentum that the Reform Party has enjoyed over the last few months. Tying Nigel Farage to the Trump administration might be especially effective given his close connections over several years to the president.

    Certainly, tarring your opponent as a mini-Trump represented an effective tool by the Liberal campaign against the Conservative leader Pierre Poilievre, who not only lost the election but also was defeated in his own constituency after having won there seven previous times.

    A case could be made that the Canadian situation has a uniqueness that isn’t necessarily transferrable elsewhere. There is, for instance, a long history in the country of anti-Americanism as a potent political force, especially on the left of the political spectrum.

    Efforts to distance Canada from the US culturally and intellectually in the 1960s and 1970s were popular and led to a cultural flourishing. And elections in 1911 and 1988 were fought directly over the issue of free trade with the United States.

    Major public concerns over American domination of Canada were key in both contests, even though the latter election was a victory for the Progressive Conservative party that advocated free trade with the US. Additionally, a significant element of Canadian identity outside of Quebec has long been defined in oppositional terms to Canada’s southern neighbour.


    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.


    Even though the Canadian example may be unique, other countries are certainly looking towards it. Taking an aggressive stance against Trump tariffs appears to be helping the Labor party in Australia. It may also have an impact in New Zealand. At this point, with Starmer and Labour struggling in troubled polling waters, Trump may be the best political lifeline available.

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

    ref. Can Keir Starmer learn anything from Mark Carney’s near-miraculous election win in Canada? – https://theconversation.com/can-keir-starmer-learn-anything-from-mark-carneys-near-miraculous-election-win-in-canada-255735

    MIL OSI – Global Reports

  • MIL-OSI: Bitget Wallet Partners With Paydify to Expand Global Crypto Acceptance

    Source: GlobeNewswire (MIL-OSI)

    SAN SALVADOR, El Salvador, May 02, 2025 (GLOBE NEWSWIRE) — Bitget Wallet, a leading Web3 non-custodial wallet, has announced its integration with Paydify, a universal crypto payment gateway, becoming Paydify’s first wallet integration partner. The integration enables merchants to accept stablecoin payments from Bitget Wallet users, streamlining crypto payment infrastructure and expanding the practical use of digital assets in everyday settings.

    Through the integration, Bitget Wallet users can pay with USDT and USDC at select physical and online merchants via Paydify’s infrastructure. Merchants receive instant settlement in stablecoins without needing to manage blockchain-specific setups. Thousands of transactions have been completed in the pilot phase. The service is set to expand globally across industries such as retail, travel, hospitality, gaming, and e-commerce. Broader token support and compatibility with additional wallets are also on the roadmap, with the goal of enabling payments in any token on any chain.

    This partnership forms part of Bitget Wallet’s broader PayFi strategy, which focuses on expanding crypto from holding and trading to active usage in real-world scenarios. “Our goal is to make crypto more usable for everyday needs, and Paydify helps reduce the complexity merchants face. By integrating an open payment layer, we’re moving closer to this goal.” said Alvin Kan, COO of Bitget Wallet. “Bitget Wallet is among the first major wallets to implement a stablecoin payment use case at the point of sale. We aim to support over 10,000 merchants globally in the next few years.”

    Paydify was developed to address long-standing fragmentation in crypto payments, where chain and wallet compatibility often hinder merchant adoption. It allows businesses to accept crypto from any wallet without the need for custom integration. According to the latest Onchain Report, 31% of global users cite limited merchant acceptance as a key barrier to using crypto for payments. Paydify aims to bridge this gap by offering instant settlement and minimizing onboarding complexity.

    Our integration with Bitget Wallet provides the opportunity to test and refine a merchant-focused payment experience in real conditions,” said Pakning Luk, Director of Strategy at Paydify. “We believe crypto should work as easily as any mainstream payment method. Our aim is to offer a seamless and reliable framework for digital asset payments that meets the needs of both users and businesses.

    To support merchant onboarding, businesses that sign up through Bitget Wallet will receive waived settlement fees and early access to upcoming features during the pilot period. Interested merchants can learn more or apply to join at: https://www.paydify.com/en/sign_up

    About Bitget Wallet
    Bitget Wallet is a non-custodial crypto wallet designed to make crypto simple, secure, and accessible for everyone. With over 60 million users, it brings together a full suite of crypto services, including swaps, market insights, staking, rewards, a DApp browser, and crypto payment solutions. Supporting 130+ blockchains, 20,000+ DApps, and a million tokens, Bitget Wallet enables seamless multi-chain trading across hundreds of DEXs and cross-chain bridges. Backed by a $300+ million user protection fund, it ensures the highest level of security for users’ assets.

    For more information, visit: X | Telegram | Instagram | YouTube | LinkedIn | TikTok | Discord | Facebook

    For media inquiries, please contact media.web3@bitget.com

    About Paydify
    Paydify is a universal gateway enabling crypto payments across all wallets and blockchain networks. Built for both online and offline merchants, Paydify provides instant settlement and universal connectivity — making crypto payments practical for global commerce. Paydify operates with a mission to unify the fragmented blockchain ecosystem and make digital payments accessible to businesses everywhere.

    For more info, visit paydify.com and follow us on LinkedIn and X

    For media and partnership inquiries, please contact: partnerships@paydify.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/32a3ce3a-3076-46cd-a46b-86a5b7160d11

    The MIL Network

  • MIL-OSI Europe: Eucharistic Celebration on the sixth day of the Novendiali

    Source: The Holy See

    At 17.00 this afternoon, in the Vatican Basilica, the Eucharistic Celebration in memory of the Roman Pontiff Francis took place, on the sixth day of the Novendiali.
    The Papal Chapel was specially invited to the Celebration.
    The Concelebration was presided over by His Eminence Cardinal Víctor Manuel Fernández, former prefect of the Dicastery for the Doctrine of the Faith.
    The following is the homily delivered by His Eminence Cardinal Víctor Manuel Fernández during the course of the Holy Mass:

    Homily of His Eminence Cardinal Víctor Manuel Fernández
    This Easter, Christ tells us: “Everything that the Father gives me will come to me … and this is the will of the one who sent me, that I should not lose anything of what he gave me”. What immense gentleness these words have.
    Pope Francis is of Christ, he belongs to Him, and now that he has left this earth, he is fully of Christ. The Lord took Jorge Bergogliio to him from his baptism, and throughout all his existence. He is of Christ, who promised the fullness of life for him.
    You know the tenderness with which Pope Francis spoke of Christ, how he took pleasure in the sweet name of Jesus, as a good Jesuit. He knew well that he was His, and surely Christ did not leave him, He did not lose him. This is our hope, that we celebrate with Paschal joy under the precious light of this, today’s Gospel.
    We cannot ignore that we are also celebrating the day of workers, who were so close to Pope Francis’ heart.
    I remember a video he sent some time ago to a meeting of Argentinean businessmen. To them he said: “I will not tire of referring to the dignity of labour. Someone implied I propose a life without effort, or that I despise the culture of work”. Indeed, some dishonest people said that Pope Francis was defending the lazy, the drones, the delinquent, the idle.
    But he insisted: “Imagine if that can be said of me, a descendant of Piedmontese people, who did not come to this country hoping to be supported, but with a great desire to roll up their sleeves and build a future for their families”. You can tell they had annoyed him.
    Because for Pope Francis, work expresses and sustains the dignity of the human being, permitting him to develop his capacities, to help him grow in relationships, to feel like a collaborator with God in taking care of and improving this world, to make him feel useful to society and in solidarity with his loved ones. This is why work, regardless of hardships and difficulties, is a path of human maturation. And this is why he affirmed that work “is the best aid for the poor”. What is more, “there is no worse poverty than that which deprives of work and the dignity of work”.
    It is worth remembering his words during his journey to Genoa. He said that “the entire social pact is built around work”, and that when there are problems with work “it is democracy that goes into crisis”. Then he took up with admiration what the Italian Constitution says in Article 1: ‘Italy is a democratic republic, founded on work’.
    Behind this love for work is a strong conviction of Pope Francis: the infinite value of every human being, an immense dignity that must never be lost, that can never be ignored or forgotten.
    But every person is so worthy, and must be taken so seriously, that it is not just a question of giving him things, but of promoting him. That is, that he may develop all the good he has in him, that he may earn bread with the gifts God has given him, that he may develop his capacities. In this way, every person is promoted in all his or her dignity. And this is where work becomes so important.
    Now beware, Francis said. Another thing is some false talk of “meritocracy”. For it is one thing to assess a person’s merits and reward efforts. Another thing is the false “meritocracy”, which leads us to think that only those who are successful in life have merits.
    Let us take a look at a person who was born into a good family and was able to increase his wealth, lead a good life with a nice house, car, holidays abroad. Everything is good. He was lucky enough to grow up in the right conditions and performed meritorious deeds. Thus, with skills and time he has built a very comfortable life for himself and his children.
    At the same time, one who works with manual labour, with equal or greater merits due to the effort and time he has invested, has nothing. He did not have the good fortune to be born in the same context and, no matter how hard he works, he is barely able to survive.
    Let me tell you about a case I cannot forget: a young man I saw several times near my home in Buenos Aires. I would find him on the street, doing his job, which was to collect cartons and bottles to feed his family. I found him working when I went to university in the mornings, when I came back, and even working at night. Once, I asked him: “But how many hours do you work?” He replied: “Between twelve and fifteen hours a day. Because I have several children to support and I want them to have a better future than mine”.
    And so I asked him, “But how much time do you spend with them?” And he answered, “I have to choose, either I stay with them or I bring them food to eat”. Despite this, a well-dressed passer-by said to him, “Go and work, lazy!”. These words seemed to me horrendously cruel and vain. But these words can also be found hidden behind other, more elegant speeches.
    Pope Francis gave a prophetic cry against this false idea. And in several conversations, he made me notice: look, they lead us to think that the majority of poor people are poor because they have no “merit”. It seems that the one who has inherited a lot of goods is more worthy than the one who has worked hard all his life without being able to save anything or even buy a small house.
    That is why he stated in Evangelii gaudium that this model “does not appear to favour an investment in efforts to help the slow, the weak or the less talented to find opportunities in life” (EG 209).
    The same question always recurs: are the less giftted not human people? Do the weak not have the same dignity as we do? Must those who are born with fewer opportunities limit themselves merely to surviving? Is there no chance for them to have a job that enables them to grow, to develop, to create something better for their children? The value of our society depends on the answer we give to these questions.
    But allow me also to present Pope Francis as a worker. He not only spoke about the value of work, but all his life lived his mission with great effort, passion and commitment. For me, it was always a mystery to understand how he was able to bear such a demanding pace of work, also being an older man with several health problems. He not only worked in the morning with several meetings, audiences, celebrations and encounters, but also all the afternoon. And it seemed to me truly heroic that he summoned the little strength he had in his last days in order to be able to visit a prison.
    We cannot take him as an example, because he never took any holidays. In Buenos Aires, in the summer, if you could not find a priest, you could certainly find him. When he was in Argentina he never went out for dinner, to the theatre, to go for a stroll or to see a film; he never took a full day off. Instead, we normal beings could not resist. But his life was a stimulus to live our work generously.
    What I want to show, however, is the extent to which he understood that his work was his mission, his daily work was his response to God’s love, it was an expression of his concern for the good of others. And for these reasons work itself was his joy, his nourishment, his rest. He experienced what the first reading we heard says: “none of us lives for himself”.
    We ask for all workers, who sometimes have to work in unpleasant conditions, that they may find a way to live their work with dignity and hope, and that they may receive compensation that allows them to look forward with hope.
    But in this Mass, with the presence of the Vatican Curia, we take into account that we in the Curia also work. Indeed, we are workers who work to a timetable, who perform the tasks assigned to us, who must be responsible, and strive, and make sacrifices in our commitments.
    The responsibility of work is also for us, in the Curia, a path of maturation and fulfilment as Christians.
    Finally, allow me to recall Pope Francis’ love towards Saint Joseph, that strong and humble worker, that carpenter of a small forgotten village, who with his work took care of Mary and Jesus.
    And let us also recall that whenever Pope Francis had a serious problem, he placed a piece of paper with a supplication beneath the image of Saint Joseph. So, let us ask Saint Joseph in heaven to give a warm embrace to our dear Pope Francis.

    MIL OSI Europe News

  • MIL-OSI USA: ICE Lodges Detainers Against Violent Aliens Over Corpse Rape, Shooting Spree

    Source: US Federal Emergency Management Agency

    Headline: ICE Lodges Detainers Against Violent Aliens Over Corpse Rape, Shooting Spree

    ASHINGTON – Under Secretary Noem’s leadership, Immigration and Customs Enforcement (ICE) is working relentlessly to remove criminals and sexual predators from American communities

    This week, ICE New York City and Memphis placed immigration detainers on two criminal illegal aliens accused of heinous crimes

     
    Enoc Martinez, an illegal alien from Honduras, was arrested in Shelby County, Tennessee and has been charged with five counts of attempted first-degree murder for a shooting spree in Memphis that left two people hospitalized

    Martinez illegally entered the U

    S

    in June 2014 as an unaccompanied minor

    He was apprehended by Border Patrol and was turned over to the Office of Refugee Resettlement (ORR) and then placed with a sponsor in Memphis, TN

    He was issued a final order of removal in 2022

      
    Following the shooting spree, ICE lodged an immigration detainer against Martinez

    Felix Rojas, an alien who illegally entered the country multiple times dating back to 1998, was arrested in New York City and has been charged with rape and grand larceny for raping a corpse on the subway near Whitehall Street Station in Manhattan

      On April 30, ICE New York City lodged an immigration detainer against Rojas

    “With impunity open border policies have allowed violent criminal aliens to terrorize America’s towns and cities,” said Assistant Secretary Tricia Mclaughlin

    “Under President Trump and Secretary Noem’s leadership, ICE is working around the clock to remove the worst of the worst from our communities

    If you are here illegally and break the law, we will hunt you down, arrest you and lock you up

    ” 
    ###

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: ICE Targets Major Human and Drug Smuggling Property In Oklahoma City

    Source: US Federal Emergency Management Agency

    Headline: ICYMI: ICE Targets Major Human and Drug Smuggling Property In Oklahoma City

    strong>WASHINGTON – Today, the Department of Homeland Security set the record straight regarding an April 24, 2025, execution of court-authorized search warrant at a home owned by a human smuggling suspect in Oklahoma City

    This lawful operation conducted by Immigration and Customs Enforcement (ICE), led by Homeland Security Investigations (HSI), targeted a property that is involved in a transitional human and drug smuggling organization which trafficked illegal aliens from Guatemala, Mexico, Colombia, Central South America and China around the interior of the United States

    Statement Attributable to Senior DHS Official:
    “The April 24 Oklahoma ICE operation was a lawful, court-authorized action explicitly targeting a property, that was a hub for human smuggling, not specific individuals, as falsely suggested by media reports

     
    “The day prior to the search warrant issuance and the day of the search warrant, HSI agents conducted surveillance, and confirmed via utility records that a member of the Lima Lopez Transnational Criminal Organization was still paying utilities at the residence

    The warrant, issued by a Federal Judge was based on an 84-page affidavit detailing probable cause that the address served as a “stash house” for human smuggling, authorizing the seizure of evidence such as electronic devices and documents, regardless of who was present

     
    “The warrant targeted the property itself, not specific individuals, and its execution was not contingent on the presence of any person

    HSI, with Oklahoma state police support, executed the warrant with precision, seizing electronic devices as authorized

    This court-authorized search was a critical strike against a dangerous human smuggling network in furtherance of our mission to protect American communities from the chaos unleashed by the Biden administration’s open-border policies

    “This is an ongoing investigation, and we have not ruled out current occupants involvement in the smuggling ring


    ICYMI: Get the Facts: Oklahoma home raided by ICE is owned by human smuggling suspect The indictment obtained by KOCO 5 shows eight Guatemalan nationals were the targets of the investigation

    KEY FACTS ABOUT THE OPERATION:
    FACT: As reported by KOCO 5, the indictment against, “shows eight Guatemalan nationals were the  targets of the investigation as part of the ‘Lima Lopez Transnational Criminal Organization

    ’ Their charges range from drugs, fraud, money laundering to re-entry after deportation


    FACT: The day prior to the search warrant issuance and the day of the search warrant, HSI agents conducted surveillance, and confirmed via utility records that known and confirmed gang members of the Lima Lopez Transnational Criminal Organization, were still paying utilities at the residence

     
    KOCO 5 reported that the owner of the home, Cidia Marleny Lima Lopez, “is allegedly a major player in the human smuggling case that agents have been working for years


    “Records show that she owns the home that was raided as well as another one in Oklahoma City,” KOCO added

    “Eight arrests were made in that investigation, which was years in the making and not part of any new immigration enforcement


    FACT: The warrant, issued by a Federal Judge was based on an 84-page affidavit detailing probable cause that the address served as a “stash house” for human and drug smuggling, authorizing the seizure of evidence such as electronic devices and documents, regardless of who was present

    FACT: The warrant targeted the property itself, not specific individuals, and its execution was not contingent on the presence of any person

    HSI, with Oklahoma state police support, executed the warrant with precision, seizing electronic devices as authorized

     
    KOCO 5 reported that this investigation began “prior to any recent changes to ICE policies


    CONCLUSION: This court-authorized search was a critical strike against a dangerous human and drug smuggling network in furtherance of our mission to protect American communities from the chaos unleashed by the Biden administration’s open-border policies

    MIL OSI USA News

  • MIL-OSI USA: 2025-58 HAWAIʻI LEADS MULTISTATE LETTER URGING TRUMP ADMINISTRATION TO RESTORE TITLE X FUNDING

    Source: US State of Hawaii

    2025-58 HAWAIʻI LEADS MULTISTATE LETTER URGING TRUMP ADMINISTRATION TO RESTORE TITLE X FUNDING

    Posted on May 1, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF THE ATTORNEY GENERAL

    KA ʻOIHANA O KA LOIO KUHINA

     

    JOSH GREEN, M.D.
    GOVERNOR

    KE KIAʻĀINA

     

    ANNE LOPEZ

    ATTORNEY GENERAL

    LOIO KUHINA

     

    HAWAIʻI LEADS MULTISTATE LETTER URGING TRUMP ADMINISTRATION TO RESTORE TITLE X FUNDING

     

     

     

    News Release 2025-58

     

    FOR IMMEDIATE RELEASE

    May 1, 2025

     

    HONOLULU – Attorney General Anne Lopez today led a coalition of 20 attorneys general in sending a letter to the Trump Administration to express serious concern with the U.S. Department of Health and Human Services’ (HHS) decision to withhold tens of millions of dollars in Title X funding.

     

    Signed into law by President Richard Nixon, Title X is the nation’s only federal program dedicated to family planning for low-income and uninsured individuals. On March 31, HHS issued letters to a wide range of grant recipients that fund nearly 25% of all Title X clinics, indicating that these grantees’ Title X grants were being withheld.

     

    In today’s letter, the attorneys general write that the withholding of funds will lead to more unintended pregnancies, more sexually transmitted infections (STIs), increased rates of undiagnosed HIV, increased rates of cervical cancer and a higher burden on over-stretched state budgets.

     

    “Hawai‘i has been deprived of all Title X funding, jeopardizing our residents’ access to vital healthcare,” said Deputy Solicitor General Caitlyn Carpenter. “We know from prior experience what happens when the federal government interferes with Title X. People experience an increase in serious health harms and states bear higher burdens. We urge Secretary Kennedy to reverse course and fully fund these critical programs.”

     

    According to the letter, if state and local governments are not able to make up for the federal shortfall, patients will see a reduction in services as clinics close and providers are terminated. The letter goes on to explain that this will fall particularly hard on poor and rural communities that are the primary beneficiaries of the Title X programs. In many areas, a Title X clinic is the only source of prenatal services and screening for STIs. 

     

    In the letter, the attorneys general write that:

    • Recent history demonstrates that cutting Title X grantees will worsen care. In 2019, the Trump Administration changed the rules governing Title X, leading to a mass loss of healthcare providers. Nationwide, the number of Title X patients fell more than 60%, from 3.9 million to 1.5 million. This recent history demonstrates what happens — and how quickly — when the federal government slashes access to Title X. In total, the Guttmacher Institute estimates that as a direct result of HHS’s action in withholding funds, at least 834,000 patients, representing 30% of the total population served, will lose care in the first year alone.
    • The states will be harmed by HHS’s decision. While the 2019 rule was in effect, many states were forced to make emergency appropriations to cover for the loss of providers. Title X programs are a critical component of vital public health infrastructure. An important example is the role of Title X programs in detecting and preventing STIs. Between 2006 and 2010, 18% of all women who were tested, treated, or received counseling for an STI did so at a Title X clinic, as did 14% of women tested for HIV. States are once again faced with a choice: dip once again into general funds to make up the difference, or deal with a surge in new STIs and unintended pregnancies.  
    • There is no justification for the terminations. Although HHS suggested Title X grantees violated federal civil rights laws, HHS has provided absolutely no evidence supporting this suggestion. 

     

    This letter is led by Attorney General Lopez and Attorney General Rob Bonta of California. Joining the letter are the attorneys general of Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New Mexico, New York, North Carolina, Oregon, Rhode Island, Vermont and Washington.

     

    A copy of the letter can be found here.

     

    * * *

     

    Media Contacts:

    Dave Day

    Special Assistant to the Attorney General

    Office: 808-586-1284                                                  

    Email: [email protected]

    Web: http://ag.hawaii.gov

     

    Toni Schwartz
    Public Information Officer
    Hawai‘i Department of the Attorney General
    Office: 808-586-1252
    Cell: 808-379-9249
    Email:
    [email protected] 

    Web: http://ag.hawaii.gov

     

    MIL OSI USA News

  • MIL-OSI Global: How state agents target journalists while governments claim to protect them – stark warnings from Mexico and Honduras

    Source: The Conversation – UK – By Tamsin S. Mitchell, Visiting Researcher, Centre for Freedom of the Media, University of Sheffield

    Humberto Padgett was reporting on the effects of drought in Cuitzeo, a rural area of central Mexico, when his car was intercepted by armed men on September 13 2024. They threatened him and stole the car, his identity papers and work equipment, including two bullet-proof jackets.

    Padgett, a Mexican investigative journalist and author, was reporting on Mexico’s growing environmental worries for national talk radio station Radio Fórmula. It proved to be his last assignment for the station. Two days later, he tweeted:

    Today I’m leaving journalism indefinitely. The losses I’ve suffered, the harassment and threats my family and I have endured, and the neglect I’ve faced have forced me to give up after 26 years of work. Thank you and good luck.

    Padgett made this decision despite the fact he, like many other journalists in Mexico, has been enrolled in a government protection scheme for years – the Protection Mechanism for Journalists and Human Rights Defenders, set up in 2012. Several other Latin American countries have similar protection programmes, including Honduras since 2015.

    These programmes offer journalists measures such as panic buttons and emergency phone alerts, police or private security patrols, and security cameras and alarm systems for their homes and offices. Some are provided with bodyguards – at times, Padgett has received 24-hour protection.

    In Honduras, reporter Wendy Funes, founder of the online news site RI, was given a police bodyguard after being threatened while covering an extortion trial that linked the Mara Salvatrucha (MS-13), an international criminal gang, with the Honduran government of former president Juan Orlando Hernández, who is now serving a 45-year prison sentence in the US for drug trafficking and arms offences.

    Yet even once journalists are enrolled in these government protection schemes, the attacks and threats continue. Shockingly, many come from state employees who, in both Mexico and Honduras, are thought to be responsible for almost half of all attacks on journalists. But the prospect of punishment is remote: at least 90% of attacks on journalists go unprosecuted and unpunished, meaning there is little deterrent for committing these crimes.

    Both Mexico and Honduras currently have leftwing governments which have promised to protect journalists, following a long history of crimes against media professionals in both countries. Yet the risk to journalists posed by the state has worsened in recent years amid increasing use of spyware, online smear campaigns, and rising levels of anti-media rhetoric.

    Journalists perceived as critical of the leadership are regularly accused of being corrupt, in the pay of foreign governments, and putting out fake news. Donald Trump’s vocal criticism of mainstream media since returning to power in the US is likely to have encouraged this anti-media hostility in Mexico and Honduras, as elsewhere in the world.

    Many journalists there have developed strategies for self-protection, including setting up NGOs that support colleagues at risk. But while they are doing journalism in ways that make reporting safer, their work has been further threatened by the abrupt suspension of USAID and other US grants, which is heightening the dangers faced by journalists in Latin America and around the world.

    Threats from the state

    When I tell people about my research into how journalists in Latin America deal with the relentless violence and impunity, their first question is usually: “Oh, you mean drug cartels?” And indeed, both Padgett and Funes have received death threats for their investigations into cartels and other organised crime groups.

    Padgett was once sent an unsolicited photo of a dismembered body in a morgue. He was beaten and kicked in the head by armed men who threatened to kill him and his family while he was reporting on drug dealing on a university campus in Mexico City in 2017. He wears a bullet-proof jacket – or did until it was stolen – and keeps his home address a closely guarded secret.

    But cartels and gangs are only part of the story when it comes to anti-press violence and impunity in these countries. In many ways, the bigger story is the threat from the state. This has been a constant despite changes in government, whether right or left wing.


    The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.


    My research project and resulting book were inspired by my work providing advocacy, practical and moral support for journalists at risk in Latin America for an international NGO between 2007 and 2016. The extent of the risk posed by state agents – acting alone or in cahoots with organised crime groups – is clear from the many journalists I’ve spoken to in both Mexico and Honduras.

    I first interviewed these reporters, and the organisations that assist them, in 2018, then again in 2022-23 (89 interviews in total), to chart how journalists struggle for protection and justice from the state in the face of growing challenges at both domestic and international level.

    For both Padgett and Funes, the intimidation, threats and attacks from organised crime groups often followed them reporting on state agents and their alleged links with such groups. Organised crime groups have deeply infiltrated the fabric of society in many parts of Mexico and Honduras – including politics, state institutions, justice and law enforcement, particularly at a local level.

    In Padgett’s case, the suspected cartel threats came after he published a book and investigation into links between state governments and drug cartels, including drug money for political campaigns in Tamaulipas and a surge in cartel-related violence in Morelos under a certain local administration.

    Padgett had first joined the federal protection mechanism after he was attacked by police when filming a raid in central Mexico City in 2016. The police confiscated his phone and arrested him.

    He was later assigned an around-the-clock bodyguard after the Mexico City prosecutor’s office made available his contact details and his risk assessment and protection plan – produced by the state programme that was supposed to safeguard him – for inclusion in the court file on the 2017 attack on him at the university. This meant the criminals behind the attack had full access to this information.

    Being part of this protection programme did not stop the threats by state employees. In April 2024, while trying to report from the scene of the murder of a local mayoral candidate in Guanajuato state, Padgett was punched in the face by a police officer from the state prosecutor’s office, who also smashed his glasses and deleted his photos.

    Years earlier, he had been subjected to a protracted legal battle by former Mexico state governor and presidential candidate Eruviel Ávila Villegas, who sued Padgett for “moral damages” to the tune of more than half a million US dollars. His offence? A 2017 profile which mentioned that the politician had attended parties where a bishop had sexually abused male minors.

    Padgett eventually won the case – but only on appeal, thanks to a pro bono legal team, after 18 months of stress and travelling to attend the hearings. This is a part of a growing trend of “strategic lawsuits against public participation” (Slapps) in Mexico and Latin America, aimed at silencing journalists and other critical voices.

    As Padgett put it: “[Even] once we manage to win, there are no consequences for the politicians who call us to a trial without merit – no consequences at all. Eruviel Ávila is still a senator for the PRI [Institutional Revolutionary Party]” – and he was not even liable for costs.

    Mexico’s federal government and army have also carried out illegal surveillance of the mobile phones of journalists and human rights defenders investigating federal government corruption and serious human rights violations on multiple occasions, including by using Pegasus spyware.

    In Honduras, Funes is no stranger to state harassment either. In 2011, she was among around 100 journalists, many of them women, who were teargassed and beaten with truncheons by officers of the presidential guard and the national police during a peaceful protest against journalist murders.

    In recent years, according to Funes, she and her team at RI have been targeted by cyberattacks and orchestrated smear campaigns on social media that have sought to tar them as being corrupt or associated with criminal gangs. She suspects the army is behind some of these attacks since RI has written in favour of demilitarising the police. Several RI team members have been stopped at army checkpoints; when they have denounced this on TikTok or Facebook, they have been flooded by negative comments.

    Profile of investigative journalist Wendy Funes, winner of the 2018 Index on Censorship Freedom of Expression journalism award.

    RI has also been attacked by government supporters unhappy with its critical coverage of the Honduras president Xiomara Castro’s leftwing administration. In August 2024, Funes was threatened with prosecution by the governor of Choluteca, southern Honduras, over RI’s investigation into alleged involvement by local government officials in migrant trafficking. And earlier in 2025, Funes and a human rights activist were subjected to misogynistic and sexist diatribes and threats by the head of customs for the same regional department, for demanding justice for a murdered environmental defender.

    Almost half of all attacks on journalists in Mexico and Honduras are attributable to state agents, particularly at the local level. In Mexico, the NGO Article 19 has attributed 46% of all such assaults over the last decade to state agents including officials, civil servants and the armed forces.

    In Honduras, according to the Committee for Free Expression (C-Libre), 45% of attacks on journalists in the first quarter of 2024 were attributed to state agents, up from 41% in 2021. These include the national police, the Military Public Order Police, officials and members of the government.

    Impunity is a fact of life

    One key reason for the failure of the journalist protection schemes in Mexico and Honduras is they lack the power to investigate, prosecute and punish those responsible for the attacks that caused the journalists to enter the programmes in the first place.

    Padgett is yet to see justice, either for the attack on him by drug dealers at the university campus almost eight years ago or the results of the official investigation into the Mexico City prosecutor office’s apparent leaking of his contact details to the assailants. When he asked the prosecutor’s office for an update on its investigation in June 2024, he was told it had been closed two years earlier. His request for a copy of the file was denied.

    When he went to the office to ask why, he was detained by police officers. “This is justice in Mexico City,” he said in a video he filmed during his arrest, adding:

    Drug dealing is allowed. My personal data is leaked to the organised crime [group] that threatened to kill me and my family. Then the matter is shelved. I come to ask for my file and instead of giving it to me, they take me to court. That is the reality today.

    News report by Al Jazeera English (February 2023)

    Padgett lodged a complaint and, following “a tortuous judicial process”, eventually managed to get the investigation re-opened. But he says he has lost hope in the process and the justice system in general. Even something as simple as filing a report on the theft of his bullet-proof jacket during the armed attack in September 2024 has proved beyond the official responsible for the task, so the protection programme has not replaced it.

    Funes says she reported one of the cyber-attacks on RI to the special prosecutor established by Honduras in 2018 to investigate crimes against journalists and human rights defenders. Funes provided the name and mobile phone number used by the hacker. However, she said the case was later closed for “lack of merit”.

    Previously, the official investigation into the 2011 attack on her and other women journalists had also been quietly shelved after the evidence was “lost”. Funes says this put her off reporting subsequent incidents to the authorities:

    What for? I just want them to protect me … why waste my time? Really, you get used to impunity, you normalise it.

    There have been a few important advances in Mexico in recent years, including the successful prosecution of some of those behind the 2017 murder of two high-profile journalists, Javier Valdez and Miroslava Breach, but such cases remain the exception. Around 90% of attacks on journalists still go unprosecuted and unpunished by the state in both Mexico and Honduras, meaning there is little deterrent against these crimes.

    Safer, better ways of working

    Many of the journalists I have interviewed prioritise covering under-reported issues relating to human rights and democracy, corruption, violence and impunity. They use in-depth, investigative journalism to try to reveal the truth about what is happening in their countries – which is often obscured by the failings and corruption of the justice system and rule of law.

    Many are developing safer, better ways of working, with three strategies having grown noticeably in recent years: building collaborations, seeking international support, and professionalising their ways of working.

    Journalists from different media outlets often overcome professional rivalries to collaborate on sensitive and dangerous stories. In Mexico, members of some journalists’ collectives and networks alert each other of security risks on the ground, share and corroborate information, and monitor their members during risky assignments. Others travel as a group – when investigating the mass graves used by drug cartels, for example.

    In Mexico and increasingly in Honduras, they publish controversial stories, such as on serious human rights violations involving the state, in more than one outlet simultaneously to reduce the chance of individual journalists being targeted in reprisal. Such collaborations build trust, solidarity and mutual support among reporters and editors – something that has traditionally been lacking in both countries.

    Increasingly, international media partners also play an important role regarding the safety of Mexican and Honduran journalists and amplifying public awareness of the issues they report on – encouraging the mainstream media in their own countries to take notice and increasing pressure on their governments to act.

    According to Jennifer Ávila, director of the Honduran investigative journalism platform ContraCorriente, transnational collaborations are a “super-important protection mechanism” because they give journalists access to external editors and legal assistance – as well as help leaving the country if necessary.




    Read more:
    As Mexico’s new president takes office, a renewed battle to contain cartel violence begins


    International partners also bring increased resources. In Mexico and Honduras, as in other Latin American countries, the main source of funding is government advertising and other state financial incentives. But these come with expectations about influence over editorial policies and content, so are not an option for most independent outlets. Private advertising is also challenging for these and other reasons. So, most independent media outlets and journalistic projects are heavily dependent on US and European donors such as the National Endowment for Democracy (Ned), Ford Foundation and Open Society Foundations.

    Much of Latin America has high levels of media concentration, with the mainstream media typically being owned by a handful of wealthy individuals or families with wider business interests – and close economic and political links to politicians and the state. Combined with the strings of government advertising, this often results in “soft” censorship of the content that these outlets publish. Some journalists are escaping this either by setting up their own media digital outlets, like Funes, or by going freelance – as Padgett has decided to do following the attack on him in Cuitzeo in 2024.

    At the same time, there has been a widespread raising of standards through increased training in techniques such as journalistic ethics, making freedom of information requests, digital and investigative journalism, and covering elections. This all helps to promote “journalistic security” – using information as a “shield in such a way that no one can deny what you’re saying”, according to Daniela Pastrana of the NGO Journalists on the Ground (PdP). It also helps counter the perception – and in some cases, reality – of longstanding corruption in parts of the profession.

    Hostile environment puts progress at risk

    Despite the promise of transforming journalism through increasing collaboration, professionalisation and international support, the current outlook for journalists in Mexico and Honduras – and other countries in Latin America – is not encouraging. Hostile government rhetoric against independent reporters and media outlets is on the rise, despite the presidents of both Mexico and Honduras having pledged to protect journalists and freedom of expression.

    In Honduras, the hostile rhetoric towards journalists is growing in the run-up to the presidential elections in November. According to Funes: “There is a violent public discourse from the government which is repeated by officials [and] prepares the ground for worse attacks on the press … This is dangerous.”

    In both countries, such attitudes at the top are often replicated by local politicians and citizens, including online, with the threat of violent discourse leading to physical violence. This hostility appears likely to grow given the example of Donald Trump’s aggressive and litigious attitude towards journalists and the media in the United States.

    Indeed, the policies of the second Trump administration are already jeopardising progress made in terms of transforming journalism in Mexico and Honduras. In late January 2025, the US government suspended international aid and shuttered USAID, amid unsubstantiated accusations of fraud and corruption.

    According to the press freedom group Reporters Without Borders, the USAID freeze included more than US$268m (£216m) that had been allocated to support “independent media and the free flow of information” in 2025.

    USAID has been a key funder of organisations such as the nonprofits Internews and Freedom House, which in turn have been vital to the development of independent and investigative journalism in Latin America through their support of new media outlets, journalistic projects and media freedom groups. Another important donor, Ned – a bipartisan nonprofit organisation largely funded by the US Congress – has had its funding frozen.

    Ned’s chair, Peter Roskam, explains its legal action against the Trump funding cuts.

    Uncertainty about future funding has led to the immediate suspension of operations and layoffs by many nonprofit media organisations in Mexico, Honduras and across the region. While this seismic shift in the Latin American media landscape reinforces the urgent need to diversify its sources of funding, there is no doubt that in the short and even medium term, it has dealt a serious blow to the development of free and independent journalism and the safety of all journalists.

    In a region of increasingly authoritarian leaders, it is now a lot harder to hold them accountable for corruption, human rights violations, impunity and other abuses.

    International impotence

    Anti-press violence and impunity are global problems, with more than 1,700 journalists killed worldwide between 2006 and 2024 – around 85% of which went unpunished, according to Unesco.

    Although international organisations, protection mechanisms and pressure can be important tools in the fight against anti-press violence and impunity, they are ultimately limited in impact due to their reliance on the state to comply. Some journalists in Mexico and Honduras suggest the impact of such international attention can even be counter-productive, due to their governments’ increasing hostility toward any criticism by international organisations, journalists and other perceived opponents.

    Twenty years ago, Lydia Cacho, a renowned journalist and women’s rights activist, was arbitrarily detained and tortured in Puebla state, east-central Mexico, after publishing a book exposing a corruption and child sexual exploitation network involving authorities and well-known businessmen. Unable to get redress for her torture through the Mexican justice system, Cacho eventually took her case to the United Nations.

    Finally, in 2018, the UN Human Rights Committee ruled that her rights had been violated and ordered the Mexican state to re-open the investigation into the attack, and to give her adequate compensation. This judgment has led to several arrests of state agents in Puebla, including a former governor and chief of the judicial police and several police officers, as well as a public apology from the federal government.

    Journalist Lydia Cacho speaking at the 2020 Camden Conference.

    But cases like Cacho’s are the exception. Securing rulings from international bodies requires resources and energy, the help of NGOs or lawyers – and can take years. What’s more, enforcement of international decisions relies on the state to comply.

    While international pressure was key to persuading the Mexican and Honduran states to set up their government protection schemes for journalists and specialised prosecutors to investigate attacks against them, these institutions have generally proved ineffective.

    Resourcing is always an issue: typically, protection mechanisms and prosecutors’ offices are underfunded and the staff are poorly trained. Some bodies have limited mandates, such as protection mechanisms that lack the power to investigate attacks on journalists. Sometimes, these failings are believed to be deliberate. According to Padgett, the Mexican journalist protection scheme has “political biases against those whom officials consider to be hostile to the regime”.

    Indeed, many journalists and support groups suspect the Mexican and Honduran governments don’t really want these institutions to work. As the pro-democracy judge Guillermo López Lone commented about the repeated failure to secure convictions for crimes against journalists and human rights defenders in Honduras: “These are international commitments [made] due to pressure, but there is no political will.”

    López Lone, who was illegally removed from his position after the 2009 coup in Honduras and only reinstated as a judge after a years-long struggle, including a ruling by the Inter-American Court of Human Rights, alleged that these institutions “play a merely formal role” in Honduras, because they have been “captured by the political interests of the current rulers, and by criminal networks”.

    Similarly, according to Sara Mendiola, director of Mexico City-based NGO Propuesta Cívica, it’s not enough to talk about a lack of resources or training: “Even if you doubled the [state] prosecutors’ offices’ budgets, you’d still have the same impunity because the structures [that generate impunity] remain.”

    Activism is a risky business

    It’s clear that in both Mexico and Honduras, despite the governments’ stated commitment to freedom of expression, there is a deep-seated ambivalence about how important or desirable it is to protect journalists and media freedom.

    The heart of this issue is the contradiction of the state as both protector and perpetrator – a state that does not want to, or is incapable of, constraining or investigating itself and its allies. This in turn is linked to longstanding structural problems of corruption, impunity and human rights violations, and a legacy of controlling the media dating to pre-democracy days.

    Activism by journalists against this situation – another form of self-protection – takes various forms, including public protests and advocacy, and working for and setting up NGOs that support colleagues at risk. Increasingly, activism also involves the coming together of those who are the victims of violence.

    In Mexico City, groups of journalists displaced from their homes by threats and attacks, many of whom end up without a job or income, have formed collectives and networks to provide mutual support and assist colleagues in similar circumstances. In Veracruz state, the Network in Memory of and Struggle for Killed and Disappeared Journalists was formed by the relatives of the many such journalists in 2022.

    But activism is a risky business in Mexico and Honduras, opening journalists and their loved ones up to further repression and attacks by the state – and sometimes raising questions about their impartiality and credibility. While many journalists have taken part in activism out of necessity or desperation, in both countries their main source of optimism in the face of violence and impunity is journalism itself.

    Journalism as the solution

    Fortunately, journalists like Padgett don’t give up easily. After an eight-month hiatus following the attack in Cuitzeo and its aftermath, he now feels ready to go back to reporting.

    Although he succeeded in getting the shelved investigation into the 2017 attack on him and subsequent data leak reopened, the lack of any action since means he’s decided to draw a line under this labyrinthine process. He is now looking for “alternative means of justice to compensate for the impunity”.

    As a part of the reparations, he has been promised a formal apology from the Mexico City Prosecutor’s Office (similar to the apology received by Cacho). Such a ceremony is not justice and may largely be symbolic, but Padgett feels it will allow him to move on and focus on journalism again – this time as a freelancer. He is keen to make the point that Mexico remains “an extraordinary place to be a reporter”.

    Despite the lack of state protection and all the other challenges, journalists like Padgett and Funes are determined to keep going – investigating their countries’ ills, probing the root causes, transforming their profession. Their commitment offers a ray of hope for the emergence of a truly free and independent media in Mexico, Honduras and beyond.


    For you: more from our Insights series:

    To hear about new Insights articles, join the hundreds of thousands of people who value The Conversation’s evidence-based news. Subscribe to our newsletter.

    This article draws on research which was funded by the UK Economic and Social Research Council (ESRC). Tamsin Mitchell’s new book, Human Rights, Impunity and Anti-Press Violence: How Journalists Survive and Resist, is published by Routledge.

    ref. How state agents target journalists while governments claim to protect them – stark warnings from Mexico and Honduras – https://theconversation.com/how-state-agents-target-journalists-while-governments-claim-to-protect-them-stark-warnings-from-mexico-and-honduras-255549

    MIL OSI – Global Reports

  • MIL-OSI Economics: Leonardo Villar-Gómez: Speech – XVIII Asofondos Congress

    Source: Bank for International Settlements

    Good morning to all Asofondos Congress attendees. I extend a special greeting to my esteemed fellow panelists in this opening session: Mr. Juan David Correa, President of the Board of Directors of the Association; the Minister of Labor, Mr. Antonio Sanguino; and the Financial Superintendent, Mr. César Ferrari.

    I would also like to express my sincere appreciation to Andrés Velasco and Daniel Wills, President and Technical Vice-President of Asofondos, respectively, as well as to all the members of the Association, for their kind invitation and the opportunity to participate in this vital forum.

    On this occasion, I will first share Banco de la República‘s perspective on Colombia’s macroeconomic and monetary outlook. Additionally, I will conclude my remarks with reflections on the Bank’s role in administering the Contributory Pillar Savings Fund, established by the Congress of the Republic as part of the pension reform approved last year.

    It is important to clarify that the views I will present today do not necessarily reflect the position of the Bank’s Board of Directors, nor do they represent the opinions of its individual members, who may hold differing interpretations on some issues I will address.

    On the Bank’s autonomy and essential objectives

    I would like to begin by addressing recent allegations directed at the Board of Directors, particularly some of its members, regarding alleged political motivations behind the decision made on Monday, March 31 to keep interest rates unchanged. My response to these claims is a strong reaffirmation of the institutional integrity of the Board, which operates strictly on technical grounds and within the clear constitutional mandate of safeguarding the purchasing power of the peso in tandem with general economic policy.

    It is essential to emphasize that none of the Board Members, except for the Minister of Finance, represent any particular government or political opposition. The Constitution is unequivocal on this matter. Article 372 explicitly states: “The members of the Board of Directors shall exclusively represent the interests of the Nation.”

    I have had the distinct honor of serving as member of the Board of Directors of Banco de la República for the past twelve years and, more recently, for over four years as Governor. I can state with absolute clarity and conviction that throughout these sixteen years, I have never witnessed any Board Member-or the Board as an institution-act with any motivation other than pursuing what is best for the country and its people. Our sole objective has always been to fulfill the constitutional mandate of preserving the purchasing power of the peso while ensuring that this goal aligns with the highest possible level of sustainable economic growth and employment.

    In this endeavor, the Board has been fortunate to rely on what I consider to be the most highly qualified team of economists in the country. Every decision the Board makes is preceded by a comprehensive recommendation document prepared by this technical staff. While these recommendations are not necessarily adopted in full, they serve as a crucial point of reference, providing the strongest available evidence to guide Board Members in making informed decisions. Ultimately, each vote is cast with the highest level of diligence, in adherence to the constitutional mandate, and with an unwavering commitment to the nation’s best interests.

    Over the past 25 years, throughout this century, the Board has implemented its mandate to preserve the currency’s purchasing power through an inflation-targeting strategy. This approach seeks to maintain inflation at approximately 3%, with a flexible exchange rate and a very short-term interest rate as the primary policy instrument.

    When inflation exceeds the target, it becomes necessary to uphold a contractionary monetary policy to bring it back under control. However, the short-term economic cost of such a policy-reflected in reduced productive activity-can be more pronounced and prolonged under certain conditions. This occurs, for instance, when prices and wages are heavily indexed to past inflation. Similarly, factors that elevate country risk premiums-such as global uncertainty or political idiosyncrasies, such as rising public debt or fiscal deficits exceeding expectations-can further complicate monetary policy efforts.

    Under these circumstances, the burden on monetary policy intensifies as it seeks to steer inflation back to its target while restoring the conditions necessary for more substantial and sustainable economic growth in the medium and long term.

    Colombia’s recent adjustment process: a success story

    The high policy interest rates maintained over the past three years reflect a deliberately restrictive monetary policy necessary in response to a significant inflationary shock-one that affected most economies worldwide between 2021 and 2023. Our policy response, characterized by elevated interest rates, entailed notable short-term costs regarding its impact on aggregate demand and productive activity. However, these costs were considerably lower than many had anticipated. Contrary to some forecasts, the economy did not enter a recession, and the observed slowdown in productive activity did not hinder the current unemployment rate from standing below pre-pandemic levels.

    Concurrently, this restrictive monetary policy effectively contributed to a substantial reduction in inflation-more than eight percentage points-bringing it down from its peak of 13.4% to the current level of 5.3%. Additionally, the domestic demand imbalances that had manifested in a current account deficit exceeding 6% of GDP in 2022 were significantly corrected, reducing the deficit to just 1.8% of GDP by 2024. The technical staff now projects that this deficit will rise slightly to 2.4% of GDP in 2025, reflecting clear signs of recovery in domestic demand. Even so, the projected deficit remains well below its level three years ago, leaving the economy less reliant on external financing and less vulnerable to abrupt changes in domestic and international conditions-an especially important factor given our current uncertainties.

    I believe that this macroeconomic adjustment process has been successful. It is particularly noteworthy that, within this context, we are witnessing an evident recovery in economic activity. Growth is expected to reach 2.8% in 2025, a rate that compares favorably with forecasts for many regional economies and more advanced economies, including the United States and several European nations.

    According to data from the National Administrative Department of Statistics (DANE), domestic demand grew by 4.4% in real terms in the last quarter of 2024. Similar growth rates are expected in 2025, providing the foundation for the projected recovery in GDP. This improvement is also reflected in labor market indicators, including the seasonally adjusted unemployment rate recorded last February, which was the lowest for any month since April 2017.

    Undoubtedly, the reduction in policy interest rates implemented by this Board between December 2023 and December 2024 played a key role in supporting the recovery of domestic demand, productive activity, and employment.

    Why do interest rates remain relatively high?

    At this point, it is essential to emphasize that our monetary policy interest rates remain at levels indicative of a contractionary monetary stance. Both nominal and real interest rates are currently higher than what the Bank’s technical staff considers neutral and desirable in the medium and long term-conditions in which inflationary pressures are absent and the economy grows close to its potential rate.

    In this context, I would like to reiterate a point I have made publicly on multiple occasions: I consider that interest rates lower than those currently in place would be desirable. Moreover, I am convinced that there is consensus among all members of the Bank’s Board of Directors on this matter.

    Why do we maintain interest rates that we deem contractionary and higher than what would be ideal in the medium and long term? The reason is that, despite our success in significantly reducing inflation from its peak in March 2023, the pace of disinflation in Colombia has been slower than in many other countries in the region and around the world, where inflation has already returned to the target ranges set by their central banks. This slower adjustment is primarily due to the high degree of price and wage indexation in Colombia and other idiosyncratic and circumstantial factors that have complicated the disinflation process.

    Furthermore, the process of lowering interest rates-which we all wish to continue-had to be temporarily halted during the last two Board meetings in January and March. This decision was driven by a slowdown in the pace of inflation’s convergence toward the target, alongside factors that exerted upward pressure on inflation expectations and international interest rates relevant to Colombia’s external financing. Notably, the rise in long-term interest rates in global markets coincided with an increase in Colombia’s country risk spreads. The latter occurred in a context where fiscal deficit figures significantly exceeded forecasts, and public debt as a percentage of GDP was rising at a rate well above what is consistent with macroeconomic stability.

    When comparing Colombia with other Latin American countries that, like us, follow a target inflation strategy, we observe that nations such as Perú, Uruguay, Paraguay/span>, and Costa Rica have made greater progress in reducing interest rates. This has been possible because inflation in these countries has already returned to the target ranges established by their respective central banks. In the case of Chile, inflation remains slightly above its target range due to specific factors related to public utility tariffs. However, inflation expectations suggest that by the end of 2025, Chile will be very close to its target of 3%-the same target set by Colombia.

    The experiences of the region’s two largest economies, México and Brazil, are particularly relevant to our analysis. In México, inflation currently stands at 3.7%, within the target range of 3% ± 1 percentage point. This allowed the Mexican Central Bank to lower its monetary policy interest rate last week from 9.5% to 9%. It is worth noting, however, that even after this reduction, the real ex-post policy rate (the difference between the nominal rate and observed inflation) remains at 5.3% (9% – 3.7%), significantly higher than Colombia’s current level of 4.2% (9.5% – 5.3%).

    The case of Brazil is particularly striking and serves as an important reference for the risks Colombia faces. Inflation in Brazil is currently at 5.1%, slightly lower than in Colombia. The Brazilian Central Bank had been making steady progress in lowering its monetary policy interest rate, reducing it from 13.75% in August 2023 (slightly above Colombia’s at the time) to 10.5% by mid-2024. However, concerns over the country’s fiscal situation in the latter half of 2024 led to a sharp depreciation of the real and rising inflation expectations. In response, the Central Bank was forced to rapidly reverse course, raising the policy rate from 10.5% to its current level of 14.25%. In real ex-post terms, this rate is nearly five percentage points higher than Colombia’s. Additionally, the Brazilian Central Bank has signaled to markets that further rate hikes may be necessary in the coming months. Fortunately, Colombia has not faced such a scenario recently, and clearly, avoiding such a situation remains a priority.

    In Colombia, inflation remains above the 3% target set by the Central Bank. The technical staff’s central forecast for year-end 2025 places inflation above the tolerance range of ±1 percentage point around the target, as announced by the Board last November. If this projection materializes, 2025 would mark the fifth consecutive year in which the inflation target is not met. This would pose a challenge to the credibility of the inflation-targeting framework, which relies on the firm anchoring of inflation expectations as a key element of its effectiveness. Unfortunately, recent analysts’ surveys suggest that inflation expectations among many economic agents have risen in recent months and remain above the target level.

    The combination of deteriorating inflation expectations, fiscal risks in Colombia, and uncertainty surrounding the global economy-exacerbated by the trade tensions triggered by the United States-led the majority of the Board to decide last Monday to maintain the pause in the process of reducing the policy interest rate. As stated in the press release following that meeting: “The decision to maintain the interest rate unchanged reflects a cautious approach to monetary policy, anticipating new information in the coming months that will provide further evidence on the feasibility of additional rate cuts. This decision reaffirms the Board’s commitment to achieving convergence with the inflation target in the context of recovering economic growth.” I believe this statement clearly conveys our expectations moving forward.

    The role of Banco de la República in administering the pension system’s Contributory Pillar Savings Fund

    Before concluding, I would like to address the role that Banco de la República will play in administering the pension systems’ Contributory Pillar Savings Fund (FAPC), as established by the reform approved last year by Congress.

    As you know, Law 2381 of 2024 stipulates that, within the contributory pillar, pension contributions from all workers will include an average premium component administered by Colpensiones, covering contributions on incomes between 1 and 2.3 times the legal monthly minimum wage. Since a portion of these contributions currently goes to the individual savings component, this change will significantly increase the resources received by Colpensiones once the reform takes effect. However, in the long term, this situation will reverse, as Colpensiones’ pension obligations will eventually surpass the resources it collects.

    To address this, the law mandates that the temporary surplus of funds received by Colpensiones-expected to last for two or three decades-be allocated to the Contributory Pillar Savings Fund (FAPC). Congress also determined that Banco de la República would be responsible for administering this Fund. The resources administered through the FAPC will be channeled into capital markets via professional asset managers, generating returns that will help the government meet future pension obligations.

    Currently, even before the reform is enacted, Colpensiones operates with a significant deficit, requiring substantial transfers from the national government. These transfers are included in the annual national budget and contribute to the fiscal deficit. The creation of the FAPC, administered by Banco de la República, has been structured to ensure that its funding is adjusted in a way that neither affects the national government’s current pension expenditures nor undermines aggregate savings in the economy.

    It is essential to underscore that the temporary surplus of resources allocated to the FAPC will be insufficient to meet future pension obligations. According to the projections outlined in the bill, the Fund is expected to be fully depleted by 2070, at which point the government will need to allocate additional resources to cover the resulting deficit. Ensuring the long-term sustainability of the pension system will likely require adjustments to key parameters, particularly in retirement ages and contribution rates. The necessity of these reforms remains unchanged and is in no way diminished by Banco de la República’s role as a financial resource manager.

    A little over a month and a half ago, on February 13, I addressed this very auditorium during the Treasury Congress of the Banking Association, stressing the urgency of issuing the government decree regulating the FAPC’s operation. I noted that without the prompt issuance of this decree, it would be impossible to establish the fundamental elements necessary to begin administering the Fund on time, as mandated by law for July 1.

    Banco de la República’s team worked intensively and constructively with officials from the Ministry of Finance and the Financial Regulation Unit (URF) throughout the last months of 2024, expecting that by year-end, the decree would be in place, allowing us to begin developing the institutional and financial framework required for the Fund’s timely launch. Unfortunately, the process has been significantly delayed. In late February, a version of the decree was released for public consultation, which contained multiple provisions that had not been previously disclosed to the Bank, some of which were inconsistent with the law. Consequently, we submitted a detailed letter on March 7 highlighting our many concerns. Fortunately, several of these observations were taken into account by the Ministry of Finance and the URF, for which we are grateful. A revised draft was published for further comments last Friday, March 28. However, as of yesterday, we had to submit another letter reiterating key concerns that had not yet been addressed, raising the possibility that the decree’s issuance could be further delayed or that it may not fully resolve our outstanding issues. I mention these dates to convey the pressing urgency we currently face in securing the regulatory framework needed to fulfill our legal mandate, which takes effect in less than three months.

    Only once the regulatory decree is issued can we move forward with drafting and signing the FAPC administration contract between the government and the Bank. This will allow us to initiate the selection and hiring of the first administering entities responsible for overseeing the resources, which are expected to accumulate at a rate of approximately 1.4 trillion pesos per month starting July 1. Among many other matters, the contract must explicitly establish that Banco de la República will administer the FAPC’s resources in its capacity as the government’s fiscal agent, as it does with other funds. It will provide the necessary technical and operational infrastructure while ensuring a strict separation between the Fund’s resources and the Bank’s own, both in budgetary and accounting terms. Furthermore, the administration of these resources will adhere to principles of prudence and diligence, as is standard in fiduciary mandates, with responsibility over the means rather than specific financial outcomes.

    The law establishes a Steering Committee as the highest authority of the FAPC, composed of three government representatives and four independent experts appointed by the Board of Directors of Banco de la República. However, the selection process for these four experts can only begin once the corresponding regulatory decree is in place. The draft decree published for public observations last Friday incorporated the Bank’s proposal for a transition period, during which the Bank could operate under provisional rules, investing resources in moderate-risk portfolios similar to those currently administered by the AFPs. Nonetheless, the challenge of establishing these delegated portfolios within such a short timeframe remains considerable.

    Several regulatory elements still require definition. In particular, I want to highlight three pressing issues.

    1. First, a provision included in the latest draft of the decree must be revised, as it allows for the use of savings accumulated in the FAPC to make payments under the contributory and semi-contributory pension frameworks. This pertains to the decumulation of the Fund, which should be explicitly regulated in a separate decree concerning generational sub-accounts-an essential regulation that is still pending. The law stipulates that this decree must undergo review and include a binding opinion from the Fund’s Steering Committee, which has not yet been established. Consequently, incorporating mechanisms for decumulating the Fund’s resources in the decree currently under discussion would not only be premature but also contrary to the law.
    2. For Banco de la República, as administrator of the FAPC, it is essential to clarify which Government entity will be responsible for the Fund’s accounting and which will oversee the corresponding auditing functions. After the bill was approved in the Senate and debated in the House of Representatives, the Bank highlighted the need for such clarity. While many House and government representatives showed willingness to make the necessary adjustments, procedural constraints in the legislative process prevented them. Given these circumstances, the government must define these key accounting and resource oversight aspects through a regulatory decree.
    3. Regarding hiring delegated administrators during the transition period, it is imperative that government regulations establish clear limits on their remuneration in strict accordance with the law. Specifically, compensation should be structured as a fee based on the balance administered rather than as a percentage of the base income for contributions, as proposed in the version published last Friday. The latter approach is inapplicable for resources that do not correspond to individual contributions. Additionally, certain sections of the draft decree contain inconsistencies regarding the nature of the FAPC, treating it as if it were a savings fund for individual contributions-an interpretation that does not align with its legal framework.

    Banco de la República remains fully committed to collaborating with all relevant stakeholders to ensure a coordinated and efficient implementation of the new pension system and the successful launch of the Contributory Pillar Savings Fund. However, I must reiterate the urgency of establishing adequate regulations, without which we simply will not be able to fulfill the mandate assigned to us by law.

    Thank you very much. 

    MIL OSI Economics

  • MIL-OSI Economics: Darryl Chan: Global outlook – unlocking market potential through financial connectivity

    Source: Bank for International Settlements

    Mr Peng Yang (CEO, Ant International), distinguished guests, ladies and gentlemen:

    Good morning.  To those of you who have travelled from far and wide, a very warm welcome to Hong Kong!

    It gives me great pleasure to join you today for MO·MENTS 2025 organised by Ant International.  This is a great gathering of forward-looking, innovative people who bring and share remarkable expertise, experience and ideas to shape the future of payments.  Indeed, payments is shaping the future of finance by unlocking the many possibilities and immense potential. 

    The theme of this event is global connectivity.  In my discussion today, I will share with you the exciting journey Hong Kong is going through to promote connectivity in the payments space, both locally and globally.  Our objective is to achieve cheaper, faster, more transparent, and more accessible payment services.  Before going global, we started with local.  There were two starting points: stored value facilities (or SVF in short) and faster payment system, or FPS.

    In 2015, the Hong Kong Monetary Authority (HKMA) introduced a regime to regulate SVF operators who take the form of e-wallets or prepaid cards.  Today we have a robust SVF ecosystem of 15 operators.  These operators serve a wide range of institutional and retail customers from mass market to more niched segments.  In less than a decade, the number of SVF accounts have doubled, from around 40 million in end 2016 to 80 million in end 2024; and the total number of transactions has grown by almost 60%, from around 15 million per day in Q4 2016 to 24 million in Q4 2024.   

    The FPS is another success story.  Launched in 2018, it is a platform that supports full connectivity among banks and SVFs.  It provides real-time, 24×7 interbank transfers with just a few clicks on mobile devices.  Since its launch, FPS has experienced phenomenal growth.  It now has 16.4 million registrations in total, on the back of a local population of 7.5 million.  

    The SVF and FPS, working individually or in combination, provide a powerful tool that facilitates cheaper, faster payments and enhances user experience.  They promote not just financial inclusion but also the growth of e-commerce.  

    The use of SVF and FPS goes beyond Hong Kong.  For example, Hong Kong e-wallets can now be used at over 30 million merchants in Mainland China.  Between 2021 and 2024, the number of cross-border transactions in the Mainland has grown by almost 50 times.  

    In the case of FPS, in 2023 the HKMA joined hands with the Bank of Thailand to link up FPS and Thailand’s PromptPay, enabling cross-border QR payments between the two jurisdictions.  Meanwhile, we are working closely with the People’s Bank of China to connect FPS with the Mainland’s Internet Banking Payment System.  Our plan is to formally roll out the link by the middle of this year.  Looking ahead, we are also exploring the possibility of further expanding the linkage of FPS with other fast payment systems in the region. 

    There is enough to keep us busy just by enhancing the interoperability and connectivity of the existing payment systems and networks.  Yet we are keenly aware of the need to keep taps on developments that bring new dimensions to the form and functioning of money.  Here I am referring to the emergence of central bank digital currency or CBDC, tokenised bank deposits, and stablecoins. 

    In terms of CBDC, our flagship project mBridge achieved the minimum viable product stage in 2024.  It is a seamless cross-border wholesale CBDC platform co-founded by the HKMA and several other central banks.  Supported by a comprehensive legal framework and a fit-for-purpose governance structure, the platform seeks to address the typical pain points in cross-border payments by enhancing efficiency and reducing costs through central bank digital money.  Going forward, the project will continue to expand the participation of public and private institutions with a view to achieving greater network effect.

    We also leverage on our CBDC research to support the development of the tokenisation market.  Last year, the HKMA initiated Project Ensemble and established an Architecture Community to develop common industry standards that support interoperability between CBDC, tokenised money and tokenised assets.  In August, we launched the Ensemble Sandbox, working with our securities regulator and the private sector to explore and experiment with tokenisation of financial assets and real-world assets.  Currently, the use cases cover liquidity management, supply chain finance, green finance, and investment funds. We are pleased that Ant Group is an active participant of the Sandbox.  Project Ensemble also goes beyond Hong Kong.  We are partnering with other central banks including Thailand, Brazil and France to explore cross-border tokenisation use cases. 

    On stablecoin, we are in the final stage of passing the law that empowers the HKMA to license and supervise stablecoin issuers in Hong Kong.  Together with other regulatory efforts governing the exchange, trading and custody of crypto assets, the stablecoin licensing regime is an important element to nurture a responsible and sustainable crypto ecosystem in Hong Kong.

    Running in parallel to the legislative process, a stablecoin sandbox was set up last year to provide a controlled environment for potential issuers to test the various features and controls of their proposed schemes, as well as their use cases that cover supply chain, capital market activities, cross-border payments, and Web3.0 applications.  The sandbox also enables the HKMA team to gain insights that inform the formulation of specific regulatory requirements and ensure they are fit-for-purpose.

    Ladies and gentlemen, the payments industry has seen exponential growth in recent years and we should expect the momentum to sustain-if we do the right things.  On this, I don’t think people in this room need to be convinced.  Let me share some thoughts on how to capture those opportunities.

    First is to make good use of technology.  Technology is the key driver in this growth story and it keeps pushing the possibility frontier.  Just imagine the potential of combining the ever growing computing power, artificial intelligence (A.I.), machine learning and big data. 

    What technology can deliver is amazing:

    • in terms of making payment so much easier through one-click payment or voice-automated payments;
    • in terms of capturing new customer demands such as buy-now-pay later or subscription payments; and
    • in terms of tailoring payment service to the needs of individual customers.

    What we need is to stretch our imagination and be innovative.

    In the process, one thing we always need to bear in mind is the fundamental value proposition of payment services-how payments can be made easier, faster, cheaper, and equally important, more accessible.  It is therefore heartening that we have a session today dedicated to inclusive growth. 

    Technology is a double-edged sword.  One increasingly troubling aspect related to banking and payments is the prevalence of fraud and scams.  In Hong Kong, more than 44,000 deception cases were reported last year, an increase of close to 12% year-on-year.  In a way we are victim of our own success by making payments much faster and more convenient.  This has now become one of the top challenges facing financial regulators across jurisdictions.  If unchecked, it will seriously undermine public confidence in the safety of the banking and payments sector, not to mention the issue of how to apportion the loss.

    The HKMA and the banking and payments industries have therefore been in close collaboration with law enforcement agencies to raise public awareness, share intelligence and good practices, and use Scameter data to alert potentially at-risk customers.  This is a never ending battle, and technology can help address the risk.  We look forward to payments operators leveraging A.I. and machine learning in fraud detection and prevention of money laundering.  We at the HKMA stand ready to work with the industry in testing and deploying such technology.

    My second point is about collaboration.  Deglobalisation, reglobalisation, fragmentation-it may take on different names or different forms, but one thing is for sure, the global economy is entering uncharted waters, in search of the more stable state when the dust gets a little settled. 

    For an industry like payments that thrives on interoperability and connectivity, this is not good news.  But the reshaping of the global economic order and the realignment of global supply chain can also mean new business opportunities for the payments sector:

    • think about the possible shifts, within a relatively short timeframe, in trade patterns and trade flows;
    • think about new relationships to be established between buyers and suppliers; and
    • think about the new payment corridors across countries and regions that may involve more local currencies. 

    These changes call for more timely, in-depth collaboration between different players in the payments space to better support customers.  And as long as payments remains a regulated space, we also need cross-border collaboration in the official sector, either through system linkage or policy coordination, to make this happen. 

    If I may quickly turn to my third point, which is the significance of operational resilience.  With increased connectivity and collaboration, system outage or cyber incidents will have much pronounced consequences.  It is crucial therefore, that operational resilience is a core objective and KPI.  And always have a contingency plan ready should anything untoward happen. 

    Ladies and gentlemen, as we look to the future, we need to be resilient, be agile, embrace technology, and, most importantly, remain customer-centric.  This should be the winning formula to unlock market potentials and promote a more efficient and inclusive financial ecosystem.

    With that, I wish the event a great success.  Thank you very much.

    MIL OSI Economics

  • MIL-OSI Europe: Sweden procures new tactical transport aircraft

    Source: Government of Sweden

    Sweden is investing billions in the procurement of four new tactical transport aircraft. Together with the Netherlands and Austria, Sweden is purchasing C-390 aircraft from Brazilian manufacturer Embraer. As Sweden is joining an existing contract, delivery times will be shortened.

    MIL OSI Europe News

  • MIL-OSI: BW Energy: 2025 Annual General Meeting – Notice 

    Source: GlobeNewswire (MIL-OSI)

    2025 Annual General Meeting – Notice 

    Notice is hereby given that the 2025 Annual General Meeting (AGM) of the Members of BW Energy Limited will be held at 18 Rebecca Road, Southampton, SN04, Bermuda, on 26 May 2025 at 09:30 a.m. (Bermuda time). 

    Please see the attached documents in relation to the Annual General Meeting: 

    1. Notice of the 2025 AGM 
    1. Form of Proxy 
    1. Chairman’s Letter 
    1. Recommendation from the Nomination Committee 


     

    For further information, please contact: 

    Brice Morlot, CFO BW Energy

    +33.7.81.11.41.16 

    ir@bwenergy.com  

    About BW Energy:  

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025.   

    This information is published in accordance with the disclosure requirements in Regulation EU 596/2014 (MAR) article 19, section 5-12 of the Norwegian Securities Trading Act, and the Oslo Rule Book II, as well as in accordance with Section 4-2 of the Norwegian Securities Trading Act.

    Attachments

    The MIL Network

  • MIL-OSI: Shell Plc 1st Quarter 2025 Unaudited Results

    Source: GlobeNewswire (MIL-OSI)

                                 
    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS
           
                                             
     
    SUMMARY OF UNAUDITED RESULTS
    Quarters $ million    
    Q1 2025 Q4 2024 Q1 2024   Reference      
    4,780    928    7,358    +415 Income/(loss) attributable to Shell plc shareholders        
    5,577    3,661    7,734    +52 Adjusted Earnings A      
    15,250    14,281    18,711    +7 Adjusted EBITDA A      
    9,281    13,162    13,330    -29 Cash flow from operating activities        
    (3,959)   (4,431)   (3,528)     Cash flow from investing activities        
    5,322    8,731    9,802      Free cash flow G      
    4,175    6,924    4,493      Cash capital expenditure C      
    8,575    9,401    8,997    -9 Operating expenses F      
    8,453    9,138    9,054    -7 Underlying operating expenses F      
    10.4% 11.3% 12.0%   ROACE D      
    76,511    77,078    79,931      Total debt E      
    41,521    38,809    40,513      Net debt E      
    18.7% 17.7% 17.7%   Gearing E      
    2,838    2,815    2,911    +1 Oil and gas production available for sale (thousand boe/d)        
    0.79    0.15    1.14 +427 Basic earnings per share ($)        
    0.92    0.60    1.20    +53 Adjusted Earnings per share ($) B      
    0.3580    0.3580    0.3440    Dividend per share ($)        

    1.Q1 on Q4 change

    Quarter Analysis1

    Income attributable to Shell plc shareholders, compared with the fourth quarter 2024, reflected lower exploration well write-offs, lower operating expenses and higher Products margins.

    First quarter 2025 income attributable to Shell plc shareholders also included a charge of $0.5 billion related to the UK Energy Profits Levy and impairment charges. These items are included in identified items amounting to a net loss of $0.8 billion in the quarter. This compares with identified items in the fourth quarter 2024 which amounted to a net loss of $2.8 billion.

    Adjusted Earnings and Adjusted EBITDA2 were driven by the same factors as income attributable to Shell plc shareholders and adjusted for the above identified items.

    Cash flow from operating activities for the first quarter 2025 was $9.3 billion and primarily driven by Adjusted EBITDA, partly offset by tax payments of $2.9 billion and working capital outflows of $2.7 billion. The working capital outflows mainly reflected accounts receivable and payable movements.

    Cash flow from investing activities for the first quarter 2025 was an outflow of $4.0 billion, and included cash capital expenditure of $4.2 billion, and net other investing cash outflows of $0.9 billion which included the drawdowns on loan facilities provided at completion of the sale of The Shell Petroleum Development Company of Nigeria Limited (SPDC) in Nigeria, partly offset by divestment proceeds of $0.6 billion.

    Net debt and Gearing: At the end of the first quarter 2025, net debt was $41.5 billion, compared with $38.8 billion at the end of the fourth quarter 2024. This reflects free cash flow of $5.3 billion, which included working capital outflows of $2.7 billion, more than offset by share buybacks of $3.3 billion, cash dividends paid to Shell plc shareholders of $2.2 billion, lease additions of $1.3 billion including those related to the Pavilion Energy Pte. Ltd. acquisition and interest payments of $0.8 billion. Gearing was 18.7% at the end of the first quarter 2025, compared with 17.7% at the end of the fourth quarter 2024, mainly driven by higher net debt.


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    Shareholder distributions

    Total shareholder distributions in the quarter amounted to $5.5 billion comprising repurchases of shares of $3.3 billion and cash dividends paid to Shell plc shareholders of $2.2 billion. Dividends declared to Shell plc shareholders for the first quarter 2025 amount to $0.3580 per share. Shell has now completed $3.5 billion of share buybacks announced in the fourth quarter 2024 results announcement. Today, Shell announces a share buyback programme of $3.5 billion which is expected to be completed by the second quarter 2025 results announcement.

    This Unaudited Condensed Interim Financial Report, together with supplementary financial and operational disclosure for this quarter, is available at www.shell.com/investors 3.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and depreciation, depletion and amortisation (DD&A) expenses.

    3.Not incorporated by reference.

    PORTFOLIO DEVELOPMENTS

    Integrated Gas

    In March 2025, we completed the previously announced acquisition of 100% of the shares in Pavilion Energy Pte. Ltd. (Pavilion Energy). Pavilion Energy, headquartered in Singapore, operates a global LNG trading business with contracted supply volume of approximately 6.5 million tonnes per annum (mtpa).

    Upstream

    In January 2025, we announced the start of production at the Shell-operated Whale floating production facility in the Gulf of America. The Whale development is owned by Shell (60%, operator) and Chevron U.S.A. Inc. (40%).

    In February 2025, we announced production restart at the Penguins field in the UK North Sea with a modern floating, production, storage and offloading (FPSO) facility (Shell 50%, operator; NEO Energy 50%). The previous export route for this field was via the Brent Charlie platform, which ceased production in 2021 and is being decommissioned.

    In February 2025, we signed an agreement to acquire a 15.96% working interest from ConocoPhillips Company in the Shell-operated Ursa platform in the Gulf of America. The transaction completed on May 1, 2025 which increases Shell’s working interest in the Ursa platform from 45.3884% to 61.3484%.

    In March 2025, we completed the sale of SPDC to Renaissance, as announced in January 2024.

    In March 2025, we announced the Final Investment Decision (FID) for Gato do Mato, a deep-water project in the pre-salt area of the Santos Basin, offshore Brazil. The Gato do Mato Consortium includes Shell (operator, 50%), Ecopetrol (30%), TotalEnergies (20%) and Pré-Sal Petróleo S.A. (PPSA) acting as the manager of the production sharing contract (PSC).

    Chemicals and Products

    In January 2025, CNOOC and Shell Petrochemicals Company Limited (CSPC), a 50:50 joint venture between Shell and CNOOC Petrochemicals Investment Ltd, took an FID to expand its petrochemical complex in Daya Bay, Huizhou, south China.

    In April 2025, we completed the previously announced sale of our Energy and Chemicals Park in Singapore to CAPGC Pte. Ltd. (CAPGC), a joint venture between Chandra Asri Capital Pte. Ltd. and Glencore Asian Holdings Pte. Ltd.

    In April 2025, we agreed to sell our 16.125% interest in Colonial Enterprises, Inc. (“Colonial”) to Colossus AcquireCo LLC, a wholly owned subsidiary of Brookfield Infrastructure Partners L.P. and its institutional partners (collectively, “Brookfield”), for $1.45 billion. The transaction is subject to regulatory approvals and is expected to close in the fourth quarter of 2025.

    Renewables and Energy Solutions

    In January 2025, we completed the previously announced acquisition of a 100% equity stake in RISEC Holdings, LLC, which owns a 609-megawatt (MW) two-unit combined-cycle gas turbine power plant in Rhode Island, USA.

             Page 2


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    PERFORMANCE BY SEGMENT

                                             
                       
    INTEGRATED GAS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    2,789    1,744    2,761    +60 Income/(loss) for the period        
    306    (421)   (919)     Of which: Identified items A      
    2,483    2,165    3,680    +15 Adjusted Earnings A      
    4,735    4,568    6,136    +4 Adjusted EBITDA A      
    3,463    4,391    4,712    -21 Cash flow from operating activities A      
    1,116    1,337    1,041      Cash capital expenditure C      
    126    116    137    +9 Liquids production available for sale (thousand b/d)        
    4,644    4,574    4,954    +2 Natural gas production available for sale (million scf/d)        
    927    905    992    +2 Total production available for sale (thousand boe/d)        
    6.60    7.06    7.58    -6 LNG liquefaction volumes (million tonnes)        
    16.49    15.50    16.87    +6 LNG sales volumes (million tonnes)        

    1.Q1 on Q4 change

    Integrated Gas includes liquefied natural gas (LNG), conversion of natural gas into gas-to-liquids (GTL) fuels and other products. It includes natural gas and liquids exploration and extraction, and the operation of the upstream and midstream infrastructure necessary to deliver these to market. Integrated Gas also includes the marketing, trading and optimisation of LNG.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($277 million), partly offset by lower LNG liquefaction volumes (decrease of $68 million). The net effect of contributions from trading and optimisation and realised prices was in line with the fourth quarter 2024 despite higher unfavourable (non-cash) impact of expiring hedging contracts.

    Identified items in the first quarter 2025 included favourable movements of $362 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These favourable movements compare with the fourth quarter 2024 which included impairment charges of $339 million and a loss of $96 million related to sale of assets, partly offset by favourable movements of $109 million due to the fair value accounting of commodity derivatives.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the quarter was primarily driven by Adjusted EBITDA, and net cash inflows related to derivatives of $542 million, partly offset by tax payments of $773 million and working capital outflows of $687 million.

    Total oil and gas production, compared with the fourth quarter 2024, increased by 2% mainly due to lower planned maintenance in Pearl GTL (Qatar), partly offset by unplanned maintenance and weather constraints in Australia. LNG liquefaction volumes decreased by 6% mainly due to unplanned maintenance and weather constraints in Australia.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 3


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    UPSTREAM          
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    2,080    1,031    2,272    +102 Income/(loss) for the period        
    (257)   (651)   339      Of which: Identified items A      
    2,337    1,682    1,933    +39 Adjusted Earnings A      
    7,387    7,676    7,888    -4 Adjusted EBITDA A      
    3,945    4,509    5,727    -13 Cash flow from operating activities A      
    1,923    2,076    2,010      Cash capital expenditure C      
    1,335    1,332    1,331    Liquids production available for sale (thousand b/d)        
    3,020    3,056    3,136    -1 Natural gas production available for sale (million scf/d)        
    1,855    1,859    1,872    Total production available for sale (thousand boe/d)        

    1.Q1 on Q4 change

    The Upstream segment includes exploration and extraction of crude oil, natural gas and natural gas liquids. It also markets and transports oil and gas, and operates the infrastructure necessary to deliver them to the market.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected lower exploration well write-offs ($346 million), lower depreciation, depletion and amortisation expenses (decrease of $330 million), lower operating expenses ($194 million) and comparative favourable tax movements ($179 million), partly offset by lower volumes (decrease of $359 million).

    Identified items in the first quarter 2025 included a charge of $509 million related to the UK Energy Profits Levy, partly offset by gains of $159 million from disposal of assets and gains of $95 million related to the impact of the strengthening Brazilian real on a deferred tax position. These charges and favourable movements compare with the fourth quarter 2024 which included a loss of $161 million related to the impact of the weakening Brazilian real on a deferred tax position, and impairment charges of $152 million.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, partly offset by tax payments of $1,999 million and working capital outflows of $913 million.

    Total production, compared with the fourth quarter 2024, decreased mainly due to the SPDC divestment, largely offset by new oil production.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 4


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    MARKETING        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    814    103    896    +688 Income/(loss) for the period        
    (49)   (736)   (7)     Of which: Identified items A      
    900    839    781    +7 Adjusted Earnings A      
    1,869    1,709    1,686    +9 Adjusted EBITDA A      
    1,907    1,363    1,319    +40 Cash flow from operating activities A      
    256    811    465      Cash capital expenditure C      
    2,674    2,795    2,763    -4 Marketing sales volumes (thousand b/d)        

    1.Q1 on Q4 change

    The Marketing segment comprises the Mobility, Lubricants, and Sectors and Decarbonisation businesses. The Mobility business operates Shell’s retail network including electric vehicle charging services and the Wholesale commercial fuels business which provides fuels for transport, industry and heating. The Lubricants business produces, markets and sells lubricants for road transport, and machinery used in manufacturing, mining, power generation, agriculture and construction. The Sectors and Decarbonisation business sells fuels, speciality products and services including low-carbon energy solutions to a broad range of commercial customers including the aviation, marine, and agricultural sectors.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected lower operating expenses (decrease of $69 million), and higher Marketing margins (increase of $54 million) mainly due to higher Lubricants unit margins and seasonal impact of higher volumes partly offset by lower Mobility margins due to seasonal impact of lower volumes and lower Sectors and Decarbonisation margins. These net gains were partly offset by unfavourable tax movements ($109 million).

    Identified items in the first quarter 2025 included net losses of $61 million related to sale of assets. These losses compare with the fourth quarter 2024 which included impairment charges of $458 million, and net losses of $247 million related to sale of assets.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, inflows relating to the timing impact of payments related to emission certificates and biofuel programmes of $540 million, and dividends (net of profits) from joint ventures and associates of $203 million. These inflows were partly offset by working capital outflows of $344 million and tax payments of $174 million.

    Marketing sales volumes (comprising hydrocarbon sales), compared with the fourth quarter 2024, decreased mainly due to seasonality.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 5


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    CHEMICALS AND PRODUCTS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    (77)   (276)   1,311    +72 Income/(loss) for the period        
    (581)   (99)   (458)     Of which: Identified items A      
    449    (229)   1,615    +296 Adjusted Earnings A      
    1,410    475    2,826    +197 Adjusted EBITDA A      
    130    2,032    (349)   -94 Cash flow from operating activities A      
    458    1,392    500      Cash capital expenditure C      
    1,362    1,215    1,430    +12 Refinery processing intake (thousand b/d)        
    2,813    2,926    2,883    -4 Chemicals sales volumes (thousand tonnes)        

    1.Q1 on Q4 change

    The Chemicals and Products segment includes chemicals manufacturing plants with their own marketing network, and refineries which turn crude oil and other feedstocks into a range of oil products which are moved and marketed around the world for domestic, industrial and transport use. The segment also includes the pipeline business, trading and optimisation of crude oil, oil products and petrochemicals, and Oil Sands activities (the extraction of bitumen from mined oil sands and its conversion into synthetic crude oil).

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected higher Products margins (increase of $546 million) mainly driven by higher margins from trading and optimisation and higher refining margins. Adjusted Earnings also reflected higher Chemicals margins (increase of $115 million). In addition, the first quarter 2025 reflected lower operating expenses (decrease of $134 million). These net gains were partly offset by comparative unfavourable tax movements ($96 million).

    In the first quarter 2025, Chemicals had negative Adjusted Earnings of $137 million and Products had positive Adjusted Earnings of $586 million.

    Identified items in the first quarter 2025 included impairment charges of $277 million, and unfavourable movements of $202 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory. These charges and unfavourable movements compare with the fourth quarter 2024 which included impairment charges of $224 million, partly offset by favourable deferred tax movements of $114 million..

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the first quarter 2025 was primarily driven by Adjusted EBITDA, and inflows relating to the timing impact of payments relating to emission certificates and biofuel programmes of $125 million. These inflows were partly offset by working capital outflows of $1,081 million, and net cash outflows relating to commodity derivatives of $508 million.

    Chemicals manufacturing plant utilisation was 81% compared with 75% in the fourth quarter 2024, mainly due to lower planned and unplanned maintenance.

    Refinery utilisation was 85% compared with 76% in the fourth quarter 2024, mainly due to lower planned maintenance.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 6


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                             
                       
    RENEWABLES AND ENERGY SOLUTIONS        
    Quarters $ million                
    Q1 2025 Q4 2024 Q1 2024   Reference      
    (247)   (1,226)   553    +80 Income/(loss) for the period        
    (205)   (914)   390      Of which: Identified items A      
    (42)   (311)   163    +87 Adjusted Earnings A      
    111    (123)   267    +190 Adjusted EBITDA A      
    367    850    2,466    -57 Cash flow from operating activities A      
    403    1,277    438      Cash capital expenditure C      
    76    76    77    +1 External power sales (terawatt hours)2        
    184    165    190    +12 Sales of pipeline gas to end-use customers (terawatt hours)3        

    1.Q1 on Q4 change

    2.Physical power sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders.

    3.Physical natural gas sales to third parties; excluding financial trades and physical trade with brokers, investors, financial institutions, trading platforms, and wholesale traders. Excluding sales of natural gas by other segments and LNG sales.

    Renewables and Energy Solutions includes activities such as renewable power generation, the marketing and trading and optimisation of power and pipeline gas, as well as carbon credits, and digitally enabled customer solutions. It also includes the production and marketing of hydrogen, development of commercial carbon capture and storage hubs, investment in nature-based projects that avoid or reduce carbon emissions, and Shell Ventures, which invests in companies that work to accelerate the energy and mobility transformation.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected higher margins (increase of $99 million) mainly due to higher trading and optimisation in the Americas as a result of higher seasonal demand and volatility, lower operating expenses (decrease of $90 million) and comparative favourable tax movements ($89 million). Most Renewables and Energy Solutions activities were loss-making in the first quarter 2025, which was partly offset by positive Adjusted Earnings from trading and optimisation.

    Identified items in the first quarter 2025 included a charge of $143 million related to the disposal of assets. These charges compare with the fourth quarter 2024 which included impairment charges of $996 million mainly relating to renewable generation assets in North America, partly offset by favourable movements of $50 million due to the fair value accounting of commodity derivatives, that as part of Shell’s normal business are entered into as hedges for mitigation of economic exposures on future purchases, sales and inventory.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    Cash flow from operating activities for the first quarter 2025 was primarily driven by net cash inflows relating to working capital of $380 million and Adjusted EBITDA, partially offset by outflows related to derivatives of $169 million.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

    Additional Growth Measures

                                             
    Quarters      
    Q1 2025 Q4 2024 Q1 2024          
            Renewable power generation capacity (gigawatt):        
    3.5    3.4    3.2    +4 – In operation2        
    4.0    4.0    3.5    -1 – Under construction and/or committed for sale3        

    1.Q1 on Q4 change

    2.Shell’s equity share of renewable generation capacity post commercial operation date. It excludes Shell’s equity share of associates where information cannot be obtained.

    3.Shell’s equity share of renewable generation capacity under construction and/or committed for sale under long-term offtake agreements (PPA). It excludes Shell’s equity share of associates where information cannot be obtained.

             Page 7


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                     
                 
    CORPORATE      
    Quarters $ million          
    Q1 2025 Q4 2024 Q1 2024   Reference    
    (483)   (335)   (354)   Income/(loss) for the period      
    (26)   45    14    Of which: Identified items A    
    (457)   (380)   (368)   Adjusted Earnings A    
    (261)   (24)   (92)   Adjusted EBITDA A    
    (531)   16    (545)   Cash flow from operating activities A    

    The Corporate segment covers the non-operating activities supporting Shell. It comprises Shell’s holdings and treasury organisation, headquarters and central functions, self-insurance activities and centrally managed longer-term innovation portfolio. All finance expense, income and related taxes are included in Corporate Adjusted Earnings rather than in the earnings of business segments.

    Quarter Analysis1

    Income/(loss) for the period was driven by the same factors as Adjusted Earnings and includes identified items.

    Adjusted Earnings, compared with the fourth quarter 2024, reflected unfavourable currency exchange rate effects, partly offset by lower operating expenses.

    Adjusted EBITDA2 was driven by the same factors as Adjusted Earnings.

    1.All earnings amounts are shown post-tax, unless stated otherwise.

    2.Adjusted EBITDA is without interest, taxation, exploration well write-offs and DD&A expenses.

             Page 8


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    OUTLOOK FOR THE SECOND QUARTER 2025

    Full year 2024 cash capital expenditure was $21 billion. Our cash capital expenditure range for the full year 2025 is expected to be within $20 – $22 billion.

    Integrated Gas production is expected to be approximately 890 – 950 thousand boe/d. LNG liquefaction volumes are expected to be approximately 6.3 – 6.9 million tonnes. Second quarter 2025 outlook reflects scheduled maintenance across the portfolio.

    Upstream production is expected to be approximately 1,560 – 1,760 thousand boe/d. Production outlook reflects the SPDC divestment in March 2025 and the scheduled maintenance across the portfolio.

    Marketing sales volumes are expected to be approximately 2,600 – 3,100 thousand b/d.

    Refinery utilisation is expected to be approximately 87% – 95%. Chemicals manufacturing plant utilisation is expected to be approximately 74% – 82%. Second quarter 2025 utilisation outlook reflects the sale of the Energy and Chemicals Park in Singapore which was completed in April 2025.

    Corporate Adjusted Earnings1 were a net expense of $457 million for the first quarter 2025. Corporate Adjusted Earnings are expected to be a net expense of approximately $400 – $600 million in the second quarter 2025.

    1.For the definition of Adjusted Earnings and the most comparable GAAP measure see reference A.

    FORTHCOMING EVENTS

               
     
    Date Event
    May 20, 2025 Annual General Meeting
    July 31, 2025 Second quarter 2025 results and dividends
    October 30, 2025 Third quarter 2025 results and dividends

             Page 9


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

                               
     
    CONSOLIDATED STATEMENT OF INCOME    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    69,234    66,281    72,478    Revenue1    
    615    (156)   1,318    Share of profit/(loss) of joint ventures and associates    
    302    683    907    Interest and other income/(expenses)2    
    70,152    66,807    74,703    Total revenue and other income/(expenses)    
    45,849    43,610    46,867    Purchases    
    5,549    5,839    5,810    Production and manufacturing expenses    
    2,840    3,231    2,975    Selling, distribution and administrative expenses    
    185    331    212    Research and development    
    210    861    750    Exploration    
    5,441    7,520    5,881    Depreciation, depletion and amortisation2    
    1,120    1,213    1,164    Interest expense    
    61,194    62,605    63,659    Total expenditure    
    8,959    4,205    11,044    Income/(loss) before taxation    
    4,083    3,164    3,604    Taxation charge/(credit)2    
    4,875    1,041    7,439    Income/(loss) for the period    
    95    113    82    Income/(loss) attributable to non-controlling interest    
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders    
    0.79    0.15    1.14    Basic earnings per share ($)3    
    0.79    0.15    1.13    Diluted earnings per share ($)3    

    1.See Note 2 “Segment information”.

    2.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    3.See Note 3 “Earnings per share”.

                               
                 
    CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME    
    Quarters $ million        
    Q1 2025 Q4 2024 Q1 2024      
    4,875    1,041    7,439    Income/(loss) for the period    
          Other comprehensive income/(loss) net of tax:    
          Items that may be reclassified to income in later periods:    
    1,711    (4,899)   (1,995)   – Currency translation differences1    
      (11)   (6)   – Debt instruments remeasurements    
    (25)   224    53    – Cash flow hedging gains/(losses)    
    (42)   (50)   (14)   – Deferred cost of hedging    
    74    (91)   (12)   – Share of other comprehensive income/(loss) of joint ventures and associates    
    1,723    (4,827)   (1,974)   Total    
          Items that are not reclassified to income in later periods:    
    306    239    439    – Retirement benefits remeasurements    
    (16)   (50)   78    – Equity instruments remeasurements    
    (36)   46    10    – Share of other comprehensive income/(loss) of joint ventures and associates    
    254    235    528    Total    
    1,977    (4,592)   (1,445)   Other comprehensive income/(loss) for the period    
    6,852    (3,552)   5,994    Comprehensive income/(loss) for the period    
    105    50    56    Comprehensive income/(loss) attributable to non-controlling interest    
    6,748    (3,602)   5,937    Comprehensive income/(loss) attributable to Shell plc shareholders    

    1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

             Page 10


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                     
     
    CONDENSED CONSOLIDATED BALANCE SHEET
    $ million    
      March 31, 2025 December 31, 2024
    Assets    
    Non-current assets    
    Goodwill 16,072    16,032   
    Other intangible assets1 11,365    9,480   
    Property, plant and equipment 183,712    185,219   
    Joint ventures and associates 24,236    23,445   
    Investments in securities 2,284    2,255   
    Deferred tax 6,989    6,857   
    Retirement benefits 10,266    10,003   
    Trade and other receivables 7,269    6,018   
    Derivative financial instruments² 400    374   
      262,593    259,683   
    Current assets    
    Inventories 22,984    23,426   
    Trade and other receivables 48,247    45,860   
    Derivative financial instruments² 8,941    9,673   
    Cash and cash equivalents 35,601    39,110   
      115,773    118,069   
    Assets classified as held for sale1 10,881    9,857   
      126,654    127,926   
    Total assets 389,248    387,609   
    Liabilities    
    Non-current liabilities    
    Debt 65,120    65,448   
    Trade and other payables 5,487    3,290   
    Derivative financial instruments² 1,565    2,185   
    Deferred tax 13,257    13,505   
    Retirement benefits 6,756    6,752   
    Decommissioning and other provisions 20,313    21,227   
      112,498    112,407   
    Current liabilities    
    Debt 11,391    11,630   
    Trade and other payables 60,870    60,693   
    Derivative financial instruments² 6,371    7,391   
    Income taxes payable 4,343    4,648   
    Decommissioning and other provisions 5,104    4,469   
      88,079    88,831   
    Liabilities directly associated with assets classified as held for sale1 8,001    6,203   
      96,080    95,034   
    Total liabilities 208,578    207,441   
    Equity attributable to Shell plc shareholders 178,813    178,307   
    Non-controlling interest 1,856    1,861   
    Total equity 180,670    180,168   
    Total liabilities and equity 389,248    387,609   

    1.    See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

    2.    See Note 6 “Derivative financial instruments and debt excluding lease liabilities”.

             Page 11


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                         
     
    CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
      Equity attributable to Shell plc shareholders      
    $ million Share capital1 Shares held in trust Other reserves² Retained earnings Total Non-controlling interest   Total equity
    At January 1, 2025 510    (803)   19,766    158,834    178,307    1,861      180,168   
    Comprehensive income/(loss) for the period —    —    1,967    4,780    6,748    105      6,852   
    Transfer from other comprehensive income —    —    11    (11)   —    —      —   
    Dividends³ —    —    —    (2,179)   (2,179)   (86)     (2,265)  
    Repurchases of shares4 (8)   —      (3,513)   (3,513)   —      (3,513)  
    Share-based compensation —    500    (663)   (405)   (567)   —      (567)  
    Other changes —    —    —    23    22    (24)     (2)  
    At March 31, 2025 502    (304)   21,090    157,527    178,813    1,856      180,670   
    At January 1, 2024 544    (997)   21,145    165,915    186,607    1,755      188,362   
    Comprehensive income/(loss) for the period —    —    (1,420)   7,358    5,937    56      5,994   
    Transfer from other comprehensive income —    —    138    (138)   —    —      —   
    Dividends3 —    —    —    (2,210)   (2,210)   (68)     (2,278)  
    Repurchases of shares4 (7)   —      (3,502)   (3,502)   —      (3,502)  
    Share-based compensation —    543    (426)   (392)   (275)   —      (275)  
    Other changes —    —    —        (4)      
    At March 31, 2024 537    (455)   19,445    167,038    186,565    1,739      188,304   

    1.    See Note 4 “Share capital”.

    2.    See Note 5 “Other reserves”.

    3.    The amount charged to retained earnings is based on prevailing exchange rates on payment date.

    4.     Includes shares committed to repurchase under an irrevocable contract and repurchases subject to settlement at the end of the quarter.

             Page 12


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                     
     
    CONSOLIDATED STATEMENT OF CASH FLOWS    
    Quarters $ million  
    Q1 2025   Q4 2024 Q1 2024      
    8,959      4,205    11,044    Income before taxation for the period    
            Adjustment for:    
    636      665    576    – Interest expense (net)    
    5,441      7,520    5,881    – Depreciation, depletion and amortisation1    
    28      649    554    – Exploration well write-offs    
    127      288    (10)   – Net (gains)/losses on sale and revaluation of non-current assets and businesses    
    (615)     156    (1,318)   – Share of (profit)/loss of joint ventures and associates    
    523      1,241    738    – Dividends received from joint ventures and associates    
    854      131    (608)   – (Increase)/decrease in inventories    
    (2,610)     751    (195)   – (Increase)/decrease in current receivables    
    (907)     1,524    (1,949)   – Increase/(decrease) in current payables    
    (244)     111    1,386    – Derivative financial instruments    
    (100)     (58)   (61)   – Retirement benefits    
    (480)     (256)   (600)   – Decommissioning and other provisions    
    570      (856)   509    – Other1    
    (2,900)     (2,910)   (2,616)   Tax paid    
    9,281      13,162    13,330    Cash flow from operating activities    
    (3,748)     (6,486)   (3,980)      Capital expenditure    
    (413)     (421)   (500)      Investments in joint ventures and associates    
    (15)     (17)   (13)      Investments in equity securities    
    (4,175)     (6,924)   (4,493)   Cash capital expenditure    
    559      493    323    Proceeds from sale of property, plant and equipment and businesses    
    33      305    133    Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans    
          569    Proceeds from sale of equity securities    
    508      581    577    Interest received    
    506      1,762    857    Other investing cash inflows    
    (1,394)     (655)   (1,494)   Other investing cash outflows1    
    (3,959)     (4,431)   (3,528)   Cash flow from investing activities    
    80      65    (107)   Net increase/(decrease) in debt with maturity period within three months    
            Other debt:    
    139      (13)   167    – New borrowings    
    (2,514)     (2,664)   (1,532)   – Repayments    
    (846)     (1,379)   (911)   Interest paid    
    326      (833)   (297)   Derivative financial instruments    
    (25)     (10)   (4)   Change in non-controlling interest    
            Cash dividends paid to:    
    (2,179)     (2,114)   (2,210)   – Shell plc shareholders    
    (86)     (53)   (68)   – Non-controlling interest    
    (3,311)     (3,579)   (2,824)   Repurchases of shares    
    (768)     (309)   (462)   Shares held in trust: net sales/(purchases) and dividends received    
    (9,183)     (10,889)   (8,248)   Cash flow from financing activities    
    353      (985)   (379)   Effects of exchange rate changes on cash and cash equivalents    
    (3,509)     (3,142)   1,175    Increase/(decrease) in cash and cash equivalents    
    39,110      42,252    38,774    Cash and cash equivalents at beginning of period    
    35,601      39,110    39,949    Cash and cash equivalents at end of period    

    1.See Note 7 “Other notes to the unaudited Condensed Consolidated Interim Financial Statements”.

             Page 13


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

    1. Basis of preparation

    These unaudited Condensed Consolidated Interim Financial Statements of Shell plc (“the Company”) and its subsidiaries (collectively referred to as “Shell”) have been prepared in accordance with IAS 34 Interim Financial Reporting as issued by the International Accounting Standards Board (“IASB”) and adopted by the UK, and on the basis of the same accounting principles as those used in the Company’s Annual Report and Accounts (pages 240 to 312) for the year ended December 31, 2024, as filed with the Registrar of Companies for England and Wales and as filed with the Autoriteit Financiële Markten (the Netherlands) and Form 20-F (pages 223 to 296) for the year ended December 31, 2024, as filed with the US Securities and Exchange Commission, and should be read in conjunction with these filings.

    The financial information presented in the unaudited Condensed Consolidated Interim Financial Statements does not constitute statutory accounts within the meaning of section 434(3) of the Companies Act 2006 (“the Act”). Statutory accounts for the year ended December 31, 2024, were published in Shell’s Annual Report and Accounts, a copy of which was delivered to the Registrar of Companies for England and Wales. The auditor’s report on those accounts was unqualified, did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying the report and did not contain a statement under sections 498(2) or 498(3) of the Act.

    Key accounting considerations, significant judgements and estimates

    Future commodity price assumptions and management’s view on the future development of refining and chemicals margins represent a significant estimate and were subject to change in 2024. These assumptions continue to apply for impairment testing purposes in the first quarter 2025. As per the normal process outlined in the 2024 Annual Report and Accounts and Form 20-F, these assumptions are subject to review later this year.

    The discount rates applied for impairment testing and the discount rate applied to provisions are reviewed on a regular basis. Both discount rates applied in the first quarter 2025 remain unchanged compared with 2024.

    2. Segment information

    With effect from January 1, 2025, segment earnings are presented on an Adjusted Earnings basis (Adjusted Earnings), which is the earnings measure used by the Chief Executive Officer, who serves as the Chief Operating Decision Maker, for the purposes of making decisions about allocating resources and assessing performance. This aligns with Shell’s focus on performance, discipline and simplification.

    The Adjusted Earnings measure is presented on a current cost of supplies (CCS) basis and aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. Identified items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period.

    The segment earnings measure used until December 31, 2024 was CCS earnings. The difference between CCS earnings and Adjusted Earnings are the identified items. Comparative periods are presented below on an Adjusted Earnings basis.

             Page 14


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                               
     
    REVENUE AND ADJUSTED EARNINGS BY SEGMENT    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
          Third-party revenue    
    9,602    9,294    9,195    Integrated Gas    
    1,510    1,652    1,759    Upstream    
    27,083    27,524    30,041    Marketing    
    21,610    19,992    23,735    Chemicals and Products    
    9,417    7,808    7,737    Renewables and Energy Solutions    
    12    10    11    Corporate    
    69,234    66,281    72,478    Total third-party revenue1    
          Inter-segment revenue    
    2,675    2,024    2,404    Integrated Gas    
    9,854    9,931    10,287    Upstream    
    1,849    984    1,355    Marketing    
    8,255    8,656    10,312    Chemicals and Products    
    1,164    1,879    1,005    Renewables and Energy Solutions    
    —    —    —    Corporate    
          Adjusted Earnings    
    2,483    2,165    3,680    Integrated Gas    
    2,337    1,682    1,933    Upstream    
    900    839    781    Marketing    
    449    (229)   1,615    Chemicals and Products    
    (42)   (311)   163    Renewables and Energy Solutions    
    (457)   (380)   (368)   Corporate    
    5,670    3,766    7,804    Total Adjusted Earnings2    
    5,577    3,661    7,734    Adjusted Earnings attributable to Shell plc shareholders    
    94    106    70    Adjusted Earnings attributable to non-controlling interest    

    1.Includes revenue from sources other than from contracts with customers, which mainly comprises the impact of fair value accounting of commodity derivatives.

    2.See Reconciliation of income for the period to Adjusted Earnings below.

             Page 15


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    Cash capital expenditure is a measure used by the Chief Executive Officer for the purposes of making decisions about allocating resources and assessing performance.

                               
     
    CASH CAPITAL EXPENDITURE BY SEGMENT
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
          Capital expenditure    
    943    1,123    858    Integrated Gas    
    1,727    2,205    1,766    Upstream    
    252    798    427    Marketing    
    451    1,121    474    Chemicals and Products    
    358    1,214    421    Renewables and Energy Solutions    
    17    25    34    Corporate    
    3,748    6,486    3,980    Total capital expenditure    
          Add: Investments in joint ventures and associates    
    174    214    184    Integrated Gas    
    197    (117)   244    Upstream    
      13    38    Marketing    
      271    26    Chemicals and Products    
    30    36      Renewables and Energy Solutions    
        —    Corporate    
    413    421    500    Total investments in joint ventures and associates    
          Add: Investments in equity securities    
    —    —    —    Integrated Gas    
    —    (11)   —    Upstream    
    —    —    —    Marketing    
    —    —    —    Chemicals and Products    
    14    28    10    Renewables and Energy Solutions    
    —    —      Corporate    
    15    17    13    Total investments in equity securities    
          Cash capital expenditure    
    1,116    1,337    1,041    Integrated Gas    
    1,923    2,076    2,010    Upstream    
    256    811    465    Marketing    
    458    1,392    500    Chemicals and Products    
    403    1,277    438    Renewables and Energy Solutions    
    19    30    37    Corporate    
    4,175    6,924    4,493    Total Cash capital expenditure    

             Page 16


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                               
                 
    RECONCILIATION OF INCOME FOR THE PERIOD TO ADJUSTED EARNINGS    
    Quarters $ million        
    Q1 2025 Q4 2024 Q1 2024      
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders    
    95    113    82    Income/(loss) attributable to non-controlling interest    
    4,875    1,041    7,439    Income/(loss) for the period    
    (15)   (75)   (360)   Add: Current cost of supplies adjustment before taxation    
    (2)   23    84    Add: Tax on current cost of supplies adjustment    
    (510) (3,008) (1,244) Less: Identified items adjustment before taxation    
    301 (230) (604) Add: Tax on identified items adjustment    
    5,670    3,766    7,804    Adjusted Earnings    
    5,577    3,661    7,734    Adjusted Earnings attributable to Shell plc shareholders    
    94    106    70    Adjusted Earnings attributable to non-controlling interest    

    Identified items

    The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.

    Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (106) (1) 154 (57) (15) (187)
    Impairment reversals/(impairments) (341) (21) 10 (293) (38)
    Redundancy and restructuring (44) (1) (15) (9) (13) (9) 4
    Fair value accounting of commodity derivatives and certain gas contracts1 194 420 (1) 12 (258) 20
    Other2 (212) (70) 4 (101) (46)
    Total identified items included in Income/(loss) before taxation (510) 348 121 (44) (679) (260) 4
    Less: Total identified items included in Taxation charge/(credit) 301 43 378 4 (99) (54) 29
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (208) 8 (61) (12) (143)
    Impairment reversals/(impairments) (317) (15) 6 (277) (31)
    Redundancy and restructuring (24) (1) (5) (1) (12) (7) 2
    Fair value accounting of commodity derivatives and certain gas contracts1 187 362 7 (202) 20
    Impact of exchange rate movements and inflationary adjustments on tax balances3 108 4 132 (28)
    Other2 (558) (59) (377) (77) (45)
    Impact on Adjusted Earnings (811) 306 (257) (49) (581) (205) (26)
    Impact on Adjusted Earnings attributable to non-controlling interest
    Impact on Adjusted Earnings attributable to Shell plc shareholders (811) 306 (257) (49) (581) (205) (26)

    1.Fair value accounting of commodity derivatives and certain gas contracts: In the ordinary course of business, Shell enters into contracts to supply or purchase oil and gas products, as well as power and environmental products. Shell also enters into contracts for tolling, pipeline and storage capacity. Derivative contracts are entered into for mitigation of resulting economic exposures (generally price exposure) and these derivative contracts are carried at period-end

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    market price (fair value), with movements in fair value recognised in income for the period. Supply and purchase contracts entered into for operational purposes, as well as contracts for tolling, pipeline and storage capacity, are, by contrast, recognised when the transaction occurs; furthermore, inventory is carried at historical cost or net realisable value, whichever is lower. As a consequence, accounting mismatches occur because: (a) the supply or purchase transaction is recognised in a different period; or (b) the inventory is measured on a different basis. In addition, certain contracts are, due to pricing or delivery conditions, deemed to contain embedded derivatives or written options and are also required to be carried at fair value even though they are entered into for operational purposes. The accounting impacts are reported as identified items.

    2.Other identified items represent other credits or charges that based on Shell management’s assessment hinder the comparative understanding of Shell’s financial results from period to period.

    3.Impact of exchange rate movements and inflationary adjustments on tax balances represents the impact on tax balances of exchange rate movements and inflationary adjustments arising on: (a) the conversion to dollars of the local currency tax base of non-monetary assets and liabilities, as well as recognised tax losses (this primarily impacts the Integrated Gas and Upstream segments); and (b) the conversion of dollar-denominated inter-segment loans to local currency, leading to taxable exchange rate gains or losses (this primarily impacts the Corporate segment).

                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) (288) (99) (66) (216) 42 51
    Impairment reversals/(impairments) (2,554) (523) (183) (493) (288) (1,065) (1)
    Redundancy and restructuring (175) (27) (62) (70) (5) (11) (1)
    Fair value accounting of commodity derivatives and certain gas contracts1 209 136 (14) 58 (38) 67
    Other1 (200) (165) (33) (2)
    Total identified items included in Income/(loss) before taxation (3,008) (514) (491) (753) (291) (958) (2)
    Less: Total identified items included in Taxation charge/(credit) (230) (92) 160 (17) (191) (43) (47)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (321) (96) (51) (247) 33 40
    Impairment reversals/(impairments) (2,170) (339) (152) (458) (224) (996) (1)
    Redundancy and restructuring (115) (16) (34) (52) (3) (8) (1)
    Fair value accounting of commodity derivatives and certain gas contracts1 184 109 (4) 46 (17) 50
    Impact of exchange rate movements and inflationary adjustments on tax balances1 (210) (57) (199) 46
    Other1 (147) (22) (212) (25) 113
    Impact on Adjusted Earnings (2,778) (421) (651) (736) (99) (914) 45
    Impact on Adjusted Earnings attributable to non-controlling interest
    Impact on Adjusted Earnings attributable to Shell plc shareholders (2,778) (421) (651) (736) (99) (914) 45

    1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

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    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Identified items included in Income/(loss) before taxation              
    Divestment gains/(losses) 10 (3) 27 (15) (9) 10
    Impairment reversals/(impairments) (227) (8) (96) (4) (178) 59
    Redundancy and restructuring (74) (1) (13) (20) (18) (15) (6)
    Fair value accounting of commodity derivatives and certain gas contracts1 (1,079) (1,068) (2) 6 (416) 400
    Other1 126 4 38 23 45 16
    Total identified items included in Income/(loss) before taxation (1,244) (1,075) (46) (11) (575) 469 (6)
    Less: Total identified items included in Taxation charge/(credit) (604) (157) (385) (4) (118) 80 (20)
    Identified items included in Income/(loss) for the period              
    Divestment gains/(losses) (4) (2) 10 (11) (7) 6
    Impairment reversals/(impairments) (186) (5) (102) (3) (152) 77
    Redundancy and restructuring (53) (1) (9) (15) (14) (11) (4)
    Fair value accounting of commodity derivatives and certain gas contracts1 (896) (887) 5 (319) 306
    Impact of exchange rate movements and inflationary adjustments on tax balances1 403 (27) 412 18
    Other1 95 3 28 17 34 12
    Impact on Adjusted Earnings (641) (919) 339 (7) (458) 390 14
    Impact on Adjusted Earnings attributable to non-controlling interest
    Impact on Adjusted Earnings attributable to Shell plc shareholders (641) (919) 339 (7) (458) 390 14

    1.For a detailed description, see the corresponding footnotes to the Q1 2025 identified items table above.

    The identified items categories above may include after-tax impacts of identified items of joint ventures and associates which are fully reported within “Share of profit/(loss) of joint ventures and associates” in the Consolidated Statement of Income, and fully reported as identified items included in Income/(loss) before taxation in the table above. Identified items related to subsidiaries are consolidated and reported across appropriate lines of the Consolidated Statement of Income.

    3. Earnings per share

                               
     
    EARNINGS PER SHARE
    Quarters    
    Q1 2025 Q4 2024 Q1 2024      
    4,780    928    7,358    Income/(loss) attributable to Shell plc shareholders ($ million)    
               
          Weighted average number of shares used as the basis for determining:    
    6,033.5    6,148.4    6,440.1    Basic earnings per share (million)    
    6,087.8    6,213.9    6,504.3    Diluted earnings per share (million)    

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    4. Share capital

                             
     
    ISSUED AND FULLY PAID ORDINARY SHARES OF €0.07 EACH
      Number of shares   Nominal value
    ($ million)
    At January 1, 2025 6,115,031,158      510     
    Repurchases of shares (98,948,766)     (8)    
    At March 31, 2025 6,016,082,392      502     
    At January 1, 2024 6,524,109,049      544     
    Repurchases of shares (88,893,999)     (7)    
    At March 31, 2024 6,435,215,050      537     

    At Shell plc’s Annual General Meeting on May 21, 2024, the Board was authorised to allot ordinary shares in Shell plc, and to grant rights to subscribe for, or to convert, any security into ordinary shares in Shell plc, up to an aggregate nominal amount of approximately €150 million (representing approximately 2,147 million ordinary shares of €0.07 each), and to list such shares or rights on any stock exchange. This authority expires at the earlier of the close of business on August 20, 2025, or the end of the Annual General Meeting to be held in 2025, unless previously renewed, revoked or varied by Shell plc in a general meeting.

    5. Other reserves

                                             
     
    OTHER RESERVES
    $ million Merger reserve Share premium reserve Capital redemption reserve Share plan reserve Accumulated other comprehensive income Total
    At January 1, 2025 37,298    154    270    1,417    (19,373)   19,766   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    1,967    1,967   
    Transfer from other comprehensive income —    —    —    —    11    11   
    Repurchases of shares —    —      —    —     
    Share-based compensation —    —    —    (663)   —    (663)  
    At March 31, 2025 37,298    154    279    754    (17,394)   21,090   
    At January 1, 2024 37,298    154    236    1,308    (17,851)   21,145   
    Other comprehensive income/(loss) attributable to Shell plc shareholders —    —    —    —    (1,420)   (1,420)  
    Transfer from other comprehensive income —    —    —    —    138    138   
    Repurchases of shares —    —      —    —     
    Share-based compensation —    —    —    (426)   —    (426)  
    At March 31, 2024 37,298    154    244    882    (19,132)   19,445   

    The merger reserve and share premium reserve were established as a consequence of Shell plc (formerly Royal Dutch Shell plc) becoming the single parent company of Royal Dutch Petroleum Company and The “Shell” Transport and Trading Company, p.l.c., now The Shell Transport and Trading Company Limited, in 2005. The merger reserve increased in 2016 following the issuance of shares for the acquisition of BG Group plc. The capital redemption reserve was established in connection with repurchases of shares of Shell plc. The share plan reserve is in respect of equity-settled share-based compensation plans.

    6. Derivative financial instruments and debt excluding lease liabilities

    As disclosed in the Consolidated Financial Statements for the year ended December 31, 2024, presented in the Annual Report and Accounts and Form 20-F for that year, Shell is exposed to the risks of changes in fair value of its financial assets and liabilities. The fair values of the financial assets and liabilities are defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values at March 31, 2025, are consistent with those used in the year ended December 31, 2024, though the carrying amounts of derivative financial instruments have changed since that date.

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    The movement of the derivative financial instruments between December 31, 2024 and March 31, 2025 is a decrease of $732 million for the current assets and a decrease of $1,020 million for the current liabilities.

    The table below provides the comparison of the fair value with the carrying amount of debt excluding lease liabilities, disclosed in accordance with IFRS 7 Financial Instruments: Disclosures.

                     
     
    DEBT EXCLUDING LEASE LIABILITIES
    $ million March 31, 2025 December 31, 2024
    Carrying amount1 48,023    48,376   
    Fair value2 44,240    44,119   

    1.    Shell issued no debt under the US shelf or under the Euro medium-term note programmes during the first quarter 2025.

    2.     Mainly determined from the prices quoted for these securities.

    7. Other notes to the unaudited Condensed Consolidated Interim Financial Statements

    Consolidated Statement of Income

    Interest and other income

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    302    683    907    Interest and other income/(expenses)    
          Of which:    
    481    548    588    Interest income    
      25    23    Dividend income (from investments in equity securities)    
    (127)   (288)   10    Net gains/(losses) on sales and revaluation of non-current assets and businesses    
    (137)   267    66    Net foreign exchange gains/(losses) on financing activities    
    85    131    219    Other    

    Depreciation, depletion and amortisation

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    5,441    7,520    5,881    Depreciation, depletion and amortisation    
          Of which:    
    5,130 5,829 5,654 Depreciation    
    311 1,797 382 Impairments    
    (1) (106) (154) Impairment reversals    

    Impairments recognised in the first quarter 2025 of $311 million pre-tax ($287 million post-tax) principally relate to Chemicals and Products.

    Impairments recognised in the fourth quarter 2024 of $2,659 million pre-tax ($2,245 million post-tax), of which $1,797 million recognised in depreciation, depletion and amortisation and $863 million recognised in share of profit of joint ventures and associates, mainly relate to Renewables and Energy Solutions ($1,068 million pre-tax; $1,000 million post-tax), Integrated Gas ($532 million pre-tax; $345 million post-tax), Marketing ($495 million pre-tax; $459 million post-tax), Chemicals and Products ($315 million pre-tax; $247 million post-tax) and Upstream ($248 million pre-tax; $194 million post-tax).

    Impairments recognised in the first quarter 2024 of $382 million pre-tax ($332 million post-tax) include smaller

    impairments in various segments.

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    Taxation charge/credit

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    4,083    3,164    3,604    Taxation charge/(credit)    
          Of which:    
    4,024 3,125 3,525 Income tax excluding Pillar Two income tax    
    59 39 79 Income tax related to Pillar Two income tax    

    As required by IAS 12 Income Taxes, Shell has applied the exception to recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two income taxes.

    Consolidated Statement of Comprehensive Income

    Currency translation differences

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    1,711    (4,899)   (1,995)   Currency translation differences    
          Of which:    
    1,618 (5,028) (1,983) Recognised in Other comprehensive income    
    92 129 (12) (Gain)/loss reclassified to profit or loss    

    Condensed Consolidated Balance Sheet

    Other intangible assets

                       
       
    $ million      
      March 31, 2025 December 31, 2024  
    Other intangible assets 11,365    9,480     
           

    The increase in other intangible assets as at March 31, 2025 compared with December 31, 2024 is mainly related to initial recognition at fair value of favourable LNG, gas offtake and sales contracts. These were recognised following completion of the acquisition of Pavilion Energy Pte. Ltd. during the first quarter 2025. The fair value of unfavourable LNG, gas offtake and sales contracts acquired was recognised under trade and other payables.

    Assets classified as held for sale

                       
       
    $ million      
      March 31, 2025 December 31, 2024  
    Assets classified as held for sale 10,881    9,857     
    Liabilities directly associated with assets classified as held for sale 8,001    6,203     

    Assets classified as held for sale and associated liabilities at March 31, 2025 principally relate to Shell’s UK offshore oil and gas assets in Upstream, mining interests in Canada and an energy and chemicals park in Singapore, both in Chemicals and Products. Upon completion of the sale, Shell’s UK offshore assets will be derecognised in exchange for a 50% interest in a newly formed joint venture.

    The major classes of assets and liabilities classified as held for sale at March 31, 2025, are Property, plant and equipment ($8,866 million; December 31, 2024: $8,283 million), Inventories ($1,003 million; December 31, 2024: $1,180 million), Decommissioning and other provisions ($3,228 million; December 31, 2024: $3,053 million), deferred tax liabilities ($2,823 million; December 31, 2024: $2,042 million), Trade and other payables ($1,000 million; December 31, 2024: $484 million) and Debt ($839 million; December 31, 2024: $624 million).

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    Consolidated Statement of Cash Flows

    Cash flow from operating activities – Other

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    570    (856)   509    Other    

    ‘Cash flow from operating activities – Other’ for the first quarter 2025 includes $652 million of net inflows (fourth quarter 2024: $1,447 million net outflows; first quarter 2024: $188 million net inflows) due to the timing of payments relating to emission certificates and biofuel programmes in Europe and North America and $255 million in relation to reversal of currency exchange gains on Cash and cash equivalents (fourth quarter 2024: $672 million losses; first quarter 2024: $253 million losses).

    Cash flow from investing activities – Other investing cash outflows

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    (1,394)   (655)   (1,494)   Other investing cash outflows    

    ‘Cash flow from investing activities – Other investing cash outflows’ for the first quarter 2025 includes $818 million secured term loans provided to The Shell Petroleum Development Company of Nigeria Limited (SPDC) upon completion of the sale of SPDC. The first quarter 2024 includes $645 million of debt securities acquired in the Corporate segment.

    8. Reconciliation of Operating expenses and Total Debt

                               
     
    RECONCILIATION OF OPERATING EXPENSES    
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    5,549    5,839    5,810    Production and manufacturing expenses    
    2,840    3,231    2,975    Selling, distribution and administrative expenses    
    185    331    212    Research and development    
    8,575    9,401    8,997    Operating expenses    
                               
                 
    RECONCILIATION OF TOTAL DEBT    
    March 31, 2025 December 31, 2024 March 31, 2024 $ million    
    11,391    11,630    11,046    Current debt    
    65,120    65,448    68,886    Non-current debt    
    76,511    77,078    79,931    Total debt    

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    ALTERNATIVE PERFORMANCE (NON-GAAP) MEASURES

    A.Adjusted Earnings, Adjusted earnings before interest, taxes, depreciation and amortisation (“Adjusted EBITDA”) and Cash flow from operating activities

    The “Adjusted Earnings” measure aims to facilitate a comparative understanding of Shell’s financial performance from period to period by removing the effects of oil price changes on inventory carrying amounts and removing the effects of identified items. These items are in some cases driven by external factors and may, either individually or collectively, hinder the comparative understanding of Shell’s financial results from period to period. This measure excludes earnings attributable to non-controlling interest when presenting the total Shell Group result but includes these items when presenting individual segment Adjusted Earnings as set out in the table below.

    We define “Adjusted EBITDA” as “Income/(loss) for the period” adjusted for current cost of supplies; identified items; tax charge/(credit); depreciation, amortisation and depletion; exploration well write-offs and net interest expense. All items include the non-controlling interest component. Management uses this measure to evaluate Shell’s performance in the period and over time.

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 4,875 2,789 2,080 814 (77) (247) (483)
    Add: Current cost of supplies adjustment before taxation (15)     52 (67)    
    Add: Tax on current cost of supplies adjustment (2)     (14) 12    
    Less: Identified items (811) 306 (257) (49) (581) (205) (26)
    Less: Income/(loss) attributable to non-controlling interest 95            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (1)            
    Add: Identified items attributable to non-controlling interest            
    Adjusted Earnings 5,577            
    Add: Non-controlling interest 94            
    Adjusted Earnings plus non-controlling interest 5,670 2,483 2,337 900 449 (42) (457)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,784 803 2,619 391 99 63 (191)
    Add: Depreciation, depletion and amortisation excluding impairments 5,130 1,404 2,213 566 852 90 6
    Add: Exploration well write-offs 28 29        
    Add: Interest expense excluding identified items 1,119 51 200 12 14 2 841
    Less: Interest income 481 4 11 4 2 461
    Adjusted EBITDA 15,250 4,735 7,387 1,869 1,410 111 (261)
    Less: Current cost of supplies adjustment before taxation (15)     52 (67)    
    Joint ventures and associates (dividends received less profit) (178) (286) (159) 203 54 10
    Derivative financial instruments (38) 542 14 10 (508) (169) 73
    Taxation paid (2,900) (773) (1,999) (174) 63 52 (68)
    Other (206) (68) (386) 396 125 (17) (257)
    (Increase)/decrease in working capital (2,663) (687) (913) (344) (1,081) 380 (19)
    Cash flow from operating activities 9,281 3,463 3,945 1,907 130 367 (531)

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    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 1,041 1,744 1,031 103 (276) (1,226) (335)
    Add: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Add: Tax on current cost of supplies adjustment 23     2 21    
    Less: Identified items (2,778) (421) (651) (736) (99) (914) 45
    Less: Income/(loss) attributable to non-controlling interest 113            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (7)            
    Add: Identified items attributable to non-controlling interest            
    Adjusted Earnings 3,661            
    Add: Non-controlling interest 106            
    Adjusted Earnings plus non-controlling interest 3,766 2,165 1,682 839 (229) (311) (380)
    Add: Taxation charge/(credit) excluding tax impact of identified items 3,371 635 2,618 266 (198) 97 (46)
    Add: Depreciation, depletion and amortisation excluding impairments 5,829 1,440 2,803 587 896 96 8
    Add: Exploration well write-offs 649 277 372
    Add: Interest expense excluding identified items 1,213 54 201 17 16 2 923
    Less: Interest income 548 3 10 7 529
    Adjusted EBITDA 14,281 4,568 7,676 1,709 475 (123) (24)
    Less: Current cost of supplies adjustment before taxation (75)     (2) (73)    
    Joint ventures and associates (dividends received less profit) 451 110 (22) 172 139 51
    Derivative financial instruments 319 120 (28) (8) 230 533 (527)
    Taxation paid (2,910) (635) (2,019) (130) 36 (41) (120)
    Other (1,461) 114 (486) (1,227) (313) 77 375
    (Increase)/decrease in working capital 2,407 114 (611) 845 1,394 353 312
    Cash flow from operating activities 13,162 4,391 4,509 1,363 2,032 850 16
                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Income/(loss) for the period 7,439 2,761 2,272 896 1,311 553 (354)
    Add: Current cost of supplies adjustment before taxation (360)     (153) (207)    
    Add: Tax on current cost of supplies adjustment 84     30 54    
    Less: Identified items (641) (919) 339 (7) (458) 390 14
    Less: Income/(loss) attributable to non-controlling interest 82            
    Less: Current cost of supplies adjustment attributable to non-controlling interest (12)            
    Add: Identified items attributable to non-controlling interest            
    Adjusted Earnings 7,734            
    Add: Non-controlling interest 70            
    Adjusted Earnings plus non-controlling interest 7,804 3,680 1,933 781 1,615 163 (368)
    Add: Taxation charge/(credit) excluding tax impact of identified items 4,124 996 2,522 358 338 (91)
    Add: Depreciation, depletion and amortisation excluding impairments 5,654 1,410 2,727 535 870 106 6
    Add: Exploration well write-offs 554 8 546
    Add: Interest expense excluding identified items 1,163 42 169 12 17 1 922
    Less: Interest income 588 10 14 4 560
    Adjusted EBITDA 18,711 6,136 7,888 1,686 2,826 267 (92)
    Less: Current cost of supplies adjustment before taxation (360)     (153) (207)    
    Joint ventures and associates (dividends received less profit) (582) (197) (546) 93 56 13
    Derivative financial instruments 306 (1,080) (3) (39) (402) 1,978 (149)
    Taxation paid (2,616) (467) (1,802) (175) (19) (244) 91
    Other (97) 45 (231) 393 (378) (30) 104
    (Increase)/decrease in working capital (2,752) 275 421 (792) (2,639) 481 (499)
    Cash flow from operating activities 13,330 4,712 5,727 1,319 (349) 2,466 (545)

    Identified items

    The objective of identified items is to remove material impacts on net income/loss arising from transactions which are generally uncontrollable and unusual (infrequent or non-recurring) in nature or giving rise to a mismatch between accounting and economic results, or certain transactions that are generally excluded from underlying results in the industry.

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    Identified items comprise: divestment gains and losses, impairments and impairment reversals, redundancy and restructuring, fair value accounting of commodity derivatives and certain gas contracts that gives rise to a mismatch between accounting and economic results, the impact of exchange rate movements and inflationary adjustments on certain deferred tax balances, and other items.

    See Note 2 “Segment information” for details.

    B.    Adjusted Earnings per share

    Adjusted Earnings per share is calculated as Adjusted Earnings (see Reference A), divided by the weighted average number of shares used as the basis for basic earnings per share (see Note 3).

    C.    Cash capital expenditure

    Cash capital expenditure represents cash spent on maintaining and developing assets as well as on investments in the period. Management regularly monitors this measure as a key lever to delivering sustainable cash flows. Cash capital expenditure is the sum of the following lines from the Consolidated Statement of Cash Flows: Capital expenditure, Investments in joint ventures and associates and Investments in equity securities.

    See Note 2 “Segment information” for the reconciliation of cash capital expenditure.

    D.    Capital employed and Return on average capital employed

    Return on average capital employed (“ROACE”) measures the efficiency of Shell’s utilisation of the capital that it employs.

    The measure refers to Capital employed which consists of total equity, current debt, and non-current debt reduced by cash and cash equivalents.

    In this calculation, the sum of Adjusted Earnings (see Reference A) plus non-controlling interest (NCI) excluding identified items for the current and previous three quarters, adjusted for after-tax interest expense and after-tax interest income, is expressed as a percentage of the average capital employed excluding cash and cash equivalents for the same period.

                           
     
    $ million Quarters
      Q1 2025 Q4 2024 Q1 2024
    Current debt 11,046 9,931 9,044
    Non-current debt 68,886 71,610 76,098
    Total equity 188,304 188,362 195,530
    Less: Cash and cash equivalents (39,949) (38,774) (42,074)
    Capital employed – opening 228,286 231,128 238,598
    Current debt 11,391 11,630 11,046
    Non-current debt 65,120 65,448 68,886
    Total equity 180,670 180,168 188,304
    Less: Cash and cash equivalents (35,601) (39,110) (39,949)
    Capital employed – closing 221,580 218,134 228,286
    Capital employed – average 224,933 224,630 233,442

             Page 26


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                           
     
    $ million Quarters
      Q1 2025 Q4 2024 Q1 2024
    Adjusted Earnings – current and previous three quarters (Reference A) 21,558 23,716 26,338
    Add: Income/(loss) attributable to NCI – current and previous three quarters 441 427 295
    Add: Current cost of supplies adjustment attributable to NCI – current and previous three quarters 25 14 (24)
    Less: Identified items attributable to NCI (Reference A) – current and previous three quarters 18 18 (11)
    Adjusted Earnings plus NCI excluding identified items – current and previous three quarters 22,005 24,139 26,620
    Add: Interest expense after tax – current and previous three quarters 2,639 2,701 2,718
    Less: Interest income after tax on cash and cash equivalents – current and previous three quarters 1,329 1,389 1,368
    Adjusted Earnings plus NCI excluding identified items before interest expense and interest income – current and previous three quarters 23,315 25,452 27,971
    Capital employed – average 224,933 224,630 233,442
    ROACE on an Adjusted Earnings plus NCI basis 10.4% 11.3% 12.0%

    E.    Net debt and gearing

    Net debt is defined as the sum of current and non-current debt, less cash and cash equivalents, adjusted for the fair value of derivative financial instruments used to hedge foreign exchange and interest rate risk relating to debt, and associated collateral balances. Management considers this adjustment useful because it reduces the volatility of net debt caused by fluctuations in foreign exchange and interest rates, and eliminates the potential impact of related collateral payments or receipts. Debt-related derivative financial instruments are a subset of the derivative financial instrument assets and liabilities presented on the balance sheet. Collateral balances are reported under “Trade and other receivables” or “Trade and other payables” as appropriate.

    Gearing is a measure of Shell’s capital structure and is defined as net debt (total debt less cash and cash equivalents) as a percentage of total capital (net debt plus total equity).

                           
     
    $ million  
      March 31, 2025 December 31, 2024 March 31, 2024
    Current debt 11,391    11,630    11,046   
    Non-current debt 65,120    65,448    68,886   
    Total debt 76,511    77,078    79,931   
    Of which: Lease liabilities 28,488    28,702    26,885   
    Add: Debt-related derivative financial instruments: net liability/(asset) 1,905    2,469    1,888   
    Add: Collateral on debt-related derivatives: net liability/(asset) (1,295)   (1,628)   (1,357)  
    Less: Cash and cash equivalents (35,601)   (39,110)   (39,949)  
    Net debt 41,521    38,809    40,513   
    Total equity 180,670    180,168    188,304   
    Total capital 222,190    218,974    228,817   
    Gearing 18.7  % 17.7  % 17.7  %

    F.    Operating expenses and Underlying operating expenses

    Operating expenses

    Operating expenses is a measure of Shell’s cost management performance, comprising the following items from the Consolidated Statement of Income: production and manufacturing expenses; selling, distribution and administrative expenses; and research and development expenses.

             Page 27


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                                                   
     
    Q1 2025 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,549 947 2,139 349 1,621 486 8
    Selling, distribution and administrative expenses 2,840 38 42 2,053 442 153 111
    Research and development 185 22 32 42 25 21 43
    Operating expenses 8,575 1,006 2,213 2,444 2,088 661 162
                                                   
     
    Q4 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,839 982 2,470 270 1,632 480 5
    Selling, distribution and administrative expenses 3,231 39 96 2,258 471 241 126
    Research and development 331 40 69 73 46 37 66
    Operating expenses 9,401 1,061 2,635 2,602 2,149 757 196
                                                   
     
    Q1 2024 $ million
      Total Integrated Gas Upstream Marketing Chemicals and Products Renewables and Energy Solutions Corporate
    Production and manufacturing expenses 5,810 956 2,269 366 1,634 579 5
    Selling, distribution and administrative expenses 2,975 62 58 2,188 420 158 89
    Research and development 212 26 58 34 34 12 49
    Operating expenses 8,997 1,044 2,385 2,587 2,088 749 144

    Underlying operating expenses

    Underlying operating expenses is a measure aimed at facilitating a comparative understanding of performance from period to period by removing the effects of identified items, which, either individually or collectively, can cause volatility, in some cases driven by external factors.

                               
         
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    8,575    9,401    8,997    Operating expenses    
    (44)   (174)   (73)   Redundancy and restructuring (charges)/reversal    
    (101)   (88)   —    (Provisions)/reversal    
    23    —    130    Other    
    (121)   (262)   57    Total identified items    
    8,453    9,138    9,054    Underlying operating expenses    

    G.    Free cash flow and Organic free cash flow

    Free cash flow is used to evaluate cash available for financing activities, including dividend payments and debt servicing, after investment in maintaining and growing the business. It is defined as the sum of “Cash flow from operating activities” and “Cash flow from investing activities”.

    Cash flows from acquisition and divestment activities are removed from Free cash flow to arrive at the Organic free cash flow, a measure used by management to evaluate the generation of free cash flow without these activities.

             Page 28


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    9,281    13,162    13,330    Cash flow from operating activities    
    (3,959)   (4,431)   (3,528)   Cash flow from investing activities    
    5,322    8,731    9,802    Free cash flow    
    597    805    1,025    Less: Divestment proceeds (Reference I)    
    45      —    Add: Tax paid on divestments (reported under “Other investing cash outflows”)    
    130    525    62    Add: Cash outflows related to inorganic capital expenditure1    
    4,899    8,453    8,839    Organic free cash flow2    

    1.Cash outflows related to inorganic capital expenditure includes portfolio actions which expand Shell’s activities through acquisitions and restructuring activities as reported in capital expenditure lines in the Consolidated Statement of Cash Flows.

    2.Free cash flow less divestment proceeds, adding back outflows related to inorganic expenditure.

    H.    Cash flow from operating activities excluding working capital movements

    Working capital movements are defined as the sum of the following items in the Consolidated Statement of Cash Flows: (i) (increase)/decrease in inventories, (ii) (increase)/decrease in current receivables, and (iii) increase/(decrease) in current payables.

    Cash flow from operating activities excluding working capital movements is a measure used by Shell to analyse its operating cash generation over time excluding the timing effects of changes in inventories and operating receivables and payables from period to period.

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    9,281    13,162    13,330    Cash flow from operating activities    
    854    131    (608)   (Increase)/decrease in inventories    
    (2,610)   751    (195)   (Increase)/decrease in current receivables    
    (907)   1,524    (1,949)   Increase/(decrease) in current payables    
    (2,663)   2,407    (2,752)   (Increase)/decrease in working capital    
    11,944    10,755    16,082    Cash flow from operating activities excluding working capital movements    

    I.    Divestment proceeds

    Divestment proceeds represent cash received from divestment activities in the period. Management regularly monitors this measure as a key lever to deliver free cash flow.

                               
     
    Quarters $ million  
    Q1 2025 Q4 2024 Q1 2024      
    559    493 323 Proceeds from sale of property, plant and equipment and businesses    
    33    305 133 Proceeds from joint ventures and associates from sale, capital reduction and repayment of long-term loans    
      6 569 Proceeds from sale of equity securities    
    597    805 1,025 Divestment proceeds    

             Page 29


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    CAUTIONARY STATEMENT

    All amounts shown throughout this Unaudited Condensed Interim Financial Report are unaudited. All peak production figures in Portfolio Developments are quoted at 100% expected production. The numbers presented throughout this Unaudited Condensed Interim Financial Report may not sum precisely to the totals provided and percentages may not precisely reflect the absolute figures, due to rounding.

    The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this Unaudited Condensed Interim Financial Report, “Shell”, “Shell Group” and “Group” are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this Unaudited Condensed Interim Financial Report, refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

    Forward-Looking statements

    This Unaudited Condensed Interim Financial Report contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; “aspire”, “aspiration”, ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; “desire”; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; “vision”; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this Unaudited Condensed Interim Financial Report, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this Unaudited Condensed Interim Financial Report are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2024 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this Unaudited Condensed Interim Financial Report and should be considered by the reader. Each forward-looking statement speaks only as of the date of this Unaudited Condensed Interim Financial Report, May 2, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this Unaudited Condensed Interim Financial Report.

    Shell’s net carbon intensity

    Also, in this Unaudited Condensed Interim Financial Report we may refer to Shell’s “net carbon intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “net carbon intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

    Shell’s net-zero emissions target

    Shell’s operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

    Forward-Looking non-GAAP measures

    This Unaudited Condensed Interim Financial Report may contain certain forward-looking non-GAAP measures such as cash capital expenditure and Adjusted Earnings. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

    The contents of websites referred to in this Unaudited Condensed Interim Financial Report do not form part of this Unaudited Condensed Interim Financial Report.

    We may have used certain terms, such as resources, in this Unaudited Condensed Interim Financial Report that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

             Page 30


    SHELL PLC
    1st QUARTER 2025 UNAUDITED RESULTS

    This announcement contains inside information.

    May 2, 2025

         
    The information in this Unaudited Condensed Interim Financial Report reflects the unaudited consolidated financial position and results of Shell plc. Company No. 4366849, Registered Office: Shell Centre, London, SE1 7NA, England, UK.

    Contacts:

    – Sean Ashley, Company Secretary

    – Media: International +44 (0) 207 934 5550; U.S. and Canada: https://www.shell.us/about-us/news-and-insights/media/submit-an-inquiry.html

    LEI number of Shell plc: 21380068P1DRHMJ8KU70

    Classification: Inside Information

             Page 31

    The MIL Network

  • MIL-OSI: Golar entered into 20-year agreements for 5.95mtpa nameplate capacity in Argentina – one of the world’s largest FLNG development projects.

    Source: GlobeNewswire (MIL-OSI)

    Golar LNG Limited (“GLNG”, “Golar” or “the Company”) is pleased to announce the Final Investment Decision (“FID”) and fulfilment of all conditions precedent for the 20-year re-deployment charter of the FLNG Hilli Episeyo (“FLNG Hilli” or “Hilli”), first announced on July 5, 2024. The vessel will be chartered to Southern Energy S.A. (“SESA”), offshore Argentina. In addition, Golar and SESA have signed definitive agreements for a 20-year charter for the MKII FLNG, currently under conversion at CIMC Raffles shipyard in Yantai, China. The MKII FLNG charter remains subject to FID and the same regulatory approvals as granted to the FLNG Hilli project, expected within 2025.

    Key commercial terms for the respective 20-year charter agreements include:

    • FLNG Hilli (nameplate capacity of 2.45 MTPA): Expected contract start-up in 2027, net charter hire to Golar of US$ 285 million per year, plus a commodity linked tariff component of 25% of Free on Board (“FOB”) prices in excess of US$ 8/mmbtu.
    • MKII FLNG (nameplate capacity of 3.5 MTPA): Expected contract start-up in 2028, net charter hire to Golar of US$ 400 million per year, plus a commodity linked tariff component of 25% of FOB prices in excess of US$ 8/mmbtu.

    The two FLNG agreements are expected to add US$ 13.7 billion in earnings backlog to Golar over 20 years, before adjustments (based on US-CPI) to the charter hire and before commodity linked tariff upside. For every US$ 1/mmbtu above the US$ 8/mmbtu, the total upside for Golar will be approximately US$ 100 million when both FLNGs are in operation. Subject to a 3-year notice and payment of a fee, SESA may reduce the term of the agreement to 12 years for the FLNG Hilli and to 15 years for the MKII FLNG.

    The commodity linked tariff component is upside oriented. Golar will make 25% of realized FOB prices above a threshold of US$ 8/mmbtu, with no cap to the upside for gas prices. Golar has also agreed to a mechanism where the charter hire can be partially reduced for FOB prices below US$ 7.5/mmbtu down to a floor of US$ 6/mmbtu. Under this mechanism, the maximum accumulated discount over the life of both contracts has a cap of US$ 210 million, and any outstanding discounted charter hire amounts will be repaid through an additional upside sharing if FOB prices return to levels above US$ 7.5/mmbtu. Golar is not exposed to further downside in the commodity linked FLNG charter mechanism.

    SESA is a company formed to enable LNG exports from Argentina. SESA is owned by a consortium of leading Argentinian gas producers including Pan American Energy (30%), YPF (25%), Pampa Energia (20%) and Harbour Energy (15%), as well as Golar (10%). The gas producers have committed to supply their pro-rata share of natural gas to the FLNGs under Gas Sales Agreements (“GSA”) at a fixed price per mmbtu before adjustments (based on US-CPI). Golar’s 10% shareholding in SESA provides additional commodity exposure.

    The project has received the full support of the National and Provincial Governments in Argentina that granted all necessary approvals including (i) the first ever unrestricted 30-year LNG export authorization in Argentina; (ii) qualification for the Incentive Regime for Large Investments (“RIGI”); and (iii) provincial approval by the province of Río Negro for the offshore and onshore Environmental Impact Assessments for FLNG Hilli.

    The FLNGs will be located in close proximity of each other, offshore in the Gulf of San Matias Gulf in the province of Rio Negro, Argentina. The vessels will monetize gas from the Vaca Muerta formation, the world’s second largest shale gas resource, located onshore in the province of Neuquen, Argentina. FLNG Hilli will initially utilize spare volumes from the existing pipeline network. SESA intends to facilitate for a dedicated pipeline to be constructed from Vaca Muerta to the Gulf of San Matias to serve gas supply to the FLNGs. The project expects to benefit from significant operational efficiencies and synergies from two FLNGs in the same area.

    Golar’s CEO, Karl Fredrik Staubo commented: “Golar is excited to partner with the leading gas producers in Argentina in establishing the country as an LNG exporter. The vast resources of the Vaca Muerta formation will provide the LNG market with a reliable long-term source of attractive LNG supplies, and a significant contribution to Argentina. For Golar, the project adds robust earnings backlog, attractive commodity upside potential in the FLNG tariff and strong partner alignment through our shareholding in SESA.”

    About SESA:
    Southern Energy S.A. is a company founded in 2024 for the purpose of LNG exports of Argentinian natural gas. SESA’s shareholders comprise Pan American Energy (30%), YPF (25%), Pampa Energia (20%), Harbour Energy (15%) and Golar LNG Ltd. (10%). SESA will be responsible for procuring natural gas from the domestic market, and facilitating the necessary infrastructure to bring the natural gas to the flange of the FLNGs in the Gulf of San Matias. SESA will also be responsible for the operations of the FLNGs with support from Golar, and for the marketing and sale of the LNG produced. 

    About Golar LNG Ltd:
    Golar LNG Limited (“GLNG”) is a NASDAQ listed maritime LNG infrastructure company. Through its 79-year history, the company has pioneered maritime LNG infrastructure including the world’s first Floating LNG liquefaction terminal (FLNG) and Floating Storage and Regasification Unit (FSRU) projects based on the conversion of existing LNG carriers. Today Golar is a leading pure play FLNG company, and the only proven provider of FLNG as a service.

    FORWARD LOOKING STATEMENTS
    This press release contains forward-looking statements (as defined in Section 21E of the Securities Exchange Act of 1934, as amended) which reflect management’s current expectations, estimates and projections about its operations. All statements, other than statements of historical facts, that address activities and events that will, should, could or may occur in the future are forward-looking statements. Words such as “may,” “could,” “should,” “would,” “expect,” “plan,” “anticipate,” “intend,” “forecast,” “believe,” “estimate,” “predict,” “propose,” “potential,” “continue,” “subject to” or the negative of these terms and similar expressions are intended to identify such forward-looking statements.

    These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, some of which are beyond our control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Golar LNG Limited undertakes no obligation to update publicly any forward-looking statements whether as a result of new information, future events or otherwise, unless required by applicable law.

    Hamilton, Bermuda
    2 May 2025

    Investor Questions: +44 207 063 7900
    Karl Fredrik Staubo – CEO
    Eduardo Maranhão – CFO
    Stuart Buchanan – Head of Investor Relations

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    The MIL Network