Category: United States of America

MIL-OSI Banking: Facing Earthquakes and Extremes, Asia-Pacific Deepens Disaster Cooperation Incheon, Republic of Korea | 01 August 2025 APEC Emergency Preparedness Working Group

Source: APEC Secretariat

A powerful earthquake off the coast of Kamchatka jolted the Asia-Pacific just hours before emergency officials from APEC economies convened in Incheon for the 21st meeting of the APEC Emergency Preparedness Working Group (EPWG), a timely reminder of how disasters can ripple across the region without warning.

“Disasters know no borders, and they affect not only local communities but have long-term consequences for entire economies,” said Kim Gwang-yong, Vice Minister of Korea’s Ministry of the Interior and Safety, in his welcome address. “Cooperation and solidarity among APEC economies are more important than ever.”

Vice Minister Kim highlighted Korea’s recent experiences with typhoons, heavy rainfall and wildfires, noting that the country has continuously improved its disaster management systems.

He also emphasized Korea’s commitment to sharing these best practices with fellow APEC economies and expanding cooperation in ICT-based early warning systems, disaster prediction models using artificial intelligence (AI), and community-centered disaster resilience strategies.

The meeting’s agenda covered digital-based disaster risk management strategies, community leadership in disaster response and strengthening multi-layered governance.

Experts and officials discussed enhancing early warning systems, leveraging big data and satellite technologies and developing resilient infrastructure that can support disaster-affected communities.

Sessions also focused on advancing collaborative governance, bridging gaps in disaster risk management, and preparing communities for emerging risks.

EPWG co-chair Dayra Carvajal of the United States Federal Emergency Management Agency, urged members to recognize the compounding risks affecting the region’s interconnected systems.

“From devastating earthquakes to wildfires and catastrophic flooding, this year has once again underscored the interconnected impacts of disasters in Asia-Pacific,” she said. “These compounding stressors that ripple through shared infrastructure remind us that events in one economy are frequently felt elsewhere.”

“This year, we must endeavor to identify concrete and practical ways in which to strengthen the systems that sustain regional economic growth and prosperity: our infrastructure, markets and supply chains.”

The agenda featured project updates and best practice exchanges by member economies including on topics such as disaster risk prediction and whole-community preparedness in urban, coastal and inland areas. Delegates examined how to bridge gaps in early warning systems, scale agile and adaptable governance across central and local levels and enable technology-driven disaster leadership.

“The more we prepare, the more we can reduce disaster damage. And the more we cooperate, the stronger our response can become,” Vice Minister Kim concluded.

Looking ahead, the group emphasized that continued collaboration under the newly launched EPWG Strategic Plan 2025–2027 will be essential to turn this momentum into durable systems of protection and preparedness.

The EPWG meeting is a key platform for promoting APEC’s vision of a resilient and prosperous future, with discussions expected to result in actionable policies and collaborative projects that can mitigate disaster risks, enhance regional preparedness and protect the lives and livelihoods of the 2.9 billion people who call the APEC region home.

For more information or media inquiries, please contact:
[email protected]

MIL OSI Global Banks –

August 5, 2025

MIL-OSI: Brookfield Business Partners Reports Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

BROOKFIELD, NEWS, Aug. 01, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended June 30, 2025.

“We had an active quarter, reaching an agreement on the sale of a partial interest in three businesses, investing $300 million to acquire two market-leading businesses, and repurchasing an additional 2.2 million of common equity at highly accretive levels,” said Anuj Ranjan, CEO of Brookfield Business Partners. “The strength of our financial results in an uneven macroeconomic environment underscores the resilience of our operations, while progress on our value creation plans and capital recycling initiatives enable us to continue compounding growth for investors.”

	Three Months Ended June 30,					Six Months Ended June 30,
US$ millions (except per unit amounts), unaudited		2025		2024			2025		2024
Net income (loss) attributable to Unitholders¹	$	26	$	(20	)	$	106	$	28
Net income (loss) per limited partnership unit²	$	*0.12*	$	(0.10	)	$	*0.49*	$	0.13

Adjusted EBITDA³	$	591	$	524		$	1,182	$	1,068

Net income attributable to Unitholders for the three months ended June 30, 2025 was $26 million ($0.12 per limited partnership unit), compared to net loss of $20 million (loss of $0.10 per limited partnership unit) in the prior period.

Adjusted EBITDA for the three months ended June 30, 2025 was $591 million, compared to $524 million in the prior period reflecting increased performance on a same store basis and contribution from recently completed acquisitions. Prior period results included $71 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

Operational Update

The following table presents Adjusted EBITDA by segment:

	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024
Industrials	$	307		$	213		$	611		$	441
Business Services		205			182			418			387
Infrastructure Services		109			157			213			300
Corporate and Other		(30	)		(28	)		(60	)		(60	)
Adjusted EBITDA	$	591		$	524		$	1,182		$	1,068

Our Industrials segment generated Adjusted EBITDA of $307 million for the three months ended June 30, 2025, compared to $213 million during the same period in 2024, benefiting from strong operating performance at our advanced energy storage operation. Current period results included $71 million of tax recoveries as well as contribution from recent acquisitions including our electric heat tracing systems manufacturer which was acquired in January 2025. Prior period results included contribution from our Canadian aggregates production operation which was sold in June 2024.

Our Business Services segment generated Adjusted EBITDA of $205 million for the three months ended June 30, 2025, compared to $182 million during the same period in 2024 which reflected the impact of reduced contribution from our dealer software and technology services operation in the prior period. Prior period results included contribution from our road fuels operation which was sold in July 2024.

Our Infrastructure Services segment generated Adjusted EBITDA of $109 million for the three months ended June 30, 2025, compared to $157 million during the same period in 2024 primarily reflecting the sale of our offshore oil services’ shuttle tanker operation in January 2025.

The following table presents Adjusted EFO⁴ by segment:

	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024
Adjusted EFO
Industrials	$	154		$	206		$	284		$	386
Business Services		105			86			222			254
Infrastructure Services		38			76			204			148
Corporate and Other		(63	)		(79	)		(131	)		(168	)

Adjusted EFO included the benefit of lower interest expense due to a reduction in corporate borrowings compared to the prior period. Industrials Adjusted EFO reflected the impact of higher interest expense related to the funding of a distribution received from our advanced energy storage operation during the current year. Adjusted EFO in the prior period included $103 million of net gains related to the disposition of our Canadian aggregates production operation and the sale of public securities.

Strategic Initiatives

Capital Recycling
In July, we completed the previously announced sale of a partial interest in three businesses to a new evergreen private equity fund managed by Brookfield Asset Management. In exchange, BBU will receive units of the new evergreen fund with an initial redemption value of approximately $690 million, representing an aggregate 8.6% discount to net asset value (NAV) of the interests sold. In the 18-month period following the initial close of the new evergreen fund, the units are expected to be redeemed for cash.

Canadian Mortgage Lender
In July, we entered into a partnership to privatize First National Financial Corporation, a leading publicly-listed Canadian residential and multi-family mortgage lender, for $2.7 billion. The transaction is expected to be funded with approximately $1.3 billion of equity, of which BBU’s share is expected to be approximately $145 million for an 11% interest in the business. The transaction is expected to close later this year, subject to obtaining the required shareholder, court and regulatory approvals and the satisfaction of other customary closing conditions.

Specialty Consumables and Equipment Manufacturer
In May, we completed the previously announced acquisition of Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. BBU invested $168 million for a 26% interest.

Unit Repurchase Program
During the quarter, we invested $56 million to repurchase 2.2 million units and shares of Brookfield Business Partners at an average price of approximately $25 per unit and share. Since the start of the year, our buyback program has returned $157 million to owners through the repurchase of 6.5 million units and shares under our normal course issuer bid (NCIB), which we plan to renew once it expires later this month.

Liquidity

We ended the quarter with approximately $2.3 billion of liquidity at the corporate level, including $2.2 billion of availability on our credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is approximately $2.9 billion.

Distribution

The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on September 29, 2025 to unitholders of record as at the close of business on August 29, 2025.

Additional Information

The Board has reviewed and approved this news release, including the summarized unaudited interim condensed consolidated financial statements contained herein.

Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

^{Notes:
1 Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
2 Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three and six months ended June 30, 2025 which were 88.9 million and 84.5 million, respectively (June 30, 2024: 74.3 million and 74.3 million, respectively).
3 Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
4 Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.}

Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

For more information, please contact:

Conference Call and Quarterly Earnings Webcast Details

Investors, analysts and other interested parties can access Brookfield Business Partners’ second quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

The results call can be accessed via webcast on August 1, 2025 at 10:00 a.m. Eastern Time at BBU2025Q2Webcast or participants can preregister at BBU2025Q2ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

Brookfield Business Partners L.P.
Consolidated Statements of Financial Position

	As at
US$ millions, unaudited	June 30, 2025				December 31, 2024

Assets
Cash and cash equivalents			$	3,329			$	3,239
Financial assets				11,658				12,371
Accounts and other receivable, net				7,148				6,279
Inventory and other assets				5,808				5,728
Property, plant and equipment				10,591				13,232
Deferred income tax assets				1,959				1,744
Intangible assets				19,158				18,317
Equity accounted investments				2,397				2,325
Goodwill				13,287				12,239
Total Assets			$	75,335			$	75,474

Liabilities and Equity
Liabilities
Corporate borrowings			$	1,116			$	2,142
Accounts payable and other				13,766				16,691
Non-recourse borrowings in subsidiaries of the partnership				42,493				36,720
Deferred income tax liabilities				2,639				2,613

Equity
Limited partners	$	2,291			$	1,752
Non-controlling interests attributable to:
Redemption-exchange units		1,330				1,644
Special limited partner		—				—
BBUC exchangeable shares		1,805				1,721
Preferred securities		740				740
Interest of others in operating subsidiaries		9,155				11,451
				15,321				17,308
Total Liabilities and Equity			$	75,335			$	75,474

Brookfield Business Partners L.P.
Consolidated Statements of Operating Results

US$ millions, unaudited	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024

Revenues	$	6,695		$	11,946		$	13,444		$	23,961
Direct operating costs		(5,465	)		(10,928	)		(10,867	)		(21,806	)
General and administrative expenses		(271	)		(307	)		(582	)		(624	)
Interest income (expense), net		(801	)		(778	)		(1,571	)		(1,574	)
Equity accounted income (loss)		23			31			15			54
Impairment reversal (expense), net		(14	)		—			(14	)		10
Gain (loss) on dispositions, net		6			84			220			99
Other income (expense), net		(103	)		(100	)		(186	)		16
Income (loss) before income tax		70			(52	)		459			136
Income tax (expense) recovery
Current		(119	)		(122	)		(316	)		(212	)
Deferred		184			239			248			344
Net income (loss)	$	135		$	65		$	391		$	268
Attributable to:
Limited partners	$	11		$	(7	)	$	41		$	10
Non-controlling interests attributable to:
Redemption-exchange units		6			(6	)		29			9
Special limited partner		—			—			—			—
BBUC exchangeable shares		9			(7	)		36			9
Preferred securities		13			13			26			26
Interest of others in operating subsidiaries		96			72			259			214

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Three Months Ended June 30, 2025
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)	$	253		$	(173	)	$	95		$	(40	)	$	135

Add or subtract the following:
Depreciation and amortization expense		208			175			384			—			767
Impairment reversal (expense), net		—			—			14			—			14
Gain (loss) on dispositions, net		(6	)		—			—			—			(6	)
Other income (expense), net¹		(200	)		76			229			(2	)		103
Income tax (expense) recovery		9			10			(76	)		(8	)		(65	)
Equity accounted income (loss)		(5	)		(4	)		(14	)		—			(23	)
Interest income (expense), net		238			142			401			20			801
Equity accounted Adjusted EBITDA²		28			40			20			—			88
Amounts attributable to non-controlling interests³		(320	)		(157	)		(746	)		—			(1,223	)
Adjusted EBITDA	$	205		$	109		$	307		$	(30	)	$	591

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $59 million of net revaluation losses, $57 million of business separation expenses, stand-up costs and restructuring charges, $19 million of net loss on debt modification and extinguishment, $3 million of transaction costs and $18 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Six Months Ended June 30, 2025
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)	$	253		$	(17	)	$	240		$	(85	)	$	391

Add or subtract the following:
Depreciation and amortization expense		430			340			727			—			1,497
Impairment reversal (expense), net		—			—			14			—			14
Gain (loss) on dispositions, net		(6	)		(214	)		—			—			(220	)
Other income (expense), net¹		(132	)		(3	)		322			(1	)		186
Income tax (expense) recovery		27			35			25			(19	)		68
Equity accounted income (loss)		(8	)		22			(29	)		—			(15	)
Interest income (expense), net		468			291			767			45			1,571
Equity accounted Adjusted EBITDA²		52			73			35			—			160
Amounts attributable to non-controlling interests³		(666	)		(314	)		(1,490	)		—			(2,470	)
Adjusted EBITDA	$	418		$	213		$	611		$	(60	)	$	1,182

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $236 million of net gain recognized upon the deconsolidation of our healthcare services operation, $183 million of expenses related to employee incentive payments linked to the realization of value at our advanced energy storage operation, $135 million of business separation expenses, stand-up costs and restructuring charges, $125 million of unrealized gains recorded on reclassification of property, plant and equipment to finance leases at our offshore oil services operation, $110 million of net revaluation losses, $38 million of transaction costs, $22 million of net loss on debt modification and extinguishment and $59 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Three Months Ended June 30, 2024
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)	$	(5	)	$	(92	)	$	216		$	(54	)	$	65

Add back or deduct the following:
Depreciation and amortization expense		248			222			339			—			809
Gain (loss) on dispositions, net		—			—			(84	)		—			(84	)
Other income (expense), net¹		51			22			26			1			100
Income tax expense (recovery)		(17	)		4			(91	)		(13	)		(117	)
Equity accounted income (loss)		(5	)		(11	)		(15	)		—			(31	)
Interest income (expense), net		253			178			309			38			778
Equity accounted Adjusted EBITDA²		18			44			15			—			77
Amounts attributable to non-controlling interests³		(361	)		(210	)		(502	)		—			(1,073	)
Adjusted EBITDA	$	182		$	157		$	213		$	(28	)	$	524

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $82 million related to provisions recorded at our construction operation, $49 million of net gains on debt modification and extinguishment, $41 million of business separation expenses, stand-up costs, and restructuring charges, $21 million of net revaluation gains, $8 million of transaction costs and $39 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Partners L.P.
Reconciliation of Non-IFRS Measure

US$ millions, unaudited	Six Months Ended June 30, 2024
US$ millions, unaudited	Business Services			Infrastructure Services			Industrials			Corporate and Other			Total

Net income (loss)	$	235		$	(157	)	$	314		$	(124	)	$	268

Add back or deduct the following:
Depreciation and amortization expense		502			434			681			—			1,617
Impairment reversal (expense), net		(4	)		(12	)		6			—			(10	)
Gain (loss) on dispositions, net		(15	)		—			(84	)		—			(99	)
Other income (expense), net¹		(89	)		4			58			11			(16	)
Income tax expense (recovery)		7			1			(118	)		(22	)		(132	)
Equity accounted income (loss), net		(6	)		(15	)		(33	)		—			(54	)
Interest income (expense), net		505			358			636			75			1,574
Equity accounted Adjusted EBITDA²		35			83			31			—			149
Amounts attributable to non-controlling interests³		(783	)		(396	)		(1,050	)		—			(2,229	)
Adjusted EBITDA	$	387		$	300		$	441		$	(60	)	$	1,068

^{Notes:
1 Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $179 million of net revaluation gains, $82 million related to provisions recorded at our construction operation, $61 million of business separation expenses, stand-up costs and restructuring charges, $50 million of other income related to a distribution at our entertainment operation, $38 million of net gains on debt modification and extinguishment, $29 million of transaction costs and $79 million of other expenses.
2 Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
3 Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.}

Brookfield Business Corporation Reports Second Quarter 2025 Results

Brookfield, News, August 1, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended June 30, 2025.

	Three Months Ended June 30,					Six Months Ended June 30,
US$ millions, unaudited		2025			2024		2025			2024

Net income (loss) attributable to Brookfield Business Partners	$	(120	)	$	124	$	(178	)	$	(26	)

Net loss attributable to Brookfield Business Partners for the three months ended June 30, 2025 was $120 million, compared to net income of $124 million during the same period in 2024. Current period results included $176 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS and a net gain recognized upon the deconsolidation of our healthcare services operation due to loss of control. Prior period results reflect the impact of reduced contribution from our construction operation. As at June 30, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $25.93 per unit.

Dividend

The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on September 29, 2025 to shareholders of record as at the close of business on August 29, 2025.

Additional Information

Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

Brookfield Business Corporation
Consolidated Statements of Financial Position

	As at
US$ millions, unaudited	June 30, 2025					December 31, 2024

Assets
Cash and cash equivalents				$	613				$	1,008
Financial assets					290					353
Accounts and other receivable, net					3,234					3,229
Inventory, net					26					52
Other assets					517					627
Property, plant and equipment					181					2,480
Deferred income tax assets					236					197
Intangible assets					5,980					5,966
Equity accounted investments					187					198
Goodwill					5,018					4,988
Total Assets				$	16,282				$	19,098

Liabilities and Equity
Liabilities
Accounts payable and other				$	2,981				$	5,276
Non-recourse borrowings in subsidiaries of the company					7,940					8,490
Exchangeable and class B shares					1,815					1,709
Deferred income tax liabilities					967					988

Equity
Brookfield Business Partners	$	(159	)			$	(59	)
Non-controlling interests		2,738					2,694
					2,579					2,635
Total Liabilities and Equity				$	16,282				$	19,098

Brookfield Business Corporation
Consolidated Statements of Operating Results

US$ millions, unaudited	Three Months Ended June 30,						Six Months Ended June 30,
US$ millions, unaudited		2025			2024			2025			2024

Revenues	$	1,860		$	1,929		$	3,826		$	3,794
Direct operating costs		(1,695	)		(1,860	)		(3,484	)		(3,512	)
General and administrative expenses		(69	)		(77	)		(144	)		(141	)
Interest income (expense), net		(212	)		(203	)		(431	)		(413	)
Equity accounted income (loss)		2			2			5			3
Impairment reversal (expense), net		—			—			—			(2	)
Remeasurement of exchangeable and class B shares		(176	)		237			(183	)		126
Other income (expense), net		236			(59	)		202			(70	)
Income (loss) before income tax		(54	)		(31	)		(209	)		(215	)
Income tax (expense) recovery
Current		14			16			(9	)		(28	)
Deferred		17			55			60			109
Net income (loss)	$	(23	)	$	40		$	(158	)	$	(134	)
Attributable to:
Brookfield Business Partners		(120	)		124			(178	)		(26	)
Non-controlling interests	$	97		$	(84	)	$	20		$	(108	)

Cautionary Statement Regarding Forward-looking Statements and Information

Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

Cautionary Statement Regarding the Use of a Non-IFRS Measure

This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the second quarter ended June 30, 2025 furnished on Form 6-K.

The MIL Network –

August 5, 2025

MIL-OSI USA: Amo Hosts Press Call About Skyrocketing Costs and Decimation of Social Safety Net During Trump’s First Six Months

Source: US Congressman Gabe Amo (Rhode Island 1st District)

Congressman Amo joined local press to highlight how Trump’s chaotic tariffs, Big, Ugly law, and illegal withholding of federal funds is hurting Rhode Islanders.

Providence, RI – Today, Congressman Gabe Amo (D-RI) hosted a press call with Rhode Island news outlets highlighting President Donald Trump’s terrible track record of delivering for the Ocean State.

“I’ve been working aggressively over the last six months to fight Trump’s betrayal of Rhode Islanders,” said Congressman Gabe Amo (D-RI). “Time and time again, Trump and Congressional Republicans have broken promises. Costs are skyrocketing, they’re stripping 47,000 Rhode Islanders of health care, gutting disaster response, and imposing erratic tariffs – making it impossible for small Rhode Island manufacturers to hire and compete. I’ve voted against their disastrous agenda, signed amicus briefs to stop these illegal actions in the courts, agitated at protests in DC and Rhode Island, and will continue to fight Trump’s treachery every step of the way.”

Video of the full press call can be found here.

Background

Congressman Amo will spend the month of August, while Congress is not in session, meeting with Rhode Islanders to learn how they are being impacted by Trump’s treachery.

Today, he joined primary care providers at East Bay Community Action Program to discuss the impact of Medicaid and Medicare cuts on their ability to serve Rhode Islanders.

On July 26, 2025 Amo joined Accessibility is Beautiful to celebrate the 35th Anniversary of the Americans with Disabilities Act (ADA) and highlight the importance of Medicaid to disabled Americans.

On May 20, 2026, he joined the Congressional Black Caucus on the lawn of the U.S. Capitol to highlight the disproportionate harm Trump’s cuts will have on Black and Brown communities.

On March 28, 2025 Amo visited Woonsocket Head Start and met the littlest Rhode Islanders whose families may be impacted by cuts to SNAP and Medicaid.

On March 18, 2025, with Senators Jack Reed and Sheldon Whitehouse and Congressman Seth Magaziner, Amo met with providers at Butler Hospital in Providence to raise the alarm about the impact of Medicaid cuts to Rhode Islanders seeking behavioral and mental health care.

On March 17, 2025, Amo met with emergency food providers at the Rhode Island Food Bank and the MLK Center to discuss the harm SNAP cuts will have on hungry Rhode Island families.

On March 10, 2025, Amo stood with Senator Sheldon Whitehouse and Congressman Seth Magaziner calling out the harms of Medicaid cuts to the 45% of new moms and babies in Rhode Island covered by the program.

###

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: Rep. Simpson Highlights Efforts to Make Housing More Affordable

Source: US State of Idaho

Rep. Simpson Highlights Efforts to Make Housing More Affordable

Washington, August 1, 2025

WASHINGTON—Today, Idaho Congressman Mike Simpson highlighted his recent legislative actions to address housing affordability in America. These actions include supporting President Trump’s One Big Beautiful Bill, voting to advance the Fiscal Year 2026 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act, and cosponsoring the Housing Supply Frameworks Act introduced by Representative Mike Flood of Nebraska.
“Idaho is one of the fastest-growing states in the nation, and one of the top concerns I’ve heard in recent years is what Congress is doing to tackle the housing affordability crisis,” said Rep. Simpson. “Thanks to President Trump’s One Big Beautiful Bill and its historic tax relief provisions, addressing this issue has now become a reality. The pro-growth policies in the bill will unleash American economic prosperity and make housing more affordable by putting more money back into the pockets of Idahoans and all Americans. I was proud to support the One Big Beautiful Bill and will continue supporting policies that make housing a priority.”
Efforts to Make Housing More Affordable:

H.R. 1 – The One Big Beautiful Bill Act. President Trump signed this legislation into law on July 4th, 2025. The One Big Beautiful Bill extends and expands the Low-Income Housing Tax Credit, permanently extends the tax deduction on mortgage interest, and makes improvements to the Opportunity Zone program.
H.R. 4552 – The Fiscal Year 2026 Transportation, Housing and Urban Development, and Related Agencies Appropriations Act. This legislation maintains funding at responsible levels for housing programs and refocuses housing assistance to promote self-sufficiency while continuing to support America’s most vulnerable.
H.R. 2840 – The Housing Supply Frameworks Act. This legislation directs the U.S. Department of Housing and Urban Development to develop frameworks for best practices on zoning and land-use policies.

MIL OSI USA News –

August 5, 2025
MIL-OSI: OTC Markets Group Welcomes Apex Critical Metals Corp. to OTCQX

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Aug. 01, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Apex Critical Metals Corp. (CSE: APXC; OTCQX: APXCF), a Canadian exploration company, has qualified to trade on the OTCQX® Best Market. Apex Critical Metals Corp. upgraded to OTCQX from the OTCQB® Venture Market.

Apex Critical Metals Corp. begins trading today on OTCQX under the symbol “APXCF.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

The OTCQX Market is designed for established, investor-focused U.S. and international companies. To qualify for OTCQX, companies must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB Market marks an important milestone for companies, enabling them to demonstrate their qualifications and build visibility among U.S. investors.

“Graduating to the OTCQX Market marks another important step forward in our mission to build a leading North American explorer focused on critical metals,” stated Sean Charland, CEO of Apex Critical Metals. “This upgrade reflects the financial strength of our company, our commitment to transparent disclosure, and our intention to engage a broader base of U.S. investors as we continue to advance our rare earth and niobium-focused projects.”

About Apex Critical Metals Corp.
Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of properties prospective for carbonatites and alkaline rocks with potential to host economic concentrations of rare earth elements (REE’s), niobium, gold and copper mineralization. Apex’s Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium trend. The Company’s Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The company’s Lac Le Moyne project covers 4,025 hectares located in Northeastern Quebec, and hosts underexplored carbonatite outcrops originally mapped by government geologists in the 1970’s. By acquiring a multitude of carbonatite projects, Apex Critical Metals intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQX market under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at www.apexcriticalmetals.com where you can subscribe for News Alerts, watch our Video, or follow us on Facebook, X.com or LinkedIn.

About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

Media Contact:
OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

The MIL Network –

August 5, 2025

MIL-OSI: TransAlta Reports Strong Second Quarter 2025 Results, Advancement of Strategic Priorities and Reaffirms Guidance

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, Aug. 01, 2025 (GLOBE NEWSWIRE) — TransAlta Corporation (TransAlta or the Company) (TSX: TA) (NYSE: TAC) today reported its financial results for the second quarter ended June 30, 2025.

“Our strong second quarter results illustrate the value of our diversified fleet and exceptional operational performance. Our Alberta portfolio’s hedging strategy and active asset optimization continued to generate realized prices well above spot prices while environmental credits generated by our hydro and wind assets significantly offset our gas fleet’s carbon price compliance obligation. While we continue to navigate a challenging Alberta price environment, our assets continue to perform well, and we remain confident in achieving our 2025 Outlook,” said John Kousinioris, President and Chief Executive Officer.

“Our team remains focused on advancing our strategic priorities. We are pleased with the progress on our Alberta data centre strategy and the associated negotiations, which now reflect the Alberta Electric System Operator’s (AESO) approach to large load integration. The AESO currently expects Demand Transmission Service contracts to be executed in mid-September, which will secure each proponent’s access to system capacity. We continue to work closely with our counterparties and are progressing towards the execution of a data centre memorandum of understanding in relation to our system capacity allocation,” added Mr. Kousinioris.

“Finally, we continue to progress negotiations on conversion opportunities at Centralia and are working towards executing a definitive agreement later this year with our customer for the full capacity of Centralia Unit 2.”

Second Quarter 2025 Highlights

Achieved strong operational availability of 91.6 per cent in 2025, compared to 90.8 per cent in 2024
Adjusted EBITDA⁽¹⁾ of $349 million, compared to $316 million for the same period in 2024
Free Cash Flow (FCF)⁽¹⁾ of $177 million, or $0.60 per share, remained consistent with the same period in 2024
Adjusted earnings before income taxes⁽¹⁾ of $122 million, or $0.41 per share, compared to $112 million, or $0.37 per share, for the same period in 2024
Cash flow from operating activities of $157 million, or $0.53 per share, compared to $108 million, or $0.36 per share, from the same period in 2024
Net loss attributable to common shareholders⁽¹⁾ of $112 million, or $0.38 per share, compared to net earnings attributable to common shareholders of $56 million, or $0.18 per share, for the same period in 2024

Second Quarter 2025 Operational and Financial Highlights

$ millions, unless otherwise stated	Three Months Ended			Six Months Ended
$ millions, unless otherwise stated	June 30, 2025		June 30, 2024	June 30, 2025		June 30, 2024
Operational information
Availability (%)	91.6		90.8	93.3		91.5
Production (GWh)	4,813		4,781	11,645		10,959
Select financial information
Revenues	433		582	1,191		1,529
Adjusted EBITDA⁽¹⁾	349		316	619		658
Adjusted earnings before income taxes⁽¹⁾	122		112	150		256
(Loss) earnings before income taxes	(95	)	94	(46	)	361
Adjusted net earnings after taxes attributable to common shareholders⁽¹⁾	54		70	84		197
Net (loss) earnings attributable to common shareholders	(112	)	56	(66	)	278
Cash flows
Cash flow from operating activities	157		108	164		352
Funds from operations⁽¹⁾	252		236	431		490
Free cash flow⁽¹⁾	177		177	316		398
Per share
Adjusted net earnings attributable to common shareholders per share⁽¹⁾	0.18		0.23	0.28		0.64
Net (loss) earnings per share attributable to common shareholders, basic and diluted	(0.38	)	0.18	(0.22	)	0.91
Cash flow from operating activities per share	0.53		0.36	0.55		1.15
Funds from operations per share⁽¹⁾	0.85		0.78	1.45		1.60
FCF per share⁽¹⁾	0.60		0.58	1.06		1.30
Dividends declared per common share	—		0.06	0.07		0.06
Weighted average number of common shares outstanding	297		303	297		306

Segmented Financial Performance

$ millions	Three Months Ended				Six Months Ended
$ millions	June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Hydro	126		83		173		170
Wind and Solar	89		88		191		177
Gas	128		142		232		267
Energy Transition	19		2		56		29
Energy Marketing	26		39		47		78
Corporate	(39	)	(38	)	(80	)	(63	)
Total adjusted EBITDA⁽¹⁾⁽²⁾	349		316		619		658
Adjusted earnings before income taxes⁽¹⁾	122		112		150		256
(Loss) earnings before income taxes	(95	)	94		(46	)	361
Adjusted net earnings attributable to common shareholders⁽¹⁾	54		70		84		197
Net (loss) earnings attributable to common shareholders	(112	)	56		(66	)	278

Key Business Developments

Credit Facility Extension

On July 16, 2025, the Company executed agreements to extend committed credit facilities totalling $2.1 billion with a syndicate of lenders. The revised agreements extend the maturity dates of the syndicated credit facility from June 30, 2028 to June 30, 2029 and the bilateral credit facilities from June 30, 2026 to June 30, 2027.

Divestiture of Poplar Hill

During the second quarter of 2025, the Company signed an agreement for the divestiture of the 48 MW Poplar Hill asset, as required by the consent agreement with the federal Competition Bureau and pursuant to the terms of the acquisition of Heartland Generation. Energy Capital Partners will be entitled to receive the proceeds from the sale of Poplar Hill, net of certain adjustments, following completion of the divestiture.

Recontracting of Ontario Wind Facilities

During the second quarter of 2025, the Company successfully recontracted its Melancthon 1, Melancthon 2 and Wolfe Island wind facilities through the Ontario Independent Electricity System Operator Five-Year Medium-Term 2 Energy Contract (MT2e). MT2e will replace current energy contracts for the three wind facilities when they expire, extending the contract dates until April 30, 2031, for Melancthon 1 and April 30, 2034, for Melancthon 2 and Wolfe Island.

Normal Course Issuer Bid (NCIB)

On May 27, 2025, the Company announced that it had received approval from the Toronto Stock Exchange to repurchase up to a maximum of 14 million common shares during the 12-month period that commenced May 31, 2025 and will terminate on May 30, 2026.

On Feb. 19, 2025, the Company announced it was allocating up to $100 million to be returned to shareholders in the form of share repurchases.

During the six months ended June 30, 2025, the Company purchased and cancelled a total of 1,932,800 common shares at an average price of $12.42 per common share, for a total cost of $24 million, including taxes.

Conference call and webcast

TransAlta will host a conference call and webcast at 9:00 a.m. MST (11:00 a.m. EST) today, August 1, 2025, to discuss our second quarter 2025 results. The call will begin with comments from John Kousinioris, President and Chief Executive Officer, and Joel Hunter, EVP Finance and Chief Financial Officer, followed by a question-and-answer period.

Second Quarter 2025 Conference Call

Webcast link: https://edge.media-server.com/mmc/p/zpy9addj

To access the conference call via telephone, please register ahead of time using the call link here: https://register-conf.media-server.com/register/BI215de673b3704e0da46b2a02e0f35bb0. Once registered, participants will have the option of 1) dialing into the call from their phone (via a personalized PIN); or 2) clicking the “Call Me” option to receive an automated call directly to their phone.

If you are unable to participate in the call, the replay will be accessible at https://edge.media-server.com/mmc/p/zpy9addj. A transcript of the broadcast will be posted on TransAlta’s website once it becomes available.

Related Materials

Related materials, including the consolidated financial statements and Management’s Discussion and Analysis (MD&A) will be available on the Investor Centre section of TransAlta’s website at https://transalta.com/investors/presentations-and-events/ and https://transalta.com/investors/results-reporting/ and have been filed under TransAlta Corporation’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

Notes

1. These items (Adjusted EBITDA, adjusted earnings (loss) before income taxes, adjusted net earnings (loss) after income taxes attributable to common shareholders, funds from operations, free cash flow, adjusted net earnings attributable to common shareholders per share, funds from operations (FFO) per share and free cash flow (FCF) per share) are non-IFRS measures, which are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Presenting these items from period to period provides management and investors with the ability to evaluate earnings (loss) trends more readily in comparison with prior periods’ results. Please refer to the Non-IFRS financial measures section of this earnings release for further discussion of these items, including, where applicable, reconciliations to measures calculated in accordance with IFRS.
2. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

Non-IFRS financial measures

We use a number of financial measures to evaluate our performance and the performance of our business segments, including measures and ratios that are presented on a non-IFRS basis, as described below. Unless otherwise indicated, all amounts are in Canadian dollars and have been derived from our consolidated financial statements prepared in accordance with IFRS. We believe that these non-IFRS amounts, measures and ratios, read together with our IFRS amounts, provide readers with a better understanding of how management assesses results.

Non-IFRS amounts, measures and ratios do not have standardized meanings under IFRS. They are unlikely to be comparable to similar measures presented by other companies and should not be viewed in isolation from, as an alternative to, or more meaningful than, our IFRS results.

We calculate adjusted measures by adjusting certain IFRS measures for certain items we believe are not reflective of our ongoing operations in the period. Except as otherwise described, these adjusted measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, unless stated otherwise.

Adjusted EBITDA

Each business segment assumes responsibility for its operating results measured by adjusted EBITDA. Adjusted EBITDA is an important metric for management that represents our core operational results.

During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of realized gain (loss) on closed exchange positions, which was included in adjusted EBITDA composition until the fourth quarter of 2024. The adjustment was intended to explain a timing difference between our internally and externally reported results and was useful at a time when markets were more volatile. The impact of realized gain (loss) on closed exchange positions was removed to simplify our reporting. Accordingly, the Company has applied this composition to all previously reported periods.

During the first quarter of 2025, our adjusted EBITDA composition was amended to remove the impact of Australian interest income, which was included in adjusted EBITDA composition until the fourth quarter of 2024. Initially, on the commissioning of the South Hedland facility in July 2017, we prepaid approximately $74 million of electricity transmission and distribution costs. Interest income, which was recorded on the prepaid funds, was reclassified as a reduction in the transmission and distribution costs expensed each period to reflect the net cost to the business. The impact of Australian interest income was removed to simplify our reporting since the amounts were not material. Accordingly, the Company has applied this composition to all previously reported periods.

Interest, taxes, depreciation and amortization are not included, as differences in accounting treatment may distort our core business results. In addition, certain reclassifications and adjustments are made to better assess results, excluding those items that may not be reflective of ongoing business performance. This presentation may facilitate the readers’ analysis of trends. The most directly comparable IFRS measure is earnings before income taxes.

Adjusted Revenue

Adjusted Revenues is Revenues (the most directly comparable IFRS measure) adjusted to exclude:

The impact of unrealized mark-to-market gains or losses and unrealized foreign exchange gains or losses on commodity transactions.

Certain assets that we own in Canada and Western Australia are fully contracted and recorded as finance leases under IFRS. We believe that it is more appropriate to reflect the payments we receive under the contracts as a capacity payment in our revenues instead of as finance lease income and a decrease in finance lease receivables.

Revenues from the Planned Divestitures as they do not reflect ongoing business performance.

Adjusted Fuel and Purchased Power

Adjusted Fuel and Purchased Power is Fuel and Purchased Power (the most directly comparable IFRS measure) adjusted to exclude fuel and purchased power from the Planned Divestitures as it does not reflect ongoing business performance.

Adjusted Gross Margin

Adjusted gross margin is calculated as adjusted revenues less adjusted fuel and purchased power and carbon compliance costs, where adjustments to revenue or fuel and purchased power were applied as stated above. The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment. The most directly comparable IFRS measure is gross margin in the consolidated statement of earnings.

Adjusted OM&A

Adjusted OM&A is OM&A (the most directly comparable IFRS measure) adjusted to exclude:

Acquisition-related transaction and restructuring costs, mainly comprised of severance, legal and consultant fees as these do not reflect ongoing business performance.

ERP integration costs representing planning, design and integration costs of upgrades to the existing ERP system as they represent project costs that do not occur on a regular basis, and therefore do not reflect ongoing performance.

OM&A from the Planned Divestitures as it does not reflect ongoing business performance.

Adjusted Net Other Operating Income

Adjusted Net Other Operating Income is Net Other Operating Income (the most directly comparable IFRS measure) adjusted to exclude insurance recoveries related to the Kent Hills replacement costs of the tower collapse as these relate to investing activities and are not reflective of ongoing business performance.

Adjustments to Earnings (Loss) in Addition to Interest, Taxes, Depreciation and Amortization

Fair value change in contingent consideration payable is not included as it is not reflective of ongoing business performance.
Asset impairment charges and reversals are not included as these are accounting adjustments that impact depreciation and amortization and do not reflect ongoing business performance.
Any gains or losses on asset sales or foreign exchange gains or losses are not included as these are not part of operating income.

Adjustments for Equity-Accounted Investments

During the fourth quarter of 2020, we acquired a 49 per cent interest in the Skookumchuck wind facility, which is treated as an equity investment under IFRS and our proportionate share of the net earnings is reflected as equity income on the statement of earnings under IFRS. As this investment is part of our regular power-generating operations, we have included our proportionate share of adjusted EBITDA for the Skookumchuck wind facility in our total adjusted EBITDA. In addition, in the Wind and Solar adjusted results, we have included our proportionate share of revenues and expenses to reflect the full operational results of this investment. We have not included adjusted EBITDA of other equity-accounted investments in our total adjusted EBITDA as it does not represent our regular power-generating operations.

Adjusted Earnings (Loss) before income taxes

Adjusted earnings (loss) before income taxes represents segmented earnings (loss) adjusted for certain items that we believe do not reflect ongoing business performance and is an important metric for evaluating performance trends in each segment.

For details of the adjustments made to earnings (loss) before income taxes (the most directly comparable IFRS measure) to calculate adjusted earnings (loss) before income taxes, refer to the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Adjusted Net Earnings (Loss) attributable to common shareholders

Adjusted net earnings (loss) attributable to common shareholders represents net earnings (loss) attributable to common shareholders adjusted for specific reclassifications and adjustments and their tax impact, and is an important metric for evaluating performance. For details of the reclassifications and adjustments made to net earnings (loss) attributable to common shareholders (the most directly comparable IFRS measure), please refer to the reconciliation of net earnings (loss) to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Adjusted Net Earnings (Loss) per common share attributable to common shareholders

Adjusted net earning (loss) per common share attributable to common shareholders is calculated as adjusted net earnings (loss) attributable to common shareholders divided by a weighted average number of common shares outstanding during the period. The measure is useful in showing the earnings per common share for our core operational results as it excludes the impact of items that do not reflect an ongoing business performance. Adjusted net earnings (loss) attributable per common share is a non-IFRS ratio and the most directly comparable IFRS measure is net income (loss) per common share attributable to common shareholders. Refer to the reconciliation of earnings (loss) before income taxes to adjusted net earnings (loss) attributable to common shareholders in the Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment section of the MD&A.

Funds From Operations (FFO)

Represents a proxy for cash generated from operating activities before changes in working capital and provides the ability to evaluate cash flow trends in comparison with results from prior periods. FFO is calculated as cash flow from operating activities before changes in working capital and is adjusted for transactions and amounts that the Company believes are not representative of ongoing cash flows from operations.

Free Cash Flow (FCF)

Represents the amount of cash that is available to invest in growth initiatives, make scheduled principal debt repayments, repay maturing debt, pay common share dividends or repurchase common shares and provides the ability to evaluate cash flow trends in comparison with the results from prior periods. Changes in working capital are excluded so that FFO and FCF are not distorted by changes that we consider temporary in nature, reflecting, among other things, the impact of seasonal factors and timing of receipts and payments.

Non-IFRS Ratios

FFO per share, FCF per share and adjusted net debt to adjusted EBITDA are non-IFRS ratios that are presented in the MD&A. Refer to the Reconciliation of Cash Flow from Operations to FFO and FCF and Key Non-IFRS Financial Ratios sections of the MD&A for additional information.

Net Interest Expense

Net interest expense is calculated as total interest expense less total interest income and non-cash items. For detailed calculation refer to the table in the Reconciliation of Adjusted EBITDA to FFO and FCF section of this MD&A. Net Interest expense is a proxy for the actual cash interest paid that approximates the cash outflow in the FFO and FCF calculation. The most directly comparable IFRS measure is total interest expense.

FFO per share and FCF per share

FFO per share and FCF per share are calculated using the weighted average number of common shares outstanding during the period. FFO per share and FCF per share are non-IFRS ratios.

Supplementary financial measures include available liquidity, carbon compliance per MWh, fuel cost per MWh, hedged power price average per MWh, realized foreign exchange loss, sustaining capital expenditures, the Alberta electricity portfolio metrics and unrealized foreign exchange loss (gain).

Reconciliation of these non-IFRS financial measures to the most comparable IFRS measure are provided below.

Reconciliation of Non-IFRS Measures on a Consolidated Basis by Segment

The following table reflects adjusted EBITDA and adjusted earnings (loss) before income taxes by segment and provides reconciliation to earnings (loss) before income taxes for the three months ended June 30, 2025:

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	129		59		204		73		38		(67	)	436		(3	)	—		433
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	18		68		71		15		(2	)	—		170		—		(170	)	—
Decrease in finance lease receivable	—		—		7		—		—		—		7		—		(7	)	—
Finance lease income	—		2		3		—		—		—		5		—		(5	)	—
Revenues from Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
Unrealized foreign exchange gain on commodity	—		—		—		—		(2	)	—		(2	)	—		2		—
Adjusted revenue	147		129		282		88		34		(67	)	613		(3	)	(177	)	433
Fuel and purchased power	7		9		106		51		—		—		173		—		—		173
Reclassifications and adjustments:
Fuel and purchased power related to Planned Divestitures	—		—		(1	)	—		—		—		(1	)	—		1		—
Adjusted fuel and purchased power	7		9		105		51		—		—		172		—		1		173
Carbon compliance costs (recovery)	—		1		(8	)	—		—		(67	)	(74	)	—		—		(74	)
Adjusted gross margin	140		119		185		37		34		—		515		(3	)	(178	)	334
OM&A	13		25		65		18		8		45		174		(1	)	—		173
Reclassifications and adjustments:
OM&A related to Planned Divestitures	—		—		(1	)	—		—		—		(1	)	—		1		—
ERP integration costs	—		—		—		—		—		(6	)	(6	)	—		6		—
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(1	)	(1	)	—		1		—
Adjusted OM&A	13		25		64		18		8		38		166		(1	)	8		173
Taxes, other than income taxes	1		5		5		—		—		1		12		—		—		12
Net other operating income	—		—		(12	)	—		—		—		(12	)	—		—		(12	)
Adjusted EBITDA⁽²⁾	126		89		128		19		26		(39	)	349
Depreciation and amortization	(8	)	(52	)	(74	)	(13	)	—		(4	)	(151	)	1		—		(150	)
Equity income	—		—		—		—		—		—		—		—		1		1
Interest income	—		—		—		—		—		7		7		(1	)	—		6
Interest expense	—		—		—		—		—		(89	)	(89	)	1		—		(88	)
Realized foreign exchange gain	—		—		—		—		—		6		6		—		—		6
Adjusted earnings (loss) before income taxes⁽²⁾	118		37		54		6		26		(119	)	122
Reclassifications and adjustments above	(18	)	(70	)	(80	)	(15	)	4		(7	)	(186	)
Finance lease income	—		2		3		—		—		—		5		—		—		5
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(1	)	—		—		—		1		—		—		—		—
Asset impairment charges	—		—		—		(11	)	—		(2	)	(13	)	—		—		(13	)
Unrealized foreign exchange loss	—		—		—		—		—		(23	)	(23	)	—		—		(23	)
Earnings (loss) before income taxes	100		(32	)	(23	)	(20	)	30		(150	)	(95	)	—		—		(95	)

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	99		112		284		79		47		(34	)	587		(5	)	—		582
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	1		8		10		(14	)	1		—		6		—		(6	)	—
Decrease in finance lease receivable	—		—		5		—		—		—		5		—		(5	)	—
Finance lease income	—		2		2		—		—		—		4		—		(4	)	—
Unrealized foreign exchange gain on commodity	—		—		(1	)	—		—		—		(1	)	—		1		—
Adjusted revenue	100		122		300		65		48		(34	)	601		(5	)	(14	)	582
Fuel and purchased power	3		8		97		46		—		—		154		—		—		154
Carbon compliance costs (recovery)	—		—		26		—		—		(34	)	(8	)	—		—		(8	)
Adjusted gross margin	97		114		177		19		48		—		455		(5	)	(14	)	436
OM&A	13		24		42		15		9		42		145		(1	)	—		144
Reclassifications and adjustments:
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(4	)	(4	)	—		4		—
Adjusted OM&A	13		24		42		15		9		38		141		(1	)	4		144
Taxes, other than income taxes	1		4		3		2		—		—		10		(1	)	—		9
Net other operating income	—		(2	)	(10	)	—		—		—		(12	)	—		—		(12	)
Adjusted EBITDA⁽²⁾⁽³⁾	83		88		142		2		39		(38	)	316		—		—		—
Depreciation and amortization	(8	)	(47	)	(56	)	(15	)	(1	)	(5	)	(132	)	1		—		(131	)
Equity income	—		—		—		—		—		1		1		—		2		3
Interest income	—		—		—		—		—		8		8		—		—		8
Interest expense	—		—		—		—		—		(80	)	(80	)	—		—		(80	)
Realized foreign exchange loss⁽³⁾	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Adjusted earnings (loss) before income taxes⁽²⁾	75		41		86		(13	)	38		(115	)	112		—		—		—
Reclassifications and adjustments above	(1	)	(10	)	(16	)	14		(1	)	(4	)	(18	)	—		—		—
Finance lease income	—		2		2		—		—		—		4		—		—		4
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(2	)	—		—		—		2		—		—		—		—
Asset impairment (charges) reversals	—		(1	)	—		1		—		(5	)	(5	)	—		—		(5	)
Gain on sale of assets and other⁽³⁾	—		—		—		1		—		—		1		—		—		1
Unrealized foreign exchange loss⁽³⁾	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Earnings (loss) before income taxes	74		30		72		3		37		(122	)	94		—		—		94

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	215		166		594		227		65		(66	)	1,201		(10	)	—		1,191
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	(3	)	104		39		14		(1	)	—		153		—		(153	)	—
Decrease in finance lease receivable	—		1		14		—		—		—		15		—		(15	)	—
Finance lease income	—		3		8		—		—		—		11		—		(11	)	—
Revenues from Planned Divestitures	—		—		(7	)	—		—		—		(7	)	—		7		—
Unrealized foreign exchange gain on commodity	—		—		—		—		(2	)	—		(2	)	—		2		—
Adjusted revenue	212		274		648		241		62		(66	)	1,371		(10	)	(170	)	1,191
Fuel and purchased power	11		19		269		149		—		2		450		—		—		450
Reclassifications and adjustments:
Fuel and purchased power related to Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
Adjusted fuel and purchased power	11		19		266		149		—		2		447		—		3		450
Carbon compliance costs (recovery)	—		2		41		—		—		(68	)	(25	)	—		—		(25	)
Adjusted gross margin	201		253		341		92		62		—		949		(10	)	(173	)	766
OM&A	26		54		124		35		15		94		348		(2	)	—		346
Reclassifications and adjustments:
OM&A related to Planned Divestitures	—		—		(3	)	—		—		—		(3	)	—		3		—
ERP integration costs	—		—		—		—		—		(10	)	(10	)	—		10		—
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(5	)	(5	)	—		5		—
Adjusted OM&A	26		54		121		35		15		79		330		(2	)	18		346
Taxes, other than income taxes	2		10		10		1		—		1		24		—		—		24
Net other operating income	—		(4	)	(22	)	—		—		—		(26	)	—		—		(26	)
Reclassifications and adjustments:
Insurance recovery	—		2		—		—		—		—		2		—		(2	)	—
Adjusted net other operating income	—		(2	)	(22	)	—		—		—		(24	)	—		(2	)	(26	)
Adjusted EBITDA⁽²⁾	173		191		232		56		47		(80	)	619
Depreciation and amortization	(17	)	(105	)	(138	)	(28	)	(2	)	(9	)	(299	)	3		—		(296	)
Equity income	—		—		—		—		—		(1	)	(1	)	—		4		3
Interest income	—		—		—		—		—		12		12		(1	)	—		11
Interest expense	—		—		—		—		—		(183	)	(183	)	2		—		(181	)
Realized foreign exchange gain	—		—		—		—		—		2		2		—		—		2
Adjusted earnings (loss) before income taxes⁽²⁾	156		86		94		28		45		(259	)	150
Reclassifications and adjustments above	3		(106	)	(60	)	(14	)	3		(15	)	(189	)
Finance lease income	—		3		8		—		—		—		11		—		—		11
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(4	)	—		—		—		4		—		—		—		—
Fair value change in contingent consideration payable	—		—		34		—		—		—		34		—		—		34
Asset impairment (charges) reversals	—		—		(34	)	13		—		(7	)	(28	)	—		—		(28	)
Loss on sale of assets and other	—		—		—		—		—		(1	)	(1	)	—		—		(1	)
Unrealized foreign exchange loss	—		—		—		—		—		(23	)	(23	)	—		—		(23	)
Earnings (loss) before income taxes	159		(21	)	42		27		48		(301	)	(46	)	—		—		(46	)

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.

	Hydro		Wind & Solar⁽¹⁾		Gas		Energy Transition		Energy Marketing		Corporate		Total		Equity- accounted investments⁽¹⁾		Reclass adjustments		IFRS financials
Revenues	211		251		717		296		99		(34	)	1,540		(11	)	—		1,529
Reclassifications and adjustments:
Unrealized mark-to-market (gain) loss	(4	)	(13	)	(81	)	(20	)	(2	)	—		(120	)	—		120		—
Decrease in finance lease receivable	—		1		9		—		—		—		10		—		(10	)	—
Finance lease income	—		3		3		—		—		—		6		—		(6	)	—
Unrealized foreign exchange gain on commodity	—		—		(2	)	—		—		—		(2	)	—		2		—
Adjusted revenue	207		242		646		276		97		(34	)	1,434		(11	)	106		1,529
Fuel and purchased power	9		17		239		212		—		—		477		—		—		477
Carbon compliance costs (recovery)	—		—		66		—		—		(34	)	32		—		—		32
Adjusted gross margin	198		225		341		64		97		—		925		(11	)	106		1,020
OM&A	26		44		88		33		19		70		280		(2	)	—		278
Reclassifications and adjustments:
Acquisition-related transaction and restructuring costs	—		—		—		—		—		(7	)	(7	)	—		7		—
Adjusted OM&A	26		44		88		33		19		63		273		(2	)	7		278
Taxes, other than income taxes	2		8		6		2		—		—		18		(1	)	—		17
Net other operating income	—		(4	)	(20	)	—		—		—		(24	)	—		—		(24	)
Adjusted EBITDA⁽²⁾⁽³⁾	170		177		267		29		78		(63	)	658
Depreciation and amortization	(15	)	(90	)	(111	)	(31	)	(2	)	(9	)	(258	)	3		—		(255	)
Equity income	—		—		—		—		—		(1	)	(1	)	—		5		4
Interest income	—		—		—		—		—		15		15		—		—		15
Interest expense	—		—		—		—		—		(149	)	(149	)	—		—		(149	)
Realized foreign exchange loss⁽⁴⁾	—		—		—		—		—		(9	)	(9	)	—		—		(9	)
Adjusted earnings (loss) before income taxes⁽²⁾	155		87		156		(2	)	76		(216	)	256
Reclassifications and adjustments above	4		9		71		20		2		(7	)	99
Finance lease income	—		3		3		—		—		—		6		—		—		6
Skookumchuk earnings reclass to Equity income⁽¹⁾	—		(5	)	—		—		—		5		—		—		—		—
Asset impairment (charges) reversals	—		(5	)	—		4		—		(5	)	(6	)	—		—		(6	)
Gain on sale of assets and other⁽⁴⁾	—		—		—		1		—		2		3		—		—		3
Unrealized foreign exchange gain⁽⁴⁾	—		—		—		—		—		3		3		—		—		3
Earnings (loss) before income taxes	159		89		230		23		78		(218	)	361		—		—		361

The Skookumchuck wind facility has been included on a proportionate basis in the Wind and Solar segment.
Adjusted EBITDA, adjusted earnings (loss) before income taxes are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.

Reconciliation of Earnings Before Income Taxes to Adjusted Net Earnings attributable to common shareholders

The following table reflects reconciliation of (loss) earnings before income taxes to adjusted net earnings attributable to common shareholders for the three and six months ended June 30, 2025 and June 30, 2024:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
(Loss) earnings before income taxes	(95	)	94		(46	)	361
Income tax expense	11		28		18		57
Net (loss) earnings	(106	)	66		(64	)	304
Net (loss) earnings attributable to non-controlling interests	(7	)	(3	)	(11	)	13
Preferred share dividends	13		13		13		13
Net (loss) earnings attributable to common shareholders	(112	)	56		(66	)	278
Adjustments and reclassifications (pre-tax):
Adjustments and reclassifications to Revenues	177		14		170		(106	)
Adjustments and reclassifications to Fuel and purchased power	1		—		3		—
Adjustments and reclassifications to OM&A	8		4		18		7
Adjustments and reclassifications to Net other operating income	—		—		(2	)	—
Fair value change in contingent consideration payable (gain)	—		—		(34	)	—
Finance lease income	(5	)	(4	)	(11	)	(6	)
Asset impairment charges	13		5		28		6
Loss (gain) on sale of assets and other	—		(1	)	1		(3	)
Unrealized foreign exchange loss (gain)⁽¹⁾	23		—		23		(3	)
Calculated tax (expense) recovery on adjustments and reclassifications⁽²⁾	(51	)	(4	)	(46	)	24
Adjusted net earnings attributable to common shareholders⁽³⁾	54		70		84		197
Weighted average number of common shares outstanding in the period	297		303		297		306
Net (loss) income per common share attributable to common shareholders	(0.38	)	0.18		(0.22	)	0.91
Adjustments and reclassifications (net of tax)	0.56		0.05		0.50		(0.26	)
Adjusted net earnings per common share attributable to common shareholders⁽³⁾	0.18		0.23		0.28		0.64

Unrealized foreign exchange (loss) gain is a supplementary financial measure. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this MD&A for more details.
Represents a theoretical tax calculated by applying the Company’s consolidated effective tax rate of 23.3 per cent for the three and six months ended June 30, 2025 (three and six months ended June 30, 2024 — 23.3 per cent). The amount does not take into account the impact of different tax jurisdictions the Company’s operations are domiciled and does not include the impact of deferred taxes.
Adjusted net earnings attributable to common shareholders and Adjusted net earnings per common share attributable to common shareholders are non-IFRS measures, are not defined, have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. The most directly comparable IFRS measures are net earnings attributable to common shareholders and net earnings per share attributable to common shareholders, basic and diluted. Refer to the Non-IFRS financial measures section in this earnings release for more details.

Reconciliation of cash flow from operations to FFO and FCF

The table below reconciles our cash flow from operating activities to our FFO and FCF:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Cash flow from operating activities⁽¹⁾	157		108		164		352
Change in non-cash operating working capital balances	81		114		198		107
Cash flow from operations before changes in working capital	238		222		362		459
Adjustments
Share of adjusted FFO from joint venture⁽¹⁾	1		2		3		4
Decrease in finance lease receivable	7		5		15		10
Clean energy transition provisions and adjustments	—		2		—		2
Brazeau penalties payment	—		—		33		—
Acquisition-related transaction and restructuring costs	2		4		8		7
Other⁽²⁾	4		1		10		8
FFO⁽³⁾	252		236		431		490
Deduct:
Sustaining capital expenditures⁽¹⁾	(57	)	(40	)	(80	)	(40	)
Dividends paid on preferred shares	(13	)	(13	)	(26	)	(26	)
Distributions paid to subsidiaries’ non-controlling interests	(2	)	(5	)	(2	)	(24	)
Principal payments on lease liabilities	—		(1	)	(1	)	(2	)
Other	(3	)	—		(6	)	—
FCF⁽³⁾	177		177		316		398
Weighted average number of common shares outstanding in the period	297		303		297		306
Cash flow from operating activities per share	0.53		0.36		0.55		1.15
FFO per share⁽³⁾	0.85		0.78		1.45		1.60
FCF per share⁽³⁾	0.60		0.58		1.06		1.30

Includes our share of amounts for the Skookumchuck wind facility, an equity-accounted joint venture.
Other consists of production tax credits, which is a reduction to tax equity debt, less distributions from an equity-accounted joint venture.
These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods. Refer to the Non-IFRS financial measures and other specified financial measures section in this earnings release.

The table below provides a reconciliation of our adjusted EBITDA to our FFO and FCF:

	Three months ended June 30				Six months ended June 30
$ millions, unless otherwise stated	2025		2024		2025		2024
Adjusted EBITDA⁽¹⁾⁽⁵⁾	349		316		619		658
Provisions	(2	)	6		6		6
Net interest expense⁽²⁾	(66	)	(57	)	(138	)	(105	)
Current income tax expense	(46	)	(33	)	(59	)	(60	)
Realized foreign exchange gain (loss)⁽³⁾	4		(1	)	2		(9	)
Decommissioning and restoration costs settled	(11	)	(12	)	(20	)	(19	)
Other non-cash items	24		17		21		19
FFO⁽⁴⁾⁽⁵⁾	252		236		431		490
Deduct:
Sustaining capital expenditures⁽³⁾⁽⁵⁾	(57	)	(40	)	(80	)	(40	)
Dividends paid on preferred shares	(13	)	(13	)	(26	)	(26	)
Distributions paid to subsidiaries’ non-controlling interests	(2	)	(5	)	(2	)	(24	)
Principal payments on lease liabilities	—		(1	)	(1	)	(2	)
Other	(3	)	—		(6	)	—
FCF⁽⁴⁾⁽⁵⁾	177		177		316		398

Adjusted EBITDA is defined in the Additional IFRS Measures and Non-IFRS Measures of this earnings release and reconciled to earnings (loss) before income taxes above. During the first quarter of 2025, our Adjusted EBITDA composition was amended to exclude the impact of realized gain (loss) on closed exchange positions and Australian interest income. Therefore, the Company has applied this composition to all previously reported periods.
Net interest expense is a non-IFRS measure, is not defined and has no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. Refer to the table below for detailed calculation.
Supplementary financial measure. Refer to the Additional Non-IFRS and Supplementary Financial Measures section of this earnings release.
These items are not defined and have no standardized meaning under IFRS and may not be comparable to similar measures presented by other issuers. FFO and FCF are defined in the Non-IFRS financial measures and other specified financial measures section in this earnings release and reconciled to cash flow from operating activities above.
Includes our share of amounts for Skookumchuck wind facility, an equity-accounted joint venture.

Net interest expense in the reconciliation of our adjusted EBITDA to our FFO and FCF is calculated as follows:

	Three months ended June 30				Six months ended June 30
	2025		2024		2025		2024
Interest expense	88		80		181		149
Less: Interest Income	(6	)	(8	)	(11	)	(15	)
Less: non-cash items⁽¹⁾	(16	)	(15	)	(32	)	(29	)
Net Interest Expense	66		57		138		105

Non-cash items include accretion of provisions, financing cost amortization and other non-cash items.

TransAlta is in the process of filing its unaudited interim Consolidated Financial Statements and accompanying notes, as well as the associated Management’s Discussion & Analysis (MD&A). These documents will be available today on the Investors section of TransAlta’s website at www.transalta.com or through SEDAR at www.sedarplus.ca.

About TransAlta Corporation:

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada’s largest producers of wind power and Alberta’s largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA.

For more information about TransAlta, visit our web site at transalta.com.

Cautionary Statement Regarding Forward-Looking Information

This news release includes “forward-looking information,” within the meaning of applicable Canadian securities laws, and “forward-looking statements,” within the meaning of applicable United States securities laws, including the Private Securities Litigation Reform Act of 1995 (collectively referred to herein as “forward-looking statements”). Forward-looking statements are not facts, but only predictions and generally can be identified by the use of statements that include phrases such as “may”, “will”, “can”, “could”, “would”, “shall”, “believe”, “expect”, “estimate”, “anticipate”, “intend”, “plan”, “forecast”, “foresee”, “potential”, “enable”, “continue” or other comparable terminology. These statements are not guarantees of our future performance, events or results and are subject to risks, uncertainties and other important factors that could cause our actual performance, events or results to be materially different from those set out in or implied by the forward-looking statements. In particular, this news release contains forward-looking statements about the following, among other things: the strategic objectives of the Company and that the execution of the Company’s strategy will realize value for shareholders; our capital allocation and financing strategy; our sustainability goals and targets, including those in our 2024 Sustainability Report; our 2025 Outlook; our financial and operational performance, including our hedge position; optimizing and diversifying our existing assets; the increasingly contracted nature of our fleet; expectations about strategies for growth and expansion; data centre opportunities, including the AESO’s expectation around the timing of execution of Demand Transmission Service contracts and entering into a data centre memorandum of understanding; opportunities for Centralia redevelopment, including the execution of a definitive agreement with our customer for the full capacity of Centralia Unit 2; expectations regarding ongoing and future transactions, including the sale of Poplar Hill; expected costs and schedules for planned projects; expected regulatory processes and outcomes, including in relation to the Alberta restructured energy market; the completion and closing of acquisition and divestiture transactions which are subject to customary closing terms and conditions, the power generation industry and the supply and demand of electricity; the cyclicality of our business; expected outcomes with respect to legal proceedings; the expected impact of future tax and accounting changes; and expected industry, market and economic conditions.

The forward-looking statements contained in this news release are based on many assumptions including, but not limited to, the following: no significant changes to applicable laws and regulations; no unexpected delays in obtaining required regulatory approvals; no material adverse impacts to investment and credit markets; no significant changes to power price and hedging assumptions; no significant changes to gas commodity price assumptions and transport costs; no significant changes to interest rates; no significant changes to the demand and growth of renewables generation; no significant changes to the integrity and reliability of our facilities; no significant changes to the Company’s debt and credit ratings; no unforeseen changes to economic and market conditions; no significant event occurring outside the ordinary course of business; and realization of expected impacts from ongoing and future transactions.

These assumptions are based on information currently available to TransAlta, including information obtained from third-party sources. Actual results may differ materially from those predicted. Factors that may adversely impact what is expressed or implied by forward-looking statements contained in this news release include, but are not limited to: fluctuations in power prices; changes in supply and demand for electricity; our ability to contract our electricity generation for prices that will provide expected returns; our ability to replace contracts as they expire; risks associated with development projects and acquisitions; failure to complete divestitures on the terms and conditions specified or at all; any difficulty raising needed capital in the future on reasonable terms or at all; our ability to achieve our targets relating to ESG; long-term commitments on gas transportation capacity that may not be fully utilized over time; changes to the legislative, regulatory and political environments; environmental requirements and changes in, or liabilities under, these requirements; operational risks involving our facilities, including unplanned outages and equipment failure; disruptions in the transmission and distribution of electricity; reductions in production; impairments and/or writedowns of assets; adverse impacts on our information technology systems and our internal control systems, including increased cybersecurity threats; commodity risk management and energy trading risks; reduced labour availability and ability to continue to staff our operations and facilities; disruptions to our supply chains; climate-change related risks; reductions to our generating units’ relative efficiency or capacity factors; general economic risks, including deterioration of equity and debt markets, increasing interest rates or rising inflation; general domestic and international economic and political developments, including potential trade tariffs; industry risk and competition; counterparty credit risk; inadequacy or unavailability of insurance coverage; increases in the Company’s income taxes and any risk of reassessments; legal, regulatory and contractual disputes and proceedings involving the Company; reliance on key personnel; and labour relations matters.

The foregoing risk factors, among others, are described in further detail under the heading “Governance and Risk Management” in the MD&A, which section is incorporated by reference herein.

Readers are urged to consider these factors carefully when evaluating the forward-looking statements and are cautioned not to place undue reliance on them. The forward-looking statements included in this news release are made only as of the date hereof and we do not undertake to publicly update these forward-looking statements to reflect new information, future events or otherwise, except as required by applicable laws. The purpose of the financial outlooks contained herein is to give the reader information about management’s current expectations and plans and readers are cautioned that such information may not be appropriate for other purposes.

Note: All financial figures are in Canadian dollars unless otherwise indicated.

For more information:

*Investor Inquiries:*	*Media Inquiries:*
Phone: 1-800-387-3598 in Canada and U.S.	Phone: 1-855-255-9184
Email: investor_relations@transalta.com	Email: ta_media_relations@transalta.com

The MIL Network –

August 5, 2025

Indian stock markets end lower as India-US trade deal stalls

Source: Government of India

Source: Government of India (4)

Indian stock markets ended in negative territory on Friday after the announcement of fresh tariffs by the United States on imports from India. The 25 per cent tariff declaration by US President Donald Trump impacted investor sentiment, leading to broad-based selling across sectors.

The BSE Sensex declined by 585.67 points or 0.72 per cent to close at 80,599.91. The index opened lower at 81,074.41 and continued to face pressure throughout the session, touching an intra-day low of 80,495.57. The NSE Nifty also witnessed a decline of 203 points or 0.82 per cent, ending at 24,565.35.

Major drag was seen in the Pharma, IT, and Auto sectors. Stocks such as Tata Steel, Maruti Suzuki, Infosys, Tata Motors, Tech Mahindra, Bharti Airtel, BEL, Bajaj FinServ, ICICI Bank, HCL Tech, Mahindra and Mahindra, and TCS were among the top losers on the Sensex. However, select stocks like Trent, Asian Paints, Hindustan Unilever, and ITC ended the session in green.

On the sectoral front, Nifty Pharma declined 3.33 per cent, followed by Nifty IT which was down 1.85 per cent, and Nifty Auto which slipped 1.04 per cent. Nifty Bank ended 0.62 per cent lower. Meanwhile, Nifty FMCG bucked the trend to close in green with a gain of 384 points.

The broader market also mirrored the benchmark indices. Nifty Midcap 100 fell by 1.33 per cent, Nifty Smallcap 100 declined by 1.66 per cent, and Nifty 100 ended 0.91 per cent lower.

According to market analysts, the markets extended their corrective phase amid concerns over global trade tensions and ongoing foreign fund outflows. “Markets continue to grapple with a mixed earnings season, while the recent tariff announcement and persistent foreign fund outflows are further weighing on sentiment,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.

Technical analysts also cautioned about key support levels. “A further decline is likely if Nifty slips below 24,400. On the upside, resistance is expected at 24,600–24,650 and 24,850,” said Rupak De, Senior Technical Analyst at LKP Securities.

-IANS

August 5, 2025
MIL-OSI Canada: Statement by Prime Minister Carney on Canada-U.S. trade

Source: Government of Canada – Prime Minister

“President Trump has announced that the United States will increase its tariffs to 35% on those Canadian exports that are not covered under the Canada-United States-Mexico Agreement, or CUSMA. While the Canadian government is disappointed by this action, we remain committed to CUSMA, which is the world’s second-largest free trade agreement by trading volume.

The U.S. application of CUSMA means that the U.S. average tariff rate on Canadian goods remains one of its lowest for all of its trading partners. Other sectors of our economy – including lumber, steel, aluminum, and automobiles – are, however, heavily impacted by U.S. duties and tariffs. For such sectors, the Canadian government will act to protect Canadian jobs, invest in our industrial competitiveness, buy Canadian, and diversify our export markets.

The United States has justified its most recent trade action on the basis of the cross-border flow of fentanyl, despite the fact that Canada accounts for only 1% of U.S. fentanyl imports and has been working intensively to further reduce these volumes. Canada’s government is making historic investments in border security to arrest drug traffickers, take down transnational gangs, and end migrant smuggling. These include thousands of new law enforcement and border security officers, aerial surveillance, intelligence and security operations, and the strongest border legislation in our history. We will continue working with the United States to stop the scourge of fentanyl and save lives in both our countries.

While we will continue to negotiate with the United States on our trading relationship, the Canadian government is laser focused on what we can control: building Canada strong. The federal government, provinces, and territories are working together to cut down trade barriers to build one Canadian economy. We are developing a series of major nation-building projects with provincial, territorial, and Indigenous partners. Together, these initiatives have the potential to catalyse over half a trillion dollars of new investments in Canada.

Canadians will be our own best customer, creating more well-paying careers at home, as we strengthen and diversify our trading partnerships throughout the world. We can give ourselves more than any foreign government can ever take away by building with Canadian workers and by using Canadian resources to benefit all Canadians.”

MIL OSI Canada News –

August 5, 2025
Toxic metals found in Himalayan clouds, pose health risk: study

Source: Government of India

Source: Government of India (4)

A new scientific study has found that clouds drifting over the Eastern Himalayas and Western Ghats are carrying toxic heavy metals, posing potential carcinogenic and non-carcinogenic health risks, especially to children.

The study, conducted by the Bose Institute—an autonomous body under the Department of Science and Technology (DST), Ministry of Science & Technology , Government of India—found that clouds over the Eastern Himalayas contain 1.5 times higher pollution levels than those over the Western Ghats. This is largely due to emissions from heavy vehicular traffic and industrial activity in the foothill regions, the report noted.

The research team, led by Dr. Sanat Kumar Das, Associate Professor at Bose Institute, detected harmful concentrations of cadmium (Cd), chromium (Cr), copper (Cu), and zinc (Zn) in non-precipitating clouds during the onset of the monsoon season. These clouds were found to be a major medium of long-range transport of pollutants from the lowlands to high-altitude regions.

“The inhalation of cloud water laced with dissolved heavy metals is a significant exposure pathway, particularly in the Eastern Himalayas. This poses high health risks, especially among children, who are 30% more vulnerable than adults,” said Dr. Das.

Published in the journal Environmental Advances, the study used statistical models to assess health risks through multiple exposure routes, including inhalation, ingestion, and dermal absorption. It found that the presence of carcinogenic metals like dissolved chromium in the cloud water notably raises the likelihood of developing cancer and other health issues.

Despite the concerning findings, researchers noted that Indian clouds remain relatively less polluted compared to countries like China, Pakistan, Italy, and the United States. However, they cautioned that rising pollution levels and the lack of prior data on metal contamination in monsoon clouds make this an emerging public health concern.

The study challenges long-held assumptions about the purity of mountain rainwater and opens a new avenue for atmospheric and health-related research in the region.

August 5, 2025
MIL-OSI Security: Around the Air Force: Emerald Warrior Department Level Exercise, Next-Gen Command and Control, New Cyber Office

Source: United States Air Force

In this week’s look around the Air Force, AFSOC hosts Emerald Warrior 25.2 as part of the DLE series, the TOC-Light capability gets an upgrade with the Major Release 2 prototype, and the DAF creates a new AF/A6 DCS office dedicated to warfighter comms. and cyber systems.

MIL Security OSI –

August 5, 2025
India-US partnership has endured transitions and challenges: MEA

Source: Government of India

Source: Government of India (4)

India and the United States share a comprehensive global strategic partnership rooted in shared interests, democratic values, and strong people-to-people ties, a relationship that has withstood various transitions and challenges over time, the Ministry of External Affairs (MEA) said on Friday.

“India and the United States share a comprehensive global strategic partnership anchored in shared interests, democratic values, and robust people-to-people ties. This partnership has weathered several transitions and challenges. We remain focused on the substantive agenda that both countries have committed to and are confident that the relationship will continue to move forward,” MEA spokesperson Randhir Jaiswal stated during a weekly media briefing in New Delhi. His remarks came in response to a question on India-US ties following Washington’s recent tariff announcement.

Earlier this week, US President Donald Trump announced the imposition of 25 per cent reciprocal tariffs on Indian goods, along with an unspecified penalty over India’s purchases of Russian energy, effective from August 1.

“India will be paying a tariff of 25 per cent,” Trump posted on his social media platform, Truth Social.

He also warned of an additional tariff penalty on India for its continued energy trade with Russia. Trump had earlier declared that all countries purchasing Russian energy would face secondary tariffs of up to 100 per cent if Moscow failed to agree to a ceasefire in Ukraine.

Initially, the threat to India was perceived by experts as a negotiating tactic aimed at expediting a trade agreement. Both Trump and Commerce Secretary Howard Lutnick had recently indicated optimism about reaching a deal with India, describing it as one of the first countries likely to finalize an agreement.

–IANS

August 5, 2025
MIL-OSI Security: Defense News in Brief: Around the Air Force: Emerald Warrior Department Level Exercise, Next-Gen Command and Control, New Cyber Office

Source: United States Spaceforce

In this week’s look around the Air Force, AFSOC hosts Emerald Warrior 25.2 as part of the DLE series, the TOC-Light capability gets an upgrade with the Major Release 2 prototype, and the DAF creates a new AF/A6 DCS office dedicated to warfighter comms. and cyber systems.

MIL Security OSI –

August 5, 2025
MIL-OSI USA: Around the Air Force: Emerald Warrior Department Level Exercise, Next-Gen Command and Control, New Cyber Office

Source: United States Air Force

Headline: Around the Air Force: Emerald Warrior Department Level Exercise, Next-Gen Command and Control, New Cyber Office

In this week’s look around the Air Force, AFSOC hosts Emerald Warrior 25.2 as part of the DLE series, the TOC-Light capability gets an upgrade with the Major Release 2 prototype, and the DAF creates a new AF/A6 DCS office dedicated to warfighter comms. and cyber systems.

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: New NIST Reference Material to Strengthen Quality Control for Biological Drugs

Source: US Government research organizations

Protein-based biotherapeutics are drugs made with genetically engineered proteins. These large protein molecules can stick together during the drug manufacturing process to form particles. A team of NIST researchers, including Srivalli Telikepalli (shown here), developed a standard reference material that will help biopharmaceutical companies better detect these particles in their drug products.

Credit: A. Boss/NIST

A rapidly growing category of drugs called protein-based biotherapeutics can be used to treat cancers and genetic and autoimmune disorders. These drugs, which usually take the form of large protein molecules, are manufactured by growing living cells that are genetically engineered to produce the proteins. These large protein molecules, however, can stick together during the manufacturing process to form particles that can cause an unwanted immune response in patients.

To manage these particles, biopharmaceutical companies need to be able to measure and monitor them. A new standard reference material (SRM) from the National Institute of Standards and Technology (NIST) will help them do that. The new material, SRM 1989: Monodisperse Irregularly Shaped Epoxy-Based Particles, consists of three vials containing particles of different sizes: 220 micrometers, 150 micrometers and 100 micrometers. (For comparison, a sheet of regular printer paper is roughly 100 micrometers thick.)

“This material will be the first publicly available visible particle standard for protein-based particles in biotherapeutic drugs,” said NIST research chemist Srivalli Telikepalli. “This will help drug manufacturers monitor particles in their products so that they can ensure that those products are safe and effective.”

The new material, called SRM 1989: Monodisperse Irregularly Shaped Epoxy-Based Particles, consists of three vials containing particles of different sizes: 220 micrometers, 150 micrometers and 100 micrometers.

Credit: R. Wilson/NIST

Protein-based particles, which are small but sometimes visible to the naked eye, form because proteins can be unstable. Any stress, like a temperature change or sudden shaking of a drug vial, can cause proteins to clump together into particles. This can happen when the drug products are being purified, packaged, shipped or stored for long periods of time.

At biopharmaceutical manufacturing plants, trained analysts visually inspect each vial of drug product. If the vial contains visible particles, it is removed from the batch. If a certain number of vials fail, the entire batch will be discarded. Each failed batch can cost the manufacturer millions of dollars.

“Without a particle size standard for reference, errors can occur, as different analysts may perceive particles differently. Because of this, the inspection process can be subjective,” said Telikepalli. “Our new reference material will help make the particulate inspection process more uniform.” The SRM can be included in training kits to mimic protein particles and help train analysts to accurately identify these particles in each drug product.

Inspections can also be automated using laboratory instruments. Instrument manufacturers can use the NIST SRM to ensure that their instruments are working properly and to improve their accuracy over time. Analysts can also use the SRM to validate their automated inspection process that uses these laboratory instruments to make sure the process is accurate.

For both manual and automated inspections, a more accurate and uniform inspection process can help ensure that drug batches are not discarded unnecessarily.

To make the particles, NIST researchers shined ultraviolet (UV) light onto a silicon wafer coated with an epoxy-like substance that hardens when exposed to UV light. This created a pattern of particles on the wafer. The same technique, called photolithography, is used when creating microscopic electronic circuits on computer chips. The particles were then removed from the wafer and put into a liquid mixture, or solution. This was done at NIST’s Center for Nanoscale Science and Technology, an important center for semiconductor manufacturing research.

The standard reference material was made at NIST’s Center for Nanoscale Science and Technology. The process for making the particles, called photolithography, is an innovative technique usually used to create microscopic electronic circuits on computer chips.

Credit: A. Boss/NIST

The particles resemble protein particles — irregular in shape and transparent. And crucially, they are all essentially the same size. “Because of our measurement capabilities, we are able to reliably verify the size of these particles with very high precision,” said NIST electronical engineer Michael Carrier.

Using a semiconductor manufacturing technique to simulate protein-based particles is an innovation that might only have happened at a place like NIST.

“NIST has experts in both biopharmaceutical and semiconductor manufacturing,” said Mike Tarlov, chief of NIST’s Biomolecular Measurements Division. “This allows us to bring together measurement expertise from across very different domains to solve real-world problems.”

NIST has produced over a thousand SRMs that support public health and safety and promote U.S. industry. These SRMs help ensure accurate measurements in industries ranging from health and medicine (human urine) to building construction (Charpy Impact Test materials) to semiconductor manufacturing (semiconductor thin film) and many more.

NIST also produces several other SRMs for the biopharmaceutical industry, including a monoclonal antibody protein called the NISTmAb and the NISTCHO — a living cell that expresses a version of the NISTmAb protein. All these SRMs support an industry that’s projected to grow from an estimated $666 billion in 2025 to $1,184 billion by 2032.

SRM 1989: Monodisperse Irregularly Shaped Epoxy-Based Particles is now available for purchase from the NIST Store.

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: Welch Calls for Vote on Bipartisan CANADA Act Ahead of Trump’s August 1 Tariff Deadline

US Senate News:

Source: United States Senator Peter Welch (D-Vermont)

CANADA Act would exempt U.S.-owned small businesses from tariffs imposed on Canada
WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.), a member of the Senate Finance Committee, this week pushed for a vote on his bipartisan Creating Access to Necessary American-Canadian Duty Adjustments (CANADA) Act, legislation to exempt United States-owned small businesses from tariffs imposed on Canada. Senate Republicans blocked the unanimous consent request and refused to support small businesses in their states.
Senator Welch took to the Senate Floor to slam the Trump Administration’s plan to increase tariffs and enact new sweeping global tariffs on August 1. Senator Welch also spoke in support of his bipartisan bill, the CANADA Act:
“This trade war is yet another example of the Trump Administration’s chaos, cruelty, and corruption: Chaos for Vermont’s small businesses, farmers, and manufacturers who don’t know what to expect day-to-day; Cruelty for America’s working families, who will pay more because of this reckless trade policy; and Corruption by President Trump himself, who has created an access economy focused on self-dealing,” said Senator Welch in his remarks. “I urge my colleagues on both sides of the aisle to support the CANADA Act, and in-turn support small businesses in their state.”
Watch Senator Welch’s floor remarks here:

The CANADA Act is led by Senator Welch and cosponsored by Senate Democratic Leader Chuck Schumer (D-N.Y.) and Senators Jeanne Shaheen (D-N.H.), Lisa Murkowski (R-Alaska), Tim Kaine (D-Va.), Susan Collins (R-Maine), Ed Markey (D-Mass.), and Ron Wyden (D-Ore.). The CANADA Act is supported by Main Street Alliance and Small Business Majority.
In 2024 alone, trade with Canada accounted for 35% of Vermont’s exports, 67% of its imports, and 56% of its total trade. One in four businesses in Vermont relies on trade with Canada. Vermont buys more goods from Canada than the next nine largest foreign markets combined. In 2023, Vermont exported $150 million just in food and agricultural products to Canada.
Vermont boasts nearly 82,000 small businesses, which represent 99% of all businesses in the state, and employ over 62% of Vermont’s overall workforce—higher than the national average. Small businesses in Vermont also employ a diverse workforce, with 43.8% of small businesses in the state owned by women and 6% owned by veterans.
Senator Welch has blasted Trump’s tariffs and trade war and shared stories from constituents about how President Trump’s economic policies have impacted their businesses, farms, and communities. Senator Welch is a cosponsor of a bipartisan resolution to repeal the tariffs on Canada, a bipartisan bill to restore congressional tariff authority, a bill to restrict the Executive Branch’s authority to impose tariffs through the International Economic Emergency Powers Act, and a bill to exempt small businesses from the April 2nd global tariff Executive Order. Senator Welch also led a bipartisan resolution to end President Trump’s ruinous global tariffs.
In May, Senator Welch joined a bipartisan delegation and traveled to Ottawa to meet with Canadian dignitaries, including Prime Minister Mark Carney, to discuss bipartisan support for a U.S.-Canada partnership and their commitment to a strong trading relationship between the United States and Canada. The Senator has hosted roundtables in Stowe, Newport, St. Albans, Manchester, and virtually to hear concerns and first-hand stories from Vermont and Canadian leaders impacted by the trade war.

MIL OSI USA News –

August 5, 2025
MIL-OSI Analysis: From ‘God Emperor Trump’ to ‘St. Luigi,’ memes power the politics of feeling

Source: The Conversation – Canada – By Stuart J. Murray, Professor of Rhetoric and Ethics | Professeur titulaire en rhétorique et éthique, Carleton University

Why do images of Donald Trump as a galactic emperor or Luigi Mangione as a Catholic saint resonate so deeply with some people? Memes don’t just entertain — they shape how we identify with power, grievance and justice in the digital age.

A meme is a decontextualized video or image — often captioned — that circulates an idea, behaviour or style, primarily through social media. As they spread, memes are adapted, remixed and transformed, helping to solidify the communities around them.

Trump, the meme pope

Days after Pope Francis’s death in April 2025, Trump posted an AI-generated image of himself in papal regalia on Truth Social. The White House’s official X account then shared it, amplifying its reach.

Trump quickly dismissed it as a joke, but the image lingered.

Two days later, another emerged: Trump as galactic emperor, blending Star Wars aesthetics with the visual rhetoric of Warhammer 40,000, a popular dystopian sci-fi franchise featuring authoritarian rulers, imperial armies and endless war.

Trump memes like these once circulated semi-ironically in social media subcultures like Reddit and 4chan under the banner “God Emperor Trump.”

But what might previously have seemed like absurdist cosplay now carries the symbolic weight of executive power, blending religious and imperial imagery to project Trump as a mythical figure, not just a politician.

In-jokes

As I’ve argued in an article on MAGA and empathy, these memes draw on cultural codes not to parody power but to usurp it as instruments of official political communication.

Fact-checking can’t stop them. We know they are factually untrue, but they feel true and consolidate a shared sentiment among Trump’s base.

The meme is not a joke — it’s an in-joke only the in-group understands.

And that’s the point.

A meme is an accelerant, delivering compressed emotional payloads, short-circuiting debate and reinforcing people’s political identifications. Propelled by algorithms and designed to go viral, memes solicit immediate responses — outrage, loyalty, disgust, amusement.

Memes don’t ask what’s true or what’s just.

Instead, they curate — and encode — emotional alignment, replacing liberalism’s democratic ideal of reasoned public discourse with viral attachment: grievance recoded as identity.

Elon Musk and weaponizing empathy

On Feb. 20, 2025, days after Trump appointed Elon Musk to head his new Department of Government Efficiency (DOGE), the Tesla founder appeared at the Conservative Political Action Conference, an annual gathering of conservative activists and officials from across the U.S.

At the conference, Musk brandished a chainsaw, declaring: “I have become the meme!.” An image of him holding the chainsaw later actually became a meme.

The image projects libertarian efficiency and masculine bravado, but it more than just mocks bureaucracy — it glorifies cutting ties to domestic, global and humanitarian responsibilities.

Far from being merely a meme, it advances a policy of neglect that intentionally lets others die.

Experts estimate that DOGE’s purge of USAID could result in 14 million preventable deaths over the next five years, disproportionately affecting marginalized populations whose historical exploitation helped generate the wealth now wielded as power.

Individuals vs. the collective

But we are not meant to feel empathy. In early 2025, Musk called empathy “the fundamental weakness of western civilization,” claiming it is “weaponized by the left.”

Yet Musk doesn’t reject empathy entirely — only empathy for individuals, which he said risks “civilizational suicide.”

Read more:
MAGA’s ‘war on empathy’ might not be original, but it is dangerous

Instead, Musk believes we must have empathy for “civilization as a whole.” Such rhetoric — sacrificing individuals for the collective — recalls a chilling Nazi-era slogan: Du bist nichts, dein Volk ist alles (“You are nothing, your people are everything”). Musk has also drawn criticism for making public Nazi salutes and ethno-nationalist statements advocating for white people.

Read more:
How Elon Musk’s chatbot Grok could be helping bring about an era of techno-fascism

Mangione, the meme martyr

If Trump and Musk memes stage fantasies of absolute power, Mangione memes reply with fantasies of redemptive rupture.

Accused of killing UnitedHealthcare CEO Brian Thompson, Mangione has been lionized in memes that champion vulnerability and social justice, opposing the billionaire class — figures like Trump and Musk — who put profits over people.

These memes appear to oppose the MAGA meme machine, encoding class struggle as quiet defiance and anti-authoritarianism. Unlike Musk’s chainsaw-wielding bravado, which seems to mask a fragile ego, Mangione memes project a humble, rebellious heartthrob.

Yet, like Trump and Musk, Mangione has become a brand. His face adorns T-shirts and “St. Luigi” prayer candles, capitalizing on the popular meme that emerged soon after his arrest. This commodification mirrors right-wing meme economies, even if the message differs.

Emotional saturation

Mangione memes have helped raise over $1.2 million for his legal defence.

They don’t just reflect feeling — they organize it, channelling it into cultural, political and literal currency, including a Luigi crypto coin ($LUIGI) and a musical.

These memes share MAGA meme tactics: relentless repetition and emotional saturation. Instead of encouraging thoughtful debate, they rally communities around shared grievances, acts of defiance and collective faith.

Feeling our way through the feed

From MAGA to Mangione, meme-mythologies often function as rationalizations of violence — whether framed as righteous, purifying or revolutionary. But what unites Trump’s papal cosplay, Musk’s chainsaw and Mangione’s martyrdom isn’t their message but their form.

Whether cloaked in MAGA nostalgia or social justice sentiments, memes that appear to resist power often reproduce the structures that made that power so intoxicating in the first place.

We’ve seen how official White House and Department of Homeland Security social media memes have become increasingly cruel, sinister, polarizing and even radicalizing.

Read more:
‘Alligator Alcatraz’ showcases Donald Trump’s penchant for visual cruelty

Meanwhile, some liberals on the left continue to promote what is known as the “marketplace of ideas” — the belief that truth will prevail if all ideas are allowed to circulate freely. But reason doesn’t always triumph over power. And memes aren’t just ideas: they’re technologies that bypass deliberation to shape our feelings, identities and ways of communicating.

Consumed by media

We no longer “consume” media: we’re a function of the algorithms and AI powering today’s platforms. Like memes, AI tools like large language models can churn out plausible content that is nonetheless hateful, divisive and patently untrue.

Musk’s “I have become the meme” therefore reveals a paradox: he claims to master the meme, but no one can control its circulation or uptake. Trump and Mangione, too, are less individuals than avatars — produced by a digital culture that pre-shapes our perceptions of them.

The violence, however, is very real. If one violent act doesn’t justify counter-violence, it nonetheless structures and occasions it. Each side claims it is just.

Memes don’t ask: can we intentionally let others die and still be just? Answering this question is nearly impossible in a meme world. The answer will be a meme. And it will be a joke.

Stuart J. Murray receives funding from the Social Sciences and Humanities Research Council of Canada.

– ref. From ‘God Emperor Trump’ to ‘St. Luigi,’ memes power the politics of feeling – https://theconversation.com/from-god-emperor-trump-to-st-luigi-memes-power-the-politics-of-feeling-260388

MIL OSI Analysis –

August 5, 2025
MIL-OSI Analysis: Flawed notions of objectivity are hampering Canadian newsrooms when it comes to Gaza

Source: The Conversation – Canada – By Gabriela Perdomo, Assistant Professor, Mount Royal University

The response of Canada’s legacy news media to the Israeli government’s military action in Gaza for more than 640 days points to a problem within major Canadian news organizations, according to a new Canadian book, When Genocide Wasn’t News.

In the book, journalists — some writing under pseudonyms — say their newsrooms have been severely hampered by a culture of fear and an adherence to a notion of objectivity that no longer serves the public.

Israel’s relentless military actions in the Gaza Strip following the Oct. 7, 2023 attack and taking of 251 hostages by Hamas should be prominently featured news. The Israeli Defence Forces’ illegal attacks on children, hospitals and aid workers should also be making constant headlines. But news coverage on these attacks is scarce or misleading.

I research and teach media, monitor the news and edit an online publication about journalism in Canada. My PhD thesis focused on Latin America and examined how the mandate to be objective can be confusing in times of war. I also explored questions about how journalists understand and apply objectivity in different contexts.

I found journalists who support peace efforts can easily be accused of being “biased” in favour of those promoting peace.

Not all wars covered equally

Not all wars are covered the same. Noureddine Miladi, a media and communications professor at Qatar University, found Russia’s invasion of Ukraine in 2022 received far greater coverage in mainstream media than the war in Gaza. Part of this difference in coverage lies in the ability to send reporters to cover events first hand, which is impossible in the Gaza Strip, where outside journalists are banned from entry.

Read more:
The chilling effects of trying to report on the Israel-Gaza war

Another major factor affecting coverage is how newsrooms understand and apply their norms, including objectivity. Journalism production is influenced and impacted by the dynamics of place and power that surround it.

As Carleton University journalism professor Duncan McCue argues, an unexamined adherence to objectivity can perpetuate colonial points of view. University of British Columbia journalism professors Candis Callison and Mary Lynn Young, authors of a book about journalism’s racial reckoning in Canada, also make this argument.

Accusations of antisemitism

Accusations of bias can have an outsized impact on reporting and be used to silence journalists.

According to some journalists, there is an atmosphere of fear when it comes to reporting on the Middle East in mainstream newsrooms in Canada. Some have self-censored in response to threats.

Not only do journalists say they are facing threats, they also face a context in which governments, such as the province of Ontario, are adhering to definitions of antisemitism that equate it to criticism of Israel.

In Canada, news organizations and individual journalists attempting to report on the violence in the Gaza Strip are being accused of antisemitism by groups such as Honest Reporting, according to the Canadian Press Freedom Project. This means almost anyone reporting on the Israeli government’s actions in Gaza will receive hundreds of messages claiming the report is antisemitic.

Since many scholars and the United Nations Special Committee to investigate Israeli practices have called the Israeli government’s methods “consistent with genocide, including use of starvation as weapon of war,” urgent reporting is needed — and it’s not antisemitism to call out what experts have labelled global injustices.

Left-wing bias?

The culmination of decades of this type of criticism of news media has included a right-wing narrative that accuses media of a liberal bias. The trope of the liberal media as a threat has had a steady hold of the public imagination across North America since the Cold War.

Reporters who focused on stories about human rights, questioned the tactics and budgets of the military industrial complex or challenged the mistreatment of socialist activists as being unpatriotic were accused of having a liberal, left-wing, even communist, slant.

This isn’t a phemomenon limited to North America. Latin American politicians have a long history of using “left-wing bias” labels as a powerful tool to intimidate journalists.

Read more:
How news coverage influences countries’ emergency aid budgets – new research

What do journalists owe peace?

Research shows that audiences value objective journalism, or reporting that they deem non-partisan and keeps opinions at bay. But consumers also increasingly value journalism that is empathetic and emotionally resonant.

After United States President Donald Trump was first elected in 2016, journalism scholars recognized that a major failure of news coverage during the presidential campaign was not calling things what they were. For example, journalists used euphemisms such as “he misspoke” instead of reporting that Trump was lying, contributing to a crisis of relevance in journalism.

According to the Committee to Protect Journalists, the Israel-Gaza war has killed more journalistsr than in any other conflict it’s documented. But the allegedly deliberate targeting of journalists in Gaza, of whom at least 225 have been killed, has garnered little attention in newsrooms, despite calls by dozens of independent journalists to make the issue more visible.

This is another unprecedented set of events that should be reported on for Canadian audiences.

How will Canadian newsrooms do better? One idea could be that newsrooms join forces to fend off accusations of bias and antisemitism. They could start with reclaiming objectivity as a practice of information-gathering and moving away from objectivity as an ideal of dispassionate reporting.

They could also embrace, instead of fear, journalism’s liberal roots and reclaim journalism from a standpoint of clarity where actions against the rule of law, abuses of power, war profiteering, crimes against humanity — any illiberal acts — clearly fall on the wrong side of the liberal-democratic balance and therefore demand to be denounced. As veteran CBC journalist Carol Off has said, we need to denounce illiberal acts as anti-democratic ideology.

Every inhabitant of Gaza remains in imminent peril today, and the media have a responsibility to inform us about it.

Gabriela Perdomo 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. Flawed notions of objectivity are hampering Canadian newsrooms when it comes to Gaza – https://theconversation.com/flawed-notions-of-objectivity-are-hampering-canadian-newsrooms-when-it-comes-to-gaza-260552

MIL OSI Analysis –

August 5, 2025
MIL-OSI Analysis: Why Donald Trump has stopped some conflicts but is failing with Ukraine and Gaza

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

In yet another twist in his unpredictable decision making, US president Donald Trump has dramatically shortened his original 50-day ultimatum to Vladimir Putin to call a ceasefire in Ukraine to a mere ten days. It’s an unmistakable sign of Trump’s frustration with the Russian leader who he now appears to view as the main obstacle to ending the war.

Progress has been similarly limited on another of Trump’s flagship foreign policy projects: ending the war in Gaza. As a humanitarian catastrophe engulfs the territory, Trump and some of his Maga base are finally challenging Israel’s denials that, after almost two years of war, many Gazans now face a real risk of starvation.

In neither case have his efforts to mediate and bring an end to the violence borne any fruit. But not all of Trump’s efforts to stop violence in conflicts elsewhere in the world have been similarly futile. The administration brokered a ceasefire between Rwanda and the Democratic Republic of Congo (DRC), which the two countries’ foreign ministers signed in Washington on June 27.

The US president has also claimed to be behind the ceasefire between India and Pakistan in May after the two sides had engaged in several days of fierce combat following a terror attack in Indian-administered Kashmir by a Pakistan-backed rebel group. And, drawing a clear parallel between this conflict and the border clashes between Cambodia and Thailand in July, Trump announced he had pushed both countries’ leaders to negotiate a ceasefire.

All of these ceasefires, so far, have held. By contrast, the ceasefire in the war between Israel and Hamas in Gaza, to which Trump contributed in January, even before he was inaugurated for his second term, broke down in March and fighting has escalated ever since. A short-lived ceasefire in Ukraine in April was barely worth its name given the countless violations.

Mixed record

Three factors can explain Trump’s mixed record of peacemaking to date. First, the US president is more likely to succeed in stopping the fighting where he has leverage and is willing to use it to force foreign leaders to bend to his will. For example, Trump was very clear that there would be no trade negotiations with Thailand or Cambodia “until such time as the fighting STOPS”.

The crucial difference, so far, with the situation in the war against Ukraine is that Trump has, and has used, similar leverage only with the Ukrainian president, Volodymyr Zelensky. This led to a US-Ukraine agreement on a 30-day ceasefire proposal just two weeks after the now-notorious row between Trump and Zelensky in the Oval Office.

The mere threat of sanctions against Russia, by contrast, has done little to persuade Putin to accept whatever deal might Trump offer him. Trump’s threats – which he has never followed through on – did not work in January or May. The Kremlin’s initial reactions to the latest ultimatum from the White House do not indicate a change in Putin’s attitude.

A second factor that may explain why Trump has had peacemaking success in some cases but not others is the level of complexity of US interests involved. When it comes to US relations with Russia and Israel, there is a lot more at stake for Trump.

The US president still appears keen to strike a grand bargain with Russia and China under which Washington, Beijing and Moscow would agree to recognise, and not interfere in, their respective spheres of influence. This could explains his hesitation so far to follow through on his threats to Putin.

Similarly, US interests in the Middle East – whether it’s over Iran’s nuclear programme or relations with America’s Gulf allies – have put strains on the alliance with Israel. Trump also needs to weigh carefully the impact of any move against, or in support of, Israel on his domestic support base.

In the deal Trump brokered between Rwanda and the DRC, the issues at stake were much simpler: access for US investors to the mineral riches of the eastern DRC. Just days into his second term, Trump acknowledged that the conflict was a “very serious problem”. Congo’s president, Felix Tshisekedi, responded by offering the US access to minerals in exchange for pushing Rwanda to a deal to end the invasion and stop supporting proxy forces in the DRC.

This leads to the third factor that has enabled Trump’s peace-making success so far: simpler solutions are easier to achieve. Thailand and Cambodia and India and Pakistan can go back to the situation before their recent fighting. That does not resolve any of the underlying issues in their conflicts, but returns their relations to some form of non-violent stability.

It is ultimately also in the interests of the conflict parties. They have had a chance to make their violent statements and reinforce what they will and won’t tolerate from the other side. The required investment by an external mediator to end battles that have achieved what the warring sides want anyway – to avoid further escalation – is consequently quite limited.

Complex conflicts

Getting to any kind of stability in Ukraine or the Middle East by contrast requires prolonged engagement and attention to detail. These conflicts are at a stage in which a return to how things were before is not in the interests of the parties or their external backers. Nudging warring parties along on the path to agreement under such conditions requires a well-designed process, which is absent in Ukraine and failing in Gaza.

Thanks to funding and personnel cuts, the US secretary of state, Marco Rubio, is now required to perform multiple roles. Trump relies on personal envoys with at best limited foreign policy expertise, while insisting he makes all the decisions. This ultimately suggests that the White House simply may not have the bandwidth for the level of engagement that would be necessary to get to a deal in Ukraine and the Middle East.

This is a self-inflicted opportunity lost, not only for the United States but also for the long-suffering people of Ukraine and the Middle East.

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

– ref. Why Donald Trump has stopped some conflicts but is failing with Ukraine and Gaza – https://theconversation.com/why-donald-trump-has-stopped-some-conflicts-but-is-failing-with-ukraine-and-gaza-262241

MIL OSI Analysis –

August 5, 2025
MIL-OSI USA: Rep. Frankel Safeguards Access to Health Care with Bill to Repeal Trump Defunding of Planned Parenthood

Source: United States House of Representatives – Congresswoman Lois Frankel (FL-21)

Today, Rep. Lois Frankel (FL-22) joined Democratic colleagues in introducing the Restoring Essential Healthcare Act, legislation to repeal the newly enacted Republican ban on Medicaid reimbursements to Planned Parenthood health centers.

“Planned Parenthood is often the only place people can go for affordable, trusted health care. The ban on Medicaid reimbursements has put 200 clinics at risk of closure, affecting thousands of patients in Florida and millions more across the country, said Rep. Frankel.

“As required by federal law, Planned Parenthood does not use Medicaid funding for abortion care. Medicaid reimbursements support preventive and lifaesaving services such as STI testing and treatment, cancer screenings, birth control, and HPV vaccinations.”

“This cruel ban does not exist in isolation,” Frankel continued. “The harm is compounded by recent Republican deep cuts to Medicaid, affordable health coverage, and food assistance. These ugly policies work hand in hand to strip basic necessities from those who can least afford to lose them.”

On July 28, a federal judge temporarily blocked enforcement of the Medicaid provision, but the ruling is expected to be appealed. The Restoring Essential Healthcare Act would permanently repeal this dangerous measure and restore access to care for millions of Americans.

The bill has been endorsed by leading organizations committed to reproductive health and rights, including Planned Parenthood Federation of America, the Center for Reproductive Rights, the National Abortion Federation, the National Council of Jewish Women, the National Family Planning & Reproductive Health Association, the National Women’s Law Center Action Fund, and Physicians for Reproductive Health.

Senators Tina Smith of Minnesota and Patty Murray of Washington have introduced companion legislation in the Senate.

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: Department of Justice, CIA Transmit Declassified Durham Documents to Senator Chuck Grassley

Source: US State of California

WASHINGTON – Today, the Department of Justice transmitted the declassified Appendix of the Durham Report to the Senate Judiciary Committee following collaboration with the Central Intelligence Agency (CIA). This transmission advances President Donald J. Trump’s directive for maximum transparency and underscores the Attorney General’s commitment to that objective. It also fulfills a request for disclosure by Senate Judiciary Chairman Senator Chuck Grassley (R-IA), whose leadership on this issue has been instrumental.

This latest transmission to Senate Republicans follows the Department’s recent disclosure of information related to the FBI’s handling of the investigation into Hillary Clinton’s use of a private email server and mishandling of classified information.

Following the transmission of new Durham documents, Attorney General Pamela Bondi, CIA Director John Ratcliffe, and FBI Director Kash Patel released the following statements:

“Today, the Department of Justice provided Chairman Grassley with previously classified information relating to Special Counsel Durham’s investigation into possible coordination between the Clinton campaign and the Obama administration to interfere with the 2016 presidential election. This Department of Justice, alongside the CIA, is committed to truth and transparency and will continue to support good-faith efforts by Congress to hold our government accountable.” – Attorney General Pamela Bondi

“Today, CIA and the Department of Justice under Attorney General Pam Bondi are taking a bold step forward in declassifying the underlying intelligence in the Durham appendix showing the false Trump-Russia collusion narrative for what it was – a coordinated plan to prevent and destroy Donald Trump’s presidency. CIA stands with the Department and is committed to transparency and rebuilding trust in the IC. The American people deserve the opportunity to see the evidence for themselves.” – CIA Director John Ratcliffe

“The American people deserve the full, unfiltered truth about the Russia collusion hoax and the political abuse of our justice system it exposed. Today’s declassification and release of documents tied to the Durham report is another step toward that accountability. The FBI will continue working tirelessly with our federal partners at DOJ, CIA, and more to uncover the facts that should have been brought to light years ago. I’m grateful to Chairman Grassley for his steadfast leadership on this issue, and I look forward to our continued partnership in exposing one of the most shameful frauds ever perpetrated on the American public.” – FBI Director Kash Patel

MIL OSI USA News –

August 5, 2025
MIL-OSI Security: Department of Justice, CIA Transmit Declassified Durham Documents to Senator Chuck Grassley

Source: United States Attorneys General

WASHINGTON – Today, the Department of Justice transmitted the declassified Appendix of the Durham Report to the Senate Judiciary Committee following collaboration with the Central Intelligence Agency (CIA). This transmission advances President Donald J. Trump’s directive for maximum transparency and underscores the Attorney General’s commitment to that objective. It also fulfills a request for disclosure by Senate Judiciary Chairman Senator Chuck Grassley (R-IA), whose leadership on this issue has been instrumental.

This latest transmission to Senate Republicans follows the Department’s recent disclosure of information related to the FBI’s handling of the investigation into Hillary Clinton’s use of a private email server and mishandling of classified information.

Following the transmission of new Durham documents, Attorney General Pamela Bondi, CIA Director John Ratcliffe, and FBI Director Kash Patel released the following statements:

“Today, the Department of Justice provided Chairman Grassley with previously classified information relating to Special Counsel Durham’s investigation into possible coordination between the Clinton campaign and the Obama administration to interfere with the 2016 presidential election. This Department of Justice, alongside the CIA, is committed to truth and transparency and will continue to support good-faith efforts by Congress to hold our government accountable.” – Attorney General Pamela Bondi

“Today, CIA and the Department of Justice under Attorney General Pam Bondi are taking a bold step forward in declassifying the underlying intelligence in the Durham appendix showing the false Trump-Russia collusion narrative for what it was – a coordinated plan to prevent and destroy Donald Trump’s presidency. CIA stands with the Department and is committed to transparency and rebuilding trust in the IC. The American people deserve the opportunity to see the evidence for themselves.” – CIA Director John Ratcliffe

“The American people deserve the full, unfiltered truth about the Russia collusion hoax and the political abuse of our justice system it exposed. Today’s declassification and release of documents tied to the Durham report is another step toward that accountability. The FBI will continue working tirelessly with our federal partners at DOJ, CIA, and more to uncover the facts that should have been brought to light years ago. I’m grateful to Chairman Grassley for his steadfast leadership on this issue, and I look forward to our continued partnership in exposing one of the most shameful frauds ever perpetrated on the American public.” – FBI Director Kash Patel

MIL Security OSI –

August 5, 2025
MIL-OSI Security: Coast Guard releases report of investigation into Schooner Grace Bailey demasting

Source: United States Coast Guard

07/31/2025 09:37 AM EDT

The Coast Guard’s Office of Investigations and Casualty Analysis published a report of investigation (ROI) to Marine Casualty Reports regarding the demasting of the Schooner Grace Bailey in Penobscot Bay, Rockland, Maine resulting in the loss of life of one passenger and injuries to five other passengers on October 9, 2023.

MIL Security OSI –

August 5, 2025
MIL-OSI: Encore Capital Group® Announces Findings of its Third Economic Freedom Study
Source: GlobeNewswire (MIL-OSI)

SAN DIEGO, July 31, 2025 (GLOBE NEWSWIRE) — Encore Capital Group, Inc. (Encore) (Nasdaq: ECPG), an international specialty finance company, today announced the findings of its third Economic Freedom Study. The latest study surveyed over 6,000 adults in Encore’s largest markets, the United States and United Kingdom, about their feelings toward their personal finances and the economy.

Respondents were asked what causes them the most financial stress and the best ways to address their challenges, including attitudes toward working with debt collection companies to resolve past-due debt. The latest study also examines credit score awareness and financial literacy. The research was commissioned by Encore and conducted by Morning Consult.

A detailed report of the findings is available on Encore’s website. Key highlights from the study include:
- Most U.S. and U.K. adults feel somewhat or very positive about their personal financial futures, but they are less optimistic about their respective national economies. Nearly half (49%) of U.S. adults say their outlook on the future of the national economy is somewhat or very negative, compared to just over two-thirds (67%) of U.K. adults.
- “Being debt-free” was the most-selected definition of economic freedom for adults in both countries, chosen by 27% of both U.S. and U.K. adults. Being debt-free was the most-selected definition for every generation in both countries except U.K. Gen Z adults, among whom “having the independence to do/buy what I want” was the most-selected definition (25%).
- While U.S. adults are more aware of their credit scores than U.K. adults, most adults in each country desire a free way to check their credit score. Over four in five U.S. adults (83%) say they know their credit score, compared to just over half (51%) of U.K. adults. Of those who say they know their credit score, roughly half or more in each country report having a “good” or better rating.
- Nearly three in 10 (29%) U.S. adults and just under one in five (19%) U.K. adults report currently having past-due debt, especially younger and low-income adults. Most adults with past-due debt in both countries say it will take a long time to pay back most or all of their balance.
- Today, significantly more U.S. and U.K. adults are requesting help to repay past-due debt compared to the 2022 Encore Economic Freedom Study, and significantly more signal intentions to work with debt collection companies to resolve their debt.
“Our company supports consumers who are actively dealing with financial stress every day, which makes these findings especially important for us,” said Ashish Masih, Encore’s President and CEO. “By understanding how consumers are thinking and feeling about their finances, which priorities matter most to them, and how they plan to address past-due debt, we can better fulfill our Mission to help them on their path to economic freedom.”

The survey found that as U.S. consumers are accumulating credit card debt at record levels, and U.K. consumers continue to feel pessimistic about their national economy, adults in both countries are facing high economic concern and are focused on building emergency funds.

“We continue to be focused on meeting consumers where they are, and we’re well-positioned to help them,” Masih said. “We lead with empathy, tailor solutions to pay off past-due debt to consumers’ unique circumstances, always seek to understand the consumer’s needs and provide access to support in times of hardship.”

The survey’s findings affirm Encore’s approach to working with consumers. For example, about one-quarter (24%) of adults in both countries said that receiving a discount on debt owed would be most helpful to getting out of debt. Nearly the same number in both countries said having more time to pay off debt would be most helpful, followed by learning better financial habits.

Midland Credit Management (MCM), Encore’s U.S. subsidiary, published its Consumer Bill of Rights almost 15 years ago, and it remains the only one of its kind in the industry. It clearly defines how MCM will suspend collection activities when a consumer demonstrates that they are experiencing significant financial hardship due to medical issues, natural disasters, job loss or other challenges. Similarly, Cabot Credit Management, Encore’s U.K. and European subsidiary, has a Sensitive Support Team in the United Kingdom, which includes specialists trained to work with consumers facing mental or physical illness resulting in significant financial hardship. The team’s goal is to ensure a consumer’s debts don’t become a barrier to their physical or financial recovery or well-being.

“It is heartening to see consumers prioritizing being debt-free and showing a willingness to seek help, learn new financial skills and work with companies like Encore to achieve it,” Masih said. “The approach we take with consumers, including working with them one-on-one and tailoring solutions to meet their unique needs and circumstances, aligns well with the findings of the study.”

The Economic Freedom Study online survey was conducted from April 24-May 2, 2025, among 6,406 adults, including 3,192 U.S. adults and 3,214 U.K. adults. The U.S. and U.K. samples are weighted on age, gender, education, race/ethnicity and region to reflect the demographic makeup of their respective adult (18+) populations according to most recently available census data from each country. The margin of error for the total sample in each country is plus or minus 2 percentage points.

About Encore Capital Group, Inc.
Encore Capital Group® is an international specialty finance company that provides debt recovery solutions and other related services across a broad range of financial assets. Through our subsidiaries around the globe, Encore purchases or services portfolios of receivables from major banks, credit unions and utility providers.

Encore partners with individuals as they repay their debt obligations, helping them on the road to financial recovery and ultimately improving their economic well-being. Encore is the first and only company of its kind to operate with a Consumer Bill of Rights that provides industry-leading commitments to consumers. Headquartered in San Diego, Encore is a publicly traded NASDAQ Global Select company (ticker symbol: ECPG) and a component stock of the Russell 2000, the S&P Small Cap 600 and the Wilshire 4500. More information about the company can be found at http://www.encorecapital.com.

Contact
Faryar Borhani
Vice President, Chief Communications Officer
press@encorecapital.com

The MIL Network –
August 5, 2025
MIL-OSI USA: On The Senate Floor, Durbin Urges The Release Of Political Prisoners In The UAE, Azerbaijan, Tunisia, & Guatemala

US Senate News:

Source: United States Senator for Illinois Dick Durbin

July 31, 2025

WASHINGTON – In a speech on the Senate floor, U.S. Senate Majority Whip Dick Durbin (D-IL) highlighted the plight of political prisoners in four nations and called for their immediate and unconditional release. These political prisoners have been outspoken in their support for democracy, freedom of the press, human rights, and basic freedoms.

During his remarks, Durbin reflected on past American voices in the fight for democracy, including President Reagan who told the Soviets at the Brandenburg Gate to “tear down this wall,” and John McCain who joined thousands of Ukrainians aspiring for freedom on the Maidan Square.

“From time to time I come to the floor to discuss political prisoners jailed by some of the world’s worst regimes. I have often been joined in efforts to secure their release by colleagues on both sides of the aisle, including then-Senator and now Secretary of State Marco Rubio.
You see, despite periods of retreat on the global stage, the United States has been seen as a beacon of hope for those who want a more free and democratic society, and this American voice has also enjoyed broad bipartisan support,” said Durbin.

Durbin first highlighted Ahmed Mansoor who has been imprisoned for over eight years in the United Arab Emirates. Mr. Mansoor is considered one of the last major human rights voices in the Emirates—one tragically held at times in solitary confinement unable to contact his family. He was arrested under the guise that his social media posts advocating for human rights threatened social harmony.

“Despite dismal conditions of his incarceration, he remains steadfast in his commitment to human rights—even conducting multiple hunger strikes in protest of his jail conditions, the same conditions he spoke out against before his detention. Recently his outrageous 15-year sentence was upheld on appeal. We have strong ties and shared interests with the UAE, but its continued involvement in the horrific Sudanese civil war and incarceration of Mr. Mansoor complicate that relationship. I appeal to the UAE President Mohamed bin Zayed Al Nahyan to show compassion and allow Mr. Mansoor’s release on humanitarian grounds,” Durbin said.

Durbin then highlighted a political prisoner in Azerbaijan—Dr. Gubad Ibadoghlu—who was forcibly dragged from his vehicle with his wife and severely beaten. He was taken to a prison well known fortorture, where he was denied medication and legal representation.

“His [Dr. Ibadoghlu’s] crime? Investigating and writing on the rampant corruption stemming from Azerbaijan’s oil and gas industry. While he was eventually placed under house arrest in April 2024, he has still been denied a trial, legal representation, and access to adequate medical care, and his family continues to suffer harassment. He is one of the many wrongfully detained individuals in Azerbaijan who should be released,” said Durbin.

Durbin then spoke about a political prisoner in Tunisia, originally one of the most promising nations to emerge from the Arab Spring. Sonia Dahmani, a prominent Tunisian lawyer and political commentator who was arrested in May 2024 for her radio and television commentary. She faces five separate legal proceedings and an additional 10 years pending charges. Her sister, Ramla, was also sentenced in absentia to two years in prison for advocating for her sister’s case on social media.

“Ms. Dahmani has endured appalling prison conditions, including sexual assault, and denial of basic medical care. I urge President Saied: release her on humanitarian charges and drop any remaining charges, including against her sister,” Durbin continued.

Lastly, Durbin spoke about two cases in Guatemala—including the troubling jailing of journalist José Rubén Zamora and legal harassment of anti-corruption prosecutor, Virginia Laparra.

“Their incarceration occurred amid multiple efforts to derail the peaceful transition of power to President Arevalo last year. Both were eventually released from prison to house arrest, but Mr. Zamora has now been sent back to prison and Ms. Laparra continues to face baseless legal harassment from holdovers from the previous regime. Both deserve full release and dropping of remaining charges,” said Durbin.

Durbin concluded, “What we do here matters around the world, for the large and small battles occurring for freedom and democracy. My friend and jailed Russian dissident Vladimir Kara Murza wrote the following from his Russia gulag a few years ago, ‘The prisoner’s worst nightmare is the thought of being forgotten… I always knew how true those words were — and how important were international campaigns of solidarity with prisoners of conscience. I now feel it with my own skin.’ So, let me remind Ahmed, Gubad, Sonia, José Rubén, and Virginia—you are not forgotten… Don’t give up hope. I will continue to be that voice to remind the world of the incarceration and treatment [of the political prisoners.] We need to be a beacon of hope and freedom in the United States.”

Following the speech, Durbin met with Mr. Zamora’s son, José, and Dr. Ibadoghlu’s son, Emin. They also watched Durbin’s floor speech from the Senate gallery.

Video of Durbin’s floor speech is available here.

Audio of Durbin’s floor speech is available here.

Footage of Durbin’s floor speech is available here for TV Stations.

-30-

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: Durbin Introduced Legislation To Protect More Than 13,000 Acres Of Shawnee National Forest

US Senate News:

Source: United States Senator for Illinois Dick Durbin

July 31, 2025

The Shawnee National Forest Conservation Act would create 12,700 additional acres of special management areas and 750 acres of wilderness in the Shawnee National Forest

WASHINGTON – This week, U.S. Senate Democratic Whip Dick Durbin (D-IL) introduced the Shawnee National Forest Conservation Act, legislation that would create 12,700 additional acres of special management areas and 750 acres of wilderness in the Shawnee National Forest. Securing this designation for these acres would offer critical protections to the area.

“The Shawnee National Forest welcomes thousands of visitors each year, who take advantage of the beautiful views and hiking trails. It’s critical that our natural areas are preserved to ensure that generations of Illinoisans can continue to enjoy all that Shawnee National Forest has to offer,” Durbin said. “I’m introducing the Shawnee National Forest Conservation Act to protect more than 13,000 acres of one of our state’s richest natural resources.”

“Protecting these wonderful areas in the Shawnee National Forest, including the new Camp Hutchins Wilderness Area, will go a long way to preserving some of the most remarkable landscapes, biodiversity, and water resources in Southern Illinois,” said Howard Learner, Executive Director of the Environmental Law & Policy Center. “Illinois cares about Wilderness areas in the Shawnee, and we now have a great opportunity to continue protecting these special places for hiking, camping, and wildlife.”

“These three areas are rich in biodiversity and among Illinois’ most pristine habitats, but they are not currently protected against logging or other commercial activities,” said Barbara McKasson, a leader with the Shawnee Group of the Sierra Club. “Senator Durbin’s proposal will ensure that future generations will be able to enjoy these high quality natural areas, and that they will continue to support a rich diversity of wildlife.”

The 12,700 acres of special management areas will be from the following areas: 2,953 acres from Camp Hutchins; 3,445 acres from Ripple Hollow; and 6,310 acres from Burke Branch. The 750 acres of wilderness will be in Camp Hutchins.

The Shawnee National Forest consists of 289,000 acres and its boundaries have been expanded three times since the U.S. Forest Service originally purchased the land in 1933. Roughly 10 percent, or about 30,000 acres, of the Shawnee National Forest is currently protected as wilderness.

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MIL OSI USA News –

August 5, 2025
MIL-OSI USA: Rep. Adam Smith Responds to WSJ Op-Ed, Calls for Immediate Humanitarian Ceasefire and a New Path Forward in Gaza

Source: United States House of Representatives – Congressman Adam Smith (9th District of Washington)

SEATTLE, WA – Today, Representative Adam Smith (D-Wash.) issued the following statement in response to the ongoing war in Gaza and a recent Wall Street Journal op-ed by William A. Galston titled “Hamas Will Never Surrender,” calling for Israel to accept a ceasefire in return for the release of hostages, and a new strategy to rebuild Gaza and empower credible Palestinian governance:

“William Galston’s op-ed in the Wall Street Journal acknowledges a hard truth: Hamas will never surrender. That truth underscores the urgent need for a fundamental shift in strategy. After nearly two years of war, it’s clear that the complete destruction of Hamas is not a feasible or sustainable goal and the cost of continuing to try is far too high.

“Hamas is a terrorist organization and bears full responsibility for the horrific October 7 attacks. But continuing this war indefinitely, with devastating consequences for innocent Palestinian civilians, will not bring peace or security to Israel or the region.

“There are Palestinians who reject Hamas’s violence and extremism and they must be empowered to lead. A new path forward is the only way to achieve long-term peace and security. The current course of continued military operations, displacement, and indefinite occupation risks even greater instability, can undermine key regional partnerships, and diminishes Israel’s moral and strategic standing.

“It is time for an immediate ceasefire to address the humanitarian crisis and for Israel to accept a permanent ceasefire in exchange for the return of the remaining hostages. Israel must begin working with the United States, Arab partners, and the international community to support credible Palestinian alternatives to Hamas to govern Gaza and the West Bank.

“We can continue to support Israel’s right to defend itself while recognizing that the military campaign has reached its limits. The time has come to shift from endless war to a political strategy that brings hostages home, delivers humanitarian relief, and builds the foundations for lasting peace. The United States must lead that effort.”

MIL OSI USA News –

August 5, 2025
MIL-OSI USA: Doehler Dry Ingredient Solutions, LLC Recalls Member’s Mark Freeze Dried Fruit Variety Pack for Listeria monocytogenes Contamination

Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:
July 30, 2025
FDA Publish Date:
July 31, 2025
Product Type:
Food & BeveragesFoodborne Illness
Reason for Announcement:

Recall Reason Description
Potential Foodborne Illness – Listeria monocytogenes

Company Name:
Doehler Dry Ingredient Solutions, LLC
Brand Name:

Brand Name(s)
Member’s Mark

Product Description:

Product Description
Freeze dried fruit

Company Announcement
Cartersville, GA – 7/30/2025 – Doehler Dry Ingredient Solutions, LLC is recalling Member’s Mark Freeze Dried Fruit Variety Pack 15 count boxes, UPC 1 93968 50900 2 due to contamination with Listeria monocytogenes. Listeria monocytogenes, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Although healthy individuals may suffer only short-term symptoms such as high fever, severe headache, stiffness, nausea, abdominal pain and diarrhea, a Listeria monocytogenes infection can cause miscarriages and stillbirths among pregnant women.
No illnesses have been reported to date.
Products affected are:

PRODUCT

SIZE

UPC

LOT/MFG CODES

USE BY DATE

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25175

06/24/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25176

06/25/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25177

06/26/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25181

06/30/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25182

07/01/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25183

07/02/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25184

07/03/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25186

07/05/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25188

07/07/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25189

07/08/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25190

07/09/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25191

07/10/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25192

07/11/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25196

07/15/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25197

07/16/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25198

07/17/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25199

07/18/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25202

07/21/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25203

07/22/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25204

07/23/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25205

07/24/2027

Member’s MarkFreeze Dried FruitVariety Pack

15 count

1 93968 50900 2

25206

07/25/2027

The firm discovered the problem via internal testing of their products. The products were distributed between 7/1/2025-7/25/2025 and sold in Sam’s Club retail stores. These products were packaged in foil pouches inside a corrugated box. The lot number and expiration date are located on the bottom of the case. Product was shipped to distribution centers in the following states: AL, AZ, CA, CO, CT, DE, FL, GA, HI, IA, ID, IL, IN, KS, LA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, PA, PR, SC, SD, TN, TX, UT, VA, WI, WV, WY. Consumers who have this product in their possession should not consume the product. They should discard it and may visit any Sam’s Club for a full refund.
Consumers with questions may contact Doehler Dry Ingredient Solutions, LLC’s Customer Service at 770-387-0451, Monday-Friday 8am-5pm EST.
This recall is being made with the knowledge of the Food and Drug Administration.

Company Contact Information

Consumers:
Doehler Dry Ingredient Solutions, LLC’s Customer Service
770-387-0451

Product Photos

Content current as of:
07/31/2025

Regulated Product(s)

Topic(s)

Follow FDA

MIL OSI USA News –

August 5, 2025
MIL-OSI Security: U.S. Department of Justice Announces Compensation Process for Victims Trafficked Through Backpage.com

Source: United States Attorneys General 7

Today, the Department of Justice announced the launch of the Backpage remission process to compensate victims whose trafficking was facilitated through the Backpage.com website. This marks the largest remission process to date to compensate victims of human trafficking.

“Backpage.com facilitated the exploitation of women and children as one of the largest online advertisers for commercial sex and sex trafficking over its 14-year existence,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “Backpage and its executives made millions off the trafficking of victims. Today’s announcement underscores the Department’s unwavering commitment to use forfeiture to take the profit out of crime and to compensate victims.”

“Backpage used its position as the leading commercial sex advertisement website to make millions of dollars through their corrupt and heinous peddling of people,” said U.S. Attorney Timothy Courchaine for the District of Arizona. “The District of Arizona was proud to hold its executives accountable though criminal convictions and is proud to continue our efforts by forfeiting those ill-gotten gains to compensate real victims.”

“Today’s announcement shows the FBI’s commitment to ensuring that those who profit from human trafficking face the consequences of their actions,” said Assistant Director Jose A. Perez of the FBI Criminal Investigative Division. “We will continue to work alongside partners to thwart this industry by decimating its capacity for monetary gain while seeking safeguards for its victims.”

“Sex trafficking is one of the most horrific crimes we confront as a society,” said Chief Guy Ficco of IRS Criminal Investigation. “While traffickers try to operate in the shadows, the money always leaves a trail—and that’s where we come in. IRS-CI is committed to following that financial trail to expose criminal networks and help bring justice to survivors. We’re proud to work with our federal partners to dismantle those who profit from exploitation. Victims in this case should file their petitions by Feb. 2, 2026, to access the compensation they rightfully deserve.”

From 2004 to April 2018, criminals used Backpage.com as an online platform to facilitate commercial sex and sex trafficking, including trafficking of minors. In April 2018, the government seized Backpage.com. To date, Backpage.com, its owners, and key executives and businesses related to the platform have been found guilty of criminal offenses, including conspiring to facilitate unlawful commercial sex using a facility in interstate or foreign commerce and money laundering, and have been sentenced to federal terms of imprisonment.

In December 2024, the Department of Justice forfeited over $200 million in assets traceable to Backpage’s profits. These funds are now available to compensate victims for eligible losses. The Department of Justice has retained Epiq Global Inc. (Epiq) to serve as the Remission Administrator for this matter.

Victims whose sex trafficking was facilitated through advertisements posted on Backpage.com between Jan. 1, 2004, and April 6, 2018, and who incurred financial losses related to their trafficking may be eligible for remission. Individuals, their representatives, or estates of deceased victims may file a petition online or may obtain a Petition Form online at https://www.backpageremission.com/. Victims may also call, email, or write to the Remission Administrator to request that a Petition Form be sent to them.

The deadline to file a petition for remission is Feb, 2, 2026. For more information about the remission process – including eligibility requirements, updates, and frequently asked questions – please visit the official website at https://www.backpageremission.com/ or contact Epiq at 1-888-859-9206 toll-free, or 1-971-316-5053 for international calls, charges may apply. The Remission Administrator and the Justice Department will not ask for any payment to participate in this remission process.

The United States Postal Inspection Service (USPIS), the FBI, and IRS Criminal Investigation (IRS-CI) investigated this matter.

Senior Trial Attorney Austin Berry of the Criminal Division’s Child Exploitation and Obscenity Section (CEOS) and Assistant U.S. Attorney Kevin Rapp with assistance on forfeiture from Joseph Bozdech of the District of Arizona are prosecuting the case. Assistant U.S. Attorney Jonathan S. Galatzan, Chief of the Central District of California’s Asset Forfeiture and Recovery Section, handled the asset forfeiture aspects of the related civil cases. Special Agent Richard Robinson of IRS-CI, Special Agent Desirae Tolhurst of the FBI, USPIS Inspectors Lyndon Versoza and Quoc Thai, and Analyst Jane Chung with the Joint Regional Intelligence Center, spearheaded the investigation.

The Department of Justice, through the Asset Forfeiture Program, works diligently to compensate victims of crime. Since 2000, the Criminal Division’s Money Laundering and Asset Recovery Section (MLARS), which oversees the Asset Forfeiture Program’s victim compensation program, has successfully used its specialized expertise to return more than $12 billion in forfeited assets to victims of crime. MLARS Senior Attorney Advisor Jane K. Lee and Attorney Advisor Brittany R. Van Camp with the section’s Program Management and Training Unit are leading the remission process.

MIL Security OSI –

August 5, 2025
MIL-OSI: Seed Talent Launches TopTrainedDispensaries.com to Highlight Stores with Elite Education Standards and Better Consumer Outcomes
Source: GlobeNewswire (MIL-OSI)

CHICAGO, July 31, 2025 (GLOBE NEWSWIRE) — Seed Talent, the leading cannabis workforce development platform, proudly announces the release of its Top Trained Dispensaries list and launch of its new website, TopTrainedDispensaries.com. This innovative website empowers cannabis customers and patients to easily locate dispensaries with highly educated teams and exceptional customer service nationwide.

TopTrainedDispensaries.com leverages Seed Talent’s proprietary data to create a central, user-friendly database of dispensaries that have achieved excellence in staff education. To be included, dispensaries must complete an aggregate of 50% or more of Seed Talent’s robust cannabis education and product specific courses, ensuring that they deliver elevated customer experiences and a deep understanding of products and patient care.

“We are building the way that cannabis will be bought forever. The feedback we have received from customers and patients across the country has been that they want a better cannabis shopping experience than what many stores currently offer,” said Kurt Kaufmann, CEO of Seed Talent.

“We saw an opportunity to bridge the gap between the consumers seeking more and the dispensaries working to create more informed, thoughtful retail experiences. Our hope is that this site helps make those connections easier — and encourages more shops to educate customers on the value of cannabis products, not just the price.”

Unique Benefits for Cannabis Shoppers
- Enhanced Customer Experience: Locate dispensaries with staff trained to deliver top-tier guidance and education.
- Nationwide Reach: Explore verified, education-first dispensaries across the United States.
- Easy Navigation: Find trusted cannabis retailers near you with a sleek, intuitive interface.
Get Your Dispensary on the List

Seed Talent is a free to access tool for dispensaries and those looking to showcase their commitment to education are encouraged to reach out to support@seedtalent.com for setup with complimentary access. Seed Talent provides a clear path for retailers to elevate their customer service by investing in their team’s training and expertise.

The launch of TopTrainedDispensaries.com. marks a significant step forward in creating transparency and promoting education in the cannabis industry. Customers, patients, and industry leaders are invited to explore the new site today!

About Seed Talent

Seed Talent (seedtalent.com) is the cannabis industry’s leading employee enablement platform, operating in 2,400+ dispensaries, 450+ brands, across 34 U.S. states & Canada. Seed Talent provides unparalleled access to education and skill-building resources for cannabis professionals, brands & retailers, with a focus on creating a higher standard of education across the cannabis sector.

Contact: Kurt Kaufmann
Seed Talent
Kurt@seedtalent.com
872.262.0743

The MIL Network –
August 5, 2025
MIL-OSI: The Bull Market Is Back! Enjoy 100x Leverage, 100% Deposit Bonus, and No KYC on BexBack
Source: GlobeNewswire (MIL-OSI)

SINGAPORE, July 31, 2025 (GLOBE NEWSWIRE) — BexBack Exchange has launched an aggressive new promotion to empower both new and seasoned crypto traders: All eligible new users receive a $50 welcome bonus and a 100% deposit bonus match. As the crypto market braces for another period of high volatility, BexBack is making futures trading more accessible and profitable than ever. With up to 100x leverage, zero KYC requirements, and support for over 50 digital assets, the platform provides an ideal environment for those seeking to capitalize on market swings without large upfront capital.

Advantages of 100x Leverage Crypto Futures
1. Amplified Profits: Control large positions with a small amount of capital, capturing more profits from market fluctuations.
2. Low Capital Requirement: Participate in high-value trades with minimal investment, lowering the entry barrier.
3. Increased Market Opportunities: Profit quickly from price fluctuations, especially in volatile markets.
4. High Capital Efficiency: Leverage enables better use of your capital, expanding your investment potential.
5. Profit from Both Up and Down Markets: Adapt to any market conditions, with opportunities to profit whether the market goes up or down.
What Is 100x Leverage and How Does It Work?

Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

With BexBack’s deposit bonus

BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

How Does the 100% Deposit Bonus Work?
The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

About BexBack?

BexBack is a leading cryptocurrency derivatives platform offering up to 100x leverage on futures contracts for BTC, ETH, ADA, SOL, XRP, and over 50 other digital assets. Headquartered in Singapore, the platform also operates offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. Like many top-tier exchanges, BexBack holds a U.S. MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. The platform accepts users from the United States, Canada, and Europe, with zero deposit fees and 24/7 multilingual customer support, delivering a secure, efficient, and user-friendly trading experience.

Why recommend BexBack?

No KYC Required: Start trading immediately without complex identity verification.

100% Deposit Bonus: Double your funds, double your profits.

High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

Convenient Operation: No slippage, no spread, and fast, precise trade execution.

Global User Support: Enjoy 24/7 customer service, no matter where you are.

Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

Take Action Now—Don’t Miss Another Opportunity!

If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users, Deposit more than 0.001 BTC or 100 USDT and complete a transaction (opening and closing a position) within one week after registration, you can be a winner in the new bull run.

Sign Up Now on BexBack — Break the 100x Leverage and KYC Barriers, Get Double Deposit Bonus and $50 Welcome Bonus Instantly

Website: www.bexback.com

Contact: business@bexback.com

Contact:
Amanda
business@bexback.com

Disclaimer: This content is provided by BexBack.The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

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The MIL Network –
August 5, 2025

Category: United States of America

Congressman Amo joined local press to highlight how Trump’s chaotic tariffs, Big, Ugly law, and illegal withholding of federal funds is hurting Rhode Islanders.

Trump, the meme pope

In-jokes

Elon Musk and weaponizing empathy

Individuals vs. the collective

Mangione, the meme martyr

Emotional saturation

Feeling our way through the feed

Consumed by media

Not all wars covered equally

Accusations of antisemitism

Left-wing bias?

What do journalists owe peace?

Mixed record

Complex conflicts

The Shawnee National Forest Conservation Act would create 12,700 additional acres of special management areas and 750 acres of wilderness in the Shawnee National Forest