NewzIntel.com

Category: Natural Disasters

  • MIL-OSI Security: St. Clair Shores Man Convicted of Importing, Possessing, and Transferring Machineguns, and Failing to Keep Proper Records as a Federal Firearms Licensee

    Source: Office of United States Attorneys

    DETROIT – A St. Clair Shores man was convicted by a federal jury this week on charges of illegally importing, possessing, and transferring machineguns, as well as failing to keep proper records as a Federal Firearms Licensee (FFL), United States Attorney Jerome F. Gorgon, Jr., announced today.

    Gorgon was joined in the announcement by ATF Detroit Special Agent in Charge James Deir.

    Chase Farmer, 26, was convicted following a week-long jury trial before United States District Judge Gershwin Drain. 

    Evidence presented at trial established that in 2020, Chase Farmer applied for and received a license to deal in firearms. His business was called Shall Not Be Infringed LLC. Farmer did not have a license to import firearms, including machineguns. Yet from 2020 to 2021, he made four orders on a now-defunct Russian website called Silencer Sales for machinegun conversion devices, including Glock switches and drop in auto sears. Farmer paid for the devices in Rubles and used an alias to avoid detection by law enforcement. Although Farmer purchased and received approximately 30 machinegun conversion devices from Silencer Sales, when the ATF searched Farmer’s home and business in 2022, he only had two drop in auto sears in his possession. Farmer was unable to account for the 28 missing machinegun conversion devices. After deliberating for approximately an hour, the jury returned a verdict of guilty on all counts.

    U.S. Attorney Gorgon stated, “Machinegun conversion devices gravely endanger our community by turning semi-automatic weapons into fully automatic machineguns. Chase Farmer sought out the ability to deal and manufacture firearms, but he flagrantly ignored his responsibility to follow the law. Farmer is responsible for putting 28 machinegun conversion devices on the street and potentially in the hands of criminals.”

    “This wasn’t negligence – it was pure greed at its core,” said ATF Detroit Field Division Special Agent in Charge James Deir. “Chase Farmer abused the trust the government placed in him as a federal firearms licensee to nefariously acquire and distribute illegal conversion devices, using fake identities and foreign currency to avoid detection by law enforcement. This is what illegal firearms trafficking looks like: An individual putting personal greed before our community’s safety.  This case is representative of ATF’s core mission to protect the public.  Mr. Farmer’s actions were a clear and present danger to our overall safety by knowingly putting 28 machine gun conversion devices on our streets.”

    Farmer will be sentenced by Judge Drain in the summer of 2025. He faces a maximum sentence of up to 10 years’ incarceration.

    This case was investigated by the ATF and was prosecuted by Assistant U.S. Attorneys Diane Princ and Sarah Alsaden.   

    MIL Security OSI –

  • MIL-OSI Russia: Jamaica: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 8, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Kingston, Jamaica: An International Monetary Fund (IMF) team led by Mr. Mauricio Villafuerte held meetings in Kingston (and virtually) with Jamaica government counterparts, private sector, civil society, and development partners during April 30-May 7 to conduct the 2025 Article IV consultation. At the conclusion of the mission, Mr. Villafuerte issued the following statement:   

    “Over the last decade, Jamaica has successfully reduced its public debt, firmly anchored inflation and inflation expectations, and strengthened its external position. It has built an enviable track record of investing in institutions and prioritizing macroeconomic stability. Jamaica has met recent global shocks and natural disasters in a manner that is agile, prudent, and supportive of growth.

    GDP declined in FY2024/25 due to hurricane Beryl and tropical storm Raphael which damaged agriculture and infrastructure and undermined tourism. Nonetheless,  economic activity is projected to normalize as these effects wane. Unemployment has fallen to all-time low levels (3.7 percent in January 2025) and inflation has converged to the Bank of Jamaica (BOJ)’s target band of 4-6 percent. The current account has been in a modest surplus for the last two fiscal years with strong tourism revenues and high remittances. The international reserves’ position has continued to improve.

    “The outlook points to growth settling at its potential rate once the FY2025/26 recovery is complete and with inflation stabilizing at the BOJ’s target range. Nonetheless, global developments require continued close monitoring. Global downside risks emanating from tighter global financial conditions, lower growth in key source markets for tourism, and trade policy disruptions remain high. Finally, extreme weather events—such as floods, hurricanes, or earthquakes—could negatively affect economic activity.

    “The Jamaican authorities continue to implement sound macroeconomic policies, aided by robust policy frameworks. A primary surplus is expected for FY2025/26 leading public debt to fall towards 65 percent of GDP by the end of the fiscal year, the lowest level in 25 years and well below pre-pandemic levels. The Bank of Jamaica’s approach to monetary policy has anchored inflation around the mid-point of the inflation target band and inflation expectations have declined close to the upper band of the BOJ’s target range. The lowering of the policy rate in 2024 was justified in view of the temporary nature of the weather-related shocks and the expected convergence of inflation to the BOJ’s target. The current fiscal-monetary policy mix places Jamaica in a good position to respond to the various downside global risks, should they be realized.

    “The policy frameworks are benefitting from ongoing improvements. A Fiscal Commission became operational in 2025 and is providing assessments of the macroeconomic and fiscal forecasts as well as the budget’s consistency with Jamaica’s fiscal rules. The wage bill reform has reduced distortions in public sector compensation, increasing both transparency and competitiveness of civil service salaries. Tax and customs administration improvements are increasing compliance. Progress continues with adopting the Basel III framework, introducing a “twin peaks” supervisory regime, expanding the BOJ’s supervisory perimeter, and enhancing consolidated supervision.

    “Going forward the wage bill needs to be carefully managed to avoid crowding out other fiscal priorities. At the same time, there is room to improve the efficiency of public spending per recommendations of an Agile Public Expenditure and Financial Accountability assessment completed in June 2024. The fiscal responsibility law could benefit from the adoption of an explicit operational debt anchor below the current debt limit to help guide policies over the medium term, ensure that debt is kept at moderate levels, and build fiscal buffers. Implementing reforms to deepen foreign exchange market and allow greater exchange rate flexibility would strengthen the transmission mechanism of monetary policy. Financial stability should be further bolstered by passing the Special Resolution Regime law and making further improvements to the AML/CFT framework.

    “The authorities are implementing policies to foster potential growth and tackle supply side constraints that inhibit growth. Low productivity has been worsened by structural impediments including high crime, barriers to competition, poor educational outcomes, inadequate infrastructure, and barriers to trade. The authorities are addressing these issues by increasing investments in policing and security (which has led to a sustained decline in major crimes). Efforts are also underway to establish an unemployment insurance and strengthen employment services (including job counseling and job matching). The authorities continue to introduce measures to reduce pollution and incentivize the adoption of low carbon technologies. Finally, a comprehensive action plan is being developed to improve statistics.  

    “The IMF team is grateful to the Jamaican authorities and other counterparts for their hospitality and very productive discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Brian Walker

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/05/08/mcs-05072025-jamaica-staff-concluding-statement-of-the-2025-article-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Global: Recycling asphalt pavement can help the environment − now scientists are putting the safety of recycled pavement to the test

    Source: The Conversation – USA – By Jingtao Zhong, Ph.D. Student in Civil Engineering, University of Tennessee

    The composition of the asphalt mixture making up a road can determine how safe it is for cars to drive on. Tarik Seker/iStock via Getty Images Plus

    More than 90% of paved roads in the U.S. are made of asphalt, which is constructed with nonrenewable materials such as petroleum. One way to make paving more sustainable is to recycle old pavement. When roads break down and need repaving, transportation agencies can recycle their old pavement into a reusable material called reclaimed asphalt pavement, or RAP. This method reduces carbon emissions and conserves natural resources.

    Nearly 95% of new asphalt pavement projects in the U.S. incorporate RAP.

    However, researchers don’t know as much about the long-term safety and durability of RAP as they do about new pavement.

    So, can engineers make roads more sustainable without compromising safety? As civil engineering researchers at the University of Tennessee, Knoxville, we’re working with our state’s transportation department to help answer this question.

    RAP and friction

    Asphalt pavement is composed of asphalt binder and aggregates. Asphalt binder is typically sticky and black petroleum-based material that acts as glue, holding the pavement together.

    Aggregates are solid materials, such as crushed stone, gravel or sand. The pavement manufacturers coat these aggregates with asphalt to bind them together and create a durable road surface. But both of these materials are nonrenewable.

    One way to reduce the demand for new aggregates is by recycling old pavement. Contractors use a milling machine to grind up the existing pavement surface. The milled material is then reused: The old aggregates and asphalt binder from the road become part of the new mixture. These old materials are often blended with new binder and additional aggregates to make sure they can perform well.

    Why study RAP’s properties?

    One challenge with using RAP is that its properties vary significantly. RAP typically look black, since they are fully coated in asphalt. Researchers have a hard time visually inspecting them to identify the aggregate types, shapes or textures. But we developed testing procedures to measure these properties.

    The road’s ability to grip the tires, known as skid resistance, keeps vehicles from skidding or hydroplaning during wet conditions. Skid resistance is typically quantified by measuring a coefficient of friction between the tire and the pavement surface.

    Pavement friction is the force that resists the motion between a vehicle’s tire and the pavement’s surface. More friction means a vehicle is less likely to skid.

    Understanding RAP’s skid resistance-related properties is important because these attributes affect how safe the pavement is, especially when it’s wet.

    Nearly 75% of weather-related accidents occur on wet pavement. At low speeds, most of the skid resistance between a tire and the pavement comes from the texture of the aggregates.

    Most friction research has tested new aggregates. RAP needs to maintain good frictional properties to be as safe as the original, but until now, researchers haven’t fully investigated whether it does.

    How we study RAP’s properties

    Our research team developed a two-step process to better understand RAP’s safety performance. First, we extract the aggregates from the RAP. Then, we measure the frictional properties of those aggregates, since they play a key role in pavement skid resistance.

    To remove the black asphalt coating and expose the actual surface of the aggregates, we use two simple methods. The first is a mechanical method, where we crush the RAP using a hammer to expose the surface inside. The second is a chemical procedure, where we use a solvent to dissolve asphalt and leave the aggregates for further testing.

    Once we’ve cleaned the aggregates, we analyze their chemical composition and see how it relates to friction. One factor we look for is the hardness of the minerals in the aggregate. Harder minerals, such as silica, provide better friction as they keep their texture better over time instead of wearing down under traffic.

    We also use an aggregate image measurement system, which takes high-resolution images and analyzes the shape, angularity − the sharpness of the aggregate particles − and surface texture of the aggregates. These properties relate directly to skid resistance.

    Understanding the frictional properties of RAP − and, specifically, how silica content affects skid resistance − helps engineers determine whether an RAP mixture is safe for a road’s curves or intersections. These insights can guide how much RAP transportation departments can use, and where, without compromising safety. We hope our research will lead to solutions that reduce carbon emissions, conserve natural resources and keep roads safe over time.

    Jingtao Zhong receives funding from the Tennessee Department of Transportation (State project number RES2023-15).

    Baoshan Huang receives funding from the Tennessee Department of Transportation (State project number RES2023-15).

    – ref. Recycling asphalt pavement can help the environment − now scientists are putting the safety of recycled pavement to the test – https://theconversation.com/recycling-asphalt-pavement-can-help-the-environment-now-scientists-are-putting-the-safety-of-recycled-pavement-to-the-test-252348

    MIL OSI – Global Reports –

  • MIL-OSI Global: Basic research advances science, and can also have broader impacts on modern society

    Source: The Conversation – USA – By Bruce J. MacFadden, Distinguished Professor Emeritus, University of Florida

    As charismatic animals, sharks can stimulate interest in science, research and technology. Florida Museum (Kristin Grace photo)

    It might seem surprising, but federal research funding isn’t just for scientists. A component of many federal grants that support basic research requires that discoveries be shared with nonscientists. This component, referred to as “broader impacts” by the National Science Foundation, can make a big difference for K-12 students and teachers, museumgoers, citizen scientists and other people interested in science, while also helping the scientists themselves give back to the taxpayers that fund their work.

    Basic research, often done because of a curious scientist’s interest, may not initially have a direct application, like developing the smartphone or curing a disease. But these discoveries build important knowledge in the natural sciences, engineering, mathematics and related disciplines.

    The U.S. is a world leader in scientific and technological innovation. On the federal level, the National Science Foundation, or NSF, is one of the primary funders of this kind of basic research. In 2022, the federal government funded 40% of all basic research done in the U.S., with the remainder coming from other sources, including the business sector.

    During World War II, President Franklin D. Roosevelt wanted to position the U.S. for strategic and economic leadership worldwide. He commissioned physicist Vannevar Bush to develop a vision for the future of U.S. science and technology. His 1945 report, “Science: the Endless Frontier,” became the blueprint for government-funded basic research. In 1950, Congress created the National Science Foundation to promote the progress of science, advance national prosperity and welfare and secure the national defense.

    Vannevar Bush historically said that ‘without scientific progress, no amount of achievement in other directions can insure our health, prosperity and security as a nation in the modern world.’
    Office for Emergency Management Defense

    During the early decades of NSF, the 1950s until the late 1990s, proposals were mostly evaluated based on the quality of the science and the scientists doing the work. But then, the foundation created a new system, still in place today.

    Thus, each NSF research proposal is now peer-reviewed based on two criteria: intellectual merit, or the quality and novelty of the science and track record of the research team, and “broader impacts” – related activities that disseminate the discoveries to general audiences.

    Intellectual merit is about advancing science knowledge and innovation, while broader impacts describe why people who aren’t scientists should care, and how society could benefit from this research.

    Another pragmatic aspect to broader impacts is that taxpayers pay for these activities, so it’s important for them, and Congress, to understand their return on investment. These broader impacts activities communicate about, and engage the public in, research in a variety of ways.

    While researchers usually understand the intellectual merit of their NSF-funded projects, these broader impacts can be challenging to characterize.

    Broader impact activities

    Since childhood, I’ve had an interest in paleontology — the study of fossils and what we can learn from them about prehistoric life. This field is primarily basic research — adding to knowledge about ancient life. As a scientist conducting basic research, I’ve felt the responsibility to give back to society through broader impacts activities, and I’ve seen many of the benefits that these activities can have.

    My primary area of interest has been extinct mammals of the Americas, particularly the 55-million-year-old record of fossil horses on this continent. For years, NSF supported my discoveries about this interesting group of animals. Fossil horses are a classic example of evolution — in books and museum exhibits.

    A fossil horse from the Ice Age on display at the Florida Museum. Fossil horses are a classic example of evolution — both in books and museum exhibits.
    Florida Museum (Mary Warrick photo)

    Many people are generally interested in horses, so it’s easy to attract their attention with this charismatic group. They also are often surprised to learn that prehistoric horses were native to North America for millions of years. Then, during historical times, they were first introduced by humans onto the continent about 500 years ago.

    Over the years, my research team has used grant-funded broader impact activities to teach people about these fossil horses and our research. One example included working with K-12 science teachers to develop lesson plans. The students measured fossil horse teeth and explored how their teeth adapted to feeding on grasses. We’ve also developed exhibits on fossil horses and studied how they communicate science to museum visitors.

    Science teachers have joined our fieldwork to collect fossils along the Panama Canal during its recent expansion. I’ve given many talks and collaborated with fossil clubs and their members throughout the U.S. We’ve also promoted projects like Fossils4Teachers where fossil collectors donated their fossils and worked alongside K-12 teachers to develop lesson plans that were implemented back in the teachers’ classrooms.

    The Fossils4Teachers professional development workshop, hosted by the Florida Museum in 2017, is one example of a broader impacts activity.
    Florida Museum (Jeff Gage photo)

    We’ve also been able to activate peoples’ interest in other animal groups — such as fossil sharks. Through our Scientist in Every Florida School program, we gave middle school teachers study kits with real fossil shark teeth. Their students learned to identify the shark teeth and then trained computers to identify the teeth using machine learning, a type of artificial intelligence.

    Students study fossil shark teeth through a program at the Florida Museum of Natural History.
    Florida Museum (Megan Higbee Hendrickson photo)

    Broader impact outcomes

    Broader impacts activities like these can have a variety of short- and long-term outcomes. More than 50 million people visit natural history museums in the U.S. annually. Activities that promote museums can reach large numbers of people in their pursuit of lifelong learning.

    More broadly, participatory science interest groups can allow people to learn about science while informing basic research projects. Within the field of natural history, a few popular examples include the Merlin app and the iNaturalist app, both of which have millions of active observers. Merlin encourages people to submit their observations of birds, and iNaturalist accepts sightings of plants, animals and fossils, which researchers can carefully vet and use as data.

    Many of the K-12 teachers my team has worked with report that they feel more confident teaching the new science content that they learned from our collaborations.

    Interestingly, although much of the research on science professional development focuses on the teachers, scientists also report a high level of satisfaction and improved communication skills after working with these teachers, both in the field and back in the classroom.

    Basic research benefits for society

    Generations of U.S. scientists have greatly benefited from federal investments in basic research. In the 75 years since NSF’s founding, the organization has funded hundreds of thousand projects to advance science and technology.

    These have supported basic research discoveries and also the training and career development of the tens of thousands of scientists working on these projects annually.

    Many prominent scientists have gone on to be productive leaders and innovators in the U.S. and internationally. NSF has funded more than 268 Nobel laureates.

    While NSF invests in the discovery of foundational knowledge about the natural world, funded projects have not traditionally had direct applications for societal benefits. To be sure, however, many of NSF’s projects – for example, on lasers and nanotechnology – started out as curiosity-driven basic research and ended up with immense applications for technological innovation and economic prosperity.

    For example, mapping the Earth’s ocean floor’s magnetic properties during World War II helped scientists understand how the crust moves and mountains form. This led to the plate tectonic revolution in the earth sciences. This line of basic research then led to an important application: predicting the probable location of high-risk earthquake zones worldwide.

    None of these downstream applications and benefits to society would have been realized without basic research discoveries supported by federal agencies such as NSF, and the further value added through broader impacts activities.

    Bruce J. MacFadden has received funding from the U. S. National Science Foundation.

    – ref. Basic research advances science, and can also have broader impacts on modern society – https://theconversation.com/basic-research-advances-science-and-can-also-have-broader-impacts-on-modern-society-252983

    MIL OSI – Global Reports –

  • MIL-OSI Global: Russia looks to frame war as an inevitable part of life on Victory Day

    Source: The Conversation – UK – By Jennifer Mathers, Senior Lecturer in International Politics, Aberystwyth University

    Russia celebrates the 80th anniversary of the Soviet victory in the second world war on May 9. But while the cameras will focus on the assembled ranks of elderly war survivors watching the military parade in Red Square, Moscow, the focus of senior officials is on Russia’s children and young people.

    Patriotism in Vladimir Putin’s Russia is built on exaggerated respect for key moments in the country’s history. These moments have been chosen to create a specific story about Russia. This is a story about Russia’s military might, the ability of its citizens to endure almost unimaginable suffering for the motherland, and the inevitability of victory over its enemies.

    Victory Day gives the Kremlin a chance to retell that story. It also allows the state to assure Russians that they, like their ancestors, will be victorious in the so-called “special military operation” in Ukraine. Moscow describes this war as the modern-day equivalent of the fight against Nazi Germany.

    With fewer witnesses to that historic victory still alive, the Kremlin’s ability to manipulate society by drawing on this important memory depends on the willingness of the next generation to embrace the state’s official history. And Russian political figures are worried that young people nowadays are disconnected from their heritage.

    A poll conducted in December 2022 by the Russian Public Opinion Research Centre found that 76% of Russians aged 14 to 24 believe they have a good understanding of the history of their country. But the results of an alternative poll from June 2023 show that 70% of Russia’s young people do not know enough about their nation’s history.

    Vladimir Medinsky, the chairman of the Interdepartmental Commission of Historical Education of Russia, reflected on the issue at a forum on how to interest young people in Russian history in 2023. He said: “What needs to be done to make our children interested in history? To make interesting historical performances, to make historical films.”

    Russia’s leaders seek to address this perceived disconnect through military patriotic education. This is a system of surrounding children and young people with state-approved messages about Russia’s historic military victories and the role of its armed forces in making their country respected – and feared – around the world.

    These messages are conveyed through textbooks and in lessons at school. But one of the challenges for the Russian state is finding ways of making this material attractive enough for young people to want to engage with it.

    Putin himself has indicated that he understands this challenge. At a meeting with the Russian non-profit society Znaniye (Knowledge) on April 30, the Russian president argued that “it is crucial to have both an opportunity and skills to communicate the truth about past years and decades: sincerely, compellingly and – if I may say so – in a way that truly resonates”.

    Patriotic youth groups are an important vehicle for delivering military patriotic education in fun and exciting ways. These groups organise activities including games and competitions, as well as more immersive activities such as role-playing and re-enactments. These activities are designed to create a deeper engagement with the events of the past.

    One group, Victory Volunteers, emphasises collecting personal accounts from war veterans to add to the historical record. It also actively brings young people and war veterans together so that the heroes of future wars can be inspired by real-life stories of wartime heroism.

    Listening to these first-hand testimonials is intended to enable young people to deepen their understanding of the experience of war, including its hardships and tragedies.

    Yunarmiya (Young Army) is probably Russia’s best-known military patriotic youth group. It works with young people to develop their appreciation of history. But its focus on dressing its members in uniforms and training them in practical military skills has captured the attention of the world’s media.

    These skills include military-style activities such as marching in formation, learning how to assemble and disassemble weapons, and how to fire them.

    The Russian state also supports military patriotic education through the presidential grants fund. Hundreds of charities, youth groups and local societies apply to the fund twice a year, with the winners reportedly chosen by Putin himself.

    Many of the successful applications involve activities to raise young people’s awareness of historical memory, especially the memory of war.

    In 2022, for example, the historical reconstruction club Volnitsa received funding to organise a memorial march “in the footsteps of the winners” to mark the 80th anniversary of the liberation of the Bogucharsky region of Russia (near the border with Ukraine) from Nazi occupation.

    The successful application emphasised the emotional intensity of the reenactment and its educational effects on young participants.

    Events like the 80th anniversary of Victory Day have a significance for the Kremlin that goes beyond the speeches, parades and pageantry of the day itself. They are part of an effort by the Russian state to shape the expectations and behaviour of the next generation of its citizens.

    By encouraging young people to feel a personal connection to Russia’s history of war, Moscow hopes to ensure that society will regard war as an inevitable part of life. The scale of this effort suggests that Putin and other senior officials anticipate the need for a society willing to make sacrifices so that Russia can achieve victories in future wars.

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

    – ref. Russia looks to frame war as an inevitable part of life on Victory Day – https://theconversation.com/russia-looks-to-frame-war-as-an-inevitable-part-of-life-on-victory-day-255751

    MIL OSI – Global Reports –

  • MIL-OSI China: China urges relevant countries stop stirring up trouble in South China Sea

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

    China firmly opposes the recent joint sea and air patrol in the South China Sea by the Philippines, the United States and Australia and their hyping up of the event, a Chinese foreign ministry spokesperson said on Thursday.

    Spokesperson Lin Jian made the remarks while responding to a relevant query at a daily news briefing.

    Lin said the current situation in the South China Sea is generally stable, with no issues regarding the freedom of navigation and overflight enjoyed by countries under international law.

    Activities conducted by countries in the South China Sea should adhere to international law and the spirit of the Declaration on the Conduct of Parties in the South China Sea (DOC), and must not target third countries and jeopardize regional peace and stability, he added.

    “The Philippines, violating international law and the DOC, has frequently made infringements and provocations and stirred up troubles at sea,” Lin said, adding that it has sought to collude with external forces to disrupt peace in the South China Sea, showing off military power and serving as a pawn, which will ultimately backfire.

    Lin pointed out that certain extraterritorial countries, including the United States, have been assembling small circles in the South China Sea, engaging in confrontation in the name of cooperation, showing off military strength under the guise of freedom, and creating chaos in the name of order, posing the greatest risk to peace and stability in the region.

    China has been firm in maintaining its territorial sovereignty and maritime rights and interests and has worked with regional countries to uphold peace and stability in the South China Sea, Lin noted.

    “We advise relevant countries to cease forming cliques and stirring up trouble in the South China Sea and to stop undermining regional peace and stability,” he added. 

    MIL OSI China News –

  • MIL-OSI USA: After 170 Years, Thoreau’s River Observations Inform Our Changing Climate

    Source: US State of Connecticut

    Like an expertly choreographed dance, the sequence and timing of natural events through a season, called phenology, give us clues about how the climate is changing.

    For example, a warmer spring may lead to plants leafing and flowering early, potentially disrupting life cycles of the birds and insects who may miss this crucial window if it happens before they migrate. Climate change is throwing such timing out of balance, and unless it directly impacts humans, we may not notice.

    To study New England’s regional phenology through a historical lens, UConn Department of Earth Sciences Professor Robert Thorson is looking into 10 years’ worth of Henry David Thoreau’s meticulous, systematic records of river behavior from the 1850s to glean insights into climate change. His findings are published in The Concord Saunterer.

    A season is much more than a block of a few months on the calendar; it is a category of phenomena that varies depending on who you ask, says Thorson. For instance, a season differs if you ask a skier, a fisherman, or a student. To understand something as complex as climate change on a personal level requires helping them see that their seasons are being changed and time-shifted, no matter how they define them. This requires a well-established baseline with a clear definition for each season. Thoreau’s “Journal” provides exactly this.

    Replica of Thoreau’s boat, Musketaquid, on the bank of the Sudbury River, Lincoln, MA. (Photo courtesy of Juliet Wheeler)

    “I don’t pick Thoreau for his philosophy, he’s just a damn good observer,” says Thorson. “He is meticulous, he is daily, he is yearly, and he is systematically rigorous about roaming around 50 square miles and recording it day after day after day after day.”

    Thoreau created an impressive data set from 1850 through 1860, including the 6,000 entries Thorson has cataloged so far by reading line-by-line, indexing, and creating a spreadsheet. Thoreau recorded examples of phenology along the river – for instance, when the first ice occurred, when the river was completely frozen, when the first snow fell, and when the breakup of ice occurred.

    “From these observations, we can establish the timings of discrete phenomena from the mid-19th century using simple statistics,” says Thorson. “The next step is to compare those timings with the modern era using publicly available data; for example, minimum stream discharges from the U.S. Geological Survey.”

    Rather than seeing the year on a calendar, Thorson categorized how Thoreau saw not four, but ten discrete seasons whose exact dates were fluid and based on the physical conditions he observed rather than celestial happenings or arbitrary dates. These seasons included breakup, inland sea, aquatic spring, riparian spring, summer, drought, aquatic autumn, riparian autumn, freeze up, and winter white. Thorson details the timings and characteristics of Thoreau’s river seasons using hundreds of direct, dated, and descriptive quotes. Thorson notes that all of Thoreau’s seasons still exist today, though they have shifted in timing and intensity due to climate change.

    Thorson’s idea is to create a then-and-now comparison and to incorporate statistical analysis between Thoreau’s and modern data sets to understand patterns and trends in the complicated phenomena.

    “Even just answering the question of how much earlier ice breakup is occurring would take nothing more than a than simple statistical analysis. This is eminently translatable to the public because many residents of Thoreau country have experienced river breakup in the past,” says Thorson. “They may have had their dock ripped out by river ice, they may have gone swimming on a certain day, but not others. People could relate to this stuff, and that’s essentially what I’m trying to do.”

    Though Thoreau is remembered primarily for his writings while living on Walden Pond, Thorson points out that he actually spent most of his time on three local rivers, whether walking trails, boating, swimming, or skating.

    “This is a guy who skated 60 miles in one day — upriver to the falls at Framingham on the Sudbury River and then he turned around and skated past Concord all the way down to just north of Lowell in Billerica. Then he turned around and skated back home again. On another winter, he measured ice floes two feet thick. Imagine those conditions today. Now the river hardly freezes at all.”

    Researching this project, Thorson was delighted by the sensory detail of Thoreau’s descriptions. For example, on one August day, he felt the baking “dog-day” heat of the air, the silence of laminar streamflow, the “unctuous” iridescent sheen on sluggish water, and the fetid smell of riverbank muck draped by dead lily pads, says Thorson.

    “But within a day, he can feel fall coming, and all of a sudden, the first rains or the cooling air start to bring change. You get a completely different river from the preceding one of drought, or the one with icebergs stampeding down the river, tearing out bridges. All of this is phenology. All can be timed to a specific day.”

    With these phenological details, Thorson has laid the groundwork for creating a record of climate change. Thorson was initially inspired by Thoreau’s phenology when writing his book “The Boatman,” in which he was only able to sketch Thoreau’s river seasons briefly. With this new article, Thorson pulls it all together to identify the specific seasonal thresholds and present the information in Thoreau’s words to show readers how he saw the year. Thorson hopes the paper inspires collaboration with statisticians to help in the next step of analysis.

    “Probably the first thing I’ll do is explore where the modern records are. I also wanted to pull the historic record together and tighten portions into a robust hypothesis. Thoreau’s work is New England’s best record of broad environmental conditions for the mid-19th century. It’s astonishing. It’s two million words,” says Thorson.

    Noting the contrasts between the river phenology Thoreau so thoughtfully detailed and what we can observe today, Thorson says he hopes this work resonates with readers.

    “Breakup is the most instantaneous and dramatic point in the entire year. We don’t think much about it right now, because we don’t have a lot of river ice, but it used to be two feet thick on the river, and that says something sad about how dramatic the climate change has been. You can read dry numerical facts about how New England’s nighttime average temperatures have risen in the 100 years. But when you make climate change dramatic, as with a bridge being torn apart by a spring freshet, that’s a phenomenon associated with emotion. People pay more attention. The personal narrative of a river system year after year after year — that’s what Thoreau gave us.”

    MIL OSI USA News –

  • MIL-OSI Global: ‘Everyone lives in fear’: trapped between two warring nuclear giants, the people of Kashmir continue to suffer

    Source: The Conversation – Global Perspectives – By Leoni Connah, Lecturer in International Relations, Flinders University

    Tensions between India and Pakistan escalated this week after India launched missile strikes on its long-time rival, killing more than 30 people.

    India was retaliating for a terror attack on tourists in Indian-controlled Kashmir on April 22, which killed 26 civilians, most of them Indian. New Delhi has blamed a Pakistan-based militant group for the incident.

    Pakistan has vowed revenge for the airstrikes, calling them an “act of war”.

    If a full-scale war does break out between the two nuclear powers, it wouldn’t be the first time they have fought over the disputed region of Kashmir. In fact, the two sides have been in conflict over Kashmir since 1947.

    The people of Kashmir, meanwhile, are stuck in the middle of this geopolitical rivalry, trapped in a security state with little hope for the future.

    Life before the April 22 terror attack

    Before the attack on the tourists last month, Indian Prime Minister Narendra Modi’s government had made repeated claims that “normalcy” was returning to the region.

    However, Kashmir remains one of the most heavily militarised zones in the world and the people have long suffered human rights abuses the Indian government has justified on the grounds of counter-terrorism.

    In 2019, the Modi government revoked Article 370 of the Indian constitution, which had granted a special status to the state of Jammu and Kashmir, along with a high degree of autonomy.

    The revocation of this article brought Jammu and Kashmir, now a “union territory”, under the full control of the Modi government in New Delhi.

    This decision was made on behalf of Kashmiris, not in consultation with them. Speaking with Kashmiris in 2020 as part of my ongoing research on the region, there was a huge sense of betrayal at the move.

    One of my interview subjects claimed Indian security forces were “instilling fear and psychological warfare” in Kashmir. Another said “it’s no exaggeration to say after every three kilometres, there’s a checkpoint” manned by Indian security forces. The situation worsened during the COVID pandemic, with increased lockdowns and curfews.

    Some hope did return last September when Kashmiris were able to vote in regional assembly elections for the first time in a decade.

    The election meant the new local assembly would have the power to make and amend laws, debate local issues and approve decisions for the territory, particularly in education and culture.

    However, this doesn’t mean “normalcy” had returned, nor was Kashmir peaceful and tranquil.

    In February of this year, there were reports that Indian security forces had conducted operations against suspected militants, resulting in a lockdown and 500 people being detained.

    A young Kashmiri man died by suicide after allegedly being tortured by police in February. The next day, another man was shot dead by the army.

    These are just two incidents that are part of a wider cycle of violence that has become a part of everyday life in Kashmir.

    Life after April 22

    After the April 22 tourist attack, the central government has doubled down on its heavy-handed approach to Kashmir under the guise of counter-terrorism.

    Kashmiris have been subjected to an increased security presence, new lockdowns, “cordon and search operations”, social media surveillance, house demolitions and other draconian measures.

    Police say some 1,900 Kashmiris have been detained and questioned since the attack. This number will no doubt continue to rise.

    It is no wonder Kashmiris were saying “everyone lives in fear”, even before India launched missile strikes on its neighbour.

    Possible retaliation from Pakistan – or a wider war – now looms, with Kashmiris again on the front lines.

    Calls for India to follow Israel’s lead

    There is a very big concern that right-wing Indian media outlets and social media posts are now encouraging the Indian government to respond to the terror attack in the same way Israel has retaliated against Hamas in Gaza.

    Some commentators are portraying the April 22 attack as India’s version of the October 7 Hamas attack on southern Israel, which could become a dangerous precedent for what the future holds for Kashmir.

    Israel also recently announced its support for India’s right to “self-defence”.

    In addition, the rise in right-wing rhetoric increases the likelihood of Islamophobic attacks taking place against Kashmiris, as well as Muslims in India more broadly.

    Pathways to peace?

    Each war fought between India and Pakistan over Kashmir has ended with negotiations and treaties.

    Bilateral relations have been attempted numerous times over the years and would be a preferable option to increased escalation in the current conflict.

    Ultimately, it is the Kashmiris who suffer the most whenever tensions boil over between the two nuclear powers. As one young man recently said:

    My parents don’t allow me to step outside. Every time I get a call, I feel a wave of anxiety, fearing it might be the police.

    Kashmir might be a wonderland, a mini-Switzerland or a paradise for others, but for us, it is an open prison. Everyone lives in fear. What future do we have?

    Leoni Connah 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. ‘Everyone lives in fear’: trapped between two warring nuclear giants, the people of Kashmir continue to suffer – https://theconversation.com/everyone-lives-in-fear-trapped-between-two-warring-nuclear-giants-the-people-of-kashmir-continue-to-suffer-256085

    MIL OSI – Global Reports –

  • MIL-OSI Europe: AFRICA – Archbishop Nwachukwu: “Africa is no longer a little child”

    Source: Agenzia Fides – MIL OSI

    Luca Mainoldi

    Rome (Agenzia Fides) – “Africa is often seen as a little child in a cradle, whose voice is perceived as a disturbing cry and who needs to be calmed by giving her some ‘milk’ in the form of development aid,” said Archbishop Fortunatus Nwachukwu, Secretary of the Dicastery for Evangelization (Section for First Evangelization and the New Particular Churches), in his speech at the Colloquium “The Church in Africa: general perspectives in view of the Conclave and the future of the Church,” held on Tuesday, May 6, at the Pontifical University of the Holy Cross in Rome.Archbishop Nwachukwu emphasized that at the international political level, there are those “who see Africa only as a baby in a cradle: They say, ‘Please go and calm the child so she does not disturb the adults who are talking.’ And then they give the baby a little milk in the form of a subsidy so she will be quiet and the adults can talk. That is why Africa is often viewed as a child who has no voice to be taken into consideration.” “Unfortunately, in the political world, Africa is still only either a mine from which minerals are extracted for one’s own production or a deposit for one’s own waste,” said the Secretary of the Missionary Dicastery. “And when Africans try to raise their heads to change this situation, there are those who set fires to prevent any change.”That is why,” Archbishop Nwachukwu continued, “Africa is internationally viewed either as a baby in a cradle, as a mine, or as a landfill.” “We therefore need a new way of thinking, including in the Church,” he emphasized. “Africa finds itself in a situation it did not want, but it is working to respond and rise again,” he emphasizes. “And the Lord is with Africa, the continent that Jesus sought to bind to himself since he was a child and sought refuge there when he was in danger.”Archbishop Nwachukwu reminds us that there is also a kind of new Herod in Africa, such as “the modern ideology that wants to destroy the Church.” It is above all the ideology of easy money that captivates the young African generation, says Archbishop Nwachukwu. “That is the real challenge: how to convey to young people where true happiness can be found, the true meaning of life,” he says. “In search of quick money, so many fall victim to scams or join criminal gangs or sects. What worries me about these phenomena is that efforts are being made to destroy the Church’s image. The Church, which came to save, is portrayed as having come to exploit people and destroy what was there before. When a young person grows up with these ideas, they reject the Church, forgetting that they only received an education because a missionary sacrificed himself to build the school where he went to study.” According to the Secretary of the Dicastery for Evangelization, it is necessary to “strengthen the memory of our missionaries.” “And thanks be to God that in Africa we have received the faith from Westerners whom I call heroes of the faith, those missionaries who left for other continents when leaving meant death, also because today’s means were not available,” he emphasizes. “These missionaries were the best export product of the West, and it is time to reap the fruits of what they sowed,” concludes Archbishop Nwachukwu. (L.M.) (Agenzia Fides, 7/5/2025)
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    MIL OSI Europe News –

  • MIL-OSI Europe: A breath of fresh air powered by science

    Source: European Investment Bank

    “As scientists, we have a strong commitment to creating practical solutions that can contribute to a better future for all people,” says Aleksandar Rodić, head of the Centre for Robotics at the institute and one of the purifier’s designers. “This is why we’ve developed an ad-hoc technical solution aimed at mitigating pollution in large urban areas.”

    Pollution in Belgrade is exacerbated by a nearby coal-fired power plant, which provides close to half the country’s electricity. The city also has many industrial plants and dense road traffic. Air pollution is a leading cause of mortality, diseases and respiratory illnesses in the country. According to estimates, around 7,000 residents in Serbia are diagnosed with lung cancer annually, mainly because of smoking and the air pollution.

    Addressing the causes of a city’s air pollution requires substantial long-term investments in cleaner power generation and road traffic. The new air purifier, however, offers immediate improvements at a much lower cost, Rodić says. “Such solutions are also scalable, allowing for replication throughout the region and beyond,” he says.

    The purifier was supported by the EU for Green Agenda in Serbia initiative. It received technical and financial assistance from the European Union, with additional funding from Sweden, Switzerland and Serbia. The initiative is implemented by United Nations Development Programme and the Serbian Ministry of Environmental Protection, in cooperation with Sweden and the European Investment Bank. The EIB is providing technical assistance to banks and businesses for many green innovations like this one.

    Under the Green Agenda initiative, the air purifier project received €44 000 from the European Union to build a pilot filtration system at the Ušće Shopping Center in Belgrade. The system includes two air purifiers and the wind and kinetic energy devices that generate green electricity to run the filtration systems.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Dangerous rise in water levels in Greece’s coastal areas – E-001799/2025

    Source: European Parliament

    Question for written answer  E-001799/2025
    to the Commission
    Rule 144
    Emmanouil Fragkos (ECR)

    The risk from rising sea levels is visible and increasing all the time. The problem affects coastal areas either through frequent flooding or by a gradual increase in soil salinity, affecting crops and eroding infrastructure, a dangerous reality in the case of coastal roads. The rise in the level depends on the level of global warming, a matter on which, as things stand, no international/interstate agreement can be reached in order to identify joint solutions.

    For Greece, with a predicted temperature increase of 3°C by 2100, the sea level is expected to rise by 0.5 to 0.7 metres, with the possibility of a greater rise due to vertical land displacements. Significant Greek scientific studies warn that as early as 2050, at least ten regions of the country will face serious problems. The impacts include the loss of arable land, degradation of water quality and the need to relocate infrastructure and – possibly – populations. It is considered necessary that studies are carried out and measures put in place before these consequences occur.

    In view of the above:

    • 1.Does the Commission have or does it intend to pursue a detailed mapping of the impacts, in order to support policy choices by the affected Member States and affected citizens?
    • 2.Does the Commission have a framework for the preparation of forecast studies and adaptation/coping measures for those affected and local authorities in coastal areas?
    • 3.Does the Commission intend to propose new financial frameworks to local authorities for investments to facilitate their adaptation?

    Submitted: 2.5.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI: Brookfield Wealth Solutions Announces First Quarter Results and Declares Quarterly Distribution

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, NEWS, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Wealth Solutions (NYSE, TSX: BNT) today announced financial results for the three months ended March 31, 2025.

    Sachin Shah, CEO of Brookfield Wealth Solutions, stated, “Our business is off to a strong start in 2025. We have entered the U.K. market and begun offering new products that expand our asset base while maintaining our fundamental objective of generating high-quality earnings and durable risk-adjusted returns within our business.”

    Unaudited
    As of and for the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended
      2025       2024
    Total assets $ 141,612     $ 63,113
    Distributable operating earnings1   437       279
    Net income (loss)   (282 )     337
    Net income per each class A share $ 0.09     $ 0.08

    1. See Non-GAAP and Performance Measures on page 6 and a reconciliation from net income on page 5.

    First Quarter Highlights

    • Launched our U.K. pension risk transfer business under Blumont Annuity UK in late March, following a comprehensive authorization process and expect to be active in the market in 2025
    • Deployed $3 billion into Brookfield originated strategies across our investment portfolio at returns greater than 8%
    • Completed our first funding agreement-backed note (“FABN”) issuance at American National for $500 million
    • Originated $4 billion of annuity sales during the quarter across our retail, PRT and FABN channels
    • Our Property and Casualty float remained stable at approximately $8 billion, providing us with investment flexibility and risk diversification

    Operating Update
    We recognized $437 million of distributable operating earnings (“DOE”) for the three months ended March 31, 2025, compared to $279 million in the prior year period. The increase in earnings for the current period reflects contributions from AEL, which we acquired in May 2024, as well as higher net investment income resulting from progress made in repositioning assets into higher yielding investment strategies.

    We recorded a net loss of $282 million for the three months ended March 31, 2025, compared to net income of $337 million in the prior year period. The net loss in the current period is primarily the result of unrealized movements on reserves due to interest rate and equity market movements, which more than offset our strong operating performance. Net income in the prior year period resulted from our DOE and favorable mark-to-market on derivatives.

    Today, we are in a strong liquidity position, with approximately $25 billion of cash and short-term liquid investments across our investment portfolios, and another $22 billion of long-term liquid investments. These liquid assets position us well to mitigate current market volatility and support the ongoing rotation of our portfolio into higher yielding investment strategies.

    Regular Distribution Declaration
    The Board declared a quarterly return of capital of $0.09 per class A share and class B share payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. This distribution is identical in amount per share and has the same payment date as the quarterly distribution announced today by Brookfield Corporation on the Brookfield class A shares.

    Brookfield Corporation Operating Results
    An investment in class A shares of our company is intended to be, as nearly as practicable, functionally and economically, equivalent to an investment in the Brookfield class A shares. A summary of Brookfield Corporation’s first quarter operating results is provided below:

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025     2024     2025     2024
    Net income of consolidated business1 $ 215   $ 519   $ 1,549   $ 5,200
    Net income attributable to Brookfield shareholders2   73     102     612     1,112
    Distributable earnings before realizations3   1,301     1,001     5,171     4,279
    – Per Brookfield class A share3   0.82     0.63     3.26     2.70
    Distributable earnings3   1,549     1,216     6,607     4,865
    – Per Brookfield class A share3   0.98     0.77     4.17     3.07

    1. Consolidated basis – includes amounts attributable to non-controlling interests.
    2. Excludes amounts attributable to non-controlling interests.
    3. See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8 of Brookfield Corporation’s press release dated May 8, 2025.

    Brookfield Corporation net income above is presented under IFRS. Given the economic equivalence, we expect that the market price of the class A shares of our company will be impacted significantly by the market price of the Brookfield class A shares and the business performance of Brookfield as a whole. In addition to carefully considering the disclosure made in this news release in its entirety, shareholders are strongly encouraged to carefully review Brookfield Corporation’s letter to shareholders, supplemental information and its other continuous disclosure filings. Investors, analysts and other interested parties can access Brookfield Corporation’s disclosure on its website under the Reports & Filings section at bn.brookfield.com.

    CONSOLIDATED BALANCE SHEETS

               
    Unaudited   March 31     December 31
    (US$ millions)     2025       2024
    Assets          
               
    Insurance invested assets          
    Cash, cash equivalents and short-term investments $ 16,686     $ 16,643  
    Investments   90,184       88,566  
    Reinsurance funds withheld   1,492       1,517  
    Accrued investment income   841   109,203     860   107,586
    Deferred policy acquisition costs     10,848       10,696
    Reinsurance recoverables and deposit assets     12,957       13,195
          133,008       131,477
               
    Other assets     8,604       8,476
    Total assets     141,612       139,953
               
    Liabilities and equity          
               
    Policy and contract claims     7,588       7,659
    Future policy benefits     14,582       14,088
    Policyholders’ account balances     84,606       83,079
    Deposit liabilities     1,483       1,502
    Market risk benefits     4,066       3,655
    Unearned premium reserve     1,674       1,843
    Funds withheld for reinsurance liabilities     3,266       3,392
          117,265       115,218
               
    Corporate borrowings     1,004       1,022
    Subsidiary borrowings     3,332       3,329
    Other liabilities     7,001       7,308
               
    Non-controlling interest   771       850  
    Class A and class B   1,469       1,470  
    Class C   10,770   13,010     10,756   13,076
    Total liabilities and equity   $ 141,612     $ 139,953


    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended March 31
    US$ millions    		 Three Months Ended
      2025       2024  
    Net premiums and other policy revenue $ 1,301     $ 1,643  
    Net investment income, including funds withheld   1,429       670  
    Net investment gains (losses), including funds withheld   (112 )     172  
    Total revenues   2,618       2,485  
           
    Benefits and claims paid on insurance contracts   (1,107 )     (1,414 )
    Interest sensitive contract benefits   (524 )     (185 )
    Amortization of deferred policy acquisition costs   (339 )     (225 )
    Change in fair value of insurance-related derivatives and embedded derivatives   (200 )     44  
    Change in fair value of market risk benefits   (361 )     (31 )
    Other reinsurance expenses   (1 )     (7 )
    Operating expenses   (382 )     (233 )
    Interest expense   (73 )     (72 )
    Total benefits and expenses   (2,987 )     (2,123 )
    Net income (loss) before income taxes   (369 )     362  
    Income tax recovery (expense)   87       (25 )
    Net income (loss) $ (282 )   $ 337  
           
    Attributable to:      
    Class A and class B shareholders1 $ 4     $ 3  
    Class C shareholder   (330 )     332  
    Non-controlling interest   44       2  
      $ (282 )   $ 337  

    1. Class A shares receive distributions at the same amount per share as the cash dividends paid on each Brookfield class A share.


    SUMMARIZED FINANCIAL RESULTS

    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE OPERATING EARNINGS

    Unaudited
    For the periods ended March 31
    US$ millions    		 Three Months Ended
      2025       2024  
    Net income (loss) $ (282 )   $ 337  
    Unrealized net investment losses (gains), including funds withheld   112       (172 )
    Mark-to-market losses (gains) on insurance contracts and other net assets   685       65  
        515       230  
    Deferred income tax expense (recovery)   (183 )     15  
    Transaction costs   41       12  
    Depreciation   64       22  
    Distributable operating earnings1 $ 437     $ 279  

    1. Non-GAAP measure – see Non-GAAP and Performance Measures on page 6.

    Additional Information

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the quarter ended March 31, 2025, which have been prepared using generally accepted accounting principles in the United States of America (“US GAAP” or “GAAP”).

    Brookfield Wealth Solutions’ Board of Directors have reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our distributions can be found on our website under Stock & Distributions/Distribution History.

    Brookfield Wealth Solutions Ltd. (NYSE, TSX: BNT) is focused on securing the financial futures of individuals and institutions through a range of retirement services, wealth protection products and tailored capital solutions. Each class A exchangeable limited voting share of Brookfield Wealth Solutions is exchangeable on a one-for-one basis with a class A limited voting share of Brookfield Corporation (NYSE, TSX: BN). For more information, please visit our website at bnt.brookfield.com or contact:

    Non-GAAP and Performance Measures

    This news release and accompanying financial statements are based on US GAAP, unless otherwise noted.

    We make reference to Distributable operating earnings. We define distributable operating earnings as net income after applicable taxes excluding the impact of depreciation and amortization, deferred income taxes related to basis and other changes, and breakage and transaction costs, as well as certain investment and insurance reserve gains and losses, including gains and losses related to asset and liability matching strategies, non-operating adjustments related to changes in cash flow assumptions for future policy benefits, and change in market risk benefits, and is inclusive of returns on equity invested in certain variable interest entities and our share of adjusted earnings from our investments in certain associates. Distributable operating earnings is a measure of operating performance. We use distributable operating earnings to assess our operating results.

    We provide additional information on key terms and non-GAAP measures in our filings available at bnt.brookfield.com.

    Notice to Readers

    Brookfield Wealth Solutions Ltd. (“Brookfield Wealth Solutions” or “our” or “we”) is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of Canadian provincial securities laws, “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, and “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward-looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, assumptions and expectations regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Wealth Solutions, Brookfield Corporation and their respective subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods. Particularly, statements regarding international expansion plans and future capital markets initiatives, including statements relating to the redeployment of capital into higher yielding investments constitute forward-looking statements. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “expects,” “anticipates,” “plans,” “believes,” “estimates,” “seeks,” “intends,” “targets,” “projects,” “foresees,” “forecasts” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may,” “will,” “should,” “would” and “could.” In particular, the forward-looking statements contained in this news release include statements referring to the growth of our business, international expansion, investment opportunities and expected future deployment of capital and financial earnings. 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 estimates, assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve 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 Wealth Solutions or Brookfield Corporation to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) investment returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, including but not limited to, earthquakes, hurricanes, epidemics and pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect its results. Readers are urged to consider the foregoing risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking information and are cautioned not to place undue reliance on such forward-looking information. Except as required by law, Brookfield Wealth Solutions undertakes 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.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to the historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of investment opportunities or otherwise).

    Certain of the information contained herein is based on or derived from information provided by independent third-party sources. While Brookfield Wealth Solutions believes that such information is accurate as of the date it was produced and that the sources from which such information has been obtained are reliable, Brookfield Wealth Solutions does not make any assurance, representation or warranty, express or implied, with respect to the accuracy, reasonableness or completeness of any of the information or the assumptions on which such information is based, contained herein, including but not limited to, information obtained from third parties, and undue reliance should not be put on them.

    The MIL Network –

  • MIL-OSI: Talen Energy Reports First Quarter 2025 Results, Affirms and Narrows 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    Earnings Release Highlights

    • First quarter GAAP Net Income (Loss) Attributable to Stockholders of $(135) million.
    • First quarter Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million, ahead of internal estimates.
    • Affirming and narrowing 2025 guidance; 2026 outlook unchanged.
    • Extended the Susquehanna Unit 2 refueling outage to perform incremental maintenance that is expected to improve capacity performance and efficiency.
    • The Federal Energy Regulatory Commission (the “FERC”) approved the terms of the reliability-must-run (“RMR”) settlement agreement between Talen, PJM, and key stakeholders to run units at Brandon Shores and H.A. Wagner generation facilities through May 31, 2029.

    HOUSTON, May 08, 2025 (GLOBE NEWSWIRE) — Talen Energy Corporation (“Talen,” the “Company,” “we,” or “our”) (NASDAQ: TLN), an independent power producer dedicated to powering the future, today reported its first quarter 2025 financial and operating results.

    “We are pleased today to report Talen’s solid start to the year. Our fleet ran well during periods of high demand demonstrating the value of our dispatchable fleet, earning $200 million of Adjusted EBITDA and $87 million of Adjusted Free Cash Flow. We are affirming and narrowing guidance. We remain committed to shareholders and continued to repurchase stock during the first quarter under our share repurchase program,” said Talen President and Chief Executive Officer Mac McFarland.

    McFarland continued, “The FERC approved our RMR settlement agreement, ensuring the units at our Brandon Shores and H.A. Wagner assets continue to support the grid in and around Baltimore. The AWS campus is energized and we are actively executing under this arrangement. We continue to pursue commercial and regulatory solutions for the Susquehanna ISA amendment.”

    Summary of Financial and Operating Results (Unaudited)

        Three Months Ended March 31,
    (Millions of Dollars Unless Otherwise Stated)   2025   2024
    GAAP Net Income (Loss) Attributable to Stockholders   $ (135 )   $ 294  
    Adjusted EBITDA     200       289  
    Adjusted Free Cash Flow     87       194  
    Total Generation (TWh) (a)     9.7       8.1  
    Carbon-Free Generation     46 %     58 %
    OSHA TRIR (b)     0.4       0.3  
    Fleet EFOF (c)     1.2 %     1.9 %

    ______________________

    (a) Total generation is net of station use consumption, where applicable, includes volumes produced by Susquehanna in support of Nautilus operations and includes generation from ERCOT assets for the three months ended March 31, 2024.
    (b) OSHA Total Recordable Incident Rate (“OSHA TRIR”) is the number of recordable incidents x 200,000 / total number of manhours worked. Only includes Talen-operated generation facilities (i.e., excludes Conemaugh and Keystone).
    (c) Fleet Equivalent Forced Outage Factor (“Fleet EFOF”) is the percentage of a given period in which a generating unit is not available due to forced outages and forced de-rates. Represents all generation facilities, including our portion of partially-owned facilities.
       

    For the quarter ended March 31, 2025, we reported GAAP Net Income (Loss) Attributable to Stockholders of $(135) million, Adjusted EBITDA of $200 million and Adjusted Free Cash Flow of $87 million. GAAP Net Income (Loss) Attributable to Stockholders decreased $(429) million compared to prior year, primarily due to the absence of the gain on the sale of the AWS Data Campus, unrealized losses in the nuclear facility decommission trust, and lower realized hedge gains due to higher settled PJM West Hub on-peak prices as a result of colder than normal weather. The decrease in Adjusted EBITDA of $(89) million and Adjusted Free Cash Flow of $(107) million compared to first quarter 2024 was primarily due to lower realized hedge gains.

    Our generation fleet continued to run reliably and safely, with a Fleet EFOF of 1.2% and an OSHA TRIR of 0.4. Total generation was 9.7 TWh, with 46% contributed from carbon-free nuclear generation at our Susquehanna nuclear facility. Also, our PJM gas-fired assets were dispatched more frequently during times of peak load than they were in 2024.

    Affirming and Narrowing 2025 Guidance; 2026 Outlook Unchanged

    (Millions of Dollars)   2025E
    Adjusted EBITDA   $975 – $1,125
    Adjusted Free Cash Flow   $450 – $540
         

    Susquehanna Refueling Outage

    On March 25, 2025, Susquehanna commenced its planned refueling outage on Unit 2. During the outage, we identified incremental maintenance in the non-nuclear portion of the Unit which we expect will lead to operational efficiency. As a prudent operator, we have elected to complete this scope of work while Unit 2 is already in outage and market prices and demand are relatively low. The incremental maintenance investment is expected to add roughly $20 million of additional spend and extend the outage into mid-May. We anticipate the resulting improvements in operational efficiency of Unit 2 will be long-term in nature and pay back the additional costs and lost margin in approximately one-and-a-half years.

    RMR Arrangement

    On May 1, 2025, the FERC approved the terms under which Talen will operate the units at its Brandon Shores and H.A. Wagner generation facilities until May 31, 2029, beyond their scheduled May 31, 2025 retirement dates. Talen, PJM, and a broad coalition of the Maryland Public Service Commission, Maryland customers, and electric utilities reached agreement in January 2025 on the “reliability-must-run” or “RMR” agreement. Under the RMR agreement, Brandon Shores Units 1 and 2 and H.A. Wagner Units 3 and 4 will remain in service and provide power necessary to maintain grid and transmission reliability in and around the City of Baltimore until transmission upgrades to provide reliable power to the area from other sources are complete. Beginning June 1, 2025, we expect to receive $145 million annually for Brandon Shores and $35 million for H.A. Wagner with some performance incentives.

    Share Repurchases

    Since the start of 2024, we have repurchased approximately 14 million shares, or 23% of our outstanding shares, for a total of approximately $2 billion, with $995 million remaining under our share repurchase program through year-end 2026. During the first quarter 2025, we repurchased 452,130 shares of stock for a total of $83 million. All share repurchase amounts exclude transaction costs.

    Balance Sheet and Liquidity

    We are focused on maintaining net leverage below our target of 3.5x net debt-to-Adjusted EBITDA, along with ample liquidity. As of May 2, 2025, we had total available liquidity of approximately $970 million, comprised of $270 million of unrestricted cash and $700 million of available capacity under the revolving credit facility. Our projected net leverage ratio, utilizing the 2025E Adjusted EBITDA midpoint and net debt balance as of May 2, 2025, is approximately 2.6x.

    Update on Hedging Activities

    As of March 31, 2025, including the impact of the Nuclear PTC, we had hedged approximately 95% of our expected generation volumes for 2025, 60% for 2026 and 30% for 2027. The Company’s hedging program is a key component of our comprehensive risk policy and supports the objective of increasing cash flow stability while maintaining upside optionality.

    Earnings Call

    The Company will hold an earnings call on Thursday, May 8, 2025, at 9:00 a.m. EDT (8:00 a.m. CDT). To listen to the earnings call, please register in advance for the webcast here. For participants joining the call via phone, please register here prior to the start time to receive dial-in information. For those unable to participate in the live event, a digital replay of the earnings call will be archived for approximately one year and available on Talen’s Investor Relations website at https://ir.talenenergy.com/news-events/events.

    About Talen

    Talen Energy (NASDAQ: TLN) is a leading independent power producer and energy infrastructure company dedicated to powering the future. We own and operate approximately 10.7 gigawatts of power infrastructure in the United States, including 2.2 gigawatts of nuclear power and a significant dispatchable fossil fleet. We produce and sell electricity, capacity, and ancillary services into wholesale U.S. power markets, with our generation fleet principally located in the Mid-Atlantic and Montana. Our team is committed to generating power safely and reliably and delivering the most value per megawatt produced. Talen is also powering the digital infrastructure revolution. We are well-positioned to capture this significant growth opportunity, as data centers serving artificial intelligence increasingly demand more reliable, clean power. Talen is headquartered in Houston, Texas. For more information, visit https://www.talenenergy.com/.

    Investor Relations:
    Sergio Castro
    Vice President & Treasurer
    InvestorRelations@talenenergy.com 

    Media:
    Taryne Williams
    Director, Corporate Communications
    Taryne.Williams@talenenergy.com 

    Forward Looking Statements

    This communication contains forward-looking statements within the meaning of the federal securities laws, which statements are subject to substantial risks and uncertainties. These forward-looking statements are intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact included in this communication, or incorporated by reference into this communication, are forward-looking statements. Throughout this communication, we have attempted to identify forward-looking statements by using words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecasts,” “goal,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or other forms of these words or similar words or expressions or the negative thereof, although not all forward-looking statements contain these terms. Forward-looking statements address future events and conditions concerning, among other things, capital expenditures, earnings, litigation, regulatory matters, hedging, liquidity and capital resources and accounting matters. Forward-looking statements are subject to substantial risks and uncertainties that could cause our future business, financial condition, results of operations or performance to differ materially from our historical results or those expressed or implied in any forward-looking statement contained in this communication. All of our forward-looking statements include assumptions underlying or relating to such statements that may cause actual results to differ materially from expectations, and are subject to numerous factors that present considerable risks and uncertainties.

     
    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
         
        Three Months Ended March 31,
    (Millions of Dollars, except share data)   2025   2024
    Capacity revenues   $ 49     $ 45  
    Energy and other revenues     582       572  
    Unrealized gain (loss) on derivative instruments     (241 )     (108 )
    Operating Revenues     390       509  
             
    Fuel and energy purchases     (268 )     (150 )
    Nuclear fuel amortization     (26 )     (35 )
    Unrealized gain (loss) on derivative instruments     59       (27 )
    Energy Expenses             (235 )             (212 )
             
    Operating Expenses        
    Operation, maintenance and development     (146 )     (154 )
    General and administrative     (34 )     (43 )
    Depreciation, amortization and accretion     (74 )     (75 )
    Other operating income (expense), net     (7 )     —  
    Operating Income (Loss)             (106 )     25  
    Nuclear decommissioning trust funds gain (loss), net     (12 )     75  
    Interest expense and other finance charges     (74 )     (59 )
    Gain (loss) on sale of assets, net     2       324  
    Other non-operating income (expense), net     3       23  
    Income (Loss) Before Income Taxes             (187 )     388  
    Income tax benefit (expense)     52       (69 )
    Net Income (Loss)             (135 )     319  
    Less: Net income (loss) attributable to noncontrolling interest     —       25  
    Net Income (Loss) Attributable to Stockholders   $         (135 )   $ 294  
    Per Common Share        
    Net Income (Loss) Attributable to Stockholders – Basic   $ (2.94 )   $ 5.00  
    Net Income (Loss) Attributable to Stockholders – Diluted   $ (2.94 )   $ 4.84  
    Weighted-Average Number of Common Shares Outstanding – Basic (in thousands)     45,849       58,807  
    Weighted-Average Number of Common Shares Outstanding – Diluted (in thousands)     45,849       60,716  
    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
             
    (Millions of Dollars, except share data)   March 31,
    2025    		   December 31,
    2024
    Assets        
    Cash and cash equivalents   $ 295     $ 328  
    Restricted cash and cash equivalents     25       37  
    Accounts receivable     100       123  
    Inventory, net     219       302  
    Derivative instruments     33       66  
    Other current assets     174       184  
    Total current assets     846       1,040  
    Property, plant and equipment, net     3,138       3,154  
    Nuclear decommissioning trust funds     1,717       1,724  
    Derivative instruments     5       5  
    Other noncurrent assets     159       183  
    Total Assets   $ 5,865     $ 6,106  
             
    Liabilities and Equity        
    Long-term debt, due within one year   $ 17     $ 17  
    Accrued interest     54       18  
    Accounts payable and other accrued liabilities     203       266  
    Derivative instruments     92       —  
    Other current liabilities     156       154  
    Total current liabilities     522       455  
    Long-term debt     2,975       2,987  
    Derivative instruments     42       7  
    Postretirement benefit obligations     289       305  
    Asset retirement obligations and accrued environmental costs     468       468  
    Deferred income taxes     294       362  
    Other noncurrent liabilities     95       135  
    Total Liabilities   $ 4,685     $ 4,719  
    Commitments and Contingencies        
             
    Stockholders’ Equity        
    Common stock ($0.001 par value, 350,000,000 shares authorized) (a)   $ —     $ —  
    Additional paid-in capital     1,718       1,725  
    Accumulated retained earnings (deficit)     (528 )     (326 )
    Accumulated other comprehensive income (loss)     (10 )     (12 )
    Total Stockholders’ Equity     1,180       1,387  
    Total Liabilities and Stockholders’ Equity   $ 5,865     $ 6,106  

    ______________________
    (a) 45,509,780 and 45,961,910 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively.

    TALEN ENERGY CORPORATION AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
                 
        Three Months Ended March 31,
    (Millions of Dollars)   2025   2024
    Operating Activities            
    Net Income (Loss)   $ (135 )   $ 319  
    Non-cash reconciliation adjustments:            
    Unrealized (gains) losses on derivative instruments   196     128  
    Depreciation, amortization and accretion   72     74  
    Deferred income taxes   (70 )   57  
    Nuclear fuel amortization   26     35  
    Nuclear decommissioning trust funds (gain) loss, net (excluding interest and fees)   23     (64 )
    (Gain) loss on AWS Data Campus Sale   —     (324 )
    Other   37     (42 )
    Changes in assets and liabilities:            
    Accounts receivable   23     11  
    Inventory, net   83     89  
    Other assets   22     (1 )
    Accounts payable and accrued liabilities   (60 )   (154 )
    Accrued interest   36     29  
    Collateral received (posted), net   (67 )   5  
    Other liabilities   (67 )   11  
    Net cash provided by (used in) operating activities   119     173  
    Investing Activities            
    Nuclear decommissioning trust funds investment purchases   (592 )   (564 )
    Nuclear decommissioning trust funds investment sale proceeds   581     553  
    Nuclear fuel expenditures   (46 )   (41 )
    Property, plant and equipment expenditures   (18 )   (25 )
    Proceeds from AWS Data Campus Sale   —     339  
    Other   7     3  
    Net cash provided by (used in) investing activities   (68 )   265  
    Financing Activities            
    Share repurchases   (83 )   (30 )
    Deferred financing costs   (9 )   —  
    Debt repayments   (4 )   (2 )
    Cumulus Digital TLF repayment   —     (182 )
    Repurchase of noncontrolling interest   —     (39 )
    Other   —     (6 )
    Net cash provided by (used in) financing activities           (96 )           (259 )
    Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents           (45 )   179  
    Beginning of period cash and cash equivalents and restricted cash and cash equivalents   365     901  
    End of period cash and cash equivalents and restricted cash and cash equivalents   $         320     $         1,080  
                 

    Non-GAAP Financial Measures

    Adjusted EBITDA and Adjusted Free Cash Flow, which we use as measures of our performance and liquidity, are not financial measures prepared under GAAP. Non-GAAP financial measures do not have definitions under GAAP and may be defined and calculated differently by, and not be comparable to, similarly titled measures used by other companies. Non-GAAP measures are not intended to replace the most comparable GAAP measures as indicators of performance. Generally, a non-GAAP financial measure is a numerical measure of financial performance, financial position, or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. Management cautions readers not to place undue reliance on the following non-GAAP financial measures, but to also consider them along with their most directly comparable GAAP financial measures. Non-GAAP measures have limitations as analytical tools and should not be considered in isolation or as a substitute for analyzing our results as reported under GAAP.

    Adjusted EBITDA

    We use Adjusted EBITDA to: (i) assist in comparing operating performance and readily view operating trends on a consistent basis from period to period without certain items that may distort financial results; (ii) plan and forecast overall expectations and evaluate actual results against such expectations; (iii) communicate with our Board of Directors, shareholders, creditors, analysts, and the broader financial community concerning our financial performance; (iv) set performance metrics for our annual short-term incentive compensation; and (v) assess compliance with our indebtedness.

    Adjusted EBITDA is computed as net income (loss) adjusted, among other things, for certain: (i) nonrecurring charges; (ii) non-recurring gains; (iii) non-cash and other items; (iv) unusual market events; (v) any depreciation, amortization, or accretion; (vi) mark-to-market gains or losses; (vii) gains and losses on the nuclear facility decommissioning trust (“NDT”); (viii) gains and losses on asset sales, dispositions, and asset retirement; (ix) impairments, obsolescence, and net realizable value charges; (x) interest expense; (xi) income taxes; (xii) legal settlements, liquidated damages, and contractual terminations; (xiii) development expenses; (xiv) noncontrolling interests, except where otherwise noted; and (xv) other adjustments. Such adjustments are computed consistently with the provisions of our indebtedness to the extent that they can be derived from the financial records of the business. Pursuant to TES’s debt agreements, Cumulus Digital contributes to Adjusted EBITDA beginning in the first quarter 2024, following termination of the Cumulus Digital credit facility and associated cash flow sweep.

    Additionally, we believe investors commonly adjust net income (loss) information to eliminate the effect of nonrecurring restructuring expenses and other non-cash charges, which can vary widely from company to company and from period to period and impair comparability. We believe Adjusted EBITDA is useful to investors and other users of our financial statements to evaluate our operating performance because it provides an additional tool to compare business performance across companies and between periods. Adjusted EBITDA is widely used by investors to measure a company’s operating performance without regard to such items described above. These adjustments can vary substantially from company to company and period to period depending upon accounting policies, book value of assets, capital structure, and the method by which assets were acquired.

    Adjusted Free Cash Flow

    Adjusted Free Cash Flow is utilized by our chief operating decision makers to evaluate cash flow activities. Adjusted Free Cash Flow is computed as Adjusted EBITDA reduced by capital expenditures (including nuclear fuel but excluding development, growth, and (or) conversion capital expenditures), cash payments for interest and finance charges, cash payments for income taxes (excluding income taxes paid from the NDT, taxes paid or deductions taken as a result of strategic asset sales, and benefits of the Nuclear PTC utilized to reduce income taxes paid), and pension contributions.

    We believe Adjusted Free Cash Flow is useful to investors and other users of our financial statements in evaluating our operating performance because it provides them with an additional tool to determine a company’s ability to meet future obligations and to compare business performance across companies and across periods. Adjusted Free Cash Flow is widely used by investors to measure a company’s levered cash flow without regard to items such as ARO settlements; nonrecurring development, growth and conversion expenditures; and cash proceeds or payments for the sale or purchase of assets, which can vary substantially from company to company and from period to period depending upon accounting methods, book value of assets, capital structure, and the method by which assets were acquired.

    Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation

    The following table presents a reconciliation of the GAAP financial measure of “Net Income (Loss)” presented on the Consolidated Statements of Operations to the non-GAAP financial measures of Adjusted EBITDA and Adjusted Free Cash Flow:

        Three Months Ended March 31,
    (Millions of Dollars)   2025   2024
    Net Income (Loss)   $ (135 )   $ 319  
    Adjustments        
    Interest expense and other finance charges     74       59  
    Income tax (benefit) expense     (52 )     69  
    Depreciation, amortization and accretion     74       75  
    Nuclear fuel amortization     26       35  
    Unrealized (gain) loss on commodity derivative contracts     182       134  
    Nuclear decommissioning trust funds (gain) loss, net     12       (75 )
    Stock-based and other long-term incentive compensation expense     13       18  
    (Gain) loss on asset sales, net (a)     (2 )     (324 )
    Operational and other restructuring activities     9       2  
    Noncontrolling interest     —       (11 )
    Other     (1 )     (12 )
    Total Adjusted EBITDA   $ 200     $ 289  
             
    Capital expenditures, net     (64 )     (59 )
    Interest and finance charge payments     (23 )     (34 )
    Income taxes     (9 )     —  
    Pension contributions     (17 )     (2 )
    Total Adjusted Free Cash Flow   $ 87     $ 194  

    ______________________
    (a) See Note 18 to the Q1 2025 Financial Statements for additional information.

    Adjusted EBITDA / Adjusted Free Cash Flow Reconciliation: 2025 Guidance

        2025E
    (Millions of Dollars)   Low   High
    Net Income (Loss)   $ 205     $ 325  
             
    Adjustments        
    Interest expense and other finance charges     235       245  
    Income tax (benefit) expense     60       80  
    Depreciation, amortization and accretion     295       295  
    Nuclear fuel amortization     105       105  
    Unrealized (gain) loss on commodity derivative contracts     75       75  
    Adjusted EBITDA   $ 975     $ 1,125  
             
    Capital expenditures, net   $ (190 )   $ (210 )
    Interest and finance charge payments     (210 )     (220 )
    Income taxes     (70 )     (80 )
    Pension contributions     (55 )     (75 )
    Adjusted Free Cash Flow   $ 450     $ 540  

    ______________________
    Note: Figures are rounded to the nearest $5 million.

    The MIL Network –

  • MIL-OSI: Berry Corporation Reports First Quarter 2025 Financial and Operational Results, Reaffirms FY25 Guidance and Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced its financial and operational results for the first quarter of 2025, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck summarizing these results, which can be found at www.bry.com. The Company plans to host a conference call and webcast to discuss its first quarter 2025 results and latest 2025 outlook, at 10:00 a.m. CT, Thursday, May 8, 2025; access details can be found in this release.

    First Quarter 2025 Highlights

    • Reaffirmed FY25 guidance due to favorable hedge position, protecting cash flows and liquidity position
    • Produced 24.7 MBoe/d (93% oil), in-line with plan and down slightly quarter-over-quarter due to planned downtime associated with drilling activity targeting the thermal diatomite reservoir
    • Reported hedged LOE of $26.40/Boe, 9% below midpoint of FY25 guidance
    • Returned $2 million in cash to shareholders through quarterly dividend of $0.03 per share, which represents a 5% dividend yield(2) on an annual basis
    • Paid down $11 million of total debt
    • Increased liquidity to $120 million while improving leverage ratio(1) quarter-over-quarter to 1.37x
    • Reported net loss of $97 million, or $1.25 per diluted share, including a non-cash impairment of $113 million (after tax), and Adjusted Net Income(1) of $9 million, or $0.12 per diluted share
    • Generated operating cash flow of $46 million, Adjusted EBITDA(1) of $68 million and Free Cash Flow(1) of $17 million
    • Reported zero recordable incidents, zero lost-time incidents, and no reportable spills in our E&P operations

    Other Updates

    • Oil volumes 73% hedged for remainder of 2025 at $74.69/Bbl and 63% hedged for 2026 at $69.42/Bbl(3)
    • Mark-to-market (crude oil) hedge value of $129 million as of May 2, 2025
    • Completed drilling Berry-operated Uinta Basin 4-well horizontal pad; first production expected in the third quarter
    • Published updated and expanded sustainability metrics in April; Sustainability Report planned for the third quarter
         
    (1) Please see “Non-GAAP Financial Measures and Reconciliations” in this release for a reconciliation and more information on these Non-GAAP measures.
    (2) Based on BRY share price of $2.59 as of May 2, 2025.
    (3) Based on the midpoint of full year 2025 oil production guidance.
         

    MANAGEMENT COMMENTS

    Fernando Araujo, Berry’s Chief Executive Officer, said, “We delivered strong financial and operating results in the first quarter, highlighting the strengths of our business model and strategy. Production decreased slightly due to planned downtime, as we drilled twice as many California wells compared to last quarter. Our California drilling program is focused on our thermal diatomite assets, building on our success in 2024 with exceptional results. At recent strip pricing, rates of return here exceed 100%. In Utah, we recently finished drilling our 4-well horizontal pad ahead of schedule and on budget. First production from this pad is expected in the third quarter. Our high- quality, low-break even assets position us well, even in the current environment.”

    Mr. Araujo continued, “We are confident in our ability to navigate current market volatility and our 2025 outlook remains unchanged. Our cash flow is protected by our strong hedge position, and our strategy is anchored by our shallow decline rate, low capital intensity assets and high rate of return development. We have a resilient business with low breakeven prices and expect to fully fund our 2025 plan at prices well below current levels. ”

    FIRST QUARTER 2025 FINANCIAL AND OPERATING SUMMARY

    Selected Comparative Results

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in millions, except per share amounts)
    Production (MBoe/d)   24.7       26.1       25.4  
    Oil, natural gas & NGL revenues(1) $ 148     $ 158     $ 166  
    Net income (loss) $ (97 )   $ (2 )   $ (40 )
    Adjusted Net Income(2) $ 9     $ 17     $ 11  
    Adjusted EBITDA(2) $ 68     $ 82     $ 69  
    Earnings per diluted share $ (1.25 )   $ (0.02 )   $ (0.53 )
    Adjusted earnings per diluted share(2) $ 0.12     $ 0.21     $ 0.14  
    Cash Flow from Operations $ 46     $ 41     $ 1  
    Capital expenditures $ 28     $ 17     $ 17  
    Free cash flow(2) $ 17     $ 24     $ 10  
    __________
    (1) Revenues do not include hedge settlements.
    (2) Please see “Non-GAAP Financial Measures and Reconciliations” in this press release for more information on these Non-GAAP measures and reconciliations to the nearest GAAP measures.
     

    CAPITAL STRUCTURE

    As of March 31, 2025, Berry had $439 million outstanding on its 2024 term loan and no borrowings outstanding under its 2024 revolving credit facility. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its 2024 revolving credit facility and $32 million available for delayed draw borrowings under its 2024 term loan. Based on current forward commodity prices, Berry expects to fund the remainder of its 2025 capital development program with cash flow from operations. As of March 31, 2025, the Company had a leverage ratio(1) of 1.37x.

         
    (1) Please see “Non-GAAP Financial Measures and Reconciliations” later in this press release for reconciliation and more information on these Non-GAAP measures.
       

    DEBT REDUCTION AND SHAREHOLDER RETURNS

    During the quarter, the Company paid down approximately $11 million of total debt.

    On May 7, 2025, Berry’s Board of Directors approved a quarterly cash dividend of $0.03 per share of common stock, payable on May 29, 2025 to shareholders of record as of the close of business on May 19, 2025.

    2025 GUIDANCE (UNCHANGED FROM PRIOR OUTLOOK)

     Full Year 2025 Guidance Low High
    Average Daily Production (boe/d)(1)  $24,800 $26,000
    Non-energy LOE ($/boe)(2) $13.00 $15.00
    Energy LOE (unhedged) ($/boe)(3) $12.70 $14.50
    Natural Gas Purchase Hedge Settlements ($/boe)(4)(5) $1.00 $1.60
    Taxes, Other Than Income Taxes ($/boe) $5.50 $6.50
    Adjusted G&A expenses – E&P Segment & Corp ($/boe)(6)(7) $6.35 $6.75
    Capital Expenditures ($ millions)(8) (9) $110 $120
    _____________ 
    (1)   Oil production is expected to be approximately 93% of total.
    (2)    Non-energy LOE consists of lease operating costs not included in Energy LOE.
    (3)    Energy LOE (unhedged) consists of costs to generate steam and electricity the Company produces and uses in its operations and the power the Company purchases for its E&P operations.
    (4)    Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.
    (5)    Based on natural gas hedge positions and basis differentials as of December 31, 2024, and the Henry Hub gas price of $3.00 per mmbtu.
    (6)   Adjusted G&A expenses is a non-GAAP financial measure. The Company does not provide a reconciliation of this measure because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
    (7)   See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
    (8)    Total company capital expenditures, including E&P segment, well servicing & abandonment services segment and corporate.
    (9)    Approximately 60% of Berry’s 2025 capital program is expected to be directed to California, with 40% allocated to Utah.
             

    RISK MANAGEMENT

    Berry utilizes hedges to manage commodity price risk, protect the balance sheet and ensure cash flow to fund its annual capital program. In April 2025, the Company strategically raised the average oil hedge price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d by converting most of its Brent collars and all purchased puts into swaps to provide additional protection in the current volatile pricing environment.

    Based on the midpoint of Berry’s 2025 full year oil production guidance and its hedge book as of May 2, 2025, the Company has 73% of its estimated oil production volumes hedged for the remainder of 2025 at an average price of $74.69/Bbl of Brent, and 63% of oil production (assuming the midpoint of 2025 annual guidance) hedged for 2026 at $69.42/Bbl. Berry has gas purchase hedges for approximately 80% of its expected gas demand for the remainder of 2025, with an average swap price of $4.24/MMBtu. Complete details on the Company’s derivative positions can be found in its investor presentation located at https://ir.bry.com/reports-resources.

    CONFERENCE CALL DETAILS

    Berry plans to host a conference call to discuss its first quarter 2025 results, as well as its 2025 outlook:

    Call Date: Thursday, May 8, 2025
    Call Time: 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time

    Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/2swb49hy or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call at www.bry.com.

    To ask a question on the call, please dial in using the phone number and passcode below:

    Toll-Free: (800) 715-9871
    Passcode: 6035522

    A web based audio replay will be available shortly after the broadcast and will be archived at https://ir.bry.com/reports-resources or visit https://edge.media-server.com/mmc/p/2swb49hy or https://bry.com/category/events

    ABOUT BERRY CORPORATION (BRY)

    Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

    This press release includes forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

    You can typically identify forward-looking statements by words such as “aim,” “anticipate,” “achievable,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and other similar words that reflect the prospective nature of events or outcomes. All statements other than statements of historical facts included in this press release that address plans, activities, events, objectives, goals, strategies or developments that we expect, believe or anticipate will or may occur in the future, such as those regarding our financial position, liquidity, cash flows, financial and operating results, capital program and development and production plans, operations and business strategy, potential acquisition and other strategic opportunities, reserves, hedging activities, capital expenditures, return of capital, future distributions, capital investments, our ESG strategy and the initiation of new projects or business in connection therewith, recovery factors and other guidance, are forward-looking statements. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, the Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise, unless required by law.

    Factors that could cause actual results to differ from management’s expectations include, but are not limited to: the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products; the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; volatility of oil, natural gas and NGL prices, including as a result of political instability, armed conflicts or economic sanctions; inflation levels and government efforts aimed to reduce inflation, including related interest rate determinations; overall domestic and global political and economic trends, geopolitical risks and general economic and industry conditions; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet our working capital requirements or fund planned investments; our ability to satisfy our debt obligations and comply with all covenants, agreements and conditions under our debt agreements; any future impairments to the Company’s proved or unproved oil and gas properties or write-downs of productive assets; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in Ukraine, the ongoing conflict in the Middle East, or a prolonged recession, among other factors; changes in supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC+ and change in OPEC+’s production levels; the competitiveness and rate of adoption of alternative energy sources, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues; the price and availability of natural gas and electricity to generate stream used in our operations; disruptions to, capacity constraints in, or other limitations on pipeline and other transportation systems that deliver our oil and natural gas to customers and other processing and transportation considerations; our ability to recruit and/or retain key members of our senior management and key technical employees; potential liability resulting from pending or future litigation, government investigations or other legal proceedings; competition and consolidation in the E&P industry; our ability to replace our reserves through exploration and development activities or acquisitions; our ability to make acquisitions and successfully integrate any acquired businesses; information technology failures or cyberattacks; and the other risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission (the “SEC”).

    Investors are urged to consider carefully the disclosure in our filings with the SEC, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.

    CONTACT

    Contact: Berry Corporation (bry)
    Christopher Denison: Director – Investor Relations & Sustainability
    (661) 616-3811
    ir@bry.com

    TABLES FOLLOWING

    The financial information and certain other information presented have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables. In addition, certain percentages presented here reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers, or may not sum due to rounding.

    SUMMARY OF RESULTS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ and shares in thousands, except per share amounts)
    Consolidated Statement of Operations Data:          
    Revenues and other:          
    Oil, natural gas and natural gas liquids sales $ 147,862     $ 157,957     $ 166,318  
    Service revenue   23,664       23,554       31,683  
    Electricity sales   4,967       3,262       4,243  
    Gains (losses) on oil and gas sales derivatives   5,475       (5,730 )     (71,200 )
    Marketing and other revenues   683       36       5,036  
    Total revenues and other   182,651       179,079       136,080  
               
    Expenses and other:          
    Lease operating expenses   57,282       55,763       61,276  
    Cost of services   20,825       20,907       27,304  
    Electricity generation expenses   1,209       1,523       1,093  
    Transportation expenses   939       1,122       1,059  
    Marketing expenses   292       —       4,390  
    Acquisition costs   —       —       2,617  
    General and administrative expenses   20,305       18,389       20,234  
    Depreciation, depletion and amortization   40,392       43,579       42,831  
    Impairment of oil and gas properties   157,910       —       —  
    Taxes, other than income taxes   9,240       8,498       15,689  
    (Gains) losses on natural gas purchase derivatives   (5,691 )     7,883       4,481  
    Other operating expense (income)   401       3,763       (133 )
    Losses on debt retirement   —       7,066       —  
    Total expenses and other   303,104       168,493       180,841  
               
    Other (expenses) income:          
    Interest expense   (15,172 )     (10,859 )     (9,140 )
    Other, net   272       136       (83 )
    Total other expenses   (14,900 )     (10,723 )     (9,223 )
    Loss before income taxes   (135,353 )     (137 )     (53,984 )
    Income tax (benefit) expense   (38,673 )     1,622       (13,900 )
    Net loss $ (96,680 )   $ (1,759 )   $ (40,084 )
               
    Net loss per share:          
    Basic $ (1.25 )   $ (0.02 )   $ (0.53 )
    Diluted $ (1.25 )   $ (0.02 )   $ (0.53 )
               
    Weighted-average shares of common stock outstanding – basic   77,196       76,939       76,254  
    Weighted-average shares of common stock outstanding – diluted   77,196       76,939       76,254  
               
    Adjusted Net Income(1) $ 9,370     $ 16,531     $ 10,910  
    Weighted-average shares of common stock outstanding – diluted   77,371       77,213       77,373  
    Diluted earnings per share on Adjusted Net Income(1) $ 0.12     $ 0.21     $ 0.14  
               
               
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ and shares in thousands, except per share amounts)
    Adjusted EBITDA(1) $ 68,450     $ 81,780     $ 68,534  
    Free Cash Flow(1) $ 17,483     $ 24,144     $ 10,337  
    Adjusted General and Administrative Expenses(1) $ 18,300     $ 16,325     $ 18,943  
    Effective Tax Rate   29 %   N/A     26 %
               
    Cash Flow Data:          
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Net cash used in investing activities $ (19,770 )   $ (19,907 )   $ (18,661 )
    Net cash used in financing activities $ (16,876 )   $ (889 )   $ (9,990 )
     
    __________
    (1) See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
     
      March 31, 2025   December 31, 2024
      (unaudited)
    ($ and shares in thousands)
    Balance Sheet Data:      
    Total current assets $ 161,114   $ 149,643  
    Total property, plant and equipment, net $ 1,153,711   $ 1,320,380  
    Total current liabilities $ 183,429   $ 187,880  
    Long-term debt $ 374,478   $ 384,633  
    Total stockholders’ equity $ 631,468   $ 730,636  
    Outstanding common stock shares as of   77,596     76,939  
                 

    The following table represents selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.

      Three Months Ended
    March 31, 2025
      E&P   Well Servicing and Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 153,512     $ 29,747     $ (6,083 )   $ 177,176  
    Net (loss) before income taxes $ (101,417 )   $ (1,711 )   $ (32,225 )   $ (135,353 )
    Capital expenditures $ 27,618     $ 56     $ 715     $ 28,389  
    Total assets $ 1,385,674     $ 52,392     $ (33,728 )   $ 1,404,338  
      Three Months Ended
    December 31, 2024
      E&P   Well Servicing and
    Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 161,254   $ 29,468     $ (5,913 )   $ 184,809  
    Net income (loss) before income taxes $ 38,101   $ (3,157 )   $ (35,081 )   $ (137 )
    Capital expenditures $ 15,386   $ 1,057     $ 774     $ 17,217  
    Total assets $ 1,535,292   $ 57,752     $ (75,358 )   $ 1,517,686  
      Three Months Ended
    March 31, 2024
      E&P   Well Servicing and
    Abandonment
    Services    		   Corporate/Eliminations   Consolidated Company
      (unaudited)
    (in thousands)
    Revenues(1) $ 175,597     $ 35,468     $ (3,785 )   $ 207,280  
    Net (loss) income before income taxes $ (24,836 )   $ (1,241 )   $ (27,907 )   $ (53,984 )
    Capital expenditures $ 15,417     $ 1,332     $ 187     $ 16,936  
    Total assets $ 1,625,178     $ 65,948     $ (115,610 )   $ 1,575,516  
    __________
    (1) These revenues do not include hedge settlements.
     

    COMMODITY PRICING

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
    Weighted Average Realized Prices          
    Oil without hedge ($/bbl) $ 69.48   $ 69.08   $ 75.31  
    Effects of scheduled derivative settlements ($/bbl)   0.08     1.64     (2.17 )
    Oil with hedge ($/bbl) $ 69.56   $ 70.72   $ 73.14  
    Natural gas ($/mcf) $ 3.95   $ 3.47   $ 3.76  
    NGLs ($/bbl) $ 30.56   $ 29.67   $ 29.60  
               
    Purchased Natural Gas          
    Purchase price, before the effects of derivative settlements
    ($/mmbtu)    		 $ 4.35   $ 3.76   $ 4.11  
    Effects of derivative settlements ($/mmbtu)   0.35     0.62     0.92  
    Purchase price, after the effects of derivative settlements
    ($/mmbtu)    		 $ 4.70   $ 4.38   $ 5.03  
               
    Index Prices          
    Brent oil ($/bbl) $ 74.98   $ 74.01   $ 81.76  
    WTI oil ($/bbl) $ 71.51   $ 70.33   $ 77.02  
    Natural gas ($/mmbtu) – SoCal Gas city-gate(1) $ 4.50   $ 3.57   $ 4.21  
    Natural gas ($/mmbtu) – Northwest, Rocky Mountains(2) $ 3.88   $ 3.09   $ 3.41  
    Henry Hub natural gas ($/mmbtu)(2) $ 4.14   $ 2.44   $ 2.15  
    __________
    (1) The natural gas we purchase to generate steam and electricity is primarily based on Rockies price indexes, including transportation charges, as we currently purchase a substantial majority of our gas needs from the Rockies, with the balance purchased in California. SoCal Gas city-gate Index is the relevant index used only for the portion of gas purchases in California.
    (2) Most of our gas purchases and gas sales in the Rockies are predicated on the Northwest, Rocky Mountains index, and to a lesser extent based on Henry Hub.
     

    Natural gas prices and differentials are strongly affected by local market fundamentals, availability of transportation capacity from producing areas and seasonal impacts. Our key exposure to gas prices is in costs. We purchase substantially more natural gas for our California steamfloods and cogeneration facilities than we produce and sell in the Rockies. In May 2022, we began purchasing most of our gas in the Rockies and transporting it to our California operations using the Kern River pipeline capacity. Beginning in 2025, we purchased approximately 43,000 mmbtu/d in the Rockies (48,000 mmbtu/d prior to this change), with the remaining volumes purchased in California markets. Gas volumes purchased in California fluctuate, and averaged 4,000 mmbtu/d in the first quarter of 2025, 3,000 mmbtu/d in the fourth quarter of 2024 and 5,000 mmbtu/d in the first quarter of 2024. The natural gas we purchased in the Rockies is shipped to our operations in California to help limit our exposure to California fuel gas purchase price fluctuations. We strive to further minimize the variability of our fuel gas costs for our steam operations by hedging a significant portion of our gas purchases. Additionally, the negative impact of higher gas prices on our California operating expenses is partially offset by higher gas sales for the gas we produce and sell in the Rockies. The Kern River pipeline capacity allows us to purchase and sell natural gas at the same pricing indices.

    CURRENT HEDGING SUMMARY

    As of May 2, 2025, we had the following crude oil production and gas purchases hedges.

        Q2 2025   Q3 2025   Q4 2025   FY 2026   FY 2027   FY 2028
    Brent – Crude Oil production                        
    Swaps                        
    Hedged volume (bbls)     1,637,198     1,613,083     1,518,000     5,247,518     3,483,500     1,505,500  
    Hedged volume (mbbls) per day     18.0     17.5     16.5     14.4     9.5     4.1  
    Weighted-average price ($/bbl)   $ 74.35   $ 74.48   $ 75.28   $ 69.74   $ 69.72   $ 68.05  
    Collars                        
    Hedged volume (bbls)     —     —     —     180,000     182,000     —  
    Hedged volume (mbbls) per day     —     —     —     0.5     0.5     —  
    Weighted-average ceiling ($/bbl)   $ —   $ —   $ —   $ 81.36   $ 80.00   $ —  
    Weighted-average floor ($/bbl)   $ —   $ —   $ —   $ 60.00   $ 65.00   $ —  
    NWPL – Natural Gas purchases(1)                        
    Swaps                        
    Hedged volume (mmbtu)     3,640,000     3,680,000     3,680,000     12,160,000     —     —  
    Hedged volume (mmbtu) per day     40.0     40.0     40.0     33.3     —     —  
    Weighted-average price ($/mmbtu)   $ 4.29   $ 4.29   $ 4.15   $ 3.93   $ —   $ —  
    __________
    (1) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline.
     

    GAINS (LOSSES) ON DERIVATIVES

    A summary of gains and losses on the derivatives included on the statements of operations is presented below:

      Three Months Ended
      March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
      (unaudited)
    (in thousands)
    Realized (losses) gains on commodity derivatives:          
    Realized gains (losses) on oil sales derivatives $ 164     $ 7,173     $ (4,682 )
    Realized (losses) on natural gas purchase derivatives   (1,476 )     (3,184 )     (4,412 )
    Total realized (losses) gains on derivatives $ (1,312 )   $ 3,989     $ (9,094 )
               
    Unrealized gains (losses) on commodity derivatives:          
    Unrealized gains (losses) on oil sales derivatives $ 5,311     $ (12,903 )   $ (66,518 )
    Unrealized gains (losses) on natural gas purchase derivatives   7,167       (4,699 )     (69 )
    Total unrealized gains (losses) on derivatives $ 12,478     $ (17,602 )   $ (66,587 )
    Total gains (losses) on derivatives $ 11,166     $ (13,613 )   $ (75,681 )
     

    PRODUCTION STATISTICS

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024  
    Net Oil, Natural Gas and NGLs Production Per Day(1):            
    Oil (mbbl/d)            
    California 20.4   21.8   21.3  
    Utah 2.6   2.5   2.5  
    Total oil 23.0   24.3   23.8  
    Natural gas (mmcf/d)            
    Utah 7.9   8.4   7.9  
    Total natural gas 7.9   8.4   7.9  
    NGLs (mbbl/d)            
    Utah 0.4   0.4   0.3  
    Total NGLs 0.4   0.4   0.3  
    Total Production (mboe/d)(2) 24.7   26.1   25.4  
    __________
    (1) Production represents volumes sold during the period. We also consume a portion of the natural gas we produce on lease to extract oil and gas.
    (2) Natural gas volumes have been converted to boe based on energy content of six mcf of gas to one bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, in the three months ended March 31, 2025, the average prices of Brent oil and Henry Hub natural gas were $74.98 per bbl and $4.14 per mmbtu respectively.
     

    CAPITAL EXPENDITURES

      Three Months Ended
      March 31, 2025   December 31, 2024 March 31, 2024
          (unaudited)
    (in thousands)    		    
    Capital expenditures (1)(2) $ 28,389   $ 17,217   $ 16,936  
    __________
    (1) Capital expenditures include capitalized overhead and interest and excludes acquisitions and asset retirement spending.
    (2) Capital expenditures for the three months ended March 31, 2025 were less than $1 million related to the well servicing and abandonment services segment. Capital expenditures for the three months ended December 31, 2024 and March 31, 2024 were $1 million related to the well servicing and abandonment services segment.
     

    NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

    Adjusted EBITDA is not a measure of either net income (loss) or cash flow, Free Cash Flow is not a measure of cash flow, Adjusted Net Income (Loss) is not a measure of net income (loss), and Adjusted General and Administrative Expenses is not a measure of general and administrative expenses, in all cases, as determined by GAAP. Rather, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies.

    We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. We also use Adjusted EBITDA in planning our capital expenditure allocation to sustain production levels and to determine our strategic hedging needs aside from the hedging requirements of the 2024 Term Loan and 2024 Revolver.

    We define Free Cash Flow as cash flow from operations less capital expenditures. We use Free Cash Flow as the primary metric to measure our ability to pay dividends, pay down debt, repurchase stock, and make strategic growth and bolt-on acquisitions. Management believes Free Cash Flow may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base after capital expenditures and to fund such activities. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for dividends, debt repayment, share repurchases, strategic acquisitions or other growth opportunities, or other discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

    We define Adjusted Net Income (Loss) as net income (loss) adjusted for derivative gains or losses net of cash received or paid for scheduled derivative settlements, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including non-cash items such as derivative gains and losses. This measure is used by management when comparing results period over period. We believe Adjusted Net Income (Loss) is useful to investors because it reflects how management evaluates the Company’s ongoing financial and operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

    We define Adjusted General and Administrative Expenses as general and administrative expenses adjusted for non-cash stock compensation expense and unusual and infrequent costs. Management believes Adjusted General and Administrative Expenses is useful because it allows us to more effectively compare our performance from period to period. We believe Adjusted General and Administrative Expenses is useful to investors because it reflects how management evaluates the Company’s ongoing general and administrative expenses from period-to-period after removing non-cash stock compensation, as well as unusual or infrequent costs that affect comparability of the metrics and are not reflective of the Company’s administrative costs. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

    While Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are non-GAAP measures, the amounts included in the calculation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than income and liquidity measures calculated in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Our computations of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

    Leverage Ratio is a non-GAAP financial measure, which is used by management and external users of our financial statements to evaluate the financial condition of the Company. It is calculated as net debt divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. Net debt is calculated as long-term debt (from our 2024 Term Loan and 2024 Revolver), including the current portion and excluding unamortized discount and debt issuance costs, less unrestricted cash and cash equivalents. Management believes that Leverage Ratio provides useful information to investors because it is widely used by analysts, investors and ratings agencies in evaluating the financial condition of companies.

    ADJUSTED EBITDA

    The following tables present reconciliations of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measure of Adjusted EBITDA, as applicable, for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in thousands)
    Adjusted EBITDA reconciliation:
    Net loss $ (96,680 )   $ (1,759 )   $ (40,084 )
    Add (Subtract):          
    Interest expense   15,172       10,859       9,140  
    Income tax (benefit) expense   (38,673 )     1,622       (13,900 )
    Depreciation, depletion, and amortization   40,392       43,579       42,831  
    Impairment of oil and gas properties   157,910       —       —  
    Stock compensation expense   2,406       2,315       385  
    (Gains) losses on derivatives   (11,166 )     13,613       75,681  
    Net cash (paid) received for scheduled derivative settlements   (1,312 )     722       (9,094 )
    Acquisition costs(1)   —       —       2,617  
    Non-recurring costs(2)   —       —       1,091  
    Other operating expense (income)   401       3,763       (133 )
    Losses on debt retirement(3)   —       7,066       —  
    Adjusted EBITDA $ 68,450     $ 81,780     $ 68,534  
               
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Add (Subtract):          
    Cash interest payments   13,459       14,129       15,256  
    Cash income tax payments   66       651       —  
    Acquisition costs(1)   —       —       2,617  
    Non-recurring costs(2)   —       —       1,091  
    Changes in operating assets and liabilities – working capital(4)   9,265       13,535       22,543  
    Other operating (income) expense – cash portion(5)   (212 )     7,664       (246 )
    Losses on debt retirement – cash portion(6)   —       4,440       —  
    Adjusted EBITDA $ 68,450     $ 81,780     $ 68,534  
    __________
    (1) Includes legal and other professional expenses related to various transactions activities.
    (2) Non-recurring costs included cost savings initiatives.
    (3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
    (4) Changes in other assets and liabilities consists of working capital and various immaterial items.
    (5) Represents the cash portion of other operating (income) expenses from the income statement, net of the non-cash portion in the cash flow statement.
    (6) Includes expenses related to the financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
     

    FREE CASH FLOW

    The following table presents a reconciliation of the GAAP financial measure of operating cash flow to the non-GAAP financial measure of Free Cash Flow for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (in thousands)
    Free Cash Flow reconciliation:          
    Net cash provided by operating activities $ 45,872     $ 41,361     $ 27,273  
    Capital expenditures   (28,389 )     (17,217 )     (16,936 )
    Free Cash Flow $ 17,483     $ 24,144     $ 10,337  
     

    LEVERAGE RATIO

    The following table presents our leverage ratio.

        Three Months Ended
        March 31, 2025   December 31, 2024
        (unaudited)
    (in thousands)
    Net debt reconciliation:        
    2024 Term loan borrowings   $ 438,750     $ 450,000  
    2024 Revolver borrowings     —       —  
    Subtract:        
    Unrestricted cash     (39,002 )     (15,336 )
    Net Debt   $ 399,748     $ 434,664  
             
    Trailing twelve month Adjusted EBITDA   $ 291,680     $ 291,764  
             
    Leverage Ratio   1.37x   1.49x
             

    ADJUSTED NET INCOME (LOSS)

    The following table presents a reconciliation of the GAAP financial measures of net income (loss) and net income (loss) per share — diluted to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share — diluted for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (in thousands)   per share – diluted   (in thousands)   per share – diluted   (in thousands)   per share – diluted
      (unaudited)
    Adjusted Net Income reconciliation:      
    Net loss $ (96,680 )   $ (1.25 )   $ (1,759 )   $ (0.02 )   $ (40,084 )   $ (0.52 )
    Add (Subtract):                      
    (Gains) losses on derivatives   (11,166 )     (0.14 )     13,613       0.18       75,681       0.98  
    Net cash (paid) received for scheduled derivative settlements   (1,312 )     (0.02 )     722       0.01       (9,094 )     (0.12 )
    Other operating expenses (income)   401       —       3,763       0.04       (133 )     —  
    Impairment of oil and gas properties   157,910       2.04       —       —       —       —  
    Acquisition costs(1)   —       —       —       —       2,617       0.03  
    Non-recurring costs(2)   —       —       —       —       1,091       0.02  
    Losses on debt retirement(3)   —       —       7,066       0.09       —       —  
    Total additions, net   145,833       1.88       25,164       0.32       70,162       0.91  
    Income tax expense of adjustments(4)   (39,783 )     (0.51 )     (6,874 )     (0.09 )     (19,168 )     (0.25 )
    Adjusted Net Income $ 9,370     $ 0.12     $ 16,531     $ 0.21     $ 10,910     $ 0.14  
                           
    Basic EPS on Adjusted Net Income $ 0.12         $ 0.21         $ 0.14      
    Diluted EPS on Adjusted Net Income $ 0.12         $ 0.21         $ 0.14      
                           
    Weighted average shares of common stock outstanding – basic   77,196           76,939           76,254      
    Weighted average shares of common stock outstanding – diluted   77,371           77,213           77,373      
    __________
    (1) Includes legal and other professional expenses related to various transaction activities.
    (2) Non-recurring costs included cost savings initiatives.
    (3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
    (4) The federal and state statutory rates were utilized for all periods presented.
     

    As a result of operating evaluations, market volatility and price declines we recorded a non-cash pre-tax asset impairment charge of $158 million ($113 million after-tax) on one of our non-thermal diatomite proved properties in California for the three months ended March 31, 2025. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at March 31, 2025.

    ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES

    The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measure of Adjusted General and Administrative Expenses for each of the periods indicated.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ in thousands)
    Adjusted General and Administrative Expense reconciliation:
    General and administrative expenses $ 20,305     $ 18,389     $ 20,234  
    Subtract:          
    Non-cash stock compensation expense (G&A portion)   (2,005 )     (2,064 )     (200 )
    Non-recurring costs(1)   —       —       (1,091 )
    Adjusted General and Administrative Expenses $ 18,300     $ 16,325     $ 18,943  
               
    Well servicing and abandonment services segment $ 2,300     $ 2,015     $ 2,929  
               
    E&P segment, and corporate $ 16,000     $ 14,310     $ 16,014  
    E&P segment, and corporate ($/boe) $ 7.19     $ 5.96     $ 6.93  
               
    Total mboe   2,225       2,400       2,310  
    __________                      
    (1) Non-recurring costs included cost savings initiatives.
     

    E&P OPERATING COSTS

    Overall, management assesses the efficiency of our E&P operations by considering core E&P operating costs. The substantial majority of such costs is our lease operating expenses (“LOE”) which includes fuel gas, purchased power, labor, field office, vehicle, supervision, maintenance, tools and supplies, and workover expenses. A core component of our E&P operations in California is steam, which we use to lift heavy oil to the surface. The most significant cost component of generating steam is the fuel gas purchased to operate traditional steam generators and our cogeneration facilities.

    The following table includes key components of our LOE as well as the gas purchase hedge effect of the fuel used in our steam generation. Energy LOE consists of the costs to generate the steam and electricity we produce and use in our operations and the power we purchase for our E&P operations. Non-energy LOE consists of all other LOE costs. Energy LOE – hedged includes the realized (cash settled) hedge effects on the fuel gas we purchase. LOE – hedged includes the realized (cash settled) hedge effects on our total LOE.

      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    ($ in thousands)
    Energy LOE – unhedged $ 26,323   $ 27,597   $ 30,090  
    Non-energy LOE   30,959     28,166     31,186  
    Lease operating expenses(1)   57,282     55,763     61,276  
    Gas purchase hedges – realized   1,476     3,184     4,412  
    Lease operating expenses – hedged $ 58,758   $ 58,947   $ 65,688  
               
    Energy LOE – unhedged $ 26,323   $ 27,597   $ 30,090  
    Gas purchase hedges – realized   1,476     3,184     4,412  
    Energy LOE – hedged $ 27,799   $ 30,781   $ 34,502  
      Three Months Ended
      March 31, 2025   December 31, 2024   March 31, 2024
      (unaudited)
    (per boe)
    Energy LOE – unhedged $ 11.83   $ 11.50   $ 13.03  
    Non-energy LOE   13.91     11.74     13.50  
    Lease operating expenses(1)   25.74     23.24     26.53  
    Gas purchase hedges – realized   0.66     1.33     1.91  
    Lease operating expenses – hedged $ 26.40   $ 24.57   $ 28.44  
               
    Energy LOE – unhedged $ 11.83   $ 11.50   $ 13.03  
    Gas purchase hedges – realized   0.66     1.33     1.91  
    Energy LOE – hedged $ 12.49   $ 12.83   $ 14.94  
    __________
    (1) Lease operating expenses (“LOE”) is also referred to as LOE – unhedged.
     

    Energy LOE – hedged and LOE – hedged are not complete measures of our operating costs. These are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Our management believes Energy LOE – hedged and LOE – hedged provide useful information in assessing our operating costs and results of operations and are used by the industry and the investment community. These measures also allow our management to more effectively evaluate our operating performance and compare the results between periods.

    While Energy LOE – hedged and LOE – hedged are non-GAAP measures, the amounts included in the calculation of these measures were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, operating costs in accordance with GAAP and should not be considered as an alternative to, or more meaningful than cost measures calculated in accordance with GAAP. Our computations of Energy LOE – hedged and LOE – hedged may not be comparable to other similarly titled measures used by other companies. Energy LOE – hedged and LOE – hedged should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

    The MIL Network –

  • MIL-OSI: Brookfield Corporation Reports 27% Increase in Distributable Earnings to $1.5 Billion

    Source: GlobeNewswire (MIL-OSI)

    $850 million of Shares Repurchased to Date in 2025

    Deployable Capital Increases to a Record $165 billion

    BROOKFIELD, Nnews, May 08, 2025 (GLOBE NEWSWIRE) — Brookfield Corporation (NYSE: BN, TSX: BN) announced strong financial results for the quarter ended March 31, 2025.

    Nick Goodman, President of Brookfield Corporation, said, “Our business performed well in the first quarter, with earnings 30% higher than the prior year, supported by continued momentum across our core operations. Our asset management business had strong inflows of $25 billion during the first quarter, our operating businesses continued to generate resilient cash flows, and our wealth solutions business delivered robust growth.”

    He added, “In spite of increased market volatility, the outlook for our business continues to be strong and our focus remains unchanged; to deliver 15%+ returns to our shareholders over the long-term. We continue to reinvest our excess cash flows to further compound capital and with the recent volatility, we have accelerated share repurchases, buying back $850 million of shares so far this year.”

    Operating Results

    Distributable earnings (“DE”) before realizations increased by 30% over the prior year quarter.

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025     2024     2025     2024
    Net income of consolidated business1 $ 215   $ 519   $ 1,549   $ 5,200
    Net income attributable to Brookfield shareholders2 $ 73     102   $ 612     1,112
                   
    Distributable earnings before realizations3   1,301     1,001     5,171     4,279
    –  Per Brookfield share3   0.82     0.63     3.26     2.70
                   
    Distributable earnings3   1,549     1,216     6,607     4,865
    –  Per Brookfield share3   0.98     0.77     4.17     3.07

    See endnotes on page 8.

    Total consolidated net income was $215 million for the quarter and $1.5 billion for the last twelve months (“LTM”). Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) for the last twelve months.

    Our asset management business generated a 26% increase in fee-related earnings compared to the prior year quarter. This growth was attributed to robust fundraising momentum primarily driven by our complementary strategies and the final closes of two flagship funds.

    Wealth solutions delivered another strong quarter of financial performance, benefiting from strong investment performance and continued growth of our insurance asset base.

    Our operating businesses continue to deliver resilient and stable cash flows, underpinned by strong operating earnings across our renewable power and transition, infrastructure, and private equity businesses and 3% growth in same-store net operating income (“NOI”) from our core real estate portfolio.

    During the quarter and for the LTM, earnings from realizations were $248 million and $1.4 billion, with total DE for the quarter and for the LTM of $1.5 billion ($0.98/share) and $6.6 billion ($4.17/share), respectively.

    Regular Dividend Declaration

    The Board declared a quarterly dividend for Brookfield Corporation of $0.09 per share, payable on June 30, 2025 to shareholders of record as at the close of business on June 13, 2025. The Board also declared the regular monthly and quarterly dividends on our preferred shares.

    Operating Highlights

    Distributable earnings before realizations were $1.3 billion ($0.82/share) for the quarter and $5.2 billion ($3.26/share) over the last twelve months, representing an increase of 30% on a per share basis over the prior year quarter. Total distributable earnings were $1.5 billion ($0.98/share) for the quarter and $6.6 billion ($4.17/share) over the last twelve months.

    Asset Management:

    • DE was $684 million ($0.43/share) in the quarter and $2.7 billion ($1.71/share) over the LTM.
    • Fee-related earnings were a record $698 million, representing growth of 26% compared to the prior year quarter. This was driven by a 20% increase in fee-bearing capital over the LTM to $549 billion. Total inflows were $25 billion in the quarter.
    • We closed our flagship opportunistic credit fund strategy at $16 billion and finalized the institutional close for our fifth vintage opportunistic real estate strategy, bringing total capital raised to approximately $16 billion – with the final close-out of clients in wealth and regional sleeves expected over the balance of the year, we are set to have by far our largest pool of capital for opportunistic real estate to date.
    • Subsequent to the quarter end, we announced the acquisition of a majority stake in Angel Oak, a leading origination platform and asset manager with over $18 billion of assets under management.

    Wealth Solutions:

    • DE was $430 million ($0.27/share) in the quarter and $1.5 billion ($0.95/share) over the LTM.
    • We originated $4 billion of retail and institutional annuity sales during the quarter, increasing insurance assets to $133 billion at quarter end.
    • The business maintains a strong financial position, with statutory capital growing to over $16 billion.
    • We continue to gradually rotate the investment portfolio, rotating over $8 billion of American Equity Life’s portfolio to date, contributing to an average investment portfolio yield of 5.7%, which is 1.8% higher than the average cost of funds, and we maintain a 15% return on our $11.5 billion invested capital.
    • Through our combined wealth solutions platforms, we are raising close to $2 billion of retail capital per month, inclusive of over $650 million from our private wealth channel.

    Operating Businesses:

    • DE was $426 million ($0.27/share) in the quarter and $1.7 billion ($1.08/share) over the LTM.
    • Cash distributions from our operating businesses are underpinned by strong operating earnings. Our core real estate portfolio continues to grow its same-store NOI, delivering a 3% increase over the prior year quarter.
    • In our real estate business, we signed nearly 9 million square feet of office and retail leases during the quarter, including 2.3 million square feet of office leases in the U.S.
    • In our North American residential business, we generated approximately $640 million of proceeds from the sale of master plan communities as we shift the business to a more capital-light model.

    Earnings from the monetization of mature assets were $248 million ($0.16/share) for the quarter and $1.4 billion ($0.91/share) over the LTM.

    • During the quarter, we successfully closed approximately $22 billion of asset sales across the business. Substantially all sales were completed at prices in line or above our carrying values.
    • Total accumulated unrealized carried interest was $11.6 billion at quarter end, representing an increase of 14% compared to the prior year, net of $409 million carried interest realized into income over the LTM.
    • As we execute on our monetization pipeline, we expect to realize much of this into income over the next five years.

    We ended the quarter with a record $165 billion of capital available to deploy into new investments.

    • We have deployable capital of $165 billion, which includes $69 billion of cash, financial assets and undrawn credit lines at the Corporation, our affiliates and our wealth solutions business.
    • Our balance sheet remains conservatively capitalized. Our corporate debt at the Corporation has a weighted-average term of 15 years, and today, we have no maturities through the end of 2025.
    • We maintained strong access to the capital markets and executed on over $30 billion of financings, including issuing $500 million of 30-year senior unsecured notes at the Corporation, achieving our tightest 30-year spread to date.
    • To date this year, we have completed $850 million of share repurchases at prices significantly lower than our intrinsic value, adding value to each remaining share.

    CONSOLIDATED BALANCE SHEETS

    Unaudited
    (US$ millions)    		     March 31     December 31
        2025       2024
    Assets        
    Cash and cash equivalents   $ 12,437   $ 15,051
    Other financial assets     29,996     25,887
    Accounts receivable and other     44,070     40,509
    Inventory     8,706     8,458
    Equity accounted investments     69,405     68,310
    Investment properties     95,960     103,665
    Property, plant and equipment     152,908     153,019
    Intangible assets     37,219     36,072
    Goodwill     37,024     35,730
    Deferred income tax assets     3,852     3,723
    Total Assets   $ 491,577   $ 490,424
             
    Liabilities and Equity        
    Corporate borrowings   $ 14,607   $ 14,232
    Accounts payable and other     58,795     60,223
    Non-recourse borrowings     231,257     220,560
    Subsidiary equity obligations     3,354     4,759
    Deferred income tax liabilities     24,634     25,267
             
    Equity        
    Non-controlling interests in net assets $ 113,667   $ 119,406  
    Preferred equity   4,103     4,103  
    Common equity   41,160   158,930   41,874   165,383
    Total Equity     158,930     165,383
    Total Liabilities and Equity   $ 491,577   $ 490,424

    CONSOLIDATED STATEMENTS OF OPERATIONS

    Unaudited
    For the periods ended March 31
    (US$ millions, except per share amounts)    		 Three Months Ended
      2025       2024  
    Revenues $ 17,944     $ 22,907  
    Direct costs1   (10,995 )     (16,571 )
    Other income and gains   588       240  
    Equity accounted income   519       686  
    Interest expense      
    – Corporate borrowings   (179 )     (173 )
    – Non-recourse borrowings      
    Same-store   (3,916 )     (3,955 )
    Dispositions, net of acquisitions2   188       —  
    Upfinancings2   (254 )     —  
    Corporate costs   (18 )     (17 )
    Fair value changes   (824 )     158  
    Depreciation and amortization   (2,455 )     (2,475 )
    Income tax   (383 )     (281 )
    Net income   215       519  
    Net income attributable to non-controlling interests   (142 )     (417 )
    Net income attributable to Brookfield shareholders $ 73     $ 102  
           
    Net income per share      
    Diluted $ 0.02     $ 0.04  
    Basic   0.02       0.04  

    1.    Direct costs disclosed above exclude depreciation and amortization expense.
    2.    Interest expense from dispositions, net of acquisitions, and upfinancings completed over the twelve months ended March 31, 2025.


    SUMMARIZED FINANCIAL RESULTS

    DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended March 31
    (US$ millions)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Asset management $ 684     $ 621     $ 2,708     $ 2,508  
                   
    Wealth solutions   430       273       1,507       868  
                   
    BEP   113       107       434       419  
    BIP   89       84       341       323  
    BBU   6       9       32       36  
    BPG   215       166       904       759  
    Other   3       (29 )     4       (37 )
    Operating businesses   426       337       1,715       1,500  
                   
    Corporate costs and other   (239 )     (230 )     (759 )     (597 )
    Distributable earnings before realizations1   1,301       1,001       5,171       4,279  
    Realized carried interest, net   189       183       409       547  
    Disposition gains from principal investments   59       32       1,027       39  
    Distributable earnings1 $ 1,549     $ 1,216     $ 6,607     $ 4,865  

    1.    Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.


    RECONCILIATION OF NET INCOME TO DISTRIBUTABLE EARNINGS

    Unaudited
    For the periods ended March 31
    (US$ millions)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Net income $ 215     $ 519     $ 1,549     $ 5,200  
    Financial statement components not included in DE:              
    Equity accounted fair value changes and other items   952       629       3,002       2,727  
    Fair value changes and other   869       (9 )     3,530       1,981  
    Depreciation and amortization   2,455       2,475       9,717       9,362  
    Disposition gains in net income   (402 )     (35 )     (1,601 )     (6,071 )
    Deferred income taxes   (159 )     (44 )     (456 )     (849 )
    Non-controlling interests in the above items1   (2,639 )     (2,525 )     (10,684 )     (8,192 )
    Less: realized carried interest, net   (189 )     (183 )     (409 )     (547 )
    Working capital, net   199       174       523       668  
    Distributable earnings before realizations2   1,301       1,001       5,171       4,279  
    Realized carried interest, net3   189       183       409       547  
    Disposition gains from principal investments   59       32       1,027       39  
    Distributable earnings2 $ 1,549     $ 1,216     $ 6,607     $ 4,865  

    1.    DE is a non-IFRS measure proportionate to the interests of shareholders and therefore excludes items in income attributable to non-controlling interests in non-wholly owned subsidiaries.
    2.    Non-IFRS measure – see Non-IFRS and Performance Measures section on page 8.
    3.    Includes our share of Oaktree’s distributable earnings attributable to realized carried interest.


    EARNINGS PER SHARE

    Unaudited
    For the periods ended March 31
    (millions, except per share amounts)    		 Three Months Ended   Last Twelve Months Ended
      2025       2024       2025       2024  
    Net income $ 215     $ 519     $ 1,549     $ 5,200  
    Non-controlling interests   (142 )     (417 )     (937 )     (4,088 )
    Net income attributable to shareholders   73       102       612       1,112  
    Preferred share dividends1   (40 )     (42 )     (166 )     (167 )
    Net income available to common shareholders   33       60       446       945  
    Dilutive impact of exchangeable shares of affiliate   —       —       12       7  
    Net income available to common shareholders including dilutive impact of exchangeable shares $ 33     $ 60     $ 458     $ 952  
                   
    Weighted average shares   1,504.0       1,518.8       1,507.5       1,545.4  
    Dilutive effect of conversion of options and escrowed shares using treasury stock method2 and exchangeable shares of affiliate3   39.5       24.8       76.3       39.5  
    Shares and share equivalents   1,543.5       1,543.6       1,583.8       1,584.9  
                   
    Diluted earnings per share $ 0.02     $ 0.04     $ 0.29     $ 0.60  

    1.    Excludes dividends paid on perpetual subordinated notes of $3 million (2024 – $3 million) and $10 million (2024 – $10 million) for the three and twelve months ended March 31, 2025, which are recognized within net income attributable to non-controlling interests.
    2.    Includes management share option plan and escrowed stock plan.
    3.    Per share amounts are inclusive of the dilutive effect of mandatorily redeemable preferred shares held in a consolidated subsidiary. Due to its anti-dilutive effect on EPS for the three months ended March 31, 2025, the exchange of BWS Class A shares has been excluded from the diluted EPS calculation.


    Additional Information

    The Letter to Shareholders and the company’s Supplemental Information for the three and twelve months ended March 31, 2025, contain further information on the company’s strategy, operations and financial results. Shareholders are encouraged to read these documents, which are available on the company’s website.

    The statements contained herein are based primarily on information that has been extracted from our financial statements for the periods ended March 31, 2025, which have been prepared using IFRS Accounting Standards, as issued by the International Accounting Standards Board (“IASB”). The amounts have not been audited by Brookfield Corporation’s external auditor.

    Brookfield Corporation’s Board of Directors has reviewed and approved this document, including the summarized unaudited consolidated financial statements prior to its release.

    Information on our dividends can be found on our website under Stock & Distributions/Distribution History.

    Quarterly Earnings Call Details

    Investors, analysts and other interested parties can access Brookfield Corporation’s 2025 First Quarter Results as well as the Shareholders’ Letter and Supplemental Information on Brookfield Corporation’s website under the Reports & Filings section at www.bn.brookfield.com.

    To participate in the Conference Call today at 10:00 a.m. ET, please pre-register at https://register-conf.media-server.com/register/BI8ec76857c24d465f8738d2aa3d9d69f7. Upon registering, you will be emailed a dial-in number, and unique PIN. The Conference Call will also be webcast live at https://edge.media-server.com/mmc/p/wq9u3hrd. For those unable to participate in the Conference Call, the telephone replay will be archived and available until May 8, 2026. To access this rebroadcast, please visit: https://edge.media-server.com/mmc/p/wq9u3hrd. 

    About Brookfield Corporation

    Brookfield Corporation is a leading global investment firm focused on building long-term wealth for institutions and individuals around the world. We have three core businesses: Alternative Asset Management, Wealth Solutions, and our Operating Businesses which are in renewable power, infrastructure, business and industrial services, and real estate.

    We have a track record of delivering 15%+ annualized returns to shareholders for over 30 years, supported by our unrivaled investment and operational experience. Our conservatively managed balance sheet, extensive operational experience, and global sourcing networks allow us to consistently access unique opportunities. At the center of our success is the Brookfield Ecosystem, which is based on the fundamental principle that each group within Brookfield benefits from being part of the broader organization. Brookfield Corporation is publicly traded in New York and Toronto (NYSE: BN, TSX: BN).

    Please note that Brookfield Corporation’s previous audited annual and unaudited quarterly reports have been filed on EDGAR and SEDAR+ and can also be found in the investor section of its website at www.brookfield.com. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please visit our website at www.bn.brookfield.com or contact:

    Media:
    Kerrie McHugh
    Tel: (212) 618-3469
    Email: kerrie.mchugh@brookfield.com    		   Investor Relations:
    Katie Battaglia
    Tel: (416) 359-8544
    Email: katie.battaglia@brookfield.com


    Non-IFRS and Performance Measures

    This news release and accompanying financial information are based on IFRS Accounting Standards, as issued by the IASB, unless otherwise noted.

    We make reference to Distributable Earnings (“DE”). We define DE as the sum of distributable earnings from our asset management business, distributable operating earnings from our wealth solutions business, distributions received from our ownership of investments, realized carried interest and disposition gains from principal investments, net of earnings from our Corporate Activities, preferred share dividends and equity-based compensation costs. We also make reference to DE before realizations, which refers to DE before realized carried interest and realized disposition gains from principal investments. We believe these measures provide insight into earnings received by the company that are available for distribution to common shareholders or to be reinvested into the business.

    Realized carried interest and realized disposition gains are further described below:

    • Realized Carried Interest represents our contractual share of investment gains generated within a private fund after achieving our clients’ minimum return requirements. Realized carried interest is determined on third-party capital that is no longer subject to future investment performance.
    • Realized Disposition Gains from Principal Investments are included in DE because we consider the purchase and sale of assets from our directly held investments to be a normal part of the company’s business. Realized disposition gains include gains and losses recorded in net income and equity in the current period, and are adjusted to include fair value changes and revaluation surplus balances recorded in prior periods which were not included in prior period DE.

    We use DE to assess our operating results and the value of Brookfield Corporation’s business and believe that many shareholders and analysts also find this measure of value to them.

    We may make reference to Operating Funds from Operations (“Operating FFO”). We define Operating FFO as the company’s share of revenues less direct costs and interest expenses; excludes realized carried interest and disposition gains, fair value changes, depreciation and amortization and deferred income taxes; and includes our proportionate share of FFO from operating activities recorded by equity accounted investments on a fully diluted basis.

    We may make reference to Net Operating Income (“NOI”), which refers to our share of the revenues from our operations less direct expenses before the impact of depreciation and amortization within our real estate business. We present this measure as we believe it is a key indicator of our ability to impact the operating performance of our properties. As NOI excludes non-recurring items and depreciation and amortization of real estate assets, it provides a performance measure that, when compared to prior periods, reflects the impact of operations from trends in occupancy rates and rental rates.

    We disclose a number of financial measures in this news release that are calculated and presented using methodologies other than in accordance with IFRS. These financial measures, which include DE, should not be considered as the sole measure of our performance and should not be considered in isolation from, or as a substitute for, similar financial measures calculated in accordance with IFRS. We caution readers that these non-IFRS financial measures or other financial metrics are not standardized under IFRS and may differ from the financial measures or other financial metrics disclosed by other businesses and, as a result, may not be comparable to similar measures presented by other issuers and entities.

    We provide additional information on key terms and non-IFRS measures in our filings available at www.bn.brookfield.com.

    End Notes  

    1.    Consolidated basis – includes amounts attributable to non-controlling interests.
    2.    Excludes amounts attributable to non-controlling interests.
    3.    See Reconciliation of Net Income to Distributable Earnings on page 5 and Non-IFRS and Performance Measures section on page 8.


    Notice to Readers

    Brookfield Corporation is not making any offer or invitation of any kind by communication of this news release and under no circumstance is it to be construed as a prospectus or an advertisement.

    This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934, “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations (collectively, “forward-looking statements”). Forward- looking statements include statements that are predictive in nature, depend upon or refer to future results, events or conditions, and include, but are not limited to, statements which reflect management’s current estimates, beliefs and assumptions regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies, capital management and outlook of Brookfield Corporation and its subsidiaries, as well as the outlook for North American and international economies for the current fiscal year and subsequent periods, and which in turn are based on our experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. The estimates, beliefs and assumptions of Brookfield Corporation are inherently subject to significant business, economic, competitive and other uncertainties and contingencies regarding future events and as such, are subject to change. Forward-looking statements are typically identified by words such as “expect,” “anticipate,” “believe,” “foresee,” “could,” “estimate,” “goal,” “intend,” “plan,” “seek,” “strive,” “will,” “may” and “should” and similar expressions. In particular, the forward-looking statements contained in this news release include statements referring to the impact of current market or economic conditions on our business, the future state of the economy or the securities market, the anticipated allocation and deployment of our capital, our fundraising targets, and our target growth objectives.

    Although Brookfield Corporation believes that such forward-looking statements are based upon reasonable estimates, beliefs and assumptions, actual results may differ materially from the forward-looking statements. Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to: (i) returns that are lower than target; (ii) the impact or unanticipated impact of general economic, political and market factors in the countries in which we do business; (iii) the behavior of financial markets, including fluctuations in interest and foreign exchange rates and heightened inflationary pressures; (iv) global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; (v) strategic actions including acquisitions and dispositions; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; (vi) changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); (vii) the ability to appropriately manage human capital; (viii) the effect of applying future accounting changes; (ix) business competition; (x) operational and reputational risks; (xi) technological change; (xii) changes in government regulation and legislation within the countries in which we operate; (xiii) governmental investigations and sanctions; (xiv) litigation; (xv) changes in tax laws; (xvi) ability to collect amounts owed; (xvii) catastrophic events, such as earthquakes, hurricanes and epidemics/pandemics; (xviii) the possible impact of international conflicts and other developments including terrorist acts and cyberterrorism; (xix) the introduction, withdrawal, success and timing of business initiatives and strategies; (xx) the failure of effective disclosure controls and procedures and internal controls over financial reporting and other risks; (xxi) health, safety and environmental risks; (xxii) the maintenance of adequate insurance coverage; (xxiii) the existence of information barriers between certain businesses within our asset management operations; (xxiv) risks specific to our business segments including asset management, wealth solutions, renewable power and transition, infrastructure, private equity, real estate and corporate activities; and (xxv) factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive and other factors could also adversely affect future results. Readers are urged to consider these risks, as well as other uncertainties, factors and assumptions carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements, which are based only on information available to us as of the date of this news release or such other date specified herein. Except as required by law, Brookfield Corporation undertakes no obligation to publicly update or revise any forward- looking statements, whether written or oral, that may be as a result of new information, future events or otherwise.

    Past performance is not indicative nor a guarantee of future results. There can be no assurance that comparable results will be achieved in the future, that future investments will be similar to historic investments discussed herein, that targeted returns, growth objectives, diversification or asset allocations will be met or that an investment strategy or investment objectives will be achieved (because of economic conditions, the availability of appropriate opportunities or otherwise).

    Target returns and growth objectives set forth in this news release are for illustrative and informational purposes only and have been presented based on various assumptions made by Brookfield Corporation in relation to the investment strategies being pursued, any of which may prove to be incorrect. There can be no assurance that targeted returns or growth objectives will be achieved. Due to various risks, uncertainties and changes (including changes in economic, operational, political or other circumstances) beyond Brookfield Corporation’s control, the actual performance of the business could differ materially from the target returns and growth objectives set forth herein. In addition, industry experts may disagree with the assumptions used in presenting the target returns and growth objectives. No assurance, representation or warranty is made by any person that the target returns or growth objectives will be achieved, and undue reliance should not be put on them.

    When we speak about our wealth solutions business or Brookfield Wealth Solutions, we are referring to Brookfield’s investments in this business that supported the acquisitions of its underlying operating subsidiaries.

    The MIL Network –

  • MIL-OSI United Nations: Lessons in service and humanity from the Red Cross and Red Crescent Movement

    Source: UNISDR Disaster Risk Reduction

    World Red Cross and Red Crescent Day – 8 May – is a fitting moment to reflect on the immense service given by Red Cross and Red Crescent societies around the world, and by their global umbrella organization, the International Federation of Red Cross and Red Crescent Societies – IFRC).

    The Red Cross and Red Crescent is arguably the most iconic socially-oriented global brand. Instantly recognizable, it represents first aid, medical and humanitarian support, community service, and unassuming, practical action in the face of crisis.

    Like so many others, I grew with this venerable Red Cross brand as part of the fabric of my community, my city and my country. But when I entered the world of disaster risk reduction, my relationship with the Red Cross and Red Crescent deepened as I engaged professionally with the people who make up the movement, working tirelessly for their National Societies all around the world.

    In my present role , I have the privilege to work closely with the IFRC and its inspirational Secretary-General, Jagan Chapagain, in steering the UN Secretary-General’s Early Warnings for All Initiative. It is a true privilege to be a partner in this vital undertaking. Fittingly, the IFRC leads the preparedness and response capabilities pillar – drawing on the deep community reach of all the National Societies (UNDRR leads the pillar for disaster risk knowledge; the World Meteorological Organization leads on detection, observation, monitoring, analysis, and forecasting; and the International Telecommunication Union on warning dissemination and communication).

    But this is far from my first experience with the Red Cross and Red Crescent Movement. Over the past three decades, I have worked side by side with Red Cross colleagues in more than two dozen countries, and with every interaction I’ve learnt something new.

    As I reflect on these experiences, a flood of memories returns:

    • Meeting Red Crescent Society of the Islamic Republic of Iran colleagues immediately after landing in Bam after the 2003 earthquake, and jointly launching IFRC and UN Flash Appeals.
    • Collaborating with IFRC colleagues (particularly Madeleen Helmer) during the establishment of the Red Cross Red Crescent Climate Centre.
    • Witnessing the birth of the Maldivian Red Crescent Society in the wake of the Indian Ocean Tsunami.
    • Supporting colleagues and friends from the Nepal Red Cross Society in developing their DP-Net (Disaster Preparedness Net) – a disaster-preparedness network that paid rich dividends in the aftermath of the 2105 Gorkha earthquake.
    • Learning from the volunteers of the Bangladesh Red Crescent Society (BDRCS), who form the bed rock of the country’s Cyclone Preparedness Programme.
    • More recently, engaging with the Vanuatu Red Cross Society, on their leading work on post-earthquake school safety in the country’s recovery.
    • And just this week, exchanging insights with the President of the Spanish Red Cross, who told me how they mobilized the response to Valencia floods. 
    Inspiring recent encounters: With Spanish Red Cross President, Maria del Mar Pageo, and with Vanuatu Red Cross President, Moses Stevens, and Vanuatu Red Cross Secretary General, Dickinson Tevi; and with IFRC Pacific Office Head, Finau Leveni. 

    My experiences are too many to recount them all. But as I reflect on their essence, three core lessons stand out:

    1. First, each interaction with the Red Cross is a humbling experience. It is a gentle invitation to step out of policy wonkishness, reminding us what this work is ultimately about: serving communities – and especially the most vulnerable. We must keep returning to this core question: ‘Are we meeting the needs of those we serve?’
    2. Second, each interaction is always the same yet different! All National Societies are guided by the same humanitarian principles, yet each is deeply rooted in its own social, cultural, and political context. Their organizers and volunteers come from the communities they serve –giving them a superpower of local engagement and impact.
    3. And finally, the Red Cross and Red Crescent Movement shows that voices for societal change don’t always have to be shrill. As auxiliary institutions that work alongside governments – but on their own principled terms – Red Cross and Red Crescent Societies are unique. They get a lot done quietly and unassumingly, and as a result can often operate in contexts where most other assistance providers struggle to gain access.

    On this World Red Cross and Red Crescent Day, I offer my heartfelt congratulations – and thanks – to all my colleagues and friends in the Movement. I’m deeply grateful for the chance to work alongside you.

    MIL OSI United Nations News –

  • MIL-OSI China: Philippines should stop offending China’s core interests in any form: Defense Spokesperson 2025-05-08 17:58:59 “We sternly warn the Philippine side to cease its infringements and provocations, and stop offending China’s core interests in any form,” said Chinese defense spokesperson Zhang Xiaogang at a press brief on Thursday.

    Source: People’s Republic of China – Ministry of National Defense

      BEIJING, May 8 –“We sternly warn the Philippine side to cease its infringements and provocations,  and stop offending China’s core interests in any form,” said Chinese defense spokesperson Zhang Xiaogang at a press brief on Thursday.

      It is reported that during the Philippines-US “Balikatan” exercise, the Chinese aircraft carrier Shandong appeared in the waters to the north of the Philippines. Some analysts believe this might be a response to the Philippines-US military exercise, or to the Philippine patrol vessel’s entering into the waters near Huangyan Dao. Furthermore, the Philippine Navy spokesperson claimed that the Philippine military and the troops in Taiwan are only one step away from holding joint exercise.

      In response to a related query, Snr. Col. Zhang Xiaogang said that the Shandong aircraft carrier task group was conducting its annual training mission in relevant waters to further test and enhance the integrated combat capabilities of the carrier task group. It is in accordance with international law and common practice, and is not directed at any specific country or target.

      The spokesperson pointed out that certain individuals in the Philippines are colluding with external forces, such as the US, to “stir up the sea” for selfish gains, undermining peace and stability in the South China Sea region. They even attempt to play with fire on the Taiwan question.

      “We sternly warn the Philippine side to cease its infringements and provocations, and stop offending China’s core interests in any form. China will continue to take resolute and forceful measures to defend its territorial sovereignty and maritime rights and interests,” said Snr. Col. Zhang Xiaogang.

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    MIL OSI China News –

  • MIL-OSI Asia-Pac: PAKISTAN’S BID TO ESCALATE NEGATED – PROPORTIONATE RESPONSE BY INDIA

    Source: Government of India

    Posted On: 08 MAY 2025 2:34PM by PIB Delhi

    During the Press Briefing on Operation SINDOOR on 07 May 2025, India had called its response as focused, measured and non-escalatory. It was specifically mentioned that Pakistani military establishments had not been targeted. It was also reiterated that any attack on military targets in India will invite a suitable response.

    On the night of 07-08 May 2025, Pakistan attempted to engage a number of military targets in Northern and Western India including Awantipura, Srinagar, Jammu, Pathankot, Amritsar, Kapurthala, Jalandhar, Ludhiana, Adampur, Bhatinda, Chandigarh, Nal, Phalodi, Uttarlai, and Bhuj, using drones and missiles. These were neutralised by the Integrated Counter UAS Grid and Air Defence systems. The debris of these attacks is now being recovered from a number of locations that prove the Pakistani attacks.

    Today morning Indian Armed Forces targeted Air Defence Radars and systems at a number of locations in Pakistan. Indian response has been in the same domain with same intensity as Pakistan. It has been reliably learnt that an Air Defence system at Lahore has been neutralised.

    Pakistan has increased the intensity of its unprovoked firing across the Line of Control using Mortars and heavy calibre Artillery in areas in Kupwara, Baramulla, Uri, Poonch, Mendhar and Rajouri sectors in Jammu and Kashmir.

    Sixteen innocent lives have been lost, including three women and five children, due to Pakistani firing. Here too, India was compelled to respond to bring Mortar and Artillery fire from Pakistan to a halt.

    Indian Armed Forces reiterate their commitment to non-escalation, provided it is respected by the Pakistani military.

    ****

    SC  

    (Release ID: 2127670) Visitor Counter : 79

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Prime Minister’s remarks at the London Defence Conference: 8 May 2025

    Source: United Kingdom – Executive Government & Departments 3

    Speech

    Prime Minister’s remarks at the London Defence Conference: 8 May 2025

    Prime Minister’s speech at the London Defence Conference this morning.

    It is a real privilege to be able to speak to you here today on VE Day.

    80 years to the day…

    Since an expectant nation turned on the wireless – as of course it was then…

    To hear Churchill announce victory in our war against Nazi Germany.  

    Just imagine it.

    Beacons lit across the country…

    Bunting up…

    People raising their glasses and thanking the bravery of our armed forces…

    As we will do today.

    And then they came to the streets.

    The late Queen Elizabeth II – who was then a young princess of just 19 –

    Remembering going unnoticed in the crowds, swept up in a ‘tide of happiness and relief’.

    A celebration of defiance… 

    Of sacrifice…

    The courage of that lion-hearted generation…

    The greatest victory in the history of this great nation.

    A victory not just for Britain.

    But for good against the assembled forces of hatred, tyranny and evil…

    For the light of our values – in a world that tried to put them out.

    And, as you know…

    There are people who would happily do likewise today.

    Our values and security are confronted on a daily basis.

    And we have to rise to this moment.

    80 years ago, just round the corner from here, Churchill said…

    “We must begin the task of rebuilding…

    Do our utmost to make this country a land in which all have a chance…

    And in which all have a duty to our countrymen”.

    The post-war generation took on that task on with relish.

    And we must use this moment…

    To do the same.

    Deepening our partnerships with allies old and new –

    From across Europe to meet the defence challenges of our age…

    To the United States…

    an indispensable ally for our economic and national security…

    As you know, talks with the US have been ongoing – and you’ll hear more about that later today.

    But make no mistake – I will always act in our national interest…

    For workers, businesses and families…

    To deliver security and renewal for our country.

    Because the world has changed, decisively.

    I mean, I remember – as some of you will also too…

    The day the Berlin Wall came down in 1989.

    A landmark moment for my generation.

    A sense of freedom, of possibility, of peace.

    European countries finally free to choose their own future.

    I didn’t think then that in my lifetime I would see Russian tanks entering a European country again.

    Yet here we are.

    And here we stand resolutely…

    With the people of Ukraine.

    Together with our allies…

    Showing the strength of our values…

    As well as the value of our strength.

    A few weeks ago, I was with the Prime Minister of New Zealand…

    To visit our forces delivering Operation INTERFLEX in Wiltshire.

    This is a multinational military operation…

    That has trained more than 50,000 Ukrainian troops for the frontline.

    Men and women who are not soldiers by trade…

    Far from it.

    They are accountants, they are builders, businesspeople, you name it.

    Who stepped up from their lives…

    Stepped away from their families…

    And, as veterans did eighty years ago…

    Answered the call to defend freedom and liberty in their homeland.

    And as these brave men and women leave their training in Britain…

    And head to the frontline of freedom…

    They are applauded by their British trainers.  

    I’ve seen this a couple of times now – it’s a really humbling sight.

    A sign of our support and solidary in their struggle…

    Pride and admiration at their courage.  

    Because in this country we know – this isn’t just a fight for freedom and democracy in Ukraine.

    No – it is a new, more dangerous era of history.

    A period of global instability…

    That fuels insecurity for working people here at home.

    The British people have already paid a price for Putin’s aggression in Ukraine, with rising bills and prices.

    Russia already menaces our security…

    They’ve launched cyber-attacks on our NHS.

    Spread disinformation online…

    And we cannot forget, just a few years ago – a chemical weapons attack on our streets in Salisbury.

    In broad daylight, in the heart of England.

    No – the battle lines in Ukraine are the front line for Western values.

    And the argument that defines this age is simple… 

    National security is economic security.

    And that is why we are boosting defence spending, with the largest sustained increase since the Cold War…

    An increase of £13.4bn year on year compared with where we are today. 

    Not just meeting our commitment to spend 2.5% of our GDP on defence…

    But bringing it forward to 2027. 

    And, alongside that, a new ambition for defence spending to rise to 3% of GDP in the next Parliament.

    But look, I do want to be clear – this investment has two objectives.

    Yes of course, the first goal is always the safety and security of the United Kingdom. 

    But the second is to create jobs, wealth and opportunity in every corner of our country. 

    Secure at home, strong abroad.

    You know – at times like this there is a lot of talk about the end of the peace dividend.

    Well, our task now is to seize the defence dividend.

    Felt directly in the pockets of working people.

    Rebuilding our industrial base.

    Creating the jobs of the future.

    The skills for the next generation…

    From the shipyards in Scotland…

    To the missile systems built in Stevenage and Belfast….

    The artillery barrels made at Sheffield forgemasters…

    And the land vehicle development in Wales…

    Mark my words – the British defence industry will be the engine of national renewal.

    Because this isn’t just about increasing our defence spending…

    It’s also about reform and rebuilding.

    And in the coming weeks, we will publish a first-of-its kind, root and branch strategic defence review…

    It will scrutinise every aspect of defence – to determine how we can best meet the threats of today…

    And return Britain to warfighting readiness.

    Alongside our National Security Strategy and our defence industrial strategy…

    We will set out a major overhaul of the British Armed Services…

    Starting by treating our Armed Forces with the respect that they deserve –

    delivering the largest pay rise for over 20 years…

    And good homes for service personnel and their families.

    But also – the biggest shift in mindset in my lifetime –

    To see security and defence…

    Not as one priority amongst many others…

    But as the central organising principle of government –

    The first thought in the morning – the last at night…

    The pillar on which everything else stands or falls.  

    Because – as in 1945…

    This has to be a collective endeavour.

    A national effort.

    A time for the state, business and society to join hands…

    In pursuit of the security of the nation…

    And the prosperity of its people.  

    So whether you’re a world-renowned business…

    Or a smaller, family-run firm…

    You have a vital part to play in boosting Britain’s defences.

    That is why we have launched a new unit – to help SMEs get their foot in the door of the defence supply chain. 

    Because I am clear – the future belongs to the innovators.

    Take the announcement made just last week…

    StormShroud drones…

    Flying as uncrewed guardians to RAF pilots and crew…

    Now, for the first time, made in Britain.

    An investment that supports hundreds of highly skilled jobs…

    Boosting our capabilities for the modern age of drone-based warfare.  

    Possible – only because of industry and military working together.

    Or take the submarines that we’re building in Barrow.

    This one is personal for me.

    Not just because I was there in Barrow at the keel laying in March –

    Not just because I met the workers and the apprentices and saw for myself what it means for them…

    And of course the 42,000 jobs it supports up and down the country…

    It’s also personal for me because just a few days before that visit…

    I went up to the Firth of Clyde, as another boat made in Barrow –

    A Vanguard-class submarine…

    Was coming in off a record-breaking patrol.

    We boarded the sub and met the crew – who had been at sea for months on end.

    And meeting those remarkable men and women is something I’ll never forget.

    There is no greater duty than the one that they carry –

    No task more vital.

    Our security…

    Nato’s security…

    Depends on them.

    They are the quiet custodians of the nation’s greatest capability…

    Part of an unbroken watch that has been maintained for 55 years.

    And in this moment – it’s time for the rest of us to step up and rebuild our country…

    Leading the world in the opportunities of the future.

    Recently, I visited the Carrier Strike Group off the coast of Cornwall…

    And stayed aboard HMS Prince of Wales…

    It was frankly humbling to see F35s taking off with just 100metres of deck to take off – and then returning and hovering to land on a sixpence

    So imagine how I felt later the very same day when I went to see the apprentices at Rolls Royce…Who had made the engines for those very F35s.

    And we need to keep those apprentices busy…

    And mark my words – we are going to do that.

    With the most ambitious programme of work to secure and rebuild our country since 1945.

    Take an example: today, I can announce a £563 million contract to maintain Britain’s fleet of Typhoon fighter jets.

    The backbone of Britain’s air defence…

    Proudly part of the flypast for VE Day that you may have seen on Monday.

    All 130 Typhoons will have their engines maintained by Rolls-Royce…

    Supporting hundreds of jobs in Bristol and beyond…

    Defending British airspace.

    Helping a new generation of service come of age.

    And just imagine – what this means for a young apprentice, aged about 18.

    Entering into the work force with a good job.

    The pride of that work – as a proud I understand from my dad…

    Of knowing that what you do, what you make matters.

    The pride of following in the footsteps of local families…

    Who have been the backbone of their communities for generations.

    The grandchildren of the young men who fought on the beaches of Normandy…

    Now the submariners on a Vanguard-class submarine.

    The descendants of the code breakers at Bletchley…

    Now learning the skills to build a new generation of nuclear submarines in Barrow.

    And the pride of stepping into our national story…

    So those who follow us can say…

    We also rose to meet the moment.

    We also stood firm against tyranny and oppression.

    We also rebuilt Britain – so it serves everyone that serves our country.

    Because on VE day 80 years ago…

    Politicians of all parties and stripes understood that a people who had sacrificed so much were owed a great debt.

    And the truth is – people today are too.

    After years of being buffeted about by insecurity and uncertainty…

    They are owed the same security…

    the same prosperity and peace of mind…

    A good home to live in…

    A well-paid job with strong rights at work…

    An NHS that is there for them when they need it…

    all underpinned by the foundation of national security.

    A defence dividend – that will be felt in the pockets of working people and the prosperity of the country.

    An investment in peace…

    But also an investment in British pride and the British people…

    To build a nation that, once again, lives up to the promises made to that generation…

    Who fought for our values, our freedom and our security.

    Thank you very much indeed.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: President Putin’s transparently cynical pauses do not create the conditions for talks on a lasting peace: UK statement to the OSCE

    Source: United Kingdom – Executive Government & Departments

    Speech

    President Putin’s transparently cynical pauses do not create the conditions for talks on a lasting peace: UK statement to the OSCE

    Ambassador Holland urges Russia to respond substantively to the Moscow Mechanism recommendations and prove they are serious about peace by agreeing to a full and unconditional ceasefire.

    Thank you, Mister Chair.  Minister Betsa, thank you for your address today.  What an excellent exposé of what is at stake.  Thank you being here and for reminding us once again.

    We welcome Ukraine’s continued commitment to achieving a just and lasting peace, as you have reaffirmed in your statement.

    President Zelenskyy has shown his commitment to peace by agreeing in principle to a full and unconditional ceasefire.  By contrast, President Putin has not only refused to agree to that but has further stepped-up attacks on Ukrainian cities with drones and missiles.  In April Russia intensified strikes on Ukrainian cities, killing at least 151 civilians. And just yesterday, as Russia spoke of yet another artificial ceasefire, Moscow launched a ballistic missile and drone attack on a residential area of Kyiv, killing at least 2 people and injury 8, including 4 children.

    If President Putin were serious about peace, Russia would agree to a full and immediate ceasefire, as Ukraine has done. His 72-hour Victory Day proposal is another transparently cynical pause which does not create the necessary conditions for talks aimed at achieving a lasting peace.  It cannot be taken seriously, particularly given Ukraine’s experience of President Putin’s so-called truce over Easter: the UK’s Defence Intelligence found no indication that a ceasefire on the frontline was observed by Russia, despite President Putin’s promises.

    We will judge President Putin by his actions not his words, and his actions suggest he has no interest in peace.  To prove he is serious about peace he must agree to the full and unconditional ceasefire offered by Ukraine and supported by the United States.

    Mister Chair, earlier this week the Human Rights Centre Zmina organised a side event in the margins of the Supplementary Human Dimension Meeting on the issue of civil society resistance and losses during Russia’s war against Ukraine.  It placed a spotlight on the vital work of Ukraine’s brave civil society members and the high price that too many of them have tragically paid for their work amid Russia’s war.

    Russia continues to arbitrarily detain thousands of Ukrainian civilians, including human rights defenders and journalists.  This was established by a mission of independent experts who, a little over a year ago, reported to the Permanent Council following the invocation of the Moscow Mechanism.

    The Mission found that detainees had been subjected to torture and other cruel, inhuman or degrading treatment or punishment, sexual violence and other forms of serious mistreatment.  The Mission also recorded cases of extrajudicial killings of arbitrarily detained Ukrainian civilians.

    The expert mission made a range of recommendations to the Russian Federation.  A year later, these remain unanswered; just like those from the other four Moscow Mechanism reports.  We urge the Russian Federation to respond substantively to all these recommendations and release, without delay, all Ukrainian civilians who continue to be held arbitrarily.

    Thank you, Mister Chair.

    Updates to this page

    Published 8 May 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-Evening Report: Fiji media’s Stan Simpson blasts ‘hypocrites’ in social media clash over press freedom

    Pacific Media Watch

    Barely hours after being guest speaker at the University of the South Pacific‘s annual World Press Freedom Day event this week, Fiji media industry stalwart Stanley Simpson was forced to fend off local trolls whom he described as “hypocrites”.

    “Attacked by both the Fiji Labour Party and ex-FijiFirst MPs in just one day,” chuckled Simpson in a quirky response on social media.

    “Plus, it seems, by their very few supporters using myriads of fake accounts.

    “Hypocrites!”

    Simpson, secretary of the Fiji Media Association (FMA), media innovator, a founder and driving force of Mai TV, and a gold medallist back in his university student journalist days, was not taking any nonsense from his cyberspace critics, including Rajendra, the son of Labour Party leader and former prime minister Mahendra Chaudhry.

    The critics were challenging recent comments about media freedom in his speech at USP on Monday and on social media when he took a swipe at “pop-up propagandists”.

    “I stand by my statements. And I love the attention now put on media freedom by those who went missing or turned a blind eye when it was under threat [under Voreqe Bainimarama’s regime post-2006 coup]. Time for them to own up and come clean.”

    Briefly, this is the salvo that Simpson fired back after Rajendra Chaudhry’s comment “This Stanley Simpson fella . . . Did he organise any marches [against the Bainimarama takeover], did he organise any international attention, did he rally the people against the Bainimarama regime?” and other snipes from the trolls.

    1. FLP [Fiji Labour Party]
    At a period 2006-2007 when journalists were being bashed and beaten and media suppressed — the Fiji Labour Party and Chaudhry went silent as they lay in bed with the military regime.

    Rajendra Chaudhry’s criticism. Image: APR screenshot

    “They try to gloss over it by saying the 1997 constitution was still intact. It was intact but useless because you ignored the gross human rights abuses against the media and political opponents.

    “Where was FLP when Imraz, Laisa, Pita and Virisila were beaten? Where were they when Netani Rika, Kenneth Zinck, Momo, Makeli Radua were attacked and abused, when our Fiji Living Office was trashed and burnt down, and Pita and Dionisia put in jail cells like common criminals?

    “It was when Chaudhry took on Fiji Water and it backfired and left the regime that they started to speak out. When Aiyaz [Sayed-Khaiyum, former Attorney-General] replaced him as No. 2. By then too late.

    “Yes FLP — some of us who survived that period are still around and we still remember so you can’t rewrite what happened in 2006-2007 and change the narrative. You failed!”

    “2. Alvick Maharaj [opposition MP for the FijiFirst Party]
    “The funny thing about this statement is that I already knew last night this statement was coming out and who was writing it etc. I even shared with fellow editors and colleagues that the attacks were coming — and how useless and a waste of time it would be as it was being done by people who were silent and made hundreds of thousands of dollars while media were being suppressed [under the draconian Fiji Media Industry Development Act 2010 (MIDA) and other news crackdowns].

    Troll-style swipes. Image: APR screenshot

    “Ex-Fiji First MPs protecting their former PR colleagues for their platform which has been used to attack their political opponents. We can see through it all because we were not born yesterday and have experience in this industry. We can see what you are doing from a mile away. Its a joke.

    “And your attacks on the [recent State Department] editors’ US trip is pathetic. Plus [about] the visit to Fiji Water.

    “However, the positive I take from this — is that you now both say you believe in media freedom.

    “Ok now practice it. Not only when it suits your agenda and because you are now in Opposition.

    “You failed in the past when you governed — but we in the media will continue to endeavor to treat you fairly.

    “Sometimes that also means calling you out.”

    USP guest speech
     As guest speaker at USP, Simpson had this to say among making other points during his media freedom speech:

    The USP World Press Freedom Day seminar on Monday. Image: USP/APR

    “Journalists today work under the mega spotlight of social media and get attacked, ridiculed and pressured daily — but need to stay true to their journalism principles despite the challenges and pressures they are under.

    “Today, we stand at a crossroads. To students here at USP — future journalists, leaders, and citizens — remember the previous chapter [under FijiFirst]. Understand the price paid for media freedom. Protect it fiercely. Speak out when it’s threatened, even if it’s unpopular or uncomfortable.

    “To our nation’s leaders and influencers: defend a free media, even when it challenges you. A healthy democracy requires tolerance of criticism and commitment to transparency.”

    • Fiji rose four places to 40th (out of 180 nations) in the RSF 2025 World Press Freedom Index to make the country the Oceania media freedom leader outside of Australia (29) and New Zealand (16).

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: China issues yellow warnings for heavy rains, severe convective weather

    Translation. Region: Russian Federal

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

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

    BEIJING, May 8 (Xinhua) — China’s National Meteorological Center (NMC) on Thursday issued yellow alerts for heavy rain and severe convective weather.

    According to the NMC, heavy rainfall will occur in parts of southern and northern China from 2:00 p.m. Thursday to 2:00 p.m. Friday, with heavy rainfall expected to hit Jiangxi Province (east China), Hunan Province (central China) and Guangxi Zhuang Autonomous Region (GZAR, south China). Thunderstorms, gusty winds and hail are expected in some affected areas.

    The NMC said strong winds will hit parts of Anhui and Jiangsu provinces in eastern China, and are also expected in Hunan and Guangdong provinces and the GCC, while tornadoes are possible in some parts of Jiangxi province.

    Let us recall that China has a four-tier weather warning system, with the highest level of danger indicated by red, followed in descending order by orange, yellow and blue. -0-

    MIL OSI Russia News –

  • MIL-OSI United Nations: UN road safety exhibition at the Palais des Nations to raise awareness about risk factors on the road and existing solutions

    Source: United Nations Economic Commission for Europe

    On the eve of the 8th UN Road safety Week, the United Nations Secretary-General’s Special Envoy for Road Safety, Jean Todt, with support of the Permanent Representation of Malaysia to the UN and International Organizations in Geneva, will launch the UN road safety exhibition. Taking place at the Palais des Nations, Geneva, on Friday, 9 May, the exhibition aims to raise awareness about the risk factors on the road and existing solutions that can improve road safety and save millions of lives worldwide.

    In line with the main theme of the 8th UN Road Safety Week – making cycling and walking safe – the exhibition will feature the “Helmets for Hope” project, which consists of 17 helmets compliant with UN safety standards, and painted by refugees and artists from all over the world. This project is an initiative of the Secretariat of the Special Envoy, in collaboration with Artolution and with the support of Keep Fighting Foundation.

    Motorcycle users are particularly vulnerable on the road. Wearing a helmet that complies with UN safety standards is a game changer. It can reduce the risk of death by over 6 times and reduce the risk of brain injury by up to 74% (WHO 2021). It is therefore urgent to promote the widespread use of UN certified helmets.

    The exhibition will also feature 17 visuals of the UN-JCDecaux campaign #MakeASafety Statement, with the support of the International Olympic Committee.  In addition, there will be vehicle safety demonstrations on the prevention and management of car crashes, including extinguishing battery fire, and a simulation test of driving tired and under influence.

    The exhibition will be followed by a conversation on safe and sustainable mobility in the city, hosted by the Permanent Representation of Belgium to the United Nations and International Organizations in Geneva.

    The silent pandemic on the road

    The Special Envoy for Road Safety, Jean Todt, qualified road crashes as “The Silent Pandemic on the Road”. Every year, the staggering toll of road-related fatalities globally claims the lives of 1.19 million people, leaving 50 million others with severe injuries. Furthermore, road crashes are the leading cause of death for children and young adults aged 5–29 years (WHO 2021). Two months after the Declaration of Marrakesh where Member States further engaged to accelerate the efforts to achieve the new Decade of Action for Road Safety, it is urgent to act together to achieve the goal of halving the number of the victims on the road by 2030.

    “Road crashes are not a fatality. This is why this exhibition on road safety at the Palais des Nations is important for raising awareness about the risk factors on the road. It also demonstrates the importance of building a global partnership for achieving road safety SDG targets,” the Special Envoy noted.

     

    Make a Safety Statement

    The UN Global Campaign for Road Safety – #MakeASafetyStatement, in partnership with JCDecaux, is part of UN efforts to raise public awareness of life-saving initiatives on the road. By the end of 2025, the campaign will appear on billboards and in public places in 80 countries, thanks to a global partnership with JCDecaux. It will be broadcast in about 1,000 towns and cities in 30 languages.

    Under the slogan #MakeASafetyStatement, the campaign brings together celebrities worldwide, such as Patrick Dempsey, Michelle Yeoh, Charles Leclerc, Didier Drogba, Teddy Riner, Kylie Minogue, Mick Schumacher or Naomi Campbell, to encourage users to adopt simple but effective rules to keep their roads safe. Olympic athletes also joined the campaign, thanks to the support of the International Olympic Committee (IOC).

    With making walking and cycling safe in the focus of the 8th UN road safety week, the Office of the Special Envoy has strengthened its collaboration with the International Union of Cyclists (UCI), thanks to the participation of Tadej Pogačar who is one of the champions of the MakeASafetyStatement campaign.

    Towards zero victims on the road in Switzerland

    According to the Swiss Federal Roads Office, road crashes caused 250 deaths in Switzerland in 2024, the highest figure since 2015. There were 47 deaths among motorcyclists with an increase among young people, 25 on electric bicycles, 20 among “conventional” cyclists, and 48 among pedestrians, the majority of whom were outside of pedestrian crossings.

    Of the total, alcohol was the suspected primary cause in 34 cases (+31% year-on-year), ahead of speeding, with 33 cases, and then inattention or distraction.  Among deaths in passenger car accidents, the sharpest increase was observed among those aged 25 to 34 and those aged 75 and over.

    However, the number of people seriously injured decreased. Switzerland is one of the countries that has invested in road safety with zero tolerance, and has achieved a road fatality rate of 2 per 100,000 inhabitants (compared to 6.5/100,000 in Europe and 19.5/100,00 in Africa (WHO 2021). The country can therefore show good practices that could be implemented in other countries.

    Risk factors that are often neglected                                                                           

    Only 7 countries in the world have laws that comply with WHO best practices for all the risk factors (France, Greece, Hungary, Italy, Luxembourg, Portugal, Sweden) on speeding, driving under the influence or distracted driving, use of UN-standard motorbike helmets, and use of seatbelts and child restraints as regulated by UNECE.

    For example, safety-belts remain the best vehicle safety device to protect passengers from being severely injured in a crash or being ejected from the vehicle.  Over the past several decades regulation and consumer demand have led to increasingly safe cars in higher income countries, in turn leading to fewer road fatalities. For example, in the UNECE region, total road fatalities decreased by 25% in between 2000 and 2010, and by 15% in the period 2010-2019. In particular, this drop was more significant among car occupants (UNECE 2024).

    Malaysia supports the UN Decade of Action for Road Safety

    One study by the Malaysian Institute of Road Safety Research (MIROS) revealed that many young riders in Malaysia begin as early as the age of 12, often without licenses or proper training. These insights have helped Malaysia shape more targeted interventions, because when we understand the behaviour, we are better positioned to implement solutions that are both smart and achievable.

    In support of this, Malaysia continues to prioritise helmet use among young motorcyclists. In addition to education and awareness campaigns in schools and rural areas, Malaysia introduced a Helmet Exchange Programme that allows riders to swap old or non-compliant helmets for new, safety-certified ones. This effort is vital as motorcyclists account for over 60% of road traffic fatalities in Malaysia, with the highest risk group being those aged 16 to 20. By improving access, building awareness, and fostering behavioural change, we aim to instill a culture of safety from early age.

    Malaysia firmly embraces the vision of the UN Decade of Action, to reduce road traffic fatalities by 50% by 2030. To this end, Malaysia continues to work closely with key road safety stakeholders, including the WHO.

     

    Learn more about the programme of the exhibition here.

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: Delivering our Plan for Change for workers

    Source: United Kingdom – Government Statements

    Speech

    Delivering our Plan for Change for workers

    The Health and Social Care Secretary Wes Streeting spoke at the Union of Shop, Distributive and Allied Workers (Usdaw) Annual Conference in Blackpool.

    It’s great to be here in Blackpool.

    Paddy (Lillis), you stood in the tradition of the greatest leaders of our movement, who believed it was not enough to walk through the streets demanding change, but that we had to walk through the corridors of power to deliver it.

    I also want to say thank you to Dave (McCrossen) for his leadership as Deputy General Secretary.

    Paddy, Dave, what you and your team have achieved in Usdaw is truly remarkable.

    Given the challenges facing retail and food distribution and the high turnover rates in the sector, maintaining your membership is a tough enough challenge, but with your leadership, Usdaw has grown. 

    With the switch to online shopping and the decline of our high streets, accelerated by the pandemic, others would have thrown in the towel. 

    Instead, your Retail Recovery Plan is helping the sector to come back stronger.

    Usdaw is an example to the trade union and labour movement:

    • to focus on the issues that matter most in the workplace
    • to keep our heads screwed on and our feet on the ground
    • to always champion the interests of working people

    Paddy, Dave, on behalf of everyone here and on behalf of the Prime Minister and the government, thank you for everything you’ve done for Usdaw and for our country.

    I’m also delighted to welcome Joanne as Usdaw’s new General Secretary. Joanne, you made history as Usdaw’s youngest regional secretary and now you’ve made history as the first woman to become general secretary – and the youngest, too!

    It’s clear the whole conference is excited to see what you do in the role. Congratulations and good luck! 

    I owe so much to Usdaw.

    [Redacted political content.]

    And having had my life saved by the NHS when I had kidney cancer at the age of 38, I can think of no better way of repaying the debt I owe to the NHS than by saving our National Health Service. 

    We should be in no doubt about the threat to our NHS.

    When we came into government, we took over an NHS going through the worst crisis in history:

    • waiting lists at historic highs
    • patient satisfaction at record lows
    • people struggling to see a GP
    • dental deserts in huge swathes of the country
    • ambulances not turning up on time
    • A&E departments full to bursting
    • doctors on picket lines, instead of the front line
    • that founding promise, that the NHS would always be there for us when we needed it, broken

    The NHS was broken.

    [Redacted political content.]

    Broken, but not beaten. Because every day there are amazing people delivering outstanding and compassionate care, despite all those challenges.

    Not beaten, because as Nye Bevan is often quoted as saying: “The NHS will last as long as there’s folk with faith left to fight for it.”

    Well, every day since I became Health Secretary, I’ve gone into work fighting for our NHS.

    To restore that basic founding principle that the NHS should always be there for us when we need it.

    With our Plan for Change, we’ve hit the ground running.

    As our first step, we promised 2 million more appointments in our first year.

    Promise made, promise kept:

    • we delivered our promise 7 months early and we’ve smashed our target – delivering not 2, but 3 million extra appointments since July and rising
    • we’ve got waiting lists down 6 months on the trot, including during peak winter pressures
    • we ended the strikes within 3 weeks and delivered an above-inflation pay rise for NHS staff
    • we’ve invested an extra £26 billion in health and care
    • we’ve recruited 1,500 more GPs – and agreed a GP contract for the first time since the pandemic
    • we’ve delivered the biggest investment to hospices in a generation
    • the biggest expansion of Carer’s Allowance since the 1970s
    • a massive boost for older and disabled people through the Disabled Facilities Grant
    • the biggest real-terms increase to the Public Health Grant in nearly a decade
    • we’ve given pharmacies the biggest funding uplift in a generation
    • and last week we froze prescription charges for the first time in years

    A lot done, but there is more to do:

    • our bill on smoking and vapes will protect children and the most vulnerable and make this generation of kids the first smoke-free generation
    • our Mental Health Bill will stop the disgraceful incarceration of learning disabled adults
    • the ban on junk food advertising targeted at children will be a first step in addressing the growing problem of childhood obesity
    • we are working with health unions, councils and employers to deliver the first ever fair pay agreement for social care staff
    • and Louise Casey is leading a Commission on Social Care which will finally get a grip on a system that is broken for too many families

    [Redacted political content.]

    We will always defend our NHS as a publicly funded, public service, free at the point of use, so that when you fall ill you never have to worry about the bill. 

    Our job is twofold.

    First, to get the NHS back on its feet and treating patients on time again.

    And second, to reform the service for the long-term, so it is fit for the future.

    This summer we will publish our 10 Year Plan for Health:

    • shifting the focus of healthcare out of hospital and into the community, with more investment in primary and community care  
    • bringing our analogue health service into the digital age, arming staff with modern equipment and cutting-edge technology
    • turning our sickness service into a preventative health service, to help people live well for longer and tackle the biggest killers

    This cannot be done by one man sat behind a desk in Whitehall. We will only succeed if this is a team effort, from the Prime Minister to the 1.5 million people who work in the health service. And the millions of us who use it taking the decisions needed to live healthier, more active lives.

    Mental health

    I know Usdaw have long campaigned on the impact poor mental health and stress can have at work. And your ‘It’s good to talk’ campaign is helping to overcome stigma and offering practical support to members who may be struggling.

    Failing to take mental health seriously doesn’t just have an enormous impact on people. Absences take their toll on businesses, our NHS and our economy as a whole. 

    In the NHS, we’re expanding talking therapies. Last year, we provided almost 70,000 people with the support they need at work, up more than 60% on the year before. 

    We know a timely intervention on mental health can save anguish and distress further down the line, and to deliver this we need to expand the mental health workforce so everyone can access the right people, with the right support, at the right time. 

    That’s why our manifesto promised an extra 8,500 mental health staff: tackling mental ill-health and the causes of mental ill-health. 

    New deal for working people

    Central to good health and good mental health are good jobs.

    So while I’m focused on fixing the foundations of our NHS, the whole government is working hard to deliver our manifesto promise to deliver the new deal for working people.

    [Redacted political content.]

    Last month, our landmark Plan to Make Work Pay passed the House of Commons. It will mean: 

    • jobs that are more secure and family friendly 
    • a real living wage people can live on 
    • going further and faster to close the gender pay gap 
    • sick pay for the lowest earners 
    • day one rights from unfair dismissal 
    • ending fire and rehire  
    • and banning exploitative zero-hour contracts once and for all 

    Conference, this will be the biggest upgrade of workers’ rights in a generation.  

    Campaigned for by Usdaw, delivered by this government. 

    Of course change – real change – takes time. As I said to Laura Kuenssberg on the BBC over the weekend, I’m pretty sure when I talk about falling waiting lists, there are people shouting at the telly: “What are you talking about? I’m still waiting!”

    Both things are true. Waiting lists are falling and are over 200,000 lower today than they were when we came into office. But if you’re one of 7 million cases still on the list, you’re not feeling it yet.

    Similarly, the decisions I took within weeks of taking office that allowed us to employ 1,500 GPs are making a difference, but there will still be people going bananas trying to get through at 8am tomorrow morning after the bank holiday.

    If the Chancellor were standing here today, she’d also report that interest rates have fallen 3 times and wages are finally rising above inflation. But that doesn’t wash away the cost of living crisis.

    People are really struggling at the moment.

    Not living, just surviving.

    It’s not good for our health and it’s not good for our country.

    We were elected with a simple promise: change.

    It won’t be enough for people to see it in the statistics – you need to feel it in your lives.

    Is my family better off?

    Is the NHS there for me when I need it?

    Do my kids attend good schools?

    Are my streets safe?

    Am I getting a fair wage for a hard day at work?

    [Redacted political content.]

    Those are the questions we as politicians need to help you as union reps answer. 

    I want all of you to know that, in government, all of us feel that pressure to deliver the change people voted for. We don’t want to let you or our country down. 

    [Redacted political content.]

    At the weekend, I asked people to give us the time we need to deliver as we grapple with an enormous breadth and depth of challenges.

    [Redacted political content.]

    But day by day, week by week, step by step, we will rebuild our economy, rebuild our public services and rebuild trust in politics.

    There’ll be bumps in the road and we won’t get everything right.

    [Redacted political content.]

    This government has already:

    • increased the National Living Wage and National Minimum Wage, giving over 3 million workers a pay rise
    • delivered breakfast clubs at 750 primary schools, so that they start the day with hungry minds instead of hungry bellies
    • scrapped the wasteful Rwanda scheme and launched our Border Security Command
    • overhauled apprenticeships through a new Growth and Skills Levy
    • and switched on Great British Energy

    We’re:

    • bringing the UK’s railways back into public ownership
    • banning no-fault evictions and introducing new protections for renters
    • delivering the New Deal for Working People
    • and cutting NHS waiting lists

    Lots done, so much more to do. 

    [Redacted political content.]

    Change has begun and the best is still to come.

    Thank you.

    Updates to this page

    Published 8 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Planning permission granted for 161 new homes in Newbuildings

    Source: Northern Ireland – City of Derry

    Planning permission granted for 161 new homes in Newbuildings

    7 May 2025

    Planning permission for 161 new homes in the Newbuildings area has been approved by Derry City and Strabane District Council’s Planning Committee.

    The application by Benamara Properties Limited is for a residential development comprising 161 dwellings (2 detached chalet bungalows, 17 detached houses, 14 semi-detached chalet bungalows, 82 semi-detached houses, and 46 townhouses), including a flood alleviation scheme and all associated site works.

    The application site is located on lands to the South of Gortinure Road and immediately East of Silverbrook Park and Primity Crescent in Newbuildings.

    The chairman of the Planning Committee, Cllr Fergal Leonard welcomed the decision. “The addition of 161 new homes is a significant and timely development for the Newbuildings area and will directly address the growing housing needs in this part of our district. The thoughtfully planned mix of housing types – from spacious detached homes to modern townhouses and accessible bungalows – ensures we’re creating a truly inclusive community that caters to first-time buyers, growing families, and residents looking to downsize.  This development highlights our commitment to supporting growth and providing quality residential development in the district” 

    All planning application forms, drawings, letters etc. relating to this planning application are available to view on www.planningni.gov.uk.

    MIL OSI United Kingdom –

  • MIL-OSI China: China issues yellow alerts for rainstorms, severe convective weather

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

    BEIJING, May 8 — China’s National Meteorological Center (NMC) on Thursday issued yellow alerts for rainstorms and severe convective weather, as southern China braced for the most intense phase of a prolonged downpour, coupled with widespread severe convective conditions.

    From 2 p.m. Thursday to 2 p.m. Friday, parts of south and north China will experience heavy rains, with torrential rains expected to hit parts of east China’s Jiangxi, Hunan in central China, and Guangxi in the south of the country. Some of the affected areas will see thunderstorms, gales and hail.

    The NMC said strong winds will sweep parts of Anhui and Jiangsu, both located in east China, as well as Hunan, Guangxi and south China’s Guangdong — while tornadoes are possible in some areas of Jiangxi.

    The NMC has advised the public to closely monitor weather forecasts and emergency alerts, prioritize road safety, and stay vigilant against potential secondary disasters.

    China has a four-tier color-coded weather warning system, with red representing the most severe warning, followed by orange, yellow and blue.

    MIL OSI China News –

  • MIL-OSI China: Estudiantes, Palmeiras cruise in Libertadores

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

    Argentina’s Estudiantes scored three first-half goals en route to a 3-0 away victory over Universidad de Chile in their Copa Libertadores group stage clash on Wednesday.

    The visitors caught the home side napping when Thiago Palacios ran onto Guido Carrillo’s pass before drilling a left-footed shot into the bottom-right corner.

    Santiago Ascacibar doubled the lead just after the half hour with a towering header from 12 yards following a Gabriel Neves corner.

    Carrillo made it 3-0 by combining with Eric Meza and rounding goalkeeper Gabriel Castellon before slotting the ball into an empty net.

    Estudiantes now leads Group A with nine points from four games, two points clear of second-placed Universidad.

    Meanwhile, goals from Brazil international forwards Estevao and Vitor Roque fired Palmeiras to a 2-0 away win over Cerro Porteno.

    Teenager Estevao, who will join Chelsea in July, struck with a 25-yard drive just before halftime, and former Barcelona player Roque put the result beyond doubt with a cool 94th-minute finish on the counterattack.

    The Sao Paulo outfit heads Group G with 12 points, eight ahead of second-placed Cerro Porteno.

    In other fixtures on Wednesday, Nacional won 3-1 at Bahia, LDU Quito prevailed 3-2 at Deportivo Tachira, and Central Cordoba was held to a 1-1 home draw by Flamengo.

    MIL OSI China News –

  • MIL-OSI: 74% of U.S. Homeowners Say Tariffs Will Make Their Financial Situation Worse

    Source: GlobeNewswire (MIL-OSI)

    Palo Alto, California, May 08, 2025 (GLOBE NEWSWIRE) — Homeowners are bracing for economic turbulence, according to a new report from Point, a leading home equity investment platform. Uncertainties about the broader economy are impacting homeowners’ personal financial health, as nearly three out of four homeowners (74%) say they think tariffs will make their financial situation worse in the next 12 months, while 82% are worried about a potential recession in that timeframe.

    More homeowners are fearful about their finances than in 2024

    Financial anxiety is surging, with 42% of homeowners saying they feel unsure about their personal finances for the next 12 months, up from 36% who said the same in 2024. Additionally, 39% of homeowners say they feel less financially secure than they did 12 months ago.

    “Despite having net worth on paper, many homeowners may feel concerned about their long-term financial future,” said Aaron Terrazas, an economist for Point. “Rising home prices over the past decade have given homeowners lots of home equity, but that wealth isn’t accessible to most homeowners when they need it for big-ticket expenses, let alone if they need it to help with a financial emergency.”

    Baby boomers feel the most uncertain about their finances

    Homeowners over 60, who are retired or near retirement, report being particularly concerned about their finances in the coming year. Nearly half (47%) of homeowners over 60 say they feel less financially secure than they did a year ago, and 48% expressed uncertainty about their financial situation in the next 12 months.

    Uncertainty around social security benefits is one major reason homeowners at or near retirement age may be worried about their finances. Among homeowners who are currently collecting or plan to collect social security benefits within the next 12 months, 73% are concerned about the potential of benefit cuts that could further erode their finances.

    Many homeowners do not feel prepared to weather a financial storm

    The rising costs of consumer goods continue to squeeze household budgets across the U.S. More than half of homeowners (54%) say their expenses have increased in the last 12 months, and a similar share (52%) said the same thing in 2024. Many homeowners are expecting this to get worse: 71% of homeowners anticipate their grocery costs will rise in the next year, while more than half (54%) expect to spend more on general consumer goods and utilities.

    After multiple years of rising expenses, homeowners may feel less equipped to weather a potential storm. Many homeowners said they don’t have the liquid savings they might need in times of emergency. A quarter (25%) of homeowners have less than a month’s worth of expenses saved in an emergency fund, and more than two-thirds of homeowners (68%) have six months or less in savings. For those with less than a month of savings, 90% are concerned about the possibility of a recession in the next 12 months.

    “There’s a perception that people who own their homes, even those who bought recently, have a lot of money in the bank – but banked home equity is a far cry from cash in an ATM,” Terrazas said. “Even homeowners who have been in their homes for years can struggle to keep up with rising property taxes, utility costs, and household maintenance expenses – all while managing an increasingly uncertain labor market or living on a fixed income.”

    For more details, visit Point.com.

    (1) Point asked 1,004 homeowners about their monthly expenses and financial situation using Survey Monkey’s online panel. The survey was conducted on April 18-19, 2025.

    About Point
    Point is the leading home equity platform making homeownership more valuable and accessible. Point’s flagship product, the Home Equity Investment (HEI), empowers homeowners to unlock their equity to eliminate debt, get through periods of financial hardship, and diversify their wealth – without adding to their monthly expenses. Point has worked with more than 15,000 homeowners, unlocking $1 billion in home equity. Point’s HEI enables investors to access a previously untapped asset class – owner-occupied residential real estate. Founded in 2015 by Eddie Lim, Eoin Matthews, and Alex Rampell, Point is backed by top investors, including Westcap, Andreessen Horowitz, Ribbit Capital, Greylock Partners, Bloomberg Beta, Atalaya Capital Management, Alpaca VC, and Prudential. The company is headquartered in Palo Alto, CA. For more information, please visit www.point.com

    The MIL Network –

  • MIL-OSI China: 31 civilians killed, 57 injured in Indian attack, border clash with Pakistan: Official

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

    Thirty-one people were killed and 57 others injured in an Indian attack on Pakistani territory and subsequent exchange of fire between Pakistani and Indian troops along the Line of Control (LoC), the de facto border that divides the disputed region of Kashmir, a spokesperson for the Pakistani army’s media wing said on Wednesday.

    India carried out large-scale “ceasefire violations” in border areas throughout the day on Wednesday, following attacks on houses and mosques that targeted civilians in Pakistan-controlled Kashmir and the eastern Punjab province during Tuesday night and the early hours of Wednesday morning, Director General of the Inter-Services Public Relations (ISPR), Lieutenant General Ahmed Sharif Chaudhry, told the media during a briefing.

    He stated that Pakistan responded effectively by targeting an Indian brigade headquarters, a battalion headquarters, and multiple military posts across the LoC in the Kashmir region, and along the working boundary between Pakistan’s Punjab and India-controlled Kashmir during the day-long exchange of fire.

    The ISPR chief said that Indian jet fighters struck six locations within Pakistani territory, but the Pakistani Air Force responded by shooting down five Indian fighter jets with precision.

    In addition, the Pakistani army shot down seven Indian spy and combat drones and captured two more using advanced technology, he added.

    “We were well-prepared. Pakistan did not suffer any combat casualties during the exchange of fire, and the Air Force did not lose any aircraft or assets in the strikes,” he said.

    India had accused Pakistan of hosting terrorist camps, but after Pakistan invited both local and foreign media to inspect the alleged sites, India launched a surprise night-time attack on those locations, he added.

    Pakistan reserves the right to respond in self-defense at a time of its choosing, he said, adding that the country’s commitment to peace should not be mistaken for weakness.

    While Pakistan seeks regional stability, it will not hesitate to act decisively if provoked, Chaudhry said.

    MIL OSI China News –

  • MIL-Evening Report: Even as emissions level off, carbon dioxide in the atmosphere is growing faster than ever. Here’s why

    Source: The Conversation (Au and NZ) – By Issy Borley, Research Technician, CSIRO

    Quality Stock Arts/Shutterstock

    Over the last decade, humanity’s emissions of carbon dioxide (CO₂) have stabilised after a period of huge growth. Average growth is now down to just 0.6% per year, compared to 2% per year in the previous decade. But levelling off isn’t the same as declining – and we’ve levelled off at a very high rate of emissions. The Global Carbon Project estimates human activities released a record high of 10.2 gigatonnes of carbon (GtC) in 2024.

    Last year, the atmosphere’s concentration of CO₂ rose at the fastest rate on record. Over the last decade, atmospheric CO₂ increased an average of 2.4 parts per million (ppm) a year. But last year, concentrations jumped by 3.5 ppm, reaching 424 ppm in the atmosphere. These concentrations are more than 50% higher than the pre-industrial period.

    While we’re burning more fossil fuels than ever, recent emissions growth has been offset by falling rates of deforestation and other land use emissions.

    Why are CO₂ concentrations still rapidly increasing? We’re still pumping massive amounts of long-buried CO₂ into our atmosphere. The only way for this carbon to leave the atmosphere is through natural carbon sinks – and they’re struggling to keep up.

    How do we know the amount of CO₂ in the atmosphere?

    Perched on a remote and windy clifftop on Tasmania’s northwest tip lies the Kennaook/Cape Grim Baseline Air Pollution Station. This station has an important job: monitoring baseline changes in atmospheric gases. The location was chosen because air here has travelled hundreds of kilometres over the ocean in an area unaffected by local pollution.

    CSIRO’s Kennaook/Cape Grim monitoring station on Tasmania’s northwestern tip was chosen because of the clean ocean air.
    Issy Borley, CC BY-NC-ND

    For decades, Australian scientists have directly measured the changes to the atmosphere here. Alongside other monitoring stations worldwide, this gives us an accurate and precise record of changes in greenhouse gases and ozone depleting chemicals in the atmosphere.

    Filling the bathtub

    Carbon dioxide is very good at trapping heat. Over the Earth’s 4.5 billion years, pulses of CO₂ have created hothouse worlds, very different to the pleasant climate humans have enjoyed since the last ice age, about 11,000 years ago. The last time CO₂ went past 400 ppm was likely more than two million years ago.

    It’s easy to confuse CO₂ emissions and concentrations of CO₂ in the atmosphere. Emissions influence atmospheric concentrations, but they are not the same.

    Releasing long-buried carbon back into the atmosphere by burning fossil fuels and producing CO₂ emissions is like turning on the tap in a bathtub and the amount of water in the tub is the atmospheric concentration.

    The Earth has natural ways of dealing with carbon dioxide. Plants, soils and oceans are carbon “sinks” – they all draw down carbon from the atmosphere and store it. Think of them as the bath’s plughole.

    If we think of the atmosphere as a bathtub, our emissions are the tap turned on, natural carbon sinks are the plughole and the water in the bath are the atmospheric CO₂ levels.
    Issy Borley, CC BY-NC-ND

    The problem is, we’re filling up the tub with CO₂ much faster than the Earth’s carbon sinks can pull them out. As a result, CO₂ concentration in the atmosphere rises. Atmospheric CO₂ matters because it is what actually influences climate.

    If we apply current global emissions and scenarios where emissions decrease either steadily or rapidly to the CSIRO Simple Carbon-Climate Model, we can estimate how much our bathtub is likely to fill. These graphs show emissions must be significantly cut before we can start to see a fall in atmospheric concentration.

    Why did CO₂ concentration jump last year?

    The single largest influence in last year’s spike in CO₂ concentration is likely to be changes to carbon sinks.

    Every year, oceans, forests and soils absorb about half the emissions humans produce. But this figure isn’t set – it changes as the Earth’s systems change.

    For instance, plants grow more in wetter years and store more carbon in their structures through photosynthesis and growth.

    But climate change is making fires more intense and more frequent. As trees burn, they release stored carbon back to the atmosphere. Emissions from enormous wildfires in Canada in 2023 and South America in 2024 likely contributed to the atmospheric CO₂ jump.

    Recent research suggests a weakened biosphere has strongly contributed. Severe droughts across the northern hemisphere in 2024 cut the ability of the planet’s soils and plant life to soak up and store CO₂.

    The speed at which carbon sinks soak up CO₂ depends on environmental conditions, which are largely out of our control. As climate change worsens, the capacity of natural carbon sinks to draw down our emissions will likely reduce.

    In the bathtub analogy, water leaves the tub through the plughole. If the plughole narrows, less water can escape and our tub will fill up even faster.

    The main lever we can control is the tap on the bathtub – the emissions we produce. Many nations are now cutting their emissions, but not enough to begin the sharp decline in concentration we need.

    In the 1980s, the Earth’s thin, protective layer of ozone – just 10 parts per million – was being eaten away by chlorofluorocarbons (CFCs) and other chemicals in fridges, air conditioners and aerosol cans. Nations replaced these chemicals and the ozone hole began to close. Fossil fuels are far more important to our current way of life than CFCs were. But we now have good options to replace them across many industries.

    This is a crucial moment. Our current rate of emissions will only cause CO₂ concentrations and global temperatures to rise. Natural carbon sinks will not pull out enough carbon to stabilise our climate on a time frame meaningful to humans. The earlier the action and decrease in emissions, the better our future.

    Issy Borley receives funding from the Australian Bureau of Meteorology.

    Cathy Trudinger 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.

    Ray Langenfelds receives funding from the Australian Bureau of Meteorology.

    – ref. Even as emissions level off, carbon dioxide in the atmosphere is growing faster than ever. Here’s why – https://theconversation.com/even-as-emissions-level-off-carbon-dioxide-in-the-atmosphere-is-growing-faster-than-ever-heres-why-254072

    MIL OSI Analysis – EveningReport.nz –