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Category: Pandemic

  • MIL-OSI United Kingdom: Consultation launched on proposed changes to transport for post-16 SEND students

    Source: City of Wolverhampton

    Fees for post-16 SEND travel were due to be introduced in 2020 following consultation but halted due to the outbreak of the Covid pandemic.

    Fresh consultation is now being held on the introduction of a charging policy which will require a contribution towards the cost of post-16 SEND travel.

    This would bring the council in line with the approach taken by neighbouring authorities.

    The proposed charges would apply to students moving into post-16 SEND education from September 2025 and those already in post-16 SEND education.

    Any payments would be spread over 3 terms with a reduction for low income families.

    Councillor Qaiser Azeem, the City of Wolverhampton Council’s Cabinet Member for Transport, said: “We are one of the few remaining councils to offer free transport for this age group. Most authorities charge a contribution due to there being no legal requirement to provide post 16 transport.

    “We remain committed to ensuring young people lead independent healthy lives, feel safe and secure and achieve their full potential.

    “While in an ideal world we would not need to consider introducing charges, the proposals to introduce a contribution towards the cost of post-16 SEND travel, align with, or are less than, neighbouring authorities.

    “We would of course work closely with families affected to support them should these changes be introduced.

    “It is important we hear from parents, carers, students, schools and the wider community as part of this consultation, so please take this opportunity to have your say.”

    In line with legislation there is no transport charge for pupils aged 5 to 16 or for adult learners aged 19 to 25.

    The consultation is now live and runs until 13 June. Take part at Consultation on Post 16 SEND Transport Charges – City of Wolverhampton Council – Citizen Space.
     

    MIL OSI United Kingdom –

  • MIL-OSI Global: Morabo Morojele: Lesotho’s swinging jazz drummer who became a literary star

    Source: The Conversation – Global Perspectives – By Gwen Ansell, Associate of the Gordon Institute for Business Science, University of Pretoria

    We use the term “Renaissance man” very loosely these days, for anybody even slightly multi-talented. But Lesotho-born jazz drummer, novelist and development scholar Morabo Morojele was the genuine article.

    He not only worked across multiple fields, but achieved impressively in all. Morojele died on 20 May, aged 64.

    As a researcher into South African jazz, I encountered him initially through his impressive live performances. I was surprised to hear about his first novel and then – as a teacher of writing – bowled over by its literary power.

    Celebrating a life such as Morojele’s matters, because a pan-African polymath like him cut against the grain of a world of narrow professional boxes, where borders are increasingly closing to “foreigners”.

    This was a man who not only played the jazz changes, but wrote – and lived – the social and political ones.

    The economist who loved jazz

    Born on 16 September 1960 in Maseru, Lesotho, Morojele schooled at the Waterford Kamhlaba United World College in Swaziland (now Eswatini) before being accepted to study at the London School of Economics.

    In London in the early 1980s the young economics student converted his longstanding jazz drumming hobby into a professional side gig. There was a vibrant African diasporic music community, respected by and often sharing stages with their British peers. Morojele worked, among others, in the bands of South African drummer Julian Bahula and Ghanaian saxophonist George Lee. With Lee’s outfit, Dadadi, he recorded Boogie Highlife Volume 1 in 1985.

    Studies completed and back in Lesotho, Morojele founded the small Afro-jazz group Black Market and later the trio Afro-Blue. He worked intermittently with other Basotho music groups including Sankomota, Drizzle and Thabure while building links with visiting South African artists. For them neighbouring Lesotho provided less repressive stages than apartheid South Africa.

    Morojele relocated to Johannesburg in 1995 and picked up his old playing relationship with Lee, by then also settled there. His drum prowess caught the eye of rising star saxophonist Zim Ngqawana. With bassist Herbie Tsoaeli and pianist Andile Yenana, he became part of the reedman’s regular rhythm section.



    Read more:
    Zakes Mda on his latest novel, set in Lesotho’s musical gang wars

    The three rhythm players developed a close bond and a distinctive shared vision, which led to their creating a trio and an independent repertoire. Later they were joined by saxophonist Sydney Mnisi and trumpeter Marcus Wyatt to form the quintet Voice.

    Voice was often the resident band at one of Johannesburg’s most important post-liberation jazz clubs: the Bassline. Although the 1994-founded venue was just a cramped little storefront in a bohemian suburb, it provided a stage for an entire new generation of indigenous jazz and pan-African music in its nine years. Voice was an important part of that identity, audible on their second recording.

    Morojele on drums for Andile Yenana.

    Morojele also recorded with South African jazz stars like Bheki Mseleku and McCoy Mrubata. He appeared on stage with everyone from Abdullah Ibrahim to Feya Faku.

    His drum sound had a tight, disciplined, almost classical swing, punctuated visually by kinetic energy, and sonically by hoarse, breathy vocalisations. Voice playing partner Marcus Wyatt recalls:

    The first time I played with you, I remember being really freaked out by those vocal sound effects coming from the drum kit behind me, but the heaviness of your swing far outweighed the heaviness of the grunting. That heavy swing was in everything you did – the way you spoke, the way you loved, the way you drank, the way you wrote, the way you lived your life.

    Wyatt also recalls a gentle, humble approach to making music together, but spiced with sharp, unmuted honesty – “You always spoke your mind” – and intense, intellectual after-show conversations about much more than music.

    Because Morojele had never abandoned his other life as a development scholar and consultant. He was travelling extensively and engaging with (and acutely feeling the hurt of) the injustices and inequalities of the world. Between those two vocations, a third was insinuating itself into the light: that of writer.

    The accidental writer

    He said in an interview:

    I came to writing almost by accident … I’ve always enjoyed writing (but) I never grew up thinking I was going to be a writer.

    In 2006, after what he described in interviews as a series of false starts, he produced a manuscript that simply “wrote itself”, How We Buried Puso.

    Starting with the preparations for a brother’s funeral, the novel – set in Lesotho – reflects on the diverse personal and societal meanings of liberation in the “country neighbouring” (South Africa) and at home. How new meanings for old practices are forged, and how the personal and the political intertwine and diverge. All set to Lesotho’s lifela music. The book was shortlisted for the 2007 M-Net Literary Award.

    There was an 18-year hiatus before Morojele’s second novel, 2023’s The Three Egg Dilemma. Now that he was settled again in Lesotho, music was less and less a viable source of income, and development work filled his time. “I suppose,” he said, “I forgot I was a writer.” But, in the end, that book “also wrote itself, because I didn’t have an outline … it just became what it is almost by accident.”

    In 2022, a serious health emergency hit; he was transported to South Africa for urgent surgery.

    The Three Egg Dilemma, unfolding against an unnamed near-future landscape that could also be Lesotho, broadens his canvas considerably.

    The setting could as easily be any nation overtaken by the enforced isolation of a pandemic or the dislocation of civil war and military dictatorship, forcing individuals to rethink and re-make themselves. And complicated by the intervention of a malign ghost: a motif that Morojele said had been in his mind for a decade.

    For this powerful second novel, Morojele was joint winner of the University of Johannesburg prize for South African writing in English.

    He was working on his third fiction outing – a collection of short stories – at the time of his death.

    The beauty of his work lives on

    Morojele’s creative career was remarkable. What wove his three identities – musician, development worker and writer – together were his conscious, committed pan-Africanism and his master craftsman’s skill with sound: the sound of his drums and the sound of his words as they rose off the page.

    Through the books, and the (far too few) recordings, that beauty lives with us still. Robala ka khotso (Sleep in peace).

    Gwen Ansell 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. Morabo Morojele: Lesotho’s swinging jazz drummer who became a literary star – https://theconversation.com/morabo-morojele-lesothos-swinging-jazz-drummer-who-became-a-literary-star-257256

    MIL OSI – Global Reports –

  • MIL-OSI: Altus Group Releases Q1 2025 U.S. Investment & Transactions Quarterly Report

    Source: GlobeNewswire (MIL-OSI)

    Comprehensive overview of national transaction activity by volume, price, size, and sector

    U.S. commercial real estate transactions remained muted in Q1 2025        

    NEW YORK, May 21, 2025 (GLOBE NEWSWIRE) — Altus Group Limited (“Altus Group”) (TSX: AIF), a leading provider of commercial real estate (“CRE”) intelligence, today released its CRE Investment & Transactions Quarterly Report, covering U.S. transaction activity for Q1 2025.

    In Q1 2025, the U.S. commercial real estate market recorded $69.3 billion in dollar value transacted*, compared to $89.2 billion in Q4 2024 and $85.5 billion in Q1 2024. The number of properties transacted was also down, though above the pandemic-era lows for all property types. On an aggregated national basis, transaction activity in Q1 2025 remained muted across the following key metrics:

    Key metric Sequential change over Q4 2024 Year-over-year change over Q1 2024
    Count of properties transacted -11.6% -8.0%
    Dollars transacted -22.3% -19.0%

    “Despite a generally subdued market, Q1 transaction activity showed areas of strength with prices edging higher and multifamily and office drawing more capital than a year earlier,” said Cole Perry, Associate Director of Research at Altus Group. “Twelve of the fifteen property subsectors posted quarter-over-quarter increases in price per square foot, led by consumer-facing categories such as big box retail, limited-service hotels and full-service hotels.”

    Altus Group’s transaction data analysis stands out from other industry reports by covering a broader range of transaction activity and segmenting the data at a very granular level. This quarterly report offers a comprehensive overview of national commercial sale transactions across major property sectors, focusing on transaction volume, pricing, and pacing, with further insights by property subtype and at the metropolitan statistical area (MSA) level. While other reports tend to focus on large transactions, this report takes a more holistic view of the market capturing single-asset transactions exceeding $100,000 in sale value.      

    To access the full Q1 2025 U.S. Investment & Transactions Quarterly Report, please click here.

    *Note: Property and transaction-level data are sourced from Altus Group’s Reonomy product, with data pulled on April 15, 2025 and transactions recorded through March 31, 2025 (the close of Q1 2025). Not all transactions for Q1 2025 were available as of April 15, 2025, so estimates were made to reflect national transaction activity. For information about the data contained in the report and methodology, please see the full report.

    About Altus Group

    Altus connects data, analytics, applications, and expertise to deliver the intelligence necessary to drive optimal CRE performance.  The industry’s top leaders rely on our market-leading solutions and expertise to power performance and mitigate risk. Our global team of ~ 2,000 experts are making a lasting impact on an industry undergoing unprecedented change – helping shape the cities where we live, work, and build thriving communities. For more information about Altus (TSX: AIF) please visit www.altusgroup.com. 

    FOR FURTHER INFORMATION PLEASE CONTACT:

    Elizabeth Lambe
    Director, Global Communications, Altus Group
    (416) 641-9787
    elizabeth.lambe@altusgroup.com

    The MIL Network –

  • MIL-OSI Global: Universities face getting stuck with thousands of obsolete robots – here’s how to avoid a research calamity

    Source: The Conversation – UK – By Carl Strathearn, Lecturer in Computer Science, Edinburgh Napier University

    For more than a decade, the French robotics company Aldebaran has built some of the most popular robots used in academic research. Go to most university robotics departments and you’ll find either Pepper, the iconic three-wheeled humanoid robot, or its smaller two-legged sibling, Nao.

    These fast became the robots of choice for many academics for all research into the capabilities and potential of social robots. They are quick to set up and easy to use out of the box, without the need for any programming skills or engineering knowledge.

    With base prices at around £17,000 for Pepper and £8,000 for Nao – typically plus a few thousand pounds more for extras, online training sessions, service plans, warranties and so on – the robots could be purchased via university research grants.

    With Pepper robots also appearing in customer service jobs, for example in HSBC banks across the US, buyers were attracted by the lure of long-term educational and financial benefits from a state-of-the-art tech supplier. Aldebaran says it has sold approximately 37,000 machines worldwide (20,000 Naos and 17,000 Peppers).

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    However, the company stopped developing Pepper robots in 2021, having struggled to sell as many as it had hoped, and was offloaded by long-time Japanese owner Softbank.

    In February of this year, Alderbaran filed for bankruptcy and restructured amid ongoing financial difficulties. Currently looking for a buyer, it has halved its staff numbers, though it is still making Nao (and a serving assistant on wheels called Plato).

    The uncertainty around the company’s future has stoked fears that it will become impossible to get its robots repaired in future, and that Aldebaran could stop supporting the AI cloud network that the machines need to access to be able to function.

    What does this mean for the future of robotics research in universities?

    Besides fears about Aldebaran’s future, there have long been issues with Pepper and Nao’s durability. They both have rigid, fragile plastic shells, and the machines sometimes overheat. This means they have to be left to cool down after 20-30 minutes, which has often interfered with experiments and data-gathering – as documented in this 2022 study of Nao.

    A spokesperson for Aldebaran agreed that motors can overheat, depending on their use and environment. They said the next generation of Nao, currently in development, has taken this into account in its design.

    For repairs, the only option is Aldebaran or an authorised reseller, or you risk voiding your warranty. This typically involves shipping overseas, which can be slow and costly – more so if the replacement parts are out of stock.

    One of us (Emilia) encountered this during the COVID pandemic. Nao’s batteries need to be used regularly to keep functioning, which led the university’s machine to fail because it was inaccessible during lockdowns. Aldebaran couldn’t supply replacement batteries quickly, which halted research projects at the university for many months and meant that important submission deadlines were missed.

    Meanwhile, software upgrades for Pepper stopped when the company halted development in 2021 (sales stopped in 2024). This robot’s limited processing capabilities make it troublesome to run the large language models (LLMs) that power interfaces like ChatGPT (although these can be run in conjunction with a computer with modifications).

    Nao does have an AI edition that can handle LLMs, though this too requires external modifications. Nao’s upgrades also seem to have been limited, which in our experience appears to have made them more error-prone too. Both robots are already considerably less useful for research purposes in our opinion.

    Finally, Nao and Pepper were not built with adaptability in mind. Unlike more recent machines like the 3D-printed InMoov, made by French designer Gael Langevin, there’s no way of customising their components or appearance.

    Their fixed expressions, gestures and plastic body make them difficult to adapt to different user needs or applications, such as helping at home or in healthcare. This again reduces their usefulness from a research point of view.

    Addressing these concerns, the Aldebaran spokesperson said:

    Spare parts availability on Nao is very good, [barring] the normal supply chain issues, and these were exacerbated during COVID like the rest of the commercial world. Pepper is more limited as it has not been in production for some time, but we are generally able to solve any customer issues.

    Nao is still very active as a product, with production continuing along with software upgrades. We recently launched Nao Activities, a major software upgrade that provides generative AI capabilities for Nao.

    The spokesperson added that are were no plans to switch off AI cloud support for Nao or Pepper, and that the robots are not difficult to use in robotics research, “testament of which is the thousands of units being used in that environment”.

    What can be done?

    If Pepper and Nao do become unusable for research, universities will have to either scrap them or try to redevelop them with custom parts and components. It’s possible they could be hacked and gutted, replacement parts could be 3D-printed, new microprocessors installed and the software made local and open source, which may be enough to get the robots back up and working again.

    However, it probably makes sense for researchers to look forwards instead. But towards what? At a time when university finances are very tight, there may be a reluctance to buy new machines with potentially limited shelf lives. Robots from alternative providers such as Futhat and Unitree are supported by similar cloud-based AI systems.

    Some institutions may consider reallocating vital funding to other departments, with a significant impact across robotics research and education. Universities are at the heart of robotics research, upholding high ethical standards and rigorously testing machines without the conflicts of interest that manufacturers can have.

    Universities can also bring together diverse disciplines like computer science, engineering and cognitive science, fostering collaboration that encourages innovation. With the UK number one globally for research quality in this field, these are the training grounds for the next generation of roboticists at a time when there is a growing skills shortage.

    A different way forward would be for universities to start building and programming robots from scratch. For the cost of a new research robot, say £15,000, you could buy several high-spec 3D printers, hardware and components.

    This wouldn’t be about building entire humanoid robots but prototypes of key aspects such as facial expressiveness or skin, human gestures or emotions. This would allow students to gain important hands-on engineering and programming skills, while conducting novel research exploring current gaps in the field.

    It would make personalising them easier and repairing them quicker and cheaper, if you could 3D-print parts or use parts that could be easily replaced off-the-shelf.

    If universities are to remain relevant in this rapidly evolving field, it’s vital that they learn from their difficulties with Pepper and Nao. At a time when robots are starting to be perceived as reliable and cost-effective support for people, this is a cautionary tale for all.

    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. Universities face getting stuck with thousands of obsolete robots – here’s how to avoid a research calamity – https://theconversation.com/universities-face-getting-stuck-with-thousands-of-obsolete-robots-heres-how-to-avoid-a-research-calamity-256829

    MIL OSI – Global Reports –

  • MIL-OSI Global: Why is it so hard for young people to get jobs?

    Source: The Conversation – UK – By Farooq Mughal, Senior Lecturer (Associate Professor), Management Strategy & Organisation, University of Bath

    antoniodiaz/Shutterstock

    For generations, young people have been told the path to opportunity is clear. Study hard, get a degree, and success will follow. This promise – central to the idea of “meritocracy” – has shaped the aspirations and investments of millions (though in reality, access to university and employment is also shaped by factors like family income, schooling and geography).

    Today, however, many graduates in the UK and elsewhere find they are struggling to land a job – and it’s a problem which extends far beyond roles that match their qualifications. In some cases, graduates are being turned down for roles in supermarkets or warehouses – not because they’re unqualified, but because they’re seen as overqualified, too risky or surplus to requirements.

    In terms of the UK economy, this isn’t just a problem of job shortages. It signals a deeper breakdown in the social contract – the long-held promise that education leads to opportunity. And it exposes how the connection between learning and labour is coming undone.

    As the focus of employers, higher education providers and the state has shifted towards the notion of “employability” – the skills and attitudes that help people get and keep jobs – labour markets have become highly competitive and spoilt for choice.

    At the same time, it’s worth remembering that while employment remains a key concern, the value of education extends far further – shaping personal growth and civic engagement, for example.


    This article is part of Quarter Life, a series about issues affecting those of us in our twenties and thirties. From the challenges of beginning a career and taking care of our mental health, to the excitement of starting a family, adopting a pet or just making friends as an adult. The articles in this series explore the questions and bring answers as we navigate this turbulent period of life.

    You may be interested in:

    Five tips from an expert for choosing a self-help book that will actually work

    How to handle difficult conversations in your early career, from salary negotiation to solving conflict

    Five things young professionals can do today to promote gender equality at work

    Employability places the burden squarely on young people to become work-ready while ignoring the wider barriers they face. These include hiring algorithms, labour market saturation as graduate numbers remain high while vacancies dry up, and uneven access to opportunity.

    Even with degrees and internships, many young people are finding themselves locked out of meaningful work. Research I undertook with colleagues on education-to-work transitions shows how graduates often invest heavily in becoming employable through a mix of soft skills, adaptability and professionalism. But these efforts now rarely guarantee a job.

    Instead, graduates frequently enter a labour market that is both oversaturated and under-responsive. Over the past two decades, the number of graduates in the UK has grown sharply. This surge has intensified competition, pushing many into roles below their qualification level.



    Read more:
    Britain has almost 1 million young people not in work or education – here’s what evidence shows can change that

    The UK government’s Get Britain Working white paper recognises this disconnect. It also highlights the legacy effects of the COVID pandemic, especially among young people aged 16–24 who are not in education, employment or training (Neets) – of which there are now estimated to be 987,000, and rising.

    But while the government’s proposed youth guarantee scheme offers basic training and apprenticeships, it does little for those already in the labour market.

    What’s blocking the way?

    Despite the emphasis on developing skills, many young people – both graduates and non-graduates – struggle to progress in the labour market. For example, the number of entry-level roles in retail, hospitality and logistics is shrinking due to rising costs, automation and algorithmic hiring systems that privilege some over others.

    Recent increases to employer national insurance contributions and the national minimum wage are putting pressure on payrolls, reducing already limited opportunities for young people.

    UK chancellor Rachel Reeves’s 2024 budget contained some shocks for employers.
    Fred Duval/Shutterstock

    This highlights the limits of the popular narrative that effort always leads to reward. The idea that young people just need to try harder collapses under the weight of such constraints.

    Businesses are also facing tight margins, as well as the problems that come with high staff turnover due to a lack of career development opportunities, as rising costs make it harder to invest in staff. But our research shows that even highly motivated graduates – those who network, gain skills, take internships and are adaptable – can struggle to get a foot in the door.

    The UK employment rights bill, which is making its way through parliament, is designed to curb exploitative labour market practices. But professional bodies and trade associations warn that some employers may respond by cutting staff and reducing flexible work.

    While reforms such as reframing the purpose of Jobcentres are critical in making unemployment seem unattractive, they are likely to fall short of creating sustained opportunities.

    Policy paradox

    All of this reveals a paradox. In trying to clamp down on job precarity, the UK government may be shutting young people out of the entry points they need, skilled or otherwise. Well-intentioned policies such as the youth guarantee and employment rights bill risk failure when the labour market often rewards privilege over merit.

    Today’s labour market can penalise young people twice over. First, they’re expected to be employable with the right skillset. Yet even when they are, many find the door shut.

    In my view, the way forward is to create new, accessible roles that reflect a broader duty of care on the part of employers, universities and policymakers. This includes building skills pathways along the lines of the Youth Futures Foundation programme, which works in deprived areas to create pathways that connect young people with support and jobs.

    It also means embedding hiring practices that ensure a closer focus on someone’s potential, such as blind recruitment or diverse hiring panels.

    Incentivising employers to hire and value young talent could be transformative, as could forging partnerships between universities and industry which focus on building the skills needed for employment.

    Government initiatives such as the Trailblazers scheme, which identifies young people at risk of falling out of education or employment, are a good start. But they could be more effective alongside a combination of digital tools that bring together mobile apps for tracking career progress, a skills dashboard, and AI career advice.

    Restoring the social contract means sharing responsibility. Our research finds that employers should regularly review how they assess talent and design career pathways.

    Universities should collaborate with industry to ensure graduate skills align with employer expectations. And the government must address deep-seated inequalities shaped by region, class, race and institutional prestige.

    Ignoring these issues mean they will continue to largely dictate who gets in, who gets ahead, and who gets left out. A collective responsibility ensures that education is recognised not just as a route to employment, but as a cornerstone of a fair, thoughtful and inclusive society.

    Farooq Mughal works for the University of Bath. He is also a Trustee and Director in a non-executive capacity for the Bath Royal Literary and Scientific Institution.

    – ref. Why is it so hard for young people to get jobs? – https://theconversation.com/why-is-it-so-hard-for-young-people-to-get-jobs-256532

    MIL OSI – Global Reports –

  • MIL-OSI Global: Windows are the No. 1 human threat to birds – an ecologist shares some simple steps to reduce collisions

    Source: The Conversation – USA – By Jason Hoeksema, Professor of Ecology, University of Mississippi

    Birds are drawn to the mirror effect of windows. That can turn deadly when they think they see trees. CCahill/iStock/Getty Images Plus

    When wood thrushes arrive in northern Mississippi on their spring migration and begin to serenade my neighborhood with their ethereal, harmonized song, it’s one of the great joys of the season. It’s also a minor miracle. These small creatures have just flown more than 1,850 miles (3,000 kilometers), all the way from Central America.

    Other birds undertake even longer journeys — the Swainson’s thrush, for example, nests as far north as the boreal forests of Alaska and spends the nonbreeding season in northern South America, traveling up to 5,600 miles (9,000 kilometers) each way.

    These stunning feats of travel are awe-inspiring, making it that much more tragic when they are cut short by a deadly collision with a glass window.

    A wood thrush singing. Shared by the American Bird Conservancy.

    This happens with alarming regularity. Two recent scientific studies estimate that more than 1 billion birds – and as many as 5.19 billion – die from collisions with sheet glass each year in the United States alone, sometimes immediately but often from their injuries.

    In fact, window collisions are now considered the top human cause of bird deaths. Due to window collisions and other causes, bird populations across North America have declined more than 29% from their 1970 levels, likely with major consequences for the world’s ecosystems.

    These collisions occur on every type of building, from homes to skyscrapers. At the University of Mississippi campus, where I teach and conduct research as an ecologist, my colleagues and I have been testing some creative solutions.

    Why glass is so often deadly for birds

    Most frequently, glass acts as a mirror, reflecting clear sky or habitat. There is no reason for a bird to slow down when there appears to be a welcoming tree or shrub ahead.

    These head-on collisions frequently result in brain injuries, to which birds often succumb immediately.

    In other cases, birds are stunned by the collision and eventually fly off, but many of those individuals also eventually perish from brain swelling.

    Other injuries, to wings or legs, for example, can leave birds unable to fly and vulnerable to cats or other predators. If you find an injured bird, contact a local wildlife rehabilitator.

    Which windows are riskiest

    Some windows are much worse than others, depending on their proximity to bushes and other bird habitats, what is reflected in them, and how interior lighting exacerbates or diminishes the mirror effect.

    On our campus, some buildings with a great deal of glass surface area kill surprisingly few birds, while other small sets of windows are disproportionately deadly.

    A stunned Swainson’s thrush sits on the ground in front of a window on campus. The bird, which likely hit the window, eventually recovered and flew away.
    Jason Hoeksema/University of Mississippi

    One particular elevated walkway with glass on both sides between the chemistry and pharmacy buildings is a notoriously dangerous spot. The glass kills migratory birds each spring and fall as they try to pass between the two buildings on their way to The Grove, the university’s central-campus park area with large old oak trees.

    During the pandemic in 2020, student Emma Counce did the heart-heavy work of performing a survey of 11 campus buildings almost daily during spring migration. She found 72 bird fatalities in seven weeks. Five years later, my ornithology students completed a new survey and found 62 mortalities over the course of five weeks in 2025, demonstrating that we still have a lot of work to do to make our campus safe for migratory birds.

    Thrushes, perhaps due to their propensity for whizzing through tight spaces in the shady forest understory, have been disproportionately represented among the victims. Others include colorful songbirds – northern parulas, black-and-white warblers, prothonotary warblers, Kentucky warblers, buntings, vireos and tanagers.

    How to make windows less dangerous

    The good thing is that everyone can do something to lower the risk.

    Films, stickers or strings can be added on the exterior of windows, creating dots or lines, 2 to 4 inches apart, that break up reflections to give the appearance of a barrier.

    Exterior screens and blinds work great too. Just adding a few predator silhouette stickers is not effective, by the way – the treatment needs to span the whole window.

    Putting film with dots on windows, like this one at the University of Mississippi, can help birds spot the glass and stop in time. Without the dots, the reflection can look like more trees are ahead instead of glass and a hallway.
    Jason Hoeksema/University of Mississippi

    When applied properly, window treatments can make a huge difference. An inspiring example is McCormick Place in Chicago, the country’s largest convention center, which notoriously killed nearly 1,000 birds in a single night in 2023. After workers applied dot film to an area of the building’s windows equivalent to two football fields, bird mortality at the lakeside building has been reduced by 95%.

    The Bird Collision Prevention Alliance provides information on options for retrofitting home or office windows to make them more bird friendly.

    Options for new windows are also becoming more common. For example, the new Center for Science & Technology Innovation on my campus, which features many windows, mostly used bird-friendly glass with subtle polka dots built into it. This spring, we found that it killed only four birds, despite a very high surface area of glass.

    How you can help

    When trying to make a difference on your home turf, I suggest starting small. Make note of which specific windows have killed birds in the past, and treat them first.

    Use it as an opportunity to learn what approach might work best for you and your building. Either order a product or make something yourself and get it installed.

    How to make your windows safer for birds. Shared by Audubon New York and American Bird Conservancy.

    Then do another, and tell a friend. At the office, talk to people, find others who care and build a team to make gradual change.

    With some creative solutions, anyone can help reduce at least this major risk.

    Jason Hoeksema is affiliated with the University of Mississippi, Delta Wind Birds, and the Mississippi Ornithological Society.

    – ref. Windows are the No. 1 human threat to birds – an ecologist shares some simple steps to reduce collisions – https://theconversation.com/windows-are-the-no-1-human-threat-to-birds-an-ecologist-shares-some-simple-steps-to-reduce-collisions-255838

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: ‘Shine your light’: responding to challenges facing the charity sector

    Source: United Kingdom – Executive Government & Departments

    Speech

    ‘Shine your light’: responding to challenges facing the charity sector

    Charity Commission Chief Executive David Holdsworth delivers keynote speech at Charity Times’ Annual Conference 2025.

    Thank you Srabani and good morning everyone / bore da pawb.

    It’s a privilege to be speaking to at this conference for the first time as the Commission’s CEO, after rejoining the organisation last summer.

    I probably don’t need to explain to this audience why I returned to work with the charity sector.

    Current operating environment and challenges 

    The Charity Commission stands at a unique vantage point, where the perspectives of charities, government, the public and donors meet.

    From this position, we see three trends.

    First, an incredibly challenging economic environment for the sector.

    Like other sectors, charities face inflationary pressures and rising operational costs.

    But charities are also dealing with increased demands for their services.

    The cumulative impact of these trends on charities is, in some cases, extremely challenging.

    Second, charities, like other organisations, are contending with rapid technological and social change.

    Some tech innovations, notably in the space of AI, offer tools that can help charities do more with less and increase their impact.

    But looking ahead, these technologies potentially challenge the very role of organisations and institutions in the traditional sense.

    Notably when coupled with changing attitudes, especially among younger people, whose allegiances are increasingly to causes, not ‘bricks and mortar’ or brands and institutions and where technology platforms offer alternatives of direct giving to those in need.  

    Thirdly – global conflicts, geo political shifts and instability. The shocking invasion of Ukraine and conflicts in the middle east have seen demands on and need of charity increase significantly. Whilst at the same time the once seemingly immovable, solid post war geo political system is shifting, creating uncertainty and instability. This makes responding to increased global need more difficult and challenging to navigate.

    Impact and Potential

    Despite those challenges the sector has never been more important – and let’s be clear what charities achieve for society is astonishing, both in terms of scale and impact.

    Based on Annual Returns submitted to the Commission for 2023’s accounts, the sector had an annual income of over £96 billion – up around 7% on the previous year.

    We registered just over 5,000 new charities last year, having assessed a record 9,840 applications – a 9% increase on the previous year.

    And there are around 700,000 trustees who collectively steward the sector though good times and bad, and whose work often goes unrecognised and uncelebrated – though we at the Commission are all too aware of their service and contribution.

    But numbers alone don’t tell of the human impact of charity. Of the positive difference charities make in transforming or enriching communities, our environment, our wildlife, heritage, culture as well as saving and improving countless individual lives.

    It is that impact that charities, their amazing trustees, volunteers and employees have – that we must not lose sight of – nor let the challenges shroud.

    There are so many examples to tell.

    Like the Felix Project which had a landmark year, providing 38 million meals through its network of 1,264 community organisations and schools by growing its network of collaborations. Building on that success it has launched its Multibank, which has seen 1.46 million non-food essential items distributed to try and ensure no Londoner in need goes without.

    Welsh Women’s Aid and its partners helped 739 survivors access refuge-based support. That is life-saving intervention happening every day, across the country – offering not just physical shelter but a sense of home and safety when people need it most.

    That the osprey – that magnificent bird of prey – which was once driven to near extinction in the UK – is now thriving, with over 250 nesting pairs living in Britain today, is thanks to charities.

    And it is thanks to charity that, on average, two lives are saved at sea every single day by RNLI volunteers.  

    Also I know from my last CEO role at the Animal and Plant Health Agency, thanks to animal welfare charities’ campaigning work over decades, the UK now has one of the most advanced legal frameworks protecting animal health and welfare.

    These a just a few examples of what has been made possible by the charity sector.

    Potential and Opportunity

    So whilst I don’t underestimate for one moment the challenges charities face – and which I have seen first hand on my many visits – I would urge you not to let those challenges dim nor shroud the huge impact you are having, everyday.

    I also firmly believe that as Albert Einstein once said:

    in the middle of difficulty lies opportunity.

    Arguably, the bigger the challenge, the greater the opportunity. Ideas previously rejected as too radical; innovation that once felt too big; conversations which felt too challenging can suddenly feel possible – and necessary.

    Take for example, the city I call home, Liverpool. Which is incidentally also the Commission’s main home, where most of our staff are based.

    I grew up in Liverpool in the 1980s. It was a time when the city felt like it had lost its way, with ever increasing challenges and ever dwindling opportunity and resources.

    Today my home city is transformed. And that transformation happened through collaboration – a combination of philanthropic investments, national and local government investment, alongside renewed community action notably in the arts, culture and tourism which acted as catalysts for wider renewal.

    Each individual project mattered, but what made for game-changing transformation was the cumulative impact of collaborative and complementary efforts from a number of actors. And that is true across the sector today.

    Take for example, Fareshare. Working collaboratively, supporting other charities in their network, they’ve helped distribute 92% more food over the last year, and made their budgets go 78% further.

    This resulted in them distributing a whopping 135 million meals, reaching nearly 1 million people.

    If you’ll allow me to return once more to my hometown.

    In late 2024, Zoe’s Place, a hospice in Liverpool which provides care to children, faced an uncertain future. The community of Liverpool, supported by business leaders and politicians, as well as a fellow charity the Institute of our Lady of Mercy, fellow hospice Claire’s Place and regional media collectively rallied to save Zoe’s Place, with the Commission playing a key facilitating role.

    Now, ownership has been transferred to the newly registered Liverpool Zoe’s Place. The charity’s trustees have also finalised plans to build the charity’s new home, securing the continuation of the former charity’s legacy.

    The hospice had been helping families through the unimaginable since 1995 – to see that vital service disappear would have been gutting for the community, and a huge blow to the families who rely on the organisation’s support.

    Instead, by reawakening their community’s passion and pride in the service, the charity will now continue to provide that support for years to come.

    In addition to this kind of public appeal, forging new corporate partnerships is another option being explored by many charities. Indeed, the Charities Aid Foundation estimates that UK businesses contribute around £4 billion to the sector.

    Take one example – a mere stone’s throw from here: national homelessness charity, Shelter.

    The organisation has partnered with clothing brand, Lucy and Yak. Last year they held a successful pop-up shop in Kings Cross, and now, they’ve launched donation boxes in several Lucy and Yak shops across the country encouraging customers to donate clothing.

    Shelter has responded to competition facing charity shops with the rise of preloved selling platforms in an agile and innovative way. Through this partnership, they’ve added a funding stream to their ‘bow’ and potentially reached new supporters.

    But I appreciate that public appeals and new corporate partnerships won’t work for everyone.  

    As a result of the Covid pandemic, many charities needed to re-evaluate their financial resilience and ability to weather further storms – many had dipped into their reserves, while others had little to fall back on.

    With the same desire to ensure services do not come to an end, some charities with similar goals turned to mergers – combining resources to create something more sustainable.

    For example, Community Integrated Care, one of the largest social care providers in the UK, merged with Inspire, a social care provider based in Scotland, in 2023. The charities saw how funding shortfalls, economic pressures and workforce shortages were impacting social care more broadly and chose to secure their future together rather than struggle through apart. And it paid off.

    Community Integrated Care’s income increased by £22 million in the year after the merger, and the charities reported publicly that the merger was a good strategic fit. These charities found strength in unity while continuing to provide that sense of belonging their beneficiaries depend on.

    Mergers are not the answer for all – and I don’t underestimate the work that can be involved in navigating a successful transition. But where you decide a merger is the best way forward, the Commission is on hand.

    Conclusion: strength in collaboration

    I’ve touched upon a few examples today to evidence my underlying confidence in this sector’s collective power. Just as no home is built by a single pair of hands, no lasting social change comes from isolated efforts.

    Our dear late Queen, Elizabeth II, once said:

    On our own, we cannot end wars or wipe out injustice, but the cumulative impact of thousands of small acts of goodness can be bigger than we imagine.

    In the year of the 80th anniversary of Victory in Europe and Victory in Japan we should remember those words and that out of darkness can come something brighter and better than before.

    From the darkness of tyranny, fascism and unfathomable loss came a renewed determination for peace, democracy and equality. That which charities had long fought for then came forward in the form of the NHS, welfare state, expansion of access to higher education, and workers’ rights.

    While the challenges facing society may be less existential, I believe this sector can again play a transformational role across communities, across government, local and national, with businesses and philanthropists to once again tackle our biggest issues with joint purpose.

    There is no greater charity sector in the world than here and my message is clear.

    Keep shining a light, charities.

    Shine a light on your charitable purpose.

    Shine a light of hope, and of refuge to those in need.

    Shine a light on your innovation and impact.

    And always remember that you not only stand on the shoulders of giants, but you too are now building that better brighter future for the next generation.

    Thank you. I look forward to hearing your thoughts, and taking your questions.

    Updates to this page

    Published 21 May 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Windows are the No. 1 human threat to birds – an ecologist shares some simple steps to reduce collisions

    Source: The Conversation (Au and NZ) – By Jason Hoeksema, Professor of Ecology, University of Mississippi

    Birds are drawn to the mirror effect of windows. That can turn deadly when they think they see trees. CCahill/iStock/Getty Images Plus

    When wood thrushes arrive in northern Mississippi on their spring migration and begin to serenade my neighborhood with their ethereal, harmonized song, it’s one of the great joys of the season. It’s also a minor miracle. These small creatures have just flown more than 1,850 miles (3,000 kilometers), all the way from Central America.

    Other birds undertake even longer journeys — the Swainson’s thrush, for example, nests as far north as the boreal forests of Alaska and spends the nonbreeding season in northern South America, traveling up to 5,600 miles (9,000 kilometers) each way.

    These stunning feats of travel are awe-inspiring, making it that much more tragic when they are cut short by a deadly collision with a glass window.

    A wood thrush singing. Shared by the American Bird Conservancy.

    This happens with alarming regularity. Two recent scientific studies estimate that more than 1 billion birds – and as many as 5.19 billion – die from collisions with sheet glass each year in the United States alone, sometimes immediately but often from their injuries.

    In fact, window collisions are now considered the top human cause of bird deaths. Due to window collisions and other causes, bird populations across North America have declined more than 29% from their 1970 levels, likely with major consequences for the world’s ecosystems.

    These collisions occur on every type of building, from homes to skyscrapers. At the University of Mississippi campus, where I teach and conduct research as an ecologist, my colleagues and I have been testing some creative solutions.

    Why glass is so often deadly for birds

    Most frequently, glass acts as a mirror, reflecting clear sky or habitat. There is no reason for a bird to slow down when there appears to be a welcoming tree or shrub ahead.

    These head-on collisions frequently result in brain injuries, to which birds often succumb immediately.

    In other cases, birds are stunned by the collision and eventually fly off, but many of those individuals also eventually perish from brain swelling.

    Other injuries, to wings or legs, for example, can leave birds unable to fly and vulnerable to cats or other predators. If you find an injured bird, contact a local wildlife rehabilitator.

    Which windows are riskiest

    Some windows are much worse than others, depending on their proximity to bushes and other bird habitats, what is reflected in them, and how interior lighting exacerbates or diminishes the mirror effect.

    On our campus, some buildings with a great deal of glass surface area kill surprisingly few birds, while other small sets of windows are disproportionately deadly.

    A stunned Swainson’s thrush sits on the ground in front of a window on campus. The bird, which likely hit the window, eventually recovered and flew away.
    Jason Hoeksema/University of Mississippi

    One particular elevated walkway with glass on both sides between the chemistry and pharmacy buildings is a notoriously dangerous spot. The glass kills migratory birds each spring and fall as they try to pass between the two buildings on their way to The Grove, the university’s central-campus park area with large old oak trees.

    During the pandemic in 2020, student Emma Counce did the heart-heavy work of performing a survey of 11 campus buildings almost daily during spring migration. She found 72 bird fatalities in seven weeks. Five years later, my ornithology students completed a new survey and found 62 mortalities over the course of five weeks in 2025, demonstrating that we still have a lot of work to do to make our campus safe for migratory birds.

    Thrushes, perhaps due to their propensity for whizzing through tight spaces in the shady forest understory, have been disproportionately represented among the victims. Others include colorful songbirds – northern parulas, black-and-white warblers, prothonotary warblers, Kentucky warblers, buntings, vireos and tanagers.

    How to make windows less dangerous

    The good thing is that everyone can do something to lower the risk.

    Films, stickers or strings can be added on the exterior of windows, creating dots or lines, 2 to 4 inches apart, that break up reflections to give the appearance of a barrier.

    Exterior screens and blinds work great too. Just adding a few predator silhouette stickers is not effective, by the way – the treatment needs to span the whole window.

    Putting film with dots on windows, like this one at the University of Mississippi, can help birds spot the glass and stop in time. Without the dots, the reflection can look like more trees are ahead instead of glass and a hallway.
    Jason Hoeksema/University of Mississippi

    When applied properly, window treatments can make a huge difference. An inspiring example is McCormick Place in Chicago, the country’s largest convention center, which notoriously killed nearly 1,000 birds in a single night in 2023. After workers applied dot film to an area of the building’s windows equivalent to two football fields, bird mortality at the lakeside building has been reduced by 95%.

    The Bird Collision Prevention Alliance provides information on options for retrofitting home or office windows to make them more bird friendly.

    Options for new windows are also becoming more common. For example, the new Center for Science & Technology Innovation on my campus, which features many windows, mostly used bird-friendly glass with subtle polka dots built into it. This spring, we found that it killed only four birds, despite a very high surface area of glass.

    How you can help

    When trying to make a difference on your home turf, I suggest starting small. Make note of which specific windows have killed birds in the past, and treat them first.

    Use it as an opportunity to learn what approach might work best for you and your building. Either order a product or make something yourself and get it installed.

    How to make your windows safer for birds. Shared by Audubon New York and American Bird Conservancy.

    Then do another, and tell a friend. At the office, talk to people, find others who care and build a team to make gradual change.

    With some creative solutions, anyone can help reduce at least this major risk.

    Jason Hoeksema is affiliated with the University of Mississippi, Delta Wind Birds, and the Mississippi Ornithological Society.

    – ref. Windows are the No. 1 human threat to birds – an ecologist shares some simple steps to reduce collisions – https://theconversation.com/windows-are-the-no-1-human-threat-to-birds-an-ecologist-shares-some-simple-steps-to-reduce-collisions-255838

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Welfare reform: Speech to the IPPR by Work and Pensions Secretary

    Source: United Kingdom – Executive Government & Departments

    Speech

    Welfare reform: Speech to the IPPR by Work and Pensions Secretary

    Secretary of State for Work and Pensions Rt Hon Liz Kendall MP speech to the IPPR setting out the case for welfare reform.

    I’m very grateful to my former employer IPPR for hosting us and to all of you for taking the time to come along, I’m especially grateful to Dominic for sharing his experiences, and I thought that was really important to hear today – about the benefits work brings to you, and the struggles you have faced, and your hopes for the future.

    I want to talk about the Government’s welfare reforms.

    How they will transform people’s lives, as part of our Plan for Change.

    [Political content removed]

    How these reforms will help ensure our welfare state is sustainable for the future.

    [Political content removed]

    Now Getting Britain Working is central to the Government’s Plan for Change.

    It is vital to delivering higher living standards in every part of Britain. 

    And it’s vital to achieving the number one mission of this Government, which is growing the economy.

    But Getting Britain Working is about so much more than this.

    It’s about giving people the dignity and self respect that we know good work brings.

    The purpose and belonging that Dominic spoke about so powerfully.

    It’s about improving the health of the nation, because we know good work is good for people’s mental and physical health – and can help reduce pressure on the NHS.

    And Getting Britain Working is critical to driving down child poverty and ensuring every child starts school ready to learn – perhaps the single most important step to transforming equality and opportunity in this country.

    And the scale and urgency of our task is there for all to see. 

    Nearly 1 in 10 people of working age are now on at least one sickness or disability benefit.  

    A near record 2.8 million people are out of work due to long-term sickness. 

    1 million young people are not in education, employment or training – that’s more than 1 in 8 of our young people – with all the long-term consequences this brings for their future health, job prospects and earnings potential.

    And 300,000 people with health conditions are falling out of work every single year, piling up even greater problems for the future.

    The result is millions of people who could work written off and denied the chance to build a better life …

    … with all these challenges far worse in parts of the Midlands and the North, whose economies were decimated in the 80s and 90s when whole industries closed, and who have never been given the investment, support and opportunity they need to recover.

    [Political content removed]

    … with the benefits bill for sickness and disability up £20 billion since the pandemic and set to rise by a further £18 billion by the end of this Parliament, unless we change course. 

    And the truth is … it doesn’t have to be this way.

    We are the only economy in the G7 whose employment rate still hasn’t returned to pre-pandemic levels.

    And spending on sickness and disability benefits in most other comparable countries is either stable or falling since the pandemic … yet ours continues to inexorably rise.  

    [Political content removed]

    And there is nothing inevitable about Britain’s future path, if we have the courage and conviction to act.

    We must start shifting so much spending from the costs of “failure” to investing in the jobs, skills and public services that people need to build a better life.

    This requires leadership and it requires reform. 

    Now the truth is, welfare reform is never easy. And it is rarely popular. 

    [Political content removed]

    So we will reform the welfare state.

    [Political content removed]

    Changing it to meet the social and demographic challenges of today and tomorrow and delivering the fairness, equality and opportunity people need and deserve.

    [Political content removed]

    Reforming the welfare state to offer them the same rights and chances to work as anybody else.

    When the welfare state was created, average life expectancy was 65, and the most common cause of illness and death was infectious diseases and accidents. 

    Now, average life expectancy is around 80. And 1 in 7 babies born today is likely to live to 100.

    Back then, disability was the exception. Now, 1 in 4 of us self-reports as disabled. And 1 in 3 of us will have a long-term health condition.

    But the welfare state has simply not kept pace with these changes.

    Our benefit system in particular forces too many sick and disabled people into a binary choice of can or can’t work – when we know many people’s physical and mental health conditions fluctuate, and many sick and disabled people want to and need to work.

    The system then writes people off, and traps them … without offering any help or support.

    The number of people on the health top up of Universal Credit is set to rise by 50 per cent to 3 million by the end of the decade. 

    And the number of people on Personal Independence Payments is set to more than double to 4.3 million.

    There are now 1,000 new PIP awards every single day. That’s the equivalent of adding a city the size of Leicester every single year.

    This is not sustainable or fair – for the people who need support and for taxpayers.

    So unless we reform the system to help those who can work to do so…

    Unless we get social security spending on a more sustainable footing…

    And unless we ensure public money is focused on those with the greatest need and is spent in ways that have the best chance of improving people’s lives…

    …the risk is the welfare state won’t be there for people who really need it in future.

    That is why we are grasping the nettle of welfare reform. 

    Not for the sake of it, but to ensure the welfare state lasts for generations to come.

    Now we have already made huge strides in getting Britain working and growing again. 

    We are improving the quality of work and making work pay, with our landmark Employment Rights Bill.

    We are creating more good jobs in every part of the country – from clean energy to construction and through our modern industrial strategy.

    And we are investing an additional £26 billion this year to drive down NHS waiting lists, because getting people back to health is crucial to getting them back to work.

    But we also need big changes in our system of social security and employment support to deliver greater fairness and opportunity.

    Our plans are based on three clear objectives. 

    First, overhauling the system to help those who can work, get into work and stay in work.

    Last autumn our Get Britain Working white paper kicked off the biggest reforms to employment support in a generation, backed by and additional £240 million…

    … overhauling our Jobcentres to create a new national jobs and careers service, and shift the focus away from benefit administration alone.

    … investing in 16 new trailblazing programmes across the country – led by Mayors and local areas – to join up work, health and skills support, ensure every young person is earning or learning and to tackle the scar of economic inactivity.

    This year, we announced a further £1 billion a year in our new ‘Pathways to Work’ offer.

    Along with programmes like WorkWell, Connect to Work – which is being rolled out to the whole of England and Wales by December – and freeing up 1,000 work coaches to support sick and disabled people….

    …. Pathways to Work will guarantee a comprehensive offer of health, work and skills support for anyone who needs it. 

    … rolling out from next April when our benefit changes start to come in… 

    …. the biggest ever package of support for sick and disabled people.

    To underpin these changes in employment support, we are also creating a more pro-active, pro-work system. 

    We are consulting on a new Unemployment Insurance to provide a higher rate of time-limited income protection for people who lose their job but have paid into the system.

    We are scrapping the failed Work Capability Assessment [Political content removed] to help end the binary can/can’t work divide.

    We are reforming Universal Credit to encourage people to find work, and not stay on benefits…

    … reducing the health top up for new claims from April 2026, alongside active help to find work.

    …. and bringing in a sustained above inflation increase to the standard allowance in Universal Credit for the first time ever, delivering a cash increase of £725 a year by the end of the Parliament. 

    We’re introducing a new ‘right to try work’ by legislating to guarantee that work in and of itself will never lead to someone being called in for a benefit assessment to give people the confidences to take the plunge and try work. 

    To underpin our Youth Guarantee we are consulting on delaying access to the health top up in Universal Credit until someone is aged 22, with the savings reinvested into work support and training opportunities. 

    And we will support employers to recruit and retain more disabled people and people with health conditions through our Keep Britain Working review, led by the former boss of John Lewis, Sir Charlie Mayfield.  

    The second objective of our plans is to protect those who cannot work. 

    Those with the most severe, life-long conditions that will never improve and who can never work will have their Universal Credit protected – including young people aged under 22. 

    And we will guarantee they will never be reassessed in future, removing totally unnecessary stress, anxiety and uncertainty.

    To improve trust, we will also fundamentally overhaul our safeguarding approach to ensure all our processes and training are of the highest possible quality and to protect and support vulnerable people.

    Our third objective is to focus Personal Independence Payments on those with higher needs and to review the PIP assessment to ensure it is fair and fit for purpose.

    I know the concerns that have been raised about our proposals. I am listening carefully to all the points people raise.

    But 9 out of 10 people claiming PIP at the point when the changes come into force in November 2026 will not be affected by the end of the Parliament.

    And even with the changes we are making…

    … there will still be 750,000 more people receiving PIP by the end of this Parliament than there were at the start.

    … and spending will be £8 billion higher than it is now: rising faster than GDP, and faster than spending on public services.

    In making our changes, we are preserving PIP as a vital cash benefit that makes a contribution towards the extra cost of living with a disability. [Political content removed]

    We are consulting on how best to support those who will no longer be eligible, including so their health and care needs are met. 

    We will improve the experience of those going through the PIP assessment, switching back to more face-to-face assessments and recording them as standard.

    And we have begun the first review of the PIP assessment, in more than a decade – including the descriptors, and in consultation with disabled people and the organisations that represent them – to ensure it is fair and fit for purpose. 

    Taken together, our measures will reform the system to support those who can work to do so, to protect those who cannot, and to help ensure our welfare state lasts for generations to come.

    I want to finish by saying this.

    When I travel around the country, I know the places with the highest levels of economic inactivity and the largest number of people on sickness and disability benefits…

    … are the same places with the worst health, lowest life expectancy and fewest opportunities.

    The villages, towns and cities, especially in parts of the Midlands and North whose economies have still not recovered from the 80s and 90s, where economic demand remains weakest.

    Places that are full of talent and ambition but which need the investment – in jobs, infrastructure, skills, and public services – to build a better life for themselves and their communities.

    People in this country rightly demand change.

    [Political content removed]

    They need real hope built on real solutions.

    [Political content removed]

    Change of this scale isn’t easy.

    But it is possible.

    [Political content removed]

    That we will create the jobs, opportunities and public services people want and deserve. 

    Because a future dependent on benefits alone is not good enough for people in Blackpool, Birkenhead or Blaenau Gwent. 

    I am confident we will deliver. 

    Because all the evidence shows hundreds of thousands of sick and disabled people want to work.

    When they have a government that is on their side and provides the right support, they get work. 

    And that this can transform their lives. 

    Our task is urgent. 

    [Political content removed]

    So now let’s get on with the job.

    ENDS

    Updates to this page

    Published 21 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: 21 May 2025 Departmental update Message by the Director of the Department of Immunization, Vaccines and Biologicals at WHO – May 2025

    Source: World Health Organisation

    Kate O’Brien, Director of the Department of Immunization, Vaccines and Biologicals at WHO

    In a time when vaccine preventable disease outbreaks are surging and the health of millions is in jeopardy, World Immunization Week 2025 served as a powerful reminder of what is “Humanly Possible”. Vaccines stand as proof that less disease, more life, is achievable through collaboration. Decades of collective efforts between governments, aid agencies, scientists, healthcare workers, communities and parents got us to where we are today –– a world where vaccines save at least 6 lives every minute and protect people of all ages against more than 30 life-threatening diseases.  

    Despite incredible progress, we must confront a painful reality: trust in vaccines is under threat, outbreaks of vaccine-preventable diseases are rising, and funding reductions, may leave millions without vital immunizations. 

    There is a growing issue of misinformation and misrepresentation about vaccines. False claims, distortion of scientific evidence, and vaccine revisionism are undermining decades of progress. This is not just wrong — it’s dangerous. It threatens public trust, puts lives at risk, and jeopardizes the immunization programmes that have protected millions for decades.  

    WHO is a scientific organization, committed to using high-quality scientific evidence to inform vaccine development and recommendations. High-quality clinical trials and rigorous safety assessments are at the core of vaccine development and authorization for use. We call on the global immunization community – including world leaders, national governments and medical providers – to stand firm in following the evidence to inform policies and decisions. It is vital that parents and people who are due for vaccination have accurate information about disease vaccines are designed to prevent and about the safety, performance and impact of vaccinations. 

    WHO is actively supporting countries and partners on vaccine confidence by developing tools to counter misinformation, promoting the proven safety and effectiveness of vaccines, and strengthening the bridge between science and public trust. But this is not a task for WHO alone. Leaders across sectors — from ministries of health to faith leaders and community influencers — should speak clearly and consistently about why vaccines matter and how they are safe. 

    This week, WHO Member States are gathering for the 78th World Health Assembly (WHA), where the progress report on the Global Road Map for Defeating Meningitis by 2030, will be discussed by all Member States. This marks an important moment to reaffirm our collective commitment to eliminating meningitis as a public health threat, with a focus on equitable vaccine access, rapid diagnostics, early detection, and outbreak prevention. 

    On May 20, Member States at the 78th WHA formally adopted the world’s first Pandemic Agreement—a milestone after three years of negotiations prompted by the global impacts of COVID-19. The agreement aims to strengthen global cooperation, equity, and preparedness, including fair access to vaccines, diagnostics, and treatments. But its success depends on more than commitments—it must reinforce what already works: public trust, science, strong immunization systems, and timely, accurate information. As recent outbreaks of measles, cholera, and polio remind us, no agreement can protect us if confidence in vaccines falters or health systems are too fragile to respond. 

    Over 100 side events are being held on the remits of the WHA including: 

    • “Outsmarting Outbreaks: Innovation, Integration, and Investment” – Tuesday, 20 May 2025, will explore how smarter systems, better surveillance, and collective action can stop outbreaks before they start. 
    • “Integrating Solutions to Defeat Malaria, Meningitis, and Polio” – Tuesday, 20 May 2025, will highlight how disease programs can work together to maximize efficiency and reach vulnerable communities. 
    • “New perspectives for the world without tuberculosis” – Wednesday, 21 May 2025, will review progress toward the End TB Strategy, highlight national innovations in TB care, and emphasize the need for integration, funding, and political commitment to eliminate TB by 2030. 
    • “Tuberculosis in Fragile and Conflict-Affected Situations” – Thursday, 22 May 2025, will spotlight the challenges of TB programming in crisis settings and explore innovative, integrated approaches to strengthen TB responses in fragile contexts. 
    • “The Power of Prevention: Immunizing for a Safer, Healthier World” – Friday, 23 May 2025, will emphasize the urgent opportunity to eliminate measles and rubella through system strengthening and the introduction of universal rubella vaccination. 
       

    A common thread connects these critical issues: sustained progress relies on strong, equitable, and trusted immunization systems. The stakes are high. Misinformation is on the rise. WHO is undergoing reform. And the immunization community is being asked to do more with fewer resources. 

    But we are prepared. We have the knowledge. We have the tools. Now, we need unity — to act together, grounded in evidence — to safeguard vaccines and the future they enable. 

    Let’s use this World Health Assembly as a moment to double down on what works, confront the threats that risk reversing our hard-won gains, and reaffirm the promise of immunization for all. 

    It is humanly possible to ensure even more children, adolescents, adults – and their communities – are protected against vaccine-preventable diseases.  

    Click here for the full list of official side events, and here for other side events and convenings occurring around the 78th World Health Assembly.

    Click here to subscribe to the Global Immunization Newsletter.

    “,”datePublished”:”2025-05-21T11:25:40.0000000+00:00″,”image”:”https://cdn.who.int/media/images/default-source/headquarters/initiatives/gap-f/highland-children-in-viet-nam.jpg?sfvrsn=9edc81d1_4″,”publisher”:{“@type”:”Organization”,”name”:”World Health Organization: WHO”,”logo”:{“@type”:”ImageObject”,”url”:”https://www.who.int/Images/SchemaOrg/schemaOrgLogo.jpg”,”width”:250,”height”:60}},”dateModified”:”2025-05-21T11:25:40.0000000+00:00″,”mainEntityOfPage”:”https://www.who.int/news/item/21-05-2025-message-by-the-director-of-the-department-of-immunization–vaccines-and-biologicals-at-who—may-2025″,”@context”:”http://schema.org”,”@type”:”NewsArticle”};
    ]]>

    MIL OSI United Nations News –

  • MIL-OSI United Kingdom: ‘Shine a light’: responding to challenges facing the charity sector

    Source: United Kingdom – Government Statements

    Speech

    ‘Shine a light’: responding to challenges facing the charity sector

    Charity Commission Chief Executive David Holdsworth delivers keynote speech at Charity Times’ Annual Conference 2025.

    Thank you Srabani and good morning everyone / bore da pawb.

    It’s a privilege to be speaking to at this conference for the first time as the Commission’s CEO, after rejoining the organisation last summer.

    I probably don’t need to explain to this audience why I returned to work with the charity sector.

    Current operating environment and challenges 

    The Charity Commission stands at a unique vantage point, where the perspectives of charities, government, the public and donors meet.

    From this position, we see three trends.

    First, an incredibly challenging economic environment for the sector.

    Like other sectors, charities face inflationary pressures and rising operational costs.

    But charities are also dealing with increased demands for their services.

    The cumulative impact of these trends on charities is, in some cases, extremely challenging.

    Second, charities, like other organisations, are contending with rapid technological and social change.

    Some tech innovations, notably in the space of AI, offer tools that can help charities do more with less and increase their impact.

    But looking ahead, these technologies potentially challenge the very role of organisations and institutions in the traditional sense.

    Notably when coupled with changing attitudes, especially among younger people, whose allegiances are increasingly to causes, not ‘bricks and mortar’ or brands and institutions and where technology platforms offer alternatives of direct giving to those in need.  

    Thirdly – global conflicts, geo political shifts and instability. The shocking invasion of Ukraine and conflicts in the middle east have seen demands on and need of charity increase significantly. Whilst at the same time the once seemingly immovable, solid post war geo political system is shifting, creating uncertainty and instability. This makes responding to increased global need more difficult and challenging to navigate.

    Impact and Potential

    Despite those challenges the sector has never been more important – and let’s be clear what charities achieve for society is astonishing, both in terms of scale and impact.

    Based on Annual Returns submitted to the Commission for 2023’s accounts, the sector had an annual income of over £96 billion – up around 7% on the previous year.

    We registered just over 5,000 new charities last year, having assessed a record 9,840 applications – a 9% increase on the previous year.

    And there are around 700,000 trustees who collectively steward the sector though good times and bad, and whose work often goes unrecognised and uncelebrated – though we at the Commission are all too aware of their service and contribution.

    But numbers alone don’t tell of the human impact of charity. Of the positive difference charities make in transforming or enriching communities, our environment, our wildlife, heritage, culture as well as saving and improving countless individual lives.

    It is that impact that charities, their amazing trustees, volunteers and employees have – that we must not lose sight of – nor let the challenges shroud.

    There are so many examples to tell.

    Like the Felix Project which had a landmark year, providing 38 million meals through its network of 1,264 community organisations and schools by growing its network of collaborations. Building on that success it has launched its Multibank, which has seen 1.46 million non-food essential items distributed to try and ensure no Londoner in need goes without.

    Welsh Women’s Aid and its partners helped 739 survivors access refuge-based support. That is life-saving intervention happening every day, across the country – offering not just physical shelter but a sense of home and safety when people need it most.

    That the osprey – that magnificent bird of prey – which was once driven to near extinction in the UK – is now thriving, with over 250 nesting pairs living in Britain today, is thanks to charities.

    And it is thanks to charity that, on average, two lives are saved at sea every single day by RNLI volunteers.  

    Also I know from my last CEO role at the Animal and Plant Health Agency, thanks to animal welfare charities’ campaigning work over decades, the UK now has one of the most advanced legal frameworks protecting animal health and welfare.

    These a just a few examples of what has been made possible by the charity sector.

    Potential and Opportunity

    So whilst I don’t underestimate for one moment the challenges charities face – and which I have seen first hand on my many visits – I would urge you not to let those challenges dim nor shroud the huge impact you are having, everyday.

    I also firmly believe that as Albert Einstein once said:

    in the middle of difficulty lies opportunity.

    Arguably, the bigger the challenge, the greater the opportunity. Ideas previously rejected as too radical; innovation that once felt too big; conversations which felt too challenging can suddenly feel possible – and necessary.

    Take for example, the city I call home, Liverpool. Which is incidentally also the Commission’s main home, where most of our staff are based.

    I grew up in Liverpool in the 1980s. It was a time when the city felt like it had lost its way, with ever increasing challenges and ever dwindling opportunity and resources.

    Today my home city is transformed. And that transformation happened through collaboration – a combination of philanthropic investments, national and local government investment, alongside renewed community action notably in the arts, culture and tourism which acted as catalysts for wider renewal.

    Each individual project mattered, but what made for game-changing transformation was the cumulative impact of collaborative and complementary efforts from a number of actors. And that is true across the sector today.

    Take for example, Fareshare. Working collaboratively, supporting other charities in their network, they’ve helped distribute 92% more food over the last year, and made their budgets go 78% further.

    This resulted in them distributing a whopping 135 million meals, reaching nearly 1 million people.

    If you’ll allow me to return once more to my hometown.

    In late 2024, Zoe’s Place, a hospice in Liverpool which provides care to children, faced an uncertain future. The community of Liverpool, supported by business leaders and politicians, as well as a fellow charity the Institute of our Lady of Mercy, fellow hospice Claire’s Place and regional media collectively rallied to save Zoe’s Place, with the Commission playing a key facilitating role.

    Now, ownership has been transferred to the newly registered Liverpool Zoe’s Place. The charity’s trustees have also finalised plans to build the charity’s new home, securing the continuation of the former charity’s legacy.

    The hospice had been helping families through the unimaginable since 1995 – to see that vital service disappear would have been gutting for the community, and a huge blow to the families who rely on the organisation’s support.

    Instead, by reawakening their community’s passion and pride in the service, the charity will now continue to provide that support for years to come.

    In addition to this kind of public appeal, forging new corporate partnerships is another option being explored by many charities. Indeed, the Charities Aid Foundation estimates that UK businesses contribute around £4 billion to the sector.

    Take one example – a mere stone’s throw from here: national homelessness charity, Shelter.

    The organisation has partnered with clothing brand, Lucy and Yak. Last year they held a successful pop-up shop in Kings Cross, and now, they’ve launched donation boxes in several Lucy and Yak shops across the country encouraging customers to donate clothing.

    Shelter has responded to competition facing charity shops with the rise of preloved selling platforms in an agile and innovative way. Through this partnership, they’ve added a funding stream to their ‘bow’ and potentially reached new supporters.

    But I appreciate that public appeals and new corporate partnerships won’t work for everyone.  

    As a result of the Covid pandemic, many charities needed to re-evaluate their financial resilience and ability to weather further storms – many had dipped into their reserves, while others had little to fall back on.

    With the same desire to ensure services do not come to an end, some charities with similar goals turned to mergers – combining resources to create something more sustainable.

    For example, Community Integrated Care, one of the largest social care providers in the UK, merged with Inspire, a social care provider based in Scotland, in 2023. The charities saw how funding shortfalls, economic pressures and workforce shortages were impacting social care more broadly and chose to secure their future together rather than struggle through apart. And it paid off.

    Community Integrated Care’s income increased by £22 million in the year after the merger, and the charities reported publicly that the merger was a good strategic fit. These charities found strength in unity while continuing to provide that sense of belonging their beneficiaries depend on.

    Mergers are not the answer for all – and I don’t underestimate the work that can be involved in navigating a successful transition. But where you decide a merger is the best way forward, the Commission is on hand.

    Conclusion: strength in collaboration

    I’ve touched upon a few examples today to evidence my underlying confidence in this sector’s collective power. Just as no home is built by a single pair of hands, no lasting social change comes from isolated efforts.

    Our dear late Queen, Elizabeth II, once said:

    On our own, we cannot end wars or wipe out injustice, but the cumulative impact of thousands of small acts of goodness can be bigger than we imagine.

    In the year of the 80th anniversary of Victory in Europe and Victory in Japan we should remember those words and that out of darkness can come something brighter and better than before.

    From the darkness of tyranny, fascism and unfathomable loss came a renewed determination for peace, democracy and equality. That which charities had long fought for then came forward in the form of the NHS, welfare state, expansion of access to higher education, and workers’ rights.

    While the challenges facing society may be less existential, I believe this sector can again play a transformational role across communities, across government, local and national, with businesses and philanthropists to once again tackle our biggest issues with joint purpose.

    There is no greater charity sector in the world than here and my message is clear.

    Keep shining a light, charities.

    Shine a light on your charitable purpose.

    Shine a light of hope, and of refuge to those in need.

    Shine a light on your innovation and impact.

    And always remember that you not only stand on the shoulders of giants, but you too are now building that better brighter future for the next generation.

    Thank you. I look forward to hearing your thoughts, and taking your questions.

    Updates to this page

    Published 21 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI: GraniteShares launches new YieldBoost ETFs on NVIDIA (NVYY) and Bitcoin (XBTY)

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 21, 2025 (GLOBE NEWSWIRE) — GraniteShares, an ETF issuer specializing in high conviction ETFs, announced that it is launching two ETFs to add to its existing YieldBOOST lineup – the GraniteShares YieldBOOST NVDA ETF (NVYY) and the GraniteShares YieldBOOST Bitcoin ETF (XBTY).

    The GraniteShares YieldBOOST NVDA ETF (NVYY) is designed to generate income from options1 strategies linked to 2x Long NVDA Daily ETF. To generate income, NVYY sells put options2 on leveraged ETFs linked to 2x Long NVDA Daily ETF.

    The GraniteShares YieldBOOST Bitcoin ETF (XBTY) is designed to generate income from options1 strategies linked to 2x Long Bitcoin Daily ETF. To generate income, XBTY sells put options2 on leveraged ETFs linked to 2x Long Bitcoin Daily ETF.

    FUND NAME TICKER CUSIP
    GraniteShares YieldBOOST NVDA ETF NVYY 38747R637
    GraniteShares YieldBOOST Bitcoin ETF XBTY 38747R421
         

    “We are excited to launch the newest additions to our YieldBOOST options income suite,” said Will Rhind, Founder and CEO of GraniteShares. “The GraniteShares YieldBOOST NVDA ETF (NVYY) and the GraniteShares YieldBOOST Bitcoin ETF (XBTY) will seek to generate income from selling put options on their respective underlying leveraged ETFs.”

    Other existing YieldBOOST ETFs include the GraniteShares YieldBOOST SPY ETF (YSPY), the GraniteShares YieldBOOST QQQ ETF (TQQY) and the GraniteShares YieldBOOST TSLA ETF (TSYY).

    For more information, please visit: www.graniteshares.com.

    About GraniteShares:

    GraniteShares is an entrepreneurial ETF provider focused on high-conviction investment solutions. The firm offers a range of ETFs spanning leveraged, inverse, and high-yield strategies, empowering investors with differentiated tools for portfolio construction. Founded in 2016, GraniteShares has grown rapidly by delivering cutting-edge solutions tailored to modern market needs. For more information, visit www.graniteshares.com.

    Source: GraniteShares

    1An option is a contract that gives the holder the right, but not the obligation to buy or sell a specific asset at a predetermined price on or before a specified date. Options are a type of derivative, meaning their value is derived from the underlying asset.

    2A put option is a contract that gives the buyer the right, but not the obligation, to sell an underlying asset at a specified price by or on a specific date.

    RISK FACTORS & IMPORTANT INFORMATION

    Please see the funds’ prospectus for more details – https://graniteshares.com/media/u5odudej/graniteshares-etf-trust-prospectus-yb.pdf.

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please call (844) 476 8747 or visit www.graniteshares.com. Read the prospectus or summary prospectus carefully before investing.

    The investment program of the Funds is speculative, entails substantial risks and include asset classes and investment techniques not employed by more traditional mutual funds.

    PRINCIPAL RISKS OF INVESTING IN THE FUND

    The principal risks of investing in the Fund are summarized below. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Each risk summarized below is considered a “principal risk” of investing in the Fund, regardless of the order in which it appears. Some or all of these risks may adversely affect the Fund’s net asset value per share (“NAV”), trading price, yield, total return and/or ability to meet its investment objectives. For more information about the risks of investing in the Fund, see the section in the Fund’s Prospectus titled “Additional Information About the Fund — Principal Risks of Investing in the Fund.”

    The Underlying NVDA ETF Risk. The Fund invests in options contracts that are based on the value of the Underlying NVDA ETF shares. This subjects the Fund to certain of the same risks as if it owned shares of the Underlying NVDA ETF, even though it may not. By virtue of the Fund’s investments in options contracts that are based on the value of the Underlying NVDA ETF shares, the Fund may also be subject to the following risks:

    Effects of Compounding and Market Volatility Risk. The Underlying NVDA ETF shares’ performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is likely to differ from 200% of the Underlying Stock’s performance, before fees and expenses. Compounding has a significant impact on funds that are leveraged and that rebalance daily. The impact of compounding becomes more pronounced as volatility and holding periods increase and will impact each shareholder differently depending on the period of time an investment in the Underlying NVDA ETF is held and the volatility of the Underlying Stock during the shareholder’s holding period of an investment in the Underlying NVDA ETF.

    Leverage Risk. The Underlying NVDA ETF obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage. An investment in the Underlying NVDA ETF is exposed to the risk that a decline in the daily performance of the Underlying Stock will be magnified. This means that an investment in the Underlying NVDA ETF will be reduced by an amount equal to 2% for every 1% daily decline in the Underlying Stock, not including the costs of financing leverage and other operating expenses, which would further reduce its value. The Underlying NVDA ETF could lose an amount greater than its net assets in the event of an Underlying Stock decline of more than 50%.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Underlying NVDA ETF to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Underlying NVDA ETF from achieving its investment objective.

    Counterparty Risk. If a counterparty is unwilling or unable to make timely payments to meet its contractual obligations or fails to return holdings that are subject to the agreement with the counterparty resulting in the Underlying NVDA ETF losing money or not being able to meet its daily leveraged investment objective.

    Industry Concentration Risk. The performance of the Underlying Stock, and consequently the Underlying NVDA ETF’s performance, is subject to the risks of the semiconductor industry. The Underlying Stock is subject to many risks that can negatively impact its revenue and viability including, but are not limited to price volatility risk, management risk, inflation risk, global economic risk, growth risk, supply and demand risk, operations risk, regulatory risk, environmental risk, terrorism risk and the risk of natural disasters. The Underlying Stock performance may be affected by NVIDIA Corporation’s ability to identify new products, technologies or services, global competition and business conditions, its dependence on third-party product manufacturers, product defect issues, cybersecurity breaches, and customer concentration. The Underlying Stock may also be affected by risks that affect the broader technology industry, including: government regulation; dramatic and often unpredictable changes in growth rates and competition for qualified personnel; heavy dependence on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability; and a small number of companies representing a large portion of the technology sector as a whole. The Fund’s daily returns may be affected by many factors but will depend on the performance and volatility of the Underlying Stock.

    Indirect Investments in the Underlying NVDA ETF. Investors in the Fund will not have rights to receive dividends or other distributions or any other rights with respect to the Underlying NVDA ETF but will be subject to declines in the performance of the Underlying NVDA ETF. Although the Fund invests in the Underlying NVDA ETF only indirectly, the Fund’s investments are subject to loss as a result of these risks.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds, interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The use of derivatives may result in larger losses or smaller gains than directly investing in securities. When the Fund uses derivatives, there may be an imperfect correlation between the value of the Underlying NVDA ETF and the derivative, which may prevent the Fund from achieving its investment objectives. Because derivatives often require only a limited initial investment, the use of derivatives may expose the Fund to losses in excess of those amounts initially invested. In addition, the Fund’s investments in derivatives are subject to the following risks:

    • Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary portfolio securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events. For the Fund, in particular, the value of the options contracts in which it invests is substantially influenced by the value of the Underlying NVDA ETF. Selling put options exposes the Fund to the risk of potential loss if the market value of the Underlying NVDA ETF falls below the strike price before the option expires. The Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless. As an option approaches its expiration date, its value typically increasingly moves with the value of the underlying instrument. However, prior to such date, the value of an option generally does not increase or decrease at the same rate at the underlying instrument. There may at times be an imperfect correlation between the movement in values of options contracts and the underlying instrument, and there may at times not be a liquid secondary market for certain options contracts. The value of the options held by the Fund will be determined based on market quotations or other recognized pricing methods. Additionally, the Fund’s practice of “rolling” may cause the Fund to experience losses if the expiring contracts do not generate proceeds enough to cover the costs of entering into new options contracts. Rolling refers to the practice of closing out one options position and opening another with a different expiration date and/or a different strike price. Further, if an option is exercised, the seller (writer) of a put option is obligated to purchase the underlying asset at the strike price, which can result in significant financial and regulatory obligations for the Fund if the market value of the asset has fallen substantially. Furthermore, when the Fund seeks to trade out of puts, especially near expiration, there is an added risk that the Fund may be required to allocate resources unexpectedly to fulfill these obligations. This potential exposure to physical settlement can significantly impact the Fund’s liquidity and market exposure, particularly in volatile market conditions.
    • Swap Risk: Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund’s losses. The swap agreements may reference standardized exchange-traded, FLEX, European Style or American Style put options contracts that are based on the values of the price returns of the Underlying ETF. that generate specific risks.

    Affiliated Fund Risk. In managing the Fund, the Adviser has the ability to select the Underlying NVDA ETF and substitute the Underlying NVDA ETF with other ETFs that it believes will achieve the Fund’s objective. The Adviser may be subject to potential conflicts of interest in selecting the Underlying NVDA ETF and substituting the Underlying NVDA ETF with other ETFs because the fees paid to the Adviser by some Underlying NVDA ETF may be higher than the fees charged by other Underlying NVDA ETF.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members. In cleared derivatives positions, the Fund will make payments (including margin payments) to and receive payments from a clearing house through their accounts at clearing members. Customer funds held at a clearing organization in connection with any options contracts are held in a commingled omnibus account and are not identified to the name of the clearing member’s individual customers. As a result, assets deposited by the Fund with any clearing member as margin for options may, in certain circumstances, be used to satisfy losses of other clients of the Fund’s clearing member. In addition, although clearing members guarantee performance of their clients’ obligations to the clearing house, there is a risk that the assets of the Fund might not be fully protected in the event of the clearing member’s bankruptcy, as the Fund would be limited to recovering only a pro rata share of all available funds segregated on behalf of the clearing member’s customers for the relevant account class. The Fund is also subject to the risk that a limited number of clearing members are willing to transact on the Fund’s behalf, which heightens the risks associated with a clearing member’s default. If a clearing member defaults the Fund could lose some or all of the benefits of a transaction entered into by the Fund with the clearing member. If the Fund cannot find a clearing member to transact with on the Fund’s behalf, the Fund may be unable to effectively implement its investment strategy. In addition, a counterparty (the other party to a transaction or an agreement or the party with whom the Fund executes transactions) to a transaction (including repurchase transaction) with the Fund may be unable or unwilling to make timely principal, interest or settlement payments, or otherwise honor its obligations.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of in-the-money put options contracts, which limits the degree to which the Fund will participate in increases in value experienced by the Underlying NVDA ETF over the Call Period. This means that if the Underlying NVDA ETF experiences an increase in value above the strike price of the sold put options during a Call Period, the Fund will likely not experience that increase to the same extent and may significantly underperform the Underlying NVDA ETF over the Call Period. Additionally, because the Fund is limited in the degree to which it will participate in increases in value experienced by the Underlying NVDA ETF over each Call Period, but has full exposure to any decreases in value experienced by the Underlying NVDA ETF over the Call Period, the NAV of the Fund may decrease over any given time period. The Fund’s NAV is dependent on the value of each options portfolio, which is based principally upon the performance of the Underlying NVDA ETF. The degree of participation in the Underlying NVDA ETF gains the Fund will experience will depend on prevailing market conditions, especially market volatility, at the time the Fund enters into the sold put options contracts and will vary from Call Period to Call Period. The value of the options contracts is affected by changes in the value and dividend rates of the Underlying NVDA ETF, changes in interest rates, changes in the actual or perceived volatility of the Underlying NVDA ETF and the remaining time to the options’ expiration, as well as trading conditions in the options market. As the price of the Underlying NVDA ETF share changes and time moves towards the expiration of each Call Period, the value of the options contracts, and therefore the Fund’s NAV, will change. However, it is not expected for the Fund’s NAV to directly correlate on a day-to-day basis with the returns of the Underlying NVDA ETF share price. The amount of time remaining until the options contract’s expiration date affects the impact of the potential options contract income on the Fund’s NAV, which may not be in full effect until the expiration date of the Fund’s options contracts. Therefore, while changes in the price of the Underlying NVDA ETF share will result in changes to the Fund’s NAV, the Fund generally anticipates that the rate of change in the Fund’s NAV will be different than that experienced by the Underlying NVDA ETF share price.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current monthly income. There is no assurance that the Fund will make a distribution in any given month. If the Fund makes distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the monthly distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

    NAV Erosion Risk Due to Distributions. When the Fund makes a distribution, the Fund’s NAV will typically drop by the amount of the distribution on the related ex-dividend date. The repeated payment of distributions by the Fund, if any, may significantly erode the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.

    Put Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s put writing strategy will impact the extent that the Fund participates in the positive price returns of the Underlying NVDA ETF and, in turn, the Fund’s returns, both during the term of the sold put options and over longer time periods. 187 If, for example, the Fund were to sell 10% in-the-money put options having a one-month term, the Fund’s participation in the positive price returns of the Underlying NVDA ETF will be capped at 10% for that month. However, over a longer period (e.g., a three-month period), the Fund should not be expected to participate fully in the first 30% (i.e., 3 months x 10%) of the positive price returns of the Underlying NVDA ETF, or the Fund may even lose money, even if the Underlying NVDA ETF share price has appreciated by at least that much over such period, if during any particular month or months over that period the Underlying NVDA ETF had a return less than 10%. This example illustrates that both the Fund’s participation in the positive price returns of the Underlying NVDA ETF and its returns will depend not only on the price of the Underlying NVDA ETF but also on the path that the Underlying NVDA ETF takes over time.

    If, for example, the Fund were to sell 5% out-of-the-money put options having a one-week term, the Fund’s downward protection against the negative price returns of the Underlying NVDA ETF will be capped at 5% for that week. However, over a longer period (e.g., a four-week period), the Fund should not be expected to be protected fully in the first 25% (i.e., 4 weeks x 5%) of the negative price returns of the Underlying NVDA ETF, and the Fund may lose money, even if the Underlying NVDA ETF share price has appreciated over such period, if during any particular week or weeks over that period the Underlying NVDA ETF share price had decreases by more than 5%. This example illustrates that both the Fund’s protection against the negative price returns of the Underlying NVDA ETF and its returns will depend not only on the price of the Underlying NVDA ETF but also on the path that the Underlying NVDA ETF takes over time.

    Under both cases the Fund may be fully exposed to the downward movements of the Underlying NVDA ETF, offset only by the premiums received from selling put contracts. The Fund does not seek to offer any downside protection, except for the fact that the premiums from the sold options may offset some or all of the Underlying NVDA ETF’s decline.

    Option Market Liquidity Risk. The trading activity in the option market of the Underlying NVDA ETF may be limited and the option contracts may trade at levels significantly different from their economic value. The lack of liquidity may negatively affect the ability of the Fund to achieve its investment objective. This risk may increase if the portfolio turnover is elevated, for instance because of frequent changes in the number of Shares outstanding, and if the net asset value of the Underlying NVDA ETF is modest. For the 12-month period ending September 30, 2024, the net asset value of the Underlying NVDA ETF ranged from $0.6m to $5,986m.

    Concentration Risk. To the extent that the Underlying NVDA ETF concentrates its investments in a particular industry, the Fund will be subject to the risks associated with that industry.

    ETF Risks.

    Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk. The Fund has a limited number of financial institutions that are authorized to purchase and redeem Shares directly from the Fund (known as “Authorized Participants” or “APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services; or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

    Cash Redemption Risk. The Fund currently expects to affect a significant portion of its creations and redemptions for cash, rather than in-kind securities. Paying redemption proceeds in cash rather than through in-kind delivery of portfolio securities may require the Fund to dispose of or sell portfolio securities or other assets at an inopportune time to obtain the cash needed to meet redemption orders. This may cause the Fund to sell a security and recognize a capital gain or loss that might not have been incurred if it had made a redemption in-kind. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions may also cause the Fund’s Shares to trade in the market at greater bid-ask spreads or greater premiums or discounts to the Fund’s NAV. Furthermore, the Fund may not be able to execute cash transactions for creation and redemption purposes at the same price used to determine the Fund’s NAV. To the extent that the maximum additional charge for creation or redemption transactions is insufficient to cover the execution shortfall, the Fund’s performance could be negatively impacted.

    Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

    Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

    Trading. Although Shares are listed on a national securities exchange, such as The Nasdaq Stock Market, LLC (the “Exchange”), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active trading market for the Shares will develop or be maintained or that the Shares will trade with any volume, or at all, on any stock exchange. This risk may be greater for the Fund as it seeks to have exposure to a single underlying stock as opposed to a more diverse portfolio like a traditional pooled investment. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares. Shares trade on the Exchange at a market price that may be below, at or above the Fund’s NAV. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange “circuit breaker” rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. In the event of an unscheduled market close for options contracts that reference a single stock, such as the Underlying NVDA ETF’s securities being halted or a market wide closure, settlement prices will be determined by the procedures of the listing exchange of the options contracts. As a result, the Fund could be adversely affected and be unable to implement its investment strategies in the event of an unscheduled closing.

    High Portfolio Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil. This risk is greater for the Fund as it will hold options contracts on a single security, and not a broader range of options contracts. Markets for securities or financial instruments could be disrupted by a number of events, including, but not limited to, an economic crisis, natural disasters, epidemics/pandemics, new legislation or regulatory changes inside or outside the United States. Illiquid securities may be difficult to value, especially in changing or volatile markets. If the Fund is forced to sell an illiquid security at an unfavorable time or price, the Fund may be adversely impacted. Certain market conditions or restrictions, such as market rules related to short sales, may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with the Underlying NVDA ETF. There is no assurance that a security that is deemed liquid when purchased will continue to be liquid. Market illiquidity may cause losses for the Fund.

    Management Risk. The Fund is subject to management risk because it is an actively managed portfolio. In managing the Fund’s investment portfolio, the portfolio managers will apply investment techniques and risk analyses that may not produce the desired result. There can be no guarantee that the Fund will meet its investment objective.

    Money Market Instrument Risk. The Fund may use a variety of money market instruments for cash management purposes, including money market funds, depositary accounts and repurchase agreements. Repurchase agreements are contracts in which a seller of securities agrees to buy the securities back at a specified time and price. Repurchase agreements may be subject to market and credit risk related to the collateral securing the repurchase agreement. Money market instruments, including money market funds, may lose money through fees or other means.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund. As a result, a decline in the value of an investment in a single issuer or a smaller number of issuers could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

    Operational Risk. The Fund is subject to risks arising from various operational factors, including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, counterparties or other third-parties, failed or inadequate processes and technology or systems failures. The Fund relies on third-parties for a range of services, including custody. Any delay or failure relating to engaging or maintaining such service providers may affect the Fund’s ability to meet its investment objective. Although the Fund, Adviser, and Sub-Adviser seek to reduce these operational risks through controls and procedures, there is no way to completely protect against such risks.

    Recent Market Events Risk. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including the impact of COVID-19 as a global pandemic, which has resulted in a public health crisis, disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. The global recovery from COVID-19 is proceeding at slower than expected rates due to the emergence of variant strains and may last for an extended period of time. Continuing uncertainties regarding interest rates, rising inflation, political events, rising government debt in the U.S. and trade tensions also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union have imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

    Single Issuer Risk. Issuer-specific attributes may cause an investment in the Fund to be more volatile than a traditional pooled investment vehicle which diversifies risk or the market generally. The value of the Fund, which focuses on an individual security (the Underlying NVDA ETF), may be more volatile than a traditional pooled investment or the market as a whole and may perform differently from the value of a traditional pooled investment or the market as a whole.

    Tax Risk. The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund will not be subject to U.S. federal income tax on the portion of its net investment income and net capital gain that it distributes to Shareholders, provided that it satisfies certain requirements of the Code. If the Fund does not qualify as a RIC for any taxable year and certain relief provisions are not available, the Fund’s taxable income will be subject to tax at the Fund level and to a further tax at the shareholder level when such income is distributed. To comply with the asset diversification test applicable to a RIC, the Fund will attempt to ensure that the value of the derivatives it holds is never 25% of the total value of Fund assets at the close of any quarter. If the Fund’s investments in the derivatives were to exceed 25% of the Fund’s total assets at the end of a tax quarter, the Fund, generally, has a grace period to cure such lack of compliance. If the Fund fails to timely cure, it may no longer be eligible to be treated as a RIC. In addition, distributions received by the Fund from the Underlying NVDA ETF may generate “bad income” that could prevent the Fund from meeting the “Income Requirement” of Subchapter M of the Code, which may cause the Fund to fail to qualify as a RIC.

    Investing in U.S. Equities Risk. Investing in U.S. issuers subjects the Fund to legal, regulatory, political, currency, security, and economic risks that are specific to the U.S. Certain changes in the U.S., such as a weakening of the U.S. economy or a decline in its financial markets, may have an adverse effect on U.S. issuers.

    U.S. Government and U.S. Agency Obligations Risk. The Fund may invest in securities issued by the U.S. government or its agencies or instrumentalities. U.S. Government obligations include securities issued or guaranteed as to principal and interest by the U.S. Government, its agencies or instrumentalities, such as the U.S. Treasury. Payment of principal and interest on U.S. Government obligations may be backed by the full faith and credit of the United States or may be backed solely by the issuing or guaranteeing agency or instrumentality itself. In the latter case, the investor must look principally to the agency or instrumentality issuing or guaranteeing the obligation for ultimate repayment, which agency or instrumentality may be privately owned. There can be no assurance that the U.S. Government would provide financial support to its agencies or instrumentalities (including government-sponsored enterprises) where it is not obligated to do so.

    Fixed Income Securities Risk. The market value of Fixed Income Securities will change in response to interest rate changes and other factors, such as changes in the effective maturities and credit ratings of fixed income investments. During periods of falling interest rates, the values of outstanding Fixed Income Securities and related financial instruments generally rise. Conversely, during periods of rising interest rates, the values of such securities and related financial instruments generally decline. Fixed Income Securities are also subject to credit risk.

    Investments in Fixed Income Securities may also involve the following risks, depending on the instrument involved:

    • Asset-Backed/Mortgage-Backed Securities Risk – The market value and yield of asset-backed and mortgage-backed securities can vary due to market interest rate fluctuations and early prepayments of underlying instruments.
    • Credit Risk – An investment in the Fund also involves the risk that the issuer of a Fixed Income Security that the Fund holds will fail to make timely payments of interest or principal or go bankrupt, or that the value of the securities will decline because of a market perception that the issuer may not make payments on time, thus potentially reducing the Fund’s return.
    • Event Risk – Event risk is the risk that corporate issuers may undergo restructurings, such as mergers, leveraged buyouts, takeovers, or similar events financed by increased debt. As a result of the added debt, the credit quality and market value of a company’s bonds and/or other debt securities may decline significantly.
    • Extension Risk – Payment on the loans underlying Fixed Income Securities held by the Fund may be made more slowly when interest rates are rising.
    • Interest Rate Risk – Generally, the value of Fixed Income Securities will change inversely with changes in interest rates. As interest rates rise, the market value of Fixed Income Securities tends to decrease. Conversely, as interest rates fall, the market value of Fixed Income Securities tends to increase. This risk will be greater for long-term securities than for short-term securities. In recent periods, governmental financial regulators, including the U.S. Federal Reserve, have taken steps to maintain historically low interest rates. Very low or negative interest rates may magnify interest rate risk. Changes in government intervention may have adverse effects on investments, volatility, and illiquidity in debt markets.
    • Prepayment Risk – When interest rates are declining, issuers of Fixed Income Securities held by the Fund may prepay principal earlier than scheduled.

    The Fund is distributed by ALPS Distributors, Inc, which is not affiliated with GraniteShares or any of its affiliates ©2024 GraniteShares Inc. All rights reserved. GraniteShares, GraniteShares Trusts, and the GraniteShares logo are registered and unregistered trademarks of GraniteShares Inc., in the United States and elsewhere. All other marks are the property of their respective owners.

    Media Contact:
    GraniteShares Inc.
    Attn: Media Relations
    222 Broadway, 21st Floor
    New York, NY 10038
    844-476-8747
    info@graniteshares.com

    The MIL Network –

  • MIL-OSI United Kingdom: 78th World Health Assembly: UK National Statement

    Source: United Kingdom – Executive Government & Departments

    Speech

    78th World Health Assembly: UK National Statement

    The UK’s National Statement for the WHO’s World Health Assembly. Delivered by the UK’s Permanent Representative to the WTO and UN, Simon Manley.

    Vice President,

    The UK is committed to supporting WHO and its critical leadership role across global health. Only the WHO has the mandate to set global standards in health.

    Even amidst our current challenges, there is a clear opportunity for the WHO to emerge more focused, more agile and more effective. We therefore support the WHO’s vital work on its Transformation Agenda and are pleased to endorse the increase in Assessed Contributions.

    Let me thank the DG and WHO staff for their critical work. And let me pay a particular tribute to the staff on the increasingly dangerous front line of health emergencies, from Kyiv to Khartoum, and from Kivu to Khan Younis.

    This week’s adoption of the Pandemic Agreement is a truly historic milestone for which we have all worked so hard. We must remain just as committed to tackling Anti-Microbial Resistance, which is already directly responsible for over a million deaths annually.

    Chair,

    The quality of WHO’s scientific and technical expertise is fundamental to its effectiveness. We are proud in the UK to host 48 WHO Collaborating Centres. We call for Taiwan to have meaningful access to all relevant technical WHO meetings, and for it to be allowed to observe the WHA as it did from 2009 to 2016.

    Vice President,

    Stronger health systems are at the heart of delivering health services for all and we can – and must – learn from one another. In the UK, we are on the cusp of launching our 10-year health strategy.

    We are committed to tackling non-communicable diseases, including the challenge of obesity, and creating a healthier, fairer food environment. We look forward to working together at the High-Level Meeting on non-communicable diseases.

    Vice-President,

    In the UK, we are proud to work as partners of the WHO and with our fellow Member States. Working together, we can, must, and will drive better health across the globe.

    Updates to this page

    Published 21 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: President Lai hosts state banquet for President Surangel Whipps Jr. of Republic of Palau

    Source: Republic of China Taiwan

    Details
    2025-05-20
    President Lai and President Surangel S. Whipps, Jr. of Palau hold bilateral talks and witness signing of cooperation agreements  
    On the afternoon of May 20, following a welcome ceremony with military honors for President Surangel S. Whipps, Jr. of the Republic of Palau and his wife, President Lai Ching-te, accompanied by Vice President Bi-khim Hsiao, held bilateral talks with President Whipps at the Presidential Office. The two leaders also jointly witnessed the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation. In remarks, President Lai thanked Palau for standing firm in its backing of Taiwan’s international participation as geopolitical tensions continue to increase in the Pacific region. He added that he looks forward to the cooperative ties between Taiwan and Palau continuing to expand into even broader areas, allowing our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. A translation of President Lai’s remarks follows: I welcome our guests to Taiwan once again. Last year on May 20, President Whipps led a delegation to attend the inauguration ceremony for myself and Vice President Hsiao. I am delighted, on the anniversary of my first year in office, to meet with old friends of Taiwan again, as President Whipps returns for this visit. Taiwan-Palau relations have grown even closer in recent years thanks to the strong support of President Whipps. In 2022, during my term as vice president, I led a delegation to Palau as a demonstration of how our nations were together boosting tourism development as we jointly faced the challenges of the COVID-19 pandemic. Every time I visit Palau, and every time I meet with President Whipps, I feel very deeply that Taiwan and Palau are like family. We are both maritime nations and share a common Austronesian heritage and culture. We are also staunch partners in upholding such values as freedom, democracy, and respect for human rights. Last December, when I went on my first overseas trip since taking office, one of the nations I visited was Palau. We celebrated the 30th anniversary of Palau’s independence and 25 years of diplomatic relations, underscoring our friendly ties. Taiwan and Palau enjoy close exchanges and cooperation in a range of areas, including climate change, education, agriculture and fisheries, healthcare, humanitarian assistance, sports, and culture. After this meeting, President Whipps and I will witness the signing of a technical cooperation agreement and an agreement on diplomatic staff training cooperation, demonstrating once again our diverse collaboration and strong friendship. I believe that by working together, Taiwan and Palau can contribute to each other’s development and overcome the regional and global challenges we currently face. In particular, as geopolitical tensions continue to increase in the Pacific region, Palau has wisely and courageously upheld democratic values and stood firm in its backing of Taiwan’s international participation. Palau has never stopped voicing support for Taiwan, including at the United Nations General Assembly, the World Health Organization, the UN Framework Convention on Climate Change Conference of the Parties, and the UN Ocean Conference. We have been deeply moved by this support. I thank President Whipps again for his high regard and support for Taiwan. I look forward to the cooperative ties between our nations continuing to expand into even broader areas. This will allow our economies and societies to further progress as we jointly advance peace, stability, and prosperity in the Indo-Pacific region. President Whipps then delivered remarks, saying that it is a great honor for him to be here, standing in this historic place – a symbol of strength, resilience, and the democratic spirit of the Taiwanese people. On behalf of the government of Palau, President Whipps extended heartfelt gratitude to President Lai and the people of Taiwan for the warm welcome and gracious hospitality toward him and his delegation. President Whipps then extended sincere thanks for President Lai’s visit to Palau in December – his second visit to Palau – and for having Minister of Foreign Affairs Lin Chia-lung (林佳龍) attend his inauguration as a special envoy. He added that this also marks his third visit to Taiwan since President Lai took office, saying that this demonstrates the strength of our growing relationship. President Whipps indicated that the increased engagements and numerous entrepreneurs that President Lai has brought from Taiwan to Palau have resulted in fruitful visits, and that President Lai’s leadership represents hope, unity, and continued advancement of democracy and freedom, not only for Taiwan, but for the broader Indo-Pacific region. President Whipps went on to say that this visit to Taiwan reaffirms our deep friendship and shared values between our two nations. He emphasized that Palau and Taiwan are bound not by proximity, but by purpose, in that both are island nations and believe in human dignity, the rule of law, and the right of our people to determine their own futures. President Whipps stated that although we are celebrating 26 years of diplomatic relations, Taiwan has been a steadfast partner of Palau for decades, and that one of the MOUs they are signing further extends the relationship that began in December of 1984. From healthcare and medical missions, to education, agriculture, renewable energy, infrastructure, the private sector, tourism development, and climate resilience, he said, our cooperation has improved lives and strengthened our communities. The president also indicated that during the COVID-19 pandemic, Taiwan stood with Palau, noting that both sides began the tourism bubble, and that President Lai came to Palau to reopen the two weekly direct flights that have now been increased to four. That solidarity will never be forgotten, he said. As the world faces growing uncertainty and complex challenges from climate change to global tensions, President Whipps said, this friendship becomes even more vital. The president concluded his remarks by expressing hope that both nations continue to stand together, work together, and advocate together for peace, prosperity, and for the right of small nations to be seen, heard, and respected. After the bilateral talks, President Lai and President Whipps witnessed the signing of the technical cooperation agreement and the agreement on diplomatic staff training cooperation by Minister Lin and Palauan Minister of State Gustav Aitaro. The delegation also included Palauan Minister of Public Infrastructure and Industries Charles Obichang, Minister of Human Resources, Culture, Tourism and Development Ngiraibelas Tmetuchl, Senate Floor Leader Kerai Mariur, House of Delegates Floor Leader Warren Umetaro, High Chief of Ngiwal State Elliot Udui, Governor of Peleliu State Emais Roberts, and Governor of Koror State Eyos Rudimch.  

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

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    2025-05-13
    President Lai interviewed by Japan’s Nikkei  
    In a recent interview with Japan’s Nikkei, President Lai Ching-te responded to questions regarding Taiwan-Japan and Taiwan-United States relations, cross-strait relations, the semiconductor industry, and the international economic and trade landscape. The interview was published by Nikkei on May 13. President Lai indicated that Nikkei, Inc. is a global news organization that has received significant recognition both domestically and internationally, and that he is deeply honored to be interviewed by Nikkei and grateful for their invitation. The president said that he would like to take this rare opportunity to thank Japan’s government, National Diet, society, and public for their longstanding support for Taiwan. Noting that current Prime Minister Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio have all strongly supported Taiwan, he said that the peoples of Taiwan and Japan also have a deep mutual affection, and that through the interview, he hopes to enhance the bilateral relationship between Taiwan and Japan, deepen the affection between our peoples, and foster more future cooperation to promote prosperity and development in both countries. In response to questions raised on the free trade system and the recent tariff war, President Lai indicated that over the past few decades, the free economy headed by the Western world and led by the US has brought economic prosperity and political stability to Taiwan and Japan. At the same time, he said, we have also learned or followed many Western values. The president said he believes that Taiwan and Japan are exemplary students, but some countries are not. Therefore, he said, the biggest crisis right now is China, which exploits the free trade system to engage in plagiarism and counterfeiting, infringe on intellectual property rights, and even provide massive government subsidies that facilitate the dumping of low-priced goods worldwide, which has a major impact on many countries including Japan and Taiwan. If this kind of unfair trade is not resolved, he said, the stable societies and economic prosperity we have painstakingly built over decades, as well as some of the values we pursue, could be destroyed. Therefore, President Lai said he thinks it is worthwhile for us to observe the recent willingness of the US to address unfair trade, and if necessary, offer assistance. President Lai emphasized that the national strategic plan for Taiwanese industries is for them to be rooted in Taiwan while expanding their global presence and marketing worldwide. Therefore, he said, while the 32 percent tariff increase imposed by the US on Taiwan is indeed a major challenge, we are willing to address it seriously and find opportunities within that challenge, making Taiwan’s strategic plan for industry even more comprehensive. When asked about Taiwan’s trade arrangements, President Lai indicated that in 2010 China accounted for 83.8 percent of Taiwan’s outbound investment, but last year it accounted for only 7.5 percent. In 2020, he went on, 43.9 percent of Taiwan’s exports went to China, but that figure dropped to 31.7 percent in 2024. The president said that we have systematically transferred investments from Taiwanese enterprises to Japan, Southeast Asia, Europe, and the US. Therefore, he said, last year Taiwan’s largest outbound investment was in the US, accounting for roughly 40 percent of the total. Nevertheless, only 23.4 percent of Taiwanese products were sold to the US, with 76.6 percent sold to places other than the US, he said.  The president emphasized that we don’t want to put all our eggs in one basket, and hope to establish a global presence. Under these circumstances, he said, Taiwan is very eager to cooperate with Japan. President Lai stated that at this moment, the Indo-Pacific and international community really need Japan’s leadership, especially to make the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) excel in its functions, and also requested Japan to support Taiwan’s CPTPP accession. The president said that Taiwan hopes to sign an Economic Partnership Agreement (EPA) with Japan to build closer ties in economic trade and promote further investment, and that we also hope to strengthen relations with the European Union, and even other regions. Currently, he said, we are proposing an initiative on global semiconductor supply chain partnerships for democracies, because the semiconductor industry is an ecosystem. The president raised the example that Japan has materials, equipment, and technology; the US has IC design and marketing; Taiwan has production and manufacturing; and the Netherlands excels in equipment, saying we therefore hope to leverage Taiwan’s advantages in production and manufacturing to connect the democratic community and establish a global non-red supply chain for semiconductors, ensuring further world prosperity and development in the future, and ensuring that free trade can continue to function without being affected by dumping, which would undermine future prosperity and development. The president stated that as we want industries to expand their global presence and market internationally while staying rooted here in Taiwan, having industries rooted in Taiwan involves promoting pay raises for employees, tax cuts, and deregulation, as well as promoting enterprise investment tax credits. He said that we have also proposed Three Major Programs for Investing in Taiwan for Taiwanese enterprises and are actively resolving issues regarding access to water, electricity, land, human resources, and professional talent so that the business community can return to Taiwan to invest, or enterprises in Taiwan can increase their investments. He went on to say that we are also actively signing bilateral investment agreements with friends and allies so that when our companies invest and expand their presence abroad, their rights and interests as investors are ensured.  President Lai mentioned that Taiwan hopes to sign an EPA with Japan, similar to the Taiwan-US Initiative on 21st-Century Trade and the Economic Prosperity Partnership Dialogue, or the Enhanced Trade Partnership arrangement with the United Kingdom, or similar agreements or memorandums of understanding with Canada and Australia that allow Taiwanese products to be marketed worldwide, concluding that those are our overall arrangements. Looking at the history of Taiwan’s industrial development, President Lai indicated, of course it began in Taiwan, and then moved west to China and south to Southeast Asia. He said that we hope to take this opportunity to strengthen cooperation with Japan to the north, across the Pacific Ocean to the east, and develop the North American market, making Taiwan’s industries even stronger. In other words, he said, while Taiwan sees the current reciprocal tariffs imposed by the US as a kind of challenge, it also views these changes positively. On the topic of pressure from China affecting Taiwan’s participation in international frameworks such as the CPTPP or its signing of an EPA with Japan, President Lai responded that the key point is what kind of attitude we should adopt in viewing China’s acts of oppression. If we act based on our belief in free trade, he said, or on the universal values we pursue – democracy, freedom, and respect for human rights – and also on the understanding that a bilateral trade agreement between Taiwan and Japan would contribute to the economic prosperity and development of both countries, or that Taiwan’s accession to the CPTPP would benefit progress and prosperity in the Indo-Pacific region, then he hopes that friends and allies will strongly support us. On the Trump administration’s intentions regarding the reciprocal tariff policy and the possibility of taxing semiconductors, as well as how Taiwan plans to respond, President Lai said that since President Trump took office, he has paid close attention to interviews with both him and his staff. The president said that several of President Trump’s main intentions are: First, he wants to address the US fiscal situation. For example, President Lai said, while the US GDP is about US$29 trillion annually, its national debt stands at US$36 trillion, which is roughly 124 percent of GDP. Second, he went on, annual government spending exceeds US$6.5 trillion, but revenues are only around US$4.5 trillion, resulting in a nearly US$2 trillion deficit each year, about 7 percent of GDP. Third, he said, the US pays nearly US$1.2 trillion in interest annually, which exceeds the US$1 trillion defense budget and accounts for more than 3 percent of GDP. Fourth, President Trump still wants to implement tax cuts, aiming to reduce taxes for 85 percent of Americans, he said, noting that this would cost between US$500 billion and US$1 trillion. These points, President Lai said, illustrate his first goal: solving the fiscal problem. President Lai went on to say that second, the US feels the threat of China and believes that reindustrialization is essential; without reindustrialization, the US risks a growing gap in industrial capacity compared to China. Third, he said, in this era of global smart technology, President Trump wants to lead the nation to become a world center of AI. Fourth, he aims to ensure world peace and prevent future wars, President Lai said. In regard to what the US seeks to achieve, he said he believes these four areas form the core of the Trump administration’s intentions, and that is why President Trump has raised tariffs, demanded that trading partners purchase more American goods, and encouraged friendly and allied nations to invest in the US, all in order to achieve these goals. President Lai indicated that the 32 percent reciprocal tariff poses a critical challenge for Taiwan, and we must treat it seriously. He said that our approach is not confrontation, but negotiation to reduce tariffs, and that we have also agreed to measures such as procurement, investment, resolving non-tariff trade barriers, and addressing origin washing in order to effectively reduce the trade deficit between Taiwan and the US. Of course, he said, through this negotiation process, we also hope to turn challenges into opportunities. The president said that first, we aim to start negotiations from the proposal of zero tariffs and seek to establish a bilateral trade agreement with the US. Second, he went on, we hope to support US reindustrialization and its aim to become a world AI hub through investment, while simultaneously upgrading and transforming Taiwan’s industries, which would help further integrate Taiwan’s industries into the US economic structure, ensuring Taiwan’s long-term development.  President Lai emphasized again that Taiwan’s national industrial strategy is for industries to stay firmly rooted in Taiwan while expanding their global presence and marketing worldwide. He repeated that we have gone from moving westward across the Taiwan Strait, to shifting southbound, to working closer northward with Japan, and now the time is ripe for us to expand eastward by investing in North America. In other words, he said, while we take this challenge seriously to protect national interests and ensure that no industry is sacrificed, we also hope these negotiations will lead to deeper Taiwan-US trade relations through Taiwanese investment in the US, concluding that these are our expectations. The president stated that naturally, the reciprocal tariffs imposed by the US will have an impact on Taiwanese industries, so in response, the Taiwanese government has already proposed support measures for affected industries totaling NT$93 billion. In addition, he said, we have outlined broader needs for Taiwan’s long-term development, which will be covered by a special budget proposal of NT$410 billion, noting that this has already been approved by the Executive Yuan and will be submitted to the Legislative Yuan for review. He said that this special budget proposal addresses four main areas: supporting industries, stabilizing employment, protecting people’s livelihoods, and enhancing resilience. As for tariffs on semiconductors, President Lai said, Taiwan Semiconductor Manufacturing Company (TSMC) has committed to investing in the US at the request of its customers. He said he believes that TSMC’s industry chain will follow suit, and that these are concrete actions that are unrelated to tariffs. However, he said, if the US were to invoke Section 232 and impose tariffs on semiconductors or related industries, it would discourage Taiwanese semiconductor and ICT investments in the US, and that we will make this position clear to the US going forward. President Lai indicated that among Taiwan’s exports to the US, there are two main categories: ICT products and electronic components, which together account for 65.4 percent. These are essential to the US, he said, unlike final goods such as cups, tables, or mattresses. He went on to say that what Taiwan sells to the US are the technological products required by AI designers like NVIDIA, AMD, Amazon, Google, and Apple, and that therefore, we will make sure the US understands clearly that we are not exporting end products, but the high-tech components necessary for the US to reindustrialize and become a global AI center. Furthermore, the president said, Taiwan is also willing to increase its defense budget and military procurement. He stated that Taiwan is committed to defending itself and is strongly willing to cooperate with friends and allies to ensure regional peace and stability, and that this is also something President Trump hopes to see. Asked whether TSMC’s fabs overseas could weaken Taiwan’s strategic position as a key hub for semiconductor manufacturing, and whether that could then give other countries fewer incentives to protect Taiwan, President Lai responded by saying that political leaders around the world including Japan’s Prime Minister Ishiba and former Prime Ministers Abe, Suga, and Kishida have emphasized, at the G7 and other major international fora, that peace and stability in the Taiwan Strait are essential for global security and prosperity. In other words, he explained, the international community cares about Taiwan and supports peace and stability in the Taiwan Strait because Taiwan is located in the first island chain in the Indo-Pacific, directly facing China. He pointed out that if Taiwan is not protected, China’s expansionist ambitions will certainly grow, which would impact the current rules-based international order. Thus, he said, the international community willingly cares about Taiwan and supports stability in the Taiwan Strait – that is the reason, and it has no direct connection with TSMC. He noted that after all, TSMC has not made investments in that many countries, stressing that, on that point, it is clear. President Lai said that TSMC’s investments in Japan, Europe, and the US are all natural, normal economic and investment activities. He said that Taiwan is a democratic country whose society is based on the rule of law, so when Taiwanese companies need to invest around the world for business needs, the government will support those investments in principle so long as they do not harm national interests. President Lai said that after TSMC Chairman C.C. Wei (魏哲家) held a press conference with President Trump to announce the investment in the US, Chairman Wei returned to Taiwan to hold a press conference with him at the Presidential Office, where the chairman explained to the Taiwanese public that TSMC’s R&D center will remain in Taiwan and that the facilities it has already committed to investing in here will not change and will not be affected. So, the president explained, to put it another way, TSMC will not be weakened by its investment in the US. He further emphasized that Taiwan has strengths in semiconductor manufacturing and is very willing to work alongside other democratic countries to promote the next stage of global prosperity and development. A question was raised about which side should be chosen between the US and China, under the current perception of a return to the Cold War, with East and West facing off as two opposing blocs. President Lai responded by saying that some experts and scholars describe the current situation as entering a new Cold War era between democratic and authoritarian camps; others assert that the war has already begun, including information warfare, economic and trade wars, and the ongoing wars in Europe – the Russo-Ukrainian War – and the Middle East, and the Israel-Hamas conflict. The president said that these are all matters experts have cautioned about, noting that he is not a historian and so will not attempt to define today’s political situation from an academic standpoint. However, he said, he believes that every country has a choice, which is to say, Taiwan, Japan, or any other nation does not necessarily have to choose between the US and China. What we are deciding, he said, is whether our country will maintain a democratic constitutional system or regress into an authoritarian regime, and this is essentially a choice of values – not merely a choice between two major powers. President Lai said that Taiwan’s situation is different from other countries because we face a direct threat from China. He pointed out that we have experienced military conflicts such as the August 23 Artillery Battle and the Battle of Guningtou – actual wars between the Republic of China and the People’s Republic of China. He said that China’s ambition to annex Taiwan has never wavered, and that today, China’s political and military intimidation, as well as internal united front infiltration, are growing increasingly intense. Therefore, he underlined, to defend democracy and sovereignty, protect our free and democratic system, and ensure the safety of our people’s lives and property, Taiwan’s choice is clear. President Lai said that China’s military exercises are not limited to the Taiwan Strait, and include the East China Sea, South China Sea, and even the Sea of Japan, as well as areas around Korea and Australia. Emphasizing that Taiwan, Japan, Australia, and the Philippines are all democratic nations, the president said that Taiwan’s choice is clear, and that he believes Japan also has no other choice. We are all democratic countries, he said, whose people have long pursued the universal values of democracy, freedom, and respect for human rights, and that is what is most important. Regarding the intensifying tensions between the US and China, the president was asked what roles Taiwan and Japan can play. President Lai responded that in his view, Japan is a powerful nation, and he sincerely hopes that Japan can take a leading role amid these changes in the international landscape. He said he believes that countries in the Indo-Pacific region are also willing to respond. He suggested several areas where we can work together: first, democracy and peace; second, innovation and prosperity; and third, justice and sustainability. President Lai stated that in the face of authoritarian threats, we should let peace be our beacon and democracy our compass as we respond to the challenges posed by authoritarian states. Second, he added, as the world enters an era characterized by the comprehensive adoption of smart technologies, Japan and Taiwan should collaborate in the field of innovation to further drive regional prosperity and development. Third, he continued, is justice and sustainability. He explained that because international society still has many issues that need to be resolved, Taiwan and Japan can cooperate for the public good, helping countries in need around the world, and cooperating to address climate change and achieve net-zero transition by 2050. Asked whether he hopes that the US will continue to be a leader in the liberal democratic system, President Lai responded by saying that although the US severed diplomatic ties with the Republic of China, for the past few decades it has assisted Taiwan in various areas such as national defense, security, and countering threats from China, based on the Taiwan Relations Act and the Six Assurances. He pointed out that Taiwan has also benefited, directly and indirectly, in terms of politics, democracy, and economic prosperity thanks to the US, and so Taiwan naturally hopes that the US remains strong and continues to lead the world. President Lai said that when the US encounters difficulties, whether financial difficulties, reindustrialization issues, or becoming a global center for AI, and hopes to receive support from its friends and allies to jointly safeguard regional peace and stability, Taiwan is willing to stand together for a common cause. If the US remains strong, he said, that helps Taiwan, the Indo-Pacific region, and the world as a whole. Noting that while the vital role of the US on the global stage has not changed, the president said that after decades of shouldering global responsibilities, it has encountered some issues. Now, it has to make adjustments, he said, stating his firm belief that it will do so swiftly, and quickly resume its leadership role in the world. Asked to comment on remarks he made during his election campaign that he would like to invite China’s President Xi Jinping for bubble tea, President Lai responded that Taiwan is a peace-loving country, and Taiwanese society is inherently kind, and therefore we hope to get along peacefully with China, living in peace and mutual prosperity. So, during his term as vice president, he said, he was expressing the goodwill of Taiwanese society. Noting that while he of course understands that China’s President Xi would have certain difficulties in accepting this, he emphasized that the goodwill of Taiwanese society has always existed. If China reflects on the past two or three decades, he said, it will see that its economy was able to develop with Taiwan as its largest foreign investor. The president explained that every year, 1 to 2 million Taiwanese were starting businesses or investing in China, creating numerous job opportunities and stabilizing Chinese society. While many Taiwanese businesses have profited, he said, Chinese society has benefited even more. He added that every time a natural disaster occurs, if China is in need, Taiwanese always offer donations. Therefore, the president said, he hopes that China can face the reality of the Republic of China’s existence and understand that the people of Taiwan hope to continue living free and democratic lives with respect for human rights. He also expressed hope that China can pay attention to the goodwill of Taiwanese society. He underlined that we have not abandoned the notion that as long as there is parity, dignity, exchange, and cooperation, the goodwill of choosing dialogue over confrontation and exchange over containment will always exist. Asked for his view on the national security reforms in response to China’s espionage activities and infiltration attempts, President Lai said that China’s united front infiltration activities in Taiwan are indeed very serious. He said that China’s ambitions to annex Taiwan rely not only on the use of political and military intimidation, but also on its long-term united front and infiltration activities in Taiwanese society. Recently, he pointed out, the Taiwan High Prosecutors Office of the Ministry of Justice prosecuted 64 spies, which is three times the number in 2021, and in addition to active-duty military personnel, many retired military personnel were also indicted. Moreover, he added, Taiwan also has the Chinese Unification Promotion Party, which has a background in organized crime, Rehabilitation Alliance Party, which was established by retired military personnel, and Republic of China Taiwan Military Government, which is also composed of retired generals. He explained that these are all China’s front organizations, and they plan one day to engage in collaboration within Taiwan, which shows the seriousness of China’s infiltration in Taiwan. Therefore, the president said, in the recent past he convened a high-level national security meeting and proposed 17 response strategies across five areas. He then enumerated the five areas: first, to address China’s threat to Taiwan’s sovereignty; second, to respond to the threat of China’s obscuring the Taiwanese people’s sense of national identity; third, to respond to the threat of China’s infiltrating and recruiting members of the ROC Armed Forces as spies; fourth, to respond to the threat of China’s infiltration of Taiwanese society through societal exchanges and united front work; and fifth, to respond to the threat of China using “integration plans” to draw Taiwan’s young people and Taiwanese businesses into its united front activities. In response to these five major threats, he said, he has proposed 17 response strategies, one of which being to restore the military trial system. He explained that if active-duty military personnel commit military crimes, they must be subject to military trials, and said that this expresses the Taiwanese government’s determination to respond to China’s united front infiltration and the subversion of Taiwan. Responding to the question of which actions Taiwan can take to guard against China’s threats to regional security, President Lai said that many people are worried that the increasingly tense situation may lead to accidental conflict and the outbreak of war. He stated his own view that Taiwan is committed to facing China’s various threats with caution. Taiwan is never the source of these problems, he emphasized, and if there is an accidental conflict and it turns into a full-scale war, it will certainly be a deliberate act by China using an accidental conflict as a pretext. He said that when China expanded its military presence in the East China Sea and South China Sea, the international community did not stop it; when China conducted exercises in the Taiwan Strait, the international community did not take strong measures to prevent this from happening. Now, he continued, China is conducting gray-zone exercises, which are aggressions against not only the Taiwan Strait, the South China Sea, and the East China Sea, but also extending to the Sea of Japan and waters near South Korea. He said that at this moment, Taiwan, the Philippines, Japan, and even the US should face these developments candidly and seriously, and we must exhibit unity and cooperation to prevent China’s gray-zone aggression from continuing to expand and prevent China from shifting from a military exercise to combat. If no action is taken now, the president said, the situation may become increasingly serious. Asked about the view of some US analysts who point out that China will have the ability to invade Taiwan around 2027, President Lai responded that Taiwan, as the country on the receiving end of threats and aggression, must plan for the worst and make the best preparations. He recalled a famous saying from the armed forces: “Do not count on the enemy not showing up; count on being ready should it strike.” This is why, he said, he proposed the Four Pillars of Peace action plan. First, he said, we must strengthen our national defense. Second, he added, we must strengthen economic resilience, adding that not only must our economy remain strong, but it must also be resilient, and that we cannot put all our eggs in the same basket, in China, as we have done in the past. Third, he continued, we must stand shoulder to shoulder with friends and allies such as Japan and the US, as well as the democratic community, and we must demonstrate the strength of deterrence to prevent China from making the wrong judgment. Fourth, he emphasized, as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China and seek cross-strait peace and mutual prosperity through exchanges and cooperation. Regarding intensifying US-China confrontation, the president was asked in which areas he thinks Taiwan and Japan should strengthen cooperation; with Japan’s Ishiba administration also being a minority government, the president was asked for his expectations for the Ishiba administration. President Lai said that in the face of rapid and tremendous changes in the political situation, every government faces considerable challenges, especially for minority governments, but the Japanese government led by Prime Minister Ishiba has quite adequately responded with various strategies. Furthermore, he said, Japan is different from Taiwan, explaining that although Japan’s ruling party lacks a majority, political parties in Japan engage in competition domestically while exhibiting unity externally. He said that Taiwan’s situation is more challenging, because the ruling and opposition parties hold different views on the direction of the country, due to differences in national identity. The president expressed his hope that in the future Taiwan and Japan will enjoy even more comprehensive cooperation. He stated that he has always believed that deep historical bonds connect Taiwan and Japan. Over the past several decades, he said, when encountering natural disasters and tragedies, our two nations have assisted each other with mutual care and support. He said that the affection between the people of Taiwan and Japan is like that of a family. Pointing out that both countries face the threat of authoritarianism, he said that we share a mission to safeguard universal values such as democracy, freedom, and respect for human rights. The president said that our two countries should be more open to cooperation in various areas to maintain regional peace and stability as well as to strengthen cooperation in economic and industrial development, such as for semiconductor industry chains and everyday applications of AI, including robots and drones, adding that we can also cooperate on climate change response, such as in hydrogen energy and other strategies. He said our two countries should also continue to strengthen people-to-people exchanges. He then took the opportunity to once again invite our good friends from Japan to visit Taiwan for tourism and learn more about Taiwan, saying that the Taiwanese people wholeheartedly welcome our Japanese friends.  

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    2025-05-09
    President Lai extends congratulations on election of His Holiness Pope Leo XIV  
    Following the successful election of the 267th pope of the Roman Catholic Church, His Holiness Pope Leo XIV, on May 8, President Lai Ching-te extended sincere congratulations on behalf of the people and government of Taiwan, including its Catholic community. The president stated that he looks forward to working with Pope Leo XIV to continue deepening cooperation in the area of humanitarian aid and jointly defend the universal value of religious freedom, expanding and strengthening the alliance between Taiwan and the Vatican. Upon learning of the election results, President Lai directed the Republic of China (Taiwan) Embassy to the Holy See to convey a message of congratulations. In the message, President Lai extended sincere congratulations to Pope Leo XIV on behalf of the people and government of Taiwan, including its Catholic community, expressing confidence that His Holiness will lead the Catholic Church and its 1.4 billion followers worldwide with profound wisdom. President Lai also emphasized that Taiwan looks forward to continuing to work alongside the Holy See in the shared pursuit of peace, justice, religious freedom, solidarity, friendship, and human dignity. This year marks the 83rd anniversary of the establishment of diplomatic ties between Taiwan and the Vatican. Enjoying a strong alliance, Taiwan and the Vatican share such universal values as freedom of religion, respect for human rights, peace, and benevolence, and conduct close exchanges. Taiwan will continue to engage in exchanges and cooperation with the Holy See, further strengthen bilateral relations, and work alongside the Holy See to contribute even more to the world.  

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    2025-05-05
    President Lai meets Japanese Diet Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi
    On the afternoon of May 5, President Lai Ching-te met with a delegation from Japan led by House of Representatives Member and former Minister of Economy, Trade, and Industry Nishimura Yasutoshi. President Lai thanked the government of Japan for continuously speaking up for Taiwan at international venues and reiterating the importance of peace and stability in the Taiwan Strait. The president stated that to address China’s gray-zone aggression against neighboring countries, Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. He said he looks forward to bilateral industrial cooperation in fields including semiconductors, hydrogen energy, AI, and drones, jointly strengthening the resilience of non-red supply chains, and promoting mutual prosperity and development.    A translation of President Lai’s remarks follows: I would like to welcome all the members of the Japanese Diet who are using their valuable Golden Week vacation to visit Taiwan, especially House of Representatives Member Nishimura Yasutoshi, whom former Prime Minister Shinzo Abe deeply trusted and relied on, and who for many years held important cabinet positions. This is his first visit after a hiatus of 17 years, so I am sure he will sense Taiwan’s progress and development. House of Representatives Member Tanaka Kazunori has long promoted local exchanges between Taiwan and Japan, and I hope that our visitors will all gain a deeper understanding of Taiwan through this visit.  Yesterday, several of our distinguished guests made a special trip to Kaohsiung to pay their respects at the statue of former Prime Minister Abe, a visionary politician with a broad, international perspective. The former prime minister pioneered the vision of a free and open Indo-Pacific, and once said that “if Taiwan has a problem, then Japan has a problem,” demonstrating strong support for Taiwan and making a deep and lasting impression on the hearts of Taiwanese. Over the past few years, China has continuously conducted military exercises in the Taiwan Strait, East and South China Seas, and carried out acts of gray-zone aggression against neighboring countries, severely undermining regional peace and stability. Taiwan and Japan, both located in the first island chain, should strengthen cooperation and respond together. Especially since Taiwan and Japan are democratic partners who share values such as freedom, democracy, and respect for human rights, if we can strengthen cooperation in areas such as maritime security, social resilience, and addressing gray-zone aggression, I am confident we can demonstrate the strength of deterrence, ensure peace and stability in the Indo-Pacific region, and safeguard our cherished democratic institutions. I would like to take this opportunity to thank the Japanese government for continuously speaking up for Taiwan at international venues, including this year’s US-Japan leaders’ summit, the G7 foreign ministers’ joint statement, and the Japan-NATO bilateral meeting, reiterating the importance of peace and stability in the Taiwan Strait and expressing opposition to unilaterally changing the status quo by force or coercion. In the face of global economic and trade changes, economic security is becoming increasingly important, and Taiwan looks forward to further deepening economic cooperation with Japan. In addition to actively seeking to participate in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), Taiwan hopes to sign an economic partnership agreement (EPA) with Japan as soon as possible. This will expand our cooperation in industries such as semiconductors, hydrogen energy, AI, and drones, establish a closer economic partnership, jointly strengthen the resilience of non-red supply chains, and promote mutual prosperity and development. Once again, I welcome all of our guests. I am deeply grateful for your taking concrete action to deepen Taiwan-Japan relations and show support for Taiwan. I wish you a successful and rewarding visit.  Representative Nishimura then delivered remarks, first thanking President Lai for taking time out of his busy schedule to meet with the visiting delegation. He also expressed admiration for the performance of President Lai’s government, which has allowed Taiwan to develop smoothly amidst the current complex international situation. Representative Nishimura mentioned that when former Prime Minister Abe unfortunately passed away in 2020, President Lai, who was vice president at the time, personally visited the former prime minister’s residence to offer his condolences. The representative said that including that meeting, today is the second time he and President Lai have met. This delegation’s visit to Taiwan, he said, carries on the legacy of former Prime Minister Abe. He said that Taiwan and Japan are countries that share universal values and have close ties in terms of economic cooperation and mutual visits. Notably, he highlighted, in 2024, business travelers from Taiwan made over six million visits to Japan, and based on population, Taiwan has the highest percentage of visitors to Japan. He also expressed hope that more Japanese people will visit Taiwan for tourism.   Representative Nishimura stated that the delegation visited Kaohsiung yesterday to pay their respects at the statue of former Prime Minister Abe. Then, he said, they traveled to Tainan to sample a wide variety of fruits and local delicacies, during which time they also discussed the Wushantou Reservoir, built by Japanese engineer Hatta Yoichi. Since May 8 is the anniversary of Mr. Hatta’s birth, Representative Nishimura said he hopes to use this opportunity to continue Mr. Hatta’s concern and love for Taiwan, and further deepen the friendship between Taiwan and Japan. Representative Nishimura said that when he served as Japan’s Minister of Economy, Trade, and Industry, he welcomed Taiwan’s application to join the CPTPP on behalf of the Japanese government. He also said that his government has also provided substantial assistance for the establishment of Taiwan Semiconductor Manufacturing Company’s (TSMC) fab in Kumamoto, Japan. He said he believes that mutual cooperation between Taiwan and Japan in the semiconductor sector can further promote semiconductor industry development, and build a more resilient supply chain system. Representative Nishimura pointed out that former Prime Minister Abe once said, “If Taiwan has a problem, then Japan has a problem.” Currently, many European countries are also very concerned about peace and stability in the Asia-Pacific region, because it is crucial to peace and stability in the entire international community. It can therefore be said that “if Taiwan has a problem, the world has a problem.” He said he believes that in order to maintain peace and stability in the Taiwan Strait, like-minded countries and allied nations must all cooperate closely and definitively proclaim that message. He then said he looks forward to exchanging views with President Lai on issues such as strengthening Taiwan-Japan relations and changes in the international situation. The delegation also included Chairman of Kanagawa Prefecture Japan-Taiwan Friendship Association Matsumoto Jun, Japanese House of Representatives members Nishime Kosaburo, Sasaki Hajime, Yana Kazuo, and Katou Ryusho, and Japan-Taiwan Exchange Association Taipei Office Chief Representative Katayama Kazuyuki. 

    Details
    2025-05-20
    President Lai interviewed by Nippon Television and Yomiuri TV
    In a recent interview on Nippon Television’s news zero program, President Lai Ching-te responded to questions from host Mr. Sakurai Sho and Yomiuri TV Shanghai Bureau Chief Watanabe Masayo on topics including reflections on his first year in office, cross-strait relations, China’s military threats, Taiwan-United States relations, and Taiwan-Japan relations. The interview was broadcast on the evening of May 19. During the interview, President Lai stated that China intends to change the world’s rules-based international order, and that if Taiwan were invaded, global supply chains would be disrupted. Therefore, he said, Taiwan will strengthen its national defense, prevent war by preparing for war, and achieve the goal of peace. The president also noted that Taiwan’s purpose for developing drones is based on national security and industrial needs, and that Taiwan hopes to collaborate with Japan. He then reiterated that China’s threats are an international problem, and expressed hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war. Following is the text of the questions and the president’s responses: Q: How do you feel as you are about to round out your first year in office? President Lai: When I was young, I was determined to practice medicine and save lives. When I left medicine to go into politics, I was determined to transform Taiwan. And when I was sworn in as president on May 20 last year, I was determined to strengthen the nation. Time flies, and it has already been a year. Although the process has been very challenging, I am deeply honored to be a part of it. I am also profoundly grateful to our citizens for allowing me the opportunity to give back to our country. The future will certainly be full of more challenges, but I will do everything I can to unite the people and continue strengthening the nation. That is how I am feeling now. Q: We are now coming up on the 80th anniversary of the end of World War II, and over this period, we have often heard that conflict between Taiwan and the mainland is imminent. Do you personally believe that a cross-strait conflict could happen? President Lai: The international community is very much aware that China intends to replace the US and change the world’s rules-based international order, and annexing Taiwan is just the first step. So, as China’s military power grows stronger, some members of the international community are naturally on edge about whether a cross-strait conflict will break out. The international community must certainly do everything in its power to avoid a conflict in the Taiwan Strait; there is too great a cost. Besides causing direct disasters to both Taiwan and China, the impact on the global economy would be even greater, with estimated losses of US$10 trillion from war alone – that is roughly 10 percent of the global GDP. Additionally, 20 percent of global shipping passes through the Taiwan Strait and surrounding waters, so if a conflict breaks out in the strait, other countries including Japan and Korea would suffer a grave impact. For Japan and Korea, a quarter of external transit passes through the Taiwan Strait and surrounding waters, and a third of the various energy resources and minerals shipped back from other countries pass through said areas. If Taiwan were invaded, global supply chains would be disrupted, and therefore conflict in the Taiwan Strait must be avoided. Such a conflict is indeed avoidable. I am very thankful to Prime Minister of Japan Ishiba Shigeru and former Prime Ministers Abe Shinzo, Suga Yoshihide, and Kishida Fumio, as well as US President Donald Trump and former President Joe Biden, and the other G7 leaders, for continuing to emphasize at international venues that peace and stability across the Taiwan Strait are essential components for global security and prosperity. When everyone in the global democratic community works together, stacking up enough strength to make China’s objectives unattainable or to make the cost of invading Taiwan too high for it to bear, a conflict in the strait can naturally be avoided. Q: As you said, President Lai, maintaining peace and stability across the Taiwan Strait is also very important for other countries. How can war be avoided? What sort of countermeasures is Taiwan prepared to take to prevent war? President Lai: As Mr. Sakurai mentioned earlier, we are coming up on the 80th anniversary of the end of WWII. There are many lessons we can take from that war. First is that peace is priceless, and war has no winners. From the tragedies of WWII, there are lessons that humanity should learn. We must pursue peace, and not start wars blindly, as that would be a major disaster for humanity. In other words, we must be determined to safeguard peace. The second lesson is that we cannot be complacent toward authoritarian powers. If you give them an inch, they will take a mile. They will keep growing, and eventually, not only will peace be unattainable, but war will be inevitable. The third lesson is why WWII ended: It ended because different groups joined together in solidarity. Taiwan, Japan, and the Indo-Pacific region are all directly subjected to China’s threats, so we hope to be able to join together in cooperation. This is why we proposed the Four Pillars of Peace action plan. First, we will strengthen our national defense. Second, we will strengthen economic resilience. Third is standing shoulder to shoulder with the democratic community to demonstrate the strength of deterrence. Fourth is that as long as China treats Taiwan with parity and dignity, Taiwan is willing to conduct exchanges and cooperate with China, and seek peace and mutual prosperity. These four pillars can help us avoid war and achieve peace. That is to say, Taiwan hopes to achieve peace through strength, prevent war by preparing for war, keeping war from happening and pursuing the goal of peace. Q: Regarding drones, everyone knows that recently, Taiwan has been actively researching, developing, and introducing drones. Why do you need to actively research, develop, and introduce new drones at this time? President Lai: This is for two purposes. The first is to meet national security needs. The second is to meet industrial development needs. Because Taiwan, Japan, and the Philippines are all part of the first island chain, and we are all democratic nations, we cannot be like an authoritarian country like China, which has an unlimited national defense budget. In this kind of situation, island nations such as Taiwan, Japan, and the Philippines should leverage their own technologies to develop national defense methods that are asymmetric and utilize unmanned vehicles. In particular, from the Russo-Ukrainian War, we see that Ukraine has successfully utilized unmanned vehicles to protect itself and prevent Russia from unlimited invasion. In other words, the Russo-Ukrainian War has already proven the importance of drones. Therefore, the first purpose of developing drones is based on national security needs. Second, the world has already entered the era of smart technology. Whether generative, agentic, or physical, AI will continue to develop. In the future, cars and ships will also evolve into unmanned vehicles and unmanned boats, and there will be unmanned factories. Drones will even be able to assist with postal deliveries, or services like Uber, Uber Eats, and foodpanda, or agricultural irrigation and pesticide spraying. Therefore, in the future era of comprehensive smart technology, developing unmanned vehicles is a necessity. Taiwan, based on industrial needs, is actively planning the development of drones and unmanned vehicles. I would like to take this opportunity to express Taiwan’s hope to collaborate with Japan in the unmanned vehicle industry. Just as we do in the semiconductor industry, where Japan has raw materials, equipment, and technology, and Taiwan has wafer manufacturing, our two countries can cooperate. Japan is a technological power, and Taiwan also has significant technological strengths. If Taiwan and Japan work together, we will not only be able to safeguard peace and stability in the Taiwan Strait and security in the Indo-Pacific region, but it will also be very helpful for the industrial development of both countries. Q: The drones you just described probably include examples from the Russo-Ukrainian War. Taiwan and China are separated by the Taiwan Strait. Do our drones need to have cross-sea flight capabilities? President Lai: Taiwan does not intend to counterattack the mainland, and does not intend to invade any country. Taiwan’s drones are meant to protect our own nation and territory. Q: Former President Biden previously stated that US forces would assist Taiwan’s defense in the event of an attack. President Trump, however, has yet to clearly state that the US would help defend Taiwan. Do you think that in such an event, the US would help defend Taiwan? Or is Taiwan now trying to persuade the US? President Lai: Former President Biden and President Trump have answered questions from reporters. Although their responses were different, strong cooperation with Taiwan under the Biden administration has continued under the Trump administration; there has been no change. During President Trump’s first term, cooperation with Taiwan was broader and deeper compared to former President Barack Obama’s terms. After former President Biden took office, cooperation with Taiwan increased compared to President Trump’s first term. Now, during President Trump’s second term, cooperation with Taiwan is even greater than under former President Biden. Taiwan-US cooperation continues to grow stronger, and has not changed just because President Trump and former President Biden gave different responses to reporters. Furthermore, the Trump administration publicly stated that in the future, the US will shift its strategic focus from Europe to the Indo-Pacific. The US secretary of defense even publicly stated that the primary mission of the US is to prevent China from invading Taiwan, maintain stability in the Indo-Pacific, and thus maintain world peace. There is a saying in Taiwan that goes, “Help comes most to those who help themselves.” Before asking friends and allies for assistance in facing threats from China, Taiwan must first be determined and prepared to defend itself. This is Taiwan’s principle, and we are working in this direction, making all the necessary preparations to safeguard the nation. Q: I would like to ask you a question about Taiwan-Japan relations. After the Great East Japan Earthquake in 2011, you made an appeal to give Japan a great deal of assistance and care. In particular, you visited Sendai to offer condolences. Later, you also expressed condolences and concern after the earthquakes in Aomori and Kumamoto. What are your expectations for future Taiwan-Japan exchanges and development? President Lai: I come from Tainan, and my constituency is in Tainan. Tainan has very deep ties with Japan, and of course, Taiwan also has deep ties with Japan. However, among Taiwan’s 22 counties and cities, Tainan has the deepest relationship with Japan. I sincerely hope that both of you and your teams will have an opportunity to visit Tainan. I will introduce Tainan’s scenery, including architecture from the era of Japanese rule, Tainan’s cuisine, and unique aspects of Tainan society, and you can also see lifestyles and culture from the Showa era.  The Wushantou Reservoir in Tainan was completed by engineer Mr. Hatta Yoichi from Kanazawa, Japan and the team he led to Tainan after he graduated from then-Tokyo Imperial University. It has nearly a century of history and is still in use today. This reservoir, along with the 16,000-km-long Chianan Canal, transformed the 150,000-hectare Chianan Plain into Taiwan’s premier rice-growing area. It was that foundation in agriculture that enabled Taiwan to develop industry and the technology sector of today. The reservoir continues to supply water to Tainan Science Park. It is used by residents of Tainan, the agricultural sector, and industry, and even the technology sector in Xinshi Industrial Park, as well as Taiwan Semiconductor Manufacturing Company. Because of this, the people of Tainan are deeply grateful for Mr. Hatta and very friendly toward the people of Japan. A major earthquake, the largest in 50 years, struck Tainan on February 6, 2016, resulting in significant casualties. As mayor of Tainan at the time, I was extremely grateful to then-Prime Minister Abe, who sent five Japanese officials to the disaster site in Tainan the day after the earthquake. They were very thoughtful and asked what kind of assistance we needed from the Japanese government. They offered to provide help based on what we needed. I was deeply moved, as former Prime Minister Abe showed such care, going beyond the formality of just sending supplies that we may or may not have actually needed. Instead, the officials asked what we needed and then provided assistance based on those needs, which really moved me. Similarly, when the Great East Japan Earthquake of 2011 or the later Kumamoto earthquakes struck, the people of Tainan, under my leadership, naturally and dutifully expressed their support. Even earlier, when central Taiwan was hit by a major earthquake in 1999, Japan was the first country to deploy a rescue team to the disaster area. On February 6, 2018, after a major earthquake in Hualien, former Prime Minister Abe appeared in a video holding up a message of encouragement he had written in calligraphy saying “Remain strong, Taiwan.” All of Taiwan was deeply moved. Over the years, Taiwan and Japan have supported each other when earthquakes struck, and have forged bonds that are family-like, not just neighborly. This is truly valuable. In the future, I hope Taiwan and Japan can be like brothers, and that the peoples of Taiwan and Japan can treat one another like family. If Taiwan has a problem, then Japan has a problem; if Japan has a problem, then Taiwan has a problem. By caring for and helping each other, we can face various challenges and difficulties, and pursue a brighter future. Q: President Lai, you just used the phrase “If Taiwan has a problem, then Japan has a problem.” In the event that China attempts to invade Taiwan by force, what kind of response measures would you hope the US military and Japan’s Self-Defense Forces take? President Lai: As I just mentioned, annexing Taiwan is only China’s first step. Its ultimate objective is to change the rules-based international order. That being the case, China’s threats are an international problem. So, I would very much hope to work together with the US, Japan, and others in the global democratic community to prevent China from starting a war – prevention, after all, is more important than cure.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Subsea7 awarded contract offshore West Africa

    Source: GlobeNewswire (MIL-OSI)

    Luxembourg – 21 May 2025 – Subsea 7 S.A. (Oslo Børs: SUBC, ADR: SUBCY) today announced the award of a sizeable1 subsea contract in West Africa.

    Subsea7 will be responsible for transporting and installing flexible pipelines, umbilicals, and associated subsea components for the connection of a floating production, storage and offloading (FPSO) vessel as well as the pre-laying activities for an upcoming drilling campaign.

    Project management and engineering work will begin immediately at Subsea7’s offices in Sutton, UK and Suresnes, France, and offshore activity is expected to start in 2026.

    Jerome Perrin, Vice President Africa, Middle East, and Türkiye for Subsea7, said: “Our close and agile collaboration with our clients allows us to make possible cost-effective and reliable offshore solutions for their needs. We are pleased to be able to support this client in executing such a strategically important project in West Africa. ”

    No further details are disclosed at this time.

    1. Subsea7 defines a sizeable contract as being between $50 million and $150 million

    *******************************************************************************
    Subsea7 is a global leader in the delivery of offshore projects and services for the evolving energy industry, creating sustainable value by being the industry’s partner and employer of choice in delivering the efficient offshore solutions the world needs.

    Subsea7 is listed on the Oslo Børs (SUBC), ISIN LU0075646355, LEI 222100AIF0CBCY80AH62.

    *******************************************************************************

    Contact for investment community enquiries:
    Katherine Tonks
    Investor Relations Director
    Tel +44 20 8210 5568
    ir@subsea7.com

    Contact for media enquiries:
    Alan Gorham
    Group Communications Manager
    Tel +44 1224 265750
    communications@subsea7.com
    www.subsea7.com

    Forward-Looking Statements: This document may contain ‘forward-looking statements’ (within the meaning of the safe harbour provisions of the U.S. Private Securities Litigation Reform Act of 1995). These statements relate to our current expectations, beliefs, intentions, assumptions or strategies regarding the future and are subject to known and unknown risks that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements may be identified by the use of words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘future’, ‘goal’, ‘intend’, ‘likely’ ‘may’, ‘plan’, ‘project’, ‘seek’, ‘should’, ‘strategy’ ‘will’, and similar expressions. The principal risks which could affect future operations of the Group are described in the ‘Risk Management’ section of the Group’s Annual Report and Consolidated Financial Statements. Factors that may cause actual and future results and trends to differ materially from our forward-looking statements include (but are not limited to): (i) our ability to deliver fixed price projects in accordance with client expectations and within the parameters of our bids, and to avoid cost overruns; (ii) our ability to collect receivables, negotiate variation orders and collect the related revenue; (iii) our ability to recover costs on significant projects; (iv) capital expenditure by oil and gas companies, which is affected by fluctuations in the price of, and demand for, crude oil and natural gas; (v) unanticipated delays or cancellation of projects included in our backlog; (vi) competition and price fluctuations in the markets and businesses in which we operate; (vii) the loss of, or deterioration in our relationship with, any significant clients; (viii) the outcome of legal proceedings or governmental inquiries; (ix) uncertainties inherent in operating internationally, including economic, political and social instability, boycotts or embargoes, labour unrest, changes in foreign governmental regulations, corruption and currency fluctuations; (x) the effects of a pandemic or epidemic or a natural disaster; (xi) liability to third parties for the failure of our joint venture partners to fulfil their obligations; (xii) changes in, or our failure to comply with, applicable laws and regulations (including regulatory measures addressing climate change); (xiii) operating hazards, including spills, environmental damage, personal or property damage and business interruptions caused by adverse weather; (xiv) equipment or mechanical failures, which could increase costs, impair revenue and result in penalties for failure to meet project completion requirements; (xv) the timely delivery of vessels on order and the timely completion of ship conversion programmes; (xvi) our ability to keep pace with technological changes and the impact of potential information technology, cyber security or data security breaches; (xvii) global availability at scale and commercially viability of suitable alternative vessel fuels; and (xviii) the effectiveness of our disclosure controls and procedures and internal control over financial reporting. Many of these factors are beyond our ability to control or predict. Given these uncertainties, you should not place undue reliance on the forward-looking statements. Each forward-looking statement speaks only as of the date of this document. We undertake no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

    This stock exchange release was published by Katherine Tonks, Investor Relations, Subsea7, on 21 May 2025 at 11:15 CET.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Experts Assess Economic Impact of Moscow’s Tourism Industry

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Tourism strengthens Moscow’s economic stability and has a positive effect on the development of its infrastructure. This was reported by experts from the capital’s Tourism Committee.

    Tourists regularly buy goods and seek services in the city, which affects the increase in Moscow’s gross regional product. According to the latest data, tourist revenues to the city budget for 2024 are estimated at 235 billion rubles, and the total contribution of the travel sector to the capital’s economy is 1.7 trillion rubles, which exceeds previously announced figures.

    Over the past few years, Moscow has secured its status as a city for all-season travel — from family vacations to business trips. This is confirmed by the growing tourist flow. The successful development of the industry has become possible thanks to investments: 70 percent of budget funds are spent on improving the quality of the urban environment and the lives of Muscovites. Indirectly, this makes the capital more attractive not only for city residents, but also for tourists.

    Tourism, in turn, compensates for infrastructure and improvement costs, thereby strengthening the capital’s financial system. In 2023–2024, every ruble of budget funds directly or indirectly related to increasing Moscow’s tourist attractiveness additionally increased the capital’s economy by 35.7 rubles. Of these, five rubles were budget revenues.

    The positive effect of tourism on the economy is achieved by increasing the number of consumers of goods and services in Moscow. Among them are domestic and international tourists, as well as excursionists. They distribute expenses on transportation, accommodation, food, souvenirs, visiting exhibitions, museums, concerts and other entertainment and cultural events.

    The Moscow Tourism Committee monitors the dynamics of tourism development in the city. In 2024, Moscow’s tourist flow amounted to 26 million people and exceeded pre-pandemic figures.

    Detailed analytical information on the Moscow tourism industry can also be found on the portal “Russpass. Business”.

    Get the latest news quickly official telegram channel the city of Moscow.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/154116073/

    MIL OSI Russia News –

  • MIL-OSI Europe: Rapidly shifting geopolitical environment could test euro area financial stability

    Source: European Central Bank

    21 May 2025

    • Shifts in global trade policy lead to sharp increase in uncertainty, causing large spikes in financial market volatility
    • Stretched valuations and low non-bank liquidity buffers leave financial markets vulnerable to further shocks
    • Escalating trade tensions could adversely affect euro area firms and households, entailing credit risk for banks and non-banks
    • Government finances may be negatively impacted by increased defence spending, although boost to growth cannot be excluded

    A marked spike in uncertainty across global trade, defence, international cooperation and regulation policies could prove challenging for financial stability, according to the May 2025 Financial Stability Review, published today by the European Central Bank (ECB). Frequent shifts and reversals in tariff policy, alongside significant changes in the geopolitical environment, could have major economic and financial impacts. While global macroeconomic imbalances remain a long-standing issue in the policy debate, it is not clear that tariffs are the best-placed policy instrument to address them.

    “Rising trade frictions and related downside risks to economic growth are weighing on the outlook for financial stability”, said ECB Vice-President Luis de Guindos.

    The significant increase in trade policy uncertainty and trade frictions triggered large spikes in financial market volatility and raised the risk of an economic slowdown.

    Financial markets across the globe sold off at an unsettling speed in early April, and financial conditions tightened notably. While risky assets had fully recovered their initial losses by mid-May, markets are still highly sensitive to tariff-related news. Equity markets in particular remain vulnerable to sudden and sharp adjustments as valuations are still high and concerns over risk concentrations persist. In an environment of heightened market volatility, euro area non-banks’ liquidity and leverage weaknesses could be revealed, amplifying market shocks.

    Euro area firms and households have seen their balance sheets improve in recent years, but trade tensions and a weaker growth outlook imply future headwinds. The euro area is a very open economy, and trade frictions will affect those companies that rely on foreign trade, with potential knock-on effects for households if trade-related corporate vulnerabilities are exposed and result in lay-offs. In such an environment, credit risk exposure may rise for euro area banks and non-banks, although banks’ ability to absorb further asset quality deterioration should be supported by strong profitability and sizeable capital and liquidity buffers.

    While sovereign debt-to-GDP ratios in the euro area have declined considerably after surging during the pandemic, fiscal fundamentals remain fragile in some countries. Plans to increase defence spending have the potential to boost economic growth if focused on productive investment, but could also pose risks given higher issuance needs at a time of rising funding costs. This higher defence spending, together with weaker growth and other structural challenges, such as those posed by climate change, digitalisation and ageing populations, could compound the already strained fiscal positions of some euro area governments.

    In the current highly uncertain macro-financial and policy environment, preserving and strengthening the resilience of the financial system is key. In this context, macroprudential authorities should maintain existing capital buffer requirements and borrower-based measures to ensure sound lending standards. In addition, the growing market footprint and interconnectedness of non-banks calls for a comprehensive set of policy measures that will increase the resilience of the non-bank financial intermediation sector. Such resilience across the sector would also help to advance the integration of euro area capital markets.

    For media queries, please contact Ettore Fanciulli, tel.: +49 69 1344 95012.

    MIL OSI Europe News –

  • WHO members adopt global pandemic accord, but US absence casts doubts

    Source: Government of India

    Source: Government of India (4)

    Members of the World Health Organization adopted an agreement on Tuesday intended to improve preparedness for future pandemics following the disjointed global response to COVID-19, but the absence of the U.S. cast doubt on the treaty’s effectiveness.

    After three years of negotiations, the legally binding pact was adopted by the World Health Assembly in Geneva. WHO member countries welcomed its passing with applause.

    The pact was touted as a victory for members of the global health agency at a time when multilateral organisations like the WHO have been battered by sharp cuts in U.S. foreign funding.

    “The agreement is a victory for public health, science and multilateral action. It will ensure we, collectively, can better protect the world from future pandemic threats,” said WHO Director-General Tedros Adhanom Ghebreyesus.

    The pact aims to ensure that drugs, therapeutics and vaccines are globally accessible when the next pandemic hits. It requires participating manufacturers to allocate a target of 20% of their vaccines, medicines and tests to the WHO during a pandemic to ensure poorer countries have access.

    However, U.S. negotiators left discussions about the accord after President Donald Trump began a 12-month process of withdrawing the U.S. – by far the WHO’s largest financial backer – from the agency when he took office in January.

    Given this, the U.S., which poured billions of dollars into vaccine development during the COVID pandemic, would not be bound by the pact. And WHO member states would not face penalties if they failed to implement it.

    U.S. Health and Human Services Secretary Robert F. Kennedy Jr. slammed the World Health Organization in a video address to the Assembly, saying it had failed to learn from the lessons of the pandemic with the new agreement.

    “It has doubled down with the pandemic agreement which will lock in all of the dysfunction of the WHO pandemic response… We’re not going to participate in that,” he said.

    LATE CHALLENGE

    The deal was reached after Slovakia called for a vote on Monday, as its COVID-19 vaccine–sceptic prime minister demanded that his country challenge the adoption of the agreement.

    One hundred and twenty-four countries voted in favour, no countries voted against, while 11 countries, including Poland, Israel, Italy, Russia, Slovakia and Iran, abstained.

    Some health experts welcomed the treaty as a step towards greater fairness in global health after poorer nations were left short of vaccines and diagnostics during the COVID-19 pandemic.

    “It contains critical provisions, especially in research and development, that — if implemented — could shift the global pandemic response toward greater equity,” Michelle Childs, Policy Advocacy Director at Drugs for Neglected Diseases initiative, told Reuters.

    Others said the agreement did not meet initial ambitions and that, without strong implementation frameworks, it risked falling short in a future pandemic.

    “It is an empty shell… It’s difficult to say that it’s a treaty with firm obligation where there is a strong commitment… It’s a good starting point. But it will have to be developed,” said Gian Luca Burci, an academic adviser at the Global Health Centre at the Geneva Graduate Institute, an independent research and education organisation.

    Helen Clark the co-Chair of The Independent Panel for Pandemic Preparedness and Response, described the accord as a foundation to build from.

    “Many gaps remain in finance, equitable access to medical countermeasures and in understanding evolving risks,” she added.

    The pact will not go into effect until an annex on sharing of pathogenic information is agreed. Negotiations on this would start in July with the aim of delivering the annex to the World Health Assembly for adoption, WHO said. A Western diplomatic source suggested it may take up to two years to be agreed.

    (Reuters)

  • MIL-OSI: Wix Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    • Strong start to year with Q1’25 total bookings of $511 million, up 12% y/y, with very robust top of funnel demand in the quarter and new cohort strength continuing through April and early May
    • Q1’25 total revenue of $474 million exceeded expectations, up 13% y/y, driven by accelerating Self Creators growth accompanied by solid Partners momentum as Studio adoption continued to ramp healthily
    • Launched Wixel, a new standalone AI-powered visual design platform that brings the most advanced creative tools into a single intuitive interface and puts complete visual editing control into the hands of everyone – marking Wix’s milestone foray into creation beyond websites
    • Achieved FCF margin of 30% in Q1’25 as we continued to maintain a resilient operating cost structure amidst robust top-line performance
    • Increased share repurchase board authorization to a total of $400 million under current program

    NEW YORK — Wix.com Ltd. (Nasdaq: WIX) (the “Company”), the leading SaaS website builder platform1, today reported financial results for the first quarter of 2025. In addition, the Company provided its outlook for the second quarter and an updated outlook for full year 2025. Please visit the Wix Investor Relations website at https://investors.wix.com to view the Q1’25 Shareholder Update and other materials.

    “This year we are setting out to reimagine and expand the online creation experience and have set the bar high with the milestone release of Wixel, which I believe will democratize digital creation,” said Avishai Abrahami, Wix Co-founder and CEO. “We have been transforming web development since 2006 and are now organically extending our user-first design expertise, AI leadership and focus on accessibility to beyond websites. What you see today is the first version of our standalone next-gen visual design platform, representing the culmination of years of development in advanced design and AI and unifying the best models, intuitive UI, and powerful high-end features into one cohesive platform. Importantly, with Wixel, anyone, regardless of skill level, can now create beautiful visuals with just a few clicks. We have an ambitious roadmap for Wixel ahead and I’m excited to see how Wixel starts to reshape the design world.”

    Lior Shemesh, CFO at Wix, added, “Our strong first quarter results demonstrate the critical value of the Wix platform to anyone and everyone requiring an online presence globally amid an ever evolving macro environment, particularly SMBs. Top of funnel demand was very strong with Q1’25 new user cohort bookings finishing 12% higher than the bookings generated by the Q1’24 cohort in its first quarter. This acceleration in new cohort growth was almost entirely driven by better fundamentals, particularly an increased number of users, as well as product innovation. Encouragingly, these strong cohort trends have continued through April and early May, bolstering confidence in 2H bookings and revenue growth acceleration as additional cohorts layer on through the year. As a result of this new cohort strength and healthy existing user behavior, bookings grew a solid 12% y/y and revenue growth of 13% y/y finished above expectations in Q1. Durability was broad based across our segments with our Partners business delivering 24% y/y revenue growth, fueled by ongoing market share gains driven by Studio, as well as another consecutive quarter of Self Creators growth acceleration as AI continued to remove friction for more users in the website creation journey.”

    Q1 2025 Financial Results

    • Total revenue in the first quarter of 2025 was $473.7 million, up 13% y/y
    • Creative Subscriptions revenue in the first quarter of 2025 was $337.7 million, up 11% y/y
      • Creative Subscriptions ARR increased to $1.373 billion as of the end of the quarter, up 10% y/y
    • Business Solutions revenue in the first quarter of 2025 was $136.0 million, up 18% y/y
      • Transaction revenue2 was $58.9 million, up 19% y/y
    • Partners revenue3 in the first quarter of 2025 was $171.6 million, up 24% y/y
    • Total bookings in the first quarter of 2025 were $510.9 million, up 12% y/y
      • Creative Subscriptions bookings in the first quarter of 2025 were $369.5 million, up 10% y/y
      • Business Solutions bookings in the first quarter of 2025 were $141.4 million, up 15% y/y
    • Total gross margin on a GAAP basis in the first quarter of 2025 was 68%
      • Creative Subscriptions gross margin on a GAAP basis was 83%
      • Business Solutions gross margin on a GAAP basis was 30%
    • Total non-GAAP gross margin in the first quarter of 2025 was 69%
      • Creative Subscriptions gross margin on a non-GAAP basis was 84%
      • Business Solutions gross margin on a non-GAAP basis was 31%
    • GAAP net income in the first quarter of 2025 was $33.8 million, or $0.61 per basic share and $0.57 per diluted share
    • Non-GAAP net income in the first quarter of 2025 was $93.9 million, or $1.69 per basic share and $1.55 per diluted share
    • Net cash provided by operating activities for the first quarter of 2025 was $145.5 million, while capital expenditures totaled $3.1 million, leading to free cash flow of $142.4 million
    • In January, we completed $200 million of share repurchases, repurchasing 868,026 Wix ordinary shares in total at an approximate volume-weighted average price per share of $230.41
    • Total employee count at the end of Q1’25 was 5,275

    Increase to Share Repurchase Program

    Wix’s Board of Directors has authorized an increase to its program to repurchase the Company’s securities (ordinary shares and/or convertible notes) by an additional amount of up to $200 million, on top of the $200 million previously approved by the Board on February 26th, 2025 (which has not been used to date). This approval brings the repurchase authorization under the program to a total amount of up to $400 million.

    ____________________
    1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of Q3 2024.
    2 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.
    3 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.

    Financial Outlook

    Healthy first quarter results demonstrate impactful product innovation and disciplined execution of our key growth initiatives, including Studio, AI and our focus empowering Self Creators. Notably, new cohort strength remains robust through April and early May against a dynamic macro backdrop. We expect new cohort strength to continue and drive top-line growth acceleration in 2H as additional cohorts layer on throughout the year.

    While we are encouraged by our strong Q1 results and robust top of funnel, we are maintaining full year bookings outlook of $2,025 – 2,060 million, up 11-13% y/y. This reflects conservatism due to macro uncertainty, specifically in our Business Solutions segment, with potential volatility offset by fully dissipating FX headwinds.

    With these same considerations, we are also maintaining our full year revenue outlook of $1,970 – 2,000 million, up 12-14% y/y.

    We expect total revenue in Q2 2025 to be $485 – 489 million, up 11-12% y/y.

    For the full year 2025, we continue to expect non-GAAP total gross margin of ~70% and non-GAAP operating expenses to be 47-48% of revenue for the full year.

    We continue to expect to generate free cash flow of $590 – 610 million, or ~30-31% of revenue.

    As a result, we remain on track to achieve Rule of 45 in 2025 at the high end of our outlook.

    Conference Call and Webcast Information

    Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, May 21st, 2025. A live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

    For more about Wix, please visit our Press Room
    Media Relations Contact: PR@wix.com

    Share Repurchase Program

    Under the Board authorized repurchase program, Company securities may be repurchased from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance with U.S. securities laws and regulations, including Rule 10b-18 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into plans that are compliant with Rule 10b5-1 of the Exchange Act to facilitate repurchases of its securities under this Board authorization. The repurchase program does not obligate the Company to acquire any particular amount of securities, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. Repurchases under the repurchase program may begin after conclusion of the 30-day period for creditors of the Company to object to the Company’s intent to perform the distribution by way of repurchase in accordance with the Israeli Companies Regulations (Relief for Public Companies Whose Securities are Traded on Stock Exchanges Outside of Israel), 5760-2000 and the Israeli Regulations (Approval of Distribution), 5761–2001. The actual timing, number and value of securities repurchased depend on a number of factors, including the market price of the Company’s ordinary shares, general market and economic conditions, any objections received by the Company from its creditors, the Company’s financial results and liquidity, and other considerations. The Company expects to fund repurchases with cash on hand and future cash generated from its operations.

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow on a constant currency basis, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

    The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow margin, free cash flow, as adjusted, bookings, cumulative cohort bookings, non-GAAP gross margin, non-GAAP operating expenses, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

    Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

    Forward-Looking Statements

    This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “subject”, “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our ability to attract and retain registered users and partners, and generate new premium subscriptions and additional business solutions as we continuously adjust our marketing strategy and customer care; maintenance of our brand and reputation, and generation of revenue from sources other than premium subscriptions; risks associated with international operations and the use of platform in various countries; risks related to the macroeconomic environment and ongoing global conflicts; security risks and payment risks and fluctuations in foreign currency exchange rates; failures of third-party hardware, software and infrastructure on which we rely, or failure to manage the operation of our infrastructure; adverse market conditions, including inflation, interest rates and other adverse developments that may adversely affect our cash balances and investment portfolio; our history of operating losses and inability to achieve sustained profitability; downturns or upturns in sales are not immediately reflected in full in our operating results; our ability to repurchase our ordinary shares and/or 0.00% Convertible Senior Notes due 2025 pursuant to our repurchase program; our ability to raise capital when needed or on acceptable terms; risks related to acquisitions and investments, pricing decisions, pandemics, natural disasters and other catastrophic events; our ability to develop and introduce new products and services, as well as maintain third-party products and are ability to keep up with rapid changes in design and technology; our ability to attract and retain qualified employees and key personnel; our ability to attract a diversified customer base and increased competition; our ability to maintain compatibility of our platform and solutions with changes in third-party applications and changes to technologies used in our solutions; our ability to acquire and service small business users; risks related to security breaches and unauthorized access to data, cyberattacks; our expectation regarding the uncertain future relationship between the United States and other countries with respect to trade policies, taxes, government regulations, and tariffs; our ability to comply with the regulations applicable to our operations, including new governmental regulations regarding the internet, consumer protection, artificial intelligence (“AI”), privacy and data protection laws and regulations, as well as contractual privacy and data protection obligations; risks relating to intellectual property, including infringements, litigation and claims, and our ability to maintain and protect our intellectual property rights and proprietary information; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; risks related to the development and integration of AI, generative AI, agentic AI, machine learning, and similar tools into our offerings, and comply with the regulatory environment impacting AI and AI-related activities; risks related to activities of registered users or content of their websites, and risks related to domain names and industry regulations; risks related to compliance with laws and regulations, including those related to economic sanctions, tariffs, export controls, anti-corruption and anti-money laundering, anti-trust, and consumer protection, and changes in these laws and regulations; risks related to tax, including application of indirect taxes, tax laws, changes in tax laws or changes in provision for income tax and examination of income tax returns; risks related to ordinary shares, activist shareholders, and our status as a foreign private issuer; risks related to our incorporation and location in Israel, including conflicts in the area; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; and our ability to enter into new markets and attracting new customer demographics, including our ability to successfully attract new partners and large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2024 filed with the Securities and Exchange Commission on March 21, 2025. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

     
    Wix.com Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP
    (In thousands, except loss per share data)
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Revenues      
    Creative Subscriptions $ 337,676     $ 304,293  
    Business Solutions   135,975       115,483  
        473,651       419,776  
           
    Cost of Revenues      
    Creative Subscriptions   56,067       54,803  
    Business Solutions   95,725       82,494  
        151,792       137,297  
           
    Gross Profit   321,859       282,479  
           
    Operating expenses:      
    Research and development   127,497       124,245  
    Selling and marketing   111,563       107,234  
    General and administrative   45,394       41,330  
    Total operating expenses   284,454       272,809  
    Operating income   37,405       9,670  
    Financial income, net   5,832       18,884  
    Other income, net   64       211  
                   
    Income before taxes on income   43,301       28,765  
    Income tax expenses   9,535       4,763  
    Net income $ 33,766     $ 24,002  
           
    Basic net income per share $ 0.61     $ 0.43  
                   
    Basic weighted-average shares used to compute net income per share   55,708,670       56,098,997  
           
    Diluted net income per share $ 0.57     $ 0.41  
                   
    Diluted weighted-average shares used to compute net income per share   60,384,510       58,647,238  
           
    Wix.com Ltd. 
    CONDENSED CONSOLIDATED BALANCE SHEETS 
    (In thousands) 
           
      Period ended
      March 31,   December 31,
        2025       2024  
    Assets (unaudited)   (audited)
    Current Assets:      
    Cash and cash equivalents $ 653,276     $ 660,939  
    Short-term deposits   112,078       106,844  
    Restricted deposits   793       773  
    Marketable securities   304,555       338,593  
    Trade receivables   47,328       44,674  
    Prepaid expenses and other current assets   59,132       128,577  
     Total current assets   1,177,162       1,280,400  
           
    Long-Term Assets:      
    Prepaid expenses and other long-term assets   31,343       27,021  
    Property and equipment, net   125,450       128,155  
    Marketable securities   6,183       6,135  
    Intangible assets, net   20,680       22,141  
    Goodwill   49,329       49,329  
    Operating lease right-of-use assets   395,513       399,861  
     Total long-term assets   628,498       632,642  
           
     Total assets $ 1,805,660     $ 1,913,042  
           
    Liabilities and Shareholders’ Deficiency      
    Current Liabilities:      
    Trade payables $ 38,032     $ 47,077  
    Employees and payroll accruals   78,983       143,131  
    Deferred revenues   698,343       661,171  
    Current portion of convertible notes, net   573,674       572,880  
    Accrued expenses and other current liabilities   79,546       63,246  
    Operating lease liabilities   29,369       27,907  
    Total current liabilities   1,497,947       1,515,412  
    Long Term Liabilities:      
    Deferred revenues   96,461       89,271  
    Deferred tax liability   1,066       1,965  
    Other long-term liabilities   19,414       16,021  
    Operating lease liabilities   359,389       369,159  
    Total long-term liabilities   476,330       476,416  
           
     Total liabilities   1,974,277       1,991,828  
           
    Shareholders’ Deficiency      
    Ordinary shares   107       107  
    Additional paid-in capital   1,923,576       1,840,574  
    Treasury shares   (1,225,165 )     (1,025,167 )
    Accumulated other comprehensive loss   641       7,242  
    Accumulated deficit   (867,776 )     (901,542 )
    Total shareholders’ deficiency   (168,617 )     (78,786 )
           
    Total liabilities and shareholders’ deficiency $ 1,805,660     $ 1,913,042  
           
    Wix.com Ltd.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    OPERATING ACTIVITIES:      
    Net income $ 33,766     $ 24,002  
    Adjustments to reconcile net loss to net cash provided by operating activities:      
    Depreciation   6,137       6,442  
    Amortization   1,461       1,483  
    Share based compensation expenses   60,261       58,142  
                   
    Amortization of debt discount and debt issuance costs   794       790  
    Changes in accrued interest and exchange rate on short term and long term deposits   (224 )     880  
    Amortization of premium and discount and accrued interest on marketable securities, net   3,557       597  
                   
    Remeasurement loss (gain) on Marketable equity   –       (3,367 )
    Changes in deferred income taxes, net   1       (5,011 )
    Changes in operating lease right-of-use assets   4,803       5,024  
    Changes in operating lease liabilities   (8,763 )     (3,652 )
    Loss (gain) on foreign exchange, net   (2,006 )     553  
    Decrease (increase) in trade receivables   (2,654 )     1,119  
    Decrease (increase) in prepaid expenses and other current and long-term assets   58,289       (12,568 )
    Decrease in trade payables   (9,338 )     (2,123 )
                   
    Decrease in employees and payroll accruals   (64,148 )     (2,429 )
                   
    Increase in short term and long term deferred revenues   44,362       41,319  
                   
    Increase in accrued expenses and other current liabilities   19,193       2,635  
                   
    Net cash provided by operating activities $ 145,491       113,836  
    INVESTING ACTIVITIES:      
                   
    Proceeds from short-term deposits and restricted deposits   107,780       823  
                   
    Investment in short-term deposits and restricted deposits   (112,810 )     (30,162 )
    Investment in marketable securities   (27,693 )     (27,847 )
    Proceeds from marketable securities   58,292       52,805  
                   
    Purchase of property and equipment and lease prepayment   (2,629 )     (7,715 )
    Capitalization of internal use of software   (421 )     (410 )
    Proceeds from sale of equity securities   –       22,148  
    Proceed from realization of investments in privately held companies   417       –  
                   
    Purchases of investments in privately held companies   (750 )     (550 )
                   
    Net cash provided by investing activities $ 22,186       9,092  
    FINANCING ACTIVITIES:      
                   
    Proceeds from exercise of options and ESPP shares   22,654       22,628  
    Purchase of treasury stock   (200,000 )     (241,302 )
                   
    Net cash used in financing activities $ (177,346 )     (218,674 )
    Effect of exchange rates on cash, cash equivalent and restricted cash   2,006       (553 )
                   
    DECREASE IN CASH AND CASH EQUIVALENTS   (7,663 )     (96,299 )
                   
    CASH AND CASH EQUIVALENTS—Beginning of period   660,939       609,622  
    CASH AND CASH EQUIVALENTS—End of period $ 653,276     $ 513,323  
           
    Wix.com Ltd.
    KEY PERFORMANCE METRICS
    (In thousands)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Creative Subscriptions   337,676       304,293  
    Business Solutions   135,975       115,483  
    Total Revenues $ 473,651     $ 419,776  
           
    Creative Subscriptions   369,469       334,637  
    Business Solutions   141,436       122,644  
    Total Bookings $ 510,905     $ 457,281  
           
    Free Cash Flow $ 142,441     $ 105,711  
                   
    Free Cash Flow excluding HQ build out $ 142,441     $ 111,073  
    Creative Subscriptions ARR   1,372,670     $ 1,244,264  
           
           
     
    Wix.com Ltd.
    RECONCILIATION OF REVENUES TO BOOKINGS
    (In thousands)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Revenues $ 473,651     $ 419,776  
    Change in deferred revenues   44,362       41,319  
    Change in unbilled contractual obligations   (7,108 )     (3,814 )
    Bookings $ 510,905     $ 457,281  
           
    Y/Y growth   12 %    
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Creative Subscriptions Revenues $ 337,676     $ 304,293  
    Change in deferred revenues   38,901       34,158  
    Change in unbilled contractual obligations   (7,108 )     (3,814 )
    Creative Subscriptions Bookings $ 369,469     $ 334,637  
           
    Y/Y growth   10 %    
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Business Solutions Revenues $ 135,975     $ 115,483  
    Change in deferred revenues   5,461       7,161  
    Business Solutions Bookings $ 141,436     $ 122,644  
           
    Y/Y growth   15 %    
     
     
     
    Wix.com Ltd.
    RECONCILIATION OF COHORT BOOKINGS
    (In millions)
      Three Months Ended
      March 31,
        2025       2024  
           
    Q1 Cohort revenues   9     $ 9  
    Q1 Change in deferred revenues   27       23  
    Q1 Cohort Bookings $ 36     $ 32  
           
           
     
    Wix.com Ltd.
    RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT
    (In thousands)
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Revenues $ 473,651     $ 419,776  
    FX impact on Q1/25 using Y/Y rates   4,225       –  
    Revenues excluding FX impact $ 477,876     $ 419,776  
    Y/Y growth   14 %    
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Bookings $ 510,905     $ 457,281  
    FX impact on Q1/25 using Y/Y rates   7,775       –  
    Bookings excluding FX impact $ 518,680     $ 457,281  
    Y/Y growth   13 %    
           
           
           
    Wix.com Ltd.
    TOTAL ADJUSTMENTS GAAP TO NON-GAAP
    (In thousands)
           
      Three Months Ended
      March 31,
        2025       2024  
    (1) Share based compensation expenses: (unaudited)
    Cost of revenues $ 3,320     $ 3,590  
    Research and development   31,491       31,102  
    Selling and marketing   9,177       10,483  
    General and administrative   16,273       12,967  
    Total share based compensation expenses   60,261       58,142  
    (2) Amortization   1,472       1,483  
    (3) Acquisition related expenses   –       5  
    (4) Amortization of debt discount and debt issuance costs   794       790  
    (5) Sales tax accrual and other G&A expenses   699       121  
    (6) Unrealized loss (gain) on equity and other investments   (42 )     (3,367 )
    (7) Non-operating foreign exchange income   (3,079 )     (4,663 )
    (8) Provision for income tax effects related to non-GAAP adjustments   –       774  
    Total adjustments of GAAP to Non GAAP $ 60,105     $ 53,285  
           
           
           
    Wix.com Ltd.
    RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
    (In thousands)
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Gross Profit $ 321,859     $ 282,479  
    Share based compensation expenses   3,320       3,590  
    Amortization   667       667  
    Non GAAP Gross Profit   325,846       286,736  
           
    Non GAAP Gross margin   69 %     68 %
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Gross Profit – Creative Subscriptions $ 281,609     $ 249,490  
    Share based compensation expenses   2,367       2,669  
    Non GAAP Gross Profit – Creative Subscriptions   283,976       252,159  
           
    Non GAAP Gross margin – Creative Subscriptions   84 %     83 %
           
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Gross Profit – Business Solutions $ 40,250     $ 32,989  
    Share based compensation expenses   953       921  
    Amortization   667       667  
    Non GAAP Gross Profit – Business Solutions   41,870       34,577  
           
    Non GAAP Gross margin – Business Solutions   31 %     30 %
           
           
           
    Wix.com Ltd.
    RECONCILIATION OF OPERATING INCOME TO NON-GAAP OPERATING INCOME
    (In thousands)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Operating income $ 37,405     $ 9,670  
    Adjustments:      
    Share based compensation expenses   60,261       58,142  
    Amortization   1,472       1,483  
    Sales tax accrual and other G&A expenses   699       121  
    Acquisition related expenses   –       5  
    Total adjustments $ 62,432     $ 59,751  
           
    Non GAAP operating income $ 99,837     $ 69,421  
           
    Non GAAP operating margin   21 %     17 %
           
           
     
    Wix.com Ltd.
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE
    (In thousands, except per share data)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Net income $ 33,766     $ 24,002  
    Share based compensation expenses and other Non GAAP adjustments   60,105       53,285  
    Non-GAAP net income $ 93,871     $ 77,287  
           
                   
    Basic Non GAAP net income per share $ 1.69     $ 1.38  
                   
    Weighted average shares used in computing basic Non GAAP net income per share   55,708,670       56,098,997  
           
    Diluted Non GAAP net income per share $ 1.55     $ 1.29  
                   
    Weighted average shares used in computing diluted Non GAAP net income per share   60,384,510       60,073,986  
           
           
           
    Wix.com Ltd.
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
    (In thousands)
         
      Three Months Ended
      March 31,
        2025       2024  
      (unaudited)
    Net cash provided by operating activities $ 145,491     $ 113,836  
    Capital expenditures, net   (3,050 )     (8,125 )
    Free Cash Flow $ 142,441     $ 105,711  
           
           
    Capex related to HQ build out   –       5,362  
                   
    Free Cash Flow excluding HQ build out $ 142,441     $ 111,073  

    The MIL Network –

  • MIL-OSI Security: Business Owner Pleads Guilty to Fraud and Money Laundering Schemes

    Source: United States Department of Justice (National Center for Disaster Fraud)

    PHILADELPHIA – United States Attorney David Metcalf announced that Zaven Yeghiazaryan, 44, of Newtown, Pennsylvania, pleaded guilty before the Honorable Gerald J. Pappert to 13 counts of an indictment charging him with conspiracy, health care fraud, wire fraud, and money laundering in connection with his execution of a variety of schemes.

    The charges arose from the defendant’s commission of fraud offenses targeting, among others, government programs, including through the use of shell companies and false identities, between January 2020 and April 2024. The defendant’s fraud offenses targeted two government programs which offered relief during the Covid-19 pandemic: the Small Business Administration’s Economic Injury Disaster Loan program, and the Pandemic Unemployment Assistance Program. In addition, the defendant admitted that he participated in a scheme to defraud the Medicaid program.

    Based upon his guilty pleas to the 13 counts, the defendant faces a maximum possible sentence of 230 years in prison, a three-year period of supervised release, and a $3,250,000 fine, restitution of $334,905 and forfeiture. Sentencing is scheduled for September 4, 2025.

    The case was investigated by the Social Security Administration – Office of the Inspector General, Internal Revenue Service – Criminal Investigation, the United States Postal Inspection Service, Homeland Security Investigations, the Department of Health and Human Services – Office of Inspector General, the United States Department of Labor, the United States Department of Transportation – Office of the Inspector General and the State Department. It is being prosecuted by Assistant United States Attorneys Mary E. Crawley and Special Assistant United States Attorney Megan Curran. 

    MIL Security OSI –

  • MIL-OSI Australia: Win tickets to fly Bendigo to Sydney as Bendigo Airport celebrates milestone

    Source: New South Wales Ministerial News

    Bendigo Airport is buzzing with excitement as it celebrates a major milestone – over 100,000 passengers have enjoyed the QantasLink Bendigo to Sydney flight service.

    To mark this incredible achievement, Bendigo Airport is launching an exciting competition with four Qantas return flight tickets to Sydney up for grabs.

    Bendigo Airport Manager Vicki Bayliss said the 100,000-passenger milestone illustrated the growing success of the regional airport service.

    “In April 2019, the city welcomed the arrival of QantasLink and regular passenger flights between Bendigo and Sydney,” Ms Bayliss said.

    “Despite the COVID-19 pandemic disrupting the airport’s growth for a time, the community returned when borders opened to support this important service, and I would like to thank you for contributing to the airport’s continuing success.

    “It is clear word is out about the advantages of flying from Bendigo Airport’s new terminal.

    “It is a stress-free experience when you choose Bendigo Airport, with ample cheap parking close to the new terminal building, a seamless and quick check-in, and great customer service from our dedicated staff.

    “The service is proving popular with the business community and holidaymakers.

    “There were just over 5,000 passengers when the service first started in 2019 and six years on it has increased to 100,000 which is significant growth.

    “To have an airport in central Victoria is so convenient and important for Greater Bendigo residents and for people living in surrounding shires.

    “It means less time commuting to Melbourne and more time enjoying your trip. Flying direct to Sydney from Bendigo Airport takes less than two hours and provides connection access to more than 100 destinations across Australia and internationally.

    “Flights between Bendigo and Sydney can now carry more people with a faster flight time after the introduction of Qantas’s expanded Dash 8-400 fleet last October.”

    To celebrate the milestone of 100,000 passengers, Bendigo Airport, in collaboration with Qantas, is launching an exciting competition in the City of Greater Bendigo’s free GB magazine. The autumn edition is hitting mailboxes this week. There is also a digital version on the City’s website for residents who do not have access to a printed copy.

    For your chance to win one of four return flight tickets from Bendigo to Sydney on QantasLink, complete the entry form and enter a code. The competition is open until 11:59 PM (AEST) Friday, May 30. Terms and Conditions apply.

    “Don’t miss out on this fantastic opportunity. Enter the GB magazine competition now and you might be one of four lucky GB magazine readers who will soon be flying up and away from Bendigo Airport,” Ms Bayliss said.

    To view the digital version of GB magazine, visit:

    MIL OSI News –

  • MIL-OSI China: World Health Assembly adopts global pandemic agreement

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

    The 78th World Health Assembly is held in Geneva, Switzerland, May 20, 2025. [Photo/Xinhua]

    The World Health Assembly (WHA), the highest decision-making body of the World Health Organization (WHO), adopted the global pandemic agreement on Tuesday.

    The “pandemic agreement” proposes the establishment of a series of new platforms and mechanisms aimed at comprehensively reforming the existing systems for pandemic surveillance, prevention, and response. It seeks to promote research and equitable sharing of pandemic-related products, adjust the production and distribution order of such products, and further improve the global public health governance system, with a particular focus on addressing fairness challenges in international health development.

    WHO member states, meeting on Monday in Committee A of the WHA, approved a resolution calling for adoption of the pandemic agreement. According to a press release on the WHO website, the resolution outlines several steps to advance global preparedness and pave the way for the agreement’s implementation.

    It includes the launch of a process to draft and negotiate an annex to the agreement that would establish a Pathogen Access and Benefit Sharing system (PABS) through an Intergovernmental Working Group. The result of this process will be considered at next year’s WHA. Once the Assembly adopts the PABS annex, the pandemic agreement will then be open for signature and consideration of ratification, including by national legislative bodies.

    Following the adoption of the agreement, the Chinese delegation told Xinhua that China has been actively engaged in the agreement negotiation process. Guided by the vision of building a global community of health for all, China has upheld true multilateralism, advocated for greater solidarity and cooperation among countries, and supported the WHO in playing its central coordinating role.

    The Chinese delegation also noted that China has worked with all parties to improve the global health governance system and strengthen global capacity for prevention, preparedness, and response. On technical issues such as pandemic prevention and surveillance, China maintained a science-based approach, put forward constructive textual proposals, and actively contributed to the drafting process, playing an important role in promoting consensus among member states.

    In addition, China, along with countries including Brazil, Indonesia, and Bangladesh, actively responded to the legitimate concerns of developing countries regarding equitable access to health products under the framework of the Group for Equity. These efforts demonstrated China’s image as a responsible major country.

    WHO Director-General Tedros Adhanom Ghebreyesus told the assembly that “the WHO pandemic agreement will run among the most significant achievements in the history of this organization and of global health,” underscoring that it places humanity in a stronger position than ever before to prepare for and respond to pandemics.

    In November 2021, a special session of the WHA established an intergovernmental negotiating body tasked with drafting a pandemic agreement under the WHO framework to enhance global capacities for pandemic preparedness, prevention, and response.

    On April 16 this year, the WHO announced that, following more than three years of intensive negotiations, member states had reached a consensus on the draft text of the agreement, which was then submitted for consideration at the 78th session. 

    MIL OSI China News –

  • MIL-OSI China: China urges US to stop politicizing COVID-19 origins tracing

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

    A spokesperson for the Chinese Mission to the United Nations Office at Geneva on Tuesday urged the United States to end its politicization of COVID-19 origins tracing and stop exerting pressure on international organizations.

    In response to the groundless remarks made by the U.S. delegation at the ongoing 78th World Health Assembly (WHA), the spokesperson said it is astonishing that the United States — a country that once announced its withdrawal from the World Health Organization (WHO) — is now baselessly attacking countries that have consistently stepped up support for the organization. The United States has evidently lost its basic sense of right and wrong. China has always offered selfless support, instead of so-called undue influence, to the WHO, the spokesperson said in a statement.

    The spokesperson stressed that since the outbreak of COVID-19, China has shared information and the genetic sequence of the virus with the international community at the earliest possible time. It has also provided medical supplies and financial assistance to the WHO and 153 countries, including the United States. This reflects China’s commitment to safeguarding the common good of all humanity.

    China supports scientific origins tracing led by the WHO and has invited WHO expert teams to China multiple times for joint studies. These efforts resulted in the authoritative scientific conclusion that a lab leak of COVID-19 from China is “extremely unlikely,” demonstrating China’s openness and transparency on the issue, the spokesperson said.

    The spokesperson pointed out that certain countries, in an attempt to cover up their own poor pandemic response, have resorted to smearing others. Such political manipulation of pandemic issues is disgraceful and doomed to fail. The United States still owes the international community a convincing explanation for the concerns raised by various parties about the origins and handling of the pandemic on its own territory.

    China urges the United States to share its early case data with the WHO and be transparent about Fort Detrick and its network of overseas biological laboratories. The United States should stop political manipulation over COVID-19 origins tracing and cease pressuring international organizations, the spokesperson stated. 

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Secretary for Health continues to attend 78th World Health Assembly in Geneva (with photos)

    Source: Hong Kong Government special administrative region

    The Secretary for Health, Professor Lo Chung-mau, continued to attend the 78th World Health Assembly (WHA) of the World Health Organization (WHO) in Geneva, Switzerland, yesterday (May 20, Geneva time). He also took the chance to meet with other participants and WHO officials to tell the world good stories of Hong Kong and the country.
     
    As members of the Chinese delegation, Professor Lo and the Director of Health, Dr Ronald Lam, continued to attend the plenary session on the second day of the WHA.
     
    In the morning, Professor Lo and Dr Ronald Lam listened to the remarks made by Vice Premier of the State Council Mr Liu Guozhong at the High Level Segment.
     
    Professor Lo said, “Following the presentation of national positions by the Minister of the National Health Commission, Mr Lei Haichao, and the Permanent Representative of the People’s Republic of China to the United Nations Office at Geneva and other International Organizations in Switzerland, Mr Chen Xu, on Taiwan-related proposal, COVID-19 origins tracing and China’s promotion of co-operation and exchange on global health on the first day of the Assembly, Vice Premier of the State Council Mr Liu Guozhong also delivered remarks at the High Level Segment today. As our country has been actively involving in global health cooperation and exchanges, including deploying healthcare rescue teams to many countries and regions over the years, as well as providing over 500 billions of personal protection items and 2.3 billion doses of vaccines during the COVID-19 pandemics, the Hong Kong Special Administrative Region (HKSAR) Government spares no efforts to complement the nation’s strategies to contribute to the building of a global community of health for all.”
     
    Professor Lo and Dr Lam also attended a thematic side event hosted by the National Administration of Traditional Chinese Medicine (NATCM) and cohosted by the health authorities of Malaysia, Nepal, Saudi Arabia and Seychelles. The side event, themed “Improving Universal Health Coverage through the implementation of WHO Traditional Medicine Strategy 2025-2034”, was moderated by the Dean of the Vanke School of Public Health of Tsinghua University, Professor Margaret Chan, and the Director of the Institute for Global Health of Peking University, Professor Ren Minghui. The Commissioner of the NATCM, Professor Yu Yanhong, also delivered a keynote speech at the side event.
     
    During the panel discussion, Professor Lo shared the implementation experiences in promoting high-quality and high-standard development of Chinese medicine (CM) in Hong Kong on all fronts. He said, “The HKSAR Government will leverage Hong Kong’s strengths in its healthcare system, regulatory framework, standard-setting, clinical research, trade, and more to develop the city into a bridgehead for the internationalisation of CM. In terms of CM practice, the Hospital Authority has accumulated extensive experience through its integrated Chinese-Western medicine (ICWM) services over the years. The Chinese Medicine Hospital of Hong Kong will further develop the ‘Hong Kong model’ for pure CM, CM-predominant, and ICWM clinical services, with a view to promoting CM service, management standards and system development at the international level. As regards CM drugs, the Government Chinese Medicines Testing Institute is actively advancing the work on scientific research, education and promoting international exchanges on CM drug testing, including developing a series of internationally recognised reference standards and testing methods for CM drugs and their products, and promoting the commercial application of these methods in the sectors through training and technology transfer programmes, with a view to developing Hong Kong into an international hub for CM testing and quality control.”
     
    During their visit to Geneva, Professor Lo and Dr Lam also met with the Director of the Department of Nutrition and Food Safety of the WHO, Dr Luz María De Regil, to discuss the strategies and interventions for obesity and weight management. Professor Lo emphasised, “Like many other regions and countries, Hong Kong is facing the challenges posed by the increasing prevalence of obesity. The HKSAR Government has long been attaching great importance to the prevention and control of obesity and will strive to halt the rise of obesity by adopting life-course interventions.”
     
    The delegation will depart for Hong Kong today (May 21, Geneva time) and arrive in Hong Kong tomorrow (May 22, Hong Kong time).

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Senator Murray Responds to RFK Jr.’s Continued Lies About NIH Staffing Cuts Delaying Clinical Care

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    READ MORE — CNN: After NIH staffing cuts, cancer patient in clinical trial worries she may lose crucial time; Washington Post: NIH scientists have a cancer breakthrough. Layoffs are delaying it.
    Senator Murray: “If RFK Jr.’s mass firings weren’t having an impact on clinical care at NIH, he would provide those details and tell us which positions he’s eliminated. He’s not—because he knows that if he did, he would be caught lying. This isn’t just about Natalie, this is about the millions of Americans like her who are already being harmed by the destruction Secretary Kennedy is causing at HHS, or will be soon.”
    ****FROM TODAY – WATCH and READ: Senator Murray’s exchange with RFK Jr.***
    ***FROM LAST WEEK –WATCH: Senator Murray rebuts Secretary Kennedy’s claims about her constituent, Natalie***
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA),  Vice Chair of the Senate Appropriations Committee, released the following statement on U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr.’s outburst during today’s Senate Appropriations hearing, where Secretary Kennedy repeatedly lied, dodged Senator Murray’s questions, and made a number of totally unfounded allegations, in particular relating to Senator Murray’s constituent, Natalie, who is suffering from Stage Four colorectal cancer and whose care was delayed as a direct result of the Trump administration’s staffing cuts across HHS. Senator Murray brought up Natalie’s story to Secretary Kennedy at a Senate Health, Education, Labor and Pensions (HELP) Committee hearing last week; additional background on that exchange is below.
    At the appropriations hearing today, Secretary Kennedy claimed to Senator Murray: “You told me two or three days ago, four days ago that we had cut a clinical trial in your state and it turned out what you said turned out to be completely untrue and you knew it was not true because you corresponded.” This was not at all what Senator Murray suggested or what happened. At the HELP hearing on May 14th, Senator Murray laid out how Natalie’s treatment in a trial at the NIH Clinical Center had been delayed by the staffing cuts, according to her doctors at NIH, and then she asked Secretary Kennedy directly how many staff were cut from the NIH’s Clinical Center. Video and transcript of their initial exchange on May 14th is HERE. A full transcript of their exchange today is available HERE.
    “RFK Jr. is a shameless liar and a dangerous conspiracy theorist—he should have never been confirmed. As much as he lies and deflects, I’m not going to stop holding him accountable for the real harm he is inflicting on people in this country.
    “Natalie’s care has been complicated, but here’s what’s not: her NIH doctor told her twice that her care was explicitly delayed due to NIH staffing cuts—specifically, that she would have to wait eight weeks rather than four to have her cells re-infused. On the question of credibility, I will trust an NIH doctor over an anti-vaccine conspiracy theorist every day.
    “After an initial contact with RFK Jr.’s office last Wednesday, it was complete radio silence with no answers until about an hour before today’s hearing. It should not take me raising this issue with RFK Jr. face-to-face to make sure NIH is working the way it’s supposed to.
    “I still have no answer about how many NIH clinical staff have been fired. I still have no answer why Natalie was told by her NIH doctor that her care was being delayed due to staffing cuts. For weeks, my staff has been demanding answers about agency staffing cuts.
    “Meanwhile, my staff has been in constant touch over the past three weeks with dedicated career staff at NIH and FDA—the same people the Trump administration is trying to push out the door—to address Natalie’s case. But it has been no thanks to RFK Jr. or HHS political leadership.”
    “If RFK Jr.’s mass firings weren’t having an impact on clinical care at NIH, he would provide those details and tell us which positions he’s eliminated. He’s not—because he knows that if he did, he would be caught lying. This isn’t just about Natalie, this is about the millions of Americans like her who are already being harmed by the destruction Secretary Kennedy is causing at HHS, or will be soon.”
    __________________________________
    At last week’s HELP Committee hearing with Secretary Kennedy, Murray grilled Kennedy on the Trump administration’s moves to slash staff and block funding at the National Institute of Health (NIH), and laid out how is affecting one of her constituents, Natalie Phelps of Washington state: “One of my constituents, Natalie Phelps—a mom of two from Bainbridge Island in Washington state. She has been fighting aggressive Stage Four colorectal cancer for nearly five years now. Her best hope now is a clinical trial at the NIH Clinical Center. She flew out to the NIH just a few weeks ago for her first appointment, and her care team wanted her to come back in four weeks to start treatment. But because of the thoughtless, mass firing of thousands of critical employees across NIH and HHS that you have carried out, Natalie’s doctors at that clinical center have told her that they have no choice but to delay her treatment by an additional four weeks. Now, an extra four weeks may not sound like a long time but, I will tell you, for Stage Four cancer patients like Natalie, this could mean the difference between life and death.” Video of the full exchange between Senator Murray and Secretary Kennedy is available HERE.
    Later in the hearing, Secretary Kennedy asserted that Natalie was ineligible for her clinical trial and called her story a “canard,” saying: “Senator Murray had raised the issue of a constituent of hers who she said had been denied a place in a clinical trial in Washington due to the RIF. We’ve been able to run down that case. The patient was medically ineligible for that trial. It had nothing to do with the RIF. And NIH has been trying to get her into another clinical trial, but none of our clinical trials have been shut down because of the RIF. That was a canard.”
    Senator Murray returned to the hearing to respond directly to Secretary Kennedy: “Secretary Kennedy came back and said my constituent, who I spoke about earlier, [her care] was not delayed by staffing cuts. First off, she is already enrolled in that clinical trial. It’s not a question of eligibility—the issue, as I stated clearly, was the delay in care that she got. And what you stated, Secretary Kennedy, is not true.”
    “I spoke with Natalie, actually, last night. She asked her NIH doctor directly why, when she was informed of the delay, and her doctor at NIH said very plainly TWICE: her care was delayed because of staffing cuts. And Mr. Chairman, I think it’s important for the record to show, my staff has put in inquiries with HHS leadership and they’ve been unresponsive so far.And, just to make clear, this is just one case of many. But those are the facts,” Senator Murray said.
    Senator Murray has been a leading voice in Congress raising the alarm over HHS’ unilateral reorganization plan and slamming the closure of the HHS Region 10 office in Seattle and the CDC’s National Institute for Occupational Safety and Health (NIOSH) Spokane Research Laboratory. Senator Murray has sent oversight letters and hosted numerous press conferences and events to lay out how the administration’s reckless gutting of HHS is risking Americans health and safety and will set our country back decades, and lifting up the voices of HHS employees who were fired for no reason and through no fault of their own.
    In particular, Senator Murray has been leading the charge against the Trump administration’s efforts to gut lifesaving research at NIH and pushed out nearly 5,000 NIH skilled scientists, grants administrators, and other employees at the agency. When the Trump administration attempted to illegally cap indirect cost rates at 15 percent, Senator Murray immediately and forcefully condemned the move, led the entire Senate Democratic caucus in a letter decrying the proposed change, and introduced amendments to Senate Republicans’ budget resolution to reverse it, which Republicans blocked. Murray has led Congressional efforts to boost biomedical research. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at NIH, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments. 
    Senator Murray forcefully opposed the nomination of notorious anti-vaccine activist RFK Jr. to be Secretary of HHS, and she has long worked to combat vaccine skepticism and highlight the importance of scientific research and vaccines. Murray was also a leading voice against the nomination of Dr. Dave Weldon to lead CDC, repeatedly speaking up about her serious concerns with the nominee immediately after their meeting. In 2019, Senator Murray co-led a bipartisan hearing in the HELP Committee on vaccine hesitancy and spoke about the importance of addressing vaccine skepticism and getting people the facts they need to keep their families and communities safe and healthy. Ahead of the 2019 hearing, as multiple states were facing measles outbreaks in under-vaccinated areas, Murray sent a bipartisan letter with former HELP Committee Chair Lamar Alexander pressing Trump’s CDC Director and HHS Assistant Secretary for Health on their efforts to promote vaccination and vaccine confidence.
    Senator Murray’s opening remarks at today’s hearing, as delivered, are below:
    “Secretary Kennedy—things are not going well. It is clear what you are doing across HHS is devastating to children, families, seniors, and the millions of Americans HHS programs support.
    “You were required to send us an operating plan detailing how you’re spending funds that Congress provided for programs families rely on. You sent us what you titled the ‘Hill Version,’ which had over 530 asterisks in place of funding levels.
    “Mr. Secretary, we need the real version with actual funding levels. This committee needs to know how you are spending taxpayer dollars right now—and what programs you’re cutting and eliminating.
    “You are blocking billions in funding that Congress appropriated from going out the door, including $3 billion at NIH, and $1 billion in Head Start and $3 billion in child care funding alone.
    “And that’s on top of all of the other funding you’ve illegally ripped away: $11 billion from state and local health departments, $1 billion supporting local substance use and mental health programs, and $66 million in Title X funds for cancer screenings, birth control, and preventive care.
    “You are dismantling HHS, throwing away generations of investments in our health care system and firing critical employees. We’re talking about the people who administer Head Start, LIHEAP, and Meals on Wheels. Or entire teams working on preventing chronic disease and Alzheimer’s, tracking IVF success rates and safety, maternal health, and much more.
    “On top of all of this, you propose a budget with truly devastating cuts that would leave America sicker and weaker.
    “But you’re not waiting to see whether Congress approves that budget proposal. This administration is starting to unilaterally implement it right now—in defiance of Congress and the laws we have passed. If you aren’t already, you are sprinting down the road of illegally impounding billions in funding, through intentional action and through incompetence.
    “To my colleagues on this dais: We heard several weeks ago, what we risk by ceding American leadership on biomedical research. If we bless these staffing and funding cuts across HHS, that means deciding we are comfortable with China leading the future development of every drug, device, and vaccine. The supply chain challenges we faced during the pandemic will be the new normal. Our access to the latest treatments and cures will depend on other countries.
    “It’s time to stand up and assert Congress’ authority. This Committee has dedicated itself in a bipartisan manner over decades to make sure we are the global leader in research and development. And now all of us know this administration is setting us back where it may take decades to regain that position.
    “If we don’t, decades of scientific breakthroughs and medical discovery—and the bipartisan work to support them—risks being burned to the ground, and it will be very hard to rebuild.”

    MIL OSI USA News –

  • MIL-OSI: LeddarTech Provides Update on Financial Situation and Announces Workforce Reduction

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, Canada, May 20, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech” or the “Company”) (Nasdaq: LDTC), an AI-powered software company recognized for its innovation in advanced driver assistance systems (ADAS) and autonomous driving (AD), today provided an update regarding its discussions with its lenders under the amended and restated financing offer dated as of April 5, 2023 with Fédération des caisses Desjardins du Québec (“Desjardins” and the financing offer, as amended, the “Desjardins Credit Facility”) and the bridge financing offer dated as of August 16, 2024 with the initial bridge lenders and certain members of management and the board of directors (collectively, the “Bridge Lenders”, and the financing offer, the “Bridge Facility”). While the Company continues to be in active discussions with Desjardins and its Bridge Lenders, it has not reached an agreement providing for additional financing for the Company or relief from the minimum cash, equity financing and process plan covenants contained in the Desjardins Credit Facility and Bridge Facility.

    In an effort to preserve cash and afford the Company additional time to pursue discussions with its lenders, the Company also announced a reduction of its workforce through temporary layoffs of approximately 138 individuals, in all of its locations and across all departments within the organization, representing approximately 95% of the Company’s total workforce. Such measure will provide the Company with additional time to continue to actively evaluate potential alternatives relating to a restructuring of its obligations, a sale of the business or certain of its assets, strategic investments and/or any other alternatives, including seeking creditor protection under the Companies’ Credit Arrangement Act. There can be no assurance that the Company will be successful in pursuing and implementing any such alternatives, nor any assurance as to the outcome or timing of any such alternatives.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 190 patent applications (112 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Forward-Looking Statements

    Certain statements contained in this Press Release may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (which forward-looking statements also include forward-looking statements and forward-looking information within the meaning of applicable Canadian securities laws), including, but not limited to, statements relating to LeddarTech’s selection by the OEM referred to above, anticipated strategy, future operations, prospects, objectives and financial projections and other financial metrics, as well as expectations regarding the anticipated performance, adoption and commercialization of its products. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation, our ability to continue to maintain compliance with Nasdaq continued listing standards following our transfer to the Nasdaq Capital Market, as well as: (i) the risk that LeddarTech and the OEM referred to above are unable to agree to final terms in definitive agreements; (ii) the volume of future orders (if any) from this OEM, actual revenue derived from expected orders, and timing of revenue, if any; (iii) our ability to timely access sufficient capital and financing on favorable terms or at all; (iv) our ability to maintain compliance with our debt covenants, including our ability to enter into any forbearance agreements, waivers or amendments with, or obtain other relief from, our lenders as needed; (v) our ability to execute on our business model, achieve design wins and generate meaningful revenue; (vi) our ability to successfully commercialize our product offering at scale, whether through the collaboration agreement with Texas Instruments, a collaboration with a Tier 2 supplier or otherwise; (vii) changes in our strategy, future operations, financial position, estimated revenues and losses, projected costs and plans; (viii) changes in general economic and/or industry-specific conditions; (ix) our ability to retain, attract and hire key personnel; (x) potential adverse changes to relationships with our customers, employees, suppliers or other parties; (xi) legislative, regulatory and economic developments; (xii) the outcome of any known and unknown litigation and regulatory proceedings; (xiii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak, as well as management’s response to any of the aforementioned factors; and (xiv) other risk factors as detailed from time to time in LeddarTech’s reports filed with the U.S. Securities and Exchange Commission (the “SEC”), including the risk factors contained in LeddarTech’s Form 20-F filed with the SEC. The foregoing list of important factors is not exhaustive. Except as required by applicable law, LeddarTech does not undertake any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.
    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI Russia: Kingdom of the Netherlands–The Netherlands: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 20, 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.

    An IMF team, led by Mr. Fabian Bornhorst, visited the Netherlands during May 7–20 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the visit:

    The Dutch economy is among the most developed countries globally and has drawn strength from integration in global value chains. In recent years, it has weathered shocks well, yet its resilience is being tested, again—this time by trade tensions and geoeconomic fragmentation. Fiscal buffers are ample, and the financial system is well-positioned to absorb shocks. At the same time, the economy is operating at capacity and inflation is elevated. And increasingly binding constraints—in the labor market, housing, emissions space, and the electricity grid—are limiting the ability to grow and adapt. Futureproofing the economy will therefore require policies that both tackle bottlenecks and expand supply capacity, and align with a long-term vision for sustainable growth. Reforms, complementary to EU initiatives, should aim to increase labor input and firm productivity, expand the availability of SME financing, and effectively manage the green and demographic transitions.

    Outlook

    1. After a weak start, domestic demand is projected to drive growth in 2025 even as trade tensions affect momentum. Real GDP growth is projected to reach 1.1 percent this year. Fundamentals remain strong: unemployment is low, wage growth is robust, and real household purchasing power is solid—supporting private consumption. However, tariffs, trade tensions, and lower trading partner growth are expected to dampen external demand. Combined with uncertainty over future trade policies and less favorable financial conditions, these factors hold back investment and weaken consumer confidence. With a cooling economy, the small positive output gap is expected to close next year; medium-term growth will converge to its estimated potential of 1.2 percent.
    2. Elevated inflation is projected to decline gradually and reach the 2 percent target in late 2026. Inflation is projected at 3 percent in 2025. Wage growth has been robust, although real wages have not reached pre-pandemic levels. Going forward, wage growth is projected to moderate as indicated by recent collective wage agreements and early signs of easing labor market tightness. Fiscal measures, on net, will contribute positively to inflation in 2025 and 2026, as the roll-back of some reduced VAT rates and the increase in excise rates are partly offset by energy subsidies and the freeze on social housing rents. As the trade shock reverberates through the global economy, deflationary forces are expected to arise from lower global growth and energy prices, and appreciation of the euro.

    Risks

    1. Downside risks to growth dominate and arise mainly from trade tensions. Possible direct effects from new/higher U.S. tariffs on currently exempt items (e.g., pharmaceuticals) would lower exports. More generally, rising geoeconomic fragmentation and stronger-than-expected indirect effects from global trade disruptions pose downside risks to growth. The disruption to supply chains could be more severe than expected, leading to upward price pressures even in the context of subdued growth. Policy makers should stay vigilant and nimble. Barring more extreme scenarios, automatic stabilizers in the fiscal framework are sufficient to weather shocks. Domestically, uncertainties in economic policy and the extent to which growth bottlenecks are binding represent risks to the outlook. These can be addressed by implementing consistent, forward-looking, and confidence-building measures.

    Fiscal Policy

    1. Fiscal policy is geared to supporting households in the near term, while aiming to keep the deficit below 3 percent of GDP by 2030. In view of many, and competing, demands, it is welcome that revised plans in the Spring Memorandum adhere to the trend-based fiscal policy (the Dutch Medium-Term Fiscal Framework) and are in line with national fiscal rules. Key measures in 2025 to support household purchasing power include income tax relief, extending reduced fuel excise duties, energy subsidies, and rent support. To meet the deficit target by 2030, spending cuts in public administration, international cooperation, education, and asylum are proposed. The plans, however, are more backloaded than before, and, in many cases, specific measures have yet to be formulated.
    2. Pivoting fiscal policy from stimulating demand to expanding supply would help the economy grow and adapt. Fiscal policy is set to provide an impulse of around 1 percent of GDP in 2025-26. As household real incomes now exceed pre-pandemic levels and the economy is operating at capacity with elevated inflation, broad fiscal support is no longer needed. Scaling back demand support is timely and advisable. While underspending and revenue overperformance could deliver a neutral fiscal stance—as in 2024—proactively identifying and implementing measures would allow for steering the adjustment. To boost the supply capacity of the economy, the government should invest in infrastructure, education, and R&D, foster investment to increase the housing supply and productivity, implement growth-enhancing tax reforms, and tackle bottlenecks from nitrogen and electricity grid congestion. Fostering private and increasing public investment will also contribute to reducing the high external current account surplus.
    3. Better aligning policies with long-term goals would improve the effectiveness of fiscal policy. For example, while freezing social rents provides immediate support to some households, it weakens the financial health of housing associations and limits investment to expand and upgrade the housing stock—key to addressing shortages. Extending the reduction of fuel excises disincentivizes the clean energy transition, countering efforts to reduce implicit fuel subsidies and foster EV adoption through subsidies. Limited inflation adjustment of income tax brackets—including to finance reduced VAT rates—offsets previous income tax relief, disproportionately affects poorer households, and disincentivizes labor supply. Education and R&D spending cuts are at odds with fostering high levels of human capital and innovation. In this context, the announced tax and benefits system reform is welcome, offering an opportunity to simplify and align policies.
    4. Tackling medium-term spending pressures through structural fiscal reforms will increase fiscal room to maneuver. With a low debt-to-GDP ratio of 43.4 percent, the fiscal position is strong. Moreover, deficits and debt are projected to remain structurally below 3 and 60 percent of GDP through 2030. However, projections also indicate that, by 2050, spending on health, ageing, and climate change will increase by about 4 percent of GDP. Ambitions to scale up defense spending beyond 2 percent of GDP adds to these pressures. Addressing cost drivers early would free fiscal room to maneuver, including: (i) reversing the reduction of health deductibles, increasing health care co-payments, and adjusting the basic policy package while supporting solidarity; (ii) linking the retirement age one-to-one to greater life expectancy for tax-funded old-age pensions; and (iii) moving away from fuel subsidies to revenue-generating carbon pricing and taxation.
    5. Implementing the planned tax reforms would support growth. The Building Blocks Tax report rightly recommends streamlining inefficient and ineffective tax expenditures, including abolishing reduced VAT rates. This would lower compliance costs, broaden the tax base, and may open the door to a lower tax rate. Speedy implementation of the proposed capital income taxation reform (‘Box 3’) would align investment incentives by taxing capital income more consistently. and encouraging better resource allocation. Together, the reforms will foster higher investment, productivity, and growth.

    Financial Sector Policies

    1. Risks to financial stability are elevated and have risen, warranting continued close monitoring. Trade policy tensions and uncertainty have increased financial market volatility and weighed on investor confidence in recent months. More volatility in asset prices could trigger periodic margin calls, particularly on pension funds’ derivatives. Elevated inflation still poses non-negligible risks for insurers. While household and corporate indebtedness is declining, it remains well above the euro area average. In real estate, developments in the commercial sector signal reduced risks. However, the residential market shows renewed signs of overheating. Nominal and real house prices, as well as sales, have picked up again, and housing valuations remain among the highest in Europe.
    2. Even so, the financial sector remains resilient to shocks as buffers are ample and commensurate to risks, and the macroprudential policy stance is broadly appropriate. Banking, insurance, and pension fund (PF) fundamentals remain sound. Banks are well capitalized and liquid. Bank profits remain robust and loan delinquencies low, despite a pick-up in corporate bankruptcies, which reflects normalization following phasing out of pandemic support. The countercyclical capital buffer has been maintained at the 2 percent positive neutral rate since May 2024. Other buffers for the largest banks remain in a 0.25‑2 percent CET1-to-risk-weighted-assets ratio range. The insurance sector is profitable and solvent. Funding ratios of occupational PFs have declined as interest rates fell but are rebounding ahead of the system’s transition to defined-contribution schemes and stood comfortably at 120 percent, on average, at end-2025Q1. PFs are resilient to liquidity risks in adverse stress scenarios and can raise cash at short notice if needed from repo or other money markets to meet margin calls on interest derivatives.
    3. Addressing access to homeownership through policies that increase housing supply would allow recalibrating borrower-based macroprudential measures towards minimizing financial risks. Housing market risks continue to be mitigated by structural factors including rising real disposable incomes, the large share of fixed-rate mortgages, and full legal recourse in case of default. The maximum LTV limit was lowered to 100 percent in 2018. Eligibility for, and duration of the mortgage interest deductibility were tightened, and the maximum rate reduced. Mortgage risks are further mitigated by the recent extension of risk-weight floors until November 2026. Efforts to ensure a clear legal basis for supervisory authorities’ regular access to granular transaction and loan-level data for risk monitoring and analysis—to identify pockets of vulnerability as they emerge—should continue. Still, as recommended in the 2024 IMF Financial Stability Assessment Program (FSAP) report, to cool the housing market, maximum LTV limits should be progressively lowered even more, to 90 percent, mortgage interest deductibility gradually removed, and borrowers further incentivized to lower exposures to interest-only mortgages. A significant increase in housing supply is needed to boost housing affordability, facilitate broad access to the property ladder, and to reduce banking and insurance risks from residential mortgage exposures. This will require reconsideration of the roles of housing associations and private investors, revisiting rent controls, revising land-use policies and streamlining building regulations.
    4. The pension reform will strengthen PFs financial sustainability, and offers an opportunity to improve intergenerational fairness, and rebalance portfolios. Most defined-benefit schemes (DBs) have faced financial pressure since 2008. Many have struggled to index benefits in the low-interest-rate environment, and some were forced to cut benefits. Also, DBs asset allocations do not reflect age-related risk preferences. This has raised concerns about intergenerational fairness. Together, these factors weakened confidence in the system. The transition to defined-contribution schemes will alleviate pressures from ageing on PFs sustainability. It will also allow for portfolio allocations that better align with risk preferences of age cohorts, including more investments in equity, while maintaining a high degree of solidarity and collective risk-sharing. Notably, about 80 percent of plans are expected to combine individual investment accounts with collective investments that bundle assets and distribute returns across individual accounts.

    Addressing Growth Bottlenecks

    1. A legally-robust and future-oriented nitrogen strategy is urgently needed. Developers now face permit uncertainty, investors lack confidence, and farmers remain in limbo, as environmental targets slip further out of reach. Recognizing the urgency, the government is developing a strategy that includes shifting from deposition to direct emission measurement and extending the timeline to halve emissions by 5 years. More details on possible measures are paramount. Economic considerations suggest that fees on emitters are the most cost-effective and efficient way to reduce emissions. To avoid tax increases for the average farmer, a system of feebates—where emissions-intensive farming pays fees that fund rebates for lower emission practices—offers a balanced approach. Socially-acceptable solutions and emission reductions have been achieved through a combination of taxation, regulation, subsidies, and science-based guidance.
    2. Plans to relieve electricity grid bottlenecks and ready the grid for the green transition should be accelerated and paired with dynamic pricing. The government’s strategy focuses on expediting high-voltage grid extensions and streamlining permitting. There are plans to guarantee debt issuance by the grid operator of about 4.4 percent of GDP to facilitate grid expansion. However, in the meantime, connection wait-times remain too long. Efforts to manage grid pressures should also include increasing storage capacity and incentivizing energy efficiency of households and industry, while helping the energy-poor adapt. To better manage demand, energy savings could be further incentivized by promoting greater use of dynamic metering and pricing. These are effective in shifting consumption to off-peak periods, help consumers save money, and reduce the need for extra capacity to meet peak demand.

    Strengthening Labor and Firm Productivity

    1. Labor market reforms should continue to focus on enhancing human capital. Given the aging population and labor shortages, it is critical to fully utilize the potential of workers across all generations and smaller firms. Reforms should improve educational outcomes and vocational training to address skill shortages and enhance lifelong learning. Recent progress to address labor market duality, such as reducing false self-employment, are welcome. Introducing mandatory disability insurance and strengthening pension arrangements for the self-employed are important measures to be implemented.. Additionally, better integration of workers with a migratory background would be facilitated by stepped-up language training, job search support, and recognition of qualifications acquired abroad.
    2. Policies to support firm productivity should address several key areas. First, business dynamism should be promoted by reducing entry/exit barriers to enhance firm-level allocative efficiency. Second, productivity-enhancing investment should be increased by improving the investment climate and addressing growth bottlenecks, advancing digitalization, and encouraging R&D. Third, productivity spillovers should be fostered by investments with large spillover effects (e.g., research parks and networks) to build connections among firms, research institutions, and regions. Fourth, efforts are needed to support firms to grow from start-ups to scale-ups and beyond. Plans to equalize tax treatment of stock options for small firms are welcome and should be expanded to include eliminating the reduced profit tax rate for SMEs as well as providing a menu of financing options along a firm’s development stages.  

    Domestic Capital Market Reforms

    1. Capital market reforms would help expand SME financing by improving valuations, stimulating investor demand for both equity and debt instruments, and simplifying debt issuances.  
    • Improving valuations—thereby increasing the amount of capital firms can raise when they issue stocks or bonds—will require increasing the size and liquidity of secondary markets. This should be combined with measures to narrow information gaps, such as easing investor benchmarking, to help reduce investor risk, and with reforming the Bankruptcy Act and securities laws to help investors shorten the settlement cycle for transferable securities and reallocate capital from failed startups more quickly. The authorities should also continue to push forward EU-level reforms, as integration into a larger, EU-wide capital market would also improve liquidity, and hence valuations.
    • Increasing PFs’ and insurers’ investments in domestic venture capital and other equity funds would also increase equity market size and raise valuations. The pension reform offers such an opportunity. Higher pension investment, including from abroad, in domestic equity may also be supported at the EU level by revised legal and supervisory requirements for pan-European private pension products that allow for more venture capital investment.
    • Standardizing and simplifying procedures for smaller-denomination corporate debt securities issuance, lowering the minimum denomination, making pricing more transparent, and leveraging online platforms and other dealer markets would help increase retail investor participation and make more debt capital available to firms.

    Managing the Green Transition

    1. To meet national and European climate goals, stronger policies will be needed, including to reduce uncertainty and build public support.  The current policy settings are projected to fall short of the 2030 goals. Clear and consistent policies are required to provide investment certainty for the private sector. The EU climate agenda—including introduction of CBAM and phasing out of free ETS allowances and expansion of ETS coverage—will facilitate progress. These measures may impact purchasing power. Lower-income households may struggle to adapt even though the burdens of ETS reforms across different income groups are estimated to be uniform relative to consumption. To manage these challenges, implementing compensatory funds and other targeted fiscal tools can help balance policy trade-offs and enhance public support.
    2. Recalibrating transport policies can prevent a decline in fiscal revenues and address congestion, while meeting climate targets and managing electricity demand. By 2035, revenue from transport is projected to decline by 0.5 percent of GDP, while electricity demand could rise by 20 percent with electrification of the vehicle fleet. These challenges would be best addressed with congestion pricing in urban areas and distance-based charges.

    Supporting EU Reforms

    1. The authorities should continue to push for rapid implementation of EU-wide reforms, including as the Netherlands stands to gain from these initiatives. With its mature markets, enhancing EU-wide competition by cutting intra-EU trade barriers would complement national efforts to boost business dynamism and productivity. EU-level actions to foster intra-EU labor mobility—recognition of professional qualifications, pension portability—are complementary to addressing labor and skill shortages at home. A European Savings and Investment Union (SIU) would broaden investment opportunities for Dutch savers and allow Dutch firms to more easily tap a wider pool of European savings. Finally, completing the EU energy market would ensure better connectivity and energy security, lower prices, and also lower investment needs to match increasing demand.

    *   *   *   *   *

    The IMF team thanks the authorities and other counterparts for the constructive policy dialogue and productive collaboration.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

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

    https://www.imf.org/en/News/Articles/2025/05/19/mcs-05192025-kingdom-of-the-netherlands-staff-concluding-statement-of-2025-art-iv-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI: First Busey Corporation Closes Depositary Share Offering

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., May 20, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (Nasdaq: BUSE), the holding company for Busey Bank and CrossFirst Bank, today announced the closing of its previously announced underwritten public offering of 8,600,000 depositary shares (inclusive of 600,000 depositary shares offered in connection with the partial exercise of the underwriters’ over-allotment option), each representing a 1/40th ownership interest in a share of its 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share). As a result of the public offering, Busey received proceeds of approximately $207,477,500, net of estimated expenses and underwriting discounts and commissions.

    Piper Sandler & Co., Morgan Stanley & Co. LLC and Keefe, Bruyette & Woods, Inc. acted as joint bookrunning managers for the offering, and Janney Montgomery Scott LLC is acting as the co-manager.

    A shelf registration statement, including a prospectus, with respect to the offering was previously filed by Busey with the Securities and Exchange Commission (the “SEC”) on September 21, 2023. A prospectus supplement relating to the offering has been filed with the SEC. The offering has been made by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained free of charge by visiting the SEC’s website at www.sec.gov. Alternatively, Busey or any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement if you request it by emailing Piper Sandler & Co. at fsg-dcm@psc.com or calling Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or Keefe, Bruyette & Woods, A Stifel Company at 1-800-966-1559.

    Corporate Profile
    As of March 31, 2025, First Busey Corporation (Nasdaq: BUSE) was a $19.46 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $11.98 billion as of March 31, 2025. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

    CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Leawood, Kansas, had total assets of $7.45 billion as of March 31, 2025. CrossFirst Bank currently has 16 banking centers located across Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. More information about CrossFirst Bank can be found at crossfirstbank.com. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.

    Through Busey Bank’s Wealth Management division, Busey provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.68 billion as of March 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, Inc. (“FirsTech”) specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among 2025’s America’s Best Banks by Forbes. Ranked 88th overall, Busey was one of seven banks headquartered in Illinois included on this year’s list. Busey was also named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2025 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    First Busey Corporation Contacts
    For Financials: For Media:
    Scott Phillips, Interim CFO Amy L. Randolph, EVP & COO
    First Busey Corporation  First Busey Corporation
    (239) 689-7167 (217) 365-4049
    scott.phillips@busey.com amy.randolph@busey.com
       

    Forward-Looking Statements
    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    The MIL Network –

  • MIL-OSI: F&M Bank Announces Resignation of Board Member Jo Ellen Hornish

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, May 20, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), today announced that Jo Ellen Hornish has resigned from the Company’s Board of Directors following its May 20, 2025, board meeting.

    Since 2013, Mrs. Hornish has served as a valued member of the Board, contributing her business acumen and leadership experience to the Company’s strategic vision. Her insights, particularly in the transportation and manufacturing industries, along with her service on the Audit Committee and the Corporate Governance and Nominating Committee, have helped guide the Bank through important growth and development phases.

    “On behalf of the entire Board and executive leadership team, I want to extend our deepest thanks to Jo Ellen for her dedication to F&M,” said Lars Eller, President and CEO of F&M Bank. “Her guidance and steady leadership have been instrumental in shaping the success we enjoy today. We are sincerely grateful for the time, talent, and energy she has devoted to the Board and the communities we serve.”

    Mrs. Hornish, President and CEO of several Defiance, Ohio -based companies, brought a wealth of corporate and community leadership experience to the Board. Her commitment to both local and national philanthropic efforts is also a testament to her deep-rooted values and community spirit.

    F&M extends its sincere gratitude to Mrs. Hornish and wishes her continued success in her future endeavors.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank    		 Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network –

  • MIL-OSI Russia: China urges US to stop politicizing COVID-19 source tracing issue

    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

    GENEVA, May 20 (Xinhua) — A spokesperson for the Chinese Permanent Mission to the United Nations in Geneva on Tuesday called on the United States to stop political manipulation over the issue of tracing the source of COVID-19 and stop pressuring international organizations.

    As the official representative said in response to the baseless statements of the US delegation at the ongoing 78th session of the World Health Assembly, it is astonishing that the United States, a country that once announced its withdrawal from the World Health Organization (WHO), is now making baseless attacks on countries that have consistently increased their contribution to the organization. According to the diplomat, the US has clearly lost its basic understanding of truth and lies. China has always provided selfless support to the WHO, without any so-called undue influence, he emphasized.

    The official representative recalled that since the outbreak of COVID-19, China has shared with the international community information on the epidemiological situation and the genomic sequence of the virus in the shortest possible time. In addition, the Chinese side has provided medical supplies and financial assistance to the WHO and 153 countries, including the United States. All this, as the diplomat emphasized, demonstrates China’s firm commitment to protecting the common well-being of all mankind.

    He noted that in an effort to carefully conceal their ineffective anti-epidemic measures, some countries resort to denigrating others. In his opinion, such attempts to politicize pandemic issues are disgusting and doomed to failure.

    China is calling on the United States to share data on early cases with the WHO and to disclose information about the Fort Detrick facility and the network of U.S. biological laboratories around the world, an official said. The U.S. side should stop political manipulation around the issue of tracing the source of COVID-19 and stop pressuring international organizations, he concluded. –0–

    MIL OSI Russia News –