NewzIntel.com

Category: Politics

  • At least 60 dead in north China following extreme rain, authorities say

    Source: Government of India

    Source: Government of India (4)

    Extreme weather killed at least 60 people in northern China over the past week, with 31 deaths in an elderly care home in Beijing’s hilly Miyun district in one of the deadliest floods to have hit the Chinese capital in years.

    In Beijing, 44 people were killed and nine were missing as of midday Thursday, deputy mayor of Beijing, Xia Linmao, said at a press conference.

    Heavy rains began a week ago and peaked around Beijing and surrounding provinces on Monday, with Miyun experiencing rainfall of up to 573.5 mm (22.6 inches) – levels local media described as “extremely destructive.” The average annual rainfall in Beijing is around 600 mm.

    In the nearby province of Hebei, 16 people died as a result of the intense rainfall, authorities said.

    At least eight were killed in the city of Chengde just outside Beijing, with 18 unaccounted for.

    The deaths occurred in villages within the Xinglong area of Chengde in Hebei province, state-run Xinhua reported late on Wednesday citing local authorities, without specifying when or how the people died.

    The deaths in Chengde occurred in villages which border Beijing’s Miyun about 25 km (16 miles) from the Miyun reservoir, the largest in China’s north.

    The reservoir saw record-breaking overall water levels and capacity during the rains which devastated nearby towns.

    At its peak on Sunday, up to 6,550 cubic metres of water – about 2.5 Olympic-sized pools’ worth – flooded into the reservoir every second.

    In another Hebei village north of the reservoir, a landslide on Monday killed eight people, with four missing.

    Extreme rainfall and severe flooding, which meteorologists link to climate change, pose major challenges for Chinese policymakers, with officials partially attributing a slowdown in factory activity to such events.

    (Reuters)

  • Flood threat in Rajasthan’s Dholpur as Chambal river swells; Army called in, Officials’ leave cancelled

    Source: Government of India

    Source: Government of India (4)

    A flood threat looms over rural areas in Rajasthan’s Dholpur district after heavy rainfall in the Hadoti region and nearby areas led to the release of nearly 5 lakh cusecs of water into the Chambal River – from both Kota Barrage and later the Navnera Barrage.

    The Chambal’s water level surged to 141.10 metres by 10 PM on Wednesday, significantly breaching the danger mark of 131.79 metres, according to the Water Resources Department. The old Chambal bridge has submerged due to the rising water, prompting the district administration to request Army assistance. Troops are expected to reach Dholpur today.

    Floodwaters have begun entering villages in the Sarmathura and Rajakheda subdivisions, sharply increasing the risk to life and property. In response, the leave of all government officers and employees has been cancelled to ensure coordinated relief efforts.

    Despite the flooding of the old bridge, traffic on National Highway 44 remains unaffected, as vehicles are being rerouted via the new Chambal bridge.

    Dholpur SP Vikas Sangwan and District Collector Nidhi B.T. are closely monitoring the situation and conducting visits to the affected areas. Army personnel will assist in relief and rescue operations, particularly in flood-prone zones like Rajakheda.

    Meanwhile, Director of the Meteorological Center, Jaipur, Radheshyam Sharma, said that the low-pressure system, a remnant of the Bay of Bengal depression, is expected to weaken from August 2. However, due to the monsoon trough line currently passing through Bikaner and Sikar, heavy rainfall is still likely in parts of Rajasthan on Thursday. A reduction in rainfall activity is anticipated from August 1.

    Earlier on Wednesday, Chief Minister Bhajan Lal Sharma conducted a detailed inspection of rain-affected areas in Jaipur, spending over two-and-a-half hours reviewing the situation.

    He visited B-2 Bypass Road, Sanganer, Sumer Nagar, Surajmal Circle, Muhana Mandi, and Chauradia Petrol Pump, issuing immediate instructions to address waterlogging, damaged roads, potholes, and drainage issues.

    The Chief Minister also inspected the Dravyavati River near B-2 Bypass Road and directed officials to prune overgrown trees and repair damaged ferro drain covers.

    At the Sanganer camp office, he reviewed the status of waterlogged areas across the city. Later, at the Muhana Mandi intersection, he gave instructions for the construction of a traffic circle and urgent road repairs at Maharaja Surajmal Circle and Kesar Nagar intersection.

    (With inputs from IANS)

  • MIL-OSI United Kingdom: New members appointed to OPSS Advisory Board

    Source: United Kingdom – Executive Government & Departments

    News story

    New members appointed to OPSS Advisory Board

    New members appointed to the Office for Product Safety and Standards Advisory Board.

    Five new members have been appointed to the Office for Product Safety and Standards (OPSS) Advisory Board. They are:

    • Jen Dinmore – Legal Director, Digital, Commerce and Creative team, Lewis Silk 
    • Frank Given – Founder, Close Focus
    • Amanda Long – Chief Executive, Construction Product Information
    • Professor John Loughhead – Industrial Professor of Clean Energy at the University of Birmingham and Chair of the Redwheel-Turquoise ClimateTech fund
    • John McDermid – Professor of Software Engineering, University of York

    OPSS welcomes these new members of its Advisory Board, who have a wealth of experience in areas including engineering, regulation, research and standards development.

    The OPSS Advisory Board typically meets once a quarter. Its members act as critical friends, providing external challenge and bringing fresh perspectives and ideas, ensuring OPSS is best prepared to deal with current and future challenges. The group is not involved in operational decisions, such as handling individual regulatory incidents.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Homebuyers warning as HMRC gets tough on bogus Stamp Duty claims

    Source: United Kingdom – Executive Government & Departments

    Press release

    Homebuyers warning as HMRC gets tough on bogus Stamp Duty claims

    HMRC is actively pursuing dishonest agents who make false Stamp Duty Land Tax repayment claims

    • Landmark Court of Appeal decision confirms that properties needing repair remain chargeable to residential rates of SDLT.
    • Homebuyers warned about rogue agents advertising misleading SDLT repayment claims.

    Homebuyers are being warned to avoid Stamp Duty Land Tax scams, following a landmark Court of Appeal decision.

    HM Revenue and Customs (HMRC) is warning people purchasing properties to be vigilant of tax agents offering to secure Stamp Duty Land Tax (SDLT) repayments on their behalf where repairs are needed to a property they have bought.

    Some agents have suggested that, for a fee, they can reclaim SDLT the buyer has already paid by saying that the property is non-residential because it’s uninhabitable. But making claims of this kind often leave the homeowner liable for the full amount of SDLT, plus penalties and interest.

    A recent Court of Appeal judgment in the case of Mudan & Anor v HMRC has confirmed that housing (“dwellings”) in need of repair are chargeable at the residential rates of SDLT, and that repayment claims based solely on a property’s condition are not valid.

    This decision confirms HMRC’s long-standing view that if a property requires repairs but retains the fundamental characteristics of a dwelling, it is still suitable for use as a dwelling and attracts residential rates of SDLT. A key factor in determining suitability is whether a property had been previously used as a dwelling.

    HMRC is taking decisive action on spurious SDLT repayment claims, using civil and criminal powers to deal with the minority who undermine the tax system.

    Anthony Burke, HMRC’s Deputy Director of Compliance Assets, said:

    The Court of Appeal’s decision is a major win, protecting public funds. Homebuyers should be cautious of allowing someone to make a Stamp Duty Land Tax repayment claim on their behalf. If the claim is inaccurate, you could end up paying more than the amount you were trying to recover.

    Anyone who is unsure of the rules should check the SDLT guidance on GOV.UK.

    As an example, if Joe bought a house in London for £1,100,000 and his solicitor filed the SDLT return, SDLT was calculated at the residential rates (£53,750). As the house required modernisation and repair, Joe couldn’t move in straight away. The house needed a new boiler, rewiring and damp proofing.

    Shortly after moving in, Joe received an advert in the post from a repayment agent which incorrectly suggested that due to the required repairs they could get him a refund of SDLT on a ‘no win, no fee’ basis. In Joe’s case the refund amounted to £9,250 (the difference between residential and non-residential rates), less the agent’s 30% fee. Joe agreed for the agent to make a claim on his behalf, and he received his repayment. Later in the year, HMRC opened a compliance check into the repayment claim and concluded that the property was residential. 

    Consequently, Joe found out that he owed £9,250 SDLT, plus interest and a penalty, even though the agent only sent him £6,475, after deducting their fee. He is now out of pocket as the agent refused to cover the interest and penalty and the agent has since refused to respond to his emails and phone calls. 

    Further information

    For more information visit HMRC’s Stamp Duty Land Tax guidance

    SDLT is a self-assessed tax, so when claiming a repayment of SDLT it is the responsibility of the taxpayer to get it right.

    In the case of Mudan & Anor v HMRC, the claimant had requested a refund of SDLT paid on a property transaction from August 2019. The property was in a poor state of repair. Their claim was submitted by their tax agent who persuaded them that the condition of the purchased property would qualify for a repayment. The dispute centred on the definition of residential property for SDLT purposes, and specifically whether the legal term ‘suitable for use as a dwelling’ meant that the purchaser should be able to move in straight away.

    The primary findings from the Upper Tribunal decision include:

    • being suitable for use as a dwelling does not mean the same thing as ready for immediate occupation
    • taxpayers should assess to what extent the building has the fundamental characteristics of a dwelling, and is structurally sound
    • if a property has previously been used as a dwelling, this will be relevant for considering whether it is suitable for use as a dwelling
    • the question to consider is whether the defects have the result that the building no longer has the characteristics of a dwelling

    The Court of Appeal firmly dismissed the appeal, finding that the Upper Tribunal decision was legally sound, and that the principles laid down in that decision are practical and workable. The decision confirms that the definition of ‘residential property’ should be considered against its statutory context, bearing in mind what the “ordinary speaker of English” would characterise as residential property (that being the “sort of property that people live in”). Past use of the building and whether it retains its identity or character as residential property, despite any disrepair and the requirement for renovations, will therefore be important considerations.

    HMRC has a high success-rate litigating cases where the refund claimed is not due. We encourage customers to carefully consider the terms of engagement with the reclaims specialist including understanding any fee that might be taken.

    Where a claim is due, it can be made directly by the customer at no cost.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Yorkshire Water fined for polluting watercourse

    Source: United Kingdom – Executive Government & Departments

    Press release

    Yorkshire Water fined for polluting watercourse

    Yorkshire Water has been fined £865,000 after a South Yorkshire water treatment works pumped out millions of litres of chlorinated water for almost a month.

    The water company appeared at Sheffield Magistrates’ Court on 30 July for sentence after previously pleading guilty in February to one charge of polluting Ingbirchworth Dike near Barnsley.

    The court heard that Ingbirchworth Water Treatment Works illegally discharged chlorinated water into the watercourse, which connects Ingbirchworth and Scout Dike reservoirs.

    Approximately 1 million litres per day of chlorinated water was discharged – which even at low levels of chlorine is toxic to fish and other aquatic life – resulting in over 430 dead fish being found in one day.

    Yorkshire Water was fined £865,000, ordered to pay costs of £34,979.79 and a victim surcharge of £170.

    Systems ‘were simply not robust enough’

    Jacqui Tootill, Water Industry Regulation Manager for the Environment Agency in Yorkshire, said:

    This pollution was not caused by an unforeseen event or extreme weather. The systems were simply not robust enough and this wouldn’t have happened if proper checks had taken place.

    We expect full compliance from water companies and are committed to taking robust enforcement action where we see serious breaches.

    We’re pleased Yorkshire Water has now been dealt with by the courts following our investigation.

    Ingbirchworth Water Treatment Works provides 90,000 people in Barnsley and South Yorkshire with drinking water every day and is fed by Ingbirchworth and Royd Moor reservoirs.

    Water from the reservoirs passes through the works for treatment. It includes an underground ‘clean water wash tank’, containing chlorine.

    When operating normally the level in this tank fluctuates. At 87% capacity an inlet valve automatically opens allowing the tank to refill and when it reaches 91% capacity it should close.

    As a back-up, if it reached 96% capacity it would discharge via an overflow pipe into Ingbirchworth Dike. The works has an environmental permit which allows, in emergency situations, the discharge of the chlorinated water into the Dike.

    However, both before and during this incident, a capacity alarm was set at 97% meaning the overflow pipe would be discharging before the alarm was activated.

    Inlet valve had failed

    On 1 November 2017 an alarm was received in the Yorkshire Water control room that indicated the inlet valve to the tank had failed. The valve was then manually opened to allow the tank to fill and maintain the water supply.

    But due to a series of failures by the water company, maintenance operatives were unaware that the capacity alarm was set above the overflow pipe level. This led to intermittent but regular discharges for 27 days.

    On 26 November Barnsley Trout Club reported dead fish at Scout Dike Reservoir. Officers attended and counted 434 dead fish in a 1.5km stretch of water between the treatment works and the reservoir.

    At this stage the discharge had been ongoing for almost four weeks and in passing sentence District Judge Tim Spruce agreed with the Environment Agency’s assertion that the fish death total is likely to have been substantially higher.

    The Environment Agency alerted Yorkshire Water about the incident and the inlet valve of the clean water wash tank was returned to automatic operation.

    The court agreed that the series of failures by Yorkshire Water showed a high degree of negligence, resulting in ‘a prolonged and catastrophic loss of aquatic life’.

    Judge Spruce said that the company’s previous convictions, including several since this incident, suggested that despite higher fines available to courts being an incentive for Yorkshire Water to improve regulatory compliance, that incentive has had ‘a lukewarm reception’.

    A Yorkshire Water-commissioned ecology report concluded that there was mortality in aquatic insect population but that the impact had a ‘significant but reversible impact to aquatic or groundwater dependent nature conservation’.

    Since the incident Yorkshire Water has made a number of improvements to the tank. It has amended the alarm trigger so that it is activated before the overflow point is reached, and the inlet valve has been replaced.

    It has also introduced a new regime of weekly proactive checks and has improved internal communication with operatives.

    The discharge pipes from the tank have also been moved so that it discharges into on site lagoons rather than the watercourse.

    After substantially reducing the fine due to Yorkshire Water’s guilty plea, District Judge Spruce said the subsequent measures illuminated the inadequacies of the pre-incident systems.

    Background

    Full charge

    Between 01 November 2017 and 29 November 2017 Yorkshire Water Services Ltd caused a water discharge activity, namely the discharge of chlorinated potable water into inland freshwaters, namely Ingbirchworth Dike, otherwise than in accordance with an environmental permit

    Contrary to Regulations 12(1)(b) and 38(1)(a) Environmental Permitting (England & Wales) Regulations 2016

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-Evening Report: Labor well-placed to win three Bass seats in Tasmanian election, giving left a total of 20 of 35 MPs

    Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

    Labor is well-placed to win three seats in the electorate of Bass at the Tasmanian election, although its party totals imply it deserves only two. This would give left-leaning MPs a total of 20 of 35 seats. Interstate, New South Wales Labor has surged to a large lead in a Resolve poll.

    The postal receipt deadline for the July 19 Tasmanian state election passed at 10am Tuesday. Final statewide vote shares
    were 39.9% Liberals (up 3.2% since the March 2024 election), 25.9% Labor (down 3.2%), 14.4% Greens (up 0.5%), 2.9% Shooters, Fishers and Farmers (up 0.6%), 1.6% Nationals (new) and 15.3% independents (up 5.7%).

    Tasmania uses the proportional Hare-Clark system to elect its lower house. There are five electorates corresponding to Tasmania’s five federal seats, and each electorate returns seven members, for a total of 35 lower house MPs.

    Under this system, a quota for election is one-eighth of the vote or 12.5%, but half of this (6.2%) is usually enough to give a reasonable chance of election. There’s no above the line section like for the federal Senate. Instead, people vote for candidates not parties, with at least seven preferences required for a formal vote.

    Robson rotation means that candidates for each party are randomised across ballot papers for that electorate, so that on some ballot papers a candidate will appear at the top of their party’s ticket and on others at the bottom.

    This means parties can’t control the ordering of their candidates. Independents can be listed in single-candidate columns.

    Leakage occurs when party candidates with more than one quota are elected and their surplus distributed, or when minor candidates are excluded and their preferences distributed. In the federal Senate, the large majority of votes are cast above the line, and these votes cannot leak from the party that received a first preference vote.

    The consequence of leakage is that parties will lose votes from their totals during the distribution of preferences when their own candidates are elected or excluded. Single-candidate tickets can’t lose votes, and will only gain as other candidates are excluded.

    Unlike other states and federally, the Tasmanian distribution of preferences is done manually. Before the distributions, analyst Kevin Bonham had called 14 of the 35 seats for the Liberals, ten for Labor, five for the Greens and four for left-leaning independents, leaving two undecided (the final seats in Bass and Lyons).

    Labor well-placed to win three seats in Bass

    Final primary votes in Bass gave the Liberals 3.34 quotas, Labor 2.20, the Greens 1.32, the Shooters 0.32 and independent George Razay 0.27. The Shooters and Razay had single-candidate tickets that can’t leak votes.

    After three days of preference distributions, vote shares in Bass are 3.30 quotas for the Liberals, 2.25 for Labor, 1.31 for the Greens, 0.40 for the Shooters and 0.37 for Razay.

    On quota fractions, the final seat in Bass looks as if it should go to the Shooters or Razay. However, with one Labor candidate already elected, the two leading Labor candidates (Jess Greene and Geoff Lyons) each have about 0.37 quotas with two Labor candidates still to be excluded.

    If the remaining Labor votes divide roughly evenly between Greene and Lyons, they would each have about 0.62 quotas. Greens preferences will then favour Labor whether their final opponent is the Shooters or the Liberals. So Labor is well-placed to win three seats in Bass despite their party total implying they only deserve two.

    If Labor wins the final Bass seat, Labor, the Greens and left-leaning independents would have a total of 20 of the 35 seats, making any Labor attempt to form government easier.

    In Lyons, final primary votes gave the Liberals 3.36 quotas, Labor 2.27, the Greens 1.08, the Shooters 0.53 and the Nationals 0.33. The Shooters had a single-candidate ticket.

    The Liberals now have 3.36 quotas, Labor 2.44, the Greens one, the Shooters 0.68 and the Nationals 0.34. Neither Labor nor the Liberals have any chance of pulling off an even split across candidates, so the Shooters will win the final Lyons seat.

    NSW Resolve poll: Labor surges to large lead

    A New South Wales state Resolve poll for The Sydney Morning Herald, conducted July 13–18 from a sample of 1,054, gave Labor 38% of the primary vote (up five since April), the Coalition 32% (down four), the Greens 13% (up two), independents 8% (down six) and others 10% (up four).

    Resolve does not usually give a two-party estimate for its state polls, but The Poll Bludger estimated a Labor lead by 57–43. Despite the strong voting intentions for Labor, Labor incumbent Chris Minns’ lead over Liberal Mark Speakman as preferred premier narrowed from 40–15 to 35–16. This indicates that Labor’s surge is due to the federal election result.

    Resolve polls taken well before an election have overstated the independent vote as they give independent as an option in all seats, when many seats don’t have viable independents. The six-point drop for independents in this poll suggests a different method is now being used.

    By 32–25, respondents expected their personal outlook in the next year to get better rather than worse, but by 25–21 they expected the NSW state outlook to get worse.

    Additional questions from federal Resolve poll

    I previously covered a national Resolve poll for Nine newspapers that gave Labor a 56–44 lead. On reforms, 36% thought the government should take the opportunity from its landslide re-election to undertake reforms, while 32% thought it should restrict itself to policies put forward at the election.

    By 47–20, respondents opposed raising the GST rate even if it would reduce other taxes. By 31–26, they supported reducing or ditching negative gearing concessions. By 36–27, they supported reducing or ditching capital gains tax concessions on properties.

    By 57–18, respondents thought the opposition should work with the government to negotiate changes, rather than just oppose major reforms.

    By 53–18, respondents thought Donald Trump’s election as United States president last November a bad outcome for Australia (68–11 bad in April, after Trump’s “liberation day” tariffs).

    By 46–22, they thought Australia becoming more independent from the US on foreign policy and national security would be good. By 38–26, voters blamed Trump more than Albanese for the lack of a meeting.

    Adrian Beaumont 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. Labor well-placed to win three Bass seats in Tasmanian election, giving left a total of 20 of 35 MPs – https://theconversation.com/labor-well-placed-to-win-three-bass-seats-in-tasmanian-election-giving-left-a-total-of-20-of-35-mps-261751

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Espionage cost Australia $12.5 billion in 2023-24, ASIO boss Mike Burgess says

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    Espionage cost Australia $12.5 billion in 2023-24, according to a study by ASIO and the Australian Institute of Criminology.

    The figure includes the direct costs of known espionage incidents, including state-sponsored theft of intellectual property, as well as the indirect costs of countering and responding.

    Details of the Cost of Espionage report were released by the head of ASIO, Mike Burgess, in delivering the annual Hawke Lecture on Thursday night. Espionage is defined as “the theft of Australian information by another country that is seeking an advantage over Australia”.

    Burgess said the Institute estimated foreign cyber spies stole nearly $2 billion from Australian companies and businesses in trade secrets and intellectual property in 2023-24.

    In one instance, spies hacked into a major Australian exporters computer network, stealing commercially sensitive information.

    “The theft gave the foreign country a significant advantage in subsequent contract negotiations, costing Australia hundreds of millions of dollars.”

    Burgess pointed to another espionage incident several years ago when an overseas delegation visited a sensitive Australian horticultural facility.

    A delegation member entered a restricted area and photographed a rare, valuable variety of fruit tree. A staff member intervened and deleted the image but it later turned out several of the tree’s branches had been stolen and smuggled out of Australia.

    “Almost certainly, the stolen plant material allowed scientists in the other country to reverse engineer and replicate two decades of Australian research and development.”

    In another instance, an Australian defence contractor invented and sold a world-leading innovation.

    At first sales boomed but then they collapsed, and “customers began flooding the company’s repair centre with faulty products. While the returns looked genuine, closer examination revealed they were cheap and nasty knock offs.

    “An investigation uncovered what happened.

    “One year earlier, a company representative attended a defence industry event overseas and was approached by an enthusiastic local. She insisted on sharing some content via a USB, which was inserted into a company laptop. The USB infected the system with malware allowing hackers to steal the blueprints for the product.

    “Almost certainly, the ‘enthusiastic local’ worked for a foreign intelligence service. The blueprints were given to a state-owned enterprise which mass-produced the knock-offs and deprived the Australian company millions of dollars in lost revenue – the tangible cost of espionage.”

    Burgess said many entities do not realise their secrets have been stolen by espionage.

    He stressed the institute was deliberately conservative, only modelling costs it could confirm and calculate.

    “That means many of the most serious, significant and cascading costs of espionage are not included in the 12.5 billion dollar figure. The potential loss of strategic advantage, sovereign decision-making and warfighting capacity hold immense value, but not a quantifiable dollar value.”

    “The Institute estimates Australia prevented tens of billions of dollars of additional costs by stopping or deterring spying,” Burgess said.

    He said ASIO estimated the espionage threat “will only intensify. It is already more serious and sophisticated than ever before, so our response must also be more serious and sophisticated than ever before.”

    Russian spies booted out in 2022

    Burgess confirmed that in 2022 a number of “undeclared Russian intelligence officers” were removed from Australia.

    “The decision followed a lengthy ASIO investigation that found the Russians recruiting proxies and agents to obtain sensitive information, and employing sophisticated tradecraft to disguise their activities.”

    Last year, two Russian born Australian citizens were charged with an espionage related offence.

    Russian remained a persistent and aggressive espionage threat, Burgess said. “But Russia is by no means the only country we have to deal with.

    “You would be genuinely shocked by the number and names of countries trying to steal our secrets.

    “The obvious candidates are very active – I’ve previously named China, Russia and Iran – but many other countries are also targeting anyone and anything that could give them a strategic or tactical advantage, including sensitive but unclassified information.”

    Burgess said increasingly foreign intelligence services were broadening their collection efforts beyond traditional categories. They were aggressively targeting science and technology, and public and private sector projects, negotiations and investments. This includes Antarctic research, green technology, critical minerals and rare earths extraction and processing.

    ‘A very unhealthy’ interest in AUKUS

    Burgess said foreign intelligence services were “taking a very unhealthy interest in AUKUS and its associated capabilities.”

    “Australia’s defence sector is a top intelligence collection priority for foreign governments seeking to blunt our operational edge, gain insights into our operational readiness and tactics, and better understand our allies’ capabilities.

    “Targets include maritime and aviation-related military capabilities, but also innovations with both commercial and military applications.

    “And with AUKUS, we are not just defending our sovereign capability. We are also defending critical capability shared by and with our partners.”

    He said foreign intelligence services were “proactive, creative and opportunistic” in targeting present and former defence employees.

    There was relentless cyber espionage, in-person targeting and technical collection.

    “In recent years, for example, defence employees travelling overseas have been subjected to covert room searches, been approached at conferences by spies in disguise and given gifts containing surveillance devices.”

    Two dozen major disruptions in the last three years

    Burgess said that ASIO had detected and disrupted 24 major cases of foreign interference in the last three years alone.

    This was more than in the previous eight years combined. They were just the major disruptions – there were many other cases. Among the examples he gave were:

    • spies recruited a security clearance holder who handed over official documents on free trade negotiations

    • foreign companies connected to intelligence services sought to buy access to personal data sets; sought to buy land near sensitive military sites, and sought to collaborate with researchers developing sensitive technologies

    • foreign intelligence services tried to get someone employed as a researcher in a media outlet, aiming to shape reporting and receive early warning of critical stories

    • spies convinced a state bureaucrat to login to a database to obtain details of people considered dissidents by a foreign regime

    • nation state hackers compromised a peak industry body’s network getting sensitive information

    • a foreign intelligence service had multiple agents and their family members apply for Australian government jobs to get access to classified information.

    Michelle Grattan 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. Espionage cost Australia $12.5 billion in 2023-24, ASIO boss Mike Burgess says – https://theconversation.com/espionage-cost-australia-12-5-billion-in-2023-24-asio-boss-mike-burgess-says-262349

    MIL OSI Analysis – EveningReport.nz –

  • Centre constructs 16,207 km of highways, sanctions ₹69,342 crore for railway projects in Northeast

    Source: Government of India

    Source: Government of India (4)

    The Central Government has constructed 16,207 km of National Highways and sanctioned ₹69,342 crore for railway projects to bolster infrastructure and accelerate economic development in the Northeastern Region (NER), the Parliament was informed on Thursday.

    Minister of State for Development of North Eastern Region Sukanta Majumdar told the Rajya Sabha that the Ministry of Railways has approved 12 railway projects – including 8 new lines and 4 doubling projects – spanning a total length of 777 km, either partially or fully within the NER. Of this, 278 km have already been commissioned, and ₹41,676 crore has been expended up to March 2025.

    Under the Pradhan Mantri Gram Sadak Yojana (PMGSY), the government has sanctioned 17,637 road works covering 89,436 km and 2,398 bridges in the Northeast. Out of these, 16,469 road works (80,933 km) and 2,108 bridges have been completed, the Minister added.

    To enhance digital connectivity in remote and rural areas of the Northeast, several initiatives have been undertaken with support from the Digital Bharat Nidhi. As many as 6,355 Gram Panchayats have been made service-ready under the BharatNet project. In addition, 3,297 mobile towers have been commissioned in the region under various government-funded mobile connectivity schemes.

    The Ministry of Civil Aviation, through the UDAN (Ude Desh ka Aam Nagrik) scheme, has significantly improved regional air connectivity by operationalising 90 routes in the Northeast. These routes connect 12 airports and heliports across the region, aiming to make air travel more accessible and affordable for the masses.

    Further, the Ministry of Development of North Eastern Region (MDoNER) is providing financial assistance to all eight Northeastern states for developmental projects related to infrastructure, connectivity, and communication, under five Central Sector Schemes.

    A key initiative in this regard is the Prime Minister’s Development Initiative for North East Region (PM-DevINE). This 100% centrally funded scheme, launched with a total outlay of ₹6,600 crore, is scheduled to run from 2022–23 to 2025–26. The scheme focuses on funding infrastructure projects in line with PM GatiShakti, supporting social development, and promoting livelihood opportunities for youth and women, while addressing developmental gaps in critical sectors.

    The DoNER Ministry is also providing financial support to boost tourism development across the eight Northeastern states through its various Central Sector Schemes.

    (With inputs from IANS)

  • MIL-OSI Africa: Government cracks down on water mafia

    Source: Government of South Africa

    Water and Sanitation Deputy Minister David Mahlobo has reaffirmed government’s commitment to tackling the growing challenge of water infrastructure sabotage and criminal activities of the so-called “water mafia”, who continue to violate citizens’ constitutional right to water access.

    Speaking during a webinar hosted by the South African Human Rights Commission (SAHRC), Mahlobo described the destruction, vandalism and extortion within the water sector as acts of “economic sabotage that preys on the most vulnerable and obstructs the country’s developmental goals”.

    He highlighted how criminal syndicates, often in collusion with unscrupulous individuals, are deliberately disrupting water supply networks, including damaging pump stations, pipelines, and valves. They then profit by selling water through tankers at inflated prices.

    “These activities not only cripple infrastructure but also endanger public health, inflate municipal budgets through recurring repair costs and degrade the dignity of affected communities,” Mahlobo said.

    The webinar held this week under the theme: ‘Sabotage of Essential Water Infrastructure and Water Mafias: What Can Be Done?’, focused on initiatives underway to address the sabotage of essential water infrastructure and water mafias.

    Mahlobo noted that the widespread and coordinated criminal operations have led to water outages due to the theft of critical components like pipes, cables and meters.

    He warned that the problem is not only limited to urban centres but is emerging across the country and requires urgent, coordinated and forceful action.

    He said department would intensify its collaboration with law enforcement agencies and all levels of government to ensure that those behind the sabotage are identified and prosecuted.

    “We will not tolerate the deliberate sabotage of our water infrastructure. These criminal acts are an attack on our constitutional democracy and our commitment to human rights.

    “There will be no hesitation in acting against those responsible. We are closing the space for criminals to operate, and we will pursue them relentlessly through law enforcement, community mobilisation and with the full weight of State institutions,” the Deputy Minister warned.

    Mahlobo underscored the importance of community participation in protecting infrastructure. He urged citizens to report suspicious activities, support educational campaigns, and embrace a culture of whistleblowing to expose criminal networks and corruption within the water sector.

    He also called for a culture of whistleblowing, encouraging individuals with knowledge of criminal networks or corruption in the sector to come forward, adding that their role is vital in rooting out entrenched criminality.

    The Deputy Minister outlined the department’s comprehensive response, including the implementation of the 2025 National Water and Sanitation Indaba resolutions, which prioritise infrastructure protection strategies, public education campaigns and partnerships with law enforcement.

    “Communities are also being urged to embrace innovation, as municipalities begin deploying technology such as surveillance systems, remote sensors and smart infrastructure to detect and prevent sabotage.”

    Mahlobo called on all South Africans, particularly civil society, organised labour, water activists, conservation groups and traditional leaders, to unite against the sabotage of national infrastructure.

    “All acts of theft, vandalism or extortion should be reported without delay to local law enforcement or municipal security authorities,” he said.

    Mahlobo reaffirmed government’s stance that water access is a non-negotiable human right and “must never be held hostage by criminals”.

    “Water is life, and no criminal syndicate will be allowed to hijack the public’s right to it. We are acting decisively, and we urge every South African to be part of the solution.

    “We must defend this resource together. Through strong partnerships, community vigilance and courageous whistleblowing, we will protect our water and secure our future,” he said. – SAnews.gov.za
     

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: Hospital Authority streamlines clinical research approval to promote medical research development (with photo)

    Source: Hong Kong Government special administrative region – 4

    The following is issued on behalf of the Hospital Authority:

         The Hospital Authority (HA) held a sharing session today (July 31) with representatives from the Greater Bay Area International Clinical Trial Institute (GBAICTI) and Hong Kong’s pharmaceutical industry to outline a series of enhancement measures implemented by the HA for promoting clinical research development, including the recently implemented streamlined approval procedures aiming at attracting more clinical research projects from the industry.
     
         Last year, the HA established a Central Clinical Research and Innovation Office and Cluster Clinical Research Support Offices in each cluster to provide support for frontline healthcare professionals and proactively encourage participation in clinical research. In April this year, the HA further enhanced the application and approval procedures for commercially sponsored clinical research, including revising the long-standing standard clinical research agreement template to provide more up-to-date content and balance the interests of all parties. The HA has also engaged a professional organisation to assist in the review and approval of commercially sponsored clinical research applications, expediting the approval process and timeframe through the incorporation of industry expertise.
     
         The Director (Quality and Safety) of the HA, Dr Michael Wong, expressed confidence that the new measures will promote the clinical research development. “As a key player in local clinical research with professional medical teams and extensive healthcare data, the HA has been aligning with government policies and engaging in communication and exchange with various healthcare institutions and industry stakeholders. Through optimising processes and streamlining approval procedures, the HA aims to facilitate efficient implementation and execution of clinical research, fostering a more conducive environment for medical innovation and enhancing Hong Kong’s competitiveness in international clinical research.”
     
         About 100 participants in the sharing session included members and representatives from the GBAICTI and the Hong Kong Association of the Pharmaceutical Industry, who had in-depth exchanges on the development of clinical research in Hong Kong.
     
         The HA Central Institutional Review Board (Central IRB) completed the integration of all cluster Research Ethics Committees in March 2024 and has processed over 1 000 clinical research applications. The Central IRB serves as a co-ordinator and has been further streamlining the research ethics application and approval process and facilitating cross-cluster clinical research applications. Following process optimisation, simple clinical research applications can now be processed through an expedited review procedure, with approval times significantly reduced to within 30 days, while the ethics review for complex research applications can be completed within 60 days.
     
         The HA will continue to dovetail with government policy directions and the needs of the pharmaceutical industry, deepen collaboration with the GBAICTI, and fully support various clinical research applications, thereby promoting Hong Kong’s medical and scientific research, enhancing healthcare standards, and benefitting patients.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Government revises eligibility criteria for government-subsidised post-secondary student places and subsidies

    Source: Hong Kong Government special administrative region – 4

         The Government today (July 31) announced the revision of the eligibility criteria for government-subsidised post-secondary student places and subsidies: introducing two categories of tuition fees and revising the eligibility criteria. The revision will apply to the 2027/28 academic year and thereafter (the application cycle for the 2027/28 academic year commencing in October 2026). This will allow the affected persons reasonable time to make their own plans and the Joint University Programmes Admissions System (JUPAS) Office and the admissions offices of various institutions (including the University Grants Committee (UGC)-funded universities, the Hong Kong Academy for Performing Arts, and the Vocational Training Council) sufficient time to make corresponding administrative arrangements.
     
    A Government spokesperson said, “Under the current admissions arrangements, dependant visa/entry permit holders who were below 18 years old when first issued with such visa/entry permit by the Immigration Department (ImmD) are considered local students. There has been recent concern that some of these students did not come to reside in Hong Kong but applied for government-subsidised student places at UGC-funded universities as local students, which affected opportunities for university admission and the targeted use of public funds.
     
         “To clarify the eligibility criteria for government-subsidised post-secondary student places and subsidies, and to ensure the proper use of public funds, the Education Bureau, having regard to overseas practices and the practical situation in Hong Kong, considers it necessary for dependant children to reside in Hong Kong for two years before becoming eligible for government-subsidised post-secondary student places. Holders of a full-time employment visa/work permit or a visa/entry permit for various admission schemes will no longer be eligible for government-subsidised post-secondary student places.”
     
         Two categories of tuition fees are introduced under the revision. Category I refers to subsidised fees. Persons holding the following documents are eligible for government-subsidised student places in relation to sub-degree, undergraduate and taught postgraduate programmes:
     

    • A Hong Kong permanent identity card, other documents issued by the ImmD showing the right to land/right of abode in Hong Kong, and a visa label for unconditional stay;
    • A One-way Permit for entry to Hong Kong; and
    • A dependant visa/entry permit: holders who were below 18 years old when first issued with such visa/entry permit by the ImmD, provided that they have resided in Hong Kong for two years immediately preceding the first day of their respective programmes. Regarding first-year student places, to facilitate institutions’ admissions procedures, the two-year period will be specified appropriately by the JUPAS office or the institutions concerned having regard to the first day of the respective programmes. Whether the residency requirement is met is determined at or before the start of each academic year and shall remain the same for the remainder of that academic year. The first day of the academic year of a programme is determined by the programme’s start day. 

     
         Category II refers to non-subsidised fees and applies to persons not meeting the eligibility criteria in the above-mentioned Category I. These persons include:
     

    • Dependant visa/entry permit holders who were below 18 years old when first issued with such visa/entry permit by the ImmD, and they do not meet the two-year residency requirement;
    • Holders of a full-time employment visa/work permit;
    • Holders of a visa/entry permit for various admission schemes (including the Quality Migrant Admission Scheme, the Capital Investment Entrant Scheme or the Admission Scheme for the Second Generation of Chinese Hong Kong Permanent Residents); and
    • Non-local students (such as holders of a student visa/entry permit; holders of a visa/entry permit under the Immigration Arrangements for Non-local Graduates; dependant visa/entry permit holders who were 18 years old or above when first issued with such visa/entry permit by the ImmD).

     
         Category II persons may still apply for government-subsidised sub-degree, undergraduate and taught postgraduate programmes but have to pay non-subsidised fees. The institutions may determine appropriate non-subsidised fee levels, following the established principles, having regard to their own circumstances and programme costs, and taking a holistic view of various factors. The levels have to be at least sufficient to recover all additional direct costs, and to be on par with those applicable to non-local students.
     
         The Government will put in place a transitional arrangement for the above-mentioned revision, whereby the residency requirement for the 2027/28 academic year (its application cycle commencing in October 2026) will be set at one year. The two-year residency requirement will be implemented starting from the 2028/29 academic year.
     
    The spokesperson said, “When formulating the revision, the Government fully listened to various views in society and struck the right balance. The revision is not expected to have a significant impact on families with genuine intentions to come to Hong Kong for development.”
     
    Regarding the residency requirement for JUPAS applications for government-subsidised first-year-first-degree student places, applicants are required to provide the following proof:

    (a) proof from the applicant that he or she is enrolled as a full-time student in a school offering a formal curriculum in Hong Kong for the two-year period ending on May 31 in the year in which his or her respective programme begins; or
     
    (b) for those who cannot provide the proof in (a) above, a statement of travel records of the applicant which can be obtained at a fee from the ImmD covering the two-year period to demonstrate that the applicant is not absent from Hong Kong for a maximum of 90 days in each year of the two-year period.
       
         Regarding other government-subsidised post-secondary student places, including those in relation to sub-degree, senior year undergraduate and taught postgraduate programmes of UGC-funded universities, the relevant institutions are required to process the applications in an approach similar to the above-mentioned one.
     
         The eligibility criteria and related arrangements for government scholarship, fellowship or subsidy schemes which are currently premised on the definitions of “local students” and “non-local students” (such as the Hong Kong Future Talents Scholarship Scheme for Advanced Studies, the Tuition Waiver for Local Research Postgraduate Students, the Study Subsidy Scheme for Designated Professions/Sectors, and the Non-means-tested Subsidy Scheme for Self-financing Undergraduate Studies in Hong Kong) will also be correspondingly revised to ensure consistency. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: HD implements multipronged mosquito control measures against chikungunya fever (with photos)

    Source: Hong Kong Government special administrative region – 4

         In response to the recent surge in chikungunya fever cases reported in neighbouring regions, the Housing Department (HD) announced today (July 31) that the HD has stepped up mosquito prevention and control efforts through a multipronged approach in all public rental housing estates under the HD’s management, and appeals to residents to strengthen mosquito prevention and control measures.

         “To prevent mosquito-borne diseases effectively, all estate offices under the HD have strengthened anti-mosquito measures and prevention work jointly with different stakeholders and other government departments. They are strengthening inspections in public areas and flower beds; upon detection of mosquito breeding grounds, immediate actions will be taken, including conducting fogging operations to eliminate adult mosquitoes, removal of stagnant water and water-holding containers, application of larvicides (e.g. temephos sand granules), and installation of mosquito traps,” said an HD spokesman.

         “We have taken measures to keep drains free of blockage and level all defective ground surfaces to prevent water accumulation. We have also continuously enhanced public education and publicity through posters and leaflets to remind the public to adopt mosquito control measures. We also invited the Food and Environmental Hygiene Department to conduct educational talks to disseminate the latest information on chikungunya fever and mosquito prevention to the residents,” the spokesman added.

         Public participation is crucial in addition to the efforts of government departments. The HD urged residents to join hands to implement mosquito prevention and control measures at home and other places promptly. The measures include:
     

    • Keep the environment clean by disposing of rubbish properly. Refuse like empty cans and food containers where water can accumulate easily should be disposed of in covered litter containers;
    • Clean the saucers under potted plants weekly to prevent water accumulation;
    • Change the water in vases and scrub their internal surfaces every week;
    • Keep water storage containers, such as buckets and basins, tightly covered; and
    • Check air-conditioner drip trays to prevent any water accumulation.

         Please visit the Centre for Health Protection’s thematic webpage for more information on chikungunya fever: www.chp.gov.hk/en/features/109029.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Briefing – Research for REGI, CONT and BUDG Committees – Cohesion Policy Calendar (2021-2027 and 2014-2020 Programming Periods) July 2025 update – 16-07-2025

    Source: European Parliament

    The implementation timetable for cohesion policy is defined largely by its legislative framework. In order to be able to plan parliamentary work and exercise systematic scrutiny of policy implementation and of the Commission’s work, it is essential to have an overview of the timing of different steps in policy implementation in the coming years. This type of briefing was first published (and subsequently updated) in 2014 covering the 2014-2020 programming period. This version includes the policy actions of the 2021-27 period, while still indicating the last steps of the 2014-20 period. It includes a detailed (but non-exhaustive) timetable of policy actions in 2025, together with an overview of major actions for the remainder of the programming period, from 2026. Given its contribution to cohesion in the European Union, policy actions under the Recovery and Resilience Facility are now included in the calendar. Policy actions related to budgetary and budgetary control aspects are coloured green (for the year 2025).

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – EU financing for the fact-checking company Check First – P-003079/2025

    Source: European Parliament

    Priority question for written answer  P-003079/2025
    to the Commission
    Rule 144
    Isabella Tovaglieri (PfE)

    The Commission said that Putin’s Russia may have been behind the motion of censure against President von der Leyen. According to Commission spokesperson Thomas Reigner, the motion was part of Moscow’s plans, and independent fact-checkers have confirmed that fact[1].

    One of the fact-checkers that the Commission explicitly refers to is Check First. However, that company appears to receive direct funding from the European Union, which is also visible on their page[2].

    Specifically, it is receiving EU funds for the Crossover and OKSA projects[3], financed by means of EU funds, and is part of the European Fact-Checking Standards Network, which is also co-financed through EU programmes to fight disinformation[4].

    In the light of the above:

    • 1.What is the exact amount of EU funds received by Check First through calls or financing?
    • 2.Give its participation in the aforementioned EU programmes, can this company be regarded as an ‘independent’ fact-checker when it comes to judging a political entity (including the EU)?

    Submitted: 24.7.2025

    • [1] https://europa.today.it/unione-europea/mosca-dietro-mozione-sfiducia-von-der-leyen.html.
    • [2] https://checkfirst.network/about-us/?utm_source=chatgpt.com.
    • [3] https://checkfirst.network/2-years-of-checkfirst/?utm_source=chatgpt.com.
    • [4] https://enlargement.ec.europa.eu/news/commission-launches-eu5-million-call-strengthen-european-fact-checking-network-2025-05-27_en?utm_source=chatgpt.com.
    Last updated: 31 July 2025

    MIL OSI Europe News –

  • MIL-OSI: MEXC Launches ETH Launchpad for Ethereum’s 10th Anniversary: Users Share 100 ETH at Up to 90% Off

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, July 31, 2025 (GLOBE NEWSWIRE) — MEXC, a leading global cryptocurrency exchange, today announced it has launched its exclusive ETH Launchpad subscription event, offering users the opportunity to share 100 ETH at unprecedented discount rates of up to 90% off in celebration of Ethereum’s 10th anniversary.

    MEXC Launchpad is an innovative token issuance platform that provides users with guaranteed access to high-quality projects at discounted prices. In its previous BTC discount purchase event, MEXC Launchpad attracted over 90,000 participants, with 28,000 successful subscribers and a total subscription volume exceeding $3.3 million. New users achieved returns of up to 902.5%, with an annual percentage yield (APY) of 23,530.2%, while existing users earned 25.0% returns with an APY of 651.2%.

    Key Event Information

    Event Timeline

    • Subscription Period: July 31, 2025, 08:00 (UTC) – August 21, 2025, 08:00 (UTC)
    • Allocation Period: August 21, 2025, 08:00 (UTC) – August 21, 2025, 10:00 (UTC)

    Subscription Pools
    New User Exclusive Pool

    • Subscription Price: 360 USDT
    • Total Supply: 60 ETH
    • Min. Subscription: 100 USDT
    • Max. Subscription: 200 USDT

    To be eligible, new users must maintain a net deposit of at least 100 USDT, and complete at least 100 USDT in spot trading and 1,500 USDT in futures trading during the event period.

    MX Pool (All Users)

    • Subscription Price: 1,360 MX
    • Total Supply: 40 ETH
    • Min. Subscription: 50 MX
    • Max. Subscription: 6,000 MX

    To participate in the MX pool, users must complete at least 2,000 USDT in futures trading during the event.

    Referral Rewards
    Existing users can invite friends to join MEXC and share a 10,000 USDT bonus pool. Referrers will receive 20 USDT for each new user who signs up using their referral code and successfully subscribes to the USDT pool. Rewards are distributed on a first-come, first-served basis.

    How to Participate:

    1. Users must create a MEXC account (if they haven’t already) and register for the event.
    2. Participants are required to complete Advanced KYC verification.
    3. Complete any required tasks and subscribe with MX or USDT during the Subscription Period.
    4. Subscriptions will be locked for final calculation during the Allocation Period.

    MEXC’s User-First Philosophy

    This ETH Launchpad event embodies MEXC’s unwavering commitment to prioritizing user benefits above all else through industry-leading discount rates. With industry-leading token listing efficiency, over 3,000 digital assets available, exceptional trading depth, low trading fees, and robust security infrastructure, MEXC has become the preferred platform for an increasing number of traders worldwide. MEXC will continue to roll out innovative events and substantial rewards that empower users and enhance their trading experience.

    For more information and to participate in MEXC’s ETH Launchpad, please visit here.

    About MEXC
    Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 40 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, daily airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
    MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

    For media inquiries, please contact MEXC PR team: media@mexc.com

    Risk Disclaimer:
    The information provided in this article regarding cryptocurrencies does not constitute investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully assess market fluctuations, the fundamentals of projects, and potential financial risks before making any trading decisions.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/02b063d4-732c-424b-aaa3-69b4ec191fdf

    The MIL Network –

  • MIL-OSI: Radware Report Reveals Shifting Attack Vectors in Credential Stuffing Campaigns

    Source: GlobeNewswire (MIL-OSI)

    MAHWAH, N.J., July 31, 2025 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today released a new research report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks. The report reveals a paradigm shift in credential stuffing attacks. It underscores a fundamental transformation from volume-based attacks leveraging a series of repeated password attempts to sophisticated, multi-stage infiltration techniques.

    “To bypass traditional defenses, modern credential stuffing attacks are shifting away from traditional password-spraying techniques in favor of business logic manipulation, cross-platform device spoofing, and strategic API exploitation,” said Arik Atar, senior cyber threat intelligence researcher at Radware. “The message for defending organizations is clear. To match this new reality, they must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows.”

    Radware’s research examined 100 advanced credential stuffing configurations deployed through a well-known account takeover tool called SilverBullet.

    Advanced attack methodologies

    • Business logic attacks: 94% of configurations implement four or more business logic attack elements, with 54% demonstrating advanced orchestration, using 13+ distinct techniques.
    • API exploitation: 83% of configurations contain explicit API-targeting techniques.
    • Multi-device spoofing: 24% of attack scripts alternate between two device types during execution, with 71% employing cross-platform transitions, primarily between iOS and Windows.

    Primary targets

    • Industries: Technology/SaaS emerged as the primary target sector (27%), followed by financial services/government (16%), and the travel/airline (13%) sectors.
    • Online tools: There is a significant shift toward high-value AI tools (44% of all technology targets), potentially exploited by spammers who engage in account cracking to create large-scale phishing content. In addition, corporate tools (30%), including Microsoft 365, OneDrive, and Outlook, are likely targets for ransomware groups pursuing initial access to organizational systems.

    Centralized threat landscape

    • Concentration: 51% of the analyzed configurations, randomly collected over six months, were written by just three advanced threat actors: SVBCONFIGSMAKER, t.me/mrcombo1services, and @Magic_Ckg.
    • Specialization: Each threat actor had over two years of operational experience in distinct areas of specialization, including AI platform authentication bypass, mobile API exploitation, and Microsoft cloud services.

    Radware’s complete report—The Invisible Breach: Business Logic Manipulation and API Exploitation in Credential Stuffing Attacks—can be downloaded here.

    The research methodology was based on an analysis of 100 SilverBullet credential stuffing attack scripts to identify emerging trends, techniques, and tactics in modern account takeover (ATO) campaigns. The scripts were collected from Telegram channels of threat actors and published between December 2024 and May 2025.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    THIS PRESS RELEASE AND RADWARE’S THE INVISIBLE BREACH: BUSINESS LOGIC MANIPULATION AND API EXPLOITATION IN CREDENTIAL STUFFING ATTACKS REPORT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that to match this new reality, organizations must move beyond credential-centric controls to adopt security strategies that validate entire user journeys, correlate cross-request behavior, and detect suspicious patterns in business logic flows, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    The MIL Network –

  • MIL-OSI: WTW Reports Second Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenue1of $2.3 billion was flat compared to prior-year quarter due to the sale of TRANZACT
    • Organic Revenue growth of 5% for the quarter
    • Diluted Earnings per Share was $3.32 for the quarter, up 144% over prior year
    • Adjusted Diluted Earnings per Share was $2.86 for the quarter, up 20% over prior year2
    • Operating Margin was 16.3% for the quarter, up 690 basis points over prior year
    • Adjusted Operating Margin was 18.5% for the quarter, up 150 basis points from prior year

    LONDON, July 31, 2025 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the second quarter ended June 30, 2025.

    “Our strong second quarter results demonstrate the meaningful progress we’ve made towards advancing our strategy, helping deliver solid topline results, along with margin and earnings growth,” said Carl Hess, WTW’s Chief Executive Officer. “I’m pleased with how our businesses continued to prove their value and resilience this quarter, providing our clients with critical solutions to help manage people, risk and capital amidst economic uncertainty. Building on our strong first-half performance and continued momentum, we enter the second half of 2025 on track to deliver on our financial framework, including mid-single digit organic revenue growth, operating margin expansion, adjusted earnings per share growth, and free-cash-flow margin expansion. I’d like to thank our colleagues for their consistent execution and dedication to delivering for our clients.”

    Consolidated Results

    As reported, USD millions, except %

    Key Metrics Q2-25 Q2-242 Y/Y Change
    Revenue1 $2,261 $2,265 Reported (0)% | CC (1)% | Organic 5%
    Income from Operations $368 $212 74%
    Operating Margin % 16.3% 9.4% 690 bps
    Adjusted Operating Income $419 $385 9%
    Adjusted Operating Margin % 18.5% 17.0% 150 bps
    Net Income $332 $142 134%
    Adjusted Net Income $285 $247 15%
    Diluted EPS $3.32 $1.36 144%
    Adjusted Diluted EPS $2.86 $2.39 20%
    1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. The segment discussion is on an organic basis.
       
    2 Refer to “WTW Non-GAAP Measures” below and the Q2-25 Supplemental Slides for recast of historical Non-GAAP measures.
       

    Revenue was $2.26 billion for the second quarter of 2025, which was flat compared to $2.27 billion for the same period in the prior year due to the sale of TRANZACT. Excluding the impact of foreign currency, revenue decreased 1%. On an organic basis, revenue increased 5%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Income for the second quarter of 2025 was $332 million compared to Net Income of $142 million in the prior-year second quarter. Adjusted EBITDA for the second quarter was $470 million, or 20.8% of revenue, an increase of 6%, compared to Adjusted EBITDA of $445 million, or 19.6% of revenue, in the prior-year second quarter. The U.S. GAAP tax rate for the second quarter was (6.8)%, and the adjusted income tax rate for the second quarter used in calculating adjusted diluted earnings per share was 18.0%.

    Cash Flow and Capital Allocation

    Cash flows from operating activities were $326 million for the six months ended June 30, 2025, compared to cash flows from operating activities of $431 million for the same prior-year period. Free cash flow for the six months ended June 30, 2025 and 2024 was $217 million and $305 million, respectively, a decrease of $88 million. The decline was primarily due to increased compensation and cash tax payments as well as the absence of cash inflows from TRANZACT following its sale on December 31, 2024, partly offset by lower Transformation program spending and operational improvements. During the quarter ended June 30, 2025, the Company repurchased 1,614,427 of its outstanding shares for $500 million.

    Second Quarter 2025 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

    Health, Wealth & Career Q2-25 Q2-24 Y/Y Change
    Total Revenue $1,180 $1,260 Reported (6)% | CC (8)% | Organic 4%
    Operating Income $280 $276 1%
    Operating Margin % 23.8% 21.9% 190 bps

    The HWC segment had revenue of $1.18 billion in the second quarter of 2025, a decrease of 6% (8% decrease constant currency and organic growth of 4%) from $1.26 billion in the prior year due to the sale of TRANZACT. Health delivered organic revenue growth driven by double-digit increases outside North America and solid performance in North America. Wealth generated organic revenue growth from higher levels of Retirement work globally alongside growth in our Investments business from new business wins and product launches. Career had modest revenue growth as healthy demand for advisory project work outside North America was offset by North America client postponement decisions made earlier in the year. Benefits Delivery & Outsourcing revenue was materially flat, as increased project and core administration work within Europe was tempered by lower commission revenue in the Individual Marketplace business compared to the prior year.

    Operating margins in the HWC segment increased 190 basis points from the prior-year second quarter to 23.8%, primarily due to the sale of TRANZACT. Excluding TRANZACT operating margins increased 20 basis points. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

    Risk & Broking Q2-25 Q2-24 Y/Y Change
    Total Revenue $1,047 $979 Reported 7% | CC 6% | Organic 6%
    Operating Income $222 $202 10%
    Operating Margin % 21.2% 20.6% 60 bps

    The R&B segment had revenue of $1.05 billion in the second quarter of 2025, an increase of 7% (6% increase constant currency and organic) from $979 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention globally. Insurance Consulting and Technology (ICT) revenue was flat for the quarter as clients managed spend more cautiously amid ongoing economic uncertainty.

    Operating margins in the R&B segment increased 60 basis points from the prior-year second quarter to 21.2%, due primarily to operating leverage driven by strong organic revenue growth and savings from the Transformation program which were partially offset by headwinds from decreased interest income and foreign currency fluctuations.

    Select 2025 Financial Considerations

    Changes to Non-GAAP financial measures:

    • All reported non-GAAP metrics will exclude non-cash net periodic pension and postretirement benefits
    • Free cash flow and free cash flow margin will capture cash outflows for capitalized software costs
    • Refer to Supplemental Slides for recast of historical Non-GAAP measures

    Business mix:

    • TRANZACT business, which contributed $1.14 to adjusted diluted earnings per share in 2024, is no longer part of the business portfolio following the completion of the TRANZACT sale in the fourth quarter of 2024
    • Reinsurance joint venture with Bain Capital expected to be a headwind on adjusted diluted earnings per share of approximately $0.20, which will be partially mitigated by gains from other equity investments, resulting in a net headwind of approximately $0.10 at the interest in earnings of associates level

    Free cash flow:

    • Expect cash outflows in 2025 from the payment of accrued costs related to the Transformation program which concluded in 2024

    Capital allocation:

    • Expect share repurchases of ~$1.5 billion, subject to market conditions and potential capital allocation to organic and inorganic investment opportunities

    Foreign exchange:

    • Expect a foreign currency tailwind on adjusted diluted earnings per share of approximately $0.05 in 2025 at today’s rates

    Adjusted operating margin outlook:

    • ~100 basis points of average annual margin expansion over next 3 years in R&B
    • Incremental annual margin expansion at HWC and enterprise levels

    The 2025 Financial Considerations above include Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained under “WTW Non-GAAP Measures” below.

    Conference Call

    The Company will host a conference call to discuss the financial results for the second quarter 2025. It will be held on Thursday, July 31, 2025, beginning at 9:00 a.m. Eastern Time. A live, listen-only webcast of the conference call will be available on WTW’s website. Analysts and institutional investors may participate in the conference call’s question-and-answer session by registering in advance here. An online replay will be available at investors.wtwco.com shortly after the call concludes.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    WTW Non-GAAP Measures

    In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

    We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

    Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

    • Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
    • Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
    • Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
    • Net periodic pension and postretirement benefits – Adjustment to remove the recognition of net periodic pension and postretirement benefits (including pension settlements), other than service costs. We have included this adjustment as applicable in our prior-period disclosures in order to conform to the current-period presentation.
    • Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

    We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

    We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

    Our non-GAAP measures and their accompanying definitions are presented as follows:

    Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

    Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

    Adjusted Operating Income/Margin – Income from operations adjusted for amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted EBITDA/Margin – Net Income adjusted for provision for income taxes, interest expense, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

    Adjusted Net Income – Net Income Attributable to WTW adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

    Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted Income Before Taxes – Income from operations before income taxes and interest in earnings of associates adjusted for amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

    Adjusted Income Taxes/Tax Rate – Provision for income taxes adjusted for taxes on certain items of amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, net periodic pension and postretirement benefits, the tax effects of significant adjustments and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

    Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations. As a result of our change in presentation, free cash flow for the prior period has been adjusted to conform to the current period, which includes the deduction of our capitalized software costs.

    Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

    These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

    WTW Forward-Looking Statements

    This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events or developments that we expect or anticipate may occur in the future, including such things as: our outlook; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; future share repurchases; financial results (including our revenue, costs or margins) and the impact of changes to tax laws on our financial results; existing and evolving business strategies including those related to acquisitions and dispositions; demand for our services and competitive strengths; strategic goals; the benefits of new initiatives; growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives generated from our completed multi-year operational transformation program or other expense savings initiatives; our recognition of future impairment charges; and plans and references to future performance, including our future financial and operating results, short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

    There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates, changes in trade policies, increased tariffs and retaliatory actions; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including those relating to changes in trade policies and tariffs, as well as political events, war, such as the Russia-Ukraine and Israel-Hamas wars, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, such as uncertainty in the global markets, inflation, changes in interest rates and recessionary trends, changes in spending by government agencies and contractors, which could have a material adverse effect on our business, financial condition, results of operations and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our completed sale of TRANZACT; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing or potential future litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to make divestitures or acquisitions, including our ability to integrate or manage acquired businesses or carve-out businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; our ability to successfully manage ongoing organizational changes, including as a result of our recently-completed multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; risks relating to changes in our management structures and in senior leadership; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of global trade policies and retaliatory considerations as well as foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics solutions, including through the use of artificial intelligence, for internal operations, maintaining industry standards, meeting client preferences and gaining competitive advantage, among other things; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our businesses; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of future impairment charges; risks relating to or arising from environmental, social and governance (‘ESG’) practices; fluctuation in revenue against our relatively fixed or higher-than-expected expenses; the risk that investment levels increase; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

    The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at http://www.sec.gov or www.wtwco.com.

    Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

    Our forward-looking statements speak only as of the date made and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

    Contact

    INVESTORS
    Claudia De La Hoz | Claudia.Delahoz@wtwco.com

    WTW
    Supplemental Segment Information
    (In millions of U.S. dollars)
    (Unaudited)
         
    REVENUE    
                  Components of Revenue Change(i)
                        Less:       Less:    
        Three Months Ended
    June 30,    		     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2025     2024     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 1,173     $ 1,251     (6)%   1%   (7)%   (12)%   4%
    Interest income     7       9                      
    Total     1,180       1,260     (6)%   1%   (8)%   (12)%   4%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 1,024     $ 950     8%   1%   6%   0%   6%
    Interest income     23       29                      
    Total     1,047       979     7%   1%   6%   0%   6%
                                     
    Segment Revenue   $ 2,227     $ 2,239     (1)%   1%   (2)%   (7)%   5%
    Corporate, reimbursable expenses and other     24       20                      
    Interest income     10       6                      
    Revenue   $ 2,261     $ 2,265     0%   1%   (1)%   (6)%   5%(ii)
                  Components of Revenue Change(i)
                        Less:       Less:    
        Six Months Ended June 30,     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2025     2024     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 2,331     $ 2,578     (10)%   0%   (10)%   (13)%   3%
    Interest income     14       18                      
    Total     2,345       2,596     (10)%   0%   (10)%   (13)%   3%
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 2,029     $ 1,900     7%   0%   7%   0%   7%
    Interest income     45       57                      
    Total     2,074       1,957     6%   0%   6%   0%   6%
                                     
    Segment Revenue   $ 4,419     $ 4,553     (3)%   0%   (3)%   (7)%   5%
    Corporate, reimbursable expenses and other     45       41                      
    Interest income     20       12                      
    Revenue   $ 4,484     $ 4,606     (3)%   0%   (3)%   (7)%   5%(ii)
    (i) Components of revenue change may not add due to rounding.
    (ii) Interest income did not contribute to organic change for the three and six months ended June 30, 2025.


    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

        Three Months Ended June 30,
        HWC   R&B   Corporate   Total
        2025   2024   2025   2024   2025   2024   2025   2024
    Book-of-business settlements   $ —     $ —     $ 3     $ 2     $ —     $ —     $ 3     $ 2  
    Interest income     7       9       23       29       10       6       40       44  
    Total   $ 7     $ 9     $ 26     $ 31     $ 10     $ 6     $ 43     $ 46  
        Six Months Ended June 30,
        HWC   R&B   Corporate   Total
        2025   2024   2025   2024   2025   2024   2025   2024
    Book-of-business settlements   $ 2     $ —     $ 3     $ 4     $ —     $ —     $ 5     $ 4  
    Interest income     14       18       45       57       20       12       79       87  
    Total   $ 16     $ 18     $ 48     $ 61     $ 20     $ 12     $ 84     $ 91  


    SEGMENT OPERATING INCOME     (i)

        Three Months Ended
    June 30,
        2025   2024
                 
    Health, Wealth & Career   $ 280     $ 276  
    Risk & Broking     222       202  
    Segment Operating Income   $ 502     $ 478  
        Six Months Ended
    June 30,
        2025   2024
                 
    Health, Wealth & Career   $ 591     $ 612  
    Risk & Broking     448       405  
    Segment Operating Income   $ 1,039     $ 1,017  
    (i) Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.


    SEGMENT OPERATING MARGINS

        Three Months Ended June 30,
        2025   2024
    Health, Wealth & Career   23.8%   21.9%
    Risk & Broking   21.2%   20.6%
        Six Months Ended June 30,
        2025   2024
    Health, Wealth & Career   25.2%   23.6%
    Risk & Broking   21.6%   20.7%


    RECONCILIATIONS OF SEGMENT OPERATING INCOME TO INCOME FROM OPERATIONS BEFORE INCOME TAXES

        Three Months Ended June 30,
        2025   2024
                 
    Segment Operating Income   $ 502     $ 478  
    Amortization     (49 )     (60 )
    Restructuring costs     —       (3 )
    Transaction and transformation(i)     (2 )     (97 )
    Unallocated, net(ii)     (83 )     (106 )
    Income from Operations     368       212  
    Interest expense     (64 )     (68 )
    Other income, net     9       23  
    Income from operations before income taxes and interest in earnings of associates   $ 313     $ 167  
        Six Months Ended June 30,
        2025   2024
                 
    Segment Operating Income   $ 1,039     $ 1,017  
    Amortization     (97 )     (120 )
    Restructuring costs     —       (21 )
    Transaction and transformation(i)     (2 )     (222 )
    Unallocated, net(ii)     (140 )     (162 )
    Income from Operations     800       492  
    Interest expense     (129 )     (132 )
    Other (loss)/income, net     (55 )     49  
    Income from operations before income taxes and interest in earnings of associates   $ 616     $ 409  
    (i) In addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
    (ii)  Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.
    WTW
    Reconciliations of Non-GAAP Measures
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
     
    RECONCILIATIONS OF NET INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE
           
        Three Months Ended June 30,
        2025   2024
                 
    Net income attributable to WTW   $ 331     $ 141  
    Adjusted for certain items:            
    Amortization     49       60  
    Restructuring costs     —       3  
    Transaction and transformation     2       97  
    Provision for specified litigation matter (i)     —       13  
    Net periodic pension and postretirement benefits     (13 )     (21 )
    Tax effect on certain items listed above(ii)     (10 )     (39 )
    Tax effect of significant adjustments     (74 )     (7 )
    Adjusted Net Income   $ 285     $ 247  
                 
    Weighted-average ordinary shares, diluted     100       103  
                 
    Diluted Earnings Per Share   $ 3.32     $ 1.36  
    Adjusted for certain items:(iii)            
    Amortization     0.49       0.58  
    Restructuring costs     —       0.03  
    Transaction and transformation     0.02       0.94  
    Provision for specified litigation matter (i)     —       0.13  
    Net periodic pension and postretirement benefits     (0.13 )     (0.20 )
    Tax effect on certain items listed above(ii)     (0.10 )     (0.38 )
    Tax effect of significant adjustments     (0.74 )     (0.07 )
    Adjusted Diluted Earnings Per Share(iii)   $ 2.86     $ 2.39  
        Six Months Ended June 30,
        2025   2024
                 
    Net income attributable to WTW   $ 566     $ 331  
    Adjusted for certain items:            
    Amortization     97       120  
    Restructuring costs     —       21  
    Transaction and transformation     2       222  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     62       (43 )
    Gain on disposal of operations     (14 )     —  
    Tax effect on certain items listed above(ii)     (38 )     (85 )
    Tax effect of significant adjustments     (74 )     (7 )
    Adjusted Net Income   $ 601     $ 572  
                 
    Weighted-average ordinary shares, diluted     100       104  
                 
    Diluted Earnings Per Share   $ 5.64     $ 3.20  
    Adjusted for certain items:(iii)            
    Amortization     0.97       1.16  
    Restructuring costs     —       0.20  
    Transaction and transformation     0.02       2.14  
    Provision for specified litigation matter(i)     —       0.13  
    Net periodic pension and postretirement benefits     0.62       (0.42 )
    Gain on disposal of operations     (0.14 )     —  
    Tax effect on certain items listed above(ii)     (0.38 )     (0.82 )
    Tax effect of significant adjustments     (0.74 )     (0.07 )
    Adjusted Diluted Earnings Per Share(iii)   $ 5.99     $ 5.53  
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.
    (iii) Per share values and totals may differ due to rounding.


    RECONCILIATIONS OF NET INCOME TO ADJUSTED EBITDA

        Three Months Ended June 30,  
        2025   2024  
                   
    Net Income   $ 332   14.7% $ 142   6.3%
    (Benefit from)/provision for income taxes     (21 )     26    
    Interest expense     64       68    
    Depreciation     57       57    
    Amortization     49       60    
    Restructuring costs     —       3    
    Transaction and transformation     2       97    
    Provision for specified litigation matter(i)     —       13    
    Net periodic pension and postretirement benefits     (13 )     (21 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 470   20.8% $ 445   19.6%
        Six Months Ended June 30,  
        2025   2024  
                   
    Net Income   $ 571   12.7% $ 336   7.3%
    Provision for income taxes     44       74    
    Interest expense     129       132    
    Depreciation     111       116    
    Amortization     97       120    
    Restructuring costs     —       21    
    Transaction and transformation     2       222    
    Provision for specified litigation matter(i)     —       13    
    Net periodic pension and postretirement benefits     62       (43 )  
    Gain on disposal of operations     (14 )     —    
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 1,002   22.3% $ 991   21.5%
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.


    RECONCILIATIONS OF INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

        Three Months Ended June 30,  
        2025   2024  
                   
    Income from operations and Operating margin   $ 368   16.3% $ 212   9.4%
    Adjusted for certain items:              
    Amortization     49       60    
    Restructuring costs     —       3    
    Transaction and transformation     2       97    
    Provision for specified litigation matter(i)     —       13    
    Adjusted operating income and Adjusted operating income margin   $ 419   18.5% $ 385   17.0%
        Six Months Ended June 30,  
        2025   2024  
                   
    Income from operations and Operating margin   $ 800   17.8% $ 492   10.7%
    Adjusted for certain items:              
    Amortization     97       120    
    Restructuring costs     —       21    
    Transaction and transformation     2       222    
    Provision for specified litigation matter(i)     —       13    
    Adjusted operating income and Adjusted operating income margin   $ 899   20.0% $ 868   18.8%
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.


    RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

        Three Months Ended June 30,
        2025   2024
                 
    Income from operations before income taxes and interest in earnings of associates   $ 313     $ 167  
                 
    Adjusted for certain items:            
    Amortization     49       60  
    Restructuring costs     —       3  
    Transaction and transformation     2       97  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     (13 )     (21 )
    Adjusted income before taxes   $ 351     $ 319  
                 
    (Benefit from)/provision for income taxes   $ (21 )   $ 26  
    Tax effect on certain items listed above(ii)     10       39  
    Tax effect of significant adjustments     74       7  
    Adjusted income taxes   $ 63     $ 72  
                 
    U.S. GAAP tax rate     (6.8 )%     15.6 %
    Adjusted income tax rate     18.0 %     22.4 %
        Six Months Ended June 30,
        2025   2024
                 
    Income from operations before income taxes and interest in earnings of associates   $ 616     $ 409  
                 
    Adjusted for certain items:            
    Amortization     97       120  
    Restructuring costs     —       21  
    Transaction and transformation     2       222  
    Provision for specified litigation matter(i)     —       13  
    Net periodic pension and postretirement benefits     62       (43 )
    Gain on disposal of operations     (14 )     —  
    Adjusted income before taxes   $ 763     $ 742  
                 
    Provision for income taxes   $ 44     $ 74  
    Tax effect on certain items listed above(ii)     38       85  
    Tax effect of significant adjustments     74       7  
    Adjusted income taxes   $ 156     $ 166  
                 
    U.S. GAAP tax rate     7.1 %     18.1 %
    Adjusted income tax rate     20.5 %     22.3 %
    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.


    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

        Six Months Ended June 30,
        2025   2024
                 
    Cash flows from operating activities   $ 326     $ 431  
    Less: Additions to fixed assets and software     (109 )     (126 )
    Free Cash Flow   $ 217     $ 305  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Income
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
                 
        Three Months Ended
    June 30,    		   Six Months Ended
    June 30,
        2025   2024   2025   2024
    Revenue   $ 2,261     $ 2,265     $ 4,484     $ 4,606  
                             
    Costs of providing services                        
    Salaries and benefits     1,449       1,397       2,773       2,739  
    Other operating expenses     336       439       701       896  
    Depreciation     57       57       111       116  
    Amortization     49       60       97       120  
    Restructuring costs     —       3       —       21  
    Transaction and transformation     2       97       2       222  
    Total costs of providing services     1,893       2,053       3,684       4,114  
                             
    Income from operations     368       212       800       492  
                             
    Interest expense     (64 )     (68 )     (129 )     (132 )
    Other income/(loss), net     9       23       (55 )     49  
                             
    INCOME FROM OPERATIONS BEFORE INCOME TAXES AND INTEREST IN EARNINGS OF ASSOCIATES   313       167       616       409  
                             
    Benefit from/(provision for) income taxes     21       (26 )     (44 )     (74 )
                             
    INCOME FROM OPERATIONS BEFORE INTEREST IN EARNINGS OF ASSOCIATES   334       141       572       335  
                             
    Interest in earnings of associates, net of tax     (2 )     1       (1 )     1  
                             
    NET INCOME   332       142       571       336  
                             
    Income attributable to non-controlling interests     (1 )     (1 )     (5 )     (5 )
                             
    NET INCOME ATTRIBUTABLE TO WTW   $ 331     $ 141     $ 566     $ 331  
                             
    EARNINGS PER SHARE                        
    Basic earnings per share   $ 3.34     $ 1.37     $ 5.68     $ 3.22  
    Diluted earnings per share   $ 3.32     $ 1.36     $ 5.64     $ 3.20  
                             
    Weighted-average ordinary shares, basic     99       103       100       103  
    Weighted-average ordinary shares, diluted     100       103       100       104  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Balance Sheets
    (In millions of U.S. dollars, except share data)
    (Unaudited)
                 
        June 30,   December 31,
        2025   2024
    ASSETS            
    Cash and cash equivalents   $ 1,963     $ 1,890  
    Fiduciary assets     10,720       9,504  
    Accounts receivable, net     2,364       2,494  
    Prepaid and other current assets     558       1,217  
    Total current assets     15,605       15,105  
    Fixed assets, net     696       661  
    Goodwill     8,938       8,799  
    Other intangible assets, net     1,232       1,295  
    Right-of-use assets     495       485  
    Pension benefits assets     578       530  
    Other non-current assets     934       806  
    Total non-current assets     12,873       12,576  
    TOTAL ASSETS   $ 28,478     $ 27,681  
    LIABILITIES AND EQUITY            
    Fiduciary liabilities   $ 10,720     $ 9,504  
    Deferred revenue and accrued expenses     1,726       2,211  
    Current debt     549       —  
    Current lease liabilities     124       118  
    Other current liabilities     752       765  
    Total current liabilities     13,871       12,598  
    Long-term debt     4,762       5,309  
    Liability for pension benefits     550       615  
    Provision for liabilities     369       341  
    Long-term lease liabilities     500       502  
    Other non-current liabilities     246       299  
    Total non-current liabilities     6,427       7,066  
    TOTAL LIABILITIES     20,298       19,664  
    COMMITMENTS AND CONTINGENCIES            
    EQUITY(i)            
    Additional paid-in capital     11,012       10,989  
    (Accumulated deficit)/retained earnings     (206 )     109  
    Accumulated other comprehensive loss, net of tax     (2,706 )     (3,158 )
    Total WTW shareholders’ equity     8,100       7,940  
    Non-controlling interests     80       77  
    Total Equity     8,180       8,017  
    TOTAL LIABILITIES AND EQUITY   $ 28,478     $ 27,681  
         
    (i) Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 97,853,208 (2025) and 99,805,780 (2024); Outstanding 97,853,208 (2025) and 99,805,780 (2024) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2025 and 2024.
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Cash Flows
    (In millions of U.S. dollars)
    (Unaudited)
           
        Six Months Ended June 30,
        2025   2024
    CASH FLOWS FROM OPERATING ACTIVITIES            
    NET INCOME   $ 571     $ 336  
    Adjustments to reconcile net income to total net cash from operating activities:            
    Depreciation     111       116  
    Amortization     97       120  
    Non-cash restructuring charges     —       12  
    Non-cash lease expense     47       49  
    Net periodic cost/(benefit) of defined benefit pension plans     94       (11 )
    Provision for doubtful receivables from clients     7       10  
    Benefit from deferred income taxes     (70 )     (25 )
    Share-based compensation     68       54  
    Net gain on disposal of operations     (14 )     —  
    Non-cash foreign exchange loss/(gain)     30       (12 )
    Other, net     18       22  
    Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:            
    Accounts receivable     225       118  
    Other assets     (99 )     (161 )
    Other liabilities     (778 )     (242 )
    Provisions     19       45  
    Net cash from operating activities     326       431  
                 
    CASH FLOWS FROM/(USED IN) INVESTING ACTIVITIES            
    Additions to fixed assets and software     (109 )     (126 )
    Acquisitions of operations, net of cash acquired     (14 )     (18 )
    Contributions to investments in associates     (8 )     —  
    Net proceeds from sale of operations     836       —  
    Net purchases of held-to-maturity securities     (50 )     —  
    Net purchases of available-for-sale securities     (43 )     (14 )
    Net cash from/(used in) investing activities     612       (158 )
                 
    CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES            
    Senior notes issued     —       746  
    Debt issuance costs     —       (9 )
    Repayments of debt     (2 )     (652 )
    Repurchase of shares     (700 )     (301 )
    Net proceeds from fiduciary funds held for clients     141       783  
    Payments of deferred and contingent consideration related to acquisitions     (15 )     —  
    Cash paid for employee taxes on withholding shares     (43 )     (24 )
    Dividends paid     (179 )     (176 )
    Acquisitions of and dividends paid to non-controlling interests     (2 )     (3 )
    Net cash (used in)/from financing activities     (800 )     364  
                 
    INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     138       637  
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     207       (53 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD (i)     4,998       3,792  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i)   $ 5,343     $ 4,376  
         
    (i) The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosure of Cash Flow Information section.

    SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

        Six Months Ended June 30,
        2025   2024
                 
    Supplemental disclosures of cash flow information:            
    Cash and cash equivalents   $ 1,963     $ 1,247  
    Fiduciary funds (included in fiduciary assets)     3,380       3,129  
    Total cash, cash equivalents and restricted cash   $ 5,343     $ 4,376  
                 
    Decrease in cash, cash equivalents and other restricted cash   $ (3 )   $ (154 )
    Increase in fiduciary funds     141       791  
    Total (i)   $ 138     $ 637  
    (i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

    The MIL Network –

  • Govt consistently increased budget allocation for science and research in last five years: Jitendra Singh

    Source: Government of India

    Source: Government of India (4)

    The government has consistently increased the budget allocation for science and research, with the highest allocation made in FY 2025-26 over the last five years, Union Minister of State for Science and Technology Jitendra Singh informed Parliament on Thursday.

    In a written reply in the Rajya Sabha, Singh said that “more than ₹65,307 crore has been allocated to six scientific agencies for research in FY 2025-26.” In comparison, ₹41,581.96 crore was allocated for science and research in 2024-25, and ₹39,843 crore in 2023-24.

    In 2022-23, the government allocated ₹37,828 crore, while ₹37,823 crore was allocated in 2021-22.

    The six major scientific agencies/departments are the Department of Science and Technology (DST), the Department of Scientific and Industrial Research/Council of Scientific and Industrial Research (DSIR/CSIR), the Department of Biotechnology (DBT), the Department of Space (DoS), the Department of Atomic Energy (DAE), and the Ministry of Earth Sciences (MoES).

    “DST received the highest allocation of ₹28,508.90 crore in FY 2025-26, followed by DoS with ₹13,416.20 crore,” Singh said. These agencies have received their highest allocations this year since FY 2021-22.

    Additionally, the Minister informed that the government has been implementing several fellowships offering direct benefits to young scientists and researchers.

    Some of the key schemes include the INSPIRE Fellowship, INSPIRE Faculty Fellowship, Women in Science and Engineering (WISE)-PhD, WISE-Post Doctoral Fellowship (PDF), and the Scheme for Young Scientists and Technologists (SYST).

    To provide high-level strategic direction for research, innovation, and entrepreneurship in the country, the government has established the Anusandhan National Research Foundation (ANRF) through the ANRF Act of 2023, Singh added.

    Under the Act, special provisions have been made to encourage public sector enterprises as well as private sector entities to invest in ANRF-led initiatives.

    Recently, the government launched the Research, Development and Innovation (RDI) scheme with a financial outlay of ₹1 lakh crore over five years. This DST-led scheme aims to promote private sector participation in sunrise sectors, thereby driving growth and innovation.

    Singh also informed the House about the steps taken by the government to enhance private sector participation in research and development.

    Key efforts include incentivising private sector investment to increase their share in Gross Expenditure on Research and Development (GERD), and creating avenues for collaborative science, technology, and innovation (STI) funding through portfolio-based mechanisms such as public-private partnerships and other innovative hybrid funding models, the Minister said.

    IANS

  • MIL-OSI United Kingdom: Mine water heat lab insights could supercharge clean heat

    Source: United Kingdom – Executive Government & Departments

    Press release

    Mine water heat lab insights could supercharge clean heat

    New data from the UK’s mine water heat lab shows warm water flows better than expected, boosting the case for clean, low-cost heat from coalfields.

    Dr Fiona Todd and colleague, Dr Rebecca Chambers, collecting data at the Gateshead Mine Water Heat Living Lab

    Six months after launch, the UK’s first mine water heat Living Laboratory is revealing exciting insights into what lies beneath our feet, helping to accelerate the safe and sustainable use of mine water as a clean heat source.

    Geophysical data released this month shows, for the first time, how much space there is to store water within the rocks underground and how easily this can flow through historical mine workings.

    These 2 factors, known in science as porosity and permeability, are crucial for understanding how much warm water is available, how quickly it can be used and how reliably it can provide heat.

    Dr Fiona Todd, geoscientist and lead of the Mining Remediation Authority project, said:

    This is the first time we’ve been able to collect this kind of information inside real mine workings.

    It’s a huge step forward in understanding mine water heat resources. These properties help us determine how much heat is available, how quickly we can extract it and how sustainable it could be over time.

    As part of the new data release, researchers are also sharing remarkable CCTV footage from inside the boreholes, offering the first glimpse into old workings that haven’t been seen since they were last mined decades ago, while also showing water movement and structural features that bring scientific findings to life.

    Living lab six-month anniversary

    Dr Todd added:

    It’s like opening a time capsule, but instead of coal what we’re now extracting is knowledge and possibly clean heat for generations.

    These insights were made possible by using specialised tools which were carefully deployed through monitoring boreholes at the Living Laboratory, located between three operational heat schemes in a shared mining block in Gateshead.

    Using this equipment, researchers can:

    • see how water flows underground
    • measure how much heat can be stored and extracted
    • understand how mine workings interact across a shared network

    Many of the tools used, such as caliper, gamma, density, temperature, electrical conductivity, heat pulse flow meter and CCTV, are commonly used in water wells. However, the team also used a cutting-edge technique called Borehole Magnetic Resonance (BMR), described as “an MRI scan for rocks.” This marks the first known use of BMR in mine water heat research, providing new insight into how water is stored and flows through underground rocks, crucial for understanding the heat resource.

    As well as routine temperature and chemistry monitoring results, which have also been released, this new geophysics dataset adds a new layer of understanding to the Living Laboratory’s mission to inform the future of sustainable mine water heat across Britain’s former coalfields.

    It provides open-access data to help government, industry and academia work together to broaden the adoption of mine water heat as a viable, long-term renewable resource.

    Senior Technical Specialist for the Environment Agency in the North East, Sally Gallagher, said:

    As the environmental regulator for England our role is to ensure renewable heat technologies are sustainable and do not adversely impact the environment. It’s great to see the first findings of this innovative research study and understand more how mine water can be used for heating.

    Launched by the Mining Remediation Authority in January 2025, the Gateshead mine water heat Living Laboratory is the only facility in the world designed to monitor how heat, water and geology behave between multiple operational mine water heat schemes in a shared underground system.

    Further information:

    Access the open geophysical dataset for the Living Lab

    For media enquiries contact the community response team

    Email communityresponse@miningremediation.gov.uk

    Telephone 0800 288 4211

    For emergency media enquiries (out of hours) call: 0800 288 4242.
    Only urgent media calls will be attended to.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI USA: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    Source: US Federal Emergency Management Agency

    Headline: Secretary Noem is Taking a Sledgehammer to Criminal Human Trafficking Rings

    lass=”text-align-center”>On this World Day Against Trafficking in Persons, Kristi Noem and the Department of Homeland Security continue taking action to disrupt criminal human trafficking organizations
    WASHINGTON – On this year’s World Day Against Trafficking in Persons, the Department of Homeland Security (DHS) is announcing a series of major crack downs against the worst of the worst criminal organizations: human trafficking rings

     
    The previous administration’s open border policies empowered human traffickers and allowed over 450,000 unaccompanied children to be illegally smuggled over the border

     
    Under President Trump and DHS Secretary Kristi Noem, the full weight of the American government is bringing the hammer down on human trafficking rings

      In just the first few months, the Trump administration has developed leads on thousands of human trafficking cases

     
    DHS has also cracked down on the criminal terrorist gang Tren de Aragua, which enriches itself through the sex trafficking of vulnerable young women

      The Trump administration has arrested more than 2,700 members of Tren de Aragua so far

     
    This crisis is fueled by organized crime networks: sophisticated cartels that exploited the weakness of the previous administration, especially its open border and refusal to enforce immigration law, to rake in billions from forced labor, brutal sexual exploitation, coercing innocent people into drug running, and other heinous crimes

     
    “The brave men and women of DHS are the best in the world at going after traffickers

    They are always able to track down those who are trafficking individuals, find the ringleaders, and rip that evil off by its head,” said Secretary Kristi Noem

    “I’m so thankful that I get the chance to lead individuals like that, and agents who get up every day to help save our children and to save women and men from the kind of slavery that we’ve seen

    ” 
    Below are some examples of how DHS is fighting to put human traffickers out of business: 

    July 28, 2025: As part of Operation Apex Predator, a Child Exploitation Investigations Unit initiative with the Cyber Crimes Center, Immigration and Customs Enforcement (ICE) Newark arrested four illegal alien child predators over the course of four days

    All four are registered sex offenders

    July 23, 2025: ICE arrested 243 illegal aliens in the Denver metro area

    Among those arrested were aliens wanted for human trafficking, and several members of transnational criminal organizations (TCOs), including Tren de Aragua (TdA), Los Zetas, and the Sinaloa Cartel

    July 22, 2025: Following an ICE Homeland Security Investigations (HSI) investigation, a resident of Laredo, Texas was sentenced to 63 months in prison for smuggling 101 migrants in a locked trailer

    Among the illegal aliens smuggled were 12 children

    The suspect was sentenced after pleading guilty to conspiracy to transport migrants

    July 21, 2025: As a result of an investigation by ICE HSI Rio Grande Valley, a convicted human smuggler was sentenced to 20 years in prison for possessing images of sexual assaults of prepubescent children

    July 10, 2025: ICE and Customs and Border Protection (CBP) executed criminal warrant operations at marijuana facilities in Carpinteria and Camarillo, California

    In these facilities, at least 14 migrant children were rescued from potential exploitation, forced labor, and human trafficking

    During this operation, federal officers also arrested at least 361 illegal aliens

    Among those arrested were criminals with convictions for kidnapping, rape, attempted rape, and attempted child molestation, among other charges

    July 10, 2025: As the result of an ICE New York investigation, the leader of a Mexican sex trafficking organization was sentenced to 188 months in prison for sex trafficking multiple victims by force, fraud, and coercion

    July 9, 2025: An ICE Del Rio investigation resulted in an illegal Honduran alien being sentenced to 10 years in prison, with three years of supervised release, for his role in smuggling thousands of aliens into the United States for financial gain

    His smuggling conspiracy spanned three years and involved thousands of aliens from 11 different countries

    July 7, 2025: Border Patrol agents assisted the U

    S

    Marshals in executing an arrest warrant on a high-priority target linked to a criminal syndicate operating in human exploitation

    The suspect, a U

    S

    citizen, was wanted for multiple charges, including procurement of persons, placing individuals into prostitution, residing in a house of prostitution, and profiting from the earnings of prostitution

    The suspect was arrested without incident in Yuma, Arizona

     
    June 24, 2025: HSI Nashville identified one child victim and one adult victim of labor trafficking

    During an immigration court proceeding, the child victim revealed that she and her 18-year-old brother had been forced by their sponsor to work to pay off their smuggling fees and to pay for the sponsor’s household expenses

    June 16, 2025: A worksite enforcement operation by ICE HSI targeted employers and subcontractors who knowingly hire illegal aliens

    During this operation, HSI Mobile identified and rescued a child and arrested eight foreign nationals for violating immigration law

    The child was found to be working among adults and was believed to have never attended school since entering the United States two years ago

    June 6, 2025: The Department of Justice (DOJ) indicted Kilmar Abrego Garcia, a Venezuelan illegal alien and member of MS-13 arrested by ICE, on charges of alien smuggling and conspiracy to commit alien smuggling

    Despite the mainstream media insisting for months that Garcia was an innocent “Maryland father,” he is now standing trial after evidence emerged of his involvement in criminal smuggling rings

    June 2, 2025: ICE Rio Grande Valley discovered a stash house in South Texas and subsequently arrested 16 illegal aliens

    The owner of the property admitted to harboring the illegal aliens, who came from five different countries

    A Mexican national was taken in for questioning for his role in human smuggling

    May 28, 2025: HSI New York special agents arrested an adult male from Ecuador at his residence for violations relating to the sexual exploitation of a child

    New York received information regarding a 15-year-old female who was apprehended near El Paso, Texas, after illegally entering the United States

    At that time, she was pregnant with the adult’s child and had been in a relationship with him in Ecuador since the age of thirteen

    The subject organized the smuggling of the teenager across the border to engage in sexual acts

    His mother sponsored her after her illegal entry, and the subject continued his relationship with the children, living with his mother in Harlem

    May 28, 2025: CBP issued a Withhold Release Order against Zhen Fa 7, a Chinese-flagged fishing vessel

    As a result, CBP officers at all U

    S

    ports of entry will detain seafood harvested by Zhen Fa 7 based on reasonable suspicion that the vessel uses forced labor to harvest such seafood

    May 28, 2025: Border Patrol agents in the San Diego Sector prevented an attempt to smuggle two Mexican nationals into the United States

    The attempt involved one United States citizen and one Mexican national, who attempted to smuggle the illegal aliens across the border using a truck

    Inside the truck were three fully loaded firearms, including a “ghost gun

    ” The suspected smugglers face felony charges of bringing in and harboring aliens, and unlawful acts involving firearms

     
    May 12, 2025: HSI Austin identified and rescued a child, arrested two Guatemalan nationals for violating immigration law, and initiated an HSI-led investigation of state and federal charges of human trafficking and statutory rape

    During a welfare check, HSI Agents, assisted by the FBI, identified a pregnant 14-year-old female residing with an unrelated adult male sponsor, later determined to be the biological father of the unborn child

    May 7, 2025: CBP’s Air and Marine Operations (AMO) interdicted a vessel with four illegal aliens from Uzbekistan that were being smuggled into Puerto Rico

    The vessel attempted to enter Puerto Rico on the island of Vieques; onboard were the four illegal aliens from Uzbekistan and three United States citizens

    The Uzbeki nationals did not have any documents for an authorized entry or stay in the United States

    May 4, 2025: Border Patrol agents in the Tucson Sector arrested a United States citizen and two Mexican nationals after a high-speed pursuit

    The United States citizen, who was driving the car and had an extensive criminal history, fled from law enforcement at high speed after failing to stop at an immigration checkpoint

    After crashing into another car, the three occupants fled on foot before being arrested

    The driver faces federal charges that include human smuggling, fleeing law enforcement, and endangering human life

    May 2, 2025: Four Mexican nationals in the United States illegally were charged for their roles in an international human smuggling conspiracy that brought aliens across the Canadian border into the United States for profit

    The smuggling organization had been operating for two years and smuggled hundreds of aliens per week through Canada

    The aliens or their family members would pay thousands of dollars to be smuggled into the United States

    April 29, 2025: CBP officers at the Area Port of San Luis arrested a woman in connection with the failed smuggling attempt of a child

    The suspect, a Mexican citizen, had sedated the child prior to attempting to cross the border

    The suspect also presented a false birth certificate and alleged that she was the mother; the officers discovered that there was no family relationship between the woman and the child

    April 2, 2025: CBP issued a Withhold Release Order against Taepyung Salt Farm, based on information that reasonably indicates the use of forced labor in the production of the company’s sea salt products

    As a result, CBP personnel at all U

    S

    ports of entry will detain sea salt products from Taepyung Salt Farm in South Korea

    March 25, 2025: After an ICE Arizona investigation with law enforcement partners, a human smuggling coordinator was sentenced to 30 months in prison for her role in smuggling over 100 Colombians into the United States

    She had been operating a travel agency in her native country, Colombia, where she would charge the victims a fee to travel to Mexico, with additional bribes required at Mexican airports

    February 14, 2025: Working with the Tennessee Bureau of Investigation, an ICE investigation led to a four-count indictment against eight defendants with ties to Tren de Aragua on charges related to their involvement with a transnational commercial sex enterprise

    Everyone can be part of the fight against human trafficking

    The DHS Blue Campaign can help you recognize human trafficking and provide resources to report suspicious activity to law enforcement

     
    ###

    MIL OSI USA News –

  • MIL-OSI USA: NASA Releases Opportunity to Boost Commercial Space Tech Development

    Source: NASA

    NASA has released a new proposal opportunity for industry to tap into agency know-how, resources, and expertise. The Announcement of Collaboration Opportunity (ACO), managed by the Space Technology Mission Directorate, enables valuable collaboration without financial exchanges between NASA and industry partners. Instead, companies leverage NASA subject matter experts, facilities, software, and hardware to accelerate their technologies and prepare them for future commercial and government use. 
    On Wednesday, NASA issued a standing ACO announcement for partnership proposals which will be available for five years and will serve as the umbrella opportunity for topic-specific appendix releases. NASA intends to issue appendices every six to 12 months to address evolving space technology needs. The 2025 ACO appendix is open for proposals until Sept. 24.  
    NASA will host an informational webinar about the opportunity and appendix at 2 p.m. EDT on Wednesday, Aug. 6. Interested proposers are encouraged to submit questions which will be answered during the webinar and will be available online after the webinar.   
    NASA teaming with industry isn’t new – decades of partnerships have resulted in ambitious missions that benefit all of humanity. But in recent years, NASA has also played a key role as a technology enabler, providing one-of-a-kind tools, resources, and infrastructure to help commercial aerospace companies achieve their goals.  
    Since 2015, NASA has collaborated with industry on approximately 80 ACO projects. Here are some ways the collaborations have advanced space technology: 

    Blue Origin and NASA worked together on several ACOs to mature the company’s lunar lander design. NASA provided technical reports and assessments and conducted tests at multiple centers to help Blue Origin advance a stacked fuel cell system for a lander’s primary power source. Other Blue Origin ACO projects evaluated high-temperature engine materials and advanced a landing navigation and guidance system. 
    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Blue Origin’s Blue Moon Mark 1 (MK1) lander is delivering NASA science and technology to the Moon through the agency’s Commercial Lunar Payload Services initiative. In 2023, NASA selected Blue Origin as a Human Landing System provider to develop its Blue Moon MK2 lander for future crewed lunar exploration. 

    Throughout a year-long ACO, NASA and SpaceX engineers worked together to perform in-depth computational fluid analysis of proposed propellant transfer methods between two SpaceX Starship spacecraft in low-Earth orbit. The SpaceX-specific analysis utilized Starship flight data and data from previous NASA research and development to identify potential risks and help mitigate them during the early stages of commercial development. NASA also provided inputs as SpaceX developed an initial concept of operations for its orbital propellant transfer missions. 

    SpaceX used the ACO analyses to inform the design of its Starship Human Landing System, which NASA selected in 2021 to put the first Artemis astronauts on the Moon. 

    Advanced Space and NASA partnered to advance the company’s Cislunar Autonomous Positioning System – software that allows lunar spacecraft to determine their location without relying exclusively on tracking from Earth.  

    The CAPSTONE (Cislunar Autonomous Positioning System Technology Operations and Navigation Experiment) spacecraft launched to the Moon in 2022 and continues to operate and collect critical data to refine the software. Under the ACO, Advanced Space was able to use NASA’s Lunar Reconnaissance Orbiter to conduct crosslink experiments with CAPSTONE, helping mature the navigation solution for future missions. The mission’s Cislunar Autonomous Positioning System technology was initially supported through the NASA Small Business Innovation Research program. 

    Sensuron and NASA matured a miniature, rugged fiber optic sensing system capable of taking thermal and shape measurements for multiple applications. Throughout the ACO, Sensuron benefitted from NASA’s expertise in fiber optics and electrical, mechanical, and system testing engineering to design, fabricate, and “shake and bake” its prototype laser. 

    Space missions could use the technology to monitor cryogenic propellant levels and determine a fuel tank’s structural integrity throughout an extended mission. The laser technology also has medical applications on Earth, which ultimately resulted in the Sensuron spinoff company, The Shape Sensing Company. 

    In 2023, Venturi Astrolab began work with NASA under an ACO to test its flexible lunar tire design. The company tapped into testing capabilities unique to NASA, including heat transfer to cold lunar soil, traction, and life testing. The data validated the performance of tire prototypes, helping ready the design to support future NASA missions. 
    In 2024, NASA selected three companies, including Venturi Astrolab, to advance capabilities for a lunar terrain vehicle that astronauts could use to travel around the lunar surface, conducting scientific research on the Moon and preparing for human missions to Mars. 

    The Announcement of Collaboration Opportunity (ACO) is one of many ways NASA enables commercial industry to develop, build, own, and eventually operate space systems. To learn more about these technology projects and more, visit: https://techport.nasa.gov/.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom signs legislation 7.30.25

    Source: US State of California 2

    Jul 30, 2025

    SACRAMENTO – Governor Gavin Newsom today announced that he has signed the following bills:

    • AB 17 by Assemblymember Juan Alanis (R-Modesto) – Elections: precinct maps.
    • AB 377 by Assemblymember David Tangipa (R-Clovis) – High-Speed Rail Authority: business plan: Merced to Bakersfield segment. A signing message can be found here.
    • AB 379 by Assemblymember Nick Schultz (D-Burbank) – Crimes: prostitution.
    • AB 642 by Assemblymember Al Muratsuchi (D-Torrance) – Emergencies proclaimed by the Governor: school employee catastrophic leave.
    • AB 951 by Assemblymember Tri Ta (R-Westminster) – Health care coverage: behavioral diagnoses.
    • AB 1029 by Assemblymember Avelino Valencia (D-Anaheim) – Statements of financial interest: digital financial assets.
    • AB 1051 by Assemblymember Laurie Davies (R-Laguna Niguel) – Route 76: Payómkawish Highway.
    • AB 1114 by Assemblymember Anamarie Ávila Farías (D-Martinez) – Emergency vehicles: fee and toll exemptions.
    • AB 1216 by the Committee on Education – Elementary and secondary education: omnibus.
    • AB 1459 by the Committee on Environmental Safety and Toxic Materials – Hazardous waste: underground storage tanks.
    • SB 251 by Senator Anna Caballero (D-Merced) – Claims against the state: appropriation.
    • SB 428 by Senator John Laird (D-Santa Cruz) – State Auditor: permanent office.
    • SB 521 by Senator Lena Gonzalez (D-Long Beach) – Public employment: disqualification.
    • SB 648 by Senator Lola Smallwood-Cuevas (D-Los Angeles) – Employment: gratitudes: enforcement.
    • SB 652 by Senator Laura Richardson (D-South Bay) – Private security services: security guards: training.
    • SB 693 by Senator Dave Cortese (D-Silicon Valley) – Employees: meal periods.

    For full text of the bills, visit: http://leginfo.legislature.ca.gov.

    Press releases, Recent news

    Recent news

    Jul 30, 2025

    News What you need to know: California is standing up for all Americans by challenging Trump’s unlawful tariff policy, which is slowing the national economy and raising prices for consumers.  SACRAMENTO – Governor Gavin Newsom today filed an amicus brief in support of…

    Jul 30, 2025

    News What you need to know: California is taking targeted action to address the mental health crisis among young men and boys today with a new executive order focused on suicide prevention, behavioral health, and helping find purpose through education, family, and…

    Jul 29, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Gerald Tolbert, of La Jolla, has been appointed to the Medical Board of California. Tolbert has been a Clinical Assistant Professor at the Department of Emergency Medicine and Medical…

    MIL OSI USA News –

  • MIL-OSI: TC Energy reports strong second quarter 2025 operating and financial results

    Source: GlobeNewswire (MIL-OSI)

    Solid execution and asset performance support higher 2025 financial outlook

    Market fundamentals drive customer demand for incremental capacity projects

    CALGARY, Alberta, July 31, 2025 (GLOBE NEWSWIRE) — TC Energy Corporation (TSX, NYSE: TRP) (TC Energy or the Company) released its second quarter results today. François Poirier, TC Energy’s President and Chief Executive Officer commented, “Our commitment to safety and operational excellence continues to drive strong reliability, availability and financial performance, and we now expect our 2025 comparable EBITDA1 outlook to be higher, in the range of $10.8 to $11.0 billion.” Poirier continued, “Compelling fundamentals are unlocking further growth opportunities across our North American portfolio. To meet this unprecedented demand, we have announced $4.5 billion of new growth projects over the past nine months, including requests for incremental capacity on projects already announced — a trend we’re seeing on several projects currently in development. Our focus on project execution is also delivering tangible results and we expect to place approximately $8.5 billion of capital projects into service this year, on time and are tracking approximately 15 per cent below budget. We remain highly confident in our disciplined strategy and our ability to capture high-value, low-risk opportunities across North America that drive long-term shareholder value.”

    Financial Highlights
    (All financial figures are unaudited and in Canadian dollars unless otherwise noted)

    • Second quarter 2025 financial results from continuing operations2:
      • Comparable earnings1 of $0.8 billion or $0.82 per common share compared to $0.8 billion or $0.79 per common share in second quarter 2024
      • Net income attributable to common shares of $0.9 billion or $0.83 per common share compared to $0.8 billion or $0.78 per common share in second quarter 2024
      • Comparable EBITDA of $2.6 billion, compared to $2.3 billion in second quarter 2024
      • Segmented earnings of $2.0 billion compared to $1.7 billion in second quarter 2024
    • 2025 outlook:
      • Comparable EBITDA is now expected to be higher, in the range of $10.8 to $11.0 billion3, compared to previous outlook of $10.7 to $10.9 billion
      • Comparable earnings per common share (EPS) outlook remains consistent with our 2024 Annual Report, and is expected to be lower than 2024
      • Capital expenditures are anticipated to be $6.1 to $6.6 billion on a gross basis, or $5.5 to $6.0 billion of net capital expenditures4
    • Declared a quarterly dividend of $0.85 per common share for the quarter ending September 30, 2025.

    Operational Highlights

    • Canadian Natural Gas Pipelines deliveries averaged 23.4 Bcf/d, up five per cent compared to second quarter 2024
      • Total NGTL System receipts set a new record of 15.5 Bcf on April 13, 2025
      • Canadian Mainline – Western receipts averaged 4.4 Bcf/d, up seven per cent compared to second quarter 2024
    • U.S. Natural Gas Pipelines daily average flows were 25.7 Bcf/d, in line with second quarter 2024
      • Deliveries to LNG facilities averaged 3.5 Bcf/d, up six per cent compared to second quarter 2024
    • Mexico Natural Gas Pipelines flows averaged 3.6 Bcf/d, three per cent higher than second quarter 2024
      • Set a daily flow record of 4.4 Bcf on April 22, 2025
    • Bruce Power achieved 98 per cent availability in second quarter 2025
    • Cogeneration power plant fleet achieved 93.4 per cent availability in second quarter 2025.

    Project Highlights

    • The Southeast Gateway pipeline is in service and we commenced the collection of tolls from the Comisión Federal de Electricidad (CFE) beginning May 2025. In July 2025, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE
    • The East Lateral XPress (ELXP) project, an expansion project on the Columbia Gulf system that connects supply to U.S. Gulf Coast LNG export markets, was placed in service in May 2025, with total project costs of approximately US$0.3 billion
    • On July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, anticipated in fourth quarter 2025
    • Upsized capacity on the previously announced Maysville and Pulaski projects — mainline extension projects off Columbia Gulf — to support incremental load growth in the region, including data centre development
    • Reached positive FID on $0.4 billion of expansion projects as part of the Multi-Year Growth Plan (MYGP). With in-service dates expected in 2027, the projects are designed to serve system demand growth and new supply on the NGTL System.
     
      three months ended
    June 30    		   six months ended
    June 30
    (millions of $, except per share amounts)   2025       20241       2025       20241  
                   
    Income              
    Net income (loss) attributable to common shares from continuing operations   862       804       1,840       1,792  
    per common share – basic $ 0.83     $ 0.78     $ 1.77     $ 1.73  
                   
    Segmented earnings (losses)              
    Canadian Natural Gas Pipelines   551       514       1,067       1,015  
    U.S. Natural Gas Pipelines   907       762       2,016       1,805  
    Mexico Natural Gas Pipelines   191       266       402       478  
    Power and Energy Solutions   312       220       447       472  
    Corporate   (7 )     (26 )     (12 )     (87 )
    Total segmented earnings (losses)   1,954       1,736       3,920       3,683  
                   
    Comparable EBITDA from continuing operations              
    Canadian Natural Gas Pipelines   923       846       1,813       1,692  
    U.S. Natural Gas Pipelines   1,089       1,003       2,456       2,309  
    Mexico Natural Gas Pipelines   319       286       552       500  
    Power and Energy Solutions   301       227       525       547  
    Corporate   (7 )     (14 )     (12 )     (30 )
    Comparable EBITDA from continuing operations   2,625       2,348       5,334       5,018  
    Depreciation and amortization   (671 )     (633 )     (1,349 )     (1,268 )
    Interest expense   (847 )     (783 )     (1,687 )     (1,563 )
    Allowance for funds used during construction   114       184       362       341  
    Foreign exchange gains (losses), net included in comparable earnings   55       (51 )     45       (8 )
    Interest income and other   49       68       100       143  
    Income tax (expense) recovery included in comparable earnings   (294 )     (143 )     (586 )     (424 )
    Net (income) loss attributable to non-controlling interests included in comparable earnings   (155 )     (141 )     (332 )     (312 )
    Preferred share dividends   (28 )     (27 )     (56 )     (50 )
    Comparable earnings from continuing operations   848       822       1,831       1,877  
    Comparable earnings per common share from continuing operations $ 0.82     $ 0.79     $ 1.76     $ 1.81  

    1          Results reflect continuing operations.

           
      three months ended
    June 30    		   six months ended
    June 30
    (millions of $, except per share amounts)   2025     2024     2025     2024
                   
    Cash flows1              
    Net cash provided by operations2   2,173     1,655     3,532     3,697
    Comparable funds generated from operations2,3   1,964     1,874     3,913     4,310
    Capital spending4   1,379     1,591     3,188     3,488
    Disposition of equity interest, net of transaction costs5   —     464     —     426
    Dividends declared              
    per common share $ 0.85 6 $ 0.96   $ 1.70 6 $ 1.92
    Basic common shares outstanding(millions)              
    – weighted average for the period   1,040     1,037     1,040     1,037
    – issued and outstanding at end of period   1,040     1,037     1,040     1,037
    1. Includes continuing and discontinued operations.
    2. Includes Liquids Pipelines earnings for the three and six months ended June 30, 2024 compared to Liquids Pipelines earnings of nil for the same periods in 2025. Refer to the 2024 Annual Report for additional information.
    3. Comparable funds generated from operations is a non-GAAP measure used throughout this news release. This measure does not have any standardized meaning under GAAP and therefore is unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measure is net cash provided by operations. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.
    4. Capital spending reflects cash flows associated with our Capital expenditures, Capital projects in development and Contributions to equity investments. Refer to Note 4, Segmented information, of our Condensed consolidated financial statements for additional information.
    5. Included in the Financing activities section of the Condensed consolidated statement of cash flows.
    6. Reflects dividends declared following the Spinoff Transaction.

    CEO Message
    Through the first half of 2025, TC Energy safely and reliably delivered energy across North America, maximizing asset value through safety and operational excellence. Despite the volatility in commodity markets and a complex macroeconomic backdrop, our business continues to demonstrate resiliency, achieving 12 per cent growth in comparable EBITDA and 13 per cent growth in segmented earnings compared to second quarter 2024. Driven by strong performance and focused execution, we now expect our 2025 comparable EBITDA outlook to be higher, in the range of $10.8 to $11.0 billion, compared to the original outlook of $10.7 to $10.9 billion. We continue to advance our strategic priorities – executing a selective portfolio of growth projects, maintaining financial strength and agility, while maximizing the value of our assets through safety and operational excellence. Our performance continues to underscore the strength of our business model and our ability to consistently deliver solid growth, low risk and repeatable performance. TC Energy’s Board of Directors approved a quarterly common share dividend of $0.85 per common share for the quarter ending September 30, 2025, equivalent to $3.40 per common share on an annualized basis.

    Following the completion of the Southeast Gateway pipeline on schedule and under budget in the second quarter, we commenced the collection of tolls from the CFE beginning May 2025. This event represents a significant operational and financial milestone, and an important step for Mexico’s energy landscape and economic development. The Southeast Gateway pipeline is a transformative infrastructure project – serving as a critical artery for delivering natural gas to underserved regions in Southeast Mexico, driving economic growth and energy security while supporting the country’s transition to lower-emitting, more reliable sources of energy. In July, the newly constituted Comisión Nacional de Energía (CNE) approved our regulated rates required to provide service to potential future interruptible service users on the Southeast Gateway pipeline other than the CFE.

    As part of our ongoing efforts to maximize the value of our assets, on July 1, 2025, Columbia Gas notified FERC that it has reached a settlement-in-principle on the Columbia Gas Section 4 Rate Case. Columbia Gas expects the final settlement to include an increase relative to pre-filed rates, subject to revision following completion and approval of settlement terms, which we anticipate in fourth quarter 2025. This outcome on our second-largest pipeline asset demonstrates our ongoing commitment to enhance system integrity and service reliability while ensuring timely capital recovery to maximize our long-term cash flow profile.

    We continue to execute our growth projects on-time and are tracking 15 per cent below budget on approximately $8.5 billion of assets expected to be placed into service this year. Year to date, we have placed into service approximately $5.8 billion of natural gas pipeline capacity projects, including the Southeast Gateway pipeline. In May, we successfully placed the East Lateral XPress (ELXP) project into service. As a strategic expansion of the Columbia Gulf Transmission system, ELXP delivers approximately 0.7 Bcf/d of firm natural gas capacity directly to Venture Global’s Plaquemines LNG terminal in Louisiana, reinforcing our role in enabling reliable, long-term energy supply to global markets.

    Fundamentals continue to drive significant growth opportunities for the incremental build-out of natural gas infrastructure across LNG export, coal-to-gas conversions, data centre demand and LDC reliability. Reflecting this momentum, we reached a positive FID on $0.4 billion of expansion facilities as part of MYGP; a program comprised of multiple distinct projects with targeted in-service dates between 2027 and 2030, subject to final company and regulatory approvals. Once complete, MYGP is expected to enable approximately 1.0 Bcf/d of incremental system throughput – further enhancing our ability to connect natural gas supply from competitive, low-cost basins to critical demand markets across North America. Additionally, we have upsized capacity on our previously announced Maysville and Pulaski projects. In aggregate, over the past nine months we have announced $4.5 billion of new capital projects, each underpinned by long-term take or pay contracts with strong counterparties and delivering a weighted average build multiple5 in the 5-7 times range. Our origination pipeline remains robust, with both the volume and scale of opportunities continuing to grow. We are seeing increased demand across multiple end-use sectors, with customers seeking additional capacity to upsize their projects. We believe this trend reflects strong underlying market fundamentals and reinforces our confidence in the long-term need for safe, reliable and affordable natural gas infrastructure.

    Looking ahead, we have clear visibility into a steady cadence of project announcements in the second half of 2025 and into 2026. Maintaining commitment to our annual net capital expenditure range of $6.0 to $7.0 billion, the majority of incremental capital is expected to be allocated toward the latter part of the decade. Our strategy remains centred on advancing low-risk, brownfield projects, underpinned by long-term contracts with strong counterparties, delivering attractive build multiples. This disciplined approach supports organic comparable EBITDA growth, underpins our three to five per cent annual dividend growth target, and enables ongoing deleveraging as we manage to our long-term target of 4.75 times debt-to-EBITDA6 ratio. These efforts collectively reinforce our commitment to sustainable, long-term value creation for shareholders.

    Finally, we released our 2025 Report on Sustainability. The report reaffirms TC Energy’s role in a collective effort to advance a lower-emissions energy system and demonstrates how we’re aiming to strike a balance between meeting growing energy demand and addressing rising global emissions, while collaborating closely with Indigenous rights holders, customers, neighbors and governments across Canada, the U.S. and Mexico. Key highlights include:

    • Reduced absolute methane emissions by 12 per cent between 2019 and 2024 while increasing natural gas throughput by 15 per cent and comparable EBITDA in our natural gas business by 40 per cent
    • A continued focus on methane intensity reduction, targeting cost-effective abatement across jurisdictions
    • Achieved a five-year low in our High Energy Serious Injury and Fatality rate, demonstrating tangible progress in safeguarding our people and operations
    • Signed over 40 relationship agreements with Indigenous communities across NGTL and Foothills pipeline systems since 2020.

    Teleconference and Webcast
    We will hold a teleconference and webcast on Thursday, July 31, 2025 at 6:30 a.m. (MT) / 8:30 a.m. (ET) to discuss our second quarter 2025 financial results and Company developments. Presenters will include François Poirier, President and Chief Executive Officer; Sean O’Donnell, Executive Vice-President and Chief Financial Officer; and other members of the executive leadership team.

    Members of the investment community and other interested parties are invited to participate by calling 1-833-752-3826 (Canada/U.S. toll free) or 1-647-846-8864 (International toll). No passcode is required. Please dial in 15 minutes prior to the start of the call. Alternatively, participants may pre-register for the call here. Upon registering, you will receive a calendar booking by email with dial in details and a unique PIN. This process will bypass the operator and avoid the queue. Registration will remain open until the end of the conference call.

    A live webcast of the teleconference will be available on TC Energy’s website at TC Energy — Events and presentations or via the following URL: https://www.gowebcasting.com/13943. The webcast will be available for replay following the meeting.

    A replay of the teleconference will be available two hours after the conclusion of the call until midnight ET on August 7, 2025. Please call 1-855-669-9658 (Canada/U.S. toll free) or 1-412-317-0088 (International toll) and enter passcode 6101975.

    The unaudited interim Condensed consolidated financial statements and Management’s Discussion and Analysis (MD&A) are available on our website at www.TCEnergy.com and will be filed today under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov.

    About TC Energy
    We’re a team of 6,500+ energy problem solvers connecting the world to the energy it needs. Our extensive network of natural gas infrastructure assets is one-of-a-kind. We seamlessly move, generate and store energy and deliver it to where it is needed most, to home and businesses in North America and across the globe through LNG exports. Our natural gas assets are complemented by our strategic ownership and low-risk investments in power generation.

    TC Energy’s common shares trade on the Toronto (TSX) and New York (NYSE) stock exchanges under the symbol TRP. To learn more, visit us at www.TCEnergy.com.

    Forward-Looking Information
    This release contains certain information that is forward-looking and is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements are usually accompanied by words such as “anticipate”, “expect”, “believe”, “may”, “will”, “should”, “estimate” or other similar words. Forward-looking statements in this document may include, but are not limited to, statements related to expectations with respect to expected comparable EBITDA, comparable earnings in total and per common share and the sources thereof and anticipated capital expenditures, expectations with respect to the targeted debt-to-EBITDA leverage metric, expectations with respect to MYGP, including associated capital expenditures, timelines, and outcomes, expectations with respect to completed projects and expected impacts thereof, expectations with respect to the approximate value of projects to be placed in-service in 2025, expectations with respect to identified FERC rate cases, including timelines, processes and outcomes, expectations with respect to our strategic priorities, and the execution thereof, expectations with respect to our ability to maximize the value of our assets through safety and operational excellence, expected cost and schedules for planned projects, including projects under construction and in development and the associated capital expenditures, expectations about energy demand levels and drivers thereof, expectations about our ability to execute our identified portfolio of growth projects and ensure financial strength and agility, our ability to deliver solid growth, low risk and repeatable performance, our expected net capital expenditures, including timing, and expected industry, market and economic conditions, and ongoing trade negotiations, including their expected impact on our business, customers and suppliers. Our forward-looking information is subject to important risks and uncertainties and is based on certain key assumptions. Forward-looking statements and future-oriented financial information in this document are intended to provide TC Energy security holders and potential investors with information regarding TC Energy and its subsidiaries, including management’s assessment of TC Energy’s and its subsidiaries’ future plans and financial outlook. All forward-looking statements reflect TC Energy’s beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. We do not update our forward-looking information due to new information or future events, unless we are required to by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the most recent Quarterly Report to Shareholders and the 2024 Annual Report filed under TC Energy’s profile on SEDAR+ at www.sedarplus.ca and with the U.S. Securities and Exchange Commission at www.sec.gov and the “Forward-looking information” section of our Report on Sustainability which is available on our website at www.TCEnergy.com.

    Non-GAAP and Supplementary Financial Measure
    This release contains references to the following non-GAAP measures: comparable EBITDA, comparable earnings, comparable earnings per common share and comparable funds generated from operations. It also contains references to debt-to-EBITDA,a non-GAAP ratio, which is calculated using adjusted debt and adjusted comparable EBITDA, each of which are non-GAAP measures. These non-GAAP measures do not have any standardized meaning as prescribed by GAAP and therefore may not be comparable to similar measures presented by other entities. These non-GAAP measures are calculated by adjusting certain GAAP measures for specific items we believe are significant but not reflective of our underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable except as otherwise described in the Condensed consolidated financial statements and MD&A. Refer to: (i) each business segment and the discontinued operations section for a reconciliation of comparable EBITDA to segmented earnings (losses); (ii) Consolidated results section and the discontinued operations section for reconciliations of comparable earnings and comparable earnings per common share to Net income attributable to common shares and Net income per common share, respectively; and (iii) Financial condition section for a reconciliation of comparable funds generated from operations to Net cash provided by operations. Refer to the Non-GAAP Measures section of the MD&A in our most recent quarterly report for more information about the non-GAAP measures we use. The MD&A is included with, and forms part of, this release. The MD&A can be found on SEDAR+ at www.sedarplus.ca under TC Energy’s profile.

    This release contains references to build multiple, which is non-GAAP ratio which is calculated using capital expenditures and comparable EBITDA, of which comparable EBITDA is a non-GAAP measure. We believe build multiple provides investors with a useful measure to evaluate capital projects.

    With respect to non-GAAP measures used in the calculation of debt-to-EBITDA, adjusted debt is defined as the sum of Reported total debt, including Notes payable, Long-term debt, Current portion of long-term debt and Junior subordinated notes, as reported on our Consolidated balance sheet as well as Operating lease liabilities recognized on our Consolidated balance sheet and 50 per cent of Preferred shares as reported on our Consolidated balance sheet due to the debt-like nature of their contractual and financial obligations, less Cash and cash equivalents as reported on our Consolidated balance sheet and 50 per cent of Junior subordinated notes as reported on our Consolidated balance sheet due to the equity-like nature of their contractual and financial obligations. Adjusted comparable EBITDA is calculated as the sum of comparable EBITDA from continuing operations and comparable EBITDA from discontinued operations excluding Operating lease costs recorded in Plant operating costs and other in our Consolidated statement of income and adjusted for Distributions received in excess of (income) loss from equity investments as reported in our Consolidated statement of cash flows which we believe is more reflective of the cash flows available to TC Energy to service our debt and other long-term commitments. We believe that debt-to-EBITDA provides investors with useful information as it reflects our ability to service our debt and other long-term commitments. See the Reconciliation section for reconciliations of adjusted debt and adjusted comparable EBITDA for the years ended December 31, 2022, 2023 and 2024.

    This release also contains references to net capital expenditures, which is a supplementary financial measure. Net capital expenditures represent capital costs incurred for growth projects, maintenance capital expenditures, contributions to equity investments and projects under development, adjusted for the portion attributed to non-controlling interests in the entities we control. Net capital expenditures reflect capital costs incurred during the period, excluding the impact of timing of cash payments. We use net capital expenditures as a key measure in evaluating our performance in managing our capital spending activities in comparison to our capital plan.

    Reconciliation
    The following is a reconciliation of adjusted debt and adjusted comparable EBITDAi.

      year ended December 31
    (millions of Canadian $) 2024     2023     2022  
               
    Reported total debt 59,366     63,201     58,300  
    Management adjustments:          
    Debt treatment of preferred sharesii 1,250     1,250     1,250  
    Equity treatment of junior subordinated notesiii (5,524 )   (5,144 )   (5,248 )
    Cash and cash equivalents (801 )   (3,678 )   (620 )
    Operating lease liabilities 511     457     430  
    Adjusted debt 54,802     56,086     54,112  
               
    Comparable EBITDA from continuing operationsiv 10,049     9,472     8,483  
    Comparable EBITDA from discontinued operationsiv 1,145     1,516     1,418  
    Operating lease costs 117     105     95  
    Distributions received in excess of (income) loss from equity investments 67     (123 )   (29 )
    Adjusted Comparable EBITDA 11,378     10,970     9,967  
               
    Adjusted Debt/Adjusted Comparable EBITDAi 4.8     5.1     5.4  
    i Adjusted debt and adjusted comparable EBITDA are non-GAAP measures. The calculations are based on management methodology. Individual rating agency calculations will differ.
    ii 50 per cent debt treatment on $2.5 billion of preferred shares as of December 31, 2024.
    iii 50 per cent equity treatment on $11.0 billion of junior subordinated notes as of December 31, 2024. U.S. dollar-denominated notes translated at December 31, 2024, USD/CAD foreign exchange rate of 1.44.
    iv Comparable EBITDA from continuing operations and Comparable EBITDA from discontinued operations are non-GAAP financial measures. See the Forward-looking information and Non-GAAP measures sections in our 2024 Annual Report for more information. Comparable EBITDA from discontinued operations represents nine months of Liquids Pipelines earnings in 2024 compared to a full year of Liquids Pipelines earnings in 2023. Refer to the Discontinued operations section in our 2024 Annual Report for additional information.
       

    Media Inquiries:
    Media Relations
    media@tcenergy.com
    403.920.7859 or 800.608.7859

    Investor & Analyst Inquiries:
    Gavin Wylie / Hunter Mau
    investor_relations@tcenergy.com
    403.920.7911 or 800.361.6522

    Download full report here: https://www.tcenergy.com/siteassets/pdfs/investors/reports-and-filings/annual-and-quarterly-reports/2025/tce-2025-q2-quarterly-report.pdf

    1 Comparable EBITDA, comparable earnings and comparable earnings per common share are non-GAAP measures used throughout this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. The most directly comparable GAAP measures are Segmented earnings, Net income attributable to common shares and Net income per common share, respectively. We do not forecast Segmented earnings. For more information on non-GAAP measures, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    2 Prior year results have been recast to reflect the Liquids Pipelines business as a discontinued operation as a result of the Spinoff Transaction.

    3 Based on USD/CAD foreign exchange rate of 1.35 for the second half of 2025.

    4 Net capital expenditures are adjusted for the portion attributed to non-controlling interests and is a supplementary financial measure used throughout this news release. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    5 Build multiple is a non-GAAP ratio calculated by dividing capital expenditures by comparable EBITDA. Please note our method for calculating build multiple may differ from methods used by other entities. Therefore, it may not be comparable to similar measures presented by other entities. For more information on non-GAAP measures and the supplementary financial measure, refer to the Non-GAAP and Supplementary financial measure section of this news release.

    6 Debt-to-EBITDA is a non-GAAP ratio. Adjusted debt and adjusted comparable EBITDA are non-GAAP measures used to calculate debt-to-EBITDA. For more information on non-GAAP measures, refer to the non-GAAP and Supplementary financial measure section of this news release. These measures do not have any standardized meaning under GAAP and therefore are unlikely to be comparable to similar measures presented by other companies.

    The MIL Network –

  • MIL-OSI United Kingdom: Heathrow expansion is a “flightmare on Downing Street” say Greens

    Source: Green Party of England and Wales

    by Green Party

    Responding to the release of detailed proposals for Heathrow Airport expansion, Green Party MP, Ellie Chowns, reiterated the Green Party’s opposition to airport expansion, saying,

    “Heathrow Airport expansion is a flightmare on Downing Street for people and planet. On one hand, this government is saying they’re taking the climate crisis seriously, and on the other, they’re backing a project that will release a reported 4.4m tonnes of CO2 a year. These expansion plans would see the number of flights at Heathrow Airport go up to 720,000 from their current capped number of 480,000 a year.

    These expansion plans are, at their heart, aimed to deliver profit for shareholders to enable a small group of people to fly more and more. In the UK we have a few frequent flyers that make up less than 3% of the UK population but take 30% of all journeys. On top of this, they seem oblivious to the impact that these plans will have on the communities currently living around Heathrow. Government must be grounded in reality and look hard at the climate science. No credible net-zero plan can include rampant airport expansion, and it’s time Labour looked to the many, many alternative ways to create high-paid green jobs.”

    MIL OSI United Kingdom –

  • MIL-OSI Russia: Myanmar announces formation of new union government

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    YANGON, July 31 (Xinhua) — Myanmar’s National Defence and Security Council on Thursday formed a new union government and a National Security and Peace Commission, state broadcaster MRTV reported.

    The Union Government is headed by Nyo Soe as Prime Minister and the National Security and Peace Commission is led by Senior General Min Aung Hlaing, the statement said.

    According to the report, the National Defense and Security Council also decided to cancel the order to transfer powers to the commander-in-chief of the armed forces.

    Myanmar State Administrative Council spokesman Zaw Min Tun said on Thursday that the National Defence and Security Council had decided to lift the state of emergency to hold a general election.

    In February 2021, Myanmar’s then-acting President Myint Swe declared a one-year state of emergency and handed over supreme power to the Commander-in-Chief of the Armed Forces. The Office of the Commander-in-Chief of the Armed Forces subsequently formed the State Administrative Council, chaired by Min Aung Hlaing. Myanmar’s National Defense and Security Council has repeatedly extended the state of emergency for six months, until July 31 this year. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Digital Policy Office introduces initiatives to promote cybersecurity in second half 2025 (with photos)

    Source: Hong Kong Government special administrative region

    Digital Policy Office introduces initiatives to promote cybersecurity in second half 2025  
    The Commissioner for Digital Policy, Mr Tony Wong, said that with rapid developments in the digital era, cybersecurity threats have grown increasingly severe. The Government is adopting a multipronged strategy to continuously enhance the cybersecurity resilience of Hong Kong. Reviewing the DPO’s work on cybersecurity in the first half of the year, Mr Wong stated that in addition to co-ordinating with the HKIRC to launch the Cybersec One Programme to support small and medium-sized enterprises (SMEs), schools, and non-governmental organisations in strengthening their cybersecurity protection level, the DPO also worked closely with the CSTCB, the HKCERT and various stakeholders to organise a range of awareness campaigns and cybersecurity drills to raise cybersecurity awareness and response capabilities among government departments and the public. In the second half of the year, the DPO will continue to launch a variety of initiatives, including co-ordinating with the HKCERT to implement the Cybersecurity Service Providers Connect Programme, leading the organising of the second Hong Kong Cybersecurity Attack and Defence Drill, and hosting a series of activities to fully support the annual China Cybersecurity Week. These initiatives will further promote cross-sectoral and cross-regional collaboration, strengthen the local cybersecurity ecosystem, and drive the sustainable development of Hong Kong’s digital economy.
     
    At the briefing, the Chief Superintendent of the CSTCB, Mr Lam Cheuk-ho, announced the technology crime figures recorded in the first half of 2025. A total of 16 262 cases were recorded, with financial losses exceeding $3 billion, mainly attributable to substantial losses from online investment fraud, with both figures representing an increase of 0.5 per cent and 14.7 per cent respectively compared to the same period last year. Among these cases, there were only 42 incidents involving destructive hacking, a 22 per cent decrease compared to the same period last year. Mr Lam emphasised that in the face of escalating cybersecurity threats, the Police are intensifying law enforcement while actively strengthening the development of Hong Kong’s cybersecurity ecosystem from multiple dimensions through raising public awareness, nurturing professionals and enhanced public-private partnerships to comprehensively solidify the city’s cybersecurity defence.
     
    The Chief Executive Officer of the HKIRC, Mr Wilson Wong, shared the latest security scan findings, which revealed that around 65 per cent of websites belonging to SMEs, educational and social welfare organisations are at risk of data leakage, reminding organisations to act proactively by patching vulnerabilities and strengthening cybersecurity measures. He encouraged enterprises and organisations to leverage the services of the Cybersec One Programme, including free website risk assessments, vulnerability identifications, staff training and phishing email drills in order to foster a cybersecurity culture and comprehensively improve defence capabilities.
     
    The Chief Digital Officer of the Hong Kong Productivity Council, Mr Edmond Lai, speaking on behalf of the HKCERT, highlighted findings from the 2024 Hong Kong Enterprise Cyber Security Readiness Index and AI Security Survey, noting that nearly 70 per cent of surveyed businesses had experienced cyberattacks, underscoring the urgent need for companies to continue strengthening cybersecurity measures to confront increasingly complex and frequent threats. He added that the Cybersecurity Service Providers Connect Programme launched by the HKCERT will effectively connect cybersecurity service providers with local enterprises and organisations to help them find suitable solutions. The Programme is now open for applications, and the classified and vetted service providers will be showcased on a dedicated platform.
     
    In conclusion, Mr Tony Wong emphasised the theme of “Cybersecurity for the People, Cybersecurity relies on the People”, and maintained that cybersecurity requires the joint efforts of the whole society. Several large-scale major events will take place in Hong Kong in the second half of this year, including the 15th National Games and the Legislative Council general election, etc. These events extensively utilise information technology, and cybersecurity is critical to ensure the smooth execution of the large-scale events. The DPO will continue to partner with all sectors to launch diverse activities and training to continuously enhance Hong Kong’s overall capabilities to tackle risks in cybersecurity, and he appealed for media support in jointly disseminating the importance of cybersecurity and the building of a safer and more resilient digital future.
    Issued at HKT 18:38

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    As any leader of a political party knows, when you demote people they can become difficult, or worse.

    Among Opposition Leader Sussan Ley’s multiple problems are two very unhappy former frontbenchers. Sarah Henderson, who was opposition education spokeswoman last term, and Jane Hume, who had a high profile in finance, were dumped to the backbench in Ley’s reshuffle.

    There were mixed views about Ley’s judgement. But it was clear neither would take the relegation lying down.

    Henderson at the time declared she found it regrettable that “a number of high-performing Liberal women have been overlooked or demoted”. Hume said, ominously, “there is something very liberating about being on the backbench and being able to speak without having to stick to the party line and without having to stick to talking points”.

    This week, both women used their freedom to freelance.

    On the government’s student debt legislation, Henderson made her presence felt by moving an amendment designed to cap indexation. It got only a handful of votes from the crossbench. The opposition abstained.

    Also in the Senate, Hume put down her marker, on a motion moved by One Nation repudiating the net zero target. Predictably, Matt Canavan (Nationals) and Alex Antic (right-wing South Australian Liberal) voted for the motion. The Liberals’ official position – given they’re in no-man’s land, reviewing their policy – was to abstain. But Hume and Andrew McLachlan (a moderate from South Australia), voted against the motion.

    Hume has kept a regular spot on Sky News Australia, an opportunity to use her “liberated” voice.

    Then there’s Andrew Hastie who, despite being a frontbencher, doesn’t feel under collective discipline. Hastie, whom some see as a possible future leader, didn’t get his wish for a non-security portfolio in the reshuffle. Instead, the former defence spokesman was moved to home affairs, a broad job that presents many opportunities.

    When the Western Australian Liberal council passed a motion rejecting net zero at the weekend, Hastie gave his enthusiastic backing.

    He then got stuck into state Liberal leader Basil Zempilas, who had said the WA parliamentary party supported “the status quo on the net zero targets”.

    Hastie fired off a newsletter to supporters declaring, “This motion – moved and supported by my division of Canning – reflects a growing concern from mainstream Australians about our expensive energy bills, unreliable supply, and the erosion of our national sovereignty.

    “I was therefore disappointed to see [Zempilas] publicly dismiss those concerns.”

    The government was quick to exploit this, with Climate Change Minister Chris Bowen telling parliament on Thursday Hastie “will undermine any opposition leader he can find. He’s taking a practice run in Perth for what he intends to do in Canberra, some time in the next 12 months as we all know. He loves undermining leaders of the opposition.”

    Peter Dutton was a disaster for the Liberals, as the election drubbing showed. But he was (mostly) able to impose substantial unity on the parliamentary party.

    That was seen as a big achievement. But it had two downsides. At the time, it stifled what might have been useful internal debate, or warnings, that could have helped the opposition. And now it has left some Liberals who felt they held their tongues last time determined not to do so again. Even those not aggrieved for specific reasons are likely to be more inclined to be outspoken this term.

    Ley will not be able to impose the degree of discipline that Dutton did.

    Meanwhile, as the aggrieved Liberals were stamping their feet, their colleague James Paterson, new to his post of finance spokesman, was seeking to repair some of the political damage the opposition did by its attacks on the public service.

    The hostility to the public service goes back a long way – some might argue it’s ingrained in the Liberals’ DNA. It was strong during Scott Morrison’s prime ministership.

    Dutton promised massive cuts to the Canberra-based public service, which even the Liberals admit would have been unattainable. Hume’s plan to force public servants back into the office five days a week, a policy the opposition had to drop midway through the election campaign, has also left deep suspicion.

    For the Liberals, attacking the public service has always appeared a ready road to savings. But the political dangers are obvious. It is not the seats directly affected – the ACT always votes Labor. But assaults on the public service can be readily segued by the Coalition’s opponents into code for attacks on government services.

    Paterson, who’s also shadow minister for the public service, told an Australian Financial Review summit on government services, “It is not lost on me that promising significant cuts to the size of the APS or changing the way public servants work from home was poorly received and not just here in Canberra.”

    Paterson said, “I have great respect for public servants, and I recognise the significant contributions they make to our democracy.

    “The Coalition aspires to have a respectful, constructive relationship with the APS. We want a motivated, high-performing public service that works in genuine partnership with government to deliver the services Australians rely on. And we want it to do so as a trusted steward of taxpayer dollars.”

    On the basis of history, the public servants will remain suspicious of the Liberals; Paterson’s aim will be to mitigate that as much as possible.

    In a twist on the working-from-home debate, the secretary of the health department, Blair Comley, this week expressed some concern about the implications of the trend.

    “I don’t think anyone is suggesting we go back to a rigid five days a week and no flexibility,” Comley told the AFR summit. But he was worried about what was happening to “learning, development, mentoring, and what’s happening to the social capital”.

    Knowing the sensitivities of the issue, Comley was extremely careful with his words. Hume, having been burned once, was not putting her hand into this particular fire again. “That is not a policy that the Coalition has now, not a policy that we took to the election”, she said. There is a limit to being liberated.

    Michelle Grattan 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. Grattan on Friday: Aggrieved Liberals stamp their feet, testing Sussan Ley’s authority – https://theconversation.com/grattan-on-friday-aggrieved-liberals-stamp-their-feet-testing-sussan-leys-authority-262026

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Latest data shows measles cases remain high

    Source: United Kingdom – Executive Government & Departments

    News story

    Latest data shows measles cases remain high

    Measles activity has increased since April 2025 and the UKHSA is continuing to oversee the public health risk assessment.

    The UK Health Security Agency (UKHSA) is today urging parents to prioritise vaccine catch-up appointments during the summer break, with latest data showing continued high levels of measles cases amid fears of a further surge once the new school term begins.

    Measles activity has increased since April 2025 and the UKHSA is continuing to oversee the public health risk assessment and working with local partners on the response.

    The latest monthly update on measles cases in England published today shows that an additional 145 measles cases have been reported since the last publication on July 3. Cases continue to predominantly be in children under the age of 10 years with London and parts of the North West driving the increase most.

    The latest measles epidemiology report on the UKHSA Data Dashboard today reports:

    • since 1 January, there have been 674 laboratory confirmed measles cases reported in England, an increase of 145 cases since the last report on 3 July 2025

    • 48% (322/674) of these cases have been in London, 16% (111 out of 674) in the North West, and 10% (65/674) in the East of England

    There has also been a global increase in measles cases, including Europe, over the last year. UKHSA is concerned that holiday travel and international visits to see family this summer could lead to rising measles cases in England when the new school term begins.

    Dr Vanessa Saliba, UKHSA Consultant Epidemiologist, said:

    The summer months offer parents an important opportunity to ensure their children’s vaccinations are up to date, giving them the best possible protection when the new school term begins. It is never too late to catch up. Do not put it off and regret it later.

    Measles spreads very easily and can be a nasty disease, leading to complications like ear and chest infections and inflammation of the brain with some children tragically ending up in hospital and suffering life-long consequences.

    Two doses of the MMR vaccine is the best way to protect yourself and your family from measles. Babies under the age of 1 and some people who have weakened immune systems cannot have the vaccine and are at risk of more serious complications if they get measles. They rely on the rest of us getting the vaccine to protect them.

    Dr Amanda Doyle, National Director for Primary Care and Community Services at NHS England, said:

    Vaccination is the best protection against measles, which is highly contagious and can cause serious health problems. The MMR vaccine is provided free by the NHS and I would urge all parents to check their child’s vaccination records before the new school year or summer travel, particularly as Europe is reporting the highest number of measles cases in 25 years.

    While the NHS delivered tens of thousands of additional MMR vaccinations last year, too many eligible children remain unvaccinated, and we are working with local authorities and the UK Health Security Agency to reach more youngsters, with enhanced vaccination offers in areas with higher cases, including vaccination buses and community catch-up sessions.

    The first MMR vaccine is offered to infants when they turn one year old and the second dose to pre-school children when they are around 3 years and 4 months old. 

    Around 99% of those who have 2 doses will be protected against measles and rubella. Although mumps protection is slightly lower, cases in vaccinated people are much less severe. 

    Anyone, whatever age, who has not had 2 doses can contact their GP surgery to book an appointment.

    Read more information on measles, mumps and rubella.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Dr Simone Lowthe-Thomas reappointed to The National Lottery Community Fund

    Source: United Kingdom – Executive Government & Departments

    News story

    Dr Simone Lowthe-Thomas reappointed to The National Lottery Community Fund

    The Secretary of State has reappointed Dr Simone Lowthe-Thomas as Board Member to The National Lottery Community Fund and Chair of the Wales Committee for 4 years from 1 July 2025 to 30 June 2029.

    Dr Simone Lowthe-Thomas

    Starting life as an ecologist and then working on sustainable energy, community

    regeneration and sustainable development, Simone has been working with communities, businesses, government and academia for over 25 years. Currently Director for Nature and Climate at Bannau Brycheiniog (Brecon Beacons) National Park, Simone is working in partnership to accelerate a response to our climate, water and nature crises, in a way that works for both people and the natural world.

    Previous experience and roles include CEO at Severn Wye Energy Agency (a Fuel Poverty and Sustainable Energy Charity), Vice-President of Fedarene (European Federation of Energy Agencies), Founding Member of Community Energy Wales and as a Research Associate and Manager of Wales Biomass Centre (Cardiff University Research Centre on Bioenergy).

    Simone brings a very practical community based background and expertise in developing approaches to engagement and involvement having supported and developed some of the first community owned energy schemes, ‘Cynefin’ a Welsh Government Programme which demonstrate co-production and place-based approaches, and working with the Wellbeing of Future Generations Commissioners Office to develop guidance for the ways of working (Sustainable Development Principles).She has held voluntary roles including as Chair of Governors and has been a STEM Ambassador for 25 years.

    Updates to this page

    Published 31 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The CSR discussed how platform employment regulation will develop

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    The Center for Strategic Research held a round table entitled “Platform Employment in the New Conditions: What Changes After the Law on the Platform Economy.” Together with representatives of the Ministry of Economic Development, the State Duma, the expert and academic community, as well as leading digital platforms, they discussed the adopted law on the platform economy and future regulatory detailing at the level of by-laws.

    According to the participants, the adopted law was an important step in the formation of a basic regulatory framework, but it is now that the most subtle and meaningful part of the work begins – filling this framework with tools, concepts and mechanisms.

    The moderator of the round table, CEO of the CSR Pavel Smelov noted: “Russia is one of the few countries where digital platforms have become a truly systemic part of the economy. We have not just implemented technologies, we have created our own model – and this is a serious competitive advantage. Now our task is not to lose our leadership, to take the next step – to turn the platform economy into a full-fledged export model. It is no longer just about technologies, but about a new logic of the economic structure that can be transmitted beyond the country’s borders.”

    Also, in his opinion, the key direction of the next stage is the issue of platform employment: “We are already living in a new reality: there is a platform, there is a platform economy, and we still continue to hold on to the old model of social security, as if nothing has changed. The social security system needs to be revised taking into account how the employment market is actually structured today. People are developing other principles of financial stability: investments, a safety net, additional income. Therefore, it is important not only to protect, but also to educate – to help people navigate modern work formats and make informed decisions. Especially when it comes to those for whom the platform is not their main, but additional employment.”

    The Ministry of Economic Development emphasized that the implementation of the law will require a flexible and consistent approach, especially in terms of employment. The main focus in the coming months is work on by-laws, the launch of a digital platform registry mechanism, and the preparation of clarifications.

    “Russia has made great strides in developing the platform economy: we already have our own effectively functioning models that are of interest abroad. But it is important not to stop there. Platforms are developing rapidly, and regulation should not slow down, but rather accompany this process, be flexible and targeted. We see that citizens make decisions based not only on the logic of the future, but also on current circumstances — and pensions and social guarantees are not always perceived as real values. Therefore, the platform can become a channel through which we will rethink social policy — at the level of product, convenience, and trust. We have examples when digital, platform services became a necessary tool for performers to legalize and comply with legal requirements, including the calculation and payment of taxes. Platform tools have proven their convenience and demand. In turn, this approach provides additional opportunities to ensure control by the state. Our task today is not to go to extremes, but to maintain an open dialogue, flexibility, and thoughtfulness. This is precisely the strength of the platform economy,” said Vladimir Voloshin, Director of the Department of Digital Development and Data Economy at the Ministry of Economic Development.

    State Duma Deputy Stanislav Naumov reported that an expert council will be created under the Committee on Economic Policy, which will undertake in-depth study of unresolved issues.

    “In September, we are ready to move on. For me personally, there are three priorities today. The first is export orientation: platforms should help Russian businesses enter foreign markets, and not just regulate access of foreign players to ours. The second is the development of internal B2B interaction, where online platforms can become a full-fledged infrastructure for cooperation between suppliers. And the third is the use of platforms to improve the efficiency of state and municipal procurement,” he said.

    As for platform employment, according to the deputy, this is not just a regulatory issue – it is a question of filling the social fund and, as a result, a real opportunity to increase the minimum level of pensions in those regions where it is objectively insufficient today. “This is how I understand the social task of regulation,” he concluded.

    Business supported the general vector, but drew attention to the need for a differentiated approach. Industry representatives emphasized that uniform standards for platforms with fundamentally different models — from marketplaces to service aggregators — could result in risks for flexibility and employment.

    “The platform economy has already changed the market, and the self-employed regime has proven that people are ready to come out of the shadows if they are offered transparent and convenient conditions. Let’s not abolish what works, but rebuild the old – so that the economy, employment and the contribution system develop synchronously,” said Anton Danilov-Danilyan, Deputy Chairman of Delovaya Rossiya, head of the working group of transport service aggregators at the Russian Union of Industrialists and Entrepreneurs. According to Yuri Bogdanov, General Director of the Association of Digital Platforms, “it is digitalization, platform development and the tax regime on professional income that give the state a chance to oust gray practices through transparency.”

    “Platform employment is being formed to a greater extent in industries with high demand for flexible types of employment, allowing for the expansion of participation of various groups of the population in the economy. Therefore, it is important not just to offer them standard social benefits, but to understand what they really need and what they are ready to use,” noted Rimma Chichakyan, Director of Legal Affairs and Government Relations at Yandex Taxi.

    Ozon representative Alexander Vasiliev supported this position. “We are no longer living in an industrial economy, but in a post-industrial economy, and regulation should take this into account. At the same time, it is important to maintain a choice between different employment formats and not limit new models,” he noted.

    The participants of the discussion agreed that the development of the platform economy does not require strict regulation, but rather fine-tuning and careful attention to specifics. Among the priority areas, the participants highlighted the need to clarify the criteria for the integrity of platforms, the formation of mechanisms for distinguishing employment from shadow schemes, as well as work on the status of the performer and protection tools. Particular attention was paid to the creation of a sustainable format for dialogue between the state, business and experts – both on the parliamentary platform and within the framework of the implementation of the law in practice.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

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    MIL OSI Russia News –