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Category: Politics

  • MIL-OSI Russia: Bosnia and Herzegovina: Staff Concluding Statement for the 2025 Article IV Consultation Mission

    Source: IMF – News in Russian

    July 1, 2025

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

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

    Sarajevo:

    Growth has proven resilient supported by expansionary fiscal policies, but inflation has picked up, and risks are elevated due to external shocks and domestic political tensions. Progress towards EU accession could boost confidence, but political hurdles persist. Fiscal policy should focus on restoring buffers and improving spending quality. The authorities should refrain from further discretionary measures that widen the deficit and strengthen contingency planning. Both entities face large financing needs that are expected to be met through external borrowing, with a Eurobond issuance in FBiH and bilateral loans in the RS, along with some domestic issuances. The authorities should prepare contingency plans in case of financing shortfalls. Reforms, including a review of public employment, wages, and social benefits are needed to achieve a debt-stabilizing primary balance.

    To safeguard monetary stability, it is essential to maintain the currency board and uphold the independence of the central bank. The authorities should continue to closely monitor financial sector risks and enhance crisis preparedness. The establishment of a country-wide financial stability fund, which would facilitate bank restructuring and provide liquidity on an exceptional basis, would substantially strengthen the financial safety net. To accelerate growth, the authorities need to speed up reforms to improve fiscal governance, protect financial integrity, fight corruption, and step up digitalization. Transitioning from coal to green energy along with preparing for the introduction of EU carbon taxes are major challenges ahead. Placing BiH on a higher growth path and providing its people with more opportunities will speed up income convergence with the EU and reduce emigration.

    Recent developments and outlook

    Despite a challenging environment, the economy has been resilient. Growth accelerated to 2.5 percent in 2024 from 2 percent in 2023, with strong domestic demand outweighing a decline in net exports. Household consumption was supported by strong growth in credit and remittances; private investment accelerated. The unemployment rate declined to 11.7 percent in Q4:2024, with real wages growing at an annual rate of 8 percent. The current account deficit widened to 4.0 percent of GDP in 2024 from 2¼ percent in 2023, reflecting a drought-induced decline in electricity exports, weaker demand for exports, and higher imports associated with strong domestic demand. Inflation fell to 1.7 percent in 2024 from 6¼ percent in 2023, owing to a slowdown in fuel and utilities prices. However, since end-2024, inflation has been rising again to 3.7 percent (yoy) in May, driven mainly by higher food prices.

    The economic outlook remains uncertain amid elevated downside risks. Real GDP is projected to grow by 2.4 percent in 2025 supported by an improvement in net exports, a stronger fiscal impulse, and private consumption. However, the outlook is vulnerable to both domestic and external shocks. A worsening in geopolitical tensions and a resulting slowdown in Europe, or increased commodity price volatility could raise food and energy prices, lower BiH exports and remittances, and dampen domestic demand. An escalation of political tensions could further increase economic fragmentation and weigh on investor confidence and growth. In the absence of faster reform progress, medium-term growth is expected to remain around 3 percent—insufficient for rapid income convergence with the EU. Inflation is expected to remain elevated during 2025, and as food inflation eases, gradually decline from 2026, approaching the ECB target of 2 percent.  

    Fiscal policy and reforms

    Fiscal performance in 2024 was stronger than expected. The general government deficit turned out to be 1¾ percent of GDP, the same as in 2023, but better than anticipated at the time of the 2024 AIV Consultation. The authorities leveraged a large increase in tax revenues to boost spending on wages, goods and services, social benefits, and public investments.

    With fiscal policy expected to ease in 2025, the authorities should avoid further discretionary measures and strengthen contingency planning. Entity budgets and subsequently-adopted measures envisage increases in public wages and pensions, reflecting both legally-mandated indexation and discretionary changes. The widening deficit, which could reach 2.6 percent of GDP, is expected to be mainly financed mostly through foreign borrowing, as well as domestic banks. The authorities should avoid policies that further expand the deficit as this would likely put upward pressure on rising prices and widen external imbalances. Moreover, given mounting downside risks, the authorities should aim to build cash buffers and develop contingency plans. Depending on the severity of a potential shock the authorities should use the available buffers and activate contingency plans.

    Over the medium term, the authorities are advised to place fiscal deficits on a firmly declining path starting from 2026, build fiscal buffers, and enhance the economy’s growth potential. Persistently high deficits risk placing public debt on an upward trajectory and may worsen financing terms. Fiscal consolidation should begin in 2026, with the goal of reducing the primary deficit to its debt-stabilizing level, while improving the quality of spending and rebuilding treasury balances. Priority should be given to spending measures that enhance efficiency—particularly by rationalizing the public wage bill through functional reviews and improving the targeting of social assistance programs. These measures should be complemented by revenue mobilization efforts, including broadening the tax base through the reduction of exemptions and development of new revenue sources, such as taxing dividends. Any fiscally costly policies should be strictly avoided or offset. Given significant infrastructure gaps, increasing both the level and quality of public investment should be a key objective.

    Fiscal consolidation efforts should be accompanied by institutional and structural fiscal reforms. Strengthening fiscal discipline will require a review of existing fiscal rules to assess whether they are appropriately designed to meet macroeconomic management and developmental needs and whether there are sufficient institutional arrangements in place to ensure that they are met. The recent materialization of contingent liabilities related to international arbitration cases underscores the urgency of enhancing fiscal risk management. This includes timely identification of all sources of fiscal risks, assessment of risk magnitude and likelihood, development of mitigation strategies, and reinforcement of the institutional framework. In this context, improving the oversight and governance of state-owned enterprises (SOEs) is crucial. Reducing inefficiencies in public investment management remains a priority. This involves better project selection, rigorous appraisal processes, efficient and transparency procurement, and stronger portfolio management and oversight. Finally, implementing robust beneficiary registries would improve the targeting of social assistance programs by reducing inclusion and exclusion errors, improving efficiency, and enhancing transparency and accountability.

    Currency board arrangement and financial sector policies and reforms

    For three decades, the currency board arrangement (CBA) has been a cornerstone of macroeconomic stability and must be preserved. The CBA has ensured the stability of the domestic currency, while reinforcing policy credibility and fiscal discipline. Benefiting from strong institutional independence, the Central Bank (CBBH), has consistently maintained net foreign exchange reserves well above the level of its monetary liabilities. Safeguarding the CBBH’s independence is critical to preserving the credibility and effectiveness of the CBA.

    The CBBH should further strengthen the reserve requirement framework. In line with IMF advice, the CBBH applies differentiated remuneration rates on reserve requirements for foreign and domestic currency liabilities. Falling euro area interest rates offer an opportunity to reduce the gap with CBBH remuneration rates on required reserves and the opportunity costs for holding reserves. A further comprehensive review of the reserve requirement framework, with technical assistance from the IMF, and implementation of previous recommendations would further strengthen the CBBH’s capacity to achieve its policy objectives.  

    Sustained strong credit growth calls for close monitoring of systemic risks and continued efforts to safeguard banking sector resilience. Credit expansion has been driven by rising wages, declining lending rates, and a booming real estate market. Despite this rapid growth, banks remain well capitalized, liquid, and profitable, while the share of non-performing loans continues to decline. Nonetheless, vigilance is warranted. The authorities should closely monitor financial sector developments and be prepared to deploy macroprudential tools to address risks from credit growth and rising real estate prices. Following introduction of additional capital buffers for systemic risk (SyRB) and domestic systemically important banks (D-SIBs), the macroprudential toolkit should be expanded to include a countercyclical capital buffer (CCyB) and borrower-based measures such as limits on loan-to-value (LTV) ratios and debt-service to income (DSTI) ratios. To preserve resilience, reducing the regulatory capital requirement from 12 to 10 percent as planned from end-2026 should be avoided. The authorities are also advised to avoid further extensions of temporary regulatory measures that aim to contain lending rate increases and to remove limits on bank exposures to foreign governments and central banks.

    Progress made on coordination on financial sector issues, under the leadership of the CBBH, should be maintained. Regular financial sector coordination meetings strengthen inter-agency cooperation and help ensure smooth information exchange. Additionally, the authorities are encouraged to establish a country-wide Financial Stability Fund to support orderly bank resolution and to cooperate across state-level institutions and both entities to request a new IMF Financial Sector Assessment Program (FSAP)—already requested by the CBBH—to comprehensively assess resilience and outline a roadmap for further reform, including in the context of EU accession.

    We commend the CBBH and the other relevant authorities for their strong efforts to integrate BiH with the Single Euro Payments Area (SEPA). SEPA integration will enable faster and more convenient euro payments across borders within the SEPA area, lower transaction costs, and foster deeper trade and economic integration within Europe. It is crucial that the relevant legislative amendments are adopted in a timely manner to pave the way for the submission of the application for SEPA membership. In addition, the development of the TIPS Clone—the project implemented by the CBBH in cooperation with the Bank of Italy—will provide infrastructure for instant payments.

    Structural reforms

    Advancing toward EU membership will require a stronger, more coordinated, and results-driven approach. Persistent political fragmentation, lack of consensus among governing bodies, and limited administrative capacity continue to obstruct the adoption and execution of key reforms. In this context, timely adoption and implementation of the EU Growth Plan offers a valuable opportunity. Reforms under the growth plan will align BiH more closely with the EU single market, advance EU accession, and unlock €1 billion in additional financing over 2025–27 period.

    The authorities should accelerate energy sector reforms to reduce fiscal risks and prepare for implementation of the EU Carbon Border Adjustment Mechanism (CBAM). Key reforms include phasing out electricity subsidies over the medium term—while protecting vulnerable households—and advancing efficiency improvements in energy SOEs. CBAM charges are set to take effect from 2026, with the largest anticipated impact on the BiH electricity sector. To mitigate this, it is essential to establish a domestic power exchange system and an agreed roadmap and legislative framework for introduction of carbon pricing at the state level. These steps would enable BiH to unlock new investment in renewable electricity generation, reducing the overall burden of CBAM. Implementation of carbon pricing will allow BiH to retain carbon-related revenues domestically and potentially secure a CBAM exemption for electricity exports to the EU.

    Reforms that tackle the labor market, governance, and digitalization are also crucial. The authorities should take a structured approach to minimum wage increases that avoids high, frequent, and ad hoc adjustments. Complementary reforms are needed to address low labor market participation (particularly among women) and high youth unemployment. The authorities should urgently implement MONEYVAL priority actions to avoid being grey listed by the Financial Action Task Force (FATF) in early 2026. Grey listing could impose significant economic costs through reduced investment, delays in international payments, and increased transaction costs. Finally, developing digital identity and trust services, and providing government e-services, would strengthen the business environment.

    *   *   *   *   *

    The mission thanks the authorities and all other counterparts for their hospitality and for the constructive and insightful discussions in Sarajevo and Banja Luka.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/07/01/cs-070125-bosnia-and-herzegovina-staff-concluding-statement-for-2025-aiv-consultation-mission

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI New Zealand: Elective Boost to get more Kiwis out of pain

    Source: New Zealand Government

    Thousands more New Zealanders will get the procedures they need faster, with the Government today announcing 21,000 more elective procedures over the next year through its Elective Boost programme, Health Minister Simeon Brown says.

    “With over 215,000 procedures set to go ahead over the next year – over 21,000 more than previously planned – wait times will reduce, helping more Kiwis access life-changing operations like hip and knee replacements and cataract surgeries sooner.  

    “Our Government is focused on real delivery. For patients stuck on surgical waitlists, that means getting their procedures faster, no matter where they live or who provides it. 

    “We’re making the health system work smarter, using both public hospitals and private providers in a coordinated national effort. New Zealanders don’t care who does the operation – they just want it done and done quickly.” 

    Many of the procedures will be delivered in Health New Zealand’s dedicated elective facilities, including Manukau Health Park, Tōtara Haumaru on the North Shore, and Burwood Hospital in Christchurch. Others will be completed by private hospitals under new national agreements. 

    The next phase of the Elective Boost follows strong early results: 
     

    • More than 12,764 procedures delivered to 1 June, outpacing the 10,579 target set for 30 June.
    • The majority of procedures delivered have been for people waiting longer than four months for treatment.
    • Statements of work issued to 60 private providers to deliver surgery at consistent national rates.  

    “We’re taking a joined-up approach to procedure delivery. That means removing hold-ups, providing certainty, and unlocking capacity across the system,” Mr Brown says. 

    “This is how we start to fix the waitlist crisis that grew under the previous government. Too many Kiwis have been waiting in pain for procedures that could transform their lives – a tradie needing a shoulder operation to get back to work, a nana needing cataract surgery to see her grandkids clearly, or a child waiting months for tonsils to be removed. We’re turning that around.” 

    Mr Brown says the long-term goal is to treat 95 per cent of patients within four months by 2030 as part of the Government’s health targets. 

    “Our Government is investing $30 billion a year in health, and we’re backing that investment with a relentless focus on delivery. We are ramping up capacity in public hospitals, partnering with private providers in a more strategic way, and most importantly, we are getting Kiwis the care they need,” Mr Brown says.  

    “We’ve already delivered thousands of extra procedures through the Elective Boost, and now we’re building on that with thousands more to put patients first.”

    MIL OSI New Zealand News –

  • MIL-OSI Security: Michigan Man Sentenced to Two Years in Prison for Drug Distribution and Loan Fraud

    Source: US FBI

    BOSTON – A Michigan man was sentenced today in federal court in Boston for a conspiracy to import and sell illegal pharmaceuticals, including opioids, and to fund the operation of the scheme by fraudulently obtaining a COVID-19 pandemic relief loan.

    Donald Nchamukong, 37, was sentenced by U.S. Senior District Court Judge Nathaniel M. Gorton to two years in prison, to be followed by two years of supervised release. Nchamukong was also ordered to pay $200,000 in restitution. In March 2025, Nchamukong pleaded guilty to conspiracy to smuggle goods into the United States, committing loan fraud and distributing controlled substances.

    Starting in 2019 and continuing to 2022, Nchamukong and co-conspirator, Doyal Kalita, conspired to distribute drugs to persons in the United States over the internet and using call centers in India. Nchamukong used shell companies, including a purported dietary supplements company and an auto parts supplier, and associated bank and merchant accounts to process sales of illegal foreign drugs, including the Schedule IV opioid, tramadol. Nchamukong and Kalita also received shipments of tramadol from India and reshipped the drug to customers across the United States, including in Massachusetts. When the COVID-19 pandemic hit, Nchamukong and Kalita fraudulently obtained a $200,000 Economic Injury Disaster Loan to fund their illegal drug scheme.  

    In June 2024, Kalita was sentenced to 10 years in prison for orchestrating the online drug distribution scheme, a technical support fraud scheme and related money laundering.

    United States Attorney Leah B. Foley; Ted E. Docks, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Fernando P. McMillan, Special Agent in Charge of the New York Field Office of the U.S. Food and Drug Administration, Office of Criminal Investigations made the announcement today. Valuable assistance was provided by Homeland Security Investigations in New York, the Small Business Administration and the United States Attorney’s Office for the Eastern District of New York. Assistant U.S. Attorney Kriss Basil, Deputy Chief of the Securities, Financial & Cyber Fraud Unit  prosecuted the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud  Hotline via the NCDF Web Complaint Form.

    MIL Security OSI –

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution and Quarterly Preferred Shares Dividend

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 01, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”) has declared its regular monthly distribution of $0.070 per share of the Trust’s common shares (NYSE: XFLT). The Trust also declared preferred dividends for the quarter of $0.40625 per share of the Trust’s 6.50% Series 2026 Term Preferred Shares (NYSE: XFLTPRA).

    The following dates apply to each declaration:

    Share Class Ex-Dividend Date Record Date Payable Date Amount Change
    from
    Previous
    Declaration
    XFLT July 15, 2025 July 15, 2025 August 1, 2025 $0.070 No Change
    XFLTPRA July 15, 2025 July 15, 2025 July 31, 2025 $0.40625 No Change1

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Trust is net income or profit. For further information regarding the Trust’s distributions, please visit www.xainvestments.com.

    The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time. The Trust’s investments in CLOs are subject to complex tax rules and the calculation of taxable income attributed to an investment in CLO subordinated notes can be dramatically different from the calculation of income for financial reporting purposes under accounting principles generally accepted in the United States (“U.S. GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income. The Trust’s final taxable income for the current fiscal year will not be known until the Trust’s tax returns are filed.

    As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on January 31 of the calendar year (unless an election is made to use the Trust’s fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    Preferred shareholders are entitled to receive cumulative cash dividends and distributions on the Trust’s 6.50% Series 2026 Term Preferred Shares, when, as and if declared by, or under authority granted by, the Board of Trustees of the Trust out of funds legally available for distribution and in preference to dividends and distributions on common shares. If the Trust is unable to distribute the full dividend amount due in a dividend period on the Trust’s 6.50% Series 2026 Term Preferred Shares, the dividends will be distributed on a pro rata basis among the preferred shareholders.

    Distributions and dividends shall be paid on the Payable Date listed above unless the payment of such distribution or dividend is deferred by the Board of Trustees upon a determination that such deferral is required in order to comply with applicable law, to ensure that the Trust remains solvent and able to pay its debts as they become due and continue as a going concern or, with regard to the Trust’s regular monthly distribution to common shareholders, to comply with the applicable terms or financial covenants of the Trust’s senior securities.

    Future common share distributions will be made if and when declared by the Trust’s Board of Trustees, after the evaluation of several factors, including the Trust’s continued compliance with terms and financial covenants of its senior securities, the Trust’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA.”

    About XA Investments
    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund, Octagon XAI CLO Income Fund is available via direct subscription and through select broker/dealers and wealth management platforms.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners

    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $32.1B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED    NO BANK GUARANTEE    MAY LOSE VALUE
             
    Paralel Distributors, LLC – Distributor


    Media Contact:

    Kimberly Flynn, President

    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    1 The Trust’s 6.50% Series 2026 Term Preferred Shares dividend is calculated based on the preferred shares Liquidation Preference of $25.00 per share and the fixed dividend rate of 6.50%.

    The MIL Network –

  • MIL-OSI: XAI Madison Equity Premium Income Fund Declares its Monthly Distribution of $0.060 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, July 01, 2025 (GLOBE NEWSWIRE) — XAI Madison Equity Premium Income Fund (the “Fund”), has declared its regular monthly distribution of $0.060 per share on the Fund’s common shares (NYSE: MCN) payable on August 1, 2025. The amount represents no change from the previous month’s distribution amount.

    As mentioned in previous distribution declarations, the Fund has changed its distribution frequency from quarterly to monthly, which went into effect with the April 1, 2025 declaration.

    Ex-Dividend Date   July 15, 2025
       
    Record Date   July 15, 2025
       
    Payable Date   August 1, 2025
       
    Amount   $0.060 per share
       
    Change from Previous Month   No Change

    The following dates apply to the declaration:

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Fund’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Fund is net income or profit. For further information regarding the Fund’s distributions, please visit www.xainvestments.com.

    The Fund’s net investment income and capital gain can vary significantly over time; however, the Fund seeks to maintain more stable common share quarterly distributions over time. The Fund’s final taxable income for the current fiscal year will not be known until the Fund’s tax returns are filed.

    As a registered investment company, the Fund is subject to a 4% excise tax that is imposed if the Fund does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on December 31 of the calendar year (unless an election is made to use the Fund’s fiscal year). In certain circumstances, the Fund may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Fund management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Fund for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Fund, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    Future common share distributions will be made if and when declared by the Fund’s Board of Trustees, after the evaluation of several factors, including the Fund’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The Fund’s objective is to achieve a high level of current income and current capital gains, with long-term capital appreciation as a secondary objective. The Fund intends to pursue its objective by investing in a portfolio of common stocks and utilizing an option strategy, primarily by writing (selling) covered call options on a substantial portion of the common stocks in the portfolio in order to generate current income and gains from option writing premiums and, to a lesser extent, from dividends. Market action can impact dividend issuance as the Fund’s total assets affect the Fund’s future dividend prospects. The Fund provides additional information on its website at www.xainvestments.com.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Fund’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust and XAI Madison Equity Premium Income Fund both trade on the New York Stock Exchange and the interval fund, Octagon XAI CLO Income Fund is available via direct subscription and through select broker/dealers and wealth management platforms.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Madison Investments
    Madison Investments is an independent investment management firm based in Madison, WI. The firm was founded in 1974, has approximately $28.3 billion in assets under management as of March 31, 2025, and is recognized as one of the nation’s top investment firms. Madison offers domestic fixed income, U.S. and international equity, covered call, multi-asset, insurance and credit union investment management strategies. For more information, please visit www.madisoninvestments.com.

    Madison and/or Madison Investments is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority www.finra.org.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before investing. For more information on the Fund, please visit the Fund’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED    NO BANK GUARANTEE    MAY LOSE VALUE

    Media Contact:

    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network –

  • Starmer wins vote on UK welfare reform but suffers damaging rebellion

    Source: Government of India

    Source: Government of India (4)

    British Prime Minister Keir Starmer won a vote on his welfare plans on Tuesday at significant political cost as he suffered the biggest parliamentary rebellion of his premiership and was forced to back down on key parts of the package.

    After his lawmakers pushed him into a series of embarrassing U-turns to sharply scale back plans to cut benefits, lawmakers in the House of Commons gave their initial approval to a package of measures Starmer says are vital to securing the future of the welfare system.

    But the scale of the rebellion – with 49 Labour lawmakers voting against the reforms – underlined the prime minister’s waning authority.

    A year after winning one of the largest parliamentary majorities in British history, Starmer has seen his personal approval ratings collapse and been forced into several policy reversals by his increasingly rebellious lawmakers.

    “It’s been a bumpy time tonight,” work and pensions minister Liz Kendall told reporters after a session of parliament when lawmakers took turns to mostly criticise the planned changes. “There are definitely lessons to learn from this process.”

    Starmer came into office last year promising his big parliamentary majority would bring an end to the political chaos that defined much of the Conservative Party’s 14 years in power. But the revolt over the welfare bill underlines the difficulty he has pushing through unpopular changes.

    In the run-up to the vote, ministers and party enforcers known as “whips” had been locked in frantic last-ditch lobbying of undecided members of parliament to try to win their backing.

    In a further concession to rebels about two hours before the vote, the government said it would not finalise changes in eligibility for a key benefit payment until a review into the welfare system had been completed.

    Paula Barker, a Labour member of parliament, called the attempt to pass the plans “the most unedifying spectacle that I have ever seen”.

    In the end, the government suffered by far the biggest rebellion of Starmer’s premiership, eclipsing the 16 members of parliament who opposed an infrastructure bill earlier this month.

    Mel Stride, the opposition Conservative Party finance policy chief, described Starmer’s team as “a government that’s lost control”, only able to pass the legislation by having “ripped the heart of it out”.

    Labour lawmaker Henry Tufnell said by agreeing to the concessions Starmer had shown “he’s willing to take on board these criticisms that people have raised.”

    Almost 90 disability and human rights groups before the vote urged lawmakers to vote down the legislation.

     

    RISING COSTS

    The proposed reforms are designed to reduce the cost of Britain’s growing welfare bill, which the government has described as economically indefensible and morally wrong.

    Annual spending on incapacity and disability benefits already exceeds the country’s defence budget and is set to top 100 billion pounds ($137 billion) by 2030, according to official forecasts, up from 65 billion pounds now.

    More than half of the rise in working-age disability claims since the COVID-19 pandemic relates to mental health conditions, according to the Institute for Fiscal Studies think-tank.

    The government had initially hoped to save 5 billion pounds ($6.9 billion) a year by 2030 by tightening rules for people to receive disability and sickness benefits.

    But after the government conceded to pressure from its lawmakers, it said the new rules would now apply only to future applicants, not to the millions of existing claimants as had been proposed. Analysts estimated the savings would likely be closer to 2 billion pounds.

    It was not clear how the additional last-minute change would impact the hoped-for savings in the welfare reform package.

    Opposition politicians said the government would now have to raise taxes or cut government spending elsewhere to balance the public finances in the annual budget later this year.

    The government has said there would be no permanent increase in borrowing, but has declined to comment on possible tax rises.

    While Starmer is under no immediate threat, and the next election is not expected until 2029, his party now trails behind Nigel Farage’s populist Reform UK in opinion polls.

    John Curtice, Britain’s most respected pollster, said this week that Starmer was the most unpopular elected prime minister in modern British history, and that voters still did not know what he stood for a year after he was elected.

    -Reuters

  • MIL-OSI USA: ICYMI: Fox News Opinion: “JD Vance and Trump personify political theater. And we’re watching their biggest act yet”

    US Senate News:

    Source: United States Senator Alex Padilla (D-Calif.)

    ICYMI: Fox News Opinion: “JD Vance and Trump personify political theater. And we’re watching their biggest act yet”

    Fox News Op-Ed

    Padilla: “The Trump administration wants this spectacle. They want to distract from their failures, while giving them an excuse to push the boundaries of Trump’s power.”

    WASHINGTON, D.C. — In case you missed it, U.S. Senator Alex Padilla (D-Calif.), Ranking Member of the Senate Judiciary Immigration Subcommittee, published an op-ed on Fox News’ website where he slammed President Trump and Vice President Vance for creating a militarized spectacle and scapegoating immigrants to distract from their failed and unpopular policies, including their “Big Ugly Bill” that will add trillions to the federal deficit and kick tens of millions of Americans off their health care in order to fund tax cuts for billionaires.

    Padilla emphasized that Trump’s deployment of 4,000 National Guard troops and 700 Marines draws them away from important core missions and puts them in an “impossible position” of being “political props.” He also warned about how Trump’s manufactured crisis in Los Angeles sets a dangerous precedent for presidents abusing the military for their own partisan goals, causing chaos to suppress Americans’ fundamental rights.

    Key Excerpts:

    • “Last month, Vice President JD Vance visited Los Angeles. No, not to better coordinate with local law enforcement frustrated after the dangerous lack of communication coming from the Trump administration as they keep Marines and National Guardsmen in Los Angeles. Instead, the vice president came to escalate a crisis of President Trump’s own making and to disparage California’s elected officials.”
    • “The vice president, my former colleague and the current president of the U.S. Senate intentionally chose to call me ‘Jose’ instead of ‘Alex.’ He knows my name. But sadly, his behavior in June is indicative of a larger trend from this administration. In 2025, there is no one who personifies political theater better than JD Vance and Donald Trump. In fact, we’re in the middle of their biggest act yet — as they use service members and federal law enforcement in Los Angeles as props to justify their latest power grab. None of this is new.”
    • “It was no coincidence that at the lowest point of his presidency yet, Donald Trump turned to his break-glass-in-case-of-emergency option, federalizing and deploying 4,000 National Guard troops to Los Angeles along with hundreds of Marines. The Trump administration wants this spectacle. They want to distract from their failures, while giving them an excuse to push the boundaries of Trump’s power.”
    • “This isn’t just about how the Trump administration treats blue states or immigrants. It’s about how they treat our military, too. Anyone who applauds President Trump’s militarization of Los Angeles is also applauding a politician tearing away our service members from critical missions any time the president begins to feel some political pressure. And applauding putting every Guardsman and Marine in an impossible position. No one enlists to become a political prop.”
    • “While you might not care to speak up today, imagine if a Democratic president returns to office and chooses to deploy our military to your state. It doesn’t matter that the overwhelming majority of protestors remain peaceful — one bad actor who chooses to exploit a protest to cause chaos, and the president could militarize your community, too.”
    • “In the end, this doesn’t come down to Republican versus Democrat, or Trump and Vance versus Los Angeles. It comes down to the basic question: do you believe that in America, an attack on anyone’s rights is an attack on everyone’s rights? Or, if you’re like J.D. Vance, are you just here for the show?”

    Senator Padilla has been outspoken in calling out the Immigration and Customs Enforcement (ICE) raids in Los Angeles and Trump’s misguided deployment of the National Guard and U.S. Marine Corps. Padilla recently led the entire Senate Democratic Caucus in demanding that President Trump immediately withdraw all military forces from Los Angeles and cease all threats to deploy the National Guard or active-duty servicemembers to American cities. He and Senator Adam Schiff (D-Calif.) also demanded answers regarding the Trump Administration’s decision to deploy approximately 700 Marines to Los Angeles. Padilla has spoken at a spotlight hearing and on the Senate floor multiple times to blast President Trump for manufacturing a crisis by launching indiscriminate ICE raids across Los Angeles and deploying the National Guard and active-duty servicemembers to the region. He also joined all Senate Judiciary Committee Democrats last month in calling on Chairman Grassley to schedule Department of Homeland Security Secretary Noem for a broad oversight hearing for testimony before the committee.

    Full text of Senator Padilla’s Fox News op-ed is available here and below:

    Fox News Digital: Sen Alex Padilla: JD Vance and Trump personify political theater. And we’re watching their biggest act yet

    By U.S. Senator Alex Padilla

    Last month, Vice President JD Vance visited Los Angeles.

    No, not to better coordinate with local law enforcement frustrated after the dangerous lack of communication coming from the Trump administration as they keep Marines and National Guardsmen in Los Angeles.

    Instead, the vice president came to escalate a crisis of President Trump’s own making and to disparage California’s elected officials.

    How else would you describe the vice president’s conduct, when three days after Los Angeles Mayor Karen Bass lifted the curfew downtown and protests were dissipating, he staged a press conference to attack state and local leaders, falsely claiming they had ‘decided to go to war against’ law enforcement.

    That’s a far cry from lowering the political temperature. But for this administration, it’s standard operating procedure.

    Yet, one thing the vice president said did surprise me. It came when one of his handpicked reporters lobbed yet another softball question, asking for his comment on the string of Democratic lawmakers — myself included — that the Trump administration has handcuffed for speaking out.

    ‘Well, I was hoping Jose Padilla would be here to ask a question, but unfortunately I guess he decided not to show up because there wasn’t the theater,’ he said, smirking. ‘That’s what this is: it’s pure political theater.’

    Political theater. Huh.

    The vice president, my former colleague and the current president of the U.S. Senate intentionally chose to call me ‘Jose’ instead of ‘Alex.’ He knows my name. But sadly, his behavior in June is indicative of a larger trend from this administration.

    In 2025, there is no one who personifies political theater better than JD Vance and Donald Trump. In fact, we’re in the middle of their biggest act yet — as they use service members and federal law enforcement in Los Angeles as props to justify their latest power grab.

    None of this is new.

    Time and time again, when the Trump administration finds itself in hot water, it returns to the same tired playbook: pick a fight to distract people. Scapegoat immigrants. Threaten the use of force. Do whatever you can to create a spectacle and change the news cycle. And as it turns out, just a few short weeks ago, things were going terribly wrong for Donald Trump.

    He was facing failures on nearly every front: failing to bring prices down or to secure a wave of trade deals despite his trade adviser’s promise to secure “90 deals in 90 days” Failing to quickly pass his “Big, Beautiful Bill” as allies and adversaries alike began to warn of the trillions of dollars it would add to the federal deficit. And perhaps most embarrassing of all, he was facing a messy public break-up with Elon Musk.

    So no, it was no coincidence that at the lowest point of his presidency yet, Donald Trump turned to his break-glass-in-case-of-emergency option, federalizing and deploying 4,000 National Guard troops to Los Angeles along with hundreds of Marines.

    The Trump administration wants this spectacle. They want to distract from their failures, while giving them an excuse to push the boundaries of Trump’s power.

    But this isn’t just about how the Trump administration treats blue states or immigrants. It’s about how they treat our military, too. Anyone who applauds President Trump’s militarization of Los Angeles is also applauding a politician tearing away our service members from critical missions any time the president begins to feel some political pressure. And applauding putting every Guardsman and Marine in an impossible position.

    No one enlists to become a political prop.

    But to Americans watching from home who still think this doesn’t concern them because they’re not a Californian, not an immigrant, not a Democrat, or not from a military family: think hard about what comes next.

    The Trump administration has argued the president alone can deploy the military to put down protests over the wishes of the governor. Of the mayor. Even of local law enforcement.

    While you might not care to speak up today, imagine if a Democratic president returns to office and chooses to deploy our military to your state. It doesn’t matter that the overwhelming majority of protestors remain peaceful — one bad actor who chooses to exploit a protest to cause chaos, and the president could militarize your community, too.

    In the end, this doesn’t come down to Republican versus Democrat, or Trump and Vance versus Los Angeles. It comes down to the basic question: do you believe that in America, an attack on anyone’s rights is an attack on everyone’s rights?

    Or, if you’re like J.D. Vance, are you just here for the show?

    MIL OSI USA News –

  • MIL-OSI USA: Gov. Kemp Nominates Frank O’Connell for Georgia Tax Court Chief Judge

    Source: US State of Georgia

    ATLANTA – Governor Brian P. Kemp today nominated Frank O’Connell for appointment to the Chief Judge position of the newly-created Georgia Tax Court. The Court will bring improved efficiency in the adjudication of tax cases at the state level and was created by a constitutional amendment approved by Georgia voters during the November 2024 election. Pending his confirmation by the Georgia House and Senate Judiciary committees, O’Connell’s four-year term as Chief tax court judge will begin on April 1, 2026.

    “Georgia taxpayers deserve leadership at the Department of Revenue that recognizes who they are most accountable to and as commissioner, Frank O’Connell has never forgotten that – serving the people of our state with honor and great work ethic,” said Governor Brian Kemp. “That’s why I’m again asking Frank to serve in a leadership position that will benefit the entire state. Marty and I are confident that with his skills and expertise, he will bring the same level of dedication to this new role.”

    “Georgia’s fiscal stability and success is a testament of the great leadership from public servants like Frank O’Connell,” said Lt. Governor Burt Jones. “Commisisoner O’Connell has led the Department of Revenue well and I believe he will continue to be a great leader for Georgia in this new role. I look forward to working with him and seeing his expertise positively impact Georgia’s tax court.”

    “Frank O’Connell has served the hardworking taxpayers of our state with integrity and dedication for over two decades,” said House Speaker Jon Burns. “Like our colleagues in the Senate, we look forward to confirming his appointment as Chief Judge of the Georgia Tax Court.”

    Frank M. O’Connell currently serves as Commissioner of the Georgia Department of Revenue, following his appointment by Governor Kemp to that role in February 2023. O’Connell previously served as Deputy Commissioner and as General Counsel for the Georgia Department of Revenue. He began his 21 years of service with the State of Georgia in the Department of Revenue’s Compliance Division and transferred to what is now the Office of General Counsel as Assistant Director before his appointment as General Counsel.

    In his previous role as Deputy Commissioner, O’Connell was responsible for the Tax Operations divisions of Audits, Taxpayer Services, Compliance, and Processing, and the External Operations divisions of Motor Vehicle Tag & Title, Alcohol & Tobacco Regulation, Local Government Services, and Special Investigations.  In his role as General Counsel where O’Connell spent most of his DOR career, he oversaw the drafting of legislative bills for the Department’s annual legislative package, the drafting of all DOR tax, alcohol & tobacco, and motor vehicle regulations, and advised the Department on agency contracts, Open Records Act responses, and the application of confidentiality laws protecting taxpayer data.

    Prior to joining the Georgia Department of Revenue in 2003, Mr. O’Connell consulted in state and local taxation for ten years at two “Big Four” accounting firms. A member of the Tax Section of the State Bar of Georgia, Mr. O’Connell received his law degree from the University of Notre Dame and his LL.M. in Taxation from New York University.

    O’Connell resides in East Cobb with his wife, Shelia.

    MIL OSI USA News –

  • MIL-OSI: Nasdaq Announces the Board of Directors of its U.S. Exchanges

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 01, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today announced the election of all nominated directors to the boards of the U.S. exchanges operated by the company, which include The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq MRX, LLC, and Nasdaq GEMX, LLC:

    • Kathlyn Card Beckles, Chief Legal Officer, Verisk Analytics, Inc.
    • Michael J. Curran, Retired Chairman and CEO, Boston Stock Exchange
    • Anne Marie Darling, Group Co-Chief Operating Officer and Barclays Execution Services Co-Chief Executive Officer, Barclays
    • Kevin Kennedy, EVP, North American Markets, Nasdaq
    • Thomas A. Kloet, Retired CEO and Executive Director, TMX Group Limited
    • Anita Lynch, Former Chief Data Officer, New Relic, Inc.
    • David Rosato, Chief Financial Officer & Treasurer, Eastern Bancshares
    • Andrew J. Schultz, Head of Strategic Options Business, The Susquehanna International Group of Companies
    • Elizabeth Wideman, SVP and Senior Deputy General Counsel, Comcast Corporation
    • Thomas A. Wittman, Retired EVP and Head of Global Trading and Market Services, Nasdaq

    For further governance information, visit: http://ir.nasdaq.com/corporate-governance/nasdaq-stock-market/board-of-directors.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Chris Hayden
    +1.301.523.5829
    Christopher.Hayden@nasdaq.com

    Investor Relations Contact

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Nasdaq Announces the Board of Directors of its U.S. Exchanges

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 01, 2025 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today announced the election of all nominated directors to the boards of the U.S. exchanges operated by the company, which include The Nasdaq Stock Market LLC, Nasdaq PHLX LLC, Nasdaq BX, Inc., Nasdaq ISE, LLC, Nasdaq MRX, LLC, and Nasdaq GEMX, LLC:

    • Kathlyn Card Beckles, Chief Legal Officer, Verisk Analytics, Inc.
    • Michael J. Curran, Retired Chairman and CEO, Boston Stock Exchange
    • Anne Marie Darling, Group Co-Chief Operating Officer and Barclays Execution Services Co-Chief Executive Officer, Barclays
    • Kevin Kennedy, EVP, North American Markets, Nasdaq
    • Thomas A. Kloet, Retired CEO and Executive Director, TMX Group Limited
    • Anita Lynch, Former Chief Data Officer, New Relic, Inc.
    • David Rosato, Chief Financial Officer & Treasurer, Eastern Bancshares
    • Andrew J. Schultz, Head of Strategic Options Business, The Susquehanna International Group of Companies
    • Elizabeth Wideman, SVP and Senior Deputy General Counsel, Comcast Corporation
    • Thomas A. Wittman, Retired EVP and Head of Global Trading and Market Services, Nasdaq

    For further governance information, visit: http://ir.nasdaq.com/corporate-governance/nasdaq-stock-market/board-of-directors.

    About Nasdaq

    Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions, and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

    Media Relations Contact:

    Chris Hayden
    +1.301.523.5829
    Christopher.Hayden@nasdaq.com

    Investor Relations Contact

    Ato Garrett
    +1.212.401.8737
    Ato.Garrett@Nasdaq.com

    -NDAQF-

    The MIL Network –

  • MIL-OSI: Eos Energy Announces Second Funding Under Its Department of Energy Loan Guarantee to Fuel U.S. Battery Manufacturing Capacity Expansion

    Source: GlobeNewswire (MIL-OSI)

    TURTLE CREEK, Pa., July 01, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), an American energy company and the leading innovator in designing, sourcing, manufacturing, and providing zinc-based battery energy storage systems (BESS) manufactured in the United States, today announced that it has received its second loan advance from the Department of Energy’s (DOE) Loan Programs Office in the amount of $22.7 million. With this advance, the Company has fully drawn the maximum allowable amount under the first tranche of $90.9 million in connection with the completion of its first state-of-the-art manufacturing line.

    The loan advance covers 80% of eligible costs, incurred as part of the Company’s production expansion plans related to Project AMAZE. These funds support Eos’ ongoing efforts to expand its operational capacity to meet growing customer demand and further its strategic growth objectives.

    “Production volumes at our first state-of-the-art manufacturing line are growing every week as we progress toward realizing the full 2 GWh capacity on Line 1,” said Nathan Kroeker, Eos Chief Commercial Officer and Interim Chief Financial Officer. “The loan proceeds from the DOE, which follow the recently upsized convertible notes and common stock offerings, continue to strengthen our financial position and position us to scale U.S. production, and advance the build out of our second state of the art manufacturing line.”

    To support 6 GWh in recently signed MOU’s that are expected to convert to purchase orders along with rising demand for “buy American”, “build American” solutions, Eos is scaling to meet the growing needs of AI-driven load growth, data centers, and safety conscious storage markets. Eos’ flexible discharge capability – supporting partial, multiple, and long-duration cycling—is ideally suited to match the complex demands of the largest power users in the world.

    In response, Eos has submitted a purchase order for its second state-of-the-art manufacturing line, marking a key step in expanding U.S. production and delivering safe, reliable long-duration energy storage for its customers.

    The DOE funding builds on Eos successfully closing $336 million in concurrent offerings of common stock and convertible senior notes, which significantly restructured the Company’s balance sheet, lowered its cost of capital, and fueled its ability to grow U.S.-based operations. With this financing, Eos is executing on its long-term strategy: building a robust domestic supply chain, scaling next-generation U.S. battery manufacturing, and creating high-quality American jobs.

    About Eos Energy Enterprises

    Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, secure, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 4 to 16+ hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

    Contacts        
    Investors: ir@eose.com
    Media: media@eose.com

    Forward Looking Statements

    Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, for the fiscal years December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog and opportunity pipeline, statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing line, statements regarding our future expansion and its impact on our ability to scale up operations, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements regarding our expectation that our new comprehensive insurance program will provide increased operational and economic certainty, statements that refer to the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and the information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

    Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

    The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: Eos Energy Announces Second Funding Under Its Department of Energy Loan Guarantee to Fuel U.S. Battery Manufacturing Capacity Expansion

    Source: GlobeNewswire (MIL-OSI)

    TURTLE CREEK, Pa., July 01, 2025 (GLOBE NEWSWIRE) — Eos Energy Enterprises, Inc. (NASDAQ: EOSE) (“Eos” or the “Company”), an American energy company and the leading innovator in designing, sourcing, manufacturing, and providing zinc-based battery energy storage systems (BESS) manufactured in the United States, today announced that it has received its second loan advance from the Department of Energy’s (DOE) Loan Programs Office in the amount of $22.7 million. With this advance, the Company has fully drawn the maximum allowable amount under the first tranche of $90.9 million in connection with the completion of its first state-of-the-art manufacturing line.

    The loan advance covers 80% of eligible costs, incurred as part of the Company’s production expansion plans related to Project AMAZE. These funds support Eos’ ongoing efforts to expand its operational capacity to meet growing customer demand and further its strategic growth objectives.

    “Production volumes at our first state-of-the-art manufacturing line are growing every week as we progress toward realizing the full 2 GWh capacity on Line 1,” said Nathan Kroeker, Eos Chief Commercial Officer and Interim Chief Financial Officer. “The loan proceeds from the DOE, which follow the recently upsized convertible notes and common stock offerings, continue to strengthen our financial position and position us to scale U.S. production, and advance the build out of our second state of the art manufacturing line.”

    To support 6 GWh in recently signed MOU’s that are expected to convert to purchase orders along with rising demand for “buy American”, “build American” solutions, Eos is scaling to meet the growing needs of AI-driven load growth, data centers, and safety conscious storage markets. Eos’ flexible discharge capability – supporting partial, multiple, and long-duration cycling—is ideally suited to match the complex demands of the largest power users in the world.

    In response, Eos has submitted a purchase order for its second state-of-the-art manufacturing line, marking a key step in expanding U.S. production and delivering safe, reliable long-duration energy storage for its customers.

    The DOE funding builds on Eos successfully closing $336 million in concurrent offerings of common stock and convertible senior notes, which significantly restructured the Company’s balance sheet, lowered its cost of capital, and fueled its ability to grow U.S.-based operations. With this financing, Eos is executing on its long-term strategy: building a robust domestic supply chain, scaling next-generation U.S. battery manufacturing, and creating high-quality American jobs.

    About Eos Energy Enterprises

    Eos Energy Enterprises, Inc. is accelerating the shift to American energy independence with positively ingenious solutions that transform how the world stores power. Our breakthrough Znyth™ aqueous zinc battery was designed to overcome the limitations of conventional lithium-ion technology. It is safe, scalable, secure, sustainable, manufactured in the U.S., and the core of our innovative systems that today provides utility, industrial, and commercial customers with a proven, reliable energy storage alternative for 4 to 16+ hour applications. Eos was founded in 2008 and is headquartered in Edison, New Jersey. For more information about Eos (NASDAQ: EOSE), visit eose.com.

    Contacts        
    Investors: ir@eose.com
    Media: media@eose.com

    Forward Looking Statements

    Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our expected revenue, for the fiscal years December 31, 2025, our path to profitability and strategic outlook, statements regarding orders backlog and opportunity pipeline, statements regarding our expectation that we can continue to increase product volume on our state-of-the-art manufacturing line, statements regarding our future expansion and its impact on our ability to scale up operations, statements regarding our expectation that we can continue to strengthen our overall supply chain, statements regarding our expectation that our new comprehensive insurance program will provide increased operational and economic certainty, statements that refer to the delayed draw term loan with Cerberus, milestones thereunder and the anticipated use of proceeds, statements that refer to outlook, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on our management’s beliefs, as well as assumptions made by, and the information currently available to, them. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected.

    Factors which may cause actual results to differ materially from current expectations include, but are not limited to: changes adversely affecting the business in which we are engaged; our ability to forecast trends accurately; our ability to generate cash, service indebtedness and incur additional indebtedness; our ability to achieve the operational milestones on the delayed draw term loan; our ability to raise financing in the future; risks associated with the credit agreement with Cerberus, including risks of default, dilution of outstanding Common Stock, consequences for failure to meet milestones and contractual lockup of shares; our customers’ ability to secure project financing; the amount of final tax credits available to our customers or to Eos pursuant to the Inflation Reduction Act; the timing and availability of future funding under the Department of Energy Loan Facility; our ability to continue to develop efficient manufacturing processes to scale and to forecast related costs and efficiencies accurately; fluctuations in our revenue and operating results; competition from existing or new competitors; our ability to convert firm order backlog and pipeline to revenue; risks associated with security breaches in our information technology systems; risks related to legal proceedings or claims; risks associated with evolving energy policies in the United States and other countries and the potential costs of regulatory compliance; risks associated with changes to the U.S. trade environment; our ability to maintain the listing of our shares of common stock on NASDAQ; our ability to grow our business and manage growth profitably, maintain relationships with customers and suppliers and retain our management and key employees; risks related to the adverse changes in general economic conditions, including inflationary pressures and increased interest rates; risk from supply chain disruptions and other impacts of geopolitical conflict; changes in applicable laws or regulations; the possibility that Eos may be adversely affected by other economic, business, and/or competitive factors; other factors beyond our control; risks related to adverse changes in general economic conditions; and other risks and uncertainties.

    The forward-looking statements contained in this press release are also subject to additional risks, uncertainties, and factors, including those more fully described in the Company’s most recent filings with the Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K and subsequent reports on Forms 10-Q and 8-K. Further information on potential risks that could affect actual results will be included in the subsequent periodic and current reports and other filings that the Company makes with the Securities and Exchange Commission from time to time. Moreover, the Company operates in a very competitive and rapidly changing environment, and new risks and uncertainties may emerge that could have an impact on the forward-looking statements contained in this press release.

    Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    The MIL Network –

  • MIL-OSI: Robinhood Markets, Inc. to Announce Second Quarter 2025 Results on July 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., July 01, 2025 (GLOBE NEWSWIRE) — Today, Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) announced that it will release its second quarter 2025 financial results on Wednesday, July 30, 2025, after market close. Robinhood will host a video call to discuss its results at 2:00 PM PT / 5:00 PM ET on the same day. The video call and supporting materials will be available at investors.robinhood.com. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp. Following the call, a replay and transcript will also be available at investors.robinhood.com.

    Ahead of the call, Robinhood shareholders can visit https://app.saytechnologies.com/robinhood-markets-2025-q2 to submit and upvote questions for management using the Q&A platform developed by Say Technologies. The Q&A platform will be open for question submission starting Wednesday, July 23, 2025, at 2:00 PM PT / 5:00 PM ET. Shareholders will be able to submit and upvote questions until Tuesday, July 29, 2025, at 2:00 PM PT / 5:00 PM ET. Management will address a selection of the most upvoted questions relating to Robinhood’s business and financial results on the earnings call. Shareholders can email hello@saytechnologies.com for any support inquiries.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investor Relations

    ir@robinhood.com

    Media

    press@robinhood.com

    The MIL Network –

  • MIL-OSI: Robinhood Markets, Inc. to Announce Second Quarter 2025 Results on July 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    MENLO PARK, Calif., July 01, 2025 (GLOBE NEWSWIRE) — Today, Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) announced that it will release its second quarter 2025 financial results on Wednesday, July 30, 2025, after market close. Robinhood will host a video call to discuss its results at 2:00 PM PT / 5:00 PM ET on the same day. The video call and supporting materials will be available at investors.robinhood.com. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp. Following the call, a replay and transcript will also be available at investors.robinhood.com.

    Ahead of the call, Robinhood shareholders can visit https://app.saytechnologies.com/robinhood-markets-2025-q2 to submit and upvote questions for management using the Q&A platform developed by Say Technologies. The Q&A platform will be open for question submission starting Wednesday, July 23, 2025, at 2:00 PM PT / 5:00 PM ET. Shareholders will be able to submit and upvote questions until Tuesday, July 29, 2025, at 2:00 PM PT / 5:00 PM ET. Management will address a selection of the most upvoted questions relating to Robinhood’s business and financial results on the earnings call. Shareholders can email hello@saytechnologies.com for any support inquiries.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the SEC Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investor Relations

    ir@robinhood.com

    Media

    press@robinhood.com

    The MIL Network –

  • MIL-OSI Africa: Jobs boost as the United Kingdom (UK) and Kenya bolster economic and security partnership


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    • Trade and investment deals agreed during the visit will contribute over £1bn to the UK economy and create UK jobs in engineering, defence industries, technical and advisory services, and financial services 
    • The UK and Kenya will also increase collaboration to tackle organised crime, human trafficking and illicit finance through the UK-Kenya Security Compact 
    • The UK and Kenya will commit to a new Strategic Partnership as Kenyan President Ruto visits London

    The UK and Kenya will commit to working together to drive economic growth, protect climate and nature, foster collaboration in science and technology and strengthen regional security. 

    During a visit to the UK by the President of Kenya, a pipeline of trade and investment deals worth over £1bn to the UK economy were agreed which will deliver on this government’s commitment to boost jobs and prosperity back in the UK, as part of the government’s Plan for Change. 

    This includes the launch of a tender for a major urban redevelopment project in Nairobi which has been inspired by the regeneration of London’s Kings Cross.

    The Nairobi Railway City project has already provided opportunities to UK businesses with British architecture firm Atkins UK chosen to design the central rail station and public square.

    The Government of Kenya is exploring funding the project through finance mobilised by the UK’s Export Credit Agency, UK Export Finance, which will create UK jobs in engineering, technical and legal services. 

    Both countries also agreed stronger cooperation to disrupt the air, land and sea routes used by organised crime groups to prevent illegal migrants transiting through Kenya in attempts to reach Libya and other countries before travelling on to Europe. Four of the top ten countries for Small Boat arrivals in the UK are near neighbours of Kenya (Eritrea, Sudan, Somalia and Ethiopia).

    Foreign Secretary, David Lammy, said:

    “Through our shared history and values the UK and Kenya have always had a close connection.”

    “Now we are building a shared future; a modern, innovative and respectful partnership which is delivering real benefits – boosting growth and creating jobs for both Kenyans and the British people. We’re going far, together.”

    The UK and Kenya have also committed to increased defence and counter terrorism collaboration, including joint training and the creation of a new counter insurgency, terrorism and stability operations centre.

    Defence sales worth over £70m were agreed during the visit supporting manufacturing jobs in County Durham, Northamptonshire and Surrey. Kenya hosts the UK’s most significant military footprint in Africa, including a facility that trains 3,000 UK troops a year. 

    The UK’s world leading financial services sector will also benefit; Lloyd’s of London will announce today that they will be joining the Nairobi International Finance Centre, which will deepen the partnership between two leading financial centres providing access to up to £500m of insurance market potential in Kenya and the East Africa region. 

    The two countries also committed to explore the potential of a bilateral digital trade agreement. Dubbed ‘Silicon Savannah’, the value of Kenya’s tech sector is projected to reach £11.5bn by 2032.

    A digital trade agreement will open up opportunities in the sector for UK Plc.

    Distributed by APO Group on behalf of United Kingdom Foreign, Commonwealth and Development Office.

    MIL OSI Africa –

  • MIL-OSI USA: Pressley, DeGette File Amendment to Big, Ugly Bill to Protect and Expand Reproductive Healthcare

    Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

    Amendment Would Strip Republican Provisions Defunding Planned Parenthood and Essential Care, and Replace It with Bill to Repeal Hyde Amendment

    Amendment Text (PDF)

    WASHINGTON – Today, Congresswoman Ayanna Pressley (MA-07) and Congresswoman Diana DeGette (CO-01), Co-Chairs of the Reproductive Freedom Caucus, filed an amendment to Republicans’ Big, Ugly Bill to protect and expand reproductive healthcare.

    The amendment would strip the bill’s language prohibiting Medicaid reimbursements to Planned Parenthood and other essential reproductive healthcare providers, and replace it with the text of the EACH Act, bold legislation to repeal the Hyde Amendment and lift unjust abortion coverage restrictions for those who depend on Medicaid and other government-sponsored plans.

    “Trump and Republicans are doing everything they can to attack Planned Parenthood and other essential healthcare providers as part of their extremist march toward a nationwide abortion ban—and their Big, Ugly Bill is just the latest example of that,” said Congresswomen Pressley and DeGette, Co-Chairs of the Reproductive Freedom Caucus. “While we fight to stop this bill in its tracks, our amendment would protect Planned Parenthood while helping ensure everyone in America can get the reproductive healthcare they need, regardless of income, insurance, or zip code.”

    Full text of the amendment is available here.

    Congresswoman Pressley has been an outspoken critic of this harmful legislation since its inception.

    • Rep. Pressley issued a statement condemning the Senate’s passage of the Big, Ugly Bill and vowing to continue fighting it using every tool available.
    • Ahead of the third anniversary if the Dobbs decision, Rep. Pressley and her colleagues stood in solidarity with Planned Parenthood and condemned the proposed cuts to reproductive healthcare under Republicans’ Big, Ugly Bill.
    • Rep. Pressley and author Darrick Hamilton authored a Washington Post op-ed in which they discussed the regressive, ineffective “Trump Accounts” provision of Republicans’ reconciliation bill and urged Congress to instead embrace Baby Bonds to advance economic justice.
    • Rep. Pressley rallied with advocates from Caring Across Generations, Care Can’t Wait, and partner organizations to protest Trump’s and Republicans’ Big Ugly Bill that proposes disastrous cuts to Medicaid, SNAP, and other essential programs and would leave communities sicker, poorer, and more vulnerable.
    • Ahead of the House’s vote on the bill, Rep. Pressley delivered an impassioned speech on the House floor in which she made a direct appeal to her Republican colleagues to oppose this cruel and harmful bill.
    • Rep. Pressley delivered a floor speech in which she slammed the bill’s proposed Medicaid cuts, which would decimate reproductive healthcare in America and worsen maternal health outcomes.
    • Rep. Pressley co-hosted a press conference with Color of Change to oppose the Republicans’ cruel and harmful budget reconciliation package, which would gut critical programs like Medicaid and SNAP.
    • Rep. Pressley rallied with caregivers, advocates, and fellow lawmakers at a 24-hour vigil to protect Medicaid from Republicans’ cruel budget cuts that would devastate communities across this country.
    • In the House Oversight Committee’s markup of the Republican reconciliation bill, Rep. Pressley demanded Republicans answer to the families who would go hungry by way of this reconciliation bill – and she was met with silence.
    • In the House Financial Services Committee’s markup of the Republican reconciliation bill, Rep. Pressley condemned the bill’s proposed cuts to Medicaid and shared the story of Mary Marinelli, a 70-year-old hospice nurse from a Republican district in Michigan whose family depends on Medicaid to care for their autistic son.
    • In an impassioned speech on the House floor, Rep. Pressley slammed Republicans’ cruel and callous budget resolution that would slash Medicaid and other critical government services to pay for trillions of dollars in tax giveaways for Donald Trump’s billionaire donors.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Secretary Chavez-DeRemer promotes One Big Beautiful Bill during ‘America at Work’ tour stops in Michigan, Indiana

    Source: US Department of Labor

    GOSHEN, IN – U.S. Secretary of Labor Lori Chavez-DeRemer continued her swing across the country as part of her “America at Work” listening tour to promote President Trump’s One Big Beautiful Bill, which passed the U.S. Senate today in a huge win for the American people. 

    Secretary Chavez-DeRemer visited Shafer, a ready-mix concrete supplier in Lansing, Michigan, and Brinkley RV, a manufacturing start-up in Goshen, Indiana, to hear directly from American workers who stand to benefit most from this legislation. 

    “I continue to be inspired by the American entrepreneurial spirit shown by the hardworking men and women I’ve met on my listening tour,” said Secretary Chavez-DeRemer. “From the concrete crews at Shafer in Michigan to the RV manufacturers at Brinkley in Indiana, these workers are exactly who this Administration is fighting for as we work to pass the One Big Beautiful Bill. President Trump’s historic proposal will deliver the largest tax cut in history for working families, no tax on overtime, and a lower tax burden on small businesses – ensuring they keep more of their hard-earned money to drive America’s economic comeback.”

    “It’s an honor to be in America’s heartland, hearing directly from the workers who form the backbone of our economy,” said Deputy Secretary of Labor Keith Sonderling. “For the first time in decades, American workers have a President who is fighting to put them first. By passing the One Big Beautiful Bill, we’ll deliver on President Trump’s promise to grow our economy and give hardworking Americans a fair shot at the American Dream.”

    Michigan

    In Lansing, Secretary Chavez-DeRemer and Deputy Secretary Sonderling were joined by Reps. John James and Tom Barrett for a tour of Shafer’s facilities, where they learned more about the company’s on-the-job training program and saw how concrete crews use cutting-edge technology to ensure precise mixture, consistency, and top-tier quality across all plants. They also toured the quality control room, repair shop, and operations center, offering insight into Shafer’s role in keeping the region’s construction industry strong.

    “It was an honor to welcome my friend and U.S. Department of Labor Secretary Lori Chavez-DeRemer to Michigan on her America at Work tour,” said Rep. James. “She confirmed what job creators deserve to hear: President Donald J. Trump is focused on growth, not red tape. In just six months, they’ve cut over 60 labor regulations – nearly twice what they did in Trump’s first term – and working to boost apprenticeships to one million strong! When government’s an ally, not an adversary, American workers lead.”

    “Years of overregulation and excessive red tape have crushed businesses in mid-Michigan, discouraged economic growth, and sent the costs of new construction through the roof,” said Rep. Barrett. “Secretary Chavez-DeRemer understands these challenges, which is why I was honored to host her in Lansing to meet with the hard-working team at Shafer and discuss the ways that she and President Trump are jumpstarting job creation across our state. I appreciate her making the trip and look forward to continuing our work together to slash the red tape slowing our economy, cut taxes for hard-working families, and bring high-paying jobs back to our community.”

    Indiana

    Secretary Chavez-DeRemer concluded her two-week, seven-state swing with a stop at Brinkley RV in Goshen alongside Rep. Rudy Yakym, where they met with workers building fifth wheels and travel trailers for families across America.

    “It’s an honor to welcome my friend, Secretary of Labor Chavez-DeRemer, to the Manufacturing Capital of America,” Rep. Yakym said. “Her dedication to strengthening our workforce, fueling job creation, and cutting red tape is exactly what we need to lead the next chapter of American manufacturing. I’m especially grateful to Brinkley RV for hosting us today and showcasing the kind of innovation and excellence that defines Indiana’s Second District.”

    Launched in early April, Secretary Chavez-DeRemer’s “America at Work” listening tour is bringing real-world feedback from American workers to policymakers in Washington. Recent stops have included visits to Montana and Louisiana, highlighting how the Trump Administration’s pro-growth agenda will unlock trillions in new investments, strengthen the workforce, and a spark a new era of American economic resurgence.

    Learn more about Secretary Chavez-DeRemer’s efforts to deliver real results for hardworking Americans.

    MIL OSI USA News –

  • MIL-OSI USA: NEA reacts to Trump administration withholding critical education funding

    Source: US National Education Union

    By: Celeste Fernandez, NEA Communications

    Published: July 1, 2025

    WASHINGTON—Almost $6.9 billion in federal K–12 education funding, normally released to states on July 1, is being withheld from students and classrooms, according to the U.S. Department of Education. Despite Congress passing a continuing resolution in March—which President Trump signed extending previous funding levels through fiscal year 2025—the is taking a first step toward “impoundment the illegal withholding of money appropriated by Congress to fund federal programs and activities.

    These billions of dollars would be used for curriculum, technology, and other critical services. The loss of these funds affects thousands of school districts and every state in the nation. If the funds are not released soon, this move will force schools to cut educators’ salaries as well as reading and math supports, student services, including summer and after-school programs, and support for migrant students and English learners. Educators will face layoffs leading to significantly larger class sizes.

    The following can be attributed to NEA President Becky Pringle:

    “School hasn’t even started and this administration is robbing our students and classrooms. It’s shocking, but not surprising, considering the lack of concern for students that this administration has displayed since 1. 

    “—and states had planned to use to support children in their states—is a cruel betrayal of students, especially those who rely on critical support services. Schools are already grappling with severe teacher shortages, burnout, and under-resourced classrooms, and here comes the federal government ripping resources away from public schools. It is outrageous and unconscionable.

    “Sadly, this is part of a broader pattern by this administration of undermining public education—starving it of resources, sowing distrust, and pushing privatization at the expense of the nation’s most vulnerable students. And they are doing this at the same time as they push a budget bill that will devastate our schools and communities—all to finance massive tax breaks for billionaires.

    “Educators and parents will not be silent while students are undervalued, unheard, and unsupported. The Trump administration must release these critical funds as required by law. We will stand up, speak out, and take action to ensure every classroom is a place of dignity, opportunity, and respect.” 

    # # # 

    Follow us on Bluesky at https://bsky.app/profile/neapresident.bsky.social & https://bsky.app/profile/neatoday.bsky.social 

    The National Education Association is the nation’s largest professional employee organization, representing more than 3 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators, students preparing to become teachers, health care workers, and public employees. Learn more at nea.org. 

    MIL OSI USA News –

  • MIL-OSI USA: Coalition moves for injunction stopping Trump administration’s actions to dismantle the Department of Education

    Source: US National Education Union

    Washington, D.C. — Today, in the case of NAACP v. US, the coalition of plaintiffs and supporters are moving for a preliminary injunction preventing Linda McMahon and the Trump administration from continuing their unlawful actions to dismantle the Department of Education.   

    Those actions include the Department’s announcement yesterday that it planned to withhold nearly $6.8 billion in appropriated education formula funding from states, almost all of which supports students through their local school districts. That illegal decision, like the other steps this administration has taken to shut down the Department, is unlawful and will harm students and families across the country. 

    The case was brought in March by the National Association for the Advancement of Colored People (NAACP), public school parents, the National Education Association (NEA), and AFSCME Maryland Council 3. They are supported by Student Defense and Education Law Center (ELC). Today’s filing asks the Court to block multiple unlawful actions the administration has taken that harm students, schools and communities across the country. Those actions include:   

    • Terminating grants that support the recruitment and retention of teachers and other education professionals in high needs schools and school districts by way of the elimination, without Congressional approval, of the Teacher Quality Partnership, Supporting Effective Educator Development (SEED), and School-Based Mental Health Services Grant Programs, among many others. These programs supported students and educators and met critical needs in schools across the country. They have now been unlawfully shut down.   
       
    • Eliminating the Department’s capacity to award the correct amounts of federal formula grant aid to high needs schools and districts through the ESEA Title I programs, the rural school supports program under REAP, and other critical federal education programs in future school years. Defendants’ abolition of the Institute of Education Sciences and other critical Department offices leaves the Department unable to produce the data inputs and carry out other functions necessary to accurately calculate schools’ and districts’ federal funding awards after this year.
       
    • Gutting the vendor oversight and institutional accountability functions in the Office of Federal Student Aid, which had exercised the critical oversight necessary to make Congressionally mandated student loan forgiveness programs, like the Public Service Loan Forgiveness program, work and which certified schools’ eligibility to participate in federal student financial aid programs by ensuring that college and universities actually provide the services that they advertise.
       
    • Shuttering seven of the twelve regional enforcement offices of the Office for Civil Rights, terminating over half that Office’s investigative workforce, and doubling and even tripling the caseloads of the remaining investigators so as to effectively eliminate OCR’s ability to timely respond to, and remedy, civil rights complaints filed by students, parents, and educators.   

    Today’s filing is supported by record evidence in excess of 1,000 pages, including over 60 individual declarations in support of the plaintiffs’ claims and in opposition to the devastation wrought by the defendants. Declarants include Former Secretaries of Education Miguel Cardona and John King, Former Assistant Secretary for Civil Rights Catherine Lhamon, former Institute for Education Sciences Director John Easton, and many more. In addition, school communities and districts are in support of the motion, including the Lemon Grove School District in CA.  

    The motion seeks a remedy for the serious harm that the Trump Administration has inflicted on students, educators, schools, and colleges and universities, and asks the Court to direct the Department to fulfill its statutory obligations to students nationwide. 

    # # 

    About the National Education Association 

    The National Education Association is the nation’s largest professional employee organization, representing more than 3 million elementary and secondary teachers, higher education faculty, education support professionals, school administrators, retired educators, students preparing to become teachers, healthcare workers, and public employees. Learn more at www.nea.org  

    About the NAACP 

    The NAACP advocates, agitates, and litigates for the civil rights due to Black America. Our legacy is built on the foundation of grassroots activism by the biggest civil rights pioneers of the 20th century and is sustained by 21st century activists. From classrooms and courtrooms to city halls and Congress, our network of members across the country works to secure the social and political power that will end race-based discrimination. That work is rooted in racial equity, civic engagement, and supportive policies and institutions for all marginalized people. We are committed to a world without racism where Black people enjoy equitable opportunities in thriving communities. NOTE: The Legal Defense Fund – also referred to as the NAACP-LDF – was founded in 1940 as a part of the NAACP, but now operates as a completely separate entity. 

    About AFSCME Maryland Council 3 
    AFSCME Maryland Council 3 represents more than 50,000 public service workers in local, city, county and state government as well as in higher education and the private sector who provide the valuable public services that our communities rely on. From Western Maryland to the Eastern Shore, we make Maryland happen. 

    About Education Law Center 

    Education Law Center pursues justice and equity for public school students by enforcing their right to a high-quality education in safe, equitable, non-discriminatory, integrated, and well funded learning environments. We seek to support and improve public schools as the center of communities and the foundation of a multicultural and multiracial democratic society. To achieve these goals, we engage in litigation, research and data analysis, policy advocacy, communications, and strategic partnerships and collaborations. https://edlawcenter.org/ 

    About Student Defense 

    The National Student Legal Defense Network (“Student Defense”) is a non-profit organization that works, through litigation and advocacy, to advance students’ rights to educational opportunity and to ensure that higher education provides a launching point for economic mobility. 

    MIL OSI USA News –

  • MIL-OSI Russia: The manipulations around the Dalai Lama’s reincarnation issue will be rejected by history as a political farce, and Xizang will achieve even greater prosperity – Chinese Ambassador to Russia Zhang Hanhui

    Translation. Region: Russian Federal

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

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

    Moscow, July 1 (Xinhua) — The manipulations around the Dalai Lama’s reincarnation issue are a political farce that will be rejected by history. The Xijiang Autonomous Region, which has demonstrated tremendous success in all spheres of life, will achieve even greater prosperity and development. This opinion was expressed by Chinese Ambassador to Russia Zhang Hanhui in an opinion piece published in Rossiyskaya Gazeta on Tuesday.

    As the Chinese diplomat pointed out, the 14th Dalai Lama’s clique has recently been trying to confuse the international community, actively speculating on the topic of reincarnation and spreading absurd and false ideas, including the “independent reincarnation of the Dalai Lama” and “reincarnation in a free country.” “The manipulation of the reincarnation issue is nothing more than a political farce, which will certainly meet with decisive opposition from the broad masses of believers of Chinese Tibetan Buddhism and will inevitably be rejected by history,” Zhang Hanhui writes.

    The ambassador recalled that as a unique religious tradition of inheriting the highest spiritual rank in Chinese Tibetan Buddhism, the system of reincarnation of living Buddhas has formed a holistic and strict complex of religious rituals and historical rules over more than 700 years of its development. It includes the search for a reincarnation within China, drawing lots using a special golden urn and submitting it for approval to the central government of China. “The process of reincarnation of the Dalai Lama is clearly defined by centuries-old historical and legal norms, is deeply rooted in the legal governance of the central government of China and is in no way subject to manipulation by individuals or certain groups,” the ambassador said.

    Zhang Hanhui assured that the Chinese government pursues a policy that guarantees citizens freedom of religion. He stressed that the reincarnation of the Dalai Lama has been an exclusively internal matter of China since ancient times, in which no foreign state, external force or individual has the right to interfere. “All states have managed and manage their religious affairs on a legal basis, both in the past and present, in the East and in the West, this is an inalienable requirement of state sovereignty and government authority,” the publication says.

    This year marks the 60th anniversary of the founding of the Xizang Autonomous Region. The Chinese diplomat pointed to the great achievements in the development of all spheres of life. “Under the leadership of the Communist Party of China, Xizang has put an end to the extremely backward feudal serfdom system once and for all, achieved a historic victory in eradicating absolute poverty, and together with all the Chinese people embarked on a new path of great revival of the Chinese nation through the comprehensive promotion of Chinese modernization. Today, Xizang is confidently walking along the bright, prosperous, stable, harmonious and beautiful path of socialism,” the ambassador noted.

    Zhang Hanhui stressed that the Xizang issue is a purely internal matter for China, affects the country’s fundamental interests and is not subject to interference by any external forces. “The Chinese side opposes any attempts at separatist actions aimed at undermining the security and stability of Xizang,” he warned.

    According to the diplomat, the Chinese side highly appreciates and sincerely thanks the Russian government and people for their constant firm support on the Xizang issue and is confident that Moscow will continue to support China’s efforts to protect state sovereignty and territorial integrity, and to ensure security, stability and interethnic unity in Xizang. The Chinese diplomat invited the Russians to visit the amazing Xizang and see it with their own eyes.

    “Only by going there in person, seeing with your own eyes the vibrant modern cities of Xijiang, hearing the happy song in the new villages of Xijiang, experiencing the majestic beauty of the snow-capped mountains and sacred lakes, and feeling the unique charm of the thousand-year-old culture, can one truly appreciate the truly epochal historical transformation and achievements in Xijiang’s development, and understand why the people of all ethnic groups in Xijiang wholeheartedly support the CPC leadership,” Zhang Hanhui added, expressing confidence that Xijiang will write a new chapter of unity and progress and achieve greater prosperity and development. -0-

    MIL OSI Russia News –

  • MIL-OSI Russia: Russian President V. Putin held a telephone conversation with French President E. Macron

    Translation. Region: Russian Federal

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

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

    Moscow, July 1 (Xinhua) — The Kremlin press service said Tuesday that Russian President Vladimir Putin and French President Emmanuel Macron had a telephone conversation. They discussed the situation around Ukraine, the Iranian-Israeli confrontation and the US strikes on Iran’s nuclear facilities.

    This is the first conversation between the presidents in nearly three years. The last time they spoke by phone was on September 11, 2022.

    The heads of the two states discussed in detail the situation in the Middle East in the context of the Iranian-Israeli confrontation and the American strikes on Iranian nuclear facilities. It is noted that V. Putin and E. Macron pointed out the special responsibility of Russia and France as permanent members of the UN Security Council in maintaining peace and security, including in the Middle East region, as well as in preserving the global nuclear non-proliferation regime. “In this regard, the importance of respecting Tehran’s legitimate right to develop peaceful nuclear energy and continuing to fulfill its obligations under the Treaty on the Non-Proliferation of Nuclear Weapons, including cooperation with the IAEA, was emphasized,” the statement said.

    “The leaders expressed their support for the resolution of the crisis around the Iranian nuclear program, as well as the resolution of other contradictions in the Middle East, to be achieved exclusively by political and diplomatic means. It was agreed to continue contacts for the purpose of possible coordination of positions,” the Kremlin press service added.

    Speaking about the prospects for a peaceful settlement, the Russian president confirmed the fundamental approaches to possible agreements, which should be comprehensive and long-term, provide for the elimination of the root causes of the Ukrainian crisis and be based on “new territorial realities.” –0–

    MIL OSI Russia News –

  • MIL-OSI USA: Senate Passes ‘Regressive, Downright Cruel’ Tax Bill that will Significantly Harm Maine People

    US Senate News:

    Source: United States Senator for Maine Angus King

    WASHINGTON, D.C. — Today, the United States Senate passed the so-called ‘Big Beautiful Bill’ tax and budget legislation — a bill that was passed by the Republican majority with a single tie-breaking vote by Vice President JD Vance. Maine DHHS estimates that, because of this legislation, 31,000 Mainers would be disenrolled from MaineCare in the first year and estimates suggest that 4 rural Maine hospitals could close. In addition, it is estimated that 20,000 Mainers will lose their coverage under the Affordable Care Act.

    The bill now heads to the House of Representatives for consideration in the days ahead.

    U.S. Senator Angus King (I-ME) previously spoke on the Senate Floor to share remarks on the bill that he called “irresponsible, regressive, and downright cruel” and highlighted the inevitable harm it would do to Maine people — adding he found it “immoral” to take food from vulnerable children while giving larger tax breaks to well-off Americans.

    A statement from Senator King on final Senate passage of the bill is below:

    “We just voted on the so-called Budget Reconciliation, a bill which was passed by the Republican majority on a straight party-line vote. This bill will have catastrophic impacts on Maine people. In fact, I think this is the worst, most regressive and harmful piece of legislation I’ve ever seen. 

    “Here’s the way I can best explain the consequences of this disastrous bill: 

    1. It will have devastating impacts upon Maine itself, on our state and on our state budgets.

    2. It’s going to have devastating impacts on Maine people.

    3. It’s a gross transfer of wealth from lower income people to the very wealthy. 

    4. Even with these devastating cuts, the bill still explodes the federal deficit which will result in higher interest rates and a drag on business expansion in Maine and across the country.

    “I call this the Great Maine Robbery. First, it’s going to shift millions of dollars to state budgets —which means Maine taxpayers will be left footing the bill for essential services like healthcare and food assistance. It will also likely result in the closure of rural community health centers and hospitals — although the health fund in this bill will provide some limited relief to Maine hospitals, it do anything for the thousands who will lose their health care under the terms of this bill. This will leave Maine people traveling further and spending more money out of pocket than they would otherwise. Many Maine people will also likely lose their MaineCare and CoverME marketplace coverage entirely, and significant Medicare cuts from this bill will harm Maine’s older adults.

    “Essentially, this bill is a ‘shift and shaft’ to provide huge tax cuts for those making more than $400,000 per year in exchange for the elimination of critical programs that Maine people rely on for food, health and safety. This is not politics — this is the wellbeing of Maine people, and even though this bill is huge setback, I remain committed to fighting for them every single day.”

    According to the nonpartisan Congressional Budget Office, the legislation would add $3.3 trillion dollars to the federal deficit over the next ten years, while also cutting $1.1 trillion from Medicaid over the same time, resulting in 11.8 million Americans losing healthcare. Maine DHHS estimates that, if passed as is, 31,000 Mainers would be disenrolled from MaineCare in the first year and estimates suggest that 4 rural Maine hospitals would close.

    MIL OSI USA News –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the High-level special event “Forging a Common Agenda to Achieve Debt Sustainability in Developing Countries” [as prepared for delivery]

    Source: United Nations secretary general

    Prime Minister Sanchez,
    Excellencies,
    Dear friends,
    Ten years after countries adopted the SDGs, development faces formidable headwinds: slowing global growth, the threat of a trade war, and repeated global shocks from climate and conflict. 
    But the most unsettling challenge facing developing countries is the debt crisis. 
    Borrowing is critical for development. 
    It provides a means for governments to invest boldly in a better future for their people. 
    It is especially critical at a time when all countries are required to undertake one-off generational investments to green their economies and build 21st century digital infrastructure. 
    But today, borrowing is not working for development. 
    Over two-thirds of low-income countries are either in debt distress or at high risk of it. 
    3.4 billion people live in countries that spend more on interest payments than on health or education. 
    The debt crisis is a silent crisis in two respects. 
    First, the crisis doesn’t impact the lives or economies of those in advanced economies. 
    The immediate effects of the crisis are contained and do not threaten the stability of global financial markets.
    Second, among global policymakers, there is a striking reluctance to acknowledge the crisis for what it is, perhaps driven by the increasingly unlikely hope that the problem will solve itself if interest rates came down.
    However, I’m pleased to report that, thanks to many of you, this is now starting to change.
    Over the last several months, we’ve seen the launch of several bold initiatives – the African Leaders Debt Relief Initiative; the Expert Review on Debt, Climate and Nature; the Jubilee Commission; and the Secretary-General’s Expert Group on Debt – that are making crisis increasingly hard to ignore.
    And through the Seville conference and its outcome document, and the ongoing work of the South African G20, this crisis is finally being seen and heard.
    These efforts have laid bare the shortcomings of our debt architecture, and the harms they are causing in developing countries.
    They also identify actions that can arrest the debt crisis and enable debt to fulfil a supportive role in countries’ development success.
    Now that we are finally getting the attention of policymakers, we still face the challenge of compelling action.
    Let me propose three things we, as a community, must do moving forward.
    First, consolidate our message and asks.
    We have a rich set of analyses and recommendations but must find ways of bringing these together.
    This includes borrowing language and recommendations from the Seville outcome document and bringing it forward into the outcome documents of this year’s G20 and COP30.
    Second, everyone must do their part.
    For instance, Spain has shown outstanding leadership on promoting debt swaps and debt pauses.
    The UN stands ready to advance member states’ call for the creation of a platform for borrowers to share experience, build capacity and coordinate approaches and strengthen borrower countries’ voices.
    Third and finally, we must continue to expand our coalition.
    This includes winning the support of the leading board members at the IFIs.
    It also means mobilizing civil society, as envisaged by the Jubilee campaign.
    With these three steps, I believe we can break the cycle of debt together, and usher in a new era of debt sustainability for all countries.
    Thank you. 
     

    MIL OSI United Nations News –

  • MIL-OSI Europe: Multilateral development bank heads and private sector leaders map out deeper cooperation in Seville for development

    Source: European Investment Bank

    EIB

    The European Investment Bank (EIB) Group in partnership with the Financial Alliance for Net Zero convened a high-level exchange with leaders of multilateral development banks (MDBs) and private sector CEOs at the International Conference on Financing for Development in Seville to deepen cooperation and scale private sector investment in emerging markets and developing economies.

    Heads of the African Development Bank, Asian Development Bank, Asian Infrastructure Investment Bank, Council of Europe Development Bank (CEB), European Bank for Reconstruction and Development, European Investment Bank, Inter-American Development Bank, Islamic Development Bank and the World Bank Group and leaders of private sector financial and corporate institutions convened for a high-level roundtable to accelerate joint action to mobilise private capital for sustainable development goals. 

    The participants identified opportunities around scaling up successful and existing public-private partnerships and financial instruments, MDBs providing local currency finance and hedging instruments – including through commercial banks – sharing risk statistics through the Global Emerging Markets Risk Database (GEMs), blending instruments, local capacity building and engaging with governments and regulators to create the right conditions for private investment to thrive.

    The roundtable in Seville followed the Heads of MDBs meeting, hosted by the CEB on Saturday in Paris, where in a Joint Statement the participants highlighted private capital mobilisation as a system-wide priority, in line with the Viewpoint Note from Washington in April 2024.

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – The case of Azerbaijani political prisoner Tofig Yagublu – E-001955/2025(ASW)

    Source: European Parliament

    Human rights and the rule of law in Azerbaijan remain a priority for the EU and are at the core of the EU-Azerbaijan bilateral relations. The EU has repeatedly voiced concerns regarding the arrests of independent journalists, human rights defenders, and political activists[1].

    In this context, the EU has been following the case of Mr Tofiq Yagublu closely and was vocal about his detention and health condition on various occasions[2] .

    Mr Yagublu, as well as all other detainees, have the right to due process, a fair trial and access to proper healthcare. All persons detained for exercising their fundamental rights should be released.

    The EU continues to raise these issues with the authorities at all levels, including during the recent visit to Baku of the High Representative/Vice-President on 25 April 2025.

    Protection of human rights and respect for civil society are integral parts of the EU-Azerbaijan Partnership and Cooperation Agreement[3].

    The negotiations for a new agreement will continue to be based on Azerbaijan’s multilateral and bilateral commitments. The EU remains committed to continuing the dialogue and cooperation on human rights and the rule of law with Azerbaijan.

    • [1] https://www.eeas.europa.eu/eeas/azerbaijan-statement-spokesperson-human-rights-situation_en; https://www.europarl.europa.eu/doceo/document/CRE-10-2024-10-22-ITM-020_EN.html; https://www.europarl.europa.eu/doceo/document/CRE-10-2024-12-18-ITM-019-03_EN.html.
    • [2] https://x.com/anouareuspox/status/1920563856499245180?s=46&t=iHq8dMv1wG10ZFDHNp0C3;
      https://www.eeas.europa.eu/eeas/azerbaijan-statement-spokesperson-detention-journalists-and-political-activists_en;
      https://www.eeas.europa.eu/eeas/azerbaijan-statement-spokesperson-detention-human-rights-defenders-and-political-activists_en;
      https://www.eeas.europa.eu/eeas/azerbaijan-statement-spokesperson-sentencing-tofiq-yagublu_en.
    • [3] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A21999A0917%2801%29.
    Last updated: 1 July 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: REPORT on the future of the EU biotechnology and biomanufacturing sector: leveraging research, boosting innovation and enhancing competitiveness – A10-0123/2025

    Source: European Parliament

    MOTION FOR A EUROPEAN PARLIAMENT RESOLUTION

    on the future of the EU biotechnology and biomanufacturing sector: leveraging research, boosting innovation and enhancing competitiveness

    (2025/2008(INI))

    The European Parliament,

    – having regard to the Treaty on the Functioning of the European Union (TFEU), in particular Articles 9, 151, 152, 153(1) and (2) thereof, as well as Articles 173 and 179 thereof, which concern EU industrial policy and research and refer to, among other things, the competitiveness of the Union’s industry and the strengthening of the Union’s scientific and technological bases,

    – having regard to the Treaty on European Union, in particular Article 5(3) thereof and Protocol No 2 thereto on the application of the principles of subsidiarity and proportionality,

    – having regard to the Commission communication of 20 March 2024 entitled ‘Building the future with nature: Boosting Biotechnology and Biomanufacturing in the EU’ (COM(2024)0137),

    – having regard to the report by Mario Draghi of 9 September 2024 entitled ‘The future of European competitiveness’,

    – having regard to the Commission communication of 29 January 2025 entitled ‘A Competitiveness Compass for the EU’ (COM(2025)0030),

    – having regard to the Commission communication of 26 February 2025 entitled ‘The Clean Industrial Deal: A joint roadmap for competitiveness and decarbonisation’ (COM(2025)0085),

    – having regard to the Commission communication of 11 December 2019 entitled ‘The European Green Deal’ (COM(2019)0640),

    – having regard to the report by Enrico Letta of 10 April 2024 entitled ‘Much more than a market’,

    – having regard to the Commission communication of 19 February 2025 entitled ‘A Vision for Agriculture and Food – Shaping together an attractive farming and agri-food sector for future generations’ (COM(2025)0075),

    – having regard to Rule 55 and Rule 148(2) of its Rules of Procedure,

    – having regard to the report of the Committee on Industry, Research and Energy (A10-0123/2025),

    A. whereas the EU biotechnology and biomanufacturing sector has been recognised as one of 10 strategic technology sectors for Europe’s competitiveness, economic security and sustainability; whereas the sector is characterised by very high productivity, growth and employment, and delivers globally competitive, cutting-edge solutions in healthcare, life sciences, industrial production and transformation, sustainable biomanufacturing, energy and food security; whereas biotechnology and biomanufacturing are important enablers of the bioeconomy at large; whereas biotechnology and biomanufacturing can help enhance the EU’s strategic autonomy, resilience and circularity by reducing industry’s dependency on fossil-based input and other external dependencies in various sectors; whereas the biotechnology and biomanufacturing sector still faces regulatory and financial obstacles and an incomplete internal market; whereas the Commission is expected to present an EU biotech act, an updated EU bioeconomy strategy, an EU life sciences strategy, an EU innovation act and an EU circular economy act;

    B. whereas according to the Organisation for Economic Co-operation and Development (OECD), biotechnology is defined as the application of science and technology to living organisms, as well as parts, products and models thereof, to alter living or non-living materials for the production of knowledge, goods and services; whereas biomanufacturing is not clearly defined and the Commission should therefore propose such a definition; whereas a definition of biomanufacturing should be future-proof, open to scientific and technological developments, and technology neutral, so as to broadly encompass the use of biotechnology or other technologies for the production of bio-based material products and solutions including, but not limited to, chemical, mechanical or thermal processes;

    C. whereas the biotech and biomanufacturing industries have led the development and deployment of breakthrough innovations in healthcare, such as mRNA-based vaccines; whereas biotechnology processes can be used to manufacture active pharmaceutical ingredients and key manufacturing inputs for medicines;

    D. whereas the COVID-19 pandemic highlighted the importance of having robust raw material value chains and manufacturing capabilities within Europe, to ensure security of supply of critical products and to mitigate shortages, for example of essential medicines;

    E. whereas artificial intelligence (AI) can help drive biotechnology innovation – e.g. in personalised medicine and drug discovery – resulting in health and environmental benefits; whereas the use of AI in biotechnology can also present ethical challenges and risks, related to the protection of private data, which need to be addressed in order to maintain public trust and acceptance;

    F. whereas biotechnology is applied in various aspects of animal and plant-based agriculture and also indirectly, through its use in activities such as waste management;

    G. whereas biotechnology can strengthen the resilience of forests and, in the case of biomanufacturing, the forest sector can offer sustainably produced, renewable and recyclable raw materials that can be used in high-value innovative products, materials and applications;

    H. whereas the EU is a global leader in research and biomanufacturing capacity, yet its potential remains unexploited due to the lack of a sufficiently coordinated policy framework that enables the efficient scaling up of innovation, the attraction of investment and the commercialisation of new technologies; whereas the ‘one in, one out’ approach ensures that all burdens introduced by Commission initiatives are considered, and administrative burdens are offset by removing burdens of equivalent value in the same policy area at EU or Member State level; whereas Parliament has called for the EU’s research budget to be doubled; whereas EU private investment in research, development and innovation is lagging behind other major economies; whereas promoting investment in pioneering demo and commercial production plants can accelerate the commercialisation of EU innovation in the bio-based industries;

    I. whereas urgent, coherent and consistent action needs to be taken during the next few years to make the EU a world leader in biotechnology, biomanufacturing and life sciences effecting a bold level of change, in accordance with due process and supported by competitiveness checks and adequate funding;

    J. whereas lengthy and complex authorisation procedures, particularly concerning approval times, represent a competitive disadvantage for EU operators and drive project developers out of the EU, and hinder industrial deployment and growth;

    K. whereas current EU regulatory frameworks do not cater precisely to the specificities of bio-based products; whereas the existing regulatory authorisation processes for biotech products needs to be urgently addressed to ensure that the EU remains globally competitive; whereas an effective regulatory framework for conducting clinical research is essential for the competitiveness of the most innovation-intensive aspects of the EU’s pharmaceutical and biotechnology sectors; whereas the Commission should take account of the regulatory frameworks of non-EU countries leading in the biotechnology and biomanufacturing sector, in the context of existing and future EU legislation covering the industry, to ensure compatibility without lowering existing EU safety and environmental standards;

    L. whereas the EU’s biotechnology and biomanufacturing investment and venture capital ecosystem remains fragmented; whereas high energy prices, regulatory burdens, barriers, and a lack of available key feedstock, raw materials and components are limiting the ability of start-ups and other small and medium-sized enterprises (SMEs) to scale up, and limit large-scale deployment; whereas EU biomanufacturing capacity and supply chain resilience, including the availability of feedstock, are essential to reduce dependence on non-EU actors; whereas effective global supply chains – including strategic partnerships with reliable global actors – are also important to secure stable access to critical resources, avoid supply disruptions and foster continuous innovation in essential technologies;

    M. whereas bio-based feedstocks, such as sustainably sourced biomass, recycled waste and CO2 captured from biogenic sources, could be used as alternative feedstocks for the manufacturing of, for example, polymers, plastics, solvents, paints, detergents, cosmetics and pharmaceuticals, thereby contributing to EU emission reduction, resource efficiency and strategic autonomy; whereas the EU could further incentivise market demand and market uptake for sustainable bio-based products and materials;

    N. whereas it is vital to increase the use of sustainable bio-based raw materials as part of the means of reaching the EU’s 2050 climate targets; whereas biotechnology has the potential to transform the refinery and chemical industry towards biomanufacturing, thereby reducing greenhouse gas emissions, in line with the EU’s climate objectives;

    O. whereas biotechnology and biomanufacturing are regulated across many different regulatory frameworks; whereas current EU regulatory frameworks for biotechnology and biomanufacturing are inconsistent across sectors, creating legal uncertainty and slowing market access for innovative solutions; whereas the lengthy authorisation processes, particularly concerning approval times, need to be urgently addressed and improved, while maintaining a risk- and science-based approach, to compete with corresponding time frames outside the EU; whereas the use of regulatory sandboxes should be expanded to ensure that emerging technologies have a clear development pathway; whereas new EU-wide regulation in the form of an EU biotech act should be duly justified based on examples of concrete gaps and shortcomings in current legislation and implementation, focusing on the specificities of the industry;

    P. whereas a coherent, robust and future-proof intellectual property (IP) framework is essential, ideally resulting in economic, environmental and societal benefits;

    Q. whereas public awareness in the EU of biotechnology and biomanufactured products should be further strengthened, in order to boost public acceptance; whereas the ethical aspects of biotechnology should be considered; whereas stakeholder consultation plays a crucial role in shaping responsible and ethical biotechnology policies; whereas civil society can play an essential role in ensuring public trust;

    R. whereas the engineering of DNA and organisms is increasingly carried out in automated biofoundries, which produce a wealth of data and improved designs and knowledge of biological functions;

    S. whereas the EU’s regulatory framework needs to adequately address evolving risks, opportunities and responsibilities associated with the handling, trade and synthesis of biological material, particularly in the context of synthetic biology; whereas existing biosecurity gaps need to be addressed by the EU and through international cooperation;

    Criteria for a comprehensive EU biotech act

    1. Emphasises the growth potential of the European biotechnology and biomanufacturing sector and the need for the EU to remain world-leading in this field; underlines the commitment to the principles of better regulation and lawmaking, simplification and administrative burden reduction; underlines that the simplification of EU legislation must not endanger any of the fundamental rights of citizens, workers and businesses or risk regulatory uncertainty; believes that any simplification proposal should not be rushed and proposed without proper consideration, consultation and impact assessments; therefore asks the Commission, if it proposes a new EU-wide regulation in the form of an EU biotech act, to address concrete gaps and shortcomings in current legislation and implementation, and to present legislation that can be revised, simplified, streamlined, repealed and which reduces bureaucratic burdens, focusing on the specificities of the industry and maintaining relevant safety and security standards; asks that an EU biotech act adopt a comprehensive cross-sectoral scope and that it be accompanied by an impact and cost assessment, competitiveness checks as well as a comprehensive assessment by the Regulatory Scrutiny Board, taking due consideration of the impact on SMEs, start-ups and scale-ups, as well as the interaction with other relevant legislative and non-legislative initiatives, including proposals currently undergoing the co-legislative procedure;

    2. Recalls that according to the OECD, biotechnology is defined as the application of science and technology to living organisms, as well as parts, products and models thereof, to alter living or non-living materials for the production of knowledge, goods and services; notes, however, that biomanufacturing is not clearly defined and calls on the Commission to propose such a definition;

    3. Recommends streamlining and harmonising existing and upcoming initiatives relating to biotechnology and biomanufacturing, with the objective of strengthening the biotechnology and biomanufacturing industry through clear industrial and research and development (R & D) competences;

    4. Urges the Commission to ensure coherence and consistency across all initiatives and legislative measures that may affect biotechnology and biomanufacturing innovations and companies, especially start-ups and scale-ups;

    5. Calls on the Commission to ensure that any future relevant legislative initiatives have a broad enough scope to capture the width of the biotechnology and biomanufacturing industry and its full range of applications; recommends facilitating a fast and efficient uptake of biotechnology and biomanufacturing through clear regulatory frameworks;

    6. Calls on the Commission to implement measures within its structures in order to ensure coordination, coherence and complementarity across its relevant directorates-general, and to enable more efficient scale-up and commercialisation of research, development and innovation results; highlights the importance of efforts to improve policy coherence and coordination at national level;

    7. Calls on the Commission to take account of regulatory frameworks of non-EU countries leading in the biotechnology and biomanufacturing sector, in the context of existing and future EU legislation covering the industry, to ensure compatibility, where possible and without compromising consumer safety, and a level playing field for EU biotech companies competing internationally, and to learn from best practices from outside the EU without lowering existing EU standards;

    8. Calls on the Commission to present a report on the implementation of current legislation in the field of biotechnology and biomanufacturing, including identifying potential gaps and regulatory barriers hampering the growth of the industries applying these technologies and manufacturing processes, including barriers to improving the EU’s self-sufficiency in key feedstocks, raw materials and components; recalls the precautionary principle laid down in Article 191 TFEU; urges the Commission to share with Parliament the preliminary findings of its study on regulatory burden, in this regard, and the potential need to review legislation related to biotechnology and biomanufacturing; calls for a simplification of current requirements for the sector across regulatory frameworks to enable faster approval procedures and market access, while maintaining a risk- and science-based approach and avoiding regulatory uncertainty;

    9. Welcomes the recently launched Biotech and Biomanufacturing Hub; requests that the Commission provide further guidance to EU biotechnology and biomanufacturing companies and the Member States with regard to the Net-Zero Industry Act[1] and the new Clean Industrial Deal in terms of permitting and financing, and to consider the creation of supporting hubs, in order to improve guidance and advice to companies navigating through the regulatory framework;

    10. Calls on the Commission to urgently streamline, simplify and shorten the time required for authorisation procedures, particularly approval time frames, for biotechnology materials and products throughout their manufacturing- and life-cycles, and to facilitate the market uptake of bio-based solutions, including the provision of pre-authorisation guidance, while maintaining a risk- and science-based approach, particularly in the context of its regular review of EU agencies such as the European Food Safety Authority, the European Medicines Agency and the European Chemicals Agency; calls on the Commission to ensure that the relevant EU agencies are adequately resourced, to enhance their capacity for conducting authorisation procedures in a timely manner;

    11. Calls on the Commission to consider the possibility of a simplified approvals procedure for biotechnology products that have already been approved by trusted regulatory bodies in like-minded countries with EU-equivalent standards;

    12. Calls on the Commission to consider simplifying labelling practices, such as the use of QR codes, and ensure fair market conditions between biotechnology and other products, such as marketing and advertising, without compromising consumer safety or access to relevant consumer information;

    13. Recalls that harmonised, predictable, future-proof and internationally competitive IP and data protection rules for biotechnology and biomanufacturing patents are essential for the development of the industry, resilient supply chains and sustainable economic growth; underlines the importance of improving IP protection rules by longer terms for patented technologies to strengthen the EU’s competitiveness, foster innovation and the EU’s strategic autonomy, protect cutting-edge technologies, reward long-term investments, and support high-risk research; considers that a coherent, robust and future-proof IP framework is essential; welcomes, in this regard, the EU’s recently established unitary patent system;

    14. Calls for a common clinical trials framework with streamlined approval procedures across the Member States to minimise administrative burdens and delays, and which allows for the use of real-world evidence for biotechnology therapies; asks the Commission to present the current situation in this regard, as well as potential improvements; calls for the swift implementation of the Clinical Trials Regulation[2] and the use of the EU’s Clinical Trials Information System;

    15. Underlines the strategic importance for the EU of a strong biotechnology ecosystem to support R & D, manufacturing, and patient access to innovative medicines; points out that biotechnology processes can be used to manufacture active pharmaceutical ingredients and key manufacturing inputs for both off-patent and innovative medicines;

    16. Recommends using the next generation of regulatory sandboxes to assess the specific impacts and possibilities of emerging biotechnology and biomanufacturing applications, ensuring that new technologies can be trialled in a controlled but flexible and future-proof regulatory environment; stresses the importance of ensuring that EU policy takes account of technological and scientific developments to safeguard the EU’s global competitiveness;

    17. Recommends developing a strategy to support biotechnology and biomanufacturing companies transitioning from the regulatory sandbox regime to full market access; requests that the strategy include, but not be limited to, support mechanisms, regulatory assistance and guidance on compliance with EU legislation;

    The need to promote the advantages and specificities of the biotechnology and biomanufacturing industry

    18. Underlines that effectively scaling up biotechnology and biomanufacturing in the EU hinges on a robust, competitive and circular bioeconomy; calls on the Commission to present an updated bioeconomy strategy, which takes account of current challenges and reinforces the bioeconomy’s industrial dimension and its links to biotechnology and biomanufacturing, incentivising the development and production of sustainable, innovative, high-value added bio-based materials, products and solutions, to contribute to EU competitiveness and strategic autonomy;

    19. Acknowledges the important role biomass plays in biomanufacturing; recalls, in this regard, the importance of adopting an approach open to different sustainable biomass technologies grounded in robust analysis, and with the aim of enhancing feedstock access and use, as well as harnessing international supply chains, while aiming to avoid unintended environmental externalities;

    20. Underlines the need to account for the specificities of biogenic carbon, bio-based products and processes, and to differentiate them from petrochemical and fossil-based products, in the context of EU and national chemical, materials and environmental legislation;

    21. Points out that essential components, such as enzymes, lactic acid bacteria and other microorganisms, run the risk of being prohibited or unduly disincentivised by EU regulations primarily designed for petrochemical and synthetic substances, such as the REACH Regulation[3];

    22. Is concerned that the European Investment Bank (EIB)’s interpretation of sustainability criteria under the EIB Group Paris alignment framework may result in access to funding for bio-based materials and projects being denied; asks the Commission to examine relevant definitions accordingly and encourage biotechnology- and biomanufacturing-friendly interpretations; calls on the EIB to propose de-risking instruments for biotechnology and biomanufacturing, in order to raise capital; calls, moreover, on the EIB to improve outreach, advisory support and information on financing instruments and opportunities for eligible biotechnology and biomanufacturing projects, in particular SMEs, start-ups and scale-ups;

    23. Underlines the benefit and contribution of bio-based products and processes to the EU’s CO2 reduction objectives, which, given the potential of these products to increase sustainability and lower the EU’s environmental footprint, need to be reflected in respective life cycle assessments, information for consumers and public procurement;

    24. Considers that, in order to accelerate the substitution of fossil-based feedstocks, the market demand and market uptake of sustainable bio-based products could be further incentivised in the EU; considers that bio-based feedstocks, such as sustainably sourced biomass, recycled waste and CO2 captured from biogenic sources, could be used as alternative feedstocks for the manufacturing of various products, contributing to the EU’s emissions reduction, resource efficiency and strategic autonomy; in this context, recalls the commitment in the EU’s Competitiveness Compass to develop policies to reward early movers; considers that coherent and adequate sustainability criteria should be ensured for biomass;

    25. Underlines the importance of upholding the EU’s high standards of food and consumer safety and the potential of biotechnology applications when assessing biotechnology applications in food and feed to protect consumer health, assess impact on circularity and sustainability, and to consider social, ethical, economic, environmental and cultural aspects of food innovation; calls on the Commission to identify smooth routes to market for safe applications of biotechnology in food products, while reiterating that such biotechnology applications need to be properly examined, prior to any future authorisation and subsequent placing on the EU market, including gathering toxicological information and clinical and pre-clinical studies where relevant, and ensuring traceability;

    26. Underlines that biosecurity risks, including bioethical considerations, must be addressed in conjunction with biotechnology and biomanufacturing innovation, ensuring responsible access to and use of synthetic biology tools, genetic editing technologies and biological materials; calls for the establishment of an EU biosecurity registry for synthetic DNA, benchtop synthesis equipment and genetic engineering tools, improving transparency and risk-assessment mechanisms, in consultation with relevant stakeholders, such as industry and civil society, and while ensuring sensitive data is adequately protected; stresses the importance of EU strategic autonomy in biotechnology supply chains, ensuring that critical biomanufacturing inputs and expertise remain within Europe; calls for stronger international cooperation on biosecurity standards, including mandatory international screening standards, ensuring that EU-based biotechnology and biomanufacturing companies benefit from global best practice while maintaining competitiveness;

    27. Urges the Commission to conduct a study on biological materials and to present an updated communication and an action plan on chemical, biological, radiological and nuclear risks, in particular regarding bioterrorism and bio-risks;

    Horizontal issues

    28. Underlines the importance for supply chain security of ensuring a sufficient, stable and competitive supply of feedstock, raw materials and essential components, such as sustainable biomass and enzymes for biotechnology and biomanufacturing companies; calls for potential risks, gaps and dependencies to be closely monitored while safeguarding company-sensitive data and the functioning of the internal market;

    29. Stresses the importance of developing EU raw material value chains and manufacturing, and enhancing self-sufficiency where possible, while also fostering strategic partnerships and cooperation with like-minded non-EU countries to secure resilient and diversified access to critical inputs of biotechnology and biomanufacturing industries in the EU;

    30. Stresses that, in an increasingly tense geopolitical context, biotechnology and biomanufacturing should be fully leveraged to strengthen the EU’s strategic autonomy, enhance food security and reduce dependence on non-EU countries; highlights the need to stimulate market demand and uptake of bio-based products to boost the growth, competitiveness and sustainability of the EU biotechnology and biomanufacturing sector;

    31. Notes that the scale-up and commercialisation of research results remains a major challenge in the EU, and stresses the need to improve knowledge and technology transfer between academia and industry to ensure that EU-funded biotechnology and biomanufacturing research leads to commercial applications and industrial deployment; highlights the importance of strengthening public-private collaboration and supporting universities and research institutions with high levels of technology transfer, spin-offs, and start-up creation, for example by applying the CERN model of building start-up studios within research institutions; calls for strategic investments in shared EU infrastructure – such as pilot facilities, biobanks or innovation accelerators – to support the scale-up of prototypes and the market uptake of innovative biotechnology and biomanufacturing solutions; underlines that innovation cannot solely take place for short-term economic benefit, and that biotechnology and biomanufacturing innovation should be driven through a bottom-up approach under a standalone and long-term framework programme; calls on the Commission to facilitate the creation of world-leading research hubs for biotechnology and biomanufacturing to drive innovation and collaboration between academia, industry and venture capital; emphasises the need for robust physical testing facilities in the biotechnology and biomanufacturing sector to drive innovation and facilitate the production and market access for SMEs and start-ups;

    32. Stresses the need to ensure access to affordable energy for biotechnology and biomanufacturing operators, given the high energy intensity of large-scale biological production processes; underlines the importance of facilitating the authorisation and validation of large industrial plants, such as bioreactors, which are essential for scale-up but also face significant construction and operating risks; welcomes the latest revision of the Renewable Energy Directive[4] and its provisions to simplify permitting procedures, and calls on the Member States to swiftly implement relevant measures to support the deployment of biotechnology and biomanufacturing infrastructure;

    33. Underlines the need for a skilled and diverse European workforce in the biotechnology and biomanufacturing sector and for the promotion of entrepreneurial skills, in close collaboration with industry and research institutions; calls for increased investment in biotechnology and biomanufacturing education and targeted professional training, including in but not limited to areas such as regulatory compliance, quality assurance and process engineering; supports the development of competence centres and public-private training initiatives across all Member States to enable upskilling, reskilling and lifelong learning to safeguard the attractiveness of the biotechnology and biomanufacturing industry; highlights the importance of adapting educational curricula to the evolving needs of the sector, and of promoting science, technology, engineering and mathematics (STEM) subjects, with a particular focus on attracting more girls and women into biotechnology and biomanufacturing careers; encourages more public awareness about career opportunities in the field to attract talent from non-EU countries and suggests exploring the potential for transatlantic cooperation; welcomes the recently launched Choose Europe for Science pilot scheme to attract top non-EU researchers, scientists and academics to Europe;

    34. Calls for the urgent completion of the capital markets union to attract institutional investors to the biotechnology and biomanufacturing industry, including venture capital, pension funds and private equity; underlines that the sector is characterised by high levels of risk and that reducing the cost of investment failure in the EU is necessary for attracting large-scale capital investment; calls for dedicated support to ensure that biotechnology and biomanufacturing SMEs, start-ups and scale-ups can access sufficient funding and compete globally; stresses that cross-border investment barriers must be reduced to facilitate investment in biotechnology and biomanufacturing scale-ups;

    35. Notes that public-private partnerships and mission-driven EU investment strategies, such as the Circular Bio-based Europe Joint Undertaking, are essential for de-risking biotechnology and biomanufacturing innovation and for increasing the likelihood that IP and industrial capacity remain in Europe; urges EU investment instruments, such as the InvestEU programme, to be strengthened to support biotechnology and biomanufacturing projects considered as high-risk from an investment perspective; underlines that the sector is characterised by a high concentration of SMEs, which face disproportionate barriers in accessing capital despite being critical drivers of innovation; supports the exploration of a biotechnology Important Project of Common European Interest to facilitate industrial deployment and first-mover investments in bio-based chemicals, materials, and products and solutions;

    36. Notes that public awareness of biotechnology and biomanufactured products in the EU should be further strengthened to boost public acceptance; recommends engaging with citizens and civil society organisations to communicate the characteristics, benefits and implications of the growing presence of biotechnology-based products and services in the European market;

    Future-proof research and innovation

    37. Regrets that European private investment in research, development and innovation is lagging behind other major economies and that the scale-up and commercialisation of research results remain a major challenge in Europe; highlights the fact that European and national public systems for R & D funding remain complex and insufficiently coordinated, resulting in duplications and inefficiencies; calls for an EU-wide approach to coordinating public investment in R & D for biotechnology and biomanufacturing, with the dual objective of closing excellence and innovation gaps and accelerating commercialisation; underlines the importance of strengthening European collaboration, pooling knowledge and resources, and leveraging public funding with private investment; recalls the key role of framework programmes such as Horizon Europe in fostering scientific excellence, innovation and technical development and calls for targeted investment in strategic biotechnology and biomanufacturing subfields, such as industrial, environmental, marine, health and agri-food biotechnology;

    38. Reiterates the call to double the EU’s research budget and to reach the target of 3 % of EU gross domestic product being devoted to R & D by 2030;

    39. Notes the growing role of synthetic biology, bioinformatics, data and game-changing AI-driven biotechnology and biomanufacturing research; calls on the Commission to integrate biotechnology and biomanufacturing innovation into the EU digital and AI strategies, ensuring interoperability between biotechnology and biomanufacturing data infrastructure and AI-driven discovery platforms; notes that AI capabilities are dependent on the efficient use of data; considers that the creation of industrial data spaces for biotechnology and biomanufacturing is important for efficient data sharing;

    40. Acknowledges that, while AI systems and quantum computing can significantly speed up research and lead to new innovations, enabling better computational designs of biological systems, they can also increase the risk of biological threats; underlines, therefore, the need to apply a risk-based approach to the use of AI in scientific research and manufacturing;

    41. Considers that the ethical use of AI, bioinformatics and synthetic biology is crucial for building trust and for society at large to benefit from these technologies; underlines the need to safeguard data privacy, data security, transparency and human oversight of the use of AI systems in the health biotechnology sector;

    42. Instructs its President to forward this resolution to the Council and the Commission.

    MIL OSI Europe News –

  • MIL-OSI USA: Lankford Secures Major Wins for Oklahoma Families, Energy Producers, and Small Businesses in One Big Beautiful Bill

    US Senate News:

    Source: United States Senator for Oklahoma James Lankford
    WASHINGTON, DC — US Senator James Lankford (R-OK), a member of the Senate Finance and Homeland Security Committees, released the following statement after the passage of the One Big Beautiful Bill, which delivers the largest tax cut in history for hardworking Americans, secures the border, strengthens Medicaid program integrity, and rebuilds the military, all while cutting out-of-control spending.
    “This is a big, beautiful win for Oklahoma families, workers, seniors, and small businesses,” said Lankford. “This bill halts the largest tax increase in history, secures the border, and contains the most significant entitlement reform in years. I fought to make sure Oklahoma values were reflected in this package – protecting charitable giving, supporting energy jobs, and making it easier for businesses to grow and hire American workers.”
    Lankford secured key wins in the One Big Beautiful Bill to support Oklahoma families, job creators, and charitable giving.
    He secured the charitable deduction for non-itemizers, allowing couples to deduct up to $2,000 in donations. This will help more Americans support local churches, charities, and non-profits.
    Lankford also led the repeal of the Biden administration’s tax penalty on oil and gas producers by restoring key investment deductions. This will allow energy producers to reinvest, create jobs, and keep energy prices stable.
    He also worked to make full, immediate expensing permanent so businesses can deduct the full cost of equipment and technology up front. This will drive expansion, innovation, and job creation across Oklahoma. 
    Background
    Lankford has been outspoken on what it would have meant for Oklahomans if the One Big Beautiful Bill hadn’t passed the Senate and if President Trump’s 2017 Tax Cuts expire:
    A staggering 63,000 jobs were projected to be lost.
    The average Oklahoma family faced a $2,013 tax increase.
    Nearly 449,000 households would have seen their child tax credit reduced by 50%.
    Over 233,000 small business owners would have been hit with significant tax hikes.
    More than 1.5 million families would have had their standard deduction cut in half.
    To read more about how this bill helps families, seniors, the vulnerable and disabled, farmers and ranchers, small businesses, as well as strengthens our national defenses, unleashes American energy, and secures the border, see below: 
    How this bill helps families
    This bill delivers the largest tax cut in history, which will result in higher wages and higher take home pay. This is also the most substantial entitlement reform in years, which will help our safety net programs stay viable for those in need.
    The average family will save about $5,000 in additional taxes next year.
    There will be no tax on tips, an increased standard deduction for seniors, no tax on overtime, and a tax break for those who buy new cars made in America.
    This bill will also give families $2,200 per child up to 16 years old every year. It will also create a savings account for every child born between 2025 and the end of 2028 – each account would start with a $1,000 deposit that parents can invest for their kids, giving kids a financial boost from birth.
    In Oklahoma, the long-run wage increase is projected to go from $4,800 to $9,100 according to the Council of Economic Advisers.
    In Oklahoma, the take-home pay increase for a family of four is projected to go from $6,500 to $10,800 according to the Council of Economic Advisers.
    This bill also expands the adoption tax credit and indexes it for inflation. It also allows for tribal governments to decide when a child qualifies as having special needs to extra help under the credit. When adoption can cause as much as $60,000, this tax credit will make it easier for families to welcome a child in need into their lives and homes.
    Police officers, firefighters, truckers, linemen, and others who work overtime will take home an average of more than $1,300 a year because of the no tax on overtime in this bill.
    Those who buy a new American-made car will be able to write off some of the interest from their car loan, which will help families and American manufacturing.
    How this bill helps seniors
    Seniors who make less than $75,000 as an individual or a couple who makes less than $150,000 will see a $6,000 increase in their standard deduction regardless of whether they are receiving Social Security yet or not.
    How this bill helps vulnerable and disabled patients
    This bill is good news for vulnerable and disabled patients because it protects the aged, blind, and disabled from changes to Medicaid. It also blocks Biden’s nursing home staffing mandate that threatened rural care facilities, it boosts physician payments to offset cuts that the Biden administration had implemented, and it ensures continued access to care and incentivizes innovation, especially for those with rare diseases or who need access to telehealth options. It also prohibits tax dollars from going to Planned Parenthood through Medicaid.
    How this bill helps farmers and ranchers
    This bill delivers wins for rural America by expanding the farm safety net, strengthening crop insurance, and supporting agricultural trade. The bill also restores accountability in nutrition programs and ensures food assistance serves Americans in need, not illegal immigrants. 
    This bill would keep two million family farms safe from the death tax by making permanent death tax exemptions from the 2017 Trump Tax Cuts and Jobs Act.
    How this bill incentivizes giving to charity
    Sen. Lankford was proud to lead on restoring a tax deduction for non-itemizers – up to $2,000 per couple – which will help more Americans support charities, houses of worship, and non-profits, especially those that serve the most vulnerable. 
    How this bill helps energy production
    Sen. Lankford also led a repeal of the Biden administration’s unfair tax penalty on oil and gas producers by restoring key investment deductions, which will allow domestic energy producers to reinvest, create jobs, and keep energy costs stable. 
    How this bill helps businesses
    Sen. Lankford worked to make full, immediate expensing permanent, so businesses can deduct investments like equipment and technology up front, which will help fuel job creation and business expansion.
    How this bill cracks down on illegal immigration
    This bill devotes $160 billion to hire more Border Patrol Agents, more ICE officers, and to finish the border wall and invest in technology to secure the border.
    How this bill helps our air traffic control system
    The bill invests $12.5 billion to modernize America’s air traffic control system, by replacing outdated equipment, upgrading safety infrastructure, and expanding controller training so we continue to have the safest skies in the world. 
    How this bill strengthens our national defense
    This bill provides $150 billion to strengthen our military, rebuild our defense industrial base, and support border security missions. It also funds the Golden Dome initiative, boosts efforts to counter China, improves the quality of life for our servicemembers, invests in the tools needed to improve Pentagon accountability and delivers a clean audit.

    MIL OSI USA News –

  • MIL-OSI United Nations: General Assembly Endorses Nice Ocean Conference Declaration, Adopts $5.38 Billion Peacekeeping Budget

    Source: United Nations 4

    The General Assembly today endorsed the political declaration of the United Nations Ocean Conference, which establishes multilateral ocean governance.  It also adopted the $5.38 billion peacekeeping budget for the year starting 1 July. 

    Titled “Our Ocean, Our Future:  United for Urgent Action” (A/79/L.97), the declaration was adopted by acclamation at the close of the Conference held earlier this month in Nice, France.  However, today’s formal endorsement by the 193-member Assembly required a recorded vote, with 162 in favour to 1 against (United States), with no abstentions.  

    Several delegations objected to the vote, with the representative of France, co-host of the Conference along with Costa Rica, highlighting its strong political declaration and robust initiatives for the future as “a victory for the ocean”.  “The ocean doesn’t know borders” and neither should “our efforts to protect it”, said Costa Rica’s delegate, noting his country’s “steadfast” commitment to protecting the oceans.  He welcomed the momentum generated at the Conference for an early entry into force of the Agreement under the United Nations Convention on the Law of the Sea on the Conservation and Sustainable Use of Marine Biological Diversity of Areas beyond National Jurisdiction (BBNJ Agreement).  He also hailed promises to accede to the World Trade Organization (WTO) agreement to end subsidies for overfishing and decisive support for a plastic pollution convention as soon as possible.

    Brazil’s representative noted that the seas are “the planet’s main climate regulator” but “are running a fever”, while Australia’s delegate saw the adoption of this text as a testament to a collective commitment to address the urgency of climate change, biodiversity loss, and ocean pollution.  The United States’ delegate said the focus on implementing Sustainable Development Goal 14 is inconsistent with its position on the 2030 Agenda for Sustainable Development.

    Iraq’s delegate, speaking for the Group of 77 and China, noted that implementing Goal 14 requires more ambitious financial action, fulfillment of commitments made through intergovernmental agreements, and increased resources for small island developing States (SIDS) and least developed countries. 

    For her part, Venezuela’s delegate noted she had joined the consensus, while reiterating that it was not a party to the United Nations Convention on the Law of the Sea, which is “not the only single legal and regulatory framework for oceans and seas” — a position echoed by representatives of Iran, Türkiye, and El Salvador.

    Meanwhile, Argentina’s representative disassociated his delegation from all paragraphs referring to the 2030 Agenda and the Pact for the Future, as well as all paragraphs contradicting the guiding principles of the protection of life, liberty, and private property. 

    The Russian Federation’s delegate disassociated from the consensus on paragraph 26 of the declaration, which emphasizes the importance of the early entry into force of the BBNJ Agreement.  The instrument would undermine the provisions of the Convention on the Law of the Sea and the Agreement on Straddling Fish Stocks, with its norms allowing for impingement on the mandates and competencies of fisheries organizations.

    Japan’s representative hailed the adoption as “not the end but just the beginning of our renewed commitment to achieving SDG 14”, while Singapore’s delegate stated that the Convention on the Law of the Sea remains the “constitution for the oceans”, calling on Member States to fully respect it. 

    $5.38 Billion Budget for Peacekeeping Operations

    Acting on the recommendations of its Fifth Committee (Administrative and Budgetary), the Assembly also allocated a budget of $5.38 billion to 11 UN peacekeeping operations, the support account for these operations, the Regional Service Centre in Entebbe, and the Logistics Base in Brindisi.  These resolutions were adopted without a vote, with the exception of the resolution on the United Nations Interim Force in Lebanon (UNIFIL) (A/C.5/79/L.36/Rev.1), which was adopted by 147 votes in favour to 3 against (Argentina, Israel, United States), with 1 abstention (Paraguay), after an oral amendment proposed by Israel was rejected by 5 votes in favour (Argentina, Canada, Israel, Paraguay, United States) to 83 against, with 57 abstentions. 

    The Assembly further adopted a draft resolution on the “Comprehensive review of the whole question of peacekeeping operations in all their aspects” (A/79/424/Add.1), which was approved and forwarded by its Fourth Committee (Special Political and Decolonization).

    Tackling Illicit Trafficking in Wildlife

    The Assembly then adopted, by 157 votes in favour to 1 against (United States), with no abstentions, a draft resolution (A/79/L.96) submitted by the representative of Germany, by which the Assembly urges Member States to reinforce their efforts and adopt effective measures, as necessary, including by using special investigative techniques, consistent with article 20 of the United Nations Convention against Transnational Organized Crime, to prevent, investigate, prosecute and punish crimes that affect the environment, such as illicit trafficking in wildlife and wildlife products, which encompasses poaching and illegal harvesting of timber, including fauna and flora as protected by the Convention on International Trade in Endangered Species of Wild Fauna and Flora.

    Speaking in explanation of position, the United States delegate noted that the text contained matters that “should be discussed in Vienna-based anti-crime fora rather than in the General Assembly”. Further, he opposed the use of the term “gender mainstreaming,” insisting on the “biological reality of sex”. For his part, Argentina’s representative dissociated his delegation from all paragraphs concerning the 2030 Agenda and those that go against the protection of life and private property, including preambular paragraphs 1, 2, 18, 34 and operative paragraph 27.

    Promoting Interreligious, Intercultural Dialogue, Tolerance in Countering Hate Speech

    The Assembly also adopted a draft resolution (A/79/L.98) on combating hate speech, introduced by Morocco, by a recorded vote of 111 in favour to 1 against (United States), with 44 abstentions.  By the text, the Assembly called upon Member States to increase understanding about the spread and impact of hate speech, while continuing to adhere to relevant international human rights law obligations, as well as relevant United Nations instruments, in particular the Rabat Plan of Action.  Further, the Assembly called upon digital technology companies and developers to continue to develop solutions and publicly communicate actions to counter potential harms, including hate speech, bias and discrimination, from artificial intelligence-enabled content, including such measures as ensuring data integrity, incorporation of safeguards into artificial intelligence model training processes, identification of artificial-intelligence-generated material, authenticity certification for content and origins, labelling, watermarking and other techniques.

    Poland’s delegate, speaking for the European Union, whose members abstained from voting, emphasized that freedom of belief and religion applies to individuals, not objects or symbols, expressing reservations about preambular paragraph 14.

    The wording of that paragraph presents “serious concerns” in terms of freedom of expression and religious pluralism, noted the representative of Costa Rica, which further emphasized that combating hate speech cannot be achieved at the expense of freedom of expression.

    Hungary’s delegate indicated she could not support operative paragraph 23, which highlights one specific group, migrants, while the representative of the United Kingdom, who also abstained, refused to consider a text criticizing religion as incitement to hatred.

    Any restriction on freedom of expression must be circumscribed by law, necessary, and proportionate, argued Switzerland’s delegate, emphasizing that human rights protect individual beings, not religions or objects.  Furthermore, defamation of religions or religious defamation are not legal concepts recognized under international law.  For all these reasons, she voiced regret over the wording of preambular paragraph 14.

    For his part, Brazil’s delegate dissociated itself from paragraphs 11, 12, and 13, given that there is no agreed definition of hate speech and that this concept could be politicized.  Canada’s representative remained committed to the principle that everyone can exercise their freedom of belief and religion without fear of violence, also welcoming the attention paid to new technologies, while voicing concern over the wording of preambular paragraph 14 on acts directed against religious symbols and holy books.

    The Wiphala for Living Well in Harmony, Balance, Complementarity with Mother Earth

    The Assembly further adopted, by a recorded vote of 139 votes in favour to 2 against (United States, Israel), with 5 abstentions (Canada, Georgia, Paraguay, Peru, Türkiye), a draft resolution (A/79/L.95) introduced by Bolivia, who noted the Wiphala is “an age-old symbol born out of the deepest roots of Indigenous Peoples,” an expression of “the seven colors of the rainbow” and living in harmony with Mother Earth.  By the text, the Assembly called upon the international community to advance in the understanding, tolerance and solidarity among all peoples and cultures, and to strengthen efforts to eradicate manifestations of racism, racial discrimination, xenophobia and related intolerance, including against Indigenous Peoples, and promote respect for the diversity of their cultural manifestations, traditions, practices and knowledge systems.

    The United States representative, speaking before the vote, noted his delegation opposed the resolution’s focus on a single Indigenous community, further stating that the symbol remains controversial.  

    Mexico’s representative voiced regret that the Wiphala is limited to Bolivia and nearby regions, while Peru’s delegate pointed out that the text does not sufficiently detail the exact cultural origin of the symbol, and that the concept does not have a defined definition in a UN context. 

    While recognizing the cultural importance of the Wiphala for certain peoples of the Andean region, Canada’s delegate considered it inappropriate for the Assembly to designate a symbol specific to a geographical area as representing all Indigenous Peoples internationally.  This choice must be made by the Indigenous Peoples themselves, not by the UN, he said.

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Deputy Secretary-General’s Remarks at the High-level session of the International Business Forum “The Future of Development Finance and the Role of the Private Sector” [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,
    Dear friends,
    It is a privilege to join you today at this pivotal moment for the future of development finance.
    Sadly, the world faces a sustainable development crisis.
    Trade barriers are growing. Aid budgets are shrinking. Macroeconomic risks are mounting.
    Debt burdens are dragging down growth. Climate shocks are hitting harder and more often.
    Development finance is at a critical inflection point.
    Official Development Assistance, long a cornerstone of international solidarity, declined by 7 per cent in real terms last year. And further cuts are already on the table.
    But the real picture is even starker. Much of what is counted as ODA today is being redirected to cover domestic priorities, not long-term SDG investments.
    At the same time, the SDG financing gap has ballooned to 4 trillion dollars a year.
    Yet, amid this sobering reality lies an opportunity:
    An opportunity to reimagine development finance for the world we live in now.
    To move from a model built on assistance, to one driven by purpose and partnership. From international assistance, to strategic, sustainable investment.
    In this new vision, public finance, national and international, remains essential. Especially in sectors where market incentives are weak but human needs are immense, like education, health, social protection.
    But public finance alone cannot carry the weight. It must be used to unlock and leverage private investment, at scale and with speed.
    The question we need to answer is clear:
    What will it take for private capital to flow where it is most needed?
    The outcome document of the FFD4 conference, the “Sevilla Commitment”, puts forward a compelling action agenda that seeks to answer this question.
    First, we need an enabling business environment, supported by strong institutions, policy coherence, and investment pipelines.
    Second, we need better blended finance vehicles that deliver sustainable development impact and align with developing countries’ national priorities. 
    This requires standardizing blended finance with replicable and scalable structures, a ready pipeline of bankable projects, and more transparency in the development outcomes of transactions.
    Third, we need financial innovation. Equity instruments. Auction mechanisms. Creative tools that allow public and private actors to share risk and reward more fairly.
    Fourth, we must scale up aggregation platforms that expand catalytic capital and reduce transaction costs by pooling resources from international financial institutions.
    Fifth, it is time to reassess prudential regulations that may unintentionally discourage long-term investments in developing countries.
    We need to engage with regulators to ensure risk is not mispriced and regulation enables greater use of risk-sharing tools.
    Let’s be clear: we must dramatically expand our sources of development capital, and we must do so urgently and intentionally.
    This is why the United Nations calls on all actors across the investment ecosystem to join us in a long-term, collaborative effort to reshape development finance.
    At the UN, we are taking concrete steps to strengthen partnerships to unlock capital for sustainable development.
    Platforms such as the Global Investors for Sustainable Development (GISD) Alliance are bringing together private investors, foundations, policymakers, and leaders across the development finance spectrum. These leaders can shape sustainable finance frameworks, identify investment barriers, and pilot innovative solutions.
    Working together we can coordinate action, amplify impact, and accelerate the global shift toward long-term, responsible development finance.
    Private sector partners bring more than capital. They bring creativity, agility, and scale. They can power the transition to green energy, accelerate digital inclusion, and revolutionize service delivery.
    Philanthropic partners are also uniquely positioned to take risks others cannot, test innovations, and address gaps that markets and governments may not reach.
    They can back new models and ideas in early stage projects, or help unlock larger flows of investment by building proof points and trust.
    Above all, our financing systems must work for those who have historically been excluded, and on a practical level that means that means removing structural barriers that keep capital out of the hands of women-led businesses, youth innovators, and underserved communities.
    Excellencies,
    This is not about making tweaks here and there. It is about rethinking the fundamentals.
    The current financial system was not built for today’s world. Let alone tomorrow’s.
    We need a system that allocates capital not only by profit, but by purpose, not only by returns, but by impact.
    The next chapter of development finance is not yet written. But it must be a shared story written by all of us, and accountable to all people.
    So, let’s seize this moment and step into this new era not as donors or beneficiaries, but as equal partners, and deliver on the promise of sustainable development.
    On behalf of the United Nations, I thank you for your leadership, your ideas, and your resolve.
    Thank you.

    ***
     

    MIL OSI United Nations News –

  • PM Starmer wins vote in parliament on welfare reform

    Source: Government of India

    Source: Government of India (4)

    British lawmakers gave their initial approval to Prime Minister Keir Starmer’s plans to cut disability benefits on Tuesday, after a rebellion in his Labour Party forced the government to abandon a key reform at least for now.

    Lawmakers voted 335 to 260 in favour of the reforms to change some rules for people to claim certain disability and sickness benefits.

    A year after winning one of the largest parliamentary majorities in British history, Starmer has seen his personal approval ratings collapse and been forced into several policy reversals by his increasingly rebellious lawmakers.

    “Welfare reform, let’s be honest, is never easy, perhaps especially for Labour governments,” work and pensions minister Liz Kendall told parliament.

    Starmer came into office last year promising his big parliamentary majority would bring an end to the political chaos that defined much of the Conservative Party’s 14 years in power. But the revolt over the welfare bill underlines the difficulty he has pushing through unpopular decisions.

    The government had initially hoped to save 5 billion pounds ($6.9 billion) a year by 2030 by tightening rules for people to receive disability and sickness benefits.

    But after the government conceded to pressure from its lawmakers, it said the new rules would now apply only to future applicants, not to the millions of existing claimants as had been proposed. Analysts estimated the savings would likely be closer to 2 billion pounds.

    In the run-up to the vote, ministers and party enforcers known as “whips” had been locked in frantic last-ditch lobbying of undecided members of parliament to try to win their backing.

    In a further last-minute concession to rebels during a debate on the changes, the government backed down on implementing tougher eligibility rules for a key benefit payment until a review into the welfare system had been completed.

    Rachael Maskell, one of the leading Labour rebels, called the cuts “Dickensian” and said they “belong to a different era and a different party”.

    Debbie Abrahams, the head of the work and pensions committee, called the plans a “dog’s breakfast”. Paula Barker, another Labour member of parliament, called the attempt to pass the plans “the most unedifying spectacle that I have ever seen”.

    Reuters