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Category: Politics

  • MIL-OSI Asia-Pac: Taisugar Gas Stations Mid-Year Giveaway (July 15 to August 5),Fuel Up and Strengthen Your Joints!

    Source: Republic of China Taiwan

    To thank customers for their longstanding and continued support, Taisugar Gas Stations are launching the “Fuel Up for Strength” mid-year appreciation campaign. From July 15 to August 5, customers who refuel 30 liters of gasoline or 50 liters of diesel (for both general customers and members) at any Taisugar Gas Station nationwide will receive one bottle of Taisugar Glucosamine Plus. The more you refuel, the more you receive-don’t miss the chance to give your car a full tank and give your body a boost!

    According to Taisugar, this year’s event combines fuel service with health promotion, not only as a token of appreciation for long-term customer loyalty but also to highlight the company’s commitment to driving safety and public well-being. For over 20 years, Taisugar Gas Stations have used premium CPC fuel, rigorously maintaining fuel quality through regular sediment removal, filter replacement, moisture and octane testing, and volume calibration to ensure clean and stable fuel for a smooth, safe journey.

    Beyond refueling services, Taisugar Gas Stations are closely connected with everyday life. In support of the net-zero emissions policy, Taisugar has actively expanded its electric vehicle infrastructure, including installing EV charging stations and 69 electric scooter battery swap stations, encouraging the public to embrace low-carbon transportation. Stations also offer a selection of Taisugar household products for added convenience and have upgraded to accept a range of mobile payment systems, including CPC Pay, LINE Pay, iPASS MONEY, JKO Pay, PX Pay Plus, and Taiwan Pay, to meet the diverse needs of modern consumers.

    This campaign’s featured gift, Taisugar Glucosamine Plus, is a health supplement developed by Taisugar’s Biotechnology Division. It contains chondroitin, collagen, and other essential nutrients, enhanced with a proprietary calcium delivery technology. Free of preservatives, artificial coloring, and Western pharmaceuticals, it offers a refreshing fruity taste and high bioavailability in liquid form, supporting joint flexibility and everyday mobility with zero burden on the body. With this special campaign, customers can fuel up their vehicles and energize their joints, making every trip safer and more powerful. Don’t miss out-visit your nearest Taisugar Gas Station and enjoy this limited-time mid-year bonus!

    TSC News Contact Person:
    Lin Hsin-Chih
    Petroleum Business Devision, TSC
    Contact Number: 886-6-632-8703 #802 / 886-939-919-530
    Email:a62462@taisugar.com.tw

    Tai Chih-Mou
    Petroleum Business Devision, TSC
    Contact Number: 886-6-632-8703 #101 / 886-988-721-867
    Email:a63425@taisugar.com.tw

    Petroleum Business Devision Customer Services Phone: 886-6-632-8703 #786 or 788

    MIL OSI Asia Pacific News –

  • MIL-OSI: STMicroelectronics Reports 2025 Second Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3349C

    STMicroelectronics Reports 2025 Second Quarter Financial Results

    • Q2 net revenues $2.77 billion; gross margin 33.5%; operating loss of $133 million, including $190 million related to impairment, restructuring charges and other related phase-out costs; net loss of $97 million
    • H1 net revenues $5.28 billion; gross margin 33.5%; operating loss of $130 million, including $198 million related to impairment, restructuring charges and other related phase-out costs; net loss of $41 million
    • Business outlook at mid-point: Q3 net revenues of $3.17 billion and gross margin of 33.5%

    Geneva, July 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the second quarter ended June 28, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

    ST reported second quarter net revenues of $2.77 billion, gross margin of 33.5%, operating loss of $133 million, and net loss of $97 million or -$0.11 diluted earnings per share (non-U.S. GAAP1 operating income of $57 million, and non-U.S. GAAP1 net income of $57 million or $0.06 diluted earnings per share).

    Jean-Marc Chery, ST President & CEO, commented:

    • “Q2 net revenues came above the mid-point of our business outlook range, driven by higher revenues in Personal Electronics and Industrial, while Automotive was slightly below expectations. Gross margin was in line with the mid-point of our business outlook range.”
    • “On a year-over-year basis, Q2 net revenues decreased 14.4%, non-U.S. GAAP1operating margin decreased to 2.1% from 11.6% and non-U.S. GAAP1net income decreased to $57 million from $353 million.”
    • “First half net revenues decreased 21.1% year-over-year, with a decrease in all reportable segments. Non-U.S. GAAP1operating margin was 1.3% and non-U.S. GAAP1net income was $120 million.”
    • “In the second quarter, our book-to-bill ratio remained above one for Industrial, while Automotive was below parity. Bookings continued to increase sequentially.”
    • “Our third quarter business outlook, at the mid-point, is for net revenues of $3.17 billion, decreasing year-over-year by 2.5% and increasing sequentially by 14.6%; gross margin is expected to be about 33.5%; including about 340 basis points of unused capacity charges. On a sequential basis, our Q3 gross margin will be negatively impacted by about 140 basis points, mainly from currency effect and, to a lesser extent, the start of non-recurring cost related to our manufacturing reshaping program.”
    • “While we expect Q3 revenues to show a solid sequential growth enabling a continued year-over-year improvement, we are still operating amid an uncertain macroeconomic environment. Given these external factors, our priorities remain supporting our customers, accelerating new product introductions, and executing our company-wide program to reshape our manufacturing footprint and resize our global cost base.”

    Quarterly Financial Summary

    U.S. GAAP
    (US$ m, except per share data)    		 Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Net Revenues $2,766 $2,517 $3,232 9.9% -14.4%
    Gross Profit $926 $841 $1,296 10.2% -28.5%
    Gross Margin 33.5% 33.4% 40.1% +10 bps – 660 bps
    Operating Income (Loss) $(133) $3 $375 – –
    Operating Margin -4.8% 0.1% 11.6% -490 bps -1,640 bps
    Net Income (Loss) $(97) $56 $353 – –
    Diluted Earnings Per Share $(0.11) $0.06 $0.38 – –
    Non-U.S. GAAP2
    (US$ m, except per share data)    		 Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Operating Income $57 $11 $375 429.6% -84.7%
    Operating Margin 2.1% 0.4% 11.6% 170 bps -950 bps
    Net Income $57 $63 $353 -9.1% -83.9%
    Diluted Earnings Per Share $0.06 $0.07 $0.38 -14.3% -84.2%

    Second Quarter 2025 Summary Review
    Reminder: on January 1, 2025 we made some adjustments to our segment reporting. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

    Net Revenues by Reportable Segment3 (US$ m) Q2 2025 Q1 2025 Q2 2024 Q/Q Y/Y
    Analog products, MEMS and Sensors (AM&S) segment 1,133 1,069 1,336 5.9% -15.2%
    Power and discrete products (P&D) segment 447 397 576 12.9% -22.2%
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,580 1,466 1,912 7.8% -17.4%
    Embedded Processing (EMP) segment 847 742 906 14.1% -6.5%
    RF & Optical Communications (RF&OC) segment 336 306 410 10.1% -17.9%
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,183 1,048 1,316 13.0% -10.1%
    Others 3 3 4 – –
    Total Net Revenues $2,766 $2,517 $3,232 9.9% -14.4%

    Net revenues totaled $2.77 billion, representing a year-over-year decrease of 14.4%. Year-over-year net sales to OEMs and Distribution decreased 15.3% and 12.0%, respectively. On a sequential basis, net revenues increased 9.9%, 220 basis points better than the mid-point of ST’s guidance.

    Gross profit totaled $926 million, representing a year-over-year decrease of 28.5%. Gross margin of 33.5%, 10 basis points above the mid-point of ST’s guidance, decreased 660 basis points year-over-year, mainly due to product mix, lower manufacturing efficiencies and, to a lesser extent, higher unused capacity charges.

    Operating income decreased from $375 million in the year-ago quarter to an operating loss of $133 million. ST’s operating margin decreased 1,640 basis points on a year-over-year basis to -4.8% of net revenues, compared to 11.6% in the second quarter of 2024. Operating loss included $190M impairment, restructuring charges and other related phase-out costs for the quarter, reflecting impairment of assets and restructuring charges predominantly associated with the previously announced company-wide program to reshape our manufacturing footprint and resize our global cost base. Excluding these items, non-U.S. GAAP1 Operating income stood at $57 million in the second quarter.

    By reportable segment, compared with the year-ago quarter:

    In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

    Analog products, MEMS and Sensors (AM&S) segment:

    • Revenue decreased 15.2% mainly due to a decrease in Analog.   
    • Operating profit decreased by 55.9% to $85 million. Operating margin was 7.5% compared to 14.5%.

    Power and Discrete products (P&D) segment:

    • Revenue decreased 22.2%.
    • Operating profit decreased from $61 million to an operating loss of $56 million. Operating margin was -12.5% compared to 10.6%.

    In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

    Embedded Processing (EMP) segment:

    • Revenue decreased 6.5% mainly due to Custom Processing.
    • Operating profit decreased by 8.7% to $114 million. Operating margin was 13.5% compared to 13.8%.

    RF & Optical Communications (RF&OC) segment:

    • Revenue decreased 17.9%.
    • Operating profit decreased by 37.2% to $60 million. Operating margin was 17.9% compared to 23.4%.

    Net Earnings and diluted Earnings Per Share decreased to a negative $97 million and a negative $0.11 respectively compared to a positive $353 million and $0.38 respectively in the year-ago quarter. Non-U.S. GAAP1 Net income and diluted Earnings Per Share, stood at $57 million and $0.06 respectively in the second quarter of 2025.

    Cash Flow and Balance Sheet Highlights

            Trailing 12 Months
    (US$ m) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q2 2024 TTM Change
    Net cash from operating activities 354 574 702 2,332 4,922 -52.6%
    Free cash flow (non-U.S. GAAP1) (152) 30 159 142 1,384 -89.7%

    Net cash from operating activities was $354 million in the second quarter compared to $702 million in the year-ago quarter.

    Net Capex (non-U.S. GAAP1), was $465 million in the second quarter compared to $528 million in the year-ago quarter.

    Free cash flow (non-U.S. GAAP1) was negative at $152 million in the second quarter, compared to positive $159 million in the year-ago quarter.

    Inventory at the end of the second quarter was $3.27 billion, compared to $3.01 billion in the previous quarter and $2.81 billion in the year-ago quarter. Days sales of inventory at quarter-end was 166 days, compared to 167 days for the previous quarter and 130 days for the year-ago quarter.

    In the second quarter, ST paid cash dividends to its stockholders totaling $81 million and executed a $92 million share buy-back, as part of its current share repurchase program.

    ST’s net financial position (non-U.S. GAAP4) remained strong at $2.67 billion as of June 28, 2025, compared to $3.08 billion as of March 29, 2025, and reflected total liquidity of $5.63 billion and total financial debt of $2.96 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.31 billion as of June 28, 2025.

    Corporate developments

    On May 28, 2025, STMicroelectronics held its 2025 Annual General Meeting of Shareholders in Amsterdam, the Netherlands. All proposed resolutions were approved by the Shareholders.

    Business Outlook

    ST’s guidance, at the mid-point, for the 2025 third quarter is:

    • Net revenues are expected to be $3.17 billion, an increase of 14.6% sequentially, plus or minus 350 basis points.
    • Gross margin of 33.5%, plus or minus 200 basis points.
    • This outlook is based on an assumed effective currency exchange rate of approximately $1.14 = €1.00 for the 2025 third quarter and includes the impact of existing hedging contracts.
    • The third quarter will close on September 27, 2025.

    This business outlook does not include any impact of potential further changes to global trade tariffs compared to the current situation.

    Conference Call and Webcast Information

    ST will conduct a conference call with analysts, investors and reporters to discuss its second quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until August 8, 2025.

    Use of Supplemental Non-U.S. GAAP Financial Information

    This press release contains supplemental non-U.S. GAAP financial information.

    Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

    See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and may directly or indirectly adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics

    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS:
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    MEDIA RELATIONS:
    Alexis Breton
    Corporate External Communications
    Tel: + 33 6 59 16 79 08
    alexis.breton@st.com

    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Three months ended  
      June 28, June 29,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 2,745 3,227  
    Other revenues 21 5  
    NET REVENUES 2,766 3,232  
    Cost of sales (1,840) (1,936)  
    GROSS PROFIT 926 1,296  
    Selling, general and administrative expenses (420) (419)  
    Research and development expenses (514) (535)  
    Other income and expenses, net 65 33  
    Impairment, restructuring charges and other related phase-out costs (190) –  
    Total operating expenses (1,059) (921)  
    OPERATING INCOME (LOSS) (133) 375  
    Interest income, net 45 51  
    Other components of pension benefit costs (5) (4)  
    Loss on financial instruments, net (19) (1)  
    INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (112) 421  
    Income tax benefit (expense) 18 (67)  
    NET INCOME (LOSS) (94) 354  
    Net income attributable to noncontrolling interest (3) (1)  
    NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (97) 353  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.39  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.11) 0.38  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 893.9 941.1  
           
    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Six months ended  
      June 28, June 29,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 5,257 6,670  
    Other revenues 26 27  
    NET REVENUES 5,283 6,697  
    Cost of sales (3,516) (3,958)  
    GROSS PROFIT 1,767 2,739  
    Selling, general and administrative expenses (810) (844)  
    Research and development expenses (1,004) (1,063)  
    Other income and expenses, net 115 93  
    Impairment, restructuring charges and other related phase-out costs (198) –  
    Total operating expenses (1,897) (1,814)  
    OPERATING INCOME (LOSS) (130) 925  
    Interest income, net 93 111  
    Other components of pension benefit costs (9) (8)  
    Gain (loss) on financial instruments, net 6 (1)  
    INCOME (LOSS) BEFORE INCOME TAXES AND NONCONTROLLING INTEREST (40) 1,027  
    Income tax benefit (expense) 4 (159)  
    NET INCOME (LOSS) (36) 868  
    Net income attributable to noncontrolling interest (5) (3)  
    NET INCOME (LOSS) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (41) 865  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.96  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS (0.05) 0.92  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 894.9 941.8  
           
           
    STMicroelectronics N.V.      
    CONSOLIDATED BALANCE SHEETS      
    As at June 28, March 29, December 31,
    In millions of U.S. dollars 2025 2025 2024
      (Unaudited) (Unaudited) (Audited)
    ASSETS      
    Current assets:      
    Cash and cash equivalents 1,616 1,781 2,282
    Short-term deposits 1,650 1,650 1,450
    Marketable securities 2,363 2,528 2,452
    Trade accounts receivable, net 1,352 1,385 1,749
    Inventories 3,273 3,014 2,794
    Other current assets 1,267 1,050 1,007
    Total current assets 11,521 11,408 11,734
    Goodwill 313 299 290
    Other intangible assets, net 342 338 346
    Property, plant and equipment, net 11,437 11,178 10,877
    Non-current deferred tax assets 558 490 464
    Long-term investments 77 96 71
    Other non-current assets 1,215 1,114 961
      13,942 13,515 13,009
    Total assets 25,463 24,923 24,743
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Short-term debt 1,006 988 990
    Trade accounts payable 1,451 1,373 1,323
    Other payables and accrued liabilities 1,386 1,290 1,306
    Dividends payable to stockholders 257 16 88
    Accrued income tax 104 72 66
    Total current liabilities 4,204 3,739 3,773
    Long-term debt 1,951 1,889 1,963
    Post-employment benefit obligations 428 392 377
    Long-term deferred tax liabilities 48 48 47
    Other long-term liabilities 848 896 904
      3,275 3,225 3,291
    Total liabilities 7,479 6,964 7,064
    Commitment and contingencies      
    Equity      
    Parent company stockholders’ equity      
    Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,759,029 shares outstanding as of June 28, 2025) 1,157 1,157 1,157
    Additional Paid-in Capital 3,187 3,142 3,088
    Retained earnings 12,911 13,514 13,459
    Accumulated other comprehensive income 983 495 236
    Treasury stock (490) (582) (491)
    Total parent company stockholders’ equity 17,748 17,726 17,449
    Noncontrolling interest 236 233 230
    Total equity 17,984 17,959 17,679
    Total liabilities and equity 25,463 24,923 24,743
           
           
           
    STMicroelectronics N.V.      
           
    SELECTED CASH FLOW DATA      
           
    Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024
           
    Net Cash from operating activities 354 574 702
    Net Cash used in investing activities (332) (796) (628)
    Net Cash used in financing activities (191) (282) (112)
    Net Cash decrease (165) (501) (41)
           
    Selected Cash Flow Data (in US$ millions) Q2 2025 Q1 2025 Q2 2024
           
    Depreciation & amortization 464 428 439
    Net payment for Capital expenditures (481) (538) (546)
    Dividends paid to stockholders (81) (72) (73)
    Change in inventories, net (140) (172) (136)
           

    Appendix
    ST
    Changes to reportable segments

    Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.    
    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
      • the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

    We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

    Our four reportable segments – within each Product Group – are now as follows: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
      • Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

    In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
      • RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

    In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

    Prior year comparative periods have been adjusted accordingly.

    (Appendix – continued)
    ST Supplemental Financial Information

      Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Net Revenues By Market Channel (%)          
    Total OEM 72% 71% 73% 76% 73%
    Distribution 28% 29% 27% 24% 27%
               
    €/$ Effective Rate 1.09 1.06 1.09 1.08 1.08
               
    Reportable Segment Data (US$ m)          
    Analog products, MEMS and Sensors (AM&S) segment          
    – Net Revenues 1,133 1,069 1,348 1,340 1,336
    – Operating Income 85 82 220 216 193
    Power and Discrete products (P&D) segment          
    – Net Revenues 447 397 602 652 576
    – Operating Income (Loss) (56) (28) 45 80 61
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group          
    – Net Revenues 1,580 1,466 1,950 1,992 1,912
    – Operating Income 29 54 265 296 254
    Embedded Processing (EMP) segment          
    – Net Revenues 847 742 1,002 898 906
    – Operating Income 114 66 181 146 126
    RF & Optical Communications (RF&OC) segment          
    – Net Revenues 336 306 366 357 410
    – Operating Income 60 43 95 84 96
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group          
    – Net Revenues 1,183 1,048 1,368 1,255 1,316
    – Operating Income 174 109 276 230 222
    Others (a)          
    – Net Revenues 3 3 3 4 4
    – Operating Income (Loss) (336) (160) (172) (145) (101)
    Total          
    – Net Revenues 2,766 2,517 3,321 3,251 3,232
    – Operating Income (Loss) (133) 3 369 381 375

    (a)   Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment, restructuring charges and other related phase-out costs, management reorganization costs, start-up costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

    (US$ m) Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024
    Unused capacity charges 103 123 118 104 84
    Impairment, restructuring charges and
    other related phase-out costs    		 190 8 – – –

    (Appendix – continued)
    ST
    Supplemental Non-U.S. GAAP Financial Information
    U.S. GAAP – Non-U.S. GAAP Reconciliation

    The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

    ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

    Non-U.S. GAAP Operating Income, Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

    Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

    Q2 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS
    U.S. GAAP 926 (133) (97) (0.11)
    Impairment, restructuring charges and other related phase-out costs – 190 190  
    Estimated income tax effect – – (36)  
    Non-U.S. GAAP 926 57 57 0.06
    H1 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income (Loss) Net Earnings Corresponding Diluted EPS
    U.S. GAAP 1,767 (130) (41) (0.05)
    Impairment, restructuring charges and other related phase-out costs – 198 198  
    Estimated income tax effect – – (37)  
    Non-U.S. GAAP 1,767 68 120 0.13

    (Appendix – continued)

    Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

    Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

    ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

    (US$ m) Jun 28
    2025    		 Mar 29
    2025    		 Dec 31
    2024    		 Sep 28
    2024    		 Jun 29
    2024
    Cash and cash equivalents 1,616 1,781 2,282 3,077 3,092
    Short term deposits 1,650 1,650 1,450 977 975
    Marketable securities 2,363 2,528 2,452 2,242 2,218
    Total liquidity 5,629 5,959 6,184 6,296 6,285
    Short-term debt (1,006) (988) (990) (1,003) (236)
    Long-term debt (a) (1,951) (1,889) (1,963) (2,112) (2,850)
    Total financial debt (2,957) (2,877) (2,953) (3,115) (3,086)
    Net Financial Position (non-U.S. GAAP) 2,672 3,082 3,231 3,181 3,199
    Advances received on capital grants (361) (377) (385) (366) (402)
    Adjusted Net Financial Position (non-U.S. GAAP) 2,311 2,705 2,846 2,815 2,797

    (a)  Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $639 million equivalent, are currently undrawn.

    (Appendix – continued)

    Net Capex and Free Cash Flow (non-U.S. GAAP measures)

    ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

    Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

    ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

    (US$ m) Q2 2025 Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024
    Payment for purchase of tangible assets, as reported (574) (587) (584) (669) (690)
    Proceeds from sale of tangible assets, as reported 4 2 – 2 1
    Proceeds from capital grants and other contributions, as reported 89 47 83 66 143
    Advances from capital grants allocated to property, plant and equipment 16 8 31 36 18
    Net Capex (non-U.S. GAAP) (465) (530) (470) (565) (528)

    Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

    ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

    Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

    (US$ m) Q2 2025 Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024
    Net cash from operating activities 354 574 681 723 702
    Net Capex (465) (530) (470) (565) (528)
    Payment for purchase of intangible assets, net of proceeds from sale (41) (14) (32) (20) (15)
    Payment for purchase of financial assets, net of proceeds from sale – – (51) (2) –
    Free Cash Flow (non-U.S. GAAP) (152) 30 128 136 159

    1Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    2Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    3See Appendix for the definition of reportable segments.
    4Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

    Attachment

    The MIL Network –

  • MIL-OSI: Nokia Corporation Report for Q2 and Half Year 2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation

    Half year financial report
    24 July 2025 at 08:00 EEST

    Nokia Corporation Report for Q2 and Half Year 2025

    Solid performance offset by currency impact

    • Q2 comparable net sales declined 1% y-o-y on a constant currency and portfolio basis (2% reported) due to a 13% decline in Mobile Networks which had benefited from accelerated revenue recognition in the prior year. Network Infrastructure grew 8% while Cloud and Network Services grew 14%. Nokia Technologies grew 3%.
    • Comparable gross margin in Q2 was flat y-o-y at 44.7% (reported increased 10bps to 43.4%). Gross margins were broadly stable in Network Infrastructure and Mobile Networks and improved in Cloud and Network Services.
    • Q2 comparable operating margin decreased 290bps y-o-y to 6.6% (reported up 790bps to 1.8%), driven by a negative EUR 50 million venture fund impact which includes a EUR 60 million negative currency revaluation. Operating profit was also impacted by tariffs.
    • Q2 comparable diluted EPS for the period of EUR 0.04; reported diluted EPS for the period of EUR 0.02.
    • Q2 free cash flow of EUR 0.1 billion, net cash balance of EUR 2.9 billion.
    • As announced on 22 July 2025, full year 2025 comparable operating profit outlook revised to between EUR 1.6 and 2.1 billion (was between EUR 1.9 and 2.4 billion) with free cash flow conversion from comparable operating profit unchanged at between 50% and 80%.

    This is a summary of the Nokia Corporation Report for Q2 and Half Year 2025 published today. Nokia only publishes a summary of its financial reports in stock exchange releases. The summary focuses on Nokia Group’s financial information as well as on Nokia’s outlook. The detailed, segment-level discussion will be available in the complete financial report hosted at www.nokia.com/financials. Investors should not solely rely on summaries of Nokia’s financial reports and should also review the complete reports with tables.

    JUSTIN HOTARD, PRESIDENT AND CEO, ON Q2 2025 RESULTS

    In the following quote, net sales comments and growth rates are referring to comparable net sales and are on a constant currency and portfolio basis.

    During my first quarter as CEO, I’ve spent significant time engaging with our stakeholders. One message has stood out: Connectivity is becoming a critical differentiator in the AI supercycle, not only for communication service providers and hyperscalers, but also for new areas like defense and national security. With our portfolio in mobile and fiber access, data center, and transport networks, Nokia is uniquely positioned to be a leader in this market transition. Customer conversations have increased my optimism about our opportunity: There’s been a strong validation of what sets us apart – our technology, partnering culture, and the exceptional talent of our people.

    At the same time, our customers expect us to engage with them as one integrated company as they partner with us across our portfolio. Further it is clear we need to continue to evolve how we work so we move faster, improve productivity and focus on what brings value to our customers. As a result, we’re unifying our corporate functions to simplify how we work, build a more cohesive culture and begin to unlock operating leverage.

    We have a great opportunity to drive a unified vision for the future of networks, and I am looking forward to discussing our strategy and full value creation story at our Capital Markets Day in New York on November 19.

    Turning to our second quarter results, the significant currency fluctuations, particularly the weaker USD, had a meaningful impact on both our net sales and operating profit. On a constant currency and portfolio basis our overall net sales declined 1%, however excluding a settlement benefit in the prior year, sales would have grown 3%. Network Infrastructure grew 8% in Q2. Mobile Networks’ net sales declined 13%, primarily related to the aforementioned prior year settlement benefit and also due to project timing in India. Cloud and Network Services grew 14% with strong momentum in 5G Core. Nokia Technologies grew 3% and secured several new agreements in the quarter.

    Q2 comparable gross margin was stable year-on-year at 44.7%. Operating profit in the quarter was impacted by a non-cash negative impact to venture funds of EUR 50 million which included a EUR 60 million negative currency revaluation and the effect of tariffs we highlighted in Q1, contributing to our comparable operating margin declining 290 bps to 6.6%. Despite the cash impact of 2024 incentives during Q2, we had a strong cash performance and have generated free cash flow of over EUR 800 million in the first half.

    Q2 saw continued strong order momentum in Optical Networks with a book-to-bill well above 1, driven by new hyperscaler orders. We had several key wins in the quarter, including a deal with a large US communication service provider along with receiving our first award for 800G pluggables from a US hyperscaler. Across the group, Nokia generated 5% of sales in Q2 from hyperscalers. While we still have a lot of work ahead of us, I’m pleased with the progress we are making integrating Infinera, including executing on synergies. Additionally, the commercial momentum we are seeing reinforces the long-term value creation opportunity of the acquisition.

    Looking ahead we expect a stronger second half performance, particularly in Q4 consistent with normal seasonality. For the full year, the underlying business is trending largely as expected. We continue to expect strong growth in Network Infrastructure, growth in Cloud and Network Services and largely stable net sales in Mobile Networks on a constant currency and portfolio basis. In Nokia Technologies we expect approximately EUR 1.1 billion in operating profit.

    However, we are facing two headwinds to our full year operating profit outlook which are outside of our control, currency due to the weaker US Dollar, and tariffs. Currency has an approximately EUR 230 million negative impact relative to our expectations at the start of the year with EUR 90 million from non-cash venture fund currency revaluations. The current tariff levels are forecasted to impact operating profit by EUR 50 million to EUR 80 million inclusive of those in Q2. Considering these two headwinds, we decided it was prudent at this point to lower our comparable operating profit outlook to a range of EUR 1.6 billion to EUR 2.1 billion from the prior range of EUR 1.9 billion to EUR 2.4 billion.

    Justin Hotard
    President and CEO

    FINANCIAL RESULTS

    EUR million (except for EPS in EUR) Q2’25 Q2’24 YoY change Q1-Q2’25 Q1-Q2’24 YoY change
    Reported results            
    Net sales 4 546 4 466 2% 8 936 8 910 0%
    Gross margin % 43.4% 43.3% 10bps 42.5% 46.5% (400)bps
    Research and development expenses (1 161) (1 134) 2% (2 306) (2 259) 2%
    Selling, general and administrative expenses (744) (715) 4% (1 472) (1 408) 5%
    Operating profit 81 432 (81)% 32 836 (96)%
    Operating margin % 1.8% 9.7% (790)bps 0.4% 9.4% (900)bps
    Profit from continuing operations 83 370 (78)% 24 821 (97)%
    Profit/(loss) from discontinued operations 13 (512)   13 (525)  
    Profit/(loss) for the period 96 (142)   36 296 (88)%
    EPS for the period, diluted 0.02 (0.03)   0.01 0.05 (80)%
    Net cash and interest-bearing financial investments 2 879 5 475 (47)% 2 879 5 475 (47)%
    Comparable results            
    Net sales 4 551 4 466 2% 8 941 8 910 0%
    Constant currency and portfolio YoY change(1)             (1%)             (2%)
    Gross margin % 44.7% 44.7% 0bps 43.5% 47.6% (410)bps
    Research and development expenses (1 126) (1 064) 6% (2 241) (2 140) 5%
    Selling, general and administrative expenses (612) (610) 0% (1 199) (1 194) 0%
    Operating profit 301 423 (29)% 457 1 023 (55)%
    Operating margin % 6.6% 9.5% (290)bps 5.1% 11.5% (640)bps
    Profit for the period 236 328 (28)% 390 840 (54)%
    EPS for the period, diluted 0.04 0.06 (33)% 0.07 0.15 (53)%
    Business group results Network
    Infrastructure    		 Mobile
    Networks    		 Cloud and Network Services Nokia
    Technologies    		 Group Common and Other
    EUR million Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24 Q2’25 Q2’24
    Net sales 1 904 1 522 1 732 2 078 557 507 357 356 3 4
    YoY change 25%   (17)%   10%   0%   (25)%  
    Constant currency and portfolio YoY change(1) 8%   (13)%   14%   3%   (25)%  
    Gross margin % 38.2% 38.4% 41.1% 41.8% 42.7% 37.5% 100.0% 100.0%    
    Operating profit/(loss) 109 97 77 182 9 (35) 255 258 (150) (78)
    Operating margin % 5.7% 6.4% 4.4% 8.8% 1.6% (6.9)% 71.4% 72.5%    

    (1) This metric provides additional information on the growth of the business and adjusts for both currency impacts and portfolio changes. The full definition is provided in the Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025.

    SHAREHOLDER DISTRIBUTION

    Dividend

    Under the authorization by the Annual General Meeting held on 29 April 2025, the Board of Directors may resolve on the distribution of an aggregate maximum of EUR 0.14 per share to be paid in respect of financial year 2024. The authorization will be used to distribute dividend and/or assets from the reserve for invested unrestricted equity in four installments during the authorization period unless the Board decides otherwise for a justified reason.

    On 24 July 2025, the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date is 29 July 2025 and the dividend will be paid on 7 August 2025. The actual dividend payment date outside Finland will be determined by the practices of the intermediary banks transferring the dividend payments.

    As previously announced, on 29 April 2025 the Board resolved to distribute a dividend of EUR 0.04 per share. The dividend record date was 5 May 2025 and the dividend was paid on 12 May 2025. Following these distributions, the Board’s remaining distribution authorization is a maximum of EUR 0.06 per share.

    OUTLOOK

      Full Year 2025
    Comparable operating profit(1,2) EUR 1.6 billion to EUR 2.1 billion (adjusted from EUR 1.9 billion to 2.4 billion)
    Free cash flow(1) 50% to 80% conversion from comparable operating profit

    1Please refer to Alternative performance measures section in Nokia Corporation Report for Q2 and Half Year 2025 for a full explanation of how these terms are defined.
    2Outlook is based on a EUR:USD rate of 1.17 for the remainder of the year.

    The outlook and all of the underlying outlook assumptions described below are forward-looking statements subject to a number of risks and uncertainties as described or referred to in the Risk Factors section later in this report.

    Along with Nokia’s official outlook targets provided above, Nokia provides the below additional assumptions that support the group level financial outlook.

      Full year 2025 Comment  
    Q3 Seasonality   Normal seasonality would imply flat net sales sequentially into Q3. The business expects somewhat more challenging product mix along with continued R&D investment. Comparable operating margin expected to be largely stable sequentially.  
    Group Common and Other operating expenses Approximately EUR 400 million    
    Comparable financial income and expenses Positive EUR 50 to 150 million    
    Comparable income tax rate ~25%    
    Cash outflows related to income taxes EUR 500 million    
    Capital expenditures EUR 650 million    
    Recurring gross cost savings EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated charges related to cost savings programs EUR 250 million Related to ongoing cost savings program and not including Infinera-related synergies  
    Restructuring and associated cash outflows EUR 400 million Related to ongoing cost savings program and not including Infinera-related synergies  

    RISK FACTORS

    Nokia and its businesses are exposed to a number of risks and uncertainties which include but are not limited to: 

    • Competitive intensity, which is expected to continue at a high level as some competitors seek to take share;
    • Changes in customer network investments related to their ability to monetize the network;
    • Our ability to ensure competitiveness of our product roadmaps and costs through additional R&D investments;
    • Our ability to procure certain standard components and the costs thereof, such as semiconductors;
    • Disturbance in the global supply chain;
    • Impact of inflation, increased global macro-uncertainty, major currency fluctuations, changes in tariffs and higher interest rates;
    • Potential economic impact and disruption of global pandemics;
    • War or other geopolitical conflicts, disruptions and potential costs thereof;
    • Other macroeconomic, industry and competitive developments;
    • Timing and value of new, renewed and existing patent licensing agreements with licensees;
    • Results in brand and technology licensing; costs to protect and enforce our intellectual property rights; on-going litigation with respect to licensing and regulatory landscape for patent licensing;
    • The outcomes of on-going and potential disputes and litigation;
    • Our ability to execute, complete, successfully integrate and realize the expected benefits from transactions;
    • Timing of completions and acceptances of certain projects;
    • Our product and regional mix;
    • Uncertainty in forecasting income tax expenses and cash outflows, over the long-term, as they are also subject to possible changes due to business mix, the timing of patent licensing cash flow and changes in tax legislation, including potential tax reforms in various countries and OECD initiatives;
    • Our ability to utilize our Finnish deferred tax assets and their recognition on our balance sheet;
    • Our ability to meet our sustainability and other ESG targets, including our targets relating to greenhouse gas emissions;

    as well the risk factors specified under Forward-looking statements of this release, and our 2024 annual report on Form 20-F published on 13 March 2025 under Operating and financial review and prospects-Risk factors.

    FORWARD-LOOKING STATEMENTS

    Certain statements herein that are not historical facts are forward-looking statements. These forward-looking statements reflect Nokia’s current expectations and views of future developments and include statements regarding: A) expectations, plans, benefits or outlook related to our strategies, projects, programs, product launches, growth management, licenses, sustainability and other ESG targets, operational key performance indicators and decisions on market exits; B) expectations, plans or benefits related to future performance of our businesses (including the expected impact, timing and duration of potential global pandemics, geopolitical conflicts and the general or regional macroeconomic conditions on our businesses, our supply chain, the timing of market changes or turning points in demand and our customers’ businesses) and any future dividends and other distributions of profit; C) expectations and targets regarding financial performance and results of operations, including market share, prices, net sales, income, margins, cash flows, cost savings, the timing of receivables, operating expenses, provisions, impairments, tariffs, taxes, currency exchange rates, hedging, investment funds, inflation, product cost reductions, competitiveness, value creation, revenue generation in any specific region, and licensing income and payments; D) ability to execute, expectations, plans or benefits related to transactions, investments and changes in organizational structure and operating model; E) impact on revenue with respect to litigation/renewal discussions; and F) any statements preceded by or including “anticipate”, “continue”, “believe”, “envisage”, “expect”, “aim”, “will”, “target”, “may”, “would”, “could“, “see”, “plan”, “ensure” or similar expressions. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond our control, which could cause our actual results to differ materially from such statements. These statements are based on management’s best assumptions and beliefs in light of the information currently available to them. These forward-looking statements are only predictions based upon our current expectations and views of future events and developments and are subject to risks and uncertainties that are difficult to predict because they relate to events and depend on circumstances that will occur in the future. Factors, including risks and uncertainties that could cause these differences, include those risks and uncertainties identified in the Risk Factors above.

    ANALYST WEBCAST

    • Nokia’s webcast will begin on 24 July 2025 at 11.30 a.m. Finnish time (EEST). The webcast will last approximately 60 minutes.
    • The webcast will be a presentation followed by a Q&A session. Presentation slides will be available for download at www.nokia.com/financials.
    • A link to the webcast will be available at www.nokia.com/financials.
    • Media representatives can listen in via the link, or alternatively call +1-412-317-5619.

    FINANCIAL CALENDAR

    • Nokia plans to publish its third quarter and January-September 2025 results on 23 October 2025.

    About Nokia

    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia
    Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia
    Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook Advancing AI for software-defined industries

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — July 24, 2025

    Dassault Systèmes: Q2 well aligned with objectives; Reaffirming 2025 growth outlook

    Advancing AI for software-defined industries

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the second quarter 2025 and first half ended June 30, 2025. The Group’s Board of Directors approved these estimated results on July 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 2Q25: Total revenue of €1.52 billion, up 6%, well aligned with objectives;
    • 2Q25: Software revenue up 6%, driven by subscription revenue up 10%;
    • 2Q25: 3DEXPERIENCE software revenue up 20% with good dynamics across industries;
    • 2Q25: Operating margin of 29.3% and diluted EPS non-IFRS up 4% to €0.30;
    • For the first six months, recurring revenue up 7% driven by subscription growth of 13%;
    • FY25: Reaffirming non-IFRS full-year objectives with total revenue growth of 6% to 8% and diluted EPS growth of 7% to 10%.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “The first half of the year reaffirmed the strength of our core Manufacturing sector, with resilient performance in Transportation & Mobility and strong growth in High-Tech. Aerospace & Defense also had an excellent start, with notable engagement at the Paris Air Show, underscoring our leadership in these strategic areas. In Life Sciences, our PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains.

    As we look to the future, Dassault Systèmes is uniquely positioned to help clients navigate the increasingly complex and dynamic global landscape. Our focus on high-growth segments, particularly Space, Defense, Energy, and AI-driven cloud infrastructure, places us at the core of sovereignty and security challenges.

    With the introduction of 3D UNIV+RSES, presented at our Capital Markets Day, we are entering new high-value territories such as regulatory and compliance management. AI will be a key enabler in these areas, and early customer feedback has been exceptionally promising. With AI for software-defined industries, we are confident that our continued innovation will unlock new levels of value for our clients, reinforcing our role as a trusted partner in their transformation journeys.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue and diluted EPS (“EPS”) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In Q2, both total and software revenues grew by 6%, in line with our objectives. Year-to-date, we’ve seen a 5% increase in growth, with subscription rising 13%. Our performance across the Manufacturing sector has been resilient, particularly driven by the continued strength of SIMULIA, ENOVIA, and CATIA.

    On the operational front, we remain committed to strategic investments aimed at capturing long-term value, while protecting EPS. The acquisition of Ascon is a key step in accelerating the shift to software-defined manufacturing.

    Looking ahead, we maintain our outlook for full-year revenue growth between 6-8%, with EPS growth expected to range from 7-10%. Additionally, we’ve updated our currency assumptions for the second half of the year.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   IFRS
      Q2 2025 Q2 2024 Change Change in constant currencies   YTD 2025 YTD 2024 Change Change in constant currencies
    Total Revenue   1,521.6 1,495.8 2% 5%   3,094.6 2,995.4 3% 4%
    Software Revenue   1,372.7 1,346.5 2% 6%   2,805.4 2,699.4 4% 5%
    Operating Margin   15.9% 18.4% (2.6)pts     17.6% 20.0% (2.4)pts  
    Diluted EPS   0.17 0.21 (19)%     0.37 0.42 (14)%  
    In millions of Euros,
    except per share data and percentages    		   Non-IFRS   Non-IFRS
      Q2 2025 Q2 2024 Change Change in constant currencies   YTD 2025 YTD 2024 Change Change in constant currencies
    Total Revenue   1,523.2 1,495.8 2% 6%   3,096.2 2,995.4 3% 5%
    Software Revenue   1,374.2 1,346.5 2% 6%   2,807.0 2,699.4 4% 5%
    Operating Margin   29.3% 29.9% (0.7)pts     30.1% 30.5% (0.4)pts  
    Diluted EPS   0.30 0.30 (1)% 4%   0.61 0.60 2% 5%

    Second Quarter 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the second quarter grew 5% in IFRS and 6% in non-IFRS, to €1.52 billion, and software revenue increased by 6% to €1.37 billion. Subscription & support revenue rose 6%; recurring revenue represented 80% of software revenue. Licenses and other software revenue rose 5% to €276 million. Services revenue increased 3% to €149 million, during the quarter.
    • Software Revenue by Geography: The Americas revenue increased by 2% to represent 37% of software revenue, with High-Tech and Industrial Equipment performing well. Europe grew by 10% to 39% of software revenue, reflecting an acceleration led by France and Southern Europe. In Asia, revenue rose 6% with strong double-digit growth in China. Asia represented 24% of software revenue at the end of the second quarter.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose 9% to €745 million. SIMULIA, CATIA and ENOVIA were the best contributors to growth. Industrial Innovation software represented 54% of software revenue, during the period.
      • Life Sciences software revenue was flat at €268 million, to account for 20% of software revenue.
      • Mainstream Innovation software revenue increased by 3% to €360 million in IFRS, and was up 4% to €361 million in non-IFRS, represented 26% of software revenue. SOLIDWORKS had a strong subscription growth, advancing its business model shift.
    • Software Revenue by Industry: Industrial Equipment, High Tech, Transportation & Mobility and Aerospace & Defense were the best contributors to growth this quarter. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased 20% and represented 41% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 6% in non-IFRS, representing 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased 15% in constant currencies.
    • Operating Income and Margin: IFRS operating income decreased 12%, to €242 million, as reported. Non-IFRS operating income decreased 0.4% at €446 million, as reported. The IFRS operating margin stood at 15.9% compared to 18.4% in the second quarter of 2024, mainly reflecting the effect of the employee shareholding plan “TOGETHER 2025” offered during the quarter. The non-IFRS operating margin totaled 29.3%, versus 29.9% in the same period of last year, with a negative currency impact of 50 basis points.
    • Earnings per Share: IFRS diluted EPS was €0.17, decreasing 19% as reported. Non-IFRS diluted EPS grew to €0.30, down 1% as reported, up 4% in constant currencies.

    First Half 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue grew 4% to €3.09 billion in IFRS, and was up 5% to €3.10 billion in non-IFRS. Software revenue increased 5% to €2.81 billion. Subscription and support revenue rose 7% to €2.33 billion; recurring revenue represented 83% of total software revenue. Licenses and other software revenue decreased 2% to €474 million. Services revenue was down 2% to €289 million.
    • Software Revenue by Geography: The Americas, Europe and Asia all grew 5%, representing respectively 40%, 37% and 23% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue rose 8% to €1.54 billion and represented 55% of software revenue. CATIA, SIMULIA and ENOVIA were among the strongest contributors to growth.
      • Life Sciences software revenue was flat to €561 million, representing 20% of software revenue.
      • Mainstream Innovation software revenue increased by 3% to €707 million in IFRS and to €708 million in non-IFRS. Mainstream Innovation represented 25% of software revenue.
    • Software Revenue by Industry: Aerospace & Defense, High Tech, Industrial Equipment and Transport & Mobility were among the strongest contributors to growth. In Life Sciences, Dassault Systèmes’ PLM solutions are playing more and more a critical role in driving the evolution toward smarter manufacturing and agile supply chains. In fact, outside of the MEDIDATA product line, Life Sciences revenue grew mid-teens.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 19%, representing 40% of 3DEXPERIENCE Eligible software revenue. Cloud software revenue grew 7% in non-IFRS, and represented 25% of software revenue. 3DEXPERIENCE Cloud software revenue increased 26% in constant currencies.
    • Operating Income and Margin: IFRS operating income was down 9%, to €546 million, as reported. Non-IFRS operating income increased 2% to €932 million, as reported. IFRS operating margin totaled 17.6% compared to 20% for the same period in 2024, mainly reflecting the combined effect of the employee shareholding plan “TOGETHER 2025” and higher share-based compensation related social charges, notably in France, where the rate rose from 20% to 30% in the first half of 2025. Non-IFRS operating margin stood at 30.1% in the first half of 2025, compared to 30.5% in the same period last year, impacted by negative currency effect of 30 basis points.
    • Earnings per Share: IFRS diluted EPS was €0.37, a decrease of 14% as reported. Non-IFRS diluted EPS grew by 2% to €0.61, as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €1.15 billion for the first six months of 2025, compared to €1.13 billion last year. Cash flow from operations was principally used for the acquisition of ContentServ for €202 million, repurchase of Treasury Shares for €225 million and dividend payments for €343 million.
    • Balance Sheet (IFRS): Dassault Systèmes’ net financial position totaled €1.51 billion as of June 30, 2025, an increase of €0.05 billion, compared to €1.46 billion for the year ended December 31, 2024. Cash and cash equivalents totaled €4.08 billion in the first half.

    Financial Objectives for 2025

    Dassault Systèmes’ third quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q3 2025 FY 2025  
      Total Revenue (billion) €1.485 – €1.535 €6.410 – €6.510  
      Growth 1 – 5% 3 – 5%  
      Growth ex FX 5 – 8% 6 – 8%  
               
      Software revenue growth * 5 – 9% 6 – 8%  
        Of which licenses and other software revenue growth * 7 – 14% 4 – 7%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
      Services revenue growth *

    1 – 5%

    		 1 – 3%  
               
      Operating Margin 29.7% – 29.9% 32.2% – 32.4%  
               
      EPS Diluted €0.29 – €0.30 €1.32 – €1.35  
      Growth 0 – 4% 3 – 6%  
      Growth ex FX 5 – 9% 7 – 10%  
               
      US dollar $1.17 per Euro $1.13 per Euro  
      Japanese yen (before hedging) JPY 170.0 per Euro JPY 166.1 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: contract liabilities write-downs estimated at approximately €4 million; share-based compensation expenses, including related social charges, estimated at approximately €324 million (these estimates do not include any new stock option or share grants issued after June 30, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €336 million, largely impacted by the acquisition of MEDIDATA; and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after June 30, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, July 24, 2025, Dassault Systèmes will host in Paris a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026
    • First Quarter 2026 Earnings Release: April 23, 2026
    • Second Quarter 2026 Earnings Release: July 23, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.”

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.17 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY170.0 to €1.00, before hedging for the third quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.13 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY166.1 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens. With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
    For more information, visit www.3ds.com.

    Dassault Systèmes Investor Relations Team                FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                        Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                            Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS and non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation to compare IFRS and non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators relating to the Group’s entire scope, Dassault Systèmes also provides growth information excluding acquisitions’ effects, and named organic growth. To do so, the Group’s data is restated to exclude acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    Dassault Systèmes provides broad end-to-end software solutions and services: its 3D UNIV+RSES (made of multiple virtual twin experiences) powered by the 3DEXPERIENCE platform combine modeling, simulation, data science, artificial intelligence and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s financial reporting on product lines includes the following information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue, which includes its CENTRIC PLM and 3DVIA brands, as well as the SOLIDWORKS brand and its expanded offerings in design, simulation, PLM, and manufacturing.

    OUTSCALE has been a Dassault Systèmes brand since 2022, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEOs;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
    • the “Asia” group, comprising Asia and Oceania and made of five GEOs.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended Six months ended
    June 30,

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies June 30,

    2025

    		 June 30,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,523.2 € 1,495.8 2% 6% € 3,096.2 € 2,995.4 3% 5%
                     
    Revenue breakdown by activity                
    Software revenue 1,374.2 1,346.5 2% 6% 2,807.0 2,699.4 4% 5%
    Of which licenses and other software revenue 275.6 271.8 1% 5% 473.7 490.3 (3)% (2)%
    Of which subscription and support revenue 1,098.6 1,074.8 2% 6% 2,333.2 2,209.1 6% 7%
    Services revenue 148.9 149.2 (0)% 3% 289.2 296.1 (2)% (2)%
                     
    Software revenue breakdown by product line                
    Industrial Innovation 744.6 701.9 6% 9% 1,537.7 1,433.2 7% 8%
    Life Sciences 268.3 281.7 (5)% 0% 560.9 566.4 (1)% 0%
    Mainstream Innovation 361.3 363.0 (0)% 4% 708.3 699.7 1% 3%
                     
    Software Revenue breakdown by geography                
    Americas 505.0 525.5 (4)% 2% 1,116.2 1,079.1 3% 5%
    Europe 534.8 491.9 9% 10% 1,048.0 995.1 5% 5%
    Asia 334.4 329.1 2% 6% 642.8 625.2 3% 5%
                     
    Operating income € 446.1 € 447.8 (0)%   € 932.2 € 914.3 2%  
    Operating margin 29.3% 29.9%     30.1% 30.5%    
                     
    Net income attributable to shareholders € 391.0 € 397.1 (2)%   € 811.2 € 794.3 2%  
    Diluted earnings per share € 0.30 € 0.30 (1)% 4% € 0.61 € 0.60 2% 5%
                     
    Closing headcount 26,253 25,811 2%   26,253 25,811 2%  
                     
    Average Rate USD per Euro 1.13 1.08 5%   1.09 1.08 1%  
    Average Rate JPY per Euro 163.81 167.77 (2)%   162.12 164.46 (1)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    June 30,

    2025

    		 June 30,

    2024

    		 Change
    Revenue QTD 1,523.2 1,495.8 27.4 72.6 7.5 (52.7)
    Revenue YTD 3,096.2 2,995.4 100.7 125.9 7.7 (32.9)

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended Six months ended
    June 30, June 30, June 30, June 30,
    2025 2024 2025 2024
    Licenses and other software revenue 275.6 271.8 473.7 490.3
    Subscription and Support revenue 1,097.1 1,074.8 2,331.7 2,209.1
    Software revenue 1,372.7 1,346.5 2,805.4 2,699.4
    Services revenue 148.9 149.2 289.2 296.1
    Total Revenue € 1,521.6 € 1,495.8 € 3,094.6 € 2,995.4
    Cost of software revenue (1) (120.1) (124.8) (249.3) (236.8)
    Cost of services revenue (144.6) (127.9) (275.7) (259.8)
    Research and development expenses (348.7) (326.1) (697.3) (637.5)
    Marketing and sales expenses (448.0) (423.8) (894.5) (844.1)
    General and administrative expenses (123.7) (111.6) (244.2) (216.7)
    Amortization of acquired intangible assets and of tangible assets revaluation (85.4) (92.3) (173.8) (185.6)
    Other operating income and expense, net (9.3) (13.2) (13.7) (15.0)
    Total Operating Expenses (1,279.9) (1,219.8) (2,548.4) (2,395.4)
    Operating Income € 241.7 € 276.0 € 546.1 € 600.0
    Financial income (loss), net 29.9 33.3 60.2 63.4
    Income before income taxes € 271.5 € 309.2 € 606.3 € 663.5
    Income tax expense (53.0) (47.7) (128.4) (116.0)
    Net Income € 218.6 € 261.5 € 477.9 € 547.5
    Non-controlling interest 4.9 1.2 6.1 1.0
    Net Income attributable to equity holders of the parent € 223.5 € 262.7 € 484.0 € 548.4
    Basic earnings per share 0.17 0.20 0.37 0.42
    Diluted earnings per share € 0.17 € 0.21 € 0.37 € 0.42
    Basic weighted average shares outstanding (in millions) 1,315.9 1,313.2 1,314.9 1,313.7
    Diluted weighted average shares outstanding (in millions) 1,324.4 1,326.2 1,325.7 1,328.7

            (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended June 30, 2025 Six months ended June 30, 2025
    Change (2) Change in constant currencies Change (2) Change in constant currencies
    Total Revenue 2% 5% 3% 4%
    Revenue by activity        
    Software revenue 2% 6% 4% 5%
    Services revenue (0)% 3% (2)% (2)%
    Software Revenue by product line        
    Industrial Innovation 6% 9% 7% 8%
    Life Sciences (5)% 0% (1)% 0%
    Mainstream Innovation (1)% 3% 1% 3%
    Software Revenue by geography        
    Americas (4)% 2% 3% 5%
    Europe 8% 10% 5% 5%
    Asia 2% 6% 3% 5%

                    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    June 30, December 31,
    2025 2024
    ASSETS    
    Cash and cash equivalents 4,083.7 3,952.6
    Trade accounts receivable, net 1,575.9 2,120.9
    Contract assets 40.1 30.1
    Other current assets 406.2 464.0
    Total current assets 6,105.9 6,567.6
    Property and equipment, net 903.5 945.8
    Goodwill and Intangible assets, net 7,030.3 7,687.1
    Other non-current assets 375.7 345.5
    Total non-current assets 8,309.4 8,978.3
    Total Assets € 14,415.3 € 15,545.9
    LIABILITIES    
    Trade accounts payable 183.2 259.9
    Contract liabilities 1,559.3 1,663.4
    Borrowings, current 534.0 450.8
    Other current liabilities 1,063.0 1,147.4
    Total current liabilities 3,339.5 3,521.5
    Borrowings, non-current 2,043.9 2,042.8
    Other non-current liabilities 836.0 900.9
    Total non-current liabilities 2,879.9 2,943.7
    Non-controlling interests 11.5 14.1
    Parent shareholders’ equity 8,184.3 9,066.6
    Total Liabilities € 14,415.3 € 15,545.9

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended Six months ended
    June 30, June 30, Change June 30, June 30, Change
    2025 2024 2025 2024
    Net income attributable to equity holders of the parent 223.5 262.7 (39.3) 484.0 548.4 (64.4)
    Non-controlling interest (4.9) (1.2) (3.7) (6.1) (1.0) (5.1)
    Net income 218.6 261.5 (42.9) 477.9 547.5 (69.5)
    Depreciation of property and equipment 48.5 45.1 3.4 98.9 92.7 6.2
    Amortization of intangible assets 86.2 94.2 (8.0) 175.9 189.4 (13.5)
    Adjustments for other non-cash items 20.5 36.6 (16.1) 36.6 74.3 (37.7)
    Changes in working capital (39.4) 21.9 (61.3) 358.0 226.3 131.7
    Net Cash From Operating Activities € 334.3 € 459.3 € ( 124.9) € 1,147.3 € 1,130.2 € 17.2
                 
    Additions to property, equipment and intangibles assets (39.3) (50.6) 11.3 (95.3) (107.8) 12.5
    Payment for acquisition of businesses, net of cash acquired (9.2) (11.2) 2.0 (202.9) (15.7) (187.2)
    Other 3.2 0.8 2.3 (34.6) 23.1 (57.7)
    Net Cash Provided by (Used in) Investing Activities € (45.3) € (61.0) € 15.6 € (332.8) € (100.4) € (232.4)
                 
    Proceeds from exercise of stock options 7.4 13.9 (6.5) 29.6 35.2 (5.7)
    Cash dividends paid (342.6) (302.7) (39.9) (342.6) (302.7) (39.9)
    Repurchase and sale of treasury stock (144.7) (176.6) 31.8 (224.8) (307.7) 82.9
    Capital increase 111.3 – 111.3 111.3 – 111.3
    Acquisition of non-controlling interests 0.0 (0.0) 0.0 (0.2) (2.6) 2.5
    Proceeds from borrowings 121.3 – 121.3 81.0 – 81.0
    Repayment of borrowings – (0.1) 0.1 (18.5) (0.2) (18.4)
    Repayment of lease liabilities (22.7) (18.3) (4.4) (45.4) (42.3) (3.0)
    Net Cash Provided by (Used in) Financing Activities € (270.0) € (483.7) € 213.7 € (409.5) € (620.2) € 210.7
                 
    Effect of exchange rate changes on cash and cash equivalents (178.1) 21.0 (199.1) (273.9) 53.6 (327.5)
                 
    Increase (decrease) in cash and cash equivalents € (159.1) € (64.4) € (94.7) € 131.2 € 463.2 € (332.1)
                 
    Cash and cash equivalents at beginning of period € 4,242.9 € 4,095.9   € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,083.7 € 4,031.5   € 4,083.7 € 4,031.5  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended June 30, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,521.6 € 1.6 € 1,523.2 € 1,495.8 – € 1,495.8 2% 2%
    Revenue breakdown by activity                
    Software revenue 1,372.7 1.6 1,374.2 1,346.5 – 1,346.5 2% 2%
    Licenses and other software revenue 275.6 – 275.6 271.8 – 271.8 1% 1%
    Subscription and Support revenue 1,097.1 1.6 1,098.6 1,074.8 – 1,074.8 2% 2%
    Recurring portion of Software revenue 80%   80% 80%   80%    
    Services revenue 148.9 – 148.9 149.2 – 149.2 (0)% (0)%
    Software Revenue breakdown by product line                
    Industrial Innovation 744.6 – 744.6 701.9 – 701.9 6% 6%
    Life Sciences 268.3 – 268.3 281.7 – 281.7 (5)% (5)%
    Mainstream Innovation 359.7 1.6 361.3 363.0 – 363.0 (1)% (0)%
    Software Revenue breakdown by geography                
    Americas 505.0 – 505.0 525.5 – 525.5 (4)% (4)%
    Europe 533.4 1.4 534.8 491.9 – 491.9 8% 9%
    Asia 334.3 0.1 334.4 329.1 – 329.1 2% 2%
    Total Operating Expenses € (1,279.9) € 202.9 € (1,077.1) € (1,219.8) € 171.9 € (1,047.9) 5% 3%
    Share-based compensation expense and related social charges (107.7) 107.7 – (65.8) 65.8 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (85.4) 85.4 – (92.3) 92.3 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.5) 0.5 –    
    Other operating income and expense, net (9.3) 9.3 – (13.2) 13.2 –    
    Operating Income € 241.7 € 204.4 € 446.1 € 276.0 € 171.9 € 447.8 (12)% (0)%
    Operating Margin 15.9%   29.3% 18.4%   29.9%    
    Financial income (loss), net 29.9 0.6 30.4 33.3 0.5 33.8 (10)% (10)%
    Income tax expense (53.0) (32.8) (85.7) (47.7) (36.4) (84.1) 11% 2%
    Non-controlling interest 4.9 (4.7) 0.3 1.2 (1.6) (0.4) 300% (167)%
    Net Income attributable to shareholders € 223.5 € 167.6 € 391.0 € 262.7 € 134.4 € 397.1 (15)% (2)%
    Diluted Earnings Per Share (3) € 0.17 € 0.13 € 0.30 € 0.21 € 0.09 € 0.30 (19)% (1)%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended June 30, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (264.7) 13.9 0.1 (250.7) (252.8) 5.0 0.1 (247.6) 5% 1%
    Research and development expenses (348.7) 28.9 0.1 (319.7) (326.1) 20.4 0.2 (305.5) 7% 5%
    Marketing and sales expenses (448.0) 39.7 0.1 (408.2) (423.8) 23.2 0.1 (400.5) 6% 2%
    General and administrative expenses (123.7) 25.2 0.0 (98.5) (111.6) 17.2 0.0 (94.3) 11% 4%
    Total   € 107.7 € 0.4     € 65.8 € 0.5      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,324.4 million diluted shares for Q2 2025 and 1,326.2 million diluted shares for Q2 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 223.5 million for Q2 2025 (€ 276.7 million for Q2 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Six months ended June 30, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 3,094.6 € 1.6 € 3,096.2 € 2,995.4 – € 2,995.4 3% 3%
    Revenue breakdown by activity                
    Software revenue 2,805.4 1.6 2,807.0 2,699.4 – 2,699.4 4% 4%
    Licenses and other software revenue 473.7 – 473.7 490.3 – 490.3 (3)% (3)%
    Subscription and Support revenue 2,331.7 1.6 2,333.2 2,209.1 – 2,209.1 6% 6%
    Recurring portion of Software revenue 83%   83% 82%   82%    
    Services revenue 289.2 – 289.2 296.1 – 296.1 (2)% (2)%
    Software Revenue breakdown by product line                
    Industrial Innovation 1,537.7 – 1,537.7 1,433.2 – 1,433.2 7% 7%
    Life Sciences 560.9 – 560.9 566.4 – 566.4 (1)% (1)%
    Mainstream Innovation 706.8 1.6 708.3 699.7 – 699.7 1% 1%
    Software Revenue breakdown by geography                
    Americas 1,116.1 0.1 1,116.2 1,079.1 – 1,079.1 3% 3%
    Europe 1,046.6 1.4 1,048.0 995.1 – 995.1 5% 5%
    Asia 642.7 0.1 642.8 625.2 – 625.2 3% 3%
    Total Operating Expenses € (2,548.4) € 384.4 € (2,164.0) € (2,395.4) € 314.3 € (2,081.1) 6% 4%
    Share-based compensation expense and related social charges (196.2) 196.2 – (112.6) 112.6 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (173.8) 173.8 – (185.6) 185.6 –    
    Lease incentives of acquired companies (0.8) 0.8 – (1.2) 1.2 –    
    Other operating income and expense, net (13.7) 13.7 – (15.0) 15.0 –    
    Operating Income € 546.1 € 386.0 € 932.2 € 600.0 € 314.3 € 914.3 (9)% 2%
    Operating Margin 17.6%   30.1% 20.0%   30.5%    
    Financial income (loss), net 60.2 1.1 61.3 63.4 1.5 64.9 (5)% (6)%
    Income tax expense (128.4) (54.4) (182.8) (116.0) (68.0) (184.0) 11% (1)%
    Non-controlling interest 6.1 (5.6) 0.5 1.0 (1.9) (0.9) N/A (152)%
    Net Income attributable to shareholders € 484.0 € 327.2 € 811.2 € 548.4 € 245.9 € 794.3 (12)% 2%
    Diluted Earnings Per Share (3) € 0.37 € 0.25 € 0.61 € 0.42 € 0.17 € 0.60 (14)% 2%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Six months ended June 30, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (525.0) 18.8 0.2 (505.9) (496.5) 8.0 0.3 (488.2) 6% 4%
    Research and development expenses (697.3) 61.4 0.3 (635.7) (637.5) 38.3 0.6 (598.7) 9% 6%
    Marketing and sales expenses (894.5) 64.2 0.2 (830.1) (844.1) 36.8 0.2 (807.1) 6% 3%
    General and administrative expenses (244.2) 51.8 0.1 (192.3) (216.7) 29.5 0.1 (187.1) 13% 3%
    Total   € 196.2 € 0.8     € 112.6 € 1.2      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,325.7 million diluted shares for YTD 2025 and 1,328.7 million diluted shares for YTD 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 484.0 million for YTD 2025 (€ 562.3 million for YTD 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 2Q25: Total revenue of €1.52 billion, up 5%, and subscription revenue up 9%; Operating margin of 15.9% and diluted EPS of €0.17; IFRS figures for YTD25: total revenue of €3.09 billion, subscription revenue up 12%; Operating margin of 17.6% and diluted EPS of €0.37.  

    Attachment

    The MIL Network –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

    The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

    Key Takeaways

    • Labour markets are causing concern, even in the US.
    • The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
    • Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
    • The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
    • Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.

    Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

    Helen Gironi, Director at Ufi Ventures, commented:
    “AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

    To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

  • MIL-OSI: Tyton Partners and Ufi Ventures Release Q2 2025 VocTech Market Report: AI Shockwaves, UK Industrial Strategy, and Transatlantic Divergence Take Centre Stage

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 24, 2025 (GLOBE NEWSWIRE) — Tyton Partners, the leading strategy consulting and investment banking firm focused on the education sector, and Ufi Ventures, the UK’s specialist investor in vocational technology (VocTech), today released their Q2 2025 VocTech Market Report. This quarterly publication explores the trends shaping vocational learning and workforce development across the UK, Europe, and North America.

    The second quarter of 2025 has been marked by increasing anxiety around artificial intelligence’s disruptive impact on labour markets, a wave of significant UK policy announcements, and early signs of capital rotation from the US to Europe amid political volatility. Vocational education and training remain firmly in the spotlight as policymakers and investors confront mounting challenges tied to youth disengagement, employment shifts, and rapid technological change.

    Key Takeaways

    • Labour markets are causing concern, even in the US.
    • The UK government made a series of major policy announcements, many of which see increased investment in key sectors and skills. The detail is important and not yet here.
    • Big Tech companies – including “hyperscalers” such as OpenAI – are muscling in to the education space, likely in search of long-term users and increased engagement.
    • The future of junior white-collar workers, and how they should be trained, is a key focus of debate. Being conscious of what may have previously been taken for granted (informal “learning by doing” in particular) looks important.
    • Companies who facilitate AI-driven HR workflows are raising sizeable funding, with some European businesses closing unusually large €20m+ Series A rounds.

    Alongside UK reforms, policy developments in the US and Europe are creating new dynamics. Germany’s coalition is advancing ambitious investment programmes. In the US, escalating attacks on higher education and the erratic policy environment under the Trump administration may be triggering a shift of capital and student interest to the UK and Europe.

    Helen Gironi, Director at Ufi Ventures, commented:
    “AI is shaking up workforce development from every angle. Employers, policymakers and learners are all being forced to adapt. At Ufi Ventures, we see opportunity in this disruption, but only for those who are ready to innovate and act with clarity.”

    Nick Kind, Managing Director at Tyton Partners, added:
    “We are seeing a critical turning point. AI is accelerating change, but it is also highlighting systemic gaps in skills and training. With new policy commitments in the UK and a capital environment in flux, the landscape is as complex as it is promising. This report offers grounded insight into how to respond.”

    To access the full Q2 2025 VocTech Market Report, visit: https://tytonpartners.com/key-learnings-from-voctech-market-activity-q2-2025/

    About Tyton Partners

    Tyton Partners is the leading provider of strategy consulting and investment banking services to the global knowledge and information services sector. With offices in Boston and New York City, the firm has an experienced team of bankers and consultants who deliver a unique spectrum of services from mergers and acquisitions and capital markets access to strategy development that helps companies, organizations, and investors navigate the complexities of the education, media, and information markets. Tyton Partners leverages a deep foundation of transactional and advisory experience and an unparalleled level of global relationships to make its clients’ aspirations a reality and to catalyze innovation in the sector. Learn more at tytonpartners.com.

    About Ufi Ventures

    Ufi Ventures is the investment arm of Ufi VocTech Trust. Ufi supports the adoption and deployment of technology to improve skills for work and deliver better outcomes for all. By leveraging its depth of experience Ufi Ventures supports its growing portfolio through access to capital, and its wide expert pool and network. Learn more at www.ufi.co.uk/ventures.

    Media Contact
    Zoe Wright-Neil
    Director of Marketing and Business Development
    zwrightneil@tytonpartners.com
    Tyton Partners

    The MIL Network –

  • MIL-Evening Report: Australia says US beef will soon be welcome here again. It’s unlikely we’ll buy much of it

    Source: The Conversation (Au and NZ) – By Felicity Deane, Professor of Trade Law and Taxation, Queensland University of Technology

    DarcyMaulsby/Getty

    The Albanese government has today confirmed it will lift biosecurity restrictions on beef imports from the United States. The timing of this decision has raised some eyebrows.

    Back in April, US President Donald Trump had singled out what he characterised as an Australian “ban” on US beef as he announced 10% baseline tariffs on imports from Australia.

    Responding to today’s announcement, Nationals leader David Littleproud said it appeared the restrictions have been “traded away to appease Donald Trump”.

    But Trade Minister Don Farrell said there was “nothing suspicious about this”. And some Australian industry groups have since expressed their confidence in the decision.

    So, has Australia’s beef industry been sold out for the benefit of a trade deal? Or is it just a poorly timed announcement at the end of a review into Australia’s restrictions?

    Biosecurity concerns

    Australia’s biosecurity rules, particularly around beef products, have long been a source of friction with the United States. These rules date back to the late 1990s and were strengthened following a US mad cow disease scare in 2003.

    In 2019, a ban was lifted on beef products from cattle that had been born, raised and slaughtered in the US. However, a ban remained on any products from cattle originating in Mexico or Canada that had been slaughtered in the US.

    This was a cause for some tension, because the traceability requirements in the US were not as stringent as in Australia. That meant it wasn’t always possible to determine the origins of US products. So the 2019 change effectively only applied to shelf-stable products – not fresh meat.

    Last month, the Albanese government made assurances Australia’s biosecurity rules wouldn’t be compromised in trade negotiations. But it also confirmed a review of the rules was underway.

    The National Farmers’ Federation acknowledged the government’s decision in a statement today:

    The report released today is the result of a long-standing, science-based review by the Australian Government into the biosecurity risks posed by cattle raised in Canada and Mexico, but processed in and exported from the US.

    Speaking on ABC Radio, Cattle Australia chief executive Will Evans acknowledged “a lot of people” may feel “blindsided” by the government’s decision, but expressed his confidence in the government’s process.

    Boom times for Australian beef

    Australians are some of the highest per-capita consumers of beef products in the world. But Australia is also the world’s second-largest beef exporter, trailing only Brazil.

    In contrast, the US is the world’s second-largest importer of beef, behind only China.

    That poses the question: how much do we actually need beef from the US? Is it even worth lifting this ban, if it will impact so few people?

    The beef industry might be fair to question whether this is for the benefit of their industry, when it seems the existing 10% baseline tariffs have had no impact on the volumes of beef being exported from Australia. Quite the opposite.

    In June, Australia’s beef exports broke an all-time monthly record, and the US continued to be our largest export market.

    In addition, it is important to recognise the US tariffs on beef would theoretically be absorbed by the consumer, rather than the exporter.

    The trade war rages on

    Theory suggests that international trade is a good thing (though not everyone is a “winner”). Where there is trade between nations, competitive pricing is encouraged and consumers may enjoy more product variety.

    Most restrictions on trade are viewed unfavourably by economists, but there are some notable exceptions. The health and safety of food products and assurance of biosecurity standards are such concerns.

    Overnight, comments from the Trump administration suggest the 10% tariffs on imports from Australia could be raised, with a new baseline tariff rate of 15%.

    To apply these to Australian beef is in direct conflict with the Australia and United States Free Trade Agreement (AUSFTA). This agreement progressively removed tariffs on Australian beef, with all tariffs eliminated by 2023.

    Consequently, any new US tariff would violate these terms, threatening a trade relationship that has seen beef exports to the US flourish.

    Is our reputation on the line?

    It is important to note that the biosecurity rules in Australia and the traceability requirements for our producers are a point of national pride.

    Central to Australia’s biosecurity framework is the Biosecurity Act 2015 and the National Livestock Identification System, which ensures traceability, food safety, disease control and animal welfare.

    This imposes strict requirements on Australian beef producers – and as a result, imposes costs. It also means Australian beef is considered a premium product in much of the world.

    Australians should hope the evidence from the government’s review fully supports this action.

    Given the unpredictability of the Trump administration, it remains to be seen whether lifting these restrictions will win Australia any concessions on trade anyway.

    Felicity Deane does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Australia says US beef will soon be welcome here again. It’s unlikely we’ll buy much of it – https://theconversation.com/australia-says-us-beef-will-soon-be-welcome-here-again-its-unlikely-well-buy-much-of-it-261836

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Why Texas Hill Country, where a devastating flood killed more than 135 people, is one of the deadliest places in the US for flash flooding

    Source: The Conversation – USA (2) – By Hatim Sharif, Professor of Civil and Environmental Engineering, The University of Texas at San Antonio

    A Kerrville, Texas, resident watches the flooded Guadalupe River on July 4, 2025. Eric Vryn/Getty Images

    Texas Hill Country is known for its landscapes, where shallow rivers wind among hills and through rugged valleys. That geography also makes it one of the deadliest places in the U.S. for flash flooding.

    In the early hours of July 4, 2025, a flash flood swept through an area of Hill Country dotted with summer camps and small towns about 70 miles northwest of San Antonio. More than 135 people died in the flooding. The majority of them were in Kerr County, including more than two dozen girls and counselors at one summer camp, Camp Mystic. Dozens more people were still unaccounted for a week later.

    The flooding began with a heavy downpour, with more than 10 inches of rain in some areas, that sent water sheeting off the hillsides and into creeks. The creeks poured into the Guadalupe River.

    A river gauge at Hunt, Texas, near Camp Mystic, showed how quickly the river flooded: Around 3 a.m. on July 4, the Guadalupe River was rising about 1 foot every 5 minutes at the gauge, National Weather Service data shows. By 4:30 a.m., it had risen more than 20 feet. As the water moved downstream, it reached Kerrville, where the river rose even faster.

    Flood expert Hatim Sharif, a hydrologist and civil engineer at the University of Texas at San Antonio, explains what makes this part of the country, known as Flash Flood Alley, so dangerous.

    What makes Hill Country so prone to flooding?

    Texas as a whole leads the nation in flood deaths, and by a wide margin. A colleague and I analyzed data from 1959 to 2019 and found 1,069 people had died in flooding in Texas over those six decades. The next highest total was in Louisiana, with 693.

    Many of those flood deaths have been in Hill County. It’s part of an area known as Flash Flood Alley, a crescent of land that curves from near Dallas down to San Antonio and then westward.

    The hills are steep, and the water moves quickly when it floods. This is a semi-arid area with soils that don’t soak up much water, so the water sheets off quickly and the shallow creeks can rise fast.

    When those creeks converge on a river, they can create a surge of water that wipes out homes and washes away cars and, unfortunately, anyone in its path.

    Hill Country has seen some devastating flash floods. In 1987, heavy rain in western Kerr County quickly flooded the Guadalupe River, triggering a flash flood similar to the one in 2025. Ten teenagers being evacuated from a camp died in the rushing water.

    San Antonio, at the eastern edge of Hill Country, was hit with a flash flood on June 12, 2025, that killed 13 people whose cars were swept away by high water from a fast-flooding creek near an interstate ramp in the early morning.

    Why does the region get such strong downpours?

    One reason Hill Country gets powerful downpours is the Balcones Escarpment.

    The escarpment is a line of cliffs and steep hills created by a geologic fault. When warm air from the Gulf rushes up the escarpment, it condenses and can dump a lot of moisture. That water flows down the hills quickly, from many different directions, filling streams and rivers below.

    As temperature rise, the warmer atmosphere can hold more moisture, increasing the downpour and flood risk.

    A tour of the Guadalupe River and its flood risk.

    The same effect can contribute to flash flooding in San Antonio, where the large amount of paved land and lack of updated drainage to control runoff adds to the risk.

    What can be done to improve flash flood safety?

    First, it’s important for people to understand why flash flooding happens and just how fast the water can rise and flow. In many arid areas, dry or shallow creeks can quickly fill up with fast-moving water and become deadly. So people should be aware of the risks and pay attention to the weather.

    Improving flood forecasting, with more detailed models of the physics and water velocity at different locations, can also help.

    Probabilistic forecasting, for example, can provide a range of rainfall scenarios, enabling authorities to prepare for worst-case scenarios. A scientific framework linking rainfall forecasts to the local impacts, such as streamflow, flood depth and water velocity, could also help decision-makers implement timely evacuations or road closures.

    Education is particularly essential for drivers. One to two feet of moving water can wash away a car. People may think their trucks and SUVs can go through anything, but fast-moving water can flip a truck and carry it away.

    Officials can also do more to barricade roads when the flood risk is high to prevent people from driving into harm’s way. We found that 58% of the flood deaths in Texas over the past six decades involved vehicles. The storm on June 12 in San Antonio was an example. It was early morning, and drivers had poor visibility. The cars were hit by fast-rising floodwater from an adjacent creek.

    This article, originally published July 5, 2025, has been updated with the death toll rising.

    Hatim Sharif does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why Texas Hill Country, where a devastating flood killed more than 135 people, is one of the deadliest places in the US for flash flooding – https://theconversation.com/why-texas-hill-country-where-a-devastating-flood-killed-more-than-135-people-is-one-of-the-deadliest-places-in-the-us-for-flash-flooding-260555

    MIL OSI –

  • India’s global outreach continues: PM Modi begins UK visit, Maldives next

    Source: Government of India

    Source: Government of India (2)

    rime Minister Narendra Modi will embark on a two-nation tour on Wednesday, visiting the United Kingdom and the Maldives from July 23 to 26, aiming to strengthen India’s global diplomatic engagements.

    At the invitation of UK Prime Minister Keir Starmer, Prime Minister Modi will undertake an official visit to the United Kingdom from July 23 to 24. This will be his fourth visit to the UK, reflecting the growing warmth and depth of the bilateral relationship.

    India and the United Kingdom share historical ties that have evolved into a robust and mutually beneficial partnership. A major milestone in the relationship was achieved during the India-UK virtual summit on 4 May 2021, when Prime Minister Modi and then UK Prime Minister Boris Johnson established a Comprehensive Strategic Partnership and adopted an ambitious India-UK Roadmap 2030. This roadmap continues to steer cooperation across various sectors including trade, security, education, technology, and climate change.

    The visit also comes in the wake of the recent general elections in the UK held on 4 July 2024, where the Labour Party returned to power after 14 years, winning 412 out of 650 seats. Keir Starmer assumed office as Prime Minister, and PM Modi extended his congratulations during a telephonic conversation on 6 July, also inviting him for an early visit to India.

    In its election manifesto, the Labour Party pledged to pursue a new strategic partnership with India, focusing on the conclusion of a Free Trade Agreement (FTA) and deepening cooperation in critical sectors. The two leaders had earlier met on the sidelines of the G20 Leaders’ Summit in Brazil in November 2024 and briefly interacted again during the G7 Summit in Canada in June 2025.

    Following the terrorist attack in Pahalgam in April 2025, Prime Minister Starmer had spoken to PM Modi to convey his condolences and support. On 6 May 2025, both leaders held a telephonic conversation and announced the successful conclusion of the India-UK FTA and the Double Taxation Avoidance Convention, marking a historic development in bilateral ties.

    High-level exchanges have been a consistent feature of India-UK relations. President Droupadi Murmu visited London in September 2022 to attend the State Funeral of Her Majesty Queen Elizabeth II and met King Charles III during her visit. Vice President Jagdeep Dhankhar represented India at the Coronation of King Charles III in May 2023 and engaged with global leaders during his visit. He also addressed members of the Indian community and interacted with Indian-origin UK MPs and students.

    Prime Minister Modi had earlier met former UK Prime Minister Rishi Sunak on multiple occasions, including during the G20 Summit in India in September 2023 and at the G7 Summit in Italy in June 2024. Their discussions covered progress on the India-UK FTA and other key areas under the Roadmap 2030. Sunak’s official visit to India in 2023 and bilateral engagements in Japan and Bali further contributed to the growing momentum in the relationship. Notably, the Young Professionals Scheme was launched following their meeting in Bali in 2022, enhancing mobility for youth between the two countries.

    In April 2022, then UK Prime Minister Boris Johnson visited India and held wide-ranging discussions with PM Modi. The visit saw the announcement of an ‘Open General Export Licence’ for Indian companies and the signing of MoUs in nuclear energy and global innovation, along with a joint statement on cyber cooperation.

    Earlier, in November 2021, Prime Minister Modi had visited the UK to attend the COP26 World Leaders’ Summit in Glasgow, where he and Prime Minister Boris Johnson jointly launched the One Sun, One World, One Grid (OSOWOG) initiative under the International Solar Alliance and the Infrastructure for Resilient Island States (IRIS) initiative under the Coalition for Disaster Resilient Infrastructure.

    Lok Sabha Speaker Om Birla visited the UK in January 2025 and held bilateral talks with the Speaker of the House of Commons, Lindsay Hoyle, underscoring the strong parliamentary ties between the two democracies.

  • MIL-OSI USA: July 23rd, 2025 Heinrich Blasts Trump Administration for Raising Electricity Costs on American Families Amidst Growing Energy Demand

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — In his opening statement during a U.S. Senate Energy and Natural Resources Committee hearing on rising energy demand, U.S. Senator Martin Heinrich (D-N.M.), Ranking Member of the Committee, raised the alarm on the energy affordability crisis facing working families and cited recent, irresponsible actions taken by the Trump Administration and Congressional Republicans that will raise energy costs on working families — including the passage of their Big, Bad Bill, their dismantling of our nation’s clean energy industry, and a recent directive from the Department of the Interior that will inevitably delay new generation additions to the grid and drive up costs further.

    VIDEO: Ranking Member Martin Heinrich (D-N.M.) blasts Trump Administration for raising electricity prices on working families during a hearing on the U.S. Senate Energy and Natural Resources Committee, July 23, 2025.

    “As Mr. Gramlich points out in his testimony, electricity bills are starting to become unaffordable for too many Americans,” said Heinrich. “And recent actions by President Trump and the Republican reconciliation bill will only make it worse.”

    “The reconciliation bill alone is estimated to increase annual energy costs more than $16 billion in 2030 and more than $33 billion by 2035,” continued Heinrich. “This is because, at a time when we need every electron we can get, the reconciliation bill is causing many clean energy projects to be canceled.”

    Heinrich additionally noted his concerns on how a new directive from the Department of the Interior that requires Secretary Doug Burgum to personally review and sign off on wind and solar projects on federal lands will risk delaying new generation additions to the grid, subsequently driving up families’ energy costs.

    A video of Heinrich’s opening remarks can be found here.

    A transcript of Heinrich’s remarks as delivered is below:

    Thank you, Chairman Lee. Welcome to our witnesses, Mr. Gramlich, Mr. Huntsman, and Mr. Tench.

    As we’ll discuss today, the scale and drivers of today’s rising electricity demand are relatively unprecedented.

    It’s not just that electricity demand is reaching record highs, it’s that we’re entering a new era of a sustained load growth.

    The structural forces underlying today’s load growth are converging: the growth of AI data centers; the electrification of vehicles, buildings, industry; as well as a resurgence in domestic manufacturing.

    And meeting this load growth will require structural changes to how we permit and build our energy infrastructure.

    In his testimony, Mr. Tench states that Vantage would prefer to “source power from the grid” but the “system is out of sync.”

    From interconnection timelines that are too long, transmission lines that take too long to build, and permitting that is too fragmented, the challenges that Mr. Tench articulates are the same ones that this Committee has been trying to address for some time.

    As Mr. Tench noted in his testimony, “No single business or technical workaround can substitute for a coordinated, modern, responsive grid.”

    Fortunately, we sit on the Committee that can help make that happen.

    The urgency isn’t just about maintaining our edge in AI innovation, it’s about affordability.

    As Mr. Gramlich points out in his testimony today, electricity bills are becoming unaffordable for too many Americans.

    And recent actions by President Trump and by the ‘Big, Bad Bill’ will make this worse.

    The reconciliation bill alone is estimated to increase annual energy costs more than $16 billion in 2030 and more than $33 billion by 2035.

    This is because, at a time when we need every single electron we can get, the reconciliation bill is causing many clean energy projects to be canceled.

    And the President’s tariffs are driving up equipment costs—raising the cost of all energy generation resources. All of them.

    This is leading directly to Americans spending more on their utility bills.

    And on top of this, an aging electrical grid is causing many energy projects to be stalled for years in interconnection queues.

    In June 2025, Grid Strategies released a study that found that investing in well-planned, high-capacity transmission could save U.S. households between $6.3 and $10.4 billion annually—and that’s even after accounting for the cost of actually building those transmission lines.

    The amount of energy currently in U.S. interconnection queues substantially exceeds the existing electricity demands—if only the grid could integrate it.

    According to the Energy Information Administration, in 2024, the U.S. installed nearly 49 gigawatts of new grid capacity, 95% of which was from renewable resources.

    This year, the EIA estimates that developers will build 63 GW of new capacity, including 32.5 GW of new utility-scale solar, 7.7 GW of wind power, 18.2 GW of energy storage, and just 4.4 GW of natural gas-fired generation.

    Clean energy is the most affordable and it’s the fastest type of energy generation to deploy—outpacing natural gas, which is facing years-long backlogs in turbine availability.

    If you order a gas, combine cycle natural gas turbine today, you’ll be lucky if it puts its first electron on the grid before 2032.

    Meanwhile, states like Texas and California are demonstrating that high levels of renewable energy do not compromise grid reliability—in fact, they improve it.

    After Texas added 9,600 MW of clean energy, including 5,400 MW of solar, 3,800 MW of energy storage, and 253 MW of wind, ERCOT CEO Pablo Vegas said that the risk of grid emergencies dropped to less than 1 percent, that’s down from 16 percent the previous year.

    NERC’s 2025 Summer Reliability Assessment confirmed this trend, showing that the risk of rolling blackouts in Texas fell from 15 percent to 3 percent as battery capacity came online.

    I’ll close by saying that I am deeply disturbed by the recent Department of Interior policy that requires Secretary Doug Burgum to personally review and sign off on wind and solar projects on federal lands.

    This nakedly political decision will risk delaying new generation additions to the grid when we need them the most.

    And consequently, will drive up costs.

    According to the Department of Energy, federal lands in the contiguous United States could support more than 7,700 GW of renewable energy capacity.

    And with that said, I look forward to discussing how we can meet the rise in electricity demand and lower energy costs for households by integrating the most affordable and rapidly deployable energy resources today, while also investing in long-term modernization.

    Thank you, Chairman.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Government Cuts – Axing same-day enrolment to vote exposes impact of Govt starving another key agency of enough funding

    Source: PSA

    The PSA is condemning proposed changes to New Zealand’s electoral laws as undemocratic and the result of a systematically underfunded public service.
    “We were shocked to see the Government propose several changes to electoral laws, especially the end to same-day voter enrolment,” Public Service Association Te Pūkenga Here Tikanga Mahi national secretary, Fleur Fitzsimons, says.
    “They say that the system – in other words, the Electoral Commission – can’t handle the strain of same-day enrolment in the years to come.
    “Why has the Government chosen to build obstacles around people’s basic right to vote, instead of funding the Electoral Commission properly?”
    Like many other public service agencies, the Electoral Commission has been forced to tighten its budget by the National-led Government and restructured its staff last year.
    “At the time, we criticised that restructure process as rushed – and it eventually resulted in several highly skilled staff leaving the organisation.
    “New Zealanders are rightfully proud of our democracy. But we also know that to maintain our democracy, we need to care for it and invest into it.
    “New Zealanders want the public service to be given the tools – including the funding – to make sure voting is as easy as possible for everyone.
    “100,000 people used the same-day enrolment process at the 2023 election. This is not a nice-to-have – this is a basic function of our democracy.”
    The Public Service Association Te Pūkenga Here Tikanga Mahi is Aotearoa New Zealand’s largest trade union, representing and supporting more than 95,000 workers across central government, state-owned enterprises, local councils, health boards and community groups.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Peters, Slotkin Respond to Federal Disaster Declaration Following Catastrophic Northern Michigan Ice Storm

    US Senate News:

    Source: United States Senator for Michigan Gary Peters
    WASHINGTON, DC – U.S. Senators Gary Peters (D-MI) and Elissa Slotkin (D-MI) responded to the approval of Michigan’s request for a major disaster declaration following the catastrophic ice storm that impacted communities throughout Northern Michigan and the Eastern Upper Peninsula in late March. In May, Peters and Slotkin sent a letter to President Trump urging his swift approval of this declaration to support areas affected by the storm. With this declaration, critical assistance through the Federal Emergency Management Agency’s (FEMA) Public Assistance Program will be available to communities in Alcona, Alpena, Antrim, Charlevoix, Cheboygan, Crawford, Emmet, Montmorency, Oscoda, Otsego, Presque Isle, Kalkaska and Mackinac Counties, as well as the Little Traverse Bay Band of Odawa Indians.
    “I’m pleased that funding is coming to Northern Michigan to bolster the ongoing recovery efforts following the ice storm this March,” said Senator Peters. “The State of Michigan and local emergency managers continue to work hard because this job is not finished, and I’ll keep fighting to help our communities get the resources they need to bounce back stronger.”
    “This is welcome news and a big step for the many Michiganders who are still recovering from the once-in-a-generation ice storm in Northern Michigan and the UP in March,” said Senator Slotkin. “There is still more work ahead, but my office is here to help Michiganders navigate the federal disaster process to rebuild and recover.”
    The National Weather Service has ranked this as one of the most significant ice storms ever recorded in Northern Michigan. State and federal officials estimate the storms caused more than $137 million in immediate response costs, and inflicted severe damage to homes, businesses, and critical infrastructure, including leaving residents without power for weeks. The long-term impacts to local government, industries, and residents remain to be seen.
    FEMA’s Public Assistance Program provides assistance to eligible applicants, including local governments, to respond and recover from major disasters. In Michigan, the authorized funding can be used for debris removal and emergency protective measures such as eligible overtime work and permanent restoration of infrastructure. For additional information regarding the federal assistance, please contact the MSP Emergency Management and Homeland Security Division at 517-243-0149.
    Peters and Slotkin have fought to aid Northern Michigan’s impacted communities from the start. In the days following this devastating storm, the lawmakers wrote to Governor Whitmer expressing their willingness to support any federal support needed as part of the State of Michigan’s response. In June, Peters and Slotkin called on the Small Business Administration to approve the State of Michigan’s Rapid Administrative Disaster Declaration request for eligible counties, which was later approved by SBA Administrator Loeffler.

    MIL OSI USA News –

  • MIL-OSI: MARA Holdings, Inc. Announces Pricing of Upsized $950 Million Offering of 0.00% Convertible Senior Notes due 2032

    Source: GlobeNewswire (MIL-OSI)

    Miami, FL, July 23, 2025 (GLOBE NEWSWIRE) — MARA Holdings, Inc. (NASDAQ: MARA) (“MARA” or the “Company”), a leading digital energy and infrastructure company, today announced the pricing of its upsized offering of $950 million aggregate principal amount of 0.00% convertible senior notes due 2032 (the “notes”). The notes will be sold in a private offering to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). MARA also granted to the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date on which the notes are first issued, up to an additional $200 million aggregate principal amount of the notes. The offering is expected to close on July 25, 2025, subject to satisfaction of customary closing conditions.

    The notes will be unsecured, senior obligations of MARA. The notes will not bear regular interest, and the principal amount of the notes will not accrete. MARA may pay special interest, if any, at its election as the sole remedy for failure to comply with its reporting obligations and under certain other circumstances, each pursuant to the indenture. Special interest, if any, on the notes will be payable semi-annually in arrears on February 1 and August 1 of each year, beginning on February 1, 2026 (if and to the extent that special interest is then payable on the notes). The notes will mature on August 1, 2032, unless earlier repurchased, redeemed or converted in accordance with their terms. Subject to certain conditions, on or after January 15, 2030, MARA may redeem for cash all or any portion of the notes at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid special interest, if any, to, but excluding, the redemption date, if the last reported sale price of MARA common stock has been at least 130% of the conversion price then in effect for a specified period of time ending on, and including, the trading day immediately before the date MARA provides the notice of redemption. If MARA redeems fewer than all the outstanding notes, at least $75 million aggregate principal amount of notes must be outstanding and not subject to redemption as of the relevant redemption notice date.

    Holders of notes may require MARA to repurchase for cash all or any portion of their notes on January 4, 2030, if the last reported sale price of MARA’s common stock on the second trading day immediately preceding the repurchase date is less than the conversion price, or upon the occurrence of certain events that constitute a fundamental change under the indenture governing the notes at a repurchase price equal to 100% of the principal amount of the notes to be repurchased, plus accrued and unpaid special interest, if any, to, but excluding, the date of repurchase. In connection with certain corporate events or if MARA calls any note for redemption, it will, under certain circumstances, be required to increase the conversion rate for holders who elect to convert their notes in connection with such corporate event or notice of redemption.

    The notes will be convertible into cash, shares of MARA’s common stock, or a combination of cash and shares of MARA’s common stock, at MARA’s election. Prior to May 1, 2032, the notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time until the close of business on the second scheduled trading day immediately preceding the maturity date.

    The conversion rate for the notes will initially be 49.3619 shares of MARA common stock per $1,000 principal amount of notes. The conversion rate will be subject to adjustment upon the occurrence of certain events.

    MARA estimates that the net proceeds from the sale of the notes will be approximately $940.5 million (or approximately $1,138.5 million if the initial purchasers exercise in full their option to purchase additional notes), after deducting the initial purchasers’ discounts and commissions but before estimated offering expenses payable by MARA.

    MARA expects to use approximately $18.3 million of the net proceeds from the sale of the notes to repurchase approximately $19.4 million in aggregate principal amount of its existing 1.00% convertible senior notes due 2026 (the “1.00% 2026 convertible notes”) in privately negotiated transactions with the remainder of the net proceeds to be used to pay the approximately $36.9 million cost of the capped call transactions (as described below), to acquire additional bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

    In connection with any repurchase of the 1.00% 2026 convertible notes, MARA expects that holders of the 1.00% 2026 convertible notes who agree to have their notes repurchased and who have hedged their equity price risk with respect to such notes (the “hedged holders”) will unwind all or part of their hedge positions by buying MARA’s common stock and/or entering into or unwinding various derivative transactions with respect to MARA’s common stock. The amount of MARA’s common stock to be purchased by the hedged holders or in connection with such derivative transactions may be substantial in relation to the historic average daily trading volume of MARA’s common stock. This activity by the hedged holders could increase (or reduce the size of any decrease in) the market price of MARA’s common stock, including concurrently with the pricing of the notes, resulting in a higher effective conversion price of the notes. MARA cannot predict the magnitude of such market activity or the overall effect it will have on the price of the notes or MARA’s common stock.

    In connection with the pricing of the notes, MARA entered into privately negotiated capped call transactions with certain of the initial purchasers or their respective affiliates and certain other financial institutions (the “option counterparties”). If the initial purchasers exercise their option to purchase additional notes, MARA expects to use a portion of the net proceeds from the sale of such additional notes to enter into additional capped call transactions with the option counterparties. The capped call transactions will cover, subject to anti-dilution adjustments, the number of shares of common stock underlying the notes sold in the offering. The capped call transactions are generally expected to reduce potential dilution to the common stock upon any conversion of notes and/or offset any cash payments MARA is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap.

    The cap price of the capped call transactions is initially approximately $24.14 per share, which represents a premium of approximately 40.0% over the U.S. composite volume weighted average price of MARA’s common stock from 2:00 p.m. through 4:00 p.m. Eastern Daylight Time on Wednesday, July 23, 2025, which was $17.2413, and is subject to certain adjustments under the terms of the capped call transactions.

    MARA has been advised that, in connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to purchase shares of common stock and/or enter into various derivative transactions with respect to the common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of the common stock or the notes at that time. In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to the common stock and/or purchasing or selling the common stock or other securities of MARA in secondary market transactions from time to time prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes, in connection with any redemption of the notes, any fundamental change repurchase of the notes or any exercise of a holder’s optional repurchase right, and, to the extent MARA unwinds a corresponding portion of the capped call transactions, following any other repurchase of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the number of shares of common stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

    The notes are being offered and sold to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the notes and the shares of MARA’s common stock issuable upon conversion of the notes, if any, have not been and will not be registered under the Securities Act or the securities laws of any other jurisdiction, and the notes and any such shares may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. The offering of the notes is being made only by means of a private offering memorandum.

    This press release shall not constitute an offer to sell, or a solicitation of an offer to buy, the notes, nor shall there be any sale of the notes in any state or jurisdiction in which such offer, solicitation or sale would be unlawful under the securities laws of any such state or jurisdiction. Nothing in this press release shall be deemed an offer to purchase MARA’s 1.00% 2026 convertible notes.

    About MARA 

    MARA (NASDAQ:MARA) deploys digital energy technologies to advance the world’s energy systems. Harnessing the power of compute, MARA transforms excess energy into digital capital, balancing the grid and accelerating the deployment of critical infrastructure. Building on its expertise to redefine the future of energy, MARA develops technologies that reduce the energy demands of high-performance computing applications, from AI to the edge.

    Forward-Looking Statements

    Statements in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of The Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements relating to the estimated net proceeds of the offering, the anticipated use of such net proceeds, including any repurchases of the Company’s existing convertible notes, the expected impact of the capped call transactions, and the anticipated closing of the offering. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including uncertainties related to market conditions and the completion of the offering, uncertainties related to the satisfaction of closing conditions for the sale of the notes, the other factors discussed in the “Risk Factors” section of MARA’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 3, 2025 and the risks described in other filings that MARA may make from time to time with the SEC. Any forward-looking statements contained in this press release speak only as of the date hereof, and MARA specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise, except to the extent required by applicable law.

    MARA Company Contact:
    Telephone: 800-804-1690
    Email: ir@mara.com

    MARA Media Contact:
    Email: mara@wachsman.com

    The MIL Network –

  • MIL-OSI: Voice2Me.ai Launches Industry’s Fastest, Most Secure AI Voice Agents Across Salesforce, PEGA, and ServiceNow Platforms

    Source: GlobeNewswire (MIL-OSI)

    FAIRFAX, Va., July 23, 2025 (GLOBE NEWSWIRE) — Voice2Me.ai, the boutique firm driving innovation in enterprise AI voice intelligence, today announced major platform expansions that sets a new standard for AI voice automation with secure, production-grade agents now available across Salesforce, PEGA, and ServiceNow. Building on its success in the ServiceNow certified store, the company’s ultra-secured AI voice agents are now available across Salesforce and PEGA platforms, demonstrating how enterprises can deploy top AI voice agents that are ready to take your call across multiple enterprise ecosystems.

    Voice2Me.ai Customer Support

    Strategic Platform Expansion Beyond ServiceNow

    Voice2Me.ai’s expansion from its flagship ServiceNow integration to Salesforce and PEGA represents a significant milestone in making the best AI voice agents accessible across all major enterprise platforms. The company’s certified and approved ServiceNow apps in the ServiceNow store, has driven deeper trust and recognition in the industry, establishing Voice2Me.ai as the go-to provider for building AI voice agents for production-grade enterprise environments.

    “Our expansion beyond ServiceNow proves that organizations across all platforms are hungry for top AI voice agents that deliver both security and simplicity,” said Eva Karnaukh, CEO of Voice2Me.ai. “We’re not just building AI voice agents – we’re creating intelligent conversation platforms that transform how enterprises communicate across their entire technology stack.”

    Enterprise-Grade Security and Model-Agnostic Architecture

    Voice2Me.ai’s platform distinguishes itself through enterprise-grade security architecture combined with a large-model agnostic approach that delivers fast, secure, and scalable AI voice intelligence. This foundation ensures that AI voice agents are ready to take your call while maintaining the highest standards of data protection across all integrated platforms.

    “The question isn’t whether AI voice agents are ready to take your call – it’s whether your enterprise platform can deliver the conversational experiences your customers expect with military-grade security,” added Karnaukh. “Our model-agnostic approach ensures that regardless of your enterprise architecture, you can deploy the best AI voice agents that integrate seamlessly with your existing workflows.”

    Advanced Technical Innovation for Production Environments

    Voice2Me.ai goes beyond voice enabling multimodal resolution that lets midmarket – enterprise teams speak, see, and solve in real time. From voice to visual context, our agents understand inputs the way humans do. Built to scale across critical industries like healthcare, insurance, and government, the platform pairs advanced telephony with secure AI orchestration for end-to-end support.

    Key technical innovations include:

    • Enterprise-Grade Security Framework: Military-grade security with zero data persistence and comprehensive compliance readiness across all platforms
    • Large-Model Agnostic Architecture: Seamless integration with leading AI models for optimal performance and flexibility
    • Multi-Platform Native Integration: Direct deployment capabilities across ServiceNow, Salesforce, PEGA, with Appian and Workday integrations planned
    • Production-Ready Scalability: Fast, secure, and scalable infrastructure designed for enterprise-grade deployments
    • Advanced Telephony Integration: SIP integrations with major call center providers for enterprise-grade voice capabilities

    With zero data persistence, FedRAMP/HIPAA readiness, and human-in-the-loop controls, the platform is trusted by government, healthcare, and financial services alike.

    Future Roadmap and Platform Strategy

    Following successful deployments across ServiceNow, Salesforce, and PEGA, Voice2Me.ai is strategically planning its next integration with either Appian or Workday, depending on market priorities. This expansion strategy demonstrates the company’s commitment to making top AI voice agents available across all major enterprise platforms while maintaining the security and performance standards required for building AI voice agents for production.

    Global Operations and Professional Services Excellence

    With operations spanning the United States, Europe, and Asia, Voice2Me.ai has positioned itself as a global disruptor of enterprise platform capabilities. The company’s boutique professional services team ensures smooth and fast deployment, helping customers elevate their enterprise platform experience with modern development and AI-powered architecture.

    Voice2Me.ai’s approach focuses on three core principles:

    • Security-First Design: Enterprise-grade security architecture that enables building AI voice agents for production environments
    • Platform Enhancement: Enabling existing midmarket – enterprise platform capabilities with the best AI voice agents
    • Model Flexibility: Large-model agnostic architecture that adapts to evolving AI landscape

    Industry Impact and Market Leadership

    As enterprises increasingly seek solutions for building AI voice agents for production environments, Voice2Me.ai’s comprehensive approach addresses the full spectrum of conversational AI needs. From showing organizations how to deploy top AI voice agents that integrate natively with existing platforms to providing the infrastructure for AI voice agents that are ready to take your call with enterprise-grade security, the company has established itself as the definitive source for production-grade voice intelligence.

    The company’s commitment to ethical, secure, and responsible AI development ensures that all implementations maintain the highest standards of data protection and regulatory compliance while delivering the performance enterprises demand.

    Platform Availability and Enterprise Adoption

    Voice2Me.ai’s expanded platform integrations are available immediately, with enterprises able to deploy the best AI voice agents across ServiceNow (available in the certified store), Salesforce, and PEGA environments. The company’s model-agnostic architecture ensures that organizations can leverage the most advanced AI capabilities while maintaining the security and scalability required for production deployments.

    Organizations interested in learning more about building AI voice agents for production environments can access comprehensive resources and technical documentation through Voice2Me.ai’s platform. The company’s fast, secure, and scalable architecture enables rapid deployment of top AI voice agents that are ready to take your call across any enterprise platform.

    About Voice2Me.ai

    Voice2Me.ai is the leading boutique firm specializing in enterprise AI voice intelligence solutions. Founded in Fairfax, Virginia, the company delivers the best AI voice agents for production environments across major enterprise platforms including ServiceNow (certified store), Salesforce, PEGA, with planned expansions to Appian and Workday. With operations in the US, Europe, and Asia, Voice2Me.ai empowers organizations to build AI voice agents with enterprise-grade security and model-agnostic architecture, providing fast, secure, and scalable conversational AI solutions for enterprises worldwide.

    Media Contact: Eva Karnaukh, CEO Voice2Me.ai Email: press@voice2me.ai Website: voice2me.ai

    Learn More:

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8214011f-b8b3-4d8d-9dbe-9ad08e50e7be

    The MIL Network –

  • MIL-Evening Report: Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment

    Source: The Conversation (Au and NZ) – By Kim Dovey, Professor of Architecture and Urban Design, The University of Melbourne

    Balinese officials have begun the demolition of more than 40 businesses at Bingin Beach, a popular tourist spot in the Uluwatu region.

    In June, the Balinese House of Representatives determined the settlement is on public land, and is therefore illegal and needs to be demolished. But I’d argue it doesn’t.

    The ‘illegal’ settlement

    The Bingin Beach coastal settlement began development in the 1970s as an informal surfer hub at the base of a steep escarpment. The beach is a few hundred metres long and largely disappears at high tide.

    Originally lined with a string of makeshift warungs (small food stores) and cheap accommodations, the settlement has grown incrementally over the decades, up and along the escarpment, with an intensive mix of surf shops, restaurants and small hotels.

    The steepness of the slope precludes vehicle access. The only public access is via two somewhat narrow pedestrian stairways.

    While it initially served the surfer community, the settlement now caters to a broader tourist market, with some rooms going for upwards of US$150 per night.

    But after more than 50 years of incremental development, the House of Representatives has declared the settlement was illegally constructed on state land, and has ordered the demolition of 45 buildings – effectively the entire settlement.

    While most of the buildings seem highly durable, the demolition order is based on illegality, and not durability. A spokesperson for the traders argues most of the businesses are locally owned, and livelihoods are at stake.

    The ‘legal’ settlement

    The former farmland at the top of the escarpment is also covered with tourist developments that mostly emerged since 2010, and now extend up to a kilometre inland. This is a much more familiar landscape for Bali: a mix of walled hotel compounds and private villas, with manicured gardens and swimming pools.

    However, one could scarcely call this larger settlement “planned”. Shops and restaurants emerge wherever they can find a market along the narrow roads. There are no sidewalks and pedestrians are constantly engaged in an anxious game of negotiated passing.

    The infrastructure of roads and lanes has also been designed incrementally, across the former farm fields, as the settlement developed. The resulting street network is convoluted and largely unwalkable. The most common street sign is “no beach access this way”.

    What is informality?

    I’m an academic, architect and urban planner who studies informal settlements and informal urbanism more generally. In this context “informal” can mean illegal, makeshift and unplanned, but it can also mean incremental, adaptive and inventive.

    Informal settlement is the means by which a large proportion of Indonesians produce affordable housing. It is also the most traditional form of indigenous housing globally.

    After many decades of governments trying to demolish such settlements, the overwhelming consensus across the United Nations Human Settlements Programme is that wholesale demolition is rarely an answer. On-site formalisation and upgrading is the more sustainable pathway.

    When engaging with informal settlements, we need to preserve the infrastructures that work and only demolish where necessary. The Bingin Beach escarpment settlement has proven sustainable and has become an integral part of the local heritage.

    Its demolition will destroy livelihoods and displace the surfing market, while feathering other nests.

    So why is it being demolished? Perhaps to clear the ground for the next round of up-market resorts – what urban studies research calls “accumulation by disposession”. Bingin is widely seen as a major real estate hotspot for investment.

    What is overdevelopment?

    One of the key dangers of informal settlement is “overdevelopment”. Without
    formal planning codes, density can escalate to destroy the very attraction that produced the settlement.

    Most buildings along the Bingin Beach escarpment are two to four storeys, and step back with the slope of the escarpment. The exception is the 2019 addition of the Morabito Art Cliff hotel that rises more than six storeys, obscuring the natural landscape, blocking views, and setting a precedent for more of the same.

    If everyone in the area built like this, the Bingin settlement would be replaced with a cliff of buildings. To demolish this one building would set a useful precedent of containing the settlement to a sustainable scale.

    The Impossibles dream

    A few hundred metres south-west of Bingin Beach, a different story unfolds near the beach known as Impossibles. Here, a precarious limestone cliff largely precludes access to the beach, and the clifftop has long been lined with low-rise tourist compounds.

    An aeriel view of the Uluwatu coast shows Bingin Beach and the Impossibles.
    Map data: Google, 2025 Maxar Technologies

    This earlier layer of development is now being demolished and replaced with larger, denser resorts as part of the Amali project which claims a “rare cliff-front location”. The location is “rare” because about half of the 50-metre-high cliff has been excavated to construct villa units quite literally in the cliff.

    This excavation was well underway when, in May 2024, it caused much of the remaining natural cliff face to collapse onto the beach and into the ocean. It remains unclear whether the excavation was formally approved. Either way, it prompts the question: what if everyone did that?

    The Bingin escarpment and the Impossibles cliff face represent very different kinds of development. One is incremental, irregular and geared to its social and environmental context, while the other is large-grain and environmentally destructive. It makes no sense to demolish the former in order to make way for the latter.

    It is imperative to not only save the Bingin Beach settlement, which is part of Bali’s surfing heritage, but also to awaken from the impossible dream of building more and more villas on this fragile and limited coastland.

    Kim Dovey does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment – https://theconversation.com/bali-is-built-on-informal-and-illegal-settlements-bulldozing-bingin-beach-misses-the-real-threat-of-overdevelopment-261755

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment

    Source: The Conversation – Global Perspectives – By Kim Dovey, Professor of Architecture and Urban Design, The University of Melbourne

    Balinese officials have begun the demolition of more than 40 businesses at Bingin Beach, a popular tourist spot in the Uluwatu region.

    In June, the Balinese House of Representatives determined the settlement is on public land, and is therefore illegal and needs to be demolished. But I’d argue it doesn’t.

    The ‘illegal’ settlement

    The Bingin Beach coastal settlement began development in the 1970s as an informal surfer hub at the base of a steep escarpment. The beach is a few hundred metres long and largely disappears at high tide.

    Originally lined with a string of makeshift warungs (small food stores) and cheap accommodations, the settlement has grown incrementally over the decades, up and along the escarpment, with an intensive mix of surf shops, restaurants and small hotels.

    The steepness of the slope precludes vehicle access. The only public access is via two somewhat narrow pedestrian stairways.

    While it initially served the surfer community, the settlement now caters to a broader tourist market, with some rooms going for upwards of US$150 per night.

    But after more than 50 years of incremental development, the House of Representatives has declared the settlement was illegally constructed on state land, and has ordered the demolition of 45 buildings – effectively the entire settlement.

    While most of the buildings seem highly durable, the demolition order is based on illegality, and not durability. A spokesperson for the traders argues most of the businesses are locally owned, and livelihoods are at stake.

    The ‘legal’ settlement

    The former farmland at the top of the escarpment is also covered with tourist developments that mostly emerged since 2010, and now extend up to a kilometre inland. This is a much more familiar landscape for Bali: a mix of walled hotel compounds and private villas, with manicured gardens and swimming pools.

    However, one could scarcely call this larger settlement “planned”. Shops and restaurants emerge wherever they can find a market along the narrow roads. There are no sidewalks and pedestrians are constantly engaged in an anxious game of negotiated passing.

    The infrastructure of roads and lanes has also been designed incrementally, across the former farm fields, as the settlement developed. The resulting street network is convoluted and largely unwalkable. The most common street sign is “no beach access this way”.

    What is informality?

    I’m an academic, architect and urban planner who studies informal settlements and informal urbanism more generally. In this context “informal” can mean illegal, makeshift and unplanned, but it can also mean incremental, adaptive and inventive.

    Informal settlement is the means by which a large proportion of Indonesians produce affordable housing. It is also the most traditional form of indigenous housing globally.

    After many decades of governments trying to demolish such settlements, the overwhelming consensus across the United Nations Human Settlements Programme is that wholesale demolition is rarely an answer. On-site formalisation and upgrading is the more sustainable pathway.

    When engaging with informal settlements, we need to preserve the infrastructures that work and only demolish where necessary. The Bingin Beach escarpment settlement has proven sustainable and has become an integral part of the local heritage.

    Its demolition will destroy livelihoods and displace the surfing market, while feathering other nests.

    So why is it being demolished? Perhaps to clear the ground for the next round of up-market resorts – what urban studies research calls “accumulation by disposession”. Bingin is widely seen as a major real estate hotspot for investment.

    What is overdevelopment?

    One of the key dangers of informal settlement is “overdevelopment”. Without
    formal planning codes, density can escalate to destroy the very attraction that produced the settlement.

    Most buildings along the Bingin Beach escarpment are two to four storeys, and step back with the slope of the escarpment. The exception is the 2019 addition of the Morabito Art Cliff hotel that rises more than six storeys, obscuring the natural landscape, blocking views, and setting a precedent for more of the same.

    If everyone in the area built like this, the Bingin settlement would be replaced with a cliff of buildings. To demolish this one building would set a useful precedent of containing the settlement to a sustainable scale.

    The Impossibles dream

    A few hundred metres south-west of Bingin Beach, a different story unfolds near the beach known as Impossibles. Here, a precarious limestone cliff largely precludes access to the beach, and the clifftop has long been lined with low-rise tourist compounds.

    An aeriel view of the Uluwatu coast shows Bingin Beach and the Impossibles.
    Map data: Google, 2025 Maxar Technologies

    This earlier layer of development is now being demolished and replaced with larger, denser resorts as part of the Amali project which claims a “rare cliff-front location”. The location is “rare” because about half of the 50-metre-high cliff has been excavated to construct villa units quite literally in the cliff.

    This excavation was well underway when, in May 2024, it caused much of the remaining natural cliff face to collapse onto the beach and into the ocean. It remains unclear whether the excavation was formally approved. Either way, it prompts the question: what if everyone did that?

    The Bingin escarpment and the Impossibles cliff face represent very different kinds of development. One is incremental, irregular and geared to its social and environmental context, while the other is large-grain and environmentally destructive. It makes no sense to demolish the former in order to make way for the latter.

    It is imperative to not only save the Bingin Beach settlement, which is part of Bali’s surfing heritage, but also to awaken from the impossible dream of building more and more villas on this fragile and limited coastland.

    Kim Dovey does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Bali is built on informal and ‘illegal’ settlements. Bulldozing Bingin Beach misses the real threat of overdevelopment – https://theconversation.com/bali-is-built-on-informal-and-illegal-settlements-bulldozing-bingin-beach-misses-the-real-threat-of-overdevelopment-261755

    MIL OSI –

  • MIL-OSI China: STAR Market reforms to spur innovation

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

    Ongoing reforms at the tech-focused STAR Market of the Shanghai Stock Exchange, part of China’s continued efforts to give more financial support to the private economy, will further spur technology innovation and facilitate high-quality economic growth in the country, said experts.

    The comments came after two new private economy-focused subindexes were officially launched at the STAR Market on Wednesday.

    The SSE STAR Private-owned Enterprises Index will track all private companies trading on the STAR Market.

    Public data show that there were 422 such companies by the end of June, with a combined market capitalization of 3.5 trillion yuan ($490 million). Among these, 171 reported increases both in sales revenue and net profit last year, 37 companies posted a 50 percent year-on-year increase in turnover, while 64 firms saw a 50 percent surge in annual net profit.

    Another subindex, SSE STAR Private-owned Enterprises 50 Strategy Index, was also launched on Wednesday.

    The index constituents are 50 private companies with high research expenditure and strong profitability. Companies specializing in semiconductors, computers and biomedicine account for about 68.5 percent weighting in the new index.

    The total market cap of its 50 constituents reached 1.2 trillion yuan by the end of June. The average daily trading value of these companies came in at 16.1 billion yuan in 2024.

    Fang Yi, chief strategist at Guotai Haitong Securities, said that index-based investments have been maturing at the STAR Market after the board started trading six years ago. More products have been designed and introduced based on these indexes, boosting market activity and diversifying the investor pool, he said.

    A total of 32 STAR Market subindexes have been launched so far, deriving 86 STAR Market exchange-traded funds with a total market value of over 250 billion yuan. Half of these subindexes were rolled out after the release of eight additional reform policies for the STAR Market in June last year, according to SSE and China Securities Index Co Ltd.

    According to market tracker Wind Info, there are about 3,478 private companies trading on mainland’s major exchanges, accounting for two-thirds of all the A-share companies. Their combined market cap topped 31.7 trillion yuan, accounting for 38.5 percent of the A-share market total.

    More important, A-share listed private companies saw their combined research investment exceeding 650 billion yuan for a second consecutive year in 2024. Research expenditure was equal to 3.8 percent of their annual sales revenue last year, 1.2 percentage points higher than the A-share market average.

    A large number of STAR Market companies specialize in future-oriented industries such as biological manufacturing, quantum technology, embodied intelligence and 6G, which are at an early stage in China, said experts from Changjiang Securities.

    Focusing on hard technologies, cutting-edge technologies and market-based pricing, the STAR Market has served as a major venue for the Chinese capital market to facilitate technology innovation, said Tian Xuan, head of Tsinghua University’s National Institute of Financial Research.

    China has also been advancing efforts to inject more vitality into the private sector. The Private Sector Promotion Law, which took effect in May, has unveiled substantial measures regarding the investment and financing of private enterprises.

    Apart from announcing a set of new STAR Market reform policies at the Lujiazui Forum in June, China Securities Regulatory Commission Chairman Wu Qing stressed that unprofitable yet quality innovation-driven companies will be supported to seek public listings.

    With concerted efforts from various government bodies, financing provided to private enterprises will be increased and their costs lowered. These companies’ technology innovation and green transition will be better supported, said Tian Lihui, head of the Institute of Finance and Development at Nankai University.

    MIL OSI China News –

  • MIL-OSI Russia: The II International Forum of Russia-Africa Cooperation “Education. Business. Culture – 2025” will be held within the framework of “Technoprom-2025”

    Translation. Region: Russian Federal

    Source: Novosibirsk State University –

    An important disclaimer is at the bottom of this article.

    In August 2025, the II International Forum of Russia-Africa Cooperation “Education. Business. Culture – 2025” will be held as part of the XII International Forum “Technoprom-2025”. The event is organized by the Center for Public Diplomacy, NSU and the Consortium of Russian Universities for the Development of Cooperation with African Countries.

    An impressive delegation from African countries plans to take part in the forum:

    — Ambassadors Extraordinary and Plenipotentiary to the Russian Federation of the following countries: Republic of Mali, Republic of Chad, Republic of Guinea, Burkina Faso, Republic of Niger, Rwanda, Namibia, Angola and Ghana.

    — Ministers of Education of the Republic of Chad, the Republic of Guinea and Burkina Faso, Ministers of Industry, Digitalization and Agriculture of Burkina Faso.

    — The Presidents of the Academies of Sciences of Mali, Burkina Faso and Niger, the Rectors of the Abdou Moumouni University and the University of Agadez (both from the Republic of Niger).

    — Heads of the national oil companies of Burkina Faso and Niger.

    — Mayor of the city of Ouagadougou (the capital of Burkina Faso).

    Let us recall that the first forum “Russia-Africa” was held last year on the initiative of NSU and the Center for Public Diplomacy. One of the results was the creation of a Consortium of Russian Universities for the development of cooperation with African countries.

    This year, the Consortium members will analyze the current interaction of Russian universities with African countries, discuss the challenges and obstacles that hinder mutually beneficial cooperation, identify key areas and formulate a roadmap (work plan) for the Consortium for the next year. The roadmap will be based on a systemic approach that ensures the consolidation of efforts by Russian universities and the unification of actions at all levels – from government agencies to the universities themselves. The implementation of the proposed measures will improve the quality of education and improve the culture of mutual understanding between the regions. The implementation of these initiatives will strengthen Russia’s position on the African continent and will become the basis for the further development of bilateral relations.

    The Forum also plans to discuss joint work in the areas of school and secondary specialized education. The Center for Public Diplomacy and NSU plan to hold talks with the Minister of Secondary Education, Vocational and Technical Training of Burkina Faso Boubacar Sawadogo on the possibilities of cooperation and to develop an algorithm for joint actions.

    The following are promising educational projects in African countries:

    — The “Russian Teacher Abroad” program, within the framework of which students from the pilot international class of the African school will study the Russian language.

    — A program for training foreign students in working specialties under joint educational programs of African and Novosibirsk colleges. Those who successfully complete the training will be able to continue their studies at Novosibirsk universities. The pilot project includes colleges implementing training in agricultural, technical and natural science areas.

    — The African continent is a priority region for the export of Russian education. Since 2024, NSU has been actively developing cooperation with African countries. In this context, agreements were signed with Thomas Sankara University (Burkina Faso) and Abdou Moumouni University (Niger). From December 2024 to July 2025, a preparatory department in the medical and biological profile operated jointly with the Russian House in Niger, in which 24 people studied. From March to the end of July 2025, online courses in the Russian language were opened at Thomas Sankara University, which were completed by 50 bachelors and masters. The next stage will be the organization of preparatory courses in the medical and biological profile, after which students will be able to continue their studies at NSU. The University also plans to organize scientific internships for young scientists and graduate students from Burkina Faso for 3-6 months, said Evgeny Sagaydak, Head of the Education Export Department at NSU.

    Another interesting project is the preliminary agreement reached between NSU and the University of Saint Dominic (USDAO) from Burkina Faso on joint training of medical personnel for this West African state. The cooperation agreement between the universities may be signed this summer.

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

    .

    MIL OSI Russia News –

  • MIL-Evening Report: World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia

    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney

    JOHN THYS/AFP via Getty Images

    The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions from our fossil fuel exports.

    The landmark ruling overnight by the International Court of Justice (ICJ) will reverberate in courts, parliaments and boardrooms the world over.

    In a closely watched case at The Hague, the judges were asked to clarify the legal obligations countries have to protect the Earth’s climate system for current and future generations. They were also asked to clarify the legal consequences for nations that fail to do this.

    At issue was the scope of legal obligations. During the court’s deliberations, Australia sided with other fossil fuel exporters and major emitters – including Saudi Arabia, the United States and China – to argue state obligations on climate change are restricted to those set out in climate-specific treaties such as the Paris Agreement.

    But the court disagreed. It found countries have additional obligations to protect the climate and take action to prevent climate harm inside and outside their boundaries. These obligations arise in human rights law, the law of the sea, and general principles of international law.

    This clear statement will have groundbreaking consequences. It means Australia must set a 2035 emissions reduction target in line with the best available science, as required under the Paris Agreement. But it must also go further, by regulating the fossil fuel industry to prevent further harm.

    Australia’s arguments rejected

    The ICJ is the primary legal organ of the United Nations. Its key role is to settle disputes between countries and clarify international law as it applies to nation states.

    While weighing up the obligations of countries to address the climate crisis, the court heard legal arguments from almost 100 countries, making it the largest case ever heard by the ICJ.

    The case threatened major implications for fossil-fuel producers such as Australia, which is heavily reliant on coal and gas exports.

    In his oral presentation to the ICJ, Australian Solicitor-General Stephen Donaghue told the court only the Paris Agreement should apply when it comes to mitigating climate change. Under the Paris rules, countries must set targets to cut domestic emissions, but they are not required to report emissions created when their fossil fuel exports are burned overseas.

    Donaghue and the Australian delegation also suggested responsibility for harms caused by climate change could not be pinned on individual states. Australia also argued protecting human rights does not extend to obligations to tackle climate change.

    The ICJ largely rejected these arguments.

    The ICJ judges largely rejected Australia’s arguments. Pictured: ICJ President Yuji Iwasawa (third from right) and members issuing their advisory opinion.
    JOHN THYS/AFP via Getty Images

    Fossil fuel era is over

    The court found Australia, and other fossil fuel producers, are obliged under international law to prevent fossil fuel companies in their territory from causing significant climate harm.

    This will essentially require a managed phase out of fossil fuel production. As the ICJ ruling says:

    Failure of a State to take appropriate action to protect the climate system from [greenhouse gas] emissions – including through fossil fuel production, fossil fuel consumption, the granting of fossil fuel exploration licences or the provision of fossil fuel subsidies – may constitute an internationally wrongful act which is attributable to that State.

    Australia is one of the world’s largest exporters of coal and gas. When burned overseas, emissions from Australia’s fossil fuel exports are more than double those of its entire domestic economy.

    Australia has approved hundreds of oil, gas and coal projects in recent decades. Dozens more are in the approvals pipeline. Final federal approval is still pending for Woodside’s massive Northwest Shelf gas project – which is set to add millions of tonnes of greenhouse gas emissions every year, for decades.

    The Australian government must heed the message from the Hague. The days of impunity for the fossil fuel industry are coming to an end.

    Woodside’s massive Northwest Shelf gas project is set to add millions of tonnes of greenhouse gas emissions every year.
    GREG WOOD/AFP via Getty Images

    A spark of hope from the Pacific

    Today’s ruling is remarkable for where it originated.

    In 2019, 27 law students at the University of the South Pacific in Vanuatu were given a challenge: find the most ambitious legal pathways towards climate justice.

    Each year, Vanuatu faces the prospect of cyclones, earthquakes, tsunamis, volcanoes, flooding rain and drought. Climate change compounds the risk to island communities – people who have done the least to contribute to the problem.

    The students decided to file a case with the world court. And so began a legal campaign that travelled from Vanuatu’s capital, Port Vila, through the halls of the United Nations in New York and to the world court in the Hague.

    In 2023 Vanuatu and other island nations succeeded in passing a UN General Assembly resolution. It asked the ICJ to give an advisory opinion on countries’ obligations to protect the climate system and legal consequences for states causing “significant harm” to Earth’s climate.

    This week’s ruling delivers poetic justice to Vanuatu and other vulnerable island states.

    The ruling delivers poetic justice to Vanuatu and other vulnerable island states. Pictured: representatives of Pacific states outside the International Court of Justice in December 2024.
    Michel Porro/Getty Images

    A new era for climate justice

    The court’s findings are likely to influence a wave of climate litigation worldwide. It could shape legal reasoning in Australia, too.

    Last week, a Federal Court judge found the Australian government has no legal duty of care to protect Torres Strait Islanders from climate change. If that case is appealed, a superior court may revisit the government’s obligations – and have regard to the ICJ ruling in doing so.

    The ICJ decision will also be relevant for the Queensland Land Court, which this week began hearing a challenge to stop a greenfield mine proposed by Whitehaven Coal – citing environmental and human rights impacts of the project’s emissions.

    Clarified international law obligations should also guide policymakers in the Australian parliament. With a huge majority in the House of Representatives and a climate-friendly Senate crossbench, the Albanese government has a mandate to implement policy in line with Australia’s international law obligations.

    Wesley Morgan is a fellow with the Climate Council of Australia

    Gillian Moon is a regular donor to the Australian Conservation Foundation, which is a party in the Whitehaven Coal case.

    – ref. World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia – https://theconversation.com/worlds-highest-court-issues-groundbreaking-ruling-for-climate-action-heres-what-it-means-for-australia-261842

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 24, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 24, 2025.

    World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia
    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney JOHN THYS/AFP via Getty Images The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions

    Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Energy and climate issues are front and centre for both sides of politics. The government is struggling with pushback from some regional communities against the rollout of transmission lines and wind farms. At the same time, it will soon have

    Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy
    Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University MARCO BERTORELLO/AFP via Getty Images Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s

    Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image
    Source: The Conversation (Au and NZ) – By Benjamin Pope, Associate Professor, School of Mathematical and Physical Sciences, Macquarie University The day before my thesis examination, my friend and radio astronomer Joe Callingham showed me an image we’d been awaiting for five long years – an infrared photo of two dying stars we’d requested from

    UN’s highest court finds countries can be held legally responsible for emissions
    By Jamie Tahana in The Hague for RNZ Pacific The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change. In a landmark opinion delivered yesterday in

    Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars
    Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images You may have read that the deep sea is a very different environment from the land and shallow water. There is no light,

    Birds use hidden black and white feathers to make themselves more colourful
    Source: The Conversation (Au and NZ) – By Simon Griffith, Professor of Avian Behavioural Ecology, Macquarie University The green-headed tanager (_Tangara seledon_) has a hidden layer of plumage that is white underneath the orange feathers and black underneath the blue and green feathers. Daniel Field Birds are perhaps the most colourful group of animals, bringing

    Is sleeping a lot actually bad for your health? A sleep scientist explains
    Source: The Conversation (Au and NZ) – By Charlotte Gupta, Senior Postdoctoral Research Fellow, Appleton Institute, HealthWise Research Group, CQUniversity Australia Walstrom, Susanne/Getty We’re constantly being reminded by news articles and social media posts that we should be getting more sleep. You probably don’t need to hear it again – not sleeping enough is bad

    From grasslands to killing fields: why trees are bad news for one of Australia’s most stunning birds
    Source: The Conversation (Au and NZ) – By Gabriel Crowley, Adjunct Associate Professor in Geography, University of Adelaide JJ Harrison/Wikimedia, CC BY Picture this. A small, rainbow-coloured chick emerges from its nest for the first time. It stretches its wings and prepares to take flight. But before the fledgling’s life in the wild has begun,

    As seas rise and fish decline, this Fijian village is finding new ways to adapt
    Source: The Conversation (Au and NZ) – By Celia McMichael, Professor in Geography, The University of Melbourne Celia McMichael, CC BY-NC-ND In the village of Nagigi, Fiji, the ocean isn’t just a resource – it’s part of the community’s identity. But in recent years, villagers have seen the sea behave differently. Tides are pushing inland.

    After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever
    Source: The Conversation (Au and NZ) – By Ben McCann, Associate Professor of French Studies, University of Adelaide United Artists/Getty Images In 1955, director Charles Laughton crafted one of the darkest, strangest fairytales ever to come out of Hollywood. The Night of the Hunter remains visually exquisite and profoundly unsettling. Shortly before Ben Harper is

    Almost a third of NZ households face energy hardship – reform has to go beyond cheaper off-peak power
    Source: The Conversation (Au and NZ) – By Kimberley O’Sullivan, Senior Research Fellow, He Kainga Oranga – Housing and Health Research Programme, University of Otago Igor Suka/Getty Images The spotlight is again on New Zealand’s energy sector, with a group of industry bodies and independent retailers pushing for a market overhaul, saying the sector was

    Immigration courts hiding the names of ICE lawyers goes against centuries of precedent and legal ethics requiring transparency in courts
    Source: The Conversation (Au and NZ) – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University Some immigration courts have allowed ICE attorneys to conceal their names during proceedings. Jacob Wackerhausen/iStock via Getty Images Something unusual is happening in U.S. immigration courts. Government lawyers are

    How the UK’s immigration system splits families apart – by design
    Source: The Conversation (Au and NZ) – By Nando Sigona, Professor of International Migration and Forced Displacement and Director of the Institute for Research into International Migration and Superdiversity, University of Birmingham arda savasciogullari/Shutterstock The letter that arrived for eleven-year-old Guilherme in June 2025 was addressed personally to him. The UK Home Office was informing

    4.48 Psychosis revival: the play’s window into a mind on the edge is as brutal as ever
    Source: The Conversation (Au and NZ) – By Leah Sidi, Associate Professor of Health Humanities, UCL Under bright lights, the audience looks at a bare stage on two planes. Below, a small stage is white and empty, occupied only by a table and two chairs. Above, a huge, slanted mirror reflects a bird’s-eye view of

    Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics has hurt the famous women traders
    Source: The Conversation (Au and NZ) – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined

    2 ways cities can beat the heat: Which is best, urban trees or cool roofs?
    Source: The Conversation (Au and NZ) – By Ian Smith, Research Scientist in Earth & Environment, Boston University Trees like these in Boston can help keep neighborhoods cooler on hot days. Yassine Khalfalli/Unsplash, CC BY When summer turns up the heat, cities can start to feel like an oven, as buildings and pavement trap the

    Indonesian military set to complete Trans-Papua Highway under Prabowo’s rule
    By Julian Isaac The Indonesian Military (TNI) is committed to supporting the completion of the Trans-Papua Highway during President Prabowo Subianto’s term in office. While the military is not involved in construction, it plays a critical role in securing the project from threats posed by pro-independence Papuan resistance groups in “high-risk” regions. Spanning a total

    View from The Hill: Nationals’ mavericks ensure the Coalition is the issue in parliament’s first week
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra For almost as long anyone can remember, the Nationals have caused the Coalition grief on climate and energy policy. Still, for Barnaby Joyce to bring on a fresh load of trouble – with a private member’s bill to scrap Australia’s

    Childcare centres will have funding stripped if they’re not ‘up to scratch’. Is this enough?
    Source: The Conversation (Au and NZ) – By Erin Harper, Lecturer, School of Education and Social Work, University of Sydney Maskot/Getty Images Childcare centres will lose their eligibility for fee subsidies if they don’t meet safety standards, according to a new bill introduced to parliament on Wednesday. As Education Minister Jason Clare told parliament: it

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 24, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 24, 2025.

    World’s highest court issues groundbreaking ruling for climate action. Here’s what it means for Australia
    Source: The Conversation (Au and NZ) – By Wesley Morgan, Research Associate, Institute for Climate Risk and Response, UNSW Sydney JOHN THYS/AFP via Getty Images The world’s highest court says countries are legally obliged to prevent harms caused by climate change, in a ruling that repudiates Australia’s claims it is not legally responsible for emissions

    Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Energy and climate issues are front and centre for both sides of politics. The government is struggling with pushback from some regional communities against the rollout of transmission lines and wind farms. At the same time, it will soon have

    Cycling’s governing body is introducing new rules to slow down elite riders. Not everyone’s happy
    Source: The Conversation (Au and NZ) – By Popi Sotiriadou, Associate Professor of Sport Management – Director Business Innovation, Griffith University MARCO BERTORELLO/AFP via Getty Images Most sports look to support their athletes to become “faster, higher, stronger” – in reference to the Olympic Games’ original motto – so it is perhaps surprising that cycling’s

    Swirling nebula of two dying stars revealed in spectacular detail in new Webb telescope image
    Source: The Conversation (Au and NZ) – By Benjamin Pope, Associate Professor, School of Mathematical and Physical Sciences, Macquarie University The day before my thesis examination, my friend and radio astronomer Joe Callingham showed me an image we’d been awaiting for five long years – an infrared photo of two dying stars we’d requested from

    UN’s highest court finds countries can be held legally responsible for emissions
    By Jamie Tahana in The Hague for RNZ Pacific The United Nations’ highest court has found that countries can be held legally responsible for their greenhouse gas emissions, in a ruling highly anticipated by Pacific countries long frustrated with the pace of global action to address climate change. In a landmark opinion delivered yesterday in

    Five arms, no heart and a global family: what DNA revealed about the weird deep-sea world of brittle stars
    Source: The Conversation (Au and NZ) – By Tim O’Hara, Senior Curator of Marine Invertebrates, Museums Victoria Research Institute A brittle star of the species _Gorgonocephalus eucnemis_. Lagunatic Photo / Getty Images You may have read that the deep sea is a very different environment from the land and shallow water. There is no light,

    Birds use hidden black and white feathers to make themselves more colourful
    Source: The Conversation (Au and NZ) – By Simon Griffith, Professor of Avian Behavioural Ecology, Macquarie University The green-headed tanager (_Tangara seledon_) has a hidden layer of plumage that is white underneath the orange feathers and black underneath the blue and green feathers. Daniel Field Birds are perhaps the most colourful group of animals, bringing

    Is sleeping a lot actually bad for your health? A sleep scientist explains
    Source: The Conversation (Au and NZ) – By Charlotte Gupta, Senior Postdoctoral Research Fellow, Appleton Institute, HealthWise Research Group, CQUniversity Australia Walstrom, Susanne/Getty We’re constantly being reminded by news articles and social media posts that we should be getting more sleep. You probably don’t need to hear it again – not sleeping enough is bad

    From grasslands to killing fields: why trees are bad news for one of Australia’s most stunning birds
    Source: The Conversation (Au and NZ) – By Gabriel Crowley, Adjunct Associate Professor in Geography, University of Adelaide JJ Harrison/Wikimedia, CC BY Picture this. A small, rainbow-coloured chick emerges from its nest for the first time. It stretches its wings and prepares to take flight. But before the fledgling’s life in the wild has begun,

    As seas rise and fish decline, this Fijian village is finding new ways to adapt
    Source: The Conversation (Au and NZ) – By Celia McMichael, Professor in Geography, The University of Melbourne Celia McMichael, CC BY-NC-ND In the village of Nagigi, Fiji, the ocean isn’t just a resource – it’s part of the community’s identity. But in recent years, villagers have seen the sea behave differently. Tides are pushing inland.

    After 70 years, twisted gothic thriller The Night of the Hunter remains as disturbing and beguiling as ever
    Source: The Conversation (Au and NZ) – By Ben McCann, Associate Professor of French Studies, University of Adelaide United Artists/Getty Images In 1955, director Charles Laughton crafted one of the darkest, strangest fairytales ever to come out of Hollywood. The Night of the Hunter remains visually exquisite and profoundly unsettling. Shortly before Ben Harper is

    Almost a third of NZ households face energy hardship – reform has to go beyond cheaper off-peak power
    Source: The Conversation (Au and NZ) – By Kimberley O’Sullivan, Senior Research Fellow, He Kainga Oranga – Housing and Health Research Programme, University of Otago Igor Suka/Getty Images The spotlight is again on New Zealand’s energy sector, with a group of industry bodies and independent retailers pushing for a market overhaul, saying the sector was

    Immigration courts hiding the names of ICE lawyers goes against centuries of precedent and legal ethics requiring transparency in courts
    Source: The Conversation (Au and NZ) – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University Some immigration courts have allowed ICE attorneys to conceal their names during proceedings. Jacob Wackerhausen/iStock via Getty Images Something unusual is happening in U.S. immigration courts. Government lawyers are

    How the UK’s immigration system splits families apart – by design
    Source: The Conversation (Au and NZ) – By Nando Sigona, Professor of International Migration and Forced Displacement and Director of the Institute for Research into International Migration and Superdiversity, University of Birmingham arda savasciogullari/Shutterstock The letter that arrived for eleven-year-old Guilherme in June 2025 was addressed personally to him. The UK Home Office was informing

    4.48 Psychosis revival: the play’s window into a mind on the edge is as brutal as ever
    Source: The Conversation (Au and NZ) – By Leah Sidi, Associate Professor of Health Humanities, UCL Under bright lights, the audience looks at a bare stage on two planes. Below, a small stage is white and empty, occupied only by a table and two chairs. Above, a huge, slanted mirror reflects a bird’s-eye view of

    Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics has hurt the famous women traders
    Source: The Conversation (Au and NZ) – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined

    2 ways cities can beat the heat: Which is best, urban trees or cool roofs?
    Source: The Conversation (Au and NZ) – By Ian Smith, Research Scientist in Earth & Environment, Boston University Trees like these in Boston can help keep neighborhoods cooler on hot days. Yassine Khalfalli/Unsplash, CC BY When summer turns up the heat, cities can start to feel like an oven, as buildings and pavement trap the

    Indonesian military set to complete Trans-Papua Highway under Prabowo’s rule
    By Julian Isaac The Indonesian Military (TNI) is committed to supporting the completion of the Trans-Papua Highway during President Prabowo Subianto’s term in office. While the military is not involved in construction, it plays a critical role in securing the project from threats posed by pro-independence Papuan resistance groups in “high-risk” regions. Spanning a total

    View from The Hill: Nationals’ mavericks ensure the Coalition is the issue in parliament’s first week
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra For almost as long anyone can remember, the Nationals have caused the Coalition grief on climate and energy policy. Still, for Barnaby Joyce to bring on a fresh load of trouble – with a private member’s bill to scrap Australia’s

    Childcare centres will have funding stripped if they’re not ‘up to scratch’. Is this enough?
    Source: The Conversation (Au and NZ) – By Erin Harper, Lecturer, School of Education and Social Work, University of Sydney Maskot/Getty Images Childcare centres will lose their eligibility for fee subsidies if they don’t meet safety standards, according to a new bill introduced to parliament on Wednesday. As Education Minister Jason Clare told parliament: it

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Senator Murray, British Columbia Premier Eby, WA Small Businesses Speak Out About How Trump’s Reckless Trade War with Canada is Creating Chaos, Hurting Business, and Raising Costs

    US Senate News:

    Source: United States Senator for Washington State Patty Murray

    ICYMI: Senator Murray Hears from Mayors and Business Leaders About How Trump’s Trade War is Hurting Border Communities in Northwest Washington

    AP: Trump’s 35% Canada tariff plan deepens a rift between the neighbors

    ***WATCH HERE; DOWNLOAD HERE***

    Washington, D.C. –  Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference with British Columbia Premier David Eby and Washington state business leaders to sound the alarm on how President Trump’s trade war with Canada is driving down business and creating chaos for families, small businesses, and economies on both sides of the border.

    Canada is the second-largest export market for Washington state, exporting $7.9 billion in goods and $2.2 billion in services annually. Washington state imports $17.8 billion in goods from Canada each year, with energy imports accounting for 54 percent of that total. 608 Canadian-owned companies employ 25,050 workers in Washington state. Canada is also the largest source of international visitors to the U.S., accounting for 20.4 million visits and $20.5 billion in spending in 2024. The Bureau of Transportation Statistics reported a 35 percent drop in border crossings into the U.S. through the Peace Arch and Pacific Highway Crossings in Washington state this May, compared to the same month last year. Additional data on trade between Washington state and Canada is available HERE.  

    President Trump recently announced a plan to impose 35 percent tariffs across-the-board on imports from Canada beginning August 1st. This comes after Trump has already applied 50 percent tariffs on steel and aluminum—of which Canada is the largest exporter to the United States—and 25 percent duties on cars, excluding U.S. made parts. Yesterday, after a meeting with Canada’s political leaders—including Premier Eby—Prime Minister Mark Carney downplayed the chances of success in talks aimed at reaching a trade deal with President Trump.

    “Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries,” Senator Murray said at the press conference today. “Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year. So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.”

    “Here’s what Trump needs to understand: this is not reality TV. It is actual reality,” Senator Murray continued. “These aren’t people playing ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up. So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy. It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.”

    “We have a long and happy relationship with the American people; they’re our friends, our family members and coworkers. President Trump’s actions have broken our trust with his government, but they’ll never shake our relationship with our closest neighbours. I am grateful for Senator Murray’s leadership at this time in calling out a President that ran on an affordability agenda and is now bringing in tariffs that are raising the price of everyday goods for hard working families,” said David Eby, Premier of British Columbia.  

    “President Trump seems to have created the 51st state that he was talking about, which is the great state of uncertainty. And this is affecting all of us and that we predict that in 2025 alone, that tariffs will cost SEL $100 million in unanticipated federal taxes. These $100 million, divided by our 7000 owners, is a hit of $14,000 per employee around the world. And I agree so much with Senator Murray that the best thing we can do is to support the efforts by Democrats and Republicans in both the House and the Senate to restore congressional control over tariffs and block this President and future ones from abusing executive orders, especially here in the case of free trade,” saidDr. Ed Schweitzer, founder of Schweitzer Engineering Laboratories in Pullman.

    “Maintaining good relations with our northern neighbors is paramount to our maritime industry. Along with being a key supplier for vital parts of the industry, our relations also impact negotiations, such as the Pacific Salmon Treaty being negotiated right now. These negotiations and trade rely on goodwill and good relations, and we cannot state enough how much we value our Canadian partners in all sectors of our maritime industry here in the United States,” said Dan Tucker, Executive Director of the Whatcom Working Waterfront Coalition.

    Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs in the state tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.

    Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been constantly lifting up the voices of people in every corner of Washington state who are being harmed by this administration’s approach to trade. Senator Murray continues to call on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this year—among many other events—Senator Murray brought together leaders across Washington state to highlight how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector, and held a roundtable discussion in Blaine on how Trump’s chaotic trade war and senseless tariffs are specifically hurting Washington state’s border communities and local businesses. Senator Murray has also taken to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else.

    Senator Murray’s full remarks, as delivered, are below and video is HERE:

    “Thank you everyone for joining us today.

    “You know for a so-called businessman, President Trump doesn’t seem to know the first thing about running a business—then again, maybe that explains his six bankruptcies. But besides that, every time Trump opens his mouth, he is demonstrating that he doesn’t understand how tariffs work and doesn’t care if his absurd tax hikes are hurting our economy and our small businesses. The reality is plain as day. Especially in places like Washington state where we are on the front line of a trade war with our neighbors that nobody asked for.

    “Canada isn’t just a trading partner for us—it is our ally, and they are our neighbor. We have friends, and families that span that northern border. We have supply lines and businesses that depend on the open flow of trade, tourism, and goodwill between our countries.

    “Canada is one of our largest trading partners—accounting for, every year, nearly $8 billion in exports including our seafood, apples, and airplane parts and more than $2 billion in cross-border tourism and business. Not to mention we actually import nearly $18 billion in goods from Canada each year.  

    “So, for us, having Trump throw a tantrum with these tariffs is really throwing a wrench into our businesses that have operated for decades, and throwing communities on both sides of the border into chaos, and really throwing our neighborly way of life into jeopardy.

    “How are farmers supposed to stay afloat when Trump just jacked up the cost of the supplies they need, at the same time that he is driving some of their best customers away?

    “How are businesses and factories supposed to keep the lights on when their supply chains are being disrupted, and their inputs—like energy, and steel, and aluminum—keep getting more expensive?

    “How are hotels and towns that are fueled by tourism supposed to keep their doors open, when cancellations are going up, bookings are going down, and 75 percent of Canadian travelers who weregoing to visit the U.S. are deciding they’d now rather go somewhere the President doesn’t constantly attack?

    “So, let’s be clear, these aren’t hypothetical questions. They are the cold, hard realities Trump is forcing onto our communities. It doesn’t take much imagination to see how hard Trump’s trade war is making life for people—especially for our border communities.

    “All you have to do is listen. Talk to ferry operators, who are feeling the squeeze of reduced travel. Talk to community leaders in Bellingham and Whatcom County, where 12 percent of taxable retail sales came from Canadians. Talk to business owners in Point Roberts, which just completely depends on Canadian trade and tourism.

    “I have been telling this over and over to my colleagues and anyone who will listen. If you want to understand the real cost of what is happening, come to Washington state, talk to people on the front lines of this pointless, painful trade war.

    “And that’s exactly why we are having this call today. To put a spotlight on what we are seeing on both sides of the border; to make more of these voices heard; to raise the alarm; and maybe even offer a little economics lesson to Trump—since he appears to need it.

    “When you raise the costs for small businesses—which is exactly what tariffs do, when you drive away loyal customers, and trading partners—which is exactly what happens when you toss up barriers and toss out insults—you make life harder, and you raise costs for everyday Americans. It is very clear that President Trump wants to treat tariffs like a reality TV show, constantly playing up the outrage and the uncertainty of the ‘Will he? Won’t he?’ drama that he seems to like living in. But the questions that I am hearing when I talk to folks home in Washington state, are more like, ‘Why on Earth would he do this?’ and ‘What the heck is he thinking?’ and ‘How am I going to be able to afford this?’

    “Because here’s what Trump needs to understand: this is not reality TV. This is actual reality. These aren’t peopleplaying ‘businessman’—they are trying to run actual businesses, that employ actual Americans. Unlike him, they don’t thrive on outrage. And they do not want any drama, they need certainty, they need common sense. And they need policies that bring in customers, not drive them away, and bring prices down, not drive them up.

    “So, I want you all to know I am going to keep fighting in Congress to put an end to these pointless tariffs that are making life harder for people on both sides of our border. And I will keep pushing for legislation to reassert Congress’s power over tariff policy.

    “It is beyond clear we cannot entrust this responsibility to a President who is toggling economic policies on and off like a kid with a joystick.

    “We have got to keep talking about this, which is why we are having this call today, until more of my Republican colleagues get the message. And I thank everybody who’s participating in this today to talk about what you are seeing.

    “So, I’m joined on this call by British Columbia Premier David Eby, he will be speaking next. As I’ve told him in the past, I appreciate our relationship and thank you for working with us on this. It’s a joy to have you on this call.”

    MIL OSI USA News –

  • MIL-OSI USA: Sen. Markey, Rep. Khanna Introduce Legislation to Pause Sentinel Nuclear Missile Program

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Bill Text (PDF)

    Washington (July 23, 2025) – Senator Edward J. Markey (D-Mass.) and Representative Ro Khanna (CA-17), along with Senators Bernie Sanders (I-Vt.), Jeff Merkley (D-Ore) and Chris Van Hollen (D-Md.), today introduced the Investing in Children Before Missiles (ICBM) Act of 2025, legislation that would redirect funding from the troubled Sentinel nuclear Intercontinental Ballistic Missile (ICBM) program to the U.S. Department of Education.

    The Trump administration is planning to replace the current fleet of nuclear-armed Minuteman III ICBMs with a new fleet of Sentinel ICBMs. However, the Sentinel program is so over budget and behind schedule that the Department of Defense (DoD) was forced to complete a Nunn–McCurdy review last year that found that the cost of the program had skyrocketed to $141 billion, an 81 percent increase. Moreover, the Air Force recently announced the Sentinel program will likely require digging new missile silos, a move that would cause further significant cost increases and schedule delays. In response to Sentinel’s setbacks, DoD is restructuring the program and considering extending the life of the Minuteman III by 11 years, from 2039 to 2050.

    In addition, the Air Force recently announced its plans to pay for upgrades to President Trump’s gift jet from Qatar using excess Sentinel funds. This is yet more evidence that Sentinel funding is “excess to need” and that the program should be paused for one year while it is being restructured. Nevertheless, the Trump administration is seeking to double the budget for the Sentinel missile to $4.1 billion for fiscal year 2026.

    “The United States should invest in education, not annihilation,” said Senator Markey. “The ICBM Act makes clear that we will not continue to waste billions on nuclear weapons we do not need—and that actually make us less safe—when there are more important things to fund, like public education. The Sentinel program is 81 percent overbudget—we are literally throwing taxpayer dollars down the deepest money pit ever created. When you are in a hole, stop digging. The ICBM Act signals we intend to make the world safe from nuclear weapons and prioritize spending that improves lives, rather than endangering them.”

    “The Trump administration’s Sentinel program is $60 billion over budget and years behind schedule. We need to invest into Americans, not further increase wasteful defense spending. I’m proud to join my colleagues in introducing the Investing in Children Before Missiles Act of 2025 that will pause the Sentinel program, commission an independent review of existing missile capacity, and redirect funds saved into K-12 programs in low-income communities,” said Rep. Khanna.

    “While the world has changed significantly since I was a nuclear weapons policy analyst at the Pentagon and Congressional Budget Office, the costs associated with nuclear weapons have steadily increased,” said Senator Merkley. “The United States is currently spending billions of dollars on nuclear weapons programs with limited oversight and accountability. As cost overruns continue to mount, Congress must rein in out-of-control nuclear weapons spending and instead responsibly invest these dollars in the success of America’s future leaders: our children.”

    “Instead of sinking tens of billions of taxpayer dollars into propping up a relic of our outdated Cold War-era nuclear strategy – and raising the risk of global mass destruction – we can invest more in fostering greater opportunity for our next generation. The Investing in Children Before Missiles Act does just that – diverting taxpayer funds away from an increasingly expensive boondoggle and instead directing them toward ensuring every child receives a quality education, without compromising our national security. If there ever was an opportunity for greater government efficiency, this is it,” said Senator Van Hollen.

    The ICBM Act is endorsed by the Federation of American Scientists, Council for a Livable World, Friends Committee on National Legislation, Union of Concerned Scientists, Win Without War and United Methodist Church – General Board of Church and Society.

    “Whether you think nuclear weapons make us more secure or put us at grave risk, everyone can agree that programs should run on time and on budget, or close to it. The Sentinel program is tens of billions over budget and years behind schedule. This is a classic white elephant program – rushed into production before key milestones were reached. The ICBM program should be sent back to the drawing board. We can do much better things that make America safer, stronger and more prosperous with $200 billion,” said Jon Wolfsthal, Director of Global Risk, Federation of American Scientists and former special assistant to the President.

    “The Sentinel ICBM is completely unnecessary, wildly expensive, and so far behind schedule the Pentagon has only a vague idea of when it will be deployed. Given that ICBMs are vulnerable to attack, and therefore kept on hair trigger alert, they create pointless risk. UCS has long called for eliminating them entirely. Sentinel should be cancelled and existing ICBMs retired,” said Stephen Young, Associate Director, Government Affairs, Global Security Program, Union of Concerned Scientists.

    “The Sentinel ICBM program is a case study in waste, risk, and misplaced priorities. There is no justification for pouring billions more into new land-based nuclear missiles that increase the risk of accidental war. Instead of deepening our dependence on Cold War-era thinking, we should invest in the future our children deserve: strong public schools, climate resilience, and real security rooted in equity and care. We applaud Senator Markey and Representative Khanna for their leadership in stopping the dangerous and costly Sentinel program and redirecting those resources to what truly keeps our communities safe,” said Sara Haghdoosti, Executive Director of Win Without War.

    “In 2021, Sen. Markey and Rep. Khanna first introduced the ICBM Act to pause funding and work on the already-troubled Sentinel program. Since then, the Sentinel program has continued to raise alarm bells, including in 2024 when it violated the Nunn-McCurdy Act by being more than 30% over budget. Now, the more we learn about this program, the more problems we uncover about its exceptional cost — it is now at least 80% over budget — and inability to meet deadlines. These additional concerns even led the Air Force to talk about a further life-extension of the Minuteman III missile, which the Sentinel is supposed to replace. Enough. It is past time for Congress to ask some serious questions about the necessity of this program and make some tough decisions to stop throwing good money after bad. Modernization of our nuclear forces should not be a blank check. At a time when it seems every government program is under a microscope and funding for critical programs that help every day Americans is being cut, pausing funding and work on this one program until Congress can get to the bottom of the cause of its issues seems like a no-brainer,” said John Tierney, Executive Director, Council for a Livable World.

    “As people of faith committed to peace, justice, and responsible stewardship of public resources, the Friends Committee on National Legislation strongly supports the Investing in Children Before Missiles (ICBM) Act. We oppose pouring billions into new nuclear weapon systems, especially one that’s so consistently over budget and behind schedule. It’s time to end the wasteful spending on the Sentinel program and invest instead in schools and communities,” said Allen Hester, Legislative Representative for Nuclear Disarmament & Pentagon Spending, Friends Committee on National Legislation.

    MIL OSI USA News –

  • MIL-OSI Russia: Analysis of China’s Economic Growth Drivers for the First Half of the Year

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    On July 15, the National Bureau of Statistics (NBS) of China released data showing that China’s gross domestic product (GDP) for the first half of 2025 was 66.0536 trillion yuan. In terms of constant prices, the year-on-year growth reached 5.3%. NBS Deputy Director Sheng Laiyun noted that since the beginning of this year, the national economy has withstood the pressure and, despite the difficulties, continues to develop steadily, accumulating new driving forces for growth and improving the circulation of economic processes.

    As the data show, in the first half of the year, the contribution of final consumption expenditure to economic growth was 52%, gross capital formation was 16.8%, and net exports of goods and services was 31.2%. Of these “three driving forces” of the economy, consumption remains the main factor in GDP growth.

    According to Wang Xiaosong, professor at the Institute of Economics at Renmin University of China, the data for the first half of the year show that the Chinese economy is developing steadily while maintaining stability, demonstrating its high resilience and potential for future growth. This is mainly due to China’s solid industrial base – both the manufacturing and service sectors have made significant progress in recent years. The indicators for the first half of the year show that added value and investment in machinery are growing rapidly, demonstrating the high resilience and potential for development of the Chinese economy. In addition, the government has taken a number of measures to stabilize growth. Both fiscal policy and targeted monetary policy have had a very positive effect.

    In the first half of the year, the consumer market continued to gain momentum, and the potential of the super-large Chinese market was steadily unleashed, demonstrating the dynamism of the Chinese economy. In terms of market sales, the total retail sales volume of consumer goods in the first half of the year was 24.55 trillion yuan, up 5% year-on-year.

    According to Qi Yunlan, deputy department director and research fellow at the Institute of Market Economy, Development Research Center of the State Council, this year, with the effective combination of policies to actively support consumption and the continued optimization of the consumption structure, the domestic consumer market has improved significantly. The trade-in program has been expanded and improved, which has stimulated the acceleration of growth in commodity consumption.

    According to statistics, in the first half of this year, China’s industrial production rapidly gained momentum, and the machinery and high-tech manufacturing industries showed good growth dynamics. The added value of machinery increased by 10.2% compared with the same period last year, and that of high-tech manufacturing by 9.5%. From January to May, the number of applications for valid invention patents in China approached 5 million, up 12.8% year-on-year.

    According to Lian Ping, chairman of the China Forum of Chief Economists and director of the Guangkai Institute of Industrial Research, the economic performance in the first six months generally exceeded market expectations, with the main feature being the release of pent-up demand and the improvement of the economic structure. Consumption growth was higher than market expectations and significantly recovered from the previous year. In addition, production and investment in the manufacturing industry showed steady positive dynamics, especially in areas related to new-quality productive forces, where the growth rate exceeded the double-digit threshold.

    In the first half of the year, the total volume of import and export trade was 21.7876 trillion yuan, up 2.9% year-on-year. Machinery exports grew by 9.5% to account for 60% of total exports.

    Qin Tai, deputy director and chief macroeconomic analyst at Huafu Securities Research Institute, said that two key factors played a decisive role in the first half of the year. First, financial subsidies for durable goods provided a significant stimulus effect. Second, China’s industrial chain, with its integrity, advanced technology and resilience, performed well.

    Sheng Laiyun said that the economy as a whole performed steadily in the first half of the year, showing positive dynamics while maintaining stability, which is a very valuable achievement. Since the beginning of this year, China has been implementing more active and effective macroeconomic policies, which has played an important role in maintaining stability. According to the instructions of the central government, relevant departments will speed up the implementation of a set of measures for the second half of the year in the near future, and they will continue to play a key role in ensuring the stable functioning of the economy.

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

    .

    MIL OSI Russia News –

  • MIL-Evening Report: Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31

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

    Energy and climate issues are front and centre for both sides of politics. The government is struggling with pushback from some regional communities against the rollout of transmission lines and wind farms. At the same time, it will soon have to produce its 2035 target under the Paris climate agreement.

    Meanwhile, the opposition is fractured over whether to stick by its commitment to net zero emissions by 2050.

    We’re joined on this podcast by the Minister for Climate Change and Energy Chris Bowen.

    Bowen remains upbeat about the energy transition:

    I think it’s going well. We can always do more, and there’s always more effort needed, and the job is far from done. But when you consider what we’ve achieved over the first three years, I would say pleased but not yet satisfied. We are, by and large, on track for our 43% emissions reduction. Just in the last couple of days, [we saw] some excellent figures about the amount of new renewable electricity connected to the grid.

    So all this is a very significant turnaround from 2022, but I’m far from mission accomplished. There’s still a lot more to do. This is the biggest economic transition our country has undertaken, and you don’t sort of do three years’ work and put your feet up. This is a constant effort, and that’s an effort on which I’m entirely focused.

    Just now, Bowen is also focused on preliminary work for Treasurer Jim Chalmers’ Economic Reform Roundtable in August.

    Bowen announces he’ll be hosting two roundtables of his own, feeding into the broad August 19-21 meeting:

    I’ll be holding two roundtables, one on electricity and one on climate adaptation which is going to be an increasing focus of this government and future governments because tragically the world has left it too late to avoid the impacts of climate change. We can hopefully avoid the worst catastrophic impacts of more than 1.5 and two to three degrees.

    On Australia’s bid to host COP in 2026, Bowen says Australia has the votes against the other contender, Turkey, but the decision-making process is informal:

    So one of the things about the process to decide COPs I’ve learnt is it’s quite opaque and there’s no particular timeline and no particular rules to the ballot. I will say, I’ve said before, we’ve got very strong support. So it’s not a matter of going out and getting more votes.

    But there’s no agreed time or process for a ballot. It’s meant to work on a consensus, sort of an old world, sort of gentlemanly approach to say whoever loses will withdraw.

    Despite the delay, Bowen says Australia will be ready if the bid is successful:

    Having said that, the last COP, the one last year, in Azerbaijan, I accept Azerbaijan is a very different country to Australia, but they found out a year in advance as well. And logistically, physically, they put on a very good COP, that can be done. And I know the Premier of South Australia is a very, very enthusiastic supporter of hosting the COP.

    On the Coalition potentially dropping its commitment to net zero by 2050, Bowen calls the target “the basic bare minimum of action”:

    It’s what the IPCC has recommended as what is absolutely necessary to avoid […] the worst catastrophic impacts of [climate change]. To be debating net zero 2050 in Australia this year is like debating whether the sun should come up. It’s the most basic framework. It’s nowhere near enough.

    I think it’s got strong support, and it’s retaining that. I mean, the election result shows that. That we were told to get on with it. Keep going basically.

    I’ll just say this. At least Peter Dutton had net zero as a policy objective. I mean, Sussan may be indicating maybe she won’t. I used to say Peter Dutton would be the worst prime minister for climate than Tony Abbott, and I was correct at the time, but now it’s starting to look like Sussan Ley would be even worse.

    Michelle Grattan does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Politics with Michelle Grattan: Chris Bowen on why it’s ‘a little frustrating’ bidding for COP 31 – https://theconversation.com/politics-with-michelle-grattan-chris-bowen-on-why-its-a-little-frustrating-bidding-for-cop-31-261763

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China’s public security authorities safeguard high-quality development over 14th Five-Year Plan period

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

    A telecom fraud suspect is escorted by Chinese police officers at the Kunming Changshui International Airport in Kunming, southwest China’s Yunnan Province, Jan. 30, 2024. [Photo/Xinhua]

    China’s public security organs have helped facilitate the nation’s high-quality development by resolutely safeguarding public safety during the 14th Five-Year Plan period (2021-2025), a senior Chinese public security official said on Wednesday.

    “China is widely recognized as one of the safest countries in the world,” Qi Yanjun, vice minister of public security, said at a press conference on public security during the 2021-2025 period.

    “China has maintained one of the lowest incidence rates of fatal criminal cases, the lowest rate of criminal offenses, and the fewest cases involving firearms and explosives in the world,” Qi noted.

    World’s safest country

    During the 14th Five-Year Plan period, public security authorities have focused on safeguarding the safety and well-being of the public, continuously intensifying efforts to combat criminal offenses, leading to a steady decline in the overall number of criminal cases nationwide, senior police officer Jiang Guoli said at the press conference.

    China has consistently ranked among the countries with the lowest homicide rates globally, with a rate of 0.44 per 100,000 people in 2024, said Jiang, who is the political commissar of the Ministry of Public Security (MPS) criminal investigation bureau.

    China has maintained a hard stance on gang-related crime. Chinese police have dismantled over 590 mafia-style organizations and over 8,900 other criminal gangs to date during the 14th Five-Year Plan period, according to Jiang.

    More than 105,000 gang-related criminal cases have been solved nationwide since 2021, he said, stressing that law enforcement agencies have maintained a zero-tolerance policy on organized crime — particularly for complex, high-profile cases.

    He noted that law enforcement authorities have also focused on the root causes of organized crime, utilizing long-term crime prevention and social governance mechanisms.

    “By disrupting the cycle in which disorder fosters crime and crime evolves into organized gangs, authorities aim to eliminate the conditions that allow such groups to thrive,” Jiang said.

    In the field of transportation, the number of major traffic accidents resulting in three or more deaths during the 14th Five-Year Plan period declined significantly — 34 percent — compared to the 2016-2020 period, Qi said.

    He highlighted that public security organs across the country have since 2021 intensified their identification and rectification of safety loopholes in sectors such as road traffic, railways and civil aviation, aiming to protect the people’s safety and property to the greatest possible extent.

    Telecom fraud crackdowns

    China launched harsh crackdowns on telecom and online fraud during the 14th Five-Year Plan period, effectively protecting the people’s lawful interests.

    Chinese police resolved 1.739 million such cases and arrested 366,000 related individuals, including 3,442 major financiers and core members of criminal groups, Jiang said.

    Police and relevant government departments intercepted 12.41 billion scam calls and 10.93 billion fraudulent text messages over the past five years, he noted.

    He said that during the same period, Chinese police deepened law enforcement cooperation with their international counterparts, dispatching work groups to countries such as Myanmar, Thailand and Cambodia to boost joint operations targeting telecom fraud.

    “These efforts led to the dismantling of over 2,000 overseas fraud centers and the capture of more than 80,000 individuals,” he added.

    Enhancing autonomous driving regulation

    Responding to a question on autonomous driving, Wang Qiang, director of the MPS traffic management bureau, said that China will tighten its regulation and management of intelligent driving, as the intelligent driving systems currently installed in vehicles have not yet achieved true autonomous driving.

    “The driver remains the ultimate party responsible for operating the vehicle,” Wang said.

    He stressed that if a driver takes their hands off the wheel or their eyes off the road while the vehicle is in motion, they pose a serious risk to traffic safety and their actions could result in civil liability, administrative penalties and criminal prosecution.

    To strengthen the regulation and management of intelligent driving, police will support the refining of laws and regulations to clarify manual control in vehicle autonomy from Level 0, which indicates no driving automation, to Level 2, which indicates partial driving automation, Wang said.

    China will also encourage vehicle manufacturers to continuously improve the reliability of assisted driving systems, and to establish relevant safety technology standards, he added.

    MIL OSI China News –

  • MIL-OSI China: Half a century on, China-EU ties require collaboration rather than division

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

    Flight MU845 headed for Paris is set to depart Nanjing Lukou International Airport in Nanjing, east China’s Jiangsu Province, late July 8, 2025. [Photo/Xinhua]

    This year marks the 50th anniversary of diplomatic ties between China and the European Union (EU), a milestone in a relationship that has matured through dialogue, cooperation and mutual benefit.

    As the international landscape grows increasingly fraught, the anniversary offers a timely reminder: China is a critical partner to Europe, not a systemic rival.

    That distinction matters. Despite occasional disagreements, the relationship between China and Europe is underpinned by a wide range of shared interests, including trade, climate, and global governance. These areas of common ground should not be eclipsed by isolated points of friction.

    From just 2.4 billion U.S. dollars in trade in 1975 to nearly 785 billion dollars in 2024, China-EU economic ties have become one of the most vibrant engines of global growth. Tens of thousands of freight trains have linked Chinese cities with over two dozen European countries. Investment flows have steadily expanded. Tourism, education, and people-to-people exchanges are flourishing. Such a relationship is not adversarial but essential.

    Admittedly, like all major economic players, China and the EU do not agree on everything. But disagreement does not equal confrontation. In fact, it is through dialogue that differences can be managed, and mutual interests enhanced.

    Some in Europe express concerns over so-called trade imbalances and follow Washington’s talk of “de-risking” and “de-coupling from China.” But such concerns often miss the broader picture.

    The EU has long benefited from its trade with China, not only through exports of goods but through the access its businesses enjoy in a vast and evolving market. From luxury brands and automobiles to pharmaceuticals and engineering, European firms have built a strong presence in China.

    Moreover, trade is not merely about goods. Services such as education, travel and tourism, where Europe enjoys clear advantages, have formed a growing and vital part of bilateral exchanges. Chinese tourists, students, and business travelers have made meaningful contributions to Europe’s economy and cultural life.

    China and Europe also share common principles. Both advocate for multilateralism, a UN-centered international system, and a multilateral trade regime with the World Trade Organization (WTO) at its core. Both support multipolarity and globalization. Both are committed to tackling climate change and development deficits — real challenges that demand cooperation, not confrontation.

    China, which does not seek dominance in global affairs, has never imposed its choices on Europe, nor has it blamed the EU for its domestic challenges. On the contrary, China has consistently supported a strong, united and strategically autonomous Europe. China firmly believes that Europe is a critical pole in a multipolar world and a key partner in promoting a more inclusive and just global order.

    China’s pursuit of high-quality development aligns naturally with Europe’s goals of a green transition and renewed competitiveness. Despite differences on certain issues, China’s door to Europe remains open. It will continue to expand cooperation in areas ranging from green development to digital innovation, and from AI governance to upholding a free and open world economy.

    The significance of China-EU ties extends far beyond bilateral interests. Whether in green supply chains, creating joint technological standards, or climate governance, each area of cooperation sends a signal of hope and stability to a world in flux.

    As global climate change think tank E3G rightly pointed out, China and the EU are clean-tech powerhouses and agenda-setters in global climate policy. Allowing geopolitical tensions or trade frictions to derail this cooperation would be a serious strategic mistake.

    The relationship needs more trust, not suspicion; more bridges, not barriers. This requires a return to the original spirit of China-EU engagement based on mutual respect, mutual benefit and shared progress.

    As former EU official Gerhard Stahl noted, framing China as a “systemic rival” has done more to fuel misunderstanding than to foster constructive engagement. China, one of Europe’s most important partners, offers long-term predictability and enormous opportunity. The prospects for China-EU relations are brighter than ever. 

    MIL OSI China News –

  • MIL-OSI China: Sri Lanka to join China-ASEAN Expo in September as special partner

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

    The Port Access Elevated Highway project is pictured in Colombo, Sri Lanka, June 7, 2025. [Photo/Xinhua]

    Sri Lanka will join as a Special Partner Country for the 22nd China-ASEAN Expo (CAEXPO) scheduled for Sept. 17-21 in Nanning, capital city of south China’s Guangxi Zhuang Autonomous Region, the expo secretariat confirmed on Wednesday.

    A high-level Sri Lankan government delegation led by senior diplomatic officials will attend the event. National key enterprises, including port companies and spice companies, will participate to deepen economic and trade ties with China and ASEAN.

    Sri Lanka will hold a national image exhibition, product display and national promotion event during the expo.

    Introduced at the 11th CAEXPO, the Special Partner Country mechanism invites Regional Comprehensive Economic Partnership (RCEP) member states or Belt and Road participating countries outside China and ASEAN. This makes the expo a platform to boost exchanges and create business opportunities between China, ASEAN and beyond. Sri Lanka previously held the role at the 13th CAEXPO.

    China-Sri Lanka cooperation currently spans infrastructure, energy, port development and other sectors, helping strengthen bilateral economic and cultural ties.

    MIL OSI China News –

  • MIL-OSI USA: Booker Reintroduces Scale-Up Manufacturing Investment Company Act

    US Senate News:

    Source: United States Senator for New Jersey Cory Booker
    WASHINGTON, D.C. – Today, U.S. Senator Cory Booker (D-NJ) reintroduced the Scale-Up Manufacturing Investment Company Act, legislation to nurture innovation in our entrepreneurs and help bring manufacturing jobs back home by increasing access to capital for small manufacturers seeking to scale up their operations.
    Lack of access to capital pushes emerging entrepreneurs to produce their advanced manufacturing technologies abroad in other nations that provide financing opportunities for scaling manufacturers. Not only does this migration drain the United States of innovative manufacturing capabilities, it also causes us to lose out on high-paying, high-skilled manufacturing jobs that accompany the commercialization of new ideas. We must do more to keep these jobs and opportunities for innovation here at home.
    “Decades of bad trade deals and offshoring have hollowed out domestic manufacturing, and we must start giving American businesses the tools they need to build, create jobs, scale, and stay competitive—at home,” said Senator Booker. “If we continue to fall short in this space, our competitors will fill the vacuum and America will lose out on these engines for innovation and job growth. This legislation will help our manufacturing sector thrive and bring good-paying jobs home by providing resources for manufacturers, entrepreneurs and small businesses to innovate on a larger scale.”
    Nearly half of the American workforce is employed by small businesses. As of 2024, small businesses employ 45.9% of the U.S. workforce, approximately 59 million people, and have long served as engines of job creation and innovation. To survive in today’s increasingly competitive economy, entrepreneurs often must expand quickly, growing on their own or in collaboration with larger firms to help scale-up their innovations into commercialized products which often require highly complex, advanced manufacturing capabilities that demand more time and capital to scale than nonproduction firms. However, our nation’s financing mechanisms have not kept up with this changing landscape and make it difficult for these companies to find the capital needed to demonstrate viability of their technology at a commercial scale.
    The Scale-Up Manufacturing Investment Company Act would:
    Establish a new federal investment program under the SBA to provide matching capital (leverage) to private investment funds supporting U.S.-based manufacturing scale-up projects.
    Create a licensing and selection process for “participating investment funds” with rigorous criteria including track record, capital raised, and experience in manufacturing.
    Authorize up to $1 billion per year in SBA leverage, capped at $500 million per fund, with a required minimum of $250 million in private capital per participating fund.
    Funds must invest in “qualifying manufacturing projects” that build first commercial production facilities or scale novel manufacturing technologies, with limitations on investment concentration and leverage use.
    Implement strong oversight through regular audits, reporting, independent valuations, and provisions for fund discipline and SBA enforcement.
    To read the full text of the bill, click here.

    MIL OSI USA News –

  • MIL-OSI USA: Variety Op-Ed: “Elizabeth Warren on Colbert ‘Late Show’ Cancellation: Is the Paramount Trump Payoff a Bribe?”

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    July 23, 2025
    “The Paramount payoff is part of a corrupt pattern of Trump exploiting the power of the presidency both to profit personally and to punish his perceived enemies.”
    “The moment we turn a blind eye to these deals is the moment we start to lose our democracy.”
    Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.) published an op-ed in Variety making the case that the Late Show with Stephen Colbert’s cancellation may be another one of Donald Trump’s attempts to get big corporations to buy his favor and bow down before him.
    Senator Warren has been leading the charge to determine if Paramount is bribing President Trump in exchange for approval of its multi-billion-dollar megamerger with Skydance, and has fought relentlessly across the board against President Trump’s corruption.
    Read the full op-ed here and below:
    Variety – Elizabeth Warren on Colbert’s ‘Late Show’ Cancellation: Is the Paramount Trump Payoff a Bribe?July 23, 2025
    President Donald Trump and CBS parent company Paramount want you to think that The Late Show with Stephen Colbert was canceled for “purely financial” reasons. Really?
    During the 2024 election, Donald Trump sued CBS, making claims CBS called “meritless.” Legal experts could see from a mile away that Trump’s claims were bogus. Paramount seemed ready to fight the allegations, and it looked like they’d win that fight handily. Then Trump took office in January 2025.
    From the first moments of his presidency, Trump quickly made it clear that he was happy to use his executive power to enrich himself. He was eager to hand out favors — for the right price — and threaten punishment for those who pushed back. There’s a reason that billionaire CEOs paid millions of dollars to get front-row access to his inauguration.
    This is where questions about a Paramount payout to Trump come in. Right now, Paramount is trying to merge with Skydance, another huge media company. This deal is worth $8 billion – and, by the way, it could raise prices for millions of viewers. But here’s the kicker: this merger can only go through if it’s approved by the Trump administration.
    Instead of fighting Trump on his “meritless” lawsuit, Paramount settled, handing $16 million to Trump’s presidential library. This looks like bribery in plain sight, and that’s exactly what Stephen Colbert said on his show: “This kind of complicated financial settlement with a sitting government official has a technical name in legal circles: it’s ‘big, fat bribe.’” Three days later, Paramount-owned CBS canceled Colbert’s show. And Trump didn’t waste a moment before celebrating the news.
    Was it a coincidence that CBS canceled Colbert just three days after he spoke out? Are we sure that this wasn’t part of a wink-wink deal between the president and a giant corporation that needed something from his administration? If CBS made this decision for “purely financial” reasons, why the timing? And why did Trump say “I hope I played a major part in” getting Colbert fired? These are fair questions, and ones that I have asked Paramount and Skydance.
    The Paramount payoff is part of a corrupt pattern of Trump exploiting the power of the presidency both to profit personally and to punish his perceived enemies.
    ABC News handed over $15 million to Trump’s presidential library in a settlement for another questionable defamation lawsuit. Trump was even more direct with Mark Zuckerberg, reportedly telling him that the price for being “brought in the tent” of the new Trump administration was to settle another doubtful lawsuit. Zuckerberg immediately bowed down, ending Meta’s fact-checking program and dumping $22 million into the Trump library. And Trump is running the same play again: immediately after Paramount folded, Trump sued the Wall Street Journal over an article that exposed details about his relationship with Jeffrey Epstein.
    As Trump works to dampen any criticism in the media, he has also launched attacks on other independent institutions. In his first few months in office, Trump has aggressively threatened both universities and law firms in an effort to force them to bend to his will. The pattern is the same: Trump threatens to bring down the weight of the federal government on a single institution, and, too often, the targets feel they have no option but to bow down to an all-powerful Trump.
    And for everyone in the free press, the academic world and the legal system, Trump has delivered his message with ruthless bluntness: If you criticize him, you could be forced to pay dearly.
    The wealthy and well-connected have long had outsized influence in Washington, but Donald Trump is the most corrupt president in American history. He is using that corruption to gain control over independent organizations and people who might hold him to account. Every threat, use of intimidation, and potential bribe undermines our democracy as it moves Trump closer to absolute control.
    I recently introduced my Presidential Library Anti-Corruption Act to close at least one bribery loophole. This bill would block anyone from dumping tens of millions of dollars into a president’s library slush fund while that president still sits in the Oval Office. It would mean Paramount couldn’t funnel nearly $16 million to Trump’s library while it seeks favors from his administration. It would mean Qatar couldn’t “gift” Trump a $400 million private jet destined for some future library. This is a basic, common-sense reform that would help ensure that the government works for the American public, not just for people willing to pay for presidential favors. But that’s just Step One.
    Trump and his billionaire friends may think they can turn the power of the federal government into a tool they can deploy to make themselves richer while the rest of us stand quietly by. But we understand that the moment we turn a blind eye to these deals is the moment we start to lose our democracy.
    In the coming weeks, months, and years, all of us must show Trump that we see his march toward authoritarianism and we will not be silenced. Democrats need to embrace the fight against corruption as a top priority. Republicans need to grow a spine and get behind common-sense anti-corruption measures. All Americans need to speak up. Because yes, it’s a shame that CBS canceled The Late Show with Stephen Colbert, but it is a threat to all of us that the top late-night show in the country may have been canceled in order to curry favor with a wannabe king.

    MIL OSI USA News –