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Category: Politics

  • MIL-Evening Report: Starvation of Gaza – a distressing continuation of a decades-old plan

    SPECIAL REPORT: By Jeremy Rose

    Reading an NBC News report a couple of days ago about a Trump administration plan to relocate 1 million Gazans to Libya reminded me of a conversation between the legendary Warsaw Ghetto leader Marek Edelman and fellow fighter and survivor Simcha Rotem that took place more than quarter of a century ago.

    In the conversation, first reported in Haaretz in 2023, Rotem said the Jews who walked into the gas chambers without a fight did so only because they were hungry.

    Edelman disagreed, but Rotem insisted. “Listen, man. Marek, I’m surprised by your attitude. They only went because they were hungry. Even if they’d known what awaited them they would have walked into the gas chambers. You and I would have done the same.”

    Edelman cut him off. “You would never have gone” [to the gas chamber.] Rotem replied, “I’m not so sure. I was never that hungry.”

    Edelman agreed, saying: “I also wasn’t that hungry,” to which Rotem said, “That’s why you didn’t go.”

    The NBC report claims that Israeli officials are aware of the plan and talks have been held with the Libyan leadership about taking in 1 million ethnically cleansed Palestinians.. The carrot being offered is the unfreezing of billions of dollars of Libya’s own money seized by the US more than a decade ago.

    The Arabic word Sumud — or steadfastness — is synonymous with the Palestinian people. The idea that 1 million Gazans would agree to walk off the 1.4 percent of historic Palestine that is Gaza is inconceivable.

    Equally incomprehensible
    But then the idea that my great grandmother and other relatives walked into the gas chambers is equally incomprehensible. But we’ve never been that hungry.

    The people of Gaza are. No food has entered Gaza for 76 days. Half a million Gazans are facing starvation and the rest of the population (more than 1.5 million people) are suffering from high levels of acute food insecurity, according to the UN.

    Last year, Israel’s Finance Minister Bezalel Smotrich was widely condemned when he suggested starving Gaza might be “justified and moral”.

    The lack of outrage and urgency being expressed by world leaders — particularly Western leaders — after nearly 11 weeks of Israel actually starving the inhabitants of what retired IDF general Giora Eiland has called a giant concentration camp — is an outrage.

    As far as I’m aware there’s been no talk of cutting off diplomatic relations, trade embargos or even cultural boycotts.

    Israel — which last time I looked wasn’t in Europe — just placed second in Eurovision. “I’m happy,” an Israeli friend messaged me, “that my old genocidal homeland (Austria) won and not my current genocidal nation.”

    A third generation Israeli, she’s one of a tiny minority protesting the war crimes being committed less than 100km from her apartment.

    Honourable exceptions
    Spanish Prime Minister Pedro Sanchez and Irish President Michael Higgins are honourable exceptions to the muted criticism being expressed by Western leaders, although this criticism has finally been stepped up with the threatened “concrete actions” by the UK, France and Canada, and the condemnation of Israel by 22 other countries — including New Zealand.

    Sanchez had declared Israel a genocidal state and said Spain won’t do business with such a nation.

    And peaking at a national famine commemoration held over the weekend Higgens said the UN Security Council had failed again and again by not dealing with famines and the current “forced starvation of the people of Gaza”.

    He cited UN Secretary-General António Guterres saying “as aid dries up, the floodgates of horror have re-opened. Gaza is a killing field — and civilians are in an endless death loop.”

    Nobel Prize winning economist Amartya Sen argued in his 1981 book Poverty and Famines that famines are man-made and not natural disasters.

    Unlike Gaza, the famines he wrote about were caused by either callous disregard by the ruling elites for the populations left to starve or the disastrous results of following the whims of an all-powerful leader like Chairman Mao.

    He argued that a famine had never occurred in a functioning democracy.

    A horrifying fact
    It’s a horrifying fact that a self-described democracy, funded and abetted by the world’s most powerful democracy, has been allowed by the international community to starve two million people with no let-up in its bombing of barely functioning hospitals and killing of more than 2000 Gazans since the ban on food entering the strip was put in place. (Many more will have died due to a lack of medicine, food, and access to clean water.)

    After more than two months of denying any food or medicine to enter Gaza Israel is now saying it will allow limited amounts of food in to avoid a full-scale famine.

    “Due to the need to expand the fighting, we will introduce a basic amount of food to the residents of Gaza to ensure no famine occurs,” Prime Minister Benjamin Netanyahu explained.

    “A famine might jeopardise the continuation of Operation Gideon’s Chariots aimed at eliminating Hamas.”

    If 19-months of indiscriminate bombardment, the razing to the ground of whole cities, the displacement of virtually the entire population, and more than 50,000 recorded deaths (the Lancet estimated the true figure is likely to be four times that) hasn’t destroyed Hamas to Israel’s satisfaction it’s hard to conceive of what will.

    But accepting that that is the real aim of the ongoing genocide would be naïve.

    Shamefully indifferent Western world
    In the first cabinet meeting following the Six Day War, long before Hamas came into existence, ridding Gaza of its Palestinian inhabitants was top of the agenda.

    “If we can evict 300,000 refugees from Gaza to other places . . .  we can annex Gaza without a problem,” Defence Minister Moshe Dayan said.

    The population of Gaza was 400,000 at the time.

    “We should take them to the East Bank [Jordan] by the scruff of their necks and throw them there,” Minister Yosef Sapir said.

    Fifty-eight years later the possible destinations may have changed but the aim remains the same. And a shamefully indifferent Western world combined with a malnourished and desperate population may be paving the way to a mass expulsion.

    If the US, Europe and their allies demanded that Israel stop, the killing would end tomorrow.

    Jeremy Rose is a Wellington-based journalist and his Towards Democracy blog is at Substack.

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-OSI: Partners Value Investments L.P. Announces Q1 2025 Interim Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Partners Value Investments L.P. (the “Partnership”, TSX: PVF.UN TSX:PVF.PR.U) announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars.

    The Partnership recorded net income of $24.6 million for the three months ended March 31, 2025, compared to net income of $26.3 million in the prior year quarter. Net income was in line with the prior year quarter as higher investment income and valuation gains were offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter. Income of $22.2 million was attributable to the Equity Limited Partners ($0.32 per Equity LP unit) and income of $2.4 million was attributable to Preferred Limited Partners.

    As at March 31, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively.

    Consolidated Statements of Operations

    (Unaudited)
    For the three months ended March 31
    (Thousands, US dollars)
         
          2025       2024  
    Investment income              
    Dividends     $ 26,559     $ 24,027  
    Other investment income       7,179       4,035  
            33,738       28,062  
    Expenses              
    Operating expenses       (1,352 )     (2,437 )
    Financing costs       (2,417 )     (2,481 )
    Retractable preferred share dividends       (10,041 )     (9,736 )
            (13,810 )     (14,654 )
                   
    Other items              
    Investment valuation gains       7,212       924  
    Amortization of deferred financing costs       (912 )     (884 )
    Foreign currency (losses) gains       (124 )     8,899  
    Current taxes (expense) recovery       (361 )     8,069  
    Deferred taxes expense       (1,102 )     (4,158 )
    Net income     $ 24,641     $ 26,258  

    The information in the following table shows the changes in net book value:

    (Unaudited)
    For the three months ended March 31
    (Thousands, except per unit amounts)
    2025   2024
      Total        Per Unit      Total       Per Unit
    Net book value, beginning of period1 $ 8,375,682     $ 102.80   $ 5,783,620     $ 70.74
    Net income2   22,220             24,714        
    Other comprehensive (loss) income2   (828,447 )           290,050        
    Adjustment for impact of warrants1   (173 )           (6,120 )      
    Equity LP repurchases   (2,438 )           (3,617 )      
    Net book value, end of period3 $ 7,566,844     $ 96.32   $ 6,088,647     $ 74.52
    1. Calculated on a fully diluted basis. Net book value is a non‐IFRS measure used by management to measure the value of an Equity LP unit on a fully diluted basis. It is equal to total equity less General Partner equity, Preferred Limited Partners’ equity, non-controlling interests’ equity plus the value of consideration to be received on exercising of warrants, which as at March 31, 2025, was $114 million (December 31, 2024 – $114 million).
    2. Attributable to Equity Limited Partners.
    3. At the end of the period, the diluted Equity LP units outstanding were 78,560,143 (December 31, 2024 – 81,474,610); this includes 2,702,321
      (December 31, 2024 – 5,640,600) Equity LP units exchangeable on a one-for-one basis with shares of a non-wholly owned subsidiary, and units issued through the exercise of all outstanding warrants; including 585,938 (December 31, 2024 – 585,938) warrants held by partially-owned subsidiaries of the Partnership.

    Financial Profile

    The Partnership’s principal investments are its interest in approximately 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Partnership owns a diversified investment portfolio of marketable securities and private fund interests.

    The information in the following table has been extracted from the Partnership’s Consolidated Statements of Financial Position:

    Consolidated Statements of Financial Position

    (Unaudited)
    As at
    (Thousands, US dollars)
        March 31,
    2025
          December 31,
    2024
    Assets              
    Cash and cash equivalents   $ 308,077     $ 156,977
    Accounts receivable and other assets     54,375       48,924
    Investment in Brookfield Corporation1     6,339,885       6,949,656
    Investment in Brookfield Asset Management Ltd.2     1,492,635       1,669,488
    Investment in Brookfield Wealth Solutions Ltd.3     428,584       471,787
    Other investments carried at fair value     346,818       343,090
        $ 8,970,374     $ 9,639,922
    Liabilities and equity              
    Accounts payable and other liabilities   $ 44,194     $ 42,055
    Corporate borrowings     208,094       208,168
    Preferred shares4     1,074,573       939,057
    Deferred tax liability     9,469       7,933
          1,336,330       1,197,213
    Equity              
    Equity Limited Partners     7,452,974       8,261,639
    Preferred Limited Partners     152,040       152,040
    Non-controlling interests     29,030       29,030
          7,634,044       8,442,709
        $ 8,970,374     $ 9,639,922
    1. The investment in Brookfield Corporation (“BN”) consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45).
    2. The investment in Brookfield Asset Management Ltd. (“BAM”) consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19).
    3. Brookfield Wealth Solutions Ltd. (“BWS”) Class A shares are exchangeable into BN Class A shares on a one-for-one basis.
    4. Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as at March 31, 2025 (December 31, 2024 – $712 million less $9 million) and $236 million of three series of preferred shares (December 31, 2024 – $236 million).

    For further information, contact Investor Relations at ir@pvii.ca or 416-643-7621.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.

    Although the Partnership believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Partnership to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Partnership’s documents filed with the securities regulators in Canada.

    The Partnership cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Partnership’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Partnership undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

    The MIL Network –

    May 21, 2025
  • MIL-OSI: Partners Value Investments Inc. Announces Q1 2025 Interim Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Company”, TSX: PVF.WT, PVF.PR.V, PVF.A) announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars.

    The Company recorded net income of $972 million for the three months ended March 31, 2025, compared to a net loss of $175 million in the prior year quarter. The increase in income was primarily due to current period remeasurement gains of $953 million associated with the retractable common shares compared to remeasurement losses of $214 million in the prior year quarter. The Company’s retractable common shares are classified as liabilities due to their cash retraction feature. The remeasurement gains or losses in a given period are driven by the respective depreciation or appreciation of the Partnership unit price as the retractable shares are recognized at fair value based on the quoted price of the Partnership’s Equity LP units. During the quarter, the Partnership unit price decreased by $13.71 compared to an increase of $3.11 in the prior year quarter.

    Excluding retractable share and warrant liability remeasurement gains and losses, and dividends paid on retractable shares, Adjusted Earnings for the Company was $30 million for the three months ended March 31, 2025, compared to Adjusted Earnings of $34 million in the prior year quarter. Adjusted Earnings were lower in the current quarter as higher investment income and valuations gains were more than offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter.

    As at March 31, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively.

    Consolidated Statements of Operations

    (Unaudited)
    For the three months ended March 31
    (Thousands, US dollars)
         
                2025       2024    
    Investment income                      
    Dividends           $ 30,125     $ 26,685    
    Other investment income             7,177       4,035    
                  37,302       30,720    
    Expenses                      
    Operating expenses             (1,131 )     (2,150 )  
    Financing costs             (10,062 )     (8,179 )  
    Retractable preferred share dividends             (8,380 )     (8,240 )  
                  (19,573 )     (18,569 )  
    Other items                      
    Investment valuation gains             7,212       924    
    Retractable share remeasurement gains (losses)             952,569       (213,630 )  
    Warrant liability remeasurement (losses) gains             (3,267 )     9,926    
    Amortization of deferred financing costs             (912 )     (884 )  
    Foreign currency gain             115       12,453    
    Current tax (expense) recovery             (361 )     8,069    
    Deferred tax expense             (1,102 )     (4,158 )  
    Net income (loss)           $ 971,983     $ (175,149 )  
                               

    Financial Profile

    The Company’s principal investments are its interest in 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Company owns a diversified investment portfolio of marketable securities and private fund interests.

    The information in the following table has been extracted from the Company’s Consolidated Statements of Financial Position:

    Consolidated Statements of Financial Position

    (Unaudited)
    As at
    (Thousands, US dollars)
          March 31,
    2025
          December 31,
    2024
     
    Assets              
    Cash and cash equivalents     $ 308,044     $ 156,952  
    Accounts receivable and other assets       77,882       69,776  
    Investment in Brookfield Corporation 1       6,339,885       6,949,656  
    Investment in Brookfield Asset Management Ltd.2       1,492,635       1,669,488  
    Investment in Brookfield Wealth Solutions Ltd.3       428,460       471,651  
    Other investments carried at fair value       655,069       669,397  
          $ 9,301,975     $ 9,986,920  
    Liabilities and Equity              
    Accounts payable and other liabilities     $ 44,964     $ 42,824  
    Corporate borrowings       208,094       208,168  
    Preferred shares4       838,560       703,044  
    Retractable common shares       6,360,356       7,312,467  
    Exchangeable shares       282,186       —  
    Warrant liability       497,252       494,710  
    Deferred tax liability       9,469       7,933  
            8,240,881       8,769,146  
    Equity              
    Accumulated deficit       (6,130,077 )     (6,821,786 )
    Accumulated other comprehensive income       7,181,112       8,027,580  
    Non-controlling interests       10,059       11,980  
          $ 9,301,975     $ 9,986,920  
                       
    1. The investment in Brookfield Corporation (“BN”) consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45).
    2. The investment in Brookfield Asset Management Ltd. (“BAM”) consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19).
    3. Brookfield Wealth Solutions Ltd. (“BWS”) Class A shares are exchangeable into BN Class A shares on a one-for-one basis.
    4. Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as at March 31, 2025
      (December 31, 2024 – $712 million less $9 million).

    For further information, contact Investor Relations at ir@pvii.ca.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.

    Although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Company’s documents filed with the securities regulators in Canada.

    The Company cautions that the foregoing list of important factors that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements and information, whether written or oral, that may be as a result of new information, future events or otherwise.

    The MIL Network –

    May 21, 2025
  • MIL-OSI Russia: Kingdom of the Netherlands–The Netherlands: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 20, 2025

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

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

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

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

    Outlook

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

    Risks

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

    Fiscal Policy

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

    Financial Sector Policies

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

    Addressing Growth Bottlenecks

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

    Strengthening Labor and Firm Productivity

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

    Domestic Capital Market Reforms

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

    Managing the Green Transition

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

    Supporting EU Reforms

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

    *   *   *   *   *

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

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

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

    @IMFSpokesperson

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

    MIL OSI

    MIL OSI Russia News –

    May 21, 2025
  • MIL-OSI Security: ICE Arrests Man Charged with Vehicular Homicide in the Death of Minnesota Mom, Victoria Eileen Harwell

    Source: US Department of Homeland Security

    Minnesota refused to honor this criminal illegal alien’s ICE detainers twice 

    WASHINGTON – German Llangari Inga, an illegal alien from Ecuador, was charged with vehicular homicide that resulted in the death of Minnesota mom, Victoria Eileen Harwell in August of 2024.

    Pictured: Victoria Eileen Harwell

    According to court documents, Llangari Inga’spreliminary breathalyzer revealed his blood alcohol content was more than twice the legal limit for driving in Minnesota. A test of a blood sample collected by police about 2½ hours later found his blood alcohol content was 0.141%, still well above the legal limit. 

    Immediately following the crime, ICE placed a detainer for Llangari upon his arrest for criminal vehicular homicide on Aug. 4, 2024. The Hennepin County Jail refused to honor the detainer, and he was released without notification to ICE on August 6, 2024. Llangari was arrested again on May 10, 2025, on an outstanding warrant for vehicular homicide by the Hennepin County Sheriff’s Office and ICE placed a detainer the same day. He was released May 13 without notification to ICE. ICE arrested Llangari Inga on May 16, 2025.

    Pictured: German Llangari Inga

    “Despite a lack of cooperation from local Minnesota authorities, ICE arrested criminal illegal alien German Llangari Inga. This criminal illegal alien has been evading prosecution for vehicular homicide that resulted in the death of Minnesota mom, Victoria Eileen Harwell,” said Assistant Secretary Tricia McLaughlin. “Despite Hennepin County refusing to honor this criminal illegal alien’s detainer TWICE, ICE officers tracked him down and removed this criminal from Minnesota’s streets. Tim Walz should be thanking ICE not using despicable rhetoric. Remember sanctuary politicians are fighting for criminal illegal aliens. President Trump and Secretary Noem are fighting for the victims of illegal alien crime, like Eileen Harwell.” 

    ###

    MIL Security OSI –

    May 21, 2025
  • MIL-OSI USA: Hawley, Schmitt Introduce Resolution Honoring Former Senator and Governor Kit Bond

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Tuesday, May 20, 2025

    Today, U.S. Senators Josh Hawley (R-Mo.) and Eric Schmitt (R-Mo.) introduced a resolution honoring former United States Senator and Missouri Governor Christopher ‘‘Kit’’ Bond. Bond passed away on May 13, 2025 at the age of 86.
    Bond served as the 47th and 49th Governor of Missouri, serving from 1973 to 1977 and again from 1981 to 1985. He later served four terms in the United States Senate from 1987 to 2011 where he advanced conservative values, championed infrastructure, advocated for Missouri farmers, and strengthened national defense.
    “I remember Kit as a man who was a champion for Missouri. He knew from an early age that he wanted to serve his state, and he did it with real distinction for many years, both as Governor and Senator,” said Senator Hawley. “Kit was also a personal friend and one of the first people to encourage me to get into politics. Erin and I are grateful for his example of kindness and public service.”
    “Legendary Missouri Senator Christopher ‘Kit’ Bond honorably served our state as governor and then in the U.S. Senate for 24 years. With his trademark sense of humor and dedication to making Missouri the best state in our union, he helped to improve the lives of generations of Missourians across the Show Me State. As one of his successors in the Senate I am proud to join Senator Hawley in this resolution honoring Kit’s service to our state and a grateful nation,” said Senator Eric Schmitt.
    Read the full resolution here. 

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: At Hearing, Air Force Secretary Expresses Support for Right-to-Repair, Preventing Price Gouging in Defense Contracting

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    May 20, 2025
    Over 70% of voters favor Congress passing a defense right-to-repair law
    Warren: “[W]e all agree the Air Force’s hundreds of billions of dollars should be spent efficiently to benefit our service members and our taxpayers, not just to benefit contractor executives.”
    Video of Exchange (YouTube)
    Washington, D.C. – At a hearing of the Senate Armed Services Committee, Air Force Secretary Troy E. Meink said he agrees with U.S. Senator Elizabeth Warren (D-Mass.) and fully supports making right to repair a strategic priority for the Air Force. He also agreed on the need to update the branch’s policies to include right-to-repair in contracts service-wide and prevent defense contractors from price-gouging the military. 
    As Senator Warren explained, the Air Force’s budget request last year was about $220 billion, with billions going toward developing weapons systems. However, defense contractors’ restrictions prevent servicemembers from repairing Air Force-owned equipment, forcing the service to face delays or pay additional costs when they go back to the contractor for repairs. This month, Secretary of the Army Daniel Driscoll announced that the Army will ensure right-to-repair provisions are included in future Army contracts and will identify and propose contract modifications to current contracts that would benefit from right-to-repair protections.
    Senator Warren argued that the Air Force should adopt a service-wide right-to-repair policy like the Army’s Transformation Initiative so airmen can also be able to repair their own equipment. Secretary Meink expressed support for adopting a service-wide right-to-repair policy and said he has already begun discussions with his team on the issue. 
    “I think it’s not only from a cost perspective, Senator, I think from a readiness perspective, as General Allvin has discussed multiple times, both are affected with our ability to get, have more flexibility in how we do parts sustainment,” said Secretary Meink.
    A newly released poll from the U.S. Public Interest Research Group (PIRG) showed likely voters overwhelmingly favor Congress passing a law to give the U.S. military the right to repair their equipment, with more than 70 percent agreeing and over half of voters agreeing strongly. 
    Senator Warren highlighted another issue facing the military: price-gouging. She cited an example of Boeing charging the Air Force 80 times the commercial price for a soap dispenser. Last year, DoD’s Inspector General (IG) released a report recommending that defense contractors should be required to alert the U.S. government when the price of a part goes up 25 percent or more, and the government should obtain justification for that price hike. In the hearing, Secretary Meink agreed that getting more data “would be always helpful” for Air Force contracting officers to prevent price-gouging.
    Senator Warren concluded the hearing by calling on Secretary Meink and her Senate colleagues to work to get price information into the hands of military contracting officers and to get right-to-repair clauses included in Air Force contracts in order to ensure the service spends its funds more efficiently. 
    Transcript: Hearings to examine the posture of the Department of the Air Force in review of the Defense Authorization Request for Fiscal Year 2026 and the Future Years Defense ProgramSenate Armed Services CommitteeMay 20, 2025
    Senator Elizabeth Warren: Thank you very much, Mr. Chairman. So look, we all want the Air Force to have the money it needs to keep us safe, and we all want those funds to be spent as effectively and as efficiently as possible. The Air Force’s budget request was about $220 billion last year, and many of those billions going to develop weapons systems. But even then, contractors try to withhold technical data rights, preventing service members from repairing equipment that the Air Force itself owns. 
    So, Secretary Meink, you know this problem. During your confirmation process, you said that in a contested logistics environment, quote, “Airmen will need to be authorized and empowered to manufacture parts and fix their equipment.” I agree with you on this. When DoD secures repair rights, that increases our battlefield readiness and it lowers costs. When Tinker Air Force Base needed to replace a pressure door handle for the C-5 transport aircraft, the Air Force manufactured the part itself and saved 95% of the cost because it wasn’t tripped up by contractor restrictions. 
    So, Mr. Secretary, do you agree that this type of major cost savings makes right-to-repair a strategic priority for the Air Force and for its budget?
    Secretary Troy E. Meink: Thank you, Senator. Yes, I do agree with that, and that’s something I’ve already had discussions with the team on in the first couple of days. I think it’s not only from a cost perspective, Senator, I think from a readiness perspective, as General Allvin has discussed multiple times, both are affected with our ability to get, have more flexibility in how we do parts sustainment. 
    Senator Warren: Absolutely. Okay, cost and readiness. So it’s no surprise that new polling just released today found that over 70% of voters overwhelmingly favor Congress passing a defense right-to-repair law. Americans know that this is a big opportunity to save billions of dollars. 
    Secretary Driscoll is leading the way with the new Army Transformation Initiative released earlier this month, making it a standard for Army contracts to include right-to-repair from day one. But airmen far from home need to be able to fix their own equipment as well. They shouldn’t be waiting, in some cases, we know, up to six months for a refurbished T-38 trainer engine. 
    So, Mr. Secretary, shouldn’t the Air Force adopt a service-wide right-to-repair policy like the Army’s policy so that we can get grounded jets back into the air faster?
    Secretary Meink: So, Senator, I’m not familiar with the details of what Secretary Driscoll proposed, but the idea of having that flexibility, I fully support, okay, and again, that’s one of the things we’re going to be looking at. 
    Senator Warren: I love hearing that you like the idea, but what we got to do is we got to put that idea into action. Right-to-repair is one important tool for the Air Force to protect its budget, but contractors will find any way they can to overcharge the military right up until the moment they get caught. Last year, DoD’s Inspector General found that Boeing charged the Air Force 80 times. That’s eight zero times the available commercial price for a soap dispenser during a C-17 sustainment contract. Now that overcharge was found only through an investigation after the fact and sort of by happenstance. It makes you wonder what kind of other overcharges are going unnoticed, and that is why the IG recommended that contracting officers be notified when a price for an item like a spare part increases over 25%.
    Mr. Secretary, would the Air Force be in a better position to detect this kind of price gouging if your contracting officers had to be notified when there was a price spike?
    Secretary Meink: Yes, Senator, more data in this area would be always helpful.
    Senator Warren: All right, good. I’m working with my colleagues across the aisle to get this type of price information into the hands of all of our contracting officers. But the Air Force needs to be updating its own policies as well, because we all agree the Air Force’s hundreds of billions of dollars should be spent efficiently to benefit our service members and our taxpayers, not just to benefit contractor executives. If we can get airmen the right-to-repair and contracting officers the information they need to stop price gouging, the Air Force can start buying smarter service-wide. And I look forward to working with you and with you, Mr. Chairman and all of my colleagues on this committee to get it done. Thank you.

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI New Zealand: Animal Rights – Roaring call for Government to halt funding of cruel octopus farming

    Source: Animals Aotearoa

    (New Zealand – May 21, 2025) – As calls to ban the practice of octopus farming continue to gain momentum worldwide, the government of New Zealand is set to make a decision about providing more funding to octopus farming on May 21. 168 organisations are united in strongly advising against wasting any additional funding to establish industrialised octopus farming, a practice that would have dangerous implications for the environment, public health, and animal welfare.

    To date, the New Zealand government has awarded one million dollars to the University of Auckland for research to develop octopus farming.  An open letter, led and written by Animals Aotearoa with support from Aquatic Life Institute, is calling on the New Zealand Government to decline any new funding of projects that aim to develop commercial octopus factory farming. The letter, which has been signed by 168 organisations, including members of the Aquatic Animal Alliance (AAA), a global coalition working to improve the welfare of aquatic animals in the food system, explains that while this new form of aquaculture is still in the research phase, it would cause extensive harm should it become reality. Evidence shows that it is both unethical and unsustainable, and current research has not demonstrated any pathway to achieving high-welfare farming or ecosystem-neutral farming for octopuses.

    As outlined in the open letter, octopus farming is highly problematic from an animal welfare perspective and also presents risks to biodiversity and biosafety, environmental degradation, and public health. The letter has three main asks:

    • New Zealand Government cease funding research aimed at establishing octopus farming;
    • Public funds are instead invested in sustainable food solutions, such as plant-based aquatic food systems and alternative proteins; and
    • New Zealand Government prohibits any octopus farming in New Zealand.

    “Choosing to waste precious taxpayer funds in pursuit of factory farming octopuses is misguided at best, and shameful at worst. This atrocious idea is being actively opposed all around the world. It’s immensely cruel to the octopuses, environmentally unsustainable and poses a significant public health risk. Sinking more money into factory farming octopuses is a bad investment in every sense,” says Jennifer Dutton of Animals Aotearoa. “New Zealand should be leaders in ethical and sustainable food systems, instead of exporting cruelty to the world.”

    The environmental, welfare, and public health implications of octopus farming are manifold. These carnivorous animals require diets rich in marine ingredients, exacerbating the pressure on already declining wild fish populations and undermining global sustainable development goals. The overuse of antibiotics in aquaculture has been linked to the emergence of multidrug-resistant bacteria, with potential spillover effects into human populations. As widely documented, octopuses are highly intelligent and complex animals that suffer greatly in captivity due to their solitary and inquisitive nature. Several scientists have raised significant concerns about the practice of octopus farming, as conditions of intensive farming and extreme confinement are inherently unsuitable for their well-being, leading to stress, aggression, and unnatural behaviours such as cannibalism. Furthermore, there are no approved humane slaughter methods for these animals.

    As noted, this call for divestment from New Zealand’s government is preceded by legislation worldwide that bans octopus farming and the sale of products from industrial octopus farms, including a federal bill in the United States that is underway, as well as the Washington state law, California law, Bill HB 2262 in Hawaii, and many more. Under New Zealand law, the Animal Welfare Act of 1999 explicitly includes octopuses being recognised as sentient, a legal acknowledgement of their capabilities to experience pain and stress. In addition, RSPCA, Friend of the Sea, and other seafood certifiers have produced statements prohibiting the certification of any form of octopus/cephalopod farming. These certifiers have recognised the necessity of banning octopus farming before it starts, acknowledging that it is impossible to guarantee high welfare conditions for this species due to its behavioural needs, sentience, and strictly carnivorous diet.

    “The Aquatic Animal Alliance, representing over 175 organisations worldwide, strongly urges the New Zealand Government to reject the development of industrial octopus farming. Octopuses are sentient, intelligent animals with complex welfare needs that cannot be met in captivity. Farming them would not only cause immense animal suffering, but also contribute to serious environmental degradation, from the overfishing of wild marine life for feed, to pollution and disease risks in surrounding ecosystems. As a veterinarian, I join the global scientific and advocacy communities in calling for a ban on this unnecessary and harmful industry before it takes root,” said Catalina Lopez, Director of the AAA.

    About Animals Aotearoa

    New Zealand’s Animals Aotearoa is a registered charity whose mission is to improve the wellbeing of farmed animals and end their suffering. In addition to being a member of the Aquatic Animals Alliance, Animals Aotearoa is one of over 90 organisations that make up the Open Wing Alliance, a global coalition of animal advocacy organisations, with the shared purpose of working to substantially improve the welfare of chickens.
    www.animalsaotearoa.org

    About Aquatic Life Institute

    Aquatic Life Institute is an international non-profit organization that works on advancing aquatic animal welfare in both aquaculture and wild capture fisheries globally. The organization works with certifiers, nonprofits, academic institutions, industry stakeholders, governments, and the public to improve welfare of aquatic animals.

    MIL OSI New Zealand News –

    May 21, 2025
  • MIL-OSI New Zealand: Budget 2025: Nervous wait for thousands of public service workers – PSA

    Budget 2025: Nervous wait for thousands of public service workers

    Cost to New Zealand women of pay equity betrayal to become clear

    Embargoed 5am Wednesday 21 May 2025

    Tomorrow’s Budget will lift the lid on how much further public services will be cut and expose the cost to underpaid women from the dismantling of the pay equity process.

    “Public services including our cash strapped health system cannot afford to face further cuts and job losses,” said Public Service Association Te Pūkenga Here Tikanga Mahi National Secretary, Fleur Fitzsimons.

    “More than 150,000 women have been denied the pay rise they deserve from this disappointing decision to gut our pay equity laws with no prior notice before the election or even a Select Committee process so that New Zealand women could have their say. Tomorrow’s Budget will make the scale of the cost to women clear.

    “We sadly predict Government will be starving many public service agencies and our health system of funds, just as they did last year, and that means further damage to the services New Zealanders rely on.

    “And we will see how the ‘billions of dollars’ set aside to fund pay equity settlements for underpaid women, will be freed up to fund the Government’s tax cuts for landlords and make the Budget numbers add up.

    “This will be a mean and nasty Budget, built on taking money from care and support workers and others who had been expecting pay equity settlements before the goal posts were shifted, existing claims scrapped, all under urgency, and without a chance for their voice to be heard.

    “We call on the Government to reverse all cuts to public services, fund our health system properly and put changes to pay equity laws through a proper select committee process.

    “In health, the effective hiring freeze for clinical roles is putting patient care at risk, leaving health workers over worked, stressed and facing increasing risk from angry patients poorly served by the system.

    “Every day we see the price New Zealanders and communities are paying for the Government’s short-sighted and rushed cuts to spending.

    “Just look at last week’s damning report by the Auditor-General into Oranga Tamariki. Savings demanded by the Government meant the agency cut funding to hundreds of community service provider contracts, with little notice, without regard to the harm inflicted on the vulnerable children they support.

    “We have a meth crisis in this country – the Government slashed resources for border protection, which has only made that problem far worse.

    “New Zealanders can’t afford any further cuts to public services. Too much damage has already been done.”

    MIL OSI New Zealand News –

    May 21, 2025
  • MIL-OSI United Kingdom: Record 81 criminal investigations launched into water companies under Government crackdown

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Record 81 criminal investigations launched into water companies under Government crackdown

    New crackdown is the largest criminal action against water companies in history.

    A record 81 criminal investigations into water companies have been launched in England since the election, as part of the Government’s crackdown on sewage dumping.  

    A new operation spearheaded by Environment Secretary Steve Reed amounts to the largest criminal action against water companies in history. 

    The number of inspections carried out by authorities into sewage pollution has skyrocketed by nearly 400% since last July.  

    The record number of Environment Agency spot checks at water company premises and rivers has revealed widespread law-breaking. Over 80 criminal investigations have been launched against water companies over the last nine months, a surge of 145% since the election.   

    Following these investigations, water bosses could be jailed for five years and water companies fined hundreds of millions of pounds.

    This will act as a powerful deterrent, focussing water bosses’ minds on investing to upgrade water infrastructure to clean up our rivers, lakes and seas. Water companies will also spend a record £104 billion and cut sewage discharges by nearly half over five years.  

    Environment Secretary Steve Reed:  

    Water companies have too often gone unpunished as they pump record levels of sewage into our waterways. No more.   

    A record number of criminal investigations have been launched into law-breaking water companies – which could see bosses behind bars.   

    With this Government, water companies who break the law will finally be punished for their disgraceful behaviour so we can clean up our rivers, lakes and seas for good.  

    Philip Duffy, Chief Executive of the Environment Agency said:   

    This milestone is testament to our determination to hold water companies to account and achieve a cleaner water environment.  

    Our message to the industry is clear: we expect full compliance throughout the water system, and we will not hesitate to take robust enforcement action where we identify serious breaches. 

    This is just the beginning – we are on track to deliver 10,000 inspections next year, using our tougher powers gained through the Water (Special Measures) Act alongside more officers and upgraded digital tools to drive better performance across the water sector.  

    When a water company breaks the rules of its environmental permit, that is a criminal offence—for example, releasing excessive pollution into a river or failing to carry out water quality monitoring.  

    The Environment Agency follows up on every offence they find. The most serious offences, like illegal sewage spills, trigger a criminal investigation that could see water company fines and criminal prosecution for water bosses. The Environment Agency have also taken a zero-tolerance approach to identify and resolve over 1000 minor issues last year like unclogging pipes to deliver immediate improvements to local communities and the environment.  

    To drive forward this surge in action, the Environment Agency has hired 380 additional regulatory staff to carry out inspections and other enforcement activity.   

    New powers, delivered by the Government’s landmark Water (Special Measures) Act 2025, also mean water executives who cover up or hide illegal sewage spills can now be locked up for up to two years.  

    The Environment Agency are also currently carrying out their largest ever criminal investigation into potential widespread non-compliance by water companies at over 2000 sewage treatment works.  

    Seven cases against water companies are going to court over the next few months following criminal investigations by the Environment Agency.

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    Published 20 May 2025

    MIL OSI United Kingdom –

    May 21, 2025
  • MIL-OSI USA: Tuberville Joins Colleagues in Celebrating National Charter School Week

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville

    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Tim Scott (R-SC) in a resolution to celebrate National Charter Schools Week.

    Sen. Tuberville has helped introduce this resolution every Congress he has served in. 

    “Our kids are the most precious resource we have,” said Sen. Tuberville. “We don’t need a top-down approach to education. School choice empowers parents, not the government, to make choices about their children’s educational futures. I’m proud of Alabama’s 18 public charter schools, which are providing a high-quality education and producing great results.”

    Sens. Tuberville and Scott were joined by Sens. Marsha Blackburn (R-TN), Michael Bennet (D-CO), Cory Booker (D-NJ), Katie Britt (R-AL), Bill Cassidy (R-LA), John Cornyn (R-TX), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), Maggie Hassen (D-NH), Bill Hagerty (R-TN), John Hickenlooper (D-CO), Jon Husted (R-OH), Ron Johnson (R-WI), James Lankford (R-OK), Rick Scott (R-FL), Roger Wicker (R-MS), and Todd Young (R-IN) in introducing the resolution.

    Read full text of the resolution here. 

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: Ernst Announces Third Annual Entrepreneur Expo in Ames

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    Published: May 20, 2025

    WASHINGTON – U.S. Senator Joni Ernst (R-Iowa), chair of the Senate Committee on Small Business and Entrepreneurship, announced that she will host her third annual Entrepreneur Expo at Iowa State University on Tuesday, August 12.
    The event gives unprecedented access to opportunities across the federal marketplace with valuable networking opportunities and hands-on instruction on how Iowa small businesses can sell to America’s largest consumer – the federal government.

    Watch Senator Ernst’s remarks here.
    “This year’s expo theme is ‘Made in America,’ because innovation comes from the heartland and these opportunities should not be limited to Washington,” said Chair Ernst. “I’m honored to connect Iowa’s entrepreneurs and job creators and provide them with the ins and outs of federal opportunities.”
    Ernst’s Entrepreneur Expo will provide an opportunity to hear about how to engage in the federal marketplace, work with federal innovation-focused programs, and learn about federal manufacturing initiatives.
    Background:
    Last year, 40 federal agency departments and state entities came to Ernst’s Expo to connect with small business programs and help them unlock opportunities in federal contracting and innovation programs.
    Hundreds of Iowans attended Ernst’s 2023 Expo, which featured 31 federal agency departments and state entities.

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: RELEASE: Mullin Introduces Black Vulture Relief Act to Protect the Livelihoods of Farmers and Ranchers

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)

    RELEASE: Mullin Introduces Black Vulture Relief Act to Protect the Livelihoods of Farmers and Ranchers

    Washington, D.C. – Today, U.S. Senator Markwayne Mullin (R-OK), along with SenatorsTommy Tuberville (R-AL) and Eric Schmitt (R-MO), introduced the Black Vulture Relief Act of 2025 which would allow farmers and ranchers the ability to protect their livestock when threatened by predatory animals without big government interference.

    The Black Vultures Relief Act of 2025 removes the requirement for a depredation permit, allowing farmers and ranchers to take black vultures anytime the birds threaten their livestock. This bill also preserves the requirement for annual take reporting to the Fish and Wildlife Service (FWS), allowing FWS to continue monitoring black vulture population numbers, in addition to prohibiting the use of poison as a method of take.

    Senators Cotton (R-AR), Wicker (R-MS), Britt (R-AL), Scott (R-FL), Lummis (R-WY), Hagerty (R-TN), Budd (R-NC), Barrasso (R-WY), Ricketts (R-NE), Cruz (R-TX), Lankford (R-OK), Hyde-Smith (MS), and Graham (SC) joined Mullin, Tuberville, and Schmitt in cosponsoring this legislation.

    “Oklahoma ranchers deserve the right to protect their livestock from threatening predators,” said Senator Mullin. “Attacks from black vultures are all too common and our ranchers are suffering the consequences. As a rancher myself, I know firsthand the implications of the rapidly growing black vulture population and the negative effect this has on livestock production. Removing the requirement for a depredation permit will allow Oklahomans the ability to do what is necessary to protect their livestock and reduce economic hardship. It’s vital to the livelihood of ranchers across the country that we get this fixed.”

    “America’s cattlemen work hard to feed our communities and shouldn’t have to jump through a bunch of hoops just to protect their herds,” said Senator Tuberville. “Adjusting these sub-permit requirements that are based on outdated data is just one more commonsense way we can support our cattlemen and help them keep more of their hard-earned dollars. I’ll continue using the feedback from Alabama’s agriculture community to guide my work here in D.C.”

    “Black vultures are a deadly species that have caused hundreds of thousands of dollars of damage to ranchers and producers across Missouri. These birds are native to Missouri and have seen their population grow by more than 450 percent since 1990. We must keep this dangerous bird population under control and allow ranchers and producers across our great state the ability to do what they do best—provide the best beef and ag products in the world,” said Senator Eric Schmitt.

    Full text of the Black Vulture Relief Act of 2025 can be found here.

    The Black Vulture Relief Act is endorsed by the following stakeholders: National Supporting Groups: National Cattleman’s Beef Association (NCBA), American Farm Bureau Federation (AFBF), US Cattlemen’s Association (USCA), Oklahoma Department of Wildlife & Conservation, Texas Sheep and Goat Raisers Association (TSGRA), Wyoming Stock Growers (WSG), 14 Cattlemen’s Associations (AL, CO, IA, IN, KS, MN, MS, ND, OH, OK, OR, MO, TN, VA) and 7 State Farm Bureau Federations (FL, MS, OK, PA, TN, TX, WY)

    “The challenges faced by America’s farmers and ranchers are numerous, from unstable commodity prices to drought and unpredictable weather. The safety threat to livestock posed by predatory birds like black vultures is yet another risk our members face, day in and day out, and we’re appreciative of Senator Mullin’s leadership to help our members mitigate that risk”, said Sam Kieffer, American Farm Bureau Federation VP of Public Policy. “Protecting their livestock is of the utmost importance to farmers and ranchers, and this legislation will better equip them to do just that.”

    “Currently, black vulture populations in the south and Midwest are skyrocketing and it is a success story of the Migratory Bird Treaty Act. Now is the time to recognize that success and allow cattle producers to effectively manage this abundant predator species through commonsense measures like the Black Vulture Relief Act. Family cattle operations are facing financial strain from the abundance of black vultures on their operations and the propensity of these predators to target newborn calves that cannot defend themselves,” said National Cattlemen’s Beef Association (NCBA) Executive Director of Natural Resources and PLC Executive Director Kaitlynn Glover. “NCBA and PLC thank Senator Mullin for taking action to fix this problem and providing producers the management tools they need to protect their livelihoods.”

    “ASI encourages support for this legislation as vultures are a growing predator of lambs in America, and farmers and ranchers have few options today to address these losses. Predator losses of sheep and the associated management costs are the second-largest expense of many sheep operations in America,” said Steve Clements, American Sheep Industry Association Board Member and South Dakota sheep producer.

    “The Oklahoma Cattlemen’s Association is extremely grateful to Senator Mullin for introducing this bill to help cattle raisers protect their cattle. Black Vultures are a predator to cattle, especially new mother cows and their baby calves,” said Michael Kelsey, Executive Vice President of Oklahoma Cattlemen’s Association. “Senator Mullin, being a cattle raiser, knows the challenges that high populations of black vultures have presented to cattle raisers. This is great common-sense legislation that works well in ranch country.”

    “We appreciate Senator Mullin’s efforts to help cattle producers more effectively protect their herds and, ultimately, their livelihoods,” said Tennessee Farm Bureau President, Eric Mayberry. “This legislation takes a crucial step in alleviating the burden farmers face with growing black vulture populations and depredation of livestock across Tennessee.”

    “Black vultures are predators and pose a tremendous threat to cattle producers. Their attacks, often killing calves and vulnerable animals, cause financial devastation for family farms,” said Elizabeth Harsh, Executive Director of the Ohio Cattlemen’s Association. “The current system prevents producers from effectively protecting their cattle herd, at the same time as the black vulture population explodes and does not warrant continued federal protection. OCA appreciates Senator Mullin for his common-sense approach with this very important legislation.”

    Background:

    • Over the past several decades, black vultures’ expanding population has led to an additional burdensome and costly strain on livestock producers due to increased livestock depredation by these birds. 
    • Black vultures, often in flocks of 20+, brutally attack and eat newborn calves, lambs, goat kids, and piglets for an average of 3.5 gruesome hours while they are most vulnerable.   
    • In 2015, vultures were the third leading cause of calf deaths due to predators, only behind coyotes and unknown predators, causing 24,600 or 10% of all calf deaths due to predators. 
    • According to the US Geological Survey’s Breeding Bird Survey, the black vulture population has increased by approximately 468% to more than 190 million birds since 1990. 
    • Despite the bird’s robust population, the black vulture is protected under the Migratory Bird Treaty Act of 1918 (MBTA) making it illegal, with an up to $15,000 fine, to take one without obtaining a depredation permit.
    • For black vultures, U.S. Fish and Wildlife Service (FWS) issues master permits to states who then issue sub-permits, limited to 3-10 depending on the state, to ranchers. 
    • Current state participants are OK, MD, PA, VA, KY, TN, AR, MS, MO, OH, IN, IL, TX, and AL.
    • From 2015-2019, requests to FWS for depredation permits for take of black vultures increased by 26%.
    • From 2020-2025, according to the U.S. Department of Agriculture’s Wildlife Services, black vulture attacks on cattle increased by almost 25%.
    • In January 2025, the America’s Conservation Enhancement (ACE) Reauthorization Act was signed into law that included a provision Senator Mullin secured codifying the original Black Vulture Relief pilot program. 
    • House Companion: H.R. 2426 introduced by Reps. John Rose (R-TN) and Darren Soto (D-FL).

    MIL OSI USA News –

    May 21, 2025
  • MIL-Evening Report: The public service has a much smaller gender pay gap than the private sector. It’s a big achievement

    Source: The Conversation (Au and NZ) – By Leonora Risse, Associate Professor in Economics, University of Canberra

    NDAB Creativity/Shutterstock

    After two years of publishing the gender pay gaps of Australia’s private-sector companies, the Workplace Gender Equality Agency has released public-sector employer data for the first time.

    The report shows a stark contrast between the private and public sectors. The Commonwealth public sector has a gender pay gap of 6.4%, far less than the equivalent gap of 21.1% in the private sector.

    The agency attributes a big part of the “substantially better” outcome in the public sector to the achievement of gender balance at managerial and board levels.

    Women’s representation in senior and governance roles doesn’t just narrow the pay gap at the top. It can also change workplace cultures and embed more gender-equitable practices that ripple through to all occupational levels.

    The agency says public-sector employers have achieved this outcome by “long-term and deliberate actions that address gender equality”. These include conducting a gender pay gap analysis and formulating a gender-equality strategy.

    The public sector’s results also illustrate the power of setting targets. The Australian government has set – and now achieved – targets for women to hold 50% of all Australian government board positions.

    Who’s performing well?

    Of the 120 public-sector employers in the Workplace Gender Equality Agency’s dataset, 55 have a gender pay gap that falls into the target range of between –5% and +5%.

    Several have a gender pay gap in total remuneration at or very close to zero. These include the Department of the Prime Minister and Cabinet, Department of Treasury, Department of Social Services and the Office of the Fair Work Ombudsman.

    A handful have a slight positive gender pay gap in favour of women, including the Productivity Commission.

    Where is there room for improvement?

    To support greater transparency, the Workplace Gender Equality Agency has published a searchable database of Commonwealth public sector employers. This is broken down by each department and agency.

    The largest gender gaps in median total remuneration are reported by the National Offshore Petroleum Safety and Environmental Management Authority (50.4%) and Coal Mining Industry Corporation (31.7%).

    Closer to the middle of the pack, the Australian Federal Police reports a gender pay gap of 12.2%. The Reserve Bank of Australia has a gap of 11.5%, and Australia Post 8.6%.

    The data does not include elected officials such as members of parliament.

    All up, half of Commonwealth public-sector employers have a gender pay gap larger than 5%, which the agency deems the acceptable maximum.

    But this is still a better performance than in the private sector, where 60% of companies exceeded the 5% threshold.




    Read more:
    Women’s annual salaries are narrowing the gap. But men still out-earn women by an average $547 a week


    How much less are women earning?

    Women working in Australia’s public sector earn on average A$8,200 less per year than their male colleagues.

    The data cover both the Australian Public Service (APS) (which is directly responsible for the delivery of government services) and non-APS organisations (which deliver services on behalf of the government).

    Within the APS workforce, men’s average total remuneration of $128,503 compares to women’s $121,146. This equates to a 5.7% gap.

    In public-sector agencies outside the APS, this gender pay gap widens to 8.8%. Men’s average salary of $127,354 compares to women’s $116,157.




    Read more:
    Women’s annual salaries are narrowing the gap. But men still out-earn women by an average $547 a week


    In agencies outside the APS, more of this gender gap – 5.6 percentage points – is due to men being paid more in bonuses, overtime and superannuation. Within the APS, these above-base payments contribute only 1.1 percentage points to the overall gap.

    The role of discretionary above-base payments in widening the gap in total remuneration is similar to the dynamics of the private sector, where there is also greater scope for individual negotiation.

    Research shows negotiation practices are laced with gender biases.

    Public sector employers have taken action after conducting gender pay gap analysis.
    Tint Media/Shutterstock

    More standardised recruitment, promotion and wage-setting practices in the public sector, compared with private companies, mean there’s less scope for personal subjectivity and implicit biases in hiring, promotion and salary decisions.

    Turning data into action

    This is the first year the Commonwealth public sector’s performance on gender equality has been published at employer level. It follows changes to legislation in 2022 requiring public sector employers to report their gender equality indicators to WGEA from 2023, similar to the obligations of large private companies.

    The point of publishing gender pay gaps is to spark awareness and motivate employer action.

    Three in four public sector employers report they have taken action after conducting a gender pay gap analysis. Of these actions, one in four employers have corrected instances of unequal pay.

    With a heightened awareness of the benefits of flexible work, almost all public-sector employers (96%) reported “flexible working is promoted throughout the organisation”.

    But there is scope to improve the practical implementation of flexible work policies.

    Only 56% of public-sector employers offer an online option for all team meetings. Only 43% provide support to managers to ensure performance evaluations are not unfairly biased against staff who work remotely or hybrid. And only 5% report that management positions can be designed as part-time.

    With this greater transparency, there will be opportunity to monitor changes in future to look for ongoing improvements in gender-equality practices and outcomes.

    It’s in the interests of fostering a more equitable, productive and effective public sector for all.




    Read more:
    Working from home is producing economic benefits return-to-office rules would quash


    Leonora Risse receives research funding from the Trawalla Foundation and the Women’s Leadership Institute Australia. She has previously undertaken commissioned research for the Workplace Gender Equality Agency. She is a member of the Economic Society of Australia and the Women in Economics Network. She serves as an Expert Panel Member on gender pay equity for the Fair Work Commission.

    – ref. The public service has a much smaller gender pay gap than the private sector. It’s a big achievement – https://theconversation.com/the-public-service-has-a-much-smaller-gender-pay-gap-than-the-private-sector-its-a-big-achievement-256810

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-OSI: First Busey Corporation Closes Depositary Share Offering

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

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

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

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

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

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

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

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

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

    The MIL Network –

    May 21, 2025
  • MIL-OSI: Mattr Reports Voting Results From Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) announced today in accordance with Toronto Stock Exchange requirements, the voting results from its Annual Meeting held May 15, 2025 in Toronto, Ontario.

    A total of 43,559,302 common shares were voted at the meeting representing 69.87% of the votes attached to all outstanding shares. Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees as follows:

    Name of Nominee % of Votes For % of Votes Against
    Laura A. Cillis 99.93 0.07
    Kathleen J. Hall 99.86 0.14
    Alan R. Hibben 99.84 0.16
    Kevin L. Nugent 98.26 1.74
    Michael Reeves 99.93 0.07
    Kathy Rethy 99.70 0.30
    Marvin Riley 99.77 0.23

    “I appreciate the continued strong support of Mattr’s shareholders for both our strategic direction and our experienced team of Directors who provide invaluable governance oversight,” said Mike Reeves, Mattr’s President and CEO. “With output expanding from our recently established production facilities, strong customer adoption of our newly developed technologies and meaningful growth opportunities for the recently acquired AmerCable business, I believe Mattr is well positioned to deliver accelerating shareholder returns over the coming years.”

    Detailed voting results for the meeting are available on SEDAR+ at www.sedarplus.com.

    About Mattr

    Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. Its two business segments, Connection Technologies and Composite Technologies, enable responsible renewal and enhancement of critical infrastructure.

    For further information, please contact:

    Meghan MacEachern
    VP, Investor Relations & External Communications
    Telephone: 437.341.1848
    Email: meghan.maceachern@mattr.com
    Website: www.mattr.com

    Source: Mattr Corp.

    The MIL Network –

    May 21, 2025
  • MIL-Evening Report: After another call with Putin, it looks like Trump has abandoned efforts to mediate peace in Ukraine

    Source: The Conversation (Au and NZ) – By Stefan Wolff, Professor of International Security, University of Birmingham

    After a two-hour phone call with Russian leader Vladimir Putin on May 19, US president Donald Trump took to social media to declare that Russia and Ukraine will “immediately start negotiations” towards a ceasefire and an end to the war. He did, however, add that the conditions for peace “will be negotiated between the two parties, as it can only be”.

    With the Vatican, according to Trump, “very interested in hosting the negotiations” and European leaders duly informed, it seems clear that the US has effectively abandoned its stalled mediation efforts to end the war in Ukraine.

    It was always a possibility that Trump could walk away from the war, despite previous claims he could end it in 24 hours. This only became more likely on May 16, when the first face-to-face negotiations between Ukraine and Russia for more than three years predictably ended without a ceasefire agreement.

    When Trump announced shortly afterwards that he would be speaking to his Russian and Ukrainian counterparts by phone a few days later, he effectively mounted the beginning of a rearguard action. This was further underlined when, shortly before the Trump-Putin call, Vice-President J.D. Vance, explicitly told reporters that the US could end its shuttle diplomacy.


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


    The meagre outcomes of the talks between Russia and Ukraine – as well as between Trump and Putin – are not surprising. Russia is clearly not ready for any concessions yet. It keeps insisting that Ukraine accept its maximalist demands of territorial concessions and future neutrality.

    Putin also continues to slow-walk any negotiations. After his call with Trump, he reportedly said that “Russia will offer and is ready to work with Ukraine on a memorandum on a possible future peace agreement”, including “a possible ceasefire for a certain period of time, should relevant agreements be reached.”

    The lack of urgency on Russia’s part to end the fighting and, in fact, the Kremlin’s ability and willingness to continue the war was emphasised the day before the Trump-Putin call. Russia carried out its largest drone attack against Ukraine so far in the war, targeting several regions including Kyiv.

    There has been no let-up in the fighting since. And the fact that Putin spoke to Trump while visiting a music school in the southern Russian city of Sochi does not suggest that a ceasefire in Ukraine is high on the Russian leader’s priority list.

    A large part of the Kremlin’s calculation seems to be its desire to strike a grand bargain with the White House on a broader reset of relations between the US and Russia. It is signalling clearly that this is more important than the war in Ukraine and might even happen without the fighting there ending.

    This also appears to be driving thinking in Washington. Trump foreshadowed an improvement in bilateral relations by describing the “tone and spirit” of his conversation with Putin as “excellent”. He also seemed pleased about the prospects of “large-scale trade” with Russia.

    Abandoning European allies

    Trump is on record as saying that there would be no progress towards peace in Ukraine until he and Putin get together. But it is worth bearing mind that very little movement towards a ceasefire in Ukraine – let alone a peace agreement – occurred after the last phone call between the two presidents in February.

    Part of this lack of progress has been Trump’s reluctance to put any real pressure on Putin. And despite agreement in Brussels and preparations in Washington for an escalation in sanctions against Russia, it is unlikely that Trump will change his approach.

    In this context, the sequence in which the calls occurred is telling. Trump and Ukraine’s president, Volodymyr Zelensky, had a short call before the former spoke with Putin. Zelensky said he told Trump not to make decisions about Ukraine “without us”.

    But rather than presenting Putin with a clear ultimatum to accept a ceasefire, Trump apparently discussed future relations with Putin at great length before informing Zelensky and key European allies that the war in Ukraine is now solely their problem to solve.

    This has certainly raised justifiable fears in Kyiv and European capitals that, for the sake of a reset with Russia, the US might yet completely abandon its allies across the Atlantic.

    However, if a reset with Russia at any cost really is Trump’s strategy, it is bound to fail. As much as Putin seems willing to continue with his aggression against Ukraine, Zelensky is as unwilling to surrender. Putin can rely on China’s continued backing while Zelensky can count on support from Europe.

    Supporting Russia’s war in Ukraine is essential for China to keep Moscow on side in its rivalry with the US. And for Europe, supporting Ukraine has become an existential question of deterring and containing a revisionist Russia hell-bent on restoring a Soviet-style sphere of influence in central and eastern Europe.

    In a world that has been in flux since Trump’s return to the White House, these are some of the emerging constants. And they make a US-Russia reset highly improbable.

    Even if it were to happen, it would not strengthen Washington’s position with Beijing. Walking away from Ukraine and Europe now will deprive the US of the very allies it will need in the long term to prevail in its rivalry with China.

    By abandoning his mediation between Moscow and Kyiv, Trump may have broken the deadlock in his efforts to achieve a reset with Russia. But getting this deal over the line will be a pyrrhic victory.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. After another call with Putin, it looks like Trump has abandoned efforts to mediate peace in Ukraine – https://theconversation.com/after-another-call-with-putin-it-looks-like-trump-has-abandoned-efforts-to-mediate-peace-in-ukraine-257021

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-Evening Report: Feats of the human body behind Tom Cruise’s stunts in Mission: Impossible movies

    Source: The Conversation (Au and NZ) – By Dan Baumgardt, Senior Lecturer, School of Physiology, Pharmacology and Neuroscience, University of Bristol

    He’s leapt from cliffs, clung to planes mid-takeoff and held his breath underwater for as long as professional freedivers. Now, at 62, Tom Cruise returns as Ethan Hunt for one final mission – and he’s still doing his own stunts.

    With Mission: Impossible – The Final Reckoning, the saga reaches its high-stakes finale. But behind the scenes of death-defying spectacles lies a fascinating question: just how far can the human body be pushed – and trained – to pull off the seemingly impossible?

    And at what cost? In filming the eight Mission: Impossible films, Cruise has suffered a broken ankle, cracked ribs and a torn shoulder.

    Your mission, should you choose to accept it, is to consider the capabilities – and limits – of the human body in being able to achieve these awesome heights. How much is it possible to train to achieve the apparently impossible?


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


    Breathing underwater

    In Mission: Impossible – Rogue Nation, Hunt navigates an underwater vault to recover a stolen ledger. Cruise wanted to film this all in one take and sought help from freediving instructors in order to hold his breath for the required time – over six minutes!

    The average human can hold their breath for about 30 to 90 seconds. That’s without training. Although there’s an innate diving reflex built into the human body that allows it to temporarily adapt to immersion underwater.

    The response is to lower the heart rate and redirect blood to the body’s core, essentially enabling it to lower its metabolic demand and preserve the function of the vital organs, like the brain and heart.

    All well and good, but consider now the need to swim, as well as resist the pressure of the water pressing on the lungs. And also while fighting that desperate urge as a result of rising CO₂ to take a deep breath – which, underwater, would be catastrophic.

    And if the diver’s oxygen levels fall too low, they might black out and lose consciousness. That’s why shallow water drowning is a real risk here.

    That’s where freediving training comes into play. With practice, there are several ways you can increase the time you’re able to remain underwater. These include mastering breathing techniques to retain the maximum amount of air in the lungs. Sustained practice might also lead to increased oxygen storage capacity in the bloodstream.

    This process takes months to years to attain and might lengthen the immersion time, on average, to around five minutes. What Cruise managed to achieve was nothing short of exceptional.

    The official trailer for Mission: Impossible – Final Reckoning.

    Free climbing – and that scene

    Mission Impossible films often open with Ethan Hunt working his way up some impossibly sheer building or cliff face with the agility of a mountain goat. He appears to be free climbing without a harness, and at the start of Mission: Impossible 2, clinging on with just one hand. While Cruise used safety wires to secure himself, the climbing was 100% real.

    Then, of course, how could we forget that scene? The one in the original Mission: Impossible – where he has to suspend all limbs, centimetres from the ground, to prevent himself from setting off the alarms.

    Although Cruise hasn’t revealed his specific training regime for these stunts that I can see – performing any of these actions would require an exceptionally strong back and core.

    The muscles of our backs keep the spine straight and upright. Some span the space between back and limb, such as latissimus dorsi, or “lats”. These sheets of muscle, prized by bodybuilders, are also particularly valuable to climbers – allowing you to perform a chin-up, or pull yourself up that rock face.

    Besides this, many other muscles are needed for extreme climbing – those that enable a strong grip, allow for reaching and “push offs”, and maintain tension and hold. It’s no wonder climbing is considered one of the best whole-body workouts.

    It’s no surprise that Cruise is known to have trained extensively for this. To understand even an element of the difficulty he may have faced, you could try adopting that vault heist pose, with your belly in contact with the floor, and see how long you can hold it. I won’t tell you how pitiful my own attempt was.

    What a blast

    Hunt has also escaped a fair few explosions in his time, from a helicopter in the Channel tunnel to a detonating fish tank in Prague. In Mission: Impossible 3, on the Chesapeake Bay Bridge, another helicopter launching a missile triggers an explosion that sends Hunt smashing into a car. Again, Cruise did it all himself, for the price of two cracked ribs.

    Pyrotechnics were used for the explosion, but of course, they couldn’t be used to lift Cruise up and deposit him against the car. The solution? A series of wires were used to drag him sideways. Never has the direction “brace, brace” been so apt.

    And just so you know, broken or bruised ribs are far from fun. Some describe them as one of the most painful injuries you can experience, since the simple acts of coughing, sneezing and merely breathing exacerbate the pain.

    But Tom Cruise picks himself up yet again, dusts himself off and gets on with it. His motivation? He has reportedly claimed that he wants the audience to experience what it really feels to be in that moment. And what a good sport he is.

    This article won’t self-destruct in five seconds.

    Dan Baumgardt 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. Feats of the human body behind Tom Cruise’s stunts in Mission: Impossible movies – https://theconversation.com/feats-of-the-human-body-behind-tom-cruises-stunts-in-mission-impossible-movies-256908

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-OSI: Golar LNG Limited: 2025 AGM Results Notification

    Source: GlobeNewswire (MIL-OSI)

    Golar LNG Limited (the “Company”) advises that the 2025 Annual General Meeting of the Company was held on May 20, 2024 at 10:00 am (Bermuda time) at 2nd Floor, The S.E. Pearman Building, 9 Par-la-Ville Road, Hamilton HM 11, Bermuda.  The audited consolidated financial statements for the Company for the year ended December 31, 2024 were presented at the Meeting.

    The following resolutions were passed:

    1.   To set the maximum number of Directors to be not more than eight.
    2.   To resolve that vacancies in the number of Directors be designated as casual vacancies and that the Board of Directors be authorized to fill such vacancies as and when it deems fit.
    1.  To re-elect Tor Olav Trøim as a Director of the Company.
    2.  To re-elect Daniel W. Rabun as a Director of the Company.
    3.  To re-elect Carl E. Steen as a Director of the Company.
    4.  To re-elect Niels G. Stolt-Nielsen as a Director of the Company.
    5. To re-elect Lori Wheeler Naess as a Director of the Company.
    6. To elect Benoît de la Fouchardiere as a Director of the Company.
    7. To elect Mi Hong Yoon as a Director of the Company.
    8. To re-appoint Ernst & Young LLP of London, England as auditors and to authorise the Directors to determine their remuneration.
    9. To approve remuneration of the Company’s Board of Directors of a total amount of fees not to exceed US$2,000,000.00 for the year ended December 31st, 2025.

    Golar would like to thank Georgina Sousa and Thorleif Egeli who retired from Golar’s Board of Directors today after two decades of combined service to the Company. Their contribution to the governance and transformation of Golar from a shipping company to a pure play FLNG business has been invaluable and we wish them well.

    Following their election today as Directors, Golar also welcomes Benoît de la Fouchardiere and Mi Hong Yoon to its Board. Both have already contributed to Golar’s success – in the case of Benoît, through his part in contracting FLNG Hilli in Cameroon; and in the case of Mi Hong – through her role as Company Secretary.  The Company looks forward to benefiting from their relevant and extensive experience as it seeks to grow its leading FLNG offering.

    Hamilton, Bermuda
    May 20, 2025

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act

    The MIL Network –

    May 21, 2025
  • MIL-Evening Report: ‘Outdated and irrelevant’: what do young Australians think of their schooling?

    Source: The Conversation (Au and NZ) – By Jun Eric Fu, Senior Research Fellow, Youth Research Collective, The University of Melbourne

    LBeddoe/Shutterstock

    Australia’s school system – and whether it is doing its job – is often under the microscope from politicians, experts and parents.

    The most recent NAPLAN results in 2024 triggered a wave of heated discussions after about one in three students were not meeting literacy and numeracy benchmarks.

    Education Minister Jason Clare is among those who also have serious concerns about rates of students who complete Year 12. In 2024, the retention rate of students between Year 7 and Year 12 was 79.9%. For government school students, it was 74%.

    But what do students themselves think about their schooling? Our new study asked recent school leavers about their experiences.

    Our research

    Our study draws on a 2023 survey as part of the Life Patterns research program, which follows different generations of young Australians after school.

    We surveyed more than 4,000 young people recruited from a diverse sample of 100 government, Catholic and independent schools in urban and regional areas of Victoria, New South Wales, the Australian Capital Territory and Tasmania.

    These young people completed high school in 2023 and were asked to comment on their school experiences.

    Students in the study were from public and private schools.
    pio3/Shutterstock

    Students are mostly satisfied, but …

    The participants rated their overall impression of school on a five-point scale, from very satisfied to very dissatisfied. About 60% of them were “quite satisfied” or “very satisfied”.

    Despite this broadly positive picture, many of them also expressed concerns about their education, feeling its current content did not prepare them for life after school.

    As one female student from a capital city told us:

    I feel like school doesn’t prepare us for the real world at all and it freaks me out.

    This sentiment was echoed by another female student from a regional city:

    School seems extremely disconnected from either knowledge or experience that will help with jobs, or life skills that will assist in becoming a good, productive, happy person.

    For many, this disconnect between the education on offer and the education they wanted contributed to a disengagement from school. A male student from a regional city said:

    I am committed to my education and a dedicated student, but find it hard to connect with some of the information we are learning as it seems outdated and irrelevant. I want to learn things that are going to improve my life.

    This follows researchers’ longstanding concerns the education system is not adequately setting students up for life outside school – and the complex social, political and economic changes they will confront.

    Don’t focus on uniforms

    Students also spoke about schools focusing on issues that do not matter to young people, such as students wearing the “correct” uniform or whether or not they have their phone at school.

    As one female student commented:

    Focus on more real issues. The debates about phones allowed at school or uniforms at school seem almost irrelevant when you compare them to the everyday common hardships and problems young people face.

    Too much stress

    A strong theme in young people’s responses was the amount of stress they faced with their studies. These feelings were often linked to heavy workloads (particularly in Year 11 and 12) and the pressure they felt to achieve certain grades.

    A male student from a country town said:

    […] the pressure and the expectations to do well in school is so high and caused a lot of stress and anxiety.

    Another male student from a capital city also felt:

    There is so much pressure on high school and how one exam can change the course of your future which isn’t true.

    This echoes other studies that query the focus on a single score (the ATAR) and supports alternative approaches to measuring education outcomes at the end of Year 12.

    Students said they faced too much stress in their senior years of school.
    GillianVann/Shutterstock

    More mental health support

    Amid ongoing reports of young people struggling with their mental health, mental health also emerged as a major concern in students’ responses.

    A male student from a capital city told us young people were “battling every day” and they needed more free, accessible resources and support from school staff.

    They also saw a connection between the pressures of schooling and mental health concerns. As one female student told us:

    There is too much expected from students at school, leading to burn out and mental illnesses.

    What next?

    Our study shows many young people care deeply about their education. But they also feel it isn’t working for them or preparing them for life beyond school.

    This suggests government institutions and schools need to be doing more to include young people’s perspectives as they design and implement curricula.

    By recognising young people as active stakeholders in schools,
    education shifts from something happening to them to something happening with them. This approach can foster a stronger sense of belonging, ownership and engagement with learning.

    Jun Eric Fu works on the Life Patterns research program, which is funded by the Australian Research Council.

    Julia Cook receives funding from the Australian Research Council.

    – ref. ‘Outdated and irrelevant’: what do young Australians think of their schooling? – https://theconversation.com/outdated-and-irrelevant-what-do-young-australians-think-of-their-schooling-256889

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-OSI Africa: Secretary-General’s remarks to the 2025 ECOSOC Operational Activities for Development Segment [bilingual as delivered, scroll down for all-English and all-French]

    Source: United Nations – English

    xcellencies, ladies and gentlemen,

    Thank you for taking part in this important forum in an important year.

    We’re celebrating the 80th anniversary of the United Nations.   

    But this milestone is tempered by a stark, undeniable reality that resonates on every page of the report I am presenting today.

    With less than five years to go to the 2030 deadline, we are facing nothing short of a development emergency.

    The Sustainable Development Goals are alarmingly off-track.

    And some of the hard-won gains made in recent years are getting derailed.

    Progress is too slow in the fight against poverty, hunger, inequality, the climate crisis, decaying infrastructure, and under-resourced education, health and social protection systems.

    We must never forget that a development emergency is, at its root, a human emergency.

    The lives and futures of millions of people hang in the balance.

    This development emergency is also a funding emergency.

    Resources are shrinking across the board — and have been for some time.

    For example, as detailed in my report, total financial contributions to the UN development system dropped by $9 billion — or 16 per cent — in 2023 from the year before.

    We can imagine the number of 2024 taking into account what we have witnessed in the recent decisions.   

    Our organization is increasingly asked to do more with less — a trend that will continue for the foreseeable future.

    This year, donors are pulling the plug on aid commitments and delivery at historic speed and scale.

    But the report we’re discussing today also carries an important message of hope.

    Hope found in the progress we’ve achieved together to reform and reposition the UN development system, making it more efficient and cost-effective.

    Hope in the UN80 initiative to build on these reforms, and drive more of the change we need across the system for a more impactful, cohesive and efficient organization.

    Hope in your continued strong support of, and engagement with, our Resident Coordinators and Country Teams.

    And hope that lies in the potential of the Pact for the Future to accelerate progress towards the Sustainable Development Goals — a Pact that secured consensus at the Summit of the Future.  

    Let me be clear.

    While the context has shifted since the Pact’s adoption, its commitments are more important than ever.

    This includes its bold calls for action on all the elements required to boost progress on sustainable development — including financing for development, the provision of debt relief, and strengthening the international financial architecture.

    We cannot allow headwinds to blow these commitments off course.

    We will continue working closely with all Member States and partners to keep our agenda on track, deepen our ongoing transformation, and to do so in the context of the UN80 initiative to drive progress across the system.

    And we will ensure we can fully deliver and maximize the benefits of every single mandate of the landmark General Assembly resolution 72/279 that ushered in the reforms of the UN development system.

    Excellencies,

    In this spirit, and guided by the report under discussion today, I’d like to highlight four areas where we are making progress, where more is needed, and how Member States can support this work.  

    First — we must hold fast to our commitment to the Sustainable Development Goals.

    This is a critical year for development.

    But across the board, we face a crisis in the means of implementation — from financing to trade, governance and institutional capacity to accelerate progress. 

    Acceleration means Member States keeping alive the bold commitments they made in adopting the Goals in 2015, as well as through the Pact for the Future.

    These include easing the debt burden on developing countries, scaling innovative sources of finance, and pushing forward on reforms to the international financial architecture.

    The upcoming Fourth International Conference on Financing for Development in Sevilla will be a key moment in driving the change we need.

    Acceleration requires bold transformations.

    We must continue traveling the clear pathways to progress outlined in the report — key areas where we can spur progress across all the Goals, such as food systems, energy access, digital connectivity, and supporting economic growth through trade. 

    Now is the time to build more political will and institutional capacity to support these essential shifts and drive progress.

    Second — we will continue tailoring our operations to the needs and priorities of host countries.

    We know we’re on the right track.

    In the last year alone, Resident Coordinators supported over 160 countries.

    Our work across the system and with governments is becoming more integrated and coordinated every year.

    87 per cent of host governments — and 83 per cent of donor country governments — agreed that UN entities are working more collaboratively than before the reform.

    And 98 per cent of host governments agreed that the UN activities, as articulated in our Cooperation Frameworks, are closely or very closely aligned to national priorities.

    The evidence is clear.

    The reinvigorated Resident Coordinator system we have built together is fast-becoming a launchpad for providing deeper development impact for people and planet alike:

    By gathering partners together to shape policy and financing solutions to accelerate development…

    By supporting countries’ efforts on financing, data-collection, trade and sustainable economic growth…

    And by constantly striving to find efficiencies and innovations, and drive accountability and results across our work together.

    We are rightly proud of our work, and we will protect and build on this as we move forward.

    We know we can do better. And we will.

    Despite high levels of support, the report shows worrying gaps between the priorities of our Cooperation Frameworks and the operational, governance and financial tools to bring them to life.

    Moreover, the Management Accountability Framework established to ensure greater accountability in collective UN efforts is not being applied evenly across the system.

    Our newly established evaluation office for the development system is now preparing its first independent report to this body this year to continue driving accountability and results, and ensure greater alignment of UN configuration and programming with country needs.

    I ask all Member States to support this important work.

    Third — funding.

    I am deeply concerned about the system’s funding situation.  

    Core contributions to development agencies are insufficient, plunging to 16.5 per cent of total funding, with these contributions declining to 12 per cent for some agencies. 

    This is a far cry from the 30 per cent target countries committed to in the Funding Compact.

    In December, the General Assembly agreed to my proposal to secure $53 million from the regular budget for the Resident Coordinator system — a much-needed boost at a critical time.

    To be entirely frank, I have to say that the proposal was much higher but at least this compromise was found. 

    But this minimum level of support is insufficient to reach the maximum ambition we need.

    Our ability to drive development and deliver support in a sustained way is at risk — at a moment when countries need us most.

    For our part, we will continue working closely with you to close funding gaps, and ensure joint programming is well-funded and directed to the most vulnerable people and communities.

    But more than ever, we need flexible, sustainable, predictable and innovative sources of funding. 

    I urge Member States to implement the new Funding Compact, without delay.

    In the current context of shrinking resources, the Funding Compact becomes even more fundamental — in particular, its emphasis on pooled funds that allow for more strategic resource allocation depending on actual needs and priorities on the ground.  

    Enfin quatrièmement, nous continuerons de chercher à optimiser l’utilisation des ressources consacrées au développement.

    Le rapport démontre que nos réformes portent leurs fruits : nous avons réalisé plus de 592 millions de dollars d’économies en 2024, soit bien plus que notre objectif initial de 310 millions de dollars.

    Ces économies ont été rendues possibles grâce aux efforts déployés par chaque entité pour rationaliser les services et les chaînes d’approvisionnement, ainsi qu’à un recours accru aux services partagés, notamment s’agissant des voyages, des services de conférence et des fonctions administratives, et à d’autres gains d’efficacité importants.

    Mais nous pouvons et devons en faire plus.

    Dès le début de mon mandat, nous avons lancé un programme de réforme ambitieux destiné non seulement à améliorer nos méthodes de travail et nos résultats, mais aussi à explorer toutes les pistes possibles pour réaliser des économies et des gains d’efficacité.

    L’Initiative ONU80 offre une excellente occasion de poursuivre sur cette lancée.

    En dégageant rapidement des moyens de gagner en efficacité et d’améliorer nos méthodes de travail.

    En consacrant une plus grande partie de nos ressources aux programmes de développement plutôt qu’aux coûts administratifs.

    En procédant à un examen rigoureux de l’exécution des mandats qui nous sont confiés par les États Membres – et dont le nombre a considérablement augmenté ces dernières années.

    Et en menant un examen stratégique des changements plus profonds et plus structurels ainsi qu’un réalignement des programmes au sein du système des Nations Unies.

    L’Initiative ONU80 n’est pas une réponse aux coupes budgétaires mondiales…

    Mais une réponse aux besoins mondiaux.

    Aux besoins des populations du monde entier.

    À la nécessité de faire en sorte que ces personnes soient soutenues comme il se doit, à travers des programmes adaptés au contexte national.

    Et à l’impératif de travailler de façon aussi efficace, rationnelle et utile que possible.

    Là encore, nous aurons besoin de l’appui de tous les États Membres pour rendre nos activités plus efficientes.

    Excellences, Mesdames et Messieurs,

    Alors que nous poursuivons ce chemin de réforme et de renouveau, nous devons garder à l’esprit le plus important : 

    Celles et ceux qui, dans le monde entier, comptent sur nous.

    Le rapport que nous examinons aujourd’hui ne se limite pas aux chiffres.

    Le rapport concerne les services et l’aide que nous apportons à certaines des personnes et des communautés les plus vulnérables et défavorisées de la planète.

    Il concerne les contribuables du monde entier, dont le dur labeur finance notre important travail.

    Il concerne notre capacité à mieux répondre aux attentes des États Membres et agir conformément aux priorités de chaque pays.

    Et il concerne notre quête constante d’efficacité, d’efficience et de responsabilité – tout en restant fidèles aux valeurs fondamentales qui nous animent depuis le tout début.

    Continuons d’œuvrer dans l’unité et la solidarité pour construire une ONU encore plus forte et encore plus efficace – prête à relever les défis d’aujourd’hui et de demain.

    Une ONU adaptée à sa mission et prête à agir.

    Nous comptons sur le plein soutien des États Membres pour continuer à aller de l’avant.

    Je vous remercie.

    *****
    [all-English]

    Excellencies, ladies and gentlemen,

    Thank you for taking part in this important forum in an important year.

    We’re celebrating the 80th anniversary of the United Nations.   

    But this milestone is tempered by a stark, undeniable reality that resonates on every page of the report I am presenting today.

    With less than five years to go to the 2030 deadline, we are facing nothing short of a development emergency.

    The Sustainable Development Goals are alarmingly off-track.

    And some of the hard-won gains made in recent years are getting derailed.

    Progress is too slow in the fight against poverty, hunger, inequality, the climate crisis, decaying infrastructure, and under-resourced education, health and social protection systems.

    We must never forget that a development emergency is, at its root, a human emergency.

    The lives and futures of millions of people hang in the balance.

    This development emergency is also a funding emergency.

    Resources are shrinking across the board — and have been for some time.

    For example, as detailed in my report, total financial contributions to the UN development system dropped by $9 billion — or 16 per cent — in 2023 from the year before.

    We can imagine the number of 2024 taking into account what we have witnessed in the recent decisions. 

    Our organization is increasingly asked to do more with less — a trend that will continue for the foreseeable future.

    This year, donors are pulling the plug on aid commitments and delivery at historic speed and scale.

    But the report we’re discussing today also carries an important message of hope.
    Hope found in the progress we’ve achieved together to reform and reposition the UN development system, making it more efficient and cost-effective.

    Hope in the UN80 initiative to build on these reforms, and drive more of the change we need across the system for a more impactful, cohesive and efficient organization.

    Hope in your continued strong support of, and engagement with, our Resident Coordinators and Country Teams.

    And hope that lies in the potential of the Pact for the Future to accelerate progress towards the Sustainable Development Goals — a Pact that secured consensus at the Summit of the Future.  

    Let me be clear.

    While the context has shifted since the Pact’s adoption, its commitments are more important than ever.

    This includes its bold calls for action on all the elements required to boost progress on sustainable development — including financing for development, the provision of debt relief, and strengthening the international financial architecture.

    We cannot allow headwinds to blow these commitments off course.

    We will continue working closely with all Member States and partners to keep our agenda on track, deepen our ongoing transformation, and to do so in the context of the UN80 initiative to drive progress across the system.

    And we will ensure we can fully deliver and maximize the benefits of every single mandate of the landmark General Assembly resolution 72/279 that ushered in the reforms of the UN development system.

    Excellencies,

    In this spirit, and guided by the report under discussion today, I’d like to highlight four areas where we are making progress, where more is needed, and how Member States can support this work.  

    First — we must hold fast to our commitment to the Sustainable Development Goals.

    This is a critical year for development.

    But across the board, we face a crisis in the means of implementation — from financing to trade, governance and institutional capacity to accelerate progress. 

    Acceleration means Member States keeping alive the bold commitments they made in adopting the Goals in 2015, as well as through the Pact for the Future.

    These include easing the debt burden on developing countries, scaling innovative sources of finance, and pushing forward on reforms to the international financial architecture.

    The upcoming Fourth International Conference on Financing for Development in Sevilla will be a key moment in driving the change we need.

    Acceleration requires bold transformations.

    We must continue traveling the clear pathways to progress outlined in the report — key areas where we can spur progress across all the Goals, such as food systems, energy access, digital connectivity, and supporting economic growth through trade. 

    Now is the time to build more political will and institutional capacity to support these essential shifts and drive progress.

    Second — we will continue tailoring our operations to the needs and priorities of host countries.

    We know we’re on the right track.

    In the last year alone, Resident Coordinators supported over 160 countries.

    Our work across the system and with governments is becoming more integrated and coordinated every year.

    87 per cent of host governments — and 83 per cent of donor country governments — agreed that UN entities are working more collaboratively than before the reform.

    And 98 per cent of host governments agreed that UN activities, as articulated in our Cooperation Frameworks, are closely or very closely aligned to national priorities.

    The evidence is clear.

    The reinvigorated Resident Coordinator system we have built together is fast-becoming a launchpad for providing deeper development impact for people and planet alike:

    By gathering partners together to shape policy and financing solutions to accelerate development…

    By supporting countries’ efforts on financing, data-collection, trade and sustainable economic growth…

    And by constantly striving to find efficiencies and innovations, and drive accountability and results across our work together.

    We are rightly proud of our work, and we will protect and build on this as we move forward.

    We know we can do better. And we will.

    Despite high levels of support, the report shows worrying gaps between the priorities of our Cooperation Frameworks and the operational, governance and financial tools to bring them to life.

    Moreover, the Management Accountability Framework established to ensure greater accountability in collective UN efforts is not being applied evenly across the system.

    Our newly established evaluation office for the development system is now preparing its first independent report to this body this year to continue driving accountability and results, and ensure greater alignment of UN configuration and programming with country needs.

    I ask all Member States to support this important work.

    Third — funding.

    I am deeply concerned about the system’s funding situation.  

    Core contributions to development agencies are insufficient, plunging to 16.5 per cent of total funding, with these contributions declining to 12 per cent for some agencies. 

    This is a far cry from the 30 per cent target countries committed to in the Funding Compact.

    In December, the General Assembly agreed to my proposal to secure $53 million from the regular budget for the Resident Coordinator system — a much-needed boost at a critical time.

    To be entirely frank, I have to say that the proposal was much higher but at least this compromise was found. 

    But this minimum level of support is insufficient to reach the maximum ambition we need.

    Our ability to drive development and deliver support in a sustained way is at risk — at a moment when countries need us most.

    For our part, we will continue working closely with you to close funding gaps, and ensure joint programming is well-funded and directed to the most vulnerable people and communities.

    But more than ever, we need flexible, sustainable, predictable and innovative sources of funding. 

    I urge Member States to implement the new Funding Compact, without delay.
    In the current context of shrinking resources, the Funding Compact becomes even more fundamental — in particular, its emphasis on pooled funds that allow for more strategic resource allocation depending on actual needs and priorities on the ground.  

    And fourth — we will continue pushing for efficiencies that maximize the use of development resources.

    The report demonstrates that our reforms are achieving results — with over $592 million in efficiencies in 2024, well above our initial target of $310 million.

    These savings were achieved through individual agency efforts to streamline services and supply chains, as well as through the increased use of shared services across entities — including travel, conference and administrative functions, and other key efficiencies.

    But we can and must do more.

    From the very beginning of my mandate, we embarked on an ambitious reform agenda to strengthen not only how we work and deliver — but how we leave no stone unturned in finding cost-savings and efficiencies.

    The UN80 initiative is an important opportunity to carry this work forward.

    By rapidly identifying efficiencies and improvements in the way we work.

    By ensuring that a greater share of our resources are allocated for development programmes rather than administrative costs. 

    By thoroughly reviewing the implementation of all mandates given to us by Member States, which have significantly increased in recent years.   

    And through a strategic review of deeper, more structural changes and programme realignment in the UN System.

    UN80 is not about responding to global cuts.

    It’s about responding to global needs.

    The needs of people around the world.
    The need to ensure that we support them in the right way, with the right programmes and country configurations.

    And the need to be as efficient, streamlined and impactful as we can be.

    Again, the support of all Member States will be critical as we strive to become more cost-effective in our operations.

    Excellencies, Ladies and Gentlemen,

    As we continue travelling this road to reform and renewal, we must keep our focus where it belongs:  

    On the people around the world who are counting on us to get this right.

    The report we are discussing today is not just about numbers.

    It’s about the services and support we provide to some of the most vulnerable and underserved people and communities on earth.

    It’s about hardworking taxpayers around the world who underwrite our important work.

    It’s about responding more effectively to the expectations of Member States and aligning with national priorities.

    And it’s about our constant pursuit of efficiency, effectiveness and accountability, while staying true to values that have driven our mission from the very start.

    Let’s continue working as one, in solidarity, to build an even stronger and more effective United Nations — one that is ready to meet the challenges of today and tomorrow. 

    One that is fit for purpose and ready to serve.

    We count on the full support of Member States as we move forward.

    Thank you.

    ******

    [all-French]

    Excellences, Mesdames, Messieurs,

    Je vous remercie de prendre part à cette manifestation de premier plan en cette année importante.

    L’Organisation des Nations Unies fête cette année ses 80 ans.

    Mais cet anniversaire est tempéré par une réalité dure et indéniable, qui transparaît à chaque page du rapport que je présente aujourd’hui.

    À moins de cinq ans de l’échéance de 2030, nous sommes face à une véritable crise du développement.

    La réalisation des objectifs de développement durable accuse un retard alarmant.

    Et certains des gains durement acquis ces dernières années risquent d’être réduits à néant.

    Face à la pauvreté, à la faim, aux inégalités, à la crise climatique, aux infrastructures en déclin et au manque de ressources dans l’éducation et la protection sociale, les progrès demeurent trop lents.

    Il ne faut pas perdre de vue qu’une crise du développement est, avant tout, une crise humaine.

    La vie et l’avenir de millions de personnes sont en jeu.

    Cette crise du développement est aussi une crise du financement.
    Dans tous les secteurs, les ressources se réduisent comme peau de chagrin, et ce depuis un certain temps.

    Ainsi, comme indiqué dans mon rapport, les contributions financières versées en 2023 au système des Nations Unies pour le développement ont chuté de 9 milliards de dollars US – soit 16 % – par rapport à l’année précédente.

    On peut imaginer les chiffres de 2024 en tenant compte de ce que nous avons constaté dans les décisions récentes.

    Notre Organisation est de plus en plus appelée à faire plus avec moins, et cela ne devrait pas changer de sitôt.

    Cette année, plusieurs bailleurs de fonds mettent un coup de frein sans précédent à leurs engagements en matière d’aide sur le terrain.

    Cela étant, le rapport que nous examinons aujourd’hui est également porteur d’un vrai message d’espoir.

    Cet espoir repose sur plusieurs éléments : sur les progrès que nous avons accomplis ensemble dans la réforme et le repositionnement du système des Nations Unies pour le développement, le rendant plus efficace et plus économique ;

    Sur l’Initiative ONU80, qui, dans le prolongement de ces réformes, induira les changements dont nous avons besoin à travers l’ensemble du système pour une organisation plus efficace, plus cohésive et plus efficiente ;

    Sur l’appui résolu que vous continuez de manifester à nos coordonnatrices et coordonnateurs résidents et à nos équipes de pays, et sur votre détermination à travailler à leurs côtés dans un esprit de collaboration ;

    Et sur le potentiel qui réside dans le potentiel du Pacte pour l’avenir d’accélérer les progrès vers les Objectifs de développement durable – un Pacte qui a fait l’objet d’un consensus lors du Sommet de l’avenir.

    Soyons clairs.

    Le Pacte a beau avoir été adopté dans un contexte différent, les engagements qui y sont énoncés demeurent plus importants que jamais.

    Ils exigent notamment de l’audace dans tous les aspects propices au développement durable – y compris le financement du développement, l’allègement de la dette et le renforcement de l’architecture financière internationale.

    Nous ne pouvons laisser les difficultés du moment nous faire dévier de ces engagements.

    Nous continuerons de collaborer étroitement avec tous les États Membres et tous les partenaires pour poursuivre la bonne mise en œuvre de nos priorités, parfaire la transformation de l’Organisation et, dans le cadre de l’Initiative ONU80, encourager des progrès concrets dans l’ensemble du système.

    Nous veillerons également à exécuter pleinement et de manière optimale tous les mandats prévus dans la résolution 72/279 de l’Assemblée générale, texte majeur qui a ouvert la voie à la réforme du système des Nations Unies pour le développement.

    Excellences,

    Dans ce contexte, et dans le droit fil du rapport qui est à l’examen aujourd’hui, je voudrais souligner quatre points pour récapituler les progrès que nous accomplissons, les domaines où nous devons redoubler d’efforts et l’aide que les États Membres peuvent apporter en ce sens.

    Premièrement, nous devons garder le cap sur les objectifs de développement durable.

    Cette année est cruciale pour le développement.

    Pourtant, nous assistons à une crise généralisée des moyens de mise en œuvre, qui touche aussi bien le financement que le commerce, la gouvernance ou la capacité institutionnelle à accélérer les progrès.

    Si l’on veut accélérer la cadence, il faut que les États Membres honorent les engagements ambitieux qu’ils ont pris en 2015 en adoptant les ODD et dans le cadre du Pacte pour l’avenir.

    Cela inclut notamment l’allègement du fardeau de la dette des pays en développement, la mobilisation de sources de financement innovantes et de faire avancer la réforme de l’architecture financière internationale.

    La quatrième Conférence internationale sur le financement du développement, qui se tiendra à Séville, constituera un moment clé moment clé dans la conduite des changements nécessaires.  

    Pour passer à la vitesse supérieure, il faut engager une transformation audacieuse.

    Nous devons poursuivre la stratégie que nous avons clairement définie en vue de la réalisation de tous les Objectifs, notamment dans les domaines des systèmes alimentaires, de l’accès à l’énergie, de la desserte numérique ainsi que du commerce au service de la croissance économique.

    Le moment est venu de mobiliser une plus grande volonté politique et de renforcer les capacités institutionnelles pour accompagner ces transformations essentielles et insuffler une dynamique de progrès.

    Deuxièmement, nous continuerons d’adapter nos opérations aux besoins et aux priorités des pays hôtes.

    Nous savons que nous sommes sur la bonne voie.

    L’année dernière, les coordonnatrices et coordonnateurs résidents ont apporté un appui concret dans plus de 160 pays.

    Le travail mené dans les entités du système et avec les gouvernements gagne chaque année en intégration et en coordination.

    87 % des pays hôtes – et 83 % des pays donateurs – considèrent que les entités des Nations Unies collaborent plus qu’avant la réforme.
    Et 98 % des pays hôtes estiment que les activités de l’ONU prévues dans nos plans-cadres de coopération concordent bien ou très bien avec les priorités nationales.

    Les faits sont là.

    Le système redynamisé des coordonnatrices et coordonnateurs résidents que nous avons mis en place ensemble est en passe de devenir un outil encore plus efficace au service du développement, tant pour les populations que pour la planète.

    À cet égard, il réunit les partenaires pour définir l’action à mener et trouver des solutions financières visant à accélérer le développement…

    Il accompagne les pays dans les domaines du financement, de la collecte de données, de la réglementation, du commerce et de la croissance économique durable…

    Et il cherche continuellement à faire des économies, à innover, à faire respecter le principe de responsabilité et à encourager les progrès dans tous les aspects de notre action commune.

    Nous sommes profondément fiers de ce que nous faisons, et nous continuerons sur notre lancée tout en préservant les acquis.

    Nous pouvons faire mieux, nous le savons. Et nous le ferons.

    Malgré l’adhésion que suscite notre action, le rapport fait apparaître un contraste inquiétant entre les priorités fixées dans nos plans-cadres de coopération et les moyens opérationnels et financiers et les outils de gouvernance qui permettent de les concrétiser.

    En outre, le cadre de gestion et de responsabilité, établi pour renforcer la responsabilité dans l’action collective des Nations Unies, n’est pas appliqué de manière uniforme dans toutes les entités du système.

    Notre bureau chargé des évaluations dans le système pour le développement, récemment établi, rédige actuellement son premier rapport indépendant, qu’il présentera au Conseil économique et social cette année, et poursuivra son action pour favoriser la définition des responsabilités, concourir à l’amélioration des résultats et faire en sorte que la présence et les programmes des Nations Unies soient mieux adaptés aux besoins de chaque pays.

    Je demande à tous les États Membres d’appuyer ce travail essentiel.

    Troisièmement, le financement.

    Je suis très préoccupé par la situation financière du système.

    Les contributions aux ressources de base des organismes de développement sont insuffisantes : elles ne représentent plus que 16,5 % du financement total, voire 12 % pour certaines entités.

    On est bien loin de l’objectif de 30 % que les pays se sont engagés à atteindre dans le cadre du pacte de financement.

    En décembre, l’Assemblée générale a accepté la proposition que j’ai faite de prélever sur le budget ordinaire un montant de 53 millions de dollars pour le système des coordonnatrices et coordonnateurs résidents. C’est un coup de pouce indispensable à un moment critique.

    Pour être tout à fait franc, je dois dire que la proposition était beaucoup plus élevée, mais au moins ce compromis a été trouvé.

    Mais ce modeste niveau de soutien n’est pas à la hauteur de l’ambition nécessaire.

    Notre capacité à stimuler le développement et à apporter une aide durable est compromise, or c’est maintenant que les pays ont le plus besoin de nous.

    Nous continuerons à collaborer étroitement à vos côtés pour que les déficits de financement se résorbent et pour que la programmation conjointe soit dotée de moyens financiers suffisants et profite aux personnes et aux populations les plus vulnérables.

    Néanmoins, nous avons plus que jamais besoin de sources de financement souples, durables, prévisibles et novatrices.

    J’invite instamment les États Membres à mettre en œuvre sans délai le nouveau pacte de financement.

    À l’heure où les ressources s’amenuisent, le pacte de financement s’impose comme un dispositif incontournable, notamment par l’importance accordée aux fonds de financement commun, qui permettent d’allouer les ressources plus stratégiquement, en fonction des priorités et des besoins réels sur le terrain.

    Enfin quatrièmement, nous continuerons de chercher à optimiser l’utilisation des ressources consacrées au développement.

    Le rapport démontre que nos réformes portent leurs fruits : nous avons réalisé plus de 592 millions de dollars d’économies en 2024, soit bien plus que notre objectif initial de 310 millions de dollars.

    Ces économies ont été rendues possibles grâce aux efforts déployés par chaque entité pour rationaliser les services et les chaînes d’approvisionnement, ainsi qu’à un recours accru aux services partagés, notamment s’agissant des voyages, des services de conférence et des fonctions administratives, et à d’autres gains d’efficacité importants.

    Mais nous pouvons et devons en faire plus.

    Dès le début de mon mandat, nous avons lancé un programme de réforme ambitieux destiné non seulement à améliorer nos méthodes de travail et nos résultats, mais aussi à explorer toutes les pistes possibles pour réaliser des économies et des gains d’efficacité.

    L’Initiative ONU80 offre une excellente occasion de poursuivre sur cette lancée.

    En dégageant rapidement des moyens de gagner en efficacité et d’améliorer nos méthodes de travail.

    En consacrant une plus grande partie de nos ressources aux programmes de développement plutôt qu’aux coûts administratifs.

    En procédant à un examen rigoureux de l’exécution des mandats qui nous sont confiés par les États Membres – et dont le nombre a considérablement augmenté ces dernières années.

    Et en menant un examen stratégique des changements plus profonds et plus structurels ainsi qu’un réalignement des programmes au sein du système des Nations Unies.

    L’Initiative ONU80 n’est pas une réponse aux coupes budgétaires mondiales…

    Mais une réponse aux besoins mondiaux.

    Aux besoins des populations du monde entier.

    À la nécessité de faire en sorte que ces personnes soient soutenues comme il se doit, à travers des programmes adaptés au contexte national.

    Et à l’impératif de travailler de façon aussi efficace, rationnelle et utile que possible.

    Là encore, nous aurons besoin de l’appui de tous les États Membres pour rendre nos activités plus efficientes.

    Excellences, Mesdames et Messieurs,

    Alors que nous poursuivons ce chemin de réforme et de renouveau, nous devons garder à l’esprit le plus important : 

    Celles et ceux qui, dans le monde entier, comptent sur nous.

    Le rapport que nous examinons aujourd’hui ne se limite pas aux chiffres.

    Le rapport concerne les services et l’aide que nous apportons à certaines des personnes et des communautés les plus vulnérables et défavorisées de la planète.

    Il concerne les contribuables du monde entier, dont le dur labeur finance notre important travail.

    Il concerne notre capacité à mieux répondre aux attentes des États Membres et agir conformément aux priorités de chaque pays.

    Et il concerne notre quête constante d’efficacité, d’efficience et de responsabilité – tout en restant fidèles aux valeurs fondamentales qui nous animent depuis le tout début.

    Continuons d’œuvrer dans l’unité et la solidarité pour construire une ONU encore plus forte et encore plus efficace – prête à relever les défis d’aujourd’hui et de demain.

    Une ONU adaptée à sa mission et prête à agir.

    Nous comptons sur le plein soutien des États Membres pour continuer à aller de l’avant.

    Je vous remercie.
     

    MIL OSI Africa –

    May 21, 2025
  • MIL-OSI Russia: China urges US to stop politicizing COVID-19 source tracing issue

    Translation. Region: Russian Federal

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

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

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

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

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

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

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

    MIL OSI Russia News –

    May 21, 2025
  • MIL-OSI USA: Governor Lamont Applauds House Approval of His Plan To Increase the Wages of Connecticut State Police Troopers

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont is applauding the Connecticut House of Representatives for voting today to approve the agreement he negotiated with the Connecticut State Police Union that will enact pay increases for the Connecticut State Police.

    The governor and the union reached the agreement in April. It must be approved by both chambers of the Connecticut General Assembly for it to take effect.

    “I submitted a plan to the state legislature to give pay raises to the Connecticut State Police because I believe that our state troopers deserve salaries that reflect the essential work they provide to our state and can help recruit more officers to serve in these positions,” Governor Lamont said. “Ensuring the safety of our residents requires us to invest in state troopers and their families. I am glad that the majority of lawmakers in the House supported it, and I urge the Senate to join them in approving the plan.”

    The legislation that was approved today is House Resolution 17. It passed by a vote of 134 to 12, with the votes in opposition cast by Republican legislators. The agreement must next be approved by the State Senate.

     

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: Kugler, Commencement Remarks

    Source: US State of New York Federal Reserve

    Thank you, Stefano, and before I say anything else, congratulations to the Class of 2025!1 My family is here today, so let me acknowledge my husband Ignacio, my daughter Miri, my son Danny, and my parents who are watching from elsewhere. I start with family because I know it takes a village! So, I want to acknowledge the enormous accomplishment by the graduates and also by their families and friends who supported them through this journey. Let’s give all of them a big round of applause! I also want to thank the leaders of Berkeley’s economics program for giving me the privilege of returning here, as a graduate of this program, to be a part of what is, in fact, my very first economics commencement ceremony here at Berkeley.
    On a similar spring afternoon in 1997, when my classmates were walking across this stage, I was across the country, hurrying to finish my dissertation at the Brookings Institution and preparing to start my first job as an economist. I would have loved to be here, as you are, and I praise you for taking the time to share with your classmates, friends, and family this moment of recognition for the huge achievement today represents. But somehow, at the time of my graduation, I felt the need to get on with earning a living and moving forward with my life, as I am sure many of you are eager to do also.
    So, you can understand that this is a very special—and also a little strange— moment for me because it feels, in a way, like I am celebrating my own graduation 28 years later! I think it is also an unusual situation for all of you to listen to this speaker who was once where you are today. It is unusual because standing at this podium now is not just the person I have become in the decades since leaving Berkeley. Standing beside me, very close by today, is also the young woman I was in 1997, who was too busy to attend her own graduation. You will be hearing at times from both of us today, and we may even exchange a few words with each other.
    This sounds a little like that Aubrey Plaza movie you may have seen last year, in which a young woman gets advice from her older self. Unfortunately, unlike Aubrey Plaza’s character, I cannot help my younger version through the many challenges that she will face, and let me tell you, there were many challenges indeed, and yet here I am! Nevertheless, because of my proximity, today, to that younger self, I hope I can see the world a little more through your eyes, when I try to offer some words of wisdom. I know, I know, commencement speakers are expected to provide wisdom and advice. But really, today, I would like to mainly tell you that the wisdom and also the conviction of my younger self are what allowed me to navigate the challenges along the way. So, trust yourselves!
    As I have indicated, the younger version of me was quite impatient to get her professional life started and try to make a mark in the world. The older me would say, “Take your time, figure out who you are, who you will become! Life is long, and among other things, life teaches you to have patience to work for big goals.” There is merit to this advice, of course, but today I am thinking about how I felt when I was in your shoes, and I am thinking that one of the underappreciated gifts of younger people is, in fact, impatience. I will say more about this, but if you take a look around at all the many urgent challenges we face here in the U.S. and the world, many of which depend on the powerful tool of economics and its potential to make people’s lives better, then I would certainly say that some impatience is, indeed, very much what we need.
    I speak of economics as a tool because that is all that it is. It is not a philosophy, a value system, or a religion, although I acknowledge that some in our profession might treat it that way. Economics can’t answer all the questions we face in our lives. Economics can’t tell us how to treat each other, or what kind of world we should strive to create, but it is a means to those ends.
    And even the answers that economics can provide are always evolving, as our understanding of economic behavior and phenomena evolves. What we understand in economics has evolved in the years since I left Berkeley, and it will continue to evolve. While this understanding does change over time, I think of it as changing like the California landscape changes. Some towns and cities grow, some decline, and there is the occasional earthquake to shake things up. But the landmarks that guide us in economics—the Golden Gate, the Sierra Nevada—they have been standing for a while now, and I believe they will continue to stand for a long time to come.
    Using these landmarks, these foundational and time-tested insights, economics can indeed be a powerful tool. But it is a tool, only to the extent, like any other tool, that it is useful. A brilliant insight, if not applied, or tested, or employed for some useful purpose, is like the gadget you pick up at the hardware store and never use. It is just taking up space in the toolbox. When economics reveals how to use resources efficiently, how to raise production and income and lower costs, these insights are only useful if they are applied—if they win in the marketplace of ideas.
    As you embark on your careers as economists, and the myriad ways in which you can employ the knowledge and skills you have acquired, one cause that I hope you all will embrace is actively participating in this marketplace of ideas. I hope you do, because, from the level of the individual household to the loftiest decisions of business leaders and government, employing the foundational insights of economics is the difference between prosperity and the utterly avoidable lack of prosperity.
    It is tempting to think that time-tested and broadly accepted ideas are permanent. In fact, the debate has never ended on many foundational ideas of economics, some of which can seem counterintuitive to people. These are ideas that must be fought for, because, as I said, to lose that fight is to go backward and accept less prosperity.
    Among the aspirations that each of you hold as you leave the Greek theater today, I hope that you will use what you have learned at Berkeley to be part of this fight. I would go further and argue that, along with the diplomas that you are receiving today, you will also carry with you a special responsibility to promote these principles and use them to promote greater prosperity for all. I am not shy in saying that economists have such a responsibility, nor in saying that the learning you have acquired qualifies you to be an active participant in these debates. I believe your expertise matters, because, in the cacophony of opinions, and trolling, and disinformation that seems to crowd ever more into the marketplace of ideas each year, I cling to the idea that expertise still matters. In his book The Constitution of Knowledge: A Defense of Truth, Jonathan Rauch argues that, just as important as America’s written Constitution is an unwritten one, based on a widespread agreement on what is true and what is not true. Knowledge, he writes, as it is added to and preserved over time, is a special glue, that Gorilla clear and precise super glue, that helps to hold society together and settle many conflicts. Expertise matters as the basis for that knowledge. When your expertise as economists is absent, when your voices are absent from the debate, knowledge suffers, and we are all poorer because of it.
    Let me pause for a moment because I am hearing from my younger self just now that these commencement remarks are maybe getting a little heavy. I can understand how she feels. Think about how things looked in 1997. The Cold War was over! The tech boom was just taking off, which meant that Oakland was still affordable. Honestly, in hindsight life back then sounds a lot less complicated than it seems today. My first job was at Pompeu Fabra University in Spain, and my second was at a large public university, the University of Houston. I had some research ideas, mostly in the area of labor economics, and I found some great collaborators, and I was off to the races. Today, I realize that colleges and universities are facing challenges like never before, which means that the prospect of trying to make a career in academia is much less certain.
    Public service is another traditional destination for economists, and I have been very fortunate to be able to move forward in my career as an academic, while taking time out on three occasions to work in Washington—as chief economist at the Department of Labor, as the U.S. executive director at the World Bank, and now as a governor at the Federal Reserve Board. By contrast, it is, of course, to put it mildly, a very challenging time to be thinking about starting a career in public service, at least at the federal level.
    I can stand here today and lament the new challenges faced by you and by many others in the Class of 2025. I am a mom, and my kids are also facing new circumstances. But I also look back sometimes and wonder how I got here. And this is another case where I believe the 27-year-old me had more wisdom than I do. If she were crossing this stage today, with you, facing these undeniable challenges, I do not think she would be discouraged. She would stubbornly say: “I love economic research; I will find a way to become an academic.” If you told her about the challenges facing colleges and universities, she would say that it is simply unthinkable that America would not support the greatest post-secondary educational system in the world. And if you told her that a pendulum swing in opinion might limit opportunities in public service, she might say: “If the purpose of life is helping others, (and I think it is) then public service will be valued, and it is something I must do, and that I will do.”
    I think if you had told the 27-year-old me that she could not achieve these things, which she dreamed of, she would stubbornly refuse to accept it. And of course, this is the way that humankind eventually solves most big problems. More than anything else, it is stubborn determination, which I hope is in good supply among you already, and which I encourage you to cultivate. You have already, of course, one of the greatest assets that anyone can have to make a career in economics, which is an education from one of the greatest universities in the world—the University of California, Berkeley. When I attended here, I had the privilege of taking classes with four winners of the Nobel Prize, and many people tell me that, if anything, the faculty is even stronger today. In my recent work at the Fed, I have had occasion to cite research by six current faculty members in public speeches. You have learned from the best, and with your energy, expertise, impatience, and stubborn determination, I know that nothing will stop you! Whatever you choose to do, I hope you will make use of what you have learned at Berkeley to be an active part of that marketplace of ideas. Go forth from here and make the world a brighter and better place. Go seize the day as you head out Sather Gate! Congratulations, again, Class of 2025, and thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI Security: Justice Department Files Religious Liberty Lawsuit Against Troy, Idaho for Discriminating Against a Small Christian Church

    Source: United States Attorneys General 1

    The Justice Department filed a lawsuit today in the U.S. District Court for the District of Idaho alleging that the City of Troy, Idaho, violated the Religious Land Use and Institutionalized Persons Act (RLUIPA) when it denied a conditional use permit (CUP) application sought by Christ Church, a small evangelical church.

    The lawsuit alleges that Christ Church had outgrown the space where it had been worshipping and was unable to find a space to rent. It then sought a CUP to operate a church in the City’s C-1 zoning district, where nonreligious assembly uses such as clubs, museums, auditoriums, and art galleries were allowed. Local residents vociferously opposed the Church’s CUP application, and many of their written and verbal comments reflected animus against Christ Church’s beliefs. In its denial of the Church’s CUP application, the City cited the fact that the public was “heavily against” it and that the “great majority of the city residents” opposed granting the CUP.

    “RLUIPA unequivocally forbids local governments from deciding zoning matters based on their dislike of certain religious groups,” said Assistant Attorney General Harmeet K. Dhillon of the Justice Department’s Civil Rights Division. “The Department of Justice will not hesitate to file suit against jurisdictions that discriminate in land use matters on the basis of the applicants’ religious beliefs.”

    The lawsuit alleges that the City’s denial of the CUP imposed a substantial burden on Christ Church and was based on the community’s discriminatory animus against the Church. It also alleges that the City’s zoning code treats religious assembly use worse than nonreligious assembly use.  The lawsuit alleges violations of RLUIPA’s substantial burden, equal terms, and discrimination provisions.

    RLUIPA is a federal law that guards individuals and religious institutions from unduly burdensome, unequal, or discriminatory land use regulations. More information about RLUIPA and the department’s work can be found on the Place to Worship Initiative’s webpage.

    As part of this initiative, the department distributed a letter to state, county, and municipal leaders throughout the country to remind them of their obligations under RLUIPA, including its requirement that land use regulations treat religious assemblies and institutions at least as well as nonreligious assemblies and institutions.

    Individuals who believe they have been subjected to discrimination in land use or zoning decisions may contact the Civil Rights Division’s Housing and Civil Enforcement Section at (833) 591-0291 or may submit a complaint through the RLUIPA complaint portal. More information about RLUIPA, including questions and answers about the law and other documents, may be found at www.justice.gov/crt/about/hce/rluipaexplain.php.

    MIL Security OSI –

    May 21, 2025
  • MIL-OSI USA: Congresswoman Marjorie Taylor Greene Reintroduces the Protect Children’s Innocence Act in the 119th Congress

    Source: United States House of Representatives – Congresswoman Marjorie Taylor Greene (GA, 14)

    Congresswoman Marjorie Taylor Greene has reintroduced her landmark legislation, the Protect Children’s Innocence Act, a bold step to end the barbaric practice of so-called “gender-affirming care” for minors. This legislation, now designated as H.R. 3492, criminalizes genital mutilation, chemical castration, and all sex-change procedures performed on children.

    The Protect Children’s Innocence Act strengthens and codifies President Donald J. Trump’s executive order banning gender transition procedures for minors. Together, this legislation and the President’s action send a clear message: the federal government will no longer tolerate the abuse and exploitation of children by the radical gender ideology of the Left.

    “Left-wing activists and medical institutions are targeting America’s children with dangerous drugs, disfiguring surgeries, and permanent sterilization,” said Congresswoman Greene. “My bill stops the mutilation of kids and holds those responsible for performing or facilitating these barbaric procedures accountable.”

    The bill is scheduled to be marked up in the House Judiciary Committee at 10 AM tomorrow, a critical step toward bringing it to the House floor for a vote.

    When Congresswoman Greene first introduced this bill in 2022, she was joined by Chloe Cole, a courageous young woman who began “gender-affirming care” at age 13 and underwent a double mastectomy at 15. Chloe detransitioned at 16 and is now a vocal advocate for protecting vulnerable youth from irreversible harm. Watch Chloe’s powerful testimony here.

    What the Protect Children’s Innocence Act Does:

    • Criminalizes any attempt to perform or facilitate genital or bodily mutilation or chemical castration on a minor, with up to 10 years in federal prison and/or a significant fine.
    • Bans all puberty blockers and cross-sex hormone treatments for children.
    • Provides no exemption for mental health disorders as justification for these procedures.
    • Defines “chemical castration” and “genital or bodily mutilation” with detailed legal clarity.
    • Exempts children born with certain rare genetic conditions, or who are experiencing medical emergencies as certified by a physician.

    Cosponsors in the 119th Congress include: Crane, Finstad, Luna, Bice, Mary Miller, Crenshaw, McGuire, Kustoff, Biggs, Burlison, Tenney, Higgins, Brecheen, Nehls, Weber, Harris, Grothman, Hern, Collins, Ogles, Babin, Clyde, De La Cruz, Hageman, Owens, Palmer, Timmons, Norman, Max Miller, Steube, Jackson, Riley Moore, Comer, Gill, Baird, McDowell, Harshbarger, and Gooden.

    Supporting organizations include the American Principles Project, Citizens for Renewing America, CPAC, Gays Against Groomers, Independent Women, and Moms for Liberty.

    Read the full bill text here.

    Watch Chloe Cole’s testimony here.

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: 10 consejos para abogar por sí mismo de la conferencia Breaking Barriers

    Source: US State of Oregon

    iembros de la comunidad de personas con discapacidades intelectuales y del desarrollo (I/DD) de Oregon se reunieron a finales de abril en la conferencia Breaking Barriers: Life Beyond Labels (Rompiendo Barreras: La Vida Más Allá de las Etiquetas). La Red de Apoyo a las Personas con Discapacidades de Oregon Central (CODSN, por sus siglas en inglés) organiza este evento anual en Redmond. La directora ejecutiva de la red, Dianna Hansen, afirmó: “Es importante que las familias, las personas con discapacidades, los proveedores de servicios y los educadores nos reunamos y aprendamos unos de otros”.

    Fui a la conferencia con compañeros de trabajo del Programa para Discapacidades Intelectuales y del Desarrollo (ODDS, por sus siglas en inglés). En la conferencia, disfrutamos de las presentaciones de 58 ponentes, que incluían personas que abogan por sí mismas, familiares, profesionales de la atención y otros aliados de la comunidad de personas con I/DD. Todos ellos compartieron sus experiencias en 32 sesiones. Setenta y cinco expositores mostraron sus productos en mesas de exposición. Doce de los expositores eran personas que abogan por sí mismas que vendían sus obras de arte.

    Hansen dijo que el evento alcanzó su capacidad máxima: ¡600 asistentes! Las cuatro palabras más utilizadas por los asistentes en sus evaluaciones para describir su experiencia fueron: motivados, conectados, emocionados e inspirados. Si desea asistir el año que viene, apunte la fecha: 21 de abril del 2026.

    Aquí hay 10 puntos clave de la conferencia:

    1. Las palabras importan.

    Ramonda Olaloye es la asistente del superintendente de la Oficina de Mejora de las Oportunidades Estudiantiles (Office of Enhancing Student Opportunities, OESO) del Departamento de Educación de Oregon. Ella abrió la conferencia con un discurso. Olaloye trabaja para crear un sistema educativo en el que todos los niños alcancen su máximo potencial.

    Olaloye habló sobre algunos retos del sistema de servicios para personas con I/DD. Ella tiene dos hijas. La menor tiene autismo. Un día, en la escuela, una maestra le preguntó: “¿Por qué no puedes ser como tu hermana mayor?”. Después de eso, Olaloye notó que su hija alteró su comportamiento en la escuela. Olaloye, quien se describe a sí misma como una “defensora feroz” de sus hijas, habló con la maestra. Reflexionando sobre esta experiencia, dijo:

    “Los educadores moldean las experiencias con sus palabras. Porque sus palabras — nuestras palabras — tienen peso. Nuestros hijos merecen ser reconocidos como individuos, no comparados ni menospreciados. Romper barreras significa cuestionar nuestra forma de comunicarnos, nuestras suposiciones y los sistemas que defendemos. Y eso empieza por ver a cada niño tal y como es, no como esperamos que sea”.

    2. Asume que todas las personas que conoces son competentes.

    Hansen me contó una experiencia similar. Su hija tiene síndrome de Down. Cuando salen a un restaurante, los meseros suelen ignorar a su hija y le preguntan a Hansen: “¿Qué quiere ella?”

    Su hija es estudiante de segundo año de gastronomía. Ella misma se cocina sus comidas. Se graduó de la escuela preparatoria con honores.

    La gente suele asumir que las personas con discapacidad intelectual o del desarrollo no pueden hablar por sí mismas. Hansen anima a todo el mundo a asumir que las personas son competentes. Este es uno de los principales valores que espera que la gente haya aprendido en la conferencia: “Dar esa dignidad a las personas — que son capaces de responder y tomar sus propias decisiones”.

    3. Olvidar el significado tradicional de independencia.

    La ponente principal, Alva Gardner, sugirió a los asistentes que reflexionaran con respecto a su concepto de independencia. “La independencia no siempre significa hacer todo por uno mismo”, afirmó. “Como sistema, debemos dejar de lado esa definición tradicional de independencia. Nadie vive una vida 100 % independiente de los demás el 100 % del tiempo. Todos dependemos de alguien de alguna manera a lo largo de nuestra vida”.

    Gardner se dedica a dar conferencias desde los 8 años. Dirige su propia empresa, The 4*3 Perspective LLC (enlace en inglés). Trabaja con organizaciones para llevar a cabo cambios sistémicos que apoyen a todas las personas, especialmente a aquellas con discapacidad. Fue la primera persona con una discapacidad del desarrollo en convertirse en instructora certificada en pensamiento centrado en la persona (PCT, por sus siglas en inglés).

    Gardner tiene parálisis cerebral. Habló sobre los apoyos que recibe. Trabaja con asistentes personales que le brindan el 100% de su cuidado personal. Los apoyos que utiliza le dan la libertad para hacer su vida diaria, cuidar a su familia y manejar su negocio. Preguntó a los asistentes qué tipo de apoyos utilizan en sus vidas: servicios de peluquería, transporte, cuidado de niños, visitas al médico, etc. A continuación, redefinió el concepto de independencia.

    “La independencia proviene de llevar una vida dirigida por uno mismo y utilizar los apoyos disponibles para lograrlo”, dijo. “En los cursos de capacitación sobre el enfoque centrado en la persona, pedimos a los participantes que identifiquen qué es importante para ellos y cómo desean recibir el mejor apoyo, y que sean muy específicos sobre cómo definen los apoyos para sí mismos. Como sistema, cuando se adopta un enfoque verdaderamente centrado en la persona, creo que debemos empezar por ser conscientes de cómo definen las personas la independencia para sí mismas. ¿Cómo es y qué significa la independencia para esa persona?”.

    4. Enseñar a abogar por uno mismo desde una edad temprana.

    Ambos ponentes principales animaron a los padres a enseñar a sus hijos a ser independientes y a abogar por sí mismos.

    Olaloye le asignó a su hija roles apropiados para su edad en sus reuniones de Planificación de Apoyo Individual (ISP, por sus siglas en inglés). Esta es una reunión en la que las personas planifican sus servicios y apoyos cada año. En la escuela primaria, su hija participó en una conversación sobre el paso de la enseñanza individualizada a un salón de clases en el que un asistente ayudaba a toda la clase. Olaloye ha estado utilizando el proceso ISP para ayudar a su hija a aprender a expresar sus necesidades. A medida que su hija ha ido creciendo, le ha dado un papel más importante en las reuniones del ISP. Ahora, en segundo año de preparatoria, la hija de Olaloye está preparada para manejar sus propios apoyos cuando vaya a la universidad.

    5. Hacer que abogar por usted mismo sea más fácil. Para ello, es necesario prepararse.

    Gardner habló sobre el reto que significa abogar por uno mismo constantemente: “Tener que compartir nuestras preferencias con todos los diferentes profesionales de apoyo directo, administradores de casos, asistentes de cuidado personal, etc., que entran y salen de nuestras vidas… Es increíblemente agotador y, francamente, aburrido. No quiero tener que repetir lo mismo una y otra vez. Tengo cosas mejores que hacer”.

    Una de las formas en que ella aliviana esta carga es creando descripciones de una página para cada aspecto de su vida. Tiene versiones diferentes para su hogar, su trabajo y otras situaciones. En ellas, describe los apoyos que necesita y que prefiere, y lo que es importante para ella sobre ese aspecto de su vida. Ella dice que hacer esto “es especialmente importante cuando está aprendiendo cuáles son esas preferencias y deseos y cómo comunicarlos por primera vez”. Recomienda actualizar esta información al ir cambiando sus necesidades.

    6. Utilizar la nueva Guía de Autodefensa para los Servicios de Discapacidades Intelectuales y del Desarrollo (I/DD) para ayudarle a planificar sus servicios.

    ODDS y la Coalición de Autodefensa de Oregon (Oregon Self-Advocacy Coalition, OSAC por sus siglas en inglés) compartieron una nueva herramienta: la Guía de Autodefensa para los Servicios de Discapacidades Intelectuales y del Desarrollo. La crearon para que la planificación sea más fácil.

    La guía es un libro de trabajo. Guía a las personas que abogan por sí mismas a través del proceso de planificación de servicios. Hace preguntas para ayudar a las personas a comunicar sus deseos, sus necesidades y sus objetivos. Ayuda a las personas a ser los líderes de su planificación de servicios.

    La directora ejecutiva de OSAC, Gabrielle Guedon, se refirió al proceso de planificación: “Se trata de pensar en lo que realmente quiere o no quiere en su vida. Estamos cambiando todo el tiempo. Cada año usted tiene una oportunidad para cambiar. Sé que es un proceso difícil por el cual tenemos que pasar pero hay oportunidades para incluir lo que quiere y lo que no quiere. Sea honesto y sea claro.”

    Puede encontrar la guía en el sitio web de ODDS. La puede descargar. Está disponible en varios idiomas. Los padres, los parientes y los administradores de casos también pueden utilizar la guía para mejorar su apoyo para las personas que abogan por sí mismas.

    7. No dejar que los “bullies” lo detengan para buscar lograr sus metas y sueños.

    Felicity Woods, una persona que aboga por sí misma y que es miembro de la junta directiva de la CODSN, también habló sobre la Guía de Autodefensa. Woods compartió cómo algunas personas en su escuela no entendían bien la discapacidad. Ella, al igual que muchos niños con discapacidades intelectuales y del desarrollo (I/DD), sufrió “bullying” en la escuela primaria. Dijo que aprender a compartir nuestra historia – los éxitos y las barreras que uno enfrenta – es una parte importante de abogar por uno mismo. Ella anima a las personas a utilizar la Guía de Autodefensa.

    “Quiero hacer mis propias elecciones y decisiones sobre lo que yo quiero,” Woods dijo. “Depende de ti y de mí, como individuos, elegir lo que queremos.”

    Hablando de los “bullies”, Guedon agregó, “No dejes que una mala experiencia te detenga. Haz que te motive.”

    8. Ayudar a organizar a otras personas que abogan por sí mismas.

    Felicity Woods y Jordan Ohlde son miembros de High Desert Self Advocacy (la Autodefensa de High Desert). Este es un grupo de pares de las personas que abogan por sí mismas en el área de Bend/Redmond. Ellos presentaron “Creciendo con Fortaleza y Listos para Prosperar”. Ryley Newport, un empleado del ODDS, se les unió. Hablaron sobre cómo ampliar y fortalecer la autodefensa. Para lograr esto, High Desert Self Advocacy creó un plan de Planificación de un Mañana Alternativo con Esperanza (Planning Alternative Tomorrows with Hope, PATH por sus siglas en inglés – enlace en inglés).

    PATH es una herramienta para la planificación creativa. Dos facilitadores capacitados de ODDS guiaron al grupo a través del proceso de PATH. Utilizaron los gráficos y la discusión para ayudar al grupo a visualizar su futuro. Luego, iniciando desde esa visión, trabajaron hacia atrás para crear un plan que los ayudara a alcanzar sus metas.

    Como resultado, High Desert Self Advocacy habló en Rompiendo Barreras. También estarán en la capital del Estado de Oregon el 12 de junio para abogar por los derechos de las personas con discapacidades. Tendrán una presentación en la Convención de Autodefensa de The Arc Oregon (enlace en inglés) esa misma semana.

    Woods y Ohlde animaron a las personas que abogan por sí mismas a comunicarse con ellos en High Desert Self Advocacy. Quieren ayudar a sus pares a formar grupos de autodefensa en todo el estado. Conéctese con ellos a través de su página de Facebook (enlace en inglés).

    9. Ser un ejemplo de accesibilidad.

    CODSN fue un ejemplo de accesibilidad en la conferencia. Hansen dijo que CODSN hizo que la conferencia fuera accesible para las personas de todos los niveles económicos. CODSN les dio becas a 176 personas que abogan por sí mismas y a 130 familias. También hicieron que el lugar fuera físicamente accesible para todos. Una habitación sensorial les dio a las personas un espacio libre del ruido y de la gente. Una habitación para cambiarse les dio a los asistentes un lugar privado para sus cuidados personales.

    La conferencia también fue un ejemplo de cómo brindarle acceso al idioma a las personas que hablan español. Los intérpretes Isabel Ramirez y Joy Christian, un equipo de Grapevine Aliados, brindaron interpretación en español y en inglés para las últimas tres conferencias. Dijeron que la conferencia ofrece una serie completa de sesiones en español. Los asistentes pueden inscribirse en el programa en español cuando se registran. También pueden pedir la interpretación en español para las sesiones en inglés.

    10. La autodefensa nunca se detiene.

    El autodefensor Jordan Ohlde fue una de las ocho personas que demandaron al Departamento de Transporte de Oregon. Querían que un cruce peatonal en su vecindario fuera accesible para todos, incluyendo las personas que utilizan silla de ruedas. Les tomó tiempo y perseverancia, pero al final, ganaron. Ahora, la calle es accesible para todos.

    “La autodefensa no se detiene. Siempre hay un lugar nuevo dónde iniciar o un camino nuevo para tomar. Su trabajo nunca termina,” Ohlde dijo. “A muchos niños se les dice que su voz no importa cuando, realmente, su voz sí importa. Solamente tiene que descubrir por qué es importante para usted.”

    Próximas conferencias sobre la autodefensa en Oregon

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI: Unifiedpost Group rebrands to Banqup Group, reinforcing its position as a pure-play SaaS provider

    Source: GlobeNewswire (MIL-OSI)

    Press Release – Regulated Information

    Unifiedpost Group rebrands to Banqup Group, reinforcing its position as a pure-play SaaS provider

    La Hulpe, Belgium – 20 May 2025, 22:00 CET – REGULATED INFORMATION – Banqup Group SA, formerly Unifiedpost Group SA, (Euronext: UPG) (Banqup, Company), a leading provider of integrated business communications solutions, held an Extraordinary General Meeting (EGM) and Annual General Meeting (AGM).

    The shareholders approved all proposed resolutions (here), including:

    EGM:  Strategic rebranding from Unifiedpost Group SA to Banqup Group SA across the Group. This further underpins our focus on core digital services and aligns our business as a pure-play SaaS provider. The rebranding offers our stakeholders a clear understanding of our product and value proposition, reinforcing our commitment to growth in e-invoicing and payment solutions.

    AGM: Enhanced governance with the approval of the updated remuneration policy and  the appointment of four new Board members:

    • Nicolas de Beco, representing Beco Global Consulting LLC, as executive director
    • Nathalie Van Den Haute, representing Quilaudem BV,  as non-executive director
    • Koen Hoffman, representing Ahok BV, as an independent director
    • Leanne Kemp as an independent director

    The minutes, voting results and presentation of the AGM will be available on the shareholder page (here) in the
    coming days.

    Financial Calendar:

    • 22 May 2025: Publication of the Q1 2025 business update
    • 26 August 2025: Publication of the H1 2025 results (webcast)
    • 13 November 2025: Publication of the Q3 2025 business update

    Contact
    Alex Nicoll
    Investor Relations
    Banqup Group
    alex.nicoll@unifiedpost.com

      

    About Banqup Group

    Banqup Group delivers integrated cloud-based SaaS solutions to streamline business transactions across the entire lifecycle, from e-invoicing and e-payments to tax reporting. Banqup, our solution for businesses, unifies purchase-to-pay, order-to-cash, e-invoicing compliance, and e-payments into one secure platform, removing the complexity of juggling disconnected tools. eFaktura World, our solution for governments, is a comprehensive digital platform designed for tax administrations to implement e-invoicing and streamline both B2G and B2B tax reporting flows. To learn more about Banqup Group and our solutions, please visit our website: Unifiedpost Group | Global leaders in digital solutions

    Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Banqup Group and the markets in which it is active. Such forward-looking statements are based on management’s current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Banqup Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.

     

    Attachment

    • Press release

    The MIL Network –

    May 21, 2025
  • MIL-OSI: Currenc Group Inc. Announces First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, May 20, 2025 (GLOBE NEWSWIRE) — Currenc Group Inc. (Nasdaq: CURR) (“Currenc” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the first quarter ended March 31, 2025.

    First Quarter 2025 Financial Highlights

    • Total Processing Value (TPV) through Tranglo was US$1.30 billion for the first quarter of 2025, decreasing by 3.7% year-over-year. Total number of transactions decreased to 2.77 million for the first quarter of 2025 from 2.94 million for the same period of 2024. The decline in TPV was mainly due to the decline in business volume from the Hong Kong market.
    • Total revenues excluding TNG Asia and GEA1 were US$10.0 million for the first quarter of 2025, representing a year-over-year decrease of 11.5%, primarily due to the 23.1% decline in global airtime revenue.
          For the three-month period ended March 31,  
          2025     2024  
          $     $  
          (dollars in thousands)  
      Remittance revenue excluding TNG Asia & GEA     4,583       5,025  
                       
      Global Airtime Revenue     2,022       2,573  
      Indonesian Airtime Revenue     3,437       3,742  
      Total Revenue excluding TNG Asia & GEA     10,042       11,340  
                       
    • Total remittance revenues excluding TNG Asia and GEA, i.e., remittance revenues contributed by Tranglo, were US$4.6 million for the first quarter of 2025, down 8% year-over-year. The decline in remittance revenue was mainly due to a decrease in remittance revenue from the Hong Kong market. Tranglo’s overall take rate declined to 0.35% in the first quarter of 2025 from 0.37% in the same period of 2024.
    • Currenc’s global airtime transfer revenues were US$2.0 million for the first quarter of 2025, representing a year-over-year decrease of 23.1%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in global airtime business in the first quarter of 2025. As Currenc expects this trend to continue in Southeast Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand its new AI product offerings.
    • Total direct costs of revenue were US$6.9 million for the first quarter of 2025, representing a year-over-year decrease of 20.7%.
    • The direct payout rate for Tranglo’s remittance business was 0.13% for the first quarter of 2025, flat compared to 0.12% for the same period of 2024. Currenc’s overall gross profit margin ratio for the first quarter of 2025 was 31.8%, compared to 33.6% for the same period of 2024.
    • Total operating expenses increased to $7.5 million for the first quarter of 2025 from $5.8 million for the same period of 2024. The increase was mainly due to expenses of $2.2 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger.

      As Currenc divested TNG Asia and GEA in August and July 2024, respectively, its operating costs now reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, with the rollout of its new AI initiatives, Currenc incurred $0.5 million in operating costs related to these new businesses in the first quarter of 2025. The new AI businesses are expected to contribute incrementally to revenues and positively impact EBITDA in 2025.

      • Tranglo’s operating costs for the first quarter of 2025 were $3.2 million, representing an increase of 14% from $2.8 million in the same period of 2024.
      • WalletKu’s operating costs were $0.2 million for the first quarter of 2025, as compared to $0.4 million for the same period of 2024.
      • Professional fees and director fees were $0.8 million and $0.6 million for the first quarter of 2025, respectively.
    • Other income totaled $1.0 million for the first quarter of 2025, mainly contributed by Tranglo.
    • EBITDA analysis
      For the three-month period ended March 31, 2025   Tranglo     WalletKu     TNG
    Asia 
    and GEA
        Headquarters
    and
    adjustments
        Group
     
    Total
     
          (dollars in thousands)  
      Net income (loss)     1,160       (136 )     –       (5,511 )     (4,487 )
                                               
      Add:                                        
      Income tax expenses     141       –       –       (93 )     48  
      Interest expense, net     21       –       –       1,066       1,087  
      EBIT     1,322       (136 )     –       (4,538 )     (3,352 )
      Depreciation and amortization     –       –       –       –       554  
      EBITDA     1,322       (136 )     –       (4,538 )     (2,798 )
                                               
    • The Company’s total EBITDA for the first quarter of 2025 was a loss of $2.8 million.
    • Tranglo and WalletKu’s combined EBITDA for the first quarter of 2025 was $1.2 million.
    • TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.
    • Headquarters expenses and adjustments recorded an EBIT loss of $4.5 million, mainly contributed by:
      • $2.2 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger.
      • $0.8 million for professional fees.
      For the three-month period ended March 31, 2024   Tranglo     WalletKu     TNG
    Asia
    and GEA
        Headquarters
    and
    adjustments
        Group
    Total
     
          (dollars in thousands)  
      Net income (loss)     1,070       (123 )     (1,039 )     (2,540 )     (2,632 )
                                               
      Add:                                        
      Income tax expenses     163       –       –       (92 )     71  
      Interest expense, net     –       –       242       1,069       1,311  
      EBIT     1,233       (123 )     (797 )     (1,563 )     (1,250 )
      Depreciation and amortization     –       –       –       –       1,016  
      EBITDA     1,233       (123 )     (797 )     (1,563 )     (234 )
                                               
    • Net loss was US$4.5 million for the first quarter of 2025, primarily driven by the net loss of $5.5 million incurred by headquarters and adjustments.

    Management Comments
    “As demand for digital remittance continues to grow steadily, intensified market competition is compressing pricing,” said Alex Kong, Founder and Executive Chairman of Currenc. “Against this backdrop, we strove to maintain Tranglo’s healthy take rate while delivering TPV of US $1.30 billion in the first quarter of 2025, underscoring the strength of our core remittance platform and our disciplined strategic execution. Looking ahead, we are positioning Currenc for higher‑margin growth through two key initiatives: scaling our AI product offerings and expanding our remittance services into major corridors. We believe this combination of broader reach and AI‑driven innovation will support a more diversified revenue base and a structurally stronger bottom line.”

    Ronnie Hui, Chief Executive Officer of Currenc, commented, “While softer airtime demand weighed on our total revenues, our remittance business remained resilient amid a competitive environment in the first quarter of 2025, supporting a combined EBITDA for Tranglo and WalletKu of US $1.2 million. We are reallocating capital toward accelerating our AI initiatives and building higher‑margin remittance corridors to boost product value and operational scale, priming the Company for quality growth throughout the year. We also enhanced cost management and maintained Tranglo’s payout rate at 0.13%. Operating expenses rose to US $7.5 million, primarily due to a one‑time US $2.2 million share‑based incentive linked to the de‑SPAC merger, as well as costs related to our new AI initiatives. Outside of these expenses, our headquarters’ operating costs remained broadly stable. Going forward, this strengthened bottom line will allow us to invest in AI-driven growth while maintaining financial discipline.”

    Non-GAAP Financial Measures
    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. Currenc believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that Currenc does not consider indicative of the performance of its business. While Currenc believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

    About Currenc Group Inc.
    Currenc Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

    For additional information, please refer to the Currenc website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

    Safe Harbor Statement
    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    Investor & Media Contact
    Currenc Group Investor Relations
    Email: investors@currencgroup.com

    SOURCE: Currenc Group Inc.

     
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
     
        Three months ended March 31,  
        2025     2024  
        US$     US$  
    Revenue     10,055,569       13,104,123  
                     
    Cost of revenue     (6,854,172 )     (8,696,562 )
    Gross profit     3,201,397       4,407,561  
    Selling expenses     –       (3,987 )
                     
    General and administrative expenses     (7,522,252 )     (5,824,208 )
                     
    Loss from operations     (4,320,855 )     (1,420,634 )
    Finance costs, net     (1,087,313 )     (1,311,363 )
    Other income     969,691       189,735  
    Other expenses     (402 )     (19,137 )
                     
    Loss before income tax     (4,438,879 )     (2,561,399 )
    Income tax expense     (48,479 )     (70,529 )
                     
    Net loss     (4,487,358 )     (2,631,928 )
    Net income attributable to non-controlling interests     (187,000 )     (403,056 )
                     
    Net loss attributable to Currenc Group Inc.     (4,674,358 )     (3,034,984 )
                     
    Net loss per share, basic and diluted (1)   $ (0.13 )   $ (0.09 )
                     
    Shares used in net loss per share computation, basic and diluted (1)     35,374,891       33,980,753  
                     
    Other comprehensive loss:                
    Foreign currency translation adjustments     171,532       368,135  
                     
    Total comprehensive loss     (4,315,826 )     (2,263,793 )
    Total comprehensive loss (income) attributable to non-controlling interests     (228,069 )     (407,798 )
    Total comprehensive loss attributable to Currenc Group Inc.     (4,543,895 )     (2,671,591 )
     
    (1) Retrospectively restated to reflect Reverse Recapitalization
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     
        March 31,
    2025
        December 31,
    2024
     
          US$       US$  
    ASSETS                
    Current assets:                
    Cash and cash equivalents     62,300,298       63,821,397  
    Restricted cash     40,978       40,742  
    Accounts receivable, net     2,103,924       2,115,681  
    Other financial assets     3,171,000       –  
    Amounts due from related parties     449,094       560,823  
    Prepayments, receivables and other assets     25,874,112       20,948,216  
    Total current assets     93,939,406       87,486,859  
    Non-current assets:                
    Equipment and software, net     1,118,661       1,055,520  
    Right-of-use asset     294,965       349,240  
    Intangible assets     3,000,978       3,386,117  
    Goodwill     12,059,428       12,059,428  
    Deferred tax assets     344,291       342,822  
    Total non-current assets:     16,818,323       17,193,127  
    Total assets     110,757,729       104,679,986  
    LIABILITIES AND SHAREHOLDERS’ DEFICIT                
    Current liabilities:                
    Borrowings     20,128,362       20,150,058  
    Receivable factoring     480,225       258,415  
    Other financial liabilities     3,329,550       –  
    Accounts payable, accruals and other payables     51,411,453       55,329,740  
    Amounts due to related parties     76,472,666       67,697,074  
    Convertible bonds     1,750,000       1,750,000  
    Lease liabilities     177,505       171,909  
    Total current liabilities:     153,749,761       145,357,196  
    Non-current liabilities:                
    Deferred tax liabilities     784,479       876,912  
    Employee benefit obligation     39,259       45,289  
    Lease liabilities     111,833       156,647  
    Total non-current liabilities:     935,571       1,078,848  
    Total liabilities     154,685,332       146,436,044  
                     
    Commitments and contingencies (Note 10)                
                     
    Shareholders’ deficit:                
    Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized 46,527,999 and 46,527,999 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively) (1)     4,653       4,653  
    Additional paid-in capital (1)     67,797,587       65,638,838  
    Accumulated deficit     (136,197,260 )     (131,522,902 )
    Accumulated other Comprehensive Loss     7,873       (108,122 )
    Total shareholders’ deficit attributable to Currenc Group Inc.     (68,387,147 )     (65,987,533 )
    Non-controlling interests     24,459,544       24,231,475  
    Total deficit     (43,927,603 )     (41,756,058 )
    Total liabilities and shareholders’ deficit     110,757,729       104,679,986  
     
    (1) Retrospectively restated to reflect Reverse Recapitalization
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
     
        Three months ended March 31,  
        2025     2024  
        US$     US$  
    Cash flows from operating activities:                
    Net loss     (4,487,358 )     (2,631,928 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Non-cash expense for Share-based compensation     2,158,749       –  
    Depreciation of equipment and software     123,799       142,518  
    Depreciation of right-of-use assets     53,712       41,981  
    Amortization of intangible assets     385,139       831,392  
    Deferred income taxes     (92,426 )     54,704  
    Disposal of fixed assets     401       –  
    Unrealized foreign exchange gain     328,269       (124,690 )
    Changes in operating assets and liabilities:                
    Accounts receivable     33,923       (110,270 )
    Prepayments, receivables and other assets     (4,918,772 )     9,477,057  
    Escrow money payable     –       218,542  
    Client money payable     –       146,847  
    Accounts payable, accruals and other payables     (4,068,655 )     (7,014,740 )
    Interest payable on convertible bonds     –       952,736  
    Amount due from a director     729,198       –  
    Amount due to Immediate holding company     23,766       –  
    Amounts due from related parties     (3,652 )     –  
    Amounts due to related parties     8,245,995       (2,205,121 )
    Net cash used in operating activities     (1,487,912 )     (220,972 )
                     
    Cash flows from investing activities:                
    Decrease in short-term investments     –       615  
    Purchases of property, plant and equipment     (175,158 )     (12,058 )
    Proceeds received from disposal of PPE     596       –  
    Net cash used in investing activities     (174,562 )     (11,443 )
                     
    Cash flows from financing activities:                
    Proceeds from borrowings     –       639,210  
    Repayment of borrowings     –       (95,742 )
    Proceeds from receivable factoring     433,287       586,789  
    Repayment of receivable factoring     (218,974 )     (610,559 )
    Payment of principal elements of lease liabilities     (65,286 )     (46,295 )
    Payment of interest elements of lease liabilities     (7,416 )     (2,952 )
    Net cash generated from/(used in) financing activities     141,611       470,451  
                     
    Net decrease in cash and cash equivalents     (1,520,863 )     238,036  
    Cash and cash equivalents, restricted cash and escrow money receivable at beginning of the period     63,862,139       58,960,384  
    Cash and cash equivalents, restricted cash and escrow money receivable at end of the period     62,341,276       59,198,420  
                     
    Supplemental disclosure of cash flow information:                
    Income taxes paid     (140,905 )     (15,825 )
    Interest paid     (48,773 )     (346,270 )
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    EBITDA Analysis for the First Quarter of 2025 and 2024
     
    For the three-month period ended March 31, 2025   Tranglo     WalletKu     TNG Asia and GEA     Headquarters and adjustments     Group Total  
        (dollars in thousands)  
    Net income (loss)     1,160       (136 )     –       (5,511 )     (4,487 )
                                             
    Add:                                        
    Income tax expenses     141       –       –       (93 )     48  
    Interest expense, net     21       –       –       1,066       1,087  
    EBIT     1,322       (136 )     –       (4,538 )     (3,352 )
    Depreciation and amortization     –       –       –       –       554  
    EBITDA     1,322       (136 )     –       (4,538 )     (2,798 )
    For the three-month period ended March 31, 2024   Tranglo     WalletKu     TNG Asia and GEA     Headquarters and adjustments     Group Total  
        (dollars in thousands)  
    Net income (loss)     1,070       (123 )     (1,039 )     (2,540 )     (2,632 )
                                             
    Add:                                        
    Income tax expenses     163       –       –       (92 )     71  
    Interest expense, net     –       –       242       1,069       1,311  
    EBIT     1,233       (123 )     (797 )     (1,563 )     (1,250 )
    Depreciation and amortization     –       –       –       –       1,016  
    EBITDA     1,233       (123 )     (797 )     (1,563 )     (234 )
                                             

    1 TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
    2 Tranglo maintained a positive EBITDA for the first quarter of 2025 and 2024.
    3 Tranglo and WalletKu maintained a combined positive EBITDA for the first quarter of 2025 and 2024.

    ____________________________________
    1 Currenc divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.

    The MIL Network –

    May 21, 2025
  • MIL-OSI: Cipher Mining Announces Proposed Convertible Senior Notes Offering and Proposed Hedging Transaction to Place Borrowed Common Stock

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 20, 2025 (GLOBE NEWSWIRE) — Cipher Mining Inc. (NASDAQ: CIFR) (“Cipher” or the “Company”) today announced its intention to offer, subject to market and other conditions, $150,000,000 aggregate principal amount of convertible senior notes due 2030 (the “notes”) in a public offering registered under the Securities Act of 1933, as amended. Cipher also expects to grant the underwriters of the notes offering an option to purchase up to an additional $22,500,000 aggregate principal amount of notes solely to cover over-allotments. Morgan Stanley is acting as the sole bookrunning manager for the offering.

    The notes will be senior, unsecured obligations of Cipher, will accrue interest payable semiannually in arrears and will mature on May 15, 2030, unless earlier repurchased, redeemed or converted. Noteholders will have the right to convert their notes in certain circumstances and during specified periods. Cipher will settle conversions by paying or delivering, as applicable, cash, shares of its common stock, par value $0.001 per share (“common stock”), or a combination of cash and shares of its common stock, at Cipher’s election.

    The notes will be redeemable, in whole or in part (subject to certain limitations), for cash at Cipher’s option at any time, and from time to time, on or after May 22, 2028 and on or before the 30th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Cipher’s common stock exceeds 130% of the conversion price for a specified period of time. The redemption price will be equal to the principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date.

    If certain corporate events that constitute a “fundamental change” occur, then, subject to a limited exception, noteholders may require Cipher to repurchase their notes for cash. The repurchase price will be equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date. In addition, unless Cipher has previously called all outstanding notes for redemption, noteholders may at their option require Cipher to repurchase their notes for cash on May 15, 2028 at a repurchase price equal to the principal amount of the notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the repurchase date.

    The interest rate, initial conversion rate and other terms of the notes will be determined at the pricing of the offering.

    Cipher intends to use the net proceeds from the offering to complete Phase 1 of the Black Pearl data center project (“Phase 1”), including: (i) purchasing at a discount the remaining balance of mining rigs required for Phase 1; (ii) paying expected tariffs and shipping costs for the mining rigs to be used for Phase 1; and (iii) paying other infrastructure-related capital expenditures in connection with Phase 1, and for general corporate purposes. On May 16, 2025, the Company, through its wholly-owned subsidiaries Cipher Mining Infrastructure LLC, a Delaware limited liability company, and Cipher Black Pearl LLC, a Delaware limited liability company, entered into an Amendment Agreement and Deed of Novation to the Future Sales and Purchase Agreement (the “2025 Amendment”) with Bitmain Technologies Delaware Limited, which amends the Company’s existing Future Sales and Purchase Agreement, dated December 16, 2023, as amended by the Supplemental Agreement, dated June 5, 2024, the Amendment Agreement, dated July 10, 2024 and the Notice of Exercise dated February 5, 2025 (together, the “Original Agreement”). The Original Agreement has been amended to include an updated delivery schedule that allows for rig delivery by June 23, 2025. Through such amendment, the Company aims to accelerate its rig deployment timeline and offset a portion of the expected tariffs. The Company also received a 10% reduction in cost in exchange for the Company’s early payment of the remaining balance outstanding under the Original Agreement. The amendment also provides the Company with additional incremental value from BTC-linked call options.

    Concurrently with the offering of the notes, Cipher also announced that Morgan Stanley, acting on behalf of itself and/or its affiliates, intends to offer, in a separate, underwritten offering, a number of shares of Cipher’s common stock borrowed from third parties (the “concurrent delta offering”), to facilitate hedging transactions (whether physical and/or through derivatives) by some of the purchasers of the notes. The number of shares of Cipher’s common stock subject to the concurrent delta offering will be determined at the time of pricing of the concurrent delta offering, and is expected to be no greater than commercially reasonable initial short positions of such hedging investors in the notes. The completion of the offering of the notes is contingent on the completion of the concurrent delta offering, and the completion of the concurrent delta offering is contingent on the completion of the offering of the notes.

    The offering of the notes and the concurrent delta offering are being made pursuant to an effective shelf registration statement on file with the Securities and Exchange Commission (the “SEC”). Each of the offering of the notes and the concurrent delta offering will be made only by means of a prospectus supplement and an accompanying prospectus. Before you invest, you should read the respective prospectus supplements and the accompanying prospectus and other documents that the Company has filed with the SEC for more complete information about the Company and the offering. Electronic copies of the respective preliminary prospectus supplements, together with the accompanying prospectus, will be available on the SEC’s website at www.sec.gov. Alternatively, copies of the respective preliminary prospectus supplements, together with the accompanying prospectus, can be obtained, when available, by contacting: Morgan Stanley, 180 Varick Street, 2nd Floor, New York, New York 10014, Attention: Prospectus Department.

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

    J. Wood Capital Advisors LLC acted as financial advisor to the Company.

    About Cipher

    Cipher is focused on the development and operation of industrial-scale data centers for bitcoin mining and HPC hosting. Cipher aims to be a market leader in innovation, including in bitcoin mining growth, data center construction and as a hosting partner to the world’s largest HPC companies. To learn more about Cipher, please visit https://www.ciphermining.com/.

    Forward Looking Statements

    This press release contains certain forward-looking statements within the meaning of the federal securities laws of the United States. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and includes this statement for purposes of complying with these safe harbor provisions. Any statements made in this press release that are not statements of historical fact, such as, statements about the terms and completion of the notes offering and the concurrent delta offering, the use of proceeds from the notes offering, the effect of the hedging activities related to the notes offering on the market price of our shares of common stock, our beliefs and expectations regarding our future results of operations and financial position, planned business model and strategy, our bitcoin mining and HPC data center development, timing and likelihood of success, capacity, functionality and timing of operation of data centers, expectations regarding the operations of data centers, potential strategic initiatives, such as joint ventures and partnerships, and management plans and objectives, are forward-looking statements and should be evaluated as such. These forward-looking statements generally are identified by the words “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “could,” “seeks,” “intends,” “targets,” “projects,” “contemplates,” “believes,” “estimates,” “strategy,” “future,” “forecasts,” “opportunity,” “predicts,” “potential,” “would,” “will likely result,” “continue,” and similar expressions (including the negative versions of such words or expressions).

    These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Cipher and our management, are inherently uncertain. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: volatility in the price of Cipher’s securities due to a variety of factors, including changes in the competitive and regulated industry in which Cipher operates, Cipher’s evolving business model and strategy and efforts we may make to modify aspects of our business model or engage in various strategic initiatives, variations in performance across competitors, changes in laws and regulations affecting Cipher’s business, and the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Securities and Exchange Commission (“SEC”) on February 25, 2025, and in Cipher’s subsequent filings with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Cipher assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contacts:
    Investor Contact:
    Courtney Knight
    Head of Investor Relations at Cipher Mining
    courtney.knight@ciphermining.com

    Media Contact:
    Ryan Dicovitsky / Kendal Till
    Dukas Linden Public Relations
    CipherMining@DLPR.com

    The MIL Network –

    May 21, 2025
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