Category: Russian Federation

MIL-OSI: Katapult Delivers 15.4% Gross Originations and 10.6% Revenue Growth in the First Quarter, Above Outlook

Source: GlobeNewswire (MIL-OSI)

Expects Growth to Accelerate In Second Quarter
Reiterates 2025 Guidance

PLANO, Texas, May 15, 2025 (GLOBE NEWSWIRE) — Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce-focused financial technology company, today reported its financial results for the first quarter ended March 31, 2025.

“2025 is off to a strong start and we are well positioned to achieve our full year targets,” said Orlando Zayas, CEO of Katapult. “We achieved double-digit gross originations and revenue growth, driven by increasing engagement with the Katapult app marketplace, including 57% growth in KPay originations. Our marketplace is thriving – from application growth to repeat purchase rates, to high Net Promoter scores and beyond, we believe we have all the hallmarks of a healthy ecosystem and we intend to lean into opportunities to accelerate our growth. We are excited about the future and as we continue to execute on our consumer and merchant initiatives, we feel confident that we can create value for all of our stakeholders.”

Operating Progress: Recent Highlights

Increased activity within the Katapult app marketplace
- ~59% of first quarter gross originations started in the Katapult app marketplace, making it the single largest customer referral source. Total app originations grew 42% year-over-year.
- Applications grew ~59% year-over-year in the first quarter
- Customer satisfaction remained high and Katapult had a Net Promoter Score of 66 as of March 31, 2025
- 57.4% of gross originations for the first quarter of 2025 came from repeat customers¹
Grew consumer engagement by adding app functionality and features and executing targeted marketing campaigns
- KPay conversion rate increased during the first quarter leading to unique customer count growth of more than 65% year-over-year
- KPay gross originations grew approximately 57% year-over-year in the first quarter; 35% of total gross originations were transacted using KPay
- Launched Ashley and Bed Bath & Beyond in the Katapult app marketplace, bringing the total number of merchants in our KPay ecosystem to 35
Made strong progress against merchant engagement initiatives
- Direct and waterfall gross originations, which represented 65% of total first quarter originations, grew approximately 40%, excluding the home furnishings and mattress category
- Continued to expand our waterfall partnerships by kicking off a new partnership with Finti, a modern waterfall financing platform that connects consumers with a curated network of lenders and financing providers
- Together with several merchant-partners, we launched targeted co-branded, co-promoted marketing campaigns that delivered year-over-year gross originations growth ranging from 7% to more than 75% depending on the campaign

First Quarter 2025 Financial Highlights

(All comparisons are year-over-year unless stated otherwise.)

Gross originations were $64.2 million, an increase of 15.4%. Excluding the home furnishings and mattress category, gross originations grew 51% year-over-year.
Total revenue was $71.9 million, an increase of 10.6%
Total operating expenses in the first quarter increased 17.3%. Our fixed cash operating expenses², which exclude litigation settlement and other non-cash and variable expenses, increased approximately 10.8%.
Net loss was $5.7 million for the first quarter of 2025 compared with net loss of $0.6 million reported for the first quarter of 2024. The higher net loss was mainly due to higher cost of sales and higher operating expenses.
Adjusted net loss² was $3.4 million for the first quarter of 2025 compared to adjusted net income of $1.0 million reported for the first quarter of 2024
Adjusted EBITDA² was $2.2 million for the first quarter of 2025 compared to Adjusted EBITDA² of $5.6 million in the first quarter of 2024. The year-over-year performance was impacted by higher cost of sales related to rapid, faster-than-expected gross originations growth during the first quarter of 2025 and the end of the fourth quarter of 2024.
Katapult ended the quarter with total cash and cash equivalents of $14.3 million, which includes $8.3 million of restricted cash. The Company ended the quarter with $77.8 million of outstanding debt on its credit facility.
Write-offs as a percentage of revenue were 9.0% in the first quarter of 2025 and are within the Company’s 8% to 10% long-term target range. This compares with 8.4% in the first quarter of 2024.

[1] Repeat customer rate is defined as the percentage of in-quarter originations from existing customers.
[2] Please refer to the “Reconciliation of Non-GAAP Measure and Certain Other Data” section and the GAAP to non-GAAP reconciliation tables below for more information.

Second Quarter and Full Year 2025 Business Outlook

The Company is continuing to navigate a challenging macro environment particularly within the home furnishings category. Given the current breadth of our merchant selection as well as our plans to introduce new merchants to the Katapult App Marketplace during 2025, our strategic marketing and our strong consumer offering, we believe we are well positioned to deliver continued growth in 2025. We continue to believe that we have a large addressable market of underserved, non-prime consumers, and it’s important to note that lease-to-own solutions have historically benefited when prime credit options become less available.

Given our quarter-to-date progress, Katapult expects the following results for the second quarter of 2025:

25% to 30% year-over-year increase in gross originations
17% to 20% year-over-year increase in revenue
Approximately breakeven Adjusted EBITDA

Based on the macroeconomic assumptions above and the operating plan in place for the full year 2025, Katapult is reiterating its expectations for full year 2025:

We expect gross originations to grow at least 20%

This outlook does not include any material impact from prime creditors tightening or loosening above us and assumes that there are no significant changes to the macro environment.

Both our second quarter and full year outlooks assume that the gross originations for the home furnishings and mattress category do not improve materially from our 2024 performance.

We also expect to maintain strong credit quality in our portfolio. This will be driven by ongoing enhancements to our risk modeling, onboarding high quality new merchants through integrations, and repeat customers engaging with Katapult Pay

Revenue growth is expected to be at least 20%

Finally, with the continued execution of our disciplined expense management strategy combined with our growing top-line, we expect to deliver at least $10 million in positive Adjusted EBITDA

“The first quarter came in stronger than our outlook, and we are continuing to successfully grow our top-line without meaningfully increasing our expense base,” said Nancy Walsh, CFO of Katapult. “The second quarter is off to a great start and we believe we can continue to scale our business by offering a transparent and fair LTO product to consumers and a growth engine to our partners. Our team’s hard work and agile execution is fueling our growth and we are looking forward to a great 2025.”

Conference Call and Webcast

The Company will host a conference call and webcast at 8:00 AM ET on Thursday, May 15, 2025, to discuss the Company’s financial results. Related presentation materials will be available before the call on the Company’s Investor Relations page at https://ir.katapultholdings.com. The conference call will be broadcast live in listen-only mode and an archive of the webcast will be available for one year.

About Katapult

Katapult is a technology driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative mobile app featuring Katapult Pay(R), consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.

Contact

Jennifer Kull
VP of Investor Relations
ir@katapult.com

Forward-Looking Statements

Certain statements included in this Press Release and on our quarterly earnings call that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements may be identified by words such as “anticipate,” “assume,” “believe,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will,” “would,” or the negative of these terms or other similar expressions. These forward-looking statements include, but are not limited to: in this Press Release and on our associated earnings call, statements regarding our second quarter of 2025 and full year 2025 business outlook and underlying expectations and assumptions and statements regarding our ability to obtain a comprehensive maturity extension amendment to our credit facility. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of our management and are not predictions of actual performance.

These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control. These forward-looking statements are subject to a number of risks and uncertainties, including, among others, our ability to refinance our indebtedness and continue as a going concern, the execution of our business strategy and expanding information and technology capabilities; our market opportunity and our ability to acquire new customers and retain existing customers; adoption and success of our mobile application featuring Katapult Pay; the timing and impact of our growth initiatives on our future financial performance; anticipated occurrence and timing of prime lending tightening and impact on our results of operations; general economic conditions in the markets where we operate, the cyclical nature of customer spending, and seasonal sales and spending patterns of customers; risks relating to factors affecting consumer spending that are not under our control, including, among others, levels of employment, disposable consumer income, inflation, prevailing interest rates, consumer debt and availability of credit, consumer confidence in future economic conditions, political conditions, and consumer perceptions of personal well-being and security and willingness and ability of customers to pay for the goods they lease through us when due; risks relating to uncertainty of our estimates of market opportunity and forecasts of market growth; risks related to the concentration of a significant portion of our transaction volume with a single merchant partner, or type of merchant or industry; the effects of competition on our future business; meet future liquidity requirements and complying with restrictive covenants related to our long-term indebtedness; the impact of unstable market and economic conditions such as rising inflation and interest rates; reliability of our platform and effectiveness of our risk model; data security breaches or other information technology incidents or disruptions, including cyber-attacks, and the protection of confidential, proprietary, personal and other information, including personal data of customers; ability to attract and retain employees, executive officers or directors; effectively respond to general economic and business conditions; obtain additional capital, including equity or debt financing and servicing our indebtedness; enhance future operating and financial results; anticipate rapid technological changes, including generative artificial intelligence and other new technologies; comply with laws and regulations applicable to our business, including laws and regulations related to rental purchase transactions; stay abreast of modified or new laws and regulations applying to our business, including with respect to rental purchase transactions and privacy regulations; maintain and grow relationships with merchants and partners; respond to uncertainties associated with product and service developments and market acceptance; the impacts of new U.S. federal income tax laws; material weaknesses in our internal control over financial reporting which, if not identified and remediated, could affect the reliability of our financial statements; successfully defend litigation; litigation, regulatory matters, complaints, adverse publicity and/or misconduct by employees, vendors and/or service providers; and other events or factors, including those resulting from civil unrest, war, foreign invasions (including the conflict involving Russia and Ukraine and the Israel-Hamas conflict), terrorism, public health crises and pandemics (such as COVID-19), trade wars, or responses to such events; our ability to meet the minimum requirements for continued listing on the Nasdaq Global Market; and those factors discussed in greater detail in the section entitled “Risk Factors” in our periodic reports filed with the Securities and Exchange Commission (“SEC”), including the Annual Report on Form 10-K for the year ended December 31, 2024 that we filed with the SEC.

If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. Undue reliance should not be placed on the forward-looking statements in this Press Release or on our quarterly earnings call. All forward-looking statements contained herein or expressed on our quarterly earnings call are based on information available to us as of the date hereof, and we do not assume any obligation to update these statements as a result of new information or future events, except as required by law. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

Key Performance Metrics

Katapult regularly reviews several metrics, including the following key metrics, to evaluate its business, measure its performance, identify trends affecting our business, formulate financial projections and make strategic decisions, which may also be useful to an investor: gross originations, total revenue, gross profit, adjusted gross profit and adjusted EBITDA.

Gross originations are defined as the retail price of the merchandise associated with lease-purchase agreements entered into during the period through the Katapult platform. Gross originations do not represent revenue earned. However, we believe this is a useful operating metric for both Katapult’s management and investors to use in assessing the volume of transactions that take place on Katapult’s platform.

Total revenue represents the summation of rental revenue and other revenue. Katapult measures this metric to assess the total view of pay through performance of its customers. Management believes looking at these components is useful to an investor as it helps to understand the total payment performance of customers.

Gross profit represents total revenue less cost of revenue, and is a measure presented in accordance with generally accepted accounting principles in the United States (“GAAP”). See the “Non-GAAP Financial Measures” section below for a description and presentation of adjusted gross profit and adjusted EBITDA, which are non-GAAP measures utilized by management.

Non-GAAP Financial Measures

To supplement the financial measures presented in this press release and related conference call or webcast in accordance with GAAP, the Company also presents the following non-GAAP and other measures of financial performance: adjusted gross profit, adjusted EBITDA, adjusted net income/(loss) and fixed cash operating expenses. The Company believes that for management and investors to more effectively compare core performance from period to period, the non-GAAP measures should exclude items that are not indicative of our results from ongoing business operations.The Company urges investors to consider non-GAAP measures only in conjunction with its GAAP financials and to review the reconciliation of the Company’s non-GAAP financial measures to its comparable GAAP financial measures, which are included in this press release.

Adjusted gross profit represents gross profit less variable operating expenses, which are servicing costs, and underwriting fees. Management believes that adjusted gross profit provides a meaningful understanding of one aspect of its performance specifically attributable to total revenue and the variable costs associated with total revenue.

Adjusted EBITDA is a non-GAAP measure that is defined as net loss before interest expense and other fees, interest income, change in fair value of warrants and loss on issuance of shares, provision for income taxes, depreciation and amortization on property and equipment and capitalized software, provision of impairment of leased assets, loss on partial extinguishment of debt, stock-based compensation expense, litigation settlement and other related expenses, and debt refinancing costs.

Adjusted net income (loss) is a non-GAAP measure that is defined as net loss before change in fair value of warrants and loss on issuance of shares, stock-based compensation expense and litigation settlement and other related expenses and debt refinancing costs.

Fixed cash operating expenses is a non-GAAP measure that is defined as operating expenses less depreciation and amortization on property and equipment and capitalized software, stock-based compensation expense, litigation settlement and other related expenses, debt refinancing costs, and variable lease costs such as servicing costs and underwriting fees. Management believes that fixed cash operating expenses provides a meaningful understanding of non-variable ongoing expenses.

Adjusted gross profit, adjusted EBITDA and adjusted net loss are useful to an investor in evaluating the Company’s performance because these measures:

Are widely used to measure a company’s operating performance;
Are financial measurements that are used by rating agencies, lenders and other parties to evaluate the Company’s credit worthiness; and
Are used by the Company’s management for various purposes, including as measures of performance and as a basis for strategic planning and forecasting.

Management believes that the use of non-GAAP financial measures, as a supplement to GAAP measures, is useful to investors in that they eliminate items that are not part of our core operations, highly variable or do not require a cash outlay, such as stock-based compensation expense. Management uses these non-GAAP financial measures when evaluating operating performance and for internal planning and forecasting purposes. Management believes that these non-GAAP financial measures help indicate underlying trends in the business, are important in comparing current results with prior period results and are useful to investors and financial analysts in assessing operating performance. However, these non-GAAP measures exclude items that are significant in understanding and assessing Katapult’s financial results. Therefore, these measures should not be considered in isolation or as alternatives to revenue, net loss, gross profit, cash flows from operations or other measures of profitability, liquidity or performance under GAAP. You should be aware that Katapult’s presentation of these measures may not be comparable to similarly titled measures used by other companies.


KATAPULT HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (amounts in thousands, except per share data)
	Three Months Ended March 31,
		2025			2024

Revenue
Rental revenue	$	71,078		$	64,142
Other revenue		868			919
Total revenue		71,946			65,061
Cost of revenue		57,597			48,573
Gross profit		14,349			16,488
Operating expenses		14,885			12,688
Income (loss) from operations		(536	)		3,800
Interest expense and other fees		(5,144	)		(4,527	)
Interest income		57			324
Change in fair value of warrant liability		(36	)		(162	)
Loss before income taxes		(5,659	)		(565	)
Provision for income taxes		(29	)		(5	)
Net loss	$	(5,688	)	$	(570	)

Weighted average common shares outstanding – basic and diluted		4,618			4,242

Net loss per common share – basic and diluted	$	(1.23	)	$	(0.13	)


KATAPULT HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data)
	March 31,			December 31,
		2025			2024
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	5,965		$	3,465
Restricted cash		8,346			13,087
Property held for lease, net of accumulated depreciation and impairment		66,913			67,085
Prepaid expenses and other current assets		4,445			6,731
Total current assets		85,669			90,368
Property and equipment, net		244			253
Capitalized software and intangible assets, net		2,155			2,076
Right-of-use assets, non-current		376			383
Security deposits		91			91
Total assets	$	88,535		$	93,171
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	3,040		$	1,491
Accrued liabilities		18,945			17,372
Accrued litigation settlement		2,199			2,199
Unearned revenue		5,711			4,823
Revolving line of credit, net		77,663			82,582
Term loan, net, current		31,490			30,047
Lease liabilities		129			179
Total current liabilities		139,177			138,693
Lease liabilities, non-current		431			444
Other liabilities		614			828
Total liabilities		140,222			139,965
STOCKHOLDERS’ DEFICIT
Common stock, $.0001 par value– 250,000,000 shares authorized; 4,483,544 and 4,446,540 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		—			—
Additional paid-in capital		102,452			101,657
Accumulated deficit		(154,139	)		(148,451	)
Total stockholders’ deficit		(51,687	)		(46,794	)
Total liabilities and stockholders’ deficit	$	88,535		$	93,171


KATAPULT HOLDINGS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (dollars in thousands)
	Three Months Ended March 31,
		2025			2024
Cash flows from operating activities:
Net loss	$	(5,688	)	$	(570	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		39,392			34,026
Depreciation for early lease purchase options (buyouts)		9,664			7,613
Depreciation for impaired leases		6,632			5,636
Change in fair value of warrants and other non-cash items		36			162
Stock-based compensation		1,066			1,391
Amortization of debt discount		963			669
Amortization of debt issuance costs, net		88			66
Accrued PIK interest expense		480			347
Amortization of right-of-use assets		76			76
Changes in operating assets and liabilities:
Property held for lease		(55,185	)		(45,249	)
Prepaid expenses and other current assets		2,217			1,029
Accounts payable		1,549			754
Accrued liabilities		1,573			(4,123	)
Accrued litigation		(250	)		—
Lease liabilities		(63	)		(55	)
Unearned revenues		888			208
Net cash provided by operating activities		3,438			1,980
Cash flows from investing activities:
Purchases of property and equipment		(24	)		—
Additions to capitalized software		(377	)		(126	)
Net cash used in investing activities		(401	)		(126	)
Cash flows from financing activities:
Proceeds from revolving line of credit		5,128			10,058
Principal repayments on revolving line of credit		(10,135	)		(2,840	)
Repurchases of restricted stock		(271	)		(312	)
Net cash (used in) provided by financing activities		(5,278	)		6,906
Net (decrease) increase in cash, cash equivalents and restricted cash		(2,241	)		8,760
Cash and cash equivalents and restricted cash at beginning of period		16,552			28,811
Cash and cash equivalents and restricted cash at end of period	$	14,311		$	37,571
Supplemental disclosure of cash flow information:
Cash paid for interest	$	3,661		$	3,382
Cash paid for income taxes	$	—		$	112
Cash paid for operating leases	$	111		$	82


KATAPULT HOLDINGS, INC. RECONCILIATION OF NON-GAAP MEASURES AND CERTAIN OTHER DATA (UNAUDITED) (amounts in thousands)
	Three Months Ended March 31,
		2025			2024

Net loss	$	(5,688	)	$	(570	)
Add back:
Interest expense and other fees		5,144			4,527
Interest income		(57	)		(324	)
Change in fair value of warrants		36			162
Provision for income taxes		29			5
Depreciation and amortization on property and equipment and capitalized software		330			266
Provision for impairment of leased assets		150			173
Stock-based compensation expense		1,066			1,391
Litigation settlement and other related expenses		259		$	—
Debt refinancing costs	$	971			—
Adjusted EBITDA	$	2,240		$	5,630


	Three Months Ended March 31,
		2025			2024

Net loss	$	(5,688	)	$	(570	)
Add back:
Change in fair value of warrants		36			162
Stock-based compensation expense		1,066			1,391
Litigation settlement and other related expenses		259			—
Debt refinancing costs		971			—
Adjusted net income (loss)	$	(3,356	)	$	983


	Three Months Ended March 31,
		2025		2024

Operating expenses	$	14,885	$	12,688
Less:
Depreciation and amortization on property and equipment and capitalized software		330		266
Stock-based compensation expense		1,066		1,391
Servicing costs		1,085		1,132
Underwriting fees		772		509
Litigation settlement and other related expenses		259		—
Debt refinancing costs		971	$	—
Fixed cash operating expenses	$	10,402	$	9,390

(in thousands)	Three Months Ended March 31,
		2025		2024

Total revenue	$	71,946	$	65,061
Cost of revenue		57,597		48,573
Gross profit		14,349		16,488
Less:
Servicing costs		1,085		1,132
Underwriting fees		772		509
Adjusted gross profit	$	12,492	$	14,847


CERTAIN KEY PERFORMANCE METRICS

(in thousands)	Three Months Ended March 31,
		2025		2024
Total revenue	$	71,946	$	65,061


KATAPULT HOLDINGS, INC. GROSS ORIGINATIONS BY QUARTER
	Gross Originations by Quarter
($ millions)	Q1		Q2		Q3		Q4
FY 2025	$	64.2	$	—	$	—	$	—
FY 2024	$	55.6	$	55.3	$	51.2	$	64.2
FY 2023	$	54.7	$	54.7	$	49.6	$	67.5
FY 2022	$	46.7	$	46.4	$	44.1	$	59.8
FY 2021	$	63.8	$	64.4	$	61.0	$	58.9

The MIL Network –

May 15, 2025

MIL-OSI: Calfrac Reports First Quarter 2025 Results with Record Financial Performance in Argentina

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 15, 2025 (GLOBE NEWSWIRE) — Calfrac Well Services Ltd. (“Calfrac” or “the Company”) (TSX: CFW) announces its financial and operating results for the three months ended March 31, 2025. The following press release should be read in conjunction with the management’s discussion and analysis and interim consolidated financial statements and notes thereto as at March 31, 2025. Readers should also refer to the “Forward-looking statements” legal advisory and the section regarding “Non-GAAP Measures” at the end of this press release. All financial amounts and measures are expressed in Canadian dollars unless otherwise indicated. Additional information about Calfrac is available on the SEDAR+ website at www.sedarplus.ca, including the Company’s Annual Information Form for the year ended December 31, 2024.

CFO’S MESSAGE

Calfrac achieved revenue of $370.1 million during the first quarter in 2025, a 3 percent decline from the fourth quarter in 2024, primarily due to a normal seasonal slowdown in activity in the Rockies region of North America. As experienced over the last couple of years, activity in the Rockies region continues to be very challenging during the first quarter due to limited customer activity, resulting from the higher costs of operating in extreme cold weather. However, the Company’s Argentina operations delivered a sequential increase in revenue of 56 percent as it operated two unconventional fracturing spreads in the Vaca Muerta shale play for a portion of the first quarter.

Calfrac’s Chief Financial Officer, Mike Olinek commented: “I am very pleased with the strong operating and financial performance demonstrated by Calfrac’s team in Argentina during the first quarter and look forward to building on this positive momentum throughout the remainder of the year. I am also confident that the Company’s North American DGB fracturing fleets will remain in high demand and allow us to successfully navigate any potential slowdown in North America and deliver on our strategic priorities.”

SELECT FINANCIAL HIGHLIGHTS – CONTINUING OPERATIONS

	Three Months Ended Mar. 31,
	2025		2024		Change
(C$000s, except per share amounts)	*($)*		($)		(%)
(unaudited)
Revenue	370,057		330,096		12
Adjusted EBITDA⁽¹⁾	55,317		26,057		112
Cash flows provided by operating activities	(7,050	)	11,958		NM
Capital expenditures	42,132		48,072		(12	)
Net income (loss)	7,796		(2,903	)	NM
Per share – basic	0.09		(0.03	)	NM
Per share – diluted	0.09		(0.03	)	NM

As at	Mar. 31,	Dec. 31,	Change
	2025	2024
(C$000s)	*($)*	($)	(%)
(unaudited)
Cash and cash equivalents	15,463	44,045	(65	)
Working capital, end of period⁽²⁾	266,087	229,856	16
Total assets, end of period	1,254,979	1,234,840	2
Long-term debt, end of period	341,095	320,908	6
Net debt⁽¹⁾⁽³⁾	348,674	300,347	16
Total consolidated equity, end of period	660,262	653,330	1

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Working capital excludes cash and cash equivalents and the current portion of long-term debt of $341.1 million.
⁽³⁾Refer to note 10 of the consolidated interim financial statements for further information.

FIRST QUARTER OVERVIEW

In the first quarter of 2025, the Company:

generated revenue of $370.1 million, an increase of 12 percent from the first quarter in 2024 resulting primarily from higher pricing and activity in Argentina, offset partially by lower pricing in North America;
reported Adjusted EBITDA of $55.3 million versus $26.1 million in the first quarter of 2024 due to record quarterly financial results in Argentina with the commencement of a second large fracturing fleet in the Vaca Muerta shale play during a portion of the first quarter;
had cash flow from operating activities of negative $7.1 million, which included $12.7 million of interest paid and cash used for working capital purposes of $35.0 million, as compared to $12.0 million in the first quarter of 2024, which was net of $9.7 million of interest paid and cash used for working capital purposes of $1.6 million;
reported net income from continuing operations of $7.8 million or $0.09 per share diluted compared to a net loss of $2.9 million or $0.03 per share diluted during the first quarter in 2024;
had a cash position of $15.5 million of which approximately 70 percent was held in Argentina. The Argentina cash balance includes an investment of US$6.1 million in Argentinean government bonds (BOPREAL Bonds) that will be repatriated to Canada before the end of the third quarter in 2025;
reported an increase in period-end working capital to $266.1 million from $229.9 million at December 31, 2024, primarily due to an increase in revenue in the first quarter of 2025 with a greater proportion generated from Argentina, which has longer lead times to collection than North America; and
incurred capital expenditures of $42.1 million, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment.

FINANCIAL OVERVIEW – CONTINUING OPERATIONS
THREE MONTHS AND YEARS ENDED MARCH 31, 2025 VERSUS 2024

NORTH AMERICA

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s, except operational and exchange rate information)	*($)*	($)	(%)
(unaudited)
Revenue	227,902	248,959	(8	)
Adjusted EBITDA⁽¹⁾	6,131	14,872	(59	)
Adjusted EBITDA (%)⁽¹⁾	2.7	6.0	(55	)
Fracturing revenue per job ($)	25,060	33,518	(25	)
Number of fracturing jobs	8,709	7,176	21
Active pumping horsepower, end of year (000s)	898	951	(6	)
US$/C$ average exchange rate⁽²⁾	1.4352	1.3486	6

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Source: Bank of Canada.

OUTLOOK

The uncertainty caused by geopolitical tensions, OPEC+ supply increases, and changes to the United States trade and tariff regimes, have affected the economic outlook for the global economy and triggered a recent decline in near-term crude oil prices. While activity in North America has not been significantly impacted as yet, oil-weighted completion activity is expected to be lower year-over-year, but more resilient than past cycles as a focus on capital discipline by the E&P sector has resulted in activity that only supports the maintenance of current production levels. However, completions activity within the Company’s natural gas producing regions in North America is anticipated to be slightly higher than the previous year given the relative strength in natural gas prices.

The Company has been evaluating the implication of tariffs across its North American operations over the last few months and has commenced with mitigation efforts, wherever possible, including seeking applicable tariff exemptions for critical items that are sourced from the United States.

Calfrac’s previously announced Tier IV modernization program is nearing completion. These strategic investments in next-generation Dynamic Gas Blending (“DGB”) pumping technology have resulted in the Company exiting the quarter with the equivalent of five Tier IV DGB fleets operating in the field. Calfrac’s dual-fuel capable fracturing fleets in North America are expected to remain in high demand during the second quarter, despite the current headwinds, and fleet utilization is expected to increase sequentially from the first quarter as certain clients in the Rockies region commence with their 2025 programs.

THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

REVENUE

Revenue from Calfrac’s North American operations decreased to $227.9 million during the first quarter of 2025 from $249.0 million in the comparable quarter of 2024. The Company’s North American activity was impacted by extreme cold weather and was significantly lower than the comparable quarter in 2024 despite the 21 percent increase in the number of jobs completed. The Company’s client mix was different than the comparable period in 2024 with the completion of a larger quantity of smaller jobs, which also impacted the fracturing revenue per job. The Company reduced its operating footprint to 11 active fracturing fleets to begin the first quarter to address the seasonal challenges experienced in the Rockies region. The Company recommenced operations in the Appalachian basin in January with an additional fracturing crew, which helped offset the lower revenue experienced in the Rockies. Pricing in North America was lower relative to the comparable quarter in 2024, which contributed to the 8 percent reduction in revenue. Coiled tubing revenue was consistent with the first quarter in 2024 as slightly lower activity was offset by the completion of larger jobs.

ADJUSTED EBITDA

The Company’s operations in North America generated Adjusted EBITDA of $6.1 million or 3 percent of revenue during the first quarter of 2025 compared to $14.9 million or 6 percent of revenue in the same period in 2024. This decrease was primarily due to the decline in fracturing fleet utilization and lower pricing.

ARGENTINA

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s, except operational and exchange rate information)	*($)*	($)	(%)
(unaudited)
Revenue	142,155	81,137	75
Adjusted EBITDA⁽¹⁾	53,265	16,100	231
Adjusted EBITDA (%)⁽¹⁾	37.5	19.8	89
Fracturing revenue per job ($)	124,874	74,354	68
Number of fracturing jobs	741	672	10
Active pumping horsepower, end of period (000s)	153	139	10
US$/C$ average exchange rate⁽²⁾	1.4352	1.3486	6

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.
⁽²⁾Source: Bank of Canada.

OUTLOOK

Argentina continued to demonstrate year-over-year operational and financial improvement by achieving record quarterly financial performance during the first quarter of 2025. Calfrac expects its full-year financial results in Argentina will be very strong, building on the significant momentum generated during the first quarter. The Company benefited from spot work for its second large fracturing fleet in the Vaca Muerta shale play during the first quarter at operating margins that are not expected to be maintained during the remainder of the year. The Company’s 2025 capital program also contemplates the addition of in-house wireline capabilities in Argentina during the fourth quarter which will further bolster its service offering in Neuquén. Recent Argentina government announcements related to the cash repatriation regime in that country reaffirm the Company’s expectations of a greater ability to repatriate excess cash flow following the completion of its significant 2025 capital program.

THREE MONTHS ENDED MARCH 31, 2025 COMPARED TO THREE MONTHS ENDED MARCH 31, 2024

REVENUE

Calfrac’s Argentinean operations generated revenue of $142.2 million during the first quarter of 2025 versus $81.1 million in the comparable quarter in 2024. The 75 percent increase in revenue was driven by improved pricing for spot work and an increase in the number of fracturing jobs completed during the quarter. The Company operated two unconventional fracturing fleets in the Vaca Muerta shale play for a portion of the first quarter. The Company also demonstrated growth in activity across its other service lines as the Company permanently transferred equipment from Las Heras to Neuquén following the completion of a long-term contract. The Company’s offshore coiled tubing unit also contributed to the increase in revenue versus the comparable quarter in 2024.

ADJUSTED EBITDA

The Company’s operations in Argentina generated Adjusted EBITDA of $53.3 million during the first quarter of 2025 compared to $16.1 million in the same quarter of 2024, while the Company’s Adjusted EBITDA margins increased to 37 percent from 20 percent. This increase was primarily due to the significant revenue growth and efficiencies resulting from operating two unconventional fracturing fleets simultaneously during parts of the quarter and higher pricing for spot work. In addition, the Company received an early termination fee related to the closure of its operations in Las Heras following the completion of a long-term contract with a major client in that region. This revenue offset costs that were incurred in 2024 to permanently close this district.

SUMMARY OF QUARTERLY RESULTS – CONTINUING OPERATIONS

Three Months Ended	Jun. 30,	Sep. 30,	Dec. 31,	Mar. 31,		Jun. 30,	Sep. 30,		Dec. 31,		Mar. 31,
	2023	2023	2023	2024		2024	2024		2024		2025
(C$000s, except per share and operating data)	($)	($)	($)	($)		($)	($)		($)		*($)*
(unaudited)
Financial
Revenue	466,463	483,093	421,402	330,096		426,047	430,109		381,230		370,057
Adjusted EBITDA⁽¹⁾	87,785	91,286	62,591	26,057		65,386	65,039		34,512		55,317
Net income (loss)	50,531	97,523	13,202	(2,903	)	24,549	(6,687	)	(6,424	)	7,796
Per share – basic	0.62	1.20	0.16	(0.03	)	0.29	(0.08	)	(0.07	)	0.09
Per share – diluted	0.58	1.09	0.15	(0.03	)	0.29	(0.08	)	(0.07	)	0.09
Capital expenditures	30,718	50,825	49,397	48,072		66,753	22,509		32,955		42,132

⁽¹⁾Refer to “Non-GAAP Measures” on page 6 for further information.

CAPITAL EXPENDITURES – CONTINUING OPERATIONS

	Three Months Ended Mar. 31,
	2025	2024	Change
(C$000s)	*($)*	($)	(%)
North America	12,941	37,174	(65	)
Argentina	29,191	10,898	168
Continuing Operations	42,132	48,072	(12	)

Capital expenditures were $42.1 million for the three months ended March 31, 2025, which included approximately $22.3 million of expansion capital in Argentina and $9.3 million related to the Company’s fracturing fleet modernization program in North America, including auxiliary support equipment versus $48.1 million in the comparable period in 2024.

Calfrac’s Board of Directors approved a 2025 capital budget totalling approximately $135.0 million. The program includes approximately $50.0 million to facilitate the expansion of the Company’s fracturing operations in the Vaca Muerta shale play in Argentina that will be funded locally from cash flow. The 2025 Argentina capital program includes additional fracturing pumping units, an expansion of the Company’s deep coiled tubing capabilities and the introduction of in-house wireline services. The balance of the 2025 program will fund maintenance capital for all operating divisions as well as additional investments in the North American Tier IV fleet modernization program and coiled tubing fleet. Due to a delay in spending related to the Company’s 2024 capital program, approximately $30.0 million of 2024 capital commitments will be funded in 2025, mainly related to the expansion in Argentina, of which approximately $20.0 million occurred during the first quarter.

NON-GAAP MEASURES

Certain supplementary measures presented in this press release, including Adjusted EBITDA, Adjusted EBITDA percentage and Net Debt do not have any standardized meaning under IFRS and, because IFRS have been incorporated as Canadian generally accepted accounting principles (GAAP), these supplementary measures are also non-GAAP measures. These measures have been described and presented to provide shareholders and potential investors with additional information regarding the Company’s financial results, liquidity and ability to generate funds to finance its operations. These measures may not be comparable to similar measures presented by other entities, and are explained below.

Adjusted EBITDA is defined as net income or loss for the period less interest, taxes, depreciation and amortization, foreign exchange losses (gains), non-cash stock-based compensation, and gains and losses that are extraordinary or non-recurring. Adjusted EBITDA is presented because it gives an indication of the results from the Company’s principal business activities prior to consideration of how its activities are financed and the impact of foreign exchange, taxation and depreciation and amortization charges. Adjusted EBITDA is used by management to evaluate the performance of the Company and is also used as a basis for monitoring the Company’s compliance with covenants under the revolving credit facility. Adjusted EBITDA for the period was calculated as follows:

	Three Months Ended March 31,
	2025		2024
(C$000s)	*($)*		($)

Net income (loss) from continuing operations	7,796		(2,903	)
Add back (deduct):
Depreciation	31,922		27,995
Foreign exchange losses (gains)	1,693		(1,049	)
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Restructuring charges	516		—
Stock-based compensation	(925	)	2,185
Interest, net	7,944		6,032
Income taxes	6,247		38
Adjusted EBITDA from continuing operations	55,317		26,057
Less: IFRS 16 lease payments	(3,679	)	(3,235	)
Less: Argentina EBITDA threshold adjustment⁽¹⁾	(45,397	)	(5,428	)
Bank EBITDA for covenant purposes	6,241		17,394

⁽¹⁾Refer to note 4 of the Company’s interim consolidated financial statements for the three months ended March 31, 2025.

Adjusted EBITDA percentage is a non-GAAP financial ratio that is determined by dividing Adjusted EBITDA by revenue for the corresponding period.

Net Debt is defined as long-term debt less unamortized debt issuance costs plus lease obligations, less cash and cash equivalents from continuing operations. The calculation of net debt is disclosed in note 10 to the Company’s interim consolidated financial statements for the corresponding period.

OTHER NON-STANDARD FINANCIAL TERMS

MAINTENANCE AND EXPANSION CAPITAL

Maintenance capital refers to expenditures in respect of capital additions, replacements or improvements required to maintain ongoing business operations. Expansion capital refers to expenditures primarily for new items, upgrades and/or equipment that will expand the Company’s revenue and/or reduce its expenditures through operating efficiencies. The determination of what constitutes maintenance capital expenditures versus expansion capital involves judgement by management.

BUSINESS RISKS

The business of Calfrac is subject to certain risks and uncertainties. Prior to making any investment decision regarding Calfrac, investors should carefully consider, among other things, the risk factors set forth in the Company’s most recently filed Annual Information Form under the heading “Risk Factors” which is available on the SEDAR+ website at www.sedarplus.ca under the Company’s profile. Copies of the Annual Information Form may also be obtained on request without charge from Calfrac at Suite 500, 407 – 8th Avenue S.W., Calgary, Alberta, Canada, T2P 1E5, or at www.calfrac.com.

ADDITIONAL INFORMATION

Calfrac’s common shares are publicly traded on the Toronto Stock Exchange under the trading symbol “CFW”.

Calfrac provides specialized oilfield services to exploration and production companies designed to increase the production of hydrocarbons from wells with continuing operations focused throughout western Canada, the United States and Argentina. During the first quarter of 2022, management committed to a plan to sell the Company’s Russian division, resulting in the associated assets and liabilities being classified as held for sale and presented in the Company’s financial statements as discontinued operations. The results of the Company’s discontinued operations are excluded from the discussion and figures presented above unless otherwise noted. See Note 4 to the Company’s annual consolidated financial statements for the year ended December 31, 2024 for additional information on the Company’s discontinued operations.

Further information regarding Calfrac Well Services Ltd., including the most recently filed Annual Information Form, can be accessed on the Company’s website at www.calfrac.com or under the Company’s public filings found at www.sedarplus.ca.

FIRST QUARTER CONFERENCE CALL AND AGM UPDATE

Calfrac will no longer be conducting the previously announced conference call to review its 2025 first-quarter results on Thursday, May 15, 2025. Any interested parties can reach out to Mike Olinek, Chief Financial Officer at the contact information below should they wish to ask any questions regarding the Company’s quarterly financial results.

The Company will be holding its Annual General Meeting at 1:30 pm on Thursday May 15, 2025 in the Viking Room of the Calgary Petroleum Club.

CONSOLIDATED BALANCE SHEETS

	March 31,		December 31,
	2025		2024
(C$000s)	*($)*		($)
ASSETS
Current assets
Cash and cash equivalents	15,463		44,045
Accounts receivable	306,957		251,108
Inventories	130,596		145,506
Prepaid expenses and deposits	21,797		26,452
	474,813		467,111
Assets classified as held for sale	47,053		45,335
	521,866		512,446
Non-current assets
Property, plant and equipment	684,123		673,381
Right-of-use assets	19,990		20,013
Deferred income tax assets	29,000		29,000
	733,113		722,394
Total assets	1,254,979		1,234,840
LIABILITIES AND EQUITY
Current liabilities
Accounts payable and accrued liabilities	160,129		173,974
Income taxes payable	23,301		9,700
Current portion of long-term debt	341,095		150,000
Current portion of lease obligations	9,833		9,536
	534,358		343,210
Liabilities directly associated with assets classified as held for sale	32,677		30,945
	567,035		374,155
Non-current liabilities
Long-term debt	—		170,908
Lease obligations	13,209		13,948
Deferred income tax liabilities	14,473		22,499
	27,682		207,355
Total liabilities	594,717		581,510
Capital stock	911,900		911,785
Contributed surplus	76,190		77,159
Accumulated deficit	(373,875	)	(379,490	)
Accumulated other comprehensive income	46,047		43,876
Total equity	660,262		653,330
Total liabilities and equity	1,254,979		1,234,840

CONSOLIDATED STATEMENTS OF OPERATIONS

	Three Months Ended March 31,
	2025		2024
(C$000s, except per share data)	*($)*		($)

Revenue	370,057		330,096
Cost of sales	330,576		316,208
Gross profit	39,481		13,888
Expenses
Selling, general and administrative	15,677		18,011
Foreign exchange losses (gains)	1,693		(1,049	)
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Interest, net	7,944		6,032
	25,438		16,753
Income (loss) before income tax	14,043		(2,865	)
Income tax expense (recovery)
Current	14,240		6,414
Deferred	(7,993	)	(6,376	)
	6,247		38
Net income (loss) from continuing operations	7,796		(2,903	)
Net (loss) income from discontinued operations	(2,181	)	750
Net income (loss)	5,615		(2,153	)

Earnings (loss) per share – basic
Continuing operations	0.09		(0.03	)
Discontinued operations	(0.03	)	0.01
	0.07		(0.02	)

Earnings (loss) per share – diluted
Continuing operations	0.09		(0.03	)
Discontinued operations	(0.03	)	0.01
	0.07		(0.02	)

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Three Months Ended March 31,
	2025		2024
(C$000s)	*($)*		($)
CASH FLOWS PROVIDED BY (USED IN)			Restated
OPERATING ACTIVITIES
Net income (loss)	7,796		(2,903	)
Adjusted for the following:
Depreciation	31,922		27,995
Stock-based compensation	(925	)	2,185
Unrealized foreign exchange losses	1,846		2,627
Loss (gain) on disposal of property, plant and equipment	124		(6,241	)
Interest	7,944		6,032
Interest paid	(12,716	)	(9,717	)
Deferred income taxes	(7,993	)	(6,376	)
Changes in items of working capital	(35,048	)	(1,644	)
Cash flows (used in) provided by operating activities from continuing operations	(7,050	)	11,958
Cash flows provided by (used in) operating activities from discontinued operations	10,231		(8,185	)
Net cash flows provided by operating activities	3,181		3,773
INVESTING ACTIVITIES
Purchase of property, plant and equipment	(38,498	)	(55,727	)
Proceeds on disposal of property, plant and equipment	1,553		11,508
Proceeds on disposal of right-of-use assets	206		227
Cash flows used in investing activities from continuing operations	(36,739	)	(43,992	)
Cash flows used in investing activities from discontinued operations	(1,457	)	(678	)
Net cash flows used in investing activities	(38,196	)	(44,670	)
FINANCING ACTIVITIES
Issuance of long-term debt, net of debt issuance costs	30,000		60,000
Long-term debt repayments	(10,000	)	—
Lease obligation principal repayments	(3,244	)	(2,840	)
Proceeds on issuance of common shares from the exercise of stock options	71		—
Cash flows provided by financing activities from continuing operations	16,827		57,160
Cash flows provided by financing activities from discontinued operations	—		—
Net cash flows provided by financing activities	16,827		57,160
Effect of exchange rate changes on cash and cash equivalents	550		(1,464	)
(Decrease) increase in cash and cash equivalents	(17,638	)	14,799
Cash and cash equivalents, beginning of period	50,776		45,190
Cash and cash equivalents, end of period	33,138		59,989
Included in the cash and cash equivalents per the balance sheet	15,463		58,239
Included in the assets held for sale/discontinued operations	17,675		1,750

ADVISORIES

FORWARD-LOOKING STATEMENTS

In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management’s assessment of Calfrac’s plans and future operations, certain statements contained in this press release, including statements that contain words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”, “forecast” or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, “forward-looking statements”).

In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the expectations regarding trends in, and prospects of, the global oil and gas industry; activity, demand, utilization and outlook for the Company’s continuing operations, including the potential impacts of, and mitigation strategies for, the trade tariffs implemented by the U.S. and Canada on the Company’s North American segment and the strong activity and profitability outlook for the Argentina segment; the supply and demand fundamentals of the pressure pumping industry; input costs, margin and service pricing trends and strategies; operating and financing strategies, performance, priorities, metrics and estimates, including the Company’s ability to repatriate cash from Argentina and the timing thereof; the Company’s Russian segment, including the planned sale of the Russian division; the Company’s service quality and competitive position; capital investment plans, including the progress of the Company’s fleet modernization plan in North America and planned wireline investments to bolster the Company’s service offering in Argentina; and the Company’s expectations and intentions with respect to the foregoing.

These statements are derived from certain assumptions and analyses made by the Company based on its experience and perception of historical trends, current conditions, expected future developments and other factors that it believes are appropriate in the circumstances, including, but not limited to, the economic and political environment in which the Company operates, including the continued implementation of Argentina economic reforms and liberalization of its oil and gas industry as well as the current state of the trade war between Canada and the U.S. and its expected impact on the pressure pumping market in North America; the Company’s expectations for its customers’ capital budgets, demand for services and geographical areas of focus; the level of merger and acquisition activity among oil and gas producers and its impact on the demand for well completion services; the anticipated effects of artificial intelligence power requirements and the commissioning of liquified natural gas terminals on supply and demand fundamentals for oil and natural gas; the ability of newly deployed Tier IV DGB pumping units to achieve manufacturer claims with respect to operational performance, diesel displacement and costs savings in the field; the effect of environmental, social and governance factors on customer and investor preferences and capital deployment; the status of the military conflict in the Ukraine and related Canadian, United States and international sanctions and restrictions involving Russia and counter-sanctions, restrictions, and political measures that may be undertaken in respect of the Company’s ownership and planned sale of the Russian division; industry equipment levels including the number of active fracturing fleets marketed by the Company’s competitors and the timing of deployment of the Company’s fleet upgrades; the continued effectiveness of cost reduction measures instituted by the Company; the Company’s existing contracts and the status of current negotiations with key customers and suppliers; and the likelihood that the current tax and regulatory regime will remain substantially unchanged.

Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company’s expectations. Such risk factors include but are not limited to: (A) industry risks, including but not limited to, global economic conditions and the level of exploration, development and production for oil and natural gas in North America and Argentina; a shift in strategy by exploration and production companies prioritizing shareholders returns over production growth; excess equipment levels; impacts of conservation measures and technological advances on the demand for the Company’s services; an intensely competitive oilfield services industry; and hazards inherent in the industry; (B) geopolitical risks, including but not limited to, the impacts of the trade war between Canada and United States; foreign operations exposure, including risks relating to repatriation of cash from foreign jurisdictions, unsettled political conditions, war, foreign exchange rates and controls; and risks that the sale of the discontinued operations in Russia may not occur or may be delayed; (C) financial risks, including but not limited to, restrictions on the Company’s access to capital, including the impacts of covenants under the Company’s lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation and availability of raw materials, diesel fuel and component parts; actual results which are materially different from management estimates and assumptions; the Company’s access to capital and common share price given a significant number of common shares are controlled by two directors of the Company; possible dilution from outstanding stock-based compensation, additional equity or debt securities; and changes in tax rates or reassessment risk by tax authorities; (D) business operations risks, including but not limited to, fleet reinvestment risk, including the ability of the Company to finance the capital necessary for equipment upgrades to support its operational needs while meeting government and customer requirements and preferences; risks of delays and quality of equipment due to Company’s reliance on equipment manufacturers, suppliers and fabricators; seasonal volatility; constrained demand for the Company’s services due to merger and acquisition activity; a concentrated customer base; cybersecurity risks; difficulty retaining, replacing or adding personnel; failure to continuously improve equipment, proprietary fluid chemistries and other products and services; climate change; failure to maintain safety standards and records; improper access to confidential information; failure to effectively and timely address the energy transition; risks of various types of activism; and failure to realize anticipated benefits of acquisitions and dispositions; (E) legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws; health, safety and environmental laws and regulations; the direct and indirect costs of various existing and proposed climate change regulations; and legal and administrative proceedings. Further information about these and other risks and uncertainties may be found under the heading “Business Risks” above.

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

For further information, please contact:

Mike Olinek, Chief Financial Officer

Telephone: 403-266-6000
www.calfrac.com

The MIL Network –

May 15, 2025

MIL-OSI United Kingdom: New 2,000 km “deep precision strike” weapon to be developed by UK and Germany as Trinity House Agreement delivers first major milestones
Source: United Kingdom – Government Statements

Press release

New 2,000 km “deep precision strike” weapon to be developed by UK and Germany as Trinity House Agreement delivers first major milestones

The UK and Germany will confirm for the first time that they will work together to develop a new long-range strike capability with a range of over 2,000 km
The United Kingdom and Germany will today (Thursday 15th May) confirm for the first time that they will work together to develop a new long-range strike capability with a range of over 2,000 km, as both countries step up on European security and drive economic growth at home.

This comes following the signing of the landmark Trinity House Agreement on Defence Co-operation in October in London – the first-of-its-kind bilateral defence agreement between the UK and Germany.

German Federal Minister of Defence, Boris Pistorius, will host his counterpart Defence Secretary John Healey MP in the first Trinity House Defence Ministerial Council today in Berlin, where they will discuss how the agreement is already delivering real benefits, from deterring threats on NATO’s eastern flank, to creating skilled jobs and driving investment at home.

The new 2,000 km precision deep strike capability will be among the most advanced systems ever designed by the UK, to safeguard the British public and reinforce NATO deterrence, while boosting the UK and European defence sectors.

Discussions will focus on a joint procurement programme for Sting Ray torpedoes for P-8 Poseidon maritime patrol and reconnaissance aircraft, enhancing the UK and Germany’s ability to counter the latest underwater threats, boosting national security for both nations.

A new commitment will also see Germany procure advanced British military bridges, delivering on the Government’s Plan for Change by supporting jobs in the North-west.

Defence Secretary John Healey MP said:

The UK and Germany have never been closer, and the Trinity House Agreement is already making a positive impact on our security and economy. This partnership is helping us make defence an engine for growth – creating jobs, boosting skills, and driving investment across the UK and Germany.

In a more dangerous world, NATO and European allies stand united. Together with Germany, we’re leading the way in supporting Ukraine, defending NATO’s eastern flank, and jointly investing in next-generation capabilities.

It follows the Prime Minister’s historic commitment to increase defence spending to 2.5% of GDP, recognising the critical importance of military readiness in an era of heightened global uncertainty. 

Since the Trinity House Agreement was signed in October, German crews have joined RAF personnel in two flights on UK P-8 Poseidon aircraft. The UK’s Poseidon fleet play a crucial role tracking Russian vessels near UK waters.

The Defence Ministers will meet again tomorrow (Friday 16th May) alongside their Polish, Italian and French counterparts in a meeting of the European Group of Five (E5) Defence ministers in Rome.

The UK and Germany will meet again in June alongside more than 50 nations and partners, when they jointly host the next meeting of the Ukraine Defence Contact Group. Since the UK took the chair, nearly £23bn has been pledged in military support for Ukraine.

The Trinity House Agreement is delivering on the Government’s Plan for Change by stepping up national security whilst strengthening our industrial base and boosting skilled jobs at home.

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Updates to this page

Published 15 May 2025
MIL OSI United Kingdom –
May 15, 2025
MIL-OSI Russia: Science Unites: Polytechnic and Universities of Uzbekistan Build a Sustainable Future

Translation. Region: Russian Federal

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

Teachers of the Institute of Industrial Management, Economics and Trade of SPbPU took part in the largest scientific events in the leading universities of Uzbekistan – inKarshi State University and the Tashkent State Technical University named after Islam Karimov, and also held open lectures for students of the Tashkent State University of Economics.

The international conference “Green Energy and Green Economy” was held at Karshi University, bringing together specialists from various countries. It was attended by teachers from three Higher Schools of IPMEiT: the Higher School of Engineering and Economics (HSE), the Higher School of Industrial Management (HSIM), and the Higher School of Service and Trade (HSST).

Professor of VIES Alexander Babkin, at the invitation of the organizing committee, became a speaker, plenary speaker and moderator of the section “Formation of a green economy”. He presented a report on the topic “Green digital intelligent economy and Industry 5.0/6.0”, in which he outlined a new paradigm of a green intelligent economy based on the ESG concept, focusing on the rapid development of digital technologies both in the economy and industry.

Interaction with specialists from the Faculty of Economics of Karshi State University has been going on for more than two years and is developing successfully. Having gathered on its site representatives of universities, scientific and public organizations, industrial enterprises, this conference has become a platform for exchanging knowledge and experience in the field of sustainable ESG development, – emphasized Alexander Vasilyevich.

At the plenary session in an online format, Olga Kalinina, Director of the Higher School of Industrial Management, spoke with a report on the results of the work obtained by the teachers of the Higher School of Industrial Management, working within the framework of the bachelor’s and master’s degree programs in energy management.

The second day of work was held in the format of sectional meetings, where the discussion of current issues on the conference topic continued. The sections in the online format were attended by teachers of the Higher School of Management and Management — associate professors Maxim Izmailov, Alexander Titov, Roman Okorokov and assistant Sergey Chayuk. They presented their scientific research in the field of strategies and methods for reducing the carbon footprint, prospects for using wave power plants in the context of digital transformation, features of digital transformation in the energy sector, as well as the practical application of artificial intelligence in the energy sector.

The second significant event for the development of international cooperation of the Polytechnic University was the participation of IPMEiT teachers at the invitation of the Tashkent State Technical University named after Islam Karimov (TashSTU) in the international scientific and practical conference “Optimization of Industrial Economics and Management Based on Innovative Technologies: Modern Approaches”.

Professor of VIES Alexander Babkin spoke at the plenary session with a report on the topic “The concept of digital strategizing the development of intelligent industrial ecosystems in the context of Industry 5.0/6.0”. At the plenary session of the TashSTU conference, Olga Kalinina, Director of the Higher School of Industrial Management, and Irina Zaychenko, Head of Educational Programs of the Functional Management Cluster, Associate Professor, spoke with a joint report on the topic: “The Role of Higher Education in the Sustainable Development of Society in the Training of Management Personnel for Industry in the Context of Digitalization”. In their speech, the colleagues highlighted the main features of training highly qualified personnel in the context of ensuring technological leadership.

Our cooperation with the Department of Economics and Management in Industry of TashSTU, headed by Professor Gulchekhra Allaeva, began in April 2022. During this time, not only certain scientific results were achieved, but also partnership and friendly relations were established between our structural divisions. I hope that we will not stop there and will continue to increase cooperation, – Olga Kalinina noted.

At the sectional meeting, Ekaterina Fedorakhina, an intern at the Higher School of Management and Management of Management, a 2nd-year Master of the educational program “Digital Business Management”, presented a report on the topic “Trends in the development of industry in the Russian Federation in the context of digital transformation.”

The reports of our colleagues from St. Petersburg set a high scientific level for the discussion. Their approaches to training personnel are especially relevant for our educational environment, – emphasized the organizer of the conference, head of the Department of Economics and Management in Industry at TashSTU Gulchekhra Allaeva.

Concluding the visit of Polytechnic representatives to universities in Uzbekistan, Acting Director of the Higher School of Public Administration Olga Nadezhina visited the Tashkent State University of Economics (TSUE), which is partner of our university from 2022.

She took part in a methodological seminar for teachers, organized by the Department of Economic Security of TSUE, where key areas of development of personnel training in the field of AML/CFT were discussed, including the introduction of advanced educational and scientific practices of the HSSU IPMEiT, the organization of joint scientific events for teachers and students, and the development of partnerships between the educational structural divisions of the two universities.

Cooperation between our universities opens new horizons for students and teachers, combining best practices and innovative approaches in education and science. I am confident that joint initiatives will make a significant contribution to the development of academic dialogue and the training of highly qualified specialists for our countries, Olga Nadezhina emphasized.

In addition, lectures and practical classes on the course “Food Security” were held for TSUE students, which aroused great interest and facilitated the exchange of relevant knowledge in this area.

Participation of IPMET representatives in major events of three universities of the Republic of Uzbekistan became another important step in strengthening scientific and educational cooperation and exchange of experience between Russian and Uzbek universities. Colleagues presented the results of fundamental, applied and methodological research that are part of the joint international research agenda in the field of green economy, industry and economic security in the context of digitalization and new reality, – summed up the work of IPMET representatives, Director of the Institute Vladimir Shchepinin.

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

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May 15, 2025
MIL-OSI Russia: Scientists from Akademgorodok have proven that terahertz radiation can become an effective method for diagnosing cancer and eye diseases

Translation. Region: Russian Federal

Source: Novosibirsk State University – Novosibirsk State University –

Researchers from the Laboratory of Nuclear and Innovative Medicine of Novosibirsk State University, together with specialists from the Research Institute of Clinical and Experimental Lymphology (NIIKEL, a branch of the ICG SB RAS), the Novosibirsk branch of the S.N. Fedorov National Medical Research Center for Scientific and Technical Complex “Microsurgery of the Eye” of the Ministry of Health of the Russian Federation, the Institute of Cytology and Genetics of the Siberian Branch of the Russian Academy of Sciences, the N.N. Vorozhtsov Novosibirsk Institute of Organic Chemistry SB RAS (NIOC SB RAS), and the G.I. Budker Institute of Nuclear Physics (INP SB RAS) conducted a series of experiments to study the effects of various protocols for irradiating rabbit eyes with terahertz radiation. The results of the study were published in the article “Assessment of the general clinical condition and functional properties of the eyes of rabbits after THz irradiation” published in the journal Biomedical Optics Express.

The studies were conducted on a unique source of terahertz radiation of the biological user station of the Novosibirsk Free Electron Laser (NFEL) of the Institute of Nuclear Physics SB RAS with a frequency of 2.3 THz and an intensity of 0.012–0.024 mW/cm2. Irradiation durations of 15 and 30 minutes with different intensities were used.

The scientists specified that all observed changes in the cornea of the laboratory animals were subclinical, i.e. asymptomatic, and did not lead to significant pathological changes. These scientific studies are aimed at developing future instructions and recommendations for working with THz radiation and have been approved by the Ethics Committee.

— In the process of preparing and conducting the experiment, it was necessary to generate a lot of know-how and life hacks related to both purely practical issues, for example, with the delivery of rabbits to the INP for irradiation in winter, and with the organization of their ophthalmological examination. Some of the diagnostic studies were carried out on equipment provided to us by the Interra veterinary network and its director Elena Drobot, which greatly simplified our logistics. And in general, this is a very large-scale experiment in terms of the number of participants, which was conceived by NSU and which was completely impossible to implement without the INP, namely without the unique FEL installation and this user station. The task that we set for ourselves — to see how terahertz radiation affects the tissues of a healthy organism of a large model animal — we accomplished. And it is rabbits as an object of research that are good because the data obtained on them are most extrapolated to humans, — said the head of the Laboratory of Nuclear and Innovative Medicine Physics Department of NSU Vladimir Kanygin.

The collaboration of scientists approached the preparation and setting up of the experiment very carefully, performing each stage as thoroughly as possible. This was necessary to cut off any external factors affecting living organisms, such as a change in the usual temperature regime, stress from transportation, etc. Before the experiment, the laboratory animals underwent a 14-day quarantine in the vivarium of the NIOC SB RAS. Before the start of the experiments, the veterinarians participating in the work conducted a full examination of the animals to exclude possible eye diseases, such as cataracts.

Diagnostic examinations of rabbits were conducted on day zero, i.e. on the day of irradiation, the next day, a week later and a month later by specialists of the Scientific and Technical Complex “Microsurgery of the Eye”. Veterinarians monitored the condition of the rabbits at each stage of irradiation and after it.

— Ophthalmologists conducted diagnostic studies of the rabbits’ eyes using optical computed tomography and endothelial microscopy. Our study confirms the fact of the dose-dependent effect of terahertz radiation at high frequencies on the structures of the anterior segment of the eye, in particular, on the endothelial layer of the cornea, which is a unique “pump” for maintaining optimal hydration and homeostasis of the cornea, — explained Kristina Krasner, assistant of the Department of Surgical Diseases of the Institute of Medicine and Medical Technologies of NSU, ophthalmologist of the Novosibirsk branch of the Scientific and Technical Complex “Microsurgery of the Eye”, junior researcher of the laboratory of cell technologies of the Research Institute of Cellular and Electron Microsurgery.

On the day of irradiation, the animals’ blood was tested, which showed that a systemic inflammatory process was occurring in the body. However, scientists came to the conclusion that this was the body’s reaction to stress, since living organisms have no mechanisms of protection against terahertz radiation.

Further studies have shown that terahertz radiation with parameters of 2.3 THz and intensity of 0.012–0.024 mW/cm2 for 30 minutes is conditionally safe for the structures of the rabbit eye. However, the detected changes in the cornea require further study to determine safe exposure limits. It was noted that irradiation of the rabbit cornea led to a decrease in the density of endothelial cells. The detected changes were reversible and did not lead to pathological changes in the cornea.

— Terahertz radiation and terahertz spectroscopy based on it can really enter clinical practice as an effective method for diagnosing oncological diseases or for possible diagnostics of diseases of the organ of vision. Despite the fact that this type of diagnostics is currently experimental and is at the development stage, it is already necessary to start thinking about safety recommendations when working with sources of terahertz radiation. In the course of this study, we studied the effect of various terahertz radiation protocols in time and intensity on the cornea of the eyes of eight laboratory animals – rabbits. We assessed only changes in the anterior segment of the eyeball. Based on the data we obtained, it is premature to draw final conclusions, but the study is a good foundation for drawing up such recommendations in the future, — commented Ekaterina Butikova, Junior Researcher at the Laboratory of Cell Technologies, Research Institute of Cellular and Electron Chemistry, Branch of the Institute of Cytology and Genetics, Siberian Branch of the Russian Academy of Sciences.

Scientists involved in the experiments emphasize that the generation of terahertz radiation with the parameters required to conduct the study is only possible at the biological user station of the Novosibirsk Free Electron Laser (NFEL) of the INP SB RAS.

— In terms of average power, NLSE exceeds any existing sources in the world by many orders of magnitude, which allows us to conduct absolutely unique experiments in a very wide range of wavelengths with various biological objects. If we affect living systems with terahertz radiation, we can quite strongly influence the work of their cells, the processes occurring inside them. Such experiments are of interest from the point of view that no living organism has developed any protective mechanisms against intense THz radiation, since it is completely absorbed by the atmosphere, which means that by affecting biological objects, we can study how they adapt, what protective mechanisms they activate. For such biological experiments, a special user station was created at NLSE, which implemented the technology for regulating the average and peak radiation power, as well as the intensity of exposure. For the purity of the experiments, the station was equipped with a shutter and a thermal imager — these devices maintain and control the desired temperature. Thanks to this, we understand that we are receiving the system’s reaction specifically to the effect of radiation, and not to an increase or decrease in temperature, explained Vasily Popik, a senior researcher at the INP SB RAS and a candidate of physical and mathematical sciences.

Experiments on laboratory animals are widely used all over the world to obtain fundamental knowledge, as well as to identify the root causes of various diseases in humans and animals, to study treatment options. All such experiments are conducted in accordance with ethical standards for the treatment of laboratory animals and are approved by the ethics committee before they begin. The Bioethics Committee of the ICG SB RAS approved the experimental work with animals on the topic: “Clinical changes in the rabbit cornea after exposure to THz radiation.”

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

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: HSE scientists have applied a new method to study the mechanism of memorizing new words

Translation. Region: Russian Federal

Source: State University Higher School of Economics – State University Higher School of Economics –

Researchers Center of Language and Brain HSE was one of the first to use transcranial alternating current stimulation to find out whether it could affect the memorization of new words. The authors of the experiment have not yet found a connection between the acquisition of words and brain stimulation, but they believe that changing the stimulation parameters may show different results in the future. The study was published in the journal Language, Cognition and Neuroscience.

The ability to remember and correctly use new words is a vital skill for human communication. Throughout life, a person learns new words in their native language and also studies foreign languages. Learning new words is a complex cognitive process, the mechanisms of which are not yet well understood.

Modern neuroimaging techniques such as electroencephalography, magnetic resonance imaging, or magnetoencephalography allow us to look inside the brain and see which areas are activated during certain processes. However, it is impossible to establish the nature of the connection between stimulation and brain processes—whether it is random or causal. The use of alternating current in experiments changes the situation: it allows us to modulate rhythms of a certain frequency and track their role in neuronal processes.

Researchers from the HSE Center for Language and Brain were among the first to test whether weak electrical stimulation of the brain in the theta frequency can help a person memorize new words more effectively. They invited 30 healthy volunteers to participate and asked them to learn 80 fictitious words that were matched with Russian nouns. During the training, the participants were stimulated with a weak current in the theta rhythm range (3.5–7.5 Hz) over the left frontal-temporal areas of the brain, which are associated with speech and memory. The theta frequency was also chosen for a reason. Previous studies have shown that it is the theta rhythms that help transfer information from short-term memory to long-term memory.

After training with stimulation, the authors of the experiment checked how the participants remembered the words. There was also a separate stage with training and testing without stimulation to compare the results of the participants.

The researchers found no improvement in learning new words with stimulation compared to placebo. The researchers note that learning new words activates complex neural networks that include both the cerebral cortex and the hippocampus, which is difficult to stimulate from the surface of the head.

“Although our study did not find a direct effect of alternating current stimulation on memorization, we have made an important step towards creating new methods for supporting language learning. We will continue research in this direction, but subsequent experiments will be aimed at other areas of the brain and types of stimulation,” notes the lead author of the work, junior research fellow at the HSE Center for Language and Brain Anna Komissarenko.

In the future, the team plans to test a different frequency and phase of electrical stimulation, change the location of the electrodes, and expand the experiments to various cognitive functions. This will help to more accurately understand how the brain’s electrical activity affects learning and memory, which, in turn, will allow us to develop methods for accelerated language learning, create rehabilitation programs after strokes and injuries, and optimize neurostimulation to improve memory.

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

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: IMF Staff Completes the 2025 Article IV Mission to Singapore
Source: IMF – News in Russian

May 15, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. 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’s Executive Board for discussion and decision.
- Singapore’s economy recovered in 2024 but is forecast to slow down in 2025 due to the recent escalation of global trade tensions. Inflation is expected to stay muted.
- Fiscal and monetary policies are appropriately supporting the economy. Singapore has ample fiscal space to provide additional temporary and targeted support in case downside growth risks materialize.
- Singapore’s financial sector remains sound and resilient, underpinned by well-capitalized and liquid banks. Potential financial sector risks from tightening global financial conditions should continue to be closely monitored.
Washington, DC: An International Monetary Fund (IMF) team, led by Mr. Masahiro Nozaki, conducted discussions on the 2025 Article IV Consultation with the Singaporean authorities and other stakeholders from May 5 to May 15, 2025. At the conclusion of the discussions, Mr. Nozaki issued the following statement:

“Singapore’s economy recovered strongly in 2024 and disinflation advanced. Growth increased to 4.4 percent in 2024, from 1.8 percent in 2023, supported by an upturn in the global technology cycle. Headline inflation decreased to 1.5 percent in end-2024 and further to 0.9 percent in March 2025, reflecting disinflation in both tradable and non-tradable prices.

“However, the recent escalation of trade tensions and an associated spike in global policy uncertainty—as highlighted in the April 2025 World Economic Outlook—have sharply weakened Singapore’s economic outlook. Growth is projected to slow to 1.7 percent in 2025. Inflation is expected to stay muted, with headline inflation and Monetary Authority of Singapore (MAS) Core Inflation forecast at 1.1 percent and 1.0 percent in 2025, respectively, due to emerging slack in the economy and projected declines in commodity and other tradables prices from slower global growth.

“There is a high degree of uncertainty around this forecast, reflecting elevated global economic and policy uncertainty. Risks to growth are firmly tilted to the downside, stemming from a possible further escalation of global trade tensions and a sharp tightening of global financial conditions. While risks to inflation are tilted to the downside due to weaker-than-expected global and domestic growth, potential upside inflation risks, including from possible supply chain disruptions, should also be monitored.

“Against this backdrop, MAS appropriately loosened monetary policy in January and April 2025. In view of weak inflation, slowing growth, and emerging slack in the economy, staff sees scope for further monetary policy easing in the near term. However, MAS should remain vigilant and data dependent with respect to the speed and magnitude of easing in light of the large uncertainty, as well as both upside and downside risks around the inflation outlook.

“The expansionary fiscal stance for FY2025 (April 2025-March 2026) is appropriate against the backdrop of slowing growth, increasing economic slack, and elevated downside risks. Continued support to households and firms will provide ongoing relief, while enhanced infrastructure spending will support domestic demand and help promote long-term growth. Singapore has ample fiscal space that can be deployed to provide targeted and temporary fiscal support in the event of downside risks materializing. Over the medium term, currently untargeted transfers should be phased out or better targeted to vulnerable households and firms. With strong fiscal institutions and buffers, Singapore is well positioned to meet its medium-term fiscal spending needs, including for rising healthcare costs due to an aging population, scaling up high-quality public infrastructure, and strengthening social safety nets.

“Singapore’s financial sector is resilient. Banks are well capitalized, have ample liquidity, and are profitable. The authorities’ regulatory and supervisory efforts have contained existing financial sector vulnerabilities, including from cross-border exposure, reliance on foreign exchange funding, residential and commercial real estate exposures, interconnectedness between banks and nonbank financial institutions (NBFIs), and exposures to relatively small segments of highly leveraged corporates and households. Nonetheless, in view of the risk of a sharp tightening of global financial conditions, continued vigilance is warranted against these vulnerabilities.

“We welcome the steady implementation of the authorities’ Forward Singapore initiative, including enhanced paid parental leave to support young families; enhanced grants for low-income first-time home buyers to improve housing affordability; and additional transfers to improve the retirement adequacy for low-income workers and retirees. The introduction of temporary financial support for involuntarily unemployed individuals has helped strengthen Singapore’s social safety nets. The government continues to make progress with helping workers to reskill and firms to adopt AI technologies.

“The IMF team would like to thank the authorities and other counterparts for their close collaboration and productive discussions.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pavis Devahasadin

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/15/pr25147-singapore-imf-completes-2025-aiv-mission

MIL OSI
MIL OSI Russia News –
May 15, 2025
MIL-OSI United Kingdom: UK welcomes talks in Istanbul and calls on Kremlin to end the bloodshed: UK statement to the OSCE
Source: United Kingdom – Executive Government & Departments

Speech

UK welcomes talks in Istanbul and calls on Kremlin to end the bloodshed: UK statement to the OSCE

Ambassador Holland welcomes talks in Istanbul and urges Russia to end the bloodshed in Ukraine and show it is serious about peace or face further sanctions.
Thank you, Mr Chair.

Ukraine has agreed, in-principle, to a full and unconditional ceasefire. Because only when missiles and drones stop, and the deaths of innocent civilians end, can discussions towards a just and lasting peace begin.

Last weekend the UK, the US and our European partners reiterated our call on Russia to agree to a 30-day ceasefire now, as Ukraine has done, and create the space for talks.

Rather than seize this opportunity, Russia continues to stall. Instead of an unconditional ceasefire, they have again moved the goal posts, calling for talks to resolve the conflict’s so-called ‘root causes’. This is code for maximalist demands which would deny Ukraine its sovereignty and territorial integrity and do not meaningfully shift the dial.

We welcome today’s talks and thank Türkiye for agreeing to host them. We call on Russia to engage in good faith in the US-led peace efforts. In keeping with his commitment to ending this war, President Zelenskyy has agreed to direct talks with President Putin, an offer which we now know has been rebuffed. We commend President Zelenskyy for this decision.

Mr Chair, last week we saw another supposed three-day ‘ceasefire’ from Russia. Just like the truce at Easter, this was a smokescreen intended to portray Russia as the party of peace.

In reality, Russia’s death and destruction continued. According to the Ukrainian authorities, there were over 700 Russian violations between midnight and midday last Thursday alone. Aerial bombings killed at least three civilians in Kherson, Zaporizhzhia and Sumy.

And Russia ramped up its attacks in the days after this ‘ceasefire’ just as it did at Easter. At least six civilians have been killed and dozens more injured. Civilian infrastructure has been destroyed in Odesa and elsewhere in Ukraine.

The gulf between the Russian state’s words and its actions could not be wider. But the urgency is real. April was the deadliest month in Ukraine for child casualties since June 2022. Normal lives, homes and families destroyed.

We will not stand by while the Kremlin delays and denies. The UK and our allies are prepared to impose further sanctions if Russia fails to demonstrate that it is serious about peace. And we will continue to support Ukraine for as long as it takes.

Now, more than ever, Russia must heed the world’s call and agree to end the bloodshed.

Updates to this page

Published 15 May 2025

Invasion of Ukraine

UK visa support for Ukrainian nationals

Move to the UK if you’re coming from Ukraine

Homes for Ukraine: record your interest

Find out about the UK’s response
MIL OSI United Kingdom –
May 15, 2025
MIL-OSI Russia: Feature: U.S. Builders Suffer Tariffs as Costs Continue to Rise

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian –

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

LOS ANGELES, May 15 (Xinhua) — Just over a month after the U.S. administration imposed massive tariffs on its trading partners, David Truong, a manager at DuiDui Construction in Los Angeles, California, is already facing rising costs.

“The prices of almost all construction materials have continued to rise in recent months,” D. Truong told Xinhua. “Construction of new houses is becoming more expensive every day.”

D. Truong showed a construction site in Temple City, Los Angeles County, where the effects of the tariffs are visible to the naked eye. For example, a faucet used to cost about $160; now it costs at least $200. A steel-framed window that used to cost just over $300 now sells for more than $370.

The biggest increase is in lighting fixtures. “A recessed LED light that used to cost $12 to $15 is now about $30,” he explained. “This house needs over 20 of them, so we’re spending an extra $300 to $400 just on lighting.”

The sharp rise in tariffs is adding nearly $11,000 to the cost of building a new home in the U.S., according to April data from the National Association of Home Builders (NAHB), one of the nation’s largest trade associations.

“The disruptions caused by tariffs make it difficult for developers to accurately price and make important business decisions,” NAHB Chief Economist Robert Dietz said in an April press release.

According to Anirban Basu, chief economist at the Associated Builders and Contractors (ABC), building materials prices rose 9.7 percent year-on-year in the first quarter of 2025.

“While contractors are currently busy, this rate of price increases and the associated uncertainty will lead to delays and project cancellations if the situation continues for a long time,” he said.

Rising costs have cut into D. Truong’s company’s profits, forcing him to raise his rates. In Temple City, his company’s cost to build a new home has risen from $220 to $250 per square foot. In more challenging locations in other cities, the price can reach $280 per square foot.

Truong’s company is not alone in facing difficulties. Many contractors are experiencing similar problems: The prices of materials such as wiring, PVC pipes and cabinets have skyrocketed. As a result, many are having to renegotiate contracts with clients to share the financial burden.

But rising prices aren’t the only thing that worries D. Truong and other developers. The biggest concern, he said, is a potential shortage of materials. “Our biggest fear is that some materials will soon disappear from the market, no matter how much we are willing to pay for them,” he said. -0-

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Annual inflation in Mongolia in April 2025 was 8.6 percent.

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

ULAN BATOR, May 15 (Xinhua) — Mongolia’s annual inflation rate stood at 8.6 percent in April 2025, local media reported on Thursday, citing data from the country’s National Statistical Committee.

The rise in inflation in Mongolia is due to the increase in real estate prices and tariffs for housing and communal services, water, electricity, gas and other types of fuel /21.7 percent/, educational services /18.2 percent/, catering services, accommodation in hostels and hotels /16.7 percent/, food products, soft drinks and mineral water /10.5 percent/ and clothing, textiles and footwear /9.1 percent/, the official statement says.

Currently, the Central Bank of Mongolia is working to maintain the inflation rate within 5 percent (plus or minus 2 percentage points) in order to ensure macroeconomic and financial stability in the medium term.

According to the Central Bank, in March 2025, annual inflation in Mongolia was 9.1 percent. At the same time, in the capital Ulaanbaatar, where more than half of the country’s 3.5 million population lives, this figure rose to 10.1 percent.

Mongolia’s economy is expected to grow by 6.6 percent in 2025. According to experts from the Asian Development Bank, the country’s economic growth will be mainly supported by an increase in mining, in particular an increase in copper concentrate production at the Oyu Tolgoi deposit, as well as by robust domestic demand, investment in infrastructure and a gradual recovery in agriculture. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Uzbekistan to speed up WTO accession process

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

Tashkent, May 15 /Xinhua/ — Uzbekistan will speed up the process of joining the World Trade Organization /WTO/, the press service of the head of Uzbekistan reported on Wednesday.

“On May 14, President Shavkat Mirziyoyev reviewed the progress of Uzbekistan’s accession to the World Trade Organization and measures to accelerate this process,” the statement said.

As reported, within the framework of the bilateral track, negotiations were held with 33 countries on market access issues, of which negotiations with 24 countries were successfully completed.

“In particular, by the end of this year it is necessary to complete bilateral negotiations with the remaining nine countries, hold two more meetings of the Working Group and complete the preparation of the draft final report of the Working Group, thereby securing Uzbekistan’s international obligations within the WTO,” the statement said.

“This process has been carried out since 2023 under the special control of the head of state. Over the past time, Uzbekistan has achieved concrete results in multilateral and bilateral negotiations,” the press service noted. -0-

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: 50 Afghan citizens return home after being released from Pakistani prisons

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

KABUL, May 15 (Xinhua) — A total of 50 Afghan nationals released from Pakistani jails returned to their homeland on Wednesday, state-run Radio Television of Afghanistan (RTA) reported on Thursday.

All returnees will be sent to their home provinces after receiving necessary assistance at the checkpoint.

Over the past couple of weeks, nearly 400 Afghan citizens have been released from Pakistani prisons and returned home.

Meanwhile, a total of 3,465 Afghan refugee families, comprising 16,376 members, have returned home from Pakistan and Iran over the past week. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: International Police Equipment Exhibition Opens in Beijing

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

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

BEIJING, May 15 (Xinhua) — The 12th China International Police Equipment Expo opened in Beijing on Wednesday. The four-day event is attended by 835 enterprises from 12 countries and regions.

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Financial news: 05/15/2025, 11-03 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A100YQ0 (Rosnft2P9) were changed.

Translation. Region: Russian Federal

Source: Moscow Exchange – Moscow Exchange –

05/15/2025 11:03

In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of PJSC Moscow Exchange by NCO NCC (JSC) on 15.05.2025, 11-03 (Moscow time), the values of the upper limit of the price corridor (up to 92.24) and the range of market risk assessment (up to 968.1 rubles, equivalent to a rate of 11.25%) of the security RU000A100YQ0 (Rosnft2P9) were changed

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

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

HTTPS: //VVV. MOEX.K.M.M.

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Financial News: Trading in a New Bond Fund with Target Maturity Dates Starts on Moscow Exchange

Translation. Region: Russian Federal

Source: Moscow Exchange – Moscow Exchange –

On May 15, 2025, trading in the exchange-traded mutual investment fund (EPIF) “DOKHOD. Bonds until December 2025/2028/2031” under the management of MC “DOKHOD” began on the Moscow Exchange stock market. Trading code – BND.

The fund’s assets are invested primarily in highly liquid corporate bonds maturing closer to December 1, 2025. The fund may also invest in OFZs and regional bonds for additional diversification. After the target date, the fund’s strategy is automatically extended for three years. The number of extensions is not limited.

BNDA is the third and final mutual fund from the line of funds of the management company “DOKHOD” with target dates. Earlier, the Moscow Exchange began trading in exchange-traded bond funds with target maturity dates in December 2026 and December 2027 (trading codes – BNDB And BNDC respectively).

Coupon payments and redemption amounts are reinvested in the fund. This allows investors to defer the payment of personal income tax until the moment of sale of shares, as well as to take advantage of the benefit for long-term ownership of shares (more than three years).

The fund is available to non-qualified investors, transactions with shares can be concluded during the main and evening trading sessions of the Moscow Exchange stock market. The cost of a share at the start of trading is 1,000 rubles, the minimum purchase volume is one share. The maximum remuneration of the management company for managing the fund is 0.48% per annum.

Contact information for media 7 (495) 363-3232Pr@moex.kom

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

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

HTTPS: //VVV. MEEX.K.M.M.

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Financial news: 05/15/2025, 10-12 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A10AQC0 (IADOM 1P51) were changed.

Translation. Region: Russian Federal

Source: Moscow Exchange – Moscow Exchange –

05/15/2025 10:12

In accordance with the Methodology for determining the risk parameters of the stock market and the deposit market of PJSC Moscow Exchange by NCO NCC (JSC) on 15.05.2025, 10-12 (Moscow time), the values of the upper limit of the price corridor (up to 84.17) and the range of market risk assessment (up to 894.87 rubles, equivalent to a rate of 31.25%) of the security RU000A10AQC0 (IADOM 1P51) were changed

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

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

HTTPS: //VVV. MOEX.K.M.M.

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: The government will subsidize the creation of infrastructure facilities for the organization of a waste management system in the Baikal natural territory

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Resolution of May 14, 2025 No. 640

Document

Resolution of May 14, 2025 No. 640

The government continues systematic work to preserve and improve the ecological state of Lake Baikal. In 2025, regions within whose borders the Baikal Natural Territory is located will begin to receive subsidies for the implementation of projects to create infrastructure facilities for organizing a system for handling solid municipal waste. A resolution on this has been signed.

State support will be provided to the Republic of Buryatia and the Irkutsk Region. Modern waste processing, recycling, placement and disposal facilities, as well as transfer stations, will be built there using federal funds. This will ensure a favorable situation within the boundaries of the central ecological zone of the Baikal natural territory.

The events will be financed within the framework of the federal project “Closed Cycle Economy”, which is part of the new national project “Environmental Well-Being”. It is planned to allocate 8 billion rubles from the federal budget for these purposes in the next three years.

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

MIL OSI Russia News –

May 15, 2025
MIL-OSI Global: ‘I will not eat the bugs’: examining a right-wing narrative about scarcity and insect consumption

Source: The Conversation – France – By D. D. Moore, Visiting Fellow, Max Weber Programme for Postdoctoral Studies, European University Institute

Noor Bin Ladin, a right-wing influencer, stridently declares “I don’t want to eat the bugs” on a talk show hosted by a former adviser to US President Donald Trump. Laurent Duplomb, a senator from the conservative Les Républicains party in France, informs his colleagues that the French would be eating “insects without their knowledge”. Bartosz Kownacki, an MP from the nationalist Law and Justice party in Poland, suggests that opposition politicians write “instead of chicken, eat a worm” on their election materials, arguing that “this is their real election programme”. Thierry Baudet, a leader of the far-right Forum for Democracy party in the Netherlands, shouts “No way! No way!” while holding up a bag of mealworms in front of protesting farmers. Politicians in Lega, a far-right party in Italy, warn that the European Union is planning to “impose” the eating of insects on citizens in the bloc – and a Lega electoral campaign includes a billboard-sized image of a person popping an enormous cricket into their mouth, next to the caption, “Let’s change Europe before it changes us.”

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During the 2020s, commentators and politicians across the right-wing political spectrum have amplified an Internet-based conspiracy theory that elite forces are conspiring to make us all eat insects. Often rallying under the slogan “I will not eat the bugs,” right-wing and far-right figures have come out in force against human consumption of insects. Many of these people assert that the EU is planning to force bug-eating on the general public while devastating traditional agriculture and meat consumption under the guise of the European Green Deal, the bloc’s plan to eliminate greenhouse gases by 2050 and decouple economic growth from resource use. Opposing insect-eating has become a symbolic way to protest EU environmental policies, express scepticism of and hostility toward Brussels, and villainize political opponents. Closer inspection reveals that the conspiracy theory underlying such opposition has much older and more sinister resonances.

“Spreading disinformation”

Insect eating (entomophagy) remains a minor practice in Europe and North America, although alternative protein sources do play a role in the EU’s move toward a sustainable future. So far, the European Commission has approved frozen, dried and powdered forms of Tenebrio molitor (yellow mealworm larva), Locusta migratoria (migratory locust), Acheta domesticus (house cricket) and Alphitobius diaperinus (the lesser mealworm larva) for human consumption. But the market for insect powder in foods like bread, pasta and sports bars remains small. Although insects are common food in many parts of the world, consumers in the West, where insects are more commonly used to provide protein in animal feed, are reluctant to eat bugs for historical reasons based in ideas of uncleanliness and primitiveness. So, based on the facts, there seems to be little to no reason for statements such as those made by Rumen Petkov of Bulgaria’s ABV party, who said that EU approval of insect consumption is a “crime against Europe” and that the European Commission is “prepared to kill our European children”.

What led to the rapid spread of this conspiracy theory? Noor Bin Ladin’s remarks give us a clue. During her talk show appearance, Bin Ladin described her words as a message for Klaus Schwab to take to his “masters”. Schwab is the founder and executive chair of the World Economic Forum. Early in the Covid pandemic, Schwab and the WEF produced a set of proposals titled “the Great Reset”, which called for an overhaul of various world systems to produce a stakeholder-driven capitalism that would lead to a more socially and environmentally responsible future. Conspiracists seized on and branded “the Great Reset” as a new iteration of a conspiracy theory known as the New World Order – an imagined global governance system meant to control the lives of everyone. Both the Great Reset and the New World Order lead back to much older and broader antisemitic conspiracy theories that hold that elite Jewish financiers run the world with their hands on invisible levers of power. All these narratives tap into feelings of futility and hopelessness about the future.

US right-wing media personality Tucker Carlson called a 2023 episode of his show, which included a heavy focus on Schwab and the WEF, “Let Them Eat Bugs”, a title that gestures at the remark allegedly made by Marie Antoinette, the last queen of France, when she heard about people suffering from a lack of bread before the French Revolution: “Let them eat cake”. With this title, Carlson is aiming to emphasize that the elite are hopelessly out of touch and have contempt for farmers and the average man, whom they want to force to eat bugs. Like the French bedbug scare in late 2023, right-wing alarm around insect-eating has connections to the spread of anti-EU Russian propaganda. Russian news outlets have suggested that Europeans are so poor and food deprived as a result of sanctions connected to the war in Ukraine that they have been reduced to eating insects. As the European Digital Media Observatory (EDMO) writes, insects are “delicious treats for actors with interest in spreading disinformation against the EU”.

Symbols for dehumanization

The desire to stir up fear about the minor level of European and US insect consumption is not based on the risk of rapid growth in the insect market, but on the power to arouse disgust and fear itself. Insects have long been used as symbols to stir revulsion and paint opponents as objects of physical and moral disgust. During times of political extremism, insects have featured repeatedly in efforts to distance, devalue and dehumanize minorities. Armenians were called locusts during the Armenian genocide, and Jews were compared to lice in Nazi Germany. In the period prior to the ethnic genocide of Tutsis in Rwanda, some Hutus repeatedly called Tutsis “cockroaches” on public radio. The right wing’s current fetishization of insect-eating serves as a narrative to cast political opponents as morally repulsive, even if not labelling them as bugs themselves.

For some figures on the right, insect consumption symbolizes the worst of Eurocentric liberalism – seen as a movement so void of a positive political vision that the only possible future it offers is one of impoverishment and bug-eating. They point to an elite who they claim will go on feasting on meat while forcing mealworms and fly larvae on the rest of us. It’s a potent image. At a moment in which people on the right and the left seem unable to imagine a better political future together, it becomes easier to demonize climate policy-minded leaders as a group of disgusting hypocrites plotting to create a society of contrived scarcity where the general population is reduced to eating bugs.

Meanwhile, since 2015, scientists have been releasing papers warning that the global food system shows risks of genuine structural problems. In a future of environmental disruption, trade wars and real risks of food shortages and famine, we may need all the calories we can get – insect-based or otherwise.

À lire aussi :
‘A healthy earth may be ugly’: How literary art can help us value insect conservation

Out of curiosity, I bought a bag of cricket flour last fall. The crickets resulted in a delicious, nutty-flavoured cecina, well… crickcina. So far, none of my friends will try it. They’re missing out.

D. D. Moore ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. ‘I will not eat the bugs’: examining a right-wing narrative about scarcity and insect consumption – https://theconversation.com/i-will-not-eat-the-bugs-examining-a-right-wing-narrative-about-scarcity-and-insect-consumption-254112

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI Russia: Happiness as an Industry: Why We Want to Be Happy and What’s Wrong with It

Translation. Region: Russian Federal

Source: State University Higher School of Economics – State University Higher School of Economics –

First, happiness begins to act as a criterion by which people evaluate each other. In other words, a happy person is perceived as good and worthy, and an unhappy person is perceived as bad and dysfunctional. This creates a new system of inequality, based not on socio-economic factors, but on feelings and sensations.

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

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: NASA to Launch Saudi CubeSat into Orbit as Part of Artemis 2 Test Flight

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

LOS ANGELES, May 14 (Xinhua) — NASA and the Saudi Arabian Space Agency have signed an agreement to launch a Saudi Arabian CubeSat as part of an upcoming test flight of NASA’s Artemis 2 mission, the U.S. space agency said Tuesday.

The agreement was signed during US President Donald Trump’s visit to Saudi Arabia.

The CubeSat, developed by the Saudi Space Agency, will measure space weather parameters at different distances from Earth. It will be launched into high Earth orbit after the Orion spacecraft carrying four astronauts separates from the SLS /Space Launch System/ rocket, NASA explained.

A CubeSat is a shoebox-sized satellite designed to demonstrate technology or conduct scientific research to obtain data that will help better understand the space environment.

According to NASA, the CubeSats will collect data on cosmic radiation, solar X-rays, solar energetic particles and magnetic fields.

The Artemis 2 mission’s test flight is scheduled for April 2026. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: In Russia, the volume of online trade in the first quarter grew by 36 percent.

Translation. Region: Russian Federal

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

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

Moscow, May 15 /Xinhua/ — The volume of online trade in Russia reached 2.6 trillion rubles in the first quarter of 2025, which is 36 percent more than in the same period last year, RIA Novosti reported on Friday, citing the Association of Internet Trade Companies (AKIT).

According to AKIT, the share of online trade in the total volume of retail trade was 18.3%. Of the total amount of online sales, 97% were purchases in Russian online stores and marketplaces.

During the specified period, food products were in first place in terms of sales volume in online trade. Russians spent almost 530 billion rubles on them, which is 71 percent more than the same indicator in 2024. The top 5 in terms of the amount of online purchases are also home goods and furniture, clothing and footwear, electronics and household appliances, auto parts and auto accessories.

Among the regions, the leaders in terms of online trade volumes are Moscow, the Moscow region, St. Petersburg, Krasnodar Krai and Sverdlovsk region. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: BRICS countries agree to promote cooperation in transport and sustainable mobility

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

BRASILIA, May 15 (Xinhua) — BRICS countries signed a joint declaration on Wednesday pledging to deepen cooperation in transport infrastructure, sustainable mobility and logistics.

The agreement was reached at a meeting of the BRICS transport working group in Brasilia.

The declaration includes commitments on decarbonisation, sustainable fuels and integration of different transport modes, while rejecting unilateral restrictions that could impede access to essential technologies.

A key proposal is the establishment of a BRICS Institute for Sustainable Transport, Mobility and Logistics to promote best practices and design climate-resilient infrastructure.

Brazil holds the BRICS presidency until December 2025. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Since the beginning of 2025, the volume of cargo transportation through the Khorgos railway checkpoint has exceeded 5 million tons

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian –

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

URUMQI, May 15 (Xinhua) — The cargo turnover through the Horgos railway checkpoint on the China-Kazakhstan border in northwest China’s Xinjiang Uygur Autonomous Region has exceeded 5 million tons since the beginning of 2025, up 21.1 percent year on year as of May 14, according to data from the Horgos Customs Office.

During the reporting period, the number of freight trains running on the China-Europe/China-Central Asia international railway freight transportation routes via the Khorgos railway checkpoint continued to increase. A wider range of Chinese-made goods, including daily necessities, electromechanical equipment, electronic products, agricultural products and by-products, are shipped from Xinjiang railway border crossings to Central Asian and European markets.

At present, a total of over 45,000 China-Europe/China-Central Asia freight trains have passed through the Khorgos railway checkpoint, with the total number of such routes reaching 87, covering 46 cities and regions in 18 countries. -0-

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Xi Jinping sends response letter to responsible person of Danish Chamber of Commerce in China /detailed version-1/

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

BEIJING, May 15 (Xinhua) — Chinese President Xi Jinping has responded to the person in charge of the Danish Chamber of Commerce in China by calling on the chamber and its member enterprises to make new contributions to strengthening China-Denmark and China-EU friendship and deepening mutually beneficial cooperation.

Xi Jinping praised the chamber’s official’s deep affection for China and the confidence of Danish enterprises operating in China in China’s future development.

China has been, remains and will be an ideal, safe and promising destination for foreign investors. Believing in China means believing in a better future, and investing in China means investing in the future, Xi Jinping said in his response letter.

Xi Jinping expressed the hope that the Danish Chamber of Commerce in China and its member enterprises will continue to play the role of a bridge between China and Denmark as well as between China and Europe, thereby contributing to strengthening mutual understanding and friendship and deepening mutually beneficial cooperation between the two sides.

The person in charge of the Danish Chamber of Commerce in China recently wrote a letter to Chinese President Xi Jinping on his own behalf and on behalf of the chamber, congratulating him on the 75th anniversary of the establishment of diplomatic relations between China and Denmark and expressing hope for further deepening cooperation with China. -0-

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: NPC Standing Committee Vice Chairman Li Hongzhong Visits Austria

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

VIENNA, May 15 (Xinhua) — A Chinese delegation led by Li Hongzhong, a member of the Political Bureau of the Communist Party of China (CPC) Central Committee and vice chairman of the Standing Committee of the National People’s Congress (NPC Standing Committee), visited Austria from May 11 to 14.

In Vienna, he attended a welcoming ceremony for the new pair of giant pandas along with Austrian President Alexander Van der Bellen and Chancellor Christian Stocker. Li Hongzhong also held separate talks with the President of the Austrian National Council (lower house of parliament) Walter Rosenkranz, Second President Peter Haubner and Third President Doris Bures.

The China-Austria friendly strategic partnership continues to develop smoothly under the leadership of the two heads of state, the vice-chairman of the NPC Standing Committee said. The new round of international cooperation on the protection and research of giant pandas reflects the results of exchanges between the two countries, he added.

Adhering to the principles of mutual respect and equal treatment, China and Austria should take into account each other’s core interests and concerns, unleash the potential of cooperation and promote mutual benefit and win-win results, Li Hongzhong said.

According to him, the NPC is willing to strengthen exchanges with the Austrian National Council at all levels and in all fields to promote the development of relations between the two countries.

The Austrian side said that Vienna values friendly relations with Beijing, will firmly adhere to the one-China principle, and continuously promote practical Austrian-Chinese cooperation and exchanges between the legislative bodies of the two countries. –0–

MIL OSI Russia News –

May 15, 2025
MIL-Evening Report: Trump signed plenty of contracts in the Middle East, but he’s no closer to the two ‘deals’ he really wants

Source: The Conversation (Au and NZ) – By Shahram Akbarzadeh, Convenor, Middle East Studies Forum (MESF), and Deputy Director (International), Alfred Deakin Institute for Citizenship and Globalisation, Deakin University

US President Donald Trump’s visit to Arab states in the Middle East this week generated plenty of multibillion-dollar deals. He said more than US$1 trillion (A$1.5 trillion) worth of deals had been signed with Saudi Arabia alone, though the real total is likely much lower than that.

Qatar also placed an order for 210 Boeing aircraft, a deal worth a reported US$96 billion (A$149 billion). Trump will no doubt present these transactions as a major success for US industry.

The trip also helped counter concerns about US disengagement from the Middle East. For more than a decade, local elites have viewed Washington’s attention as shifting away from the region.

This trip was a reaffirmation of the importance of the Middle East – in particular the Gulf region – to US foreign policy. This is an important signal to send to Middle Eastern leaders who are dealing with competing interests from China and, to a lesser extent, Russia.

And from a political standpoint, Trump’s lifting of sanctions on Syria and meeting with the former rebel, now president, Ahmed al-Sharaa was very significant – both symbolically and practically.

Until recently, al-Sharaa was listed by the United States as a terrorist with a US$10 million (A$15 million) bounty on his head. However, when his forces removed dictator Bashar al-Assad from power in December, he was cautiously welcomed by many in the international community.

The US had invested considerable resources in removing Assad from power, so his fall was cause for celebration, even if it came at the hands of forces the US had deemed terrorists.

This rapid turn-around is dizzying. In practice, the removal of sanctions on Syria opens the doors to foreign investment in the reconstruction of the country following a long civil war.

It also offers an opportunity for Saudi Arabia and Qatar, as well as Turkey, to expand their influence in Syria at the expense of Iran.

For a leader who styles himself a deal-maker, these can all be considered successful outcomes from a three-day trip.

However, Trump avoided wading into the far more delicate diplomatic and political negotiations needed to end Israel’s war against Hamas in Gaza and find common ground with Iran on its nuclear program.

No solution in sight for the Palestinians

Trump skirted the ongoing tragedy in Gaza and offered no plans for a diplomatic solution to the war, which drags on with no end in sight.

The president did note his desire to see a normalisation of relations between Arab states and Israel, without acknowledging the key stumbling block.

While Saudi Arabia and United Arab Emirates have no love for Hamas, the Gaza war and the misery inflicted on the Palestinians have made it impossible for them to overlook the issue. They cannot simply leapfrog Gaza to normalise relations with Israel.

In his first term, Trump hoped the Palestinian issue could be pushed aside to achieve normalisation of relations between Arab states and Israel. This was partially achieved with the Abraham Accords, which saw the UAE and three other Muslim-majority nations normalise relations with Israel.

Trump no doubt believed the Israel-Hamas ceasefire agreed to just before his inauguration would stick – he promised as much during the US election campaign.

But after Israel unilaterally broke the ceasefire in March, vowing to press on with its indiscriminate bombing of Gaza, he’s learned the hard way the Palestinian question cannot easily be solved or brushed under the carpet.

The Palestinian aspiration for statehood needs to be addressed as an indispensable step towards a lasting peace and regional stability.

It was telling that Trump did not stop in Israel this week. One former Israeli diplomat says it’s a sign Israeli Prime Minister Benjamin Netanyahu has lost his leverage with Trump.

There’s nothing that Netanyahu has that Trump wants, needs or [that he] can give him, as opposed to, say, the Saudis, the Qataris, [or] the Emiratis.

More harsh rhetoric for Iran

Trump also had no new details or initiatives to announce on the Iran nuclear talks, beyond his desire to “make a deal” and his repeat of past threats.

At least four rounds of talks have been held between Iran and the United States since early April. While both sides are positive about the prospects, the US administration seems divided on the intended outcome.

The US Middle East special envoy Steve Witkoff and Secretary of State Marco Rubio have called for the complete dismantling of Iran’s capacity to enrich uranium as a sure safeguard against the potential weaponisation of the nuclear program.

Trump himself, however, has been less categorical. Though he has called for the “total dismantlement” of Iran’s nuclear program, he has also said he’s undecided if Iran should be allowed to continue a civilian enrichment program.

Iran’s capacity to enrich uranium, albeit under international monitoring, is a red line for the authorities in Tehran – they won’t give this up.

The gap between Iran and the US appears to have widened this week following Trump’s attack on Iran as the “most destructive force” in the Middle East. The Iranian foreign minister, Abbas Araghchi called Trump’s remarks “pure deception”, and pointed to US support for Israel as the source of instability in the region.

None of this has advanced the prospects of a nuclear deal. And though his visit to Saudi Arabia, Qatar and the UAE was marked by pomp and ceremony, he’ll leave no closer to solving two protracted challenges than when he arrived.

Shahram Akbarzadeh receives funding from Australian Research Council. He is affiliated with the Middle East Council on Global Affairs, a non-profit research centre in Doha, Qatar.

– ref. Trump signed plenty of contracts in the Middle East, but he’s no closer to the two ‘deals’ he really wants – https://theconversation.com/trump-signed-plenty-of-contracts-in-the-middle-east-but-hes-no-closer-to-the-two-deals-he-really-wants-256778

MIL OSI Analysis – EveningReport.nz –

May 15, 2025
MIL-OSI Russia: NSU to Open Joint Educational Program in Physics with Chongqing University

Translation. Region: Russian Federal

Source: Novosibirsk State University – Novosibirsk State University –

Novosibirsk, May 15, 2025: Novosibirsk State University and Chongqing University, one of the leading universities in China, will open a joint educational program in physics in September 2025. The Chinese Ministry of Education approved the application of the two universities. This program will be the first joint program with a Russian university at Chongqing University. The pilot student intake will be 60 people with the prospect of increasing to 120 students.

The program will be a bachelor’s program, and the training will be conducted according to the 3:1 scheme: students study at Chongqing University for three years, and in the fourth year, two trajectories are provided – to continue their studies in China or to go to Russia.

— We and our partners have done a lot of preparatory work to collect information and describe the project, and have passed a two-stage selection process. At present, we have received approval from the Ministry of Education of China. This will be an English-language program, it will start working in September 2025, the pilot enrollment will be 60 people. In the future, we plan to double the number — up to 120 people. At least 30% of the disciplines in the curriculum will be taught in person by teachers Physics Department of NSU: they will start going to Chongqing University already in the new academic year, said Evgeny Sagaydak, head of the education export department at NSU.

The launch of the educational program is part of the comprehensive cooperation between NSU and Chongqing University. In November 2024, the two universities opened a joint center for fundamental research in physics, mathematics and mechanics.

— It was a smart and strategically correct decision when we simultaneously began working in both the educational and scientific research areas. The teachers and scientists who will come to Chongqing will not only teach students, but also conduct joint scientific research with their Chinese colleagues, — added Evgeny Sagaydak.

NSU and Chongqing University are also discussing the creation of a master’s program in physics so that students can continue their education at the second stage of higher education. In the future, NSU does not rule out the possibility of opening joint bachelor’s programs in other areas of training.

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

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Chinese Justice Minister He Rong Meets with Chairman of Belarus State Forensic Examination Committee

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

BEIJING, May 15 (Xinhua) — Chinese Justice Minister He Rong met with Chairman of the State Forensic Examination Committee of the Republic of Belarus (SFE RB) Alexei Volkov in Beijing on Wednesday, according to a statement published on the official website of the Ministry of Justice of the People’s Republic of China.

He Rong expressed readiness to jointly implement the important agreements reached by the leaders of the two countries with the State Forensic Examination Committee of the Republic of Belarus and develop practical cooperation in the field of forensic examination, including scientific research, application of technologies, training and personnel preparation, as well as provide relevant services for the socio-economic development of the two countries.

Alexey Volkov noted that cooperation between the two sides has achieved fruitful results, and Belarus is ready to further deepen exchanges, mutual learning and cooperation with the Ministry of Justice of the People’s Republic of China. -0-

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: 21 killed in Mexico road accident

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

MEXICO CITY, May 14 (Xinhua) — At least 21 people were killed in a major traffic accident in the Mexican state of Puebla on Wednesday, the region’s interior minister Samuel Aguilar said on social media.

According to him, several more people were injured and are undergoing treatment.

The accident occurred Wednesday morning at kilometer 31 of the Cuacnopalán-Oaxaca highway. Ambulances and other emergency services are on the scene.

Local media reported that the truck attempted to overtake another vehicle, crossed into the opposite lane and crashed into a bus, before colliding head-on with a van. –0–

MIL OSI Russia News –

May 15, 2025
MIL-OSI Russia: Escalating violence in Tripoli threatens nearly half a million children – UNICEF

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

TRIPOLI, May 15 (Xinhua) — The United Nations Children’s Fund (UNICEF) on Wednesday said the escalation of violence in and around the Libyan capital Tripoli over the past two days threatens to affect nearly half a million children.

“UNICEF has received reports of children, families and medical staff being held for hours in hospitals, including Al-Jalaa Children’s Hospital, as fighting raged nearby. For several hours, emergency services were unable to access the facility to provide the care they needed. Families are reporting that their children are in critical condition due to the ongoing violence,” UNICEF said in a statement.

The organization urged all parties to comply with their obligations under international humanitarian law and the UN Convention on the Rights of the Child to protect children and their infrastructure.

“We call for a lasting cessation of hostilities to ensure the safety and well-being of every child,” the statement said.

Violent clashes broke out in Tripoli on Monday evening between forces loyal to Libyan Prime Minister Abdel Hamid Dbeibeh, including the 444th Brigade, and a radical group affiliated with the Presidency Council’s Security and Stability Administration. The escalation was sparked by the reported death of the administration’s chief, Abdelghani al-Kikli, also known as Ghaniwa. –0–

MIL OSI Russia News –

May 15, 2025

Category: Russian Federation

New 2,000 km “deep precision strike” weapon to be developed by UK and Germany as Trinity House Agreement delivers first major milestones

Defence Secretary John Healey MP said:

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MEDIA RELATIONS

UK welcomes talks in Istanbul and calls on Kremlin to end the bloodshed: UK statement to the OSCE

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Invasion of Ukraine

Document

Resolution of May 14, 2025 No. 640

“Spreading disinformation”

Symbols for dehumanization

No solution in sight for the Palestinians

More harsh rhetoric for Iran