Category: Statistics

MIL-OSI Africa: Western Cape Government alarmed by 18 road fatalities in one week

Source: South Africa News Agency

The Western Cape Provincial Government has expressed deep concern over the latest statistics regarding road safety in the province for the period between 29 April and 4 May 2025.

During this time, 16 fatal crashes resulted in the tragic loss of 18 lives, highlighting the severe consequences of reckless and negligent driving.

According to the province, a total of 267 speeding violations were recorded. Some of the highest speeds recorded included 163 km/h in a 120 km/h zone, 139 km/h in a 100 km/h zone, 124 km/h in an 80 km/h zone, 114 km/h in a 70 km/h zone, and 104 km/h in a 60 km/h zone.

“These shocking speeds not only endanger the lives of drivers, but also those of passengers, pedestrians, and cyclists.

“Speeding increases the likelihood of losing control of a vehicle, reduces the effectiveness of protective equipment, and increases stopping distances, ultimately raising the risk and severity of incidents,” the statement read.

In the past week, the Western Cape’s Provincial Traffic Services carried out 238 integrated operations, which included roadblocks, vehicle checkpoints, and speed control initiatives.

During these operations, more than 36 000 vehicles were stopped and inspected, with over 8 000 fines issued for various violations, and 128 arrests made.

“Notably, 86 of these arrests were for driving under the influence of alcohol, further compounding the danger on our roads.”

The Western Cape Mobility Department urged all road users to take personal responsibility for road safety.

The provincial department believes that many crashes and fatalities recorded are preventable and stem from poor driving decisions, including excessive speed, driving under the influence, and ignoring basic road rules.

“In the past week, 16 crashes could have been avoided, and 18 lives could have been saved. These statistics should not just shock us, they should spur us into action. The truth is that too many of these incidents are due to human error and a disregard for rules that are intended to protect us all.

“We each have the power to help prevent crashes and save lives,” said Western Cape Mobility Department’s Head of Communication, Muneera Allie.

The provincial government said it remains committed to enforcement, education, and interventions to improve road safety.

“The success of these efforts depends on every single road user doing their part.

“Let’s work together to make our roads safer, for our families, our friends, our communities. Every life matters.”

Tips to avoid speeding:

• Plan your journey and allow extra time to reach your destination.

• Pay attention to speed limit signs and road conditions.

• Avoid distractions and stay focused on the road.

• Be mindful of weather and traffic, adjust your speed accordingly. – SAnews.gov.za

MIL OSI Africa –

May 9, 2025
MIL-OSI United Kingdom: VE Day: We must never appease fascism

Source: Scottish Greens

We can never let fascism win.

Speaking in a Scottish Government debate Commemorating the 80th Anniversary of Victory in Europe (VE) Day, Scottish Green Co-leader Patrick Harvie reflected on the horrors of WW2 and warned against appeasing fascism.

“The motion reminds us of the hundreds of thousands of UK forces, and the tens of thousands of civilians, whose lives were lost in WW2.

“Beyond that, the war caused up to 85 million deaths worldwide – around 3% of the global population at the time – including six million Jews, and millions of others exterminated by the Nazis. And an estimated 40 to 60 million people were displaced.

“But mere statistics aren’t enough to truly comprehend the scale of what had to be done in the defeat of Nazism and Fascism, the sacrifice of those who fought, and the scale of the impact on the millions of lives affected.

“I don’t think I can imagine the emotional release that must have come with the announcement of VE day, and the end of the fighting in Europe.

“In the wake of such suffering, it led to new beginnings –

“In recognising that they had fought together, and survived together, people decided to rebuild their society together, with a welfare state & and NHS, an astonishing legacy for that generation to leave us.

“But also the creation of international institutions of peace, a framework for international law, human rights, and what eventually became the European Union.

“But it’s important to remember too that VE day was not the end of the story.

“Not for those still enduring war in other parts of the world.

“Not for East Germany, which went from Nazi to Communist control; it would be decades before they would achieve freedom, and join a peaceful and democratic family of European nations

“Not for the gay men liberated from the Nazi concentration camps, who were re-imprisoned by the Allies

“We must remember too that the struggle to defeat fascism remains our responsibility today.

“As we see an expansionist war against Ukraine being rewarded on the world stage

“As we see the horrific images of genocide from Gaza

“As we see the brutality of immigration detention camps and imprisonment without trial in countries claiming to be democracies.

“As we see far right ideology growing around the world, and the arrest of Nazis in the UK only yesterday.

“As we hear prominent voices in major political parties seeking to abolish our fundamental human rights, and tear up that astonishing endowment the post war generation left us.

“As we see the UK Govt celebrating VE Day on the same day as they announce an agreement with a US president whose ideology is indistinguishable from fascism

“We need to remember that appeasement never works.”

“I want to finish with the words of Ken Turner, 98, in a video posted on social media yesterday, as he sat in a Sherman tank. Mr Turner served in WW2, as did the tank.

“I’m old enough to have seen fascism the first time round, and now it’s coming back,” he said.

“And driving the tank over a Tesla, crushing it, he gave this message to Elon Musk: “We’ve crushed fascism before and we’ll crush it again”

“Presiding Officer, Ken gets it. Ken knows what had to be done. Ken knows the cost of what had to be done.

“But Ken also knows why it had to be done. And he knows that it must still be done. Let’s never forget what Ken has reminded us of.”

MIL OSI United Kingdom –

May 9, 2025
MIL-OSI USA: Incidence rates of some cancer types have risen in people under age 50

Source: US Department of Health and Human Services – 2

News Release
Thursday, May 8, 2025

Despite increasing incidence rates, cancer deaths in young people have not increased overall.
Researchers at the National Institutes of Health (NIH) have completed a comprehensive analysis of cancer statistics for different age groups in the United States and found that from 2010 through 2019, the incidence of 14 cancer types increased among people under age 50. Of these cancer types, nine—including several common cancers, such as breast cancer and colorectal cancer—also increased in some groups of people aged 50 and older. However, the incidence of 19 other cancer types—including lung cancer and prostate cancer—decreased among people under age 50, so the total rate of all cancers diagnosed in both younger and older age groups did not increase, nor did the rate of cancer death.
“This study provides a starting point for understanding which cancers are increasing among individuals under age 50,” said lead investigator Meredith Shiels, Ph.D., of NIH’s National Cancer Institute. “The causes of these increases are likely to be cancer specific, including cancer risk factors becoming more common at younger ages, changes in cancer screening or detection, and updates to clinical diagnosis or coding of cancers.”
The study appeared May 8, 2025, in Cancer Discovery.
Researchers examined incidence and mortality trends for 33 cancer types, including incidence data for 2010-2019 from CDC’s United States Cancer Statistics database, which includes cancer registry data that represent the entire U.S. population, and mortality data for 2010-2022 from national death certificate data. Data were analyzed in six age groups: three early-onset (15-29 years, 20-39 years, and 40-49 years) and three older-onset (50-59 years, 60-69 years, and 70-79 years).
Incidence of 14 of the 33 cancer types increased in at least one of the younger age groups. Incidence of nine of these 14 types also increased in at least one of the older age groups: female breast, colorectal, kidney, testicular, uterine, pancreatic, and three types of lymphoma. Although death rates did not increase in early-onset age groups for most of these cancers, researchers did observe concerning increases in rates of colorectal and uterine cancers deaths at younger ages.
Only five cancer types increased in incidence among one of the younger age groups but not among any of the older age groups: melanoma, cervical cancer, stomach cancer, myeloma, and cancers of the bones and joints.
To understand the magnitude of the increases in terms of absolute numbers, the researchers estimated how many additional people were diagnosed with early-onset cancers in 2019 compared with expected diagnoses based on rates in 2010. The largest absolute increases were seen for female breast cancer, with about 4,800 additional cases in 2019, followed by colorectal (2,100), kidney (1,800), uterine (1,200), and pancreatic cancers (500). Female breast, colorectal, kidney, and uterine cancers contributed to more than 80% of the additional early onset cancers in 2019.
The researchers speculated that risk factors such as increasing obesity may have contributed to some of the increases in early-onset cancer incidence in recent years. Changes in cancer screening guidelines, advances in imaging technologies, and increased surveillance of high-risk individuals may also have led to earlier cancer diagnoses, potentially contributing to rising rates among younger age groups.
To more fully understand and address these increasing rates, the authors said that future studies should examine trends in early-onset cancers across demographics and geography in the U.S. and internationally. Additional research is also needed to better understand the risk factors that are particularly relevant to younger people.
About the National Cancer Institute (NCI): NCI leads the National Cancer Program and NIH’s efforts to dramatically reduce the prevalence of cancer and improve the lives of people with cancer. NCI supports a wide range of cancer research and training extramurally through grants and contracts. NCI’s intramural research program conducts innovative, transdisciplinary basic, translational, clinical, and epidemiological research on the causes of cancer, avenues for prevention, risk prediction, early detection, and treatment, including research at the NIH Clinical Center—the world’s largest research hospital. Learn more about the intramural research done in NCI’s Division of Cancer Epidemiology and Genetics. For more information about cancer, please visit the NCI website at cancer.gov or call NCI’s Cancer Information Service, at 1-800-4-CANCER (1-800-422-6237).
About the National Institutes of Health (NIH): NIH, the nation’s medical research agency, includes 27 Institutes and Centers and is a component of the U.S. Department of Health and Human Services. NIH is the primary federal agency conducting and supporting basic, clinical, and translational medical research, and is investigating the causes, treatments, and cures for both common and rare diseases. For more information about NIH and its programs, visit www.nih.gov.
NIH…Turning Discovery Into Health®
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MIL OSI USA News –

May 9, 2025
MIL-OSI USA: Assessing the U.S. Climate in April 2025
Source: US National Oceanographic Data Center

Key Points:
- A slow-moving storm system in early April brought widespread flooding and over 150 tornadoes to the South and Midwest, resulting in numerous injuries and at least 24 fatalities.
- April temperatures were particularly warm across the Southeast and Mid-Atlantic, with near-record warmth observed in the Carolinas and neighboring states.
- Alaska had its second-wettest April on record and its fourth-warmest year to date.
- Heavy rain in Puerto Rico in late April triggered flash flooding and landslides.
Map of the U.S. selected significant climate anomalies and events in April 2025.

Other Highlights:

Temperature

April U.S. Mean Temperature Departures from Average Map

The average temperature for the contiguous U.S. (CONUS) in April was 53.6°F, which is 2.6°F above the long-term average and ranks in the warmest third of the 131-year record. April temperatures were above average across much of the Lower 48, with much-above-average warmth observed across the South and Atlantic coastal regions. North Carolina and Virginia observed their second-warmest average April temperatures on record, with South Carolina and Georgia recording their third- and fourth-warmest (tied), respectively. For the year to date, the CONUS average temperature was 41.1°F, 2.0°F above average, ranking in the warmest third of the record for this January–April period.

The Alaska statewide April temperature was 27.5°F, 4.2°F above the long-term average, ranking in the warmest third of the 101-year period of record. While temperatures were near average across much of western Alaska in April, above-average warmth dominated the eastern part of the state. Alaska’s January–April average temperature was 17.8°F, 7.5°F above the long-term average, ranking as the fourth warmest on record, with much of the state experiencing much-above-average temperatures during this period.

Hawai’i had an average temperature of 65.9°F in April, 1.1°F above the 1991–2020 average and ranking in the warmest third of the 35-year record. Hawai’i had its second-warmest (tied) January–April average temperature of 64.8°F, 1.1°F above the 1991–2020 average for this period.

Precipitation

April 2025 U.S. Total Precipitation Percentiles

April precipitation for the CONUS was 2.82 inches, 0.30 inch above average, ranking in the upper third of the historical record. Drier-than-average conditions were observed from the West to the central Rockies, and along parts of the Gulf and Atlantic coastal regions. Conversely, above-average precipitation fell across a broad area stretching from the southern Plains through the middle Mississippi Valley into the Ohio Valley and lower Great Lakes, as well as in portions of the northern Plains, upper Mississippi Valley and far Northeast. Kentucky recorded its second-highest average rainfall for the month of April, while Oklahoma and Missouri saw their third- and fourth-wettest Aprils, respectively. The January–April precipitation total for the CONUS was 8.77 inches, 0.70 inch below average, ranking in the driest third of the record for this period.

Alaska’s average precipitation in April ranked as the second wettest in the 101-year record, with particularly wet conditions along the Gulf of Alaska coast and the northern Southeast region. Near-record-high snowfall was observed at the Alyeska (36.6 inches) and Denali National Park (26.5 inches) stations—these totals were the second-highest on record for April. The January–April precipitation total for Alaska was 10.97 inches, 1.80 inches above average, ranking in the wettest third on record for the period

Precipitation averaged across Hawai’i in April totaled 4.11 inches, 0.90 inch below average, ranking in the middle third of the 1991–2025 record. Drier-than-average conditions were mostly observed on the eastern portions of Moloka’i, Maui and the Big Island, while most other areas experienced above-average rainfall. Precipitation across Hawai’i for January–April was 15.65 inches, 6.42 inches below average, ranking in the driest third of the 1991–2025 record.

Drought

According to the April 29 U.S. Drought Monitor report, approximately 37.0% of the contiguous U.S. was in drought, down about 6.4% from the beginning of the month. Drought conditions expanded or intensified across parts of the Southwest, southern Rockies, northern High Plains, Florida and Hawai’i. Meanwhile, drought contracted or was reduced in intensity across much of the central U.S., parts of southern Appalachia and the Great Lakes region.

Monthly Outlook

Much of the country is expected to be warmer than average in May, from the Rockies eastward to the Atlantic and southward to the Gulf Coast. Above-average precipitation is favored in parts of the West and Rockies, and is likely across the southern Plains, while drier-than-average conditions are expected in the upper Mississippi Valley and Great Lakes region.

Drought conditions in May are likely to persist across the Southwest and northern Plains, with some improvement in the central Great Basin. Portions of the southern and central Plains should see some drought improvement and areas of removal, but the upper Mississippi Valley can expect some areas of drought development. Drought will likely persist and expand across the Carolinas and western Virginia; conditions in some areas further northeast are expected to improve.

Visit the Climate Prediction Center’s Official 30-Day Forecasts and U.S. Monthly Drought Outlook website for more details.

Significant wildland fire potential for May is above normal for parts of the Southwest and upper Mississippi Valley, and from the Mid-Atlantic coastal regions down to Florida. For additional information on wildland fire potential, visit the National Interagency Fire Center’s One-Month Wildland Fire Outlook.

For more detailed climate information, check out our comprehensive April 2025 U.S. Climate Report scheduled for release on May 12, 2025. For additional information on the statistics provided here, visit the Climate at a Glance and National Maps webpages.

MIL OSI USA News –
May 9, 2025
MIL-OSI Russia: Jamaica: Staff Concluding Statement of the 2025 Article IV Mission

Source: IMF – News in Russian

May 8, 2025

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

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

Kingston, Jamaica: An International Monetary Fund (IMF) team led by Mr. Mauricio Villafuerte held meetings in Kingston (and virtually) with Jamaica government counterparts, private sector, civil society, and development partners during April 30-May 7 to conduct the 2025 Article IV consultation. At the conclusion of the mission, Mr. Villafuerte issued the following statement:

“Over the last decade, Jamaica has successfully reduced its public debt, firmly anchored inflation and inflation expectations, and strengthened its external position. It has built an enviable track record of investing in institutions and prioritizing macroeconomic stability. Jamaica has met recent global shocks and natural disasters in a manner that is agile, prudent, and supportive of growth.

GDP declined in FY2024/25 due to hurricane Beryl and tropical storm Raphael which damaged agriculture and infrastructure and undermined tourism. Nonetheless, economic activity is projected to normalize as these effects wane. Unemployment has fallen to all-time low levels (3.7 percent in January 2025) and inflation has converged to the Bank of Jamaica (BOJ)’s target band of 4-6 percent. The current account has been in a modest surplus for the last two fiscal years with strong tourism revenues and high remittances. The international reserves’ position has continued to improve.

“The outlook points to growth settling at its potential rate once the FY2025/26 recovery is complete and with inflation stabilizing at the BOJ’s target range. Nonetheless, global developments require continued close monitoring. Global downside risks emanating from tighter global financial conditions, lower growth in key source markets for tourism, and trade policy disruptions remain high. Finally, extreme weather events—such as floods, hurricanes, or earthquakes—could negatively affect economic activity.

“The Jamaican authorities continue to implement sound macroeconomic policies, aided by robust policy frameworks. A primary surplus is expected for FY2025/26 leading public debt to fall towards 65 percent of GDP by the end of the fiscal year, the lowest level in 25 years and well below pre-pandemic levels. The Bank of Jamaica’s approach to monetary policy has anchored inflation around the mid-point of the inflation target band and inflation expectations have declined close to the upper band of the BOJ’s target range. The lowering of the policy rate in 2024 was justified in view of the temporary nature of the weather-related shocks and the expected convergence of inflation to the BOJ’s target. The current fiscal-monetary policy mix places Jamaica in a good position to respond to the various downside global risks, should they be realized.

“The policy frameworks are benefitting from ongoing improvements. A Fiscal Commission became operational in 2025 and is providing assessments of the macroeconomic and fiscal forecasts as well as the budget’s consistency with Jamaica’s fiscal rules. The wage bill reform has reduced distortions in public sector compensation, increasing both transparency and competitiveness of civil service salaries. Tax and customs administration improvements are increasing compliance. Progress continues with adopting the Basel III framework, introducing a “twin peaks” supervisory regime, expanding the BOJ’s supervisory perimeter, and enhancing consolidated supervision.

“Going forward the wage bill needs to be carefully managed to avoid crowding out other fiscal priorities. At the same time, there is room to improve the efficiency of public spending per recommendations of an Agile Public Expenditure and Financial Accountability assessment completed in June 2024. The fiscal responsibility law could benefit from the adoption of an explicit operational debt anchor below the current debt limit to help guide policies over the medium term, ensure that debt is kept at moderate levels, and build fiscal buffers. Implementing reforms to deepen foreign exchange market and allow greater exchange rate flexibility would strengthen the transmission mechanism of monetary policy. Financial stability should be further bolstered by passing the Special Resolution Regime law and making further improvements to the AML/CFT framework.

“The authorities are implementing policies to foster potential growth and tackle supply side constraints that inhibit growth. Low productivity has been worsened by structural impediments including high crime, barriers to competition, poor educational outcomes, inadequate infrastructure, and barriers to trade. The authorities are addressing these issues by increasing investments in policing and security (which has led to a sustained decline in major crimes). Efforts are also underway to establish an unemployment insurance and strengthen employment services (including job counseling and job matching). The authorities continue to introduce measures to reduce pollution and incentivize the adoption of low carbon technologies. Finally, a comprehensive action plan is being developed to improve statistics.

“The IMF team is grateful to the Jamaican authorities and other counterparts for their hospitality and very productive discussions.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Brian Walker

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/08/mcs-05072025-jamaica-staff-concluding-statement-of-the-2025-article-iv-mission

MIL OSI

MIL OSI Russia News –

May 9, 2025
MIL-OSI USA: After 170 Years, Thoreau’s River Observations Inform Our Changing Climate

Source: US State of Connecticut

Like an expertly choreographed dance, the sequence and timing of natural events through a season, called phenology, give us clues about how the climate is changing.

For example, a warmer spring may lead to plants leafing and flowering early, potentially disrupting life cycles of the birds and insects who may miss this crucial window if it happens before they migrate. Climate change is throwing such timing out of balance, and unless it directly impacts humans, we may not notice.

To study New England’s regional phenology through a historical lens, UConn Department of Earth Sciences Professor Robert Thorson is looking into 10 years’ worth of Henry David Thoreau’s meticulous, systematic records of river behavior from the 1850s to glean insights into climate change. His findings are published in The Concord Saunterer.

A season is much more than a block of a few months on the calendar; it is a category of phenomena that varies depending on who you ask, says Thorson. For instance, a season differs if you ask a skier, a fisherman, or a student. To understand something as complex as climate change on a personal level requires helping them see that their seasons are being changed and time-shifted, no matter how they define them. This requires a well-established baseline with a clear definition for each season. Thoreau’s “Journal” provides exactly this.

Replica of Thoreau’s boat, Musketaquid, on the bank of the Sudbury River, Lincoln, MA. (Photo courtesy of Juliet Wheeler)

“I don’t pick Thoreau for his philosophy, he’s just a damn good observer,” says Thorson. “He is meticulous, he is daily, he is yearly, and he is systematically rigorous about roaming around 50 square miles and recording it day after day after day after day.”

Thoreau created an impressive data set from 1850 through 1860, including the 6,000 entries Thorson has cataloged so far by reading line-by-line, indexing, and creating a spreadsheet. Thoreau recorded examples of phenology along the river – for instance, when the first ice occurred, when the river was completely frozen, when the first snow fell, and when the breakup of ice occurred.

“From these observations, we can establish the timings of discrete phenomena from the mid-19th century using simple statistics,” says Thorson. “The next step is to compare those timings with the modern era using publicly available data; for example, minimum stream discharges from the U.S. Geological Survey.”

Rather than seeing the year on a calendar, Thorson categorized how Thoreau saw not four, but ten discrete seasons whose exact dates were fluid and based on the physical conditions he observed rather than celestial happenings or arbitrary dates. These seasons included breakup, inland sea, aquatic spring, riparian spring, summer, drought, aquatic autumn, riparian autumn, freeze up, and winter white. Thorson details the timings and characteristics of Thoreau’s river seasons using hundreds of direct, dated, and descriptive quotes. Thorson notes that all of Thoreau’s seasons still exist today, though they have shifted in timing and intensity due to climate change.

Thorson’s idea is to create a then-and-now comparison and to incorporate statistical analysis between Thoreau’s and modern data sets to understand patterns and trends in the complicated phenomena.

“Even just answering the question of how much earlier ice breakup is occurring would take nothing more than a than simple statistical analysis. This is eminently translatable to the public because many residents of Thoreau country have experienced river breakup in the past,” says Thorson. “They may have had their dock ripped out by river ice, they may have gone swimming on a certain day, but not others. People could relate to this stuff, and that’s essentially what I’m trying to do.”

Though Thoreau is remembered primarily for his writings while living on Walden Pond, Thorson points out that he actually spent most of his time on three local rivers, whether walking trails, boating, swimming, or skating.

“This is a guy who skated 60 miles in one day — upriver to the falls at Framingham on the Sudbury River and then he turned around and skated past Concord all the way down to just north of Lowell in Billerica. Then he turned around and skated back home again. On another winter, he measured ice floes two feet thick. Imagine those conditions today. Now the river hardly freezes at all.”

Researching this project, Thorson was delighted by the sensory detail of Thoreau’s descriptions. For example, on one August day, he felt the baking “dog-day” heat of the air, the silence of laminar streamflow, the “unctuous” iridescent sheen on sluggish water, and the fetid smell of riverbank muck draped by dead lily pads, says Thorson.

“But within a day, he can feel fall coming, and all of a sudden, the first rains or the cooling air start to bring change. You get a completely different river from the preceding one of drought, or the one with icebergs stampeding down the river, tearing out bridges. All of this is phenology. All can be timed to a specific day.”

With these phenological details, Thorson has laid the groundwork for creating a record of climate change. Thorson was initially inspired by Thoreau’s phenology when writing his book “The Boatman,” in which he was only able to sketch Thoreau’s river seasons briefly. With this new article, Thorson pulls it all together to identify the specific seasonal thresholds and present the information in Thoreau’s words to show readers how he saw the year. Thorson hopes the paper inspires collaboration with statisticians to help in the next step of analysis.

“Probably the first thing I’ll do is explore where the modern records are. I also wanted to pull the historic record together and tighten portions into a robust hypothesis. Thoreau’s work is New England’s best record of broad environmental conditions for the mid-19th century. It’s astonishing. It’s two million words,” says Thorson.

Noting the contrasts between the river phenology Thoreau so thoughtfully detailed and what we can observe today, Thorson says he hopes this work resonates with readers.

“Breakup is the most instantaneous and dramatic point in the entire year. We don’t think much about it right now, because we don’t have a lot of river ice, but it used to be two feet thick on the river, and that says something sad about how dramatic the climate change has been. You can read dry numerical facts about how New England’s nighttime average temperatures have risen in the 100 years. But when you make climate change dramatic, as with a bridge being torn apart by a spring freshet, that’s a phenomenon associated with emotion. People pay more attention. The personal narrative of a river system year after year after year — that’s what Thoreau gave us.”

MIL OSI USA News –

May 9, 2025
MIL-OSI Europe: Culture unites, latest Eurobarometer shows

Source: EuroStat – European Statistics

European Commission Press release Brussels, 08 May 2025 Culture gives citizens a sense of community and integration. According to a new Eurobarometer survey published by the European Commission, citizens strongly support cultural exchange, artistic freedom and fair working conditions for artists.

MIL OSI Europe News –

May 8, 2025

MIL-OSI: Berry Corporation Reports First Quarter 2025 Financial and Operational Results, Reaffirms FY25 Guidance and Announces Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DALLAS, May 08, 2025 (GLOBE NEWSWIRE) — Berry Corporation (bry) (NASDAQ: BRY) (“Berry” or the “Company”) today announced its financial and operational results for the first quarter of 2025, as well as a quarterly cash dividend of $0.03 per share. Berry has provided a supplemental slide deck summarizing these results, which can be found at www.bry.com. The Company plans to host a conference call and webcast to discuss its first quarter 2025 results and latest 2025 outlook, at 10:00 a.m. CT, Thursday, May 8, 2025; access details can be found in this release.

First Quarter 2025 Highlights

Reaffirmed FY25 guidance due to favorable hedge position, protecting cash flows and liquidity position
Produced 24.7 MBoe/d (93% oil), in-line with plan and down slightly quarter-over-quarter due to planned downtime associated with drilling activity targeting the thermal diatomite reservoir
Reported hedged LOE of $26.40/Boe, 9% below midpoint of FY25 guidance
Returned $2 million in cash to shareholders through quarterly dividend of $0.03 per share, which represents a 5% dividend yield⁽²⁾ on an annual basis
Paid down $11 million of total debt
Increased liquidity to $120 million while improving leverage ratio⁽¹⁾ quarter-over-quarter to 1.37x
Reported net loss of $97 million, or $1.25 per diluted share, including a non-cash impairment of $113 million (after tax), and Adjusted Net Income⁽¹⁾ of $9 million, or $0.12 per diluted share
Generated operating cash flow of $46 million, Adjusted EBITDA⁽¹⁾ of $68 million and Free Cash Flow⁽¹⁾ of $17 million
Reported zero recordable incidents, zero lost-time incidents, and no reportable spills in our E&P operations

Other Updates

Oil volumes 73% hedged for remainder of 2025 at $74.69/Bbl and 63% hedged for 2026 at $69.42/Bbl⁽³⁾
Mark-to-market (crude oil) hedge value of $129 million as of May 2, 2025
Completed drilling Berry-operated Uinta Basin 4-well horizontal pad; first production expected in the third quarter
Published updated and expanded sustainability metrics in April; Sustainability Report planned for the third quarter


(1)	Please see “Non-GAAP Financial Measures and Reconciliations” in this release for a reconciliation and more information on these Non-GAAP measures.
(2)	Based on BRY share price of $2.59 as of May 2, 2025.
(3)	Based on the midpoint of full year 2025 oil production guidance.

MANAGEMENT COMMENTS

Fernando Araujo, Berry’s Chief Executive Officer, said, “We delivered strong financial and operating results in the first quarter, highlighting the strengths of our business model and strategy. Production decreased slightly due to planned downtime, as we drilled twice as many California wells compared to last quarter. Our California drilling program is focused on our thermal diatomite assets, building on our success in 2024 with exceptional results. At recent strip pricing, rates of return here exceed 100%. In Utah, we recently finished drilling our 4-well horizontal pad ahead of schedule and on budget. First production from this pad is expected in the third quarter. Our high- quality, low-break even assets position us well, even in the current environment.”

Mr. Araujo continued, “We are confident in our ability to navigate current market volatility and our 2025 outlook remains unchanged. Our cash flow is protected by our strong hedge position, and our strategy is anchored by our shallow decline rate, low capital intensity assets and high rate of return development. We have a resilient business with low breakeven prices and expect to fully fund our 2025 plan at prices well below current levels. ”

FIRST QUARTER 2025 FINANCIAL AND OPERATING SUMMARY

Selected Comparative Results

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in millions, except per share amounts)
Production (MBoe/d)		24.7			26.1			25.4
Oil, natural gas & NGL revenues⁽¹⁾	$	148		$	158		$	166
Net income (loss)	$	(97	)	$	(2	)	$	(40	)
Adjusted Net Income⁽²⁾	$	9		$	17		$	11
Adjusted EBITDA⁽²⁾	$	68		$	82		$	69
Earnings per diluted share	$	(1.25	)	$	(0.02	)	$	(0.53	)
Adjusted earnings per diluted share⁽²⁾	$	0.12		$	0.21		$	0.14
Cash Flow from Operations	$	46		$	41		$	1
Capital expenditures	$	28		$	17		$	17
Free cash flow⁽²⁾	$	17		$	24		$	10
__________
(1) Revenues do not include hedge settlements.
(2) Please see “Non-GAAP Financial Measures and Reconciliations” in this press release for more information on these Non-GAAP measures and reconciliations to the nearest GAAP measures.

CAPITAL STRUCTURE

As of March 31, 2025, Berry had $439 million outstanding on its 2024 term loan and no borrowings outstanding under its 2024 revolving credit facility. As of March 31, 2025, the Company had $120 million of liquidity, consisting of $39 million of cash and cash equivalents, $49 million available for borrowings under its 2024 revolving credit facility and $32 million available for delayed draw borrowings under its 2024 term loan. Based on current forward commodity prices, Berry expects to fund the remainder of its 2025 capital development program with cash flow from operations. As of March 31, 2025, the Company had a leverage ratio⁽¹⁾ of 1.37x.


(1)	Please see “Non-GAAP Financial Measures and Reconciliations” later in this press release for reconciliation and more information on these Non-GAAP measures.

DEBT REDUCTION AND SHAREHOLDER RETURNS

During the quarter, the Company paid down approximately $11 million of total debt.

On May 7, 2025, Berry’s Board of Directors approved a quarterly cash dividend of $0.03 per share of common stock, payable on May 29, 2025 to shareholders of record as of the close of business on May 19, 2025.

2025 GUIDANCE (UNCHANGED FROM PRIOR OUTLOOK)

Full Year 2025 Guidance		Low	High
Average Daily Production (boe/d)⁽¹⁾		$24,800	$26,000
Non-energy LOE ($/boe)⁽²⁾		$13.00	$15.00
Energy LOE (unhedged) ($/boe)⁽³⁾		$12.70	$14.50
Natural Gas Purchase Hedge Settlements ($/boe)⁽⁴⁾⁽⁵⁾		$1.00	$1.60
Taxes, Other Than Income Taxes ($/boe)		$5.50	$6.50
Adjusted G&A expenses – E&P Segment & Corp ($/boe)⁽⁶⁾⁽⁷⁾		$6.35	$6.75
Capital Expenditures ($ millions)^{(8) (9)}		$110	$120
_____________
(1)	Oil production is expected to be approximately 93% of total.
(2)	Non-energy LOE consists of lease operating costs not included in Energy LOE.
(3)	Energy LOE (unhedged) consists of costs to generate steam and electricity the Company produces and uses in its operations and the power the Company purchases for its E&P operations.
(4)	Natural gas purchase hedge settlements is the cash (received) or paid from these derivatives on a per boe basis.
(5)	Based on natural gas hedge positions and basis differentials as of December 31, 2024, and the Henry Hub gas price of $3.00 per mmbtu.
(6)	Adjusted G&A expenses is a non-GAAP financial measure. The Company does not provide a reconciliation of this measure because the Company believes such reconciliation would imply a degree of precision and certainty that could be confusing to investors and is unable to reasonably predict certain items included in or excluded from the GAAP financial measures without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred and are out of the Company’s control or cannot be reasonably predicted. Non-GAAP forward-looking measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
(7)	See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”
(8)	Total company capital expenditures, including E&P segment, well servicing & abandonment services segment and corporate.
(9)	Approximately 60% of Berry’s 2025 capital program is expected to be directed to California, with 40% allocated to Utah.

RISK MANAGEMENT

Berry utilizes hedges to manage commodity price risk, protect the balance sheet and ensure cash flow to fund its annual capital program. In April 2025, the Company strategically raised the average oil hedge price in 2026 and 2027 by $6 per barrel on 2.3 MBbls/d by converting most of its Brent collars and all purchased puts into swaps to provide additional protection in the current volatile pricing environment.

Based on the midpoint of Berry’s 2025 full year oil production guidance and its hedge book as of May 2, 2025, the Company has 73% of its estimated oil production volumes hedged for the remainder of 2025 at an average price of $74.69/Bbl of Brent, and 63% of oil production (assuming the midpoint of 2025 annual guidance) hedged for 2026 at $69.42/Bbl. Berry has gas purchase hedges for approximately 80% of its expected gas demand for the remainder of 2025, with an average swap price of $4.24/MMBtu. Complete details on the Company’s derivative positions can be found in its investor presentation located at https://ir.bry.com/reports-resources.

CONFERENCE CALL DETAILS

Berry plans to host a conference call to discuss its first quarter 2025 results, as well as its 2025 outlook:

Call Date: Thursday, May 8, 2025
Call Time: 11:00 a.m. Eastern Time / 10:00 a.m. Central Time / 8:00 a.m. Pacific Time

Join the live listen-only audio webcast at https://edge.media-server.com/mmc/p/2swb49hy or at https://bry.com/category/events. Accompanying slides will also be available at the time of the call at www.bry.com.

To ask a question on the call, please dial in using the phone number and passcode below:

Toll-Free: (800) 715-9871
Passcode: 6035522

A web based audio replay will be available shortly after the broadcast and will be archived at https://ir.bry.com/reports-resources or visit https://edge.media-server.com/mmc/p/2swb49hy or https://bry.com/category/events

ABOUT BERRY CORPORATION (BRY)

Berry is a publicly traded (NASDAQ: BRY) western United States independent upstream energy company with a focus on onshore, low geologic risk, long-lived oil and gas reserves. We operate in two business segments: (i) exploration and production (“E&P”) and (ii) well servicing and abandonment services. Our E&P assets are located in California and Utah, are characterized by high oil content and are predominantly located in rural areas with low population. Our California assets are in the San Joaquin Basin (100% oil), and our Utah assets are in the Uinta Basin (65% oil). We provide our well servicing and abandonment services to third party operators in California and our California E&P operations through C&J Well Services (CJWS). More information can be found at the Company’s website at www.bry.com.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This press release includes forward-looking statements within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

You can typically identify forward-looking statements by words such as “aim,” “anticipate,” “achievable,” “believe,” “budget,” “continue,” “could,” “effort,” “estimate,” “expect,” “forecast,” “goal,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “outlook,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will” or “would” and other similar words that reflect the prospective nature of events or outcomes. All statements other than statements of historical facts included in this press release that address plans, activities, events, objectives, goals, strategies or developments that we expect, believe or anticipate will or may occur in the future, such as those regarding our financial position, liquidity, cash flows, financial and operating results, capital program and development and production plans, operations and business strategy, potential acquisition and other strategic opportunities, reserves, hedging activities, capital expenditures, return of capital, future distributions, capital investments, our ESG strategy and the initiation of new projects or business in connection therewith, recovery factors and other guidance, are forward-looking statements. Actual results may differ from anticipated results, sometimes materially, and reported results should not be considered an indication of future performance. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Unless legally required, the Company does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise, unless required by law.

Factors that could cause actual results to differ from management’s expectations include, but are not limited to: the impact of current, pending and/or future laws and regulations, and of legislative and regulatory changes and other government activities, including those related to permitting, drilling, completion, well stimulation, operation, maintenance or abandonment of wells or facilities, managing energy, water, land, greenhouse gases or other emissions, protection of health, safety and the environment, or transportation, marketing and sale of our products; the regulatory environment, including availability or timing of, and conditions imposed on, obtaining and/or maintaining permits and approvals, including those necessary for drilling and/or development projects; volatility of oil, natural gas and NGL prices, including as a result of political instability, armed conflicts or economic sanctions; inflation levels and government efforts aimed to reduce inflation, including related interest rate determinations; overall domestic and global political and economic trends, geopolitical risks and general economic and industry conditions; inability to generate sufficient cash flow from operations or to obtain adequate financing to fund capital expenditures, meet our working capital requirements or fund planned investments; our ability to satisfy our debt obligations and comply with all covenants, agreements and conditions under our debt agreements; any future impairments to the Company’s proved or unproved oil and gas properties or write-downs of productive assets; the imposition of tariffs or trade or other economic sanctions, political instability or armed conflict in oil and gas producing regions, including the ongoing conflict in Ukraine, the ongoing conflict in the Middle East, or a prolonged recession, among other factors; changes in supply of and demand for oil, natural gas and NGLs, including due to the actions of foreign producers, importantly including OPEC+ and change in OPEC+’s production levels; the competitiveness and rate of adoption of alternative energy sources, including the factors and trends that are expected to shape it, such as concerns about climate change and other air quality issues; the price and availability of natural gas and electricity to generate stream used in our operations; disruptions to, capacity constraints in, or other limitations on pipeline and other transportation systems that deliver our oil and natural gas to customers and other processing and transportation considerations; our ability to recruit and/or retain key members of our senior management and key technical employees; potential liability resulting from pending or future litigation, government investigations or other legal proceedings; competition and consolidation in the E&P industry; our ability to replace our reserves through exploration and development activities or acquisitions; our ability to make acquisitions and successfully integrate any acquired businesses; information technology failures or cyberattacks; and the other risks described under the heading “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 and subsequent filings with the Securities and Exchange Commission (the “SEC”).

Investors are urged to consider carefully the disclosure in our filings with the SEC, available from us at via our website or via the Investor Relations contact below, or from the SEC’s website at www.sec.gov.

CONTACT

Contact: Berry Corporation (bry)
Christopher Denison: Director – Investor Relations & Sustainability
(661) 616-3811
ir@bry.com

TABLES FOLLOWING

The financial information and certain other information presented have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column in certain tables. In addition, certain percentages presented here reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers, or may not sum due to rounding.

SUMMARY OF RESULTS

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ and shares in thousands, except per share amounts)
Consolidated Statement of Operations Data:
Revenues and other:
Oil, natural gas and natural gas liquids sales	$	147,862		$	157,957		$	166,318
Service revenue		23,664			23,554			31,683
Electricity sales		4,967			3,262			4,243
Gains (losses) on oil and gas sales derivatives		5,475			(5,730	)		(71,200	)
Marketing and other revenues		683			36			5,036
Total revenues and other		182,651			179,079			136,080

Expenses and other:
Lease operating expenses		57,282			55,763			61,276
Cost of services		20,825			20,907			27,304
Electricity generation expenses		1,209			1,523			1,093
Transportation expenses		939			1,122			1,059
Marketing expenses		292			—			4,390
Acquisition costs		—			—			2,617
General and administrative expenses		20,305			18,389			20,234
Depreciation, depletion and amortization		40,392			43,579			42,831
Impairment of oil and gas properties		157,910			—			—
Taxes, other than income taxes		9,240			8,498			15,689
(Gains) losses on natural gas purchase derivatives		(5,691	)		7,883			4,481
Other operating expense (income)		401			3,763			(133	)
Losses on debt retirement		—			7,066			—
Total expenses and other		303,104			168,493			180,841

Other (expenses) income:
Interest expense		(15,172	)		(10,859	)		(9,140	)
Other, net		272			136			(83	)
Total other expenses		(14,900	)		(10,723	)		(9,223	)
Loss before income taxes		(135,353	)		(137	)		(53,984	)
Income tax (benefit) expense		(38,673	)		1,622			(13,900	)
Net loss	$	(96,680	)	$	(1,759	)	$	(40,084	)

Net loss per share:
Basic	$	(1.25	)	$	(0.02	)	$	(0.53	)
Diluted	$	(1.25	)	$	(0.02	)	$	(0.53	)

Weighted-average shares of common stock outstanding – basic		77,196			76,939			76,254
Weighted-average shares of common stock outstanding – diluted		77,196			76,939			76,254

Adjusted Net Income⁽¹⁾	$	9,370		$	16,531		$	10,910
Weighted-average shares of common stock outstanding – diluted		77,371			77,213			77,373
Diluted earnings per share on Adjusted Net Income⁽¹⁾	$	0.12		$	0.21		$	0.14


	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ and shares in thousands, except per share amounts)
Adjusted EBITDA⁽¹⁾	$	68,450		$	81,780		$	68,534
Free Cash Flow⁽¹⁾	$	17,483		$	24,144		$	10,337
Adjusted General and Administrative Expenses⁽¹⁾	$	18,300		$	16,325		$	18,943
Effective Tax Rate		29	%	N/A				26	%

Cash Flow Data:
Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Net cash used in investing activities	$	(19,770	)	$	(19,907	)	$	(18,661	)
Net cash used in financing activities	$	(16,876	)	$	(889	)	$	(9,990	)

__________
(1) See further discussion and reconciliation in “Non-GAAP Financial Measures and Reconciliations.”

	March 31, 2025		December 31, 2024
	(unaudited) ($ and shares in thousands)
Balance Sheet Data:
Total current assets	$	161,114	$	149,643
Total property, plant and equipment, net	$	1,153,711	$	1,320,380
Total current liabilities	$	183,429	$	187,880
Long-term debt	$	374,478	$	384,633
Total stockholders’ equity	$	631,468	$	730,636
Outstanding common stock shares as of		77,596		76,939

The following table represents selected financial information for the periods presented regarding the Company’s business segments on a stand-alone basis and the consolidation and elimination entries necessary to arrive at the financial information for the Company on a consolidated basis.

	Three Months Ended March 31, 2025
	E&P			Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	153,512		$	29,747		$	(6,083	)	$	177,176
Net (loss) before income taxes	$	(101,417	)	$	(1,711	)	$	(32,225	)	$	(135,353	)
Capital expenditures	$	27,618		$	56		$	715		$	28,389
Total assets	$	1,385,674		$	52,392		$	(33,728	)	$	1,404,338

	Three Months Ended December 31, 2024
	E&P		Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	161,254	$	29,468		$	(5,913	)	$	184,809
Net income (loss) before income taxes	$	38,101	$	(3,157	)	$	(35,081	)	$	(137	)
Capital expenditures	$	15,386	$	1,057		$	774		$	17,217
Total assets	$	1,535,292	$	57,752		$	(75,358	)	$	1,517,686

	Three Months Ended March 31, 2024
	E&P			Well Servicing and Abandonment Services			Corporate/Eliminations			Consolidated Company
	(unaudited) (in thousands)
Revenues⁽¹⁾	$	175,597		$	35,468		$	(3,785	)	$	207,280
Net (loss) income before income taxes	$	(24,836	)	$	(1,241	)	$	(27,907	)	$	(53,984	)
Capital expenditures	$	15,417		$	1,332		$	187		$	16,936
Total assets	$	1,625,178		$	65,948		$	(115,610	)	$	1,575,516
__________
(1) These revenues do not include hedge settlements.

COMMODITY PRICING

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Weighted Average Realized Prices
Oil without hedge ($/bbl)	$	69.48	$	69.08	$	75.31
Effects of scheduled derivative settlements ($/bbl)		0.08		1.64		(2.17	)
Oil with hedge ($/bbl)	$	69.56	$	70.72	$	73.14
Natural gas ($/mcf)	$	3.95	$	3.47	$	3.76
NGLs ($/bbl)	$	30.56	$	29.67	$	29.60

Purchased Natural Gas
Purchase price, before the effects of derivative settlements ($/mmbtu)	$	4.35	$	3.76	$	4.11
Effects of derivative settlements ($/mmbtu)		0.35		0.62		0.92
Purchase price, after the effects of derivative settlements ($/mmbtu)	$	4.70	$	4.38	$	5.03

Index Prices
Brent oil ($/bbl)	$	74.98	$	74.01	$	81.76
WTI oil ($/bbl)	$	71.51	$	70.33	$	77.02
Natural gas ($/mmbtu) – SoCal Gas city-gate⁽¹⁾	$	4.50	$	3.57	$	4.21
Natural gas ($/mmbtu) – Northwest, Rocky Mountains⁽²⁾	$	3.88	$	3.09	$	3.41
Henry Hub natural gas ($/mmbtu)⁽²⁾	$	4.14	$	2.44	$	2.15
__________
(1) The natural gas we purchase to generate steam and electricity is primarily based on Rockies price indexes, including transportation charges, as we currently purchase a substantial majority of our gas needs from the Rockies, with the balance purchased in California. SoCal Gas city-gate Index is the relevant index used only for the portion of gas purchases in California.
(2) Most of our gas purchases and gas sales in the Rockies are predicated on the Northwest, Rocky Mountains index, and to a lesser extent based on Henry Hub.

Natural gas prices and differentials are strongly affected by local market fundamentals, availability of transportation capacity from producing areas and seasonal impacts. Our key exposure to gas prices is in costs. We purchase substantially more natural gas for our California steamfloods and cogeneration facilities than we produce and sell in the Rockies. In May 2022, we began purchasing most of our gas in the Rockies and transporting it to our California operations using the Kern River pipeline capacity. Beginning in 2025, we purchased approximately 43,000 mmbtu/d in the Rockies (48,000 mmbtu/d prior to this change), with the remaining volumes purchased in California markets. Gas volumes purchased in California fluctuate, and averaged 4,000 mmbtu/d in the first quarter of 2025, 3,000 mmbtu/d in the fourth quarter of 2024 and 5,000 mmbtu/d in the first quarter of 2024. The natural gas we purchased in the Rockies is shipped to our operations in California to help limit our exposure to California fuel gas purchase price fluctuations. We strive to further minimize the variability of our fuel gas costs for our steam operations by hedging a significant portion of our gas purchases. Additionally, the negative impact of higher gas prices on our California operating expenses is partially offset by higher gas sales for the gas we produce and sell in the Rockies. The Kern River pipeline capacity allows us to purchase and sell natural gas at the same pricing indices.

CURRENT HEDGING SUMMARY

As of May 2, 2025, we had the following crude oil production and gas purchases hedges.

	Q2 2025		Q3 2025		Q4 2025		FY 2026		FY 2027		FY 2028
Brent – Crude Oil production
Swaps
Hedged volume (bbls)		1,637,198		1,613,083		1,518,000		5,247,518		3,483,500		1,505,500
Hedged volume (mbbls) per day		18.0		17.5		16.5		14.4		9.5		4.1
Weighted-average price ($/bbl)	$	74.35	$	74.48	$	75.28	$	69.74	$	69.72	$	68.05
Collars
Hedged volume (bbls)		—		—		—		180,000		182,000		—
Hedged volume (mbbls) per day		—		—		—		0.5		0.5		—
Weighted-average ceiling ($/bbl)	$	—	$	—	$	—	$	81.36	$	80.00	$	—
Weighted-average floor ($/bbl)	$	—	$	—	$	—	$	60.00	$	65.00	$	—
NWPL – Natural Gas purchases⁽¹⁾
Swaps
Hedged volume (mmbtu)		3,640,000		3,680,000		3,680,000		12,160,000		—		—
Hedged volume (mmbtu) per day		40.0		40.0		40.0		33.3		—		—
Weighted-average price ($/mmbtu)	$	4.29	$	4.29	$	4.15	$	3.93	$	—	$	—
__________
(1) The term “NWPL” is defined as Northwest Rocky Mountain Pipeline.

GAINS (LOSSES) ON DERIVATIVES

A summary of gains and losses on the derivatives included on the statements of operations is presented below:

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Realized (losses) gains on commodity derivatives:
Realized gains (losses) on oil sales derivatives	$	164		$	7,173		$	(4,682	)
Realized (losses) on natural gas purchase derivatives		(1,476	)		(3,184	)		(4,412	)
Total realized (losses) gains on derivatives	$	(1,312	)	$	3,989		$	(9,094	)

Unrealized gains (losses) on commodity derivatives:
Unrealized gains (losses) on oil sales derivatives	$	5,311		$	(12,903	)	$	(66,518	)
Unrealized gains (losses) on natural gas purchase derivatives		7,167			(4,699	)		(69	)
Total unrealized gains (losses) on derivatives	$	12,478		$	(17,602	)	$	(66,587	)
Total gains (losses) on derivatives	$	11,166		$	(13,613	)	$	(75,681	)

PRODUCTION STATISTICS

	Three Months Ended
	March 31, 2025	December 31, 2024	March 31, 2024
Net Oil, Natural Gas and NGLs Production Per Day⁽¹⁾:
Oil (mbbl/d)
California	20.4	21.8	21.3
Utah	2.6	2.5	2.5
Total oil	23.0	24.3	23.8
Natural gas (mmcf/d)
Utah	7.9	8.4	7.9
Total natural gas	7.9	8.4	7.9
NGLs (mbbl/d)
Utah	0.4	0.4	0.3
Total NGLs	0.4	0.4	0.3
Total Production (mboe/d)⁽²⁾	24.7	26.1	25.4
__________
(1) Production represents volumes sold during the period. We also consume a portion of the natural gas we produce on lease to extract oil and gas.
(2) Natural gas volumes have been converted to boe based on energy content of six mcf of gas to one bbl of oil. Barrels of oil equivalence does not necessarily result in price equivalence. The price of natural gas on a barrel of oil equivalent basis is currently substantially lower than the corresponding price for oil and has been similarly lower for a number of years. For example, in the three months ended March 31, 2025, the average prices of Brent oil and Henry Hub natural gas were $74.98 per bbl and $4.14 per mmbtu respectively.

CAPITAL EXPENDITURES

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
			(unaudited) (in thousands)
Capital expenditures ⁽¹⁾⁽²⁾	$	28,389	$	17,217	$	16,936
__________
(1) Capital expenditures include capitalized overhead and interest and excludes acquisitions and asset retirement spending.
(2) Capital expenditures for the three months ended March 31, 2025 were less than $1 million related to the well servicing and abandonment services segment. Capital expenditures for the three months ended December 31, 2024 and March 31, 2024 were $1 million related to the well servicing and abandonment services segment.

NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS

Adjusted EBITDA is not a measure of either net income (loss) or cash flow, Free Cash Flow is not a measure of cash flow, Adjusted Net Income (Loss) is not a measure of net income (loss), and Adjusted General and Administrative Expenses is not a measure of general and administrative expenses, in all cases, as determined by GAAP. Rather, Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies.

We define Adjusted EBITDA as earnings before interest expense; income taxes; depreciation, depletion, and amortization; derivative gains or losses net of cash received or paid for scheduled derivative settlements; impairments; stock compensation expense; and unusual and infrequent items. Our management believes Adjusted EBITDA provides useful information in assessing our financial condition, results of operations and cash flows and is widely used by the industry and the investment community. The measure also allows our management to more effectively evaluate our operating performance and compare the results between periods without regard to our financing methods or capital structure. We also use Adjusted EBITDA in planning our capital expenditure allocation to sustain production levels and to determine our strategic hedging needs aside from the hedging requirements of the 2024 Term Loan and 2024 Revolver.

We define Free Cash Flow as cash flow from operations less capital expenditures. We use Free Cash Flow as the primary metric to measure our ability to pay dividends, pay down debt, repurchase stock, and make strategic growth and bolt-on acquisitions. Management believes Free Cash Flow may be useful in an investor analysis of our ability to generate cash from operating activities from our existing oil and gas asset base after capital expenditures and to fund such activities. Free Cash Flow does not represent the total increase or decrease in our cash balance, and it should not be inferred that the entire amount of Free Cash Flow is available for dividends, debt repayment, share repurchases, strategic acquisitions or other growth opportunities, or other discretionary expenditures, since we have mandatory debt service requirements and other non-discretionary expenditures that are not deducted from this measure.

We define Adjusted Net Income (Loss) as net income (loss) adjusted for derivative gains or losses net of cash received or paid for scheduled derivative settlements, unusual and infrequent items, and the income tax expense or benefit of these adjustments using our statutory tax rate. Adjusted Net Income (Loss) excludes the impact of unusual and infrequent items affecting earnings that vary widely and unpredictably, including non-cash items such as derivative gains and losses. This measure is used by management when comparing results period over period. We believe Adjusted Net Income (Loss) is useful to investors because it reflects how management evaluates the Company’s ongoing financial and operating performance from period-to-period after removing certain transactions and activities that affect comparability of the metrics and are not reflective of the Company’s core operations. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

We define Adjusted General and Administrative Expenses as general and administrative expenses adjusted for non-cash stock compensation expense and unusual and infrequent costs. Management believes Adjusted General and Administrative Expenses is useful because it allows us to more effectively compare our performance from period to period. We believe Adjusted General and Administrative Expenses is useful to investors because it reflects how management evaluates the Company’s ongoing general and administrative expenses from period-to-period after removing non-cash stock compensation, as well as unusual or infrequent costs that affect comparability of the metrics and are not reflective of the Company’s administrative costs. We believe this also makes it easier for investors to compare our period-to-period results with our peers.

While Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses are non-GAAP measures, the amounts included in the calculation of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, income and liquidity measures calculated in accordance with GAAP and should not be considered as an alternative to, or more meaningful than income and liquidity measures calculated in accordance with GAAP. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing our financial performance, such as our cost of capital and tax structure, as well as the historic cost of depreciable and depletable assets. Our computations of Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses may not be comparable to other similarly titled measures used by other companies. Adjusted EBITDA, Free Cash Flow, Adjusted Net Income (Loss), and Adjusted General and Administrative Expenses should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

Leverage Ratio is a non-GAAP financial measure, which is used by management and external users of our financial statements to evaluate the financial condition of the Company. It is calculated as net debt divided by Adjusted EBITDA (defined above) for the most recently completed 12-month period. Net debt is calculated as long-term debt (from our 2024 Term Loan and 2024 Revolver), including the current portion and excluding unamortized discount and debt issuance costs, less unrestricted cash and cash equivalents. Management believes that Leverage Ratio provides useful information to investors because it is widely used by analysts, investors and ratings agencies in evaluating the financial condition of companies.

ADJUSTED EBITDA

The following tables present reconciliations of the GAAP financial measures of net income (loss) and net cash provided (used) by operating activities to the non-GAAP financial measure of Adjusted EBITDA, as applicable, for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Adjusted EBITDA reconciliation:
Net loss	$	(96,680	)	$	(1,759	)	$	(40,084	)
Add (Subtract):
Interest expense		15,172			10,859			9,140
Income tax (benefit) expense		(38,673	)		1,622			(13,900	)
Depreciation, depletion, and amortization		40,392			43,579			42,831
Impairment of oil and gas properties		157,910			—			—
Stock compensation expense		2,406			2,315			385
(Gains) losses on derivatives		(11,166	)		13,613			75,681
Net cash (paid) received for scheduled derivative settlements		(1,312	)		722			(9,094	)
Acquisition costs⁽¹⁾		—			—			2,617
Non-recurring costs⁽²⁾		—			—			1,091
Other operating expense (income)		401			3,763			(133	)
Losses on debt retirement⁽³⁾		—			7,066			—
Adjusted EBITDA	$	68,450		$	81,780		$	68,534

Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Add (Subtract):
Cash interest payments		13,459			14,129			15,256
Cash income tax payments		66			651			—
Acquisition costs⁽¹⁾		—			—			2,617
Non-recurring costs⁽²⁾		—			—			1,091
Changes in operating assets and liabilities – working capital⁽⁴⁾		9,265			13,535			22,543
Other operating (income) expense – cash portion⁽⁵⁾		(212	)		7,664			(246	)
Losses on debt retirement – cash portion⁽⁶⁾		—			4,440			—
Adjusted EBITDA	$	68,450		$	81,780		$	68,534
__________
(1) Includes legal and other professional expenses related to various transactions activities.
(2) Non-recurring costs included cost savings initiatives.
(3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
(4) Changes in other assets and liabilities consists of working capital and various immaterial items.
(5) Represents the cash portion of other operating (income) expenses from the income statement, net of the non-cash portion in the cash flow statement.
(6) Includes expenses related to the financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.

FREE CASH FLOW

The following table presents a reconciliation of the GAAP financial measure of operating cash flow to the non-GAAP financial measure of Free Cash Flow for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) (in thousands)
Free Cash Flow reconciliation:
Net cash provided by operating activities	$	45,872		$	41,361		$	27,273
Capital expenditures		(28,389	)		(17,217	)		(16,936	)
Free Cash Flow	$	17,483		$	24,144		$	10,337

LEVERAGE RATIO

The following table presents our leverage ratio.

	Three Months Ended
	March 31, 2025			December 31, 2024
	(unaudited) (in thousands)
Net debt reconciliation:
2024 Term loan borrowings	$	438,750		$	450,000
2024 Revolver borrowings		—			—
Subtract:
Unrestricted cash		(39,002	)		(15,336	)
Net Debt	$	399,748		$	434,664

Trailing twelve month Adjusted EBITDA	$	291,680		$	291,764

Leverage Ratio	1.37x			1.49x

ADJUSTED NET INCOME (LOSS)

The following table presents a reconciliation of the GAAP financial measures of net income (loss) and net income (loss) per share — diluted to the non-GAAP financial measures of Adjusted Net Income (Loss) and Adjusted Net Income (Loss) per share — diluted for each of the periods indicated.

	Three Months Ended
	March 31, 2025						December 31, 2024						March 31, 2024
	(in thousands)			per share – diluted			(in thousands)			per share – diluted			(in thousands)			per share – diluted
	(unaudited)
Adjusted Net Income reconciliation:
Net loss	$	(96,680	)	$	(1.25	)	$	(1,759	)	$	(0.02	)	$	(40,084	)	$	(0.52	)
Add (Subtract):
(Gains) losses on derivatives		(11,166	)		(0.14	)		13,613			0.18			75,681			0.98
Net cash (paid) received for scheduled derivative settlements		(1,312	)		(0.02	)		722			0.01			(9,094	)		(0.12	)
Other operating expenses (income)		401			—			3,763			0.04			(133	)		—
Impairment of oil and gas properties		157,910			2.04			—			—			—			—
Acquisition costs⁽¹⁾		—			—			—			—			2,617			0.03
Non-recurring costs⁽²⁾		—			—			—			—			1,091			0.02
Losses on debt retirement⁽³⁾		—			—			7,066			0.09			—			—
Total additions, net		145,833			1.88			25,164			0.32			70,162			0.91
Income tax expense of adjustments⁽⁴⁾		(39,783	)		(0.51	)		(6,874	)		(0.09	)		(19,168	)		(0.25	)
Adjusted Net Income	$	9,370		$	0.12		$	16,531		$	0.21		$	10,910		$	0.14

Basic EPS on Adjusted Net Income	$	0.12					$	0.21					$	0.14
Diluted EPS on Adjusted Net Income	$	0.12					$	0.21					$	0.14

Weighted average shares of common stock outstanding – basic		77,196						76,939						76,254
Weighted average shares of common stock outstanding – diluted		77,371						77,213						77,373
__________
(1) Includes legal and other professional expenses related to various transaction activities.
(2) Non-recurring costs included cost savings initiatives.
(3) Includes expenses related to the retirement debt, as well as financing activities we terminated upon successful completion of the 2024 term loan and the 2024 revolving credit facility.
(4) The federal and state statutory rates were utilized for all periods presented.

As a result of operating evaluations, market volatility and price declines we recorded a non-cash pre-tax asset impairment charge of $158 million ($113 million after-tax) on one of our non-thermal diatomite proved properties in California for the three months ended March 31, 2025. We believe our current plans and exploration and development efforts will allow us to realize the carrying value of our unproved property balance at March 31, 2025.

ADJUSTED GENERAL AND ADMINISTRATIVE EXPENSES

The following table presents a reconciliation of the GAAP financial measure of general and administrative expenses to the non-GAAP financial measure of Adjusted General and Administrative Expenses for each of the periods indicated.

	Three Months Ended
	March 31, 2025			December 31, 2024			March 31, 2024
	(unaudited) ($ in thousands)
Adjusted General and Administrative Expense reconciliation:
General and administrative expenses	$	20,305		$	18,389		$	20,234
Subtract:
Non-cash stock compensation expense (G&A portion)		(2,005	)		(2,064	)		(200	)
Non-recurring costs⁽¹⁾		—			—			(1,091	)
Adjusted General and Administrative Expenses	$	18,300		$	16,325		$	18,943

Well servicing and abandonment services segment	$	2,300		$	2,015		$	2,929

E&P segment, and corporate	$	16,000		$	14,310		$	16,014
E&P segment, and corporate ($/boe)	$	7.19		$	5.96		$	6.93

Total mboe		2,225			2,400			2,310
__________
(1) Non-recurring costs included cost savings initiatives.

E&P OPERATING COSTS

Overall, management assesses the efficiency of our E&P operations by considering core E&P operating costs. The substantial majority of such costs is our lease operating expenses (“LOE”) which includes fuel gas, purchased power, labor, field office, vehicle, supervision, maintenance, tools and supplies, and workover expenses. A core component of our E&P operations in California is steam, which we use to lift heavy oil to the surface. The most significant cost component of generating steam is the fuel gas purchased to operate traditional steam generators and our cogeneration facilities.

The following table includes key components of our LOE as well as the gas purchase hedge effect of the fuel used in our steam generation. Energy LOE consists of the costs to generate the steam and electricity we produce and use in our operations and the power we purchase for our E&P operations. Non-energy LOE consists of all other LOE costs. Energy LOE – hedged includes the realized (cash settled) hedge effects on the fuel gas we purchase. LOE – hedged includes the realized (cash settled) hedge effects on our total LOE.

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(unaudited) ($ in thousands)
Energy LOE – unhedged	$	26,323	$	27,597	$	30,090
Non-energy LOE		30,959		28,166		31,186
Lease operating expenses⁽¹⁾		57,282		55,763		61,276
Gas purchase hedges – realized		1,476		3,184		4,412
Lease operating expenses – hedged	$	58,758	$	58,947	$	65,688

Energy LOE – unhedged	$	26,323	$	27,597	$	30,090
Gas purchase hedges – realized		1,476		3,184		4,412
Energy LOE – hedged	$	27,799	$	30,781	$	34,502

	Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
	(unaudited) (per boe)
Energy LOE – unhedged	$	11.83	$	11.50	$	13.03
Non-energy LOE		13.91		11.74		13.50
Lease operating expenses⁽¹⁾		25.74		23.24		26.53
Gas purchase hedges – realized		0.66		1.33		1.91
Lease operating expenses – hedged	$	26.40	$	24.57	$	28.44

Energy LOE – unhedged	$	11.83	$	11.50	$	13.03
Gas purchase hedges – realized		0.66		1.33		1.91
Energy LOE – hedged	$	12.49	$	12.83	$	14.94
__________
(1) Lease operating expenses (“LOE”) is also referred to as LOE – unhedged.

Energy LOE – hedged and LOE – hedged are not complete measures of our operating costs. These are supplemental non-GAAP financial measures used by management and external users of our financial statements, such as industry analysts, investors, lenders and rating agencies. Our management believes Energy LOE – hedged and LOE – hedged provide useful information in assessing our operating costs and results of operations and are used by the industry and the investment community. These measures also allow our management to more effectively evaluate our operating performance and compare the results between periods.

While Energy LOE – hedged and LOE – hedged are non-GAAP measures, the amounts included in the calculation of these measures were computed in accordance with GAAP. These measures are provided in addition to, and not as an alternative for, operating costs in accordance with GAAP and should not be considered as an alternative to, or more meaningful than cost measures calculated in accordance with GAAP. Our computations of Energy LOE – hedged and LOE – hedged may not be comparable to other similarly titled measures used by other companies. Energy LOE – hedged and LOE – hedged should be read in conjunction with the information contained in our financial statements prepared in accordance with GAAP.

The MIL Network –

May 8, 2025

MIL-OSI United Kingdom: Delivering our Plan for Change for workers
Source: United Kingdom – Government Statements

Speech

Delivering our Plan for Change for workers

The Health and Social Care Secretary Wes Streeting spoke at the Union of Shop, Distributive and Allied Workers (Usdaw) Annual Conference in Blackpool.
It’s great to be here in Blackpool.

Paddy (Lillis), you stood in the tradition of the greatest leaders of our movement, who believed it was not enough to walk through the streets demanding change, but that we had to walk through the corridors of power to deliver it.

I also want to say thank you to Dave (McCrossen) for his leadership as Deputy General Secretary.

Paddy, Dave, what you and your team have achieved in Usdaw is truly remarkable.

Given the challenges facing retail and food distribution and the high turnover rates in the sector, maintaining your membership is a tough enough challenge, but with your leadership, Usdaw has grown.

With the switch to online shopping and the decline of our high streets, accelerated by the pandemic, others would have thrown in the towel.

Instead, your Retail Recovery Plan is helping the sector to come back stronger.

Usdaw is an example to the trade union and labour movement:

to focus on the issues that matter most in the workplace

to keep our heads screwed on and our feet on the ground

to always champion the interests of working people

Paddy, Dave, on behalf of everyone here and on behalf of the Prime Minister and the government, thank you for everything you’ve done for Usdaw and for our country.

I’m also delighted to welcome Joanne as Usdaw’s new General Secretary. Joanne, you made history as Usdaw’s youngest regional secretary and now you’ve made history as the first woman to become general secretary – and the youngest, too!

It’s clear the whole conference is excited to see what you do in the role. Congratulations and good luck!

I owe so much to Usdaw.

[Redacted political content.]

And having had my life saved by the NHS when I had kidney cancer at the age of 38, I can think of no better way of repaying the debt I owe to the NHS than by saving our National Health Service.

We should be in no doubt about the threat to our NHS.

When we came into government, we took over an NHS going through the worst crisis in history:

waiting lists at historic highs

patient satisfaction at record lows

people struggling to see a GP

dental deserts in huge swathes of the country

ambulances not turning up on time

A&E departments full to bursting

doctors on picket lines, instead of the front line

that founding promise, that the NHS would always be there for us when we needed it, broken

The NHS was broken.

[Redacted political content.]

Broken, but not beaten. Because every day there are amazing people delivering outstanding and compassionate care, despite all those challenges.

Not beaten, because as Nye Bevan is often quoted as saying: “The NHS will last as long as there’s folk with faith left to fight for it.”

Well, every day since I became Health Secretary, I’ve gone into work fighting for our NHS.

To restore that basic founding principle that the NHS should always be there for us when we need it.

With our Plan for Change, we’ve hit the ground running.

As our first step, we promised 2 million more appointments in our first year.

Promise made, promise kept:

we delivered our promise 7 months early and we’ve smashed our target – delivering not 2, but 3 million extra appointments since July and rising

we’ve got waiting lists down 6 months on the trot, including during peak winter pressures

we ended the strikes within 3 weeks and delivered an above-inflation pay rise for NHS staff

we’ve invested an extra £26 billion in health and care

we’ve recruited 1,500 more GPs – and agreed a GP contract for the first time since the pandemic

we’ve delivered the biggest investment to hospices in a generation

the biggest expansion of Carer’s Allowance since the 1970s

a massive boost for older and disabled people through the Disabled Facilities Grant

the biggest real-terms increase to the Public Health Grant in nearly a decade

we’ve given pharmacies the biggest funding uplift in a generation

and last week we froze prescription charges for the first time in years

A lot done, but there is more to do:

our bill on smoking and vapes will protect children and the most vulnerable and make this generation of kids the first smoke-free generation

our Mental Health Bill will stop the disgraceful incarceration of learning disabled adults

the ban on junk food advertising targeted at children will be a first step in addressing the growing problem of childhood obesity

we are working with health unions, councils and employers to deliver the first ever fair pay agreement for social care staff

and Louise Casey is leading a Commission on Social Care which will finally get a grip on a system that is broken for too many families

[Redacted political content.]

We will always defend our NHS as a publicly funded, public service, free at the point of use, so that when you fall ill you never have to worry about the bill.

Our job is twofold.

First, to get the NHS back on its feet and treating patients on time again.

And second, to reform the service for the long-term, so it is fit for the future.

This summer we will publish our 10 Year Plan for Health:

shifting the focus of healthcare out of hospital and into the community, with more investment in primary and community care

bringing our analogue health service into the digital age, arming staff with modern equipment and cutting-edge technology

turning our sickness service into a preventative health service, to help people live well for longer and tackle the biggest killers

This cannot be done by one man sat behind a desk in Whitehall. We will only succeed if this is a team effort, from the Prime Minister to the 1.5 million people who work in the health service. And the millions of us who use it taking the decisions needed to live healthier, more active lives.

Mental health

I know Usdaw have long campaigned on the impact poor mental health and stress can have at work. And your ‘It’s good to talk’ campaign is helping to overcome stigma and offering practical support to members who may be struggling.

Failing to take mental health seriously doesn’t just have an enormous impact on people. Absences take their toll on businesses, our NHS and our economy as a whole.

In the NHS, we’re expanding talking therapies. Last year, we provided almost 70,000 people with the support they need at work, up more than 60% on the year before.

We know a timely intervention on mental health can save anguish and distress further down the line, and to deliver this we need to expand the mental health workforce so everyone can access the right people, with the right support, at the right time.

That’s why our manifesto promised an extra 8,500 mental health staff: tackling mental ill-health and the causes of mental ill-health.

New deal for working people

Central to good health and good mental health are good jobs.

So while I’m focused on fixing the foundations of our NHS, the whole government is working hard to deliver our manifesto promise to deliver the new deal for working people.

[Redacted political content.]

Last month, our landmark Plan to Make Work Pay passed the House of Commons. It will mean:

jobs that are more secure and family friendly

a real living wage people can live on

going further and faster to close the gender pay gap

sick pay for the lowest earners

day one rights from unfair dismissal

ending fire and rehire

and banning exploitative zero-hour contracts once and for all

Conference, this will be the biggest upgrade of workers’ rights in a generation.

Campaigned for by Usdaw, delivered by this government.

Of course change – real change – takes time. As I said to Laura Kuenssberg on the BBC over the weekend, I’m pretty sure when I talk about falling waiting lists, there are people shouting at the telly: “What are you talking about? I’m still waiting!”

Both things are true. Waiting lists are falling and are over 200,000 lower today than they were when we came into office. But if you’re one of 7 million cases still on the list, you’re not feeling it yet.

Similarly, the decisions I took within weeks of taking office that allowed us to employ 1,500 GPs are making a difference, but there will still be people going bananas trying to get through at 8am tomorrow morning after the bank holiday.

If the Chancellor were standing here today, she’d also report that interest rates have fallen 3 times and wages are finally rising above inflation. But that doesn’t wash away the cost of living crisis.

People are really struggling at the moment.

Not living, just surviving.

It’s not good for our health and it’s not good for our country.

We were elected with a simple promise: change.

It won’t be enough for people to see it in the statistics – you need to feel it in your lives.

Is my family better off?

Is the NHS there for me when I need it?

Do my kids attend good schools?

Are my streets safe?

Am I getting a fair wage for a hard day at work?

[Redacted political content.]

Those are the questions we as politicians need to help you as union reps answer.

I want all of you to know that, in government, all of us feel that pressure to deliver the change people voted for. We don’t want to let you or our country down.

[Redacted political content.]

At the weekend, I asked people to give us the time we need to deliver as we grapple with an enormous breadth and depth of challenges.

[Redacted political content.]

But day by day, week by week, step by step, we will rebuild our economy, rebuild our public services and rebuild trust in politics.

There’ll be bumps in the road and we won’t get everything right.

[Redacted political content.]

This government has already:

increased the National Living Wage and National Minimum Wage, giving over 3 million workers a pay rise

delivered breakfast clubs at 750 primary schools, so that they start the day with hungry minds instead of hungry bellies

scrapped the wasteful Rwanda scheme and launched our Border Security Command

overhauled apprenticeships through a new Growth and Skills Levy

and switched on Great British Energy

We’re:

bringing the UK’s railways back into public ownership

banning no-fault evictions and introducing new protections for renters

delivering the New Deal for Working People

and cutting NHS waiting lists

Lots done, so much more to do.

[Redacted political content.]

Change has begun and the best is still to come.

Thank you.

Updates to this page

Published 8 May 2025
MIL OSI United Kingdom –
May 8, 2025
MIL-OSI Australia: Commissioner’s address at the ATAX International Conference
Source: New places to play in Gungahlin

Rob Heferen, Commissioner of Taxation
Address at the UNSW 16th ATAX International Conference on Tax Administration
Sydney, 8 April 2025
(Check against delivery)

Introduction

Thank you for the introduction.

I’d like to acknowledge the Traditional Owners of the land on which we meet, the Gadigal people, and pay respects to Elders past and present, and extend that to First Nations people present today.

I would also like to say thank you to Michael Walpole and Jennie Granger for inviting me to speak today.

It is indeed a privilege to be invited, and I hope I can get a recurring invite.

The theme of this year’s ATAX conference is ‘Tax Administration: Getting it right’.

Before I get underway, some of my own housekeeping is important to note. Given the House of Representatives has been dissolved, we have a caretaker government, and so public servants, even we statutory officers, need to exercise appropriate discretion about what we say, and what we comment on.

Which I will, of course, do.

So, while I might be a little bland, I hope that doesn’t rule me out for the future.

But returning to the topic at hand, what ought we mean by ‘getting tax administration right’.

Before I step through my perspective on this issue, which some of you will have heard before (I do apologise for that, but I think they are messages worth repeating) I’d like to reflect a bit on the crucial role tax has in the social contract – Australian style.

As the famous American Supreme Court Judge Oliver Wendell Holmes Jr said, ‘tax is the price we pay for a civilised society’.

I’d like to expand on that to posit that the tax we pay is a vital element of our social contract; the citizenry pay tax and in return the government provides the services the community, collectively, demands.

This notion recognises that as individuals there is little we can deliver on our own, but collectively our ‘contribution rules’ set out our obligations for how we can mutually contribute to fund things the country needs and the community demands.

Thomas Hobbes, one of the founders of modern political philosophy, had his memorable take on the social contract. Writing during the English civil war, he noted in the Leviathan that, without any ruler, our ‘state of nature’ would result in…

such condition, there is no place for industry; because the fruit thereof is uncertain: and consequently no culture of the earth; no navigation, nor the use of commodities that may be imported by sea; no commodious buildings; no instruments of moving, and removing, such things as require much force; no knowledge of the face of the earth; no account of time; no arts; no letters; no society; and which is worst of all; continual fear, and danger of violent death; and the life of man, solitary, poor, nasty, brutish and short.

He may well have been over-influenced by England’s challenges at the time, but I think a moderated application can be seen to ring true today. Hence his view that to correct for this, society needs a strong powerful ruler – in Hobbes’ time, perhaps a sovereign, in our time and our place, a government. Perhaps not necessarily ‘strong and powerful’ as Hobbes’ may have imagined it, but definitely one with authority.

Without a government, there will be little peace, prosperity or freedom.

And without tax, at least in the Australian context, very hard to imagine a government.

But digging a fraction deeper, does Australia’s tax system reflect Australia’s social contract and does the Australian Taxation Office’s (ATO’s) administration reflect this?

I think there’s a strong argument to be made that a country’s tax system, provided there are strong democratic foundations and processes, reflects its aspirations, its underpinnings and how the country has chosen its ‘rules of contribution’.

The Australian tax system, or at least the policy to be implemented, has at least 2 elements:
1. First, as a federation, do we have the right balance between taxes levied by the Commonwealth as compared to that by the states?
2. Second, do we have the right ‘tax mix’. That is, the right balance between direct taxes (such as income tax) and indirect taxes (such as the GST and excise)?
Of course, both of these are core policy questions not appropriate for me to comment on.

But then the question of whether we get the tax administration right can be assessed by whether, given the first 2 elements, do we have the right administrative machinery and people in place to deliver the desired revenue for the government to deliver the services the community demands – that is, to deliver on the social contract?

The ‘right’ administration of taxes

The ATO is governed by legislation, passed by those who represent the broader community.

Much responsibility is vested in the Commissioner, and the parliament has provided me with significant authority, but has carefully constrained the Commissioner’s discretion to depart from the job at hand.

To deliver on our purpose, successive governments have ensured we are appropriately resourced, with both technology and people, and from this resourcing expect us to deliver on our role.

So what’s our role?

To collect the right amount of tax, in accordance with the law, in the most efficient way for the government and the taxpayer. And in doing this, treat taxpayers with courtesy and respect.

The law, of course, changes over time, both through explicit parliamentary action, and also through the court’s interpretation of the ‘hard cases’ that come before it.

The administrator then needs to ensure that their administration of the law is kept contemporary and is seen as fair and reasonable.

Does the ATO meet these benchmarks?

As I hope you would expect, we strive to, but of course, given none of us are perfect, in specific instances we may well fall short.

So, what are some useful metrics we can look to, to assess whether we are getting our administration right? That demonstrate we are meeting our Public Governance, Performance and Accountability Act 2013 (the ‘bible’ that governs the way we in the APS act) requirements to be effective, efficient, economical and ethical?

Let’s start with the most important one – are we effective at our job?

Our purpose, or the reason we exist, is clear: We collect tax so that government can deliver services for the Australian community.

Being the nation’s principal tax collector is not always an easy job, but it’s an important one. One that’s fundamental to Australia’s strong economy and society.

Without the ATO doing its role, the rest of the government suffers (both Commonwealth and state), and accordingly, as does our broader society.

The ATO makes up a bit under 10% of the APS, but the more than 190,000 other federal public servants rely on us to do our job, so they can do theirs, that is so that the government has the money it needs to provide the services the community demands.

And given Australia’s vertical fiscal imbalance, a significant proportion of revenue the states and territories use to fund their public services is collected by us as well.

If our purpose is our guiding light, then our roadmap is our vision as an agency.

Our vision is an Australia where every taxpayer meets their obligations because:
- complying is easy
- help is tailored
- deliberate non-compliance has consequences.
We are confident that where these conditions are met, voluntary compliance will be optimised.

But our purpose drives what we do, day in and day out. It reinforces that our role is fundamental to making government work. At the end of the day, being that part of the government that collects tax revenue, so that other parts of government can deliver services for citizens, is our most fundamental function.

We definitely collect a lot of tax – in this year’s budget papersExternal Link our Treasury colleagues estimate that we will collect $676.1 billion in the current financial year.

But how does that compare with what we should collect?

It’s tricky to get a firm handle on this, but our best estimates stem from our ATO Tax Gap measurement.

Tax gap

The tax gap is an estimate of the difference between the estimate of what we expect to collect, and what would have been collected if every taxpayer was fully compliant with the law.

For the most recent tax gap data available, 2021–22, we estimate that we will collect $545.8 billion of the total $590.3 billion tax due.

That is, the amount of tax not collected, the net tax gap, is $44.5 billion, or 7.5% of the total amount of the tax.

The $545.8 billion, the amount we have or will collect, is made up of 2 parts:
- $531.4 billion that is reported correctly when taxpayers lodge their tax statements, and
- $14.3 billion which represents any difference between that first return and the final corrected return.
So, the $14.3 billion collected following a revised tax return is influenced by ATO action – typically our post lodgment compliance action like reviews and audits.

In the context of the performance of our tax system, the tax gap data indicates that we have 90.1% voluntary performance. This adjusts to 92.5% when we factor in our compliance action.

Tax gap components

But not all taxes are created equal, and the overall gap is made up of varying gaps or components across different taxation types. Based on the most recent verified data:
- The gap for personal income taxes (both salary and business income) account for $25.8 billion of the $44.5 billion tax gap.
- Given the size of the population for collections, it’s not surprising that this is the biggest. This group has a net tax gap of 8.5%.
- Company income taxes (large, medium and small companies) account for $8.7 billion of the $44.5 billion tax gap. This group has a net tax gap of 6.3%.
- GST – $4.4 billion and a net gap of 5.5%.
- Excise and all other gaps – $5.6 billion or a net tax gap of 8.1%.
Comparisons to other jurisdictions

So how does this compare to other countries?

This is a tricky question to answer mainly because of the countries who attempt to calculate their tax gap, each have their own unique features of measurement. The variation between jurisdictions means we can find ourselves comparing apples to oranges in many cases.

But if we look at the trends in our respective data, perhaps there is something to glean.

In Australia, since 2016–17, the net gap has decreased from 7.8% to 7.5%. Over the same period, the UK’s net gap decreased from 5.4% to 5.2% (noting the parameters of their gap calculations vary slightly from Australia’s).

In both instances, the overall net gap decreased. And it’s important to remember, that this represents an estimate of what we are not collecting and what is not being reported. Being an estimate, they are often revised over time as more information becomes available.

Suffice to say, in our international engagement, we are confident that our methodology is good practice, and our measured gaps are amongst the smallest.

So, I think we are quite effective.

Administrative performance

Then, do we do this in the most efficient way for the government and the taxpayer?

Our costs of collection are, in the main, very low. For the 2023–24 year the cost to collect $100 of tax was 56 cents.

Unfortunately, good, robust information on compliance costs for all taxpayers is not collected and produced.

Do we treat taxpayers with courtesy and respect?

Our Charter outlines our commitments to the community in their interactions with us and includes a number of stated commitments around the behaviours expected from ATO officers when they engage with the community.

We have a range of metrics that provide valuable insights into how this is working in practice:
- For service commitments: The ATO has 12 publicly stated service commitments that are reported every month on the ATO website. The last published results were for March 2025, and show all 12 were met.
- Highlights included that
  - 97% of electronic taxpayer requests were finalised in 15 days, against a target of 90%
  - 99% of electronic tax returns and activity statements were finalised in 12 business days, against a target of 94%, and
  - 100% of employee referrals for unpaid super were escalated with employers within 28 days, against a target of 90%.
- Regarding complaints, they continue to represent a very small portion of our interactions with taxpayers, around 0.1%.
  - Our service commitment is that we will resolve 85% of complaints within 15 days or within a date negotiated with the taxpayer. And, pleasingly, our March 2025 (YTD) result showed we have finalised 99% of complaints within our service commitment.
To further ensure confidence in our administration, the ATO is fortunate to have fairly comprehensive scrutiny from a broad set of scrutineers.

Like any Commonwealth government funded agency or department we are subject to the thrice-yearly scrutiny on our appropriation by the relevant senate legislation committee – commonly known as our Senate Estimates process.

Again, like any other similarly funded agency we are subject to both financial audits and performance audits by the Australian National Audit Office.

And we have our own dedicated scrutineer – the Tax Ombudsman, Ruth Owen, who is speaking this afternoon.

Each of these processes provide us food for thought and often specific recommendations to improve our administration to which we attempt to respond to in a timely way.

A further step this year was the Australian Public Service Commission initiating a capability reviewExternal Link to seek some external assurance that we are well placed for the future. And it showed that we are.

Importantly, and as far as I am aware – all of our scrutineers are broadly happy that we are collecting the right amount of tax.

But often the biggest critics of an organisation sit within it.

And one of our shortcomings brought to my attention by my staff early on was the size of the debt book.

The broader debt book – that is, stock of the tax debt that is owed to the Commonwealth Government at the current point in time – is currently over $105 billion (compared to the 2024-25 total revenue of around $650 billion). It’s the largest it’s ever been, and it is money that could be benefitting all Australians.

We estimate that just under half of that $105.1 billion is made up of collectable debt. That $46.4 billion is almost double the $26.5 billion of collectable debt owed in 2019.

I’ll have more to say on this shortly.

Our vision

We have recently spent time on sharpening our focus for the future by committing to a very clear vision for tax administration.

Our vision is an Australia where every taxpayer meets their obligations because:
- complying is easy
- help is tailored
- deliberate non-compliance has consequences.
I think there’s value in stepping this through in more detail today.

Firstly, every taxpayer meets their obligations because complying is easy.
- As an administrator, part of our role is to take the complexity of the system and do what we can to make it as easy to use as we can. That is, be a ‘complexity broker’.
- In all aspects of life we need complexity brokers. Some of us know how to fix our cars and are happy to rely on our own expertise. Others are content to know how to put in the petrol and steer the wheel and are happy to rely on those with the expertise.
- The ATO’s role as a complexity broker is complemented by the role of the tax profession in our system – those who help Australians to meet and understand their tax obligations.
- Focusing on the tax profession, strengthening that relationship continues to be one of our core priorities.
- It is vital that we work closely with the tax profession to ensure they are properly equipped to be complexity brokers for their clients.
Secondly, every taxpayer meets their obligations because help is tailored.
- While it’s important that all taxpayers have a clear digital pathway to resolve their interactions with the ATO, there will always be members of the community who need direct assistance from an ATO officer. While digital systems can enable a fast and seamless experience in some instances, it cannot be a substitute for human judgment.
- Only human intervention can determine what constitutes fairness and reasonableness in those taxpayer circumstances where complex communication, compassion or empathy are needed to make decisions with the taxpayer.
- We are currently developing our Future Interactions Strategy, which will further refine the how and when of our tailored approaches.
- And within this strategy, our objectives will be laid out
  - to provide unassisted digital options to resolve tax matters where possible
  - to provide efficient human-assisted channels to assist in resolving more complex matters, or where the circumstances of the taxpayer require it
  - to provide secure, integrated digital platforms.
- Alongside this is our focus on helping those experiencing vulnerability to meet their obligations.
- To support this, the ATO is implementing a Vulnerability Capability that will strengthen and coordinate the way the ATO supports those who need it most. And in doing this we are grateful to the Tax Ombudsman for her recent reportExternal Link on this issue, particularly regarding financial abuse.
- This program of work will include the development of a framework, together with specific actions and activities to support people experiencing vulnerability, including financial abuse.
And finally, every taxpayer meets their obligations because deliberate non-compliance has consequences.
- In the tax system, we think about non-compliance against a wide set of obligations, including failure to lodge, false registration and deliberate incorrect reporting. And of course, it also considers not paying the appropriate amount of tax.
- While all tax owed to the government is a priority – from individuals, and from small and large business – we are conscious of our duty to collect priority debt such as unpaid superannuation guarantee, PAYGW – that is, tax that is withheld from employees’ pay but not passed on to the government – and GST that is collected from customers but not passed on to the government, and from the small group of taxpayers who exhibit the most non-compliant behaviour in avoiding their obligations.
- It is important to note that only 22,000 taxpayers are responsible for $11 billion of the total tax collectable debt value. In context, that’s about 1% of the total debtors responsible for 20% of what’s owed.
- To be clear, I’m not talking about just the largest taxpayers – this 1% are taxpayers of varying sizes. And it is this group where our focus lies.
- This approach we are taking to collect the tax owed to the government is deliberate and targeted, with action being taken for those who repeatedly refuse to engage with us and continue to ignore our reminders.
- For these taxpayers, we are moving more urgently to deploy the full powers available to us and we are beginning to see some positive impacts of this work, through reduction in the amount of debt owed to the government.
Conclusion

So, are we getting tax administration right? We, of course, have a few critics.

But we all need to keep reminding ourselves that the tax system is not an end in itself; it’s only ever an instrument for the government to get the money it needs to deliver the services the community desires.

Many of us, both internally and externally, can get caught up in the intricacies of various seemingly contradictory tax policies, the finer points of a court outcome, and the time it takes for us to finalise a complex ruling. Missing the reality of our tax system’s overall performance.

But total taxes largely meet society’s spending demands. Our tax gap is low and our service commitments largely met.

So, the conditions of tax administration doing its bit to deliver on our social contract are largely, or mainly, met.

Is our tax administration perfect? Of course not.

Is it about right? I am obviously biased, but I would say definitely.

Can we improve? Of course.

We’ve got work to do to achieve this. But that’s our aim.

Thank you.

MIL OSI News –
May 8, 2025
MIL-OSI Banking: Decrease in Danish and European exposure to carbon intensive companies

Source: Danmarks Nationalbank

Decrease in carbon intensity

In 2024, an average of about 10 tonnes of greenhouse gases were emitted for every million kroner of revenue generated in the listed companies that Danish insurance and pension companies had invested in. This represents a halving since 2020 and only one-third of the carbon intensity in 2018. The same applies to Danish investment funds. The large decrease is related to both fewer investments in the most carbon intensive companies and lower emissions relative to turnover in the individual companies.

The decrease in carbon intensity has also happened in the euro area. Insurance and pension companies, as well as investment funds in Denmark and the euro area, have altogether invested over kr. 50,000 billion in listed companies, which emit greenhouse gases to varying degrees. Some of these companies have high emissions relative to their revenue, making them more carbon intensive than others. This includes companies in sectors such as utilities, energy, and materials manufacturing.

Lower exposure can mean fewer risks

On average, the exposure to carbon intensive companies is lower for Denmark’s insurance and pension companies than for those in the euro area. Based on the latest published figures from the ECB, approximately 20 tonnes of greenhouse gases were emitted in 2021 for every million kroner of revenue generated in the listed companies that the euro area’s insurance and pension sectors had invested in. The same figure was 17 tonnes for Denmark. Calculations from Nationalbanken indicate that this level difference continues to apply in 2024.

A lower exposure to carbon intensive companies can reduce the so-called transition risks associated with the green transition that investors are exposed to. Thus, carbon intensive companies are more exposed in the event of climate regulations and requirements than other types of companies, and this may have led institutional investors to reduce their portfolio share of these stocks, etc.

Climate-related indicators for the financial sector

The European Central Bank, ECB, has published climate-related indicators for the financial sectors of euro area countries since January 2023 (link to data and documentation), and Danmarks Nationalbank has published Danish climate-related indicators since March 2023 (link to sources and methodology). The indicators cover comparable aspects of financed greenhouse gas emissions and exposure to carbon intensive companies through equities and corporate bonds in listed, non-financial companies. Carbon intensity in the investment portfolio is one of these aspects.

The ECB has published climate-related indicators for the period 2018 to 2021, while Nationalbanken has published data from 2018 to 2024. Nationalbanken has calculated the weighted average carbon intensity for the euro area from 2022 to 2024 for the purpose of this statistical news. The calculation is based on investment data from the ECB’s Securities Holdings Statistics by Sector (SHSS, link), and company-reported emission data from ISS and MSCI. There are minor methodological differences between the ECB’s and Nationalbanken’s estimates, including those related to estimating companies’ revenues and emissions in the case of missing data, although this does not significantly affect the reported level of carbon intensity.

Weighted Average Carbon Intensity, WACI, is calculated to measure the average carbon intensity of an investment portfolio. WACI expresses the average greenhouse gas emissions (scope 1) for each million kroner in revenue from the listed equities and corporate bonds of non-financial companies included in a given investment portfolio.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI China: SCIO briefing on China’s imports, exports in Q1 2025

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

中文

Speakers:

Mr. Wang Lingjun, vice minister of the General Administration of Customs of China (GACC)

Mr. Lyu Daliang, spokesperson of the GACC and director general of the Department of Statistics and Analysis of the GACC

Chairperson:

Ms. Xing Huina, deputy director general of the Press Bureau of the State Council Information Office (SCIO) and spokesperson of the SCIO

Date:

April 14, 2025

Xing Huina:

Ladies and gentlemen, good morning. Welcome to this press conference held by the State Council Information Office (SCIO). Today, we will conduct a routine release of economic data. We have invited Mr. Wang Lingjun, vice minister of the General Administration of Customs of China (GACC), to introduce China’s import and export performance in the first quarter of this year and answer your questions. Also attending today’s press conference is Mr. Lyu Daliang, spokesperson of the GACC and director general of the Department of Statistics and Analysis of the GACC.

Now, I’ll give the floor to Mr. Wang for his introduction.

Wang Lingjun:

Good morning. I will start by briefing you on the import and export performance in the first quarter of this year, and then my colleague Mr. Lyu and I will answer your questions.

Since the beginning of this year, under the strong leadership of the Party Central Committee with Comrade Xi Jinping at its core, China has adhered to the general principle of pursuing progress while maintaining stability, fully and faithfully applied the new development philosophy, accelerated efforts to foster a new pattern of development, and solidly promoted high-quality development. Both existing policies and incremental policies have continued to exert their effects. The economy has got off to a steady start, and the development trend is positive and dynamic. China’s foreign trade has withstood pressure, achieving growth in scale and improvement in quality. Customs statistics show that in the first quarter of this year, China’s foreign trade in goods stood at 10.3 trillion yuan, up 1.3% year on year. Exports were 6.13 trillion yuan, up by 6.9%, and imports were 4.17 trillion yuan, down by 6%. Specifically, there were four main features:

First, the growth rate of imports and exports rebounded month by month. In the first quarter, China’s imports and exports reached a record high for the same period, exceeding 10 trillion yuan for eight consecutive quarters. Looking at the monthly trends, imports and exports fell by 2.2% in January, remained basically flat in February, and grew by 6% in March.

Second, the proportion of private enterprises in imports and exports increased. In the first quarter, the imports and exports of private enterprises in China reached 5.85 trillion yuan, an increase of 5.8%, accounting for 56.8% of the total import and export value, an increase of 2.4 percentage points compared with the same period last year. During the same period, the imports and exports of foreign-invested enterprises reached 2.99 trillion yuan, an increase of 0.4%, accounting for 29% of the total import and export value.

Third, the growth rate of imports and exports with countries participating in the Belt and Road Initiative (BRI) was higher than the overall level. In the first quarter, China’s imports and exports with BRI partner countries reached 5.26 trillion yuan, increasing by 2.2%, which was 0.9 percentage points higher than the overall growth, accounting for 51.1% of the total import and export value. Among these, imports and exports with ASEAN countries reached 1.71 trillion yuan, up 7.1%.

Fourth, the imports and exports of mechanical and electrical products grew rapidly. In the first quarter, China’s imports and exports of mechanical and electrical products reached 5.29 trillion yuan, an increase of 7.7%. Among these, exports of goods such as household appliances, notebook computers and electronic components grew relatively quickly; and imports of parts and components of automatic data processing equipment, ships and offshore engineering equipment also grew relatively quickly.

Generally speaking, in the face of increasing external difficulties and challenges, local governments, various departments and a large number of foreign-trade operators actively responded, promoting a stable start for China’s imports and exports in the first quarter.

Recently, the United States government has wantonly imposed tariffs, which will inevitably have a negative impact on global trade, including that between China and the U.S. China has resolutely taken necessary countermeasures in a timely manner. This is not only to safeguard its legitimate rights and interests but also to defend international trade rules and international fairness and justice. China will unswervingly promote a high level of opening up and carry out mutually beneficial economic and trade cooperation with other countries.

Customs authorities will resolutely implement the decisions and deployments of the Party Central Committee, firmly uphold their duties, strictly implement all countermeasures against the U.S. in accordance with the law, and safeguard national sovereignty, security and development interests. We will accelerate the construction of smart customs and international cooperation, innovate customs supervision systems, continuously improve supervision efficiency and service levels, facilitate enterprises’ customs clearance, and promote the stable development of foreign trade with more optimized supervision, higher security, greater convenience and stricter anti-smuggling efforts. Thank you.

Xing Huina:

Thank you, Mr. Wang, for your introduction. We will now move on to the Q&A session. Please raise your hand if you have a question. Please identify your news outlet before asking your question.

MIL OSI China News –

May 8, 2025
MIL-OSI Asia-Pac: Union Minister G. Kishan Reddy Launch Website and Stakeholders’ Portal to Strengthen Non-Ferrous Metal Recycling Ecosystem
Source: Government of India

Posted On: 07 MAY 2025 5:56PM by PIB Delhi

Union Minister of Coal and Mines,Shri. G Kishan Reddy today launched a dedicated Non-Ferrous Metal Recycling Website and Stakeholders’ Portal – https://nfmrecycling.jnarddc.gov.in – in the presence of the Minister of State for Coal and Mines, Shri Satish Chandra Dubey and senior officials from the Ministry of Mines and JNARDDC. The initiative aims to promote a structured, transparent, and sustainable recycling ecosystem in India.

Developed under the implementation guidelines of the National Non-Ferrous Metal Scrap Recycling Framework, the platform is designed to bring together key stakeholders, improve data visibility, and support evidence-based policymaking in the recycling of aluminium, copper, lead, zinc, and critical elements.

Speaking at the launch, Union Minister Shri G. Kishan Reddy said, “India is committed to building a circular economy that optimally utilises its resources. This portal will not only provide real-time visibility into the recycling landscape but also empower all stakeholders to make informed decisions, bridge gaps, and unlock the full potential of our non-ferrous metal sector.”

The Minister of State Shri Satish Chandra Dubey lauded the initiative, stating that “this portal is a much-needed step in strengthening the recycling value chain and enhancing industry participation through transparency and data-driven policy support.”

The website will act as a national hub for information dissemination, awareness generation, and engagement with recyclers, dismantlers, aggregators, industry associations, and research institutions. It highlights government initiatives, provides updates on stakeholder meetings and policy developments, and offers access to national statistics, standards, and infrastructure-related achievements.

The integrated portal also enables registration of industry participants and collection of crucial data on raw material consumption, recycling capacity, technology usage, and workforce trends—supporting future interventions in R&D, infrastructure development, and skill enhancement.

Key Features Include:
- National registry for dismantlers, recyclers, traders, and collection centres
- Tools to track raw material flows, product types, technology adoption, and workforce data
- Performance benchmarking mechanisms
- Identification of regional and sectoral infrastructure and skill gaps
- Support for development of standards, certification systems, and awareness campaigns
This initiative marks a major step toward strengthening India’s non-ferrous metal recycling ecosystem and aligns with the national vision of circular economy, sustainability, and resource efficiency.

Significant step towards advancing circular economy!

Launched the Non-Ferrous Metal Recycling Website & Stakeholders’ Portal, an initiative of the Ministry of Mines, today in New Delhi.

The portal is a one-stop platform for industry registration, data integration, and… pic.twitter.com/fjBatusGzH

— G Kishan Reddy (@kishanreddybjp) May 7, 2025

Union Minister Shri G. Kishan Reddy, along with MoS Shri Satish Chandra Dubey, launched the Non-Ferrous Metal Recycling Website & Stakeholders’ Portal today, in the presence of senior officials of the Ministry of Mines and JNARDDC. 🇮🇳

This platform will drive India’s circular… pic.twitter.com/8DCPDTEeP6

— Ministry of Mines (@MinesMinIndia) May 7, 2025

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Shuhaib T

(Release ID: 2127564) Visitor Counter : 53

MIL OSI Asia Pacific News –
May 8, 2025

MIL-OSI Asia-Pac: Highlights of Telecom Subscription Data as on 31st March, 2025

Source: Government of India

Posted On: 07 MAY 2025 4:41PM by PIB Delhi

Particulars	Wireless	Wireline	Total (Wireless+ Wireline)
Broadband Subscribers (Million)	902.74*	41.39	944.12
Urban Telephone Subscribers (Million)	632.57*	33.54	666.11
Net Addition in March, 2025 (Million)	-1.64	-0.39	-2.03
Monthly Growth Rate	-0.26%	-1.15%	-0.30%
Rural Telephone Subscribers (Million)	531.18*	3.50	534.69
Net Addition in March, 2025 (Million)	4.86	0.52	5.38
Monthly Growth Rate	0.92%	17.59%	1.02%
Total Telephone Subscribers (Million)	1163.76*	37.04	1200.80
Net Addition in March, 2025 (Million)	3.21	0.13	3.35
Monthly Growth Rate	0.28%	0.37%	0.28%
Overall Tele-density^@(%)	82.42%	2.62%	85.04%
Urban Tele-density^@(%)	124.83%	6.62%	131.45%
Rural Tele-density^@(%)	58.67%	0.39%	59.06%
Share of Urban Subscribers	54.36%	90.55%	55.47%
Share of Rural Subscribers	45.64%	9.45%	44.53%

In the month of March 2025, 13.54 million subscribers submitted their requests for Mobile Number Portability (MNP). With this, the cumulative MNP requests increased from 1105.39 million at the end of February-25 to 1118.94 million at the end of March-25, since implementation of MNP.
Number of active wireless (Mobile) subscribers (on the date of peak VLR^#) in March 2025 was 1074.21 million.

Note:

^* Wireless includes 5G FWA subscription also.
@ Based on the projection of population from the ‘Report of the Technical Group on Population Projections for India and States 2011 – 2036’.
# VLR is acronym of Visitor Location Register. The dates of peak VLR for various TSPs are different in different service areas.
The information in this Press Release is based on the data provided by the Service Providers.

Broadband Subscribers

As per the information received from 1206 operators in March 2025, in comparison to 1189 operators in February 2025, the total Broadband Subscribers increased from 944.04 million at the end of February-25 to 944.12 million at the end of March-25 with a monthly growth rate of 0.009%. Segment-wise broadband subscribers and their monthly growth rates are as below: –

Segment–wise Broadband Subscribers and Monthly Growth Rate in the month of March, 2025

Segment	Subscription	Subscribers (in million)		% Change
Segment	Subscription	Feb-25	Mar-25	% Change
Wired subscribers	Fixed (wired) Broadband (DSL, FTTx, Ethernet/LAN, Cable Modem, ILL)	41.20	41.39	0.44%
Wireless Subscribers	Fixed Wireless Broadband (FWA-5G, Wi-Fi, Wi-Max, Radio, Satellite)	4.89	4.89	0.16%
Wireless Subscribers	Mobile Broadband (Handset/Dongle based)	897.95	897.84	-0.01%
Total Broadband Subscribers		944.04	944.12*	0.009%

* This report is prepared considering the last reported (Nov 2024) internet subscription data submitted by M/s Reliance Jio Infocom Ltd. and M/s Bharti Airtel Ltd., as they did not submit the requisite data in the prescribed format for Dec-2024 and Jan, Feb & Mar-2025.

As on 31^st March 2025, top five Broadband

(Wired + Wireless) Service providers

S.N.	Name of the Service Provider	Subscriber base (In million)
	Reliance Jio Infocomm Ltd	476.58*
	Bharti Airtel Ltd.	289.31*
	Vodafone Idea Ltd.	126.41
	Bharat Sanchar Nigam Ltd.	34.57
	Atria Convergence Technologies Limited	2.29
Market Share of Top Five Broadband (Wired+Wireless)		98.41%

*As per reported data of Nov-24

The graphical representation of the service provider-wise market share of broadband services is given below: –

Service Provider-wise Market Share of Broadband

(wired + wireless) Services as on 31^st March, 2025

As on 31^st March, 2025, Top Five Fixed (Wired) Broadband Service providers

S.N.	Name of the Service Provider	Subscriber base (In million)
	Reliance Jio Infocomm Ltd	11.48*
	Bharti Airtel Ltd	8.55*
	Bharat Sanchar Nigam Ltd	4.34
	Atria Convergence Technologies Limited	2.29
	Kerala Vision Broadband Ltd	1.31
Market Share of Top Five Fixed (Wired) Broadband Service Providers		67.57%

*As per reported data of Nov-24

As on 31^st March, 2025, top five Wireless (Fixed wireless & mobile) Broadband Service providers

S.N.	Name of the Service Provider	Subscriber base (In million)
	Reliance Jio Infocomm Ltd	465.10*
	Bharti Airtel Ltd	280.76*
	Vodafone Idea Ltd	126.40
	Bharat Sanchar Nigam Ltd	30.23
	IBus Virtual Network Services Private Limited	0.09
Market Share of Top Five Wireless Broadband Service Providers		99.98%

^*As per reported data of Nov-24

Wireline Subscribers

Wireline subscribers increased from 36.91 million at the end of February-25 to 37.04 million at the end of March-25. Net increase in the wireline subscriber base was 0.13 million with a monthly rate of growth 0.37%.
The Overall wireline Tele-density in India remained same i.e. 2.62% at the end of March-25 which was at the of February-25. Urban and Rural Wireline Tele-density were 6.62% and 0.39%, respectively, during the same period. The share of urban and rural subscribers in total wireline subscribers were 90.55% and 9.45% respectively at the end of March, 2025.
BSNL, MTNL, and APSFL, the three PSUs access service providers, held 27.87% of the wireline market share as on 31^st March 2025. Detailed statistics of the Wireline subscriber base are available at Annexure-I.

Access Service Provider-wise Market Share of wireline Subscribers

as on 31^st March, 2025

Access Service Provider-wise Net Addition/Decline in wireline Subscribers during the month of March, 2025

Wireless (Mobile+5G FWA) Subscribers

Total wireless (mobile+5G-FWA) subscribers increased from 1,160.33 million at the end of February-25 to 1,163.76 million at the end of March-25, thereby registering a monthly growth rate of 0.28%. Total Wireless subscription in urban areas decreased from 634 million on February-25 to 632.57 million on March-25 and the subscription in rural areas also increased from 526.33 million to 531.18 million during the same period. The monthly growth rate of urban and rural wireless subscriptions was -0.26% and 0.92%, respectively.

The Wireless Tele-density in India increased from 82.23% at the end of Feb-25 to 82.42% at the end of Mar-25. The Urban Wireless Tele-density decreased from 125.30% at the end of Feb-25 to 124.83% at the end of Mar-25 however, the Rural Tele-density increased from 58.16% to 58.67% during the same period. The share of urban and rural wireless subscribers in the total number of wireless subscribers was 54.36% and 45.64%, respectively, at the end of March-25.

The details of Wireless (mobile) and Wireless (5G FWA) subscribers are detailed below: –

(A) Wireless (Mobile) subscriber

Total wireless (Mobile) subscribers increased from 1,154.05 million at the end of Feb-25 to 1,156.99 million at the end of Mar-25, thereby registering a monthly growth rate of 0.25%. Wireless (Mobile) subscription in urban areas increased from 627.94 million at the end of Feb-25 to 628.31 million at the end of Mar-25 and wireless (Mobile) subscription in rural areas also increased from 526.11 million to 528.68 million during the same period. Monthly growth rate of urban and rural wireless (Mobile) subscription was 0.06% and 0.49% respectively.

The Wireless (Mobile) Tele-density in India increased from 81.79% at the end of Feb-25 to 81.94% at the end of Mar-25. The Urban Wireless Tele-density decreased from 124.10% at the end of Feb-25 to 123.99% at the end of Mar-25 however Rural Tele-density increased from 58.13% to 58.40% during the same period. The share of urban and rural wireless (Mobile) subscribers in total number of wireless (Mobile) subscribers was 54.31% and 45.69% respectively at the end of March 2025. Detailed statistics of wireless (Mobile) subscriber base is available at Annexure-II.

• As on 31^st March 2025, the private access service providers held 92.04% market share of the wireless (Mobile) subscribers, whereas BSNL and MTNL, the two PSU access service providers, had a market share of only 7.96%.

The graphical representation of access service provider-wise market share and net additions in wireless (Mobile) subscriber base are given below: –

Access Service Provider-wise Market Shares in term of Wireless (Mobile) Subscribers as on 31^st March, 2025

Net Addition/ Decline in Wireless (Mobile) Subscribers of Access Service Providers in the month of March, 2025

Growth in Wireless (Mobile) Subscribers

Major Access Service Provider-wise Monthly Growth/ Decline Rate of Wireless Subscribers in the month of March, 2025

Service Area-wise Monthly Growth/ Decline Rate of Wireless (Mobile) Subscribers in the month of March, 2025

Except Tamil Nadu, Kerala, Andhra Pradesh and Kolkata all other service areas have showed growth in their wireless (Mobile) subscribers during the month of March-25.

(B) Wireless (5G FWA) subscribers

Total wireless (5G FWA) subscribers increased from 6.27 million at the end of February-25 to 6.77 million at the end of March-25 with subscriptions in urban and rural areas of 4.26 million and 2.51 million, respectively

The share of urban and rural wireless (5G FWA) subscribers in the total number of wireless (5G FWA) subscribers was 62.97% and 37.03%, respectively at the end of March, 2025. Detailed statistics of the wireless (5G FWA) subscriber base is available at Annexure-V

M2M cellular mobile connections

Number of M2M cellular mobile connections increased from 64.71 million at the end of February-25 to 66.54 million at the end of March-25.

Bharti Airtel Limited has the highest number of M2M cellular mobile connections 34.82 million with a market share of 52.32% followed by Vodafone idea Limited, Reliance Jio Infocom Limited and BSNL with market share of 24.39%, 18.25% and 5.04% respectively.

Total Telephone Subscribers

The number of total telephone subscribers in India increased from 1,197.23 million at the end of Feb-25 to 1,200.80 million at the end of Mar-25, thereby showing a monthly growth rate of 0.28%. Urban telephone subscription decreased from 667.93 million at the end of Feb-25 to 666.11 million at the end of Mar-25 however the rural subscription increased from 529.31 million to 534.69 million during the same period. The monthly growth rates of urban and rural telephone subscription were -0.30% and 1.02% respectively during the month of March, 2025.

The overall Tele-density in India increased from 84.85% at the end of Feb-25 to 85.04% at the end of Mar-25. The Urban Tele-density decreased from 132.01% at the end of Feb-25 to 131.45% at the end of Mar-25 however Rural Tele-density increased from 58.48% to 59.06% during the same period. The share of urban and rural subscribers in total number of telephone subscribers at the end of March-25 were 55.47% and 44.53% respectively.

Overall Tele-density (LSA Wise) – As on 31^st March, 2025

As may be seen in the above chart, eight LSA have less tele-density than the all-India average tele-density at the end of March-25. Delhi service area has maximum tele-density of 275.79% and the Bihar service area has minimum tele-density of 57.23% at the end of March-25.

Notes: –

Population data/projections are available state wise only.
Tele-density figures are derived from the telephone subscriber data provided by the access service providers and the projection of population from the “Report of the Technical Group on Population Projections for India and States 2011 – 2036.
Telephone subscriber data for Delhi, includes, apart from the data for the State of Delhi, wireless subscriber data for the areas served by the local exchanges of Ghaziabad & Noida (in Uttar Pradesh) and Gurgaon & Faridabad (in Haryana).
Data/information for West Bengal includes Kolkata, Maharashtra includes Mumbai and Uttar Pradesh includes UPE & UPW service area(s).
Data/information for Andhra Pradesh includes Telengana, Madhya Pradesh includes Chhatishgarh, Bihar includes Jharkhand, Maharashtra includes Goa, Uttar Pradesh includes Uttarakhand, West Bengal includes Sikkim and North-East includes Arunachal Pradesh, Manipur, Meghalaya, Mizoram, Nagaland & Tripura States.

Category-wise Growth in subscriber base

Circle Category-wise Net Additions in Telephone Subscribers in the month March, 2025

Circle Category	Net additions in the month of March, 2025		Telephone Subscriber base as on 31^st March, 2025
Circle Category	Wireline segment	*Wireless segment**	Wireline segment	*Wireless segment**
Circle A	61442	161244	14568246	386538167
Circle B	63707	1110993	10199907	471472982
Circle C	17156	1470149	2946671	192267604
Metro	-7369	469123	9325910	113476417
All India	134936	3211509	37040734	1163755170

*Wireless includes 5G FWA subscription also

Circle Category-wise monthly and yearly Growth Rates in Telephone Subscribers in the month of March, 2025

Circle Category	Monthly growth rate (%) (February-25 to March-25)		Yearly growth rate (%) (March-24 to March-25)
Circle Category	Wireline Segment	*Wireless Segment**	Wireline Segment	*Wireless Segment**
Circle A	0.42%	0.04%	10.69%	-0.48%
Circle B	0.63%	0.24%	13.09%	-0.41%
Circle C	0.59%	0.77%	11.88%	1.74%
Metro	-0.08%	0.42%	3.88%	-1.09%
All India	0.37%	0.28%	9.62%	-0.15%

*Wireless includes 5G FWA subscription also

Note: Circle Category-Metro includes Delhi, Mumbai and Kolkata. Data for Chennai has been included in Circle Category-A, as part of TamilNadu.

As can be seen in the above tables, in the wireless segment, during the month of March 2025, on monthly basis, all circles have registered growth rate in their subscriber base. On a yearly basis, except Circle ‘C’, all other circles have registered a decline in their subscriber base.
In the Wireline segment, during the month of March 2025, on monthly basis, except Circle ‘Metro’, all other circles have registered growth in their subscriber base. On yearly basis, all circles have registered growth in their subscriber.

Active Wireless (Mobile) Subscribers (VLR Data)

Out of the total 1156.99 million wireless subscribers, 1074.21 million wireless subscribers were active on the date of peak VLR in the month of March-25. The proportion of active wireless subscribers was approximately 92.85% of the total wireless subscriber base.

The detailed statistics on proportion of active wireless subscribers (also referred to as VLR subscribers) on the date of peak VLR in the month of March-25 is available at Annexure-III and the methodology used for reporting VLR subscribers is available at Annexure-IV.

Access Service Provider-wise Percentage of VLR Subscribers

in the month of March, 2025

Reliance Communication has the maximum proportion 100% of its active wireless subscribers (VLR) as against its total wireless subscribers (HLR) on the date of peak VLR in the month of March-25 and MTNL has the minimum proportion of VLR 48.07% of its HLR during the same period.

Service Area wise percentage of VLR Subscribers

in the month of March, 2025

Mobile Number Portability (MNP)

Intra-service area Mobile number portability (MNP) was implemented first in Haryana service area w.e.f. 25.11.2010 and in the rest of the country w.e.f. 20.01.2011. Inter-Service Area MNP has been implemented in the country w.e.f. 03.07.2015. Now, the wireless telephone subscribers can retain their mobile numbers when they relocate from one service area to another.
During the month of March-25, a total of 13.54 million requests were received for MNP. Out of total 13.54 million, new requests received from Zone-I & Zone-II were 7.51 million and 6.03 million respectively. The cumulative MNP requests increased from 1105.39 million at the end of February-25 to 1118.94 million at the end of March-25, since the implementation of MNP.

In MNP Zone-I (Northern and Western India), the highest number of requests till date have been received in Uttar Pradesh-East (about 111.89 million) followed by Maharashtra (about 90.87 million) service area.
In MNP Zone-II (Southern and Eastern India), the highest number of requests till date have been received in Madhya Pradesh (about 88.41 million) followed by Karnataka (about 73.53 million).

Service Area Wise MNP Status
Zone-I			Zone–II
Service Area	Number of Porting Requests (in Million)		Service Area	Number of Porting Requests (in Million)
Service Area	Feb-25	Mar-25	Service Area	Feb-25	Mar-25
Delhi	52.65	53.25	Andhra Pradesh	72.06	72.69
Gujarat	75.20	76.11	Assam	8.09	8.20
Haryana	34.79	35.19	Bihar	63.84	64.93
Himachal Pradesh	4.64	4.68	Karnataka	72.96	73.53
Jammu & Kashmir	3.17	3.23	Kerala	26.11	26.34
Maharashtra	89.94	90.87	Kolkata	20.00	20.17
Mumbai	35.98	36.23	Madhya Pradesh	87.16	88.41
Punjab	36.01	36.37	North East	2.52	2.55
Rajasthan	73.85	74.56	Odisha	19.26	19.48
U.P.(East)	110.02	111.89	Tamil Nadu	68.67	69.33
U.P.(West)	82.68	84.03	West Bengal	65.79	66.88
Total	598.92	606.43	Total	506.48	512.51
Total (Zone-I + Zone-II)				1,105.39	1,118.94
Net Addition (March, 2025)		13.54 million

Contact details in case of any clarification: –

Shri Vijay Kumar, Advisor (F&EA),

Telecom Regulatory Authority of India

World Trade Centre, Tower-F,

Nauroji Nagar, New Delhi – 110029

Ph: 011-20907773 (D. Manoj)

E-mail: advfea1@trai.gov.in Pr. Advisor (F&EA)

Note: Peak VLR figures in some circles of some of the service providers are more than their HLR figures due to a large number of inroamers.

Annexure IV

VLR Subscribers in the Wireless Segment

Home Location Register (HLR) is a central database that contains details of each mobile phone subscriber that is authorized to use the GSM core network. The HLRs store details of every SIM card issued by the service provider. Each SIM has a unique identifier called an International Mobile Subscriber Identity (IMSI), which is the primary key to each HLR record. The HLR data is stored for as long as a subscriber remains with the service provider. HLR also manages the mobility of subscribers by means of updating their position in administrative areas. It sends the subscriber data to a Visitor Location Register (VLR).

Subscriber numbers reported by the service providers is the difference between the numbers of IMSI registered in service provider’s HLR and sum of other figures as given below: –

1	Total IMSI’s in HLR (A)
2	Less: (B = a + b + c + d + e)
a.	Test/Service Cards
b.	Employees
c.	Stock in hand/in Distribution Channels (Active Card)
d.	Subscriber Retention period expired
e.	Service suspended pending disconnection
3	Subscribers Base (A-B)

Visitor Location Register (VLR) is a temporary database of the subscribers who have roamed into the particular area, which it serves. Each base station in the network is served by exactly one VLR; hence a subscriber cannot be present in more than one VLR at a time.

If subscriber is in active stage i.e. he is able to send/receive calls/SMSs he is available both in HLR and VLR. However, it may be possible that the subscriber is registered in HLR but not in VLR due to the reason that he is either switched-off or moved out of coverage area, not reachable etc. In such circumstances he will be available in HLR but not in VLR. This causes difference between subscriber number reported by the service providers based on HLR and numbers available in VLR.

The VLR subscriber data calculated here is based on active subscribers in VLR on the date of Peak subscriber number in VLR of the particular month for which the data is being collected. This data is to be taken from the switches having the purge time of not more than 72 hours.

***

Samrat

(Release ID: 2127534) Visitor Counter : 28

MIL OSI Asia Pacific News –

May 8, 2025

MIL-OSI Asia-Pac: LCQ12: Support for small and medium-sized law firms and young barristers

Source: Hong Kong Government special administrative region

Following is a question by the Hon Maggie Chan and a written reply by the Secretary for Justice, Mr Paul Lam, SC, in the Legislative Council today (May 7):

Question:

     There are views that, as Hong Kong is the centre for international legal and dispute resolution services in the Asia-Pacific region and where the International Organization for Mediation is located, the development of the legal profession is crucial to enhancing Hong Kong’s business environment governed by the rule of law and giving full play to the unique advantages of Hong Kong’s common law. It is learnt that small and medium-sized law firms and young barristers in Hong Kong face many challenges in terms of market competition, resource allocation and professional development. Regarding the support for small and medium-sized law firms and young barristers, will the Government inform this Council:

(1) whether it has currently formulated specific policies or measures to assist the professional development of small and medium-sized law firms and young barristers; if so, of the details; if not, the reasons for that;

(2) whether it has assessed the effectiveness of the policies or measures mentioned in (1); if it has assessed, whether there are statistics or examples showing that such policies or measures have effectively enhanced the quality and competitiveness of the professional legal services provided by small and medium-sized law firms; and the number of small and medium-sized law firms and young barristers that have benefited so far; if it has not assessed, of the reasons for that;

(3) whether it has assessed the response of the legal profession to the policies or measures mentioned in (1); what specific measures will the Government implement in the future to further support the professional development and enhance the competitiveness of small and medium-sized law firms and young barristers; and

(4) whether it has formulated key performance indicators for supporting the professional development and enhancing the competitiveness of small and medium-sized law firms and young barristers; if so, of the specific details (including the indicators set); if not, the reasons for that?

Reply:

President,

     In response to the enquiry raised by the Hon Maggie Chan, the consolidated reply is as follows:

     A self-regulatory regime is applied for Hong Kong’s legal profession. On the premise of fully respecting the self-regulatory regime of the legal profession, the Department of Justice (DoJ) has all along been implementing various initiatives and new policies to foster an environment conducive to the professional development of the legal sector and create opportunities for them. According to statistics from the Law Society of Hong Kong (Law Society), nearly 90 per cent of law firms in Hong Kong are sole proprietorships or consist of no more than five partners. In formulating and introducing policies, the DoJ will take into account the needs of small and medium-sized law firms.

     Over the years, the DoJ has devised various policies and/or measures to support the professional development of solicitors from small and medium-sized law firms and young barristers with details set out below:

Understudy Programme (Civil/Prosecution Work)

     Launched in mid-2020, the programme aims to provide training opportunities for the less-experienced barristers and solicitors (i.e. with less than five years’ post call/admission experience) to handle civil and prosecution work of the Government in order to broaden their horizon, enrich them with valuable experience and improve their case management skills. The trainings include drafting of legal opinions, conducting legal research, observing lawyers in action in different levels of courts and various hearings, participating in hearing preparation works, acting as junior counsel to senior counsel or counsel or Government Counsel, and assisting in handling more complex cases conducted in the District Court or the Court of First Instance or magistracy cases with lengthy trials. As at March 31, 2025, a total of 297 solicitors and barristers with less than five years’ qualification participated in various civil and criminal works through the programme with satisfactory response. The DoJ has, from time to time, received expressions of interest from solicitors and barristers to participate in the programme, reflecting the continued support and participation from the sector. The DoJ will continue to review and select suitable work to provide more training opportunities to participating solicitors and barristers.

Professional Exchange Programme

     The programme aims to facilitate the exchange of best practices between lawyers in the private sector and DoJ. Qualified private sector lawyers can apply through their law firms/chambers for attachment to DoJ; law firms/chambers interested in accepting exchange lawyers from DoJ can also contact DoJ.

     The feedback of participants on the programme has been positive. Participants considered that their attachment facilitated cross-fertilisation of knowledge and experience and the exchange of best practices.

     The programme was launched in September 2019. As of 2024-25, a total of 19 lawyers (eight lawyers in the private sector and 11 government counsel) have participated in the programme.

     The Professional Exchange Programme has been well-received by the legal sector since its launch. We will continue to maintain close communication with law firms/chambers to facilitate the formulation of suitable exchange arrangements; and will continue to review the implementation of the programme and make refinement in a timely manner.

Secondment Programmes to Relevant International Organisations

     The Hong Kong Special Administrative Region has, with the support of the Central Government, made standing secondment arrangements with the Hague Conference on Private International Law and the International Institute for the Unification of Private Law, which are open to application by all qualified local legal professionals from the public and private sectors (irrespective of the size of the law firms they work in). Since the said secondment arrangements have been put in place, a total of six local barristers and solicitors from the private sector, who have worked in law firms of different sizes, have participated. The DoJ will continue to promote to the legal sector (including young legal professionals) the relevant secondment programmes.

Hong Kong International Legal Talents Training Academy

     Capitalising on Hong Kong’s bilingual common law system and the unique strengths and advantages under the “one country, two systems” principle, the Hong Kong International Legal Talents Training Academy was launched on November 8, 2024. The Academy will make the most of Hong Kong’s bilingual common law system (in English and Chinese), as well as the international status, regularly organise different practical legal courses, seminars and international exchange initiatives, so as to promote talent exchanges in the region and beyond, and provide foreign-related legal talent training for our country, and practical training for the local solicitors and barristers (including young legal professionals) for professional development.

     The capacity-building programmes that the Academy will organise include the “Mainland Civil and Commercial Legal Practice Training Course 2025” from June 13 to 14, 2025, which aims to enable the local legal industry to fully understand the latest developments in civil and commercial practice in the Mainland, the procedures and practical arrangements for handling relevant cases by the Mainland courts and arbitration institutions, and to promote cooperation between local and the Mainland legal industries, so as to provide more comprehensive services to clients; and a seminar on criminal prosecution for prosecutors from the country and Association of Southeast Asian Nations member states, and local solicitors and barristers in September 2025, etc.

     The Academy will design and organise short-term training programmes taking into account the practical needs of small and medium-sized law firms and young barristers. By flexibly arranging the course content and format, the training programmes will address the diverse professional development needs of participants, thereby achieving more focused and effective training outcomes, and fostering the professional growth of small and medium-sized law firms and young barristers.

Guangdong-Hong Kong-Macao Greater Bay Area (GBA) Legal Professional Examination (GBA Examination)

     Since 2021, eligible Hong Kong and Macao legal practitioners may provide legal services in the nine Mainland municipalities in the GBA on certain civil and commercial matters to which Mainland laws apply (including litigation and non-litigation matters), after passing the GBA Examination and having obtained the Lawyer’s License (GBA). In September 2023, the General Office of the State Council published the revised pilot measures for Hong Kong and Macao legal practitioners to obtain Mainland practice qualifications and to practise law in the nine Mainland municipalities in the GBA (the revised pilot measures), which lowered the practice experience threshold for Hong Kong and Macao legal practitioners to enroll in the GBA Examination from five years to three years. DoJ has worked closely with the Mainland authorities and continued to keep close contact with the two legal professional bodies as well as encouraging more Hong Kong legal practitioners to enroll in the GBA Examination.

     There are now Hong Kong legal practitioners who are GBA lawyers taking up court cases of the nine Mainland municipalities in the GBA and appearing in court as litigation representatives, as well as taking up GBA arbitration cases, with cases being duly completed. With the benefit of the lowered practice experience threshold, from 2024, more Hong Kong and Macao legal practitioners, including young Hong Kong barristers and solicitors, would be eligible to enroll in the GBA Examination, thus obtaining dual qualification in the Mainland and Hong Kong, and be able to seize the unlimited opportunities brought by the developments in the GBA.

     The GBA Examination has been held four times. As at the end of March 2025, over 550 Hong Kong and Macao legal practitioners have obtained the Lawyer’s License (GBA).

     Hong Kong legal practitioners have responded enthusiastically towards the GBA Examination. Before September 2023, there were some legal practitioners interested in practising in the nine Mainland municipalities but were unable to enroll in the GBA Examination due to the practice experience threshold. The revised pilot measures lowered the practice experience threshold for Hong Kong and Macao legal practitioners to enroll in the GBA Examination, responded to the aspirations of young Hong Kong legal practitioners and encouraged them to participate in the construction of rule of law in the GBA.

GBA Mediator Training Course of Hong Kong

     To promote the interface of the non-litigation dispute resolution services in the GBA and to enhance the understanding of Hong Kong mediators regarding the mediation systems in Guangdong and Macao, the DoJ held the GBA Mediator Training Course of Hong Kong on August 16, 2024. Since the number of registered participants far exceeded the maximum capacity of the event venue, the DoJ specially introduced online mode to accommodate more participants. More than 400 participants have attended the Course, including young lawyers from Hong Kong. Mediation experts from Guangdong and Macao were invited to share the respective mediation systems, culture and experience of Guangdong and Macao, as well as to explore the latest developments of cross-boundary disputes mediation in the GBA and the cultural difference and integration in mediation of the three places. The course discussed topics including the means and skills in handling cross-boundary disputes, enhancing Hong Kong lawyers’ understanding of handling cross-boundary disputes in the GBA. The DoJ will consider conducting further relevant courses as necessary in the future.

The Deputy Secretary for Justice led delegations of young lawyers to visit GBA Mainland cities

     The Deputy Secretary for Justice led two delegations of young representatives from the legal sector to visit GBA Mainland cities, including Huizhou, Shenzhen and Foshan in September and November 2023. The visits helped young legal professionals and law students deepen their understanding of the legal systems of the GBA Mainland cities and that of the Mainland, further connect their career development with the overall national development and deepen their collaboration with the legal sector of other GBA cities, so as to jointly promote high-quality national development. Number of delegates of the two delegations exceeded 70 people, including young representatives of the Law Society and the Hong Kong Bar Association, young government counsel of the DoJ, and law students from the three law schools.

Updating the Talent List

     The Government announced to update the Talent List to include “Legal Knowledge Engineers”. The new arrangement took effect on March 1, 2025 in response to the legal profession’s need for artificial intelligence. The introduction of “Legal Knowledge Engineers” helps improve the efficiency of legal professional services and promote high value-added development of Hong Kong’s economy and society.

     By developing artificial intelligence systems, “Legal Knowledge Engineers” act as a bridge between lawyers and other general programmers, developing artificial intelligence systems specifically for law firms. They can help law firms (including small and medium-sized law firms) improve work efficiency, for example, when conducting due diligence, the searching of key terms within huge volumes of documents can produce highly accurate responses within a short period of time.

ROLE Stars Train-the-Leaders Programme (TTL Programme)

     Since the launching of the TTL Programme in November 2023, through collaboration with relevant organisations and stakeholders, three phases of courses have been developed. Young lawyers have been invited as speakers and facilitators. The DoJ enhances the law-abiding awareness of young people and the public in a holistic manner, and to increase the understanding of the rule of law principles and the legal system through the TTL Programme. Since its launch, the TTL Programme has attracted over 350 trainees, including 36 young lawyers as facilitators.

DoJ i-Day

     The event was led by young in-house lawyers of the DoJ “DoJ Fellows” in August and September 2023, and there are plans to hold a similar open day in June 2025. The event provided young lawyers with an opportunity to meet young people who aspire to join the legal profession, and also allowed those who have not yet joined the legal sector to deepen their understanding of the legal field and the work of the DoJ. The event in 2023 attracted more than 330 trainee solicitors, trainee barristers, legal professionals, law-degree students and students from other degrees and the general public to participate.

     Given the nature of the work of the DoJ, the benefits of a measure or policy to society may not be entirely quantifiable, the DoJ does not possess the relevant key performance indicators on the above measures or policies in support of the professional development of solicitors from small and medium-sized law firms and young barristers. The Government will continue to introduce measures or policies at appropriate times and update existing ones from time to time to align them with the latest development of the profession.

MIL OSI Asia Pacific News –

May 8, 2025
MIL-OSI Europe: Answer to a written question – Measures to prevent deaths at work in Sicily and Italy – P-001378/2025(ASW)
Source: European Parliament

The Commission takes the risk of work accidents very seriously. The EU legislation on occupational safety and health (OSH), including Directive 89/391/EEC[1], ensures protection of workers against all risks at work.

EU OSH Directives lay down minimum requirements and Member States may adopt more stringent protective measures. It is primarily for the national authorities to investigate accidents and enforce national measures transposing EU Directives.

The Commission analyses and publishes data on work accidents reported by Member States in the framework of the European Statistics on Accidents at Work[2].

This is currently done at national level. The European Social Fund Plus[3] promotes health and safety at work via its different programmes.

The one for Sicily[4] plans to invest more than EUR 3.7 million (EU share) on measures for a healthy and well-adapted working environment addressing health risks.

The Commission and EU OSH stakeholders pursue, in line with the EU Strategic Framework for Health and Safety at Work 2021 — 2027, actions to prevent work-related accidents and illness in line with a Vision Zero approach to work-related deaths.

For example, the EU regularly adopts new legislative measures and guidelines to prevent the exposure of workers to hazardous chemicals, such as asbestos and other carcinogens, at work.

In addition, the Commission has published several guidelines such as on protecting the health and safety of workers in agriculture[5], which include information on work safety in transport and in construction[6].

Finally, the European Agency for Safety and Health at Work published several Online interactive Risk Assessment Tools (OiRA) for different economic sectors including agriculture and construction.
- [1] OJ L 183, 29.6.1989, p. 1 https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A31989L0391
- [2] See e.g. https://ec.europa.eu/eurostat/statistics-explained/index.php?title=Accidents_at_work_statistics
- [3] Regulation (EU) 2021/1057 of the European Parliament and of the Council of 24 June 2021.
- [4] https://fse.regione.sicilia.it/
- [5] See https://osha.europa.eu/sites/default/files/OSH_workers_agriculture_livestock_farming.pdf
- [6] See https://op.europa.eu/en/publication-detail/-/publication/96b5fe83-ef7d-4628-9af0-e02b25810c1d
MIL OSI Europe News –
May 8, 2025
MIL-Evening Report: Keith Rankin Chart Analysis – International Trade over time: gifts with strings

Analysis by Keith Rankin.

Chart by Keith Rankin.

The ‘see-saw’ chart above shows the accumulated ‘excess benefits’ that Aotearoa New Zealand, and a few other countries, have enjoyed from international trade over the last 40 years. These are benefits arising from ‘unbalanced trade’ which are in addition to the regular benefits – arising from efficient specialisation – of ‘balanced’ world trade. Real world trade is a mix of ‘balanced’ (paid for) and ‘unbalanced’ (on forever-credit).

The excess benefit data shown is an inflation-adjusted accumulation of the United States’ current account deficits. We remember that the benefits of trade are what (goods and services) you get, not what you give up.

We note here that the United States is a ‘winner’; not the loser which Donald Trump claims that it has been. The United States has enjoyed $70,000 worth of excess trade benefits over 40 years, per American. And it is projected to enjoy another $10,000 worth of excess trade benefits over the next seven years.

So, what is Donald Trump grumping about? Rhetorically, why does he aspire that ‘America’ should be like Germany?

The biggest losers, as shown here, are a group of northwest European countries, plus Taiwan. (For lack of a complete set of data from 1984, China is not shown here. But China would fit into the chart next to Malaysia. While China has significant accumulated trade surpluses, these are spread over a very large population.) The losers are the countries which have – in effect – ‘given’ away lots of stuff; exports for which they have not received anything in return and will probably never receive anything in return.

The 2030 projections show that these ‘surplus’ countries will continue to under-import; they are not projected to claim the imports that are rightfully theirs to enjoy. Rather, the deficit countries will most likely continue to enjoy these excess unpaid-for benefits.

(There are at least two other ‘surplus countries’ – countries like Germany and Sweden – which would be ‘off the chart’: Singapore and Norway. And one other deficit country: Türkiye.)

Discussion

With international trade in any given year, surplus countries ‘give’ goods and services to deficit countries. They give ‘with strings’. The most obvious form of ‘string’ is a return gift next year; a fully commercial kind of ‘string’ would be a return gift with interest.

For example, if Sweden exports US$1,100 million worth of stuff (ie goods and services) to New Zealand in 2025, and New Zealand exports $1,000 million worth of stuff to Sweden in 2025, then the 2025 gift is $100 million worth of stuff from Sweden to New Zealand. (In technical language, and from New Zealand’s viewpoint this gift from Sweden is called a bilateral trade deficit; from Sweden’s point of view, it’s a trade surplus.)

A return gift with 3% interest would be $103 million worth of stuff from New Zealand to Sweden. (This would be a New Zealand bilateral trade surplus – a deficit for Sweden – in 2026.) The bilateral – ie two-country – ledger would be settled. Effectively, in this example, Sweden lends $100 million of stuff to New Zealand in 2025, and New Zealand repays the loan, with interest, in 2026. Gifts ‘with strings’ are debts.

There are two potential problems. The first problem is that New Zealand may not be able to sufficiently increase, in one year, its exports to Sweden (eg from $1,000 million to $1,203 million, assuming unchanged imports from Sweden). One solution might be for New Zealand to increase its exports by that amount to other countries, and for other countries to export $203 million more to Sweden. But that increase in exports of $203 million might still be too difficult for New Zealand to accomplish in 2026, regardless of who the buyers are. New Zealand might need to borrow more in 2026, (or to import less,) or to repay its 2025 trade debits further into the future.

Indeed, New Zealand might prefer something like a 40-year mortgage. New Zealand could run trade surpluses re Sweden (ie Sweden running deficits) of about 4,358,000 each year for 40 years. In total, over the 40 years from 2026 to 2065, Sweden would receive stuff worth $174,323,300 as its ‘return gift’.

The second (much larger) ‘problem’ is that Sweden might not want to run a trade deficit at all; that is, Sweden might not want to be repaid (except, that is, in some imaginary never-never timeframe). Whether this qualifies as a problem depends on a person’s belief-system. If New Zealand is perfectly happy to receive – into the indefinite future – annual increments of unpaid-for goods and services, and Sweden prefers to keep supplying such stuff without material recompense in foreseeable time, then this sort of unbalanced trade can be categorised as a win-win outcome.

Sweden might not want New Zealand’s (or anybody else’s) debt to it to be repaid; in 2026, or ever. Sweden, happy to run a trade surplus in 2025, might actually prefer to keep making annual ‘gifts’ to New Zealand (and other countries). While each of these gifts would be technically an addition to New Zealand’s debt to Sweden, New Zealand would be able to – maybe, be obliged to – delay settlement of any of that debt (let alone all of it) indefinitely.

In this example, Sweden is a ‘mercantilist’ country; mercantilist means ‘merchant capitalist’, the social science analogue of alchemy. Indeed, Sweden actually is a mercantilist country. Its preference is to accumulate ‘promises’, whereas countries like the United States and New Zealand have been accumulating (and enjoying) imported goods and services.

Mercantilists of yore sought to accumulate ‘treasure’, especially gold. Indeed, in the quarter millennium from 1500 to 1750, economic policy and foreign policy – especially but not only in European power centres – was to become rich by accumulating treasure hoards.

Mercantilism never went away, despite having been debunked by Adam Smith and others around 250 years ago (The Wealth of Nations was published in 1776). In that golden age of mercantilism, the Dutch – the Netherlanders – succeeded par excellence. (Part of their success was in exporting military hardware and software – big guns, and big military knowhow – to all sides in the Thirty Years War of 1618 to 1648. Is that what the USA will end up mimicking?) As we can see from the chart, the Dutch still do incur some of the world’s biggest export surpluses. Instead of accumulating treasure as they did in the seventeenth century – as gold and silver bullion and specie – they now accumulate ‘virtual treasure’ or ‘virtual gold’. Virtual gold is the whole set of ‘promises’ and ‘titles’ – including money and real gold – that are formally known as ‘financial assets’.

New Zealand and America, and others, get the consumable loot. Sweden and Netherlands and Germany get the paperwork. Everyone should be happy.

The dark cloud on the horizon comes when the Americas and the Aotearoas of the world start wanting to be like Germany and Sweden. Then indeed our happyish world descends into a ‘race-to-the-bottom’. Not every country can sit with Germany and its neighbours at the bottom of the above chart. This can be thought of as a see-saw chart: someone has to be at the top; we cannot all be at the bottom.

If some countries have forever-surpluses, other countries must have forever-deficits. Getting to benefit from other countries’ largesse – as New Zealand and America do – may seem like a problem to some. But we should remember that the driving force of the capitalist market system is to want – indeed, to demand – consumable goods and services. Someone has to be able to benefit from all the hard work and sacrifice of others.

*******

Keith Rankin (keith at rankin dot nz), trained as an economic historian, is a retired lecturer in Economics and Statistics. He lives in Auckland, New Zealand.

MIL OSI Analysis – EveningReport.nz –

May 8, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Guyana

Source: IMF – News in Russian

May 7, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Guyana.[1]

Guyana’s economic transformation is advancing strongly and broadening in scale. Rapidly expanding oil production, strong non-oil output, and large-scale public infrastructure investment supported the highest real GDP growth rate in the world, averaging 47 percent per year since 2022. Real oil GDP increased by nearly 58 percent in 2024, while real non-oil GDP expanded over 13 percent, reflecting a solid broad-based performance across sectors. Inflation reached 2.9 percent by end-2024, from 2 percent at end-2023, driven largely by higher food prices (affected by international food prices and earlier floods). The overall fiscal deficit widened from 5.1 percent of GDP (11.7 percent of non-oil GDP) in 2022 to 7.3 percent of GDP (21 percent of non-oil GDP) in 2024 reflecting a large increase in capital expenditure. Driven by higher oil exports, Guyana’s current account surplus more than doubled in 2024, reaching about 24½ percent of GDP. By end-2024, gross international reserves surpassed US$1 billion, while the Natural Resource Fund (NRF) accumulated over US$1.1 billion in 2024, reaching US$3.1 billion (over 12½ percent of GDP).

The economic outlook remains highly favorable. The economy is expected to grow on average 14 percent per year over the next five years, driven by robust oil production and strong non-oil GDP growth. Positive spillovers from the oil sector and improvements in infrastructure, productivity, and resilience are expected to boost the real non-oil GDP growth to an average of 6¾ percent over the medium term, about 3 percentage points higher than the pre-oil decade average. While inflation is projected to edge up to around 4 percent in 2025, the overall fiscal deficit and the current account surplus are expected to narrow in 2025. Over the medium term, the continued expansion of oil production will further strengthen the external position, with substantial savings accumulation in the NRF.

Risks to the outlook are broadly balanced. On the upside, additional oil discoveries and productivity-enhancing investments, including to strengthen energy resilience would further bolster Guyana’s long-term economic prospects, while expanding construction activity would support higher short-term non-oil GDP growth. Downside risks stem from overheating pressures which, if not contained, would lead to higher inflation and a real exchange rate appreciation beyond the level consistent with a balanced expansion of the economy. Commodity price volatility in a highly uncertain global environment, including from trade policy and climate shocks could also adversely affect inflation and alter the macroeconomic outlook.

Executive Board Assessment[2]

Executive Directors agreed with the thrust of the staff appraisal. They welcomed Guyana’s remarkable economic progress to attain high-income status, supported by rapidly expanding oil production and robust non-oil growth. They noted that Guyana’s economic outlook remains highly favorable with balanced risks, strong fundamentals, and a strong external position supported by substantial accumulation of oil revenue in the Natural Resource Fund. They commended the authorities’ commitment to balancing development needs with prudent policies to entrench macroeconomic and fiscal stability.

Directors concurred that the current fiscal stance is appropriate given development needs. They welcomed the authorities’ commitment to eliminate the overall fiscal deficit over the medium term and further narrow the non-oil primary deficit to levels consistent with ensuring intergenerational equity and preserving fiscal and macroeconomic sustainability. They highlighted the need for a comprehensive medium-term fiscal framework with an explicit anchor and an operational target, along with regular assessments of expenditure related to reaching development objectives. They positively noted the authorities’ continued efforts to strengthen public financial management as well as the low risk of debt distress given low public debt.

Directors considered the monetary policy stance as appropriately tight to help contain inflation, while noting the need for further tightening if inflation risks escalate. They saw merit in enhancing the monetary policy toolkit and deepening financial markets to help strengthen the effectiveness of monetary policy transmission. They emphasized the need for maintaining consistent policies to support the stabilized exchange rate arrangement, which remains appropriate, and saw merit in assessing whether transitioning to a more flexible exchange rate regime over the medium term could be beneficial as Guyana’s economy continues to transform.

Directors welcomed the authorities’ commitment to maintain financial stability and continue enhancing financial supervision, including monitoring sectoral lending exposures and related-party lending. They supported the authorities’ efforts to further strengthen risk monitoring, strengthen the macroprudential framework, broaden regulatory coverage, and enhance statistics on balance sheets and real estate prices.

Directors welcomed the authorities’ efforts to foster inclusive growth and economic diversification, improve the business environment, strengthen climate and energy resilience, and enhance labor market skills. They commended progress in strengthening governance, anti-corruption, official statistics, AML/CFT frameworks, fiscal transparency, and transparency in extractive industries, and supported the continued efforts to strengthen them in line with international standards.

It is expected that the next Article IV consultation with Guyana will be held on the standard 12-month cycle.

Table 1. Guyana: Selected Social and Economic Indicators

I. Social Indicators

Population, 2023 (thousands)	814
Life expectancy at birth (years), 2022	66
Under-five mortality rate (per 1,000 live births), 2023	14
Human Development Index rank, 2022	95
II. Economic Indicators

		Prel.	Proj.
	2023	2024	2025

	(Year-over-year percent change)

Production and Prices
Real GDP	33.8	43.6	10.3
Real non-oil GDP	12.3	13.1	12.9
Real oil GDP	46.8	57.7	9.5
Consumer prices (end of period)	2.0	2.9	4.2

	(Percent of non-oil GDP)
Central Government
Revenue	39.3	43.7	49.9
Grants	0.2	0.2	0.4
Expenditure	52.7	64.9	63.4
Current	25.1	28.9	30.5
Capital	27.7	36.0	32.9
Overall balance (after grants)	-13.3	-21.0	-13.2
Non-oil primary balance (after grants)	-26.2	-38.4	-37.5
	(Percent of GDP)
Revenue	17.0	15.3	18.6
Grants	0.1	0.1	0.1
Expenditure	22.8	22.6	23.7
Current	10.8	10.1	11.4
Capital	12.0	12.6	12.3
Overall balance (after grants)	-5.7	-7.3	-4.9

Total public sector gross debt	26.7	24.3	28.0
External	10.5	9.0	13.6
Domestic	16.2	15.2	14.4



Table 1. Guyana: Selected Social and Economic Indicators (Concluded)
		Prel.	Proj.
	2023	2024	2025

	(Year-over-year percent change)
Money and Credit
Broad money	27.6	25.3	17.7
Domestic credit of the banking system	24.1	39.7	4.9

External Sector
Current account balance (US$ million)	1,679.9	6,067.9	2,306.2
(Percent of GDP)	9.9	24.6	8.9
Gross official reserves (US$ million)	896.4	1,010.1	1,571.4
(Percent of GDP)	5.3	4.1	6.1
Crude oil production (million barrels)	142.3	225.4	246.0

Memorandum Items:
Nominal GDP (GY$ billion)	3,527.5	5,141.3	5,383.9
Nominal non-oil GDP (GY$ billion)	1,524.6	1,793.7	2,010.7
GDP per capita (US$)	21,307.2	30,962.3	32,326.3
Guyana dollar/U.S. dollar (period average)	208.5	208.5	…

Sources: Guyana’s authorities; UNDP Human Development Report; World Bank; and IMF staff calculations and projections.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Rosa Hernandez

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

https://www.imf.org/en/News/Articles/2025/05/07/pr-25132-guyana-imf-executive-board-concludes-2025-article-iv-consultation

MIL OSI

MIL OSI Russia News –

May 8, 2025

MIL-OSI: Best Fortune Teller Online For Accurate Fortune Telling In 2025 – The Psychic Experts
Source: GlobeNewswire (MIL-OSI)

New York City, May 07, 2025 (GLOBE NEWSWIRE) — Connect with the best fortune teller online offering accurate fortune telling and powerful insights about the future, love life, career path, and more.

SAN FRANCISCO, CA, May 07, 2025 (GLOBE NEWSWIRE) – The psychic experts have just ranked the best fortune tellers of 2025 for those who want to know what the future holds for them. With one platform, people can connect with reliable online fortune-telling services and get answers to their pressing questions.

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As spiritual curiosity and the demand for real psychics increase globally, the psychic experts are proud to be a trusted platform that helps users find a live fortune teller for psychic reading or fortune telling. The psychic experts are a reputable platform that reviews the best fortune teller websites. These websites provide their services through different mediums like live chat readings, video sessions, and phone consultations.

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How The Psychic Experts Pick the Best Fortune Tellers

After years of rating fortune tellers and psychic readers, the psychic experts have just launched their own curated guide of the most accurate and trusted fortune tellers of 2025.

This new list is not just a deeper and more polished look at the best fortune tellers online, but also justifies the ratings using the five-pillar evaluation that goes like this;

1. Accuracy & Intuition

Do these psychic readers align their readings with events and real-life emotions?

2. Communication Style

Are they communicating with clarity, empathy, and honesty?

3. Reading Tools & Techniques

What reading tools are being used for fortune-telling for the fortune-telling services? Tarot, runes, clairvoyance, astrology, or some other medium?

4. Ratings & Reviews

Do these fortune tellers have consistently high user satisfaction and offer meaningful results?

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What Is Fortune Telling and Why Does It Matter in 2025?

Fortune telling is most often mystified more than it should be, which leads to misunderstandings, too. Fortune telling is just gaining insights about the future of a person or about unknown events via a range of metaphysical tools.

This is why many people sometimes have doubts about the authenticity of fortune-telling platforms. However, other people still believe that tarot cards, palm reading, astrology, or clairvoyant visions hold immense value, which is why they are always seeking a good fortune teller who will illuminate their path and offer clarity, compassion, and spiritual precision, and predict other information about their life and future.

Get real answers from the best fortune tellers using accurate fortune telling to help guide your decisions and reveal your true path.

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2025 is filled with shifting perspectives, career transitions, uncertainty, and spiritual awakenings for many people. This increases the demand for genuine fortune tellers who offer spiritual advice or affirmation. However, many people are still cautious about whether online fortune-telling platforms can be misleading or fake. But all those doubts can be eliminated if a person checks out reviews and ratings of fortune tellers and their services before booking, or even better, approach them with an authentic platform like the-psychic-experts.com.

In 2025, more and more people are turning to the online fortune teller world, as from the comfort of their homes, they can receive spiritual awakening and answers to their complex questions. A live fortune teller, for example, can offer genuine interpretations of someone’s life and future, dreams and events, and can help people with:
- New relationships
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- Complex situations arise with everyday choices.
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Why Online Fortune Telling Is Booming In 2025

With the rise of technology use and digital platforms, people turn to the internet for answers to everything. For people who want guidance from fortune tellers for their everyday purposes or for reading and spiritual consultations, a dependable platform is very necessary that carefully analyzes all the psychic reading platforms and provides unbiased ratings and reviews so that spiritual seekers can connect with genuine fortune tellers.

The psychic experts have analyzed more than a hundred fortune-telling websites and have produced a database that claims to offer the utmost clarity and customer satisfaction. With the use of the psychic experts, users can be assured that the fortune-telling services they are going to get will be of the highest quality.

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The rise of fortune teller online services in 2025 is more prominent than ever.

Especially the online services, as they are convenient, anonymous, and 24/7 accessible. These online consultations and fortune-telling have revolutionized the way people seek spiritual consultations. From the comfort of their home, during a lunch break, or during a late-night moment of anxiety, platforms like the psychic experts are one umbrella under which all the seasoned fortune tellers instantly come together.

There are many benefits of online fortune-telling in 2025, and some of them are:
- Instant access to fortune-telling: There is no need to book weeks in advance.
- Global Access: Connecting spiritual seekers with top psychics from all over the world.
- A variety of Tools Include tarot, astrology, runes, numerology, and mediumship.
- Free Trials & Readings: Many people like to try a free fortune teller before they pay online.
- Flexible Pricing: Such online fortune-telling services are available for every budget and urgency level.
- Authenticity: Verified ratings by the-psychic-experts.com help people avoid scams related to online fortune-telling services.
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Why the Whole World Is Turning to Online Fortune Tellers in 2025

Fortune telling comes in many shapes and forms. However, one of the most desired forms of fortune-telling is called “reading” and “spiritual consultation.” This type of fortune telling doesn’t rely on specific methods or devices; rather, the fortune teller gives their client predictions and advice that they claim to have come from visions or spirits.

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The demand for virtual guidance through mobile apps and websites has driven the rise of online spiritual consultations, but along with it comes a jungle of unvetted services.

This is where the psychic expert steps in. The online fortune tellers that they recommend have been in business for more than a decade. They help people who want to avail themselves of fortune-telling services get connected to qualified professionals in this field so that people can gain spiritual insights into their minds, bodies, and spirits.

Discover the best fortune teller trusted for accurate fortune telling that reveals your destiny with clarity and truth.

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What Sets an Accurate Fortune Teller Apart in 2025?

What sets an accurate fortune teller apart in 2025 is their intuitive abilities and the various divination techniques that they use to make predictions about a person’s future. These fortune tellers are able to interpret symbols, read patterns, and use tools like palm lines, tarot cards, or tea leaves in order to offer guidance and spiritual insights to individuals. With this guidance, these individuals can navigate their life journey with much clarity and in the right direction.

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The best fortune teller isn’t someone who claims to have psychic abilities. It’s someone who can translate the unseen energies into clear, empowering messages for their clients.

The in-depth reviews by the psychic experts reveal the major qualities that set apart a truly accurate fortune teller in today’s world, and these are:
- Clarity in readings – There is no room for vague perceptions
- Emotional intelligence – alongside empathetic delivery
- Accurate predictions that match the desires and circumstances of the client
- Methodical tools – Using tarot, astrology, or numerology for fortune-telling
- Live interaction – Creating a real-time connection
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Top Features That Make a Fortune Teller Platform the Best

Not all online fortune teller services provide the same high level of quality as the psychic experts. Here’s what sets the most validated and genuine platforms apart from others;

Verified Reader Profiles
All listed readers are verified and undergo proper background checks and psychic ability assessments to see if they are eligible to be featured.

Satisfaction Guarantee
Clients are 100% satisfied that they can receive refunds or session credits if it doesn’t go as planned, thus adding a factor of trust to the transaction.

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Real User Reviews
Each psychic’s page has reviews from real users and transparent ratings, as well as client feedback and reading stats.

Multiple Psychic Disciplines
From astrology to numerology to clairvoyance, there are multiple disciplines on these platforms so that people can choose from their preferred method of Psychic reading.

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Most Popular Online Fortune Telling Methods in 2025

If you want to reach out to a fortune teller in 2025, there are many easy ways to do so. Their availability in the digital world has also made it easy to reach out to spiritual readers via an electronic device, either with a phone call, an Android app, or a website like the-psychic-experts.com.

Many online psychic platforms offer different ways to connect with fortune tellers.

Online fortune telling is an accessible spiritual art now, and through the following mediums, a person can easily contact a fortune teller anytime and anywhere in the world:
- Live Chat Readings – Live chat readings are perfect for users who want quick answers and privacy.
- Video Sessions – Video sessions help clients who want facial cues and a full, energetic presence during their session.
- Phone Consultations – Phone consultations are both an old and modern method of reading, as they offer a direct, voice-to-voice connection.
- Email Readings – Email readings are also perfect for those who prefer detailed, written records of spiritual insights.
Each method of fortune telling has its own advantages, disadvantages, and energy levels, so the psychic experts recommend that users try more than one type of psychic reading medium to see which suits them best.

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Most Popular Fortune Telling Services in 2025

People wondering what the future holds for them or having trouble navigating their life’s twists seek help from reliable fortune tellers, who act like a compass in their complex lives and set them on a journey of self-discovery. The psychic experts review and reveal the most seasoned and genuine psychics, tarot readers, and astrologers, all of whom act as a beacon of insight in the day-to-day life of their spiritual seekers.

While the-psychic-experts.com sheds light on the expert advisors that unveil the spiritual connections and energies associated with people that they didn’t even know existed, there are some pros and cons associated with online fortune-telling services.

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Pros

One of the benefits of online fortune-telling services is that there are hundreds of psychic readers available online who are ready to help people who seek guidance from them. They have been present in this psychic industry for years, sometimes more than 2 or 3 decades. Many fortune-telling platforms have mobile applications, both for iOS and Android, that people use to access fortune-telling services from anywhere in the world. Psychic reading and fortune telling use a wide range of services and tools to make sure that the spiritual guidance they offer is accurate and genuine.

Cons

One of the drawbacks of online fortune-telling services is that a person may need to book psychic reading services in advance. However, the psychic experts also shed light on some psychic readers who offer a free initial consultation or demo for first-time users. Some people may also find fortune-telling services expensive.

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Different Types Of Fortune Telling Services In 2025

Fortune telling is a very broad and intricate practice. It utilizes centuries of spiritual wisdom and intuitive insight and brings it right in front of those who seek this knowledge. Whether a person is out to seek clarity, direction, or a new way of life, fortune tellers can offer them multiple services that help them reconnect with their inner self and get spiritual guidance. Here are the most common types of services offered by fortune tellers in 2025;

Fortune Telling

This is the umbrella under which all other psychic and spiritual services fall.

Fortune telling is the navigation of signs, energies, and symbols to provide insight into the past, present, and future of a user.

It uses tools like crystal balls and runes and even utilizes more intuitive practices like clairvoyance to help seekers who want answers to their life’s uncertainties.

Fortune-telling sessions focus on personal concerns, such as love, family, money, health, and purpose, and another labyrinth of possibilities of life, and help individuals see the path more clearly, even when their whole life is chaotic.

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Psychic Readings

Psychic readings go beyond what the eyes can see.

Psychic readings use heightened intuition and extrasensory perception, such as cosmic airwaves, to pick up on energy fields, emotional vibrations, and spiritual signals around the person who came to the psychic.

The goal is not about prediction. Rather, it is about perspective.

A psychic can unveil hidden insights and help someone make much sense of their inner conflicts. Such psychics also help people understand emotional imbalances or navigate an important decision.

These psychic readings are very personal and can affect both grounding and illuminating the path of a person.

Love Readings

Relationships are one of the most common reasons people seek spiritual guidance. Sometimes, they are new, long-standing, but most of the time, complicated.

Love psychics or relationship-focused fortune tellers provide a way to understand emotional dynamics, compatibility, soulmate connections, and romantic obstacles between two people.

These readings peel away the emotional layers beneath a relationship and decode the feelings, intentions, and future potential of both partners involved.

⇒ Reveal your future with accurate fortune telling!

Tarot Readings

Tarot is a timeless art of psychic reading.

It is an intuitive form of divination that reveals the past, present, and future. It uses a deck of 78 symbolic cards, with each card representing a theme, energy, or message.

A person will be told to pick a card, and then the reader will interpret the card based on their position and the question at hand.

This method of psychic reading reveals complex narratives about the querent’s past, present, and future. These readings can clarify complex situations, offer insights into unseen influences, and help a person better understand their own emotions.

Dream Analysis

Dreams are productions of the subconscious mind, but they always try to tell us something.

It is the subconscious mind’s way of speaking. Dream interpreters act as translators of dreams and nightmares. They can analyze symbols, emotions, and patterns in dreams and decode what the dream is trying to communicate.

Whether it’s a recurring dream or an unsettling nightmare, dream analysis reveals buried emotions, unresolved issues, or hidden desires. This psychic reading service even suggests the spiritual or prophetic meaning behind dreams and emotions that we experience in sleep.

⇒ Find real clarity fast – talk to the best fortune teller today!

Astrology Readings

Astrology is the study of planetary movements and their celestial alignments and how they influence life on Earth.

An astrologer can map out cosmic constellations and create a natal chart that uses the exact time, date, and location of a person’s birth to uncover hidden traits, tendencies, and life patterns.

So, whether a psychic reader is looking at your solar return for the year ahead, investigating your relationship compatibility with your partner, or understanding a difficult life phase, astrology readings provide a cosmic map for solving life’s rhythms.

Career Forecasts

Accurate fortune tellers can also help people align with their professional purpose.

These readers will utilize the power of intuition, energetic sensing, and sometimes tools like numerology or astrology to identify where someone’s talents truly lie.

Career readings are mostly booked by professionals who are dealing with work-related challenges, entrepreneurial possibilities, timing for job changes, or when a new opportunity arises, and they want to know whether it will bring success for them or not.

⇒ Ready for answers? Connect with a free fortune teller today!

Numerology Readings

Numerology is the study of the energetic vibrations of numbers.

They govern how these numbers relate to human life.

Every letter in a person’s name and every digit in their birth date holds a numeric value that has immense power, and that reveals information about their character, strengths, life cycles, and karmic lessons.

Numerology readings uncover these hidden messages to provide clarity on their purpose and the timing of events in their life.

Occult Readings

For those drawn to esoteric mysteries and the deeper mystical truths, some fortune tellers offer readings that are rooted in the occult sciences.

These sessions are different from others and explore symbolism, ritual magic, elemental energies, spiritual entities, or ancient esoteric systems.

They’re mostly suited for individuals who have the power and the mental abilities to confront the hidden forces influencing their lives, as these types of readings often involve exploring the subconscious or spirit world through unique and sacred methods.

⇒ Trusted and accurate fortune telling – start now!

Palmistry

Also known as palm reading, Palmistry is the ancient art that involves analyzing the shape, lines, and texture of a person’s hand. These patterns help a reader gain insight into the personality, experiences, and future of their client.

Every person’s palm is said to carry their narrative.

The lifeline, heartline, and headline are just a few, among others, that are read in combination to reveal one’s emotional tendencies, mental strengths, career prospects, and life trajectory.

Graphology

Graphology, or handwriting analysis, involves reading the way a person writes. In this way, the psychic reader can gain insight into their personality, emotional state, and thought patterns.

Everything from the pressure of the pen to the slant of a signature has a meaning and could carry psychological significance. Graphologists interpret these details to reveal hidden truths that may not be expressed verbally.

Paranormal Readings

Paranormal psychics explore realms that lie beyond the normal range of perception.

These readings focus on spiritual encounters, supernatural events, or unexplained phenomena.

For individuals who believe that they’ve experienced things, like hauntings, spirit contact, or energetic disturbances, paranormal readings are a great way for readers to offer them validation and clarity around those otherworldly experiences.

⇒ Get your personalized reading from a certified fortune teller!

Past Life Exploration

Some readers claim that the soul undergoes multiple incarnations, and those incarnations echo from past lives and influence the present day.

Past life readers use intuitive impressions, visualizations, or regressions to explore a person’s soul history.

These readings can help a reader understand irrational fears, recurring dreams, deep attractions, or unexplained patterns that seem to bother their clients and follow them throughout their current lives.

Picture Readings

In picture readings, the fortune teller uses a photograph to measure the energy around a person.

That photograph could be of a person, place, or object, and it acts as an energetic anchor.

The reader will go deep into the vibration within the image to reveal hidden truths, emotional energy, or unresolved spiritual connections.

This type of reading is very useful when someone wants insight into a person who cannot be physically present for the session.

Faith-Based and Spiritual Readings

For those people who come from religious or spiritual backgrounds, some readers offer insights into scriptural wisdom, prayer, or divine guidance.

These readings center around faith, life purpose, and spiritual alignment.

They may also involve messages that the readers say are received from higher beings or spiritual guardians, thus depending on the tradition and belief system that is being practiced by the spiritual seeker.

⇒ Ask anything – the best fortune teller is online now!

Frequently Asked Questions

What exactly does a fortune teller do?

Fortune tellers interpret symbols, energies, or spiritual signs and guide where your life is headed.

They use tools like tarot cards, astrology charts, Palmistry, or intuitive abilities to gain insights into past experiences, current events, or future possibilities for their clients.

Are fortune-telling services accurate?

Fortune telling is less about prediction and more about perception. A fortune teller, even the most genuine one, cannot accurately predict every detail of your future with scientific precision.

However, what they can offer is intuitive guidance, emotional clarity, and fresh perspectives. This type of guidance can help you make better decisions.

The accuracy of a fortune-telling service often depends on the reader’s skill, your openness, and the type of questions you ask.

What types of questions can I ask a fortune teller?

You can ask about anything. You can ask a fortune teller about relationships, careers, finances, health, life purpose, spiritual growth, or emotional challenges. Anything that you want answers to.

The more specific your question is, the better, insightful, and more resourceful your reading will be.

Do I need to believe in the supernatural for a reading to work?

Not at all.

You don’t need to believe in the supernatural if you want to avail of fortune-telling services.

While some people do approach fortune telling from a spiritual or mystical perspective, others are just using it as a tool for self-reflection or decision-making.

All you need to do is come with an open mind and a willingness to explore new insights.

How do I choose the right type of reading?

Fortune telling or psychic reading is the safest and common method of reading.

If you’re unsure, start with a general fortune-telling or psychic reading.

However, if you have a specific question in mind, like love, career, or past lives, then there are other types of services available. You can choose a reader who specializes in that field.

Many services also offer short and free trial readings, so you can test the reader before paying in full.

Is my information kept confidential?

Yes.

Professional fortune tellers will keep all your information private as they respect your space and treat all readings as confidential.

So, feel free to share personal details or ask sensitive questions because your session is conducted with discretion and trust.

How long does a typical reading last?

Psychic reading times can vary from person to person.

While a basic session might last 10–20 minutes, if you need a more in-depth reading, your session can also extend up to 30–60 minutes or longer than that.

Many platforms offer flexible time slots depending on your needs and budget.

What’s the difference between a psychic and a fortune teller?

The term “fortune teller” is a broad term. It includes many types of intuitive readers.

Psychics, on the other hand, use extrasensory perception (ESP) and other insights to tap into the unseen energies surrounding and associated with a person.

While all psychics can be fortunetelling tellers, not all fortune tellers are psychics.

Can I get a reading online or over the phone?

Absolutely. You can read online by availing yourself of the service of online fortune tellers.

Many fortune tellers offer remote services through online chat, phone calls, or email.

These formats offer flexibility to people from all over the world, and you can be guaranteed that online fortune-telling services are just as effective as in-person readings. Platforms like the psychic experts allow you to connect with readers from anywhere in the world.

How often should I get a reading?

There’s no right or wrong answer.

You can have readings as many times as you like or as your situation and personal needs demand.

Some people get readings regularly, some do it a few times a year, while others only seek fortune-telling services during major life events.

Final Words

Fortune’s telling’s beauty doesn’t just lie in the spiritual answers that you receive but in the questions that you come to ask. Fortune telling offers self-reflection, examines the patterns in your life, and gently nudges you toward personal empowerment.

There is a wide array of services available in today’s world, from tarot and astrology to dream interpretation and past life exploration. However, fortune telling and psychic reading aren’t just limited to live demonstrations and face-to-face conversations. It is also available online via verified platforms like the-psychic-experts.com.

These services aren’t just for the mystically inclined.

Every type of person, whether they are entrepreneurs, artists, parents, students, or skeptics, can turn to fortune tellers when their life isn’t going as planned or when they need guidance and clarity.

Ultimately, fortune-telling isn’t about meeting the unknown. It is about meeting yourself, acknowledging your intuition, accepting your energies, and getting the confidence to make the choices that are good for you. Fortune tellers may use a card draw, a birth chart, or a dream symbol to lead the person toward ultimate clarity and guidance.

So, if you’ve ever felt the need to reach out to an authentic fortune teller, ask questions that are beyond the surface. They will help you seek guidance in life.

The answers are not always black and white. Sometimes, they are murky and require input from your side as well. You might not walk away with clear answers, but fortune-telling is a much more powerful perspective and brings peace and a renewed sense of purpose to every person.

So, if you’re ready to tap into clarity, check out the best online fortune tellers of 2025.

Media Contact
Company: The Psychic Experts
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Address: 1 Fremont St, Las Vegas, NV 89101, USA
URL: https://the-psychic-experts.com/
Phone: +1 414-203-2598
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- The Psychic Experts
The MIL Network –
May 8, 2025

MIL-OSI: Sunrun Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Aggregate Subscriber Value of $1.2 billion in Q1, 23% growth year-over-year

Contracted Net Value Creation of $164 million, or $0.72 per share, 104% growth year-over-year

Cash Generation of $56 million in Q1, the fourth consecutive quarter of positive Cash Generation

Paid down $27 million of recourse debt in Q1 with excess cash

Reiterating Cash Generation guidance of $200 million to $500 million in 2025

Customer Additions with Storage grew 46% in Q1 compared to the prior year, as Storage Attachment Rate reached a record 69%

Contracted Net Earning Assets of $2.6 billion, $11.36 per share, including $605 million of unrestricted cash

SAN FRANCISCO, May 07, 2025 (GLOBE NEWSWIRE) — Sunrun (Nasdaq: RUN), the nation’s leading provider of clean energy as a subscription service, today announced financial results for the quarter ended March 31, 2025.

“The first quarter was another strong quarter for Sunrun as we exceeded our volume and Cash Generation targets by significant margins in what is seasonally the slowest quarter of the year. We are focused on delivering the best product for customers, underwriting volumes with strong unit margins, optimizing our routes to market, and driving cost discipline, including leveraging AI for innovation, creating significant operating efficiencies and quality enhancement. This has allowed us to gain market share in recent periods and produce strong operating and financial results,” said Mary Powell, Sunrun’s Chief Executive Officer. “It is a dynamic environment for tax policy and tariffs. Like many companies across the country, we are controlling what we can and are ready to adapt to changes that may occur. Sunrun has faced periods of major change over the last few years, and we used it as an opportunity to become even stronger. We believe the tariff outlook is manageable, and we will still generate meaningful cash this year.”

“We delivered our fourth consecutive quarter of positive Cash Generation and are reiterating our Cash Generation outlook for 2025,” said Danny Abajian, Sunrun’s Chief Financial Officer. “We have a strong balance sheet with no near-term corporate debt maturities and have paid down recourse parent debt by $214 million over the last four quarters, including a $27 million paydown using excess cash in Q1. As we increase our Cash Generation, we will continue to further pay down parent recourse debt and are committed to a capital allocation strategy beyond this initial de-leveraging period that drives significant shareholder value.”

First Quarter Updates

Storage Attachment Rate Reaches 69%: Customer Additions with storage grew 46% during the quarter compared to the prior-year period. Storage Attachment Rate reached 69% in Q1, up from 50% in the prior-year period. Sunrun has installed more than 173,000 solar and storage systems, representing over 2.8 Gigawatt hours of Networked Storage Capacity.
Continued Strong Capital Markets Execution:
- In March 2025 Sunrun placed a $369 million securitization of residential solar and battery systems. The securitization was placed privately given strong interest from large alternative asset managers in the private credit markets. The securitization was priced at a yield of 6.36%, in-line with the yield of our January securitization. The weighted average spread of the notes was 225 basis points, which is approximately 28 basis points higher than our securitization in January 2025. The higher spread followed overall market movements in credit spreads for similarly rated credit. Similar to prior transactions, Sunrun raised additional capital in a subordinated non-recourse financing, which increased the cumulative advance rate to well above 80% net of all fees, as measured against the initial Contracted Subscriber Value of the portfolio.
- In January 2025, Sunrun priced a $629 million securitization of residential solar and battery systems. The oversubscribed transaction was structured with three separate classes of A rated notes, only two of which were publicly offered. The weighted average spread of the notes was 197 basis points. Similar to prior transactions, Sunrun raised additional capital in a subordinated non-recourse financing, which increased the cumulative advance rate to well above 80% net of all fees, as measured against the initial Contracted Subscriber Value of the portfolio.
Paying Down Recourse Debt: We continue to pay down parent recourse debt. During the first quarter, we repaid $27 million of recourse debt, reducing our borrowings under our Working Capital Facility and repurchasing a small amount of our 2026 Convertible Notes (as of March 31 we have $5.5 million of these notes still outstanding). Since March 31, 2024 we have paid down recourse debt by $214 million, by repurchasing our 2026 Convertible Notes and reducing borrowings under our recourse Working Capital Facility. We have also increased our unrestricted cash balance by $118 million and grown Net Earning Assets by $1.6 billion over this time period. We expect to pay down our recourse debt by $100 million or more in 2025. Aside from the $5.5 million outstanding of our 2026 Convertible Notes, we have no recourse debt maturities until March 2027.
Expanding differentiation & innovating with Sunrun Flex: We recently introduced Sunrun Flex, the first solar-plus-storage subscription designed to adapt to households’ changing energy needs. This new offering marks the most significant innovation across the solar industry since Sunrun introduced the residential Power Purchase Agreement in 2007. Flex helps families plan for their growing energy needs, whether it’s a growing household size or adopting a new electric vehicle, by installing a solar system sized above their current energy usage. Customers enjoy a low, predictable monthly minimum payment and only pay for extra energy if and when they use it. Flex households also benefit from battery backup during outages, and the new feature of earning Sunrun Rollover Credits—a first in the solar industry.
Improving Grid Stability with Virtual Power Plants: Our CalReady distributed power plant has more than quadrupled in size as the summer heat begins to stress California’s energy grid. More than 56,000 Sunrun customers’ solar-plus-battery systems — totaling approximately 75,000 batteries — will provide critical energy to California’s grid during times of high energy prices, heat waves, and other grid emergency events while simultaneously lowering energy costs for all ratepayers. CalReady’s power output has more than quadrupled and is expected to deliver an average of 250 megawatts per two-hour event, with the ability to reach an instantaneous peak of up to 375 megawatts — enough to power approximately 280,000 homes, equivalent to all of Ventura County, California. Sunrun customers enrolled in CalReady are compensated for sharing their stored solar energy, and Sunrun is paid for dispatching the batteries.

Key Operating Metrics

Commencing with the first quarter 2025 reporting, Sunrun has modified how certain key operating metrics are calculated. Please refer to the appendix for the updated definitions and refer to the accompanying presentation posted to Sunrun Investor Relations website for additional information. Prior periods have been recast to reflect the current methodology for comparison purposes.

In the first quarter of 2025, Subscriber Additions were 23,692, a 7% increase compared to the first quarter of 2024. As of March 31, 2025, Sunrun had 912,878 Subscribers. Subscribers as of March 31, 2025 grew 14% compared to March 31, 2024.

Storage Capacity Installed was 334 megawatt hours in the first quarter of 2025, a 61% increase from the first quarter of 2024. Solar Capacity Installed was 191 megawatts, an 8% increase from the first quarter of 2024.

Subscriber Value was $52,206 in the first quarter of 2025, a 15% increase compared to the first quarter of 2024. Contracted Subscriber Value was $48,727 in the first quarter of 2025, a 14% increase compared to the first quarter of 2024. Subscriber Value figures for the first quarter of 2025 reflect a 7.5% discount rate based on observed project-level capital costs, compared to 7.6% in the prior year period. Subscriber Value reflects an average Investment Tax Credit of 43.6% in the first quarter of 2025 compared to 35.2% in the prior year period. Storage Attachment Rate was 69% in the first quarter of 2025 compared to 50% in the prior year period.

Creation Costs per Subscriber Addition were $41,817 in the first quarter of 2025, a 7% increase compared to the first quarter of 2024.

Net Subscriber Value was $10,390 in the first quarter of 2025, a 66% increase compared to $6,247 in the first quarter of 2024. Contracted Net Subscriber Value was $6,910 in the first quarter of 2025, a 90% increase compared to $3,641 in the first quarter of 2024.

Aggregate Subscriber Value was $1.2 billion in the first quarter of 2025, a 23% increase compared to the first quarter of 2024. Aggregate Creation Costs were $991 million in the first quarter of 2025, a 14% increase compared to the first quarter of 2024. Contracted Net Value Creation was $164 million in the first quarter of 2025, an increase of 104% compared to the first quarter of 2024, and representing $0.72 per weighted average basic share outstanding in the period.

Cash Generation was $56 million in the first quarter of 2025. This result represents the fourth consecutive quarter of positive Cash Generation.

Contracted Net Earning Assets were $2.6 billion, or $11.36 per share, which included $979 million in Total Cash, as of March 31, 2025.

Outlook

Aggregate Subscriber Value is expected to be in a range of $1.3 billion to $1.375 billion in the second quarter of 2025, representing 21% growth compared to the second quarter of 2024 at the midpoint.

Contracted Net Value Creation is expected to be in a range of $125 million to $200 million in the second quarter of 2025, representing 80% growth compared to the second quarter of 2024 at the midpoint.

Cash Generation is expected to be in a range of $50 million to $60 million in the second quarter of 2025.

For the full-year 2025, Aggregate Subscriber Value is expected to be in a range of $5.7 billion to $6.0 billion, representing 14% growth compared to full-year 2024 at the midpoint.

Contracted Net Value Creation is expected to be in a range of $650 million to $850 million for the full-year 2025, representing 9% growth compared to full-year 2024 at the midpoint.

Cash Generation is expected to be in a range of $200 million to $500 million for the full-year 2025, unchanged from the company’s prior guidance.

First Quarter 2025 GAAP Results

Total revenue was $504.3 million in the first quarter of 2025, up $46.1 million, or 10%, from the first quarter of 2024. Customer agreements and incentives revenue was $402.9 million, an increase of $80.0 million, or 25%, compared to the first quarter of 2024. Solar energy systems and product sales revenue was $101.4 million, a decrease of $33.9 million, or 25%, compared to the first quarter of 2024. The increasing mix of Subscribers results in less upfront revenue recognition, as revenue is recognized over the life of the Customer Agreement, which is typically 20 or 25 years.

Total cost of revenue was $405.4 million, a decrease of 5% year-over-year. Total operating expenses were $619.2 million, a decrease of 3% year-over-year.

Net income attributable to common stockholders was $50.0 million, or $0.22 per basic share and $0.20 per diluted share, in the first quarter of 2025.

Financing Activities

As of May 7, 2025, closed transactions and executed term sheets provide us with expected tax equity to fund over 375 Megawatts of Solar Energy Capacity Installed for Subscribers beyond what was deployed through March 31, 2025. Sunrun also has $819 million in unused commitments available in its non-recourse senior revolving warehouse loan at the end of Q1 to fund approximately 286 megawatts of projects for Subscribers.

Conference Call Information

Sunrun is hosting a conference call for analysts and investors to discuss its first quarter 2025 results and business outlook at 1:30 p.m. Pacific Time today, May 7, 2025. A live audio webcast of the conference call along with supplemental financial information will be accessible via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com. The conference call can also be accessed live over the phone by dialing (877) 407-5989 (toll free) or (201) 689-8434 (toll). An audio replay will be available following the call on the Sunrun Investor Relations website for approximately one month.

About Sunrun

Sunrun Inc. (Nasdaq: RUN) revolutionized the solar industry in 2007 by removing financial barriers and democratizing access to locally-generated, renewable energy. Today, Sunrun is the nation’s leading provider of clean energy as a subscription service, offering residential solar and storage with no upfront costs. Sunrun’s innovative products and solutions can connect homes to the cleanest energy on earth, providing them with energy security, predictability, and peace of mind. Sunrun also manages energy services that benefit communities, utilities, and the electric grid while enhancing customer value. Discover more at www.sunrun.com

Forward Looking Statements

This communication contains forward-looking statements related to Sunrun (the “Company”) within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, statements related to: the Company’s financial and operating guidance and expectations; the Company’s business plan, trajectory, expectations, market leadership, competitive advantages, operational and financial results and metrics (and the assumptions related to the calculation of such metrics); the Company’s momentum in its business strategies including expectations regarding market share, total addressable market, growth in certain geographies, customer value proposition, market penetration, growth of certain divisions, financing activities, financing capacity, product mix, and ability to manage cash flow and liquidity; the Company’s introduction of new products, including Sunrun Flex; the growth of the solar industry; the Company’s financing activities and expectations to refinance, amend, and/or extend any financing facilities; trends or potential trends within the solar industry, our business, customer base, and market; the Company’s ability to derive value from the anticipated benefits of partnerships, new technologies, and pilot programs, including contract renewal and repowering programs; anticipated demand, market acceptance, and market adoption of the Company’s offerings, including new products, services, and technologies; the Company’s strategy to be a margin-focused, multi-product, customer-oriented company; the ability to increase margins based on a shift in product focus; expectations regarding the growth of home electrification, electric vehicles, virtual power plants, and distributed energy resources; the Company’s ability to manage suppliers, inventory, and workforce; supply chains and regulatory impacts affecting supply chains including reliance on specific countries for critical components; the Company’s leadership team and talent development; the legislative and regulatory environment of the solar industry and the potential impacts of proposed, amended, and newly adopted legislation and regulation on the solar industry and our business, including federal and state-level solar incentive programs (such as the Investment Tax Credit), net metering policies, and utility rate structures; the ongoing expectations regarding the Company’s storage and energy services businesses and anticipated emissions reductions due to utilization of the Company’s solar energy systems; and factors outside of the Company’s control such as macroeconomic trends, bank failures, public health emergencies, natural disasters, acts of war, terrorism, geopolitical conflict, or armed conflict / invasion, and the impacts of climate change. These statements are not guarantees of future performance; they reflect the Company’s current views with respect to future events and are based on assumptions and estimates and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from expectations or results projected or implied by forward-looking statements. The risks and uncertainties that could cause the Company’s results to differ materially from those expressed or implied by such forward-looking statements include: the Company’s continued ability to manage costs and compete effectively; the availability of additional financing on acceptable terms; worldwide economic conditions, including slow or negative growth rates and inflation; volatile or rising interest rates; changes in policies and regulations, including net metering, interconnection limits, and fixed fees, or caps and licensing restrictions and the impact of these changes on the solar industry and our business; the Company’s ability to attract and retain the Company’s business partners; supply chain risks and associated costs, including reliance on specific countries for critical components, tariff and trade policy impacts, and raw material availability for solar panels and batteries; realizing the anticipated benefits of past or future investments, partnerships, strategic transactions, or acquisitions, and integrating those acquisitions; the Company’s leadership team and ability to attract and retain key employees; changes in the retail prices of traditional utility generated electricity; the availability of rebates, tax credits and other incentives; the availability of solar panels, batteries, and other components and raw materials; the Company’s business plan and the Company’s ability to effectively manage the Company’s growth and labor constraints; the Company’s ability to meet the covenants in the Company’s investment funds and debt facilities; factors impacting the home electrification and solar industry generally, and such other risks and uncertainties identified in the reports that we file with the U.S. Securities and Exchange Commission from time to time. All forward-looking statements used herein are based on information available to us as of the date hereof, and we assume no obligation to update publicly these forward-looking statements for any reason, except as required by law.

Citations to industry and market statistics used herein may be found in our Investor Presentation, available via the “Investor Relations” section of Sunrun’s website at https://investors.sunrun.com.

Consolidated Balance Sheets (In Thousands)
	March 31, 2025		December 31, 2024

Assets
Current assets:
Cash	$	604,874	$	574,956
Restricted cash		373,881		372,312
Accounts receivable, net		172,121		170,706
Inventories		414,401		402,083
Prepaid expenses and other current assets		101,936		202,579
Total current assets		1,667,213		1,722,636
Restricted cash		148		148
Solar energy systems, net		15,497,538		15,032,115
Property and equipment, net		109,132		121,239
Other assets		3,103,824		3,021,746
Total assets	$	20,377,855	$	19,897,884
Liabilities and total equity
Current liabilities:
Accounts payable	$	268,908	$	354,214
Distributions payable to noncontrolling interests and redeemable noncontrolling interests		37,816		41,464
Accrued expenses and other liabilities		537,042		543,752
Deferred revenue, current portion		133,878		129,442
Deferred grants, current portion		8,389		7,900
Finance lease obligations, current portion		25,526		26,045
Non-recourse debt, current portion		250,422		231,665
Total current liabilities		1,261,981		1,334,482
Deferred revenue, net of current portion		1,238,468		1,208,905
Deferred grants, net of current portion		193,009		196,535
Finance lease obligations, net of current portion		58,025		66,139
Convertible senior notes		472,226		479,420
Line of credit		358,493		384,226
Non-recourse debt, net of current portion		12,479,475		11,806,181
Other liabilities		120,973		119,846
Deferred tax liabilities		97,684		137,940
Total liabilities		16,280,334		15,733,674
Redeemable noncontrolling interests		657,772		624,159
Total stockholders’ equity		2,615,402		2,554,207
Noncontrolling interests		824,347		985,844
Total equity		3,439,749		3,540,051
Total liabilities, redeemable noncontrolling interests and total equity	$	20,377,855	$	19,897,884

Consolidated Statements of Operations (In Thousands, Except Per Share Amounts)
	Three Months Ended March 31,
	2025			2024
Revenue:
Customer agreements and incentives	$	402,920		$	322,967
Solar energy systems and product sales		101,351			135,221
Total revenue		504,271			458,188
Operating expenses:
Cost of customer agreements and incentives		308,629			269,534
Cost of solar energy systems and product sales		96,798			156,159
Sales and marketing		145,990			152,264
Research and development		9,979			12,087
General and administrative		57,763			51,266
Total operating expenses		619,159			641,310
Loss from operations		(114,888	)		(183,122	)
Interest expense, net		(227,434	)		(192,159	)
Other (expense) income, net		(45,399	)		89,930
Loss before income taxes		(387,721	)		(285,351	)
Income tax benefit		(110,550	)		(2,201	)
Net loss		(277,171	)		(283,150	)
Net loss attributable to noncontrolling interests and redeemable noncontrolling interests		(327,182	)		(195,332	)
Net income (loss) attributable to common stockholders	$	50,011		$	(87,818	)
Net income (loss) per share attributable to common stockholders
Basic	$	0.22		$	(0.40	)
Diluted	$	0.20		$	(0.40	)
Weighted average shares used to compute net income (loss) per share attributable to common stockholders
Basic		226,406			219,882
Diluted		257,911			219,882

Consolidated Statements of Cash Flows (In Thousands)
	Three Months Ended March 31,
	2025			2024
Operating activities:
Net loss	$	(277,171	)	$	(283,150	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization, net of amortization of deferred grants		169,890			150,520
Deferred income taxes		(110,550	)		(2,202	)
Stock-based compensation expense		25,005			28,869
Interest on pass-through financing obligations		—			4,756
Reduction in pass-through financing obligations		—			(9,335	)
Unrealized loss (gain) on derivatives		45,070			(55,103	)
Other noncash items		61,499			14,639
Changes in operating assets and liabilities:
Accounts receivable		(6,906	)		(1,371	)
Inventories		(12,318	)		47,753
Prepaid expenses and other assets		(45,761	)		(135,678	)
Accounts payable		(15,618	)		59,641
Accrued expenses and other liabilities		27,910			3,395
Deferred revenue		34,744			34,173
Net cash used in operating activities		(104,206	)		(143,093	)
Investing activities:
Payments for the costs of solar energy systems		(654,802	)		(538,975	)
Purchases of property and equipment, net		(219	)		3,531
Net cash used in investing activities		(655,021	)		(535,444	)
Financing activities:
Repayment of trade receivable financing		(24,742	)		—
Proceeds from line of credit		148,824			139,805
Repayment of line of credit		(174,557	)		(292,305	)
Proceeds from issuance of convertible senior notes, net of capped call transaction		—			444,822
Repurchase of convertible senior notes		(2,124	)		(173,715	)
Proceeds from issuance of non-recourse debt		1,520,629			770,106
Repayment of non-recourse debt		(838,483	)		(431,532	)
Payment of debt fees		(28,018	)		(47,779	)
Proceeds from pass-through financing and other obligations, net		—			1,808
Early repayment of pass-through financing obligation		—			(20,000	)
Payment of finance lease obligations		(6,483	)		(6,732	)
Contributions received from noncontrolling interests and redeemable noncontrolling interests		255,900			164,337
Distributions paid to noncontrolling interests and redeemable noncontrolling interests		(60,253	)		(74,834	)
Acquisition of noncontrolling interests		—			(1,159	)
Proceeds from transfer of investment tax credits		624,776			106,529
Payments to redeemable noncontrolling interests and noncontrolling interests of investment tax credits		(624,776	)		(106,529	)
Net proceeds related to stock-based award activities		21			1,056
Net cash provided by financing activities		790,714			473,878
Net change in cash and restricted cash		31,487			(204,659	)
Cash and restricted cash, beginning of period		947,416			987,838
Cash and restricted cash, end of period	$	978,903		$	783,179

Key Operating and Financial Metrics

The following operating metrics are used by management to evaluate the performance of the business. Management believes these metrics, when taken together with other information contained in our filings with the SEC and within this press release, provide investors with helpful information to determine the economic performance of the business activities in a period that would otherwise not be observable from historic GAAP measures. Management believes that it is helpful to investors to evaluate the present value of cash flows expected from subscribers over the full expected relationship with such subscribers (“Subscriber Value”, more fully defined in the definitions appendix below) in comparison to the costs associated with adding these customers, regardless of whether or not the costs are expensed or capitalized in the period (“Creation Cost”, more fully defined in the definitions appendix below). The Company also believes that Subscriber Value, Aggregate Subscriber Value, Creation Costs, Aggregate Creation Costs, Net Subscriber Value, Contracted Net Subscriber Value, Upfront Net Subscriber Value, Net Value Creation, Contracted Net Value Creation, and Upfront Value Creation are useful metrics for investors because they present an unlevered and levered view of all of the costs associated with new customers in a period compared to the expected future cash flows from these customers over a 30-year period, based on contracted pricing terms with its customers, which is not observable in any current or historic GAAP-derived metric. Management believes it is useful for investors to also evaluate the future expected cash flows from all customers that have been deployed through the respective measurement date, less estimated costs to maintain such systems and estimated distributions to tax equity partners in consolidated joint venture partnership flip structures, and distributions to project equity investors (“Gross Earning Assets”, more fully defined in the definitions appendix below). The Company also believes Gross Earning Assets is useful for management and investors because it represents the remaining future expected cash flows from existing customers, which is not a current or historic GAAP-derived measure.

Various assumptions are made when calculating these metrics. Subscriber Value metrics are calculated using a discount rate based on the observed project-level capital costs in the period. Gross Earning Assets utilize a 6% rate to discount future cash flows to the present period. Furthermore, these metrics assume that Subscribers renew after the initial contract period at a rate equal to 90% of the rate in effect at the end of the initial contract term. For Customer Agreements with 25-year initial contract terms, a 5-year renewal period is assumed. For a 20-year initial contract term, a 10-year renewal period is assumed. In all instances, we assume a 30-year customer relationship, although the customer may renew for additional years, or purchase the system. Estimated cost of servicing assets has been deducted and is estimated based on the service agreements underlying each fund.

KEY OPERATING METRICS
Unit Economics in Period		1Q24		2Q24		3Q24		4Q24		1Q25
$ per Subscriber Addition, unless otherwise noted
	Subscriber Additions in period		22,058		24,984		30,348		30,709		23,692
	Subscriber Value	$45,477		$44,291		$47,335		$50,998		$52,206
	Discount rate (observed project-level capital costs)		7.6%		7.5%		7.1%		7.3%		7.5%
	Contracted Subscriber Value	$42,871		$41,872		$44,551		$48,273		$48,727
	x Advance Rate on Contracted Subscriber Value (estimated)		86.3%		86.3%		87.2%		85.9%		86.9%
	= Upfront Proceeds (estimated)	$37,001		$36,117		$38,869		$41,486		$42,339
	– Creation Costs	$(39,230)		$(38,258)		$(37,756)		$(38,071)		$(41,817)
	= Upfront Net Subscriber Value	$(2,229)		$(2,140)		$1,113		$3,415		$523
	Upfront Net Subscriber Value margin %		(5.2)%		(5.1)%		2.5%		7.1%		1.1%
Aggregate Gross, Net & Upfront Value Creation in Period		1Q24		2Q24		3Q24		4Q24		1Q25
$ millions, unless otherwise noted
	Aggregate Subscriber Value	$1,003		$1,107		$1,437		$1,566		$1,237
	Aggregate Contracted Subscriber Value	$946		$1,046		$1,352		$1,482		$1,154
	Aggregate Upfront Proceeds (estimated)	$816		$902		$1,180		$1,274		$1,003
	Less Aggregate Creation Costs	$(865)		$(956)		$(1,146)		$(1,169)		$(991)
	Net Value Creation	$138		$151		$291		$397		$246
	Contracted Net Value Creation	$80		$90		$206		$313		$164
	Upfront Net Value Creation	$(49)		$(53)		$34		$105		$12
	Cash Generation	$(311)		$217		$2		$34		$56
	Net Value Creation per share	$0.63		$0.68		$1.30		$1.77		$1.09
	Contracted Net Value Creation per share	$0.37		$0.41		$0.92		$1.39		$0.72
	Upfront Net Value Creation per share	$(0.22)		$(0.24)		$0.15		$0.47		$0.05
Volume Additions in Period		1Q24		2Q24		3Q24		4Q24		1Q25
	Storage Capacity Installed (MWhrs)		207.2		264.5		336.3		392.0		333.7
	Solar Capacity Installed (MWs)		177.0		192.3		229.7		242.4		190.9
	Solar Capacity Installed with Storage (MWs)		81.3		94.9		127.0		142.5		126.7
	Solar Capacity Installed without Storage (MWs)		95.7		97.4		102.7		100.0		64.2
	Customer Additions		24,038		26,687		31,910		32,932		25,428
	Customer Additions with Storage		11,970		14,398		18,988		20,405		17,501
	Customer Additions without Storage		12,068		12,289		12,922		12,527		7,927
	Storage Attachment Rate		50%		54%		60%		62%		69%
	Subscriber Additions (included within Customer Additions)		22,058		24,984		30,348		30,709		23,692
	Subscriber Additions as % of Customer Additions		92%		94%		95%		93%		93%
Customer Base Value & Energy Capacity at End of Period		3/31/2024		6/30/2024		9/30/2024		12/31/2024		3/31/2025
	Net Earning Assets ($ millions)	$5,247		$5,675		$6,231		$6,766		$6,825
	Net Earning Assets per share	$23.78		$25.42		$27.81		$29.99		$30.02
	Contracted Net Earning Assets ($ millions)	$1,754		$2,035		$2,416		$2,723		$2,583
	Contracted Net Earning Assets per share	$7.95		$9.11		$10.78		$12.07		$11.36
	Customers		957,313		984,000		1,015,910		1,048,842		1,074,270
	Subscribers (included within Customers)		803,145		828,129		858,477		889,186		912,878
	Networked Storage Capacity (MWhrs)		1,532		1,796		2,133		2,525		2,858
	Networked Solar Capacity (MWs)		6,866		7,058		7,288		7,531		7,721
Basic Shares Outstanding		1Q24		2Q24		3Q24		4Q24		1Q25
	Basic shares outstanding at end of period (in millions)		220.7		223.3		224.1		225.7		227.3
	Weighted average basic shares outstanding in period (in millions)		219.9		222.5		223.7		224.9		226.4

Figures presented above may not sum due to rounding. In-period per share figures are calculated using the weighted average basic shares outstanding while end of period per share figures are calculated using the corresponding basic shares outstanding as of the measurement date. For adjustments related to Subscriber Value and Creation Costs, please see the supplemental materials available on the Sunrun Investor Relations website at investors.sunrun.com.

Glossary of Terms

Definitions for Volume-related Terms

Deployments represent solar or storage systems, whether sold directly to customers or subject to executed Customer Agreements (i) for which we have confirmation that the systems are installed, subject to final inspection, or (ii) in the case of certain system installations by our partners, for which we have accrued at least 80% of the expected project cost (inclusive of acquisitions of installed systems). A portion of customers have subsequently entered into Customer Agreements to obtain, or have directly purchased, additional solar or storage systems at the same host customer site, and since these represent separate assets, they are considered separate Deployments.

Customer Agreements refer to, collectively, solar or storage power purchase agreements and leases.

Subscribers represent customers subject to Customer Agreements for solar or storage systems that have been recognized as Deployments, whether or not they continue to be active.

Purchase Customers represent customers who purchased, whether outright or with proceeds from third-party loans, solar or storage systems that have been recognized as Deployments.

Customers represent aggregate Subscribers and Purchase Customers.

Subscriber Additions represent the number of Subscribers added in a period.

Purchase Customer Additions represent the number of Purchase Customers added in a period.

Customer Additions represent Subscriber Additions plus Purchase Customer Additions.

Solar Capacity Installed represents the aggregate megawatt production capacity of solar energy systems that were recognized as Deployments in a period.

Storage Capacity Installed represents the aggregate megawatt hour capacity of storage systems that were recognized as Deployments in a period.

Networked Solar Capacity represents the cumulative Solar Capacity Installed from the company’s inception through the measurement date.

Networked Storage Capacity represents the cumulative Storage Capacity Installed from the company’s inception through the measurement date.

Storage Attachment Rate represents Customer Additions with storage divided by total Customer Additions.

Definitions for Unit-based and Aggregate Value, Costs and Margin Terms

Subscriber Value represents Contracted Subscriber Value plus Non-contracted or Upside Subscriber Value.

Contracted Subscriber Value represents the per Subscriber present value of estimated upfront and future Contracted Cash Flows from Subscriber Additions in a period, discounted at the observed cost of capital in the period.

Non-contracted or Upside Subscriber Value represents the per Subscriber present value of estimated future Non-contracted or Upside Cash Flows from Subscribers Additions in a period, discounted at the observed cost of capital in the period.

Contracted Cash Flows represent (x) (1) scheduled payments from Subscribers during the initial terms of the Customer Agreements, (2) net proceeds from tax equity partners, (3) payments from government and utility incentive and rebate programs, (4) contracted net cash flows from grid services programs with utilities or grid operators, and (5) contracted or defined (i.e., with fixed pricing) cash flows from the sale of renewable energy credits, less (y) (1) estimated operating and maintenance costs to service the systems and replace equipment over the initial terms of the Customer Agreements, consistent with estimates by independent engineers, (2) distributions to tax equity partners in consolidated joint venture partnership flip structures, and (3) distributions to any project equity investors. For Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, only the minimum contracted payment is included in Contracted Cash Flows.

Non-contracted or Upside Cash Flows represent (1) net cash flows realized from either the purchase of systems by Subscribers at the end of the Customer Agreement initial terms or renewals of Customer Agreements beyond the initial terms, estimated in both cases to have equivalent value, assuming only a 30-year relationship and a contract renewal rate equal to 90% of each Subscriber’s contractual rate in effect at the end of the initial contract term, (2) non-contracted net cash flows from grid service programs with utilities and grid operators, and (3) non-contracted net cash flows from the sale of renewable energy credits. After the initial contract term, our Customer Agreements typically automatically renew on an annual basis and the rate is initially set at up to a 10% discount to then-prevailing utility power prices. For Flex Customer Agreements that allow variable billings based on the amount of electricity consumed by the Subscriber, an assumption is made that each Subscriber’s electricity consumption increases by approximately 2% per year through the end of the initial term of the Customer Agreement and into the renewal period, resulting in billings in excess of the minimum contracted amount (which minimums are included in Contracted Cash Flows).

Aggregate Creation Costs represent the sum of certain operating expenses and capital expenditures incurred in a period. The following items are included from the cash flow statement: (i) payments for the costs of solar energy systems, plus (ii) purchases of property and equipment, less (iii) net depreciation and amortization, less (iv) stock based compensation expense. The following items are included from the income statement: (i) cost of customer agreements and incentives revenue, adjusted to exclude fleet servicing costs and non-cash net impairment of solar energy systems, plus (ii) sales and marketing expenses, adjusted to exclude amortization of cost to obtain customer contracts (which is the amortization of previously capitalized sales commissions), plus (iii) general and administrative expenses, plus (iv) research and development expenses. In addition, gross additions to capitalized costs to obtain contracts (i.e., sales commissions), which are presented on the balance sheet within Other Assets, are included. Because the sales, marketing, general and administrative costs are for activities related to the entire business, including solar energy system and product sales, the gross margin on solar energy system and product sales is reflected as a contra cost. Costs associated with certain restructuring activities and one-time items are identified and excluded.

Creation Costs represent Aggregate Creation Costs divided by Subscriber Additions.

Net Subscriber Value represents Subscriber Value less Creation Costs.

Contracted Net Subscriber Value represents Contracted Subscriber Value less Creation Costs.

Upfront Net Subscriber Value represents Contracted Subscriber Value multiplied by Advance Rate less Creation Costs.

Advance Rate or Advance Rate on Contracted Subscriber Value represents the company’s estimated upfront proceeds, expressed as a percentage of Contracted Subscriber Value or Aggregate Contracted Subscriber Value, from project-level capital and other upfront cash flows, based on market terms and observed cost of capital in a period.

Aggregate Subscriber Value represents Subscriber Value multiplied by Subscriber Additions.

Aggregate Contracted Subscriber Value represents Contracted Subscriber Value multiplied by Subscriber Additions.

Aggregate Upfront Proceeds represent Aggregate Contracted Subscriber Value multiplied by Advance Rate. Actual project financing transaction timing for portfolios of Subscribers may occur in a period different from the period in which Subscribers are recognized, and may be executed at different terms. As such, Aggregate Upfront Proceeds are an estimate based on capital markets conditions present during each period and may differ from ultimate Proceeds Realized in respect of such Subscribers.

Proceeds Realized represents cash flows received from non-recourse financing partners in addition to upfront customer prepayments, incentives and rebates. It is calculated as the proceeds from non-controlling interests on the cash flow statement, plus the net proceeds from non-recourse debt (excluding normal non-recourse debt amortization for existing debt, as such debt is serviced by cash flows from existing solar and storage assets), plus the gross additions to deferred revenue which represents customer payments for prepaid Customer Agreements along with local rebates and incentive programs.

Net Value Creation represents Aggregate Subscriber Value less Aggregate Creation Costs.

Contracted Net Value Creation represents Aggregate Contracted Subscriber Value less Aggregate Creation Costs.

Upfront Net Value Creation represents Aggregate Upfront Proceeds less Aggregate Creation Costs.

Cash Generation is calculated using the change in our unrestricted cash balance from our consolidated balance sheet, less net proceeds (or plus net repayments) from all recourse debt (inclusive of convertible debt), and less any primary equity issuances or net proceeds derived from employee stock award activity (or plus any stock buybacks or dividends paid to common stockholders) as presented on the Company’s consolidated statement of cash flows. The Company expects to continue to raise tax equity and asset-level non-recourse debt to fund growth, and as such, these sources of cash are included in the definition of Cash Generation. Cash Generation also excludes long-term asset or business divestitures and equity investments in external non-consolidated businesses (or less dividends or distributions received in connection with such equity investments). Restricted cash in a reserve account with a balance equal to the amount outstanding of 2026 convertible notes is considered unrestricted cash for the purposes of calculating Cash Generation.

Definitions for Gross and Net Value from Existing Customer Base Terms

Gross Earning Assets is calculated as Contracted Gross Earning Assets plus Non-contracted or Upside Gross Earning Assets.

Contracted Gross Earning Assets represents, as of any measurement date, the present value of estimated remaining Contracted Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%.

Non-contracted or Upside Gross Earning Assets represents, as of any measurement date, the present value of estimated Non-contracted or Upside Cash Flows that we expect to receive in future periods in relation to Subscribers as of the measurement date, discounted at 6%.

Net Earning Assets represents Gross Earning Assets, plus Total Cash, less adjusted debt and lease pass-through financing obligations, as of the measurement date. Debt is adjusted to exclude a pro-rata share of non-recourse debt associated with funds with project equity structures along with debt associated with the company’s ITC safe harboring equipment inventory facility. Because estimated cash distributions to our project equity partners are deducted from Gross Earning Assets, a proportional share of the corresponding project level non-recourse debt is deducted from Net Earning Assets, as such debt would be serviced from cash flows already excluded from Gross Earning Assets.

Contracted Net Earning Assets represents Net Earning Assets less Non-contracted or Upside Gross Earning Assets.

Non-contracted or Upside Net Earning Assets represents Net Earning Assets less Contracted Net Earning Assets.

Total Cash represents the total of the restricted cash balance and unrestricted cash balance from our consolidated balance sheet.

Other Terms

Annual Recurring Revenue represents revenue arising from Customer Agreements over the following twelve months for Subscribers that have met initial revenue recognition criteria as of the measurement date.

Average Contract Life Remaining represents the average number of years remaining in the initial term of Customer Agreements for Subscribers that have met revenue recognition criteria as of the measurement date.

Households Served in Low-Income Multifamily Properties represent the number of individual rental units served in low-income multi-family properties from shared solar energy systems deployed by Sunrun. Households are counted when the solar energy system has interconnected with the grid, which may differ from Deployment recognition criteria.

Positive Environmental Impact from Customers represents the estimated reduction in carbon emissions as a result of energy produced from our Networked Solar Capacity over the trailing twelve months. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

Positive Expected Lifetime Environmental Impact from Customer Additions represents the estimated reduction in carbon emissions over thirty years as a result of energy produced from solar energy systems that were recognized as Deployments in a period. The figure is presented in millions of metric tons of avoided carbon emissions and is calculated using the Environmental Protection Agency’s AVERT tool. The figure is calculated using the most recent published tool from the EPA, using the current-year avoided emission factor for distributed resources on a state by state basis, leveraging our estimated production figures for such systems, which degrade over time, and is extrapolated for 30 years. The environmental impact is estimated based on the system, regardless of whether or not Sunrun continues to own the system or any associated renewable energy credits.

Per Share Operational Metrics

The Company presents certain operating metrics on a per share basis to aid investors in understanding the scale of such operational metrics in relation to the outstanding basic share count in each period. These metrics are operational in nature and not a financial metric. These metrics are not a substitute for GAAP financials, liquidity related measures, or any financial performance metrics.

Net Value Creation, Contracted Net Value Creation, and Upfront Net Value Creation are also presented on a per share basis, calculated by dividing each metric by the weighted average basic shares outstanding for each period, as presented on the Company’s Consolidated Statements of Operations.

Net Earning Assets and Contracted Net Earning Assets are also presented on a per share basis, calculated by dividing each metric by the basic shares outstanding as of the end of each period, as presented on the Company’s Consolidated Balance Sheets.

Investor & Analyst Contacts:

Patrick Jobin
SVP, Deputy CFO & Investor Relations Officer
investors@sunrun.com

Bronson Fleig
Director, Finance & Investor Relations
investors@sunrun.com

Media Contact:

Wyatt Semanek
Director, Corporate Communications
press@sunrun.com

The MIL Network –

May 8, 2025

MIL-OSI Global: Tips for starting a business in Canada, according to entrepreneurs who have done it

Source: The Conversation – Canada – By Nazha Gali, Assistant Professor of Strategy and Entrepreneurship, University of Windsor

Each year, about 100,000 small businesses are created in Canada. But what does it actually take to start a business in Canada — not just on paper, but in practice?

To better understand what launching a startup in Canada truly involves, we interviewed entrepreneurs across various sectors. As experts in strategy and entrepreneurship, we combined their first-hand experiences with research findings to determine key factors that contribute to business success.

What emerged is a clearer picture of the realities of Canadian entrepreneurship that shows building a business is as much about managing relationships, risks and resilience as it is about having a novel idea.

Solving real consumer problems

Before launching a business, it’s essential to identify your target customers. Successful ventures begin by solving a real problem for a clearly defined group. Conducting market research to ensure a strong product-market fit is a critical first step in this process.

One of the most common blind spots for new entrepreneurs, according to Ariz Bhimani, founder of apparel brand BRFZY, is assuming the problem they face is universal. “Without genuine data from potential customers, you’re just guessing,” he said in an email interview.

This is where customer discovery comes in. It involves understanding customers’ situations, needs and pain points. Techniques such as user interviews and creating detailed customer personas can help founders better understand who their product is for.

This approach is crucial for both startups and established organizations looking to enter new markets.

Another vital part of the early-stage process is building a minimum viable product (MVP): a basic version of a product that includes only the core features needed to test the idea with users.

MVPs allow entrepreneurs to gather feedback and refine the product before investing significant time or money in full development.

Manage your money wisely

Once a market need is identified, securing funding is often the next major challenge. This process typically begins with creating a compelling pitch — a presentation that outlines the product or service and financial projections to attract potential investors.

This pitch is crucial to a startup’s success, Mohammad Faiyaz, founder and CEO of Wavermark, told us.

There are tools and resources available to help, such as the pitch deck developed by PayPal co-founder Peter Thiel and AI feedback tool AI Fornax.

Having a solid pitch prepared is a necessary step to attract potential investors for your business.
(Shutterstock)

But while funding is essential, managing those funds wisely is equally important. Chris Colasanti, vice president at Rocket Mortgage Canada, explained via email that one of the most common mistakes new entrepreneurs make is failing to control costs.

Many first-time founders become preoccupied with revenue growth while overlooking expenses. Colasanti argued that unless you have endless investor backing, your survival depends on lean operations. “Obsess about your costs,” he advised.

Bhimani echoed this caution. “I would budget two to three times more time and money to get a task done, especially in the ideation stage,” he wrote to us. Entrepreneurs should be prepared for unexpected costs.

Building a business plan

Many startup founders are eager to scale their businesses quickly, but doing this prematurely can increase the risk of failure by 20 to 40 per cent.

“Growth is one of the most taxing activities a company can experience,” Colasanti told us. “Fight the urge to grow. Hire when it hurts and let sales drive your growth.”

To scale successfully, companies need a strong foundation. This means having a comprehensive business plan in place. A well-structured plan outlines a company’s mission, market strategy, operations, finances and key milestones.

Beyond serving as a roadmap for internal decision-making, business plans also help communicate a company’s vision and strategy to investors and other stakeholders.

The Business Development Bank of Canada offers guides to help entrepreneurs build effective business plans.

Hire the right people for the job

Hiring the right employees for the job is crucial for startup success. “You cannot overpay for talent,” Colasanti told us. “The first 10 people you hire will make or break your business.”

Hiring decisions should go hand-in-hand with intentionally building a workplace culture. Research shows that a positive workplace culture leads to higher employee satisfaction, retention and overall productivity.

“Your business will develop a culture whether you create it or not,” he said. Many first-time founders let poor behaviours slide to avoid conflict, but this is risky.

Hiring the right employees for the job is crucial for startup success.
(Shutterstock)

Bhimani also emphasized the importance of hiring those who genuinely understand your company’s mission. “Then I know they’re invested and will put forth their best effort,” he told us.

There are important legal considerations to keep in mind. Employers must comply with federal and provincial labour laws, and entrepreneurs should seek legal advice or consult government resources when building their teams.

Seek out a knowledgeable mentor

While entrepreneurship is often seen as a solo pursuit, research and experience suggest otherwise. In reality, founders who are mentored by successful entrepreneurs are over three times more likely to be successful themselves.

Both Bhimani and Dhwani Shah, founder and CEO of Aadhya Navik Inc., highlighted the importance of mentors.

“Even if you just have an idea,” Bhimani told us via email, “you should strive to talk about it as much as possible with people in the industry who have relevant experience.”

Shah similarly attributed her growth to constant learning and expert guidance: “I have a long-term vision and actively seek advice while working on the product.”

Resources like the Business Benefits Finder and programs like Futurpreneur Canada and Startup Canada can connect early-stage founders with financing and mentorship.

Passion and persistence are key

Mindset is also a differentiating factor that sets successful entrepreneurs apart. The entrepreneurial mindset is a way of thinking that involves seeing opportunities where others see obstacles, and maintaining a strong sense of initiative and resilience.

All the entrepreneurs we interviewed said intrinsic motivation was the key to longevity. “Starting a business makes you wear multiple hats, which can be intimidating but also gives you immense satisfaction,” Shah told us. Research has also confirmed this to be true.

Read more:
Entrepreneurs know that failure is sometimes necessary – here’s what we can learn from them

Colasanti told us fear often leads founders to switch from experimentation to protection mode too early. “They stop taking big swings and start firing bullets instead of cannonballs,” he said. That mindset shift can lead to complacency and stagnation.

Successful entrepreneurs are often those who can stay agile, embrace discomfort and persist even when the stakes are high.

Make use of resources

There are a number of supports for entrepreneurs in Canada. National initiatives like Futurpreneur Canada and Startup Canada, and financial supports from Business Development Bank of Canada, are also available.

Most provinces and territories have web pages dedicated to resources for small businesses and entrepreneurs, including British Columbia, Alberta, Manitoba and Ontario.

In southern Ontario, WETech Alliance offers a model example of how regional innovation hubs can support founders. Their programs help connect entrepreneurs to expertise, capital and community.

Starting a business in Canada has never been more possible or more competitive. As the experts we spoke to remind us, success lies in execution. The journey is hard, but for those who are ready, it can also be deeply rewarding.

Bharat Maheshwari has received funding from Mitacs, the Social Sciences and Humanities Research Council of Canada, and several other organizations that regularly fund academic research in Canada.

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

– ref. Tips for starting a business in Canada, according to entrepreneurs who have done it – https://theconversation.com/tips-for-starting-a-business-in-canada-according-to-entrepreneurs-who-have-done-it-247985

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Banking: Bill Krull’s Story

Source: International Association of Drilling Contractors – IADC

Headline: Bill Krull’s Story

The following is part of IADC’s 85th anniversary campaign, “Many Stories, One Voice,” which aims to showcase the real human stories behind the drilling industry.

Bill Krull – IADC Global Sales Manager

Exactly 15 years ago this January, I entered the industry having very little exposure to or insight into drilling and completions. My journey began as a consultant to IADC selling advertising for Drilling Contractor magazine, the IADC Membership Directory and websites. One of many IADC mentors, Mike Killalea, was tremendous in his interest in educating me on drilling contractors and the industry in general.

I quickly noticed that many professionals in the industry and employees of IADC were willing and interested in assisting new entrants to our industry. I began attending as many conferences as possible and volunteering on various committees, not only for education but also for networking. This proved beneficial in adopting an entirely new group of contacts, many of whom I now consider friends.

After nine years contracting to IADC, I was asked to come on board full time in 2019. My role has dramatically changed over time to include managing the Incident Statistics Program, technical software development workgroups, technical resources and forms development. The Incident Statistics Program was an area completely foreign to me, and IADC gave me an opportunity to learn. For this, I’m forever grateful, as I think it’s difficult to find a home where you have such opportunities to continue to have a career evolve – particularly at this point in my career.

Many thanks to IADC colleagues, mentors and members for our wonderful industry family!

Bill (far left) and colleagues celebrating their work anniversaries during an annual IADC Service Award luncheon.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Global: Why Trump’s plans for tariffs on foreign films probably won’t have a happy ending

Source: The Conversation – UK – By Jean Chalaby, Professor of Sociology, City St George’s, University of London

Bill Chizek/Shutterstock

With its tariffs policies, the administration of US president Donald Trump aims to correct the country’s persistent goods trade deficit. The president has argued that the US has been “looted, pillaged, raped and plundered” by other countries. Trump feels it is now America’s “turn to prosper” – and he has the film and TV industries in his sights with threats of 100% tariffs on foreign films.

Economists cite multiple reasons why tariffs are bad for economies, from stunting growth to adding inflationary pressure. But there is a more fundamental problem, which is notable in the case of the film and TV industries. While trade data reflects a country’s overall performance, it says nothing about the nature and ownership of the traded goods.

Indeed, the cross-border activities and foreign investments of US-based multinationals widen the US trade deficit. Global trade flows in film and TV are a good example.

In terms of the origin of a movie, it is determined by factors including the nationality of those in key creative roles, financing, filming location and the culture reflected in the theme and story. The US has long been the world’s largest exporter of films and TV, dominating global media flows for much of the 20th century.

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In the 1970s, the country exported seven times as much film and TV programming as that of its nearest competitor (the UK). Three decades later, the US was still exporting 4.5 times the amount of content it imported – US$12.6 billion (£9.4 billion) versus US$2.8 billion.

US exports have increased, reaching US$24.7 billion in 2023, and Hollywood remains the world’s largest movie exporter. However, the US balance of trade in the sector has shifted dramatically. While US exports grew by 95.4% between 2006 and 2023, US imports increased by 898%.

The trade in film and TV programming achieved balance in 2019, and my research shows that since then, the US has imported more films and TV shows than it exported. The deficit was narrowing in 2023 but imports remained 12.1% higher than exports (US$27.7 billion versus US$24.3 billion).

This deficit deserves an explanation. Are Asian and European producers suddenly flooding the US with films and TV shows? Has the American public developed an insatiable appetite for Nordic noir or K-drama? The reality is that US-based media conglomerates like Disney, Netflix and Warner Bros Discovery have changed strategy. They have moved away from their previous focus on exports to direct-to-consumer international distribution.

What does this mean? Well, instead of licensing content to foreign broadcasters and cinemas (which they still do, but to a lesser extent), they retail their content internationally, using their own global streaming services.

The US entertainment paradox

Maintaining these large content libraries explains the shift of the US trade balance. US-based streamers export less because they now retain more of their content for exclusive distribution on their own streaming platforms. And they import more because they acquire foreign content in greater quantities than ever before.

For example, Stranger Things is produced by Netflix in the US. As such, it does not show up in export figures. Squid Game, on the other hand, is a Korean export and shows up in US import data.

Moreover, Walt Disney has decided to retain the exclusive rights to its franchises, forgoing licensing sales. In 2020, the company licensed 59% of its scripted series to third parties, 18% in 2021, and only 2% in 2022.

All the US streaming giants license and commission foreign content. Netflix in particular has spent more on international content than US programming since 2024 (US$7.9 billion versus US$7.5 billion). Hence the creation of a paradox: US trade data in audiovisual services reveals a trade deficit, yet the US-based entertainment industry has never been so dominant globally.

There are similar patterns in industries in which US-based multinationals are located at the apex of transnational supply chains. The jeans that Levi Strauss imports from Bangladesh, the trainers that Nike imports from Vietnam, and the car components Ford imports from Brazil all show up in US trade statistics. But these goods are, essentially, American-owned assets.

About 70% of trade involves global value chains (GVC), as raw materials and components cross borders multiple times before being assembled into a final product.

In today’s global economy, the complexity of most products requires companies to cooperate along transnational production networks. As businesses and countries specialise in specific tasks, GVCs are the most efficient way of producing goods and services. The streaming industry simply mirrors these wider patterns.

Mindful of the US trade deficit in films and TV programmes, Trump announced the plans for 100% tariffs on all films produced outside the US. However, his attempt to “make Hollywood great again” is misguided.

While Hollywood has new rivals to contend with, notably South Korea, it remains the world’s largest film and TV exporter. Following a short period of decline in the late 2010s, US exports have continued to grow to reach a record US$24.3 billion.

For Trump, the vexing issue is that the US imports more films and TV programmes than its exports. But that is due to US-based platforms’ foreign content hoarding. Adolescence and Squid Game have indeed contributed to extending the gap between US imports and exports, but they are US-owned assets that have earned Netflix hundreds of millions of dollars in subscription fees. (Squid Game’s impact value for Netflix was estimated at US$891 million in 2021.)

Squid Game is an import, but it’s a giant money-spinner for US streamer Netflix.

And American content on US-based streaming giants does not show up in trade data. The whole world is watching Black Mirror and Ransom Canyon, but these series have never been exported. Rather, they are on a global platform (Netflix). US-based media conglomerates have never been so dominant in the global media market.

In short, trade data does not tell the whole story. If implemented, these tariffs will certainly have far-reaching consequences for the film and TV industry. But they are unlikely to make anyone more prosperous.

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

– ref. Why Trump’s plans for tariffs on foreign films probably won’t have a happy ending – https://theconversation.com/why-trumps-plans-for-tariffs-on-foreign-films-probably-wont-have-a-happy-ending-256004

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Africa: Afreximbank launches US$ 1 Billion Africa Film Fund to transform the continent’s creative industry

Source: Africa Press Organisation – English (2) – Report:

Afreximbank launches US$ 1 Billion Africa Film Fund to transform the continent’s creative industry The Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world KIGALI, Rwanda, May 7, 2025/APO Group/ — African Export-Import Bank (Afreximbank) (www.Afreximbank.com), through its development impact investment arm, the Fund for Export-Development in Africa (FEDA), has committed to spearhead the launch of the Africa Film Fund (‘the Fund’) as part of its Creative Africa Nexus Programme (CANEX). This transformative undertaking of up to US$1 billion is designed to revolutionize Global Africa’s film and creative industry. This move follows Afreximbank Group’s commitment at the CANEX Weekend (CANEX WKND 2024) in Algiers, Algeria, in October 2024, where the Bank announced plans to launch a private equity film fund through FEDA to support film production and distribution across Africa and empower African filmmakers to create globally appealing content. The Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world. In doing so, the Fund will be a catalyst to attract and direct crucial patient capital into Global Africa’s film and TV production industry, mobilising resources that would enable filmmakers and storytellers to produce world-class content that resonates globally. According to the UNESCO Institute for Statistics, the African film and audiovisual industry generates an estimated US$5 billion in annual revenues and employs over 5 million people across the continent. However, the film industry on the continent has long faced challenges, including limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure—highlighted by fewer than 2,000 cinema screens and limited access to digital platforms. Afreximbank’s interventions through FEDA seek to address some of these issues and more. Professor Benedict Oramah, President of Afreximbank and Chairman of both the Boards of Directors of Afreximbank and FEDA commented: “Film is a cornerstone of the Creative Africa Nexus (CANEX) programme and the establishment of the Africa Film Fund is timely as it will help accelerate the growth of Africa’s creative sector, which has witnessed rapid growth but continues to face significant challenges including funding, scaling and accessing global markets.” Prof. Oramah added, “Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afreximbank is committed to celebrating and amplifying a diverse range of African voices and experiences, thereby catalysing the creative industry and unleashing the creative industry’s potential to drive economic growth across Africa.” Marlene Ngoyi, CEO of FEDA, emphasized the Fund’s role in driving inclusive growth, stating that: “The Africa Film Fund is not merely about financing films – it is about building a thriving ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange, and catalyses economic transformation. At FEDA, we are committed to ensuring this initiative delivers tangible impact with long-term and sustainable benefits.” Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development, Afreximbank, added: “This Fund will help unlock the full potential of Africa’s creative economy by giving African storytellers the platform, resources, and visibility they deserve. It reflects our belief that culture is not just a soft power, but a strategic asset for economic growth, youth empowerment, and regional integration.” Viola Davis, co-founder of JVL Media LLC and an EGOT (Emmy, Grammy, Oscar, Tony) winning actress welcomed the initiative: “African stories are deeply human and universally powerful. This Fund is an invitation to the world to see Africa through the lens of its own creators — bold, unfiltered, and rich in truth. I am proud to be a part of this momentous step toward a more inclusive global film industry.” Boris Kodjoe, award winning actor and Managing Partner of FC Media Group, stated: “It has been a long-term dream of mine to be able to tell stories on a global scale. I am grateful and excited to partner with our friends at Afreximbank and FEDA in order to support quality content development and creation in Africa and beyond.” Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@afreximbank.com About FEDA: The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank (www.Afreximbank.com), set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks. To date, FEDA has invested more than US$590 million in companies and projects across its various fund initiatives, in sectors such as manufacturing, agro-processing, financial services, healthcare and pharmaceuticals, amongst others. About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

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MIL OSI Africa –

May 8, 2025
MIL-OSI USA: NC Breaks Tourism Spending Record, Continues to Be #5 Most Visited State
Source: US State of North Carolina

Headline: NC Breaks Tourism Spending Record, Continues to Be #5 Most Visited State

NC Breaks Tourism Spending Record, Continues to Be #5 Most Visited State
lsaito
Wed, 05/07/2025 – 11:44

Raleigh, NC
Governor Josh Stein announced today that the overall North Carolina tourism economy held strong against the headwinds of Hurricane Helene. Travelers spent more than $36.7 billion on trips to and within the state in 2024. The previous record of $35.6 billion was set in 2023. 

“Today’s news underscores what we all know: North Carolina is a fantastic place to visit,” said Governor Josh Stein. “As our mountain economies worked to recover from Helene, our Piedmont and coastal destinations remained popular and contributed to the growth of North Carolina’s tourism economy. We must continue to support tourism and small businesses in western North Carolina to help them come back stronger.”

Governor Stein’s announcement coincides with National Travel and Tourism Week (May 4-10), when travel and tourism professionals across the country unite to underscore the value of travel to the economy, businesses, communities, and personal well-being. The state’s Welcome Centers will host activities throughout the week.  

The state’s tourism-supported workforce increased 1.4 percent to 230,338 jobs in 2024.  Tourism payroll increased 2.6 percent to $9.5 billion. As a result of visitor spending, state and local governments saw rebounds in tax revenues to nearly $2.7 billion.   

The figures are preliminary findings from research commissioned by Visit North Carolina, part of the Economic Development Partnership of North Carolina, and conducted by Tourism Economics. In measuring the economic value of the travel sector, the research incorporates a broad range of data sources to ensure that the entire visitor economy is quantified in detail. The U.S. Bureau of Economic Analysis, the U.S. Bureau of Labor Statistics, OmniTrak visitor profiles, the U.S. Census, STR, AirDNA and KeyData lodging reports, and the NC Department of Revenue are among the sources included in this comprehensive model. More information about the study can be found online at partners.visitnc.com/economic-impact-studies, which also links to archived reports dating back to 2005.

The statistics published today report data from a statewide perspective. Later this year, a supplemental report will provide regional and local visitor data, offering a better perspective on Helene’s impact on western North Carolina’s tourism economy.

With nearly 40 million visitors from across the United States, North Carolina ranks No. 5 behind California, Florida, Texas, and New York in domestic visitation. The past four years have seen tight competition with Pennsylvania and Tennessee for fifth place. In addition to 2024’s record spending by domestic travelers, North Carolina also saw gains in the international market. With more than 900,000 international travelers, spending rose 16.5 percent to nearly $1.2 billion.  

“North Carolinians in all 100 counties benefit from the money that visitors spend,” said Commerce Secretary Lee Lilley. “From our smallest towns to our largest cities, tourism means jobs for more than 50,000 small businesses and our first-in-talent workforce. These workers address travelers’ needs for transportation as well as lodging, dining, shopping, and recreation.”

As a result of travelers’ contributions to state and local tax revenue, North Carolina households average $593 in yearly savings.   

Learn more about NC tourism:
- Total spending by domestic and international visitors in North Carolina reached $36.7 billion in 2024. That sum represents a 3.1 percent increase over 2023 expenditures.   
- Domestic travelers spent a record $35.6 billion in 2024. Spending was up 2.7 percent from $34.6 billion in 2023.   
- International travelers spent $1.2 billion in 2024, up 16.5 percent from the previous year.   
- Visitors to North Carolina generated nearly $4.6 billion in federal, state, and local taxes in 2024. The total represents a 2.9 percent increase from 2023.   
- State tax receipts from visitor spending rose 1.1 percent to nearly $1.4 billion in 2024.   
- Local tax receipts grew 4.3 percent to nearly $1.3 billion.  
- Direct tourism employment in North Carolina increased 1.4 percent to 230,338.   
- Direct tourism payroll increased 2.6 percent to $9.5 billion.   
- Visitors spend more than $100 million per day in North Carolina. That spending adds $7.3 million per day to state and local tax revenues (about $3.7 million in state taxes and $3.6 million in local taxes).   
- Each North Carolina household saved $593 on average in state and local taxes as a direct result of visitor spending in the state. Savings per capita averaged $241.  
About Visit North Carolina:  

Visit NC, the state’s official destination marketing organization, is part of the Economic Development Partnership of North Carolina, a private nonprofit corporation that serves as North Carolina’s economic development organization. The EDPNC focuses on business and job recruitment, existing industry support, international trade, tourism, and film marketing. 

The mission of Visit NC is to unify and lead the state in positioning North Carolina as a preferred destination for leisure travel, group tours, meetings and conventions, sports events, and film production. Each year, North Carolina welcomes about 40 million visitors who spend nearly $37 billion during their stay. The tourism industry employs more than 230,000 people and generates nearly $2.7 billion in state and local tax revenues. For travel ideas and inspiration, go to VisitNC.com.
May 7, 2025

MIL OSI USA News –
May 8, 2025
MIL-OSI USA: Scott Statement on April Jobs Report

Source: {United States House of Representatives – Congressman Bobby Scott (3rd District of Virginia)

Headline: Scott Statement on April Jobs Report

As originally released by the Committee on Education and Workforce, Democrats

WASHINGTON – Ranking Member Robert C. “Bobby” Scott (VA-03) released the following statement after theBureau of Labor Statisticsannounced that the economy added 177,000 jobs in April, and the unemployment rate remained the same at 4.2 percent. During President Biden’s first 100 days in office, the economy created 1.7 million jobs.  In President Trump’s first 100 days in office, he created less than half a million jobs, and the economy shrank at a rate of 0.3 percent. Under President Biden, the economy added 16.1 million jobs in total and did not have a single month of seasonally adjusted job loss during his entire term.

“Within the first 100 days of President Trump’s return to the White House, he has managed to destabilize a thriving economy that he inherited to an extent not seen since the height of the COVID-19 pandemic.  The country’s strong economic recovery out of the pandemic was not guaranteed; it was a result of smart policy decisions made by Congressional Democrats and the Biden-Harris Administration that invested in workers and their families.

“Trump has demonstrated a disregard for the privacy and welfare of workers across the country, ushering in Elon Musk to fire tens of thousands of federal workers and harvest Americans’ private data.  Trump’s so-called ‘Liberation Day’ imposed arbitrary and extreme tariffs on nearly every country in the world, including uninhabited islands.  Americans watched as their investments and retirement savings drained out of their bank and retirement accounts while the stock market fluctuated wildly.  The price of eggs continues to skyrocket, and many Americans are now relying on‘buy now, pay later’ loans at their weekly grocery trip to keep food on the table.

“The first 100 days of this administration serve as a warning sign of the real consequences of Trump’s disastrous economic policies and Congressional Republicans’ failure to act.  This week, Committee Republicans advanced a budget that would put the cost of attending college even further out of reach for millions of working families.  Meanwhile, House Republicans in other committees are working to cut nutrition and health care programs for millions of Americans, further jeopardizing the well-being of families.  The economic uncertainty we are seeing has been brought about solely by Trump’s economic decisions.”

MIL OSI USA News –

May 8, 2025
MIL-OSI Global: The UK government wants to expand the sugar tax to milkshakes and plant-based drinks – here’s what you need to know

Source: The Conversation – UK – By David M. Evans, Professor of Sociotechnical Futures, University of Bristol Business School, University of Bristol

Luis Molinero/Shutterstock

The UK government is considering expanding its sugar tax on fizzy drinks to include milkshakes and other sweetened beverages, as part of new proposals announced in April 2025. The soft drinks industry levy (SDIL), to give it its official name, was introduced in 2018 to reduce people’s sugar intake and help tackle obesity. For soft drinks containing 5-8g of sugar per 100ml, a levy of 18p per litre is applied. This rises to 24p per litre for soft drinks containing over 8g per 100ml.

The Treasury confirmed it plans to move forward not only with broadening the tax but also with lowering the sugar threshold that triggers it from 5g to 4g of sugar per 100ml. The changes, dubbed by critics as the “milkshake tax”, would end the current exemption for dairy-based drinks, as well as plant-based alternatives such as oat and rice milk.

Based on our research into dietary change, conducted as part of the H3 project on food system transformation, we see this as a welcome and timely development.

Not everyone shares this optimism. Opponents of what they see as “nanny state” interventionist policies argue that the SDIL has failed to deliver any real improvements to public health. In a UK newspaper’s straw poll, for example, 88% of respondents claimed the sugar tax has not significantly reduced obesity rates. Shadow Chancellor Melvyn Stride described the proposed expansion as a “sucker punch” to households, particularly given the ongoing cost of living crisis.

Scepticism around these proposals is not surprising. Many people, regardless of political affiliation, are wary of additional taxation. And indeed, there is evidence suggesting that fiscal tools such as taxes and subsidies can be blunt instruments. They are also often regressive, placing a disproportionate burden on lower-income households.

These concerns are valid – but they don’t quite apply to the SDIL.

Crucially, the SDIL is not a tax on consumers. It is levied on manufacturers and importers, who are incentivised to reduce the sugar content of their products to avoid the charge. Many have done exactly that. For instance, the Japanese multinational brewing and distilling company group Suntory invested £13 million in reformulating drinks like Ribena and Lucozade, removing 25,000 tonnes of sugar, making the products exempt from the levy.

According to Treasury figures, since the introduction of the SDIL, 89% of fizzy drinks sold in the UK have been reformulated to fall below the taxable threshold. This means households aren’t priced out of buying soft drinks – they can simply choose reformulated and presumably cheaper versions.

It’s true that the UK is still grappling with a serious obesity problem. In England alone, 29% of adults and 15% of children aged two to 15 are obese.

But the SDIL is having an effect. There has been a clear reduction in the sales of sugar from soft drinks, and the SDIL is reported to have generated £1.9 billion in revenue since its introduction in 2018.

Read more:
Sugary drinks are a killer: a 20% tax would save lives and rands in South Africa

Early signs suggest health benefits, too. One study found a drop in obesity rates among 10 to 11-year-old girls following the levy’s implementation. Another analysis suggests that the greatest health benefits will be seen in more deprived areas, and that it may actually help to narrow some health inequalities for children in England.

Shifting responsibilty

Of course, the SDIL is no silver bullet. Excessive sugar consumption is consistently associated with rising obesity rates in the UK and globally. However, there are many contributing factors to the obesity epidemic, ranging from genetic predisposition to “obesogenic” environments – social contexts that promote unhealthy eating and sedentary behaviour, such as areas with a lot of fast food restaurants, limited access to healthy food options and a lack of pavements, parks, or safe places to exercise.

Questions remain about the negative health effects of reformulated drinks, some of which still contain high levels of sweeteners or additives. And in the broader context of the need for food system transformation, focusing solely on soft drinks may be too narrow an approach.

Read more:
Are artificial sweeteners okay for our health? Here’s what the current evidence says

But the SDIL’s success lies not just in outcomes but in its design. It shifts responsibility from individuals to industry, encouraging systemic change rather than simply blaming people for making “bad” choices. The government’s 2016 announcement of the levy gave manufacturers a two-year head start, allowing them to reformulate and get their products to market before it took effect in 2018.

The government’s 2016 announcement of the sugar tax gave manufacturers time to reformulate products before the tax’s introduction in 2018.

It’s also telling that the idea of taxing milkshakes has sparked such outrage, while most people now accept the high taxation of tobacco. That’s because smoking, as a public health issue, has matured: its risks are well understood and widely acknowledged. Obesity, meanwhile, is still catching up, despite posing similar health threats, including as a leading cause of cancer.

In the UK, there’s still a strong social stigma around discussing diet and weight. But given the scale and urgency of the obesity crisis, it could be time to overcome this reluctance. Effective change will require bold, systemic policies – not just public awareness campaigns – but multipronged and targeted interventions that reshape the economic and cultural environments in which people make food choices.

Expanding the SDIL may not be a cure-all, but the evidence so far suggests it’s a smart step in the right direction.

David M. Evans receives funding from the UKRI Strategic Priorities Fund (grant ref: BB/V004719/1).
He is affiliated with Defra (the Department of Environment, Food and Rural Affairs) as a member of their Social Science Expert Group.

Jonathan Beacham receives funding from the UKRI Strategic Priorities Fund (grant ref: BB/V004719/1).

– ref. The UK government wants to expand the sugar tax to milkshakes and plant-based drinks – here’s what you need to know – https://theconversation.com/the-uk-government-wants-to-expand-the-sugar-tax-to-milkshakes-and-plant-based-drinks-heres-what-you-need-to-know-255646

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Global: Digital clones of real models are revolutionizing fashion advertising

Source: The Conversation – Canada – By Luana Carcano, Lecturer, Beedie School of Business, Simon Fraser University

Driven by advances in artificial intelligence (AI) and metaverse technologies, digital clones are transforming fast-fashion marketing. Always available, ageless and adaptable to any setting, these virtual figures enable brands to create immersive, cost-effective campaigns that resonate with today’s digital-first consumers.

Read more:
Fake models for fast fashion? What AI clones mean for our jobs — and our identities

Virtual influencers — digitally created personas used to provide entertainment, generate content and endorse brands — are becoming increasingly influential, especially among Gen Z and digital-first audiences.

These virtual figures vary in form: some, like Lil Miquela and Shudu, are entirely computer-generated, while others, such as Hatsune Miku, incorporate human elements like voice or motion.

Hybrid influencers blend real and virtual components, allowing for brand-specific customization. These virtual influencers boost brand visibility, drive engagement and influence market performance.

Real persons, virtual personas

The estimate for global influencer market size for 2024 was valued at over US$24 billion and is projected to grow to over US$32 billion in 2025. The rise of virtual influencers is particularly prominent in Asia.

This trend is also reshaping the US$2.5 trillion modelling industry, according to The Business of Fashion. AI-generated avatars and digital clones enable brands to cut production costs and accelerate campaign development. As a result, companies such as Levi Strauss & Co. are partnering with AI modelling firms to integrate these virtual personas into their marketing strategies.

Digital twins

Digital twins — virtual replicas of real people — are gaining traction in marketing to enhance personalization, streamline content creation and deepen customer engagement.

In the fashion world, they provide a means to maintain a sense of human connection while using AI for precision and volume purposes. Fast-fashion retailer H&M recently introduced AI-generated digital twins of real-life models for advertising and social media content. Positioned as a creative and operational aid rather than a replacement for human talent, the initiative has ignited industry-wide debate.

Read more:
AI clones made from user data pose uncanny risks

While the brand highlights the advantages — lower production costs and faster catalogue development — some critics have raised ethical concerns regarding representation and transparency.

These digital twins fall into the category of “front-of-camera” tools: static avatars used in visual content without independent personas or social media presence. Unlike virtual influencers, they do not interact with audiences or build followings. Instead, they function strictly as visual stand-ins for traditional models, who are compensated for the use of their likenesses, similar to conventional campaigns.

As these avatars do not speak, endorse or engage directly with consumers, they remain subject to traditional advertising regulations — not influencer marketing laws.

Digital models are used for operational efficiency: testing and refining creative strategies before rollout, reducing costs and potentially offering immersive digital experiences to enhance customer connection and brand loyalty.

Authenticity and other challenges

In July 2024, fast-fashion retailer Mango launched its first advertising campaign featuring AI-generated avatars to promote a limited-edition collection for teenaged girls.

These AI-generated influencers and digital twins introduce numerous ethical and legal challenges. These innovations raise difficult questions about the displacement of human talent — including models, make-up artists, hairstylists and photographers — and broader implications for creative industries.

Key concerns centre on consent and compensation. The unauthorized use of an individual’s likeness, even in digital form, poses a risk of exploitation and underscores the importance of clear standards and protections. The legal landscape regarding image rights and intellectual property is still evolving, which makes compliance both essential and complex.

As the lines between reality and digital fabrication blur, brands risk eroding consumer trust. The authenticity that audiences value can be undermined if AI-generated content seems deceptive or inauthentic.

Companies must tread carefully, balancing innovation with transparency.

Diversity is another critical issue. While AI offers customization, it can also perpetuate biases or create an illusion of inclusivity without genuine representation.

An Associated Press report on AI models and diversity.

As the use of AI proliferates, ensuring that digital models support, rather than hinder, meaningful advancement in representation will be essential.

Ultimately, brands must implement ethical frameworks to ensure that AI enhances creativity while maintaining integrity, inclusivity and legal accountability.

Strategic considerations

Digital clones provide fast-fashion brands with a powerful tool to create personalized shopping experiences and enable greater representation of diverse body types and style preferences. This degree of customization can significantly enhance customer satisfaction and brand loyalty.

To ensure ethical integration, transparency is crucial. Brands must clearly disclose when digital models appear in campaigns. These digital representations should encompass a wide variety of demographics to genuinely promote inclusivity and engage with a broader audience.

Establishing ethical and legal safeguards is equally important. Creating digital clones requires explicit consent and careful attention to intellectual property rights. Without clear guidelines and permissions, brands risk violating privacy, misusing likenesses and facing legal repercussions.

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

– ref. Digital clones of real models are revolutionizing fashion advertising – https://theconversation.com/digital-clones-of-real-models-are-revolutionizing-fashion-advertising-254244

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI: UPDATE – Abundance Energy, SOLRITE Energy, and sonnen Develop Residential Battery-Enabled Virtual Power Plants in Texas

Source: GlobeNewswire (MIL-OSI)

STONE MOUNTAIN, Ga., May 07, 2025 (GLOBE NEWSWIRE) — Abundance Energy, sonnen, SOLRITE Energy, and Energywell Technology Licensing, LLC (“Energywell”) are joining forces to power the future of energy through the development of behind-the-meter, battery-enabled Virtual Power Plants (“VPP”) in Texas.

The collaboration empowers Abundance Energy customers to use their sonnenConnect home batteries to support grid stability, ensure reliable energy delivery, and lower electricity costs while driving the development of smart, sustainable energy solutions.

Enabled by SOLRITE Energy’s innovative virtual power plant purchase agreement (VPA) financing model, participants can install solar panels and sonnen battery systems at no upfront cost, lowering barriers to entry for this VPP program. sonnen and SOLRITE first introduced this novel VPA structure to the Texas market in January 2025.

Optimized through the integration of Energywell’s Proton platform with sonnen’s advanced control technology, each battery is continuously managed in response to market price signals, customer usage, and solar generation. Networked together, these batteries create a VPP, dynamically balancing energy supply and demand to maximize value for both the grid and the customer. Under the VPA financing model, SOLRITE owns and manages all the customer solar and sonnen energy storage systems and customers in turn receive the benefit of low energy costs and reliable back-up power.

“Our mission is to empower homeowners with smarter, more sustainable energy solutions,” said Thomas Mandry, CEO of Abundance Energy. “By combining sonnen’s best-in-class battery technology, Energywell’s market expertise through its Proton platform, and SOLRITE’s unique financing model, we are delivering an innovative VPP model that benefits both customers and the Texas grid.”

sonnen’s VPP technology intelligently manages energy supply and demand, ensuring stored solar or grid energy is strategically deployed when needed most. “Our VPP solutions enable customers to actively participate in the energy market while maintaining resilience in their homes,” said Blake Richetta, Chairman and CEO of sonnen. “With Abundance Energy, SOLRITE, and Energywell, we’re setting a new standard for residential energy management.”

“At SOLRITE, we believe financial innovation is key to unlocking the full potential of distributed energy,” said Regan George, CEO of SOLRITE Energy. “By eliminating upfront costs for solar and battery installations, we enable more homeowners to participate in this VPP program, delivering clean, reliable power to customers and adding value to the grid.”

Energywell’s Proton platform provides advanced forecasting and optimization tools to ensure batteries are dispatched in alignment with market opportunities. “The Texas energy landscape is evolving, and this partnership exemplifies the future of distributed energy,” said Michael Fallquist, CEO of Energywell. “By optimizing stored energy, we are reducing reliance on fossil fuels and lowering carbon emissions, building a smarter, cleaner, and more flexible grid.”

This VPP initiative aligns with Texas’ growing demand for resilient, customer-driven energy solutions and paves the way for further innovation in the residential energy sector.

About SOLRITE

SOLRITE Energy is a clean energy financing company pioneering new ways to make solar and battery storage accessible to homeowners. Its flagship Virtual Power Plant Power Purchase Agreement (VPA), developed with sonnen, provides solar panels and home battery systems at no upfront cost in exchange for a low, fixed energy rate. By partnering with retail electric providers and technology companies, SOLRITE makes sustainable energy solutions accessible while supporting grid reliability. Visit solriteenergy.com for more information.

About Abundance Energy

Abundance Energy is a digital-native Retail Electric Provider (REP) startup licensed for operations in Texas. Abundance’s products include transparent fixed-rate residential plans and multi-meter Continuous Service Agreement plans for vacant property management with a built-to-purpose CSA customer platform. Abundance is part of the Quext family of companies that includes next-generation LoRaWAN proprietary IoT thermostats and smart locks for the multifamily market. Visit abundanceenergy.com for more information.

About sonnen

sonnen is one of the world’s leading manufacturers of smart energy storage systems for residential applications, and a pioneer of the residential battery based virtual power plant. The sonnen VPP is nationally recognized as a blueprint for the decentralized, digitalized, decarbonized energy system of the future. sonnen is one of the most experienced and fastest growing VPP energy storage companies in the world. sonnen has received many internationally recognized awards celebrating our technological achievement. sonnen products and services are used by the sonnenCommunity, a collection of visionaries around the world who share our vision of clean and affordable energy for everyone. In Texas, sonnen partners with SOLRITE Energy to bring their flagship Virtual Power Plant Power Purchase Agreement (VPA), to provide solar panels and home battery systems at no upfront cost.

sonnen’s offices are located in Germany, Italy, Spain, Australia, and the USA. sonnen is a wholly owned subsidiary of Shell. Learn more at: https://sonnenusa.com/en

About Energywell

Energywell is an energy technology company powering the sustainable energy transition. Energywell combines the financial strength of funds managed by Oaktree Capital Management, L.P. and capital and commodities expertise from Hartree Partners L.P. with proprietary technology and a seasoned team of energy industry veterans. Visit Energywell.com for more information.

About Proton

Energywell’s Proton platform delivers real-time energy insights and seamless device integration, empowering businesses and customers to optimize energy more sustainably. Proton uses cloud-native, event-driven architecture to ensure energy solutions scale quickly while maintaining the highest standards of security, including SOC 2 Type 2 compliance. Proton is available for licensing for third parties looking to accelerate their own energy management capabilities. Visit Energywell.com for more information.

Media contact:

FischTank PR

sonnen@fischtankpr.com

The MIL Network –

May 8, 2025
MIL-OSI United Nations: JFSQ introduction and peer exchange workshop

Source: United Nations Economic Commission for Europe

This online workshop (English only) is intended for Joint Forest Sector Questionnaire (JFSQ) national correspondents (focal points), as well as members of the Team of Specialists on Forest Products and Wood Energy Statistics who are interested in participating in a peer exchange programme.

First, UNECE and Eurostat will present an introduction to the JFSQ, including updates this year. The ensuing discussion provides and opportunity for both new and existing JFSQ national correspondents to raise questions.

The remainder of the workshop will launch a peer exchange program, organized by the Team of Specialists on Forest Products and Wood Energy Statistics, and intended to identify opportunities for experienced JFSQ correspondents to mentor peers, and also to facilitate technical exchange among experts and correspondents on topics such as methods of data collection and compilation at the national level for JFSQ reporting.

Following the meeting, JFSQ correspondents will be matched with peers for mentorship and exchange. To participate in the peer matching, interested correspondents (and experts who may provide support) are requested to complete the following form by May 20: JFSQ Introduction and Peer Exchange Workshop

MIL OSI United Nations News –

May 8, 2025

Category: Statistics

Key Points:

Other Highlights:

Temperature

Precipitation

Drought

Monthly Outlook

IMF Communications Department

MEDIA RELATIONS

Delivering our Plan for Change for workers

Mental health

New deal for working people

Updates to this page

Introduction

The ‘right’ administration of taxes

Tax gap

Tax gap components

Comparisons to other jurisdictions

Administrative performance

Our vision

Conclusion

Decrease in carbon intensity

Lower exposure can mean fewer risks

IMF Communications Department

MEDIA RELATIONS

Solving real consumer problems

Manage your money wisely

Building a business plan

Hire the right people for the job

Seek out a knowledgeable mentor

Passion and persistence are key

Make use of resources

The US entertainment paradox

Shifting responsibilty

Real persons, virtual personas

Digital twins

Authenticity and other challenges

Strategic considerations