Category: Statistics

MIL-OSI Global: UK must grow more of its own wood to meet climate goals – new research

Source: The Conversation – UK – By John Healey, Professor of Forest Sciences, Bangor University

shutterstock ShaunWilkinson/Shutterstock

Wood is often hailed as a low-carbon hero, a natural alternative to steel, concrete and plastic. It’s a vital tool in the UK’s strategy for reaching net zero. But there’s a catch – the country don’t grow nearly enough of it.

The UK has one of the lowest levels of forest cover in Europe, with just 14% of land forested. It is also the second-largest importer of wood in the world, meeting only 20% of its wood demand from domestic sources.

That leaves the UK not only exposed to volatile global markets, but also facing a serious challenge of “wood security”. And our new research shows the problem goes well beyond economics.

Relying heavily on imported timber, especially from boreal forests in Scandanavia and the Baltic States, could actually undermine the carbon-cutting benefits of using wood in place of high-emissions materials.

Boreal forests occurring in colder northerly environments grow slowly. The carbon stored in them takes decades, sometimes centuries, to recover after harvesting through the growth of the next generation of trees.

In contrast, conifer forests in the UK’s warmer temperate climate restock carbon through regrowth more quickly after harvesting. This makes them much better suited for higher yields of sustainable wood production.

So, how can countries such as the UK increase wood use without making the climate crisis worse? To address this, we created a new model that tracks carbon at every stage of a tree’s journey, from how it grows in the forest to how it’s harvested, transported, processed and used. This includes temporary storage of carbon in wood products, and the avoidance of having to use high-emitting materials and energy sources that would be needed in the absence of wood.

We combined this with models of how carbon storage changes in forests under different harvesting intensities. Our analysis showed that it is possible for rising wood demand to make a positive contribution to national and global net zero targets. But that’s only if the domestic production of wood is dramatically increased in temperate countries such as the UK.

Even a modest annual increase in demand (1.1%) would require a 50% expansion in the area of productive forest over the next 50 years. A more ambitious approach, such as doubling productive forest area and increasing tree growth rates by 33%, could boost the overall contribution of wood use to slowing global warming by 175%. But that would require huge changes in forestry practice and land use policy.

In contrast, under a scenario of higher demand growth (2.3% per year), we found that the climate benefit of wood use is reduced. And only a doubling of forest area and a 33% increase in growth rates would be enough to deliver a meaningful contribution to slowing global warming over the next century.

These benefits would be at risk if forest productivity is undermined by increasing incidence of pests, disease or drought as climate change progresses.

Challenges ahead

Our findings point to three major challenges the UK must address if wood is to play a meaningful role in its net zero strategy.

First, the expansion of productive conifer forest in the UK has slowed to a standstill over the past 30 years. The amount of wood available for harvest is projected to fall after 2039. This trend will have to be reversed very soon to rapidly increase the area of conifer forests. This will need a rethink of how the UK balances land for forestry, farming and nature recovery.

Second, forest management must be improved to sustain productivity under increasing stress from pests, pathogens and drought.

Third, wood must be used more efficiently. That includes reducing waste during processing, designing products for longevity and reusing wood products as many times as possible.

So, the UK’s net zero policy must connect the push for using more wood with a clear plan for how it will grow and manage the forests needed to supply it. At the same time, when policymakers assess the climate effects of cutting down trees, they need to look at the whole picture. That means considering not just what’s lost from the forest, but how the wood is used, how long it stores carbon and how much it replaces more polluting materials.

This kind of joined-up, forward-looking analysis – like the one we developed in our study – is essential if wood is to play a truly sustainable role in fighting climate change.

John Healey receives funding from the Natural Environment Research Council, the Centre for Forest Protection, and the Wildlife Trusts. He is affiliated with Woodknowledge Wales, Rainforest Builder and the Institute of Chartered Foresters.

David Styles received funding from the Natural Environment Research Council (UK) and from the Department of Environment, Climate & Communications (Ireland) for research related to this article.

Eilidh Forster received funding from the Natural Environment Research Council (UK) for research related to this article.

– ref. UK must grow more of its own wood to meet climate goals – new research – https://theconversation.com/uk-must-grow-more-of-its-own-wood-to-meet-climate-goals-new-research-254353

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI Asia-Pac: Findings of the Forward-Looking Survey on Private Sector CAPEX Investment Intentions
Source: Government of India

Findings of the Forward-Looking Survey on Private Sector CAPEX Investment Intentions
(Survey period: November 2024 to January 2025)

Private Corporate Sector CAPEX: Three-Year Trends and Future Outlook:

Posted On: 29 APR 2025 4:16PM by PIB Delhi

Key findings:
- The average Gross Fixed Assets per enterprise in the private corporate sector increased from ₹3,151.9 crore in 2021–22 to ₹3,279.4 crore in 2022–23 (4% growth), and further to ₹4,183.3 crore in 2023–24, reflecting a significant 27.5% growth.
- The estimated CAPEX per enterprise for the years 2021–22, 2022–23, and 2023–24 was ₹109.2 crore, ₹148.8 crore and ₹107.6 crore respectively.
- The estimated provisional capital expenditure per enterprise for purchasing new assets in 2024–25 is ₹172.2 crore.
- Overall increase of 66.3% in aggregate CAPEX (unweighted) over the four-year period from 2021-22 to 2024-25.
- The strategy of 40.3% of enterprises is to undertake CAPEX on core assets during 2024–25, followed by 28.4% to invest in value addition to existing assets
Survey Background:

In 2022–23, the Parliamentary Standing Committee recommended that the Ministry of Statistics and Programme Implementation (MoSPI) develop a comprehensive methodology to capture capital expenditure (CAPEX) data from the private sector. Survey instruments designed to capture data on past investments, projected CAPEX for the next two years, and the breakdown of investments by asset type were developed in alignment with the specifications of the Department of Economic Affairs (DEA), Ministry of Finance.

Responding to this recommendation, the National Statistical Office (NSO) conducted the inaugural Forward-Looking Survey on Private Sector CAPEX Investment Intentions between November 2024 and January 2025. This marked the first initiative of MoSPI to engage the corporate sector through a self-administered, web-based survey platform, supported by chatbot assistance, to collect structured CAPEX data. MoSPI has released the findings of the survey in the form of a comprehensive booklet. A brief overview of key aspects, such as survey coverage, sampling methodology, and data collection process, is included in the Endnote.

The primary objective of the CAPEX survey is to estimate the CAPEX trends of private corporate sector enterprises from the past three financial years (2021-22, 2022-23 & 2023-24) along with anticipated capital expenditure for the current year (2024-25) and upcoming financial years (2025-26).

Key advantages of the Survey:

Capital expenditure (CAPEX) plays a crucial role in contributing to national investment and enhancing the stock of physical assets within the economy. It leads to the creation of long-term assets, which not only generate revenue for many years but also improve the overall operational efficiency of economic activities. CAPEX is fundamental to expanding production capacity, thereby serving as a catalyst for accelerated economic growth. This growth, in turn, supports job creation and enhances labour productivity.

Comprehensive data on CAPEX will be a valuable asset for a wide range of stakeholders, including government departments, private enterprises, trade associations, researchers, and other relevant entities. It will enable evidence-based policy formulation through the analysis of trends in future investments. Furthermore, a clear understanding of CAPEX patterns and scale can assist enterprises in making strategic, data-driven investment decisions, guided by the insights derived from survey findings.

Important Caveat:

In this inaugural edition of the survey, industry participation varied, with an overall response rate of 58.3% (58.6% in the census sector and 57.2% in the sample sector). Respondents appeared cautious in disclosing CAPEX plans, often pending management approvals. Certain entities, such as Special Purpose Vehicles (SPVs) involved in infrastructure projects, were excluded from the survey frame as they report no turnover despite high CAPEX. Meanwhile, some included SPVs had no future investment plans due to project completion. As this is the first round of the survey, the findings may be seen as indicative and subject to refinement in future iterations. It is also important to note that the results reflect responses from larger enterprises above specified turnover thresholds and may not represent the entire private corporate sector. Users are advised to interpret the results keeping these limitations in mind.

Insights and Way Forward for Future Survey Conduct

The Forward-Looking Survey on Private Sector Capex Investment Intentions, the first of its kind by the NSO, was conducted under the Collection of Statistics Act, 2008. Notices were issued to selected enterprises, explaining the survey’s objectives and assuring confidentiality. However, some enterprises questioned the legitimacy of notices containing portal credentials, leading to multiple cyber risk concerns. Explaining portal usage and submission procedures over the phone was challenging. Data analysis revealed issues such as incorrect unit entries (e.g., Rupees instead of Rupees thousands) and non-responses to follow-up queries. Enterprises also faced difficulties in selecting correct NIC codes and estimating future investments when official data was unavailable.

CAPEX tends to rise when enterprises pursue growth strategies rather than maintain current operations. Despite challenges like weak demand, geopolitical tensions, and high borrowing costs, about 30% of firms plan to invest in upgradation in 2024–25, supporting the sharp increase in CAPEX for that year. The slightly lower intended CAPEX for 2025–26, though still above 2023–24 levels, reflects cautious planning after a strong 2024–25. Overall, the trend indicates growing corporate confidence and a judicious approach to investment amid improving economic certainty.

While the response rate and results were generally promising, this initial round of the survey can be considered as an experimental phase, providing valuable insights to refine the questionnaire, methodology, estimation processes, and overall implementation. The lessons learned will guide improvements for future surveys, with necessary adjustments to various aspects of the survey process. Moving forward, responding enterprises will be engaged more proactively before the survey, with concerns about the authenticity of the online survey being addressed, assistance provided in understanding the questionnaire, confidentiality of individual responses ensured, and field personnel deployed to support enterprises in overcoming technical and conceptual challenges in completing future-oriented surveys. Additionally, the survey will incorporate qualitative inputs, such as reasons for year-on-year changes in investment, to gain deeper insights into enterprise-level CAPEX intentions and trends. The next round of the CAPEX survey is expected to be conducted during October to December 2025.

Key highlights from the CAPEX results:

Aggregated (Unweighted, i.e. without applying any multiplier) CAPEX during (2021-22 to 2025-26)

A total of 2,172 enterprises submitted complete information for all five years of the reference period, forming a fixed panel. The aggregated (unweighted) CAPEX data from this panel of enterprises serves as a reliable basis for analyzing capital expenditure trends over the five-year period, as presented below. The results show an overall increase of 66.3% in aggregate CAPEX (unweighted) over the four-year period from 2021-22 to 2024-25.:

(in ₹ Crore)

Actual CAPEX in 2021-22

Actual CAPEX 2022-23

Actual CAPEX 2023-24

Intended CAPEX in 2024-25

Intended CAPEX in 2025-26

394,681.5

572,199.7

422,183.3

656,492.7

488,865.5

Out of the 3,064 responding enterprises, 2,172 reported their Capex intentions for 2025–26. The data indicates a cautious approach by respondents in declaring their capital expenditure plans. Therefore, the Capex data for 2025–26 should be interpreted with caution, considering the conservative approach and apprehension shown by the responding enterprises in reporting these figures. However, the results show an overall increase of 23.9% in aggregate CAPEX (unweighted) during 2021-22 to 2025-26 for this fixed panel of 2,172 enterprises.

Estimated Key Indicators for past years (2021-22 to 2023-24) by Industry of Activity as per National Industry of Classification (Activity Categories)

The average Gross Fixed Asset (GFA) per enterprise in the private corporate sector was estimated at ₹3,151.9 crore in 2021–22. It increased by 4.0% to ₹3,279.4 crores in 2022–23, and further grew by 27.5% to reach ₹4,183.3 crore in 2023–24.

The highest GFA per enterprise, exceeding ₹14,000 crore, was observed in the industry category ‘Electricity, Gas, Steam, and Air Conditioning Supply’, followed by ‘Manufacturing” enterprises (₹7,000 crore to ₹10,000 crore). Enterprises principally engaged in manufacturing activities accounted for more than 65% of the total Gross fixed asset^{^[1]} in private corporate sector over the past three years from 2021-22 to 2023-24 followed by enterprises engaged in ‘Electricity, Gas, Steam, and Air Conditioning Supply’ (8%-10%).

In 2021–22, the estimated actual CAPEX per enterprise was ₹109.3 crore, compared to the proposed value of ₹102.7 crore, resulting in a realisation ratio of 106.41 %. A similar trend was observed in 2022–23, where the estimated value of actual CAPEX per enterprise reached ₹148.8 crore against a proposed value of ₹133.3 crore, also yielding a realisation ratio exceeding 100%. For 2023–24, the realisation ratio stands at 99.7%, with the estimated actual CAPEX per enterprise at ₹107.6 and the proposed CAPEX at ₹107.9.

The estimated provisional capital expenditure per enterprise for acquiring new assets in 2024–25 stands at ₹172.2 crore. Among the sectors, manufacturing enterprises account for the largest share at 43.8%, followed by those in ‘Information and Communication Activities’ (15.6%) and ‘Transportation and Storage Activities’ (14.0%).

Estimated Key Indicators for 2023-24 by Asset Groups

The estimated provisional capital expenditure per enterprise for acquiring new assets in 2024–25 stands at ₹172.2 crore. Out of the total capital expenditure provisionally incurred in the year 2024-25, nearly 53.1% were utilized for purchasing machinery & equipment. The amount allocated for ‘capital work in progress’ (22.0%) and purchasing ‘dwellings, other buildings and structures’ (9.7%) had the next highest share of allocation.

Strategy of CAPEX in 2024-25

According to survey estimates, nearly 40.3% of enterprises plan to undertake CAPEX on core assets during 2024–25. Additionally, 28.4% intend to invest in value addition to existing assets, while around 11.5% focus on opportunistic assets, and 2.7% on debt strategies. The strategy of investing in distressed assets and non-performing loans was adopted by less than one-half of a percent of enterprises. Meanwhile, about 16.9% allocated their CAPEX towards other diverse investment strategies.

Objectives of CAPEX in 2024-25

The survey estimates indicate that nearly 49.6% of private corporate sector enterprises undertook CAPEX in 2024–25 primarily for income generation. An additional 30.1% directed their investments toward upgradation, while around 2.8% focused on diversification. Remaining 17.5% of enterprises reported using their CAPEX for other reasons.

The results of CAPEX survey are provided in the booklet which is available in the website of the Ministry (https://www.mospi.gov.in). To protect the confidentiality of CAPEX investment plans of individual enterprises, the Steering Committee of NSS Surveys recommended that unit-level data of CAPEX survey would not be disseminated.

Endnote: A brief about the coverage, sampling scheme, sample size and data collection mechanism in the Forward-Looking Survey on Private Sector CAPEX Investment Intentions:

A. Coverage:

The survey covered large private corporate sector enterprises that play a significant role in their respective sectors. The sampling frame was madeusing data from active enterprises registered with the Ministry of Corporate Affairs (MCA), filtered based on annual turnover thresholds achieved in at least one of the last three financial years. The eligibility criteria were as follows:
- Manufacturing enterprises with an annual turnover of ₹400 crore or more
- Trade enterprises with an annual turnover of ₹300 crore or more
- Other enterprises with an annual turnover of ₹100 crore or more
Based on these criteria, the final survey frame consisted of 16,025 enterprises.

B. Sampling Scheme:

Eligible enterprises were initially categorized into seventeen (17) strata based on their Principal Business Activity as reported in the MGT-7 Form of the Ministry of Corporate Affairs (MCA). In strata with 100 or fewer enterprises, all units were included in the Census Sector for complete enumeration.

For strata with more than 100 enterprises, the selection process involved identifying Census Sector Enterprises and Sample Sector Enterprises. To determine the Census Sector, enterprises were ranked in descending order based on (i) the highest fixed asset value in the past three years and (ii) the fixed asset value of latest reported year. The top enterprises accounting for 90% of asset value (or 80% for Construction and Trade) from either list were classified as Census Sector Enterprises. The remaining units formed the Sample Sector, from which 10% were randomly selected using Simple Random Sampling without Replacement (SRSWOR), with allocation proportional to each stratum’s size and variation.

C. Sample Size:

The sample size for the survey was of 5,380 enterprises: 4,145 enterprises in the Census Sector and 1,235 enterprises in sample sector.

D. Data Collection Mechanism:

The survey was conducted under the provisions of the Collection of Statistics Act, 2008, with prior notices sent to all selected enterprises outlining the survey’s objective and intended use of the data. Confidentiality of individual responses was strictly maintained, and no unit-level data would be disseminated. A secure, dedicated web portal was developed to enable selected enterprises to complete and submit the survey questionnaire online. The portal included background information on the survey, reasons for a unit’s selection, and chatbot support to assist respondents in understanding key concepts and definitions.

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MIL OSI Asia Pacific News –
April 30, 2025
MIL-OSI United Kingdom: Short Term Lets Licensing Statistics, to 31 December 2024
Source: Scottish Government
An Official Statistics Publication for Scotland.

There were at least 33,952 applications for a short-term licence as of end December 2024. 31,416 of these applications were validated. Not all authorities report applications still to be validated to the Scottish Government as they are not required to.

The majority (76%; 25,827) of all applications were received before the 1 October 2023 cut off for existing hosts and operators to apply for a provisional licence to continue operating whilst waiting for a full licence confirmation.

The majority (24,315 or 77%) of validated applications relate to secondary letting (i.e. where a non-primary residence is let out), with 3,159 (10%) being for home sharing, 2,338 (7%) for home letting, and 1,604 (5%) for a mixture of home sharing and letting. Similar proportions are reported for licences granted.

27,406 licences or exemptions were in operation as of 31 December 2024. Full licences and renewals accounted for 94% (25,772) of this number and 6% (1,537) were provisional licences pending a final decision. There were 97 temporary licences and exemptions.

Background

The full publication is available at Short Term Lets Licensing Statistics, Scotland, to 31 December 2024.

This statistical publication reports on the operation of the short term lets licensing scheme under the Civic Government (Scotland) Act 1982 (Licensing of Short-term Lets) Order 2022.

Official statistics are produced in accordance with the Code of Practice for Statistics.

As advised in our October publication, there was likely to be a revision to the number of validated applications reported in the quarter before the October 2023 cut off for existing operators to apply and continue operation provisionally. As local authorities worked to validate large numbers of applications received. As expected, we report a large revision upwards (from 14,116 to 18,149) for July to September 2023, with smaller revisions in other quarters.
MIL OSI United Kingdom –
April 30, 2025
MIL-OSI United Kingdom: £37.3million winter heating help paid to people in Scotland
Source: Scottish Government

Over half a million people get payments for winter 2024/2025

Last winter over half a million children and families across Scotland enjoyed warmer homes after receiving a total of £37.3million towards their heating bills from Social Security Scotland.

Winter Heating Payment is paid automatically to people who get certain low-income benefits, including households with young children, disabled people or older people. It has replaced the Department for Work and Pensions’ (DWP) Cold Weather Payment in Scotland.

It is a guaranteed payment that everyone who is eligible receives, no matter what the weather. Cold Weather Payment is only paid if the average temperature falls – or is forecast to fall – to freezing or below for a full week.

Child Winter Heating Payment was introduced by the Scottish Government in November 2020 and is only available in Scotland. It is paid once a year to children and young people if they are under 19 years old and get certain benefits.

The figures, taken from statistics released today (Tuesday 29 April), also show that 95% of Winter Heating Payments were made by December 2024 and 93% of Child Winter Heating Payments were made by October 2024.

A total of 465,510 Winter Heating Payments, worth £27.3million, were made for 2024/2025, along with 39,590 Child Winter Heating Payments, worth £10million.

Social Justice Secretary Shirley-Anne Somerville said:

“We have issued over 505,100 payments to families on low incomes, and those supporting children or young people with a disability, to help with the cost of heating their homes.

“Many people are struggling with the cost-of-living crisis and higher energy bills. The importance of these payments was brought home to everyone this month with the Energy Price Cap rising by 6.4%. Ofgem estimates that this will add £9.25 a month to the typical household’s energy bill.

“This year we will also be providing extra support to pensioners. While the DWP’s Winter Fuel Payment will only be available to some pensioners, Pension Age Winter Heating Payment will provide money to every pensioner household in the country. The Scottish Government will continue to protect pensioners and people on low incomes in Scotland.”

Background

Link to the latest statistics:

Winter Heating Benefits: Statistics for Winter 2024/2025

Energy price cap will rise by 6.4% from April | Ofgem

The information for Winter Heating Payments comes from the Department of Work and Pensions (DWP). The last of four data files was received from the DWP in late March 2025.

Winter Heating Payment is paid automatically to people who were getting any of these benefits during the qualifying week:

·      Universal Credit

·      Pension Credit

·      Income Support

·      Income-based Jobseekers Allowance

·      Support for Mortgage Interest

Some restrictions apply for some of these benefits. For example, for those qualifying through Income Support may also have to have a child under 5, a disability premium or a pensioner premium.

Children and young people in Scotland can get Child Winter Heating Payment if they are under 19 years old and get one of the following qualifying benefits:
- highest rate of the care component of Child Disability Payment
- highest rate of the care component of Disability Living Allowance for children
- enhanced rate of the daily living component of Personal Independence Payment
- enhanced rate of the daily living component of Adult Disability Payment
They must be getting this on at least one day in the week starting with the third Monday of September (called the ‘qualifying week’). In 2024, this was Monday 16 September to Sunday 22 September.

The qualifying week for Winter Heating Payment was Monday 4 November 2024 to Sunday 10 November 2024.

We will introduce a universal Pension Age Winter Heating Payment in winter 2025/2026 for all pensioner households in Scotland. This universal payment will provide much needed support not available anywhere else in the UK and will support older people across Scotland as we had always intended to do before the UK Government’s decision to cut the payment.

From winter 2025/26, pensioners in Scotland in receipt of a relevant qualifying benefit, such as Pension Credit, and who will receive payments of £200 or £300 this winter, depending on their age, will continue to receive those payments automatically. Additionally, we will introduce universal payments of £100 to every other pensioner household.
MIL OSI United Kingdom –
April 30, 2025
MIL-OSI: Credit Agricole Sa: Evolution of Crédit Agricole S.A.’s governance
Source: GlobeNewswire (MIL-OSI)

Press release

Montrouge, 29 April 2025

Evolution of Crédit Agricole S.A.’s governance

At Crédit Agricole S.A.’s Board meeting of 29 April 2025 chaired by Dominique Lefebvre, Olivier Gavalda, CEO of Crédit Agricole S.A. as of the 14^th of May 2025, presented his future organisation.

Olivier Gavalda will propose to the Board of Directors following Crédit Agricole S.A. general shareholders’ meeting which will be held the 14^th of May 2025, that Jérôme Grivet be appointed as sole Deputy Chief Executive Officer and second executive director of Crédit Agricole S.A.

As of the 1^st of June 2025, the General Management of Crédit Agricole S.A. will be organised around seven divisions, the Corporate Secretary and the control functions.

Five divisions and the General Secretary will be under the direct supervision of Olivier Gavalda:
- Universal Retail Banks, bringing together LCL under the responsibility of its CEO, Serge Magdeleine, and Crédit Agricole Italia under the responsibility of its CEO, Hugues Brasseur.
- International Banking and Services, under the responsibility of Stéphane Priami as Deputy General Manager. This new division will be composed of Crédit Agricole Personal Finance & Mobility, Crédit Agricole Leasing & Factoring, the International Banking Development department and BforBank.
- Major Clients, gathering Crédit Agricole CIB and CACEIS, under the responsibility of Jean-François Balaÿ, CEO of Crédit Agricole CIB.
- Client, Development and Innovation, under the responsibility of Gérald Grégoire as Deputy General Manager. This division gathers the Retail Markets department, the Transformation/Distribution and Development department, the Brand and Customer Communication department, the regional Banks’ relationships department, the Payments, the startup studio’s La Fabrique and Crédit Agricole Immobilier.
- Transformation, Human Resources and Transitions, under the responsibility of Grégory Erphelin as Deputy General Manager. This new division will gather the Group Human Resources, Technological Transformation, Sustainability and Impact, Agri-Agro, Guarantee and Capital Development departments, Crédit Agricole Transitions & Energies and Crédit Agricole Santé & Territoires.
  In this division, the Technological Transformation department will be under the responsibility of Olivier Biton and will gather Crédit Agricole Group Infrastructure Platform, Data/AI teams, and the Information Systems Department.
- Corporate Secretary, under the responsibility of Véronique Faujour gathers the Group Communication department, the Board of Director’s secretary, General affairs, Security/Safety, and Grameen Crédit Agricole Foundation, the Public Affairs department and Uni-Medias.
Two divisions and the control functions will be under the direct supervision of Jérôme Grivet:
- Finance and Steering, under the responsibility of Clotilde L’Angevin as Deputy General Manager. This division gathers Finance, Financial Communication & Investors relations, Subsidiaries and Investments, Strategic studies, Legal, Economic studies and Procurement departments.
- Savings and Wealth Management, this new division will gather Amundi, under the responsibility of its CEO, Valérie Baudson, Crédit Agricole Assurances, under the responsibility of its CEO, Nicolas Denis and Indosuez Wealth Management, under the responsibility of its CEO, Jacques Prost.
- Group Risks, under the responsibility of Alexandra Boleslawski.
- Group Compliance, under the responsibility of Hubert Reynier.
- Group Internal Audit, under the responsibility of Laurence Renoult.
As of 1 June 2025, Crédit Agricole S.A.’s Executive Committee will be thus composed of 18 members:
- Olivier Gavalda, CEO
- Jérôme Grivet, Deputy CEO
- Clotilde L’Angevin, Deputy General Manager, in charge of Finance and Steering division
- Grégory Erphelin, Deputy General Manager, in charge of Transformation, Human Resources and Transitions division
- Gérald Grégoire, Deputy General Manager, in charge of the Customer, Development and Innovation division
- Stéphane Priami, Deputy General Manager, in charge of International Banking and Services division
- Jean-François Balaÿ, CEO of Crédit Agricole CIB, in charge of Major Clients division
- Valérie Baudson, CEO of Amundi
- Hugues Brasseur, CEO of Crédit Agricole Italia and Senior Country Officer for the Group
- Nicolas Denis, CEO of Crédit Agricole Assurances
- Serge Magdeleine, CEO of LCL
- Olivier Biton, Director of Technological Transformation
- Eric Campos, Chief Sustainability and Impact Officer
- Bénédicte Chrétien, Group Head of Human Resources
- Véronique Faujour, Corporate Secretary
- Alexandra Boleslawski, Group Chief Risk Officer
- Laurence Renoult, Group Head of Internal Audit
- Hubert Reynier, Group Head of Compliance
Jean-Paul Mazoyer, on his own initiative, will now provide strategic advice to the Chief Executive Officer of Crédit Agricole SA.

The Board of Directors expressed its warm thanks to Philippe Brassac and Xavier Musca for their commitment and action during a decade of strong development for the Group.

Biographies

Clotilde L’Angevin started her career in 2003 at the National Institute of Statistics and Economic Studies, before joining the Treasury Department in 2005 as deputy head of the “Economic and Monetary Union” division. In 2007, she became technical adviser to the Prime Minister on macroeconomic and economic forecasts.
In 2009, she joined the Ministry of Finance as Head of the “International Diagnostics and Forecasts” division, before being appointed General Secretary of the Paris Club and Head of the “International Debt” division in the Treasury Department in 2011.
She joined the Crédit Agricole Group in 2015, as Head of Strategy for Crédit Agricole S.A. In 2019, she was appointed Head of Financial Communication at Crédit Agricole S.A. where she was responsible for relations with individual shareholders, institutional debt investors and rating agencies, as well as financial communication and relations with institutional equity investors.
Since 2023, she has been Deputy Chief Executive Officer of Crédit Agricole d’Ile-de-France.
Aged 46, Clotilde L’Angevin is a graduate of the Ecole Polytechnique (class 1998), the Ecole Nationale de la Statistique et de l’Administration Économique (2002), and obtained a master’s degree in economics from the London School of Economics (2003).

Olivier Biton started his career at Crédit Lyonnais in 2002, as IT project manager. He moved to the United States in 2005 where he was a research assistant at the University of Pennsylvania.
Upon his return to France in 2007, he joined the Crédit Agricole Group and held various project management positions at CA Payment & Services. He was appointed Head of the Flow Business Line in 2014 and then Head of Information Systems and Projects in 2016.
He joined LCL in 2017 as Head of Digital Solutions and Information Systems and joined the Executive Committee in 2020. Since 2023, Olivier Biton has been Chief Executive Officer of Crédit Agricole Group Infrastructure (CAGIP).
Aged 45, Olivier Biton is a computer engineer and a graduate of the Polytech Paris Sud school.

Grégory Erphelin started his career in 2001 at the French Ministry of Agriculture as Head of the Credit and Insurance bureau. In 2005, he joined the French Direction Générale du Trésor, in charge of the regulation of property and liability insurance. He joined the Crédit Agricole Group in 2008 as Head of Financial Management for Predica (personal insurance subsidiary of Crédit Agricole Assurances). In 2012, he was appointed Chief Financial Officer of Crédit Agricole Assurances.
In 2015, he also became Chief Financial Officer of Predica and joined the Executive Committee of the Crédit Agricole Assurances Group. In 2017, he was appointed Head of Finance, Procurement, Legal Affairs, Credit commitments and recovery, and member of the LCL Executive Committee.
Since May 2022, he has been Chief Executive Officer of the Fédération Nationale du Crédit Agricole.
Aged 49, Grégory Erphelin is a graduate of the Ecole Polytechnique (class 1996), Water and Forestry Engineer and holds an MBA from the Collège des ingénieurs.

Jean-François Balaÿ started his career in 1989 at Crédit Lyonnais in the Corporate Banking Markets and held several managerial positions in London, Paris and Asia. In 2001, he joined Crédit Lyonnais in the Loan Syndication business line, first as Head of Origination for Europe, then for Western Europe within Calyon from 2004. In 2006, he was appointed Deputy Head of Syndication for the EMEA region. In 2009, he became Global Head of Loan Syndication at Crédit Agricole CIB. In 2012, he was appointed Head of Debt Optimisation and Distribution. In 2016, he became Head of Risk and Permanent Control. He was appointed Deputy General Manager of Crédit Agricole CIB in 2018 and Deputy CEO of Crédit Agricole CIB in 2021.
Aged 59, Jean-François Balaÿ holds a master’s degree in economics and management and a master’s degree in banking and finance from Lyon II Lumière University.

Press contacts Crédit Agricole S.A.

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The MIL Network –
April 30, 2025
MIL-OSI Africa: Easter Weekend road crashes decline by 32.5%

Source: South Africa News Agency

This year’s Easter Weekend Road Safety Report shows that South recorded the lowest number of crashes and fatalities in the last three years.

“Crashes were reduced from 209 in 2024 to 141 in 2025, which is a 32.5% overall decrease compared to 2024,” Transport Minister Barbara Creecy said on Tuesday.

According to the Minister, all provinces recorded decreases except the Eastern Cape and Mpumalanga, which both recorded an increase.

“Fatalities were reduced from 307 in 2024 to 167 in 2025, which is a 45.6% decrease. All provinces recorded decreases in fatalities except Mpumalanga, which recorded a 27.3% increase compared to 2024.

“Twenty-eight fatalities were recorded in Mpumalanga compared to 22 in 2024,” Creecy said in Pretoria during a media briefing.

The 2025 Easter Season Road Safety Arrive Alive campaign was launched on 20 March and will run until 2 May 2025, under the theme: “It begins with Me”.

Government has attributed the overall decrease in both accidents and fatalities to widespread and consistent law enforcement operations across all nine provinces; coordinated action by national, provincial and local government authorities, and significant partnerships between civil society and government.

“Long weekends are a period when the risk of fatal crashes and fatalities increase because of drunken driving, increased pedestrian movements, sports and social events, including increase traffic volumes on national and provincial routes.

“These statistics tell us that there is a benefit when we start our communication and education campaign earlier than the travel period. It shows that the involvement of civil society organisation and collaboration of all law enforcement agencies is pivotal in impacting on road user behaviour.

“Furthermore, joint planning by law enforcement agencies from national, provincial, and municipal level increases the impact of operations,” she said.

The Minister said Easter weekend statistics are reflective or a broader downward trend in road accidents and accident related fatalities.

“From January to March, we have seen a 16% decline in the number of fatalities and a 13% decrease in the total number of road accidents.

“Crashes decreased in eight provinces except Mpumalanga which recorded the same number of crashes as in the previous year,” she said.

Fatalities decreased in seven provinces except Free State, which had a 5% increase, and Mpumalanga had a 1% increase.

Fatalities involving pedestrians now account for 47% or almost half of all road deaths.

“This shocking reality indicates that our message to pedestrians is not reaching home and we have to do much more work at a local level where these accidents occur.

“Overall, we now belief that it will be possible to meet our target to reduce crashes and fatalities by at least 50% by 2029. Our challenge is to sustain this achievement daily, weekly and monthly,” the Minister said. – SAnews.gov.za

MIL OSI Africa –

April 30, 2025
MIL-OSI Africa: US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare

Source: The Conversation – Africa – By Tolu Olarewaju, Economist and Lecturer in Management, Keele University

As China and the United States lock horns in a trade war, slamming tariffs on each other, entrepreneurs in Nigeria are vulnerable to the fallout. In 2024, 27.8% of imports into Nigeria came from China. In the same year, US exports to Nigeria reached US$4.2 billion. Economist and entrepreneurship researcher Tolu Olarewaju unpacks what could happen if Chinese products destined for the American market were diverted to developing economies, including Nigeria.

What dangers do the tariff tensions pose to Nigeria’s entrepreneurs?

China is the world’s biggest manufacturing nation, producing far more than its population consumes domestically. It is already running an almost US$1 trillion goods surplus, meaning it exports more goods than it imports.

China is often producing those goods at below the true cost of production due to domestic subsidies and state financial support, like cheap loans for favoured firms.

If the goods it currently exports are unable to enter the US because tariffs have made them too expensive, Chinese firms could seek to divert them to other countries. This could be beneficial for some consumers. But it could undercut entrepreneurs who make competing products in these countries and threaten jobs and wages.

Looking at the past profile of Chinese exports to Nigeria, these are some Nigerian goods that could be replaced by cheaper goods from China:

Textiles and garments: Nigeria is the largest producer of textiles in west Africa. The Nigerian textile, apparel, and footwear sector contributed 2.97% to Nigeria’s GDP in 2023 and contracted by 1.75% in the first quarter of 2024. Locally made fabrics, garments and leather goods can easily be replaced by Chinese products, especially in the low-cost and mass-market segment. This is because China is one of the sector’s largest producers globally and can export at low cost.

In 2024, the US was the top destination for China’s textiles exports.

Furniture and home décor: Nigerian artisans are skilled at producing wooden furniture, home décor items, and other interior products. However, China is a global leader in furniture manufacturing. It offers mass-produced, inexpensive items. The wide variety and affordability could displace Nigerian furniture makers. The furniture market in Nigeria is expected to generate revenue of US$5.11 billion in 2025 and experience an annual growth rate of 2.93% between 2025 and 2029.

Footwear: The Nigerian footwear market is valued at US$2.57 billion in 2025 and is expected to grow annually by 9.83%. The Nigerian footwear industry produces around 50 million pairs of shoes annually and employs over 500,000 people. China is one of the largest producers of footwear. In the US, 61.9% of all shoes are imported from China. Nigerian shoe manufacturers may find it difficult to compete with the flood of affordable Chinese-made footwear.

Beauty, cosmetic, and skincare products: The Nigerian soap market is growing. It generated revenue of US$660.5 million in 2024 and is expected to reach US$1.07 billion by 2030. With a population of over 200 million, the demand for soap products is increasing. China is a major supplier of inexpensive, mass-produced beauty products.

What are the biggest challenges holding back Nigerian entrepreneurs?

Weak infrastructure: Frequent power outages make it difficult for businesses to operate and distribute their products. This is a significant barrier, especially in the age of digital technologies, machine learning and artificial intelligence. Poor road conditions also make it difficult to transport goods.

High inflation: Nigeria’s headline inflation rate on a year-on-year basis stood at 24.48% in January 2025, and 29.90% in January 2024. High inflation raises the cost of raw materials, fuel, utilities and transport.

Inflation also means a reduction in the purchasing power of consumers. While inflation should make Nigeria a less attractive market, Chinese goods are typically cheaper than local or western alternatives, even when inflation affects import costs.

Interest rates for business loans are high in Nigeria. This reduces profit margins and makes it harder to maintain affordable prices for consumers.

A poor business environment: Nigeria’s unpredictable political and economic landscape, characterised by shifting policies, and inconsistent regulations, makes it difficult for entrepreneurs to plan. They need to be able to forecast expenses, set pricing strategies or invest in long-term projects.

Corruption also increases the costs of doing business and makes the business environment more uncertain.

While it might seem logical for the government to protect the domestic business environment with blanket tariffs as suggested by the Lagos Chamber of Commerce and Industry, a more strategic approach is needed, one that focuses on targeted tariffs and investing in sectors with strong growth potential.

Limited access to finance and high interest rates: Access to finance is a major barrier due to high interest rates and unreasonable collateral requirements for business credit.

Currency depreciation and exchange rate volatility: The Nigerian naira has depreciated against foreign currencies in recent years. Entrepreneurs who rely on imports for raw materials or equipment have been hit hard by fluctuating exchange rates. Rising import costs can lead to even higher production costs. For businesses looking to export, this volatility can reduce the profitability of foreign sales, discouraging expansion into international markets.

What should Nigeria’s entrepreneurs do to prepare for any potential fallout from the China-US trade war?

Identify niche market needs: They should identify a market need that is not being met or that is under-served and cannot easily be met by Chinese goods.

Focus on customer service: This way, entrepreneurs can build customer loyalty and reputation despite the influx of cheap goods.

Embrace innovation: Nigerian entrepreneurs should be open to new ideas and technologies that can help them create new products and services, increase efficiency and reduce costs.

Diversify supply chains: Relying heavily on imports from one country, especially raw materials, machinery, or electronics, can lead to shortages and price hikes if trade tensions escalate. Businesses should identify alternative suppliers, explore local sourcing options, and build stockpiles of essential inputs.

Explore new export markets: Nigerian entrepreneurs should exploit regional trade agreements like the African Continental Free Trade Area for easier access to African markets.

Adaptability and value creation: Businesses that focus on value creation are best positioned not just to survive but to thrive amid global shifts. Raw material exporters (for example, cashew and cocoa) may be vulnerable to price shocks. Value-added products offer better margins and greater market protection. Entrepreneurs should consider investing in light manufacturing or local processing, such as turning cocoa into chocolate.

– US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare
– https://theconversation.com/us-china-trade-war-could-hurt-nigerian-entrepreneurs-why-and-how-they-should-prepare-254840

MIL OSI Africa –

April 30, 2025
MIL-OSI Global: US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare

Source: The Conversation – Africa – By Tolu Olarewaju, Economist and Lecturer in Management, Keele University

As China and the United States lock horns in a trade war, slamming tariffs on each other, entrepreneurs in Nigeria are vulnerable to the fallout. In 2024, 27.8% of imports into Nigeria came from China. In the same year, US exports to Nigeria reached US$4.2 billion. Economist and entrepreneurship researcher Tolu Olarewaju unpacks what could happen if Chinese products destined for the American market were diverted to developing economies, including Nigeria.

What dangers do the tariff tensions pose to Nigeria’s entrepreneurs?

China is the world’s biggest manufacturing nation, producing far more than its population consumes domestically. It is already running an almost US$1 trillion goods surplus, meaning it exports more goods than it imports.

China is often producing those goods at below the true cost of production due to domestic subsidies and state financial support, like cheap loans for favoured firms.

If the goods it currently exports are unable to enter the US because tariffs have made them too expensive, Chinese firms could seek to divert them to other countries. This could be beneficial for some consumers. But it could undercut entrepreneurs who make competing products in these countries and threaten jobs and wages.

Looking at the past profile of Chinese exports to Nigeria, these are some Nigerian goods that could be replaced by cheaper goods from China:

Textiles and garments: Nigeria is the largest producer of textiles in west Africa. The Nigerian textile, apparel, and footwear sector contributed 2.97% to Nigeria’s GDP in 2023 and contracted by 1.75% in the first quarter of 2024. Locally made fabrics, garments and leather goods can easily be replaced by Chinese products, especially in the low-cost and mass-market segment. This is because China is one of the sector’s largest producers globally and can export at low cost.

In 2024, the US was the top destination for China’s textiles exports.

Furniture and home décor: Nigerian artisans are skilled at producing wooden furniture, home décor items, and other interior products. However, China is a global leader in furniture manufacturing. It offers mass-produced, inexpensive items. The wide variety and affordability could displace Nigerian furniture makers. The furniture market in Nigeria is expected to generate revenue of US$5.11 billion in 2025 and experience an annual growth rate of 2.93% between 2025 and 2029.

Footwear: The Nigerian footwear market is valued at US$2.57 billion in 2025 and is expected to grow annually by 9.83%. The Nigerian footwear industry produces around 50 million pairs of shoes annually and employs over 500,000 people. China is one of the largest producers of footwear. In the US, 61.9% of all shoes are imported from China. Nigerian shoe manufacturers may find it difficult to compete with the flood of affordable Chinese-made footwear.

Beauty, cosmetic, and skincare products: The Nigerian soap market is growing. It generated revenue of US$660.5 million in 2024 and is expected to reach US$1.07 billion by 2030. With a population of over 200 million, the demand for soap products is increasing. China is a major supplier of inexpensive, mass-produced beauty products.

What are the biggest challenges holding back Nigerian entrepreneurs?

Weak infrastructure: Frequent power outages make it difficult for businesses to operate and distribute their products. This is a significant barrier, especially in the age of digital technologies, machine learning and artificial intelligence. Poor road conditions also make it difficult to transport goods.

High inflation: Nigeria’s headline inflation rate on a year-on-year basis stood at 24.48% in January 2025, and 29.90% in January 2024. High inflation raises the cost of raw materials, fuel, utilities and transport.

Inflation also means a reduction in the purchasing power of consumers. While inflation should make Nigeria a less attractive market, Chinese goods are typically cheaper than local or western alternatives, even when inflation affects import costs.

Interest rates for business loans are high in Nigeria. This reduces profit margins and makes it harder to maintain affordable prices for consumers.

A poor business environment: Nigeria’s unpredictable political and economic landscape, characterised by shifting policies, and inconsistent regulations, makes it difficult for entrepreneurs to plan. They need to be able to forecast expenses, set pricing strategies or invest in long-term projects.

Corruption also increases the costs of doing business and makes the business environment more uncertain.

While it might seem logical for the government to protect the domestic business environment with blanket tariffs as suggested by the Lagos Chamber of Commerce and Industry, a more strategic approach is needed, one that focuses on targeted tariffs and investing in sectors with strong growth potential.

Limited access to finance and high interest rates: Access to finance is a major barrier due to high interest rates and unreasonable collateral requirements for business credit.

Currency depreciation and exchange rate volatility: The Nigerian naira has depreciated against foreign currencies in recent years. Entrepreneurs who rely on imports for raw materials or equipment have been hit hard by fluctuating exchange rates. Rising import costs can lead to even higher production costs. For businesses looking to export, this volatility can reduce the profitability of foreign sales, discouraging expansion into international markets.

What should Nigeria’s entrepreneurs do to prepare for any potential fallout from the China-US trade war?

Identify niche market needs: They should identify a market need that is not being met or that is under-served and cannot easily be met by Chinese goods.

Focus on customer service: This way, entrepreneurs can build customer loyalty and reputation despite the influx of cheap goods.

Embrace innovation: Nigerian entrepreneurs should be open to new ideas and technologies that can help them create new products and services, increase efficiency and reduce costs.

Diversify supply chains: Relying heavily on imports from one country, especially raw materials, machinery, or electronics, can lead to shortages and price hikes if trade tensions escalate. Businesses should identify alternative suppliers, explore local sourcing options, and build stockpiles of essential inputs.

Explore new export markets: Nigerian entrepreneurs should exploit regional trade agreements like the African Continental Free Trade Area for easier access to African markets.

Adaptability and value creation: Businesses that focus on value creation are best positioned not just to survive but to thrive amid global shifts. Raw material exporters (for example, cashew and cocoa) may be vulnerable to price shocks. Value-added products offer better margins and greater market protection. Entrepreneurs should consider investing in light manufacturing or local processing, such as turning cocoa into chocolate.

Tolu Olarewaju 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. US-China trade war could hurt Nigerian entrepreneurs: why, and how they should prepare – https://theconversation.com/us-china-trade-war-could-hurt-nigerian-entrepreneurs-why-and-how-they-should-prepare-254840

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI Russia: “The Art of Management: Science, Practice, Project Technologies”: The Results of the V All-Russian Interuniversity Forum

Translation. Region: Russian Federal

Source: State University of Management – Official website of the State –

The 5th All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” has concluded at the State University of Management.

This forum has become an important platform for exchanging experiences in organizing project-based learning in higher education institutions, discussing current issues in project management and introducing innovative approaches in the educational and scientific fields.

The event took place thanks to a fruitful partnership with two authoritative organizations: the project-methodical association “Association of project-oriented organizations of science and higher education” and the professional community “Association of project management “SOVNET”, which unites leading specialists in the field of project management.

The Forum program included three large-scale events that brought together participants of different categories: from first-year students to teaching staff, representatives of administrative and managerial personnel of universities and experts from organizations of the real sector of the economy.

More details about the first day of the Forum are provided in a separate article.

On the second day, the Final of the Student Project Competition took place, which this year for the first time went beyond the SUM and attracted more than 50 external projects from various Russian universities, including: Kazan National Research Technical University named after A.N. Tupolev, Siberian Federal University, Southern Federal University, St. Petersburg State University of Architecture and Civil Engineering, Tyumen State University, Russian University of Transport, MSTU “STANKIN”, Moscow Automobile and Road State Technical University, etc.

Student project teams presented their developments to the expert jury in four nominations: “Business projects (startups)”, “Social projects”, “Consulting projects” and “Research projects”. Thanks to the support of our partners – IPI Lab LLC, Roskachestvo, Bank FINAM JSC, Exity Group, Algorithmika LLC, BPM Soft, Alfa-Bank, Smartika LLC and independent consultants – the participants received valuable recommendations and opportunities for further development of their projects.

A particularly active and interesting event within the framework of the V All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” was the Interuniversity Hackathon “Urban Development Technologies”, which took place at the State University of Management throughout all three days of the Forum.

This year, the Hackathon was held for the fourth time and united 80 participants from GUU, RUT (MIIT), RGUTIS, RTU MIREA, RUDN, SFedU, SPbGASU in various fields of study in 9 teams as participants and team facilitators.

More details about its discovery were given here, and the results were summed up in this article.

The V All-Russian Interuniversity Forum “The Art of Management: Science, Practice, Project Technologies” ended with a ceremonial summing up of the results and awarding of the winners of the GUU Student Project Competition and the interuniversity hackathon “Urban Development Technologies”. Student projects and case solutions were awarded both the highest awards (1-3 places) and individual nominations from our colleagues and partners, as well as audience sympathy prizes.

The State University of Management expresses its sincere gratitude to everyone for their active participation, professionalism and desire for development. We hope that the results of our joint work will find their application in practice, and new acquaintances and ideas will become the basis for further achievements and further development of project-based learning in Russian universities.

Winners of the Student Projects Competition of the State University of Management

Nomination “Business projects (startups)”

1st place – project “Flight controller”, authors of the project – Korolev Semyon Yuryevich and Feoktistov Sergey Vyacheslavovich, MSTU “STANKIN”, curator – Kovalev Ilya Aleksandrovich;

2nd place — project “Development of a wearable device for visualizing data from CNC systems in augmented reality mode”, Author of the project — Sergey Igorevich Karasev, MSTU “STANKIN”, curator — Ilya Aleksandrovich Kovalev;

3rd place – project “RUmaTe”, team of the Russian University of Transport (MIIT) consisting of Mikhailova Elizaveta Alekseevna, Kharin Alexander Nikolaevich, Ushkalo Eduard Stanislavovich, Smaglyuk Kira Sergeevna, Baulina Karina Aleksandrovna, Anikeev Mikhail Andreevich. Curator – Chigarev Valentin Nikolaevich.

Nomination “Social Projects”

1st place — the project “Modern Pensioner”, the project team consisting of Fyodor Romanovich Nazarov, Anastasia Ivanovna Rudchenko, Vlada Vladimirovna Sudakova, Ksenia Dmitrievna Sysoeva, Shonia Sofiko Paataevna. State University of Management, curator — Elena Vadimovna Dianina;

2nd place – project “Promotion of a public digital platform”

3rd place — project “SMM promotion of the social project “Sobriety”, project team consisting of: Akinshina Anna Andreevna, Skripko Artem Vyacheslavovich, Eminova Anna Dmitrievna. Southern Federal University. Curator — Lankina Maria Yuryevna.

Nomination “Consulting projects”

1st place — project “Visualization of agricultural statistics data in the context of municipalities of the Moscow region”, project team consisting of Fedotov Sergey Andreevich, Khomutovskaya Kristina Dmitrievna, Chorbadzhyan Venera Agvanovna. State University of Management, curator — Dolgikh Ekaterina Alekseevna;

2nd place – project “HR in the heart”, project team – Druzhinina Polina Yurievna, Makarkin Matvey Maksimovich, Nguyen Ngoc Ha Phuong, Nguyen Thi Thanh Huyen, Nikitina Ksenia Dmitrievna, Fastovskaya Milana Sukhrobovna. State University of Management, Curator – Lobacheva Anastasia Sergeevna;

3rd place — project “Development of an application for maintaining results of online meetings”, project team: Belova Diana Dmitrievna, Mizgireva Kristina Yaroslavovna, Redikultsev Gleb Sergeevich. State University of Management. Curator — Terekhova Anna Evgenievna.

Nomination “Research Projects”

1st place – project “Software product for assessing the condition of power transmission line insulators”, author of the project – Radmir Rafilevich Mugletdinov, Kazan State Power Engineering University, curator – Aidar Khaidarovich Sabitov;

2nd place — project “Development of a methodology for valuation zoning taking into account regional characteristics of the territory for the purposes of state cadastral valuation”, author of the project — Alina Pavlovna Illarionova. St. Petersburg State University of Architecture and Civil Engineering, Curator — Yana Aleksandrovna Volkova;

3rd place — project “Russian and foreign experience of legal protection of traditional spiritual and moral values”, author of the project – Karina Igorevna Meshcheryakova. State University of Management. Curator – Svetlana Evgenievna Titor.

Subscribe to the TG channel “Our GUU” Date of publication: 04/29/2025

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

MIL OSI Russia News –

April 30, 2025
MIL-OSI: NB Private Equity Partners Announces Updated Company Operating Metrics

Source: GlobeNewswire (MIL-OSI)

THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO AUSTRALIA, CANADA, ITALY, DENMARK, JAPAN, THE UNITED STATES, OR TO ANY NATIONAL OF SUCH JURISDICTIONS

St Peter Port, Guernsey 29 April 2025

RNS Announcement of Audited 2024 Results and 31 March 2025 Est. NAV and investor presentation dated 28 April 2025. NB Private Equity Partners (“NBPE” or the “Company”) today announces an update to previously published portfolio performance metrics, valuation and leverage statistics following the receipt of additional information. The updated metrics are LTM Revenue and LTM EBITDA growth¹ as of 31 December 2024 of 8.1% and 12.1%, respectively, and 15.3x EV/EBITDA valuation multiple², and 5.3x net debt/EBITDA². An updated investor presentation is available on the Company’s website.
For further information, please contact:

NBPE Investor Relations        +44 20 3214 9002
Luke Mason        NBPrivateMarketsIR@nb.com

Kaso Legg Communications        +44 (0)20 3882 6644

Charles Gorman        nbpe@kl-communications.com
Luke Dampier
Charlotte Francis

About NB Private Equity Partners Limited
NBPE invests in direct private equity investments alongside market leading private equity firms globally. NB Alternatives Advisers LLC (the “Investment Manager”), an indirect wholly owned subsidiary of Neuberger Berman Group LLC, is responsible for sourcing, execution and management of NBPE. The vast majority of direct investments are made with no management fee / no carried interest payable to third-party GPs, offering greater fee efficiency than other listed private equity companies. NBPE seeks capital appreciation through growth in net asset value over time while paying a bi-annual dividend.

LEI number: 213800UJH93NH8IOFQ77

About Neuberger Berman

Neuberger Berman is an employee-owned, private, independent investment manager founded in 1939 with over 2,800 employees in 26 countries. The firm manages $515 billion of equities, fixed income, private equity, real estate and hedge fund portfolios for global institutions, advisors and individuals. Neuberger Berman’s investment philosophy is founded on active management, fundamental research and engaged ownership. Neuberger Berman has been named by Pensions & Investments as the #1 or #2 Best Place to Work in Money Management for each of the last eleven years (firms with more than 1,000 employees). Visit www.nb.com for more information. Data as of March 31, 2025.

¹ Revenue & EBITDA Growth: Past performance is no guarantee of future results. Fair value as of 31 December 2024 and the data is subject to the following adjustments: 1) Excludes public companies, Marquee Brands and other investments not valued on multiples of EBITDA. 2) Analysis based on 66 private companies. 3) The private companies included in the data represent approximately 89% of the total direct equity portfolio. 4) The following exclusions to the data were made: a) growth of one company ($5 million of value) was excluded from the data as the Manager believed the EBITDA growth rate was an outlier due to an extraordinary percentage change c) four companies (8% of direct equity fair value) were held less than one year and excluded from the growth rates d) three companies (1% of direct equity fair value) were excluded with non-comparable time frames of LTM revenue and/or LTM EBITDA data or insufficient information to calculate a growth rate. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and based on as reported by the lead private equity sponsor to the Manager as of 28 April 2025. Where necessary, estimates were used, which include pro forma adjusted EBITDA and other EBITDA adjustments, pro forma revenue adjustments, run-rate adjustments for acquisitions, and annualised quarterly operating metrics. LTM periods as of 31/12/24 and 30/9/24 and 31/12/23 and 30/9/23. LTM revenue and LTM EBITDA growth rates are weighted by fair value. Growth rate data is based on 66 companies and subject to the aforementioned exclusions; underlying EBITDA reported by the GPs may include pro forma or other adjustments to LTM EBITDA in one or both periods and this reported EBITDA used to calculate growth rates may not be the same EBITDA for valuation purposes by underlying GPs. As a result, growth and valuation multiple data are not directly comparable.

² Valuation & Leverage: Past performance is no guarantee of future results. Fair value as of 31 December 2024 and subject to the following adjustments. 1) Excludes public companies, Marquee Brands and other investments not valued on a multiple of EBITDA. 2) Based on 58 private companies which are valued based on EV/EBITDA metrics 3) The private companies included in the data represents 79% of direct equity investment fair value. 4) Companies not valued on multiples of trailing EBITDA are excluded from valuation statistics. 5) Leverage statistics exclude companies with net cash position and leverage data represents 78% of direct equity investment fair value. Portfolio company operating metrics are based on the most recently available (unaudited) financial information for each company and are as reported by the lead private equity sponsor to the Manager as of 28 April 2025, based on reporting periods as of 31 December 2024 and 30 September 2024. EV and leverage data is weighted by fair value. LTM EBITDA used by underlying GPs for valuation purposes may differ from EBITDA used to calculate growth rates due to pro forma or other adjustments and therefore the two data sets are not directly comparable.
^.

This press release appears as a matter of record only and does not constitute an offer to sell or a solicitation of an offer to purchase any security.

NBPE is established as a closed-end investment company domiciled in Guernsey. NBPE has received the necessary consent of the Guernsey Financial Services Commission. The value of investments may fluctuate. Results achieved in the past are no guarantee of future results. This document is not intended to constitute legal, tax or accounting advice or investment recommendations. Prospective investors are advised to seek expert legal, financial, tax and other professional advice before making any investment decision. Statements contained in this document that are not historical facts are based on current expectations, estimates, projections, opinions and beliefs of NBPE’s investment manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. Additionally, this document contains “forward-looking statements.” Actual events or results or the actual performance of NBPE may differ materially from those reflected or contemplated in such targets or forward-looking statements.

The MIL Network –

April 30, 2025
MIL-OSI Global: From shrinking bladders to severe stomach pain: survey reveals the painful realities of ketamine addiction

Source: The Conversation – UK – By Rebecca Harding, PhD Candidate, Clinical Psychopharmacology Unit, UCL

Ketamine’s rising popularity has created a paradox. While it’s hailed by some doctors as a breakthrough psychiatric treatment, it’s also driving a surge in addiction and harming people’s health. To better understand people’s experience of ketamine and how it might be best used in medical treatment, we surveyed hundreds of people who self-identify as struggling with ketamine addiction.

Ketamine is gaining recognition as a promising, rapid-acting intervention for mental health conditions for many. Phase three clinical trials are now underway for its use with people with alcohol problems. A ketamine-based nasal spray, Spravato, has also been approved as a standalone therapy for treatment-resistant depression,

But for others, particularly recreational users in their 20s, ketamine use can lead to more harm than healing.

Once seen as a fringe party drug, ketamine – also known as “K” – has now entered the mainstream, gaining popularity as a nightlife narcotic and reports of widespread use in Hollywood. But with its rise have come warnings: several high-profile deaths, including actor Matthew Perry and drag artist The Vivienne, have sparked public concern.

Medical ketamine is a regulated drug used in hospitals and clinics under professional supervision. Illegal ketamine, often used recreationally, is unregulated, may be contaminated and carries higher risks of overdose, addiction and health complications due to unknown purity and unsafe use.

To better understand the experience of ketamine addiction and to help inform improved treatments, our research team at the University of Exeter and University College London surveyed 274 people with self-identified ketamine addiction from Europe, North America and Australia**. We believe the results offer the most in-depth data of its kind to date.

While ketamine is chemically distinct from opioids, some users described its emotional and social toll as equally devastating. One participant described it as “the heroin of a generation”.

This stark characterisation underscores the growing number of people seeking treatment – not only for addiction, but also for physical health complications that can follow heavy, prolonged use.

Sixty percent of respondents reported bladder problems – a side effect well known among long-term ketamine users, but rarely discussed outside specialist circles. Many also described intense psychological symptoms such as cravings, low mood, anxiety and irritability.

While these experiences probably reflect heavier users than the average recreational consumer, they highlight the serious harms experienced by those who become dependent.

Alarming statistics

Alarmingly, over a third of our respondents had never sought treatment. Among those who had, only 36% were satisfied with the care they received. One person noted: “I think they need to research drugs or options that fight K bladder, K kidneys and K stomach cramps. Ketamine can make your lifespan much shorter.”

A recurring theme throughout the survey responses was frustration at the lack of awareness – among peers, educators, healthcare providers and even addiction specialists – about ketamine’s risks.

“No one even understands what ketamine is or what it does,” said one participant. They added: “It shouldn’t be our job to explain the science. It should be taught. People need to be educated. There’s so much less information out there compared to drugs like cocaine.”

Most participants had first encountered ketamine in recreational settings. Only four participants first encountered it through prescription, primarily in the United States, where at-home ketamine therapy is becoming more common. In contrast, the UK restricts ketamine use to clinical supervision.

Crucially, the doses reported by participants were far higher than those used in medical settings. Rapid tolerance development and escalating use were common concerns.

New treatment strategies

To support those struggling with ketamine addiction, our findings point to the urgent need for new treatment strategies. These include pharmacological options to address physical complications like “K cramps” (severe abdominal pain often described as excruciating) and improved understanding of how ketamine causes bladder and kidney damage.

Equally vital is improving education – both for the public and for healthcare professionals – about the risks of ketamine use and the realities of addiction. We hope our survey offers a platform for those with experience to be heard and for their voices to shape future research, clinical care and public health messaging.

Read more:
Ketamine: what you need to know about the UK’s growing drug problem

This survey comes at a crucial time in ketamine’s evolving story. In response to rising recreational use and recent fatalities, the UK government is reportedly considering reclassifying ketamine as a Class A drug. However, when ketamine was reclassified from Class C to Class B in 2014, use among 16–24-year-olds increased by 231%, suggesting that harsher penalties do little to curb demand.

Instead of relying on punitive measures, we must focus on expanding treatment access, reducing stigma and investing in prevention. Our study shows the urgent need for more research into what makes ketamine addictive, how to prevent its physical harms and, most importantly, how to help people recover and reclaim their lives.

Celia Morgan receives funding from National Institute of Health Research (UK), Medical Research Council (UK), Economic and Social Research Council UK; Medical Research Foundation; Wellcome Trust; Awakn Life Sciences.

Rebecca Harding 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. From shrinking bladders to severe stomach pain: survey reveals the painful realities of ketamine addiction – https://theconversation.com/from-shrinking-bladders-to-severe-stomach-pain-survey-reveals-the-painful-realities-of-ketamine-addiction-255197

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI Global: The world needs climate change leadership – it’s time for China to step up

Source: The Conversation – UK – By Yixian Sun, Associate Professor in International Development, University of Bath

The second Trump administration has announced various anti-climate policies under its “America first” strategy. Leaving the Paris agreement, kicking off a trade war, shutting down USAid and drilling for more oil and gas will not only undermine the US’s international reputation but will undermine the global effort to combat climate change.

With the US in retreat from climate action and Europe preoccupied by security challenges, new leadership is urgently needed. China may be poised to fill this gap.

The country is already dominant in most clean technologies, and its top leaders say climate action can help the country fulfil its responsibilities as a major power. The Chinese president, Xi Jinping, reiterated this message at a recent closed-door meeting of heads of state, organised by the UN secretary general to discuss the climate crisis.

After nodding to the Trump-initiated global economic shock, Xi said China “will overcome the headwinds and steadily move forward global climate governance”.

But to take on this leadership, Beijing must first strengthen China’s domestic policies along with its support for climate action in the global south. The country has made remarkable progress on clean energy and its carbon emissions may peak this year.

But more than 60% of the electricity generated in the country still comes from coal, and it remains unclear how fast the government plans to phase out fossil fuels. Meanwhile, some provincial governments are still issuing permits to add new coal-fired power plants.

Coal storage in Ningbo, China.
Alex Tao Wang / shutterstock

There are things China can do almost immediately to show its commitment to climate action and rebuild international confidence in the Paris agreement. First, it must set very ambitious pledges to reduce its emissions for the coming decades ahead of this year’s UN climate conference (Cop30) to be held in November in Belém, Brazil.

China was one of the many countries that missed a February deadline for submitting its targets (only 15 countries were on time). Until now, Beijing’s strategy has been to “wait and see” given the turbulence caused by the new Trump administration.

What China ends up pledging will have a profound impact on global ambition. An ambitious target might mean reducing its emissions from their peak level by at least 30%. This is still achievable if the country can maintain its current progress in renewables.

Despite the missed deadline, there are some positive noises coming from Beijing. In a recent high-level meeting organised by the UN secretary general, Xi announced that China’s next set of emission reduction targets, covering the period up to 2035, will cover all economic sectors and all greenhouse gases.

This will be a major progress compared to China’s previous pledges, which only covered carbon dioxide (China is the world’s biggest emitter of the potent greenhouse gas methane, for instance) and did not integrate national targets into individual sectoral policies.

More support for developing countries

China has also been instrumental in bridging gaps between developed and developing countries in recent international talks. This was especially the case during negotiations at Cop29 last year in Baku, Azerbaijan, for a new global climate finance goal.

Climate finance, in this context, refers to providing developing countries with the resources to help them reduce their emissions and adapt to climate change. China still has developing country status in the UN’s climate change convention and, as such, has no official obligation to provide international climate finance.

Despite this, it has already provided or helped raise around US$24.5 billion (£18.32 billion) for clean energy, disaster recovery and other climate actions in developing countries. That makes it the world’s fifth-largest climate finance donor according to some estimates.

But for this investment to have a lasting impact, Beijing needs to be more transparent about where its funding goes and how projects are financed. It should also get local people more involved in designing and implementing the projects it funds.

Reform the system

China should also play a major role in reforming the global financial system to make it aligned with the Paris agreement. As a strong supporter of green finance, it can influence upcoming international talks such as the Financing for Development conference in Seville, as well as the UN’s negotiations on international tax cooperation. As co-chair of the G20’s sustainable finance working group, China also has the opportunity to push for more funding to support net zero.

China is by far the world’s biggest producer of renewables, batteries, electric vehicles and many other clean technologies, and is in a unique position to supply them affordably.

While it has already exported lots of these products, many developing countries still don’t have the know-how or the basic infrastructure to make the most of them (solar farms are of limited use if you don’t have a battery capable of storing the electricity they generate, for instance). China can address this by partnering with other governments in the global south to share technologies and invest in manufacturing.

With global climate leadership at risk, China has the chance to step up. As an emerging superpower with advantages in clean technologies and a leadership that recently reaffirmed their commitment to climate action, the country is well positioned. The world is watching to see if China will follow through.

Don’t have time to read about climate change as much as you’d like?

Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 45,000+ readers who’ve subscribed so far.

Yixian Sun receives funding from UKRI Future Leaders Fellowship (grant number: MR/X035956/1).

– ref. The world needs climate change leadership – it’s time for China to step up – https://theconversation.com/the-world-needs-climate-change-leadership-its-time-for-china-to-step-up-252698

MIL OSI – Global Reports –

April 30, 2025
MIL-OSI USA News: MEMO: First 100 Days Economy
Source: The White House
TO: White House Communications Staff
FROM: Council of Economic Advisers Staff
SUBJECT: First 100 Days Economy Memo

Jobs Statistics:
- President Trump has created 345,000 jobs since taking office in January.
  
  188,000 (54%) of these were in non-government and government-adjacent sectors. This is a dramatic improvement from the last two years of the Biden Administration, when three-fourths of all new jobs were in government or government-adjacent sectors.
  
  2,000 of which were mining and logging jobs.
  
  27,000 of which were construction jobs.
  
  9,000 manufacturing jobs were created (compared to the 6,000 manufacturing jobs lost per month from Jan 2023 to Dec 2024).
  
  At the same time that there were large private sector job gains, 15,000 federal government jobs were cut.
- The labor force participation rate for those without a high school diploma is up by 0.7% since President Trump took office.
- The veteran unemployment rate is down from 4.2% in January to 3.8% in March.
- 228,000 jobs were created in March alone, well above expectations.
  
  This was the fourth best month in the last two years for private payroll growth.
- Remote work among federal employees has fallen over 16 percentage points from March last year to March this year, showcasing the success of President Trump’s initiative to bring federal workers back to the office.
  
  Federal telework numbers are now in-line with the private sector.
Inflation Statistics:
- Prescription drug prices are down over 2% since President Trump took office.
- Last month’s drop in the price of prescription drugs was the largest ever recorded.
- Gasoline prices, as measured by the Consumer Price Index (CPI), are down 7% since President Trump took office.
- Energy prices are down 2% since President Trump took office.
- Wholesale egg prices down are about 50% since President Trump took office. Most consumers have seen relief in prices on the shelf, but all consumers should see it within the next month or two.
- February inflation (the month prior to the most recent data) showed the smallest annual increase in core inflation in over four years (since March 2021).
- Both of the last two CPI inflation prints came in below expectations.
- Last month’s (March) decline was only the second monthly decline in inflation (CPI) in the last two-and-a-half years.
- These price declines are in contrast to the persistently high inflation under President Biden, which reached the highest annual rate in the past 40 years. After suffering for years under Biden Administration inflation, consumers are now getting welcome relief. On Biden’s watch, grocery prices rose 23%, and energy prices rose 34%.
- As a result of biting inflation, real wages in President Biden’s term were down about 2.4%.
- Moreover, in the most recent inflation print from March, airfare, used motor vehicles, and motor insurance all saw price decreases.
- Prices for wholesale goods fell nearly 1% last month and prices for wholesale services fell 0.2% last month, which will eventually lead to lower consumer prices.
- Last month, retail egg price inflation continued to slow.
Misc. Economic Statistics:
- Real average hourly earnings for middle- and low-income workers are up 0.4% and up 1% for workers in the manufacturing sector since President Trump took office.
- The automotive sector is growing: under President Trump, we already had the biggest one-month increase in auto sales in March in more than a year.
- Mortgage rates have declined roughly four-tenths of a percentage point since President Trump took office.
  
  Assuming the most recent median home price in the U.S., a new homebuyer making a 20% down payment on a 30-year mortgage would save roughly $32,400 over the course of the loan, or about $1,080 per year.
- Industrial production was at the seventh-highest monthly level ever recorded in March. The only higher monthly levels occurred during the first Trump Administration in 2018 and in February of this year.
- Since the beginning of the Trump Administration, at least $5 trillion in new investment in the U.S. has been pledged from both foreign governments and private companies.
Economic Policy Wins:
- Upon taking office, President Trump immediately blocked all unfinalized Biden-era rules, saving Americans over $180 billion — $2,100 per family of four over the next decade — and launched a bold, multi-agency effort to roll back existing federal regulations that drive up the cost of living. This effort is projected to yield significant cost savings in the coming months, including the EPA’s rollback of tailpipe emission rules for light-duty and medium-duty vehicles ($667 billion in total savings) and the Department of Transportation’s latest Corporate Average Fuel Economy (CAFE) standards ($88 billion in savings). These two efforts alone yield $755 billion in total savings or over $8,800 per family of four over the next decade. The combined savings from all of these actions equal just over $935 billion or nearly $11,000 per family of four over the coming decade.
- The Trump Administration has implemented an aggressive 10-to-1 deregulatory initiative, which requires that whenever an agency proposes a new rule or guidance document, it must eliminate 10 existing rules or guidance documents. This effort builds on the successful deregulatory initiative introduced in President Trump’s first term, which required the repeal of at least two existing regulations for each new rule, and in practice eliminated 5.5 rules for each new significant rule.
- To date, President Trump has issued over 20 significant deregulatory presidential actions (i.e., executive orders, presidential memoranda, and presidential proclamations).
Charts:
MIL OSI USA News –
April 30, 2025
MIL-OSI: Alpha Sigma Capital Research Publishes New Report on Bittensor (TAO), Decentralized “Neural Internet” Model
Source: GlobeNewswire (MIL-OSI)

Tampa, FL, April 29, 2025 (GLOBE NEWSWIRE) — Alpha Sigma Capital Research has released an in-depth report on Bittensor (TAO), a pioneering project aiming to build a decentralized, open-source “neural internet” to democratize AI development and access. The report highlights how Bittensor contrasts sharply with the prevailing model—where a handful of corporate giants control data, compute, and advanced models—by implementing a peer-to-peer network in which AI models collaborate, compete, and are financially rewarded according to the value they contribute to the system. .

Key Findings

Decentralization vs. Centralization
- Problem with Current AI Landscape: Corporate titans (e.g., OpenAI, Google, Meta) aggregate massive datasets, proprietary compute resources, and closed-source models, creating high barriers to entry for smaller innovators.
- Bittensor’s Alternative: A peer-to-peer network where any participant can contribute compute or model outputs; contributions are evaluated and rewarded in TAO tokens governed by the network’s Yuma Consensus.
The “Neural Internet” Vision
- Collaborative Competition: Models hosted on Bittensor compete across subnets, specialized mini-markets within the broader network, ranked by validators on criteria like accuracy, efficiency, and novelty.
- Incentive Alignment: TAO tokens facilitate staking, governance, transaction fees, and reward distribution—mirroring Bitcoin’s proof-of-work incentives but for machine intelligence.
Founding and Governance
- Leadership: Co-founded in 2019 by Jacob Robert Steeves (ex-Google engineer) and Ala Shabaana, operating under the OpenTensor Foundation.
- Decentralized Governance: TAO token holders vote on protocol upgrades, emission schedules, and subnet parameters through on-chain governance proposals.
To read the full research report, visit [LINK].
Stay connected with ASC Research on Substack. Subscribe at Alpha Sigma Capital Research | Substack.

About Alpha Sigma Capital Research
Active Investing in the Blockchain Economy.™

Alpha Sigma Capital Research is provided by Alpha Sigma Capital Advisors, LLC, the Investment Manager for the Alpha Blockchain/Web3 Fund and Alpha Liquid Fund. Alpha Sigma Capital (ASC) investment funds are focused on emerging blockchain companies that are successfully building their user-base, demonstrating real-world uses for their decentralized ecosystems, and moving blockchain technology towards mass-adoption. ASC is focused on companies leveraging blockchain technology to provide value-add in areas such as fintech, AI, supply chain, and healthcare. Apply to receive research at www.alphasigma.fund/research.

DISCLAIMER

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Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company’s financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this press release.

The information on which the information is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, the company website, the company white paper, pitchbook, and any other sources. While Alpha Sigma Capital has obtained data, statistics, and information from sources it believes to be reliable, Alpha Sigma Capital does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.

Unless otherwise provided in a separate agreement, Alpha Sigma Capital does not represent that the contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Alpha Sigma Capital and its officers, directors, and employees shall not be responsible or liable for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

Crypto and/or digital currencies involve substantial risk, are speculative in nature, and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

The MIL Network –
April 30, 2025
MIL-OSI USA: 2025 Commencement Speakers and Honorary Degree Recipients

Source: US State of Connecticut

From business success to the National Science Foundation, from policymaking in Hartford to the world’s most popular YouTube sneaker channel, from the Chairman of the Mashantucket Pequot Tribal Nation to the President of the Rwanda Academy of Sciences, the honored guests of UConn’s commencement ceremonies bring a wealth of experience, insight, and wisdom to share with this year’s graduates. Speakers at the ceremonies, which begin on Saturday, May 10, include:

College of Engineering (Saturday, May 10, 9 a.m. at Gampel Pavilion): Mark P. Sarkisian ’83

Mark Sarkisian is a partner in the San Francisco office of Skidmore, Owings & Merrill LLP. He is a licensed professional engineer and structural engineer in 31 states. In 2021, Sarkisian was elected to the National Academy of Engineering, and is a member of the University of Connecticut Academy of Distinguished Engineers. He received his bachelor’s degree in civil engineering from UConn in 1983, and his master’s degree in structural engineering from Lehigh University. Sarkisian’s career focuses on developing innovative structural engineering solutions for over 100 major building projects around the world, including the Jin Mao Tower in China and the Al Hamra Fidrous Tower in Kuwait, both over 1,300 feet[1]tall. Sarkisian holds 10 U.S. patents and five international patents. Sarkisian has authored over 150 technical papers related to the design of building structures, and in 2012 completed his first book, “Designing Tall Buildings – Structure as Architecture.” He teaches integrated studio design courses focused on collaborative design opportunities at the University of California, Berkeley; California College of the Arts; Stanford University; California Polytechnic State University; Northeastern University; North Carolina State University; and the Pratt Institute.

School of Nursing (Saturday, May 10, 9 a.m. at Jorgensen Center for the Performing Arts): Joan Y. Reede

Dr. Joan Y. Reede was appointed as Harvard Medical School’s (HMS) first Dean for Diversity and Community Partnership in January of 2002, and has been responsible for the development and management of a comprehensive program that has provided leadership, guidance, and support to promote the increased recruitment, retention, and advancement of diverse faculty, particularly individuals from groups underrepresented in medicine. This charge includes oversight of all diversity activities at HMS as they relate to faculty, trainees, students, and staff. Reede is a graduate of Brown University and Mount Sinai School of Medicine. She completed a pediatric residency at Johns Hopkins Hospital in Baltimore, Maryland, and a fellowship in child psychiatry at Boston Children’s Hospital. She holds an MPH and an MS in Health Policy Management from Harvard T. H. Chan School of Public Health, and an MBA from Boston University. Reede created and developed more than 20 programs at HMS that aim to address pathway and leadership issues for minorities and women who are interested in careers in medicine, academic and scientific research, and the health care professions. At a national level, Reede’s advice and expertise is highly sought after among several committees and councils, such as being appointed to the Health and Human Services Advisory Committee on Minority Health and serving on the Board of Governors for the Warren Grant Magnuson Clinical Center. She also has many affiliations, including the Task Force for the Annual Biomedical Research Conference for Minority Students, CTSA Women in CTR Interest Group of the NIH, and the American Association for the Advancement of Science STEM Education Review Committee.

School of Business (Saturday, May 10, 1:30 p.m. at Gampel Pavilion): Richard Eldh ‘81

Rich Eldh was born in the village of Ardsley, New York, and moved homes five times between the ages of 5 and 15. He attended Staples High School in Westport, graduating as a three-sport athlete and an all-state football player. After high school, he enrolled at the University of Connecticut. In what would have been his junior year, 1978–1979, he took a leave of absence to travel abroad, living in Kempten, Germany, in Bavaria. There, he worked at Dixie Union, a manufacturing company, as a computer programmer, where he developed new automation software for the finance department. This experience in Germany highlighted the significant impact computing technology would have on business. Motivated by this realization, he decided to pursue a career in the computer industry. Upon returning to the University of Connecticut for his final two years, he majored in finance at the School of Business and graduated in 1981 with a degree in Finance. He first joined a manufacturing firm implementing automation software, then moved to Four Phase Systems, a Motorola company, selling data entry systems. Later, he joined Hewlett-Packard, specializing in manufacturing systems and automation. It was at HP that he met his wife; they married and started a family. After working for two very large corporations, Rich joined a startup called Gartner Group in Stamford. He was the 100th employee, and in ten years, the company grew from $9 million in revenue to just under $1 billion with 4,500 employees. Today, Gartner boasts a market cap of $38 billion with 21,000 employees. These early career highlights led Rich to co-found Sirius Decisions, which became a leader in high-performance go-to[1]market research and benchmarking. Headquartered in Wilton, Sirius Decisions grew to 400 employees with private equity backing and offices worldwide. The company was eventually monetized for approximately $300 million through a sale to a public company in Boston. Throughout his career, he has had the honor of working with associates and clients across more than 50 countries. Alongside his career, Rich and his wife Joyce raised two daughters and a son. They have each found success in the medical field, the fashion world, and the blockchain and crypto industry, respectively.

School of Social Work (Saturday, May 10, 1:30 p.m. at Jorgensen Center for the Performing Arts): Maggie Mitchell Salem

Maggie Mitchell Salem joined IRIS as Executive Director in January 2024. Throughout her nearly 30-year career, Maggie has managed diverse teams focused on civic education, intercultural dialogue, social and political rights, and forced displacement. She arrived in Connecticut following three years leading the National Democratic Institute’s democratic governance program in Tunisia. Given the exponential increase in the number of refugees, humanitarian parolees, and other immigrants that IRIS assists, Maggie has focused on organizational structure, systems, and policies that create a strong foundation for the organization’s continued growth. Her previous experience at Global Refuge (formerly Lutheran Immigration & Refugee Services) and Fugees Academy have underscored the importance of collaborative, communicative leadership and management. For more than a decade, she was the founding executive director of Qatar Foundation International and expanded Arabic language and culture education to public K-12 schools across the U.S., UK, and Germany. As the Regional Director for the Middle East and North Africa at the International Foundation for Electoral Systems (IFES), she expanded or created new programs in Jordan, Iran, and Iraq. Maggie started up and led the Middle East Institute’s Communications Department from 2001-2004. She also served as a U.S. Foreign Service Officer in Mumbai and Tel Aviv, and as staff on the Executive Secretariat of Secretary of State Madeleine Albright. Maggie was a Fulbright Scholar in Syria while studying for her Masters in Contemporary Arab Studies at Georgetown University. She received a bachelor’s degree in political science and psychology from Johns Hopkins University. She has two sons and two daughters. She lives with her six dogs and two cats in East Haddam.

Bachelor of General Studies (Saturday, May 10, 2 p.m. at Student Union Theater): Daniel Mercier ‘95

Daniel Mercier graduated from the Bachelor of General Studies program in 1995 with a focus in Visual Communications. After serving as a Graphics Specialist for a few years, Mercier returned to UConn in 1998 as a Media Producer. In 2001, he transitioned to the role of Instructional Developer in the Instructional Design and Development Department. After completing a Master of Arts in Educational Technology in 2003, Mercier became Manager of Instructional Design and Development and ultimately served as Assistant Director and Director of the Institute of Teaching and Learning. In 2015, he took on the role of Director, Instructional Design, in the Center for Pedagogical Innovation at Wesleyan University. In 2017, Mercier returned to UConn as the Director of Academic Affairs at the Avery Point Campus of the University of Connecticut. Throughout his 30-plus-year career, Mercier has demonstrated an unwavering commitment to the development of instructional tools, to help faculty utilize technologies to reach our students. In his work, he has supported faculty, staff and students across the higher education landscape. His commitment to the University of Connecticut spans nearly 25 years. In his current position, he recruits faculty, oversees academic advising and other academic support programs, and develops partnerships between the Avery Point campus and other academic entities within and outside UConn. These partnerships include the support of students in the Bachelor of General Studies Program.

College of Agriculture, Health and Natural Resources (Saturday, May 10, 6 p.m. at Gampel Pavilion): Rodney Butler ’99 (BUS)

Rodney A. Butler is the Chairman of the Mashantucket Pequot Tribal Nation (MPTN) since January 2010. Butler’s service on Tribal Council began in 2004, and after one year, he was appointed Tribal Council Treasurer; a position he held through 2009. During his tenure, Butler chaired the Tribe’s Finance, Housing, and Judicial Committees, the MPTN Utility Authority, and served as an Interim CEO for Foxwoods Resort Casino. Butler earned his Bachelor’s Degree in Finance from the University of Connecticut where he played Defensive Back for the UConn Huskies football team. Prior to Tribal Council, Butler worked in the finance department at Foxwoods Resort Casino. He later became Chairman of the Tribal Business Advisory Board; an executive body responsible for overseeing the Tribe’s non-gaming businesses and commercial properties. Butler was actively involved in multiple resort expansions at Foxwoods, as well as community development initiatives on the Reservation, the establishment of the Mashantucket (Western) Pequot Tribe Endowment Trust, and the legalization of Sports Betting and iGaming in the state of Connecticut. He was also a participant in Harvard Business School’s program “Leading People and Investing to Build Sustainable Communities.” He is a regular speaker on national panels related to Native American issues. Butler presently serves on the Board of Directors for Mashantucket Pequot Interactive and is on the board of Foxwoods El San Juan Casino. He also serves as the President of Native American Finance Officers Association (NAFOA), as Alternate Vice President for the National Congress of American Indians, and on the boards for the United South and Eastern Tribes, Indian Gaming Association, American Gaming Association, the Mystic Aquarium, and the United Way of Southeastern Connecticut. He is the 2019 recipient of the Citizen of the Year award from the Eastern Connecticut Chamber of Commerce, and the National Indian Gaming Association’s John Kieffer Sovereignty Award. In 2018, he received the St. Edmund’s Medal of Honor Award from the Enders Island Retreat Center. In 2017, Butler was appointed “Tribal Leader of the Year” by the NAFOA. As Chairman, Butler’s primary focus is to ensure long-term stability for the Tribe’s citizens, government, and business enterprises.

School of Fine Arts (Saturday, May 10, 6 p.m. at Jorgensen Center for the Performing Arts): Jacob G. Padrón

Jacob G. Padrón is the Artistic Director of Long Wharf Theatre in New Haven. He is also the Founder and Artistic Director of The Sol Project, a national theater initiative that works in partnership with leading theater companies to amplify the voices of Latino playwrights in New York City and beyond. Padrón has held senior-level artistic positions at theater companies across the country. He was the Senior Line Producer at The Public Theater where he worked on new plays, new musicals, Shakespeare in the Park, and Public Works. He was formerly the Producer at Steppenwolf Theatre Company in Chicago where he supported the artistic programming in the Garage – Steppenwolf’s dedicated space for new work, new artists, and new audiences. From 2008 to 2011, he was an Associate Producer at the Oregon Shakespeare Festival where he was instrumental in producing all shows in the 11-play repertory. Under the guidance of his late mentor Diane Rodriguez, he served as the producer of Suzan-Lori Parks’ “365 Days/365 Plays” for Center Theatre Group, a collaboration that included over 50 theater companies to launch Festival 365 in Los Angeles. He is a co-founder of the Artist Anti-Racism Coalition, a grassroots movement committed to dismantling structural racism within the Off-Broadway community. Jacob is a graduate of Loyola Marymount University (B.A.) and David Geffen School of Drama (M.F.A.). His first artistic home was El Teatro Campesino located in San Juan Bautista, California.

College of Liberal Arts and Sciences, Ceremony I (Sunday, May 11, 9 a.m. at Gampel Pavilion): Maureen Ahern ‘85

Maureen Ahern is an Executive Leadership Coach on her third career whose journey began in the same classrooms as today’s graduates. A proud Husky who earned both a Bachelors and a Masters, Maureen’s connection to UConn runs deep. For over 10 years, she returned to UConn Stamford each week as an Adjunct Professor, teaching Interpersonal Communications and Public Speaking after her corporate day job in New York, driven by her belief that becoming a great communicator gives you the power and confidence to take meaningful action to shape your future. Maureen started as a Sales Executive at The Associated Press and quickly rose to lead the Satellite Networks division before transitioning to Standard and Poor’s Comstock. At S&P she led many different departments as Director of Operations, VP of US Sales and Managing Director for Asian and South American markets, building successful international relationships while traveling the world. She was part of the management team that sold Comstock to IDC and then pivoted from corporate into the digital world, as Partner and COO of momAgenda, where she helped build a thriving e-commerce company. Drawing on her teaching background, leadership experience and desire to coach and mentor others, Maureen completed her leadership coaching certification at Georgetown University’s Transformational Leadership Institute. Today as Founder of Ahern Leadership Coaching and Consulting, Maureen partners with C-suite executives and emerging leaders across industries, facilitating leadership development through one-on-one coaching, team coaching, and specialized training and leadership development workshops. Her coaching philosophy – described by clients as “tough but loving”-centers on her belief that leaders aren’t born, they are made and that everyone has leadership capacity waiting to be unlocked through awareness, action and courage. Maureen was a mentor with the Freshman Founders Program at the Werth Institute at UConn Stamford, in addition to her volunteer work with CT NEXT and Startup Westport as a business mentor. She is also an angel investor with Tidal River Fund whose goal is to fund underrepresented founders. When not working with her clients whom she loves and adores, Maureen enjoys yoga, beach walks, and time with her three adult children (Patrick, Brendan and Caeleigh). She shares life in Cos Cob with her husband Mike Santini (fellow UConn grad) and their black lab, Nino.

Neag School of Education (Sunday, May 11, 9 a.m. at Jorgensen Center for the Performing Arts): Suzanne M. Wilson

Suzanne M. Wilson is the Neag Endowed Professor of Teacher Education at the University of Connecticut’s Neag School of Education, where she also serves as a professor in the Department of Curriculum and Instruction. Her undergraduate degree is in history and American studies from Brown University; she also has an M.S. in statistics and a Ph.D. in psychological studies in education from Stanford University. She was a University Distinguished Professor in the Department of Teacher Education at Michigan State University, where she served on the faculty for 26 years. Wilson also served as the first director of the Teacher Assessment Project, which developed prototype assessments for the National Board for Professional Teaching Standards. Wilson is a committed teacher, having taught undergraduate, master’s, and doctoral classes in educational policy, teacher learning, and research methods. She has directed 36 dissertations and served as a committee member for another 45. Wilson serves on multiple editorial and advisory boards. She was elected to the National Academy of Education in 2013 and to the American Academy of Arts and Sciences in 2022. Wilson has written on teacher knowledge, qualitative methods, curriculum reform, educational policy, and teacher preparation and professional development. She has published in Science, American Educator, American Educational Research Journal, Educational Researcher, Review of Educational Research, Elementary School Journal, Teaching and Teacher Education, Journal of Teacher Education, Phi Delta Kappa, and Teaching Education. She is the author of “California Dreaming: Reforming Mathematics Education” (Yale, 2003) and editor of Lee Shulman’s collection of essays, “Wisdom of Practice: Essays on Teaching, Learning, and Learning to Teach” (Jossey-Bass, 2004). She is currently working on a collection of essays entitled, “Why Teach?”

College of Liberal Arts and Sciences Ceremony II (Sunday, May 11, 1:30 p.m. at Gampel Pavilion): Joe La Puma ‘05

Joe La Puma serves as SVP of Content Strategy at Complex NTWRK and hosts Complex’s Sneaker Shopping, the world’s No. 1 sneaker show, which has garnered over 1 billion views on YouTube. He has been at the forefront of sneaker and street culture at Complex for the past 15 years. La Puma started his journalism career writing for The Daily Campus and was voted “Rookie of the Year” by fellow staffers. After graduating from UConn in 2005 with a degree in Journalism, he returned to Bay Shore to manage The Finish Line—where he previously worked in high school—while contributing articles to both local and global publications like Newsday and Hypebeast.com. In 2006, La Puma landed an internship at Complex magazine, a pop culture publication specializing in convergence culture through hip-hop, sneakers, and fashion. La Puma has written more cover stories (21) than any other writer in Complex history, including profiles on Justin Bieber, Katy Perry, and Kid Cudi. La Puma is also a published author of the book “Complex Presents: Sneaker of the Year: The Best Since ’85.” In his current SVP role, La Puma has led Complex to over 200% growth in audience and engagement. In 2014, Complex debuted the YouTube show Sneaker Shopping, a series that La Puma created and hosts to this day. Over the past decade of Sneaker Shopping, La Puma has interviewed icons like Eminem, Whoopi Goldberg, Kevin Hart, Mark Wahlberg, Billie Eilish, Cristiano Ronaldo, David Beckham, and conducted one of the only lifestyle interviews with former Vice President Kamala Harris during the 2020 election cycle. The show has filmed episodes across the U.S., as well as abroad in China, England, Spain, and Japan. With his extensive editorial work on footwear and over 300 episodes of Sneaker Shopping, La Puma is regarded as one of the foremost sneaker experts in the world. La Puma is a three-time Webby Award winner and has been featured on Good Morning America, and The Tonight Show With Jimmy Fallon. In 2024, La Puma was inducted into the Bay Shore High School Hall of Fame, a group that includes only 79 members since the school opened in 1893. La Puma currently lives in Brooklyn, and takes half-days at work when he can during UConn Basketball March Madness runs.

School of Pharmacy – Doctor of Pharmacy (Sunday, May 11, 1:30 p.m. at Jorgensen Center for the Performing Arts): JoAnn Trejo

JoAnn Trejo, Ph.D., MBA is professor of pharmacology and senior assistant Vice Chancellor for Health Sciences Faculty Affairs at the University of California (UC) San Diego. She completed her undergraduate degree at UC Davis, earned her Ph.D. and MBA at UC San Diego and completed postdoctoral training at UC San Francisco. Trejo is a basic science researcher with expertise in cell signaling in the context of vascular inflammation and cancer. Her research has been published in more than 100 peer-reviewed articles and she is a recipient of a NIH R35 Maximizing Investigators’ Research Award (MIRA) and the American Heart Association Established Investigator Award. Trejo is an outstanding educator, mentor and a leader actively engaged in initiatives aimed at enhancing excellence in science and pharmacology. She is the director of five NIH-supported training programs including the UC San Diego IRACDA Postdoctoral Scholars Program, FIRST Program and three early career faculty development programs. Trejo served as an elected member of the leadership Council for the ASCB and the American Society for Biochemistry and Molecular Biology and is a current member of the scientific advisory boards for Septerna and Versiti. She has also served on multiple NIH Study Sections, the NCI Board of Scientific Counselors for Basic Sciences, and Blavatnik, HHMI and Chan Zuckerberg foundation review panels. Trejo is a current member of the NIGMS Advisory Council. She is the Associate Editor for Molecular Biology of the Cell and is an editorial board member for Proceedings National Academy of Sciences Nexus, Journal of Biological Chemistry and Molecular Pharmacology. Trejo is an elected member of the National Academy of Medicine, American Society for Cell Biology (ASCB) Fellow and 100 Inspiring Hispanic / Latinx Scientists and was recently elected honorary fellow of the British Pharmacological Society.

College of Liberal Arts and Sciences Ceremony III (Sunday, May 11, 5:30 p.m., Gampel Pavilion): Joe La Puma ‘05

School of Pharmacy – Bachelor of Science (Sunday, May 11, 6 p.m., Jorgensen Center for the Performing Arts): Joe Honcz ‘98

Joe Honcz is a distinguished expert in managed care and market access, boasting a robust 25-year career that spans significant sectors of the health care industry. Early in his career, he played a pivotal role in leading teams for the launch of Medicare Part D, followed by instrumental involvement in the implementation of the Affordable Care Act while at Anthem BCBS and Aetna. Since 2020, Joe has leveraged his profound understanding of managed care to deliver strategic market access insights, empowering over 20 biotech and pharmaceutical clients to effectively navigate complex market dynamics. His contributions have been crucial in the successful launch of innovative products in both traditional and rare/orphan disease categories. As a “pharmacy futurist,” he continues to drive innovation and shape market access strategies at Petauri Health, supporting the emerging pharmaceutical and health tech industries. His exceptional ability to anticipate industry trends has consistently provided clients with strategic advantages, enabling them to stay ahead of competitors with foresight and precision. Beyond his professional endeavors, Joe is actively involved at Yale Ventures as an Entrepreneur-in-Residence and at the University of Connecticut Technology Commercialization Services in the same capacity. He has also served as an Adjunct Professor at the University of St. Joseph School of Pharmacy and is on the Board of Directors for the Academy of Managed Care Pharmacy (AMCP) and Avery’s Little Army, whose mission is to honor the legacy of Avery Marie Lafferty, an exceptionally brave cancer rebel, and all patients like her. Joe’s extensive background is complemented by diverse roles at Pfizer, Walgreens, Humana, PrecisionAQ, and CVS. He holds a Bachelor of Science in Pharmacy and a Master of Business Administration with a concentration in Marketing from the University of Connecticut, underscoring his deep roots and commitment to the field. In addition to being a Board member, he is also an AMCP diplomat to the UConn School of Pharmacy, where he fulfills his passion for mentoring and coaching.

The Graduate School – Masters Ceremony (Monday, May 12, 9 a.m. at Gampel Pavilion): Manasse Mbonye ’95 Ph.D.

Manasse Mbonye is a Founding Fellow of the Rwanda Academy of Sciences (RAS) and its current President. He is also the Group Leader and Professor, Rwanda Astrophysics Space and Climate Sciences Research Group (RASCSRG) at the University of Rwanda and a member of the national Science Advisory Group (SAG). By Training, Mbonye is a theoretical Astrophysicist and Cosmologist. He completed his Ph.D. from the University of Connecticut in 1995. Mbonye has taught Physics at various institutions including UConn, the University of Michigan, and RIT. He has also worked at NASA (Goddard Space Flight Center). In 2012, Mbonye returned to Africa. Since then, his appointments have included, Provost (later) Ag Rector (National University of Rwanda), the first Principal (University of Rwanda, College of Science and Technology), and Executive Secretary (Rwanda’s National Council for Science and Technology, (NCST)). During Mbonye’s tenure, NCST instituted a major review of Rwanda’s Science, Technology, Research and Innovation (STRI) policy. Further, the National Research and Innovation Agenda (NRIA) was constructed, along with its implementation enabler, the National Research and Innovation Fund (NRIF) framework. Rwanda launched the NRIF in June 2018. Mbonye has served on the East African Science and Technology Commission (EASTCO) Board of Directors as its Rapporteur (2017-2018). He has also been Chairman of the Rwanda Energy Group (REG) (2015-2018), Rwanda’s sole electric energy production source and utility company. Prof. Mbonye continues to do research and supervise students, at the University of Rwanda.

UConn Health (Monday, May 12, 1 p.m. at Jorgensen Center for the Performing Arts): Manisha Juthani

Dr. Manisha Juthani, is the Commissioner of the Connecticut Department of Public Health (DPH). Juthani is the first Indian American to serve as a commissioner in the State of Connecticut. She served as professor of medicine at Yale School of Medicine through September 2024 and currently serves as an adjunct professor of medicine. She served as Director of the Infectious Diseases Fellowship Program from 2012 to 2021. Juthani received her B.A. from the University of Pennsylvania and M.D. from Cornell University Medical College, completed Internal Medicine residency training at New York-Presbyterian Hospital/Weill Cornell campus, and served as chief resident at Memorial-Sloan Kettering Cancer Center. She came to Connecticut in 2002 as an Infectious Diseases fellow at Yale School of Medicine. During the COVID-19 pandemic, Juthani was a leader in the COVID response at Yale which led to her appointment as Commissioner of CT DPH in 2021. In the early days of the pandemic, she was a voice to help educate the public in both local and national media outlets, a role she was able to expand in her role as Commissioner. Upon joining CT DPH, she helped guide Connecticut out of the pandemic and worked to revitalize areas of public health, such as gun violence, maternal health, opioid use, and sexually transmitted diseases, that were exacerbated during the pandemic. As she continues in her role as DPH Commissioner, Juthani has shifted her core vision to “Preserve and Protect Core Public Health Principles and Services.” As Connecticut is presented with new public health challenges, she remains committed to preserving public health achievements made over the years, including improvements in regulatory oversight in health care, drinking water, and environmental health which includes food safety. It is more important than ever to highlight the importance of vaccines, control of infectious diseases, road safety, and healthier mothers and babies. Clear, accurate communication about public health risks is vital to her mission. She continues to advocate for health as a human right which is the core vision of CT DPH. Juthani is on the Board of Directors of UConn Health.

The Graduate School – Doctoral Ceremony (Monday, May 12, 6 p.m. at Jorgensen Center for the Performing Arts): Sethuraman Panchanathan

Sethuraman “Panch” Panchanathan is a computer scientist and engineer who served as the 15th director of the United States National Science Foundation (NSF) from 2020 until 2025. Panchanathan was nominated to by the president in 2019 and unanimously confirmed by the Senate on June 18, 2020. NSF is a $9.06 billion independent federal agency, and the only government agency charged with advancing all fields of scientific discovery, technological innovation and science, technology, engineering and mathematics education.

Panchanathan previously served as the executive vice president of the Arizona State University (ASU) Knowledge Enterprise, where he was also chief research and innovation officer. He was also the founder and director of the Center for Cognitive Ubiquitous Computing at ASU. Under his leadership, the university increased research performance fivefold, earning recognition as the fastest growing and most innovative research university in the U.S.

Prior to joining NSF, Panchanathan was appointed by the president to serve on the National Science Board, where he was a chair of the Committee on Strategy and a member of the External Engagement and National Science and Engineering Policy committees. Additionally, he was chair of the Council on Research of the Association of Public and Land-grant Universities and co-chair of the Extreme Innovation Taskforce of the Global Federation of Competitiveness Councils. Arizona’s governor appointed Panchanathan as senior advisor for science and technology in 2018. He was the editor-in-chief of the Institute of Electrical and Electronics Engineers (IEEE) MultiMedia magazine and editor and associate editor of several international journals.

For his scientific contributions, Panchanathan has received numerous awards, including honorary doctorates from prestigious universities, distinguished alumni awards, the Governor’s Innovator of the Year for Academia Award, the Washington Academy of Sciences Distinguished Career Award and the IEEE-USA Public Service Award.

Panchanathan is a member of the National Academy of Engineering and a fellow of the National Academy of Inventors, where he also served as vice president for strategic initiatives. He is also a fellow of the American Association for the Advancement of Science, the Canadian Academy of Engineering, the Association for Computing Machinery, IEEE and the Society of Optical Engineering.

School of Law (Sunday, May 18, 10:30 a.m. at UConn School of Law): Mayor Arunan Arulampalam

The son of Sri Lankan refugees, Arunan Arulampalam was born in Zimbabwe and made a home and a family in Hartford after graduate school. Prior to being elected mayor of Hartford in November 2023, he served as CEO of the Hartford Land Bank, where he developed a first-in-the-nation program to train Hartford residents to become local developers and tackle blight in their city. Arulampalam served in Governor Ned Lamont’s administration as Deputy Commissioner of the Connecticut Department of Consumer Protection. Before that, he was a lawyer at the downtown firm Updike, Kelly & Spellacy, P.C. Arulampalam also served on the Board of the Hartford Public Library, the House of Bread, and on the Hartford Redevelopment Authority. He earned his BA in International Studies from Emory University and his JD from Quinnipiac University School of Law.

MIL OSI USA News –

April 30, 2025
MIL-Evening Report: Labor maintains clear lead in all polls and is likely to win election

Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne

Labor leads by between 52–48 and 53–47 in four new national polls from Resolve, Essential, Morgan and DemosAU. While Labor’s vote slumped from a high 55.5–44.5 in Morgan to 53–47, such a slide hasn’t been seen in any other poll. Labor remains the likely winner of the election this Saturday.

A national Resolve poll for Nine newspapers, conducted April 23–28 from a sample of 2,010 by online and telephone polling, gave Labor a 53–47 lead, a 0.5-point gain for the Coalition since the mid-April Resolve poll. Telephone polling by Resolve appears to only be used for their final polls before a federal election.

Primary votes were 35% Coalition (up one), 31% Labor (steady), 14% Greens (up one), 7% One Nation (up one), 8% independents (down four) and 5% others (steady). The 53–47 two-party result was achieved whether preferences were allocated as at the 2022 election or by respondents.

In this poll, Resolve is using seat-specific candidate lists, which Morgan and YouGov are now also doing. This resulted in a drop in the independent vote, as not all seats have viable independents.

Here is the graph of Labor’s two-party share in national polls. There was a 2.5-point drop for Labor in Morgan, but no other poll this week has had such a large change. Although Labor is slightly down, they are likely to win Saturday’s election. This graph does not include the DemosAU poll.

Anthony Albanese’s net approval in Resolve was steady at +1, with 45% saying he was doing a good job and 44% a poor job. Peter Dutton’s net approval slumped six points to -24. Albanese maintained a 47–31 lead over Dutton as preferred PM (46–30 previously).

The change in voting intentions and leaders’ ratings since the late February Resolve poll is dramatic. The February poll had given the Coalition a 55–45 lead by respondent preferences. Albanese’s net approval was -22, Dutton’s was +5 and Dutton led Albanese as preferred PM by 39–35.

The Liberals led Labor on economic management by 37–29 (36–31 previously). On keeping the cost of living low, the Liberals led by 31–28 (tied at 30–30 previously).

Final Essential poll: Labor leads by 52.1–47.9

The Guardian reported Tuesday that the final Essential poll, conducted April 23–27 from a sample of 2,241 gave Labor a 52.1–47.9 lead by respondent preferences with undecided removed, from primary votes of 34% Coalition, 32% Labor, 13% Greens, 10% One Nation, 2% Trumpet of Patriots and 9% for all Others,

In Essential’s usual methods that include undecided, Labor led by 49.6–45.6 (50–45 in mid-April). Primary votes were 32% Coalition (steady), 31% Labor (steady), 12% Greens (down one), 9% One Nation (steady), 2% Trumpet of Patriots (steady), 9% for all Others (steady) and 5% undecided (up one). By 2022 election flows, Labor would lead by about 52.5–47.5.

Albanese’s net approval was steady at -3, with 47% disapproving and 44% approving. Dutton’s net approval dropped three points to -12, a record low for him in this poll. By 52–31, voters thought Australia was on the wrong track (50–33 previously).

A total of 81% rated cost of living one of the top three most important issues, including 49% who rated it the top issue. By 68–32, voters did not think the elected government would make a meaningful difference on cost of living.

Morgan poll: Labor drops to a 53–47 lead

A national Morgan poll, conducted April 21–27 from a sample of 1,524, gave Labor a 53–47 lead by headline respondent preferences, a 2.5-point gain for the Coalition since the April 14–20 Morgan poll.

Primary votes were 34.5% Coalition (up 0.5), 34% Labor (down 0.5), 13% Greens (down 1.5), 7.5% One Nation (up 1.5), 1.5% Trumpet of Patriots (up one), 2% teal independents and 7.5% for all Others. By 2022 election flows, Labor led by 54–46, a 1.5-point gain for the Coalition.

By 52.5–34, voters thought the country was going in the wrong direction (48–34 previously). Morgan’s consumer confidence index was down 2.1 points to 83.4, its lowest for more than six months.

DemosAU poll 52–48 to Labor with low major party primary votes

A national DemosAU poll, conducted April 22–23 from a sample of 1,073, gave Labor a 52–48 lead after a forced choice question for the 14% who were initially undecided.

Primary votes after forcing were 31% Coalition, 29% Labor, 14% Greens, 9% One Nation, 7% independents and 10% others. DemosAU used seat-specific polls, reading the candidate list as it appears on the ballot paper. Other pollsters get higher primary votes for the major parties as those parties are listed first on seat-specific polls.

Albanese led Dutton by 43–34 as preferred PM.

DemosAU poll of outer metro Brisbane seats

DemosAU collectively polled the five seats of Longman, Dickson, Petrie, Bonner and Forde on April 18–23 from a sample of 1,053 for The Financial Review. The Liberal National Party led Labor by 53–47 (53.4–46.6 to the LNP across these five seats at the 2022 election).

Primary votes were 40% LNP, 27% Labor, 13% Greens, 7% One Nation, 2% Trumpet of Patriots and 11% for all Others.

Adrian Beaumont 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. Labor maintains clear lead in all polls and is likely to win election – https://theconversation.com/labor-maintains-clear-lead-in-all-polls-and-is-likely-to-win-election-255426

MIL OSI Analysis – EveningReport.nz –

April 29, 2025
MIL-OSI United Kingdom: Community Payback Orders – Unpaid work or Other Activity Requirements: February 2005

Source: Scottish Government

An Official Statistics Publication for Scotland

The Chief Statistician has released figures on Community Payback Orders (CPOs) unpaid work or other activity requirements today.

The publication covers the changes in rates of progression during and after the COVID-19 pandemic, information on the number of hours imposed by the courts for this requirement and the number of unpaid work hours to be progressed.

In 2023-24, there were 15,100 CPOs imposed by the courts, which included 1.39 million unpaid work hours imposed as part of unpaid work requirements.

There has been an increase of 7% in the number of CPOs issued in the first 11 months of 2024-25, compared to this period in 2023-24.

In February 2025, there was 867,300 unpaid work hours to be progressed. This is an increase of 9% from February 2024.

An estimate of the number of unpaid work hours imposed between February 2024 to January 2025 was in the range of 1.48 to 1.54 million hours. When compared with previous time period this showed an increase of at least 7%. The increase in hours imposed is a contributing factor to the increase in unpaid work hours to be progressed.

Background

Full statistical publication is available on Scottish Government website.

Official statistics are produced in accordance with the Code of Practice for Statistics.

This information relates to only one of the 10 requirements that can be imposed for Community Payback Orders (CPOs). The unpaid work or other activity requirement (abbreviated to unpaid work) is one of the most common to be imposed. Unpaid work requirements are continuously being imposed, and, at the same time, existing requirements are being completed. Completing unpaid work requirements takes time and, as a result, there will always be outstanding hours in the system while requirements are being progressed.

The data for this publication comes from four different data sources. Therefore, estimates are used to allow reporting on the same time-frame. Changes to the recent unpaid work hours to be progressed should be treated with caution due to seasonal fluctuation. It is better to look at the overall annual trend than focus on the changes in the last two quarters.

Further statistics on Justice Social Work

MIL OSI United Kingdom –

April 29, 2025
MIL-OSI Europe: ECB Consumer Expectations Survey results – March 2025
Source: European Central Bank

29 April 2025

Compared with February 2025:
- median consumer perceptions of inflation over the previous 12 months remained unchanged, as did expectations for inflation five years ahead (reported for the first time this month), while median inflation expectations for both the next 12 months and three years ahead increased;
- expectations for nominal income growth over the next 12 months remained unchanged, while expectations for spending growth over the next 12 months decreased;
- expectations for economic growth over the next 12 months were unchanged (remaining somewhat negative), while the expected unemployment rate in 12 months’ time decreased;
- expectations for growth in the price of homes over the next 12 months increased, while expectations for mortgage interest rates 12 months ahead remained unchanged.
Inflation

The median rate of perceived inflation over the previous 12 months remained unchanged at 3.1% in March. This is its lowest level since September 2021. Median expectations for inflation over the next 12 months increased by 0.3 percentage points to 2.9%, the highest level since April 2024, while expectations for three years ahead edged up by 0.1 percentage points to 2.5%, the highest level since March 2024. Expectations for inflation five years ahead, which are being reported for the first time this month, were unchanged for the fourth consecutive month at 2.1%. For more information on this new measure of inflation expectations, please see the box entitled “Consumers’ long-term inflation expectations: an overview” in the Economic Bulletin, Issue 3, ECB, 2025. Inflation expectations at the one-year, three-year and five-year horizons thus remained below the perceived past inflation rate. Uncertainty about inflation expectations over the next 12 months remained unchanged in March at its lowest level since January 2022. While the broad evolution of inflation perceptions and expectations remained relatively closely aligned across income groups, over the previous year and a half inflation perceptions and short-horizon expectations for lower income quintiles were, on average, slightly above those for higher income quintiles. Younger respondents (aged 18-34) continued to report lower inflation perceptions and expectations than older respondents (those aged 35-54 and 55-70), albeit to a lesser degree than in previous years. (Inflation results)

Income and consumption

Consumers’ nominal income growth expectations over the next 12 months remained unchanged at 1.0%. Perceived nominal spending growth over the previous 12 months increased to 5.0%, from 4.9% in February. Expected nominal spending growth over the next 12 months decreased to 3.4% in March, from 3.5% in February and 3.6% in January. This decrease was observed across most income groups. (Income and consumption results)

Economic growth and labour market

Economic growth expectations for the next 12 months were stable in March, standing at -1.2%. Expectations for the unemployment rate 12 months ahead decreased to 10.4%, from 10.5% in February. Consumers continued to expect the future unemployment rate to be only slightly higher than the perceived current unemployment rate (10.0%), implying a broadly stable labour market. Expectations for both economic growth and the unemployment rate remained broadly stable over the previous four months, fluctuating within a narrow range. (Economic growth and labour market results)

Housing and credit access

Consumers expected the price of their home to increase by 3.1% over the next 12 months, which was slightly higher than in February. Households in the lowest income quintile continued to expect higher growth in house prices than those in the highest income quintile (3.3% and 2.8% respectively), although the difference between them narrowed in recent months. Expectations for mortgage interest rates 12 months ahead remained unchanged from February at 4.4%. As in previous months, the lowest income households expected the highest mortgage interest rates 12 months ahead (5.1%), while the highest income households expected the lowest rates (4.0%). The net percentage of households reporting a tightening (relative to those reporting an easing) in access to credit over the previous 12 months increased, while the net percentage of those expecting a tightening over the next 12 months declined. (Housing and credit access results)

The microdata underlying the aggregate results are available on the Consumer Expectations Survey (CES) web page in the Data and methodological information section.

The release of the Consumer Expectations Survey (CES) results for April is scheduled for 28 May 2025.

For media queries, please contact: Benoit Deeg, tel.: +49 172 1683704.

Notes
- Unless otherwise indicated, the statistics presented in this press release refer to the 2% winsorised mean. For further details, see ECB Consumer Expectations Survey – Guide to the computation of aggregate statistics.
- The CES is a monthly online survey of, currently, around 19,000 adult consumers (i.e. aged 18 or over) from 11 euro area countries: Belgium, Germany, Ireland, Greece, Spain, France, Italy, the Netherlands, Austria, Portugal and Finland. The main aggregate results of the CES are published on the ECB’s website every month. The results are used for policy analysis and complement other data sources used by the ECB.
- Further information about the survey and the data collected is available on the CES web page. Detailed information can also be found in the following two publications: Bańkowska, K. et al., “ECB Consumer Expectations Survey: an overview and first evaluation”, Occasional Paper Series, No 287, ECB, Frankfurt am Main, December 2021; and Georgarakos, D. and Kenny, G., “Household spending and fiscal support during the COVID-19 pandemic: Insights from a new consumer survey”, Journal of Monetary Economics, Vol. 129, Supplement, July 2022, pp. S1-S14.
- The survey results do not represent the views of the ECB’s decision-making bodies or staff.
MIL OSI Europe News –
April 29, 2025
MIL-OSI New Zealand: Stats NZ information release: Employment indicators: March 2025
Source: Statistics New Zealand

Employment indicators: March 2025 – 29 April 2025 – Employment indicators provide an early indication of changes in the labour market.

Key facts
Changes in the seasonally adjusted filled jobs for the March 2025 month (compared with the February 2025 month) were:
- all industries – up 0.2 percent (3,548 jobs) to 2.36 million filled jobs
- primary industries – up 0.4 percent (462 jobs)
- goods-producing industries – up 0.1 percent (453 jobs)
- service industries – up 0.2 percent (2,762 jobs).
Files:

MIL OSI New Zealand News –
April 29, 2025
MIL-Evening Report: Major survey finds most people use AI regularly at work – but almost half admit to doing so inappropriately
Source: The Conversation (Au and NZ) – By Nicole Gillespie, Professor of Management; Chair in Trust, Melbourne Business School

Matheus Bertelli/Pexels

Have you ever used ChatGPT to draft a work email? Perhaps to summarise a report, research a topic or analyse data in a spreadsheet? If so, you certainly aren’t alone.

Artificial intelligence (AI) tools are rapidly transforming the world of work. Released today, our global study of more than 32,000 workers from 47 countries shows that 58% of employees intentionally use AI at work – with a third using it weekly or daily.

Most employees who use it say they’ve gained some real productivity and performance benefits from adopting AI tools.

However, a concerning number are using AI in highly risky ways – such as uploading sensitive information into public tools, relying on AI answers without checking them, and hiding their use of it.

There’s an urgent need for policies, training and governance on responsible use of AI, to ensure it enhances – not undermines – how work is done.

Our research

We surveyed 32,352 employees in 47 countries, covering all global geographical regions and occupational groups.

Most employees report performance benefits from AI adoption at work. These include improvements in:
- efficiency (67%)
- information access (61%)
- innovation (59%)
- work quality (58%).
These findings echo prior research demonstrating AI can drive productivity gains for employees and organisations.

We found general-purpose generative AI tools, such as ChatGPT, are by far the most widely used. About 70% of employees rely on free, public tools, rather than AI solutions provided by their employer (42%).

However, almost half the employees we surveyed who use AI say they have done so in ways that could be considered inappropriate (47%) and even more (63%) have seen other employees using AI inappropriately.

Most survey respondents use free, public AI tools, such as ChatGPT.
Tada Images/Shutterstock

Sensitive information

One key concern surrounding AI tools in the workplace is the handling of sensitive company information – such as financial, sales or customer information.

Nearly half (48%) of employees have uploaded sensitive company or customer information into public generative AI tools, and 44% admit to having used AI at work in ways that go against organisational policies.

This aligns with other research showing 27% of content put into AI tools by employees is sensitive.

Check your answer

We found complacent use of AI is also widespread, with 66% of respondents saying they have relied on AI output without evaluating it. It is unsurprising then that a majority (56%) have made mistakes in their work due to AI.

Younger employees (aged 18-34 years) are more likely to engage in inappropriate and complacent use than older employees (aged 35 or older).

This carries serious risks for organisations and employees. Such mistakes have already led to well-documented cases of financial loss, reputational damage and privacy breaches.

About a third (35%) of employees say the use of AI tools in their workplace has increased privacy and compliance risks.

‘Shadow’ AI use

When employees aren’t transparent about how they use AI, the risks become even more challenging to manage.

We found most employees have avoided revealing when they use AI (61%), presented AI-generated content as their own (55%), and used AI tools without knowing if it is allowed (66%).

This invisible or “shadow AI” use doesn’t just exacerbate risks – it also severely hampers an organisation’s ability to detect, manage and mitigate risks.

A lack of training, guidance and governance appears to be fuelling this complacent use. Despite their prevalence, only a third of employees (34%) say their organisation has a policy guiding the use of generative AI tools, with 6% saying their organisation bans it.

Pressure to adopt AI may also fuel complacent use, with half of employees fearing they will be left behind if they do not.

Almost half of respondents said they had uploaded company financial, sales or customer information into public AI tools.
Andrey_Popov/Shutterstock

Better literacy and oversight

Collectively, our findings reveal a significant gap in the governance of AI tools and an urgent need for organisations to guide and manage how employees use them in their everyday work. Addressing this will require a proactive and deliberate approach.

Investing in responsible AI training and developing employees’ AI literacy is key. Our modelling shows self-reported AI literacy – including training, knowledge, and efficacy – predicts not only whether employees adopt AI tools but also whether they critically engage with them.

This includes how well they verify the tools’ output, and consider their limitations before making decisions.

Training can improve how people engage with AI tools and critically evaluate their output.
PeopleImages.com – Yuri A/Shutterstock

We found AI literacy is also associated with greater trust in AI use at work and more performance benefits from its use.

Despite this, less than half of employees (47%) report having received AI training or related education.

Organisations also need to put in place clear policies, guidelines and guardrails, systems of accountability and oversight, and data privacy and security measures.

There are many resources to help organisations develop robust AI governance systems and support responsible AI use.

The right culture

On top of this, it’s crucial to create a psychologically safe work environment, where employees feel comfortable to share how and when they are using AI tools.

The benefits of such a culture go beyond better oversight and risk management. It is also central to developing a culture of shared learning and experimentation that supports responsible diffusion of AI use and innovation.

AI has the potential to improve the way we work. But it takes an AI-literate workforce, robust governance and clear guidance, and a culture that supports safe, transparent and accountable use. Without these elements, AI becomes just another unmanaged liability.

This research was supported by the Chair in Trust research partnership between the University of Melbourne and KPMG Australia and funding from KPMG International. The research was conducted independently by Professor Nicole Gillespie and Dr Steve Lockey and their research team at Melbourne Business School, The University of Melbourne, and published in collaboration with KPMG.

– ref. Major survey finds most people use AI regularly at work – but almost half admit to doing so inappropriately – https://theconversation.com/major-survey-finds-most-people-use-ai-regularly-at-work-but-almost-half-admit-to-doing-so-inappropriately-255405
MIL OSI Analysis – EveningReport.nz –
April 29, 2025
MIL-OSI Submissions: Stats NZ information release: Employment indicators: March 2025
Source: Statistics New Zealand

Employment indicators: March 2025 – 29 April 2025 – Employment indicators provide an early indication of changes in the labour market.

Key facts
Changes in the seasonally adjusted filled jobs for the March 2025 month (compared with the February 2025 month) were:

all industries – up 0.2 percent (3,548 jobs) to 2.36 million filled jobs

primary industries – up 0.4 percent (462 jobs)

goods-producing industries – up 0.1 percent (453 jobs)

service industries – up 0.2 percent (2,762 jobs).

Files:

Employment indicators: March 2025

CSV files for download
MIL OSI –
April 29, 2025
MIL-OSI United Kingdom: Sex offenders to be stripped of refugee protections
Source: United Kingdom – Executive Government & Departments

News story

Sex offenders to be stripped of refugee protections

Foreign nationals who commit sex offences will be excluded from asylum protections in the UK as part of the Border Security, Asylum and Immigration Bill.
Tougher border security measures will keep British streets safer, with foreign sex offenders to be excluded from refugee protections as the government announces new measures to slash the asylum backlog and strengthen border security through the Plan for Change.

At present, the Refugee Convention entitles countries to refuse asylum to terrorists, war criminals and individuals convicted of a ‘particularly serious crime’ who present a danger to the community – defined in the UK as an offence carrying a sentence of 12 months or more.

For the first time, any conviction of a crime that qualifies a foreign national for the sex offenders register will lead to them being denied refugee status, toughening our approach to border security through stricter enforcement of the rules.

The law change, which will be introduced through a new amendment to the Border Security, Asylum and Immigration Bill, also marks a further step in the government’s landmark mission to halve violence against women and girls in a decade, making Britain’s streets safer and sending a clear message that sexual offences will be treated with the seriousness they deserve.

The new law comes alongside stronger measures to cut the asylum backlog and save taxpayer money, by giving the tribunals a new target to reduce the time they take to consider appeals from asylum seekers in accommodation, as well as rolling out artificial intelligence (AI) across asylum processing to speed up decision making.

Under the new measures, the first-tier Tribunal Immigration and Asylum Chamber will have a new 24-week target to decide appeals brought by those receiving accommodation support, or who are foreign offenders. This will help stop lengthy legal battles, moving failed asylum seekers out of hotels faster and removing those with no right to be in the country.

The bill will also introduce tougher measures to weed out people who pose as immigration lawyers or advisers, by offering ‘advice’ to migrants on how to claim asylum in the UK and lodge fraudulent claims. The Immigration Advice Authority (IAA) will get expanded powers to hit these crooks with fines of up to £15,000.

Major progress has already been made in fixing the foundations of the asylum system under the new government, with the return of more than 24,000 people with no right to be in the UK in the first 9 months after the election, including a 16% increase in removals of foreign criminals, and asylum decision-making up 52% in the last 3 months of 2024.

Home Secretary Yvette Cooper said:

We are restoring order to a broken asylum system that has been mired in delay and dysfunction for far too long, and we are strengthening our system to make sure that the rules are respected and enforced.

Sex offenders who pose a risk to the community should not be allowed to benefit from refugee protections in the UK. We are strengthening the law to ensure these appalling crimes are taken seriously.

Nor should asylum seekers be stuck in hotels at the taxpayers’ expense during lengthy legal battles. That is why we are changing the law to help clear the backlog, end the use of asylum hotels and save billions of pounds for the taxpayer.

This is part of our Plan for Change to strengthen our borders, make our streets safer and restore order to the broken system the last government left behind.

Safeguarding and Violence Against Women and Girls Minister Jess Philips said:

We are determined to achieve our mission of halving violence against women and girls in a decade.

That’s exactly why we are taking action to ensure there are robust safeguards across the system, including by clamping down on foreign criminals who commit heinous crimes like sex offences.

It is right we ensure that convicted, registered sex offenders are not entitled to refugee status, as part of our work to see these awful crimes treated with the seriousness they deserve and perpetrators held to account.

Alongside these measures, AI will be deployed to support caseworkers to make swifter decisions on asylum claims – preventing asylum seekers from being stuck in limbo at the taxpayers’ expense, delivering quicker answers to those in need and removal of those with no right to be here.

Caseworkers will use AI to speed up access to the relevant country advice, and summarise lengthy interview transcripts, streamlining asylum processing without compromising on the quality of human decisions. The tech could save decision makers up to an hour per case.

As announced last month, alongside these critical measures to reform the asylum system, the government will also table an amendment to the bill which requires companies hiring people in the gig economy to carry out checks confirming that anyone working in their name is eligible to work in the UK, bringing them in line with other employers.

These vital checks confirm someone’s immigration status and allow them to legally work in the UK, meaning that for the very first time, employment checks will be extended to cover businesses hiring gig economy and zero-hours workers in sectors like construction, food delivery, beauty salons and courier services.

In addition to these measures, the landmark Border Security, Asylum and Immigration Bill will empower law enforcement to intervene faster and more effectively, using counterterror-style powers to disrupt the people-smuggling gangs and placing restrictions on foreign offenders living in the community, including mandatory electronic tags, strict night-time curfews and enforced exclusion zones while awaiting removal.

Further background

The measures are to be tabled ahead of report stage of the landmark Border Security, Asylum and Immigration Bill in the House of Commons.

Foreign sex offenders

Under the UK Borders Act 2007, a deportation order must be made where a foreign national has been convicted of an offence and received a custodial sentence of at least 12 months. This is subject to several exceptions, including where it would breach UK’s obligations under the Refugee Convention.

However, the Refugee Convention allows protection to be denied to those who, having been convicted of a ‘particularly serious crime’, constitute a danger to the community in the UK. The proposed amendment will create a presumption that individuals convicted of sexual offences making them subject to notification requirements will be denied this protection. This does not alter the long-standing principle that all claims must be considered on a case-by-case basis, to ensure they meet the criteria regarding the seriousness of the crime, and the danger posed to the community

Supported accommodation and foreign national offender appeals

Under the new proposals, the first-tier Tribunal of the Immigration and Asylum Chamber will be required to determine an asylum appeal lodged by a person receiving accommodation support, or from a non-detained foreign national offender within 24 weeks where it is reasonably practicable to do so. The latest published statistics show appeals to the tribunal take on average nearly 50 weeks to process.

Currently, there is no set timeframe for the courts to consider these cases. Speeding up these appeals will help keep people moving through the asylum system rather than get stuck in accommodation at a cost to the taxpayer and speed up foreign offender deportations. This will assist with ending the use of hotels as asylum accommodation and facilitate swifter deportations.

Just last month (March 2025), the government also announced more funding to boost the number of days the first-tier and upper-tier tribunals (of the Immigration and Asylum Chamber) can sit at near maximum capacity, helping to speed up decision-making and keep the system moving.

Immigration advice

Providing immigration advice without being registered with the IAA or a recognised legal regulatory body is a criminal offence which can lead to jail time, and the new amendments to the Border Security, Asylum and Immigration Bill will give the IAA stronger powers to pursue those who breach those rules.

The IAA is the only regulatory watchdog that can investigate and prosecute those pretending to be immigration lawyers or qualified advisers without any authority to do so. These sham lawyers could be acting as middlemen for those trying to abuse the immigration system in a bid to stay in the UK or trying to cash in on people’s desperation providing poor quality or outright fraudulent immigration advice.

Illegal working

The government previously announced it will strengthen illegal working checks in a new amendment as set out on GOV.UK.

On wider government AI work

This new tool follows the Prime Minister setting out that he will ‘push forward with the digitisation of government services’ to find £45 billion worth of productivity savings, as the Department for Science, Innovation and Technology sets out how it will put AI and technology to work across public services.

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Published 28 April 2025
MIL OSI United Kingdom –
April 29, 2025
MIL-Evening Report: ‘Complaining is career suicide’: the hidden mental health crisis turning our screen industry upside down

Source: The Conversation (Au and NZ) – By Peter Hegedus, Associate Professor, Griffith Film School, Griffith University

Shutterstock

The Australian screen industry is often associated with fun, creativity and perhaps even glamour. But our new Pressure Point Report reveals a more troubling reality: a pervasive mental health crisis, which could see the screen industry lose a significant number of workers in the near future.

The two-year study led by Griffith University found burnout levels mirroring those found among healthcare workers.

Of the 864 survey responses we analysed, 72% said the screen industry is not a mentally healthy place to work, 36% frequently considered quitting in the past six months, and 25% said they would likely quit within the next six months.

The human toll of creativity

Working in film and television industry has been glamourised, with many aspiring creatives willing to endure difficult conditions to be part of making screen magic.

In a fast-paced environment, where budgets and timelines are squeezed, half of the survey respondents reported facing constant unreasonable deadlines, and 57% described themselves as completely drained by the end of the day.

Even more alarming, 59% struggled with work-life balance, having “little to no life outside of work”, and 62% felt pressured to not claim basic entitlements such as sick leave or holiday pay.

As one participant told us:

I’ve missed birthdays, weddings, and my kid’s school events because of impossible deadlines that could have been managed better with proper planning.

Historically, the industry has relied on workers’ passion to offset poor conditions. However, we’re now seeing a breaking point where even the most dedicated professionals are questioning if it’s worth the personal cost.

A culture of silence

The concerning statistics from our study uncover an underlying culture of misconduct by both practitioners and supervisors. Almost half of respondents experienced bullying in the past year, while 35% encountered sexual harassment or discrimination.

More troubling still, 36% of victims never formally reported incidents. They feared career damage, or that nothing would be done.

One respondent confided:

after witnessing how others were treated when they spoke up, I decided to stay quiet about my own experiences. It feels like complaining is career suicide in this industry.

This response echoes many of the other voices we heard from. Such experiences can lead to a toxic cycle in which unchecked workplace behaviours further damage people’s mental health across the industry.

Inequality compounds the problem

Our research demonstrates the mental health burden falls disproportionately on already marginalised groups.

Women face higher rates of unmanageable workload (54% compared to 38% for men) and poorer work/life balance. They also reported sexual harassment at more than triple the rate of men.

LGBTQIA+ practitioners are significantly worse off, too. They experience elevated rates of depression and sleep issues.

Aboriginal and Torres Strait Islander, culturally and linguistically diverse practitioners, and those living with a disability also face significantly higher rates of negative experiences.

The highest rates of adverse interactions were experienced by neurodivergent professionals and those with pre-existing mental health conditions. Many of them told us that others routinely disregard their professional opinions.

Beyond ‘wellness workshops’

“This industry needs more than a quick fix — it needs real, lasting change,” one veteran crew member emphasised. “That means calling out toxic behaviour, backing workers with proper support, and creating fair conditions where people are treated with respect.”

Our study highlights that surface-level solutions, such as isolated mental health workshops, can’t address the industry’s systemic problems.

Three-quarters of industry workers reported needing mental health support specifically because of their work. We have also found deep flaws in how productions are structured – and a need for the entire industry to see film sets as workplaces just like any other.

Genuine structural change is needed to stop the talent drain currently facing the screen industry.

A wake-up call

We recently presented our findings at Mental Health Matters: A Screen Leaders’ Summit, to a number of screen industry leaders, from producers to screen funding agency representatives.

The summit discussed potential reform models from other high-stress industries, including the construction industry’s MATES program and the UK Film and TV Charity’s Whole Picture Toolkit.

Doing more for Australia’s screen industry matters, not just because it produces entertainment for us — but because it captures our national identity and gives us a global voice.

An exodus of talent would threaten both the quantity and quality of local content. Australia has worked hard to position itself as a global production hub, attracting major international projects and Hollywood blockbusters that create jobs and build expertise.

If nearly a quarter of the workforce exits, the industry would severely diminish its capacity to capitalise on these opportunities.

Peter Hegedus receives funding from Screen Queensland for developing and producing documentaries.

Bobbi-Lea Dionysius receives funding from Screen Queensland for developing and producing documentaries and VR projects. She is affiliated with Women in Film & TV (WIFT).

– ref. ‘Complaining is career suicide’: the hidden mental health crisis turning our screen industry upside down – https://theconversation.com/complaining-is-career-suicide-the-hidden-mental-health-crisis-turning-our-screen-industry-upside-down-254593

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI: CVR Energy Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

First quarter net loss attributable to CVR Energy stockholders of $123 million; EBITDA loss of $61 million; adjusted EBITDA of $24 million
First quarter loss per diluted share of $1.22 and adjusted loss per diluted share of 58 cents
CVR Energy will not pay a cash dividend for the first quarter of 2025
CVR Partners announced a cash distribution of $2.26 per common unit

SUGAR LAND, Texas, April 28, 2025 (GLOBE NEWSWIRE) — CVR Energy, Inc. (NYSE: CVI, “CVR Energy” or the “Company”) today announced first quarter 2025 net loss attributable to CVR Energy stockholders of $123 million, or $1.22 per diluted share, compared to first quarter 2024 net income attributable to CVR Energy stockholders of $82 million, or 81 cents per diluted share. Adjusted loss for the first quarter of 2025 was 58 cents per diluted share, compared to adjusted earnings per diluted share of 4 cents in the first quarter of 2024. Net loss for the first quarter of 2025 was $105 million, compared to net income of $90 million in the first quarter of 2024. First quarter 2025 EBITDA loss was $61 million, compared to first quarter 2024 EBITDA of $203 million. Adjusted EBITDA for the first quarter of 2025 was $24 million, compared to adjusted EBITDA of $99 million in the first quarter of 2024.

“CVR Energy’s 2025 first quarter earnings results for its refining business were impacted by planned and unplanned downtime at the Coffeyville refinery,” said Dave Lamp, CVR Energy’s Chief Executive Officer. “With the turnaround at Coffeyville now completed, we are well-positioned for the upcoming driving season, and we currently have no planned turnarounds at either refinery until 2027.

“CVR Partners achieved solid operating results for the first quarter of 2025, with a combined ammonia production rate of 101 percent,” Lamp said. “CVR Partners was pleased to declare a first quarter 2025 cash distribution of $2.26 per common unit.”

Petroleum Segment

The Petroleum Segment reported a first quarter 2025 net loss of $160 million and EBITDA loss of $119 million, compared to net income of $127 million and EBITDA of $171 million for the first quarter of 2024. Adjusted EBITDA loss for the Petroleum Segment was $30 million for the first quarter of 2025, compared to adjusted EBITDA of $67 million for the first quarter of 2024.

Combined total throughput for the first quarter of 2025 was approximately 120,000 barrels per day (“bpd”) compared to approximately 196,000 bpd of combined total throughput for the first quarter of 2024. The decrease in throughput was primarily due to the turnaround at the Coffeyville, Kansas, refinery during the first quarter of 2025.

Refining margin for the first quarter of 2025 was $(5) million, or (42) cents per total throughput barrel, compared to $290 million, or $16.29 per total throughput barrel, during the same period in 2024. Included in our first quarter 2025 refining margin were unfavorable mark-to-market impacts on our outstanding Renewable Fuel Standard (“RFS”) obligation of $112 million, favorable unrealized derivative impacts of $3 million primarily related to Canadian crude oil positions, and favorable inventory valuation impacts of $20 million. Excluding these items, adjusted refining margin for the first quarter of 2025 was $7.72 per barrel, compared to an adjusted refining margin per barrel of $10.46 for the first quarter of 2024. The decrease in adjusted refining margin per barrel was primarily due to a decrease in the Group 3 2-1-1 crack spread.

Renewables Segment

Effective beginning with the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, and due to the prominence of the renewables business relative to the Company’s overall 2024 performance, we revised our reportable segments to reflect a new reportable segment: Renewables. The Renewables Segment includes the operations of the renewable diesel unit and renewable feedstock pretreater at the refinery in Wynnewood, Oklahoma.

The Renewables Segment reported first quarter 2025 net income of less than $1 million and EBITDA of $6 million, compared to net loss of $10 million and EBITDA loss of $4 million for the first quarter of 2024. Adjusted EBITDA for the Renewables Segment was $3 million for the first quarter of 2025, compared to adjusted EBITDA loss of $5 million for the first quarter of 2024.

Total vegetable oil throughput for the first quarter of 2025 was approximately 156,000 gallons per day (“gpd”), compared to approximately 76,000 gpd for the first quarter of 2024.

Renewables margin was $16 million, or $1.13 per vegetable oil throughput gallon, for the first quarter of 2025 compared to $4 million, or 65 cents per vegetable oil throughput gallon, for the first quarter of 2024. Factors contributing to our first quarter 2025 renewables margin were higher net sales of $33 million resulting from increased production and sales volumes in the current period coupled with increased D4 RIN and LCFS credit prices, partially offset by a decrease in average CARB ULSD prices of 26 cents per gallon. Higher net sales were partially offset by higher cost of sales of $22 million due to an increase in throughput and production volumes.

Nitrogen Fertilizer Segment

The Nitrogen Fertilizer Segment reported net income of $27 million and EBITDA of $53 million on net sales of $143 million for the first quarter of 2025, compared to net income of $13 million and EBITDA of $40 million on net sales of $128 million for the first quarter of 2024.

Production at CVR Partners, LP’s (“CVR Partners”) fertilizer facilities increased compared to the first quarter of 2024, producing a combined 216,000 tons of ammonia during the first quarter of 2025, of which 64,000 net tons were available for sale while the rest was upgraded to other fertilizer products, including 348,000 tons of urea ammonia nitrate (“UAN”). During the first quarter of 2024, the fertilizer facilities produced a combined 193,000 tons of ammonia, of which 60,000 net tons were available for sale while the remainder was upgraded to other fertilizer products, including 305,000 tons of UAN.

For the first quarter 2025, average realized gate prices for ammonia showed an increase compared to the prior year, up 5 percent to $554 per ton, and UAN was down 4 percent over the prior year to $256 per ton. Average realized gate prices for ammonia and UAN were $528 and $267 per ton, respectively, for the first quarter of 2024.

Corporate and Other

The Company reported an income tax benefit of $49 million, or 31.8 percent of loss before income taxes, for the three months ended March 31, 2025, compared to an income tax expense of $17 million, or 15.9 percent of income before income taxes, for the three months ended March 31, 2024. The decrease in income tax expense was primarily due to a decrease in overall pretax earnings while the change in the effective tax rate was primarily due to changes in pretax earnings attributable to noncontrolling interest and the impact of federal and state tax credits and incentives in relation to overall pretax earnings.

Cash, Debt and Dividend

Consolidated cash and cash equivalents were $695 million at March 31, 2025, a decrease of $292 million from December 31, 2024. Consolidated total debt and finance lease obligations were $1.9 billion at March 31, 2025, including $570 million held by the Nitrogen Fertilizer Segment.

CVR Energy will not pay a cash dividend for the first quarter of 2025.

Today, CVR Partners announced that the Board of Directors of its general partner declared a first quarter 2025 cash distribution of $2.26 per common unit, which will be paid on May 19, 2025, to common unitholders of record as of May 12, 2025.

First Quarter 2025 Earnings Conference Call

CVR Energy previously announced that it will host its first quarter 2025 Earnings Conference Call on Tuesday, April 29, at 1 p.m. Eastern. The Earnings Conference Call may also include discussion of Company developments, forward-looking information and other material information about business and financial matters.

The first quarter 2025 Earnings Conference Call will be webcast live and can be accessed on the Investor Relations section of CVR Energy’s website at www.CVREnergy.com. For investors or analysts who want to participate during the call, the dial-in number is (877) 407-8291. The webcast will be archived and available for 14 days at https://edge.media-server.com/mmc/p/uxpz7jf5. A repeat of the call also can be accessed for 14 days by dialing (877) 660-6853, conference ID 13752979.

Forward-Looking Statements
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements concerning current estimates, expectations and projections about future results, performance, prospects, opportunities, plans, actions and events and other statements, concerns, or matters that are not historical facts are “forward-looking statements,” as that term is defined under the federal securities laws. These forward-looking statements include, but are not limited to, statements regarding future: continued safe and reliable operations; drivers of our results; EBITDA and Adjusted EBITDA; impacts of planned and unplanned downtime; our position for the upcoming driving season; timing of turnarounds and impacts thereof on our results; asset utilization, capture, production volume, throughput, product yield and crude oil gathering rates, including the factors impacting same; cash flow generation; operating income and net sales, including the factors impacting same; refining margin; crack spreads, including the drivers thereof; impact of costs to comply with the RFS and revaluation of our RFS liability; inventory levels and valuation impacts; derivative gains and losses and the drivers thereof; renewable feedstocks; production rates and operations capabilities of our renewable diesel unit, including the ability to return to hydrocarbon service; demand trends; RIN generation levels; benefits of our corporate transformation to segregate our renewables business; access to capital and new partnerships; RIN pricing, including its impact on performance and the Company’s ability to offset the impact thereof; LCFS credit and CARB ULSD pricing; carbon capture and decarbonization initiatives; demand for refined products; ammonia and UAN pricing; global fertilizer industry conditions; grain prices; crop inventory levels; crop and planting levels; production levels and utilization at our nitrogen fertilizer facilities; nitrogen fertilizer sales volumes; ability to and levels to which we upgrade ammonia to other fertilizer products, including UAN; income tax expense and benefits, including the drivers thereof; pretax earnings and our effective tax rate; the availability and impact of tax credits and incentives; use of proceeds under our debt instruments; debt levels; cash and cash equivalent levels; dividends and distributions, including the timing, payment and amount (if any) thereof; direct operating expenses, capital expenditures, depreciation and amortization; turnaround expense; cash reserves; labor supply shortages, difficulties, disputes or strikes, including the impact thereof; and other matters. You can generally identify forward-looking statements by our use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “explore,” “evaluate,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “seek,” “should,” or “will,” or the negative thereof or other variations thereon or comparable terminology. These forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. Investors are cautioned that various factors may affect these forward-looking statements, including (among others) the health and economic effects of any pandemic, demand for fossil fuels and price volatility of crude oil, other feedstocks and refined products; the ability of Company to pay cash dividends and of CVR Partners to make cash distributions; potential operating hazards; costs of compliance with existing or new laws and regulations and potential liabilities arising therefrom; impacts of the planting season on CVR Partners; our controlling shareholder’s intention regarding ownership of our common stock or CVR Partners’ common units; general economic and business conditions; political disturbances, geopolitical instability and tensions; existing and future laws, rulings, policies and regulations, including the reinterpretation or amplification thereof by regulators, and including but not limited to those relating to the environment, climate change, and/or the production, transportation, or storage of hazardous chemicals, materials, or substances, like ammonia; political uncertainty and impacts to the oil and gas industry and the United States economy generally as a result of actions taken by a new administration, including the imposition of tariffs or changes in climate or other energy laws, rules, regulations, or policies; impacts of plant outages; potential operating hazards from accidents, fires, severe weather, tornadoes, floods, wildfires, or other natural disasters; and other risks. For additional discussion of risk factors which may affect our results, please see the risk factors and other disclosures included in our most recent Annual Report on Form 10-K, any subsequently filed Quarterly Reports on Form 10-Q and our other Securities and Exchange Commission (“SEC”) filings. These and other risks may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Given these risks and uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this news release are made only as of the date hereof. CVR Energy disclaims any intention or obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent required by law.

About CVR Energy, Inc.
Headquartered in Sugar Land, Texas, CVR Energy is a diversified holding company primarily engaged in the renewable fuels and petroleum refining and marketing business, as well as in the nitrogen fertilizer manufacturing business through its interest in CVR Partners. CVR Energy subsidiaries serve as the general partner and own 37 percent of the common units of CVR Partners.

Investors and others should note that CVR Energy may announce material information using SEC filings, press releases, public conference calls, webcasts and the Investor Relations page of its website. CVR Energy may use these channels to distribute material information about the Company and to communicate important information about the Company, corporate initiatives and other matters. Information that CVR Energy posts on its website could be deemed material; therefore, CVR Energy encourages investors, the media, its customers, business partners and others interested in the Company to review the information posted on its website.

Contact Information:

Investor Relations
Richard Roberts
(281) 207-3205
InvestorRelations@CVREnergy.com

Media Relations
Brandee Stephens
(281) 207-3516
MediaRelations@CVREnergy.com

Non-GAAP Measures

Our management uses certain non-GAAP performance measures, and reconciliations to those measures, to evaluate current and past performance and prospects for the future to supplement our financial information presented in accordance with accounting principles generally accepted in the United States (“GAAP”). These non-GAAP financial measures are important factors in assessing our operating results and profitability and include the performance and liquidity measures defined below.

As a result of continuing volatile market conditions and the impacts certain non-cash items may have on the evaluation of our operations and results, the Company began disclosing the Adjusted Refining Margin non-GAAP measure, as defined below, in the second quarter of 2024. We believe the presentation of this non-GAAP measure is meaningful to compare our operating results between periods and better aligns with our peer companies. All prior periods presented have been conformed to the definition below.

The following are non-GAAP measures we present for the periods ended March 31, 2025 and 2024:

EBITDA – Consolidated net income (loss) before (i) interest expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA – Segment net income (loss) before segment (i) interest expense, net, (ii) income tax expense (benefit), and (iii) depreciation and amortization.

Refining Margin – The difference between our Petroleum Segment net sales and cost of materials and other.

Adjusted Refining Margin – Refining Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Refining Margin and Adjusted Refining Margin, per Throughput Barrel – Refining Margin and Adjusted Refining Margin divided by the total throughput barrels during the period, which is calculated as total throughput barrels per day times the number of days in the period.

Direct Operating Expenses per Throughput Barrel – Direct operating expenses for our Petroleum Segment divided by total throughput barrels for the period, which is calculated as total throughput barrels per day times the number of days in the period.

Renewables Margin – The difference between our Renewables Segment net sales and cost of materials and other.

Adjusted Renewables Margin – Renewables Margin adjusted for certain significant noncash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Renewables Margin and Adjusted Renewables Margin, per Vegetable Oil Throughput Gallon – Renewables Margin and Adjusted Renewables Margin divided by the total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Direct Operating Expenses per Vegetable Oil Throughput Gallon – Direct operating expenses for our Renewables Segment divided by total vegetable oil throughput gallons for the period, which is calculated as total vegetable oil throughput gallons per day times the number of days in the period.

Adjusted EBITDA, Petroleum Adjusted EBITDA, Renewables Adjusted EBITDA, and Nitrogen Fertilizer Adjusted EBITDA – EBITDA, Petroleum EBITDA, Renewables EBITDA, and Nitrogen Fertilizer EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our underlying operational results of the period or that may obscure results and trends we deem useful.

Adjusted Earnings (Loss) per Share – Earnings (loss) per share adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

Free Cash Flow – Net cash provided by (used in) operating activities less capital expenditures and capitalized turnaround expenditures.

We present these measures because we believe they may help investors, analysts, lenders and ratings agencies analyze our results of operations and liquidity in conjunction with our U.S. GAAP results, including but not limited to our operating performance as compared to other publicly traded companies in the refining and fertilizer industries, without regard to historical cost basis or financing methods and our ability to incur and service debt and fund capital expenditures. Non-GAAP measures have important limitations as analytical tools, because they exclude some, but not all, items that affect net earnings and operating income. These measures should not be considered substitutes for their most directly comparable U.S. GAAP financial measures. See “Non-GAAP Reconciliations” included herein for reconciliation of these amounts. Due to rounding, numbers presented within this section may not add or equal to numbers or totals presented elsewhere within this document.

Factors Affecting Comparability of Our Financial Results

Petroleum Segment

Our results of operations for the periods presented may not be comparable with prior periods or to our results of operations in the future due to capitalized expenditures as part of planned turnarounds. Total capitalized expenditures were $166 million and $39 million during the three months ended March 31, 2025 and 2024, respectively.

CVR Energy, Inc.
(all information in this release is unaudited)

Consolidated Statement of Operations Data

	Three Months Ended March 31,
(in millions, except per share data)		2025			2024
Net sales	$	1,646		$	1,863
Operating costs and expenses:
Cost of materials and other		1,517			1,463
Direct operating expenses (exclusive of depreciation and amortization)		154			164
Depreciation and amortization		66			75
Cost of sales		1,737			1,702
Selling, general and administrative expenses (exclusive of depreciation and amortization)		37			36
Depreciation and amortization		2			1
Loss on asset disposal		1			1
Operating (loss) income		(131	)		123
Other (expense) income:
Interest expense, net		(25	)		(20	)
Other income, net		2			4
(Loss) income before income tax benefit		(154	)		107
Income tax (benefit) expense		(49	)		17
Net (loss) income		(105	)		90
Less: Net income attributable to noncontrolling interest		18			8
Net (loss) income attributable to CVR Energy stockholders	$	(123	)	$	82

Basic and diluted (loss) earnings per share	$	(1.22	)	$	0.81
Dividends declared per share	$	—		$	0.50

Adjusted (loss) earnings per share *	$	(0.58	)	$	0.04
EBITDA *	$	(61	)	$	203
Adjusted EBITDA *	$	24		$	99

Weighted-average common shares outstanding – basic and diluted		100.5			100.5

_______________
* See “Non-GAAP Reconciliations” section below.

Selected Consolidated Balance Sheet Data

(in millions)	March 31, 2025		December 31, 2024
Cash and cash equivalents	$	695	$	987
Working capital (inclusive of cash and cash equivalents)		395		726
Total assets		4,251		4,263
Total debt and finance lease obligations, including current portion		1,918		1,919
Total liabilities		3,480		3,375
Total CVR stockholders’ equity		580		703

Selected Consolidated Cash Flow Data

	Three Months Ended March 31,
(in millions)		2025			2024
Net cash used in:
Operating activities	$	(195	)	$	177
Investing activities		(82	)		(55	)
Financing activities		(15	)		(664	)
Net decrease in cash, cash equivalents, and restricted cash	$	(292	)	$	(542	)

Free cash flow *	$	(285	)	$	121

_______________
* See “Non-GAAP Reconciliations” section below.

Selected Segment Data

	Three Months Ended March 31,
		2025										2024
(in millions)	Petroleum			Renewables		Nitrogen Fertilizer		Consolidated			Petroleum		Renewables			Nitrogen Fertilizer		Consolidated
Net sales	$	1,477		$	66	$	143	$	1,646		$	1,722	$	33		$	128	$	1,863
Operating (loss) income		(161	)		—		35		(131	)		118		(10	)		20		123
Net (loss) income		(160	)		—		27		(105	)		127		(10	)		13		90
EBITDA *		(119	)		6		53		(61	)		171		(4	)		40		203

Capital expenditures ⁽¹⁾
Maintenance	$	41		$	—	$	4	$	45		$	22	$	1		$	5	$	30
Growth		8			—		2		10			14		7			—		21
Total capital expenditures	$	49		$	—	$	6	$	55		$	36	$	8		$	5	$	51

_______________
* See “Non-GAAP Reconciliations” section below.
(1) Capital expenditures are shown exclusive of capitalized turnaround expenditures.

Selected Balance Sheet Data

	March 31, 2025								December 31, 2024
(in millions)	Petroleum		Renewables		Nitrogen Fertilizer		Consolidated		Petroleum		Renewables		Nitrogen Fertilizer		Consolidated
Cash and cash equivalents ⁽¹⁾	$	434	$	20	$	122	$	695	$	735	$	13	$	91	$	987
Total assets		3,297		422		1,014		4,251		3,288		420		1,019		4,263
Total debt and finance lease obligations, including current portion ⁽²⁾		352		—		570		1,918		354		—		569		1,919

_______________
(1) Corporate cash and cash equivalents consisted of $119 million and $148 million at March 31, 2025 and December 31, 2024, respectively.
(2) Corporate total debt and finance lease obligations, including current portion consisted of $996 million and $996 million at March 31, 2025 and December 31, 2024, respectively.

Petroleum Segment

Key Operating Metrics per Total Throughput Barrel

	Three Months Ended March 31,
(in millions)		2025			2024
Refining margin *	$	(0.42	)	$	16.29
Adjusted refining margin *		7.72			10.46
Direct operating expenses *		8.58			5.78

_______________
* See “Non-GAAP Reconciliations” section below.

Refining Throughput and Production Data by Refinery

Throughput Data	Three Months Ended March 31,
(in bpd)		2025	2024
Coffeyville
Gathered crude		26,728	62,405
Other domestic		12,348	45,925
Canadian		640	9,532
Condensate		—	7,700
Other feedstocks and blendstocks		6,330	12,569
Wynnewood
Gathered crude		58,420	43,059
Other domestic		573	—
Condensate		10,152	10,262
Other feedstocks and blendstocks		5,186	4,340
Total throughput		120,377	195,792

Production Data	Three Months Ended March 31,
(in bpd)		2025		2024
Coffeyville
Gasoline		18,940		72,723
Distillate		20,233		56,007
Other liquid products		6,324		4,554
Solids		1,321		4,980
Wynnewood
Gasoline		39,740		31,984
Distillate		24,948		19,166
Other liquid products		5,058		5,563
Solids		11		6
Total production		116,575		194,983

Crude utilization ⁽¹⁾		52.7	%	86.6	%
Light product yield (as % of crude throughput) ⁽²⁾		95.4	%	100.6	%
Liquid volume yield (as % of total throughput) ⁽³⁾		95.7	%	97.0	%
Distillate yield (as % of crude throughput) ⁽⁴⁾		41.5	%	42.0	%

_______________
(1) Total Gathered crude, Other domestic, Canadian, and Condensate throughput (collectively, “Total Crude Throughput”) divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Total Gasoline and Distillate divided by Total Crude Throughput.
(3) Total Gasoline, Distillate, and Other liquid products divided by total throughput.
(4) Total Distillate divided by Total Crude Throughput.

Key Market Indicators

	Three Months Ended March 31,
		2025			2024
West Texas Intermediate (WTI) NYMEX	$	71.42		$	76.91
Crude Oil Differentials to WTI:
Brent		3.56			4.85
WCS (heavy sour)		(12.45	)		(16.91	)
Condensate		(0.64	)		(0.83	)
Midland Cushing		1.10			1.59
NYMEX Crack Spreads:
Gasoline		16.83			22.55
Heating Oil		28.46			36.87
NYMEX 2-1-1 Crack Spread		22.64			29.71
PADD II Group 3 Product Basis:
Gasoline		(2.81	)		(9.97	)
Ultra-Low Sulfur Diesel		(7.19	)		(10.35	)
PADD II Group 3 Product Crack Spread:
Gasoline		14.02			12.58
Ultra-Low Sulfur Diesel		21.27			26.51
PADD II Group 3 2-1-1		17.65			19.55

Renewables Segment

Key Operating Metrics per Vegetable Oil Throughput Gallon

	Three Months Ended March 31,
		2025		2024
Renewables margin *	$	1.13	$	0.65
Adjusted renewables margin *		0.94		0.47
Direct operating expenses *		0.48		0.84

_______________
* See “Non-GAAP Reconciliations” section below.

Renewables Throughput and Production Data

	Three Months Ended March 31,
(in gallons per day)		2025		2024
Throughput Data
Corn Oil		19,503		31,295
Soybean Oil		136,440		44,362

Production Data
Renewable diesel		144,189		62,594

Renewable utilization ⁽¹⁾		61.9	%	30.0	%
Renewable diesel yield (as % of corn and soybean oil throughput)		92.5	%	82.7	%

_______________
(1) Total corn and soybean oil throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Key Market Indicators

	Three Months Ended March 31,
		2025		2024
Chicago Board of Trade (CBOT) soybean oil (dollars per pound)	$	0.44	$	0.47
Midwest crude corn oil (dollars per pound)		0.47		0.55
CARB ULSD (dollars per gallon)		2.41		2.66
NYMEX ULSD (dollars per gallon)		2.38		2.71
California LCFS (dollars per metric ton)		66.12		63.53
Biodiesel RINs (dollars per RIN)		0.79		0.58

Nitrogen Fertilizer Segment

	Three Months Ended March 31,
(percent of capacity utilization)		2025		2024
Ammonia utilization rate ⁽¹⁾		101	%	90	%

_______________
(1) Reflects our ammonia utilization rate on a consolidated basis. Utilization is an important measure used by management to assess operational output at each of CVR Partners’ facilities. Utilization is calculated as actual tons produced divided by capacity. We present our utilization for the three months ended March 31, 2025 and 2024 and take into account the impact of our current turnaround cycles on any specific period. Additionally, we present utilization solely on ammonia production rather than each nitrogen product as it provides a comparative baseline against industry peers and eliminates the disparity of plant configurations for upgrade of ammonia into other nitrogen products. With our efforts being primarily focused on ammonia upgrade capabilities, this measure provides a meaningful view of how well we operate.

Sales and Production Data

	Three Months Ended March 31,
		2025		2024
Consolidated sales volumes (thousands of tons):
Ammonia		60		70
UAN		336		284

Consolidated product pricing at gate (dollars per ton): ⁽¹⁾
Ammonia	$	554	$	528
UAN		256		267

Consolidated production volume (thousands of tons):
Ammonia (gross produced) ⁽²⁾		216		193
Ammonia (net available for sale) ⁽²⁾		64		60
UAN		348		305

Feedstock:
Petroleum coke used in production (thousands of tons)		131		128
Petroleum coke used in production (dollars per ton)	$	42.43	$	75.71
Natural gas used in production (thousands of MMBtus) ⁽³⁾		2,159		2,148
Natural gas used in production (dollars per MMBtu) ⁽³⁾	$	4.62	$	3.10
Natural gas in cost of materials and other (thousands of MMBtus) ⁽³⁾		1,605		1,765
Natural gas in cost of materials and other (dollars per MMBtu) ⁽³⁾	$	4.63	$	3.49

_______________
(1) Product pricing at gate represents sales less freight revenue divided by product sales volume in tons and is shown in order to provide a pricing measure that is comparable across the fertilizer industry.
(2) Gross tons produced for ammonia represent total ammonia produced, including ammonia produced that was upgraded into other fertilizer products. Net tons available for sale represent ammonia available for sale that was not upgraded into other fertilizer products.
(3) The feedstock natural gas shown above does not include natural gas used for fuel. The cost of fuel natural gas is included in direct operating expense.

Key Market Indicators

	Three Months Ended March 31,
		2025		2024
Ammonia — Southern plains (dollars per ton)	$	562	$	567
Ammonia — Corn belt (dollars per ton)		618		598
UAN — Corn belt (dollars per ton)		324		292

Natural gas NYMEX (dollars per MMBtu)	$	3.87	$	2.10

Q2 2025 Outlook

The table below summarizes our outlook for certain operational statistics and financial information for the second quarter of 2025. See “Forward-Looking Statements” above.

	Q2 2025
	Low			High
Petroleum
Total throughput (bpd)		160,000			180,000
Crude utilization ⁽¹⁾		82	%		90	%
Direct operating expenses (in millions) ⁽²⁾	$	105		$	115
Turnaround (in millions) ⁽³⁾		15			20

Renewables
Total throughput (in millions of gallons)		16			20
Renewable utilization ⁽⁴⁾		70	%		87	%
Direct operating expenses (in millions) ⁽²⁾	$	8		$	10

Nitrogen Fertilizer
Ammonia utilization rate		93	%		97	%
Direct operating expenses (in millions) ⁽²⁾	$	57		$	62

Capital Expenditures (in millions) ⁽³⁾
Petroleum	$	35		$	40
Renewables		2			4
Nitrogen Fertilizer		18			22
Other		1			3
Total capital expenditures	$	56		$	69

_______________
(1) Represents crude oil throughput divided by consolidated crude oil throughput capacity of 206,500 bpd.
(2) Direct operating expenses are shown exclusive of depreciation and amortization, turnaround expenses, and inventory valuation impacts.
(3) Turnaround and capital expenditures are disclosed on an accrual basis.
(4) Represents renewable feedstock throughput divided by total renewable throughput capacity of 252,000 gallons per day.

Non-GAAP Reconciliations

Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended March 31,
(in millions)		2025			2024
Net (loss) income	$	(105	)	$	90
Interest expense, net		25			20
Income tax (benefit) expense		(49	)		17
Depreciation and amortization		68			76
EBITDA		(61	)		203
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		112			(91	)
Unrealized (gain) loss on derivatives, net		(3	)		24
Inventory valuation impacts, favorable		(24	)		(37	)
Adjusted EBITDA	$	24		$	99

Reconciliation of Basic and Diluted (Loss) Earnings per Share to Adjusted (Loss) Earnings per Share

	Three Months Ended March 31,
		2025			2024
Basic and diluted (loss) earnings per share	$	(1.22	)	$	0.81
Adjustments: ⁽¹⁾
Revaluation of RFS liability, unfavorable (favorable)		0.84			(0.67	)
Unrealized (gain) loss on derivatives, net		(0.03	)		0.18
Inventory valuation impacts, favorable		(0.17	)		(0.28	)
Adjusted (loss) earnings per share	$	(0.58	)	$	0.04

_______________
(1) Amounts are shown after-tax, using the Company’s marginal tax rate, and are presented on a per share basis using the weighted average shares outstanding for each period.

Reconciliation of Net Cash (Used In) Provided By Operating Activities to Free Cash Flow

	Three Months Ended March 31,
(in millions)		2025			2024
Net cash (used in) provided by operating activities	$	(195	)	$	177
Less:
Capital expenditures		(51	)		(47	)
Capitalized turnaround expenditures		(43	)		(12	)
Return of equity method investment		4			3
Free cash flow	$	(285	)	$	121

Reconciliation of Petroleum Segment Net (Loss) Income to EBITDA and Adjusted EBITDA

	Three Months Ended March 31,
(in millions)		2025			2024
Petroleum net (loss) income	$	(160	)	$	127
Interest (income) expense, net		—			(4	)
Depreciation and amortization		41			48
Petroleum EBITDA		(119	)		171
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		112			(91	)
Unrealized (gain) loss on derivatives, net		(3	)		24
Inventory valuation impacts, favorable ⁽¹⁾		(20	)		(37	)
Petroleum Adjusted EBITDA	$	(30	)	$	67

Reconciliation of Petroleum Segment Gross (Loss) Profit to Refining Margin and Adjusted Refining Margin

	Three Months Ended March 31,
(in millions)		2025			2024
Net sales	$	1,477		$	1,722
Less:
Cost of materials and other		(1,482	)		(1,432	)
Direct operating expenses (exclusive of depreciation and amortization)		(93	)		(103	)
Depreciation and amortization		(41	)		(48	)
Gross (loss) profit		(139	)		139
Add:
Direct operating expenses (exclusive of depreciation and amortization)		93			103
Depreciation and amortization		41			48
Refining margin		(5	)		290
Adjustments:
Revaluation of RFS liability, unfavorable (favorable)		112			(91	)
Unrealized (gain) loss on derivatives, net		(3	)		24
Inventory valuation impacts, favorable ⁽¹⁾		(20	)		(37	)
Adjusted refining margin	$	84		$	186

Total throughput barrels per day		120,377			195,792
Days in the period		90			91
Total throughput barrels		10,833,969			17,817,099

Refining margin per total throughput barrel	$	(0.42	)	$	16.29
Adjusted refining margin per total throughput barrel		7.72			10.46
Direct operating expenses per total throughput barrel		8.58			5.78

_______________
(1) The Petroleum Segment’s basis for determining inventory value under GAAP is First-In, First-Out (“FIFO”). Changes in crude oil prices can cause fluctuations in the inventory valuation of crude oil, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when crude oil prices increase and an unfavorable inventory valuation impact when crude oil prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Renewables Segment Net Income (Loss) to EBITDA and Adjusted EBITDA

	Three Months Ended March 31,
(in millions)		2025			2024
Renewables net income (loss)	$	—		$	(10	)
Depreciation and amortization		6			6
Renewables EBITDA		6			(4	)
Adjustments:
Inventory valuation impacts, favorable ⁽¹⁾		(3	)		(1	)
Renewables Adjusted EBITDA	$	3		$	(5	)

Reconciliation of Renewables Segment Gross Profit (Loss) to Renewables Margin and Adjusted Renewables Margin

	Three Months Ended March 31,
(in millions, except throughput data)		2025			2024
Net sales	$	66		$	33
Less:
Cost of materials and other		50			29
Direct operating expenses (exclusive of depreciation and amortization)		6			5
Depreciation and amortization		6			6
Gross profit (loss)		4			(7	)
Add:
Direct operating expenses (exclusive of depreciation and amortization)		6			5
Depreciation and amortization		6			6
Renewables margin		16			4
Inventory valuation impacts, favorable ⁽¹⁾		(3	)		(1	)
Adjusted renewables margin	$	13		$	3

Total vegetable oil throughput gallons per day		155,943			75,657
Days in the period		90			91
Total vegetable oil throughput gallons		14,034,826			6,884,761

Renewables margin per vegetable oil throughput gallon	$	1.13		$	0.65
Adjusted renewables margin per vegetable oil throughput gallon		0.94			0.47
Direct operating expenses per vegetable oil throughput gallon		0.48			0.84

_______________
(1) The Renewables Segment’s basis for determining inventory value under GAAP is FIFO. Changes in renewable diesel and renewable feedstock prices can cause fluctuations in the inventory valuation of renewable diesel, work in process and finished goods, thereby resulting in a favorable inventory valuation impact when renewable diesel prices increase and an unfavorable inventory valuation impact when renewable diesel prices decrease. The inventory valuation impact is calculated based upon inventory values at the beginning of the accounting period and at the end of the accounting period.

Reconciliation of Nitrogen Fertilizer Segment Net Income to EBITDA and Adjusted EBITDA

	Three Months Ended March 31,
(in millions)		2025		2024
Nitrogen Fertilizer net income	$	27	$	13
Interest expense, net		8		8
Depreciation and amortization		18		19
Nitrogen Fertilizer EBITDA and Adjusted EBITDA	$	53	$	40

The MIL Network –

April 29, 2025

MIL-Evening Report: New survey shows business outlook is weakening and uncertainty rising as the trade war bites

Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University

Vivid Brands/Shutterstock

Uncertainty is everywhere these days.

There is even uncertainty about the uncertainty.

The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting:

The most significant development in the period leading up to the meeting had been the significant rise in uncertainty about global trade policy, although the effect of this on sentiment and economic developments in Australia was not yet clear.

A new monthly business survey, developed by a team of researchers at Macquarie University, the Business Outlook Scenarios Survey (BOSS), provides some clarity.

A key feature of the survey, which distinguishes it from other business surveys, is its focus on uncertainty about the future, not just expectations about the most likely outcome.

The most recent survey was conducted between April 10–17, after the announcement of the US “liberation day” tariffs on April 2. The results are concerning, but not yet alarming.

Big rise in uncertainty

The results suggest there has been a significant increase in business uncertainty stemming from the tariff and geopolitical tensions.

Our survey asks roughly 500 Australian businesses about their expectations for, and perceptions of uncertainty about, key business and macroeconomic conditions.

Running since June 2024, it tracks a sample that is representative of Australian businesses. It surveys key decision makers, such as chief financial officers and business owners, who have a detailed knowledge of their own business, and a general knowledge of the broader economy.

The jump in uncertainty is leading to an increase in pessimistic views about businesses’ prospects. Moreover, these expectations are surrounded by elevated uncertainty.

While this has yet to translate into plans to reduce employment and investment, businesses on average expect their costs will rise, and plan to counter the effect through increasing prices.

More importantly, uncertainty generally leads people to defer decisions, and we see evidence of that in the April survey. Firms on average are not expecting to reduce investment or employment – but neither are they planning on increasing it.

Inflation worries are off the boil

When asked about the main source of uncertainty over the next 12 months, businesses used to point to inflation. In June 2024, more than 65% of businesses cited inflation as the main source of business uncertainty. While this is still a significant concern, it has fallen to 48% of respondents.

More dramatically, however, geopolitical risk and tariffs combined were nominated by 52% of businesses in April as one of the main sources of uncertainty. This is up from about 20% of firms in June last year.

This global uncertainty is translating into uncertainty about individual business conditions. There is an increase in the percentage of businesses that expect deteriorating conditions for their business. And there is also an increase in uncertainty about the likely outcomes for their industry conditions, product demand, and access to credit and business inputs.

Risks for hiring and investment

While deteriorating expectations are a source of concern, the rise in uncertainty is like a one-two punch. Businesses that are uncertain about the future will stop hiring or investing until they have a better idea of what the future holds.

Indeed, during the Great Depression in the 1930s, uncertainty about the future exacerbated the initial downturn and helped turn it from a recession into a depression. This paralysing uncertainty is what led US President Franklin D. Roosevelt to utter the famous line “the only thing we have to fear is fear itself.”

While the situation in Australia is not nearly that dire, you can see the consequences of the uncertainty in businesses’ expectations for both their own businesses and the economy more generally.

In light of the tariff tensions, the majority of businesses are adopting a “wait and see” approach and expect to keep employment and investment unchanged in the next 12 months. The majority (62%) also expect their costs will be higher and, consequently, that they will have to raise their prices.

What it means for the RBA

Most businesses surveyed also anticipate higher inflation and lower economic growth in Australia. That is, stagflation.

This has important consequences for the next Reserve Bank board meeting in May.

The March quarter consumer price index, to be released on April 30, is unlikely to show the effects of the trade tensions. But monetary policy needs to be set in a forward-looking manner. That means business expectations of higher costs, prices and inflation over the next 12 months could argue for higher interest rates than otherwise.

Complicating the picture is the expectation of slower economic growth, which would usually argue for lower interest rates.

On balance, the majority of businesses surveyed in April expect the Reserve Bank to lower the cash rate in response to the trade war.

Regardless, what is undeniable is that uncertainty has increased in the last few months. And that means that policymakers need to deal with the uncertainty itself. Slightly lower interest rates or a little extra government spending cannot, of themselves, overcome the paralysing effects of uncertainty.

As such, the Reserve Bank and the government need to talk about not just their central expectations, but their strategy for dealing with the uncertainty around those expectations.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. New survey shows business outlook is weakening and uncertainty rising as the trade war bites – https://theconversation.com/new-survey-shows-business-outlook-is-weakening-and-uncertainty-rising-as-the-trade-war-bites-255101

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI: Transocean Ltd. Reports First Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

	Three months ended									Three months ended
	March 31,			December 31,			sequential			March 31,			year-over-year
	2025			2024			change			2024			change
(In millions, except per share amounts, percentages and backlog)
Contract drilling revenues	$	906		$	952		$	(46	)	$	763		$	143
Revenue efficiency ⁽¹⁾		95.5	%		93.5	%					92.9	%
Operating and maintenance expense	$	618		$	579		$	(39	)	$	523		$	(95	)
Net income (loss) attributable to controlling interest	$	(79	)	$	7		$	(86	)	$	98		$	(177	)
Basic earnings (loss) per share	$	(0.09	)	$	0.01		$	(0.10	)	$	0.12		$	(0.21	)
Diluted earnings (loss) per share	$	(0.11	)	$	(0.11	)	$	—		$	0.11		$	(0.22	)

Adjusted EBITDA	$	244		$	323		$	(79	)	$	199		$	45
Adjusted EBITDA margin		26.9	%		33.9	%					26.0	%
Adjusted net income (loss)	$	(65	)	$	27		$	(92	)	$	(22	)	$	(43	)
Adjusted diluted loss per share	$	(0.10	)	$	(0.09	)	$	(0.01	)	$	(0.03	)	$	(0.07	)


Backlog as of the April 2025 Fleet Status Report	$	7.9	billion

STEINHAUSEN, Switzerland, April 28, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) today reported a net loss attributable to controlling interest of $79 million, or loss of $0.11 per diluted share, for the three months ended March 31, 2025.

First quarter results included $14 million, $0.01 per diluted share, for unfavorable discrete tax items, net. After consideration of these discrete items, first quarter 2025 adjusted net loss was $65 million, or loss of $0.10 per diluted share.

Contract drilling revenues for the three months ended March 31, 2025, decreased sequentially by $46 million to $906 million, primarily due to lower revenues generated by one rig that was undergoing contract preparation and mobilization activities during the quarter, lower revenues generated by one rig that was idle in between contracts and two fewer days in the quarter, partially offset by higher revenue efficiency and average daily revenues across the fleet.

Operating and maintenance expense was $618 million, compared with $579 million in the prior quarter. The sequential increase was the result of an unfavorable legal outcome in the first quarter, a favorable legal settlement in the fourth quarter and increased costs related to a rig in shipyard, partially offset by lower in-service maintenance costs across our fleet.

General and administrative expense was $50 million, down from $56 million in the fourth quarter due primarily to decreased legal and professional fees.

Interest expense was $152 million in the first and fourth quarter, excluding the favorable adjustment of $36 million and $61 million, respectively, for the fair value of the bifurcated exchange feature related to the 4.625% exchangeable bonds. Interest income was $8 million, compared to $10 million in the prior quarter.

The Effective Tax Rate⁽²⁾ was (95.8)%, down from 89.0% in the prior quarter. The decrease was primarily due to lower operating income in the current quarter compared to the prior quarter. The Effective Tax Rate excluding discrete items was (62.3)% compared to 56.7% in the previous quarter. In the first quarter, cash paid for taxes was $13 million.

Cash provided by operating activities was $26 million during the first quarter of 2025, representing a decrease of $180 million compared to the prior quarter. The sequential decrease was in large part due to reduced collections from customers and increased payroll-related payments that regularly occur in the first quarter of each year.

First quarter 2025 capital expenditures of $60 million, compared to $29 million in the prior quarter, were related to capital upgrades for certain rigs in our fleet.

“The Transocean team delivered a solid quarter, with an adjusted EBITDA of $244 million on revenues of $906 million,” said Chief Executive Officer, Jeremy Thigpen. “We also improved our balance sheet with the repayment of $210 million in outstanding debt.”

Thigpen concluded, “While uncertain macroeconomic conditions have resulted in near-term market volatility, including commodity prices, Transocean is very well-positioned to navigate this evolving landscape. In addition to continuing to deliver strong operating performance across our highly contracted fleet, we remain engaged in constructive conversations with our customers on opportunities several years in the future.”

Non-GAAP Financial Measures

We present our operating results in accordance with accounting principles generally accepted in the U.S. (“U.S. GAAP”). We believe certain financial measures, such as EBITDA, Adjusted EBITDA, Adjusted Net Income and Free Cash Flow, which are non-GAAP measures, provide users of our financial statements with supplemental information that may be useful in evaluating our operating performance. We believe that such non-GAAP measures, when read in conjunction with our operating results presented under U.S. GAAP, can be used to better assess our performance from period to period and relative to performance of other companies in our industry, without regard to financing methods, historical cost basis or capital structure. Such non-GAAP measures should be considered as a supplement to, and not as a substitute for, financial measures prepared in accordance with U.S. GAAP.

All non-GAAP measure reconciliations to the most comparative U.S. GAAP measures are displayed in quantitative schedules on the company’s website at: www.deepwater.com.

About Transocean

Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services, and operates the highest specification floating offshore drilling fleet in the world.

Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

For more information about Transocean, please visit: www.deepwater.com.

Conference Call Information

Transocean will conduct a teleconference starting at 10 a.m. EDT, 4 p.m. CEST, on Tuesday, April 29, 2025, to discuss the results. To participate, dial +1 785-424-1619 and refer to conference code 119877 approximately 15 minutes prior to the scheduled start time.

The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. Supplemental materials that may be referenced during the teleconference will be available at: www.deepwater.com, by selecting Investors, Financial Reports.

A replay of the conference call will be available after 1 p.m. EDT, 7 p.m. CEST, on Tuesday, April 29, 2025. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-7202, passcode 119877. The replay will also be available on the company’s website.

Forward-Looking Statements

The statements described herein that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements could contain words such as “possible,” “intend,” “will,” “if,” “expect,” or other similar expressions. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out-of-service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company’s most recent Annual Report on Form 10-K for the year ended December 31, 2024, and in the company’s other filings with the SEC, which are available free of charge on the SEC’s website at: www.sec.gov. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company or to persons acting on our behalf are expressly qualified in their entirety by reference to these risks and uncertainties. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law.

This press release, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”) or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

Notes

(1)		Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations. See the accompanying schedule entitled “Revenue Efficiency.”

(2)		Effective Tax Rate is defined as income tax expense or benefit divided by income or loss before income taxes. See the accompanying schedule entitled “Supplemental Effective Tax Rate Analysis.”

Analyst Contact:
Alison Johnson
+1 713-232-7214

Media Contact:
Pam Easton
+1 713-232-7647


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share data) (Unaudited)

	Three months ended
	March 31,
	2025			2024

Contract drilling revenues	$	906		$	763

Costs and expenses
Operating and maintenance		618			523
Depreciation and amortization		176			185
General and administrative		50			52
		844			760

Gain (loss) on disposal of assets, net		2			(6	)
Operating income (loss)		64			(3	)

Other income (expense), net
Interest income		8			15
Interest expense, net of amounts capitalized		(116	)		(117	)
Other, net		4			12
		(104	)		(90	)
Loss before income tax expense (benefit)		(40	)		(93	)
Income tax expense (benefit)		39			(191	)

Net income (loss)		(79	)		98
Net income attributable to noncontrolling interest		—			—
Net income (loss) attributable to controlling interest	$	(79	)	$	98

Earnings (loss) per share
Basic	$	(0.09	)	$	0.12
Diluted	$	(0.11	)	$	0.11

Weighted-average shares outstanding
Basic		883			819
Diluted		958			955


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share data) (Unaudited)

	March 31,			December 31,
	2025			2024
Assets
Cash and cash equivalents	$	263		$	560
Accounts receivable, net of allowance of $2 at March 31, 2025 and December 31, 2024		551			564
Materials and supplies, net of allowance of $184 and $178 at March 31, 2025 and December 31, 2024, respectively		453			439
Assets held for sale		344			343
Restricted cash and cash equivalents		428			381
Other current assets		165			165
Total current assets		2,204			2,452

Property and equipment		22,460			22,417
Less accumulated depreciation		(6,746	)		(6,586	)
Property and equipment, net		15,714			15,831

Deferred tax assets, net		50			45
Other assets		1,051			1,043
Total assets	$	19,019		$	19,371

Liabilities and equity
Accounts payable	$	273		$	255
Accrued income taxes		24			31
Debt due within one year		712			686
Other current liabilities		647			691
Total current liabilities		1,656			1,663

Long-term debt		5,936			6,195
Deferred tax liabilities, net		519			499
Other long-term liabilities		697			729
Total long-term liabilities		7,152			7,423

Commitments and contingencies

Shares, $0.10 par value, 1,057,879,029 authorized, 141,262,093 conditionally authorized, 940,828,901 issued
and 883,261,456 outstanding at March 31, 2025, and $0.10 par value, 1,057,879,029 authorized,
141,262,093 conditionally authorized, 940,828,901 issued and 875,830,772 outstanding at December 31, 2024		88			87
Additional paid-in capital		14,887			14,880
Accumulated deficit		(4,624	)		(4,545	)
Accumulated other comprehensive loss		(141	)		(138	)
Total controlling interest shareholders’ equity		10,210			10,284
Noncontrolling interest		1			1
Total equity		10,211			10,285
Total liabilities and equity	$	19,019		$	19,371


TRANSOCEAN LTD. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)

	Three months ended
	March 31,
	2025			2024
Cash flows from operating activities
Net income (loss)	$	(79	)	$	98
Adjustments to reconcile to net cash provided by (used in) operating activities:
Amortization of contract intangible asset		—			4
Depreciation and amortization		176			185
Share-based compensation expense		8			11
(Gain) loss on disposal of assets, net		(2	)		6
Amortization of debt-related balances, net		13			13
Gain on adjustment to bifurcated compound exchange feature		(36	)		(10	)
Loss on impairment of investment in unconsolidated affiliates		—			1
Deferred income tax expense (benefit)		15			(164	)
Other, net		4			—
Changes in deferred revenues, net		(38	)		77
Changes in deferred costs, net		(12	)		(38	)
Changes in other operating assets and liabilities, net		(23	)		(269	)
Net cash provided by (used in) operating activities		26			(86	)

Cash flows from investing activities
Capital expenditures		(60	)		(83	)
Investment in loan to unconsolidated affiliate		—			(2	)
Proceeds from disposal of assets, net of costs to sell		2			44
Net cash used in investing activities		(58	)		(41	)

Cash flows from financing activities
Repayments of debt		(210	)		(151	)
Other, net		(8	)		(1	)
Net cash used in financing activities		(218	)		(152	)

Net decrease in unrestricted and restricted cash and cash equivalents		(250	)		(279	)
Unrestricted and restricted cash and cash equivalents, beginning of period		941			995
Unrestricted and restricted cash and cash equivalents, end of period	$	691		$	716


TRANSOCEAN LTD. AND SUBSIDIARIES
FLEET OPERATING STATISTICS


	Three months ended
	March 31,		December 31,		March 31,
Contract Drilling Revenues (in millions)	2025		2024		2024
Ultra-deepwater floaters	$	658	$	675	$	569
Harsh environment floaters		248		277		194
Total contract drilling revenues	$	906	$	952	$	763

	Three months ended
	March 31,		December 31,		March 31,
Average Daily Revenue ⁽¹⁾	2025		2024		2024
Ultra-deepwater floaters	$	443,600	$	428,200	$	422,900
Harsh environment floaters		443,600		452,600		367,900
Total fleet average daily revenue	$	443,600	$	434,700	$	408,200

	Three months ended
	March 31,		December 31,		March 31,
Revenue Efficiency ⁽²⁾	2025		2024		2024
Ultra-deepwater floaters	94.3	%	92.0	%	92.7	%
Harsh environment floaters	99.3	%	97.6	%	93.3	%
Total fleet average revenue efficiency	95.5	%	93.5	%	92.9	%

	Three months ended
	March 31,		December 31,		March 31,
Utilization ⁽³⁾	2025		2024		2024
Ultra-deepwater floaters	61.5	%	64.3	%	51.2	%
Harsh environment floaters	69.5	%	75.0	%	62.0	%
Total fleet average rig utilization	63.4	%	66.8	%	53.7	%


⁽¹⁾ Average daily revenue is defined as operating revenues, excluding revenues for contract terminations, reimbursements and contract intangible amortization, earned per operating day. An operating day is defined as a day for which a rig is contracted to earn a dayrate during the firm contract period after operations commence.

⁽²⁾ Revenue efficiency is defined as actual operating revenues, excluding revenues for contract terminations and reimbursements, for the measurement period divided by the maximum revenue calculated for the measurement period, expressed as a percentage. Maximum revenue is defined as the greatest amount of contract drilling revenues the drilling unit could earn for the measurement period, excluding revenues for incentive provisions, reimbursements and contract terminations.

⁽³⁾ Rig utilization is defined as the total number of operating days divided by the total number of rig calendar days in the measurement period, expressed as a percentage.


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED NET INCOME (LOSS) AND ADJUSTED DILUTED EARNINGS (LOSS) PER SHARE
(in millions, except per share data)


	YTD
	03/31/25
Adjusted Net Loss
Net loss attributable to controlling interest, as reported	$	(79	)
Discrete tax items		14
Net loss, as adjusted	$	(65	)

Adjusted Diluted Loss Per Share:
Diluted loss per share, as reported	$	(0.11	)
Discrete tax items		0.01
Diluted loss per share, as adjusted	$	(0.10	)

	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24
Adjusted Net Income (Loss)
Net income (loss) attributable to controlling interest, as reported	$	(512	)	$	7		$	(519	)	$	(494	)	$	(25	)	$	(123	)	$	98
Loss on impairment of assets, net of tax		755			—			755			617			138			138			—
Loss on impairment of investment in unconsolidated affiliates		5			—			5			—			5			4			1
Gain on retirement of debt		(161	)		—			(161	)		(21	)		(140	)		(140	)		—
Discrete tax items		(141	)		20			(161	)		(38	)		(123	)		(2	)		(121	)
Net income (loss), as adjusted	$	(54	)	$	27		$	(81	)	$	64		$	(145	)	$	(123	)	$	(22	)

Adjusted Diluted Earnings (Loss) Per Share:
Diluted earnings (loss) per share, as reported	$	(0.76	)	$	(0.11	)	$	(0.65	)	$	(0.58	)	$	(0.03	)	$	(0.15	)	$	0.11
Loss on impairment of assets, net of tax		0.82			—			0.82			0.64			0.17			0.17			—
Loss on impairment of investment in unconsolidated affiliates		0.01			—			0.01			—			—			—			—
Gain on retirement of debt		(0.18	)		—			(0.18	)		(0.02	)		(0.17	)		(0.17	)		—
Discrete tax items		(0.15	)		0.02			(0.18	)		(0.04	)		(0.15	)		—			(0.14	)
Diluted earnings (loss) per share, as adjusted	$	(0.26	)	$	(0.09	)	$	(0.18	)	$	—		$	(0.18	)	$	(0.15	)	$	(0.03	)


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
ADJUSTED CONTRACT DRILLING REVENUES
EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION AND AMORTIZATION AND RELATED MARGINS
(in millions, except percentages)


	YTD
	03/31/25

Contract drilling revenues	$	906

Net loss	$	(79	)
Interest expense, net of interest income		108
Income tax expense		39
Depreciation and amortization		176
EBITDA		244

Adjusted EBITDA	$	244


Loss margin		(8.7	)%
EBITDA margin		26.9	%
Adjusted EBITDA margin		26.9	%


	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24

Contract drilling revenues	$	3,524		$	952		$	2,572		$	948		$	1,624		$	861		$	763
Contract intangible asset amortization		4			—			4			—			4			—			4
Adjusted Contract Drilling Revenues	$	3,528		$	952		$	2,576		$	948		$	1,628		$	861		$	767

Net income (loss)	$	(512	)	$	7		$	(519	)	$	(494	)	$	(25	)	$	(123	)	$	98
Interest expense, net of interest income		312			81			231			69			162			60			102
Income tax expense (benefit)		(11	)		55			(66	)		(31	)		(35	)		156			(191	)
Depreciation and amortization		739			180			559			190			369			184			185
Contract intangible asset amortization		4			—			4			—			4			—			4
EBITDA		532			323			209			(266	)		475			277			198

Loss on impairment of assets		772			—			772			629			143			143			—
Loss on impairment of investment in unconsolidated affiliates		5			—			5			—			5			4			1
Gain on retirement of debt		(161	)		—			(161	)		(21	)		(140	)		(140	)		—
Adjusted EBITDA	$	1,148		$	323		$	825		$	342		$	483		$	284		$	199


Profit (loss) margin		(14.5	)%		0.7	%		(20.2	)%		(52.0	)%		(1.5	)%		(14.3	)%		12.9	%
EBITDA margin		15.1	%		33.9	%		8.1	%		(28.1	)%		29.2	%		32.2	%		25.8	%
Adjusted EBITDA margin		32.5	%		33.9	%		32.0	%		36.0	%		29.7	%		33.0	%		26.0	%



TRANSOCEAN LTD. AND SUBSIDIARIES
SUPPLEMENTAL EFFECTIVE TAX RATE ANALYSIS
(in millions, except tax rates)


	Three months ended
	March 31,			December 31,			March 31,
	2025			2024			2024

Income (loss) before income taxes	$	(40	)	$	62		$	(93	)
Loss on impairment of investment in unconsolidated affiliates		—			—			1
Adjusted income (loss) before income taxes	$	(40	)	$	62		$	(92	)


Income tax expense (benefit)	$	39		$	55		$	(191	)
Loss on impairment of investment in unconsolidated affiliates		—			—			—
Changes in estimates (1)		(14	)		(20	)		121
Adjusted income tax expense (benefit)	$	25		$	35		$	(70	)

Effective Tax Rate (2)		(95.8	)%		89.0	%		206.0	%

Effective Tax Rate, excluding discrete items (3)		(62.3	)%		56.7	%		76.9	%


(1) Our estimates change as we file tax returns, settle disputes with tax authorities, or become aware of changes in laws, operational changes and rig movements that have an effect on our (a) deferred taxes, (b) valuation allowances on deferred taxes and (c) other tax liabilities.

(2) Our effective tax rate is calculated as income tax expense or benefit divided by income or loss before income taxes.

(3) Our effective tax rate, excluding discrete items, is calculated as income tax expense or benefit, excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes), divided by income or loss before income taxes, excluding gains and losses on sales and similar items pursuant to the accounting standards for income taxes related to estimating the annual effective tax rate.


TRANSOCEAN LTD. AND SUBSIDIARIES
NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
FREE CASH FLOW AND LEVERED FREE CASH FLOW
(in millions)


																			YTD
																			03/31/25

Cash provided by operating activities																			$	26
Capital expenditures																				(60	)
Free Cash Flow																				(34	)
Debt repayments																				(210	)
Debt repayments, paid from debt proceeds																				–
Levered Free Cash Flow																			$	(244	)



	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/24			12/31/24			09/30/24			09/30/24			06/30/24			06/30/24			03/31/24

Cash provided by (used in) operating activities	$	447		$	206		$	241		$	194		$	47		$	133		$	(86	)
Capital expenditures		(254	)		(29	)		(225	)		(58	)		(167	)		(84	)		(83	)
Free Cash Flow		193			177			16			136			(120	)		49			(169	)
Debt repayments		(2,103	)		(30	)		(2,073	)		(258	)		(1,815	)		(1,664	)		(151	)
Debt repayments, paid from debt proceeds		1,748			–			1,748			99			1,649			1,649			–
Levered Free Cash Flow	$	(162	)	$	147		$	(309	)	$	(23	)	$	(286	)	$	34		$	(320	)



	YTD			QTD			YTD			QTD			YTD			QTD			YTD
	12/31/23			12/31/23			09/30/23			09/30/23			06/30/23			06/30/23			03/31/23

Cash provided by (used in) operating activities	$	164		$	98		$	66		$	(44	)	$	110		$	157		$	(47	)
Capital expenditures		(427	)		(220	)		(207	)		(50	)		(157	)		(76	)		(81	)
Free Cash Flow		(263	)		(122	)		(141	)		(94	)		(47	)		81			(128	)
Debt repayments		(1,717	)		(10	)		(1,707	)		(139	)		(1,568	)		(4	)		(1,564	)
Debt repayments, paid from debt proceeds		1,156			–			1,156			–			1,156			–			1,156
Levered Free Cash Flow	$	(824	)	$	(132	)	$	(692	)	$	(233	)	$	(459	)	$	77		$	(536	)

The MIL Network –

April 29, 2025

MIL-OSI USA: SEC Publishes New Market Data, Analysis, and Visualizations
Source: Securities and Exchange Commission

The Securities and Exchange Commission’s Division of Economic and Risk Analysis (DERA) has published new data and analysis on the key market areas of public issuers, exempt offerings, Commercial Mortgage-Backed Securities (CMBS), Asset-Backed Securities (ABS), money market funds, and security-based swap dealers (SBSD) in an effort to increase transparency and understanding of our capital markets amongst the public.

“These reports reflect important information that is valuable to investors, other market participants, and academics,” said Robert Fisher, Acting Chief Economist and Director of the SEC’s Division of Economic and Risk Analysis. “Understanding these markets is critical because Americans rely on them to fund their retirements, educations, and other priorities.”

DERA has issued the following reports:
- Counts of Reporting Issuers Subject to the Securities Act of 1933 and the Securities Exchange Act of 1934 and Public Firms in 2023 analyzes the number of reporting issuers that in 2023 were either registered under the Exchange Act of 1934 or registered offerings under the Securities Act of 1933 and filed Forms 10-K, 10-KT, 20-F, or 40-F. This study then divides the 8,351 registered issuers into different categories that can be used to determine different counts of public companies based on various definitions and methodologies.
- Market Statistics of Exempt Offerings under Regulations A, D, and Crowdfunding provides updated statistics through calendar year 2024 for these regulations, including the number of offerings by type and year and the total amount of capital raised.
- Issuance and Credit Rating Activity in the CMBS Market provides information on approximately $1.6 trillion of CMBS issuances over a nine-year period, including the number of new CMBS deals and the types of offerings, and considers and analyzes the CMBS rating activity of SEC-registered nationally recognized statistical rating organizations (NRSROs).
- Asset-Backed Securities Markets: Issuance and Structure examines data on approximately $6 trillion of U.S. ABS issuances between 2014 and 2024, providing information about the size and structure of ABS markets, statistics on new ABS deals, and analysis of the ABS rating activity of NRSROs for the relevant period.
- Influences on Money Market Fund Price Variations During the March 2020 Market Dislocation presents an analysis of Form N-MFP submissions between December 2019 and December 2020 for all money market funds, including the impact of the Covid-19 pandemic on weekly fluctuations in fund prices, and identifies factors that influenced market prices.
- Security-Based Swap Dealer Statistics analyzes the population of conditionally registered SBSDs as of December 31, 2024.
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MIL OSI USA News –
April 29, 2025
MIL-OSI Global: Colon cancer rates are rising among young people – could changes to children’s gut bacteria explain why?

Source: The Conversation – UK – By Justin Stebbing, Professor of Biomedical Sciences, Anglia Ruskin University

Irina WS/Shutterstock

Alarming trends show that colon – or bowel – cancer is increasing in younger people. If the rise continues, colorectal cancer is projected to become the leading cause of cancer-related deaths among young adults globally by 2030.

Until recently, the reasons for this surge were largely unclear or unknown. Now research points to a surprising suspect: gut bacteria.

A recent study reveals that exposure during childhood or adolescence to a toxin produced by certain strains of E coli, whose growth is encouraged by highly processed diets, may lay the groundwork for aggressive bowel cancers decades later. This discovery could help explain why people under 50 are at the heart of one of the fastest-growing cancer epidemics of our time.

Colon cancer is currently the second biggest cause of cancer death, yet only one in three cases are diagnosed in the earliest stages. Often symptomless in its early forms, colon cancer typically begins as polyps and can take ten to 15 years to develop. This slow progression makes regular screening crucial, especially because many patients experience no early warning signs.

For the new research, an international team analysed the complete DNA sequences of 981 colorectal cancer tumours from patients across 11 countries. They discovered striking geographic patterns in the mutations that lead to cancer.

Two specific mutational signatures – SBS88 and ID18 – stood out for their association with colibactin, a DNA-damaging toxin produced by some E coli strains. These bacterial “fingerprints” were 3.3 times more common in patients diagnosed before age 40 than in those over 70. Significantly, these mutations appear early in tumour development, suggesting the damage may occur years – even decades – before cancer is diagnosed.

Read more:
Why eating yoghurt regularly could lower your risk of bowel cancer

Gut microbiome

Colibactin doesn’t cause random DNA damage. The study found it tends to target the APC gene, a vital tumour suppressor that normally controls cell growth.

In colibactin-positive cancers, about 25% of APC mutations bore the toxin’s unique signature. This direct hit to the body’s internal “brake system” could explain why these cancers appear earlier in life.

Molecular analysis indicated that colibactin-associated mutations often emerge within the first ten years of life. While this suggests the toxin may silently colonise children’s guts and initiate cancerous changes early, it’s important to note that this remains a theory; the study didn’t directly examine children or young adults.

Still, the research maps out a microbial pattern of cancer risk. These gut bacteria are not the same as those that cause food poisoning – they often live within us and perform beneficial roles.

But their composition can vary widely by region. Countries including Argentina, Brazil, and Russia – where colorectal cancer rates are climbing – showed higher levels of colibactin-related mutations.

This may reflect regional differences in gut microbiomes influenced by diet (particularly ultraprocessed foods), antibiotic use and environmental factors. In contrast, Japan and South Korea, where rates are historically high but stable, showed different mutational patterns, suggesting other causes may dominate there.

Perhaps the most provocative finding relates to when this bacterial damage occurs. Unlike lifestyle risks that build up over decades, colibactin seems to strike during a narrow window – when the microbiome is still forming in childhood or early adulthood.

Potential triggers could include repeated antibiotic use that disrupts healthy gut bacteria, highly processed diets that favour E. coli growth and urban living that reduces exposure to diverse microbial environments.

Not just genes and lifestyle

These findings may also point to new prevention strategies. Screening programs could focus on younger adults carrying these high-risk bacterial strains, using stool tests to detect colibactin genes.

Diets high in fibre and low in processed foods might promote a healthier gut microbiome, potentially suppressing harmful bacteria. The research also adds weight to calls for lowering colorectal cancer screening ages worldwide, since many early-onset cases go undetected under current guidelines.

While this study is a major step forward, many questions remain. Why do some people carry colibactin-producing bacteria but never develop cancer? How do modern lifestyle factors amplify – or mitigate – these microbial risks? What we do know is that cancer results from the complex interplay between our genes and our environment – including the microscopic world within us.

As researchers continue to connect the dots, one thing is clear: the colorectal cancer epidemic of the 21st century may have begun with silent microbial battles in our guts, decades before diagnosis. This emerging view of cancer not just as a genetic or lifestyle disease, but also as a microbial one – could fundamentally reshape how we think about prevention for future generations.

Justin Stebbing 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. Colon cancer rates are rising among young people – could changes to children’s gut bacteria explain why? – https://theconversation.com/colon-cancer-rates-are-rising-among-young-people-could-changes-to-childrens-gut-bacteria-explain-why-255176

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: What excluded children think about their education in alternative provision – and why it matters

Source: The Conversation – UK – By Claire Kinsella, Trinity College Dublin

PeopleImages.com – Yuri A/Shutterstock

Nearly 16,000 children in England learn in state-funded alternative provision (AP). These are educational settings for school-aged pupils who are unable to attend mainstream school. These pupils may have been excluded from their previous school, have a medical condition or find themselves without a school place.

There are around 333 state-funded APs in England, with a growing array of unregistered providers. While APs offer core elements of the national curriculum, they typically provide additional elements such as work-based qualifications and recreational activities like sports and art, as well as therapeutic pursuits. Class sizes are usually much smaller than in mainstream school, and many APs have a higher presence of support staff.

For all their efforts at innovation, AP settings are still heavily stigmatised. They face questions around quality, reports of abuse and concerns about how pupils do in life after they leave.

Some parents are reluctant to send their children to AP, feeling disempowered by the process of exclusion and limited by the school options presented to them. While adult voices on AP are prominent in these debates, pupils’ own insights have received far less attention.

We carried out research on the experiences of children in AP, working with young boys who remained on the margins of everyday life there, as well as young people who were more actively engaged in creative classroom activities.

Many of the students we spoke to in AP were acutely aware of their stigmatised identity. One spoke of how boys from his previous school saw him “as a freak” and that they think alternative provision is “for the stupid kids”. Others questioned the level of intellectual challenge in AP, calling it “baby school” and finding the classroom work undemanding.

What really stood out in our studies was the pivotal influence of peers. When young people had little trust in the professionals around them or had experienced bullying, their friendship networks became critical.

During creative activities, we saw close collaboration between young people, with particularly high levels of “affiliative agency”: supportive talk that emphasises social bonds. This helped young people keep each other emotionally and intellectually engaged when faced with challenging activities.

Rethinking alternative provision

Under the previous Conservative government, efforts were underway to “rebrand” AP as part of the special education needs system. With a new government now in place, it remains to be seen what will come of these plans.

On the surface this appears to be a constructive policy move, because it draws attention to AP and those pupils accessing these provisions. But the special educational needs system itself demands further reflection.

Nevertheless, the existing policy framework for special educational needs points us in some useful directions. The latest Code of Practice emphasises that pupils’ voices should matter.

In contexts where young people have limited control over how they are perceived and the decisions institutions make about them, educational practices that recognise and build on the existing reciprocity, trust and cooperation between young people can have a lot of value.

Today, the general trend is towards an increased emphasis on relational practices in AP: approaches to education that focus on building connections. This includes initiatives such as anger management and nurture groups, as well as trauma-informed practice, which takes into account the impact past trauma can have on a person’s development and ability to build relationships.

We have little doubt that a learner who is anxious or in a distressed state is likely to find it extremely difficult to concentrate in a maths or English lesson. These relational practices matter. But learning should also be a holistic and liberating experience for pupils.

Pupils in AP care about their education.
BearFotos/Shutterstock

Our research has found that young people in AP question their education but want to be challenged. The cognitive dimensions of the learning experience should not be downplayed for those in AP.

We are committee members of the Alternative Provision Research Network, a network of academics and people working in AP who are committed to social justice for children in alternative provision. This means rethinking AP in ways that incorporate children’s voices on their education and is also based on evidence.

In emphasising the cognitive, we do not mean simply trying to improve the GCSE grades of children in AP. We mean consulting with the pupils themselves about what truly matters to them when it comes to learning. The signs are that pupils value a challenging curriculum.

Claire Kinsella is affiliated with the Alternative Provision Research Network which a network committed to a social justice agenda for children in Alternative Provision. See: https://www.apresearchnetwork.com/

Craig Johnston is affiliated with the Alternative Provision Research Network, which highlights issues of social justice for disadvantaged children and young people.

– ref. What excluded children think about their education in alternative provision – and why it matters – https://theconversation.com/what-excluded-children-think-about-their-education-in-alternative-provision-and-why-it-matters-252124

MIL OSI – Global Reports –

April 29, 2025
MIL-OSI Global: How a small vaccine drop could see measles becoming endemic again – new study

Source: The Conversation – UK – By Anastasia A. Theodosiou, Infectious Diseases and Microbiology Academic Clinical Lecturer, University of Glasgow

Family Stock/Shutterstock.com

It takes just a spark to start a wildfire, and when it comes to measles, the embers are already glowing.

A new modelling study published in Jama sounded the alarm: recent drops in childhood vaccination rates could reignite diseases that were nearly extinguished.

The researchers used a simulation to predict the effect of falling vaccination coverage for measles, rubella, polio and diphtheria. Even at current coverage, measles alone could soon infect more than 850,000 people in the US every year, leading to over 2,500 deaths annually.

The study also warned how quickly the situation could get worse. A further 10% drop in vaccination rates could lead to more than 11 million cases annually.

Measles is particularly concerning because of how easily it spreads. It is one of the most contagious diseases known – a single person with measles can infect between 12 and 18 others, each of whom can infect 12 to 18 more, and so on. This is much higher than for diseases such as influenza and COVID, where one person, on average, infects one to four others.

To stop measles from spreading from person to person, at least 95% of the population needs to be vaccinated. But coverage is falling short – not just in the US, but worldwide. In 2024, less than 84% of five-year-olds in England had received both doses of the measles, mumps and rubella (MMR) vaccine.

This matters because measles is far from harmless. About one in five children with measles need hospital care, one in 20 develop pneumonia and one in 1,000 suffer encephalitis (a brain infection that can cause seizures and deafness).

Up to three in every 1,000 children who catch measles will die.

Although measles poses the greatest immediate threat because of how contagious it is, further drops in vaccination rates could see other serious infections return. Rubella can cause devastating birth defects, polio can lead to permanent paralysis, and diphtheria is fatal in up to 30% of unvaccinated children.

Before vaccines, these diseases were endemic around the world – circulating constantly, not just in outbreaks. In regions where vaccine coverage has never reached the 95% target, including parts of Africa and south Asia, they remain endemic.

But in countries where vaccines had all but eliminated them, falling coverage risks undoing decades of progress. And this isn’t just hypothetical – already this year, the US has reported nearly 900 measles cases, including three deaths.

The MMR vaccine is extremely effective, protecting more than 97% of those who receive both doses. However, some people can’t have the vaccine, including pregnant women, babies and those with a weakened immune system or serious allergy to the vaccine ingredients.

This is why herd immunity is so important: when over 95% of people in a community are vaccinated, the virus can’t circulate freely, so everyone is protected – including the most vulnerable.

There are many reasons vaccination rates have fallen. COVID caused the biggest drop in global vaccination in 30 years, and many countries are still catching up. Conflict and natural disasters also contribute, with Yemen reporting over 10,000 measles cases in the past six months.

Some people choose not to vaccinate their children or themselves. This may be due to vaccine fatigue, concerns about side-effects or underestimating the risks of infection. In this respect, vaccines are victims of their own success – it can be hard to imagine the consequences of infections that have largely disappeared thanks to vaccines.

As with all medical treatments, vaccines have side-effects, but most are mild and resolve quickly, such as fever, rash and swollen glands.

Persistent misinformation

A major contributor to vaccine hesitancy is misinformation, particularly through social media.

One of the most persistent myths is that the MMR vaccine is linked to autism – a claim based on falsified data in a discredited and retracted study from 1998. Since then, multiple studies have disproved this, including a meta-analysis (a study that combines data from several studies) of over 1.25 million children that found no link between the MMR vaccine and autism.

Despite clear scientific evidence, these false claims linger, fanning the flames of doubt with real-world consequences. Indeed, the World Health Organization has listed vaccine hesitancy as one of the top ten threats to global health.

No parent takes decisions about their child’s health lightly. It’s natural to want to weigh the risks and benefits. But when vaccination rates drop, it doesn’t just put unvaccinated children at risk. It threatens those who cannot be vaccinated – including all infants under a year old, who are too young for the MMR vaccine.

Vaccination remains one of the most powerful tools we have to protect the health of all children. Diseases like measles don’t wait for conflicts to end or for trust to rebuild – they simply spread wherever they can.

We came close to extinguishing measles and other vaccine-preventable diseases, but any drop in vaccine coverage is a match to kindling. As this new research shows, it doesn’t take much for the embers to flare into a wildfire beyond our control.

Antonia Ho receives funding from MRC, UKRI, Bill and Melinda Gates Foundation, and Public Health Scotland.

Chrissie Jones is affiliated with the Immunising Pregnant Women and Neonates (IMPRINT) network, funded by the MRC. She runs clinical trials of vaccines on behalf of the University of Southampton, but does not receive any personal funding for this.

Anastasia A. Theodosiou 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. How a small vaccine drop could see measles becoming endemic again – new study – https://theconversation.com/how-a-small-vaccine-drop-could-see-measles-becoming-endemic-again-new-study-255327

MIL OSI – Global Reports –

April 29, 2025

Actual CAPEX in 2021-22	Actual CAPEX 2022-23	Actual CAPEX 2023-24	Intended CAPEX in 2024-25	Intended CAPEX in 2025-26
394,681.5	572,199.7	422,183.3	656,492.7	488,865.5

Category: Statistics

Challenges ahead

Findings of the Forward-Looking Survey on Private Sector CAPEX Investment Intentions(Survey period: November 2024 to January 2025)

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The human toll of creativity

A culture of silence

Inequality compounds the problem

Beyond ‘wellness workshops’

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Big rise in uncertainty

Inflation worries are off the boil

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Not just genes and lifestyle

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Findings of the Forward-Looking Survey on Private Sector CAPEX Investment Intentions
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