NewzIntel.com

Category: Taxation

  • MIL-OSI: Heliene Closes 45X Investment Tax Credit Transfer, in Partnership with U.S. Bank

    Source: GlobeNewswire (MIL-OSI)

    MOUNTAIN IRON, Minn. and MINNEAPOLIS, June 30, 2025 (GLOBE NEWSWIRE) — Heliene Inc., a customer-first provider of North American-made solar PV modules, today announced the sale of the 2025 Section 45X Advanced Manufacturing Production Tax Credit (45X credits). The transaction has been possible thanks to the environmental finance leadership of Minneapolis-based U.S. Bank.

    Heliene claimed eligibility for these 2025 tax credits under the guidelines of the Inflation Reduction Act’s Section 45X. Heliene manufactures high-quality, U.S.-made solar modules that feature a high volume of domestically-sourced components at two Minnesota facilities: one in Mountain Iron, MN and a second in Rogers, MN that came online in spring 2025. Across these two facilities, Heliene’s annual U.S.-based domestic solar module manufacturing capacity is 1.3GW, employing more than 500 Minnesotans in well-paying clean energy careers.

    U.S. Bank – through its subsidiary U.S. Bancorp Impact Finance – is one of the most active renewable energy investors and among the largest tax credit syndicators in the country. Through 45X tax credit syndications, it supports domestic production and investment in renewable energy technologies while providing investors predictable streams of tax benefits with customized tax credit portfolios aligned to environmental goals.

    This transaction marks the second tax credit transfer sale completed by Heliene in the past year. In September 2024, the Company sold an estimated $50M in 2023 and 2024 45X tax credits in one of the first deals of this kind for the solar manufacturing industry. The sale of 2025 credits affirms Heliene’s position as a leading domestic solar manufacturer and underscores continued demand for U.S. clean energy manufacturing. This transaction also represents Heliene and U.S. Bank’s shared commitment to driving job growth and economic development in the state of Minnesota.

    “We’re very proud to have worked with U.S. Bank on our second 45X tax credit transfer deal. Their position as a leading national brand and their commitment to furthering economic development across Minnesota made them an ideal partner for this transaction,” said Martin Pochtaruk, CEO of Heliene, Inc. “In monetising these additional tax credits, we can maintain our commitment to building a stronger, domestic solar supply chain and grow our Minnesota workforce to meet the target of American energy dominance.”

    “We are excited to leverage our custom financing solutions to help Heliene expand, create quality manufacturing jobs in U.S. Bank’s home state of Minnesota and support clean energy access,” said Adam Altenhofen, Impact Finance senior vice president of environmental finance production. “By incentivizing domestic production and investment in renewable energy, the 45X tax credit is already playing an important role in bolstering U.S. jobs and fostering economic growth.”

    This transaction follows the grand opening of Heliene’s Rogers, MN solar manufacturing facility in late May 2025. With an expanded U.S. footprint and funds from the sale of 2025 tax credits, the Company will continue its commitment to strengthen U.S. energy independence through domestic manufacturing and job creation. The Company also received a $2.9M contribution from the Minnesota Department of Employment and Economic Development (DEED) to support job creation for its new facility.

    About Heliene

    Heliene is a North American manufacturer of high-quality solar modules with a commitment to U.S. job creation and domestic content. They produce modules for residential, commercial, and utility-scale projects in their U.S. facilities, meeting customers’ requirements for incentives under the IRA’s Domestic Content Bonus. Heliene offers high-performance modules with competitive pricing and responsive support, making them a reliable partner for any solar project.

    Heliene operates two U.S.-based solar module manufacturing facilities with a combined annual module output capacity of 1.3GW. It employs more than 600 full and part-time solar industry professionals across its two manufacturing facilities and its Sault Ste. Marie, Ontario corporate office. For more information, please visit www.heliene.com.

    Media inquiries:
    FischTank PR
    heliene@fischtankpr.com  

    The MIL Network –

  • MIL-OSI Submissions: How the ‘Big Beautiful Bill’ positions US energy to be more costly for consumers and the climate

    Source: The Conversation – USA (2) – By Daniel Cohan, Professor of Civil and Environmental Engineering, Rice University

    Proposed revisions to U.S. energy policy would likely raise consumer prices and climate-warming emissions. zpagistock/Moment via Getty Images

    When it comes to energy policy, the “One Big Beautiful Bill Act” – the official name of a massive federal tax-cut and spending bill that House Republicans passed in May 2025 – risks raising Americans’ energy costs and greenhouse gas emissions.

    The 1,100-page bill would slash incentives for green technologies such as solar, wind, batteries, electric cars and heat pumps while subsidizing existing nuclear power plants and biofuels. That would leave the country and its people burning more fossil fuels despite strong popular and scientific support for a rapid shift to renewable energy.

    The bill may still be revised by the Senate before it moves to a final vote. But it is a picture of how President Donald Trump and congressional Republicans want to reshape U.S. energy policy.

    As an environmental engineering professor who studies ways to confront climate change, I think it is important to distinguish which technologies could rapidly cut emissions or are on the verge of becoming viable from those that do little to fight climate change. Unfortunately, the House bill favors the latter while nixing support for the former.

    Renewable energy

    Wind and solar power, often paired with batteries, are providing over 90% of the new electricity currently being added to the grid nationally and around the world. Geothermal power is undergoing technological breakthroughs. With natural gas turbines in short supply and long lead times to build other resources, renewables and batteries offer the fastest way to satisfy growing demand for power.

    However, the House bill rescinds billions of dollars that the Inflation Reduction Act, enacted in 2022, devoted to boosting domestic manufacturing and deployments of renewable energy and batteries.

    It would terminate tax credits for manufacturing for the wind industry in 2028 and for solar and batteries in 2032. That would disrupt the boom in domestic manufacturing projects that was being stimulated by the Inflation Reduction Act.

    Deployments would be hit even harder. Wind, solar, geothermal and battery projects would need to commence construction within 60 days of passage of the bill to receive tax credits.

    In addition, the bill would deny tax credits to projects that use Chinese-made components. Financial analysts have called those provisions “unworkable,” since some Chinese materials may be necessary even for projects built with as much domestic content as possible.

    Analysts warn that the House bill would cut new wind, solar and battery installations by 20% compared with the growth that had been expected without the bill. That’s why BloombergNEF, an energy research firm, called the bill a “nightmare scenario” for clean energy proponents.

    However, one person’s nightmare may be another man’s dream. “We’re constraining the hell out of wind and solar, which is good,” said Rep. Chip Roy, a Texas Republican backed by the oil and gas industry.

    Wind turbines and solar panels generate renewable energy side by side near Palm Springs, Calif.
    Mario Tama/Getty Images

    Efficiency and electric cars

    Cuts fall even harder on Americans who are trying to reduce their carbon footprints and energy costs. The bill repeals aid for home efficiency improvements such as heat pumps, efficient windows and energy audits. Homeowners would also lose tax credits for installing solar panels and batteries.

    For vehicles, the bill would not only repeal tax credits for electric cars, trucks and chargers, but it also would impose a federal $250 annual fee on vehicles, on top of fees that some states charge electric-car owners. The federal fee is more than the gas taxes paid by other drivers to fund highways and ignores air-quality and climate effects.

    Combined, the lost credits and increased fees could cut projected U.S. sales of electric vehicles by 40% in 2030, according to modeling by Jesse Jenkins of Princeton University.

    Nuclear power

    Meanwhile, the bill partially retains a tax credit for electricity from existing nuclear power plants. Those plants may not need the help: Electricity demand is surging, and companies like Meta are signing long-term deals for nuclear energy to power data centers. Nuclear plants are also paid to manage their radioactive waste, since the country lacks a permanent place to store it.

    For new nuclear plants, the bill would move up the deadline to 2028 to begin construction. That deadline is too soon for some new reactor designs and would rush the vetting of others. Nuclear safety regulators are awaiting a study from the National Academies on the weapons proliferation risks of the type of uranium fuel that some developers hope to use in newer designs.

    The House-passed bill would protect government subsidies for existing nuclear power plants, like the one in the background, while limiting support for wind turbines.
    Scott Olson/Getty Images

    Biofuels

    While cutting funding for electric vehicles, the bill would spend $45 billion to extend tax credits for biofuels such as ethanol and biodiesel.

    Food-based biofuels do little good for the climate because growing, harvesting and processing crops requires fertilizers, pesticides and fuel. The bill would allow forests to be cut to make room for crops because it directs agencies to ignore the impacts of biofuels on land use.

    Hydrogen

    The bill would end tax credits for hydrogen production. Without that support, companies will be unlikely to invest in the seven so-called “hydrogen hubs” that were allocated a combined $8 billion under the Bipartisan Infrastructure Law in 2021. Those hubs aim to attract $40 billion in private investments and create tens of thousands of jobs while developing cleaner ways to make hydrogen.

    The repealed tax credits would have subsidized hydrogen made emissions-free by using renewable or nuclear electricity to split water molecules. They also would have subsidized hydrogen made from natural gas with carbon capture, whose benefits are impaired by methane emissions from natural gas systems and incomplete carbon capture.

    However it’s made, hydrogen is no panacea. As the world’s smallest molecule, hydrogen is prone to leaking, which can pose safety challenges and indirectly warm the climate. And while hydrogen is essential for making fertilizers and potentially useful for making steel or aviation fuels, vehicles and heating are more efficiently powered by electricity than by hydrogen.

    Still, European governments and China are investing heavily in hydrogen production.

    As Congress deliberates on the One Big Beautiful Bill Act, the nation’s energy agenda is one of many issues being hotly debated.
    Kevin Carter/Getty Images

    Summing it up

    The conservative Tax Foundation estimates that the House bill would cut the Inflation Reduction Act’s clean energy tax credits by about half, saving the government $50 billion a year. But with fewer efficiency improvements, fewer electric vehicles and less clean power on the grid, Princeton’s Jenkins projects American households would pay up to $415 more per year for energy by 2035 than if the bill’s provisions were not enacted. If the bill’s provisions make it into law, the extra fossil fuel-burning would leave annual U.S. greenhouse gas emissions 1 billion tons higher by then.

    No one expected former President Joe Biden’s Inflation Reduction Act to escape unscathed with Republicans in the White House and dominating both houses of Congress. Still, the proposed cuts target the technologies Americans count on to protect the climate and save consumers money.

    Daniel Cohan receives funding from the Carbon Hub at Rice University.

    – ref. How the ‘Big Beautiful Bill’ positions US energy to be more costly for consumers and the climate – https://theconversation.com/how-the-big-beautiful-bill-positions-us-energy-to-be-more-costly-for-consumers-and-the-climate-257783

    MIL OSI –

  • MIL-OSI Submissions: How the ‘Big Beautiful Bill’ positions US energy to be more costly for consumers and the climate

    Source: The Conversation – USA (2) – By Daniel Cohan, Professor of Civil and Environmental Engineering, Rice University

    Proposed revisions to U.S. energy policy would likely raise consumer prices and climate-warming emissions. zpagistock/Moment via Getty Images

    When it comes to energy policy, the “One Big Beautiful Bill Act” – the official name of a massive federal tax-cut and spending bill that House Republicans passed in May 2025 – risks raising Americans’ energy costs and greenhouse gas emissions.

    The 1,100-page bill would slash incentives for green technologies such as solar, wind, batteries, electric cars and heat pumps while subsidizing existing nuclear power plants and biofuels. That would leave the country and its people burning more fossil fuels despite strong popular and scientific support for a rapid shift to renewable energy.

    The bill may still be revised by the Senate before it moves to a final vote. But it is a picture of how President Donald Trump and congressional Republicans want to reshape U.S. energy policy.

    As an environmental engineering professor who studies ways to confront climate change, I think it is important to distinguish which technologies could rapidly cut emissions or are on the verge of becoming viable from those that do little to fight climate change. Unfortunately, the House bill favors the latter while nixing support for the former.

    Renewable energy

    Wind and solar power, often paired with batteries, are providing over 90% of the new electricity currently being added to the grid nationally and around the world. Geothermal power is undergoing technological breakthroughs. With natural gas turbines in short supply and long lead times to build other resources, renewables and batteries offer the fastest way to satisfy growing demand for power.

    However, the House bill rescinds billions of dollars that the Inflation Reduction Act, enacted in 2022, devoted to boosting domestic manufacturing and deployments of renewable energy and batteries.

    It would terminate tax credits for manufacturing for the wind industry in 2028 and for solar and batteries in 2032. That would disrupt the boom in domestic manufacturing projects that was being stimulated by the Inflation Reduction Act.

    Deployments would be hit even harder. Wind, solar, geothermal and battery projects would need to commence construction within 60 days of passage of the bill to receive tax credits.

    In addition, the bill would deny tax credits to projects that use Chinese-made components. Financial analysts have called those provisions “unworkable,” since some Chinese materials may be necessary even for projects built with as much domestic content as possible.

    Analysts warn that the House bill would cut new wind, solar and battery installations by 20% compared with the growth that had been expected without the bill. That’s why BloombergNEF, an energy research firm, called the bill a “nightmare scenario” for clean energy proponents.

    However, one person’s nightmare may be another man’s dream. “We’re constraining the hell out of wind and solar, which is good,” said Rep. Chip Roy, a Texas Republican backed by the oil and gas industry.

    Wind turbines and solar panels generate renewable energy side by side near Palm Springs, Calif.
    Mario Tama/Getty Images

    Efficiency and electric cars

    Cuts fall even harder on Americans who are trying to reduce their carbon footprints and energy costs. The bill repeals aid for home efficiency improvements such as heat pumps, efficient windows and energy audits. Homeowners would also lose tax credits for installing solar panels and batteries.

    For vehicles, the bill would not only repeal tax credits for electric cars, trucks and chargers, but it also would impose a federal $250 annual fee on vehicles, on top of fees that some states charge electric-car owners. The federal fee is more than the gas taxes paid by other drivers to fund highways and ignores air-quality and climate effects.

    Combined, the lost credits and increased fees could cut projected U.S. sales of electric vehicles by 40% in 2030, according to modeling by Jesse Jenkins of Princeton University.

    Nuclear power

    Meanwhile, the bill partially retains a tax credit for electricity from existing nuclear power plants. Those plants may not need the help: Electricity demand is surging, and companies like Meta are signing long-term deals for nuclear energy to power data centers. Nuclear plants are also paid to manage their radioactive waste, since the country lacks a permanent place to store it.

    For new nuclear plants, the bill would move up the deadline to 2028 to begin construction. That deadline is too soon for some new reactor designs and would rush the vetting of others. Nuclear safety regulators are awaiting a study from the National Academies on the weapons proliferation risks of the type of uranium fuel that some developers hope to use in newer designs.

    The House-passed bill would protect government subsidies for existing nuclear power plants, like the one in the background, while limiting support for wind turbines.
    Scott Olson/Getty Images

    Biofuels

    While cutting funding for electric vehicles, the bill would spend $45 billion to extend tax credits for biofuels such as ethanol and biodiesel.

    Food-based biofuels do little good for the climate because growing, harvesting and processing crops requires fertilizers, pesticides and fuel. The bill would allow forests to be cut to make room for crops because it directs agencies to ignore the impacts of biofuels on land use.

    Hydrogen

    The bill would end tax credits for hydrogen production. Without that support, companies will be unlikely to invest in the seven so-called “hydrogen hubs” that were allocated a combined $8 billion under the Bipartisan Infrastructure Law in 2021. Those hubs aim to attract $40 billion in private investments and create tens of thousands of jobs while developing cleaner ways to make hydrogen.

    The repealed tax credits would have subsidized hydrogen made emissions-free by using renewable or nuclear electricity to split water molecules. They also would have subsidized hydrogen made from natural gas with carbon capture, whose benefits are impaired by methane emissions from natural gas systems and incomplete carbon capture.

    However it’s made, hydrogen is no panacea. As the world’s smallest molecule, hydrogen is prone to leaking, which can pose safety challenges and indirectly warm the climate. And while hydrogen is essential for making fertilizers and potentially useful for making steel or aviation fuels, vehicles and heating are more efficiently powered by electricity than by hydrogen.

    Still, European governments and China are investing heavily in hydrogen production.

    As Congress deliberates on the One Big Beautiful Bill Act, the nation’s energy agenda is one of many issues being hotly debated.
    Kevin Carter/Getty Images

    Summing it up

    The conservative Tax Foundation estimates that the House bill would cut the Inflation Reduction Act’s clean energy tax credits by about half, saving the government $50 billion a year. But with fewer efficiency improvements, fewer electric vehicles and less clean power on the grid, Princeton’s Jenkins projects American households would pay up to $415 more per year for energy by 2035 than if the bill’s provisions were not enacted. If the bill’s provisions make it into law, the extra fossil fuel-burning would leave annual U.S. greenhouse gas emissions 1 billion tons higher by then.

    No one expected former President Joe Biden’s Inflation Reduction Act to escape unscathed with Republicans in the White House and dominating both houses of Congress. Still, the proposed cuts target the technologies Americans count on to protect the climate and save consumers money.

    Daniel Cohan receives funding from the Carbon Hub at Rice University.

    – ref. How the ‘Big Beautiful Bill’ positions US energy to be more costly for consumers and the climate – https://theconversation.com/how-the-big-beautiful-bill-positions-us-energy-to-be-more-costly-for-consumers-and-the-climate-257783

    MIL OSI –

  • MIL-OSI Submissions: How the ‘Big Beautiful Bill’ positions US energy to be more costly for consumers and the climate

    Source: The Conversation – USA (2) – By Daniel Cohan, Professor of Civil and Environmental Engineering, Rice University

    Proposed revisions to U.S. energy policy would likely raise consumer prices and climate-warming emissions. zpagistock/Moment via Getty Images

    When it comes to energy policy, the “One Big Beautiful Bill Act” – the official name of a massive federal tax-cut and spending bill that House Republicans passed in May 2025 – risks raising Americans’ energy costs and greenhouse gas emissions.

    The 1,100-page bill would slash incentives for green technologies such as solar, wind, batteries, electric cars and heat pumps while subsidizing existing nuclear power plants and biofuels. That would leave the country and its people burning more fossil fuels despite strong popular and scientific support for a rapid shift to renewable energy.

    The bill may still be revised by the Senate before it moves to a final vote. But it is a picture of how President Donald Trump and congressional Republicans want to reshape U.S. energy policy.

    As an environmental engineering professor who studies ways to confront climate change, I think it is important to distinguish which technologies could rapidly cut emissions or are on the verge of becoming viable from those that do little to fight climate change. Unfortunately, the House bill favors the latter while nixing support for the former.

    Renewable energy

    Wind and solar power, often paired with batteries, are providing over 90% of the new electricity currently being added to the grid nationally and around the world. Geothermal power is undergoing technological breakthroughs. With natural gas turbines in short supply and long lead times to build other resources, renewables and batteries offer the fastest way to satisfy growing demand for power.

    However, the House bill rescinds billions of dollars that the Inflation Reduction Act, enacted in 2022, devoted to boosting domestic manufacturing and deployments of renewable energy and batteries.

    It would terminate tax credits for manufacturing for the wind industry in 2028 and for solar and batteries in 2032. That would disrupt the boom in domestic manufacturing projects that was being stimulated by the Inflation Reduction Act.

    Deployments would be hit even harder. Wind, solar, geothermal and battery projects would need to commence construction within 60 days of passage of the bill to receive tax credits.

    In addition, the bill would deny tax credits to projects that use Chinese-made components. Financial analysts have called those provisions “unworkable,” since some Chinese materials may be necessary even for projects built with as much domestic content as possible.

    Analysts warn that the House bill would cut new wind, solar and battery installations by 20% compared with the growth that had been expected without the bill. That’s why BloombergNEF, an energy research firm, called the bill a “nightmare scenario” for clean energy proponents.

    However, one person’s nightmare may be another man’s dream. “We’re constraining the hell out of wind and solar, which is good,” said Rep. Chip Roy, a Texas Republican backed by the oil and gas industry.

    Wind turbines and solar panels generate renewable energy side by side near Palm Springs, Calif.
    Mario Tama/Getty Images

    Efficiency and electric cars

    Cuts fall even harder on Americans who are trying to reduce their carbon footprints and energy costs. The bill repeals aid for home efficiency improvements such as heat pumps, efficient windows and energy audits. Homeowners would also lose tax credits for installing solar panels and batteries.

    For vehicles, the bill would not only repeal tax credits for electric cars, trucks and chargers, but it also would impose a federal $250 annual fee on vehicles, on top of fees that some states charge electric-car owners. The federal fee is more than the gas taxes paid by other drivers to fund highways and ignores air-quality and climate effects.

    Combined, the lost credits and increased fees could cut projected U.S. sales of electric vehicles by 40% in 2030, according to modeling by Jesse Jenkins of Princeton University.

    Nuclear power

    Meanwhile, the bill partially retains a tax credit for electricity from existing nuclear power plants. Those plants may not need the help: Electricity demand is surging, and companies like Meta are signing long-term deals for nuclear energy to power data centers. Nuclear plants are also paid to manage their radioactive waste, since the country lacks a permanent place to store it.

    For new nuclear plants, the bill would move up the deadline to 2028 to begin construction. That deadline is too soon for some new reactor designs and would rush the vetting of others. Nuclear safety regulators are awaiting a study from the National Academies on the weapons proliferation risks of the type of uranium fuel that some developers hope to use in newer designs.

    The House-passed bill would protect government subsidies for existing nuclear power plants, like the one in the background, while limiting support for wind turbines.
    Scott Olson/Getty Images

    Biofuels

    While cutting funding for electric vehicles, the bill would spend $45 billion to extend tax credits for biofuels such as ethanol and biodiesel.

    Food-based biofuels do little good for the climate because growing, harvesting and processing crops requires fertilizers, pesticides and fuel. The bill would allow forests to be cut to make room for crops because it directs agencies to ignore the impacts of biofuels on land use.

    Hydrogen

    The bill would end tax credits for hydrogen production. Without that support, companies will be unlikely to invest in the seven so-called “hydrogen hubs” that were allocated a combined $8 billion under the Bipartisan Infrastructure Law in 2021. Those hubs aim to attract $40 billion in private investments and create tens of thousands of jobs while developing cleaner ways to make hydrogen.

    The repealed tax credits would have subsidized hydrogen made emissions-free by using renewable or nuclear electricity to split water molecules. They also would have subsidized hydrogen made from natural gas with carbon capture, whose benefits are impaired by methane emissions from natural gas systems and incomplete carbon capture.

    However it’s made, hydrogen is no panacea. As the world’s smallest molecule, hydrogen is prone to leaking, which can pose safety challenges and indirectly warm the climate. And while hydrogen is essential for making fertilizers and potentially useful for making steel or aviation fuels, vehicles and heating are more efficiently powered by electricity than by hydrogen.

    Still, European governments and China are investing heavily in hydrogen production.

    As Congress deliberates on the One Big Beautiful Bill Act, the nation’s energy agenda is one of many issues being hotly debated.
    Kevin Carter/Getty Images

    Summing it up

    The conservative Tax Foundation estimates that the House bill would cut the Inflation Reduction Act’s clean energy tax credits by about half, saving the government $50 billion a year. But with fewer efficiency improvements, fewer electric vehicles and less clean power on the grid, Princeton’s Jenkins projects American households would pay up to $415 more per year for energy by 2035 than if the bill’s provisions were not enacted. If the bill’s provisions make it into law, the extra fossil fuel-burning would leave annual U.S. greenhouse gas emissions 1 billion tons higher by then.

    No one expected former President Joe Biden’s Inflation Reduction Act to escape unscathed with Republicans in the White House and dominating both houses of Congress. Still, the proposed cuts target the technologies Americans count on to protect the climate and save consumers money.

    Daniel Cohan receives funding from the Carbon Hub at Rice University.

    – ref. How the ‘Big Beautiful Bill’ positions US energy to be more costly for consumers and the climate – https://theconversation.com/how-the-big-beautiful-bill-positions-us-energy-to-be-more-costly-for-consumers-and-the-climate-257783

    MIL OSI –

  • MIL-OSI Submissions: How the ‘Big Beautiful Bill’ positions US energy to be more costly for consumers and the climate

    Source: The Conversation – USA (2) – By Daniel Cohan, Professor of Civil and Environmental Engineering, Rice University

    Proposed revisions to U.S. energy policy would likely raise consumer prices and climate-warming emissions. zpagistock/Moment via Getty Images

    When it comes to energy policy, the “One Big Beautiful Bill Act” – the official name of a massive federal tax-cut and spending bill that House Republicans passed in May 2025 – risks raising Americans’ energy costs and greenhouse gas emissions.

    The 1,100-page bill would slash incentives for green technologies such as solar, wind, batteries, electric cars and heat pumps while subsidizing existing nuclear power plants and biofuels. That would leave the country and its people burning more fossil fuels despite strong popular and scientific support for a rapid shift to renewable energy.

    The bill may still be revised by the Senate before it moves to a final vote. But it is a picture of how President Donald Trump and congressional Republicans want to reshape U.S. energy policy.

    As an environmental engineering professor who studies ways to confront climate change, I think it is important to distinguish which technologies could rapidly cut emissions or are on the verge of becoming viable from those that do little to fight climate change. Unfortunately, the House bill favors the latter while nixing support for the former.

    Renewable energy

    Wind and solar power, often paired with batteries, are providing over 90% of the new electricity currently being added to the grid nationally and around the world. Geothermal power is undergoing technological breakthroughs. With natural gas turbines in short supply and long lead times to build other resources, renewables and batteries offer the fastest way to satisfy growing demand for power.

    However, the House bill rescinds billions of dollars that the Inflation Reduction Act, enacted in 2022, devoted to boosting domestic manufacturing and deployments of renewable energy and batteries.

    It would terminate tax credits for manufacturing for the wind industry in 2028 and for solar and batteries in 2032. That would disrupt the boom in domestic manufacturing projects that was being stimulated by the Inflation Reduction Act.

    Deployments would be hit even harder. Wind, solar, geothermal and battery projects would need to commence construction within 60 days of passage of the bill to receive tax credits.

    In addition, the bill would deny tax credits to projects that use Chinese-made components. Financial analysts have called those provisions “unworkable,” since some Chinese materials may be necessary even for projects built with as much domestic content as possible.

    Analysts warn that the House bill would cut new wind, solar and battery installations by 20% compared with the growth that had been expected without the bill. That’s why BloombergNEF, an energy research firm, called the bill a “nightmare scenario” for clean energy proponents.

    However, one person’s nightmare may be another man’s dream. “We’re constraining the hell out of wind and solar, which is good,” said Rep. Chip Roy, a Texas Republican backed by the oil and gas industry.

    Wind turbines and solar panels generate renewable energy side by side near Palm Springs, Calif.
    Mario Tama/Getty Images

    Efficiency and electric cars

    Cuts fall even harder on Americans who are trying to reduce their carbon footprints and energy costs. The bill repeals aid for home efficiency improvements such as heat pumps, efficient windows and energy audits. Homeowners would also lose tax credits for installing solar panels and batteries.

    For vehicles, the bill would not only repeal tax credits for electric cars, trucks and chargers, but it also would impose a federal $250 annual fee on vehicles, on top of fees that some states charge electric-car owners. The federal fee is more than the gas taxes paid by other drivers to fund highways and ignores air-quality and climate effects.

    Combined, the lost credits and increased fees could cut projected U.S. sales of electric vehicles by 40% in 2030, according to modeling by Jesse Jenkins of Princeton University.

    Nuclear power

    Meanwhile, the bill partially retains a tax credit for electricity from existing nuclear power plants. Those plants may not need the help: Electricity demand is surging, and companies like Meta are signing long-term deals for nuclear energy to power data centers. Nuclear plants are also paid to manage their radioactive waste, since the country lacks a permanent place to store it.

    For new nuclear plants, the bill would move up the deadline to 2028 to begin construction. That deadline is too soon for some new reactor designs and would rush the vetting of others. Nuclear safety regulators are awaiting a study from the National Academies on the weapons proliferation risks of the type of uranium fuel that some developers hope to use in newer designs.

    The House-passed bill would protect government subsidies for existing nuclear power plants, like the one in the background, while limiting support for wind turbines.
    Scott Olson/Getty Images

    Biofuels

    While cutting funding for electric vehicles, the bill would spend $45 billion to extend tax credits for biofuels such as ethanol and biodiesel.

    Food-based biofuels do little good for the climate because growing, harvesting and processing crops requires fertilizers, pesticides and fuel. The bill would allow forests to be cut to make room for crops because it directs agencies to ignore the impacts of biofuels on land use.

    Hydrogen

    The bill would end tax credits for hydrogen production. Without that support, companies will be unlikely to invest in the seven so-called “hydrogen hubs” that were allocated a combined $8 billion under the Bipartisan Infrastructure Law in 2021. Those hubs aim to attract $40 billion in private investments and create tens of thousands of jobs while developing cleaner ways to make hydrogen.

    The repealed tax credits would have subsidized hydrogen made emissions-free by using renewable or nuclear electricity to split water molecules. They also would have subsidized hydrogen made from natural gas with carbon capture, whose benefits are impaired by methane emissions from natural gas systems and incomplete carbon capture.

    However it’s made, hydrogen is no panacea. As the world’s smallest molecule, hydrogen is prone to leaking, which can pose safety challenges and indirectly warm the climate. And while hydrogen is essential for making fertilizers and potentially useful for making steel or aviation fuels, vehicles and heating are more efficiently powered by electricity than by hydrogen.

    Still, European governments and China are investing heavily in hydrogen production.

    As Congress deliberates on the One Big Beautiful Bill Act, the nation’s energy agenda is one of many issues being hotly debated.
    Kevin Carter/Getty Images

    Summing it up

    The conservative Tax Foundation estimates that the House bill would cut the Inflation Reduction Act’s clean energy tax credits by about half, saving the government $50 billion a year. But with fewer efficiency improvements, fewer electric vehicles and less clean power on the grid, Princeton’s Jenkins projects American households would pay up to $415 more per year for energy by 2035 than if the bill’s provisions were not enacted. If the bill’s provisions make it into law, the extra fossil fuel-burning would leave annual U.S. greenhouse gas emissions 1 billion tons higher by then.

    No one expected former President Joe Biden’s Inflation Reduction Act to escape unscathed with Republicans in the White House and dominating both houses of Congress. Still, the proposed cuts target the technologies Americans count on to protect the climate and save consumers money.

    Daniel Cohan receives funding from the Carbon Hub at Rice University.

    – ref. How the ‘Big Beautiful Bill’ positions US energy to be more costly for consumers and the climate – https://theconversation.com/how-the-big-beautiful-bill-positions-us-energy-to-be-more-costly-for-consumers-and-the-climate-257783

    MIL OSI –

  • MIL-OSI Submissions: Kenya’s ride-hailing drivers say their jobs offer dignity despite the challenges

    Source: The Conversation – Africa – By Julie Zollmann, Digital Planet Fellow, The Fletcher School, Tufts University

    Many argue that gig work involves exploitation, as research and media coverage have highlighted. But that doesn’t seem to deter ride hailing drivers on platforms like Uber and Bolt.

    In Kenya, in fact, many new drivers continued to join platforms even as fares were slashed starting in 2016.

    As a PhD student studying the role of digitalisation in development, I spent several years trying to understand how digital drivers experienced the quality of their work. My research found that in 2019, a typical digital driver in Nairobi worked about 58 hours a week and earned well below the minimum wage on an hourly basis. What made this work attractive? Why did drivers stay?

    In a new paper, I draw on a 2019 survey of 450 drivers in Nairobi and 38 subsequent qualitative interviews in Nairobi and Kenya’s second largest ride hailing market, Mombasa, in 2021 that explored drivers’ experiences in detail.

    In addition to measuring working hours and incomes, my survey team asked drivers if they considered their work “dignified”. Nearly eight in ten (78%) of our survey participants said yes. While that specific share of drivers may have changed since then, the underlying reasons drivers found the work dignified remain unchanged.

    In the global north, scholars have rung alarm bells about what “gig work” means for the erosion of standard jobs with legal protections around working hours, minimum wage and other benefits. But the drivers my team and I spoke with in Kenya felt that digital driving was a step towards formalisation rather than a drift away from an ideal formal job. Driving had diginity in contrast to the indignities of low-wage work and the vast informal sector, which was their realistic alternative for making a living.

    My findings highlight that workers’ experiences on global platforms like Uber are not universal and that digitisation may deliver some improvements in work quality relative to informal work in African contexts.

    How did digital work deliver dignity?

    Drivers explained that app companies imposed rules and structure that provided “discipline” in a transport sector more broadly associated with rudeness, unruliness, and disrespect towards passengers. Requirements for things like driving licences, proof of insurance, and ratings seemed to make drivers feel more professional and make passengers see them as such.

    Drivers felt proud to be part of a driver community that behaved professionally under these conditions. A 38-year-old male driver in Nairobi who had been working on the platforms for three years told us:

    We are very respected … Everyone trusts you to carry them. It’s not like the old days, when the taxi driver might rob you and dump you or even kill you. We are getting attraction from the society, even in the slums. They know you are an app driver, and they trust you because app drivers are good people. They know you can deliver, that you will be honest.



    Read more:
    Zimbabwe’s economy crashed — so how do citizens still cling to myths of urban and economic success?

    On platforms, drivers were matched digitally with riders. Respondents said this brought dignity by ensuring drivers would receive a fairly steady stream of clients. This meant that a driver could rest assured he would earn money every day.

    The alternative was to “hustle” in the informal economy to shake loose opportunities and constantly solicit those who might use their labour and beg for payment after a job was done. Constant solicitation and bargaining were exhausting and degrading.

    One driver explained:

    Most of us are poor. I have never walked out every morning sure that I would do a job. But now I know that if my car has been serviced and my phone is charged and working, I am going to work and not to some charity job. I used to wait at the base all day without getting a customer. Now, ….. at least two, three days are going to be good for you.

    Digital matchmaking also meant that drivers were not limited to serving the few clients they already knew or who happened to pass them at a fixed base. They found themselves serving new parts of the city and carrying important people, including business people, celebrities and local politicians. Serving these high-end customers made them feel proud and important. Wealthy neighbourhoods, luxury hotels and high-end restaurants felt more open to them in otherwise exclusionary and segregated cities.

    Some drivers felt that digitalisation had removed barriers to entry for taxi driving, like paying to join a parking base and building a client list.

    The app did away with parking bases, and about half of drivers joined the system through a “partner”, paying a fixed weekly fee to rent their car instead of buying it themselves.

    In efforts to make rides cheaper, in 2018 app companies in Kenya allowed smaller, less expensive cars on their platforms, lowering costs of ownership. Drivers in our survey showed that both formal and informal financiers were willing to offer loans to digital drivers, knowing they would have regular revenue to service their debt.

    Buying a car was seen as a huge, dignifying accomplishment. One driver in the survey told us:

    Growing up, I thought vehicles were owned only by the rich, but now digital driving has provided a means for me to own one and earn the respect of society.

    David Muteru, then chairman of the Digital Taxi Association of Kenya, echoed this sentiment: “Owning a vehicle, that’s an asset”.

    Dignity not always guaranteed

    The dignifying value of order was only possible when app companies enforced their own rules and did so fairly. Drivers preferred the stringent rule enforcement of one major app over the lax enforcement of another, which made for more stressful and undignified interactions with riders.

    When the rules were enforced, drivers could be sure that the app company would help if a rider refused to pay or if there was a dispute with the client. Drivers felt the stricter environment kept bad actors out.

    Over time, though, app companies slashed prices, competing for market share. Drivers felt less respected by riders who saw them as desperate for money. Low fares pressed drivers to negotiate with riders for offline trips and higher rates, reintroducing the indignity of haggling.

    Lessons for the future

    Digitally mediated work raises many questions about labour standards.

    This research shows how important it is to keep local context in mind. Digital driving is not the same experience for drivers in every context. Where people suffer indignities and deprivations in the informal sector, digitalisation may offer gains. But this potential depends on rule enforcement and pay. Material and subjective dignity are intertwined.

    Julie Zollmann received funding from Mastercard Foundation.

    – ref. Kenya’s ride-hailing drivers say their jobs offer dignity despite the challenges – https://theconversation.com/kenyas-ride-hailing-drivers-say-their-jobs-offer-dignity-despite-the-challenges-257845

    MIL OSI –

  • MIL-OSI: Credicorp Ltd.: Credicorp Takes Legal Action to Defend Rule of Law in Tax Dispute with SUNAT

    Source: GlobeNewswire (MIL-OSI)

    Lima, June 30, 2025 (GLOBE NEWSWIRE) — Lima, PERU, June 30, 2025 – Credicorp Ltd. (“Credicorp” or “the Company”) (NYSE:BAP | BVL: BAP), the leading financial services holding company in Peru with a presence in Chile, Colombia, Bolivia, and Panama, through its subsidiary Grupo Credito S.A. initiates legal action against the Peruvian Tax Administration (Superintendencia Nacional de Aduanas y de Administración Tributaria – SUNAT), for disregarding the law and the decision of SUNAT´s Review Committee (Comité Revisor), whose rulings are binding under current legislation. The Company expresses concern that SUNAT is ignoring the legal framework in effect at the time of the transactions in question, thereby undermining legal certainty for companies operating in Peru.

    The transactions in question involved Grupo Crédito S.A. purchasing Banco de Crédito del Perú (BCP) shares from Credicorp Ltd. in 2018 and 2019, through the Lima Stock Exchange.  At the time, Peruvian law exempted such transactions from income tax, provided that the transferred shares did not exceed 10% of the total outstanding shares of the issuing company within a 12-month period.

    These transactions were communicated to the Superintendencia del Mercado de Valores (SMV), approved by the Superintendencia de Banca, Seguros y AFP (SBS), and duly registered with Registro Central de Valores y Liquidaciones (CAVALI). They were conducted transparently and in full compliance with applicable legal and regulatory requirements.

    Credicorp notes that this case was previously reviewed by SUNAT’s own Review Committee, which confirmed the authenticity of the transactions and found no grounds for tax elusion claims. Nevertheless, SUNAT has reopened the matter and is now seeking over S/. 1.5 billion in purported unpaid income tax and accrued interest. Credicorp views this action as a serious breach of legal predictability, given it involves both the disregard of established legal norms, and the reopening of a case already assessed and resolved by SUNAT’s own Review Committee. In accordance with International Accounting Standards, no expense provisions are necessary.

    Credicorp is evaluating this new development and will respond through all appropriate legal and administrative channels. Grupo Crédito S.A., the entity involved, reaffirms its commitment to full regulatory and tax compliance, and to protecting the interests of its employees, clients, and investors.

    About Credicorp:
    Credicorp (NYSE: BAP) is the leading financial services holding company in Peru with presence in Chile, Colombia, Bolivia, and Panama. Credicorp has a diversified business portfolio organized into four lines of business: Universal Banking, through Banco de Crédito del Peru (“BCP”) and Banco de Crédito de Bolivia; Microfinance, through Mibanco in Peru and Colombia; Insurance & Pension Funds, through Grupo Pacifico and Prima AFP; and Investment Management & Advisory, through Credicorp Capital, Wealth Management at BCP and ASB Bank Corp.

    For further information please contact the IR team:
    investorrelations@credicorpperu.com
    Investor Relations
    Credicorp Ltd.

    The MIL Network –

  • MIL-OSI: First Merchants Corporation to Report Second Quarter 2025 Financial Results, Host Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., June 30, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (Nasdaq:FRME) will release second quarter 2025 financial results on July 23, 2025. The Corporation will host a second quarter 2025 earnings conference call and webcast at 9:00 a.m. (ET) on Thursday, July 24, 2025.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI605c2e360ce04cfc9c4221bda7f67a49)

    In order to view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/ced58zg3) during the time of the call. A replay of the webcast will be available until July 24, 2026.  

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    FOR IMMEDIATE RELEASE
    For more information, contact:
    Nicole M. Weaver, First Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    The MIL Network –

  • MIL-OSI: First Merchants Corporation to Report Second Quarter 2025 Financial Results, Host Conference Call and Webcast

    Source: GlobeNewswire (MIL-OSI)

    MUNCIE, Ind., June 30, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation (Nasdaq:FRME) will release second quarter 2025 financial results on July 23, 2025. The Corporation will host a second quarter 2025 earnings conference call and webcast at 9:00 a.m. (ET) on Thursday, July 24, 2025.

    To access via phone, participants will need to register using the following link where they will be provided a phone number and access code: (https://register-conf.media-server.com/register/BI605c2e360ce04cfc9c4221bda7f67a49)

    In order to view the webcast and presentation slides, please go to (https://edge.media-server.com/mmc/p/ced58zg3) during the time of the call. A replay of the webcast will be available until July 24, 2026.  

    About First Merchants Corporation

    First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

    First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

    FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

    FOR IMMEDIATE RELEASE
    For more information, contact:
    Nicole M. Weaver, First Vice President and Director of Corporate Administration
    765-521-7619
    http://www.firstmerchants.com

    The MIL Network –

  • MIL-OSI USA: Governor Newsom signs balanced state budget that cuts taxes for vets, fully funds free school meals, builds more housing, & creates jobs

    Source: US State of California 2

    Jun 27, 2025

    ✅ FUNDED: Tax cut for military retirees

    ✅ FUNDED: Universal pre-kindergarten for all 

    ✅ FUNDED: Expanded before school, after school, & summer school

    ✅ FUNDED: Free school meals for all kids 

    ✅ FUNDED: Game-changing literacy & reading investments

    ✅ FUNDED: Building more housing, ASAP

    ✅ FUNDED: Lowering drug costs

    ✅ FUNDED: Expanding medication abortion access with CalRx

    ✅ FUNDED: Historic firefighting & public safety investments

    ✅ FUNDED: Protecting California’s iconic film industry

    Signing of landmark package to cut red tape, fast-track housing, and infrastructure forthcoming  

    SACRAMENTO – Amid Donald Trump’s economic assault on California, Governor Gavin Newsom today signed the 2025 state budget bill advanced in partnership with Senate President pro Tempore Mike McGuire and Speaker Robert Rivas. Together, the Governor and Legislature are enacting a responsible, balanced spending plan that safeguards California’s values while maintaining long-term fiscal health. This budget and forthcoming trailer bills include new, landmark policies that will accelerate housing production and boost affordability in communities across the state — addressing California’s most urgent challenges.

    As we confront Donald Trump’s economic sabotage, this budget agreement proves California won’t just hold the line — we’ll go even further. It’s balanced, it maintains substantial reserves, and it’s focused on supporting Californians — slashing red tape and catapulting housing and infrastructure development, preserving essential healthcare services, funds universal pre-K, and cuts taxes for veterans.

    Governor Gavin Newsom

    Pro Tem Mike McGuire says: “The State is delivering a responsible on-time budget in a challenging year focused on fiscal restraint and investing in the people and programs that make this State great. This budget prioritizes record funding for our kids and public schools, protects access to health care for millions of the most vulnerable, and will create more housing at a scale not seen in years. Thanks to this budget agreement, the state will help get more folks off the streets and into permanent shelter, and we’ll expand the ranks of CalFire, deploying hundreds of additional full-time CalFire firefighters, which will save lives and make us all more wildfire safe. And this agreement helps prepare our state for the ongoing chaos and massive uncertainty caused by the Trump administration. Thank you to our Senate Budget Chair Scott Wiener, Speaker Rivas and Governor Newsom and their staffs for their hard work for the people of California.”

    Speaker Robert Rivas says: “This is an incredibly difficult time for Californians. Trump is undermining our economy with reckless tariffs, harsh cuts, and ICE agents terrorizing our communities. At a moment when so many are already struggling, he’s adding fear and instability. In contrast, Democrats have delivered a budget that protects California. It cuts red tape to build more housing faster — because housing is the foundation of affordability and opportunity. It preserves critical investments in health care, women’s health, education, and public safety. And it honors our commitment not to raise taxes on families, workers, or small businesses. In unprecedented times, under painful circumstances, Democrats are delivering for Californians.”

    Tax cuts for vets, smaller class sizes, free school meals

    The budget reflects a shared commitment to protect opportunity and improve affordability in California, in the face of targeted attacks by the Trump administration. The budget makes historic investments in public education — from universal transitional kindergarten and free school meals to expanded before and after-school programs, summer school, smaller class sizes, and strengthened career training and higher education. The budget demonstrates the state’s commitment to honoring veterans by creating tax cuts for military retirees, recognizing their service and supporting their financial security. 

    Lowering prescription drug costs, protecting reproductive care, and safety nets 

    The budget preserves key health care programs for Californians targeted by Republicans. It preserves vital safety net programs, including in-home supportive services and women’s reproductive health. As part of the budget, the Governor is also expected to sign legislation protecting access to health care, license and regulate Pharmacy Benefit Managers for the first time, increasing transparency and accountability in the pharmacy supply chain. The legislation also expands CalRx’s authority to procure brand-name drugs and respond to politically motivated supply disruptions, helping shield access to critical medications like mifepristone.

    Lights, camera, JOBS

    The budget protects California’s position as the 4th largest economy in the world – supporting business and continued economic growth, including California’s iconic film industry. Next week, the Governor is expected to sign additional legislation as part of the expansion of the film and TV tax credit program — further catapulting the program’s impact to $750 million a year.

    Trump’s economic assault

    The balanced budget comes as California continues to confront significant fiscal pressures fueled by the Trump administration’s reckless economic and immigration policies. According to the California Department of Finance, Trump’s tariff regime is projected to cost the state an estimated $16 billion in lost General Fund revenue through the next fiscal year. And a new study released June 17 by the Bay Area Council Economic Institute, in collaboration with UC Merced, found that Trump’s mass deportations could slash $275 billion from California’s economy, eliminate $23 billion in annual tax revenue, and severely disrupt key industries such as agriculture, construction, and hospitality. 

    In the face of these mounting challenges, the Governor issued a proclamation to access state reserves. This responsible and balanced budget protects Californians, creates more housing, preserves core programs, reinforces fiscal discipline, and invests in the state’s long-term economic strength.

    The Governor today announced signing the following bills:

    • AB 102 by Assemblymember Jesse Gabriel (D-Encino) – Budget Act of 2025.
    • AB 118 by the Committee on Budget – Human services.
    • AB 121 by the Committee on Budget – Education finance: education omnibus budget trailer bill.
    • AB 123 by the Committee on Budget – Higher education budget trailer bill.
    • AB 134 by the Committee on Budget – Public Safety.
    • AB 136 by the Committee on Budget – Courts.
    • AB 143 by the Committee on Budget – Developmental services.
    • SB 101 by the Senator Scott Wiener (D-San Francisco) – Budget Act of 2025.
    • SB 103 by the Senator Scott Wiener (D-San Francisco) – Budget Acts of 2022, 2023, and 2024.
    • SB 120 by the Committee on Budget and Fiscal Review – Early childhood education and childcare.
    • SB 124 by the Committee on Budget and Fiscal Review – Public resources trailer bill.
    • SB 127 by the Committee on Budget and Fiscal Review – Climate change.
    • SB 128 by the Committee on Budget and Fiscal Review – Transportation.
    • SB 132 by the Committee on Budget and Fiscal Review – Taxation.
    • SB 141 by the Committee on Budget and Fiscal Review – California Cannabis Tax Fund: Department of Cannabis Control: Board of State and Community Corrections grants.
    • SB 142 by the Committee on Budget and Fiscal Review – Deaf and Disabled Telecommunications Program.

    The Governor’s signature on the state budget is contingent on the enactment of either AB 131 or SB 131 on Monday, June 30th.

    Para leer este comunicado en español, haga clic aquí.

    Recent news

    Jun 27, 2025

    News ✅ CUMPLIDO: Reducción de impuestos para jubilados militares ✅ CUMPLIDO: Pre-kinder universal para todos ✅ CUMPLIDO: Ampliación de programas antes y después de clases y cursos de verano ✅ CUMPLIDO: Alimentación escolar gratuita para todos los niños ✅ CUMPLIDO:…

    Jun 27, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments: Neal Payton, of Santa Monica, has been appointed to the State Historical Resources Commission. Payton has been Senior Principal at Torti Gallas + Partners since 1996. He was Associate…

    Jun 27, 2025

    News What you need to know: The federal Republicans’ “Big, Beautiful bill” would eliminate health coverage for up to 3.4 million Californians, cut at least $28.4 billion in federal Medicaid funding, and put food assistance at risk for the hundreds of thousands of…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom signs balanced state budget that cuts taxes for vets, fully funds free school meals, builds more housing, & creates jobs

    Source: US State of California 2

    Jun 27, 2025

    ✅ FUNDED: Tax cut for military retirees

    ✅ FUNDED: Universal pre-kindergarten for all 

    ✅ FUNDED: Expanded before school, after school, & summer school

    ✅ FUNDED: Free school meals for all kids 

    ✅ FUNDED: Game-changing literacy & reading investments

    ✅ FUNDED: Building more housing, ASAP

    ✅ FUNDED: Lowering drug costs

    ✅ FUNDED: Expanding medication abortion access with CalRx

    ✅ FUNDED: Historic firefighting & public safety investments

    ✅ FUNDED: Protecting California’s iconic film industry

    Signing of landmark package to cut red tape, fast-track housing, and infrastructure forthcoming  

    SACRAMENTO – Amid Donald Trump’s economic assault on California, Governor Gavin Newsom today signed the 2025 state budget bill advanced in partnership with Senate President pro Tempore Mike McGuire and Speaker Robert Rivas. Together, the Governor and Legislature are enacting a responsible, balanced spending plan that safeguards California’s values while maintaining long-term fiscal health. This budget and forthcoming trailer bills include new, landmark policies that will accelerate housing production and boost affordability in communities across the state — addressing California’s most urgent challenges.

    As we confront Donald Trump’s economic sabotage, this budget agreement proves California won’t just hold the line — we’ll go even further. It’s balanced, it maintains substantial reserves, and it’s focused on supporting Californians — slashing red tape and catapulting housing and infrastructure development, preserving essential healthcare services, funds universal pre-K, and cuts taxes for veterans.

    Governor Gavin Newsom

    Pro Tem Mike McGuire says: “The State is delivering a responsible on-time budget in a challenging year focused on fiscal restraint and investing in the people and programs that make this State great. This budget prioritizes record funding for our kids and public schools, protects access to health care for millions of the most vulnerable, and will create more housing at a scale not seen in years. Thanks to this budget agreement, the state will help get more folks off the streets and into permanent shelter, and we’ll expand the ranks of CalFire, deploying hundreds of additional full-time CalFire firefighters, which will save lives and make us all more wildfire safe. And this agreement helps prepare our state for the ongoing chaos and massive uncertainty caused by the Trump administration. Thank you to our Senate Budget Chair Scott Wiener, Speaker Rivas and Governor Newsom and their staffs for their hard work for the people of California.”

    Speaker Robert Rivas says: “This is an incredibly difficult time for Californians. Trump is undermining our economy with reckless tariffs, harsh cuts, and ICE agents terrorizing our communities. At a moment when so many are already struggling, he’s adding fear and instability. In contrast, Democrats have delivered a budget that protects California. It cuts red tape to build more housing faster — because housing is the foundation of affordability and opportunity. It preserves critical investments in health care, women’s health, education, and public safety. And it honors our commitment not to raise taxes on families, workers, or small businesses. In unprecedented times, under painful circumstances, Democrats are delivering for Californians.”

    Tax cuts for vets, smaller class sizes, free school meals

    The budget reflects a shared commitment to protect opportunity and improve affordability in California, in the face of targeted attacks by the Trump administration. The budget makes historic investments in public education — from universal transitional kindergarten and free school meals to expanded before and after-school programs, summer school, smaller class sizes, and strengthened career training and higher education. The budget demonstrates the state’s commitment to honoring veterans by creating tax cuts for military retirees, recognizing their service and supporting their financial security. 

    Lowering prescription drug costs, protecting reproductive care, and safety nets 

    The budget preserves key health care programs for Californians targeted by Republicans. It preserves vital safety net programs, including in-home supportive services and women’s reproductive health. As part of the budget, the Governor is also expected to sign legislation protecting access to health care, license and regulate Pharmacy Benefit Managers for the first time, increasing transparency and accountability in the pharmacy supply chain. The legislation also expands CalRx’s authority to procure brand-name drugs and respond to politically motivated supply disruptions, helping shield access to critical medications like mifepristone.

    Lights, camera, JOBS

    The budget protects California’s position as the 4th largest economy in the world – supporting business and continued economic growth, including California’s iconic film industry. Next week, the Governor is expected to sign additional legislation as part of the expansion of the film and TV tax credit program — further catapulting the program’s impact to $750 million a year.

    Trump’s economic assault

    The balanced budget comes as California continues to confront significant fiscal pressures fueled by the Trump administration’s reckless economic and immigration policies. According to the California Department of Finance, Trump’s tariff regime is projected to cost the state an estimated $16 billion in lost General Fund revenue through the next fiscal year. And a new study released June 17 by the Bay Area Council Economic Institute, in collaboration with UC Merced, found that Trump’s mass deportations could slash $275 billion from California’s economy, eliminate $23 billion in annual tax revenue, and severely disrupt key industries such as agriculture, construction, and hospitality. 

    In the face of these mounting challenges, the Governor issued a proclamation to access state reserves. This responsible and balanced budget protects Californians, creates more housing, preserves core programs, reinforces fiscal discipline, and invests in the state’s long-term economic strength.

    The Governor today announced signing the following bills:

    • AB 102 by Assemblymember Jesse Gabriel (D-Encino) – Budget Act of 2025.
    • AB 118 by the Committee on Budget – Human services.
    • AB 121 by the Committee on Budget – Education finance: education omnibus budget trailer bill.
    • AB 123 by the Committee on Budget – Higher education budget trailer bill.
    • AB 134 by the Committee on Budget – Public Safety.
    • AB 136 by the Committee on Budget – Courts.
    • AB 143 by the Committee on Budget – Developmental services.
    • SB 101 by the Senator Scott Wiener (D-San Francisco) – Budget Act of 2025.
    • SB 103 by the Senator Scott Wiener (D-San Francisco) – Budget Acts of 2022, 2023, and 2024.
    • SB 120 by the Committee on Budget and Fiscal Review – Early childhood education and childcare.
    • SB 124 by the Committee on Budget and Fiscal Review – Public resources trailer bill.
    • SB 127 by the Committee on Budget and Fiscal Review – Climate change.
    • SB 128 by the Committee on Budget and Fiscal Review – Transportation.
    • SB 132 by the Committee on Budget and Fiscal Review – Taxation.
    • SB 141 by the Committee on Budget and Fiscal Review – California Cannabis Tax Fund: Department of Cannabis Control: Board of State and Community Corrections grants.
    • SB 142 by the Committee on Budget and Fiscal Review – Deaf and Disabled Telecommunications Program.

    The Governor’s signature on the state budget is contingent on the enactment of either AB 131 or SB 131 on Monday, June 30th.

    Para leer este comunicado en español, haga clic aquí.

    Recent news

    Jun 27, 2025

    News ✅ CUMPLIDO: Reducción de impuestos para jubilados militares ✅ CUMPLIDO: Pre-kinder universal para todos ✅ CUMPLIDO: Ampliación de programas antes y después de clases y cursos de verano ✅ CUMPLIDO: Alimentación escolar gratuita para todos los niños ✅ CUMPLIDO:…

    Jun 27, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments: Neal Payton, of Santa Monica, has been appointed to the State Historical Resources Commission. Payton has been Senior Principal at Torti Gallas + Partners since 1996. He was Associate…

    Jun 27, 2025

    News What you need to know: The federal Republicans’ “Big, Beautiful bill” would eliminate health coverage for up to 3.4 million Californians, cut at least $28.4 billion in federal Medicaid funding, and put food assistance at risk for the hundreds of thousands of…

    MIL OSI USA News –

  • MIL-OSI Security: Romanian criminals stealing fertilisers and pesticides in western France stopped in tracks

    Source: Eurojust

    Following close cooperation between the French and Romanian authorities, criminals stealing agrochemical products across western France have been stopped in their tracks. The network was also involved in transporting and concealing the stolen goods. During a coordinated action this week, 12 suspects were arrested or identified in both countries.

    Eurojust supported the judiciary in both countries by facilitating the execution of European Arrest Warrants (EAWs) and European Investigation Orders and provided further cross-border judicial support.

     The criminal network was well organised and structured, specialising in the theft of fertilisers and pesticides, for instance. The action day in France and Romania targeted three teams of thieves, two carriers and two fences. Three suspects were arrested in France, and nine more were identified in Romania, based on EAWs issued by the French authorities.

    Over the past two years, at least sixty farms, agricultural storage facilities and enterprises have been burgled. The value of the stolen goods and the damage caused by the thefts is estimated at EUR 3 million. The thefts were not without risk, as certain products were highly flammable and posed a health hazard if not handled properly. The stolen goods were transported and stored by the network for onward sale via illegal channels in Romania.

    Investigations coordinated by the investigative judge of the Interregional Jurisdiction (JIRS) of Rennes in France indicated that a Romanian-led organised crime group was behind the large-scale thefts. In November of last year, the JIRS contacted the French National Desk at Eurojust to arrange for cooperation with the Romanian authorities. Following a coordination meeting at the Agency, joint actions in both countries were organised this week.

    In Romania, 17 places were searched, where cash in different currencies was seized, estimated to be worth EUR 200 000. Four vehicles and various quantities of liquid and solid agrochemical products were also seized.

    The coordinated action this week was carried out by and at the request of the following authorities:

    • France: Investigative Judge JIRS Rennes; Gendarmerie Nationale – Section de Recherches Caen
    • Romania: Directorate for Investigating Organised Crime and Terrorism (DIICOT); National Police – Criminal Investigations Directorate

    MIL Security OSI –

  • MIL-OSI Security: Romanian criminals stealing fertilisers and pesticides in western France stopped in tracks

    Source: Eurojust

    Following close cooperation between the French and Romanian authorities, criminals stealing agrochemical products across western France have been stopped in their tracks. The network was also involved in transporting and concealing the stolen goods. During a coordinated action this week, 12 suspects were arrested or identified in both countries.

    Eurojust supported the judiciary in both countries by facilitating the execution of European Arrest Warrants (EAWs) and European Investigation Orders and provided further cross-border judicial support.

     The criminal network was well organised and structured, specialising in the theft of fertilisers and pesticides, for instance. The action day in France and Romania targeted three teams of thieves, two carriers and two fences. Three suspects were arrested in France, and nine more were identified in Romania, based on EAWs issued by the French authorities.

    Over the past two years, at least sixty farms, agricultural storage facilities and enterprises have been burgled. The value of the stolen goods and the damage caused by the thefts is estimated at EUR 3 million. The thefts were not without risk, as certain products were highly flammable and posed a health hazard if not handled properly. The stolen goods were transported and stored by the network for onward sale via illegal channels in Romania.

    Investigations coordinated by the investigative judge of the Interregional Jurisdiction (JIRS) of Rennes in France indicated that a Romanian-led organised crime group was behind the large-scale thefts. In November of last year, the JIRS contacted the French National Desk at Eurojust to arrange for cooperation with the Romanian authorities. Following a coordination meeting at the Agency, joint actions in both countries were organised this week.

    In Romania, 17 places were searched, where cash in different currencies was seized, estimated to be worth EUR 200 000. Four vehicles and various quantities of liquid and solid agrochemical products were also seized.

    The coordinated action this week was carried out by and at the request of the following authorities:

    • France: Investigative Judge JIRS Rennes; Gendarmerie Nationale – Section de Recherches Caen
    • Romania: Directorate for Investigating Organised Crime and Terrorism (DIICOT); National Police – Criminal Investigations Directorate

    MIL Security OSI –

  • MIL-OSI: As New Energy Tax Policy Takes Shape, T1 Energy Confident It is Well Positioned

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas and NEW YORK, June 30, 2025 (GLOBE NEWSWIRE) — T1 Energy Inc. (NYSE: TE) (“T1,” “T1 Energy,” or the “Company”) values the ongoing support in the current draft of the budget bill under consideration in the U.S. Senate for the 45X Production Tax Credit, which encourages domestic production of solar modules and component pieces. This tax policy, backed by both houses of Congress and provisionally extended through 2032, provides a foundation for the growth of a domestic solar supply chain. T1 Energy expects to participate in and benefit from that growth.

    In addition, the proposed language in the budget bill maintains transferability and stackability of 45X credits. T1 views both as important incentives for the domestic solar manufacturing industry in general, and specifically for T1 by providing financing options and flexibility. The ability to potentially stack the 45X credits from integrated U.S. cell and module production is expected to contribute meaningfully to T1’s EBITDA generation.

    These elements of the budget bill are important for T1 as the Company continues to advance several capital formation initiatives to fund development of G2_Austin, its planned 5 GW U.S. Solar Cell Facility in Milam County, Texas. Finalization of the budget bill and a policy framework that supports T1’s domestic content strategy are key steps to advance T1’s project financing, customer offtake discussions and other related funding initiatives. The Company expects to complete the capital formation process to reach the start of construction at G2_Austin in Q3 2025.

    T1 Energy is evaluating the recently added proposal to implement an excise tax on certain solar projects that include a substantial percentage of components from a Foreign Entity of Concern (“FEOC”) nation. As a young and nimble company, T1 Energy believes it will be able to align its manufacturing operations with the final version of the bill. If the FEOC tax is in the final draft, T1 expects to be able to provide American solar modules exempt from the tax. If the provision is removed, T1 will continue with existing plans to provide high efficiency, cost-competitive modules from G1_Dallas, its operational 5 GW Solar Module Facility, while the Company evaluates its most attractive value creation opportunities.

    “Solar energy strengthens our electric grids and lowers electricity prices for Americans and American businesses. We see this every day on the Texas grid as solar supports the state’s dynamic population and economic growth through abundance and affordability. Solar is not a problem. It’s an answer. And it needs to be made in America,” said T1 Chairman of the Board and Chief Executive Officer Daniel Barcelo.

    About T1 Energy

    T1 Energy Inc. (NYSE: TE) is an energy solutions provider building an integrated U.S. supply chain for solar and batteries. In December 2024, T1 completed a transformative transaction, positioning the Company as one of the leading solar manufacturing companies in the United States, with a complementary solar and battery storage strategy. Based in the United States with plans to expand its operations in America, the Company is also exploring value optimization opportunities across its portfolio of assets in Europe.

    To learn more about T1, please visit www.T1energy.com and follow us on social media.

    Investor contact:

    Jeffrey Spittel
    EVP, Investor Relations and Corporate Development
    jeffrey.spittel@T1energy.com
    Tel: +1 409 599 5706

    Media contact:

    Russell Gold
    EVP, Strategic Communications
    russell.gold@T1energy.com
    Tel: +1 214 616 9715

    Cautionary Statement Concerning Forward-Looking Statements:

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation with respect to: the Company’s ability to deliver solar modules exempt from proposed tax and any associated advantage in the solar marketplace; the duration of the 45X Production Tax Credit policy; the proposed tax policy providing a foundation for the growth of a domestic solar supply chain and the Company’s expected participation and benefit from such growth; the final form of the budget bill, including the transferability and stackability of 45X credits, and any benefits to the Company on its financing options and flexibility; the extent to which potential stackability of 45X credits may contribute meaningfully to T1’s EBITDA generation; T1’s ability to align its manufacturing operations with the final version of the budget bill and comply with the bill; the Company’s commitment to shareholders and customers; the Company’s capital formation initiatives to fund G2_Austin and the timeline for its construction; the Company’s ongoing customer offtake discussions; and the Company’s commitment to provide modules that are exempt from the proposed FEOC tax. These forward-looking statements are based on management’s current expectations. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause actual future events, results, or achievements to be materially different from the Company’s expectations and projections expressed or implied by the forward-looking statements. Important factors include, but are not limited to, those discussed under the caption “Risk Factors” in (i) T1’s annual report on Form 10-K for the year ended December 31, 2024 filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2025, as amended and supplemented by Amendment No. 1 on Form 10-K/A filed with the SEC on April 30, 2025, and T1’s quarterly report on Form 10-Q for the quarterly period ended March 31, 2025 filed with the SEC on May 15, 2025, (ii) T1’s post-effective Amendment No. 1 to the Registration Statement on Form S-3 filed with the SEC on January 4, 2024, and (iii) T1’s Registration Statement on Form S-4 filed with the SEC on September 8, 2023 and subsequent amendments thereto filed on October 13, 2023, October 19, 2023 and October 31, 2023. All of the above referenced filings are available on the SEC’s website at www.sec.gov. Forward-looking statements speak only as of the date of this press release and are based on information available to the Company as of the date of this press release, and the Company assumes no obligation to update such forward-looking statements, all of which are expressly qualified by the statements in this section, whether as a result of new information, future events or otherwise, except as required by law.

    T1 intends to use its website as a channel of distribution to disclose information which may be of interest or material to investors and to communicate with investors and the public. Such disclosures will be included on T1’s website in the ‘Investor Relations’ section. T1, and its CEO and Chairman of the Board, Daniel Barcelo, also intend to use certain social media channels, including, but not limited to, X, LinkedIn and Instagram, as means of communicating with the public and investors about T1, its progress, products, and other matters. While not all the information that T1 or Daniel Barcelo post to their respective digital platforms may be deemed to be of a material nature, some information may be. As a result, T1 encourages investors and others interested to review the information that it and Daniel Barcelo posts and to monitor such portions of T1’s website and social media channels on a regular basis, in addition to following T1’s press releases, SEC filings, and public conference calls and webcasts. The contents of T1’s website and its and Daniel Barcelo’s social media channels shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.

    The MIL Network –

  • MIL-OSI Asia-Pac: Government’s financial results for two months ended May 31, 2025

    Source: Hong Kong Government special administrative region

         The Government announced today (June 30) its financial results for the two months ended May 31, 2025.

         Expenditure and revenue from April to May 2025 amounted to HK$129.7 billion and HK$55.9 billion respectively, resulting in a deficit of HK$78.4 billion after taking into account HK$15.5 billion received from issuance of Government Bonds and repayment of HK$20.1 billion principal on Government Bonds.

         A Government spokesperson said that the deficit for the period was mainly due to the fact that some major types of revenue including salaries and profits taxes, are mostly received towards the end of a financial year.

         The fiscal reserves stood at HK$575.9 billion as at May 31, 2025.

         Detailed figures are shown in Tables 1 and 2.

    TABLE 1. CONSOLIDATED ACCOUNT (Note 1)
     

      Month ended
    May 31, 2025
    HK$ million    		 Two months ended
    May 31, 2025
    HK$ million
    Revenue 17,448.6 55,906.5
    Expenditure (66,328.1) (129,774.6)
         
    Deficit before issuance
    and repayment of
    Government Bonds    		 (48,879.5) (73,868.1)
         
    Proceeds received from
    issuance of
    Government Bonds    		 9,435.9 15,534.8
         
    Repayment of
    Government Bonds*    		 (20,070.1) (20,120.5)
         
    Deficit after issuance
    and repayment of
    Government Bonds    		 (59,513.7) (78,453.8)
         
    Financing    
    Domestic    
         Banking Sector (Note 2) 59,210.2 75,933.7
         Non-Banking Sector 303.5 2,520.1
    External – –
           
    Total 59,513.7 78,453.8
    * Being repayment of principal on Government Bonds and does not include the associated interest and other expenses.

    Government Debts as at May 31, 2025 (Note 3)
        HK$298,332 million
    Debts Guaranteed by Government as at May 31, 2025 (Note 4)
        HK$123,199 million

    TABLE 2. FISCAL RESERVES
     

     
         		 Month ended
    May 31, 2025
    HK$ million    		 Two months ended
    May 31, 2025
    HK$ million
    Fiscal Reserves at start of period 635,376.7 654,316.8
    Consolidated Deficit after
    issuance and repayment of
    Government Bonds    		 (59,513.7) (78,453.8)
         
    Fiscal Reserves at end of period
    (Note 5)    		 575,863.0 575,863.0

    Notes:

    1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at May 31, 2025, was HK$216,896 million.

    2. Includes transactions with the Exchange Fund and resident banks.

    3. The Government Debts, with proceeds credited to the Capital Works Reserve Fund, comprise:

    (i) the Green Bonds (equivalent to HK$177,761 million as at May 31, 2025) issued under the Government Sustainable Bond Programme. They were denominated in US dollars (US$9,950 million with maturity from January 2026 to January 2053), euros (4,580 million euros with maturity from February 2026 to November 2041), Renminbi (RMB34,000 million with maturity from June 2025 to July 2054) and Hong Kong dollars (HK$22,000 million with maturity from February 2026 to October 2026);

    (ii) the Infrastructure Bonds (equivalent to HK$65,900 million as at May 31, 2025) issued under the Infrastructure Bond Programme. They were denominated in Renminbi (RMB19,000 million with maturity from December 2025 to May 2035) and Hong Kong dollars (HK$45,230 million with maturity from November 2025 to March 2045); and

    (iii) the Silver Bonds with nominal value of HK$54,671 million (with maturity in October 2027 and may be redeemed before maturity upon request from bond holders) issued under the Infrastructure Bond Programme.

         They do not include the outstanding bonds with nominal value of HK$168,090 million and alternative bonds with nominal value of US$1,000 million (equivalent to HK$7,841 million as at May 31, 2025) issued under the Government Bond Programme with proceeds credited to the Bond Fund. Of these bonds under the Government Bond Programme (including Silver Bonds with nominal value of HK$96,090 million, which may be redeemed before maturity upon request from bond holders), bonds with nominal value of HK$66,959 million will mature within the period from June 2025 to May 2026 and the rest within the period from June 2026 to May 2042.

    4. Includes guarantees provided under the SME Loan Guarantee Scheme launched in 2001, the Special Loan Guarantee Scheme launched in 2008, the SME Financing Guarantee Scheme launched in 2012, and the Loan Guarantee Scheme for Cross-boundary Passenger Transport Trade, the Loan Guarantee Scheme for Battery Electric Taxis and the Loan Guarantee Scheme for Travel Sector launched in 2023.

    5. Includes HK$250,041 million, being the balance of the Land Fund held in the name of “Future Fund”, for long-term investments up to December 31, 2030. The Future Fund also includes HK$4,800 million, being one-third of the actual surplus in 2015-16 as top-up.

    MIL OSI Asia Pacific News –

  • MIL-OSI Submissions: Harvard fights to keep enrolling international students – 4 essential reads about their broader impact

    Source: The Conversation – USA (2) – By Corey Mitchell, Education Editor

    Graduates of Harvard’s John F. Kennedy School of Government celebrate during commencement exercises in Cambridge, Mass. AP Photo/Steven Senne, File

    A federal judge in Boston on May 23, 2025, temporarily blocked a Trump administration order that would have revoked Harvard University’s authorization to enroll international students.

    The directive from the U.S. Department of Homeland Security and resulting lawsuit from Harvard have escalated the ongoing conflict between the Trump administration and the Ivy League institution.

    It’s also the latest step in a White House campaign to ramp up vetting and screening of foreign nationals, including students.

    Homeland Security officials accused Harvard of creating a hostile campus climate by accommodating “anti-American” and “pro-terrorist agitators.” The accusation stems from the university’s alleged support for certain political groups and their activities on campus.

    In early April, the Trump administration terminated the immigration statuses of thousands of international students listed in a government database, the Student and Exchange Visitor Information System. The database includes country of citizenship, which U.S. school they attend and what they study.

    Barring Harvard from enrolling international students could have significant implications for the campus’s climate and the local economy. International students account for 27% of the university’s enrollment.

    Here are four stories from The Conversation’s archive about the Trump administration’s battle with Harvard and the economic impact of international students.

    1. A target on Harvard

    This isn’t the first time the Trump administration has targeted the university.

    The White House has threatened to end the university’s tax-exempt status, and some media outlets have reported that the Internal Revenue Service is taking steps in that direction.

    But it is illegal to revoke an entity’s tax-emempt status “on a whim,” according to Philip Hackney, a University of Pittsburgh law professor, and Brian Mittendorf, an accounting professor at Ohio State University.

    “Before the IRS can do that, tax law requires that it first audit that charity,” they wrote. “And it’s illegal for U.S. presidents or other officials to force the IRS to conduct an audit or stop one that’s already begun.”

    Several U.S. senators, all Democrats, have urged the IRS inspector general to see whether the IRS has begun auditing Harvard or any nonprofits in response to the administration’s requests or whether Trump has violated any laws with his pressure campaign.

    Hackney and Mittendorf wrote that the Trump administration’s moves are part of a larger push to exert control over Harvard, including its efforts to increase its diversity and its response to claims of discrimination on campus.



    Read more:
    Can Trump strip Harvard of its charitable status? Scholars of nonprofit law and accounting describe the obstacles in his way

    University of Michigan students on campus on April 3, 2025, in Ann Arbor, Mich.
    Bill Pugliano/Getty Images

    2. International students help keep ‘America First’

    The U.S. has long been the global leader in attracting international students. But competition for these students is increasing as other countries vie to attract the scholars.

    In a recent story for The Conversation, David L. Di Maria, vice provost for global engagement at the University of Maryland, Baltimore County, wrote that stepped-up screening and vetting of students could make the U.S. a less attractive study destination.

    Di Maria wrote that such efforts could hamper the Trump administration’s ability to achieve its “America First” priorities related to the economy, science and technology, and national security.

    Trump administration officials have emphasized the importance of recruiting top global talent. And Trump has said that international students who graduate from U.S. colleges should be awarded a green card with their degree.

    Research shows that international students launch successful startups at a rate that is eight to nine times higher than their U.S.-born peers. Roughly 25% of billion-dollar companies in the U.S. were founded by former international students, Di Maria noted.



    Read more:
    Deporting international students risks making the US a less attractive destination, putting its economic engine at risk

    3. A boost to local economies

    Indeed, international students have a tremendous economic impact on local communities.

    If these global scholars stay home or go elsewhere, that’s bad economic news for cities and towns across the United States, wrote Barnet Sherman, a professor of multinational finance and trade at Boston University.

    With the money they spend on tuition, food, housing and other other items, international students pump money into the local economy, but there are additional benefits.

    On average, a new job is created for every three international students enrolled in a U.S. college or university. In the 2023-24 academic year, about 378,175 jobs were created, Sherman wrote.

    In Greater Boston, where Harvard is located, there are about 63,000 international students who contribute to the economy. The gains are huge – about US$3 billion.



    Read more:
    International students infuse tens of millions of dollars into local economies across the US. What happens if they stay home?

    4. Rising number of international students

    The rising number of foreign students studying in the U.S. has long led to concerns about U.S. students being displaced by international peers.

    The unease is often fueled by the assumption that financial interests are driving the trend, Cynthia Miller-Idriss of American University and Bernhard Streitwieser of George Washington University wrote in a 2015 story for The Conversation.

    A common claim, they wrote, is the flawed assumption that “cash-strapped public universities” aggressively recruit more affluent students from abroad who can afford to pay rising tuition costs. The pair wrote that, historically, shifting demographics on college campuses result from social and economic changes.

    In today’s context, Miller-Idriss and Streitwieser maintain that the argument that colleges prioritize international students fails to account for the global role of U.S. universities, which help support national security, foster international development projects and accelerate the pace of globalization.



    Read more:
    Foreign students not a threat, but an advantage

    This story is a roundup of articles from The Conversation’s archives.

    – ref. Harvard fights to keep enrolling international students – 4 essential reads about their broader impact – https://theconversation.com/harvard-fights-to-keep-enrolling-international-students-4-essential-reads-about-their-broader-impact-257506

    MIL OSI –

  • MIL-OSI Russia: Canada to scrap digital services tax to advance broader US trade talks

    Translation. Region: Russian Federal

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

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

    OTTAWA, June 29 (Xinhua) — Canada will scrap its digital services tax pending a mutually beneficial comprehensive trade deal with the United States, Finance Minister Francois-Philippe Champagne said Sunday.

    Canadian Prime Minister Mark Carney and US President Donald Trump have agreed to resume talks with the goal of completing a deal by July 21, according to the Treasury Department.

    F-F. Champagne will soon introduce a bill to repeal the Digital Services Tax Act, the department said in a statement.

    M. Carney called the negotiations “difficult,” commenting on D. Trump’s statement about ending all trade negotiations with Canada and considering the possibility of introducing new tariffs.

    “We will continue to engage in these difficult negotiations in the best interests of Canadians,” Mr. Carney told local media.

    D. Trump said the United States is ending negotiations in response to Canada’s planned digital services tax on American tech companies.

    The American leader called the tax a “direct and blatant attack” on the United States.

    The tax, which was set to go into effect Monday, would have levied three percent of revenue from Canadian users on U.S. companies such as Amazon, Google and Meta. –0–

    MIL OSI Russia News –

  • GST turns eight: Unified tax system delivers record ₹22 lakh crore collection

    Source: Government of India

    Source: Government of India (4)

    India’s Goods and Services Tax (GST) will complete eight years since its rollout on July 1, marking a significant milestone in the country’s economic integration journey.

    Introduced in 2017 to replace a maze of indirect taxes, GST was hailed by Prime Minister Narendra Modi as “a path-breaking legislation for New India.” Over time, the reform has reshaped tax compliance, improved business efficiency and bolstered government revenues.

    In 2024–25, gross GST collections touched a record ₹22.08 lakh crore, registering a year-on-year growth of 9.4 per cent. This is more than double the ₹11.37 lakh crore collected in 2020–21, when average monthly collections stood at ₹95,000 crore. By contrast, the average monthly figure in 2024–25 has risen sharply to ₹1.84 lakh crore, reflecting both economic formalisation and improved compliance.

    A recent report by Deloitte, titled GST@8, noted that the past year has been particularly strong for GST performance. The report pointed to government-led reforms, clearer guidelines for taxpayers and steady technological upgrades of the GST portal as key reasons for the record collection figures.

    The tax structure itself is designed to balance simplicity with revenue needs. GST rates in India are distributed across four primary slabs: 5 per cent, 12 per cent, 18 per cent and 28 per cent. Special rates apply in select cases—such as 3 per cent on gold, silver and jewellery, 1.5 per cent on cut and polished diamonds and 0.25 per cent on rough diamonds. A GST Compensation Cess, levied on goods like tobacco products and aerated drinks, continues to support states facing revenue gaps post-GST transition.

    Since its launch in July 2017, the number of active GST registrations has climbed significantly, reaching over 1.51 crore by April 30, 2025. This growth reflects greater tax base coverage and increased formalisation across sectors. Alongside this, the dual GST model—comprising Central GST (CGST), State GST (SGST) for intra-state transactions and Integrated GST (IGST) for inter-state trade—has ensured equitable revenue distribution between the Centre and states.

    From ₹14.83 lakh crore in collections in 2021–22 to ₹18.08 lakh crore in 2022–23 and ₹20.18 lakh crore in 2023–24, the GST revenue trajectory underscores a steady rise in compliance and economic activity. Sector-specific exemptions, including those for healthcare and education, have kept essential services affordable, while digital compliance through the GSTN portal has simplified filing for businesses large and small.

  • GST turns eight: Unified tax system delivers record ₹22 lakh crore collection

    Source: Government of India

    Source: Government of India (4)

    India’s Goods and Services Tax (GST) will complete eight years since its rollout on July 1, marking a significant milestone in the country’s economic integration journey.

    Introduced in 2017 to replace a maze of indirect taxes, GST was hailed by Prime Minister Narendra Modi as “a path-breaking legislation for New India.” Over time, the reform has reshaped tax compliance, improved business efficiency and bolstered government revenues.

    In 2024–25, gross GST collections touched a record ₹22.08 lakh crore, registering a year-on-year growth of 9.4 per cent. This is more than double the ₹11.37 lakh crore collected in 2020–21, when average monthly collections stood at ₹95,000 crore. By contrast, the average monthly figure in 2024–25 has risen sharply to ₹1.84 lakh crore, reflecting both economic formalisation and improved compliance.

    A recent report by Deloitte, titled GST@8, noted that the past year has been particularly strong for GST performance. The report pointed to government-led reforms, clearer guidelines for taxpayers and steady technological upgrades of the GST portal as key reasons for the record collection figures.

    The tax structure itself is designed to balance simplicity with revenue needs. GST rates in India are distributed across four primary slabs: 5 per cent, 12 per cent, 18 per cent and 28 per cent. Special rates apply in select cases—such as 3 per cent on gold, silver and jewellery, 1.5 per cent on cut and polished diamonds and 0.25 per cent on rough diamonds. A GST Compensation Cess, levied on goods like tobacco products and aerated drinks, continues to support states facing revenue gaps post-GST transition.

    Since its launch in July 2017, the number of active GST registrations has climbed significantly, reaching over 1.51 crore by April 30, 2025. This growth reflects greater tax base coverage and increased formalisation across sectors. Alongside this, the dual GST model—comprising Central GST (CGST), State GST (SGST) for intra-state transactions and Integrated GST (IGST) for inter-state trade—has ensured equitable revenue distribution between the Centre and states.

    From ₹14.83 lakh crore in collections in 2021–22 to ₹18.08 lakh crore in 2022–23 and ₹20.18 lakh crore in 2023–24, the GST revenue trajectory underscores a steady rise in compliance and economic activity. Sector-specific exemptions, including those for healthcare and education, have kept essential services affordable, while digital compliance through the GSTN portal has simplified filing for businesses large and small.

  • MIL-OSI: Haffner Energy Reports Annual Results for Fiscal Year 2024-2025

    Source: GlobeNewswire (MIL-OSI)

    Haffner Energy Reports Annual Results for Fiscal Year 2024-2025

    Strategic milestones were reached, opening up the prospect of a commercial and economic ramp-up in the current financial year

    Vitry-le-François, France – June 30, 2025, 08:00am (CEST)

    • 2024-2025, a year of milestones demonstrating Haffner Energy‘s technological maturity: commissioning of the Marolles showcase site and green hydrogen production kick-off; signature of a first contract essential to the development of a hydrogen, electricity, and biochar production unit at the Corbat Group site in Glovelier, Switzerland; new strategic partnerships with recognized international players, particularly in the SAF industry;
    • Launch of a capital increase1 that resulted, after the close of the fiscal year, in a €7M fundraising with widening of the free float to almost 25%;
    • Net cash available of €559k at 03/31/2025 and a significantly reduced cash-burn rate, thanks to the ramp-up of the cash preservation plan initiated in November 2023;
    • EBITDA* improved significantly to -€10,011k, driven by revenue returning to positive at €378k and cost reductions, and a net loss of -€12,311k for the year ended 03/31/2025;
    • A consolidated 2025-2026 commercial outlook (total pipeline of €1.55Bn and €388M weighted pipeline2 at the end of March 2025) and a confirmed EBITDA-breakeven target at 03/31/2026.

    HAFFNER ENERGY (ISIN code: FR0014007ND6 – Ticker: ALHAF), just published its consolidated annual results at 03/31/2025, as approved on 06/27/2025 by the Board of Directors. On this occasion, the Company provided an update on its progress and outlook.

    Philippe HAFFNER, Co-founder and CEO of Haffner Energy said:

    “The 2024-2025 financial year is in continuity with the path we embarked on back in the second half of 2023. After launching new offers to expand our addressable market beyond hydrogen and achieving a significant increase in our project portfolio, we continue to roll out our roadmap. This year, we have carried out structuring projects that bring us closer to our objective of profitable growth: first, we have set up an industrial-scale showcase site in Marolles presenting all our technologies, whether in operation or still in development – seemingly the first site in the world to produce green hydrogen from solid biomass; this decisive element for the conversion of our project pipeline into contracts has already enabled us to sign a first contract for the installation of a hydrogen, electricity, and biochar production unit in Switzerland. To support our development, we have also continued to strengthen our network of partnerships with leading players, such as LanzaJet, LanzaTech, Atoba, and Luxaviation for the SAF market.

    In terms of financial results, although the conversion of our project pipeline into contracts had not yet materialized at 03/31/2025 and we remain in a loss-making position, we have recorded an improvement in our EBITDA thanks to the cost-cutting efforts undertaken to preserve our cash. With the first significant contracts expected to be signed, the 2025-2026 financial year should enable us to achieve our target of breakeven EBITDA by March 31, 2026.

    The capital increase launched at the end of the financial year, to which the family holding company Haffner Participation contributed €950k, resulted in a €7M fundraising in early April 2025. It will enable us to support the Company’s development. The success of this operation is due in particular to the commitment of most of our historical shareholders and to the arrival of new investors. We would like to thank them for their confidence in our project and our prospects, despite the recent turbulence on the Haffner Energy stock market.”

    I. 2024-2025: ADVANCES ILLUSTRATE HAFFNER ENERGY’S TECHNOLOGICAL MATURITY

    During the FY 2024-2025, Haffner Energy took crucial steps to accelerate its commercial and industrial development, with the creation of the Marolles showcase site and the signing of major partnership agreements, particularly in the SAF industry.

    Operational commissioning of the Marolles hydrogen and renewable gas production, testing and training center: a strategic priority for the year

    During the period, the attention of the Haffner Energy team was particularly focused on the installation and commissioning of a showcase site for the Company’s technologies and expertise in the Vitry-Marolles business park (Marne County), near its headquarters. Started in late 2023, the development of this production, testing and training center unfolded in several stages: after archaeological excavations, site preparation and equipment assembly, the center entered the renewable gas (syngas) production phase on June 18, 2024 (cf. 06/20/2024 press release). Equipped with new-generation equipment and intended to operate continuously 8,000 hours per year, this site was inaugurated on November 22, 2024, during Industry Week (cf. 11/22/2024 press release and press kit).

    After obtaining regulatory approvals and installing additional equipment, the team dedicated to this project reached a strategic milestone for Haffner Energy’s industrial and commercial development with, in February 2025, the commissioning of mobility-grade green hydrogen production (cf. 02/26/2025 press releases). Green hydrogen produced as part of the activities on the Marolles site – 120 tonnes/year – is to be commercialized. Haffner Energy already signed an offtake Memorandum of Understanding on December 16, 2024, with a French operator specializing in hydrogen removal and resale in order to decarbonize mobility and industry.

    This site now allows the Company’s customers and prospects to test the range of possibilities offered by Haffner Energy technologies at full-scale and with their own biomass: production of “super green” gas and hydrogen, co-production of electricity, production and/or gasification of biocarbon and/or biochar. This site is also intended to train their teams in operating and maintaining the equipment.

    This project, which has resulted in the world’s first known site producing hydrogen from solid biomass residues, was made possible thanks to the support and commitment of the French public authorities through various local and national entities. It has thus benefited from more than €1.5M in public funding3, demonstrating the trust placed in Haffner Energy to contribute to the green reindustrialization strategy led by the French government.

    While the success of this structuring project attests to Haffner Energy’s technological and industrial maturity, it will also demonstrate the economic and ecological relevance of its technologies. Indeed, compared to alternative technologies, water electrolysis in particular, the “super green” hydrogen produced by Haffner Energy through its thermolysis technology is especially competitive due to the low cost of the primary energy used (biomass), combined with excellent energy efficiency (+ 75% for installations > 20MW). In addition, this hydrogen is carbon negative when co-produced biochar is used to sequester biogenic carbon.

    This showcase site is therefore a decisive tool to realize the Company’s commercial potential. In the short term, it will allow several contracts awaiting signature to move forward, as evidenced by the recent signing of a first contract for the construction of a hydrogen, electricity, and biochar production unit from forestry residues on the Corbat Group site in Glovelier, Switzerland, for H2bois SA. This unit, which is expected to be commissioned in July 2026, represents a total order value for Haffner Energy that is likely to reach €8.3M including options (cf. 03/12/2025 press release).

    2024-2025: new strategic partnerships with leading players

    The growing maturity of Haffner Energy’s technologies in their various applications has enabled the Company to amplify the process of building strategic partnerships already underway and to gain the trust of leading players. During this past year, new agreements have mainly occurred in the SAF industry, the Company’s priority segment given its market potential.

    Haffner Energy established a first partnership with the American company LanzaJet in June 2024 in the context of its SAF production plant project, Paris-Vatry SAF (cf. 06/06/2024 press release). A global leader in ATJ (Alcohol-to-Jet) technology, LanzaJet is a remarkably advanced player in the industry with more than 90 SAF projects in its portfolio. It was named in 2024 by Time Magazine as one of the “100 Most Influential Companies”. Its investors include the Aéroport de Paris (ADP) group, British Airways, Airbus, Southwest Airlines and Microsoft, among others.

    A key agreement was also signed in September 2024 with IðunnH2, the green hydrogen and sustainable e-fuel project developer in charge of Iceland’s largest e-SAF production plant project (65,000-tonne capacity). Located near Keflavík International Airport, the site is to be commissioned in 2028, using biogenic carbon from on-site biocarbon gasification with Haffner Energy’s patented technology. This solution was chosen by IðunnH2 for its ability to significantly reduce costs and increase productivity in the e-SAF production process. Indeed, in Iceland, the limited volumes of local biomass mean low access to biogenic carbon, an essential component of SAF. Haffner Energy’s supplies of solid biocarbon, gasified on-site by its Gasiliner®, will provide a competitive and flexible alternative to the usual option of biogenic CO2, a gas that is expensive to capture, transport and store. (cf. 09/02/2024 press release).

    Keen to amplify the scope of their first partnership, Haffner Energy and LanzaJet announced another partnership agreement in January 2025 (cf. 01/28/2025 press release), accompanied by LanzaTech, the developer of a differentiating solution for transforming syngas into ethanol and a LanzaJet shareholder. The Nasdaq-listed company is a recognized leader in commercial carbon management solutions.

    The objective of the tripartite agreement is to explore joint projects for the conversion of biomass residues into sustainable aviation fuel across the entire SAF production value chain by combining the technologies of the three companies. It also involves exploring a variety of opportunities, including the development of industrial facilities, fuel purchase agreements, and joint technology licenses, as well as financial support and/or investment in specific SAF projects.

    Haffner Energy also entered into a partnership agreement with ATOBA Energy in February 2025 (cf. 02/20/2025 press release), a SAF aggregator whose purpose is to solve the financial dilemma between airlines and producers by allowing different players to benefit from long-term SAF contracts at optimized prices, in particular through off-takes from diversified producers and technologies. This partnership should facilitate the financing of Haffner Energy’s SAF projects by removing the barriers of this value chain, as production plant projects struggle with signing the necessary contracts to guarantee investment returns. The identification of Haffner Energy by ATOBA Energy as a strategic player in the SAF ecosystem is another testament to the competitiveness of its technological solutions.

    Lastly, after the end of the fiscal year, Haffner Energy announced a partnership agreement with global business aviation leader Luxaviation to accelerate the production and promotion of SAF. Luxaviation is to take an active role in SAF Zero (cf. 06/18/2024 press release), an initiative launched by Haffner Energy in September 2024 (cf. 09/12/2024 press release).

    In addition, Haffner Energy has pursued its partnership approach aimed at diversifying its sustainable biomass supply sources. In France, a new agreement was signed in August 2024 with Bambbco, leader in the development of the bamboo industry in France (cf. 09/24/2024 press release). The partnership aims to improve the energy use of biomass, particularly on marginal lands and semi-desert areas, by creating local ecosystems for SAF projects. In a similar fashion, Haffner Energy had signed a partnership early 2024 with the US company Hexas, specialized in the production of raw plant-based materials from its regenerative crop: XanoGrass™ (cf. 03/13/2024 press release).

    II. SUCCESSFULLY RAISING THE FUNDS NEEDED TO FINANCE THE COMPANY’S GROWTH

    Shortly before FY 2024-2025 ended, Haffner Energy launched a capital increase through the issue of shares with share subscription warrants (ABSA), while maintaining shareholders’ preferential subscription rights (DPS).

    This operation’s final completion, materialized by the settlement-delivery of the shares on April 4, 2025, i.e. just after the close of the fiscal year, enabled the company to raise €7M and expand its free float, which now stands at almost 25% of the capital.

    As announced in June 2024, and within the framework of the authorizations granted by the Annual General Meeting of September 12, 2024, Haffner Energy raised funds to accelerate the Company’s development. Following a decision by the Board of Directors at its meeting of March 12, 2025, this took the form of a €7M capital increase through the issue of ABSAs with shareholders’ preferential subscription rights (DPS).

    A two-stage transaction: €7M through the issue of ABSAs, potentially doubled if the warrants are exercised within 18 months.

    As a reminder, the operation had the following characteristics:

    – Transaction eligible for the IR-PME, PEA and PEA-PME, FIP-FCPI and Article 150-0 B ter schemes
    – Allocation of preferential subscription rights (DPS): on the basis of 1 preferential subscription right for 1 share held on 03/14/2025
    – Negotiability of DPS from 03/17/2025 to 03/26/2025 inclusive
    – Subscription ratio: 9 ABSA for 23 Existing Shares
    – Subscription price per ABSA: €0.40, i.e. a 59% discount to the closing price on 03/12/2025, the day before the transaction was announced (€0.98).
    – ABSA subscription period from 03/19/2025 to 03/28/2025 inclusive
    – Final completion of the issue recorded on 04/04/2025, for an amount of €6,995,497.60, of which €1,748,874.40 par value and €5,246,623.20 issue premium, bringing the Company’s share capital to €6,218,220.10.
    – Settlement-delivery of the ABSA: 04/04/2025
    – Trading of New Shares (ISIN: FR0014007ND6 – Ticker: ALHAF) and BSAs (ISIN FR001400Y4X9) on Euronext Growth in Paris since 04/04/2025Trading of New Shares (ISIN: FR0014007ND6 – Ticker: ALHAF) and BSAs (ISIN FR001400Y4X9) on Euronext Growth in Paris since 04/04/2025
    – Terms and conditions of exercise of the warrants attached to the ABSAs (on the basis of 1 warrant per New Share): as from 04/04/2026 for a period of 6 months, 3 warrants entitling the holder to subscribe to one New Share at a price of €1.20. Exercise of all the warrants would ultimately represent a potential capital increase of €6,995,498 gross.

    This operation benefited from the renewed support of historical shareholders (Haffner Participation, VICAT, EUREFI) and new investors, who had committed to participate in the transaction up to €5.5M.

    It was carried out with the assistance of Gilbert Dupont, as global coordinator and bookrunner, and CIC Market Solutions as custodian.

    Post-transaction, a modified capital structure and a near-doubling of the free float

    The gross capital increase recorded by the Board of Directors at its meeting on April 1, 2025 amounted to €6,995,497.60, including €1,748,874.40 nominal value and €5,246,623.60 share premium, and resulted in the issuance of 17,488,744 ABSAs at a subscription price of €0.40 per share, including €0.10 nominal value and €0.30 issue premium (cf. press releases of 2/04/2025 and 4/04/2025).

    Following the issuance of ABSA, Haffner Energy’s share capital was increased to €6,218,220.10 divided into 62,182,201 ordinary shares with a nominal value of €0.10.

    The operation led to a change in the breakdown of capital and voting rights. In particular, the capital increase led to a significant increase in the free float (from 12.83% to 24.75%), which should ultimately prove positive for the share’s attractiveness.

    Table: Impact of the ABSA issue on the breakdown of share capital and Differential Voting Rights

      Before Capital Increase After Capital Increase
      Number of shares % of Capital Number of DVR % of exercisable DVRs Number of shares % of Capital Number of DVR % of exercisable DVRs
    Haffner Participation 17 824 000 39,88% 35 648 000 45,15% 20 199 000 32,48% 38 023 000 39,42%
    Eurefi 5 741 600 12,85% 11 483 200 14,54% 8 311 600 13,37% 14 053 200 14,57%
    Sous total Concert 23 565 600 52,73% 47 131 200 59,69% 28 510 600 45,85% 52 076 200 53,99%
    Vicat 1 175 000 2,63% 1 175 000 1,49% 3 675 000 5,91% 3 675 000 3,81%
    Eren Industries 1 000 000 2,24% 2 000 000 2,53% 1 391 302 2,24% 2 391 302 2,48%
    Kouros 11 826 112 26,46% 21 920 542 27,76% 11 826 112 19,02% 21 920 542 22,73%
    HRS 1 000 000 2,24% 1 000 000 1,27% 1 000 000 1,61% 1 000 000 1,04%
    Flottant 5 736 238 12,83% 5 736 238 7,26% 15 388 680 24,75% 15 388 680 15,95%
    Self-holding 390 507 0,87% – 0,00% 390 507 0,63% – 0,00%
    TOTAL 44 693 457 100% 78 962 980 100% 62 182 201 100% 96 451 724 100%

    For the record, a shareholder who did not take part in the operation and previously held 1% of the capital saw a dilutive effect of 0.72% applied to his position.

    After the operation, stock price in turmoil 

    Mechanically, and all other things being equal, Haffner Energy’s share price should have fallen by around 28%, in line with the dilutive effect. However, following the capital increase, the share experienced unexpectedly high trading volumes, due first and foremost to massive and disorderly selling, leading to a drop in the share price to a low of €0.25 on 04/18/2025. Since then, the stock price has begun to rise again (to €0.35 on 06/23/2025). Trade is still occurring in very high volumes, without Haffner Energy having any specific information on their origin.

    III. CONSOLIDATED FINANCIAL RESULTS OF LOW SIGNIFICANCE, MARKED BY EFFORTS TO IMPROVE EBITDA AND PRESERVE CASH

    The consolidated financial statements presented below, for which audit procedures are in progress, were approved by the Board of Directors at its 06/27/2025 meeting. The scope of consolidation and accounting methods used at March 31, 2025, are unchanged from the previous year: Haffner Energy’s consolidated financial statements have been prepared in accordance with IFRS; the only consolidated subsidiary is Jacquier.

    In terms of consolidated financial results, FY 2024-2025 displays a similar profile to the previous one, albeit with a few changes.

    In thousands of euros 03.31.25
    (12 months)    		 03.31.24
    (12 months)
    Net sales
    Other income    		 378
    79    		 -157
    69
    EBITDA -10,011 -12,791
    Operating result -12,275 -10,263
    Net income -12,311 -9,935
    Shareholders’ equity 14,300 26,768
    Cash available 5594 11,042

    At 03/31/025, consolidated revenue remained amounted to €378k. It mainly comprised sales of boiler-making equipment by Jacquier and various services and studies by Haffner Energy.

    As a reminder, consolidated revenue was negative for FY 2023-2024 (-157 k€) due to the impact of the termination of the R-Hynoca contract in December 20235 (cf. 14/12/2023 press release).

    Confirmed EBIDTA improvement thanks to cost-cutting measures

    Extending the trend of the first half of the year, EBITDA6continued to improve to -€10,011k, under the combined effect of the decrease in purchases consumed (-15%), personnel costs (-17%) and external expenses (-23%), resulting from the full impact of the cash preservation plan initiated in November 2023.

    Operating result nevertheless deteriorated (-€12,275k at 03/31/2025, down €2,012k compared to 03/31/2024). This change is mainly due to the reversal of provisions for losses on completion from the previous year in the amount of €5,787k.

    As of 03/31/2025, consolidated net income stood at -€12,311k, registering a larger loss than last year (-€9,935k at 03/31/2024).

    After appropriation of net income, shareholders’ equity amounted to €14,300k, excluding the impact of the capital increase which will be taken into account in FY 2025-2026 due to its completion after the closing date.

    Haffner Energy’s other assets and liabilities are as follows:

    On the assets side, non-current assets (€11,250k, or +€309k) were almost stable, mainly composed of intangible assets representing the Company’s intellectual property (€8,105k as of 03/31/2025 compared to €7,843k as of 03/31/2024). Current assets, on the other hand, contracted significantly to €22,456k (-€12,321k), mainly due to:

    • the consumption of a significant portion of cash (€559k as of 03/31/2025 compared to €11,042k as of 03/31/2024).
    • the decrease in other current assets (advances paid to suppliers for €2,464k and Research Tax Credit for €941k).

    Conversely, inventories and outstandings increased, reaching €13,432k at the end of the financial year (+€3,287k) mainly due to the installation of the Marolles site.

    On the liabilities side, shareholders’ equity amounted to €14,300k at 03/31/2025 (a decrease of €12,468k) mainly due to the allocation of the year’s profit to reserves. It should be noted that the capital increase is not taken into account as of 03/31/2025.
    Non-current liabilities decreased slightly (-€268k at 03/31/2025 to €5,833k). This change takes into account the €500k RDI loan received from Bpifrance in March 2025.
    Current liabilities, meanwhile, increased +€725k to €13,574k at 31/03/2025. This change is mainly due to the net increase in provisions ongoing litigations (+€882k to €1,116k at 31/03/2025).

    It should be noted that, as the proceedings with Sara and Carbonloop are still in progress, the balance sheet position of previous years has been maintained. In addition, a provision has been booked in respect of employee-related litigation.

    Net cash position necessitates fundraising despite reduced cash-burn rate

    As of 03/31/2025, net cash and cash equivalents amounted to €559k.

    As a reminder, the main measures of the cash preservation plan initiated since November 2023 and implemented during the year have focused on:

    • Overheads in addition to reinforced budget management and expense control measures, the company reduced fees, cancelled non-essential service or subcontracting contracts whose tasks could be handled internally, changed payroll managers, renegotiated the commercial terms of other contracts, and limited travel and related expenses to essentials.
      • Payroll: in addition to the freeze on recruitment and replacements, as well as the absence of a general salary increase over FY 2023-24 and FY 2024-2025, Haffner Energy implemented a targeted redundancy plan in the summer of 2024, resulting in the loss of nine (9) positions. Subsequent to the balance sheet date, a redundancy plan for economic reasons was launched at SAS Jacquier. This redundancy plan resulted in the departure of three (3) employees from the workforce on 06/16/2025.
      • Leased surface areas: these have been reduced in both Nantes and Paris, thanks to the relocation of the Paris offices in January 2025 and the termination of the lease on the 1st floor of the Nantes offices.
      • Postponement of non-priority investments, such as the deployment of a new ERP system (€1.3M).
      • Renegotiations with strategic partners and service providers to review certain delivery schedules and invoice payment deadlines (€3M)
      • Deferrals of payments illustrating the commitment of all internal stakeholders to the company, such as the deferral of the payment of the individual portion of employees’ target-based bonuses and the payment of directors’ fees; lastly, we note the waiver by the two executives and founding investors, Philippe and Marc Haffner, of the variable portion of their remuneration for FY 2023-2024, as well as the temporary two-stage reduction of part of their fixed remuneration for FY 2023-2024 and FY 2024-2025. These amounts have been provisioned in the financial statements.

    Thanks to the implementation of these cost-saving measures, the average monthly cash-burn rate was significantly reduced during the year, gradually falling from €1.4M at the end of 2023 to €1M at the end of 2024, to about €0.6M per month in Q1 2025 (calendar year), excluding income and non-recurring expenses.

    In order to ensure that the Company would have the necessary resources to pursue its development until the expected ramp-up in revenue, and as announced as early as June 2024, Haffner Energy therefore initiated the above-mentioned capital increase during the year (see page 4).          

    Having carried out a review of its liquidity risk, the Company considers that it will have sufficient cash to finance its activities until at least 03/31/2026.

    This cash outlook takes into account:

    – The €7M capital increase finally subscribed on April 4, 2025, after the closing of FY 2024-2025;

    – The receipt, in March 2025, of a €500k innovation grant from Bpifrance (RDI loan) for the hydrogen production, testing and training center project in Marolles (Marl’Hy);

    – Cost reductions undertaken by the Company (see page 8) that cap the average monthly cash burn-rate, excluding non-recurring income and expenses, at around €600k (compared with €1M at the end of 2024).

    In the 1st half of the year, this is subject to the successful completion of the endurance test at the Marolles site and the signature of the resulting contracts, as well as to the obtaining, during the year, of additional financing linked to the equipment at the Marolles site.

    IV. PROJECTS AND PROSPECTS: FOUR NEW OPERATIONAL PRIORITIES

    For the current financial year, the Haffner Energy team, boosted by the confidence and support from its business partners, shareholders and institutional ecosystem, has set four new operational priorities: accelerating the conversion of its pipeline, moving forward with the implementation of targeted strategic projects, continuing to structure its action, and simplifying its governance.

    Accelerating pipeline conversion

    At the end of FY 2024-2025, Haffner Energy had an estimated total sales pipeline of €1.55Bn compared to €1.4Bn at 03/31/2024, confirming a high level of commercial activity due to the various initiatives undertaken since mid-2023: launch of a high-capacity offer for the renewable gas market (syngas) and a SAF offer; business development in the United States through the creation of a subsidiary; increased presence in various US trade fairs dedicated to renewable energies and hydrogen7.

    On the occasion of its capital increase, and in order to offer a clearer and more representative view of its business and prospects, the Company decided to adopt a communication based on a weighted sales pipeline** instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle. This weighted pipeline is determined by applying a probability of success to the potential revenue of each project that counts in the sales pipeline

    At the end of March 2025, Haffner Energy’s weighted sales pipeline stood at €388M.

    Two contracts for hydrogen production equipment had been identified as likely to be signed following the start of hydrogen production at the Marolles site in February 2025 (cf. 02/26/2025 press release).

    The first of these is the H2bois project, for which Haffner Energy signed an initial contract on 03/12/2025, which is essential for the creation of this unit to produce hydrogen, electricity, and biochar from biomass at the Swiss Corbat group’s site (cf. 03/12/2025 press release). With delivery of the site scheduled for July 2026, orders for Haffner Energy are expected to be staggered between now and the end of FY 2025-2026.

    The second regards REFORMERS’ Renewable Energy Valley project in Alkmaar in the Netherlands. The latter was awarded the 2025 World Hydrogen Award, “Clean Project” category, May 22, 2025, in Rotterdam, thanks to the choice of HYNOCA® as the green hydrogen production technology included in the project.

    Advancing the implementation of a number of targeted strategic projects: R&D, Marolles, and commercial partnerships

    While growing the market for existing solutions is the priority for the current financial year, Haffner Energy has continued and will continue to invest time in Research & Development in order to offer its customers new or optimized solutions. The performance of its biomass thermolysis technology is indeed the source of the recognition enjoyed by the Group. In particular, before the end of FY 2024-2025, the Company was awarded the “Innovative Company” label by Bpifrance. This recognition enabled the company to welcome an FCPI fund to its capital.

    In April 2025, the Group presented a new line of production units, Hynoca® Flex 500 IG, capable of producing 12 tonnes per day of marketable green hydrogen for less than €3/kg without subsidies, and of generating profitable renewable electricity at peak times (cf. 24/04/2025 press release). Competitive with grey hydrogen and fossil fuels thanks to its energy efficiency of over 80%, this new solution offers all the flexibility of hydrogen and electricity cogeneration, enabling producers’ sites to manage random hydrogen demand and benefit from continuous operation without having to lock themselves into rigid off-take contracts.

    The current year’s priorities also include optimizing equipment at the strategic Marolles site, and in particular finalizing the installation of the Gasiliner® (cf. 11/22/2024 press release).

    The Haffner Energy team has also been working to advance the strategic Paris-Vatry SAF project. During FY 2024-2025, the Company finalized the creation of SPV (Special Project Vehicle) PARIS VATRY SAF SAS. In addition, Luxembourg-based Luxaviation, a global business aviation leader, confirmed its interest in playing an active role in spin-off SAF Zero at the International Paris Air Show this month. Luxaviation’s participation could take the form of financing the initial development of SAF activities, supporting strategy and global visibility, as well as off-take agreements in SAF Zero projects such as Paris-Vatry SAF (cf. 06/18/2025 press release).

    Finally, the FactorHy project of a first plant to assemble renewable gas and hydrogen production modules is still underway. Preliminary studies have been completed and detailed studies for the building permit application are continuing.

    Continuing to structure its action

    Having completed the creation of Haffner Energy Inc., an unconsolidated US subsidiary, in May 2024, Haffner Energy will continue to work on structuring its action and future developments with a view, in particular, to making effective progress in the SAF market. For current FY, the Company intends to launch SAF Zero, a spin-off designed to maximize its potential in this booming market (cf. 12/09/2024 press release and 18/06/2025 press releases).

    Simplifying its governance

    In addition, Haffner Energy has decided to simplify its corporate governance to enhance efficiency.

    At its meeting on 05/09/2025, the Board of Directors decided to propose the following to the 06/23/2025 Combined General Meeting of Shareholders:

    • a reduction in the number of Board members, with the early termination of the terms of office of Kouros France and Kouros SA, who also undertook to reduce their shareholding following the capital increase in which they did not wish to participate;
    • a partial renewal of the Board’s membership, to allow the entry of a new director representing the Luxembourg company Eren Industries, one of Haffner Energy’s industrial shareholders. A partner of Haffner Energy’s since the Company’s IPO, this recognized player in the energy transition is dedicated to technological innovation in the service of the natural resource economy. Eren Industries develops and invests in infrastructure projects, particularly in low-carbon energy production (hydrogen, biogas, biomethane, etc.), some of which could be projects of interest to Haffner Energy, and will provide the Board with all its sector expertise.
    • An update of the statutes simplifying the majority rules applicable to certain Board decisions, in line with common practice.

    All the resolutions were adopted at the June 23, 2025 General Shareholders’ Meeting.

    It should be noted that the Board of Directors has decided to reduce the attendance fees of independent directors as from the next financial year. Non-independent directors will not be remunerated.

    In addition, Mrs Bich Van Ngo and Mrs Sophie Dutordoir, independent directors, resigned from the Board at the close of the Annual General Meeting on 06/23/2025.

    Mr. Olivier Piron (Société E-Venture Management and Investment srl) was co-opted to the Board of Directors as an independent director at the close of the Board meeting of 06/27/2025.

    As a result, Haffner Energy’s Board of Directors is now composed of six (6) members, up from eight (8) previously:

    • Mr. Philippe Haffner, Chairman and CEO of Haffner Energy
    • Mr. Marc Haffner, Deputy Chief Executive Officer of Haffner Energy
    • Mrs. Francesca Ecsery, independent
    • Société E-Venture Management and Investment srl, with Mr. Olivier Piron as permanent representative
    • Europe and Growth, with Mr. Xavier Dethier as permanent representative
    • Eren Industries SA, with Mr. David Corchia as permanent representative

    Next events

    Shareholder webinar : July 1, 2025 – register here

    Annual General Meeting : September 10, 2025

    More detailed financial information on the annual accounts at 03/31/2025 is available on the website www.haffner-energy.com.

    About Haffner Energy

    Haffner Energy designs, manufactures, supplies, and operates biofuel and hydrogen solutions using biomass residues. Its innovative, patented thermolysis technology produces Sustainable Aviation Fuel, as well as renewable gas, hydrogen, and methanol. The company also contributes to regenerating the planet through the co-production of biogenic CO2 and biochar. A company co-founded 32 years ago by Marc and Philippe Haffner, Haffner Energy has been working from the outset to decarbonize industry and all forms of mobility, as well as governments and local communities. Haffner Energy is listed on Euronext Growth (ISIN code : FR0014007ND6 – Mnémonique : ALHAF).

    Investor relations

    investisseurs@haffner-energy.com

    Media relations        

    Laure BOURDON
    laure.bourdon@haffner-energy.com
    +33 (0) 7 87 96 35 15

    Glossary:

    The Company is now adopting a communication based on a weighted sales pipeline instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle.

    * Pipeline designates a business opportunity when at least one of the following situations occurs:
    – a preliminary feasibility study for the installation of equipment is, or has been, carried out; or
    – a budget offer, or a preliminary business plan for the project, or a complete commercial offer including specifications, has been sent to the customer and Haffner Energy is awaiting its response; or
    – a letter of intent has been sent to Haffner Energy by the customer; or
    – Haffner Energy has received an invitation to participate and is part of a tender process.

    ** The weighted pipeline is determined by applying a probability of success to the potential sales of each project included in the total pipeline. Thus, given a total pipeline of projects worth €1.55Bn at March 31, 2025, the weighted pipeline at March 31, 2025 stood at €388M, with “hydrogen projects” now accounting for only 18% of the weighted pipeline.

    1 Subscription period for the Capital Increase closed on 03/29/2025, Settlement-Delivery on 04/04/2025.
    2 In order to offer a clearer and more representative view of its business and prospects, the Company is now adopting a communication based on a weighted sales pipeline instead of medium-term annual revenue targets, as was previously practiced, as projects typically convert into backlog over a two-year cycle. This weighted pipeline is determined by applying a probability of success to the potential revenue of each project that counts in the sales pipeline.

    3 Including an Innovation-Research and Development Loan (PIRD) in the amount of €500k granted by Bpifrance and received in early March 2025.
    4 Cash and cash equivalents at 03/31/2025 do not include the €7M fundraising, which was completed after closing on 04/04/2025
    5 The termination of the R-Hynoca contract was accompanied by a memorandum of understanding under which Haffner Energy will have to make two residual payments (€1M before 12/31/2025 and €0.85M before 12/31/2026).
    6 EBITDA corresponds to operating income before depreciation and amortization, impairment net of reversals of fixed assets and current assets, and before operating provisions net of reversals.
    7 Since January 2025, Haffner Energy has participated in Hyvolution Paris 2025, Bio360 Expo 2025 in Nantes, World Electrolysis Congress 2025 in Cologne, World Hydrogen Summit 2025 in Rotterdam, for example.

    Attachment

    The MIL Network –

  • MIL-Evening Report: Do you have Bitcoin? Be aware of the tax consequences of selling your investment

    Source: The Conversation (Au and NZ) – By Christina Allen, Senior lecturer, Curtin University

    Bitcoin is ubiquitous. It is impossible to open a social media stream or news source without encountering yet another mention of the topic. Many Australians have invested, hoping for a good return.

    But they may not have considered the tax consequences of their investments. So some might be in for an unexpected surprise.

    The tax implications of Bitcoin ownership and other cryptocurrencies such as Ethereum largely turns on how seriously an investor pursues and manages their purchase.

    Given the enormous computing power and electric power needed to create Bitcoin from scratch, few Australians are actively mining Bitcoins.

    Mining involves creating digital information that yields the unique data “tokens” known as Bitcoins. It involves using specialised software to add new groups of transactions (known as blocks) to the shared transaction record (known as the blockchain.

    Trading in Bitcoins

    People who create Bitcoins are considered to be running a business and face the same tax consequences as any other active business, paying ordinary income tax on their profits.

    However, most Australian Bitcoin investors are using online exchanges to buy and sell already created Bitcoins.

    For them, the tax consequences will depend in the first instance on the frequency with which they buy or sell their Bitcoins and the level of study and ongoing monitoring and management they assign to the investment.

    A passive Bitcoin investor who simply buys some coins and largely ignores it until an opportune time to sell comes up will be treated purely as an investor by the Australian Taxation Office.

    For these people, the coins are characterised as passive investment assets similar to ownership of shares, gold or land. These Bitcoin investors will be subject to the capital gains rules in the income tax law.

    If they realise a gain on the sale of Bitcoin and the sale takes place within a year of the purchase, the gain will be fully included in the investor’s taxable income for the year the sale took place.

    If the sale takes place more than a year after purchase, the investor will qualify for a capital gains tax discount that makes half the gain exempt from tax, with only half included in their assessable income subject to taxation.

    But if the investor has a loss on the sale of Bitcoin, it can be recognised for tax purposes. But it will be quarantined against capital gains realised by the investor.

    In other words, it can only be used to reduce the amount of capital gains realised by the investor on the sale of other assets.

    Assumptions challenged

    While it is generally thought the capital gains treatment of Bitcoin sales has been settled for some time, a recent criminal case challenges some commonly accepted assumptions.

    The case was brought against a police officer charged with stealing Bitcoin recorded on a hardware wallet seized in a drug raid.

    The magistrate suggested Bitcoin was an asset (a view consistent with that of the tax office) but went on to suggest it was property similar to money.

    This led at least one tax lawyer to suggest there would be no tax consequences from selling Bitcoin for cash, as this would be akin to exchanging money for other money.

    It is, however, very unlikely a tax court would use a comment from the criminal case to unwind what has been settled tax law.

    Active investors

    If investors plays a more active role by frequently buying and selling Bitcoin or by actively researching and monitoring factors affecting its price, the tax office may consider they have shifted from being a passive investor to an active trader.

    A number of tax consequences follow.

    At one time, designation as a Bitcoin trader might have triggered a GST liability. If an investment trader has sales exceeding A$75,000 per year, they are considered an enterprise that must register as a GST business and pay GST on sales of goods or services.

    This included sales of Bitcoins, which were regarded as intangible goods by the tax office similar to music, films or other types of personal consumption.

    The tax office’s view

    However, following a very intense and ultimately successful lobbying campaign by digital commerce groups, the tax office revised its view and now considers Bitcoin to be a form of money for GST purposes.

    That means a sale of Bitcoin is treated as an exchange of money similar to changing Australian dollars for UK pounds or a $10 bill for five $2 coins.

    The office now recognises no sale of goods or services when there is a transfer of Bitcoin, leaving the transaction outside the goods and services tax system.

    The tax office’s view is the characterisation of Bitcoin as equivalent to money for goods and services tax purposes has no bearing on its character for income tax purposes. Instead, it is treated the same as any other trading stock or business asset if the seller is considered a trader.

    This has two implications. First, if the seller realises a gain on the sale of Bitcoin, the full amount of the gain is included in the person’s taxable income, regardless of whether it is sold more or less than one year after acquisition.

    Secondly, and very importantly for some, if an investor has a loss on the sale of Bitcoin – for every winner there is a loser in the investment world – and can convince the tax office they are an active trader, they can recognise the full loss. This means they can use the loss to offset other taxable income including wage and salary or business or professional income.

    Those who have taken the plunge into a Bitcoin investment or those considering the possibility should first consider carefully the tax consequences.

    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. Do you have Bitcoin? Be aware of the tax consequences of selling your investment – https://theconversation.com/do-you-have-bitcoin-be-aware-of-the-tax-consequences-of-selling-your-investment-259671

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Australia’s cutest mammal is now Australia’s cutest three mammals

    Source: The Conversation (Au and NZ) – By Cameron Dodd, PhD Student in Evolutionary Biology and Taxonomy, The University of Western Australia

    The long-eared kultarr (_A. auritus_) is the middle child in terms of body size, but it has by far the biggest ears. Ken Johnson

    Australia is home to more than 60 species of carnivorous marsupials in the family Dasyuridae. Almost a quarter of those have only been scientifically recognised in the past 25 years.

    Other than the iconic Tasmanian devil, chances are most of these small, fascinating species have slipped under your radar. One of the rarest and most elusive is the kultarr (Antechinomys laniger), a feisty insect-eater found in very low numbers across much of the outback.

    To the untrained eye, the kultarr looks very much like a hopping mouse, with long legs, a long tail and a tendency to rest on its hind legs. However, it runs much like a greyhound – but its tiny size and high speed makes it look like it’s hopping.

    Kultarr or kultarrs?

    Until now, the kultarr was thought to be a single widespread species, ranging from central New South Wales to the Carnarvon Basin on Australia’s west coast. However, a genetic study in 2023 suggested there could be more than one species.

    With backing from the Australian Biological Resources Study, our team of researchers from the University of Western Australia, Western Australian Museum and Queensland University of Technology set out to investigate.

    We travelled to museums in Adelaide, Brisbane, Darwin, Melbourne, Sydney and Perth to look at every kultarr that had been collected by scientists over the past century. By combining detailed genetic data with body and skull measurements, we discovered the kultarr isn’t one widespread species, but three distinct species.

    Three species of kultarrs

    The eastern kultarr (A. laniger) is the smallest of the three, with an average body length of about 7.5cm. It’s darker in colour than its relatives, and while its ears are still big, they are nowhere near as big as those of the other two species.

    The eastern kultarr is now found on hard clay soils around Cobar in central NSW and north to around Charleville in southern Queensland.

    The eastern kultarr (A. laniger) is the smallest of the three species.
    Pat Woolley

    The gibber kultarr (A. spenceri) is the largest and stockiest, with an average body length of around 9cm. They are noticeably chunkier than the other two more dainty species, with big heads, thick legs and much longer hindfeet.

    As its name suggests, the gibber kultarr is restricted to the extensive stony deserts or “gibber plains” in southwest Queensland and northeast South Australia.

    The gibber kultarr (A. spenceri) is largest and stockiest.
    Ken Johnson

    The long-eared kultarr (A. auritus) is the middle child in terms of body size, but its ears set it apart. They’re nearly as long as its head.

    It’s found in patchy populations in the central and western sandy deserts, living on isolated stony plains.

    The long-eared kultarr (A. auritus) is the middle child in terms of body size, but it has by far the biggest ears.
    Ken Johnson

    Are they threatened?

    All three species of kultarr are hard to find, making it difficult to confidently estimate population sizes and evaluate extinction risk. The long-eared and gibber kultarrs don’t appear to be in immediate danger, but land clearing and invasive predators such as cats and foxes have likely affected their numbers.

    The three species of kultarr seem to now inhabit smaller areas than in the past.
    Cameron Dodd

    The eastern kultarr, however, is more of a concern. By looking at museum specimens going back all the way to the 1890s, we found it was once much more widespread.

    Historic records suggest the eastern kultarr used to occur across the entirety of arid NSW and even spread north through central Queensland and into the Northern Territory. We now think this species may be extinct in the NT and parts of northwest Queensland.

    What’s next?

    To protect kultarrs into the future, we need targeted surveys to confirm where each species still survives, especially the eastern kultarr, whose current range may be just a shadow of its former extent. With better knowledge, we can prioritise conservation actions where they’re most needed, and ensure these remarkable, long-legged hunters don’t disappear before we truly get to know them.

    Australia still has many small mammal species that haven’t been formally described. Unless we identify and name them, they remain invisible in conservation policy.

    Taxonomic research like this is essential – we can’t protect what we don’t yet know exists. And without action, some species may disappear before they’re ever officially recognised.

    The authors wish to acknowledge the important contributions of Adjunct Professor Mike Westerman at La Trobe University to the research discussed in this article.

    Cameron Dodd receives funding from the Australian Biological Resources Study and Society of Australian Systematic Biologists.

    Andrew M. Baker receives funding from the Federal Government, State Governments, Australian Biological Resources Study and various Industry sources.

    Kenny Travouillon receives funding from Australian Biological Resources Study.

    Linette Umbrello receives funding from the Australian Biological Resources Study (ABRS) National Taxonomy Research Grant Program (NTRGP)

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

    – ref. Australia’s cutest mammal is now Australia’s cutest three mammals – https://theconversation.com/australias-cutest-mammal-is-now-australias-cutest-three-mammals-260006

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Australia’s cutest mammal is now Australia’s cutest three mammals

    Source: The Conversation – Global Perspectives – By Cameron Dodd, PhD Student in Evolutionary Biology and Taxonomy, The University of Western Australia

    The long-eared kultarr (_A. auritus_) is the middle child in terms of body size, but it has by far the biggest ears. Ken Johnson

    Australia is home to more than 60 species of carnivorous marsupials in the family Dasyuridae. Almost a quarter of those have only been scientifically recognised in the past 25 years.

    Other than the iconic Tasmanian devil, chances are most of these small, fascinating species have slipped under your radar. One of the rarest and most elusive is the kultarr (Antechinomys laniger), a feisty insect-eater found in very low numbers across much of the outback.

    To the untrained eye, the kultarr looks very much like a hopping mouse, with long legs, a long tail and a tendency to rest on its hind legs. However, it runs much like a greyhound – but its tiny size and high speed makes it look like it’s hopping.

    Kultarr or kultarrs?

    Until now, the kultarr was thought to be a single widespread species, ranging from central New South Wales to the Carnarvon Basin on Australia’s west coast. However, a genetic study in 2023 suggested there could be more than one species.

    With backing from the Australian Biological Resources Study, our team of researchers from the University of Western Australia, Western Australian Museum and Queensland University of Technology set out to investigate.

    We travelled to museums in Adelaide, Brisbane, Darwin, Melbourne, Sydney and Perth to look at every kultarr that had been collected by scientists over the past century. By combining detailed genetic data with body and skull measurements, we discovered the kultarr isn’t one widespread species, but three distinct species.

    Three species of kultarrs

    The eastern kultarr (A. laniger) is the smallest of the three, with an average body length of about 7.5cm. It’s darker in colour than its relatives, and while its ears are still big, they are nowhere near as big as those of the other two species.

    The eastern kultarr is now found on hard clay soils around Cobar in central NSW and north to around Charleville in southern Queensland.

    The eastern kultarr (A. laniger) is the smallest of the three species.
    Pat Woolley

    The gibber kultarr (A. spenceri) is the largest and stockiest, with an average body length of around 9cm. They are noticeably chunkier than the other two more dainty species, with big heads, thick legs and much longer hindfeet.

    As its name suggests, the gibber kultarr is restricted to the extensive stony deserts or “gibber plains” in southwest Queensland and northeast South Australia.

    The gibber kultarr (A. spenceri) is largest and stockiest.
    Ken Johnson

    The long-eared kultarr (A. auritus) is the middle child in terms of body size, but its ears set it apart. They’re nearly as long as its head.

    It’s found in patchy populations in the central and western sandy deserts, living on isolated stony plains.

    The long-eared kultarr (A. auritus) is the middle child in terms of body size, but it has by far the biggest ears.
    Ken Johnson

    Are they threatened?

    All three species of kultarr are hard to find, making it difficult to confidently estimate population sizes and evaluate extinction risk. The long-eared and gibber kultarrs don’t appear to be in immediate danger, but land clearing and invasive predators such as cats and foxes have likely affected their numbers.

    The three species of kultarr seem to now inhabit smaller areas than in the past.
    Cameron Dodd

    The eastern kultarr, however, is more of a concern. By looking at museum specimens going back all the way to the 1890s, we found it was once much more widespread.

    Historic records suggest the eastern kultarr used to occur across the entirety of arid NSW and even spread north through central Queensland and into the Northern Territory. We now think this species may be extinct in the NT and parts of northwest Queensland.

    What’s next?

    To protect kultarrs into the future, we need targeted surveys to confirm where each species still survives, especially the eastern kultarr, whose current range may be just a shadow of its former extent. With better knowledge, we can prioritise conservation actions where they’re most needed, and ensure these remarkable, long-legged hunters don’t disappear before we truly get to know them.

    Australia still has many small mammal species that haven’t been formally described. Unless we identify and name them, they remain invisible in conservation policy.

    Taxonomic research like this is essential – we can’t protect what we don’t yet know exists. And without action, some species may disappear before they’re ever officially recognised.

    The authors wish to acknowledge the important contributions of Adjunct Professor Mike Westerman at La Trobe University to the research discussed in this article.

    Cameron Dodd receives funding from the Australian Biological Resources Study and Society of Australian Systematic Biologists.

    Andrew M. Baker receives funding from the Federal Government, State Governments, Australian Biological Resources Study and various Industry sources.

    Kenny Travouillon receives funding from Australian Biological Resources Study.

    Linette Umbrello receives funding from the Australian Biological Resources Study (ABRS) National Taxonomy Research Grant Program (NTRGP)

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

    – ref. Australia’s cutest mammal is now Australia’s cutest three mammals – https://theconversation.com/australias-cutest-mammal-is-now-australias-cutest-three-mammals-260006

    MIL OSI – Global Reports –

  • MIL-OSI Australia: How to claim temporary full expensing

    Source: New places to play in Gungahlin

    Information you need

    If your income years end on 30 June, deductions under temporary full expensing are only available in the 2020–21, 2021–22 and 2022–23 income years.

    You claim the temporary full expensing deduction in your tax return for the relevant income year.

    To claim a temporary full expensing deduction, you must complete the extra labels included in the 2020–21, 2021–22 and 2022–23 tax returns.

    You can choose to opt out of temporary full expensing for an income year for some or all your assets and claim a deduction using other depreciation rules. However, you must notify us in your tax return that you have chosen not to apply temporary full expensing to the asset.

    You can’t change your choice and you must notify us by the day you lodge your tax return for the income year to which the choice relates.

    Why we ask

    Information given in these labels about your eligibility and your claim will:

    • help us administer the temporary full expensing measure
    • inform future services and initiatives for business.

    What we ask

    The information that you will need to give through extra labels in the tax return includes:

    • whether you’re making a choice to opt out of temporary full expensing for some or all your eligible assets
    • the number of assets you’re opting out for (if applicable)
    • the costs of assets you’re opting out for (if applicable)
    • the total amount of your temporary full expensing deduction
    • the number of assets you’re claiming temporary full expensing for
    • whether you’re using the alternative income test (corporate entities)
    • your aggregated turnover.

    Tax return label guide

    You can use the temporary full expensing tax return label guide to help identify which labels you will need to complete in your tax return. This will ensure you correctly claim or opt out of the temporary full expensing measure.

    MIL OSI News –

  • MIL-OSI Australia: What type of NFP is your organisation?

    Source: New places to play in Gungahlin

    Types of NFP organisations

    For tax purposes, the main types of not-for-profits (NFPs) are:

    • charities
    • NFPs that self-assess as income tax exempt
    • taxable NFPs.

    Depending on the type of NFP, your organisation may be eligible for a range of tax concessions. Tax concessions include:

    • income tax exemption
    • fringe benefits tax and GST concessions, and
    • deductible gift recipient (DGR) status.

    NFPs (including charities) are organisations that operate for purpose and not for the profit or gain (either direct or indirect) of individual members. All profits must go back into the services the organisation provides and must not be distributed to members, even if the organisation winds up. They can include:

    • art centres
    • church schools
    • churches
    • community child care centres
    • cultural organisations
    • environmental protection organisations
    • neighbourhood associations
    • public museums and libraries
    • scholarship funds
    • scientific organisations
    • scouts
    • sports clubs
    • surf lifesaving clubs
    • traditional service clubs.

    Governing documents

    NFPs are required to maintain governing documents that demonstrate they operate on a NFP basis, including organisations that self-assess their income tax exemption. They must have and include clauses that prevent the NFP from distributing income or assets to members, both while it operates and when it winds up.

    Is your organisation a charity?

    Generally, charities are eligible for more concessions than other NFPs. Charities must be registered with the Australian Charities and Not-for-profits Commission (ACNC) and endorsed by us to access charity tax concessions.

    To be a charity, your organisation must:

    • be a not-for-profit organisation
    • have a charitable purpose
    • be for the public benefit (other than where the charitable purpose is the relief of poverty).

    Examples of charities include:

    • religious groups
    • not-for-profit aged care homes
    • homeless shelters
    • disability service organisations
    • universities and colleges
    • animal welfare organisations
    • artistic or cultural groups.

    Charities can be further broken down into the following types:

    PBIs and HPCs receive wider tax concessions than other charities. Religious institutions that are registered with the ACNC for the charity subtype ‘advancing religion’ may be entitled to access additional tax concessions.

    More information on what is a charity is available on the ACNC websiteExternal Link.

    Taxable NFPs and NFPs that aren’t charities

    Some NFP organisations that aren’t charities are able to self-assess as income tax exempt if they fall into one of the 8 categories outlined in Division 50 of the Income Tax Assessment Act 1997 (ITAA 1997). NFPs that seek to advance the common interest of their members and don’t benefit the broader community won’t generally meet the requirements for income tax exemption.

    If your organisation is eligible to self-assess, it doesn’t need to be endorsed by us to access the concession.

    NFP organisations that are not eligible to self-assess as income tax exempt are taxable, but may be entitled to special rules for calculating taxable income, lodging income tax returns and special rates of tax.

    Taxable NFP organisations may have to lodge an income tax return or notify us that one is not necessary.

    Deductible gift recipients and NFPs

    Some charities, clubs, societies and associations are also deductible gift recipients (DGRs).

    DGRs are organisations that are entitled to receive tax-deductible gifts. DGRs are either:

    • endorsed by us
    • listed by name in the tax law.

    Tax deductions for gifts are claimed by the person or organisation that makes the gift. Gifts are also referred to as donations.

    To be entitled to receive tax-deductible donations, an organisation (including a charity) must be a DGR.

    MIL OSI News –

  • MIL-OSI USA: On Senate Floor, Murray Again Slams Republicans for Using Deceptive Tactics to Hide True Cost of Deficit-Busting Tax Cuts for Billionaires

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ICYMI EARLIER TODAY: Senator Murray Rips Into Republicans for Using Deceptive “Current Policy Baseline” to Hide True Cost of Deficit-Busting Tax Cuts for Billionaires
    Murray: “Republicans should know, if they replace math with magic, if they tear up the Senate process, if they blow off the Senate Parliamentarian, that bill will come due.”
    ***VIDEO of Senator Murray’s remarks HERE***
    Washington, D.C. – Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee and a senior member and former chair of the Senate Budget Committee, spoke out again on the Senate floor to slam Republicans’ use of a so-called “current policy baseline” to hide the true cost of their deficit-busting tax cuts for billionaires.
    Republicans’ 940-page reconciliation bill—the One Big Beautiful Bill Act—which they released in the dead of night, cuts more than $900 billion from Medicaid—$100 billion more than the House bill. About 17 million Americans will lose their health care, more than 300 rural hospitals could close, and more than 500 nursing homes could close. The legislation makes the largest cut to the Supplemental Nutrition Assistance Program (SNAP) in history and will rip away nutrition assistance entirely from more than 5 million Americans and shift tens of billions of dollars in costs to states. The legislation also increases the debt by nearly $4 trillion dollars—nearly a trillion more than the House bill. About two in three Americans oppose the bill.
    Senator Murray’s full remarks, as delivered, are below and HERE:
    “Mr. President, there are some things you can’t change with legislation, despite what my colleagues on the other side of the aisle seem to believe.
    “For example, one plus one is two. And while a trillion might have a lot of zeroes in it—it is, in fact, a much, much bigger number.
    “Now that might sound obvious, but apparently, my colleagues across the aisle need a little reminder.
    “Because, right now, Republicans are pretending not to get it. It is almost beyond belief, and it is certainly beyond common sense.
    “After years of complaining about the debt—in fact, at the same time they are talking about how we need to address the debt—Republicans now are suddenly pretending they don’t know how to count. Republicans are suddenly pretending the parliamentarian doesn’t exist if they don’t talk to her.
    “Republicans are suddenly pretending that precedent doesn’t exist if they just fake amnesia, and that norms, and consequences for breaking them, will disappear if they wish it away really hard.
    “My preschool students had more common sense!
    “Republicans should know, if they replace math with magic, if they tear up the Senate process, if they blow off the Senate Parliamentarian, that bill will come due.
    “And not just the bill for four trillion dollars—blown on tax cuts for billionaires and corporations—the bill will also come due for trashing this Senate process and precedent when Republicans are no longer in the majority.
    “And, M. President, if Republicans are serious about plowing forward with rewriting—or ignoring—Senate procedure, and the laws of mathematics—I just ask, spare me the empty excuses. Spare me the explanations that totally ignore the reality of what you are doing.
    “I mean, do they really think it washes away everything to say, “oh it’s fine to break the process in half because we say it’s fine’… ‘oh it’s fine, we have the authority to ignore math… give me a break!
    “To every Republican who really thinks that is a convincing argument… to anyone who thinks ‘we can’ is an acceptable rationale for going nuclear and pretending the most expensive bill in the history of our country can be paid for by some magic bean counting…
    “Here’s my challenge to you.
    “Go back home and try that game with your constituents. Tell them: ‘It’s okay. Yes, the debt is going to be four trillion dollars higher ten years from now… that’s true. But it’s fine! We voted on it, and we get to say, a trillion is actually zero.’
    “Go ahead, see how that works out for you. And you may as well tell them you are voting against gravity next, because that’s just as reasonable.
    “And don’t forget, when you tell your families back home that four trillion in tax cuts for the billionaires and companies are free because you waved a wand, or you said some magic words, don’t forget to tell them: those are just tax cuts for the billionaires, not for working families.
    “Don’t forget to tell the folks back home: ‘yeah, I voted to say a trillion dollars is nothing, but we still need to kick people off their health care—that’s too expensive. We still need to close those hospitals—we have to cut costs. And we still have to kick people off SNAP—because the debt is out of control.’
    “And don’t forget to mention that, ‘No, we can’t afford child care. No, we can’t afford paid leave. No, we can’t afford to solve your problems. Magic math is apparently just for billionaires. You all are getting less.’
    “Please, Republicans—send that message to your constituents. Just see how it goes over.
    “Because, you can fool yourself, but you are not going to fool the American people. They don’t get to balance their budget with magic math. They don’t get to pretend a trillion dollars is nothing. And they don’t get to pretend that this bill is free.
    “Because, at the end of the day, regardless of what policy baseline you all want to use in D.C., those families back home? They are the ones who will be paying the actual cost.
    […]
    Senator Merkley: Would you yield to a question?
    Senator Murray: I would.
    Senator Merkley: In the time that you were Budget Chair, did you every contemplate a situation in which you argued that renewing a tax break that was, by law, expiring, would somehow have no impact on the deficit?
    Senator Murray: To my friend from Oregon, I never would have contemplated, and I never would have put it forward. And I happen to know that if I had suggested that, that my Republican colleagues would have been all over me, telling me that breaks the rules.

    MIL OSI USA News –

  • MIL-OSI Canada: Canada rescinds digital services tax to advance broader trade negotiations with the United States

    Source: Government of Canada News

    June 29, 2025 – Ottawa, Ontario – Department of Finance Canada

    Canada’s new government is engaged in complex negotiations on a new economic and security partnership with the United States, focused on getting the best deal for Canadian workers and businesses. Prime Minister Carney has been clear that Canada will take as long as necessary, but no longer, to achieve that deal.

    To support those negotiations, the Minister of Finance and National Revenue, the Honourable François-Philippe Champagne, announced today that Canada would rescind the Digital Services Tax (DST) in anticipation of a mutually beneficial comprehensive trade arrangement with the United States. Consistent with this action, Prime Minister Carney and President Trump have agreed that parties will resume negotiations with a view towards agreeing on a deal by July 21, 2025.  

    The DST was announced in 2020 to address the fact that many large technology companies operating in Canada may not otherwise pay tax on revenues generated from Canadians. Canada’s preference has always been a multilateral agreement related to digital services taxation. While Canada was working with international partners, including the United States, on a multilateral agreement that would replace national digital services taxes, the DST was enacted to address the aforementioned taxation gap.

    The June 30, 2025 collection will be halted, and Minister Champagne will soon bring forward legislation to rescind the Digital Services Tax Act.

    MIL OSI Canada News –

  • MIL-OSI Australia: Reports

    Source: New places to play in Gungahlin

    Viewing reports

    You can access most pre-filled, pre-generated and on demand reports.

    To view reports available to you:

    • select Reports and forms then Reports
    • scroll to the relevant report type
      • Pre-filled reports for the financial year
      • Pre-generated reports
      • On demand reports 
    • select the relevant report from the list. For certain reports you may need to enter additional identifiers or use predictive search to generate and review the report.

    Pre-filled and pre-generated reports

    The reports provide current and historical information that’s regularly updated.

    The reports available are:

    More information about each report is available in the Help content within Online services for agents.

    On demand reports

    The on-demand reports can be generated as needed. The client information in the report will be current as at the time of request.

    ‘Download’ status will display when the report is available to be downloaded. Reports may not be available until the following day. The reports are available for 7 days from the request time. After 7 days have passed the report status will change to ‘Failed time out’ and the report will need to be re-ordered.

    The reports can be downloaded and filtered to suit your information needs.

    You can also watch our videos on:

    Client nominations report

    The client nominations report provides a list of pending client nominations relating to client-to-agent linking.

    Once this report has been requested, you’ll be able to download it in real-time.

    The report displays this information

    Heading

    Description

    Name

    Entity name

    ABN1

    Client identifier

    Expiry date

    Nomination expiry date

    Income tax lodgment status report (current year plus previous 3 years)

    When the report request has been successfully completed a download hyperlink will be displayed. You can filter the report by the following before downloading:

    • All clients
    • Not lodged
    • Lodged
    • Not necessary.
    The report displays this information

    Heading

    Description

    Tax file number

    Client identifier

    Client type

    Entity type, for example, company or superannuation fund

    Client name

    Entity name

    Substituted accounting period (SAP)

    The end month of the client’s reporting year, e.g. 31 December – Early Balancer, 31 August – Late Balancer

    Lodgment code

    Lodgment channel, e.g. digital, paper or blank if not lodged or lodgment isn’t required

    Current year status

    Lodgment status of the return, i.e. received, not received, return not necessary or lodgment status unavailable

    Due date

    Lodgment due date for the current year

    Flexible lodgment eligibility current year

    ‘Y’ if Disaster Support arrangements are applicable to the return

    Status for each of 3 previous years

    Lodgment status of each return

    Flexible lodgment eligibility for each of the 3 previous years

    ‘Y’ if Disaster Support arrangements apply to the return

    Last year lodged

    The last year an income tax lodgment was received.

    Outstanding activity statement report (current and previous 3 years)

    The Outstanding activity statement report:
    The report shows this information

    Heading

    Description

    Client name

    Entity name

    Client type

    Entity type, e.g. company or superannuation fund

    Australian business number

    Client identifier

    Client account number

    Activity statement account number

    Client account type

    Integrated client account or GST Joint Venture account

    Client account status

    Status of the account type, e.g. active

    RAN

    The registered agent number linked to the account

    TFN

    Tax file number

    WPN

    Withholder payer number if the entity isn’t eligible for an ABN and has PAYG withholding obligations

    Destination

    Client, Practice or No preferences set

    Delivery channel

    ECI (digital), Paper or myGov

    Activity statement frequency

    Annually, monthly or quarterly

    DIN

    The unique document identification number for the activity statement

    Status

    New or held

    Hold reason

    Reason activity statement has been held, if applicable.

    HDEF – deferred imports data

    HIAC – incorrect address code

    HOBG – obligation data error

    HREG – registration data error

    HUNT – untraceable

    Type

    Form type, e.g. annual GST return, business activity statement, quarterly PAYG instalment notice

    Name

    Form name, e.g. Form A, Form R

    PAYG and/or GST instalment amount

    ATO calculated instalment amount for forms R, S and T

    Period start date

    Start date of activity statement period

    Period end date

    End date of activity statement period

    Due date

    Legislative concessional or deferred lodgment due date of form

    Status

    Active or blank for each role type, i.e. for GST, PAYGI, FTC, FBT, DGST, WET, LCT

    Flexible lodgment eligibility

    ‘Y’ if Disaster Support arrangements are applicable to the form

    Account balance

    Activity statement account balance at the time of report request

    Payment reference number

    Unique payment reference number for the account type

    Email address

    Account email address

    Postal address

    Account postal address

    Reminder issue date

    Indicates the employer was issued a lodgment reminder for the activity statement and the date of issue.

    Treatment type (Finalised or Unfinalised)

    The action the ATO will take at the Expected Treatment Date if the activity statement remains outstanding.

    Finalised:

    • Amounts we have on record will be added to the client’s integrated account
    • The activity statement will be finalised in ATO systems and considered lodged.

    Unfinalised:

    • Amounts we have on record will be added to the client’s integrated account
    • The activity statement will remain outstanding. The client must lodge to complete their reporting obligation.

    Expected treatment date

    Proposed date treatment will be applied.

    ATO processed date

    Actual date treatment was applied. This will only appear when a treatment type has been applied and the activity statement remains outstanding (Treatment type = Unfinalised). Once an activity statement is finalised in ATO systems, it will no longer be displayed on this report.

    MIL OSI News –

  • MIL-OSI USA: Myth vs. Fact: The One Big Beautiful Bill

    US Senate News:

    Source: US Whitehouse
    While Democrats spend the day launching desperate, hollow attacks in a last-ditch effort to block President Trump’s One Big Beautiful Bill, the FACTS speak for themselves.
    MYTH: The One Big Beautiful Bill is “just a tax break for billionaires.”FACT: The One Big Beautiful Bill delivers the largest middle- and working-class tax cut in U.S. history. The President’s legislation will put more than $10,000 a year back in the pockets of typical hardworking families. This is the most pro-growth, pro-worker, pro-family legislation ever crafted.
    MYTH: The One Big Beautiful Bill “takes from the poor to give to the rich.”FACT: The lowest-income workers receive the largest percentage tax cuts. The One Big Beautiful Bill delivers the largest tax cut in history for working-and -middle class Americans.
    MYTH: The One Big Beautiful Bill “makes life more unaffordable.”FACT: The bill delivers bigger paychecks, expanding take-home pay by over $10,000 per year for a typical family.
    MYTH: The One Big Beautiful Bill “hurts low-income families.”FACT: The One Big Beautiful Bill is the most pro-family legislation ever crafted. It will deliver bigger paychecks, giving more than a $10,000 boost annually to everyday families. We are also expanding Opportunity Zones, expanding childcare access, increasing the child tax credit, and creating newborn savings accounts.
    MYTH: The One Big Beautiful Bill “is just a handout to corporations.”FACT: This bill drives a Blue-Collar BOOM with tax relief for workers, support for small businesses, and investments in American manufacturing. The One Big Beautiful Bill delivers the largest middle- and working-class tax cut in U.S. history.
    MYTH: The One Big Beautiful Bill “leaves American workers behind.”FACT: This is the most pro-American worker bill in history. The One Big Beautiful Bill boosts pay for millions—and with no tax on tips or overtime, those working hourly and service jobs receive additional tax relief.
    MYTH: The One Big Beautiful Bill “hurts small businesses.”FACT: The One Big Beautiful Bill will make the Trump Tax Cuts permanent, including the small business deduction—helping Main Street grow and hire. Failure to pass this legislation would result in a $4 trillion tax hike.
    MYTH: The One Big Beautiful Bill “kicks American families off Medicaid.”FACT: As the President has said numerous times, there will be no cuts to Medicaid. The One Big Beautiful Bill protects and strengthens Medicaid for those who rely on it—pregnant women, children, seniors, people with disabilities, and low-income families—while eliminating waste, fraud, and abuse. The One Big Beautiful Bill removes illegal aliens, enforces work requirements, and protects Medicaid for the truly vulnerable.
    MYTH: The One Big Beautiful Bill “cuts Medicare.”FACT: Medicare has not been touched in this bill— absolutely nothing in the bill reduces spending on Medicare benefits. This legislation does not make a single cut to welfare programs—it safeguards and protects these programs for all eligible Americans.
    MYTH: The One Big Beautiful Bill “will close rural hospitals.”FACT: Rural hospitals comprise just 7% of all hospital spending on Medicaid, illustrating that they have not benefited from the massive increase in waste, fraud, and abuse under the Biden administration. By strengthening Medicaid, we are making more resources available for vulnerable populations and safety net providers, like rural hospitals. We are expanding rural hospital protection, providing targeted funds for rural care, and giving states flexibility to support local providers.
    MYTH: “People will literally die” from the One Big Beautiful Bill — “and millions will be kicked off their healthcare.”FACT: This is one of the most egregious, deranged attacks from the Left peddling fear over the facts. The One Big Beautiful Bill protects eligible Americans on federal welfare – including Medicaid. By strengthening the integrity of Medicaid by eliminating waste, fraud, and abuse, its resources can be refocused on providing better care for those whom the program was designed to serve: pregnant women, children, people with disabilities, low-income seniors, and other vulnerable low-income families.
    MYTH: The One Big Beautiful Bill “will hurt people with disabilities.”FACT: The One Big Beautiful Bill protects and strengthens Medicaid for Americans with disabilities. Rest assured, those with disabilities receiving Medicaid will receive no loss or change in coverage.
    MYTH: The One Big Beautiful Bill “punishes vulnerable Americans with work requirements to receive their benefits.”FACT: Not true. The 20-hour weekly work requirement applies only to able-bodied adults without young children and promotes dignity, stability, and better health outcomes for families. The One Big Beautiful Bill restores the dignity of work with historically bipartisan work requirements for able-bodied Americans. We are implementing commonsense, Clinton-era work, volunteer, education, or training requirements with broad bipartisan support.
    MYTH: “There’s no fraud in Medicaid — Republicans are just taking coverage away from vulnerable populations.”FACT: In the last 10 years, CMS admitted that improper payments for Medicaid have exceeded HALF A TRILLION dollars. In just the past year, taxpayers spent $56 billion on benefits for able-bodied adults abusing the system—and over a million illegal aliens are receiving free health care on the backs of taxpayers. The One Big Beautiful Bill removes illegal aliens, enacts work requirements for able-bodied adults, and protects Medicaid for the truly vulnerable.
    MYTH: “SNAP work requirements are unnecessary.”FACT: Only 28% of able-bodied adults on SNAP work. The One Big Beautiful Bill promotes work, responsibility, and restores SNAP to serve the truly needy. SNAP enrollment remains high even in a strong economy, including millions of able-bodied adults who could work. In fact, almost three-quarters of able-bodied adults without dependents on SNAP have no earned income. The mission of the program has failed. SNAP was intended to be temporary help for those who encounter tough times—we are strengthening this program to serve those who need it most.
    MYTH: “Illegal aliens don’t get federal benefits.”FACT: Illegals burden taxpayers with billions in costs for free health care and welfare benefits. The One Big Beautiful Bill ends Medicaid and SNAP fraud and ensures these programs serve only eligible Americans.
    MYTH: The One Big Beautiful Bill “doesn’t actually end taxes on Social Security.”FACT: The One Big Beautiful Bill delivers historic tax relief to seniors, with a new tax deduction that, combined with other deductions, ensures the average Social Security beneficiary will pay zero taxes on Social Security.
    MYTH: The One Big Beautiful Bill “increases the deficit.”FACT: The One Big Beautiful Bill reduces deficits by over $2 trillion by increasing economic growth and cutting waste, fraud, and abuse across government programs at an unprecedented rate. This legislation delivers historic levels of mandatory savings. President Trump’s pro-growth economic formula will reduce the deficit, increase wages, deliver American jobs, and drive down the cost of living.
    MYTH: “But the CBO says….”FACT: The Crooked Budget Office has a terrible record with its predictions and hasn’t earned the attention the media gives it. The CBO misreads the economic consequences of not extending the Trump Tax Cuts. The One Big Beautiful Bill delivers real savings that will unleash our economy and prevent the largest tax hike in history, resulting in historic prosperity, while lowering the debt burden.
    MYTH: “There’s too much ‘pork’ in this bill.”FACT: There’s no pork in the bill. Every single provision in the One Big Beautiful Bill is a campaign promise the American people elected President Trump to deliver. The only new spending in the bill is to secure the homeland of the United States and save American sovereignty — which is fully paid for by increased visa fees on foreigners.
    MYTH: “The One Big Beautiful Bill won’t strengthen national security.”FACT: The One Big Beautiful Bill delivers on President Trump’s Peace Through Strength agenda by funding the Golden Dome missile defense system and modernizing our military to prioritize lethality and readiness. It fully equips our war fighters with the resources they need while modernizing and revolutionizing our equipment and technology.
    MYTH: The One Big Beautiful Bill “helps ‘Big Oil’ and locks up U.S. energy resources.”FACT: Quite the opposite. It unleashes American energy, refills the Strategic Petroleum Reserve, and repeals the Green New Scam policies. The One Big Beautiful Bill unleashes clean, American-made energy and will reduce the cost of living for Americans nationwide.
    MYTH: “Manufacturing jobs will still go overseas.”FACT: The One Big Beautiful Bill delivers 100% expensing for new domestic factories, revitalizes Opportunity Zones, and incentivizes companies to keep jobs in America.
    MYTH: The One Big Beautiful Bill “neglects rural America.”FACT: This bill invests in rural communities, expands market access, and delivers historic support to farm families. The One Big Beautiful Bill provides the certainty America’s farm families need to continue operating and producing the affordable, safe, and abundant supply of food, fuel, and fiber that our nation relies on.
    MYTH: “SNAP is being gutted and cutting food stamps for families, causing them to go hungry.”FACT: The One Big Beautiful Bill protects and strengthens SNAP. Right now, almost three-quarters of able-bodied adults without dependents on SNAP have no earned income and the fraud rate is high. The mission of the program has failed: SNAP was intended to be temporary help for those who encounter tough times. Now, it’s become so bloated that it is leaving fewer resources for those who truly need help. We are committed to preserving SNAP for the truly needy.
    MYTH: “Republicans are shutting Democrats out of the legislative process.”FACT: This is not a partisan bill—Democrats shut themselves out by supporting higher taxes, open borders, and giveaways to illegal immigrants. The One Big Beautiful Bill delivers on Republican promises to lower taxes, secure the border, cut spending, and put Americans first.
    MYTH: The One Big Beautiful Bill “border package is not necessary since President Trump has secured the border.”FACT: We must ensure that the invasion we witnessed as a nation under Joe Biden and Kamala Harris never happens again. The One Big Beautiful Bill’s historic investment in our border security ensures we permanently secure our border and protect our homeland by finishing the border wall, hiring 10,000 new ICE officers, and funding efforts to stop the flow of fentanyl.

    MIL OSI USA News –

  • MIL-OSI NGOs: Giant baby Musk float in march for tax justice at UN summit in Sevilla: ‘Make rich polluters pay’

    Source: Greenpeace Statement –

    Sevilla, Spain – Greenpeace activists joined a civil society march today for Global Economic Justice, with a giant float of a baby Elon Musk holding a chainsaw threatening planet Earth. As the 4th International Conference on Financing for Development (FfD4) starts tomorrow in Sevilla, campaigners are calling on world leaders to advance commitments for new and fair global tax and debt rules, and to hold fossil fuel polluters accountable for climate and nature damages.[1] [2]

    The conference opens against a backdrop of intensifying conflicts, geopolitical tensions, rising inequality, and accelerating climate and environmental breakdown. The outcome document, the Compromiso de Sevilla, released ahead of the conference, does not go far enough. It delivers on some promises on international tax cooperation and encouraging taxes on environmental contamination and pollution. However, bold language on sovereign debt architecture reform was weakened by Global North governments during the negotiations, and the agreement falls short on responding to the urgency of the climate, nature and social crises.[3]

    Fred Njehu, Greenpeace Africa’s Global Political Lead for the Fair Share campaign,[4] said: “Sevilla is a rare opportunity for global economic justice and for urgent conversations on how billionaires and corporate polluters should pay their fair share of taxes to fund climate action, nature protection and social programmes. World leaders need to listen to what the public wants and deliver a tax system that works for all.”

    Eva Saldaña, Executive Director of Greenpeace Spain and Portugal, said: “Multilateral cooperation is key to addressing global threats and resource gaps for global climate and economic justice. It must not become an excuse for more powerful governments, in the Global North or elsewhere, to water down ambition. We must put people over greed and listen to the voices rising from the streets – in Seville and all over the world. All governments must actively support the UN Tax Convention process and pursue real solutions to the debt crisis, so that we can finally begin to transfer resources away from polluters and the super-rich for the wellbeing of all people and especially for those who are suffering the most from the climate emergency.”

    Greenpeace demands reforms in international tax cooperation and public financing for sustainable development. Specifically: 

    • Endorsement of the UN Tax Convention process for just and equitable global tax rules, that make the super-rich pay their fair share and make corporate polluters, such as the fossil fuel industry, pay for their climate damages.
    • Explicit commitments from governments – via the Global Solidarity Levies Task Force, and beyond – to remove fossil fuel production subsidies and introduce progressive taxes and fines on fossil fuel corporations, and other high emitting sectors. This builds on the FfD4 outcomes document’s endorsement of “taxes on environmental contamination and pollution.” The revenues should be used to pay for domestic climate action and international climate finance support  – in particular action to support communities to respond and recover from climate disasters.

    Rebecca Newsom, Global Political Lead for Greenpeace International’s Stop Drilling, Start Paying campaign, said: “While fossil fuel-driven floods, storms, wildfires and droughts increasingly hit communities around the world, people are crying out for their governments to tax oil, gas and coal corporations to pay for climate-related loss and damage. So what are political leaders waiting for? They must seize the opportunity of Sevilla to make polluters pay – or face growing public anger for continuing to let dirty industries off the hook.”

    Hanen Keskes, Campaigns Lead at Greenpeace Middle East North Africa, said: “This is not the time to lack ambition as civil society is calling for urgent debt relief and structural reform. The burden of debt is undermining the most vulnerable countries’ ability to respond to climate, nature and social crises. Governments must show that they are ready to build a fairer and more sustainable future – one rooted in justice, not extraction.”

    ENDS

    Members of the Greenpeace delegation in Seville are available for interviews in Spanish, English, German, and Swahili.

    Photos and Videos can be downloaded via Greenpeace Media Library and will be updated throughout the conference. 

    Notes:

    [1] Greenpeace Spain’s float of Elon Musk measures 2 metres wide by 3.5 –  4 metres high.

    [2] The Fourth International Conference on Financing for Development (FFD4) is a once-in-a-decade opportunity to reform financing at all levels, including to support reform of the international financial architecture. FFD4 Conference will be held in FIBES Sevilla Exhibition and Conference Centre (30 June – 3 July 2025)

    [3] The Compromiso de Sevilla: Outcome | FFD4

    Contacts in Seville:

    Tal Harris, Global Media Lead – Stop Drilling Start Paying campaign, Greenpeace International. +41-782530550, [email protected]  

    Begoña Rodríguez, Media Lead – Climate Responsibility Team, Greenpeace Spain & Portugal. +34 605248097, [email protected]

    Additional contacts: 

    Christine Gebeneter, EU Communication lead, Greenpeace CEE based in Austria, +43 664 8403807, [email protected] 

    Lee Kuen, Global Comms Lead – Fair Share campaign, Greenpeace International. +601112527489, [email protected]

    Greenpeace International Press Desk, +31 (0)20 718 2470 (available 24 hours), [email protected]

    MIL OSI NGO –