Category: Taxation

MIL-OSI New Zealand: David Seymour to the Waikato Chamber of Commerce
Source: ACT Party

ACT Leader David Seymour to the Waikato Chamber of Commerce: Budget 2025 and Beyond

Thank you for the opportunity to be here, and hear from you today. Wherever I go, and I’ve said it here in Hamilton before, I say business is a beautiful form of human cooperation that too many people demonise.

Thank you for being in business. Bringing together ideas, investment, workers, and customers is almost magic. It means people can achieve together what they couldn’t do alone. That’s what I mean by beautiful, voluntary, human cooperation.

Every year, Government sets a Budget. Every three years, the people elect a new Parliament. About every six-to-nine years, the Government changes, but the real change is invisible at the time.

Politics has a rhythm that could put you to sleep, if it wasn’t so maddening: headlines, hot takes, and handouts. At least that’s what it seems like in the moment. But when you look back at politics a generation or two ago, you can see it was actually going somewhere.

What’s difficult is looking through the now, and seeing backwards from the future. How will today look in your children’s rear view mirror? What big trends were we part of, whether we realised it or not? What things will we wish we’d spent more time on, even if they don’t stand out right now?

If this sounds familiar, it should. Politics, like business, is just another extension of life.

New Zealand is in the middle of a repair job. After years of economic mismanagement and runaway spending, the Government is patching the roof while the rain still falls. But a team that’s always rebuilding never lifts the trophy. That’s why we need to move from recovery to victory.

My speech today is about acknowledging where we’re at, and feeling today’s very real challenges. But, it’s also about asking what choices we need to make if we’re going to look good in our children’s rear view mirror.

There are lots of answers. Mine is cultural. We’ll only build a winning economy for future generations is if we restore freedom and personal responsibility to the individual, and reward effort and innovation.

If you get those values right, and have agreement on the values, the policy choices can be easy.

Budget 2025 and ACT’s influence

Anyone who’s read one of ACT’s alternative budgets knows we’d like to spend less than the coalition. It’s also true that the coalition spends less than the other parties would without ACT.

We’ve been identifying savings and instilling fiscal discipline. Collectively, our Ministers have saved current and future taxpayers billions. Brooke van Velden saved the most. Her long-overdue changes to a broken pay equity system didn’t just save the budget, they are good policy. No country got rich by inventing more complicated ways to argue with itself.

As usual, Labour and the unions responded with scare tactics and misinformation. The fact is that Brooke’s changes bring back common sense. Pay equity claims will still be possible – but they’ll need real evidence of discrimination, not assumptions. That means a system that’s fair, workable, and sustainable for the long term.

Not many MPs would have the guts to take this on, but Brooke is an ACT MP. We’re willing to take on tough issues and stand by our principles. This approach needs to be replicated and applied across a wider range of issues in order for New Zealand to tackle long-term issues.

While it doesn’t go as far as we’d like, in many ways this budget reflects ACT’s values: freedom, responsibility, growth, and efficiency. It reduces the share of the nation’s economic pie consumed by Government and redirects spending to areas that generate long-term prosperity.

Inflation is currently 2.5 per cent and the population has grown 0.9 per cent in the last year. That means our country’s inflation plus population growth is 3.4 per cent.

If the Government’s Budget grew by 3.4 per cent, it would grow by $4.9 billion. The question is, does this Budget increase spending by $4.9 billion?

No, it does not. It increases by a fraction of that. This Budget increases spending by $1.3 billion. That’s a 0.9 per cent increase.

When the Government reduces its share of the economy, there is more for the firms, farms, and families of this country to consume.

Debt remains the biggest issue for the future of our country though. Government spending has a diabolical power: time travel. It borrows today and sends the bill into the future, landing with children who are learning their ABCs this afternoon.

Our national debt is now $175 billion, heading past $200 billion by 2026, and $234 billion by 2029. That’s $46,800 per New Zealander.

Debt is rising by $2 million per hour, or $48 million a day.

The status quo is not sustainable. We cannot keep borrowing at the expense of the next generation.

Cutting waste, reinvesting in what matters

Savings in this budget have been substantial. Take public broadcasting – $18.4 million cut from RNZ. Or the end of the EECA, a department which tells people what they already know, energy is expensive. That saves $56.2 million over four years.

Then there’s the $375.5 million saved from scrapping Communities of Learning – a failed concept that pulled teachers out of classrooms.

Other examples include Kiwisaver subsidies for those already well-off – halved and means-tested. Bilingual towns and climate resilience grants funding – eliminated.

We’re also saving money by returning responsibility to Kiwis. Tightening benefit eligibility for 18-19 year olds saves $163 million, but it also promotes the value of work. Many teenagers who might have been going down a pathway of benefit dependency will now learn the value of providing for themselves instead. There will also be more aggressive recovery of court fines and legal aid debt, because responsibility goes both ways.

These savings are not all cost-cutting, they’re a change in priorities. Every dollar saved is a dollar redirected to what truly matters: education, infrastructure, security, and growth.

Policies that unleash growth

At the heart of this Budget is a new 20% capital asset deduction for business investment.

If you’re a farmer upgrading milking machines…

A restaurant expanding its kitchen…

A startup buying lab equipment…

A logistics firm improving software systems…

You’ll now get to write off 20% of tax from those capital investments immediately. Treasury estimates this policy alone will lift wages by 1.5% by the time today’s children enter the workforce.

Why? Because investment drives productivity, and productivity drives higher wages. When people can reinvest more of what they earn, a virtuous cycle begins. Investment → productivity → profits → reinvestment → higher wages. The best part is that the Government just gets out of the way.

I’ve heard some people complain that there is no cap on the policy, which might be the first time I’ve heard people upset that a policy might be too successful. The fact is that if the level of investment exceeds Treasury’s calculation then that is a good thing. Sure, it won’t be taxed as much as it would have previously, but that investment would likely have never entered the country otherwise.

Spending on what’s important

This Budget rightly focuses on the basics, and nothing is more basic than security.

ACT has long called for Defence spending at 2% of GDP. This Budget makes progress, with a $500 million boost to Defence and Foreign Affairs. In a volatile world, alliances are our best defence. Peace through alliances beats peace through strength.

At home, we’re investing in law and order. Nearly half a billion dollars to lock up the worst offenders. Because if you think prison is expensive, try the cost of letting criminals roam the streets.

If there’s one long-term investment that always pays off, it’s education.

The Budget includes $140 million to boost school attendance, and new investments in maths and learning support. We’re addressing the legacy of poor education policy head-on.

Parents who choose private schooling, often making real financial sacrifices, will now receive more equitable treatment. Their GST bill is higher than the government support they receive, and that’s not fair.

What next?

This Budget doesn’t go as far as ACT would, but we’re proud to support it because it’s pregnant with our values. It gives more resources and choices to the people, compared with government.

It focuses on growing the New Zealand economy, rather than government spending. It gives a ray of hope, that New Zealanders can achieve their potential in a place where your efforts make a difference.

That’s the good news. This budget is a reset from the tax, borrow, and spend years. We might have won a battle but it’s a long war to reclaim New Zealand’s economic prosperity.

Interest on debt is now a major expense in its own right, at $9 billion per year. Interest costs more than police and prisons combined, or about as much as primary, intermediate, and secondary schooling.

That’s because the debt is nearly $200 billion, and welfare is over $50 billion a year. Nearly half of that is pensions, which rise by a billion and a half each year as more people retire and live longer. Put it another way: $50 billion is nearly $10,000 per person. If you’re in a family of four that is not getting $40,000 of taxpayer cash a year, you are below average.

Health spending is up $13 billion in seven years, but results have been getting worse for years now. We could go on, but the point is the Government is currently borrowing $14.7 billion a year, and its plan to borrow only $3 billion in four years’ time depends on nothing going wrong for four years. What we’re doing is not sustainable.

The options are either:
1. Tax more, such as the Green’s and Labour’s wealth or capital gains tax
2. Keep borrowing and see what happens (some people genuinely think this is the answer)
3. Spend less.
If we do nothing, it is a matter of time before the left gets back in and defaults to option 1. More taxes that are tall poppy syndrome in tax law. Your problems are caused by others’ successes, the story goes, and your solution is to take their money. It will deaden our society from the inside out.

Option 2 is the road to some sort of banana republic status. The problem is some would default to it through inaction, and some others think using debt is actually an enlightened idea. The downward spiral from this approach goes like this:

Investors lose faith in the New Zealand Government paying back its bonds, so they demand higher interest rates to buy its bonds. That makes it harder to pay. Everyone loses and we all find our dollar goes towards a lot less than it used to. That is the spiral that so many South American and Southeast Asian countries have experienced.

If you’re not keen on new taxes, or the Government going broke, then you’re with us. The next five years of New Zealand politics will be in large part about which of the three options to choose. The Greens have set out their stall. Labour hasn’t come up with any policy since the election, but we can predict they’ll campaign on more taxes. Te Pāti Māori base their policy on TikTok trends, which admittedly is more than Labour is trying to propose.

The coalition hasn’t seriously reduced spending yet though. Even Grant Robertson was spending far less as a percentage of GDP (28%) towards the beginning of his tenure than the current Government (33%). That five-point difference equates to about $23 billion more.

There’s only one option left. If the Government’s going to balance its budget without more taxes, it’ll need to be smaller and more efficient. There’s four ways we can do that.

Zero-basing Government

Government has grown by default, not by design. We have zombie departments and bureaucracies that outlived their usefulness decades ago.

We need to stop assuming government departments and activities should continue because they always have. It’s easy to think of New Zealand companies that no longer exist. Anyone shopped at Deka lately? Read the Auckland Star? Got a loan from South Canterbury Finance? Had Mainzeal put anything up for you? Anyone here had a night in thanks to Video Ezy this decade?

What if we zero-based government?

Every department should have to answer: “If you didn’t exist, who would notice and why?”

If the answer is vague, bureaucratic, or defensive, it’s probably time to shut it down.

We would:
- Cut to 20 ministers – no associates (except Finance).
- Eliminate the bloat of 82 ministerial portfolios.
- Merge and reduce departments to no more than 30.
- Assign each department to one Minister, with eight under-secretaries as a training ground for talent.
This is not austerity. It’s clarity, on what Government can and cannot do.

Make transfers fair on every generation

Superannuation is the biggest elephant in the room.

Every year, 60,000 New Zealanders turn 65. Each generation lives longer, and has fewer children. That fundamentally changes the maths, or more specifically the dependency ratios. There are more eligible recipients for each active taxpayer.

The issue can’t be ducked forever. There’s been too much ducking already, and we’re starting to look like geese. My Party says gradually raising the superannuation age by two months per year until it reaches 67 is the right thing to do. Let’s make it fair, predictable, and, most importantly, sustainable.

Government ownership

The one thing we know is that the government is hopeless at owning things. State houses? You can tell which houses the Government owns as you drive by. Hospital projects, say no more.

If in your next life you come back as a farm animal, I hope you don’t live on a Government farm. You are more likely to die on a Government owned farm than a privately owned one, taxpayers are not the only victim of Government going into business.

Did you know you own Quotable Value, a property valuation company chaired by a former race relations conciliator that contracts to the government of New South Wales? You’re welcome.

What about 60,000 homes? The government doesn’t need to own a home to house someone. We know this because it also spends billions subsidising people to live in homes it doesn’t own. On the other hand, the taxpayer is paying $10 billion a year servicing debt, and the KiwiBuild and Kainga Ora debacles show the government should do as little in housing as possible.

There are greater needs for government capital. We haven’t built a harbour crossing for nearly seven decades. Four hundred people die every year on a substandard road network. Beaches around here get closed thanks to sewerage overflow, but we need more core infrastructure. Sections of this city are being red zoned from having more homes built because the council cannot afford the pipes and pumping stations.

We need to get past squeamishness about privatisation and ask a simple question: if we want to be a first world country, then are we making the best use of the government’s half a trillion dollars plus worth of assets? If something isn’t getting a return, the government should sell it so we can afford to buy something that does.

A regulatory reset

We also need to stop strangling our economy with unnecessary regulation.

The Regulatory Standards Bill, now before Parliament, will finally hold lawmakers accountable. Every new law will have to state:
- What problem it addresses
- Its cost-benefit analysis
- The impact on liberty and property rights
This Bill turns ‘because we said so’ into ‘because here’s the evidence.’ So if my colleagues want to tax you, take your property, or restrict your livelihood, they should be able to show you their work. This is a game-changer for transparency.

Let’s take a real-world example: earthquake regulations in Auckland. The chance of a major quake is one in 110,000 years, yet owners are forced into costly upgrades because Christchurch had a disaster. This is not rational policy.

Instead, we propose risk-based regulation, rooted in evidence, not fear. The same applies to housing. ACT fought hard to overhaul the RMA and introduce property-rights-based planning, because homes are for people, not bureaucrats.

What comes next?

New Zealand’s population will reach 6 million by 2043. That’s a good thing, but only if we create a high-performing economy that retains our best and brightest. In the year to February 2025, 69,100 Kiwis left the country. That is ambition seeking a home elsewhere.

If we carry on in this direction, we’ll become a middling Pacific Island, lamenting the opportunities we let slip.

This Budget is not the championship match, but it is a turning point.

We’ve begun the repair work. Cutting waste, restraining spending, rebalancing priorities, but the goal is not just to fix what’s broken. The goal is to build a New Zealand that’s stronger, smarter, and more secure than ever before.

A country where your effort matters more than where you were born.

Where rewards come from risk and responsibility, not red tape and redistribution.

Where the next generation doesn’t inherit a fiscal time bomb, but a ladder to opportunity.

It won’t be done in a single Budget or a single term. But ACT is committed to seeing it through, because we believe in New Zealanders. We believe that if we give people the freedom, tools, and trust to succeed, they will.

So, more than just rebuilding. Let’s start playing to win.

MIL OSI New Zealand News –
June 2, 2025
MIL-OSI USA: Rep. McCollum Opposes Donald Trump’s Tax Scam

Source: United States House of Representatives – Congresswoman Betty McCollum (DFL-Minn)

WASHINGTON, D.C. — After beginning debate at 2:45am on Thursday morning, the U.S. House of Representatives passed Republicans’ massive budget reconciliation bill, also known as the One Big Beautiful Bill Act, on a vote of 215-214. All Democrats opposed the legislation. Following the vote, Congresswoman Betty McCollum issued the following statement:

“The ugly truth of Donald Trump’s ‘Big Beautiful Bill’ is that it strips away healthcare from 20,000 Minnesotans with disabilities, seniors, children, and working parents in Minnesota’s 4^th Congressional District – that’s the equivalent of every resident of Stillwater losing their healthcare overnight. The ugly truth is that 45,000 Minnesotans will go hungry without the SNAP food assistance they rely on – the equivalent of every resident of Maplewood going to bed hungry and waking up hungry. The ugly truth is that Donald Trump and his Republican Congressional followers are cutting healthcare and food access for the most vulnerable Minnesotans to give permanent tax breaks to billionaires like Elon Musk and corporations who currently don’t pay their fair share. In fact, some large corporations pay $0 in taxes. In short, the ugly truth about the ‘Big Beautiful Bill’ is that it’s just another Trump GOP Tax Scam.

“Under this legislation, the average family earning less than $50,000 would get under $300 in tax cuts in 2027, less than $1 a day, while a wealthy tax filer earning $1,000,000 or more a year would receive about $90,000 in tax breaks. The more the American people learn about this ugly legislation, the more they dislike it, which is why the House Republican majority advanced it through key committees during dead-of-the-night hearings and rushed the floor vote through while most Americans were sleeping.

“It was easy to vote no on this bill. Leading with my Minnesota values and representing the voice of my community, I will oppose any Republican efforts to cut Medicaid, Medicare, Social Security, Veterans’ benefits, and nutrition assistance for Minnesota families, especially when they’re made in service to millionaires and billionaires.”

MIL OSI USA News –

June 2, 2025
MIL-OSI Security: Southfield Doctor Convicted of Fraudulently Obtaining $1.7M PPP Loan

Source: Office of United States Attorneys

DETROIT – On May 29, 2025, a federal jury convicted Dr. Reginald Eburuche of Southfield of bank fraud, United States Attorney Jerome F. Gorgon Jr. announced.

Gorgon was joined in the announcement by Special Agent in Charge Cheyvoryea Gibson, Federal Bureau of Investigation, Detroit Division.

Dr. Eburuche was found guilty of fraudulently obtaining a Paycheck Protection Program (PPP) loan in July 2020, in the midst of the Covid-19 pandemic, for his start-up business Renovis Healthcare. According to evidence presented at trial, after being unsuccessful in obtaining a line of credit for this new business venture in 2019, Eburuche looked to the PPP program as a source of potential seed-funding—$1.7M at 1% interest. In order to get that money though, he grossly inflated the number of employees and the average monthly payroll for his fledgling company. In support of his application, he also created and uploaded fraudulent tax documents, meant to make it appear as though his stated headcount and salary expenditures were legitimate. A large portion of the funds were frozen and seized in advance of trial.

“When a licensed professional choses fraud over integrity, the harm runs deeper than dollars,” said U.S. Attorney Gorgon. “Dr. Eburuche stole money meant to keep workers afloat during a time of crisis. This Office will continue to pursue those who exploited these programs for personal gain.”

“Dr. Reginald Eburuche’s conviction for Bank Fraud represents not only an abuse of taxpayer dollars but a betrayal of public trust during a time of national hardship,” said Cheyvoryea Gibson, Special Agent in Charge of the FBI Detroit Field Office. “I commend the dedicated efforts of our Oakland County Resident Agency members and the U.S. Attorney’s Office for the Eastern District of Michigan, whose contributions were vital in concluding this case. We remain fully committed to collaborating with our community and law enforcement allies to identify, investigate, and bring to justice those who exploit government relief programs for personal financial gain.”

This case was prosecuted by Assistant United States Attorney Carl Gilmer-Hill and was investigated by special agents from the Federal Bureau of Investigation. The United States Attorney’s Office also thanks the Small Business Administration and the Treasury Inspector General for Tax Administration for their support.

MIL Security OSI –

June 1, 2025
Providing service to taxpayers is duty of tax officials: FM Sitharaman

Source: Government of India

Source: Government of India (4)

Union Finance Minister Nirmala Sitharaman on Saturday emphasized that it is the duty of tax department officials to serve taxpayers, and that this responsibility must be carried out with “transparency and integrity.”

“To provide service to the taxpayer is our duty. While serving taxpayers, transparency and integrity are crucial in earning their trust and confidence. I am confident that the Board and the field formations will remain sensitive and responsive,” the Finance Minister stated on the social media platform X.

Her statement came in response to a detailed explanation issued by the Central Board of Indirect Taxes and Customs (CBIC) regarding a business entity that had applied for GST registration.

The applicant had complained about a delay in the processing of the application. However, the CBIC provided details showing that the delay was due to the applicant’s failure to respond to a specific query concerning the designation of the person who had signed on behalf of the company.

Referring to the case of Vinod Gupta, who raised the issue on LinkedIn, the CBIC clarified on X: “The application was filed this week on 26th May (Monday) and was assigned to Delhi State GST. The Central GST authorities had no role in this matter.”

According to the Delhi State GST authorities, the application was processed immediately, and a query was raised regarding the missing designation of the person who signed the rent agreement on behalf of the company. At this stage, the ARN (Application Reference Number) was pending a reply from the taxpayer, and the taxpayer had been duly informed, the statement added.

The application will be processed by the Delhi GST authorities upon receipt of the pending information, the CBIC clarified.

The CBIC also urged the applicant to refrain from spreading incorrect information on social media without verifying the facts.

IANS

May 31, 2025
MIL-OSI Asia-Pac: Substantial reduction of tolls and implementation of HKeToll mostly smooth at Tai Lam Tunnel (with photos)

Source: Hong Kong Government special administrative region

Substantial reduction of tolls and implementation of HKeToll mostly smooth at Tai Lam Tunnel
     The Commissioner for Transport, Ms Angela Lee, visited the TLT Administration Building in the small hours today and was briefed by the operator’s management on the switchover works conducted during its full closure. She also oversaw the tests and preparations prior to the introduction of the HKeToll at the control centre. She met with tunnel management and engineering personnel of the operator and thanked the team for racing against time in completing the takeover work thoroughly, efficiently and smoothly.

     Ms Lee was glad to note that the TLT reopened at 5am as scheduled with the launch of the HKeToll. She appreciated the tireless efforts of the multidisciplinary team comprising the TD, the Highways Department and the Electrical and Mechanical Services Department in completing the necessary drills as well as installing adequate traffic signs and road markings, providing motorists with a smoother road experience as they do not have to stop or queue for payment.

     The TD’s Emergency Transport Co-ordination Centre (ETCC) has been closely monitoring the traffic conditions before and after the takeover of the TLT, and the traffic in both directions has generally been smooth so far. In addition, the traffic of alternative routes, such as Tuen Mun Road and Tolo Highway, has largely been smooth. The ETCC will closely monitor the overall traffic conditions on June 2, the first working day, including the application of time-varying tolls on private cars and motorcycles at the TLT for the first time.

     Under the new tolls, tolls for all vehicle types are lower than previous tolls by 22 to 80 per cent. Among them, tolls for private cars in the peak, normal and off-peak time slots from Monday to Saturday are $45, $30 and $18 respectively, with a fixed toll of $18 throughout the day for Sunday and general holidays. The motorcycle toll for all time slots is set at 40 per cent of the private car toll, i.e. between $7.2 and $18. Taxis and other commercial vehicles (such as goods vehicles and buses) continue to have a fixed toll on all days: $28 for taxis and $43 for other commercial vehicles.

     Ms Lee said, “As motorists, transport trades and members of the public may take time to adapt to new routes and adjust their commuting habits, we will closely monitor the traffic flow and public transport services in the vicinity of the TLT. Following the substantial reduction of tolls and the roll-out of the HKeToll, we hope to make optimal use of the TLT’s spare capacity effectively to alleviate the busy traffic on alternative routes, such as Tuen Mun Road, thereby improving the flow of people and freight between the New Territories West/North and the urban areas, as well as achieving the objective of providing a smooth commute and bringing benefits to all sectors.”

     Motorists may refer to the TLT’s toll displays or the TD’s HKeMobility mobile application for real-time toll information. Those who have yet to apply for an HKeToll vehicle tag and account should do so as soon as possible.

Issued at HKT 11:00

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

May 31, 2025
MIL-OSI: Trans Mountain Corporation Releases First Quarter 2025 Financial Results
Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 30, 2025 (GLOBE NEWSWIRE) — Trans Mountain Corporation (“TMC” or “the Company”) has released its financial statements and associated management report for the three months ending March 31, 2025. The Company’s financial results are also included in Canada Development Investment Corporation’s (“CDEV”) consolidated quarterly financial statements.

Adjusted earnings before interest, taxes, depreciation, and amortization (“EBITDA”) reflect the performance of TMC’s base business. Revenues and Adjusted EBITDA have increased significantly following the commercial commencement of the Expanded System on May 1, 2024.

Financial Highlights:
- EBITDA: For the three-month period ending March 31, 2025, Adjusted EBITDA increased by $532 million to $568 million, compared to $36 million in the same period of the prior year.
- Capital Structure: In December 2024, Canada TMP Finance Ltd., the entity which holds the Government of Canada’s investment in TMC, provided funding to repay $17.9 billion of guaranteed third-party debt. The refinancing results in lower interest costs for the Company, making additional funds available to optimize the system, grow, pay down debt or increase returns to its shareholder.
- Capital Return: During the first quarter an aggregate of $311 million was paid to Canada TMP Finance Ltd., consisting of $148 million in interest payments and $163 million in cash dividends. These distributions are expected to grow significantly in 2026 and beyond.
Operational Highlights:
- Throughput: During the first quarter, the Expanded System had an average daily mainline throughput of approximately 757,000 barrels per day (bpd), including 445,000 bpd to Westridge Marine Terminal, 227,000 bpd to Washington state on the Puget Sound Pipeline and 85,000 bpd to BC delivery points.
- Vessel Traffic: For the three-month period ending March 31, 2025, 74 vessels were loaded at Westridge Marine Terminal, including 29 vessels in March marking a new monthly high for the Expanded System’s operation. Since the commercial commencement of the Expanded System on May 1, 2024, TMC has loaded 266 vessels at the terminal. Third-party information suggests vessel destinations have been broadly split between the US West Coast and Asia.
- Loading Performance: Ship loading performance remains strong. During the quarter, approximately 90 per cent of ships were loaded on time, with delays attributable to vessel operator factors.
Since the commercial commencement of the Expanded System, all deliveries have been subject to the Expanded System tariff and tolls. Contractually committed revenues associated with the 15-and 20-year transportation service contracts covering approximately 80 per cent of the Expanded System’s capacity have resulted in a significant increase to transportation volumes, revenues and Adjusted EBITDA.

TMC reported net income of $148 million for the first quarter of 2025, as compared to $158 million in the same period of the prior year. While Adjusted EBITDA reflects the results from the Company’s base business, net income incorporates depreciation and amortization expense, as well as the significant financing impacts of the Trans Mountain Expansion Project (“TMEP”), specifically, the equity allowance for funds used during construction (“AFUDC”), interest expense and capitalized debt financing costs.

While net income decreased by $10 million year-over year, the underlying factors changed significantly. Interest expense before capitalized debt financing costs was materially lower, reflecting the recapitalization of TMC’s balance sheet in December 2024. However, these savings were offset by increased depreciation and amortization expense, and the cessation of equity AFUDC and capitalized debt financing costs on TMEP following the commercial commencement of the Expanded System.

CEO Comments

“Trans Mountain is demonstrating its strategic value to Canada’s economy,” said Mark Maki, Chief Executive Officer, Trans Mountain Corporation. “Our team remains focused on safe, reliable operations as we complete one year of Expanded System operations. The Expanded System has driven strong value to Canada’s energy producers and Canadians overall.” Maki continued, “This critical infrastructure is opening new global markets for Canadian energy, reducing reliance on a single US market and ensuring long-term economic benefits for Canadians. These results reflect the hard work, commitment to safety and collaboration of our dedicated team.

For the three-month period ending March 31, 2025, the West Texas Intermediate to Western Canadian Select differential averaged US$13 per barrel (bbl), which was US$4 per bbl narrower than the average of US$17 per bbl in Q1, 2024. While the differential does not directly affect TMC’s operational or financial performance, the commencement of the Expanded System has contributed to greater egress optionality and improved oil prices for Canadian producers in the Western Canada Sedimentary Basin,” concluded Maki.

See the full financial statements and management report documents here. See CDEV’s Quarterly Report here.

Looking Forward

Toll Hearing: TMC continues to operate under an interim toll structure currently before the Canada Energy Regulator (CER). On November 30, 2023, the CER approved preliminary interim tolls for the Expanded System, which remain in effect today. Under the current CER hearing timeline, final arguments are scheduled for late 2025.

Optimization Opportunities: Trans Mountain is exploring both short and long-term optimization projects aimed at increasing pipeline capacity by 200,000 bpd to 300,000 bpd. Potential solutions may include the use of drag-reducing agents to increase flow efficiency, as well as other operational enhancements to improve system capabilities.

Forward-looking information

This news release contains certain statements that constitute forward-looking information within the meaning of applicable Canadian securities laws (“forward-looking information”). Forward-looking information is not historical fact, but instead represents the current expectations of TMC regarding future operating results and other future events relating to TMC, many of which, by their nature, are inherently uncertain and outside of the control of TMC. Forward-looking information can be identified by words or phrases such as “will”, “may”, “expect”, “anticipate”, “believe”, “intend”, “plan”, “seek”, “aim”, “potential”, “should”, “would” and similar words or expressions. Forward-looking information in this news release includes, but is not limited to, expectations regarding future distributions, potential uses of funds resulting from lower interest costs, expected timing for final arguments for the current CER hearing, potential optimization projects and the expected increase in pipeline capacity resulting from such projects. the opening of global markets for Canadian energy and long-term economic benefits resulting from TMC’s infrastructure. Actual results could differ materially from those anticipated in the forward-looking information. The forward-looking information in this news release is based on certain assumptions that TMC has made regarding, among other things: market conditions, economic conditions, prevailing governmental policies, regulatory, tax, and environmental laws and regulations, inflation rates and commodity prices, future demand for space on TMC’s pipeline systems, interest, tax and foreign exchange rates and expected cash flows and availability of funds. Although TMC believes the assumptions and other factors reflected in the forward-looking information are reasonable as of the date hereof, there can be no assurance that these assumptions and factors will prove to be correct and, as such, forward-looking information is not a guarantee of future performance. Forward-looking information is subject to a number of known and unknown risks and uncertainties that could cause actual events or results to differ materially, including, but not limited to: the regulatory environment and decisions, including the outcome of regulatory hearings, the available supply and price of energy commodities, TMC’s ability to successfully implement its strategic priorities, the operating performance of TMC’s pipelines and related assets, performance and credit risk of TMC’s counterparties, the geopolitical environment, actions taken by governmental or regulatory authorities, changes in laws, the occurrence of unexpected events such as fires and severe weather conditions, cyber-attacks and other accidents or similar events and adverse general economic and market conditions or other risk factors, many of which are beyond the control of TMC. The foregoing list of assumptions and risk factors should not be construed as exhaustive. The forward-looking information contained in this news release speaks only as of the date hereof. TMC does not undertake any obligation to publicly update or revise any forward-looking information contained herein, except as required by applicable laws. All forward looking information contained in this news release is expressly qualified by this cautionary statement.

GAAP and Non-GAAP measures

We make use of certain financial measures that do not have a standardized meaning under U.S. GAAP because we believe they improve management’s ability to evaluate our operating performance and compare results between periods. These are known as non-GAAP measures and may not be similar to measures provided by other entities. The non-GAAP measures discussed above should not be considered as an alternative to or more meaningful than revenues, net income, operating income or other U.S. GAAP measures. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization and equity AFUDC) is a non-GAAP measure we use to evaluate our operating performance and is calculated from its most directly comparable U.S. GAAP measure, operating income but excludes the impact of financing decisions, non-cash depreciation and amortization, and non-cash equity AFUDC.

AFUDC (Allowance for Funds Used During Construction) is an amount recognized under U.S. GAAP by rate-regulated entities to reflect a return on the equity and debt components of capital invested in construction work in progress.

About Trans Mountain

Trans Mountain Corporation (together with its wholly-owned subsidiaries, “Trans Mountain”) operates Canada’s only pipeline system transporting oil products to the West Coast. Trans Mountain is a wholly owned entity of Canada TMP Finance Ltd., a subsidiary of Canada Development Investment Corporation (CDEV), the entity which holds the Government of Canada’s investment in TMC. We have nominal capacity to deliver 890,000 barrels of petroleum products each day through a pipeline system of more than 1,180 kilometres of pipeline in Alberta, British Columbia and 111 kilometres of pipeline in Washington state. Trans Mountain also operates a state-of-the-art loading facility, Westridge Marine Terminal, with three berths providing tidewater access to global markets. As a federal Crown corporation, Trans Mountain continues to build on more than 70 years of experience delivering operational and safety excellence through our crude oil pipeline system. To learn more, visit us at www.transmountain.com.

The MIL Network –
May 31, 2025
MIL-OSI USA: Dr. Rand Paul Reintroduces Bill to Repeal Job-Killing ‘Tan Tax’

US Senate News:

Source: United States Senator for Kentucky Rand Paul

FOR IMMEDIATE RELEASE:
May 30, 2025, 2025
Contact: Press_Paul@paul.senate.gov, 202-224-4343

WASHINGTON, D.C. – Last week, U.S. Senator Rand Paul (R-KY) reintroduced the Tan Tax Repeal Act, legislation to eliminate the burdensome 10 percent tax on indoor tanning services—a relic of the disastrous Affordable Care Act. The tax, imposed in 2010 as a last-minute addition to fund Obamacare, has disproportionately hurt small businesses and women entrepreneurs across the country. The bill is cosponsored by Senators Ted Budd (R-NC), Senator Kevin Cramer (R-ND) and Pete Ricketts (R-NE).
“This tax was never about public health—it was about squeezing more money out of hardworking Americans to fund a broken government program,” said Dr. Paul. “The Tan Tax is a perfect example of the federal government picking winners and losers—and in this case, punishing women-owned businesses trying to stay afloat in a tough economy.”
BACKGROUND:
The so-called “Tan Tax” was slipped into the Affordable Care Act as a last-minute replacement for a proposed “Botox tax.” The result? Over 11,000 tanning salons—most of them women-owned—have closed their doors.
According to the American Suntanning Association, more than 110,000 jobs, mostly held by women, have been lost. The tax also decimated domestic tanning equipment manufacturers, shifting jobs and production to foreign countries.
Dr. Paul has long opposed the Affordable Care Act and has consistently called for the repeal of harmful, overreaching policies like the Tan Tax. He previously included this repeal in his broader Obamacare replacement legislation.
You can read the Tan Tax Repeal Act HERE.

MIL OSI USA News –

May 31, 2025
MIL-OSI USA: Governor Polis Signs Bills In Grand Junction and Western Slope to Support Outdoor Recreation and Protect the Great Outdoors
Source: US State of Colorado

GRAND JUNCTION – Today, Governor Polis signed bills in Grand Junction to support outdoor recreation and protect the great outdoors that Colorado is known for. Governor Polis signed the bipartisan SB25-174 – Sunset Outfitters & Guides, sponsored by Senators Dylan Roberts and Cleave Simpson and Representatives Meghan Lukens and Matt Soper and the bipartisan HB25-1215 – Redistribution of Lottery Fund, sponsored by Representatives Rick Taggart and Junie Joseph and Senators Jeff Bridges and Barbara Kirkmeyer to support local outdoor recreation businesses and workers, and increase opportunities for every Coloradan to experience the outdoors.

“Protecting and enjoying Colorado’s great outdoors is an important part of who we are. These new laws will protect our outdoors, support our outdoor recreation businesses and economy, and expand opportunity to ensure all Coloradans for generations can enjoy our state’s world-class great outdoors,” said Governor Polis.

Governor Polis also signed the bipartisan HB25-1021 – Tax Incentives for Employee-Owned Businesses, sponsored by Reps William Lindstedt and Rick Taggart and Senators Jeff Bridges and Mark Baisley.

“Employee-owned businesses provide good-paying jobs and support our strong economy. Ownership opportunities for employees are good for businesses and employees, driving growth, creating opportunity, and strengthening recruitment and retention. I am proud of our work to help businesses embrace the benefits of employee ownership,” said Governor Polis.

At Grand Junction Community Hospital, Governor Polis signed the bipartisan SB25-071 – Prohibit Restrictions on 340B Drugs, sponsored by Senators Dafna Michaelson Jenet and Janice Rich and Reps Matthew Martinez and Rick Taggart.

“We are focused on saving people money on health care, and costly prescription drugs can force Coloradans to decide between paying for prescriptions over food, housing, and other necessities. I am proud to sign a major new law to expand drug discounts and enable hospital providers to expand access to affordable care, including by lowering prescription medication costs. I continue to call on the federal government to grant Colorado’s waiver to import lower-cost prescription drugs from Canada,” said Governor Polis.

This afternoon, Governor Polis visited Glenwood Springs to sign the bipartisan SB25-272 – Regional Transportation Authority Sales and Use Tax Exemption, sponsored by Senators Faith Winter and Marc Catlin and Representatives Elizabeth Velasco and Meg Froelich.

“Building more housing near transit and expanding transit options is important for our goals to reduce pollution and make our high quality of life more affordable and liveable. This bill will help local governments and regional and local transit agencies build more workforce housing and provide more transportation options that save Coloradans time and money in all four corners of the state,” said Governor Polis.

Governor Polis then traveled to Colorado Mountain College to sign the bipartisan HB25-1186 – Work-Based Learning Experiences in Higher Education, sponsored by Representatives Matthew Martinez and Meghan Lukens, and Senators Janice Rich and Dafna Michaelson Jenet.

“Expanding opportunities for work-based learning for all students, whether they’re in K-12 or higher education, is important for our workforce, economy, and each student’s future. This bill will expand access to work-based learning in the classroom and in the workforce, helping students gain the skills to get good-paying jobs,” said Governor Polis.

Governor Polis also signed the following bipartisan bills into law:
- HB25-1080 – Wireless Telephone Infrastructure Deployment Incentives, sponsored by Representatives Meghan Lukens and Matt Soper, and Senator Nick Hinrichsen
- HB25-1006 – School District Solar Garden Lease Term, sponsored by Representatives Meghan Lukens and Anthony Hartsook and Senators Jeff Bridges and Chris Kolker
- HB25-1153 – Statewide Government Language Access Assessment, sponsored by Representatives Elizabeth Velasco and Junie Joseph and Senator Iman Jodeh
The Governor signed the following bills administratively:
- SB25-144 – Change Paid Family Medical Leave Insurance Program, sponsored by Senators Winter and Bridges, and Representatives Willford and Zokaie.
  - “This new law will lower the payroll tax rate and provide a stable, workable pathway for setting premiums and safeguarding the solvency of this fund going forward. It will also provide support to families with children in the NICU, ensuring parents and loved ones can take the time away from work needed to be with their families,” said Governor Polis. Read the Governor’s signing statement.
- HB25-1094 – Pharmacy Benefit Manager Practices, sponsored by Representatives Brown and Johnson, and Senators Pelton and Roberts. Read the Governor’s signing statement.
- HB25-1259 – In Vitro Fertilization Protection & Gamete Donation Requirements, sponsored by Representatives Froelich and Brown, and Senators Cutter and Daugherty
- HB25-1285 – Veterinary Workforce Requirements, sponsored by Representatives McCormick and Johnson, and Senators Kipp and Pelton
- HB25-1301 – Authorizing Voice Court Reporter to Give Oath, sponsored by Representatives Carter and Espenoza, and Senators Roberts and Gonzales
- HB25-1304 – Extension of Restitution Deadlines, sponsored by Representatives Froelich and Soper, and Senators Snyder and Bright
- HB25-1318 – Species Conservation Trust Fund Projects, sponsored by Representatives McCormick and Soper, and Senators Roberts and Catlin
- HB25-1326 – Updating Safety Net Provider Terminology, sponsored by Representatives Espenoza and Bradley, and Senator Ball
- SB25-158 – State Agency Procurement & Disposal Certain Items, sponsored by Senators Sullivan and Gonzales, and Representatives Froelich and Brown
- SB25-278 – Epinephrine Administration in Schools, sponsored by Senator Mullica, and Representatives Stewart and Bradley
- SB25-285 – Updating Food Establishment Inspection Fees, sponsored by Senator Roberts, and Representatives Lukens and Soper
- SB25-292 – Workforce Capacity Center, sponsored by Senators Amabile and Bridges, and Representatives Sirota and Taggart
- SB25-308 – Medicaid Services Related to Federal Authorizations, sponsored by Senators Amabile and Kirkmeyer, and Representatives Taggart and Sirota
- SB25-309 – Authorize Legislative Fellows, sponsored by Senator Simpson, and Representatives Brown and Bradfield
- SB25-298 – Remove Term Homosexuality from Criminal Code, sponsored by Senators Daugherty and Lundeen, and Representatives Lindsay and Lukens
- SB25-312 – American Rescue Plan Act Funds, sponsored by Senators Amabile and Kirkmeyer, and Representatives Bird and Sirota
- SB25-313 – Proposition 123 Revenue Uses, sponsored by Senators Amabile and Bridges, and Representatives Bird and Sirota
###

MIL OSI USA News –
May 31, 2025
MIL-OSI Security: New Orleans Man Sentenced to 5 Years of Probation for Cares Act Fraud, Money Laundering and False Tax Filing

Source: Office of United States Attorneys

NEW ORLEANS – Acting U.S. Attorney Michael M. Simpson announced that CLIFTON C. JAMES (“JAMES”), age 50, of New Orleans, was sentenced today by U.S. District Judge Jane Triche-Milazzo to 5 years of probation for making false statements, theft of government funds, and money laundering related to the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as well as making a false tax filing with the Internal Revenue Service.

On March 27, 2020, the President of the United States signed into law the CARES Act, which provided emergency assistance, administered by the United States Small Business Administration (SBA), to small business owners affected by the Coronavirus (COVID-19) pandemic. The two primary sources of funding for small businesses were the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) program.

According to the charging documents, or about April 30, 2020, JAMES, on behalf of a business that he owned, made false statements to an approved lender to obtain a $86,800 PPP loan. On or about July 13, 2020, JAMES stole $149,900 from the SBA by using a false application in the name of Crescent City Tax Services, LLC. JAMES then committed money laundering by using these ill-gotten funds to buy an automobile from a dealership in California. Lastly, JAMES filed a false document with the Internal Revenue Service wherein he claimed to have earned $1.00 in a 2019 tax return.

In addition to probation, JAMES was ordered to perform 50 hours of community service and to pay restitution in the amount of $551,973.00 to the SBA along with restitution to the IRS in the total amount of $233,645.65. There is also a mandatory $400 special assessment fee.

For more information on the Department of Justice’s response to the pandemic, please visit https://www.justice.gov/coronavirus. Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

This case was investigated by an agent assigned to the Pandemic Response Accountability Committee (PRAC) Fraud Task Force. The PRAC was established to serve the American public by promoting transparency and facilitating coordinated oversight of the federal government’s COVID-19 pandemic response. The PRAC’s 21 member Inspectors General identify major risks that cross program and agency boundaries to detect fraud, waste, abuse, and mismanagement in the more than $5 trillion in COVID-19 spending. The PRAC Fraud Task Force brings together agents from 15 Inspectors General to investigate fraud involving a variety of programs, including the Paycheck Protection Program. Task force agents who are detailed to the PRAC receive expanded authority to investigate pandemic fraud as well as tools and training to support their investigations.

Acting U.S. Attorney Simpson praised the work of the U.S. Department of Veterans Affairs – Office of Inspector General (a member of the PRAC) and the Internal Revenue Service – Criminal Investigation in investigating this matter. Assistant U.S. Attorney Edward J. Rivera of the Financial Crimes Unit was in charge of the prosecution.

MIL Security OSI –

May 31, 2025
MIL-OSI USA: After Leading Congressional Delegation to Canada, Shaheen Highlights Harms of Trump’s Tariffs on Local Businesses and Summer Tourism

US Senate News:

Source: United States Senator for New Hampshire Jeanne Shaheen
(Moultonborough, NH) – After leading a bipartisan Congressional delegation (CODEL) to Canada last week, U.S. Senator Jeanne Shaheen (D-NH) highlighted the local impacts of President Trump’s sweeping tariffs on Granite State businesses at Colby Footwear in Rochester and discussed the negative effects on the summer tourism season with the Mount Washington Valley Chamber of Commerce in North Conway. Photos from today’s events can be found here.
“In New Hampshire, we should be preparing to welcome Canadian visitors for the summer tourism season – but instead, local businesses and retail sectors across the state are worrying about how travel cancellations and higher costs resulting from the President’s reckless tariffs on Canada will impact their bottom line and ability to operate,” said Senator Shaheen. “I’ll continue listening to the challenges that Granite Staters are facing so I can ensure their voices are heard in Washington.”
Last week, Shaheen led U.S. Senators Kevin Cramer (R-ND), Amy Klobuchar (D-MN), Tim Kaine (D-VA) and Peter Welch (D-VT) on a bipartisan delegation visit to Ottawa, Canada where they met with Prime Minister Mark Carney and members of his cabinet, the Business Council of Canada and other leading Canadian companies and business groups. The delegation reaffirmed the strong U.S.-Canada partnership and support for our bilateral relationship among Congress and the American people.
Senator Shaheen is helping lead efforts in Congress to mitigate the harmful impacts of President Trump’s tariffs. In January, Shaheen introduced the Protecting Americans from Tax Hikes on Imported Goods Act which would limit the president’s ability to leverage sweeping tariffs that increase costs for American consumers and families. Her effort to pass this bill by unanimous consent was blocked by Senate Republicans. In recent months, Shaheen has traveled across the Granite State to visit businesses including Chatila’s Bakery, C&J, DCI Furniture, Mount Cabot Maple, American Calan Inc. and NH Ball Bearings to hear directly from Granite Staters impacted by the administration’s tariffs.
Later in the day, Shaheen toured Castle in the Clouds in Moultonborough to discuss the upcoming summer tourism season and celebrate the site’s recent designation as a National Historic Landmark. In September of 2024, Shaheen sent a letter to National Park Service Director Charles Sams supporting the designation.
“Castle in the Clouds is a Granite State icon that does important work to help preserve New Hampshire’s stunning outdoor spaces and history,” said Shaheen. “I was glad to visit the beautiful landmark today to discuss the upcoming summer tourism season and the work we need to do to ensure Castle in the Clouds can thrive for future generations of Granite Staters to enjoy.”
Senator Shaheen has long drawn attention to the integral role Castle in the Clouds plays in fueling New Hampshire’s tourism economy. The 5,500-acre estate sees over 50,000 visitors annually.

MIL OSI USA News –

May 31, 2025
MIL-OSI Russia: Mikhail Mishustin approved decisions on measures to support the coal industry

Translation. Region: Russian Federal

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

Coal enterprises will receive additional support, which should ensure their further stable development in the current unfavorable economic situation. This decision was maderesults of the meeting on the situation in the coal industry, which was held by Prime Minister Mikhail Mishustin. The necessary instructions for the implementation of additional measures were given to the Ministry of Finance and the Ministry of Energy.

A targeted approach will be used in providing assistance measures to coal industry organizations, developed by the Government on the instructions of the President.

For this purpose, a decision was made to create a subcommittee to provide financial measures of state support to individual organizations in economic sectors. It will operate within the framework of the Government Commission on Increasing the Stability of the Russian Economy in the Context of Sanctions at the Ministry of Finance. The subcommittee will be headed by Finance Minister Anton Siluanov. It will include representatives of the Ministry of Economic Development, the Central Bank, the Federal Tax Service, the Federal Financial Monitoring Service and other structures.

Together with the Ministry of Energy, the Ministry of Finance will have until June 5 to develop and approve the criteria on the basis of which decisions will be made on the consideration of applications for state support for industry companies.

A number of proposals were made at the meeting, which it was decided to support.

Thus, until December 1, a deferment of the mineral extraction tax and insurance contributions will be granted to all enterprises in the coal industry. If necessary, it can be extended for a longer period by a separate decision of the subcommittee.

Coal industry organizations will be provided with targeted subsidies to compensate for part of the cost of logistics expenses when exporting coal products over long distances.

Another decision concerns the provision of compensation in the amount of 12.8% of the tariff for export transportation of coal in the north-west and south directions to Siberian coal companies. Their list will be formed by the Ministry of Energy and approved by the subcommittee.

On the instructions of Mikhail Mishustin, plans for the financial recovery of enterprises in the industry will be approved, including those providing for assistance from direct beneficiaries (shareholders), as well as restrictions on the payment of dividends, an increase in the salaries of senior management, and cost optimization.

In addition, it has been deemed appropriate to give coal industry enterprises that are experiencing a serious debt burden the opportunity to restructure their credit debt. When working on this measure, the position of the financial regulator, the Bank of Russia, will be taken into account.

Mikhail Mishustin instructed Sergei Tsivilev and Anton Siluanov to take personal control of the implementation of the decisions taken.

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

MIL OSI Russia News –

May 31, 2025

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

Source: IMF – News in Russian

May 30, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV consultation[1] for Bolivia on May 2. The authorities have consented to the publication of the Staff Report prepared for this consultation.[2]

Bolivia’s real GDP growth has moderated to 2.1 percent in the first three quarters of 2024, driven by a decline in hydrocarbons production, a slowdown in services activity, and a drop in soy crops and related manufacturing due to ‘El Niño’ effects. The economy has also faced disruptions from road blockages and scarcity of foreign exchange (FX)―given critically low international reserves―fuels and other critical inputs. High import costs, weak agricultural production, and road blockages pushed inflation to 10 percent at end-2024, the highest level in over a decade. Unemployment has fallen, but underemployment is rising, and real incomes retrenched on average. The combination of FX shortages, slowing activity, and depreciation of the parallel exchange rate resulted in a compression of the current account deficit to 2.7 percent for 2024. The fiscal deficit surpassed 10 percent of GDP in 2023-24 with declining hydrocarbon revenues, tax exemptions, increased social spending, and higher interest payments. The deficit has been mostly financed by the central bank amid tight external financing constraints. Public debt has increased to 95 percent of GDP.

The financial sector remains well buffered. However, deposits declined in real terms and net interest margins are pressured by interest rate controls, limiting banks’ ability to raise loan rates amid rising inflation and slowing credit growth. Banks have experienced improved profitability from FX trading gains, resulting in a strengthened capital adequacy ratio of 13.5 percent in 2024, while non-performing loans have remained low at 3.2 percent of total loans.

Executive Board Assessment[3]

Executive Directors agreed with the thrust of the staff appraisal. They expressed concern over Bolivia’s acute fiscal and external imbalances and unsustainable policy mix and called for urgent actions to address the overvalued exchange rate, bolster foreign reserves, and implement sustained fiscal consolidation. Directors cautioned that inaction could lead to a painful disorderly adjustment and underscored the Fund’s readiness to support the authorities through its various activities. They encouraged the staff to continue to closely engage the authorities on the needed adjustments. Careful communication of the policy reforms to stakeholders would be pivotal to enhance their acceptability.

Directors stressed that the untenable peg to the U.S. dollar and depleted international reserves call for a decisive shift in the monetary policy framework. They called for a realignment of the exchange rate with market fundamentals, moving toward greater exchange rate flexibility, and for front loaded fiscal consolidation and restrictive monetary policy settings, which would address inflationary pressures, alleviate FX shortages, and allow elimination of FX restrictions. Increasing interest rate flexibility will facilitate effective monetary policy transmission.

Directors recommended a credible and sustained fiscal consolidation by rationalizing the public wage bill, phasing out fuel subsidies, enhancing public investment management and spending efficiency, and mobilizing tax revenue. Eliminating monetary financing of fiscal deficits is also important. Directors also emphasized the need to mitigate the effects of the policy adjustments on vulnerable populations, including through improved targeting of the social safety net. A coherent fiscal framework can help underpin the consolidation plan.

Directors emphasized the need to strengthen financial sector supervision amid growing economic vulnerabilities. They called for close monitoring and contingency planning and encouraged the implementation of the remaining 2024 FSAP recommendations and strengthening the AML/CFT framework. Enhancing Bolivia’s public pension fund operations by diversifying investments and strengthening the pension supervisor’s independence is also important.

Directors called for comprehensive supply side reforms to enhance productivity and growth potential and facilitate external rebalancing by phasing out export ceilings, price controls, and credit quotas. They emphasized the need for a clear regulatory framework to attract private investment and to focus public investment on socially beneficial infrastructure projects. Further efforts to enhance transparency and the governance and anticorruption frameworks will also be important. Improving data adequacy also remains a priority.

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

Table 1. Bolivia: Selected Economic Indicators, 2023-30

Population (millions, 2024)	11.3		Poverty rate (percent, 2023)		36.5
Population growth rate (percent, 2024)	1.4		Adult literacy rate (percent, 2023)		95.2
Life expectancy at birth (years, 2024)	68.7		GDP per capita (US$, 2023)		3,736
Total unemployment rate (2024Q3)	3.6		IMF Quota (SDR, millions)		240.1
			Est.	Proj.


		2023	2024	2025	2026
Income and prices
Real GDP		3.1	1.3	1.1	0.9
Nominal GDP		2.6	6.5	16.4	16.9
CPI inflation (period average)		2.6	5.1	15.1	15.8
CPI inflation (end of period)		2.1	10.0	15.6	16.8
Combined public sector
Revenues and grants		27.8	28.4	24.8	24.2
Of which: Hydrocarbon related revenue 1/		2.8	2.2	1.9	1.6
Expenditure		38.7	38.7	37.5	37.4
Current		32.3	33.2	32.5	32.6
Capital 2/		6.4	5.4	5.0	4.8
Net lending/borrowing (overall balance)		-10.9	-10.3	-12.7	-13.2
Of which: Non-hydrocarbon balance		-15.4	-16.4	-16.3	-16.0
Total gross NFPS debt 3/		90.8	95.0	90.4	91.4
External sector
Current account		-2.5	-2.7	-2.6	-3.2
Exports of goods and services		26.2	20.7	18.0	16.0
Of which: Natural gas		4.5	3.3	2.3	1.8
Imports of goods and services		28.6	23.4	20.4	18.9
Capital account		0.0	0.0	0.0	0.0
Financial account (-= net inflow)		-2.0	-3.5	-2.8	-3.3
Of which: Direct investment net		0.0	-0.2	-0.2	-0.1
Of which: Other investment, net		-1.5	-2.1	-2.3	-3.4
Of which: Unidentified financing inflows		0.0	0.0	-1.4	-3.2
Of which: Unidentified financing inflows		0.0	0.0	1.9	2.8
Net errors and omissions		-4.8	-2.6	0.0	0.0
Terms of trade index (percent change)		1.2	-2.3	-1.6	-0.2
Central Bank gross foreign reserves 4/ 5/ 6/
In millions of U.S. dollars		1,808	2,009	2,118	2,199
In months of imports of goods and services		1.9	2.1	2.0	2.0
In percent of GDP		4.0	4.1	3.8	3.3
In percent of ARA		20.6	23.0	22.3	20.5
Money and credit
Credit to the private sector (percent change)		-2.1	4.0	7.5	7.2
Credit to the private sector (percent of GDP)		70.8	69.2	63.9	58.6
Broad money (percent of GDP)		90.2	87.5	85.7	86.9
*Memorandum items:*
Nominal GDP (in billions of U.S. dollars)		45.5	48.4	56.3	65.9
Bolivianos/U.S. dollar (end-of-period) 7/		6.9	…	…	…
REER, period average (percent change) 8/		-1.5	…	…	…
Oil prices (in U.S. dollars per barrel)		80.6	79.2	72.0	68.2
Energy-related subsidies to SOEs (percent of GDP) 9/		3.9	4.0	3.4	2.9
Sources: Bolivian authorities (MEFP, Ministry of Planning, BCB, INE, UDAPE); IMF; Fund staff calculations. 1/ Excludes YPFB profits/losses. 2/ Includes net lending. 3/ Public debt includes SOE’s borrowing from the BCB (but not from other domestic institutions) and BCB loans to FINPRO and FNDR. 4/ Excludes reserves from the Latin American Reserve Fund (FLAR) and Offshore Liquidity Requirements (RAL). 5/ All foreign assets valued at market prices. 6/ Includes a repurchase line of US$99.2 million maturing in 2025. 7/ Official (buy) exchange rate. 8/ The REER based on authorities’ methodology is different from that of the IMF (see 2017 and 2018 Staff Reports). 9/ Includes the cost of subsidy borne by public enterprises and incentives for hydrocarbon exploration investments in the projection period.

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

[2] Under the IMF’s Articles of Agreement, publication of documents that pertain to member countries is voluntary and requires the member consent. The staff report will be shortly published on the www.imf.org/Bolivia page.

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

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Meera Louis

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

https://www.imf.org/en/News/Articles/2025/05/30/pr-25168-bolivia-imf-concludes-2025-art-iv-consult

MIL OSI

MIL OSI Russia News –

May 31, 2025

MIL-OSI USA: Father and son indicted for providing material support to Mexican cartel engaged in terrorism following ICE Rio Grande Valley, federal partner investigation

Source: US Immigration and Customs Enforcement

BROWNSVILLE, Texas – Two family members with ties to South Texas have been charged with allegedly conspiring to materially support a Mexican cartel previously designated as a foreign terrorist organization, conspiracy to commit money laundering and related smuggling charges, following an investigation conducted by U.S. Immigration and Customs Enforcement, the DEA and the FBI with substantial assistance of IRS CI along with Customs and Border Protection, U.S. Marshals Service and Texas Department of Public Safety.

The superseding indictment, returned May 22, alleges Maxwell Sterling Jensen, 25, Draper, Utah, and James Lael Jensen, 68, Sandy, Utah, conspired to provide material support to the Cartel de Jalisco Nueva Generación in the form of U.S. currency. The Secretary of State designated CJNG as a foreign terrorist organization Feb. 20.

“This case underscores the more aggressive and innovative approach we are taking towards combatting the scourge of drug cartels,” said U.S. Attorney Nicholas Ganjei from the Southern District of Texas. “This strategy focuses not just on the traffickers and trigger-pullers directly employed by the cartels but also targeting their confederates and enablers. Whether you are handing the cartel a gun, providing a car or safehouse for smugglers, or putting money in the cartel’s pocket, you will be held to account.”

The Jensen’s allegedly operated Arroyo Terminals, an enterprise based in Rio Hondo, Texas.

Both are also charged with allegedly conspiring to conduct financial transactions to conceal and disguise the nature and source of the proceeds of illegally smuggled goods, crude oil. They also aided and abetted the fraudulent entry of approximately 2,881 shipments of the oil in violation of the Tariff Act, according to the charges.

“Cases like this highlight the often-dangerous relationships between alleged unscrupulous U.S. businesses and terrorist organizations,” said ICE Homeland Security Investigations San Antonio Special Agent in Charge Craig Larrabee. “Through strong collaborations and relentless investigative work, we and our partners exposed a possible large-scale operation that allegedly attempted to move millions in illicit crude oil and launder the proceeds. HSI remains committed to protecting our economy and holding offenders accountable.”

“What began as a Drug Enforcement Administration drug trafficking investigation evolved into a multifaceted case involving an alleged complex criminal operation generating millions of dollars from crude oil – the largest funding source for Mexican drug cartels,” said acting Special Agent in Charge William Kimbell of DEA – Houston. “Given the charges have profound implications for both the United States and Mexico, we will continue to explore all leads and identify any believed to be involved. The collaboration with federal law enforcement, prosecutors, and state agencies proved critical to unraveling these alleged crimes and will continue until such operations are destroyed.”

“It is a top priority of the FBI to eliminate foreign terrorist organizations by depriving them of the funding they need to operate and by seizing their most valued assets,” said FBI Special Agent in Charge Aaron Tapp of the San Antonio Field Office. “Together with our law enforcement partners, we will use every resource and capability at our disposal to ensure violent cartels and anyone who corruptly facilitates their operations are held accountable to the American people and unable to establish a foothold in our communities.”

“Our commitment to taking down drug cartels and organized crime leverages IRS Criminal Investigation’s specialty in forensic accounting that identifies the alleged money trail and shuts down the flow of cash, just like we did in this case,” said acting Special Agent in Charge Lucy Tan, of IRS Criminal Investigation’s Houston Field Office. “Some of our best special agents are using their law enforcement expertise to build unshakeable cases to ensure criminals are taken off the streets and their ill-gotten gains are returned to the American people.”

At the time of the initial arrests, authorities seized four tank barges containing crude oil, three commercial tanker trucks, an Arroyo Terminal pickup truck and one personal vehicle. The Arroyo Terminal property in Rio Hondo, crude oil contained Arroyo Terminal storage tanks and additional real properties are also sought for forfeiture. The superseding indictment also contains notice that the United States will seek a $300 million money judgment upon conviction.

The conspiracies to provide material support and to commit money laundering both carry a possible prison term of up to 20 years. If convicted of aiding and abetting the smuggling of goods into the United States and doing so by means of false statements, both men could also face up to 10 and five years, respectively. James Jensen also faces one count of money laundering spending which carries an additional 10 years in prison, upon conviction.

With the exception of the money laundering charge which has the possibility of up to a $500,000 fine or twice the value of the property involved, the remaining counts carry a maximum $250,000 potential fine.

Operation Liquid Death involved the combined efforts of ICE HSI, DEA, FBI, and IRS CI and others and is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces and Project Safe Neighborhood.

Assistant U.S. Attorneys James Sturgis and Laura Garcia from the Southern District of Texas are prosecuting the case. AUSAs Mary Ellen Smyth and Tyler Foster are handling seizure and forfeiture matters.

An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

MIL OSI USA News –

May 31, 2025
MIL-OSI Security: Pennsylvania Man Sentenced to Prison for Fraudulent Refund Scheme

Source: Office of United States Attorneys

PHOENIX, Ariz. – Louis Perpignan, 33, of Bethlehem, Pennsylvania, was sentenced on May 27, 2025, by United States District Judge Diane J. Humetewa to 42 months in prison, followed by three years of supervised release. Perpignan was also ordered to pay more than $2.6 million in restitution. Perpignan previously pleaded guilty to Wire Fraud.

Between May 2016 and May 2021, Perpignan operated an online refund scheme called the “Members Only Refund Service,” through which he charged individuals a fee to “return” purchased items, ranging from televisions to handbags, from a variety of retailers across the country. To accomplish the scheme, Perpignan would pose as the customer and use various methods to trick the retailer into issuing a refund without returning the product. For example, Perpignan would convince the retailer that the item either never arrived or had already been returned. The customer would then be refunded the full purchase price but keep the item. Perpignan, in turn, received a fee of up to 25% of the item’s purchase price from the customer.

Perpignan admitted to defrauding at least 31 retailers out of more than $2.6 million through the scheme. With his portion of the funds, Perpignan supported his extravagant lifestyle and purchased at least eight vehicles, including a $176,000 Lamborghini Huracan.

This case was investigated by the Darknet Marketplace and Digital Currency Task Force, with specific contribution from the Internal Revenue Service-Criminal Investigation and Homeland Security Investigations. The United States Attorney’s Office, District of Arizona, Phoenix, handled the prosecution.

CASE NUMBER: CR-23-01398-DJH
RELEASE NUMBER: 2025-085_Perpignan

# # #

For more information on the U.S. Attorney’s Office, District of Arizona, visit http://www.justice.gov/usao/az/
Follow the U.S. Attorney’s Office, District of Arizona, on Twitter @USAO_AZ for the latest news.

MIL Security OSI –

May 31, 2025
MIL-OSI Security: Suburban Chicago Businessman Charged with Swindling Investors Out of $3.6 Million

Source: US FBI

CHICAGO — A suburban Chicago businessman has been indicted on federal fraud charges for allegedly swindling investors in his purported refining business out of at least $3.6 million.

An indictment returned Tuesday in U.S. District Court in Chicago charges AWAD ODEH, 41, of Palos Hills, Ill., with four counts of wire fraud and one count of money laundering. Arraignment in federal court has not yet been scheduled.

According to the indictment, Odeh operated North American Refinery (NAR) in Bridgeview, Ill. The company was purportedly in the business of precious metals refining. From 2017 to 2020, Odeh fraudulently obtained funds from multiple investors by falsely representing that they would receive guaranteed annualized returns on their investments of ten to 50%. Odeh also falsely told victims that in the event NAR defaulted in making payments to investors, he would personally repay the full amount of their investments and their returns, the indictment states. In support of his fraudulent representations, Odeh allegedly provided investors with false documents that made it appear NAR was financially sound and able to meet its financial commitments.

In reality, the indictment states that investor funds were not used for NAR’s purported precious metals business. Odeh instead fraudulently used the funds for personal use and other non-NAR-related purposes, including funding an unrelated car company that Odeh owned and operated in Burr Ridge, Ill., the indictment states.

The indictment was announced by Andrew S. Boutros, United States Attorney for the Northern District of Illinois, Douglas S. DePodesta, Special Agent-in-Charge of the Chicago Field Office of the FBI, Ramsey E. Covington, Acting Special Agent-in-Charge of IRS Criminal Investigation in Chicago, and Matthew Scarpino, Special Agent-in-Charge of U.S. Immigration and Customs Enforcement’s Homeland Security Investigations in Chicago. The government is represented by Assistant U.S. Attorney Prashant Kolluri.

The public is reminded that an indictment is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

MIL Security OSI –

May 31, 2025
MIL-OSI Security: Bergen County Man Sentenced to Twenty Months in Prison for COVID-19 Fraud

Source: Office of United States Attorneys

NEWARK N.J. – A New Jersey man was sentenced to 20 months in prison for fraudulently obtaining approximately $149,900 in federal Economic Injury Disaster Loans (“EIDL”) loans, U.S. Alina Habba announced.

George Leguen, 51, of Paramus, New Jersey, previously plead guilty before U.S. District Judge Madeline Cox Arleo to an information charging him with wire fraud and money laundering. Judge Arleo imposed the sentence in Newark federal court.

According to documents filed in this case and statements made in court:

From August 2020 through January 2021, Leguen participated in a scheme to defraud and receive COVID-19 emergency relief funds meant for distressed small businesses under the EIDL program. Leguen applied to the Small Business Administration (“SBA”) on behalf of a business he owned and controlled. He falsified information that he submitted in support of that application, including the number of employees, annual gross revenue figures, and fraudulent federal tax returns. Based on this false information, Leguen was approved for and received an EIDL loan in the amount of $149,900. After receiving the EIDL funds, he diverted the proceeds for his personal gain.

In addition to the prison term, Judge Arleo sentenced Leguen to 3 years of supervised release, forfeiture was ordered in the amount of $149,900, and restitution in the amount of $174,426.37.

U.S. Attorney Habba credited special agents of Internal Revenue Service – Criminal Investigation, Newark Field Office, under the direction of Special Agent in Charge Jenifer Piovesan; the Drug Enforcement Administration, under the direction of Special Agent in Charge Cheryl Ortiz of the New Jersey Field Division; special agents of the U.S. Secret Service, under the direction of Special Agent in Charge Aaron Hatley, Newark Field Office; and special agents of the U.S. Department of Labor – Office of the Inspector General, under the direction of Special Agent in Charge Jonathan Mellone, Northeast Region, with the investigation.

The District of New Jersey COVID-19 Fraud Enforcement Strike Force is one of five strike forces established throughout the United States by the U.S. Department of Justice to investigate and prosecute COVID-19 fraud. The strike forces focus on large-scale, multi-state pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces are interagency law enforcement efforts, using prosecutor-led and data analyst-driven teams designed to identify and bring to justice those who stole pandemic relief funds.

The government is represented by Assistant U.S. Attorney Fatime Meka Cano of the Economic Crimes Unit in Newark.

Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud Hotline at 866-720-5721 or via the NCDF Web Complaint Form at: https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

###

Defense counsel: Jeffrey Lichtman, Esq. and Matthew Cohan, Esq.

MIL Security OSI –

May 31, 2025

MIL-OSI Security: Three Defendants Sentenced and Another Pleads Guilty for Roles in Transnational Drug Trafficking Operation

Source: Office of United States Attorneys

PITTSBURGH, Pa. – Three individuals from Pennsylvania, Washington, and Arizona were sentenced, and another individual from Ohio pleaded guilty, in federal court on May 28, 2025, to charges of violating federal narcotics and money laundering laws in relation to a transnational drug trafficking organization (DTO), Acting United States Attorney Troy Rivetti announced today. The defendants were among 35 individuals charged through a Second Superseding Indictment unsealed in January 2024 for their participation in a domestic and international narcotics and money laundering conspiracy involving substantial quantities of fentanyl, methamphetamine, and cocaine.

The sentences imposed by United States District Judge J. Nicholas Ranjan were:

Defendant	Age	Residence	Sentence
James Pinkston	34	New Kensington, Pennsylvania	220 months in prison, to be followed by five years of supervised release
Alicia Parks	26	Kent, Washington	84 months in prison, to be followed by four years of supervised release
Marco Armenta	24	Phoenix, Arizona	12 months and one day in prison, to be followed by two years of supervised release

According to information presented to the Court, on various dates from in and around August 2021 to in and around June 2023, in the Western District of Pennsylvania, Pinkston and Parks conspired to possess with intent to distribute and distribute 400 grams or more of fentanyl and 500 grams or more of cocaine. Similarly, from in and around August 2022 to January 2023, Armenta conspired to possess with intent to distribute and distribute 40 grams or more of a mixture of fentanyl. The defendants were intercepted on a federal wiretap obtaining quantities of the drugs that they distributed to others. Additionally, the Court was advised that, in and around March 2023, Pinkston possessed with intent to distribute 500 grams or more of a mixture of cocaine, and, from in and around April 2022 to March 2023, conspired to commit money laundering by using a payments app to receive and initiate payments for drug transactions.

The Second Superseding Indictment alleges that the operation imported from Mexico millions of fentanyl pills, kilograms of fentanyl powder, hundreds of pounds of methamphetamine, and dozens of kilograms of cocaine that then were distributed and sold throughout the United States. Pinkston served as the western Pennsylvania connection to the Phoenix DTO responsible for importing the drugs from Mexico.

In addition to the sentencings, another defendant in the case—Diamond Williams-Dorsey, 32, of Cleveland, Ohio—pleaded guilty before Judge Ranjan to Count One of the Second Superseding Indictment. In connection with the guilty plea, the Court was advised that, from in and around July 2022 to August 2022, Williams-Dorsey conspired to possess with intent to distribute and distribute 400 grams or more of a mixture of fentanyl. Judge Ranjan scheduled sentencing for November 4, 2025. The law provides for a maximum total sentence of not less than 10 years and up to life in prison, a fine of up to $10 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offense and the prior criminal history, if any, of the defendant.

With this week’s three sentencings and guilty plea, 20 of the 35 defendants charged in the Second Superseding Indictment have now pleaded guilty in the case, with nine having been sentenced thus far.

Assistant United States Attorneys Arnold P. Bernard Jr. and Tonya S. Goodman prosecuted this case on behalf of the government.

Acting United States Attorney Rivetti commended the Federal Bureau of Investigation’s Laurel Highlands Resident Agency and Homeland Security Investigations for the investigation that led to the successful prosecution of the defendants. Additional agencies participating in this investigation include the Internal Revenue Service–Criminal Investigation, United States Postal Inspection Service, and other local law enforcement agencies.

This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to achieve the total elimination of cartels and transnational criminal organizations, combat illegal immigration, and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

MIL Security OSI –

May 31, 2025

MIL-OSI Security: Three Defendants Plead Guilty to Participating in Cross-State Drug Trafficking Ring

Source: Office of United States Attorneys

JOHNSTOWN, Pa. – Three individuals from Ohio, Pennsylvania, and New Jersey pleaded guilty in federal court this week to charges of violating federal narcotics laws in connection with a cross-state drug trafficking ring, Acting United States Attorney Troy Rivetti announced today. The defendants were among 27 individuals charged through a Superseding Indictment unsealed in March 2023 for their participation in a cross-state narcotics conspiracy involving substantial quantities of fentanyl, cocaine, crack, and heroin.

Pleading guilty this week before United States District Judge Marilyn J. Horan were:

Plea Date Defendant Age Residence

May 28 Robert Hurst 46 North Royalton, Ohio

May 28 Melissa Frain 36 Indiana, Pennsylvania

May 29 Kevin Thomas 48 Newark, New Jersey

In connection with the guilty pleas, the Court was advised that, in and around October 2022 to March 2023, in the Western District of Pennsylvania, Hurst conspired to possess with intent to distribute and distribute 500 grams or more of cocaine, 40 grams or more of a mixture of fentanyl, and a quantity of a mixture of crack. Similarly, from in and around September 2021 to January 2022, Frain conspired to possess with intent to distribute and distribute quantities of mixtures of cocaine, fentanyl, and crack. From in and around October 2022 to March 2023, Thomas conspired to possess with intent to distribute and distribute 500 grams or more of a mixture of cocaine and a quantity of a mixture of crack. The defendants were intercepted on a federal wiretap obtaining quantities of the drugs that they distributed to others.

Hurst was one of the managers of the New Kensington-based drug trafficking group. Hurst primarily resided in Cleveland, Ohio, but maintained a premises in Vandergrift, Pennsylvania, which served as a distribution point for the organization. Hurst exercised decision-making authority on behalf of the organization and dictated who could be supplied with the group’s drugs.

Judge Horan scheduled sentencings for September 17, 2025. The law provides for a maximum total sentence of not less than five years and up to 40 years in prison, a fine of up to $5 million, or both. Under the federal Sentencing Guidelines, the actual sentence imposed would be based upon the seriousness of the offense(s) and the prior criminal history, if any, of each defendant.

With this week’s guilty pleas, 22 of the 27 defendants charged in the Superseding Indictment have now pleaded guilty in the case, with 14 defendants having been sentenced thus far. Included in those sentencings is Misti Durante, 40, of Indiana, Pennsylvania, who Judge Horan sentenced this week to time served for her role in the conspiracy.

Assistant United States Attorney Arnold P. Bernard Jr. is prosecuting this case on behalf of the government.

The Federal Bureau of Investigation’s Laurel Highlands Resident Agency and Homeland Security Investigations conducted the investigation that led to the prosecution of the defendants. Additional agencies participating in this investigation include the Bureau of Alcohol, Tobacco, Firearms and Explosives, Internal Revenue Service–Criminal Investigation, United States Postal Inspection Service, and other local law enforcement agencies.

This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

MIL Security OSI –

May 31, 2025
MIL-OSI USA: Senators Hassan, Shaheen, and Colleagues Introduce Legislation to Expand Medicare Drug Price Negotiation and Lower Costs for Americans

US Senate News:

Source: United States Senator for New Hampshire Maggie Hassan
WASHINGTON – U.S. Senators Maggie Hassan, a member of the Health, Education, Labor, and Pensions Committee, and Jeanne Shaheen joined their colleagues in reintroducing the Strengthening Medicare and Reducing Taxpayer (SMART) Prices Act. This legislation would expand Medicare negotiation of drug prices to lower drug costs for consumers, reduce federal spending, and give the Department of Health and Human Services stronger tools to negotiate lower drug prices in Medicare Part B and Part D.
“In 2023, my colleagues and I took on Big Pharma and moved to help lower prescription drug costs by finally allowing Medicare to negotiate the price of medications. But rather than build upon this important work, the Trump Administration wants to add loopholes and exemptions that weaken this program and result in higher prices for patients,” said Senator Hassan. “This legislation rejects the Trump Administration’s handouts to Big Pharma and instead accelerates the drug price negotiation efforts that will help more people afford the medications that they need.”
“Granite Staters are having their budgets upended by the sky-high costs of the prescription drugs they need,” said Senator Shaheen. “I’m laser-focused on taking action to give families more breathing room in their household budgets and I’m proud of the progress we’ve made to lower prescription drug prices in recent years, but we have more work to do. The SMART Prices Act is common sense legislation that will expand our ability to take on Big Pharma and accelerate our work to bring health care costs down.”
According to preliminary estimates from a model by West Health and Verdant Research, if the SMART Prices Act was enacted in 2026, it would save 33 percent more by 2030 than current law. It would also allow Medicare to begin negotiations earlier and bring down the price of more expensive drugs.
This legislation builds on a provision that Senators Hassan and Shaheen worked with their colleagues to enact – passing into law in 2022 and beginning in 2023 – that has empowered Medicare to negotiate prescription drug prices for the first time, helping to lower the cost of prescription drugs for seniors in New Hampshire and across the country. The SMART Prices Act would extend this progress by more than doubling the number of prescription drugs Medicare must negotiate to a minimum of 50 per year, allowing the most costly prescription drugs and biologics to have negotiated prices five years after approval by the Food and Drug Administration, and by increasing the discount that Medicare is allowed to negotiate.
Senators Hassan and Shaheen are leading efforts in the Senate to lower health care costs and make essential medications more affordable. For instance, Senator Hassan recently reintroduced bipartisan legislation to streamline the approval process for generic drugs, which will help generics enter the market more quickly and lower prescription drug prices for patients. Senator Hassan also helped pass into law three bipartisan measures to increase access to generic and biosimilar medications, which are often cheaper than their brand name counterparts.

MIL OSI USA News –

May 31, 2025
MIL-OSI USA: De La Cruz, Sykes Announce Bipartisan Women’s Caucus Shared Agenda for Women and Families
Source: United States House of Representatives – Monica De La Cruz (TX-15)

Washington, DC – Co-chairs, Congresswoman Monica De La Cruz (R-TX) and Congresswoman Emilia Strong Sykes (D-OH), along with Vice-Chairs, Congresswoman Nicole Malliotakis (R-NY) and Congresswoman Janelle Bynum (D-OR) announce theBipartisan Women’s Caucus priorities for the 119th Congress.

The Caucus outlined the following legislative priorities:
- Caregiving:Exploring ways to better support caregivers
- Food and Nutrition:Expanding access to healthy and nutritious food
- Small Business and Entrepreneurship:Promoting programs for women-owned businesses
- STEM/STEAM:Creating greater opportunities and a pipeline for women and girls
- Women Veterans:Addressing military sexual trauma and enhancing research on women veterans’ health
- Violence Against Women:Supporting efforts to promote the economic security of survivors
- Women’s Health:Strengthening and funding maternal health, mid-life health and expanding IVF insurance coverage
- Women’s History Museum:Ensuring women’s contributions throughout our country’s history is recognized and honored
“As Co-Chair of the Bipartisan Women’s Caucus, I’m committed to working across the aisle to advance policies that support women-owned small businesses, strengthen families, and expand access to childcare and elder care.Empowering women is at the heart of our mission, and I look forward to delivering commonsense solutions on the priorities we share.”-Congresswoman Monica De La Cruz (TX-15)

“As the representative for one of the most bipartisan congressional districts in the country, it is an honor to Co-Chair the Bipartisan Women’s Caucus to prioritize real change for women and girls in America. Whether we are working to raise awareness around violence against women, improving women’s health, expanding opportunities for women and girls in STEAM, or engaging in efforts to improve access to healthy foods and ensure food is safe for our children, I am grateful for the opportunity to work with so many amazing women across the political spectrum to make sure that women and girls are not left behind by our government.”–Congresswoman Emilia Strong Sykes (OH-13)

“As Vice-Chair serving in the Bipartisan Women’s Caucus, I remain committed to advancing commonsense, bipartisan policies that support women and families nationwide. We’ve worked to increase the Child Tax Credit and expand women’s health care, support women-owned businesses, advance STEM opportunities, supporting solutions to increase access to child care, and champion a National Women’s History Museum. We’re working across the aisle to empower current and future generations of women and girls.”-Congresswoman Nicole Malliotakis.

“Every day I hear from Oregonians that want lower costs, better jobs, and a fair chance at the American Dream. I remain firmly committed to working across the aisle as Vice-Chair of the Bipartisan Women’s Caucus to deliver real results to improve Americans’ quality of life.”-Congresswoman Janelle Bynum

“In keeping with their 48-year history, the Bipartisan Women’s Caucus’ legislative priorities for the 119th Congress demonstrate their continued commitment to work across the aisle to ensure women and their families are economically secure, healthy and safe. WCPI will continue to work alongside the Caucus to hold regular briefings and engage in thoughtful bipartisan discussions and learning opportunities for Members and congressional staff.”-President of the Women’s Congressional Policy Institute (WCPI) Jennifer Lockwood-Shabat

Background:

The Congressional Caucus for Women’s Issues was founded in 1977 and later renamed to the Bipartisan Women’s Caucus (BWC). When it was founded, the Caucus included 15 of the 18 women servingin the House of Representatives. Today, nearly one-third of the House are women members. With its founding, the Caucus offered a space for women members to speak in public and with each other about women’s policy issues with the goal of developing, initiating, and promoting bipartisan legislation and public policies for women.

Some of the early accomplishments of the Bipartisan Women’s Caucus included:
- The Pregnancy Discrimination Act (1978)
- The Retirement Equity Act (1984)
- The Women’s Business Ownership Act (1988)
- The Breast and Cervical Cancer Mortality Prevention Act (1990)
- The Family and Medical Leave Act (1993)
- The Violence Against Women Act (1994)
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MIL OSI USA News –
May 31, 2025

MIL-OSI United Kingdom: Government completes exit from NatWest

Source: United Kingdom – Executive Government & Departments

Press release

Government completes exit from NatWest

Final share sale ends nearly 17 years of public ownership

Final share sale ends nearly 17 years of public ownership
Millions of savers and businesses protected during the financial crisis
Taxpayers prioritised through value-for-money sales at market price since this government came to office

The government has sold its remaining shares in NatWest Group (formerly Royal Bank of Scotland, RBS) — ending public ownership that began when it stepped in to protect millions of savers and businesses during the financial crisis.

That intervention prevented the UK economy and financial system from going over the edge – protecting millions of savers, businesses and jobs.

Over 2008 and 2009, the government provided £45.5 billion to stabilise RBS (now NatWest), which at the time was one of the largest banks in the world- with over 40 million customers and operations in more than 50 countries.

Chancellor of the Exchequer, Rachel Reeves, said:

Nearly two decades ago, the then Government stepped in to protect millions of savers and businesses from the consequences of the collapse of RBS. That was the right decision then to secure the economy and NatWest’s return to private ownership turns the page on a significant chapter in this country’s history. We protected the economy in a time of crisis nearly seventeen years ago, now we are focused on securing Britain’s future in a new era of global change.

Economic Secretary to the Treasury, Emma Reynolds said:

Bringing NatWest fully back into private ownership marks a significant milestone for the UK banking sector following the financial crisis.

Since coming into government, we have halted the NatWest retail share sale, which could have cost taxpayers hundreds of millions. Instead, we put taxpayers first by only selling NatWest shares at market value— securing more money to invest in vital public services.

To date, £35 billion has been returned to the Exchequer through share sales, dividends and fees. While this is around £10.5 billion less than the original support, the alternative would have been a collapse with far greater economic costs and social consequences.

The Office for Budget Responsibility are clear on this point: the cost of doing nothing would almost certainly have been far greater than the difference between the capital injected and proceeds returned.

Allowing the bank to fail would have devastated people’s savings, mortgages and livelihoods — and shattered confidence in the UK’s financial system.

Since taking office in 2024, the government has prioritised securing value for taxpayers — scrapping plans for a retail sale that could have cost hundreds of millions of pounds due to the need to sell shares at a discounted price to attract retail buyers.

Instead, shares were sold only at market price and when it represented value for money — helping fund the Plan for Change to invest in the NHS, education and defence.

The government has now exited all banking sector interventions made during the financial crisis.

Notes to editors

Shares were sold through three accelerated bookbuilds in 2015 (£2.1bn), 2018 (£2.5bn), 2021 (£1.1bn), five directed buybacks of shares by NatWest in March 2021 (£1.1bn), March 2022 (£1.2bn), May 2023 (£1.3bn), May 2024 (£1.2bn), and November 2024 (£1bn), and a trading plan from 2021–2025
The final shares were sold through the trading plan on 30 May 2025. In total, the trading plan generated over £13.2bn in proceeds from sales of NatWest shares
Peak government stake in RBS was 84.4%
A retail sale, proposed under the previous government, was cancelled in 2024 due to the additional costs to taxpayers, estimated in the hundreds of millions
UK Government Investments (UKGI), who managed the shareholding on behalf of HMT, ensured all sales delivered value for money
Explainer of total amount received by government in relation to NatWest shareholding:

Type	Amount (£bn)	Comments
Sale proceeds	24.77	Total combined proceeds from sales of the shareholding between 2015 and 2025.
Dividends	4.91	Total combined dividends received since the bank recommenced dividend payments in 2018.
Dividend Access Share	1.51	Combined value of payments made to retire the DAS, which provided enhanced dividend rights to HMT following the provision of capital support to RBS. The DAS was retired in 2016.
Asset Protection Scheme fees	2.50	Fees paid by RBS in exchange for its participation in the APS, which protected against exceptional credit losses on certain portfolios of assets. RBS exited the APS in 2012.
Contingent Capital Facility fees	1.28	Fees paid in return for the provision of an £8bn CCF to RBS by HMT in 2009. The CCF was terminated in 2013.
Total	£34.98
*Numbers may not sum due to rounding

Published 30 May 2025

MIL OSI United Kingdom –

May 31, 2025

MIL-OSI: GDS Announces Closing of Offering of US$550 Million Convertible Senior Notes and Full Exercise of Option to Purchase Additional Notes

Source: GlobeNewswire (MIL-OSI)

SHANGHAI, China, May 30, 2025 (GLOBE NEWSWIRE) — GDS Holdings Limited (“GDS Holdings”, “GDS” or the “Company”) (NASDAQ: GDS; HKEX: 9698), a leading developer and operator of high-performance data centers in China, today announced the closing of its previously announced offering of 2.25% convertible senior notes in an aggregate principal amount of US$550 million due 2032 (the “Notes”), which amount reflects the exercise in full by the initial purchasers of their option to purchase an additional US$50 million in aggregate principal amount of the Notes (collectively, the “Notes Offering”). The Notes were offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”).

GDS received net proceeds from the Notes Offering of approximately $534.9 million, after deducting the initial purchasers’ discounts and estimated issuance expenses. The Company plans to use the net proceeds from the Notes Offering for working capital needs and the refinancing of its existing indebtedness, including potential future negotiated repurchases, or redemption upon exercise of the investor put right, of its convertible bonds due 2029.

The Notes are senior unsecured obligations of GDS and bear interest at a rate of 2.25% per year, payable semiannually in arrears on June 1 and December 1 of each year, beginning on December 1, 2025. The Notes will mature on June 1, 2032, unless earlier redeemed, repurchased or converted in accordance with their terms prior to such date.

The initial conversion rate of the Notes is 30.2343 American depositary shares, each representing eight Class A ordinary shares of the Company (the “ADSs”), per US$1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately US$33.08 per ADS and represents a conversion premium of approximately 35% above the public offering price of the Primary ADSs (as defined below), which was US$24.50 per ADS (the “ADS Public Offering Price”)). The conversion rate of the Notes is subject to adjustment upon the occurrence of certain events.

Prior to the close of business on the business day immediately preceding December 1, 2031, the Notes will be convertible only upon satisfaction of certain conditions and during certain periods. On or after December 1, 2031 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their Notes at their option at any time. Upon conversion, the Company will pay or deliver, as the case may be, cash, the ADSs or a combination of cash and ADSs, at the Company’s election. Holders may also elect to receive Class A ordinary shares in lieu of any ADSs deliverable upon conversion, subject to certain procedures and conditions set forth in the terms of the Notes.

The Company may redeem for cash all but not part of the Notes (i) in the event of certain tax law changes (a “Tax Redemption”) or (ii) if less than 10% of the aggregate principal of amount of notes originally issued (for the avoidance of doubt, including the notes issued upon the exercise of the initial purchasers’ option to purchase additional notes) remains outstanding at such time (a “Cleanup Redemption”). The Notes are not redeemable before June 6, 2029, except in connection with a Tax Redemption or Cleanup Redemption. On or after June 6, 2029 and on or prior to the 40th scheduled trading day immediately prior to the maturity date, the Notes will be redeemable, in whole or in part, for cash at the Company’s option at any time, and from time to time, if (x) the notes are “freely tradable” (as defined in the indenture for the Notes), and all accrued and unpaid additional interest, if any, has been paid in full, as of the date we send such notice and (y) the last reported sale price of the ADSs has been at least 130% of the conversion price then in effect on (i) each of at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period ending on, and including, the trading day immediately prior to the date the Company provides notice of redemption and (ii) the trading day immediately preceding the date the Company sends such notice (such redemption, an “Optional Redemption”). The redemption price in the case of a Tax Redemption, Cleanup Redemption or an Optional Redemption will equal 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the related redemption date.

Holders of the Notes may require the Company to repurchase for cash all or part of their Notes on June 1, 2029. In addition, holders of the Notes have the option, subject to certain conditions, to require the Company to repurchase any Notes held in the event of a “fundamental change” (as will be defined in the indenture for the Notes). The repurchase price, in each case, will be equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest, if any, to, but excluding, the applicable repurchase date.

The Company expects that certain purchasers of the Notes may establish a short position with respect to its ADSs by short selling its ADSs or by entering into short derivative positions with respect to its ADSs (including entering into derivatives with an affiliate of an initial purchaser in the Notes Offering), in each case, in connection with the Notes Offering. Any of the above market activities by purchasers of the Notes could increase (or reduce any decrease in) or decrease (or reduce any increase in) the market price of the Company’s ADSs or the Notes at that time, and the Company cannot predict the magnitude of such market activity or the overall effect it will have on the price of the Notes or its ADSs.

The Company also announced today by separate press release the closing of a separate registered public offering (the “Delta Placement of Borrowed ADSs”) of 6,000,000 ADSs, at the ADS Public Offering Price, that the Company lent to an affiliate (the “ADS Borrower”) of an initial purchaser in the Notes Offering in order to facilitate the privately negotiated derivative transactions by some holders of the Notes for purposes of hedging their investment in the Notes. The Company entered into an ADS lending agreement (the “ADS Lending Agreement”) with the ADS Borrower, pursuant to which the Company lent 6,000,000 ADSs (the “Borrowed ADSs”) to the ADS Borrower. The ADS Borrower or its affiliate received all of the proceeds from the sale of the Borrowed ADSs and the Company did not receive any of those proceeds, but the ADS Borrower paid the Company a nominal lending fee for the use of those ADSs pursuant to the ADS Lending Agreement. The activity described above could affect the market price of the Company’s ADSs or the Notes otherwise prevailing at that time.

The Company also announced today by separate press release the closing of a separate registered public offering (the “Primary ADSs Offering”) of 5,980,000 ADSs (the “Primary ADSs”), at the ADS Public Offering Price, and reflecting the exercise in full by the underwriters of their option to purchase 780,000 additional Primary ADSs.

Nothing contained herein shall constitute an offer to sell or the solicitation of an offer to buy any securities, including the Notes, the Borrowed ADSs or the Primary ADSs, nor shall there be any offer or sale of the securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. The Delta Placement of Borrowed ADSs and the Primary ADSs Offering were made only by means of separate prospectus supplements and accompanying prospectuses pursuant to an effective registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”).

The Notes, the ADSs deliverable upon conversion of the Notes, if any, and the Class A ordinary shares represented thereby or deliverable upon conversion of Notes in lieu thereof, have not been and will not be registered under the Securities Act or any state securities laws, and were offered and sold only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act.

About GDS Holdings Limited

GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company’s facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company’s data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company’s customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “aim,” “anticipate,” “believe,” “continue,” “estimate,” “expect,” “future,” “guidance,” “intend,” “is/are likely to,” “may,” “ongoing,” “plan,” “potential,” “target,” “will,” and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings’ beliefs and expectations regarding the Notes Offering, Delta Placement of Borrowed ADSs and the Primary ADSs Offering, the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings’ strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the SEC on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings’ actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings’ goals and strategies; GDS Holdings’ future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS’ major equity investees operate, such as South East Asia; GDS Holdings’ expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings’ expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of our significant equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings’ business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings’ ability to maintain or grow its revenue or business; fluctuations in GDS Holdings’ operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings’ business operations and those of its major equity investees; competition in GDS Holdings’ industry in China and in markets that affect the business of our major equity investees, such as South East Asia; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings’ filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

GDS Holdings Limited
Laura Chen
Phone: +86 (21) 2029-2203
Email: ir@gds-services.com

Piacente Financial Communications
Ross Warner
Phone: +86 (10) 6508-0677
Email: GDS@tpg-ir.com

Brandi Piacente
Phone: +1 (212) 481-2050
Email: GDS@tpg-ir.com

GDS Holdings Limited

The MIL Network –

May 31, 2025
MIL-OSI USA: HUD Secretary Scott Turner, Rep. Kelly tour Erie’s Opportunity Zones

Source: United States House of Representatives – Representative Mike Kelly (R-PA)

ERIE, PENNSYLVANIA — On Wednesday, May 28, U.S. Secretary of Housing and Urban Development (HUD) Scott Turner, U.S. Rep. Mike Kelly (R-PA),and local leaders toured downtown Erie’s highly successful Opportunity Zones (OZs) and other housing initiatives around Erie, Pennsylvania.

During their visit to Erie, Sec. Turner and Rep. Kelly were joined by U.S. Sen. John Fetterman (D-PA) and received an update on downtown Erie’s Opportunity Zone projects. They also met with local stakeholders as Congress considers extending and expanding OZ legislation.

“Erie is a model of how Opportunity Zones can revitalize communities,” said Sec. Turner. “Erie’s Opportunity Zone-driven renaissance continues to attract new businesses, inspiring the creation of more homes and generating economic and community development. This would not be possible without the support of local, state and federal leaders who work in tandem with the public and private sectors to take Opportunity Zones from a proposal to a reality that will benefit generations of individuals and families. I want to thank Congressman Kelly for welcoming back to the City of Erie – I’m excited to see what the future holds for this community.”

“As Congress considers extending and expanding Opportunity Zone legislation, and as we work to make housing more affordable for all Americans, Secretary Turner’s visit puts Western Pennsylvania front and center in Washington,” said Rep. Kelly. “Opportunity Zones continue to create jobs and affordable housing in Erie, and they continue to pump hundreds of millions of dollars into the local economy. I want to thank Secretary Turner for visiting Erie again and for his commitment to pro-growth policy.”

You can watch the press conference here.

BACKGROUND

Sec. Turner and Rep. Kelly played an integral role in establishing and implementing Opportunity Zones when they were passed in the 2017 Tax Cuts & Jobs Act. Downtown Erie remains a national leader in Opportunity Zones legislation.

In April, Turner, Kelly, and Sen. Tim Scott published this op-ed on FoxNews.com highlighting the importance of extending Opportunity Zones legislation.

In The News:

Erie News Now (NBC/CBS, Erie) — “U.S. Secretary of Housing and Urban Development Scott Turner Visits Erie to Highlight Opportunity Zone Progress”

YourErie.com (ABC/FOX, Erie) — “U.S. HUD Secretary Views Opportunity Zones, partnering with Rep. Kelly for legislation”

MIL OSI USA News –

May 31, 2025

MIL-OSI: Voxtur Announces Financial Results for the Q1 2025 – Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TORONTO and TAMPA, Fla., May 30, 2025 (GLOBE NEWSWIRE) — Voxtur Analytics Corp. (TSXV: VXTR; OTCQB: VXTRF) (“Voxtur” or the “Company”), a North American technology company creating a more transparent and accessible real estate lending ecosystem, today announced its financial results for the three months ended March 31, 2025. The Company’s Unaudited Condensed Interim Consolidated Financial Statements and the related Management’s Discussion and Analysis (“MD&A”) for the three months ended March 31, 2025, are available at www.sedarplus.ca and at www.voxtur.com.

Financial Results:

Continuing Operations	Unaudited
	Three months ended March 31
(In thousands of Canadian dollars)		2025			2024

Revenue ¹	$	8,310		$	11,909
Gross profit ¹		4,981			7,940
Gross profit as a % of Revenue ¹		60	%		67	%

¹ Calculations include only the results from continuing operations and do not include results of discontinued operations. As at March 31, 2025, management was committed to a plan to sell one of the Company’s business units. Accordingly, the Company has presented that business unit as a disposal group held for sale and reported its results as discontinued operations.

During the first quarter of 2025, revenue from continuing operations declined approximately $3.6 million and gross profit declined approximately $3 million compared to the same period in the prior year. Despite this, the Company’s net loss from continuing operations remained relatively stable, underscoring the meaningful impact of realizing synergies across the organization and cost reduction measures implemented by management over the past several quarters.

Operational expense reductions initiated earlier this year began to positively impact the quarter, though the full benefit of these initiatives will be more fully realized in the second quarter and throughout the remainder of 2025.

Further discussion with respect to the financial results can be found in the Company’s MD&A available at www.sedarplus.ca and at www.voxtur.com.

Management continues to work in close partnership with the Company’s advisor and in conjunction with the Company’s creditor as part of the strategic review announced earlier this year. The primary objective of this process is to reduce debt and position the Company for long-term financial stability and strength.

“We sincerely appreciate the continued support and patience of all our stakeholders as we navigate this important phase of our journey,” said Ryan Marshall, Voxtur’s CEO. “While we are not yet where we want to be, we are making steady progress, and our focus remains on building a more sustainable and resilient organization.”

The Company intends to host a shareholder call in the near future upon having material updates on the strategic review process and outline the path forward for the business, including other key corporate developments.

About Voxtur

Voxtur is a proptech company. The company offers targeted data analytics to simplify the multifaceted aspects of the lending lifecycle for investors, lenders, government agencies and servicers. Voxtur’s proprietary data hub and workflow platforms more accurately and efficiently value real estate assets, providing critical due diligence that enables market participants to effectively originate, trade, or service defaults on mortgage loans. As an independent and transparent mortgage technology provider, the company offers primary and secondary market solutions in the United States and Canada. For more information, visit www.voxtur.com.

Forward-Looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) which reflect the expectations of management regarding the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities. These forward-looking statements reflect management’s current expectations regarding future events and the Company’s financial and operating performance and speak only as of the date of this press release. By their very nature, forward-looking statements require management to make assumptions and involve significant risks and uncertainties, should not be read as guarantees of future events, performance or results, and give rise to the possibility that management’s predictions, forecasts, projections, expectations or conclusions will not prove to be accurate, that the assumptions may not be correct and that the Company’s future growth, financial performance and objectives and the Company’s strategic initiatives, plans, business prospects and opportunities, including the duration, impact of and recovery from the COVID-19 pandemic, will not occur or be achieved. Any information contained herein that is not based on historical facts may be deemed to constitute forward-looking information within the meaning of Canadian and United States securities laws. Forward-looking information may be based on expectations, estimates and projections as at the date of this news release, and may be identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions. Forward-looking information may include but is not limited to the anticipated financial performance of the Company and other events or conditions that may occur in the future. Investors are cautioned that forward-looking information is not based on historical facts but instead reflects estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the information is provided. Although the Company believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance, or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information include but are not limited to: additional costs related to acquisitions, integration of acquired businesses, and implementation of new products; changing global financial conditions, especially in light of the COVID-19 global pandemic; reliance on specific key employees and customers to maintain business operations; competition within the Company’s industry; a risk in technological failure, failure to implement technological upgrades, or failure to implement new technological products in accordance with expected timelines; changing market conditions related to defaulted mortgage loans, and the failure of clients to send foreclosure and bankruptcy referrals in volumes similar to those prior to the COVID-19 global pandemic; failure of governing agencies and regulatory bodies to approve the use of products and services developed by the Company; the Company’s dependence on maintaining intellectual property and protecting newly developed intellectual property; operating losses and negative cash flows; and currency fluctuations. Accordingly, readers should not place undue reliance on forward-looking information contained herein. Factors relating to the Company’s financial guidance and targets disclosed in this press release include, in addition to the factors set out above, the degree to which actual future events accord with, or vary from, the expectations of, and assumptions used by, Voxtur’s management in preparing the financial guidance and targets.

This forward-looking information is provided as of the date of this news release and, accordingly, is subject to change after such date. The Company does not assume any obligation to update or revise this information to reflect new events or circumstances except as required in accordance with applicable laws.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Voxtur’s common shares are traded on the TSX Venture Exchange under the symbol VXTR and in the US on the OTCQB under the symbol VXTRF.

Company Contact:  
Jordan Ross
Tel: (416)708-9764 
jordan@voxtur.com

The MIL Network –

May 31, 2025

MIL-OSI United Kingdom: Topping out at Langage Freeport site

Source: City of Plymouth

Foundations – Tick. Frame – Tick. Walls – Tick. Now the roof is being topped out on the first purpose-built commercial units within the Plymouth and South Devon Freeport.

Councillor Mark Lowry – Cabinet Member for Finance
Richard May – CEO of the Plymouth and South Devon Freeport
Nigel Whelan – Managing Director of Devon Contractors

Cabinet member for Finance Mark Lowry was on hand to mark this crucial milestone in the development of four units in Beaumont Way, Langage – one of three Freeport tax sites as part of the region’s continuing success story in the marine, defence, space, advanced manufacturing, engineering and clean energy sectors.

Devon Contractors are progressing the construction of the units which range in size from 750 square metres to just over 2,000 sqm.

The units will have workshop/production space inside with fully fitted offices at ground and first floor level (with lift access) and welfare facilities, including showers.

Each will have its own dedicated service yard, parking and EV charging pod and the units will be highly sustainable and incorporate technology to minimise carbon emissions and running costs, including solar photo-voltaic panels, increased levels of insulation, higher levels of natural daylight and ventilation and highly efficient heating systems. The units are being designed and built to BREEAM Excellent standards and Net Zero status.

As part of its own social values policies, the Council is always keen to consider social value measures that a contractor can apply to projects carried out on behalf of the Council and this has been achieved in spades at this Langage site.

Seven students from Brook Green Centre recently enjoyed a site tour through the support of DUCTU (www.ductu.co.uk) and the Devon Careers Hub and had a go at bricklaying. Small groups from Plympton Academy and Tor Bridge will shortly visit and the site will soon host an event for military personnel to tour the site and discuss opportunities available in the construction industry.

Plymouth City Council Leader Tudor Evans said: “This site is so much more than just buildings. It is about potential – not just companies interested in being part of the Plymouth and South Devon Freeport story.

“One of our priorities as a Council is ‘green investment, jobs, skills and better education.’ I am really chuffed to hear the work Devon Contractors are doing here on this site to inspire our next generation of workers and let them see at first hand work what skilled, well-paid jobs looks like. It’s just brilliant.”

The development has been made possible thanks to a £4 million Freeport seed capital funding, match funded by Plymouth City Council. Once complete, it is expected to support around 138 full time jobs and associated long term spin off benefits.

Richard May CEO of the Plymouth and South Devon Freeport said; “It’s wonderful to witness the first new industrial units being built in the Freeport with many more to follow over the next few years.

“We have several businesses keen to move in and they will help us strengthen local capability, innovation and bring on new skills in our key sectors of marine, defence, space, advanced manufacturing, engineering and clean tech.”

Devon Contractors are on target to finish the scheme in time for units to be ready to move into by Autumn 2025.

Nigel Whelan, Managing Director of Devon Contractors, said: “We’re making excellent progress on site at Langage and its a testament to the collaborative spirit across the board.

“Our supply chain, consultants, suppliers and the client team have all come together as one, working seamlessly to drive the project forward. This level of co-operation is what allows us to maintain momentum and deliver with confidence. Were particularly excited to be launching our work placements schools projects next month – a great opportunity to engage the next generation and share in the future of construction.”

The Langage Tax Site is the largest of three tax sites for the Freeport and is on the edge of the existing Langage Business Park. It is strategically significant as it provides the space and opportunities to support sector growth plans and economic specialisation, underpinning the Freeport’s trade and investment objectives.

Eligible businesses that are part of the Freeport can take advantage of a range of tax and customs benefits and incentives to support growth, innovation and investment in the South West, including business rates relief, employer National Insurance contributions rate relief, stamp duty land tax relief, capital allowances, VAT and tariff benefits and simplified import procedures.

As this site is part of the Freeport designated tax site, eligible tenants must specialise in either marine, defence, space, advanced manufacturing, engineering or clean energy.

Interested parties should contact [email protected] or for information about the Freeport contact [email protected]

www.plymouth.gov.uk/langage-south-beaumont-way

MIL OSI United Kingdom –

May 31, 2025
MIL-OSI: SHARC Energy Announces Q1 2025 Financial Results
Source: GlobeNewswire (MIL-OSI)

VANCOUVER, British Columbia, May 30, 2025 (GLOBE NEWSWIRE) — SHARC International Systems Inc. (CSE: SHRC) (FSE: IWIA) (OTCQB: INTWF) (“SHARC Energy” or the “Company”) is pleased to announce it has filed financial results for the three months ended March 31, 2025. All figures are in Canadian Dollars and in accordance with IFRS unless otherwise stated.

First Quarter Financial Highlights:
- Revenue for the three months ended March 31, 2025 (“Q1 2025”) is $1.01 million (M), representing 47% of the full year revenue in 2024 and a 30% increase over the $0.78M of revenue reported in the three months ended March 31, 2024 (“Q1 2024”).
- As of May 30, 2025, the Company has a Sales Pipeline¹ of 16.5M and Sales Order Backlog²of $3.5M. This represents a $0.5M increase or 18% growth in Sales Order Backlog since April 29, 2025 disclosure. Sales Pipeline saw a marginal decrease of 1% since April 29, 2025 disclosure reflecting the deliberate efforts by the Company to refill the pipeline once projects convert to the order book. The combined pipeline showed an aggregate growth of 1% or $0.3M from the previous disclosure on April 29, 2025. The $3.5M Sales Order Backlog, which is estimated to be converted to revenue within an average of 12 months from disclosure, represents a 64% improvement compared to the year ended December 31, 2024 revenue of $2.17M. The Company continues to observe the maturity of its Sales Pipeline providing the Company’s revenue more consistency and with reduced volatility, providing a solid platform to scale and grow.
- During Q1 2025, the Company also reported a loss of $0.92M and an Adjusted EBITDA³ loss of $0.61M. This compares to a loss of $0.76M and an Adjusted EBITDA loss of $0.85M in the comparative quarter representing a 20% and 22% increase, respectively.
- Gross margins for Q1 2025 were 31% compared to 38% in Q1 2024. Management remains optimistic that this margin range aligns with our expectations for the coming quarters but the margin percentage varies dependent on sales mix and stage of completion of each project.
Michael Albertson, Chief Executive Officer and President of SHARC Energy, said, “We are off to a strong start to the 2025 fiscal year with the Company reporting revenue of just over $1 million which represents a 30% increase over Q1 2024 and 47% of the full year revenue earned in the 2024 fiscal year. More importantly, despite the delivery of revenue, Sales Order Backlog increased by 18% and represents a 64% improvement over 2024 revenue sitting at $3.5 million as of the reporting date. SHARC Energy’s revenue growth continues to gain momentum.”

Mr. Albertson continues, “We recently disclosed key District Energy System (“DES”) projects, Lebreton Flats in Ottawa and Senakw in Vancouver, which are leveraging SHARC Wastewater Energy Transfer (WET) systems as the core component to power their thermal networks harnessing wastewater as the key renewable resource. WET supported solutions continue to grow in awareness and acceptance with the Company learning of projects in planning across North America and globally. In the Greater Vancouver, British Columbia region alone, there are several municipal or utility supported DES/Thermal Energy Networks (“TENs”) ranging in size and scale in different stages of development that will increase SHARC Energy’s local footprint over the next few years. In the United States, legislation allowing or mandating utilities to develop DES/TENs demonstration projects or pilots have been passed in eight states, including the State of New York and recently added California, where the Company has installations in progress, projects in design and a growing list of leads looking to implement Wastewater Energy Transfer with DES/TENs.”

“We are continuing to progress into new sectors for the SHARC and PIRANHA with promising opportunities developing within wastewater treatment facilities, universities, water utilities, correctional facilities and the design & build/energy sectors. These sectors are increasingly receptive to SHARC Energy’s offerings which is promising as these sectors can provide fewer regulatory hurdles, long-term customer relationships, shorter sales cycles, and the potential for larger-scale projects. The Company anticipates the closing of new business in these adjacent sectors as early as this year.”

“Furthermore, SHARC Energy is gearing up to launch new products in its portfolio which will be introduced to the market soon. With the support of original equipment manufacturer relationships SHARC Energy has, we feel there is significant opportunity to better serve more customers and increase our revenue and margin dollars earned going forward. SHARC Energy’s tailwinds are strong and set to propel the Company to profitability in the coming years. We are very excited about our position in the thermal energy market.” stated Mr. Albertson.

Q1 2025 Highlights and Subsequent Events
- Fred Andriano appointed as Chairman of the Board of Directors. On May 5, 2025, the Company announced significant changes to its Board of Directors, appointing Fred Andriano as Chairman of the Board and Executive Officer, replacing Lynn Mueller, who will now serve as Vice Chairman and Executive Officer. Furthermore, the Company accepted the retirement and resignation of Eleanor Chiu as Director.
- False Creek Neighbourhood Energy Utility (“NEU”) Expansion. The Company continued work on the supply and maintenance agreement with the City of Vancouver for the provision and maintenance of five SHARC systems for the False Creek NEU Expansion. During the period, the Company completed all remaining milestones of the agreement.
- SHARC System Featured in Ottawa’s Lebreton Flats District Energy Project. The Company announced that two SHARC 880 Wastewater Energy Transfer (“WET”) systems will be used to power a district energy system in Canada’s capital city. SHARC Energy anticipates commencing submittals for the SHARC WET Systems in 2025 with equipment build and delivery expected during 2026.
For complete financial information for the three months ended March 31, 2025, please see the Condensed Consolidated Interim Financial Statements and Management Discussion and Analysis (“MD&A”) filed on SEDAR at www.sedar.com.

About SHARC Energy

SHARC International Systems Inc. is a world leader in energy recovery from the wastewater we send down the drain every day. SHARC Energy’s systems recycle thermal energy from wastewater, generating one of the most energy-efficient and economical systems for heating, cooling & hot water production for commercial, residential, and industrial buildings along with thermal energy networks, commonly referred to as “District Energy”.

SHARC Energy is publicly traded in Canada (CSE: SHRC), the United States (OTCQB: INTWF) and Germany (Frankfurt: IWIA) and you can find out more on our SEDAR profile.

Learn more about SHARC Energy: Website | Investor Page | LinkedIn | YouTube | PIRANHA | SHARC

ON BEHALF OF THE BOARD

Fred Andriano
Chairman

The Canadian Securities Exchange does not accept responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information. Forward-looking information is often, but not always, identified using words such as “anticipate”, “plan”, “estimate”, “expect”, “may”, “will”, “intend”, “should”, and similar expressions. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information. SHARC Energy’s actual results could differ materially from those anticipated in this forward-looking information because of regulatory decisions, competitive factors in the industries in which the Company operates, prevailing economic conditions, and other factors, many of which are beyond the control of the Company. SHARC Energy believes that the expectations reflected in the forward-looking information are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon. Any forward-looking information contained in this news release represents the Company’s expectations as of the date hereof and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether because of new information, future events or otherwise, except as required by applicable securities legislation.

¹ Sales Pipeline is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q1 2025 MD&A.
² Sales Order Backlog is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q1 2025 MD&A.
³ Adjusted EBITDA is a non-IFRS measure. Please see discussion of Alternative Performance Measures and Non-IFRS Measures in the Q1 2025 MD&A.

The MIL Network –
May 31, 2025
MIL-OSI: Bitcoin Depot Eliminates Up-C Corporate Structure

Source: GlobeNewswire (MIL-OSI)

ATLANTA, May 30, 2025 (GLOBE NEWSWIRE) — Bitcoin Depot Inc. (Nasdaq: BTM) (“Bitcoin Depot” or the “Company”), a U.S.-based Bitcoin ATM operator and leading fintech company, announced it has simplified its organizational and capital structure by eliminating its Up-C Restructuring (the “Up-C Restructuring”).

Pursuant to the Up-C Restructuring, BT Assets, Inc., an entity controlled by the Company’s Founder and CEO, Brandon Mintz, that held Common Units in BT HoldCo LLC and shares of the Company’s Class V Common Stock has merged with a subsidiary of the Company and received 41,193,024 shares of the Company’s Class M common stock, which will continue to carry 10 votes per share, as consideration in the merger.

In connection with the Up-C Restructuring, all of the shares of the Company’s Class V Common Stock held by BT Assets have been transferred to the Company and cancelled. After giving effect to the Up-C Restructuring, Mintz holds a total of 41,193,024 shares of the Company’s Class M Common Stock and 142,973 shares of the Company’s Class A Common Stock.

Post-transaction, Bitcoin Depot now wholly-owns its principal operating subsidiaries. The Company believes the simpler structure will offer benefits like better stock liquidity, easier use of stock for acquisitions, and a clearer corporate profile.

In addition, the Up-C Restructuring extinguishes the $2.2 million Tax Receivable Agreement liability and will lead to further long-term savings, as the Company estimates its cash tax rate will be reduced by an estimated 12 percentage points. Other professional services costs associated with tax, accounting and legal will also be reduced by this simpler structure.

About Bitcoin Depot

Bitcoin Depot Inc. (Nasdaq: BTM) was founded in 2016 with the mission to connect those who prefer to use cash to the broader, digital financial system. Bitcoin Depot provides its users with simple, efficient and intuitive means of converting cash into Bitcoin, which users can deploy in the payments, spending and investing space. Users can convert cash to bitcoin at Bitcoin Depot kiosks in 48 states and at thousands of name-brand retail locations in 29 states through its BDCheckout product. The Company has the largest market share in North America with over 8,400 kiosk locations as of February 25, 2025. Learn more at www.bitcoindepot.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release and any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended. Forward-looking statements are any statements other than statements of historical fact, and include, but are not limited to, statements regarding the expectations of plans, business strategies, objectives and growth and anticipated financial and operational performance, including our growth strategy and ability to increase deployment of our products and services, our ability to strengthen our financial profile, and worldwide growth in the adoption and use of cryptocurrencies. These forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events. Forward-looking statements are often identified by words such as “anticipate,” “appears,” “approximately,” “believe,” “continue,” “could,” “designed,” “effect,” “estimate,” “evaluate,” “expect,” “forecast,” “goal,” “initiative,” “intend,” “may,” “objective,” “outlook,“ ”plan,“ ”potential,“ ”priorities,“ ”project,“ ”pursue,“ ”seek,“ ”should,“ ”target,“ ”when,“ ”will,“ ”would,” or the negative of any of those words or similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future events or financial results. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond our control.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; failure to realize the anticipated benefits of the business combination; risks relating to the uncertainty of our projected financial information; future global, regional or local economic and market conditions; the development, effects and enforcement of laws and regulations; our ability to manage future growth; our ability to develop new products and services, bring them to market in a timely manner and make enhancements to our platform; the effects of competition on our future business; our ability to issue equity or equity-linked securities; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and those factors described or referenced in filings with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that we do not presently know or that we currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect our expectations, plans or forecasts of future events and views as of the date of this press release. We anticipate that subsequent events and developments will cause our assessments to change.

We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Contacts:

Investors
Cody Slach,
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

Media
Brenlyn Motlagh, Ryan Deloney
Gateway Group, Inc.
949-574-3860
BTM@gateway-grp.com

The MIL Network –

May 31, 2025

MIL-OSI Asia-Pac: Financial results for month ended April 30, 2025

Source: Hong Kong Government special administrative region

Financial results for month ended April 30, 2025

April 30, 2025
HK$ millionrepayment of Government Bondsissuance of Government Bondsrepayment of Government BondsGovernment Debts as at April 30, 2025 (Note 3)
HK$306,963 million
Debts Guaranteed by Government as at April 30, 2025 (Note 4)
HK$126,268 million

TABLE 2. FISCAL RESERVES

April 30, 2025
HK$ millionrepayment of Government BondsNotes:

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 April 30, 2025, was HK$218,575 million.Issued at HKT 16:30

NNNN

MIL OSI Asia Pacific News –

May 31, 2025

MIL-OSI: Ellomay Capital Reports Publication of Financial Statements of Dorad Energy Ltd. as of and for the Three Months Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

TEL-AVIV, Israel, May 30, 2025 (GLOBE NEWSWIRE) — Ellomay Capital Ltd. (NYSE American; TASE: ELLO) (“Ellomay” or the “Company”), a renewable energy and power generator and developer of renewable energy and power projects in Europe, Israel and USA, today reported the publication in Israel of financial statements as of and for the three months ended March 31, 2025 of Dorad Energy Ltd. (“Dorad”), in which Ellomay currently indirectly holds approximately 9.4% through its indirect 50% ownership of Ellomay Luzon Energy Infrastructures Ltd. (formerly U. Dori Energy Infrastructures Ltd.) (“Ellomay Luzon Energy”).

On May 29, 2025, Amos Luzon Entrepreneurship and Energy Group Ltd. (the “Luzon Group”), an Israeli public company that currently holds the remaining 50% of Ellomay Luzon Energy, which, in turn, holds 18.75% of Dorad, published its quarterly report in Israel based on the requirements of the Israeli Securities Law, 1968. Based on applicable regulatory requirements, the quarterly report of the Luzon Group includes the financial statements of Dorad for the same period.

The financial statements of Dorad as of and for the three months ended March 31, 2025 were prepared in accordance with International Financial Reporting Standards. Ellomay will include its indirect share of these results (through its holdings in Ellomay Luzon Energy) in its financial results for this period. In an effort to provide Ellomay’s shareholders with access to Dorad’s financial results (which were published in Hebrew), Ellomay hereby provides a convenience translation to English of Dorad’s financial results.

Dorad Financial Highlights

Dorad’s revenues for the three months ended March 31, 2025 – approximately NIS 610.6 million.
Dorad’s operating profit for the three months ended March 31, 2025 – approximately NIS 76.9 million.

Based on the information provided by Dorad, the demand for electricity by Dorad’s customers is seasonal and is affected by, inter alia, the climate prevailing in that season. The months of the year are split into three seasons as follows: summer – June-September; winter – December-February; and intermediate (spring and autumn) – March-May and October-November. There is a higher demand for electricity during the winter and summer seasons, and the average electricity consumption is higher in these seasons than in the intermediate seasons and is even characterized by peak demands due to extreme climate conditions of heat or cold. In addition, Dorad’s revenues are affected by the change in load and time tariffs – TAOZ (an electricity tariff that varies across seasons and across the day in accordance with demand hour clusters), as, on average, TAOZ tariffs are higher in the summer season than in the intermediate and winter seasons. Therefore, the results presented for the quarter ended March 31, 2025, which include winter months of January and February and the intermediate month of March, are not indicative of full year results. In addition, due to various reasons, including the effects of the increase in the Israeli CPI impacting interest payments by Dorad on its credit facility, the results included herein may not be indicative of first quarter results in the future or comparable to first quarter results in the past.

A convenience translation of the financial results for Dorad as of and for the year ended December 31, 2024 and as of and for each of the three-month periods ended March 31, 2025 and 2024 is included at the end of this press release. Ellomay does not undertake to separately report Dorad’s financial results in a press release in the future. Neither Ellomay nor its independent public accountants have reviewed or consulted with the Luzon Group, Ellomay Luzon Energy or Dorad with respect to the financial results included in this press release.

About Ellomay Capital Ltd.
Ellomay is an Israeli based company whose shares are registered with the NYSE American and with the Tel Aviv Stock Exchange under the trading symbol “ELLO”. Since 2009, Ellomay focuses its business in the renewable energy and power sectors in Europe, USA and Israel.
To date, Ellomay has evaluated numerous opportunities and invested significant funds in the renewable, clean energy and natural resources industries in Israel, Italy, Spain, the Netherlands and Texas, USA, including:

Approximately 335.9 MW of operating solar power plants in Spain (including a 300 MW solar plant in owned by Talasol, which is 51% owned by the Company) and approximately 38 MW of operating solar power plants in Italy;
9.375% indirect interest in Dorad Energy Ltd., which owns and operates one of Israel’s largest private power plants with production capacity of approximately 850MW, representing about 6%-8% of Israel’s total current electricity consumption;
Groen Gas Goor B.V., Groen Gas Oude-Tonge B.V. and Groen Gas Gelderland B.V., project companies operating anaerobic digestion plants in the Netherlands, with a green gas production capacity of approximately 3 million, 3.8 million and 9.5 million Nm3 per year, respectively;
83.333% of Ellomay Pumped Storage (2014) Ltd., which is involved in a project to construct a 156 MW pumped storage hydro power plant in the Manara Cliff, Israel;
Solar projects in Italy with an aggregate capacity of 294 MW that have reached “ready to build” status; and
Solar projects in the Dallas Metropolitan area, Texas, USA with an aggregate capacity of approximately 27 MW that are placed in service and in process of connection to the grid and additional 22 MW are under construction.

For more information about Ellomay, visit http://www.ellomay.com.

Information Relating to Forward-Looking Statements

This press release contains forward-looking statements that involve substantial risks and uncertainties, including statements that are based on the current expectations and assumptions of the Company’s management. All statements, other than statements of historical facts, included in this press release regarding the Company’s plans and objectives, expectations and assumptions of management are forward-looking statements. The use of certain words, including the words “estimate,” “project,” “intend,” “expect,” “believe” and similar expressions are intended to identify forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company may not actually achieve the plans, intentions or expectations disclosed in the forward-looking statements and you should not place undue reliance on the Company’s forward-looking statements. Various important factors could cause actual results or events to differ materially from those that may be expressed or implied by the Company’s forward-looking statements, including changes in electricity prices and demand, continued war and hostilities and political and economic conditions generally in Israel, regulatory changes, the decisions of the Israeli Electricity Authority, changes in demand, technical and other disruptions in the operations of the power plant operated by Dorad, competition, changes in the supply and prices of resources required for the operation of the Dorad’s facilities and in the price of oil and electricity, changes in the Israeli CPI, changes in interest rates, seasonality, failure to obtain financing for the expansion of Dorad and other risks applicable to projects under development and construction, and other risks applicable to projects under development and construction, in addition to other risks and uncertainties associated with the Company’s and Dorad’s business that are described in greater detail in the filings the Company makes from time to time with Securities and Exchange Commission, including its Annual Report on Form 20-F. The forward-looking statements are made as of this date and the Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Kalia Rubenbach (Weintraub)
CFO
Tel: +972 (3) 797-1111
Email: hilai@ellomay.com


Dorad Energy Ltd.
Interim Condensed Statements of Financial Position
	March 31	March 31	December 31
	2025	2024	2024
	(Unaudited)	(Unaudited)	(Audited)
	NIS thousands	NIS thousands	NIS thousands
Current assets
Cash and cash equivalents	1,030,373	399,596	846,565
Trade receivables and accrued income	247,812	181,182	185,625
Other receivables	26,929	13,850	32,400
Financial derivatives	803	–	–
Total current assets	1,305,917	594,628	1,064,590

Non-current assets
Restricted deposit	541,855	514,770	531,569
Long-term Prepaid expenses	79,666	29,548	79,739
Fixed assets	2,678,973	3,065,103	2,697,592
Intangible assets	10,215	7,573	9,688
Right of use assets	53,332	54,544	54,199
Total non-current assets	3,364,041	3,671,538	3,372,787

Total assets	4,669,958	4,266,166	4,437,377

Current liabilities
Current maturities of loans from banks	347,509	329,137	321,805
Current maturities of lease liabilities	4,991	4,787	4,887
Current tax liabilities	24,119	–	14,016
Trade payables	297,164	158,545	168,637
Other payables	14,865	19,897	14,971
Financial derivatives	–	1,125	–
Total current liabilities	688,648	513,491	524,316

Non-current liabilities
Loans from banks	1,756,777	2,001,668	1,750,457
Other long-term liabilities	60,872	11,562	60,987
Long-term lease liabilities	47,198	48,007	46,809
Provision for dismantling and restoration	37,212	38,013	38,102
Deferred tax liabilities	405,837	297,691	399,282
Liabilities for employee benefits, net	160	160	160
Total non-current liabilities	2,308,056	2,397,101	2,295,797

Equity
Share capital	11	11	11
Share premium	642,199	642,199	642,199
Capital reserve from activities with shareholders	3,748	3,748	3,748
Retained earnings	1,027,296	709,616	971,306
Total equity	1,673,254	1,355,574	1,617,264

Total liabilities and equity	4,669,958	4,266,166	4,437,377

Dorad Energy Ltd.
Interim Condensed Statements of Profit or Loss
		For the three months ended				Year ended
		March 31				December 31
		2025		2024		2024
		(Unaudited)		(Unaudited)		(Audited)
		NIS thousands		NIS thousands		NIS thousands
Revenues	610,554		610,882		2,863,770

Operating costs of the Power Plant

Energy costs	105,220		131,084		574,572

Electricity purchase and infrastructure services	325,315		263,191		1,372,618
Depreciation and amortization	51,418		55,514		106,266
Other operating costs		43,475		42,469		190,027

Total operating costs of Power Plant		525,428		492,258		2,243,483


Profit from operating the Power Plant	85,126		118,624		620,287

General and administrative expenses	8,186		9,874		23,929
Other income		–		–		58

Operating profit	76,940		108,750		596,416

Financing income	28,452		12,879		184,939
Financing expenses		32,743		36,396		193,825

Financing expenses, net		4,291		23,517		8,886

Profit before taxes on income	72,649		85,233		587,530

Taxes on income		16,659		19,596		135,203

Net profit for the period		55,990		65,637		452,327

Dorad Energy Ltd.

Interim Condensed Statements of Changes in Shareholders’ Equity

Capital reserve

for activities

Share

with

Retained

capital

premium

shareholders

earnings

Total Equity

NIS thousands

For the three months

ended March 31, 2025

(Unaudited)

Balance as at

January 1, 2025 (Audited)

642,199

3,748

971,306

1,617,264

Net profit for the period

–

55,990

Balance as at
March 31, 2025 (Unaudited)

642,199

3,748

1,027,296

1,673,254

For the three months

ended March 31, 2024

(Unaudited)

Balance as at

January 1, 2024 (Audited)

642,199

3,748

643,979

1,289,937

Net profit for the period

–

65,637

Balance as at

March 31, 2024 (Unaudited)

642,199

3,748

709,616

1,355,574

For the year ended

December 31, 2024 (Audited)

Balance as at

January 1, 2024 (Audited)

642,199

3,748

643,979

1,289,937

Dividend distributed

–

(125,000

)

(125,000

)

Net profit for the year

–

452,327

Balance as at

December 31, 2024 (Audited)

642,199

3,748

971,306

1,617,264


Dorad Energy Ltd.
Interim Condensed Statements of Cash Flows
		For the three months ended				Year ended
		March 31				December 31
		2025		2024		2024
		(Unaudited)		(Unaudited)		(Audited)
		NIS thousands		NIS thousands		NIS thousands
Cash flows from operating activities:
Net Profit for the period	55,990			65,637		452,327

Adjustments:
Depreciation and amortization
and fuel consumption	53,036			59,379		121,664
Taxes on income	16,659			19,596		135,203
Financing expenses, net	4,291			23,517		8,886
	73,986			102,492		265,753

Change in trade receivables	(62,187		)	30,684		26,241
Change in other receivables	5,471			(4,493	)	(20,951	)
Change in trade payables	116,677			(8,906	)	(10,361	)
Change in other payables	(106		)	5,954		(3,481	)
Change in other long-term liabilities	315			(1,381	)	(3,661	)
	60,170			21,858		(12,213	)

Net cash from operating activities	190,146			189,987		705,867

Cash flows from investing activities:
Proceeds (used in) for settlement of financial derivatives, net	289			(1,395	)	1,548
Decrease in long-term restricted deposits	–			17,500		17,500
Investment in fixed assets	(34,249		)	(17,069	)	(44,132	)
Proceeds from arbitration	–			–		337,905
Proceeds from insurance for damages to fixed assets	–			2,737		5,148
Investment in intangible assets	(1,115		)	(412	)	(4,054	)
Interest received	14,847			9,577		42,221

Net cash from )used in) investing activities	(20,228		)	10,918		356,136

Cash flows from financing activities:
Repayment of lease liability	–			(100	)	(4,984	)
Repayment of loans from banks	–			–		(284,570	)
Dividends paid	–			(17,500	)	(142,500	)
Interest paid	(190		)	(196	)	(129,957	)
Proceeds from arbitration	–			–		127,195

Net cash used in financing activities	(190		)	(17,796	)	(434,816	)

Net increase in cash and cash equivalents	169,728			183,109		627,187

Effect of exchange rate fluctuations
on cash and cash equivalents	14,080			(2,759	)	132
Cash and cash equivalents at
beginning of period	846,565			219,246		219,246
Cash and cash equivalents at end
of period	1,030,373			399,596		846,565

(a) Significant non-cash activity
Liability for gas agreements	432			–		56,208

The MIL Network –

May 30, 2025

MIL-OSI Russia: Financial news: Package of documents for RNKO in the form of LLC

Translation. Region: Russian Federal

Source: Central Bank of Russia (2) –

1. Learn the necessary federal laws and regulations.

2. Check the compliance of candidates for the position of managers and other persons of the organization being created with the stated qualification requirements and/or business reputation requirements.

The list of persons is specified in Article 11.1 of the Law on Banks and Article 60 of the Federal Law of 10.07.2002 No. 86-FZ “On the Central Bank of the Russian Federation (Bank of Russia)”.

The qualification requirements and requirements for the business reputation of these persons are established by Article 16 of the Law on Banks.

To perform the check, we recommend using:

3. Collect documents to assess the financial position of the founders of the NPO and other persons provided for by the Law on Banks.

The procedure and criteria for assessing the financial position, as well as the requirements for the financial position are established By the Regulation of the Bank of Russia dated 28.12.2017 No. 626-P.

4. Select a unique name for the non-bank credit institution being created.

Requirements for the name are established by Articles 54 and 1473 of the Civil Code of the Russian Federation, Article 7 of the Law on Banks and the Bank of Russia Instruction dated 02.04.2010 No. 135-I.

To check the names already in use, we recommend using the KGR KO and the Unified State Register of Legal Entities (USRLE).

Before making a decision to establish a non-profit organization, the founders must send a request to the Bank of Russia regarding the possibility of using the proposed full corporate name and abbreviated corporate name of the credit institution (in Russian).

5. Pay the state fee for obtaining a license to carry out banking operations.

For the issuance of a license to carry out banking operations, a state fee is paid in accordance with subparagraph 93 of paragraph 1 of Article 333.33 of the Tax Code of the Russian Federation.

The amount of the state duty is 0.1% of the declared authorized capital of the created credit institution, but not more than 500 thousand rubles.

Payment order designer.

6. Prepare and submit to the Bank of Russia a set of documents for state registration of a non-profit organization.

A set of documents for state registration can be sent to the Bank of Russia via personal account, as well as by mail or courier to the Bank of Russia expedition.

To create a non-banking credit organization in the form of a limited liability company, a “set of standardized documents“

7. Receive notification of the entry of information about the non-bank credit institution into the Unified State Register of Legal Entities and a certificate of registration from the Bank of Russia.

After making a decision on state registration of a non-profit organization, the Bank of Russia sends to the authorized registration body the information and documents necessary for it to carry out its functions of maintaining the Unified State Register of Legal Entities.

Based on the decision taken by the Bank of Russia and the information and documents submitted by it, the authorized registration body, within a period of no more than five working days from the date of receipt of such documents, makes a corresponding entry in the Unified State Register of Legal Entities and, no later than the working day following the day of making such entry, notifies the Bank of Russia of this.

The Bank of Russia, no later than three working days from the date of receipt from the authorized registration body of information on the entry of a record of state registration of an NPO into the Unified State Register of Legal Entities, notifies its founders of this with a requirement to make a payment of 100% of the declared authorized capital of the organization within one month. The regulator also issues the founders a document confirming the fact of entry of a record of it into the Unified State Register of Legal Entities and a certificate of registration of the Bank of Russia, assigns the NPO a registration number of the Bank of Russia and enters information about it into the State Register of Legal Entities.

8. Pay the authorized capital and obtain a license to carry out banking operations.

Upon presentation of documents confirming payment of 100% of the declared authorized capital of the NPO, the Bank of Russia issues it a license to carry out banking operations within three days.

Information about an NPO after its creation and issuance of a license is posted inDirectory of financial organizations on the official website of the Bank of Russia.

The notice of state registration of a credit institution is published in“Bulletin of the Bank of Russia”.

A non-bank credit institution has the right to carry out operations from the moment it receives a license issued by the Bank of Russia.

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

MIL OSI Russia News –

May 30, 2025

Plea Date	Defendant	Age	Residence
May 28	Robert Hurst	46	North Royalton, Ohio
May 28	Melissa Frain	36	Indiana, Pennsylvania
May 29	Kevin Thomas	48	Newark, New Jersey

Category: Taxation

IMF Communications Department

MEDIA RELATIONS

Government completes exit from NatWest

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Updates to this page

1. Learn the necessary federal laws and regulations.

2. Check the compliance of candidates for the position of managers and other persons of the organization being created with the stated qualification requirements and/or business reputation requirements.

3. Collect documents to assess the financial position of the founders of the NPO and other persons provided for by the Law on Banks.

4. Select a unique name for the non-bank credit institution being created.

5. Pay the state fee for obtaining a license to carry out banking operations.

6. Prepare and submit to the Bank of Russia a set of documents for state registration of a non-profit organization.

7. Receive notification of the entry of information about the non-bank credit institution into the Unified State Register of Legal Entities and a certificate of registration from the Bank of Russia.

8. Pay the authorized capital and obtain a license to carry out banking operations.