Category: Trade

MIL-OSI USA: Durbin Meets With Nominee To Serve As Chairman Of CFTC

US Senate News:

Source: United States Senator for Illinois Dick Durbin
May 14, 2025
WASHINGTON – U.S. Senate Democratic Whip Dick Durbin (D-IL) today met with Brian Quintenz, who has been nominated to serve as Chairman of the Commodity Futures Trading Commission (CFTC). During their meeting, Durbin emphasized the need for regulation and steady oversight on cryptocurrency, as well as explicit consumer protections within the industry. As a member of the Senate Appropriations Committee, Durbin also discussed funding that is needed to enforce cryptocurrency regulation at CFTC.
“As cryptocurrency rises in popularity, it’s critical that we institute oversight and regulations that adequately protect consumers,” said Durbin. “Today, I met with Brian Quintenz, President Trump’s nominee to serve as Chairman of CFTC, to reiterate that, if confirmed, he must put American consumers first and ensure that the digital asset market plays fair.”
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MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Treasury Secretary Bessent Defends Tax Breaks for those who Invest in China

Source: United States House of Representatives – Congressman Brad Sherman (D-CA)

WASHINGTON, D.C. – Our tax system allows for lower tax rates for capital gains on stocks to incentivize Americans to make investments that grow our economy. Yet, Americans who invest in companies abroad and build the economies of other nations – even in adversarial nations such as China – are still able to receive this preferential tax treatment. Meanwhile, China provides preferential tax treatment to investments in China, but not those made in the United States.

At a recent hearing with Treasury Secretary Scott Bessent, I asked him a few simple questions: Can you think of a reason why the American tax code should provide enormous tax benefits like the capital gains allowance to Americans who invest in Chinese stocks? Don’t we prefer American capital to be invested in America?

To which he replied that while he would never bet against America, those that do, can and should be able to receive tax benefits.

In January, President Trump signed an executive order calling for an America First Trade Policy, but apparently that means America First so long as those who send our capital to China get massive tax breaks.

“The American people deserve a tax code that puts our workers, our industries, and our national interest ahead of foreign profits,” said Congressman Brad Sherman. “If the Trump Administration is serious about an “America First” agenda, it should start by ending tax breaks for those who ship capital—and opportunity—to China.”

Rewarding U.S. investors who invest in Chinese companies that may compete with or even threaten U.S. industries is not strategic. It’s not pro-worker. And it’s certainly not America First.

Last Congress, I introduced the bipartisan No Capital Gains Allowance for American Adversaries Act, which would eliminate the capital gains tax break for investments in companies based in China, Russia, Belarus, Iran, and North Korea. It would also eliminate a related tax break, the “step-up in basis” at death, for investments in such companies, and would direct the SEC to require disclosure that no tax breaks are available for these stocks. I plan to re-introduce this bill this Congress.

Watch my exchange – Here.

See a partial transcript – Here.

###

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Regulation S-P – Back to the Future
Source: Securities and Exchange Commission
1. Introduction
Good afternoon, I’m pleased to join you today to discuss, the importance of, and the financial sector’s role in, information security and the protection of investors’ nonpublic personal information. Specifically, I am here to lay out the Division of Examinations approach to operationalizing the Commission’s recently adopted enhancements to Regulation S-P.

But before I begin, I must share the official statement that:

*This speech is provided in my official capacity as the Commission’s Acting Director of the Division of Examinations, but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.
1. Background
The Commission, and the Division of Examinations, has been focused on ensuring the security of customer information for over two decades. In 2000, acting under the authority of the Gramm-Leach-Bliley Act, the Commission adopted Regulation S-P[i] to help safeguard such information. The standards established by Regulation S-P require, among other things, covered institutions to (i) insure the security and confidentiality of customer records and information; (ii) protect against any anticipated threats or hazards to the security or integrity of customer records and information; and (iii) protect against unauthorized access to or use of customer records or information that could result in substantial harm or inconvenience to any customer.[ii]

Since its adoption in 2000, the Division of Examinations—and its predecessor, the Office of Compliance Inspections and Examinations (OCIE) has examined registrants for compliance with the requirements of Regulation S-P. We have also been incredibly active in our efforts to promote awareness and strengthen compliance across the broader field of information technology controls, especially through our industry outreach and engagement, including issuing over a dozen risk alerts on information security topics, stretching back over a decade.[iii]

But the threat landscape has significantly changed in the last 25 years. In 2000, the vast majority of mobile phones were cellular phones, like the Nokia “brick” phone or flip phone. Today, about nine-in-ten U.S. adults own a smart phone. In 2000, you generally initiated a stock trade by either calling your broker or through the internet using a dial-up modem. Today, over 100 million people use investment apps. This includes 78% of investors aged 18-34.[iv] In 2000, cyberattacks were just starting to become a growing threat in the U.S. Today, Microsoft reports that its customers face 600 million cyberattacks on a daily basis.[v] The FBI reported in 2023 that its Internet Crime Complaint Center received over 880,000 complaints with potential losses exceeding $12.5 billion.[vi]

The advancement in technology and the increased threat landscape faced by retail investors highlights the need for the regulatory community to adapt to the changing environment. Although the trend toward digitization has increasingly turned the problem of safeguarding customer records and information into one of cybersecurity, this is not to say that this is exclusively a problem of cybersecurity.
1. Amendments to Regulation S-P
In response, last year the Commission completed a rulemaking process that revised and enhanced Regulation S-P. These amendments expanded the applicability of Regulation S-P to cover additional financial institutions, modernized the rules relating to safeguards and disposal of customer information, and helped ensure customers of covered institutions receive timely and consistent notifications in the event of unauthorized access to or use of their information.[vii]
1. Key Enhancements to Regulation S-P
There isn’t enough time today to cover all of the new enhancements and amendments, so I encourage everyone to review Regulation S-P in its entirety. You can access the amendments on the SEC’s website, along with several helpful fact sheets and summaries you may find useful.[viii] I wanted to highlight three of the enhancements that firms will need to assess and adopt: an incident response program, a new customer notification requirement, and requirements relating to third-party service providers.
1. Incident Response Program
One of the key amendments to Reg SP concerns covered institutions’ incident response programs in their written policies and procedures under the Safeguards Rule.[ix] The program must be reasonably designed to detect, respond to, and recover from unauthorized access to, or use of, customer information.[x] It must include procedures to assess the nature and scope of any incident and require appropriate steps to contain and control incidents to prevent further unauthorized access or use.[xi]
1. Customer Notification Requirement
The enhancements also require covered institutions to notify affected individuals whose sensitive customer information was, or is reasonably likely to have been, accessed or used without authorization.[xii] The rules also require, with limited exception, that firms notify customers as soon as practicable (but no later than 30 days), after the covered institution becomes aware that unauthorized access to, or use of, customer information has occurred (or is reasonably likely to have occurred).[xiii]
1. Third-Party Service Providers
The amendments to the Safeguards Rule also include new provisions that address the use of third-party service providers by covered institutions. Covered institutions will now be required to establish, maintain, and enforce written policies and procedures reasonably designed to require oversight, including through due diligence and monitoring of service providers, to ensure that affected individuals receive any required notices. In essence, this means that while covered institutions may outsource their operations, they may not outsource their ultimate obligation to comply with Regulation S-P.
1. Examinations Engagement and Outreach
So, what does all of this mean for the work of the Division of Examinations? As I mentioned, the SEC has focused on compliance risks relating to securing information technology for many years, with particular attention to market systems, customer data protection, disclosure of material cybersecurity risks and incidents, and compliance with legal and regulatory obligations under the federal securities laws.[xiv] We recognize that any regulatory adjustment can create a risk of implementation challenges and costs associated with compliance. Under the Division’s Pillar of promoting compliance, we want to take this opportunity to clearly articulate our approach to achieving our shared goal of improved information security through the implementation of the updated Regulation S-P.

In the coming months, staff in the Division of Examinations, in coordination with staff from the Divisions of Investment Management and Trading and Markets, will host a series of three tailored outreach events to help promote readiness and assist firms in their preparedness to implement these new amendments to Regulation S-P. Among other topics, we will cover basics about what to expect when interacting with an exam team during an examination where Regulation S-P is in scope, as well as having a broader discussion about our approach. Led by our tremendously talented staff in the Technology Controls Program, including technologists, industry experts, former CISOs, intelligence analysts, specialized contractors, attorneys, and examiners, these outreach events are designed to assist registrants in preparing for their respective compliance dates. We will publish additional details about these events in the near future, but I look forward to having Division staff share their expertise and engage in rich discussions with our registrants.

As the two compliance dates contained in the amendments approach, registrants should not be surprised if examiners inquire about their preparations to ensure compliance following the compliance date. These inquiries are not directed at citing registrants for potential non-compliance with requirements that are not yet in effect but are intended to inform the Commission of where registrants are in the process of implementation. Similar to our approach before the transition to the T+1 settlement cycle, the Division will conduct examinations to assist the Commission in understanding the level of readiness across the sector before the compliance dates. To the extent the staff identifies trends or risks relevant across the sector or within a specific registrant population, the Division could communicate these anonymized observations through a Risk Alert or some other publication to assist registrants in coming into compliance by their respective compliance dates.

Obviously, once the compliance date passes, the updated Regulation S-P could potentially be included as part of an examination for any registrant subject to its provisions, so we all have an interest in giving registrants every opportunity to be prepared. I understand there have been requests made to the Commission to extend the relevant compliance dates for the rule amendments.[xv] Should the Commission choose to extend the compliance date, the Division will adjust our timeline, as necessary, but our approach to promoting compliance with the new requirements will remain the same. With the Commission’s clear statement of the importance of this issue, registrants shouldn’t be surprised if Regulation S-P is the subject of a thematic initiative in the coming fiscal years. Certainly, throughout this process we will be working closely with our colleagues here at FINRA and with our registrants to encourage compliance.

***
1. Conclusion
I want to thank our host FINRA and everyone here this afternoon for your time, attention, and interest in strengthening compliance and investor protection. I appreciate your commitment to safeguarding and protecting customers’ nonpublic personal information, as strong controls and safeguards benefit not only customers and investors, but also our financial institutions and markets generally.

* This speech is provided in the author’s official capacity as the Commission’s Acting Director of the Division of Examinations, but does not necessarily reflect the views of the Commission, the Commissioners, or other members of the staff.

[iii] See Observations from Broker-Dealer and Investment Adviser Compliance Examinations Related to Prevention of Identity Theft Under Regulation S-ID (Dec. 5, 2022), available at https://www.sec.gov/files/risk-alert-reg-s-id-120522.pdf ; see also Cybersecurity: Safeguarding Client Accounts Against Credential Compromise (Sept. 15, 2020) available at https://www.sec.gov/files/Risk%20Alert%20-%20Credential%20Compromise.pdf ; see also Cybersecurity: Ransomware Alert (July 10, 2020), available at https://www.sec.gov/files/Risk%20Alert%20-%20Ransomware.pdf ; see also Cybersecurity and Resiliency Observations (Jan. 27, 2020) available at https://www.sec.gov/files/OCIE%20Cybersecurity%20and%20Resiliency%20Observations.pdf ;see also Safeguarding Customer Records and Information in Network Storage – Use of Third Party Security Features (May 23, 2019), available at https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Network%20Storage.pdf ; see also Investment Adviser and Broker-Dealer Compliance Issues Related to Regulation S-P – Privacy Notices and Safeguard Policies (April 16, 2019), available at: https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Regulation%20S-P.pdf; see also Observations from Investment Adviser Examinations Relating to Electronic Messaging (Dec. 14, 2018) available at https://www.sec.gov/files/OCIE%20Risk%20Alert%20-%20Electronic%20Messaging.pdf ; see also Observations from Cybersecurity Examinations (Aug. 7, 2017) available at https://www.sec.gov/files/observations-from-cybersecurity-examinations.pdf ; see also OCIE 2015 Cybersecurity Initiative (Sept. 15, 2015) available at https://www.sec.gov/ocie/announcement/ocie-2015-cybersecurity-examination-initiative.pdf ; see also Cybersecurity Examination Sweep Summary (Feb. 3, 2015) available at https://www.sec.gov/about/offices/ocie/cybersecurity-examination-sweep-summary.pdf; see also OCIE Cybersecurity Initiative (Apr. 15, 2014) available at https://www.sec.gov/ocie/announcement/Cybersecurity-Risk-Alert–Appendix—4.15.14.pdf; see also Investment Adviser Use of Social Media (Jan. 4, 2012) available at https://www.sec.gov/about/offices/ocie/riskalert-socialmedia.pdf.

[ix] Regulation S-P Fact Sheet.

MIL OSI USA News –
May 15, 2025
MIL-OSI USA: “NIH Cuts Will Hurt” RFK Jr. Admits When Pressed by Senator Murray On Harm to NIH Clinical Care, Confronted with Constituent’s Personal Story

US Senate News:

Source: United States Senator for Washington State Patty Murray
In response to question about Trump’s proposal to nearly halve the NIH’s budget, Kennedy concedes “I think the cuts that are now proposed by NIH are gonna hurt.”
ICYMI: In Seattle, Senator Murray Highlights Consequences of Trump & Elon’s Cuts & Layoffs at NIH—Hears from Leading Researchers, Patients, and Early Career Scientists
***WATCH: Senator Murray’s remarks and questioning of Secretary Kennedy***
***WATCH: Senator Murray rebuts Secretary Kennedy’s claims about her constituent, Natalie***
Washington, D.C. — Today, at a Senate Health, Education, Labor and Pensions (HELP) Committee hearing with U.S. Department of Health and Human Services (HHS) Secretary Robert F. Kennedy Jr., U.S. Senator Patty Murray (D-WA), a senior member and former Chair of the HELP Committee, grilled Secretary Kennedy on how the Trump administration is endangering Americans’ health and safety by slashing staff and blocking funding at the National Institute of Health (NIH) and firing nearly 90 percent of staff at the CDC’s National Institute for Occupational Safety and Health (NIOSH), including nearly 100 staff in Spokane.
In their unprecedented and reckless effort to gut HHS—including pushing out 20,000 HHS employees and defunding critical research—President Trump and Secretary Kennedy are creating total chaos, delaying funding and stalling research for lifesaving treatments and cures, weakening our biomedical workforce, cancelling vital ongoing studies and delaying clinical trials, and threatening to undo decades of hard-won progress.
Senator Murray began by sharing the story of her constituent, Natalie Phelps of Washington state: “One of my constituents, Natalie Phelps—a mom of two from Bainbridge Island in Washington state. She has been fighting aggressive Stage Four colorectal cancer for nearly five years now. Her best hope now is a clinical trial at the NIH Clinical Center. She flew out to the NIH just a few weeks ago for her first appointment, and her care team wanted her to come back in four weeks to start treatment. But because of the thoughtless, mass firing of thousands of critical employees across NIH and HHS that you have carried out, Natalie’s doctors at that clinical center have told her that they have no choice but to delay her treatment by an additional four weeks. Now, an extra four weeks may not sound like a long time but, I will tell you, for Stage Four cancer patients like Natalie, this could mean the difference between life and death.”
Senator Murray asked Secretary Kennedy, “How many staff have been cut from the NIH’s Clinical Center? I want a specific number.”
“I can’t tell you that now, Senator Murray. What I can tell you is that if you contact my office tomorrow, I’ll look specifically into that,” replied Secretary Kennedy.
Senator Murray pressed, “Well, that is not acceptable. I want an answer back [on] that. She deserves it. She doesn’t have much time. She deserves an answer back.”
Secretary Kennedy demurred, again saying Murray should contact his office, and eventually stated: “I don’t think that should happen to anybody.”
Senator Murray then pressed: “What have you—and I mean you personally—done to assess how these staff cuts are impacting patient care? She is one of many. What have you done to assess that?” Senator Murray
Secretary Kennedy responded, “I’ve revised the guidelines and said we shouldn’t—no, no clinical trials should be affected by the cuts.”
Senator Murray made clear: “Mr. Secretary, I just have a short amount of time. They [your cuts] are impacting clinical trials. … I want to tell you, you need to know this. Natalie, is sitting there waiting.”
Secretary Kennedy then repeatedly interrupted. Senator Murray reclaimed her time and pressed further: “I am asking you a question and it is critical. You are here to defend cutting NIH by half. Do you genuinely believe that that won’t result in more stories like Natalie’s?”
Secretary Kennedy responded: “I think the cuts that are now proposed by NIH are gonna hurt. I think President Trump – you know, there’s no agency head in government like myself who wants to see their budget cut.”
After more back and forth, Senator Murray stated: “Well, I will just say that it is my job to be a voice for people like Natalie and countless other patients who are like her. So you’ve got to fix this. I want to know, and I want a personal update on Natalie’s case, and you’ve offered that, please give that to me in the next 24 hours, and I expect details and transparency about the state of NIH clinical care.”
Senator Murray continued her questioning by pressing Secretary Kennedy on the decimation of NIOSH and mass firings, including at the NIOSH Spokane Research Laboratory in Eastern Washington, which is the largest NIOSH facility west of the Mississippi River. Senator Murray has slammed the Trump administration for eviscerating the NIOSH Laboratory in Spokane as part of their mass layoffs. “I’m alarmed by your decision to essentially eliminate the National Institute for Occupational Safety and Health,” said Senator Murray. “You have already fired nearly 90 percent of staff. That includes the staff in my state at the Spokane Research Lab. Those are experts who do essential work to protect miners and firefighters and farm workers and people who are working in dangerous conditions. I am told that after backlash, you are reinstating some of those, mainly in the West Virginia office … nobody in the Western United States, and there doesn’t seem to be any rhyme or reason as to how you’ve made these decisions. And how do you explain this to my constituents in Spokane, who are out of a job, and the workers that are being impacted by that.”
Secretary Kennedy confirmed that he has brought back some of the workers he’d fired after facing backlash, but did not provide a rationale for the cuts in Washington, stating in part: “The work at NIOSH will not be interrupted. We’re going – I brought back 328 workers, mainly in the Cleveland office and the Morgantown office, and for the World Trade Center site. And that work will continue. The work on mine safety will continue.” However, critical mine safety research occurred at the Spokane lab—and Secretary Kennedy failed to provide any explanation for those cuts—or a commitment to rehire those workers. (Secretary Kennedy also misstated the number of fired workers that have since been rehired and where they work: 313, not 328, have been rehired, and the office in question is Cincinnati, not Cleveland.)
Senator Murray concluded: “Mr. Chairman, I would just say you can’t fire 90 percent of the people and assume the work gets done.”
Later in the hearing, Secretary Kennedy asserted that Natalie was ineligible for her clinical trial and called her story a “canard,” saying: “Senator Murray had raised the issue of a constituent of hers who she said had been denied a place in a clinical trial in Washington due to the RIF. We’ve been able to run down that case. The patient was medically ineligible for that trial. It had nothing to do with the RIF. And NIH has been trying to get her into another clinical trial, but none of our clinical trials have been shut down because of the RIF. That was a canard.”
Senator Murray returned to the hearing to respond directly to Secretary Kennedy: “Secretary Kennedy came back and said my constituent, who I spoke about earlier, [her care] was not delayed by staffing cuts. First off, she is already enrolled in that clinical trial. It’s not a question of eligibility—the issue, as I stated clearly, was the delay in care that she got. And what you stated, Secretary Kennedy, is not true.”
“I spoke with Natalie, actually, last night. She asked her NIH doctor directly why, when she was informed of the delay, and her doctor at NIH said very plainly TWICE: her care was delayed because of staffing cuts. And Mr. Chairman, I think it’s important for the record to show, my staff has put in inquiries with HHS leadership and they’ve been unresponsive so far.And, just to make clear, this is just one case of many. But those are the facts,” Senator Murray said.
___________________________________
Senator Murray has been a leading voice in Congress raising the alarm over HHS’ unilateral reorganization plan and slamming the closure of the HHS Region 10 office in Seattle and the CDC’s National Institute for Occupational Safety and Health (NIOSH) Spokane Research Laboratory. Senator Murray has sent oversight letters and hosted numerous press conferences and events to lay out how the administration’s reckless gutting of HHS is risking Americans health and safety and will set our country back decades, and lifting up the voices of HHS employees who were fired for no reason and through no fault of their own.
In particular, Senator Murray has been leading the charge against the Trump administration’s efforts to gut lifesaving research at NIH and pushed out nearly 5,000 NIH skilled scientists, grants administrators, and other employees at the agency. When the Trump administration attempted to illegally cap indirect cost rates at 15 percent, Senator Murray immediately and forcefully condemned the move, led the entire Senate Democratic caucus in a letter decrying the proposed change, and introduced amendments to Senate Republicans’ budget resolution to reverse it, which Republicans blocked. Murray has led Congressional efforts to boost biomedical research. Previously, over her years as Chair of the Labor-HHS Appropriations Subcommittee, Senator Murray secured billions of dollars in increases for biomedical research at NIH, and during her time as Chair of the HELP Committee she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field. Senator Murray was also the lead Democratic negotiator of the bipartisan 21st Century Cures Act, which delivered a major federal investment to boost NIH research, among many other investments.
Senator Murray forcefully opposed the nomination of notorious anti-vaccine activist RFK Jr. to be Secretary of HHS, and she has long worked to combat vaccine skepticism and highlight the importance of scientific research and vaccines. Murray was also a leading voice against the nomination of Dr. Dave Weldon to lead CDC, repeatedly speaking up about her serious concerns with the nominee immediately after their meeting. In 2019, Senator Murray co-led a bipartisan hearing in the HELP Committee on vaccine hesitancy and spoke about the importance of addressing vaccine skepticism and getting people the facts they need to keep their families and communities safe and healthy. Ahead of the 2019 hearing, as multiple states were facing measles outbreaks in under-vaccinated areas, Murray sent a bipartisan letter with former HELP Committee Chair Lamar Alexander pressing Trump’s CDC Director and HHS Assistant Secretary for Health on their efforts to promote vaccination and vaccine confidence.

MIL OSI USA News –

May 15, 2025

MIL-OSI: Birchcliff Energy Ltd. Announces Strong Q1 2025 Results and Declares Q2 2025 Dividend

Source: GlobeNewswire (MIL-OSI)

CALGARY, Alberta, May 14, 2025 (GLOBE NEWSWIRE) — Birchcliff Energy Ltd. (“Birchcliff” or the “Corporation”) (TSX: BIR) is pleased to announce its Q1 2025 financial and operational results.

Chris Carlsen, Birchcliff’s President and Chief Executive Officer, commented: “We are pleased to report strong operational and financial results for the first quarter of 2025, driven by our continued focus on operational excellence and our high-quality asset base. We successfully executed our Q1 capital program, drilling 14 wells and bringing 8 wells onstream, resulting in first quarter average production of 77,363 boe/d. We generated adjusted funds flow⁽¹⁾ of $124.4 million in Q1 2025 (an 88% increase from Q1 2024), driven by increased production and a stronger average realized natural gas sales price, which benefitted from our natural gas market diversification, with approximately 78% of our natural gas volumes realizing U.S. pricing at the Dawn and NYMEX HH markets. We achieved free funds flow⁽¹⁾ of $12.6 million in the first quarter, notwithstanding that approximately 40%⁽²⁾ of our full-year capital budget was invested in Q1 2025 prior to spring break-up. With a substantial portion of our capital program behind us, we expect to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing our total debt⁽³⁾ by approximately 28% from year end 2024⁽⁴⁾ , after the payment of our base dividend. Our 2025 production guidance and capital program are unchanged and we remain focused on capital efficiency improvements, driving down our costs and strengthening our balance sheet.

This year marks a significant milestone for Birchcliff as we celebrate our 20^th anniversary. We extend our gratitude to our dedicated staff, our board of directors and our shareholders for their support over the years. Together, we look forward to a promising future, leveraging our strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value.”

Q1 2025 FINANCIAL AND OPERATIONAL HIGHLIGHTS

Delivered average production of 77,363 boe/d (82% natural gas, 10% NGLs, 6% condensate and 2% light oil), a 3% increase from Q1 2024.
Generated adjusted funds flow of $124.4 million, or $0.46 per basic common share⁽⁵⁾, an 88% and 84% increase, respectively, from Q1 2024. Cash flow from operating activities was $126.1 million, a 93% increase from Q1 2024.
Reported net income to common shareholders of $65.7 million, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
Birchcliff’s market diversification contributed to an effective average realized natural gas sales price⁽⁵⁾ of $4.89/Mcf in Q1 2025, which represents a 142% premium to the average benchmark AECO 7A Monthly Index price in the quarter.
Achieved an operating netback⁽⁵⁾ of $17.71/boe, a 38% increase from Q1 2024.
Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

Birchcliff’s unaudited interim condensed financial statements for the three months ended March 31, 2025 and related management’s discussion and analysis will be available on its website at www.birchcliffenergy.com and on SEDAR+ at www.sedarplus.ca. Birchcliff’s updated corporate presentation will be available on its website at www.birchcliffenergy.com on May 14, 2025.

______________________________

^{(1) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.}

^{(2) Based on the mid-point of Birchcliff’s 2025 capital budget of $260 million to $300 million.}

^{(3) Capital management measure. See “Non-GAAP and Other Financial Measures”.}

^{(4) Based on the mid-point of Birchcliff’s total debt guidance range at year end 2025 of $365 million to $405 million and as compared to Birchcliff’s total debt at year end 2024 of $535.6 million.}

^{(5) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.}

DECLARATION OF Q2 2025 QUARTERLY DIVIDEND

Birchcliff’s board of directors (the “Board”) has declared a quarterly cash dividend of $0.03 per common share for the quarter ending June 30, 2025.
The dividend will be payable on June 30, 2025 to shareholders of record at the close of business on June 13, 2025. The dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada).

EXTENSION OF CREDIT FACILITIES

Subsequent to the end of Q1 2025, Birchcliff’s syndicate of lenders completed its regular semi-annual review of the borrowing base limit under the Corporation’s extendible revolving credit facilities (the “Credit Facilities”).
In connection therewith, the agreement governing the Credit Facilities was amended effective May 7, 2025 to extend the maturity dates of each of the syndicated extendible revolving term credit facility and the extendible revolving working capital facility from May 11, 2027 to May 11, 2028. In addition, the lenders confirmed the borrowing base limit at $850 million. The Credit Facilities do not contain any financial maintenance covenants.

ANNUAL MEETING OF SHAREHOLDERS

Birchcliff’s annual meeting of shareholders is scheduled to take place tomorrow, Thursday, May 15, 2025, at 3:00 p.m. (Mountain Daylight Time) in the McMurray Room at the Calgary Petroleum Club, 319 – 5^th Avenue S.W., Calgary, Alberta.

^{This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. For further information regarding the forward-looking statements and forward-looking information contained herein, see “Advisories – Forward-Looking Statements”. With respect to the disclosure of Birchcliff’s production contained in this press release, production volumes have been disclosed on a “gross” basis, as such term is defined in National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”). For further information regarding the disclosure of Birchcliff’s production contained herein, see “Advisories – Production”. In addition, this press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” as such terms are defined in National Instrument 52-112 – Non-GAAP and Other Financial Measures Disclosure (“NI 52-112”). Non-GAAP financial measures and non-GAAP ratios are not standardized financial measures under GAAP and might not be comparable to similar financial measures disclosed by other issuers. For further information regarding the non-GAAP and other financial measures used in this press release, see “Non-GAAP and Other Financial Measures”.}

Q1 2025 UNAUDITED FINANCIAL AND OPERATIONAL SUMMARY

	Three months ended		Three months ended
	March 31, 2025		March 31, 2024
OPERATING
Average production
Light oil (bbls/d)	1,795		1,525
Condensate (bbls/d)	4,238		4,765
NGLs (bbls/d)	7,626		7,397
Natural gas (Mcf/d)	382,224		370,288
Total (boe/d)	77,363		75,402
Average realized sales prices (CDN$)
Light oil (per bbl)	95.27		95.24
Condensate (per bbl)	97.98		100.26
NGLs (per bbl)	27.95		27.59
Natural gas (per Mcf)	3.64		2.61
Total (per boe)	28.32		23.80
NETBACK AND COST ($/boe)
Petroleum and natural gas revenue	28.32		23.80
Royalty expense	(2.16	)	(2.11	)
Operating expense	(3.04	)⁽¹⁾	(3.85	)
Transportation and other expense⁽²⁾	(5.41	)	(4.99	)
Operating netback⁽²⁾	17.71		12.85
G&A expense, net	(1.42	)	(1.28	)
Interest expense	(1.27	)	(1.13	)
Lease interest expense	(0.33	)⁽¹⁾	–
Realized gain (loss) on financial instruments	3.18		(0.82	)
Other cash income	–		0.01
Adjusted funds flow⁽²⁾	17.87		9.63
Depletion and depreciation expense	(8.99	)	(8.56	)
Unrealized gain (loss) on financial instruments	3.53		(3.28	)
Other expenses⁽³⁾	(0.48	)	(0.52	)
Deferred income tax (expense) recovery	(2.49	)	0.54
Net income (loss) to common shareholders	9.44		(2.19	)
FINANCIAL
Petroleum and natural gas revenue ($000s)	197,188		163,304
Cash flow from operating activities ($000s)	126,097		65,255
Adjusted funds flow ($000s)⁽⁴⁾	124,413		66,081
Per basic common share ($)⁽²⁾	0.46		0.25
Free funds flow ($000s)⁽⁴⁾	12,594		(36,692	)
Per basic common share ($)⁽²⁾	0.05		(0.14	)
Net income (loss) to common shareholders ($000s)	65,727		(15,035	)
Per basic common share ($)	0.24		(0.06	)
End of period basic common shares (000s)	272,071		268,578
Weighted average basic common shares (000s)	271,614		267,905
Dividends on common shares ($000s)	8,151		26,857
F&D capital expenditures ($000s)⁽⁵⁾	111,819		102,773
Total capital expenditures ($000s)⁽⁴⁾	112,473		103,484
Revolving term credit facilities ($000s)	518,581		428,566
Total debt ($000s)⁽⁶⁾	534,710		443,380

^{(1) Effective July 1, 2024, Birchcliff assumed operatorship of a third-party natural gas processing facility that resulted in the take-or-pay commitment associated with the underlying processing arrangement (the “Gas Processing Lease”) being classified as a lease under IFRS Accounting Standards. Birchcliff’s operating expense and lease interest expense for the three months ended March 31, 2025 include the financial effects of the Gas Processing Lease.}

^{(2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.}

^{(3) Includes non-cash items such as compensation, accretion, amortization of deferred financing fees and other gains and losses.}

^{(4) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.}

^{(5) See “Advisories – F&D Capital Expenditures”.}

^{(6) Capital management measure. See “Non-GAAP and Other Financial Measures”.}

2025 GUIDANCE

Birchcliff is reaffirming its 2025 annual average production guidance of 76,000 to 79,000 boe/d and F&D capital expenditures guidance of $260 million to $300 million.
As a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025 and revised its guidance for adjusted funds flow, free funds flow and total debt accordingly. In addition, the Corporation has lowered its royalty expense guidance for 2025, primarily due to lower oil prices forecasted for the remainder of the year.
Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction. Based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million.
The following tables set forth Birchcliff’s updated and previous guidance and commodity price assumptions for 2025, as well as its free funds flow sensitivity:

	Updated 2025 guidance and assumptions – May 14, 2025⁽¹⁾	Previous 2025 guidance and assumptions – March 12, 2025
Production
Annual average production (boe/d)	76,000 – 79,000	76,000 – 79,000
% Light oil	3%	3%
% Condensate	6%	6%
% NGLs	9%	9%
% Natural gas	82%	82%

Average Expenses ($/boe)
Royalty	$1.90 – $2.10	$2.10 – $2.30
Operating	$2.90 – $3.10	$2.90 – $3.10
Transportation and other⁽²⁾	$5.55 – $5.75	$5.55 – $5.75

Adjusted Funds Flow (millions)⁽³⁾	$480	$580

F&D Capital Expenditures (millions)	$260 – $300	$260 – $300

Free Funds Flow (millions)⁽³⁾	$180 – $220	$280 – $320

Total Debt at Year End (millions)⁽⁴⁾	$365 – $405	$265 – $305

Natural Gas Market Exposure
AECO exposure as a % of total natural gas production	23%	23%
Dawn exposure as a % of total natural gas production	41%	41%
NYMEX HH exposure as a % of total natural gas production	35%	35%
Alliance exposure as a % of total natural gas production	1%	1%

Commodity Prices
Average WTI price (US$/bbl)	$61.75⁽⁵⁾	$67.00
Average WTI-MSW differential (CDN$/bbl)	$5.60⁽⁵⁾	$8.80
Average AECO price (CDN$/GJ)	$2.30⁽⁵⁾	$2.20
Average Dawn price (US$/MMBtu)	$3.65⁽⁵⁾	$4.20
Average NYMEX HH price (US$/MMBtu)	$3.95⁽⁵⁾	$4.50
Exchange rate (CDN$ to US$1)	1.41⁽⁵⁾	1.44

Forward eight months’ free funds flow sensitivity⁽⁵⁾⁽⁶⁾	Estimated change to 2025 free funds flow (millions)
Change in WTI US$1.00/bbl	$2.6
Change in NYMEX HH US$0.10/MMBtu	$4.5
Change in Dawn US$0.10/MMBtu	$5.5
Change in AECO CDN$0.10/GJ	$2.4
Change in CDN/US exchange rate CDN$0.01	$3.5

^{(1) Birchcliff’s guidance for its production commodity mix, adjusted funds flow, free funds flow, total debt and natural gas market exposure in 2025 is based on an annual average production rate of 77,500 boe/d in 2025, which is the mid-point of Birchcliff’s annual average production guidance range for 2025. Changes in assumed commodity prices and variances in production forecasts can have an impact on the Corporation’s forecasts of adjusted funds flow and free funds flow and the Corporation’s other guidance, which impact could be material. In addition, any acquisitions or dispositions completed over the course of 2025 could have an impact on Birchcliff’s 2025 guidance and assumptions set forth herein, which impact could be material. For further information regarding the risks and assumptions relating to the Corporation’s guidance, see “Advisories – Forward-Looking Statements”.}

^{(2) Non-GAAP ratio. See “Non-GAAP and Other Financial Measures”.}

^{(3) Non-GAAP financial measure. See “Non-GAAP and Other Financial Measures”.}

^{(4) Capital management measure. See “Non-GAAP and Other Financial Measures”.}

^{(5) Birchcliff’s updated commodity price and exchange rate assumptions and free funds flow sensitivity for 2025 are based on anticipated full-year averages using the Corporation’s anticipated forward benchmark commodity prices and the CDN/US exchange rate as of May 5, 2025, which include settled benchmark commodity prices and the CDN/US exchange rate for the period from January 1, 2025 to April 30, 2025.}

^{(6) Illustrates the expected impact of changes in commodity prices and the CDN/US exchange rate on the Corporation’s updated forecast of free funds flow for 2025, holding all other variables constant. The sensitivity is based on the updated commodity price and exchange rate assumptions set forth in the table above. The calculated impact on free funds flow is only applicable within the limited range of change indicated. Calculations are performed independently and may not be indicative of actual results. Actual results may vary materially when multiple variables change at the same time and/or when the magnitude of the change increases.}

The oil and natural gas industry in Canada, along with other industries, has faced considerable uncertainty in respect of the United States’ evolving trade policy. Although Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business, this considerable uncertainty makes it impossible to predict what, if any, impacts there might be on the Corporation’s business. Birchcliff will continue to monitor developments in U.S. trade policy, assess any potential impacts on the Corporation’s business and will update its guidance if, as and when appropriate.

Q1 2025 FINANCIAL AND OPERATIONAL RESULTS

Production

Birchcliff’s production averaged 77,363 boe/d in Q1 2025, a 3% increase from Q1 2024. The increase was primarily due to the strong performance of the Corporation’s capital program and the successful drilling of new Montney/Doig wells brought on production since Q1 2024, specifically high-rate natural gas wells in liquids-rich zones in Pouce Coupe and light oil and liquids-rich natural gas wells in Gordondale, partially offset by natural production declines.
Liquids accounted for 18% of Birchcliff’s total production in both Q1 2025 and Q1 2024.

Adjusted Funds Flow and Cash Flow From Operating Activities

Birchcliff’s adjusted funds flow was $124.4 million in Q1 2025, or $0.46 per basic common share, an 88% and 84% increase, respectively, from Q1 2024.
Birchcliff’s cash flow from operating activities was $126.1 million in Q1 2025, a 93% increase from Q1 2024.
The increases were primarily due to higher natural gas revenue, which largely resulted from higher natural gas production in Q1 2025 and a 39% increase in the average realized natural gas sales price Birchcliff received for such production as compared to Q1 2024. Adjusted funds flow and cash flow from operating activities were also positively impacted by a realized gain on financial instruments of $22.2 million in Q1 2025 as compared to a realized loss on financial instruments of $5.6 million in Q1 2024.

Net Income (Loss) to Common Shareholders

Birchcliff reported net income to common shareholders of $65.7 million in Q1 2025, or $0.24 per basic common share, as compared to a net loss to common shareholders of $15.0 million and $0.06 per basic common share in Q1 2024.
The change to a net income position was primarily due to higher adjusted funds flow and an unrealized gain on financial instruments of $24.6 million in Q1 2025 as compared to an unrealized loss on financial instruments of $22.5 million in Q1 2024, partially offset by a deferred income tax expense of $17.3 million in Q1 2025 as compared to a deferred income tax recovery of $3.7 million in Q1 2024.

Capital Activities and Investment

Birchcliff had a very active first quarter capital program, drilling 14 (14.0 net) wells and bringing 8 (8.0 net) wells on production, with F&D capital expenditures totalling $111.8 million in Q1 2025.

Debt and Credit Facilities

Total debt at March 31, 2025 was $534.7 million, a 21% increase from March 31, 2024.
At March 31, 2025, Birchcliff had a balance outstanding under its Credit Facilities of $522.3 million (March 31, 2024: $430.2 million) from available Credit Facilities of $850.0 million (March 31, 2024: $850.0 million), leaving the Corporation with $327.7 million (39%) of unutilized credit capacity after adjusting for outstanding letters of credit and unamortized deferred financing fees.

Natural Gas Market Diversification

Birchcliff’s physical natural gas sales exposure primarily consists of the AECO, Dawn and Alliance markets. In addition, the Corporation has various financial instruments outstanding that provide it with exposure to NYMEX HH pricing.
The following table sets forth Birchcliff’s effective sales, production and average realized sales price for its natural gas and liquids for Q1 2025, after taking into account the Corporation’s financial instruments:

Three months ended March 31, 2025
	Effective sales (CDN$000s)	Percentage of total sales (%)	Effective production (per day)	Percentage of total natural gas production (%)	Percentage of total corporate production (%)	Effective average realized sales price (CDN$)
Market
AECO⁽¹⁾⁽²⁾	16,210	7	82,553 Mcf	22	18	2.18/Mcf
Dawn⁽³⁾	82,094	34	162,982 Mcf	43	35	5.60/Mcf
NYMEX HH⁽¹⁾⁽⁴⁾	69,988	29	136,689 Mcf	35	29	5.69/Mcf
Total natural gas⁽¹⁾	168,292	70	382,224 Mcf	100	82	4.89/Mcf
Light oil	15,391	6	1,795 bbls		2	95.27/bbl
Condensate	37,371	16	4,238 bbls		6	97.98/bbl
NGLs	19,183	8	7,626 bbls		10	27.95/bbl
Total liquids	17,945	30	13,659 bbls		18	58.52/bbl
Total corporate⁽¹⁾	240,237	100	77,363 boe		100	34.50/boe

^{(1) Effective sales and effective average realized sales price on a total natural gas and total corporate basis and for the AECO and NYMEX HH markets are non-GAAP financial measures and non-GAAP ratios, respectively. See “Non-GAAP and Other Financial Measures”.}

^{(2) Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. All of Birchcliff’s short-term physical Alliance sales and production during Q1 2025 received AECO premium pricing and have therefore been included as effective sales and production in the AECO market.}

^{(3) Birchcliff has agreements for the firm service transportation of an aggregate of 175,000 GJ/d of natural gas on TransCanada PipeLines’ Canadian Mainline, whereby natural gas is transported to the Dawn trading hub in Southern Ontario.}

^{(4) NYMEX HH effective sales and production include financial NYMEX HH/AECO 7A basis swap contracts for an aggregate of 147,500 MMBtu/d at an average contract price of NYMEX HH less US$1.088/MMBtu during Q1 2025.}

^{Birchcliff’s effective average realized sales price for NYMEX HH of CDN$5.69/Mcf (US$3.65/MMBtu) was determined on a gross basis before giving effect to the average NYMEX HH/AECO 7A fixed contract basis differential price of CDN$1.70/Mcf (US$1.088/MMBtu) and includes any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025.}

^{After giving effect to the NYMEX HH/AECO 7A fixed contract basis differential price and including any realized gains and losses on financial NYMEX HH/AECO 7A basis swap contracts during Q1 2025, Birchcliff’s effective average realized net sales price for NYMEX HH was CDN$3.99/Mcf (US$2.56/MMBtu) in Q1 2025.}

The following table sets forth Birchcliff’s physical sales, production, average realized sales price, transportation costs and natural gas sales netback by natural gas market for the periods indicated, before taking into account the Corporation’s financial instruments:

Three months ended March 31, 2025
Natural gas market	Natural gas sales (CDN$000s)	Percentage of natural gas sales (%)	Natural gas production (Mcf/d)	Percentage of natural gas production (%)	Average realized natural gas sales price (CDN$/Mcf)	Natural gas transportation costs⁽¹⁾ (CDN$/Mcf)	Natural gas sales netback⁽²⁾ (CDN$/Mcf)
AECO	42,368	34	215,026	56	2.19	0.46	1.73
Dawn	82,094	65	162,982	43	5.60	1.55	4.05
Alliance⁽³⁾	769	1	4,216	1	2.03	–	2.03
Total	125,231	100	382,224	100	3.64	0.92	2.72
Three months ended March 31, 2024
Natural gas market	Natural gas sales (CDN$000s)	Percentage of natural gas sales (%)	Natural gas production (Mcf/d)	Percentage of natural gas production (%)	Average realized natural gas sales price (CDN$/Mcf)	Natural gas transportation costs⁽¹⁾ (CDN$/Mcf)	Natural gas sales netback⁽²⁾ (CDN$/Mcf)
AECO	38,639	44	195,141	53	2.19	0.40	1.79
Dawn	45,198	51	161,667	44	3.07	1.41	1.66
Alliance⁽³⁾	4,185	5	13,480	3	3.41	–	3.41
Total	88,022	100	370,288	100	2.61	0.83	1.78

^{(1) Reflects costs to transport natural gas from the field receipt point to the delivery sales trading hub.}

^{(2) Natural gas sales netback denotes the average realized natural gas sales price less natural gas transportation costs.}

^{(3) Birchcliff has short-term physical sales agreements with third-party marketers to sell and deliver into the Alliance pipeline system. Alliance sales are indexed to the AECO 5A benchmark index price and are recorded net of transportation tolls.}

OPERATIONAL UPDATE

Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025. Year-to-date, the Corporation has drilled 15 (15.0 net) wells and brought 12 (12.0 net) wells on production.
In the first quarter of 2025, Birchcliff delivered strong execution metrics, building on the operational momentum and key learnings from a successful capital program in 2024. Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management. Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term.

Pouce Coupe

Birchcliff completed the drilling of its 5-well 04-05 pad in December 2024 and the wells were turned over to production through Birchcliff’s permanent facilities in early March 2025. This pad targeted high-rate natural gas wells in the Lower Montney. The wells have shown strong production rates exhibiting low declines as highlighted in the table below, which summarizes the aggregate and average production rates for the wells from the pad:

5-Well 04-05 Pad IP Rates

		Wells: IP 30⁽¹⁾	Wells: IP 60⁽¹⁾
Aggregate production rate (boe/d)		6,130	5,578
	Aggregate natural gas production rate (Mcf/d)	34,691	31,864
	Aggregate condensate production rate (bbls/d)	348	267
Average per well production rate (boe/d)		1,226	1,116
	Average per well natural gas production rate (Mcf/d)	6,938	6,373
	Average per well condensate production rate (bbls/d)	70	53
Condensate-to-gas ratio (bbls/MMcf)		10	8

_{(1) Represents the cumulative volumes for each well measured at the wellhead separator for the 30 or 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes. See “Advisories – Initial Production Rates”.}

Completions operations on Birchcliff’s 3-well 07-10 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in April 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
Completions operations on Birchcliff’s 4-well 05-19 pad were finished in April 2025 and flowback operations were recently completed. The wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities later in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
Completions operations are underway on Birchcliff’s 4-well 03-06 pad and the wells are currently scheduled to be turned over to production through the Corporation’s permanent facilities in June 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.
In the second half of April 2025, Birchcliff successfully completed the first phase of its planned turnaround at its Pouce Coupe gas plant. The second phase of the turnaround is well underway and is expected to be completed shortly.

Gordondale

Completions operations on Birchcliff’s 4-well 02-27 pad were finished in March 2025 and the wells were turned over to production through the Corporation’s permanent facilities in May 2025. This pad targeted condensate-rich natural gas wells in the Lower Montney.

Elmworth

As previously disclosed in its March 12, 2025 press release, Birchcliff completed a horizontal Montney land retention well in February 2025 and performed a 10.5 day flow test on the well.
Birchcliff continues to progress the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth. In the second half of March 2025, Birchcliff held an open house in the area to discuss its proposed plans for the area with community residents.

ABBREVIATIONS

AECO	benchmark price for natural gas determined at the AECO ‘C’ hub in southeast Alberta
bbl	barrel
bbls	barrels
bbls/d	barrels per day
boe	barrel of oil equivalent
boe/d	barrel of oil equivalent per day
condensate	pentanes plus (C5+)
F&D	finding and development
G&A	general and administrative
GAAP	generally accepted accounting principles for Canadian public companies, which are currently IFRS Accounting Standards
GJ	gigajoule
GJ/d	gigajoules per day
HH	Henry Hub
IFRS	International Financial Reporting Standards as issued by the International Accounting Standards Board
IP	initial production
Mcf	thousand cubic feet
Mcf/d	thousand cubic feet per day
MMBtu	million British thermal units
MMBtu/d	million British thermal units per day
MMcf	million cubic feet
MMcf/d	million cubic feet per day
MSW	price for mixed sweet crude oil at Edmonton, Alberta
NGLs	natural gas liquids consisting of ethane (C2), propane (C3) and butane (C4) and specifically excluding condensate
NYMEX	New York Mercantile Exchange
OPEC	Organization of the Petroleum Exporting Countries
OPEC+	OPEC plus certain other oil-producing countries
Q	quarter
WTI	West Texas Intermediate, the reference price paid in U.S. dollars at Cushing, Oklahoma, for crude oil of standard grade
000s	thousands
$000s	thousands of dollars

NON-GAAP AND OTHER FINANCIAL MEASURES

This press release uses various “non-GAAP financial measures”, “non-GAAP ratios” and “capital management measures” (as such terms are defined in NI 52-112), which are described in further detail below.

Non-GAAP Financial Measures

NI 52-112 defines a non-GAAP financial measure as a financial measure that: (i) depicts the historical or expected future financial performance, financial position or cash flow of an entity; (ii) with respect to its composition, excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in the primary financial statements of the entity; (iii) is not disclosed in the financial statements of the entity; and (iv) is not a ratio, fraction, percentage or similar representation. The non-GAAP financial measures used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Investors are cautioned that non-GAAP financial measures should not be construed as alternatives to or more meaningful than the most directly comparable GAAP financial measures as indicators of Birchcliff’s performance. Set forth below is a description of the non-GAAP financial measures used in this press release.

Adjusted Funds Flow and Free Funds Flow

Birchcliff defines “adjusted funds flow” as cash flow from operating activities before the effects of decommissioning expenditures, retirement benefit payments and changes in non-cash operating working capital. Birchcliff eliminates settlements of decommissioning expenditures from cash flow from operating activities as the amounts can be discretionary and may vary from period to period depending on its capital programs and the maturity of its operating areas. The settlement of decommissioning expenditures is managed with Birchcliff’s capital budgeting process which considers available adjusted funds flow. Birchcliff eliminates retirement benefit payments from cash flow from operating activities as such payments reflect costs for past service and contributions made by eligible executives under the Corporation’s post-employment benefit plan, which are not indicative of the current period. Changes in non-cash operating working capital are eliminated in the determination of adjusted funds flow as the timing of collection and payment are variable and by excluding them from the calculation, the Corporation believes that it is able to provide a more meaningful measure of its operations and ability to generate cash on a continuing basis. Management believes that adjusted funds flow assists management and investors in assessing Birchcliff’s financial performance after deducting all operating and corporate cash costs, as well as its ability to generate the cash necessary to fund sustaining and/or growth capital expenditures, repay debt, settle decommissioning obligations, buy back common shares and pay dividends.

Birchcliff defines “free funds flow” as adjusted funds flow less F&D capital expenditures. Management believes that free funds flow assists management and investors in assessing Birchcliff’s ability to generate shareholder value and returns through a number of initiatives, including, but not limited to, debt repayment, common share buybacks, the payment of common share dividends, acquisitions and other opportunities that would complement or otherwise improve the Corporation’s business and enhance long-term shareholder value.

The most directly comparable GAAP financial measure to adjusted funds flow and free funds flow is cash flow from operating activities. The following table provides a reconciliation of cash flow from operating activities to adjusted funds flow and free funds flow for the periods indicated:

	Three months ended				Twelve months ended
	March 31,				December 31,
($000s)	2025		2024		2024
Cash flow from operating activities	126,097		65,255		203,710
Change in non-cash operating working capital	(2,194	)	(13,163	)	17,269
Decommissioning expenditures	510		138		1,964
Retirement benefit payments	–		13,851		13,851
Adjusted funds flow	124,413		66,081		236,794
F&D capital expenditures	(111,819	)	(102,773	)	(273,084	)
Free funds flow	12,594		(36,692	)	(36,290	)

Birchcliff has disclosed in this press release forecasts of adjusted funds flow and free funds flow for 2025, which are forward-looking non-GAAP financial measures. See “2025 Guidance”. The equivalent historical non-GAAP financial measures are adjusted funds flow and free funds flow for the twelve months ended December 31, 2024. Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024. The commodity price assumptions on which the Corporation’s guidance is based are set forth under the heading “2025 Guidance”.

Transportation and Other Expense

Birchcliff defines “transportation and other expense” as transportation expense plus marketing purchases less marketing revenue. Birchcliff may enter into certain marketing purchase and sales arrangements with the objective of reducing any unused transportation or fractionation fees associated with its take-or-pay commitments and/or increasing the value of its production through value-added downstream initiatives. Management believes that transportation and other expense assists management and investors in assessing Birchcliff’s total cost structure related to transportation and marketing activities. The most directly comparable GAAP financial measure to transportation and other expense is transportation expense. The following table provides a reconciliation of transportation expense to transportation and other expense for the periods indicated:

	Three months ended				Twelve months ended
	March 31,				December 31,
($000s)	2025		2024		2024
Transportation expense	37,519		36,625		149,534
Marketing purchases	14,910		7,111		51,496
Marketing revenue	(14,748	)	(9,468	)	(54,069	)
Transportation and other expense	37,681		34,268		146,961

Operating Netback

Birchcliff defines “operating netback” as petroleum and natural gas revenue less royalty expense, operating expense and transportation and other expense. Operating netback is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback assists management and investors in assessing Birchcliff’s operating profits after deducting the cash costs that are directly associated with the sale of its production, which can then be used to pay other corporate cash costs or satisfy other obligations. The following table provides a breakdown of Birchcliff’s operating netback for the periods indicated:

Three months ended ($000s)	March 31, 2025		March 31, 2024
P&NG revenue	197,188		163,304
Royalty expense	(15,039	)	(14,467	)
Operating expense	(21,133	)	(26,427	)
Transportation and other expense	(37,681	)	(34,268	)
Operating netback	123,335		88,142

Total Capital Expenditures

Birchcliff defines “total capital expenditures” as exploration and development expenditures less dispositions plus acquisitions (if any) and plus administrative assets. Management believes that total capital expenditures assists management and investors in assessing Birchcliff’s overall capital cost structure associated with its petroleum and natural gas activities. The most directly comparable GAAP financial measure to total capital expenditures is exploration and development expenditures. The following table provides a reconciliation of exploration and development expenditures to total capital expenditures for the periods indicated:

Three months ended ($000s)	March 31, 2025	March 31, 2024
Exploration and development expenditures⁽¹⁾	111,819	102,773
Dispositions	–	(109	)
Administrative assets	654	820
Total capital expenditures	112,473	103,484

^{(1) Disclosed as F&D capital expenditures elsewhere in this press release. See “Advisories – F&D Capital Expenditures”.}

Effective Sales – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

Birchcliff defines “effective sales” in the AECO market and NYMEX HH market as the sales amount received from the production of natural gas that is effectively attributed to the AECO and NYMEX HH market pricing, respectively, and does not consider the physical sales delivery point in each case. Effective sales in the NYMEX HH market includes realized gains and losses on financial instruments and excludes the notional fixed basis costs associated with the underlying financial contract in the period. Birchcliff defines “effective total natural gas sales” as the aggregate of the effective sales amount received in each natural gas market. Birchcliff defines “effective total corporate sales” as the aggregate of the effective total natural gas sales and the sales amount received from the production of light oil, condensate and NGLs. Management believes that disclosing the effective sales for each natural gas market assists management and investors in assessing Birchcliff’s natural gas diversification and commodity price exposure to each market. The most directly comparable GAAP financial measure to effective total natural gas sales and effective total corporate sales is natural gas sales. The following table provides a reconciliation of natural gas sales to effective total natural gas sales and effective total corporate sales for the periods indicated:

Three months ended ($000s)	March 31, 2025	March 31, 2024
Natural gas sales	125,231	88,022
Realized gain (loss) on financial instruments	22,167	(5,628	)
Notional fixed basis costs⁽¹⁾	20,894	18,477
Effective total natural gas sales	168,292	100,871
Light oil sales	15,391	13,219
Condensate sales	37,371	43,477
NGLs sales	19,183	18,568
Effective total corporate sales	240,237	176,135

^{(1) Reflects the aggregate notional fixed basis cost associated with Birchcliff’s financial NYMEX HH/AECO 7A basis swap contracts in the period.}

Non-GAAP Ratios

NI 52-112 defines a non-GAAP ratio as a financial measure that: (i) is in the form of a ratio, fraction, percentage or similar representation; (ii) has a non-GAAP financial measure as one or more of its components; and (iii) is not disclosed in the financial statements of the entity. The non-GAAP ratios used in this press release are not standardized financial measures under GAAP and might not be comparable to similar measures presented by other companies. Set forth below is a description of the non-GAAP ratios used in this press release.

Adjusted Funds Flow Per Boe and Adjusted Funds Flow Per Basic Common Share

Birchcliff calculates “adjusted funds flow per boe” as aggregate adjusted funds flow in the period divided by the production (boe) in the period. Management believes that adjusted funds flow per boe assists management and investors in assessing Birchcliff’s financial profitability and sustainability on a cash basis by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

Birchcliff calculates “adjusted funds flow per basic common share” as aggregate adjusted funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that adjusted funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength on a per common share basis.

Free Funds Flow Per Basic Common Share

Birchcliff calculates “free funds flow per basic common share” as aggregate free funds flow in the period divided by the weighted average basic common shares outstanding at the end of the period. Management believes that free funds flow per basic common share assists management and investors in assessing Birchcliff’s financial strength and its ability to deliver shareholder returns on a per common share basis.

Transportation and Other Expense Per Boe

Birchcliff calculates “transportation and other expense per boe” as aggregate transportation and other expense in the period divided by the production (boe) in the period. Management believes that transportation and other expense per boe assists management and investors in assessing Birchcliff’s cost structure as it relates to its transportation and marketing activities by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

Operating Netback Per Boe

Birchcliff calculates “operating netback per boe” as aggregate operating netback in the period divided by the production (boe) in the period. Operating netback per boe is a key industry performance indicator and one that provides investors with information that is commonly presented by other oil and natural gas producers. Management believes that operating netback per boe assists management and investors in assessing Birchcliff’s operating profitability and sustainability by isolating the impact of production volumes to better analyze its performance against prior periods on a comparable basis.

Effective Average Realized Sales Price – Total Corporate, Total Natural Gas, AECO Market and NYMEX HH Market

Birchcliff calculates “effective average realized sales price” as effective sales, in each of total corporate, total natural gas, AECO market and NYMEX HH market, as the case may be, divided by the effective production in each of the markets during the period. Management believes that disclosing the effective average realized sales price for each natural gas market assists management and investors in comparing Birchcliff’s commodity price realizations in each natural gas market on a per unit basis.

Capital Management Measures

NI 52-112 defines a capital management measure as a financial measure that: (i) is intended to enable an individual to evaluate an entity’s objectives, policies and processes for managing the entity’s capital; (ii) is not a component of a line item disclosed in the primary financial statements of the entity; (iii) is disclosed in the notes to the financial statements of the entity; and (iv) is not disclosed in the primary financial statements of the entity. Set forth below is a description of the capital management measure used in this press release.

Total Debt

Birchcliff calculates “total debt” at the end of the period as the amount outstanding under the Corporation’s Credit Facilities plus working capital deficit (less working capital surplus) plus the fair value of the current asset portion of financial instruments less the fair value of the current liability portion of financial instruments and less the current portion of other liabilities discounted to the end of the period. The current portion of other liabilities has been excluded from total debt as these amounts have not been incurred and reflect future commitments in the normal course of operations. Management believes that total debt assists management and investors in assessing Birchcliff’s overall liquidity and financial position at the end of the period. The following table provides a reconciliation of the amount outstanding under the Corporation’s Credit Facilities, as determined in accordance with GAAP, to total debt for the periods indicated:

As at ($000s)	March 31, 2025		December 31, 2024		March 31, 2024
Revolving term credit facilities	518,581		566,857		428,566
Working capital (surplus) deficit⁽¹⁾	(67,109	)	(88,953	)	34,261
Fair value of financial instruments – asset⁽²⁾	96,623		71,038		240
Fair value of financial instruments – liability⁽²⁾	–		–		(14,550	)
Other liabilities⁽²⁾	(13,385	)	(13,385	)	(5,137	)
Total debt	534,710		535,557		443,380

^{(1) Current liabilities less current assets.}

^{(2) Reflects the current portion only.}

ADVISORIES

Unaudited Information

All financial and operational information contained in this press release for the three months ended March 31, 2025 and 2024 is unaudited.

Currency

Unless otherwise indicated, all dollar amounts are expressed in Canadian dollars, all references to “$” and “CDN$” are to Canadian dollars and all references to “US$” are to United States dollars.

Boe Conversions

Boe amounts have been calculated by using the conversion ratio of 6 Mcf of natural gas to 1 bbl of oil. Boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

MMBtu Pricing Conversions

$1.00 per MMBtu equals $1.00 per Mcf based on a standard heat value Mcf.

Oil and Gas Metrics

This press release contains metrics commonly used in the oil and natural gas industry, including operating netback. These oil and gas metrics do not have any standardized meanings or standard methods of calculation and therefore may not be comparable to similar measures presented by other companies. As such, they should not be used to make comparisons. Management uses these oil and gas metrics for its own performance measurements and to provide investors with measures to compare Birchcliff’s performance over time; however, such measures are not reliable indicators of Birchcliff’s future performance, which may not compare to Birchcliff’s performance in previous periods, and therefore should not be unduly relied upon. For additional information regarding operating netback and how such metric is calculated, see “Non-GAAP and Other Financial Measures”.

Production

With respect to the disclosure of Birchcliff’s production contained in this press release: (i) references to “light oil” mean “light crude oil and medium crude oil” as such term is defined in NI 51-101; (ii) references to “liquids” mean “light crude oil and medium crude oil” and “natural gas liquids” (including condensate) as such terms are defined in NI 51-101; and (iii) references to “natural gas” mean “shale gas”, which also includes an immaterial amount of “conventional natural gas”, as such terms are defined in NI 51-101. In addition, NI 51-101 includes condensate within the product type of natural gas liquids. Birchcliff has disclosed condensate separately from other natural gas liquids as the price of condensate as compared to other natural gas liquids is currently significantly higher and Birchcliff believes presenting the two commodities separately provides a more accurate description of its operations and results therefrom.

With respect to the disclosure of Birchcliff’s production contained in this press release, all production volumes have been disclosed on a “gross” basis as such term is defined in NI 51-101, meaning Birchcliff’s working interest (operating or non-operating) share before the deduction of royalties and without including any royalty interests of Birchcliff.

Initial Production Rates

Any references in this press release to initial production rates or other short-term production rates are useful in confirming the presence of hydrocarbons; however, such rates are not determinative of the rates at which such wells will continue to produce and decline thereafter and are not indicative of the long-term performance or the ultimate recovery of such wells. In addition, such rates may also include recovered “load oil” or “load water” fluids used in well completion stimulation. Readers are cautioned not to place undue reliance on such rates in calculating the aggregate production for Birchcliff. Such rates are based on field estimates and may be based on limited data available at this time.

With respect to the production rates for the Corporation’s 5-well 04-05 pad disclosed herein, such rates represent the cumulative volumes for each well measured at the wellhead separator for the 30 and 60 days (as applicable) of production immediately after each well was considered stabilized after producing fracture treatment fluid back to surface in an amount such that flow rates of hydrocarbons became reliable, divided by 30 or 60 (as applicable), which were then added together to determine the aggregate production rates for the 5-well pad and then divided by 5 to determine the per well average production rates. The production rates excluded the hours and days when the wells did not produce. To-date, no pressure transient or well-test interpretation has been carried out on any of the wells. The natural gas volumes represent raw natural gas volumes as opposed to sales gas volumes.

Finding and Development (F&D) Capital Expenditures

References in this press release to “F&D capital expenditures” denotes exploration and development expenditures as disclosed in the Corporation’s financial statements in accordance with GAAP, and is primarily comprised of capital for land, seismic, workovers, drilling and completions, well equipment and facilities and capitalized G&A costs and excludes any acquisitions, dispositions, administrative assets and the capitalized portion of cash incentive payments that have not been approved by the Board. Management believes that F&D capital expenditures assists management and investors in assessing Birchcliff’s capital cost outlay associated with its exploration and development activities for the purposes of finding and developing its reserves.

Forward-Looking Statements

Certain statements contained in this press release constitute forward‐looking statements and forward-looking information (collectively referred to as “forward‐looking statements”) within the meaning of applicable Canadian securities laws. The forward-looking statements contained in this press release relate to future events or Birchcliff’s future plans, strategy, operations, performance or financial position and are based on Birchcliff’s current expectations, estimates, projections, beliefs and assumptions. Such forward-looking statements have been made by Birchcliff in light of the information available to it at the time the statements were made and reflect its experience and perception of historical trends. All statements and information other than historical fact may be forward‐looking statements. Such forward‐looking statements are often, but not always, identified by the use of words such as “seek, “plan”, “focus”, “future”, “outlook”, “position”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “forecast”, “guidance”, “potential”, “proposed”, “predict”, “budget”, “continue”, “targeting”, “may”, “will”, “could”, “might”, “should”, “would”, “on track”, “maintain”, “deliver” and other similar words and expressions.

By their nature, forward-looking statements involve 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 statements. Accordingly, readers are cautioned not to place undue reliance on such forward-looking statements. Although Birchcliff believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct and Birchcliff makes no representation that actual results achieved will be the same in whole or in part as those set out in the forward-looking statements.

In particular, this press release contains forward‐looking statements relating to:

Birchcliff’s plans and other aspects of its anticipated future financial performance, results, operations, focus, objectives, strategies, opportunities, priorities and goals, including: Birchcliff’s continued focus on operational excellence; that with a substantial portion of its capital program behind it, Birchcliff expects to generate significant free funds flow during the remainder of the year, which will be allocated primarily towards reducing its total debt by approximately 28% from year end 2024, after the payment of its base dividend; that Birchcliff’s 2025 production guidance and capital program are unchanged and it remains focused on capital efficiency improvements, driving down its costs and strengthening its balance sheet; and that Birchcliff looks forward to a promising future, leveraging its strengths to navigate the evolving market, drive profitable growth and deliver long-term shareholder value;
the information set forth under the heading “2025 Guidance” and elsewhere in this press release as it relates to Birchcliff’s guidance for 2025, including: that as a result of the continued volatility in commodity prices driven by the uncertainties surrounding tariffs, global trade tensions and OPEC+ production increases, Birchcliff has lowered its commodity price assumptions for the remainder of 2025; that lower oil prices are forecasted for the remainder of the year; that Birchcliff expects to significantly strengthen its balance sheet in 2025, with free funds flow (after the payment of dividends) anticipated to be allocated primarily towards debt reduction; that based on its current commodity price assumptions, Birchcliff expects to exit 2025 with total debt of $365 million to $405 million, which represents a 28% reduction from its total debt at year end 2024 of $535.6 million; forecasts of annual average production, production commodity mix, average expenses, adjusted funds flow, F&D capital expenditures, free funds flow, total debt at year end, natural gas market exposure and the expected impact of changes in commodity prices and the CDN/US exchange rate on Birchcliff’s forecast of free funds flow; and that Birchcliff currently anticipates that U.S. tariffs will not have a material impact on its business;
the information set forth under the heading “Operational Update” and elsewhere in this press release regarding Birchcliff’s 2025 capital program and its exploration, production and development activities and plans (including its plans for Elmworth) and the timing thereof, including: that Birchcliff’s 2025 capital budget of $260 million to $300 million includes the drilling of 25 (25.0 net) wells and the bringing on production of 26 (26.0 net) wells in 2025; that Birchcliff’s teams continue to demonstrate a steadfast focus on execution, operational efficiency and disciplined cost management; that Birchcliff’s purposeful execution is helping to strengthen its performance and position the business for sustainable growth through the remainder of the year and in the long-term; the expected timing for wells to be brought on production and the completion of the turnaround at Birchcliff’s Pouce Coupe gas plant; targeted product types; and that Birchcliff is progressing the formal planning for the construction of a proposed 100% owned and operated 80 MMcf/d natural gas processing plant in Elmworth; and
that Birchcliff anticipates the forward-looking non-GAAP financial measures for adjusted funds flow and free funds flow disclosed herein will be higher than their respective historical amounts, primarily due to higher anticipated benchmark natural gas prices in 2025 as compared to 2024.

With respect to the forward-looking statements contained in this press release, assumptions have been made regarding, among other things: prevailing and future commodity prices and differentials, exchange rates, interest rates, inflation rates, royalty rates and tax rates; the state of the economy, financial markets and the exploration, development and production business; the political environment in which Birchcliff operates; tariffs and trade policies; the regulatory framework regarding royalties, taxes, environmental, climate change and other laws; the Corporation’s ability to comply with existing and future laws; future cash flow, debt and dividend levels; future operating, transportation, G&A and other expenses; Birchcliff’s ability to access capital and obtain financing on acceptable terms; the timing and amount of capital expenditures and the sources of funding for capital expenditures and other activities; the sufficiency of budgeted capital expenditures to carry out planned operations; the successful and timely implementation of capital projects and the timing, location and extent of future drilling and other operations; results of operations; Birchcliff’s ability to continue to develop its assets and obtain the anticipated benefits therefrom; the performance of existing and future wells; reserves volumes and Birchcliff’s ability to replace and expand reserves through acquisition, development or exploration; the impact of competition on Birchcliff; the availability of, demand for and cost of labour, services and materials; the approval of the Board of future dividends; the ability to obtain any necessary regulatory or other approvals in a timely manner; the satisfaction by third parties of their obligations to Birchcliff; the ability of Birchcliff to secure adequate processing and transportation for its products; Birchcliff’s ability to successfully market natural gas and liquids; the results of the Corporation’s risk management and market diversification activities; and Birchcliff’s natural gas market exposure. In addition to the foregoing assumptions, Birchcliff has made the following assumptions with respect to certain forward-looking statements contained in this press release:

With respect to Birchcliff’s 2025 guidance (as updated on May 14, 2025), such guidance is based on the commodity price, exchange rate and other assumptions set forth under the heading “2025 Guidance”. In addition:
- Birchcliff’s production guidance assumes that: the 2025 capital program will be carried out as currently contemplated; no unexpected outages occur in the infrastructure that Birchcliff relies on to produce its wells and that any transportation service curtailments or unplanned outages that occur will be short in duration or otherwise insignificant; the construction of new infrastructure meets timing and operational expectations; existing wells continue to meet production expectations; and future wells scheduled to come on production meet timing, production and capital expenditure expectations.
- Birchcliff’s forecast of F&D capital expenditures assumes that the 2025 capital program will be carried out as currently contemplated and excludes any potential acquisitions, dispositions and the capitalized portion of cash incentive payments that have not been approved by the Board. The amount and allocation of capital expenditures for exploration and development activities by area and the number and types of wells to be drilled and brought on production is dependent upon results achieved and is subject to review and modification by management on an ongoing basis throughout the year. Actual spending may vary due to a variety of factors, including commodity prices, economic conditions, results of operations and costs of labour, services and materials.
- Birchcliff’s forecasts of adjusted funds flow and free funds flow assume that: the 2025 capital program will be carried out as currently contemplated and the level of capital spending for 2025 set forth herein is met; and the forecasts of production, production commodity mix, expenses and natural gas market exposure and the commodity price and exchange rate assumptions set forth herein are met. Birchcliff’s forecast of adjusted funds flow takes into account its financial basis swap contracts outstanding as at May 5, 2025 and excludes cash incentive payments that have not been approved by the Board.
- Birchcliff’s forecast of year end total debt assumes that: (i) the forecasts of adjusted funds flow and free funds flow are achieved, with the level of capital spending for 2025 met and the payment of an annual base dividend of approximately $33 million; (ii) any free funds flow remaining after the payment of dividends, asset retirement obligations and other amounts for administrative assets, financing fees and capital lease obligations is allocated towards debt reduction; and (iii) there are no buybacks of common shares, no equity issuances, no further exercises of stock options and no significant acquisitions or dispositions completed by the Corporation during 2025. The forecast of total debt excludes cash incentive payments that have not been approved by the Board.
- Birchcliff’s forecast of its natural gas market exposure assumes: (i) 175,000 GJ/d being sold on a physical basis at the Dawn price; (ii) 147,500 MMBtu/d being contracted on a financial basis at an average fixed basis differential price between AECO 7A and NYMEX HH of US$1.088/MMBtu; and (iii) 1,200 GJ/d being sold at Alliance on a physical basis at the AECO 5A price plus a premium. Birchcliff’s natural gas market exposure takes into account its financial basis swap contracts outstanding as at May 5, 2025.
With respect to statements regarding future wells to be drilled or brought on production, such statements assume: the continuing validity of the geological and other technical interpretations performed by Birchcliff’s technical staff, which indicate that commercially economic volumes can be recovered from Birchcliff’s lands as a result of drilling future wells; and that commodity prices and general economic conditions will warrant proceeding with the drilling of such wells.

Birchcliff’s actual results, performance or achievements could differ materially from those anticipated in the forward-looking statements as a result of both known and unknown risks and uncertainties including, but not limited to: general economic, market and business conditions which will, among other things, impact the demand for and market prices of Birchcliff’s products and Birchcliff’s access to capital; volatility of crude oil and natural gas prices; fluctuations in commodity prices and exchange, interest and inflation rates; risks associated with increasing costs, whether due to high inflation rates, supply chain disruptions or other factors; an inability of Birchcliff to generate sufficient cash flow from operations to meet its current and future obligations; an inability to access sufficient capital from internal and external sources on terms acceptable to the Corporation; risks associated with Birchcliff’s Credit Facilities, including a failure to comply with covenants under the agreement governing the Credit Facilities and the risk that the borrowing base limit may be redetermined; fluctuations in the costs of borrowing; operational risks and liabilities inherent in oil and natural gas operations; the risk that weather events such as wildfires, flooding, droughts or extreme hot or cold temperatures forces the Corporation to shut-in production or otherwise adversely affects the Corporation’s operations; the occurrence of unexpected events such as fires, explosions, blow-outs, equipment failures, transportation incidents and other similar events; an inability to access sufficient water or other fluids needed for operations; the risks associated with supply chain disruptions; uncertainty that development activities in connection with Birchcliff’s assets will be economic; an inability to access or implement some or all of the technology necessary to operate its assets and achieve expected future results; geological, technical, drilling, construction and processing problems; uncertainty of geological and technical data; horizontal drilling and completions techniques and the failure of drilling results to meet expectations for reserves or production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of estimates and projections relating to production, revenue, costs and reserves; the accuracy of cost estimates and variances in Birchcliff’s actual costs and economic returns from those anticipated; incorrect assessments of the value of acquisitions and exploration and development programs; the risks posed by pandemics, epidemics, geopolitical events and global conflict and their impacts on supply and demand and commodity prices; actions taken by OPEC and other major oil producers and the impact such actions may have on supply and demand and commodity prices; stock market volatility; loss of market demand; changes to the regulatory framework in the locations where the Corporation operates, including changes to tax laws, Crown royalty rates, environmental and climate change laws (including emissions and “greenwashing”), carbon tax regimes, incentive programs and other regulations that affect the oil and natural gas industry; political uncertainty and uncertainty associated with government policy changes; actions by government authorities; the risk that: (i) the U.S. tariffs that are currently in effect on goods exported from or imported into Canada continue in effect for an extended period of time, the tariffs that have been threatened are implemented, that tariffs that are currently suspended are reactivated, the rate or scope of tariffs are increased or new tariffs are imposed, including on oil and natural gas; (ii) the U.S. and/or Canada imposes any other form of tax, restriction or prohibition on the import or export of products from one country to the other, including on oil and natural gas; and (iii) the tariffs imposed or threatened to be imposed by the U.S. on other countries and retaliatory tariffs imposed or threatened to be imposed by other countries on the U.S. will trigger a broader global trade war, which could have a material adverse effect on the Canadian, U.S. and global economies, and by extension the Canadian oil and natural gas industry and the Corporation, including by decreasing the demand for (and the price of) oil and natural gas, disrupting supply chains, increasing costs, causing volatility in global financial markets and limiting access to financing; an inability of the Corporation to comply with existing and future laws and the cost of compliance with such laws; dependence on facilities, gathering lines and pipelines; uncertainties and risks associated with pipeline restrictions and outages to third-party infrastructure that could cause disruptions to production; the lack of available pipeline capacity and an inability to secure adequate and cost-effective processing and transportation for Birchcliff’s products; an inability to satisfy obligations under Birchcliff’s firm marketing and transportation arrangements; shortages in equipment and skilled personnel; the absence or loss of key employees; competition for, among other things, capital, acquisitions of reserves, undeveloped lands, equipment and skilled personnel; management of Birchcliff’s growth; environmental and climate change risks, claims and liabilities; potential litigation; default under or breach of agreements by counterparties and potential enforceability issues in contracts; claims by Indigenous peoples; the reassessment by taxing or regulatory authorities of the Corporation’s prior transactions and filings; unforeseen title defects; third-party claims regarding the Corporation’s right to use technology and equipment; uncertainties associated with the outcome of litigation or other proceedings involving Birchcliff; uncertainties associated with counterparty credit risk; risks associated with Birchcliff’s risk management and market diversification activities; risks associated with the declaration and payment of future dividends, including the discretion of the Board to declare dividends and change the Corporation’s dividend policy and the risk that the amount of dividends may be less than currently forecast; the failure to obtain any required approvals in a timely manner or at all; the failure to complete or realize the anticipated benefits of acquisitions and dispositions and the risk of unforeseen difficulties in integrating acquired assets into Birchcliff’s operations; negative public perception of the oil and natural gas industry; the Corporation’s reliance on hydraulic fracturing; market competition, including from alternative energy sources; changing demand for petroleum products; the availability of insurance and the risk that certain losses may not be insured; breaches or failure of information systems and security (including risks associated with cyber-attacks); risks associated with artificial intelligence; risks associated with the ownership of the Corporation’s securities; the accuracy of the Corporation’s accounting estimates and judgments; and the risk that any of the Corporation’s material assumptions prove to be materially inaccurate (including the Corporation’s commodity price and exchange rate assumptions for 2025).

Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other risk factors that could affect Birchcliff’s results of operations, financial performance or financial results are included in the Corporation’s annual information form and annual management’s discussion and analysis for the financial year ended December 31, 2024 under the heading “Risk Factors” and in other reports filed with Canadian securities regulatory authorities.

This press release contains information that may constitute future-oriented financial information or financial outlook information (collectively, “FOFI”) about Birchcliff’s prospective financial performance, financial position or cash flows, all of which is subject to the same assumptions, risk factors, limitations and qualifications as set forth above. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise or inaccurate and, as such, undue reliance should not be placed on FOFI. Birchcliff’s actual results, performance and achievements could differ materially from those expressed in, or implied by, FOFI. Birchcliff has included FOFI in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that such information may not be appropriate for other purposes.

Management has included the above summary of assumptions and risks related to forward-looking statements provided in this press release in order to provide readers with a more complete perspective on Birchcliff’s future operations and management’s current expectations relating to Birchcliff’s future performance. Readers are cautioned that this information may not be appropriate for other purposes.

The forward-looking statements and FOFI contained in this press release are expressly qualified by the foregoing cautionary statements. The forward-looking statements and FOFI contained herein are made as of the date of this press release. Unless required by applicable laws, Birchcliff does not undertake any obligation to publicly update or revise any forward-looking statements or FOFI, whether as a result of new information, future events or otherwise.

ABOUT BIRCHCLIFF:

Birchcliff is an intermediate oil and natural gas company based in Calgary, Alberta with operations focused on the exploration and development of the Montney/Doig Resource Play in Alberta. Birchcliff’s common shares are listed for trading on the Toronto Stock Exchange under the symbol “BIR”.

For further information, please contact:

Birchcliff Energy Ltd.
Suite 1000, 600 – 3^rd Avenue S.W.
Calgary, Alberta T2P 0G5
Telephone: (403) 261-6401
Email: birinfo@birchcliffenergy.com
www.birchcliffenergy.com

Chris Carlsen – President and Chief Executive Officer

Bruno Geremia – Executive Vice President and Chief Financial Officer

The MIL Network –

May 15, 2025

MIL-OSI: AGM Group Holdings Inc. Announces 50 for 1 Share Consolidation

Source: GlobeNewswire (MIL-OSI)

Beijing, May 14, 2025 (GLOBE NEWSWIRE) — AGM Group Holdings Inc. (“AGM Holdings” or the “Company”) (NASDAQ: AGMH), an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment, today announced that the Company’s board of directors approved on May 9, 2025 that the ordinary shares of the Company be consolidated on a 50 for 1 ratio. The effective date is scheduled to be June 3, 2025, subject to the Company’s satisfaction of Nasdaq Operations notice requirements, with trading of the Company’s Class A ordinary shares to begin on a reverse-split-adjusted basis at the market open on that day. Trading in the Class A ordinary shares will continue on the Nasdaq Capital Market, under the same symbol “AGMH” but under a new CUSIP Number, G0132V121.

The objective of the share consolidation is to enable the Company to regain compliance with the minimum bid price requirement pursuant to Nasdaq Marketplace Rule 5550(a)(2) and maintain its listing on Nasdaq.

As a result of the share consolidation, each 50 ordinary shares will automatically combine and convert to one ordinary share without any action on the part of the shareholders. No fractional shares will be issued to any shareholders in connection with the share consolidation, and any fractional shares which would have resulted from the share consolidation will be rounded down to the next whole number and the Company will make a cash payment (without interest) to all the holders of Class A Ordinary Shares and Class B Ordinary Shares equal to such fraction multiplied by the average of the closing sales prices of the ordinary shares on Nasdaq during regular trading hours for the five consecutive trading days immediately preceding the expected first trading day of the share consolidation (with such average closing sales prices being adjusted to give effect to the share consolidation) subject to a de minimums. The share consolidation affects all shareholders uniformly and will not alter any shareholder’s percentage interest in the Company’s ordinary shares, except for adjustments that may result from the treatment of fractional shares.

At the time the share consolidation is effective, the Company’s maximum number of authorized shares will be reduced from 400,000,000 divided into (i) 200,000,000 Class A Ordinary Shares with a par value of US$0.001 per share; and (ii) 200,000,000 Class B Ordinary Shares with a par value of US$0.001 per share to 8,000,000 divided into (i) 4,000,000 Class A Ordinary Shares with a par value of US$0.05 per share; and (ii) 4,000,000 Class B Ordinary Shares with a par value of US$0.05 per share. The Company’s total issued and outstanding Class A ordinary shares will be changed from 98,713,955 Class A ordinary shares with a par value of US$0.001 each to approximately 1,974,279 Class A ordinary shares with a par value of US$0.05 each. The Company’s total issued and outstanding Class B ordinary shares will be changed from 2,100,000 Class B ordinary shares with a par value of US$0.001 each to approximately 42,000 Class B ordinary shares with a par value of US$0.05 each.

About AGM Group Holdings Inc.

AGM Group Holdings Inc. (NASDAQ: AGMH) is an integrated technology company specializing in the assembling and sales of high-performance hardware and computing equipment. With a mission to become a key participant and contributor in the global blockchain ecosystem, AGMH focuses on the research and development of blockchain-oriented Application-Specific Integrated Circuit (ASIC) chips, the assembling and sales of high-end crypto miners for Bitcoin and other cryptocurrencies. For more information, please visit www.agmprime.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “assesses,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

AGM Group Holdings Inc.
Email: ir@agmprime.com
Website: http://www.agmprime.com

Ascent Investor Relations LLC
Tina Xiao
President
Phone: +1-646-932-7242
Email: investors@ascent-ir.com

The MIL Network –

May 15, 2025

MIL-OSI: dLocal Reports 2025 First Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

Record highs across key financial and operational metrics.
TPV milestone of US$8 billion, +53% YoY and +5% QoQ. In constant currency, TPV increased +72% YoY.
Revenue and gross profit record highs of US$217 million and US$85 million. Continued geographic diversification.
Adjusted EBITDA of US$58 million, with Adjusted EBITDA/Gross Profit at 68%, demonstrating our ability to scale efficiently.
Strong cash flow, with free cash flow to net income conversion at 85%, reinforcing cash generating financial model.

MONTEVIDEO, Uruguay, May 14, 2025 (GLOBE NEWSWIRE) — DLocal Limited (“dLocal”, “we”, “us”, and “our”) (NASDAQ:DLO), a technology – first payments platform, today announced its financial results for the first quarter ended March 31, 2025.

dLocal’s management team will host a conference call and audio webcast on May 14, 2025 at 5:00 p.m. Eastern Time. Please click here to pre-register for the conference call and obtain your dial in number and passcode.

The live conference call can be accessed via audio webcast at the investor relations section of dLocal’s website, at https://investor.dlocal.com/. An archive of the webcast will be available for a year following the conclusion of the conference call. The investor presentation will also be filed on EDGAR at www.sec.gov.

“The first quarter of 2025 demonstrated strong execution across many of the levers of our strategic plan. Our commercial team effectively leveraged existing merchant relationships and established new partnerships. Financially, we executed our investment plan in a responsible and efficient manner. In addition, our operations and technology teams delivered improved effectiveness to our merchants, and our legal and regulatory teams focused on expanding our license portfolios,” said Pedro Arnt, CEO of dLocal.

First quarter 2025 financial highlights

dLocal reports in US dollars and in accordance with IFRS as issued by the IASB

Total Payment Volume (“TPV”) reached a record US$8.1 billion in the first quarter, up 53% year-over-year compared to US$5.3 billion in the first quarter of 2024 and up 5% compared to US$7.7 billion in the fourth quarter of 2024. In constant currency, TPV growth for the period would have been 72% year-over-year.
Revenues amounted to US$216.8 million, up 18% year-over-year compared to US$184.4 million in the first quarter of 2024 and up 6% compared to US$204.5 million in the fourth quarter of 2024. This quarter-over-quarter increase, above TPV growth, was driven by higher cross-border share in the mix, and partially offset by Mexico, given the commerce seasonality effect in the fourth quarter and partial volume loss with a large merchant. In constant currency, revenue growth for the period would have been 36% year-over-year.
Gross profit was US$84.9 million in the first quarter of 2025, up 35% compared to US$63.0 million in the first quarter of 2024 and up 1% compared to US$83.7 million in the fourth quarter of 2024. The quarter-over-quarter comparison was primarily due to (i) Argentina, with gross profit following revenue trends, in addition to increasing advancement volumes (which have higher take rates) and wider FX spreads in Q1 2025 vs Q4 2024; and (ii) Other LatAm markets, with notable performance in Chile. These positive factors were partially offset by (i) Brazil, due to the migration to the Payment Orchestration model, which brings lower take rates, coupled with one-off incremental processing costs; and (ii) Mexico, as explained above. In addition, despite volume growth across various countries, Other Africa and Asia was adversely affected by increased processing costs in South Africa and Nigeria. In constant currency, gross profit growth for the period would have been 59% year-over-year.
As a result, gross profit margin was 39% in this quarter, compared to 34% in the first quarter of 2024 and 41% in the fourth quarter of 2024.
Gross profit over TPV was at 1.05% decreasing from 1.19% in the first quarter of 2024 and from 1.09% compared to the fourth quarter of 2024.
Operating profit was US$45.8 million, up 70% compared to US$26.9 million in the first quarter of 2024 and up 8% compared to US$42.3 million in the fourth quarter of 2024. Operating expenses grew by 8% year-over-year, explained by the increase in headcount, as we continue to invest in our capabilities. On the sequential comparison, operating expenses decreased by 6% quarter-over-quarter, primarily attributed to a reduction in G&A and Technology & Development expenses, driven by the decrease in third-party services, travel expenses and timing of implementation of new initiatives. This decrease was partially offset by the growth in headcount and increase in Sales & Marketing expenses, driven by key commercial events.
As a result, Adjusted EBITDA was US$57.9 million, up 57% compared to US$36.8 million in the first quarter of 2024 and up 2% compared to US$56.9 million in the fourth quarter of 2024.
Adjusted EBITDA margin was 27%, compared to the 20% recorded in the first quarter of 2024 and 28% in the fourth quarter of 2024. Adjusted EBITDA over gross profit of 68% increased compared to 58% in the first quarter of 2024 and slightly increased compared to 68% in the fourth quarter of 2024, marking the fourth consecutive quarter of improvement.
Net financial result was US$7.0 million gain, compared to a net finance gain of US$0.2 million in the first quarter of 2024 and a net finance loss of US$1.1 million in the fourth quarter of 2024, as explained in the Net Income section.
Our effective income tax rate decreased to 10% from 27% last quarter (or 16% when excluding the tax settlement, as mentioned in the fourth quarter earnings release), as result of higher cross-border share of pre-tax income and a lower pre-tax income in Brazil given the higher costs, as explained previously.
Net income for the first quarter of 2025 was US$46.7 million, or US$0.15 per diluted share, up 163% compared to a profit of US$17.7 million, or US$0.06 per diluted share, for the first quarter of 2024 and up 57% compared to a profit of US$29.7 million, or US$0.10 per diluted share for the fourth quarter of 2024. During the current period, net income was mostly affected by the positive non-cash mark to market effect related to our Argentine bond investments and lower finance costs.
Free cash flow for the first quarter of 2025 amounted to US$39.7 million, up 200% year-over-year compared to US$13.2 million in the first quarter of 2024 and up 22% compared to US$32.5 million in the fourth quarter of 2024. The variation quarter-over-quarter is primarily explained by improved operational results, partially offset by normal variability in corporate working capital and higher income tax paid and capex.
As of March 31, 2025, dLocal had US$511.5 million in cash and cash equivalents, which includes US$355.9 million of Corporate cash and cash equivalents. The Corporate cash and cash equivalents increased by US$58.0 million from US$298.0 million as of March 31, 2024, despite the US$100 million in shares repurchased throughout 2024. When compared to the US$317.8 million Corporate cash and cash equivalents position as of December 31, 2024, it increased by US$38.1 million quarter-over-quarter.

The following table summarizes our key performance metrics:

	Three months ended March 31
	2025	2024	% change
Key Performance metrics	(In millions of US$ except for %)
TPV	8,107	5,310	53%
Revenue	216.8	184.4	18%
Gross Profit	84.9	63.0	35%
Gross Profit margin	39%	34%	5p.p
Adjusted EBITDA	57.9	36.8	57%
Adjusted EBITDA margin	27%	20%	7p.p
Adjusted EBITDA/Gross Profit	68%	58%	10p.p
Profit	46.7	17.7	163%
Profit margin	22%	10%	12p.p

Special note regarding Adjusted EBITDA and Adjusted EBITDA Margin

dLocal has only one operating segment. dLocal measures its operating segment’s performance by Revenues, Adjusted EBITDA and Adjusted EBITDA Margin, and uses these metrics to make decisions about allocating resources. Adjusted EBITDA as used by dLocal is defined as the profit from operations before financing and taxation for the year or period, as applicable, before depreciation of property, plant and equipment, amortization of right-of-use assets and intangible assets, and further excluding the finance income and costs, impairment gains/(losses) on financial assets, transaction costs, share-based payment non-cash charges,other operating gain/loss,other non-recurring costs, and inflation adjustment. dLocal defines Adjusted EBITDA Margin as the Adjusted EBITDA divided by consolidated revenues. dLocal defines Adjusted EBITDA to Gross Profit Ratio as Adjusted EBITDA divided by Gross Profit. Although Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio may be commonly viewed as non-IFRS measures in other contexts, pursuant to IFRS 8, (“Operating Segments”), Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio are treated by dLocal as IFRS measures based on the manner in which dLocal utilizes these measures. Nevertheless, dLocal’s Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics should not be viewed in isolation or as a substitute for net income for the periods presented under IFRS. dLocal also believes that its Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted EBITDA to Gross Profit Ratio metrics are useful metrics used by analysts and investors, although these measures are not explicitly defined under IFRS. Additionally, the way dLocal calculates operating segment’s performance measures may be different from the calculations used by other entities, including competitors, and therefore, dLocal’s performance measures may not be comparable to those of other entities. Finally, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

The table below presents a reconciliation of dLocal’s Adjusted EBITDA to net income:

$ in thousands	Three months ended March 31
	2025	2024
Profit for the period	46,667	17,718
Income tax expense	5,262	7,114
Depreciation and amortization	5,062	3,762
Finance income and costs, net	(6,969)	(299)
Share-based payment non-cash charges	6,020	4,461
Other operating loss¹	422	1,819
Impairment loss / (gain) on financial assets	386	(177)
Inflation adjustment	885	2,368
Other non-recurring costs²	123	–
Adjusted EBITDA	57,858	36,766

Note: ¹ The company wrote-off certain amounts related to merchants/processors off-boarded by dLocal. ² Other non-recurring costs consist of costs not directly associated with the Company’s core business activities, including costs associated with addressing the allegations made by a short-seller report and certain class action and other legal and regulatory expenses (which include fees from counsel, global expert services and a forensic accounting advisory firm) in 2025.

dLocal Limited Certain financial information Consolidated Condensed Interim Statements of Comprehensive Income for the three-month period ended March 31, 2025 and 2024 (All amounts in thousands of U.S. Dollars except share data or as otherwise indicated)

	Three months ended March 31
	2025	2024
Continuing operations
Revenues	216,759	184,430
Cost of services	(131,880)	(121,459)
Gross profit	84,879	62,971

Technology and development expenses	(6,767)	(5,465)
Sales and marketing expenses	(7,135)	(4,631)
General and administrative expenses	(24,324)	(24,332)
Impairment (loss)/gain on financial assets	(386)	177
Other operating (loss)/gain	(422)	(1,819)
Operating profit	45,845	26,901
Finance income	12,228	18,257
Finance costs	(5,259)	(17,958)
Inflation adjustment	(885)	(2,368)
Other results	6,084	(2,069)
Profit before income tax	51,929	24,832
Income tax expense	(5,262)	(7,114)
Profit for the period	46,667	17,718

Profit attributable to:
Owners of the Group	46,630	17,708
Non-controlling interest	37	10
Profit for the period	46,667	17,718

Earnings per share (in USD)
Basic Earnings per share	0.16	0.06
Diluted Earnings per share	0.15	0.06

Other comprehensive income
Items that may be reclassified to profit or loss:
Exchange difference on translation on foreign operations	3,526	(669)
Other comprehensive income for the period, net of tax	3,526	(669)
Total comprehensive income for the period, net of tax	50,193	17,049

Total comprehensive income for the period
Owners of the Group	50,174	17,036
Non-controlling interest	19	13
Total comprehensive income for the period	50,193	17,049

dLocal Limited Certain financial information Consolidated Condensed Interim Statements of Financial Position as of March 31, 2025 and December 31, 2024 (All amounts in thousands of U.S. dollars)

	March 31, 2025	December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	511,506	425,172
Financial assets at fair value through profit or loss	125,487	129,319
Trade and other receivables	477,349	496,713
Derivative financial instruments	463	2,874
Other assets	28,001	18,805
Total Current Assets	1,142,806	1,072,883

Non-Current Assets
Trade and other receivables	15,518	18,044
Deferred tax assets	5,468	5,367
Property, plant and equipment	4,007	3,377
Right-of-use assets	3,852	3,645
Intangible assets	65,301	63,318
Other assets	4,695	4,695
Total Non-Current Assets	98,841	98,446
TOTAL ASSETS	1,241,647	1,171,329

LIABILITIES
Current Liabilities
Trade and other payables	614,133	597,787
Lease liabilities	1,107	1,137
Tax liabilities	20,631	21,515
Derivative financial instruments	1,098	6,227
Financial liabilities	54,248	50,455
Provisions	543	500
Total Current Liabilities	691,760	677,621

Non-Current Liabilities
Deferred tax liabilities	1,862	1,858
Lease liabilities	2,825	2,863
Total Non-Current Liabilities	4,687	4,721
TOTAL LIABILITIES	696,447	682,342

EQUITY
Share Capital	570	570
Share Premium	187,671	186,769
Treasury Shares	(200,980)	(200,980)
Capital Reserve	38,556	33,438
Other Reserves	(17,390)	(20,934)
Retained earnings	536,654	490,024
Total Equity Attributable to owners of the Group	545,081	488,887
Non-controlling interest	119	100
TOTAL EQUITY	545,200	488,987
TOTAL EQUITY AND LIABILITIES	1,241,647	1,171,329

dLocal Limited Certain interim financial information Consolidated Statements of Cash flows for the three-month period ended March 31, 2025 and 2024 (All amounts in thousands of U.S. dollars)

	Three months ended March 31
	2025	2024
Cash flows from operating activities
Profit before income tax	51,929	24,832
Adjustments:
Interest Income from financial instruments	(5,106)	(7,442)
Interest charges for lease liabilities	41	43
Other interests charges	883	127
Finance expense related to derivative financial instruments	414	9,878
Net exchange differences	4,142	7,637
Fair value loss/(gain) on financial assets at FVPL	(7,343)	(10,815)
Amortization of Intangible assets	4,584	3,424
Depreciation and disposals of PP&E and right-of-use	703	400
Share-based payment expense, net of forfeitures	6,020	4,461
Other operating gain	422	1,819
Net Impairment loss/(gain) on financial assets	386	(177)
Inflation adjustment and other financial results	6,083	(5,892)
	63,158	28,295
Changes in working capital
Increase in Trade and other receivables	21,082	(32,836)
Decrease / (Increase) in Other assets	1,025	3,219
Increase / (Decrease) in Trade and Other payables	16,346	45,964
Increase / (Decrease) in Tax Liabilities	965	(1,120)
Increase / (Decrease) in Provisions	43	4
Cash (used) / generated from operating activities	102,619	43,526
Income tax paid	(7,208)	(3,558)
Net cash (used) / generated from operating activities	95,411	39,968

Cash flows from investing activities
Acquisitions of Property, plant and equipment	(945)	(786)
Additions of Intangible assets	(6,567)	(5,022)
Acquisition of financial assets at FVPL	(41,374)	–
Collections of financial assets at FVPL	47,416	(243)
Interest collected from financial instruments	5,106	7,442
Payments for investments in other assets at FVPL	(10,000)	–
Net cash (used in) / generated investing activities	(6,364)	1,391

Cash flows from financing activities
Interest payments on lease liability	(41)	(43)
Principal payments on lease liability	(663)	(95)
Finance expense paid related to derivative financial instruments	(3,132)	(10,151)
Net proceeds from financial liabilities	5,790	–
Interest payments on financial liabilities	(2,166)	–
Other finance expense paid	(714)	(127)
Net cash used in by financing activities	(926)	(10,416)
Net increase in cash flow	88,121	30,943

Cash and cash equivalents at the beginning of the period	425,172	536,160
Net (decrease)/increase in cash flow	88,121	30,943
Effects of exchange rate changes on inflation and cash and cash equivalents	(1,787)	5,254
Cash and cash equivalents at the end of the period	511,506	572,357

About dLocal
dLocal powers local payments in emerging markets, connecting global enterprise merchants with billions of emerging market consumers in more than 40 countries across Africa, Asia, and Latin America. Through the “One dLocal” platform (one direct API, one platform, and one contract), global companies can accept payments, send pay-outs and settle funds globally without the need to manage separate pay-in and pay-out processors, set up numerous local entities, and integrate multiple acquirers and payment methods in each market.

Forward-looking statements
This press release contains certain forward-looking statements. These forward-looking statements convey dLocal’s current expectations or forecasts of future events, including guidance in respect of total payment volume, revenue, gross profit and Adjusted EBITDA. Forward-looking statements regarding dLocal and amounts stated as guidance are based on current management expectations and involve known and unknown risks, uncertainties and other factors that may cause dLocal’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and “Cautionary Statement Regarding Forward-Looking Statements” sections of dLocal’s filings with the U.S. Securities and Exchange Commission. Unless required by law, dLocal undertakes no obligation to publicly update or revise any forward-looking statements to reflect circumstances or events after the date hereof. In addition, dLocal is unable to present a quantitative reconciliation of forward-looking guidance for Adjusted EBITDA, because dLocal cannot reliably predict certain of their necessary components, such as impairment gains/(losses) on financial assets, transaction costs, and inflation adjustment.

Investor Relations Contact:
investor@dlocal.com

Media Contact:
media@dlocal.com

The MIL Network –

May 15, 2025

MIL-OSI: Investview, Inc. (“INVU”) Reports Financial Results and Current Operational and Financial Highlights for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

Haverford, PA, May 14, 2025 (GLOBE NEWSWIRE) — Investview, Inc. (OTCQB: INVU), a diversified financial technology services company that offers multiple business units across key sectors, including a financial education division offering tools, products and content through a global network of independent distributors; a manufacturing division focused on proprietary aesthetics, health, nutrition, & cognitive wellness products for wholesale and retail markets, with strategic plans for global expansion; an early-stage online trading platform that intends to offer self-directed retail brokerage services; and a business unit that owns and operates a sustainable blockchain business focused on bitcoin mining, today reported its first quarter 2025 financial results and shared highlights of key operational progress, strategic milestones, and forward-focused initiatives.

Summary Consolidated Financial Highlights:

Results of Operations-Three Months Ended March 31, 2025 vs March 31, 2024

Gross Revenue (a Non-GAAP measure) decreased 35.3% to $10.7 million for the three months ended March 31, 2025, compared to $16.5 million for the comparable prior year period.
Net Revenue decreased 36.0% to $10.0 million for the three months ended March 31, 2025, compared to $15.7 million for the comparable prior year period.
Net cash used in operating activities was ($3.4) million for the three months ended March 31, 2025, compared to net cash provided by operating activities of $4.8 million for the comparable prior year period.
Net income from operations decreased 122.1% to ($0.4) million for the three months ended March 31, 2025, compared to net income from operations of $1.9 million for the comparable prior year period.

Balance Sheet Data – March 31, 2025 vs December 31, 2024

Cash and cash equivalents at March 31, 2025 was $17.5 million, down $5.0 million or 22.1% from $22.5 million at December 31, 2024. The decrease was mainly attributable to a deposit to secure a writ of attachment order of $1.9 million in favor of the Company, an increase in bitcoin holdings of $0.5 million, an increase in prepaid assets of $0.8 million, purchases of inventory and manufacturing equipment of $0.7 million, and payments made under an agreement for the purchase of our common shares in a private transaction of $0.8 million.
Total assets decreased by $1.6 million or 5.2% to $29.9 million. Total liabilities decreased by $1.2 million or 8.7% to $13.1 million. Our current ratio remains strong at 2.29 as of March 31, 2025.
Working capital balance decreased by 6.1% at March 31, 2025, a decrease of $0.9 million from December 31, 2024.
Outstanding debt increased by $0.1 million to $3.3 million at March 31, 2025, up from $3.2 million at December 31, 2024.
Total stockholders’ equity at March 31, 2025 was $16.8 million, a decrease of $0.4 million, or 2.2%, from $17.2 million at December 31, 2024.

Comments on our industry segments and business units

Financial Education and Technology Segment

iGenius net revenue in the first quarter of 2025 was $8.8 million, a decrease of $4.2 million or 32.5% over the comparable period in 2024. The decrease was largely attributable to a combination of shifts in consumer behavior and demand following the COVID-19 pandemic as individuals reassess their spending priorities, lifestyle choices, and engagement habits. Broader macroeconomic headwinds also contributed to a general slowdown in direct sales and home-based business sectors.

Despite these challenges, iGenius remains optimistic about its long-term growth trajectory. The company is actively investing in the expansion of its sales network and is focused on broadening its portfolio of products and services. Management is confident that the core direct selling model remains robust and scalable, particularly as it evolves to include offerings beyond financial education.

As part of its strategic vision, iGenius plans to strengthen its value proposition through the continued development of its myLife Wellness division, which includes health, beauty, and wellness products. These initiatives are expected to enhance engagement across the sales network and drive future growth opportunities.

Our Blockchain Technology and Crypto Mining Products and Services Segment

SAFETek net revenue in the first quarter of 2025 was $0.9 million, a decrease of $1.8 million or 67.3% over the comparable period. The decrease in net revenue was primarily driven by the April 2024 Bitcoin halving event, which reduced block rewards by 50%, a more than 3.5% increase in mining network difficulty for the period, and a government-mandated energy curtailment due to low hydroelectric reservoir levels in our host country.

Despite a highly challenging environment, SAFETek successfully produced 9.12 Bitcoin during the first quarter of 2025. The company navigated the combined impact of tighter block rewards, escalating network difficulty, and energy restrictions, while simultaneously capitalizing on reduced power costs resulting from the curtailment, effectively turning operational adversity into a cost-management initiative that we expect will serve us well over time.

In 2024, SAFETek proactively executed key strategic initiatives to fortify long-term operational efficiency. These included the retirement of legacy mining hardware, deployment of next-generation ASIC miners, and the consolidation of mining operations—collectively lowering our hash cost and enhancing our competitive position in the global mining landscape. Importantly, we remain debt-free on all equipment purchases and maintain a strong balance sheet that provides the financial flexibility to pursue selective expansion opportunities.

SAFETek currently holds a reserve of nearly 2,900 mining machines, strategically positioned for deployment in qualified expansion scenarios. While the Bitcoin mining sector continues to evolve amid macroeconomic and protocol-level shifts, our outlook remains cautiously optimistic. We are committed to a disciplined, forward-looking strategy that prioritizes long-term sustainability and prepares us to scale when conditions improve.

Our Manufacturing and Development of Health, Beauty and Wellness Products Segment

In October 2024, we entered the over-the-counter health, beauty, and wellness market through our wholly owned subsidiary, myLife Wellness Company (“myLife Wellness”), with the strategic acquisition of Renu Laboratories, Inc. (“Renu Labs”), a contract developer and manufacturer of proprietary and non-proprietary products serving wholesale and retail clients. This acquisition marks a key milestone in our strategy to extend our platform into high-demand consumer verticals, with a growing focus on aesthetics, nutrition, and cognitive wellness.

Since the acquisition, we have made accelerated investments in Renu Labs’ core capabilities, including upgraded equipment, enhanced production technology, and key talent recruitment, which have resulted in measurable gains in both production output and operational efficiency. Net revenue for the first quarter of 2025 totaled $0.4 million. Encouragingly, net revenue generated to date in the second quarter has already exceeded first-quarter results, signaling continued momentum.

We are optimistic about Renu’s long-term growth trajectory and are focused on scaling manufacturing capacity while expanding our product portfolio and contract manufacturing (CMO) engagements with qualified partners. These steps are designed to position Renu as a nimble and scalable manufacturer in a market increasingly seeking trusted, innovative wellness product providers.

As the commercial arm of this initiative, myLife Wellness will serve as both the marketing engine and e-commerce platform for the products developed and manufactured by Renu Labs. The brand’s growing product catalog, centered around aesthetics, health, nutrition, and cognitive wellness, is expected to be distributed through a combination of retail (B2C) and wholesale (B2B) channels.

In addition to operating as a standalone consumer platform, myLife Wellness will also benefit from strategic collaboration with our iGenius subsidiary, enabling expanded access to retail, wholesale, and direct-to-consumer channels. This partnership is expected to significantly enhance market reach, while creating new revenue opportunities by introducing wellness products to a global member base and established consumer relationships.

We believe this integrated ecosystem represents a powerful foundation for long-term value creation across the health and wellness space.

Our Financial Services Initiatives

In March 2024, we achieved a significant milestone in our fintech growth strategy with the acquisition of Opencash Securities LLC, an early-stage registered broker-dealer. While the platform has not yet commenced commercial operations, this acquisition represents a strategic foundation for building a modern, mobile-first trading experience to-be focused on accessibility, simplicity, and cost-efficiency for retail investors globally.

Opencash is currently advancing through its final stages of development, including clearing integration, infrastructure buildout, and internal testing, in preparation for its commercial launch. Our goal is to establish Opencash as a low-cost, and commission-free platform offering trading in stocks, ETFs, and options, tailored to meet the expectations of today’s digitally native investor.

The Opencash initiative is designed to work in tandem with our proprietary MPower Trading Systems – Prodigio trading engine, acquired in 2021. Once fully deployed, we expect to offer two complementary trading solutions under the Opencash brand:

Opencash – a streamlined platform for everyday retail investors
OpencashPro – a feature-rich platform for advanced traders and active investors

Together, these platforms are expected to deliver a seamless, data-driven trading experience that integrates intelligent analytics, automation, and user-friendly interfaces, positioning us competitively in the evolving fintech landscape.

We remain optimistic about the long-term potential of the Opencash platform and are committed to executing a disciplined phased rollout that prioritizes regulatory readiness, technological integrity, and a superior user experience.

Operational Highlights (Quotes)

Victor Oviedo, Investview CEO, commented, “during the first quarter of 2025, Investview continued to make strategic progress across its diversified operating segments. In our financial education and direct selling division, iGenius generated $8.8 million in net revenue. While this represented a material contraction in our business compared to the prior-year period, the business remains focused on long-term growth through the planned expansion of its global sales network and the planned integration of health and wellness offerings from myLife Wellness.

“Our blockchain and crypto mining division, SAFETek, produced 9.12 Bitcoin during the quarter despite facing significant headwinds including the April 2024 halving event, a network difficulty increase of over 3.5%, and a government-mandated energy curtailment. These challenges were met with proactive operational adjustments, including the retirement of legacy hardware and the deployment of next-generation ASIC miners. SAFETek remains debt-free on all equipment purchases and holds a reserve of approximately 2,900 mining machines, preserving flexibility for future expansion.

“In our health, beauty, and wellness segment, Renu Labs generated $0.4 million in net revenue for the quarter, with revenues to date in Q2 2025 already exceeding first-quarter results. Strategic investments in production technology, equipment, and personnel are expected to lead to continued improvements in output and efficiency. The Company continues to position itself as a nimble and scalable manufacturer serving both proprietary and third-party CMO clients.

“Our fintech division also advanced with the continued development of Opencash Securities LLC. As a mobile-first platform for low-cost, and commission-free trading of stocks, ETFs, and options, “Opencash is progressing through clearing integration and platform testing in preparation for launch. The platform is expected to work in tandem with our MPower Prodigio trading engine, offering solutions for both retail and advanced traders under the Opencash and OpencashPro brands.

“Investview ended the quarter with $17.5 million in cash and cash equivalents, $1.7 million in bitcoin, maintained a strong current ratio of 2.29 and had a working capital balance of $14.2 million, reflecting prudent financial management and positioning the company to capitalize on future growth opportunities across its expanding portfolio.”

About Investview, Inc.

Investview, Inc., a Nevada corporation, operates a financial technology (FinTech) services company, offering several different lines of business, including a Financial Education and Technology business that delivers a series of products and services involving financial education, digital assets and related technology, through a network of independent distributors; and a Blockchain Technology and Crypto Mining Products and Services business, including leading-edge research, development and FinTech services involving the management of digital asset technologies with a focus on Bitcoin mining and the new generation of digital assets. In addition, we are in the process of creating a Brokerage and Financial Markets business within the investment management and brokerage industries by, among others, commercializing on a proprietary trading platform we acquired in September 2021. For more information on Investview, please visit: www.investview.com.

About Opencash Securities LLC

Brokerage services are provided by Opencash Securities LLC, a member of FINRA and SIPC. Options involve risk and are not suitable for all investors. Please review Characteristics and Risks of Standardized Options prior to engaging in options trading. Opencash Securities LLC does not provide investment advice. Please consult with investment, tax, or legal professionals before making any investment decisions. All investments involve risks, including the possible loss of capital. Check the background of this investment professional on BrokerCheck. Opencash Securities LLC is a wholly-owned subsidiary of Investview, Inc.

Forward-Looking Statement

All statements in this release that are not based on historical fact are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies, and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. These forward-looking statements are based on Investview’s current beliefs and assumptions and information currently available to Investview and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Our forward-looking statements expect that we will be able to expand the scope and scale of our iGenius network, despite the recent material contractions in its business. Our forward-looking statements also expect that we will ultimately be able to develop retail brokerage operations at Opencash, although it is currently in the pre-revenue and early stage of its operations. We plan to do this by, among others, investing the funds we believe are necessary to develop the infrastructure necessary to achieve retail operations. This includes, among others, the on-boarding of customer support personnel and software developers, the development and implementation of a marketing strategy, the securing of necessary securities clearing arrangements, and the continued development of the online Opencash trading platform and completing its integration with the proprietary algorithmic trading platform we acquired in September 2021. Despite our best efforts, there can be no assurance that we will be able to achieve these objectives on a timely basis, if at all, as the development of an early-stage securities brokerage business involves inherent regulatory and operational risks and uncertainties, including the uncertain ability of us to integrate the Opencash investment platform application with the proprietary algorithmic trading platform we acquired in September 2021, particularly as the platform we acquired in 2021 has not been placed in commercial service since 2021; thus, any such integration could be subject to IT-related and commercial risks. More information on potential factors that could affect Investview’s financial results is included from time to time in Investview’s public reports filed with the U.S. Securities and Exchange Commission, including the Company’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. The forward-looking statements made in this release speak only as of the date of this release, and Investview, Inc. assumes no obligation to update any such forward-looking statements to reflect actual results or changes in expectations, except as otherwise required by law.

Investor Relations
Contact: Ralph R. Valvano
Phone Number: 732.889.4300
Email: pr@investview.com

Reconciliation of Gross Revenue to Net Revenue
(unaudited)

As used in this report, Gross Revenues are not a measure of financial performance under United States Generally Accepted Accounting Principles (“GAAP”). Gross Revenues are presented as they are used by management to understand the total revenue before certain items such as refunds, incentives, credits, chargebacks, and amounts paid to third party providers. The non-GAAP Gross Revenue measure is a supplement to the GAAP financial information. A reconciliation between Gross Revenue (non-GAAP) and Net Revenue is presented in the table below.

Gross Revenue (non-GAAP) to Net Revenue reconciliation for the three months ended March 31, 2025 is as follows:

	Membership revenue			Mining revenue		Health and wellness product sales			Other Revenue		Total
Gross billings/receipts	$	9,439,857		$	862,944	$	368,443		$	7,344	$	10,678,588
Refunds, incentives, credits, and chargebacks		(648,414	)		–		(122	)		–		(648,536	)
Net revenue	$	8,791,443		$	862,944	$	368,321		$	7,344	$	10,030,052

Gross Revenue (non-GAAP) to Net Revenue reconciliation for the three months ended March 31, 2024 is as follows:

	Membership Revenue			Mining Revenue		Total
Gross billings/receipts	$	13,851,294		$	2,642,599	$	16,493,893
Refunds, incentives, credits, and chargebacks		(821,976	)		–		(821,976	)
Net revenue	$	13,029,318		$	2,642,599	$	15,671,917

The MIL Network –

May 15, 2025

MIL-OSI USA: Landmarks Illuminated on Buffalo Shooting Anniversary
Source: US State of New York

overnor Kathy Hochul today announced 15 State landmarks will be illuminated orange on the evening of May 14 to honor the lives taken and those impacted by the racially motivated mass shooting at Tops on Jefferson Avenue on May 14, 2022.

“As a daughter of Buffalo, my heart continues to break for our 10 neighbors that were senselessly taken away from us and the pain that was inflicted across this community,” Governor Hochul said. “Buffalo is tough and resilient, and as we reflect on that tragic day, I remain steadfast in my dedication to helping the East Buffalo community heal and ensuring the memory of those we lost and the lives impacted will never be forgotten.”

The following landmarks will be illuminated orange tonight:
- One World Trade Center
- Albany International Airport Gateway
- Alfred E. Smith State Office Building
- Empire State Plaza
- Fairport Lift Bridge over the Erie Canal
- Governor Mario M. Cuomo Bridge
- Grand Central Terminal – Pershing Square Viaduct
- Kosciuszko Bridge
- Moynihan Train Hall
- Niagara Falls
- State Education Building
- State Fairgrounds – Main Gate & Expo Center
- The H. Carl McCall SUNY Building
- The “Franklin D. Roosevelt” Mid-Hudson Bridge
- Walkway Over the Hudson State Historic Park
Governor Kathy Hochul, City of Buffalo Mayor Christopher P. Scanlon and members of the 5/14 Memorial Commission yesterday announced a major milestone for the permanent and living memorial to honor the lives affected by the 5/14 shooting. The 5/14 Memorial Commission identified 18 city-owned and privately-owned lots required for the construction of a permanent memorial, which have now been designated by the City of Buffalo for a unified site. The acquisition and designation of these parcels marks a critical step forward for the 5/14 Memorial Foundation Inc. to enter detailed phases of design, engineering, permitting and fundraising.

The 5/14 Memorial Commission, established in October 2022 by Governor Kathy Hochul and then-Mayor Byron W. Brown, unveiled the final design for the memorial, titled “Seeing Us,” on May 13, 2024. Designed by Jin Young Song and Douglass Alligood, the memorial features ten interconnected stone pillars inscribed with the names of the lives taken and survivors, each with a unique arc and height. A sweeping support building will serve as a central hub for education, exhibitions, community activities and events, with an elevated Memorial Walk on its roof. The design was selected through a comprehensive public engagement process, including community meetings and surveys.

MIL OSI USA News –
May 15, 2025
MIL-OSI Security: Father and Son Sentenced for Role in International Market Manipulation Scheme Related to New Jersey Deli

Source: Office of United States Attorneys

CAMDEN, N.J. – A father and son were sentenced on May 13, 2025, for their roles in orchestrating a large-scale market manipulation scheme related to two publicly traded companies, U.S. Attorney Alina Habba announced.

Peter Coker, Sr., 82, of Chapel Hill, North Carolina, and Peter Coker, Jr., 56, formerly of Hong Kong, China, had pleaded guilty, on December 19, 2024, before U.S. District Judge Christine P. O’Hearn to securities fraud and conspiracy to commit securities fraud. Coker, Sr. was sentenced to six months’ imprisonment, three years’ supervised release, including six months’ home detention, and fines totaling $500,000. Coker, Jr. was sentenced to 40 months’ imprisonment, three years’ supervised release, and fines totaling $250,000.

James Patten, 65, of Winston-Salem, North Carolina also previously pleaded guilty to the same charges and is awaiting sentencing.

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

From 2014 through September 2022, Peter Coker Sr., Peter Coker Jr., and Patten conspired to enrich themselves through a scheme to manipulate securities prices via a pattern of coordinated trading, which injected inaccurate information into the marketplace, creating false impressions of supply and demand for these securities.

As part of the securities fraud scheme, the defendants targeted two publicly traded companies—Hometown International Inc. and E-Waste Corp.—which both traded on the OTC Link Alternative Trading System, also known as the OTC Marketplace. The OTC Marketplace is an alternative trading system that contains three tiers of markets, which are largely based on the quality and quantity of the listed companies’ information and disclosures.

Coker Sr., Coker Jr., and Patten took steps to gain control of both entities’ management and stock with the ultimate intention of entering reverse mergers, a transaction through which an existing public company merges with a private operating company. A successful reverse merger would allow the defendants to sell shares of each entity at a significant profit.

In or around 2014, two New Jersey residents began the process of opening a local deli in Paulsboro, New Jersey. One of the individuals discussed his interest in opening the deli with Patten, a long-time friend, who suggested the creation of Hometown International, an umbrella corporation, under which the deli would operate as a wholly owned subsidiary. Unbeknownst to the deli owners, after Hometown International was formed, Patten and his associates began positioning Hometown International as a vehicle for a reverse merger that would yield substantial profit to them.

Around October 2019, Hometown International began selling shares on the OTC Marketplace. Patten, Coker Sr., and Coker Jr. furthered their scheme by gaining control of Hometown International’s management and its shares from the deli owners. Coker Sr., Coker Jr., and Patten took similar actions to gain control of E-Waste Corporation’s stock and management. The defendants also arranged for the transfer of millions of shares of stock to a number of nominee entities, including entities controlled by Coker Jr., in an effort to mask their control of the shares.

In addition, the defendants transferred shares to family members, friends, and associates and gained control over their trading accounts by obtaining their log-in information to conceal the defendants’ involvement. The defendants then used those accounts to commit a number of coordinated trading events, often referred to as match and wash trades, to trade in Hometown International and E-Waste Corp.’s stock on both sides of the transaction.

These tactics artificially inflated the price of Hometown International and E-Waste’s stock by giving the false impression that there was a genuine market interest in the stock. Their scheme had the ultimate impact of artificially inflating Hometown International’s stock by approximately 939 percent and E-Waste’s stock by approximately 19,900 percent.

U.S. Attorney Habba credited special agents of the FBI’s Philadelphia Division, under the direction of Special Agent in Charge Wayne A. Jacobs, and special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Jenifer L. Piovesan in Newark, with the investigation. He also thanked special agents from FBI Charlotte, FBI Los Angeles, FBI San Francisco, FBI Denver, and FBI Knoxville, for their assistance.

The government is represented by Lauren E. Repole, Deputy Chief of the Criminal Division, and Assistant U.S. Attorney Aaron Webman of the Economic Crimes Unit.

###

Defense counsel:

Peter Coker, Sr.: John Azzarello, Esq. (Morristown, New Jersey), William McGovern, Esq. (New York, New York)

Peter Coker, Jr.: Zach Intrater and Marc Agnifilo (New York, New York)

MIL Security OSI –

May 15, 2025
MIL-OSI Video: Rising to the challenge: Europe’s path to growth and resilience

Source: International Monetary Fund – IMF (video statements)

The sharply deteriorating global order is adding further complications to Europe’s already challenging economic situation. New tariffs come at a time when economies are grappling with structural transformations in demographics and energy, and amidst increasing security spending needs. Export markets are shrinking, uncertainty is undermining firms’ willingness to innovate, and public expenditure needs are rising. Without a turnaround in growth, Europe’s ability to deliver on its social welfare promises is in jeopardy. If European policymakers were to seize the moment, the region’s growth potential and resilience to shocks could rise substantially.

https://www.youtube.com/watch?v=kxKnbNPWzNo

MIL OSI Video –

May 15, 2025
MIL-OSI: $190M Raised: Canada’s Top 20 Moonshot Ventures™ of 2025 Unveiled After Closed-Door NACO Showcase
Source: GlobeNewswire (MIL-OSI)

Canada’s most promising early-stage companies officially unveiled today following a closed-door showcase at the NACO Summit, with ventures spanning AI, cleantech, healthtech, and space.

OTTAWA, Ontario, May 14, 2025 (GLOBE NEWSWIRE) — The National Angel Capital Organization (NACO) today unveiled Canada’s Top 20 Moonshot Ventures™ of 2025—emerging companies led by bold entrepreneurs building transformative solutions across sectors.

These ventures were selected through a rigorous, member-driven process. NACO invited its 100 member organizations—Canada’s leading angel groups, incubators, accelerators and early-stage venture capital funds—to each nominate one high-potential company. From this curated pool, 23 ventures were selected by NACO’s investment committee to take the Moonshots Stage™ at a closed-door NACO showcase held at the National Arts Centre during NACO Summit 2025. The audience featured top-tier angel investors, venture capitalists, and senior corporate leaders.

“Ontario’s future depends on entrepreneurs, risk takers, and the investors who believe in them” said Premier Doug Ford, “That’s what makes events like this so important. As we face global economic uncertainty, Ontario’s innovators are leading the way, building new companies and creating jobs.”

Collectively, the selected Moonshots companies have raised over $190 million to date. They represent the future of Canadian innovation—driving breakthroughs in AI, cleantech, healthtech, space, deeptech, consumer products, and more. Founders hailed from across the country, with companies based in Ontario, Quebec, British Columbia, Alberta, Newfoundland and Labrador, and Nova Scotia. The 2025 Moonshots cohort includes founders from diverse backgrounds, sectors, and regions—reflecting the inclusive strength and geographic breadth of Canada’s innovation economy.

“These founders represent the bold ideas, entrepreneurial drive, and global ambition within Canada’s innovation economy,” said Claudio Rojas, CEO of NACO. “The Moonshots Venture Showcase is designed to elevate the country’s most promising ventures by connecting them with the capital and networks they need to scale. We are proud to spotlight these exceptional companies as they take bold steps toward transformative growth and impact.”

Top 20 Moonshots Stage™ Ventures of 2025

Organized by sector and listed alphabetically

AI & Next Gen Computing
- Dreamwell AI — Co-Founder and CEO Kazzy Khazaal (Nominated by Panache Ventures)
- Inner Logic — Co-Founder and CEO Bryce Tully (Nominated by Maple Leaf Angels)
AI & Bioelectronics
- Panaxium — Founder and CEO Brad Schmidt (Nominated by Brampton Angels / Altitude Accelerator)
Cleantech
- BluWave-ai — Founder and CEO Devashish Paul (Nominated by Capital Angel Network)
- Evercloak — Co-Founder and CEO Evelyn Allen (Nominated by Capital Angel Network)
Cleantech & Trade
- PemPem — Founder and CEO Joann de Zegher (Nominated by Anges Quebec)
Consumer Packaged Goods & Retail
- The Little Cacao Co. — Founder and CEO Suzie Yorke (Nominated by Maple Leaf Angels)
Enterprise, Software, & Deeptech
- Cinareo — Co-Founder and CEO Karen Elliott (Nominated by SheBoot)
- Depix AI — Founder and CEO Philip Lunn (Nominated by TandemLaunch)
- H2 Analytics — Founder and CEO Hugo Hodgett (Nominated by Invest Ottawa)
Healthtech & Biotech
- Arbutus Medical — Founder and CEO Lawrence Buchan (Nominated by ThresholdImpact)
- Hyivy Health — Founder and CEO Rachel Bartholomew (Nominated by Women’s Equity Lab)
- JVP Labs — Founder and CEO Paul Weber (Nominated by Golden Triangle Angel Network)
- mDetect — Founder and CDO Dr. Irsa Wiginton (Nominated by KNDL, Kingston Economic Development Corporation)
- MedInclude — Founder and CEO Seun Adetunji (Nominated by Communitech)
- Sparrow Bio — Founder and VP Rachel Collier (Nominated by The Firehood)
- Zilia — Founder and CEO Dr. Patrick Sauvageau (Nominated by Anges Quebec)
Insurtech, Femtech, & AI
- Flora Fertility — Co-Founder and CEO Laura McDonald (Nominated by Highline Beta)
Robotics, IoT, and Hardware
- Solace Power — Founder, COO and CFO Colin Ryan
Space, Mining, and Oceans
- Mission Control Space Services — Founder and CEO Ewan Reid (Nominated by GreenSky President’s Club)
- Open Ocean Robotics — Founder and CEO Julie Angus (Nominated by Spring Activator)
Supply Chain / Inventory Management
- Moselle — Founder and CEO Lakhveer Jajj (Nominated by Highline Beta, Angel One Investor Network)
Travel & Media
- The Hotel Communication Network — Founder and CEO Kevin Bidner (Nominated by Keiretsu Forum Canada)
About the Nominating Organizations

Canada’s Top 20 Moonshots Ventures™ of 2025 are shaped by the insight and leadership of NACO’s national member network. These organizations—spanning angel groups, accelerators, incubators, and innovation hubs—play a vital role in identifying Canada’s most promising early-stage ventures.

Each year, members are invited to nominate one high-potential Seed or Series A company they believe is ready for scale. This peer-driven process creates a national filter rooted in trust, experience, and proximity to innovation on the ground. The result is a curated group of ventures with strong traction, compelling leadership, and global ambition—brought together to engage with the country’s most sophisticated investors at the Moonshots Venture Showcase.

About the Moonshots Stage™

Launched in 2022, the Moonshots Stage™ is Canada’s premier platform for investment-ready Seed and Series A ventures. Unlike traditional pitch events, this showcase puts storytelling front and center—each founder delivers a personal, TED-style presentation designed to spark connection and catalyze opportunity with one of the most curated investor audiences in the country.

Selected companies join the Moonshots Alumni Network™, a national peer community of ventures recognized for innovation, ambition, and global potential. It is a key pillar of NACO Summit, Canada’s most exclusive gathering of early-stage investors and innovation leaders.

Learn more at nacosummit.com

Media Contact:

media@nacocanada.com / www.nacocanada.com

About National Angel Capital Organization (NACO)

Established in 2002, NACO is Canada’s professional association representing over 4,000 angel investors, serving as the national umbrella for more than 100 member organizations—including angel groups, venture funds, incubators, and accelerators. Collectively, NACO members have invested more than CAD $1.8 billion into over 2,000 Canadian ventures.

Angel investors are individuals and funds deploying capital at the earliest stages of growth. They include limited partners (LPs) investing in venture funds, family offices backing pre-seed and seed-stage ventures, and individuals investing directly or through angel groups.

High-growth companies backed by angel investment that went on to achieve significant global scale include Slack (British Columbia), Verafin (Newfoundland and Labrador), Wealthsimple (Ontario), Hopper (Québec), and Jobber and Neo Financial (Alberta). Recent standouts include CoLab (NL) and 7shifts (Saskatchewan). These successes illustrate how angel investment drives Canada’s pipeline of innovative ventures, fueling future global success stories.

Learn more at nacocanada.com

For media inquiries, contact:
Claudio Rojas, CEO, National Angel Capital Organization
Email: media@nacocanada.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/05dbaabe-343b-48f0-981f-6280c5881a57

The MIL Network –
May 15, 2025
MIL-OSI Economics: Trade Policy Review: Cabo Verde

Source: WTO

Headline: Trade Policy Review: Cabo Verde

The following documents are available:
Secretariat report
A detailed report written independently by the WTO Secretariat.

Government report
A policy statement by the government of the member under review.

From the meeting
The Secretariat and Government reports are discussed by the WTO’s full membership in the Trade Policy Review Body (TPRB).
Concluding remarks

Background
Trade Policy Reviews are an exercise, mandated in the WTO agreements, in which member countries’ trade and related policies are examined and evaluated at regular intervals. Significant developments that may have an impact on the global trading system are also monitored. All WTO members are subject to review, with the frequency of review depending on the country’s size.

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MIL OSI Economics –

May 15, 2025
MIL-OSI Economics: Trade and Gender Group discusses new work programme, potential MC14 outcomes

Source: WTO

Headline: Trade and Gender Group discusses new work programme, potential MC14 outcomes

The co-Chairs of the Informal Working Group (IWG), Ambassador Clara Delgado of Cabo Verde, Ambassador Patricia Benedetti of El Salvador and Ambassador Simon Manley of the United Kingdom, reported on the consultations held with members to shape the Group’s priorities ahead of MC14. They highlighted the importance of agreeing on the Work Plan for 2025-26, which will help identify practical ways to move the substantive work of the IWG forward.
Key themes raised by members included gender-disaggregated trade data, digitalization as a tool for women’s empowerment, support for women entrepreneurs, and mainstreaming gender issues across WTO bodies. Members also called for continued collaboration with other international organizations. A draft work plan will be finalized in the coming weeks.
International Prize for Gender Equality in Trade
The WTO launched the second edition of the International Prize for Gender Equality in Trade, which recognizes impactful gender-responsive trade policies. The deadline for applications has been extended to 15 May, with eight submissions received so far. Winners will be announced in June 2025, with further details on the award ceremony to follow. The Prize, first introduced to mark International Women’s Day in 2024, will now be awarded annually, following a decision made by the IWG in November 2024.
WEIDE Fund
The WTO Secretariat and the International Trade Centre (ITC) provided an update on the implementation of the Women Exporters in the Digital Economy (WEIDE) Fund. Launched at the 13th WTO Ministerial Conference in February 2024, the Fund has raised USD 22 million in donations and pledges, aiming to bridge resource and skills gaps for women-led businesses in the digital economy.
The Fund targets micro, small and medium-sized enterprises (MSMEs) and offers grants of up to USD 30,000, alongside technical support, to enhance digital competence and market access. The Fund aims to foster growth in digital skills and financial readiness, with a focus on empowering women entrepreneurs globally.
With applications now open for women entrepreneurs, the initiative has already selected four business support organizations (BSOs), following a competitive call for proposals, to help administer grants in four countries: Dominican Republic, Jordan, Mongolia and Nigeria. Over 2,000 applications have been received from all four countries following a call launched on 22 April 2025.
Presentations
The Dominican Republic presented progress and lessons learned from its gender-responsive programme ProDominicana, supporting women exporters since 2020. Key initiatives include a national plan for export promotion, gender equality policies, and the development of a platform to track women-led export businesses.
ProDominicana organizes annual events, such as Women in Export meetings, fostering partnerships and expanding business-to-business (B2B) opportunities. It has also launched a comprehensive institutional strategy to strengthen women’s participation in exports, with collaboration from government bodies, women’s associations and international partners. Additionally, ProDominicana provides training programmes with a focus on export and trade development, which have benefitted hundreds of women.
These initiatives reflect the Dominican Republic’s commitment to promoting gender equality and enhancing opportunities for women entrepreneurs. For this purpose, ProDominicana has been working with ITC on various projects including the SheTrades Hub and the WEIDE Fund.
The Secretariat for Central American Economic Integration (SIECA) updated members about its work on data on women involved in trade in Central America, noting the importance of women’s participation in economic activities. Central America has made strides in integrating gender into trade agreements, with policies promoting gender equality and specific measures supporting women in e-commerce and access to financing.
The region’s population is predominantly female, and efforts are focused on reducing gender gaps, particularly in leadership roles within businesses and political participation. The need for better gender-disaggregated data and more support for women in science, technology, engineering and mathematics (STEM) fields was underlined. The region’s gender equality policy emphasizes democratic security, economic integration, and the need for continued efforts to ensure women’s participation in decision-making processes.
The WTO Secretariat informed the IWG that due to budgetary constraints, the length of the second edition of the World Trade Congress on Gender has been adjusted. In this regard, there will be a one-day symposium organized back-to-back with the next IWG meeting in July. A programme will be communicated in due course.

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MIL OSI Economics –

May 15, 2025
MIL-OSI USA: ICYMI: Senator Reverend Warnock Takes Fight to Protect Georgia’s Clean Energy Jobs to Savannah

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

ICYMI: Senator Reverend Warnock Takes Fight to Protect Georgia’s Clean Energy Jobs to Savannah

Senator Reverend Warnock returned to his hometown to continue his public pressure campaign urging Congressional Republicans to protect clean energy tax credits fueling an expected 42,000 Georgia clean energy jobs
Senator Warnock released a comprehensive report on how Georgia risks losing up to 42,000 good-paying jobs if Washington Republicans repeal the Inflation Reduction Act’s (IRA) Clean Energy Tax Credits

Senator Warnock was instrumental in securing these clean energy tax credits which supercharged the clean energy economy and is expected to create tens of thousands of good-paying jobs in Georgia

Since the tax credits were put into place, 51 clean energy projects worth over $28 billion have come to Georgia, largely centered in rural communities
These jobs and investments are under threat from a Republican-controlled Washington

Uncertainty over the IRA’s future and its incentives could lead to billions of lost investments and thousands of lost jobs, hurting Georgia’s workers, families, and economy

ICYMI from Savannah Morning News: U.S. Senator Warnock takes fight for clean energy tax credits to Savannah

Above: Senator Reverend Warnock uplifts his new report on Georgia’s clean energy economy during a press conference in Savannah
Photo credit: Richard Burkhart, Savannah Morning News
Savannah, GA – This week, U.S. Senator Reverend Raphael Warnock (D-GA) brought the fight to protect up to 42,000 good-paying Georgia jobs to his hometown of Savannah, Georgia. The Senator continued to speak out against Congressional Republicans’ attempts to claw back clean energy tax credits, which would put thousands of jobs and billions in investments at risk.
Senator Warnock held a press conference at the Georgia Ports Authority headquarters to uplift his new report that details how Georgia risks losing up to 42,000 good-paying jobs if Washington Republicans repeal the Inflation Reduction Act’s (IRA) Clean Energy Tax Credits. The report found Georgia’s clean energy economy has led the nation following the 2022 passage of these tax credits while also providing a stark warning on the risks posed to Georgia’s clean energy jobs and project investments amid the economic uncertainty being fueled by the reckless actions and threats of the Trump administration and Congressional Republicans.
The report and Savannah press conference comes as House Republicans laid out plans on Monday to phase out clean energy tax credits, slash spending on electric vehicles and renewable energy, and claw back other climate-related funds as part of the Washington Republicans’ attempt to pass a broad tax bill that would cut federal investments in our nation’s clean energy economy, alongside other cuts across the federal government, in order to offset a tax cut for the wealthiest earners in America.
Senator Warnock’s leadership was critical in crafting and passing the landmark climate legislation in 2022. Since these tax credits were signed into law, clean energy jobs and investments exploded across the country, but nowhere was that growth more potent than in Georgia. In less than three years, clean energy businesses have announced 51 new projects worth over $28 billion in Georgia. Investment in clean energy manufacturing, including batteries, solar panels, and electric vehicles has increased by a factor of ten. All these gains are at risk if Washington Republicans repeal the Clean Energy Tax Credits.
Coverage of Senator Warnock’s Savannah press conference can be found below:
Savannah Morning News: U.S. Senator Warnock takes fight for clean energy tax credits to Savannah
U.S. Sen. Raphael Warnock took his fight to save clean energy tax credits from the Inflation Reduction Act to Savannah on Monday, holding a press conference touting the impacts of IRA credits to Georgia’s economy.
Warnock’s office released a report last week that claimed the state is at risk of losing as many as 42,000 jobs and nearly $28 billion in investment if IRA credits were cut. The senator’s push comes as the U.S. Congress works through its budget reconciliation process, where some tax credits may face repeal.
During the press conference Monday, which was held at the Georgia Ports Authority headquarters, Warnock put the onus on Georgia’s federal Republicans to fight for the credits.
“Now it’s up to Georgia’s congressional Republicans to protect these clean energy credits,” Warnock said. “Let’s choose the people over politics. Let’s choose jobs over the games that so often get played in Washington, D.C. Let’s protect these jobs and protect these investments.”
Select House Republicans sent a letter to the House Ways and Means Committee leadership in early March advocating for “targeted and pragmatic” changes to energy-related tax code. Rep. Buddy Carter, who represents Georgia’s coast and recently announced a bid for the U.S. Senate, signed onto the letter.
Warnock said Monday that he is fighting to retain all of the IRA’s credits, citing statistics from his office’s report that every $1 in federal investment from the IRA yields another $4.50 in private investment. “We ought to keep all of them,” Warnock said. “Who are we compromising with, ourselves?”
Savannah Morning News: U.S. Senator Warnock’s report says manufacturing jobs at risk if IRA is repealed
Sen. Raphael Warnock wants the entire U.S. to know that Georgia has shown that “the future is green, the future is clean.”
Unless, that is, the U.S. republican-led Congress decides to cut clean energy tax credits created by the President Joe Biden-era Inflation Reduction Act (IRA). Congress is set to go through its budget reconciliation process in coming months and Warnock has sounded the alarm with a report issued last week stating Georgia could be at risk of losing as many as 42,000 jobs and nearly $28 billion in investment if IRA credits were cut.
Warnock believes Georgia has shown his republican colleagues that the U.S. does not have to “decide between the economy and the environment, that you can work on both of those things.”
Warnock feels that his office’s report clearly outlines the consequences if the tax credits were to go away, especially for Georgia, which he called “the big winner” from the IRA.
A statement from his office’s report reads, “Overall post-IRA business investment in Georgia clean energy manufacturing has totaled nearly $16.4 billion, which is over 10 times greater than clean energy manufacturing investment in the previous two years.”
WTOC: Senator Warnock pushes back against proposed repeal of clean energy tax credit
Congressional Republicans are considering repealing Clean Energy tax credits as a part of their proposed budget package. According to a new report by Georgia Democratic Senator Raphael Warnock, nearly 42,000 jobs could be lost statewide if this happens.
“I‘m here in my hometown of Savannah, Georgia to speak out about efforts to eliminate up to 42,000 good-paying jobs right here in Georgia. That includes 7,400 jobs right here…,” said Senator Raphael Warnock. The Senator said that without them, Georgia workers, families, and the economy would all take a hit.
“It’s a job killer. It’s pure and simple. And, you know, I just hope we will center the people rather than the politics because the economics is clear,” said Senator Warnock.
Congress passed the Inflation Reduction Act in 2022. It was meant to create and expand clean energy programs statewide.
According to the senator’s report, Georgia has been the top beneficiary of the IRA’s clean energy incentives. He’s calling out his republican colleagues in Congress, who are looking to repeal these tax credits.
“Georgia Republicans have a choice to make. These credits have benefited their districts more than blue districts. And I think the people of Georgia are waiting to see if they are going to stand up for them,” said Senator Warnock.

MIL OSI USA News –

May 15, 2025
MIL-OSI Europe: Answer to a written question – US tariffs threaten Galician competitiveness and industry – E-000652/2025(ASW)
Source: European Parliament
The Commission regrets the decision by the United States (US) to impose tariffs on European steel and aluminium exports to the US as of 12 March 2025 and its decision to extend tariffs also to a list of downstream products[1].

The Commission publicly stated that any unjustified tariffs will trigger firm and proportionate EU countermeasures. On 12 March 2025, the Commission launched the process to adequately respond, foreseeing the adoption on 14 April. However, given recent developments, the application of these EU countermeasures will be delayed for 90 days to leave space for bilateral negotiations.

The transatlantic trade and investment relationship is the most important in the world. As the EU and US economies and businesses are so closely intertwined, it is in their mutual interest to engage in positive cooperation. When it comes to steel and aluminium, EU exports to the US are not the problem. Rather, the EU and the US have an interest to cooperate on facing the common challenge of overcapacity in the world.

The President of the Commission announced that an ‘Import Surveillance Task Force’ will be set up to monitor trade flows and protect against the indirect effects of tariffs, notably those stemming from trade diversion.

Finally, on 19 March the Commission presented a Steel and Metal Action Plan[2] to increase competitiveness, strengthen and decarbonise the European steel and metals industries.

[1] https://www.govinfo.gov/content/pkg/FR-2025-02-18/pdf/2025-02832.pdf and https://www.govinfo.gov/content/pkg/FR-2025-02-18/pdf/2025-02833.pdf.

[2] https://single-market-economy.ec.europa.eu/document/download/7807ca8b-10ce-4ee2-9c11-357afe163190_en?filename=Communication%20-%20Steel%20and%20Metals%20Action%20Plan.pdf.
Last updated: 14 May 2025
MIL OSI Europe News –
May 15, 2025
MIL-OSI Asia-Pac: Speech by CE at Partnering for Success – Hong Kong as a “Super Connector” and “Super Value-adder” High-level Business Luncheon in Kuwait (English only)

Source: Hong Kong Government special administrative region

Following is the speech by the Chief Executive, Mr John Lee, at the Partnering for Success – Hong Kong as a “Super Connector” and “Super Value-adder” High-level Business Luncheon in Kuwait today (May 14):

Your Excellency Khalifa Abdullah Dhahi Al-Ajeel Al-Askar (Minister of Commerce and Industry of Kuwait), Excellency Ambassador Zhang Jianwei (Ambassador Extraordinary and Plenipotentiary of the People’s Republic of China to the State of Kuwait), Excellency Mr Rabah Al-Rabah (Director General of Kuwait Chamber of Commerce and Industry), distinguished guests, ladies and gentlemen,

As-salamu alaykum. Good afternoon. It is a great pleasure to be with you today in Kuwait, home to one of the world’s largest oil reserves, and a country as committed to talent development as it is to economic diversification.

This is our second day in your resplendent capital, Kuwait City, where past, present and future – in design, culture, lifestyle and so much more – come together like no other city in the world.

Yesterday, I was honoured to have met with His Highness Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, the Amir of Kuwait; His Highness Sheikh Sabah Al-Khaled Al-Hamad Al-Mubarak Al-Sabah, the Crown Prince of Kuwait; His Excellency Sheikh Fahad Yousuf Saud Al-Sabah, Acting Prime Minister of Kuwait, and other senior government officials. I thanked them sincerely for the time, interest and hospitality they have shown us, from the moment we arrived in Kuwait. Kuwait has generously arranged for our government delegates to stay at Bayan Palace, a majestic landmark in Kuwait City. I reaffirmed to them the commitment, and sincerity, of Hong Kong and Mainland China in strengthening relations with Kuwait.

Yes, I am delighted to be here. So too, are the business and professional leaders with me, a delegation counting some 30 Hong Kong business and institutional heads, together with high-profile representatives of over 20 Chinese Mainland companies from seven provinces and municipalities across the country.

The delegation brings with them wide-ranging expertise, and invaluable experience, from both Hong Kong and Mainland China, in green development, and innovation and technology, including advanced manufacturing, artificial intelligence, new energy and materials, health and smart city evolution. They also offer Hong Kong’s wealth of experience in finance, infrastructure, transport and logistics, as well as global business operations and deal-making.

We are here to better understand the opportunities of Kuwaiti business and investment. To explore how Hong Kong, Mainland China and Kuwait, working together, can create long-term mutual opportunities.

We’re also here to explore closer ties with the Gulf Cooperation Council (Cooperation Council for the Arab States of the Gulf, GCC), which, as all of you know, includes Kuwait. Kuwait currently holds the presidency of the GCC, wielding significant influence in the region’s development.

Our ties run deep and far. China, our country, and Kuwait established diplomatic ties in 1971 – making Kuwait the first GCC country to do so. Last year, trade between China and Kuwait reached well over US$16 billion.

Kuwait, I’m pleased to note, was the first country in the Middle East to sign a Belt and Road co-operation document with China. From of the Central Bank of Kuwait’s headquarters building and housing projects, to telecommunications and smart city developments, Chinese enterprises have participated in numerous infrastructure and business projects here.

Hong Kong treasures its trade ties with Kuwait, too. Last year, our bilateral merchandise trade totalled US$200 million, up more than 21 per cent over the year before.

Hong Kong’s trade with the GCC last year reached nearly US$20 billion, up 53 per cent over the past four years. And that robust growth is underpinned by our mutual will to advance trade ties.

Thanks to our internationally recognised professional services sector, Hong Kong is a pivotal player in the Belt and Road Initiative. In 2023, we included a Middle East Forum, for the first time, at our annual Belt and Road Summit. And we continue to feature Middle East speakers and guests at the Summit.

Hong Kong’s Belt and Road Summit will take place in September this year. As earlier the Chairman of the Trade Development Council (Hong Kong Trade Development Council) said, it’s our 10th anniversary Summit, and I invite you all to join us, to take part in a world of Belt and Road opportunities – in business, investment and more.

And the Asian Financial Forum, Hong Kong’s flagship event bringing together prominent leaders in finance and business sectors, hosted its first GCC Chapter this January.

Yes, the ties between Hong Kong and the Middle East continue to grow and diversify.

They include the launching of the Middle East’s first two exchange-traded funds tracking Hong Kong stocks. Hong Kong is partnering with a Middle East sovereign wealth fund, too. Together, we are committed to jointly establishing a US$1 billion fund, investing in companies connected to Hong Kong and the Guangdong-Hong Kong-Macao Greater Bay Area.

The Greater Bay Area, let me add, is a cluster city development that brings together Hong Kong, Macao and nine southern cities in China. The fast-integrating regional economic powerhouse presents a collective GDP (Gross Domestic Product) that closely rivals the world’s 10th largest economy.

Hong Kong has much to offer Kuwait. Asia’s financial hub and one of the world’s three biggest financial centres, Hong Kong is also the world’s largest offshore Renminbi business centre. Coupled with our Islamic finance experience, Hong Kong is a trusted partner in your project financing – today and long down the road.

Free trade is among our great competitive advantages, fuelling our success for the past two centuries. Hong Kong is a free port, and we will continue to be a free port. Like our country, we are a vocal advocate of a multilateral, rules-based global economy, in spite of mounting protectionism and geopolitical tensions.

And that, ladies and gentlemen, is a testament to our “one country, two systems” governing principle at work.

Under the principle, the Hong Kong Special Administrative Region has its own legal, legislative and judicial systems. Our legal system is a common law system, similar to that in many major financial hubs around the globe. We maintain our own currency, with no capital or foreign exchange controls. Information, capital, goods and people flow freely in Hong Kong.

The principle of “one country, two systems” also gives Hong Kong unparalleled access to our country’s markets and wide-ranging opportunities. It allows us, as well, to pursue our longstanding ties with the world at large, the Middle East very much included.

As today’s luncheon title, Partnering for Success: Hong Kong as a “super connector” and “super value-adder” emphasises, we do more than connecting companies and people. We also add value to their businesses, their services and their future.

With companies and investors from Mainland China, and all over the world, looking for a financial haven in this time of global economic uncertainty, Hong Kong is flourishing, and keen to work with you, our partners.

An international financial newspaper, spotlighting the Hong Kong Exchange and its record quarterly profits, recently noted that Hong Kong has, and I quote, “benefited from a spate of initial public offerings and rising interest from Mainland Chinese and global investors in Hong Kong-listed shares, especially of technological-related companies, driven by optimism over China’s progress in artificial intelligence”.

That speaks of Hong Kong’s “one country, two systems” advantages working for you – linking a world of investors to the secure and rapidly growing Chinese market.

It helps, and greatly, that Hong Kong’s economy is inextricably tied to our common law system and a judiciary that exercises its powers independently, a legal regime that resembles many of the world’s leading financial hubs. They give international companies and investors – Kuwait certainly included – all the confidence and the certainty they need to do business, in Hong Kong and throughout China. Kuwait certainly included.

Ladies and gentlemen, I’m pleased to note that during our visit, Hong Kong and Kuwait have reached consensus on 24 concrete deliverables, through MOUs and related agreements. A ceremony will take place in just a moment.

The agreements cover a broad range of collaboration, from trade and the economy, to investment promotion, financial services, aviation and the maritime industries, post-secondary education, the legal profession, sports and more.

And our customs authorities will commence negotiations on the mutual recognition of respective Authorized Economic Operator Programmes. This will create smoother, more convenient international links for our respective companies, making it much easier to do business together.

Our Airport Authority Hong Kong will soon sign a new MOU with Kuwait Airways, aimed at enhancing air connectivity between the two regions, fostering operational excellence, supporting sustainability, and advancing talent development in the aviation sector.

They will lay a solid foundation for long-term collaboration between our two economies and our two peoples.

That just touches on our growing co-operation. Indeed, we are now looking into opening a second Hong Kong Economic and Trade Office in the GCC region, to manage our many ongoing Middle East projects and prospects in the offering.

One key area is boosting merchandise trade between our economies. Hong Kong, I’m pleased to say, has signed Comprehensive Double Taxation Agreements (IPPA) with five of the six GCC states. We have also entered into Investment Promotion and Protection Agreements with three of the states, with Kuwait being the first. We have also substantially concluded negotiations on an IPPA with Qatar, our previous stop on this trip, and commenced negotiations with another state.

Indeed, our burgeoning trade and investment co-operation, I believe, could well add momentum to the possibility of a free trade agreement between Hong Kong and the GCC. I look forward to our continuing discussions with the Council.

Beyond business and investment connectivity, there is boundless promise, too, in co-operating in sectors such as arts and culture.

Yesterday, we had the pleasure of visiting the dazzling Sheikh Abdullah Al Salem Cultural Centre, one of the world’s largest museum complexes. Seeing, firsthand, Kuwait’s compelling commitment to arts, culture and science. I must add that Kuwait is this year’s Arab Culture Capital, presenting nearly 100 activities as part of the country’s cultural celebration.

Like Kuwait, Hong Kong believes in the primacy of arts and culture. Meanwhile, Hong Kong’s West Kowloon Cultural District is rising as one of the world’s largest cultural developments. And we are committed to becoming the world’s East-meets-West centre for international cultural exchange. That very much includes Kuwait and the Middle East in general.

My thanks to our Hong Kong Economic and Trade Office in the Middle East and the Hong Kong Trade Development Council for organising today’s welcome gathering. And to the Kuwait Direct Investment Promotion Authority and the Kuwait Chamber of Commerce and Industry for kindly supporting us on this memorable occasion.

Ladies and gentlemen, I know you will enjoy today’s luncheon. Including, let me add, a musical performance by TroVessional, a Hong Kong group dedicated to Cantonese and Chinese ethnic music, brought to engaging life with classic Chinese instruments.

Enjoy it and thank you!

MIL OSI Asia Pacific News –

May 15, 2025
MIL-OSI USA: CFTC Warns Public of Imposter Scam Targeting Fraud Victims

Source: US Commodity Futures Trading Commission

WASHINGTON, D.C. — The Commodity Futures Trading Commission is warning the public about a growing imposter scam involving individuals falsely claiming to represent the agency.
Scammers are contacting members of the public and claiming to represent the CFTC Office of Inspector General. These imposters promise to help financial fraud victims recover lost funds from foreign bank accounts, a ruse to further defraud those already harmed by previous scams.
The CFTC Office of Inspector General will never contact individuals with offers to recover money lost to investment scams.
If someone contacts you claiming to be from the CFTC, write down as much information as possible, but do not share or confirm any personal details, including account numbers, Social Security numbers, or digital wallet private keys. End the call immediately.
Email scams may also use fraudulent addresses or domains. All legitimate CFTC emails will come from @cftc.gov — no exceptions. Government employees will never contact you from personal or web-based email services such as Yahoo! or Gmail.
If you believe you have been the victim of fraud, you may file a complaint with the CFTC’s Division of Enforcement or report the incident to the Office of Inspector General through the online portal at www.cftc.gov/OIG.
For questions about emails, letters, or calls that appear to come from the CFTC, contact [email protected] to verify the communication. To learn more about imposter scams, visit https://www.cftc.gov/LearnAndProtect.

MIL OSI USA News –

May 15, 2025
MIL-OSI: Equinor ASA: Minutes from the annual general meeting 2025
Source: GlobeNewswire (MIL-OSI)

On 14 May 2025, the annual general meeting in Equinor ASA (OSE: EQNR, NYSE: EQNR) approved the annual report and accounts for Equinor ASA and the Equinor group for 2024, as proposed by the board of directors.

Further, the annual general meeting approved a cash dividend of US dollar (USD) 0.37 per share to be distributed for the fourth quarter of 2024.

The fourth quarter 2024 dividend accrues to the shareholders as registered in Equinor’s shareholder register with the Norwegian Central Securities Depository (VPS) as of expiry of 16 May 2025. Subject to ordinary settlement in VPS, this implies that the right to dividend accrues to shareholders as of 14 May 2025. The shares will be traded ex-dividend on the Oslo Stock Exchange (Oslo Børs) from and including 15 May 2025. For US ADR (American Depository Receipts) holders, dividend accrues to the ADR-holders as of 14 May 2025, and the ex-dividend date will be from and including 16 May 2025.

Shareholders whose shares trade on the Oslo Stock Exchange will receive their dividend in Norwegian kroner (NOK). The NOK-dividend will be communicated on 22 May 2025. The expected payment date for the dividend is 28 May 2025.

The general meeting authorised the board of directors to resolve dividend payments based on the company’s approved annual accounts for 2024. The authorisation is valid until the next annual general meeting, but no later than 30 June 2026.

The general meeting supported the company’s energy transition plan available at www.equinor.com/investors/2025-annual-general-meeting.

The plan describes the strategy for the company’s energy transition, including its actions and climate ambitions, its support for the Paris Agreement and how it plans to deliver energy with lower emissions over time while protecting long-term shareholder value and competitiveness.

Ten proposals from shareholders were up for voting. The shareholders’ supporting statements and the board of directors’ responses are available at www.equinor.com/investors/2025-annual-general-meeting. None of the shareholder proposals were adopted. Details are included in the attached minutes.

The general meeting endorsed the board’s report on Corporate Governance for 2024 and the board of directors’ 2024 Remuneration report.

Remuneration to the company’s external auditor for 2024 was approved.

The general meeting adopted the nomination committee’s recommendation on election of members to the corporate assembly and the nomination committee, effective as from 1 June 2025 and until the annual general meeting in 2026. See attached minutes for details on elected members.

In accordance with the proposal from the nomination committee, the general meeting adopted the remuneration to the corporate assembly and to the nomination committee, effective as from 15 May 2024.

The general meeting authorised the board of directors on behalf of the company to acquire Equinor shares in the market to continue the company’s share-based incentive plans for employees. The authorisation is valid until 30 June 2026. See attached minutes for details.

As part of the company’s share buyback programme, the general meeting approved a reduction in capital through the cancellation of own shares and the redemption of shares belonging to the Norwegian State. See attached minutes for details.

To enable Equinor’s board of directors to utilise the share buyback mechanism permitted by the Norwegian Public Limited Liability Companies Act with respect to the distribution of capital to the company’s shareholders, the general meeting authorised the board of directors on behalf of the company to acquire Equinor shares in the market. It is a precondition that the repurchased shares are subsequently cancelled through a resolution by a new general meeting to reduce the company’s share capital. The authorisation is valid until the next annual general meeting, but no later than 30 June 2026.

Minutes of the annual general meeting are enclosed.

Contact persons:

Investor relations: Bård Glad Pedersen, senior vice president,
+47 918 01 791

Media relations: Sissel Rinde, vice president,
+47 412 60 584

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act

Attachment
- Minutes from Annual General Meeting in Equinor ASA 14 May 2025
The MIL Network –
May 15, 2025
MIL-OSI Global: Universities and social care depend on immigration. The UK government’s plans could be an economic own goal

Source: The Conversation – UK – By Tom Montgomery, Lecturer in Work and Organisations, University of Stirling

James Jiao/Shutterstock

The recent launch of plans to reform the UK’s immigration system reflects the government’s effort to regain the initiative on this issue. But looking at the finer detail of migration to the UK shows restrictions introduced by the previous government, particularly around visas for social care workers and international students, have already led to fewer people arriving in the UK.

What’s more, these latest proposals risk worsening crises in these key sectors. In adult social care and higher education, accelerating the decline in the numbers of migrants could create, rather than solve, problems for the government.

The government argues there is a need to move away from the reliance on migrant workers in the UK’s adult social care sector. It has announced the closure of a visa route to new applications.

But in its new white paper laying out its policy changes, the government acknowledges that following the tightening of the health and care worker visa route (particularly in terms of bringing dependants to the UK) the number of these visas granted for both main applicants and dependants fell by 68% in 2024 compared to the previous year. This means that, even before any new restrictions, fewer workers were arriving to plug the staffing shortages in the sector.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Keir Starmer’s government rightly points out that there have been longstanding issues of recruitment and retention in the social care sector across the UK. After all, it is often associated with poor pay and conditions.

The government also highlights initiatives to address worker shortages, such as the independent commission into adult social care as well as proposed fair pay agreements. But care sector bodies such as Care England say the measures will not arrive in time and that international recruitment is being cut off before a solution is in place.

Trade unions in the sector, including Unison, have also highlighted how migrant workers have been crucial for the sustainability of delivering care across the UK.

Pay remains stubbornly low in the social care sector.
Pressmaster/Shutterstock

This points to the potential destabilising effect the white paper may have for a sector already in crisis. Attracting UK citizens to work in social care will also be difficult considering the stubbornly low pay for what can be a challenging job.

Added to this, opportunities for pay progression are often limited. Care workers in England with five or more years’ experience are on average earning only around 10p more per hour than those with less than a year of experience. Research also indicates how attracting young people to a career in care is particularly difficult.

The crisis in higher education

Just as Starmer could blame the crisis in social care on the previous government, the same could be said for the emergency that is engulfing higher education.

Over the past 15 years there has been a clear shift in the balance of funding for universities away from government grants and towards income from fees. Fee income from international students has been declining, especially since January 2024 in part due a tightening of restrictions by the previous government, such as students bringing family members with them.

Debates around funding in the sector are taking place against the backdrop of institutions across the UK facing budget deficits and announcements of thousands of redundancies.

The UK sector is clearly in a fragile state, and dependent on income from overseas students. But the government has indicated it wants to tighten requirements for recruiting international students and reduce students’ ability to remain in the UK after their studies to 18 months.

It is also exploring a levy on UK higher education providers’ income from international students. These moves were said to be in response to the “misuse and exploitation” of student visas.

These new measures have understandably caused alarm in the sector. Many institutions are still trying to convince students from around the world that the UK should be their destination for study, particularly when political developments may have made the US less attractive.

Representatives such as the sector body Universities UK have asked the government to consider the damage a levy could do to the appeal of the UK higher education market. The University and College Union has also warned that moves to deter international students could lead to UK “universities going under”.

In these ways, the white paper may have sought to see off political challenge, but it could instead expose the government to risk. The restrictions proposed in the white paper in relation to social care and higher education could easily worsen the crises in these sectors.

Thousands of redundancies in the higher education sector and the shrinking of these institutions could also have a huge negative effect on local economies across the UK given the economic benefits that universities bring.

And the measures will also have implications for Wales and Scotland, both due to hold elections next year. Recent polling indicates that support for pro-independence parties is surging, as Plaid Cymru and the SNP position themselves as the counterweight to further restrictions on immigration

The immigration white paper has been an effort by the prime minister and his advisers to seize short-term political advantage. In the long term it could prove to be an economic own goal.

Tom Montgomery works in higher education. He has conducted research on issues of social care, migration and labour markets that has been funded by the European Commission.

– ref. Universities and social care depend on immigration. The UK government’s plans could be an economic own goal – https://theconversation.com/universities-and-social-care-depend-on-immigration-the-uk-governments-plans-could-be-an-economic-own-goal-256707

MIL OSI – Global Reports –

May 15, 2025
MIL-OSI Russia: The Quest for Public Debt Transparency in EMDEs

Source: IMF – News in Russian

Keynote Speech by IMF Financial Counsellor and Director of the Monetary and Capital Markets Department
IMF Conference: Public Debt Transparency—Aligning the Law with Good Practices

May 14, 2025

Opening – Scope of the Speech

Good afternoon, everyone. It is a privilege to be here with you. Behind many sovereign debt crises there is often a simple, but difficult truth: the full picture of public debt and contingent liabilities which migrated to sovereign balance sheets was not visible to the public until it was too late. Transparency, therefore, is not just ideal—it is essential.

This Conference demonstrates the Fund’s shared commitment to turning transparency from a goal into a reality in our member countries. I want to thank our IMF Legal Department for this timely initiative and inviting me to speak today.

I would like to address the importance of transparency from the vantage point of the markets and the sovereign borrowers—specifically, the debt managers. I’ll first address why transparency matters, and why now more than ever. I’ll then delve into where countries stand today, the obstacles we face, and some possible solutions. I’ll give you a brief tour of how the Fund works to improve transparency in our three core activities of surveillance, lending, and capacity development—and finally, offer some thoughts on the path forward.

The Difficult Backdrop Calls for Greater Transparency

As you have already heard from our IMF Managing Director this morning, ensuring public debt transparency remains critical to monitor debt vulnerabilities, at a time of historically high public debt in emerging market (EM) and developing economies.

The current global environment presents challenges for many countries to access capital markets. EMs are already facing the highest real financing costs in a decade and will have to continue issuing government debt, including meeting new fiscal spending needs. Small middle-income countries and frontier economies face a more difficult situation. Several frontier economies would find it difficult to issue a Eurobond at current levels. Meeting external financing needs will be challenging for many frontier borrowers if official development assistance is reduced. Domestic market funding may not be sufficient to substitute for external borrowing. So, the stakes are high.

Why Transparency Matters

Transparency is foundational—in periods of both calm and stress.

In normal times, it builds credibility and fosters trust. It helps countries reduce borrowing costs and reinforces accountability to a country’s citizens. Transparent debt management operations, backed by clear strategies, predictable borrowing plans, and regular reporting pays off in improved market confidence and lower credit risk. Transparency also pays off by providing better access to sovereign debt markets.

Even under sovereign stress, transparency acts as a stabilizing force. Opacity might offer short-term breathing space, but it raises long-term borrowing costs. “Debt surprises” damage trust, increase the cost of borrowing and increase the severity of crises. Conversely, sovereigns that disclose the full picture early—and align this with credible fiscal plans—can stabilize expectations. And at the extreme, for countries facing default, when public debt becomes too high and the government cannot borrow at sustainable terms, transparency also has a role to play in negotiations with creditors by enabling a faster resolution of debt problems during debt restructuring

To ensure adequate public debt transparency, stakeholders should be able to count on the availability of timely, accurate, and comprehensive information on public debt stock and flows. You can think of this as the outcome of a country’s debt management. But from the perspective of Fund work, the concept of public debt management transparency is broader—it also encompasses the availability of key procedures and policies on public debt and of sound legal frameworks to support them. This should cover both the central and the general government.

The Current State of Public Debt Transparency in EMDEs

Evaluated against these metrics, sovereigns in advanced economies generally abide to high standards of debt transparency. Advanced economies typically finance themselves in markets, which impose market discipline. The process for sharing information on their borrowings is well established and institutionalized, and as a result, data on public debt is readily accessible. Some emerging markets are as transparent as advanced economies on their general government debt. However, governments in many emerging markets and developing economies rely significantly on external loans as well as on non-marketable domestic debt which can make their debt less transparent.

Many factors explain the opaqueness of government borrowings in emerging markets and developing economies. These include lenders’ preferences, persistently large borrowing needs, low accountability, aversion to transparency, shallow bond markets, and lack of capacity. While inadequate public debt transparency is often the result of an interplay between several factors, analyzing them separately allows identifying potential solutions that are most urgently needed. Allow me to highlight a few key factors and what can be done to address them.

First, lender preferences. Some resource-exporting countries use collateralized debt structures at the behest of creditors, involving special purpose vehicles that conceal the nature and seniority of these debt structures. Importantly, collateralized debt is often undertaken with confidentiality and non-disclosure agreements that impede reporting and disclosure.

Solutions to address this type of opacity require establishing a legal and policy framework that discourages such borrowing structures. Legal frameworks can also help tackle this problem by limiting the scope of confidentiality agreements the executive can enter into and mandating a minimum level of disclosure regarding the financial terms of these debt liabilities.

Second, the reticence of sovereign borrowers to disclose their borrowings. This can be an intentional under-reporting of public debt liabilities. However, it is often more subtle: some sovereigns rely on financing by state-owned enterprises (SOEs) or other entities that are effectively backed by the government, but whose debt liabilities are kept off-budget.

Finding solutions to this problem is a difficult challenge. The solution is stronger governance, supported by stronger legal frameworks around the entire public financial management ecosystem. Such frameworks would warrant disclosure of all public debt liabilities and new borrowings, including by SOEs, and extra-budgetary entities supplemented with full fiscal transparency of the government and the SOEs balance sheets.

Third, there can be gaps in the framework for public debt transparency. Such gaps mostly reflect shortcomings in the governance, reporting, and the institutional and policy framework of public debt. In many countries, this is a function of fragmented debt management responsibilities even within the central government. Inadequate transparency in such countries does not imply a lack of willingness by the sovereign to disclose its debt liabilities, but rather a deficiency in its ability to be adequately transparent. We see many such cases in our work.

Addressing these gaps requires a broad-based approach, starting from the legal and governance framework, and weaving through institutional arrangements and the policy framework for public debt management. We have seen some countries make tangible progress that we have supported with capacity development, although more needs to be done across our membership.

Leveraging Marketable Debt for Transparency and Sound Financing

While much of the global discussion related to transparency has focused on external debt. I will take this opportunity to speak about debt issued in the local market and how greater reliance on marketable debt could drive better transparency and sound financing. Domestic debt transparency is an overlooked issue in the debt discussions on low-income countries (LICs).

Large emerging markets typically have well-developed domestic government securities markets characterized by strong transparency practices. As in advanced economies, the cost of borrowing in large EMs reflect market forces. In the last decade or so, sovereigns from smaller emerging markets and LICs have relied more heavily on domestic debt. However, in these countries, transparency practices in domestic debt markets are often weak. And since in some cases the development of local debt markets is still evolving, many borrowers rely on non-marketable debt to fill part of their domestic financing needs. Non-marketable borrowing tends to be more insulated from price signals and inherently less transparent.

There is a solution: accepting market prices. Transparency is a prerequisite for markets to operate well. Transparency on primary market issuances is crucial for price discovery and predictability for investors. And transparency in secondary market pricing and transactions is important for market liquidity. Such steps could create a self-reinforcing dynamic to improve transparency.

IMF Work on Debt Transparency

Against this background, let me now give you a brief account of what we do in the Fund to promote debt transparency by sovereign borrowers. These efforts span the three key areas of Fund activity: bilateral surveillance, lending, and capacity development.

Within bilateral surveillance, the IMF last year decided to expand the scope of mandatory reporting on debt by member countries. Members will be required to report on general government debt stock from this year (2025) and to report its detailed composition from 2027.

In the context of our lending programs, the IMF Debt Limits Policy has raised the bar on debt disclosure. Where countries have critical debt data disclosure gaps, these should be addressed upfront in IMF-supported programs. And every IMF program staff report is now required to provide granular information on debt holders and debt service by creditor for a period of three years as well as information on the stock of collateralized debt.

Our work on Capacity Development (CD), supports efforts to enhance transparency by sovereign borrowers. Over the years, debt transparency has increasingly been mainstreamed across many areas including support on public debt management, fiscal transparency assessments, debt sustainability assessments, the domestic legal framework on public debt management, and statistical dissemination of public debt. Further, debt transparency has now been added as an explicit outcome in our Results-based Management framework, which we use to monitor the effectiveness of our CD delivery.

The Fund has stepped up its CD work on public debt reporting and monitoring, publication of medium-term debt management strategies and annual borrowing plans, and fiscal risk assessments—all of which will contribute to enhance transparency by our member countries. For this purpose, staff from different departments—including staff from MCM, as well as the IMF’s Fiscal Affairs, Statistics and Legal Departments—work closely with officials across our membership from the Ministries of Finance, Debt Management Offices, Central Banks, and Audit Institutions.

Our policy and analytical work—including papers like Making Public Debt Public, and those on Sovereign Investor Relations and Legal Foundations of Public Debt Transparency—shape global thinking and inform Fund policy. At the same time, our longstanding guidance—like the IMF-World Bank Guidelines on Public Debt Management and the Fund’s Fiscal Transparency Codeas well as statistical standards—continues to provide an anchor for sound debt transparency practices across our membership.

Conclusion

As you carry forward your discussion today and tomorrow on the legal reforms needed to promote transparency of sovereign debt, I would like to leave you with four key messages.

First, public debt transparency helps a sovereign, both in good and bad times.

Second, enhancing debt transparency is all the more critical under the current global environment.

Third, debt transparency must be designed and not assumed as a default setting.

Fourth, it must be embedded in law, institutions, and incentives—across the full spectrum of public borrowing.

To achieve this, countries should develop a strong governance mechanism on public debt supported by robust legal and institutional frameworks. Such frameworks should not only cover central government debt but also extend across the general government and state-owned enterprises. The goal is clear. However, we must acknowledge that this would be a big ask and long-term project, especially given the capacity constraints in many emerging and developing economies.

A well-sequenced approach to upgrade the transparency framework will be crucial. For many countries, starting with central government debt and expanding outward in a phased, realistic way could be the right approach. Enhancing transparency on general government debt and the wider public sector would be the next priority.

The Fund remains a committed partner in this journey—helping countries move from fragmented systems and hidden risks to integrated frameworks and informed policy choices.

Thank you—and I wish you a productive remainder of the conference.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER:

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/14/sp051425-the-quest-for-public-debt-transparency-in-emdes

MIL OSI

MIL OSI Russia News –

May 15, 2025
MIL-OSI Global: Forget chatbots: research suggests reading can help combat loneliness and boost the brain

Source: The Conversation – UK – By Barbara Jacquelyn Sahakian, Professor of Clinical Neuropsychology, University of Cambridge

Rawpixel.com/Shutterstock

Loneliness has become such a widespread problem that Silicon Valley billionaires are now highlighting it to market AI companions, with Mark Zuckerberg recently stating “the average American has fewer than three friends”.

This actually echoes what the World Health Organization has called a crisis of social isolation and loneliness. They report that around 25% of older adults are socially isolated and 5%-15% of adolescents are lonely. But a variety of research – including our own – suggests reading may be a much better solution than chatbots.

Human interaction is no doubt hugely important. In a study we published in 2023, we found that it only takes around five close friends for children and adolescents to thrive, giving them better brain structure, cognition, academic performance and mental health.

Having fewer than five close friends may not provide enough social contact. But larger numbers are less likely to be close friends. The dilemma of technology frequently means that despite some people having vast numbers of friends on social media, they are not close friends and so do not provide the social support needed.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

Similarly, chatbots may not provide the type of face-to-face social interaction that people need to flourish. During the pandemic lockdowns, a study found that face-to-face communication was far more beneficial for mental health than digital communication.

But how can reading help us to feel less lonely and have better wellbeing?

A recent survey from The Queen’s Reading Room, the charity and book club of Queen Camilla, and other surveys, have found that reading fiction and other books significantly reduces feelings of loneliness and improves wellbeing.

Another charity, The Reader, conducted a survey of approximately 2,000 participants and found that this was especially true among young adults. Fifty-nine percent of those aged 18-34 said reading made them feel more connected to others and 56% felt less alone during the pandemic.

Another survey, in conjunction with the University of Liverpool, of over 4,000 participants found that reading offers powerful benefits, serving as a top method for reducing stress. In addition, participants reported that reading encouraged personal growth, such as improving health, picking up hobbies and boosting empathy, with 64% of readers having a better understanding others’ feelings.

Reading and the brain

Indeed, scientific research looking at book clubs and shared reading back this up, finding notable emotional and social benefits of reading. For example, students reported greater connection (42.9%) to others, deeper understanding of others’ experiences and beliefs (61.2%) and reduced loneliness (14.3%) as a result of reading.

The surveys above all rely on people reporting how they feel, rather than an objective measure. But there are also findings from objective measures of the brain, including neuroimaging. A systematic review of 11 intervention studies showed that shared reading among older adults improved wellbeing and helped alleviate loneliness and social isolation.

One way in which reading may help reduce loneliness is by enhancing our social cognition, which is the ability to understand and connect with others.

There are plenty of cognitive benefits from reading, in addition to social connectedness.
aniascamera/Shutterstock

A neuroimaging study of young adults found that reading fiction, particularly passages with social content, activated areas of the brain involved in social behaviour and emotional understanding, such as the dorsomedial prefrontal cortex. This brain region was also linked to the stronger social cognition seen in frequent fiction readers, suggesting a neural pathway through which reading fosters greater social connectedness.

Importantly, reading may also reduce the risk of dementia. One study of 469 people aged 75 and over, with no dementia at baseline, were followed up for 5.1 years. Among leisure activities such as playing board games, playing musical instruments and dancing, reading was associated with a 35% reduced risk of dementia.

A number of studies have similarly shown that engaging in cognitively stimulating activities, such as reading, can slow cognitive decline and reduce the risk of dementia.

Our own research also showed the benefits of reading for pleasure early in life. In a large sample of over 10,000 children in the Adolescent Brain Cognitive Development (ABCD) Study, we found that those children who read for pleasure early in life had better brain structure, cognition, academic achievement, longer sleep duration and better mental health – including lower symptoms of inattention, stress and depression – when adolescents. Importantly, they also had less screen time and better social interactions.

So, while AI and chatbots can enhance our lives in many ways, they are not a solution to everything. We know that while technology has many benefits, it has also produced many unforeseen problems. Let’s solve problems of loneliness and social isolation through reading and book clubs. Reading is also a great way to improve brain structure, cognition and wellbeing.

We recently gave a talk about this topic for the British Neuroscience Association, in association with The Queen’s Reading Room. We would like to thank the Queen’s Reading Room CEO, Vicki Perrin for her input and support.

Barbara Jacquelyn Sahakian receives funding from the Wellcome Trust and the Lundbeck Foundation. Her research work is conducted within the NIHR Cambridge Biomedical Research Centre (BRC) Mental Health and Neurodegeneration Themes. She consults for Cambridge Cognition.

We recently gave a talk about this topic for the British Neuroscience Association, in association with The Queen’s Reading Room. We would like to thank the Queen’s Reading Room CEO, Vicki Perrin for her input and support. Christelle Langley receives funding from the Wellcome Trust. Her research work is conducted within the NIHR Cambridge Biomedical Research Centre (BRC) Mental Health and Neurodegeneration Themes.

– ref. Forget chatbots: research suggests reading can help combat loneliness and boost the brain – https://theconversation.com/forget-chatbots-research-suggests-reading-can-help-combat-loneliness-and-boost-the-brain-256613

MIL OSI – Global Reports –

May 15, 2025

MIL-OSI: Results of the Annual General Meeting of GAM Holding AG

Source: GlobeNewswire (MIL-OSI)

Zurich: 14 May 2025

PRESS RELEASE

Results of the Annual General Meeting of GAM Holding AG

All proposals, as recommended by the Board of Directors, were approved with large majorities
Chairman and all members of the Board of Directors re-elected

At the Annual General Meeting held on 14 May 2025, the shareholders of GAM Holding AG approved all the proposals put forward by the Board of Directors.

Shareholders who were unable to attend the Annual General Meeting could give their voting instructions to an independent proxy; 83% of the total 1,065,257,891 shares (as registered in the commercial register) were represented in comparison with 53% in 2024. The management report, the annual company’s and consolidated financial statements were approved, and shareholders discharged the members of the Board of Directors elected at the AGM on 15 May 2024 and the Group Management Board for the financial year 2024. The compensation report for 2024 was approved in a non-binding consultative vote.

Increase in conditional capital and amendment to the Articles of Incorporation approved

The Board of Directors proposed an increase in conditional capital and a corresponding amendment of the Articles of Incorporation to meet its obligations under various Board of Director and employee incentive plans. These proposals were approved.

Re-elections and elections to the Board of Directors

Antoine Spillmann was re-elected as Chairman of the Board of Directors and Anthony Maarek, Jeremy Smouha, Carlos Esteve, Inès de Dinechin, Anne Empain and Donatella Ceccarelli as members of the Board of Directors. All members of the Board of Directors were elected for a term of office until the end of the Annual General Meeting 2026.

Compensation decisions

Shareholders also approved all the compensation proposals, including retrospective share-based compensation for the Board of Directors and Group Management Board.

Antoine Spillmann, Chairman of the Board of Directors, said: “On behalf of the Board of Directors, I would like to extend my deepest gratitude to our shareholders for their unwavering trust and support. GAM entered a phase of renewed stability and strategic momentum during 2024 and with the successful conclusion of today’s Annual General Meeting and the approval of all proposals, we have made significant strides in our journey towards transformation. As we look ahead to 2025 and beyond, we remain fully committed to delivering sustainable growth, strong investment performance, and lasting value for our clients, and all our stakeholders.”

The complete voting results, biographies of the elected Board of Directors and further information on the Annual General Meeting can be found on the company’s website here: www.gam.com/agm2025.

Additional information

AGM Portal | 2024 Sustainability Report | GAM corporate calendar

For further information please contact:

Investor Relations
Magdalena Czyzowska
T +44 (0) 207 917 2508

Media Relations
Colin Bennett
T +44 (0) 207 393 8544

Visit us: www.gam.com
Follow us: X and LinkedIn

About GAM

GAM is an independent investment manager that is listed in Switzerland. It is an active, independent global asset manager that delivers distinctive and differentiated investment solutions for its clients across its Investment and Wealth Management Businesses. Its purpose is to protect and enhance its clients’ financial future. It attracts and empowers the brightest minds to provide investment leadership, innovation and a positive impact on society and the environment. Total assets under management were CHF 16.3 billion as of 31 December 2024. GAM has global distribution with offices in 14 countries and is geographically diverse with clients in almost every continent. Headquartered in Zurich, GAM Investments was founded in 1983 and its registered office is at Hardstrasse 201 Zurich, 8037 Switzerland. For more information about GAM Investments, please visit www.gam.com

Other Important Information

This release contains or may contain statements that constitute forward-looking statements. Words such as “anticipate”, “believe”, “expect”, “estimate”, “aim”, “project”, “forecast”, “risk”, “likely”, “intend”, “outlook”, “should”, “could”, “would”, “may”, “might”, “will”, “continue”, “plan”, “probability”, “indicative”, “seek”, “target”, “plan” and other similar expressions are intended to or may identify forward-looking statements.

Any such statements in this release speak only as of the date hereof and are based on assumptions and contingencies subject to change without notice, as are statements about market and industry trends, projections, guidance, and estimates. Any forward-looking statements in this release are not indications, guarantees, assurances or predictions of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the person making such statements, its affiliates and its and their directors, officers, employees, agents and advisors and may involve significant elements of subjective judgement and assumptions as to future events which may or may not be correct and may cause actual results to differ materially from those expressed or implied in any such statements. You are strongly cautioned not to place undue reliance on forward-looking statements and no person accepts or assumes any liability in connection therewith.

This release is not a financial product or investment advice, a recommendation to acquire, exchange or dispose of securities or accounting, legal or tax advice. It has been prepared without taking into account the objectives, legal, financial or tax situation and needs of individuals. Before making an investment decision, individuals should consider the appropriateness of the information having regard to their own objectives, legal, financial and tax situation and needs and seek legal, tax and other advice as appropriate for their individual needs and jurisdiction.

Attachment

Results of the Annual General Meeting of GAM Holding AG 2025_En

The MIL Network –

May 15, 2025

MIL-OSI USA: Sinaloa cartel leaders charged with narco-terrorism, material support of terrorism and drug trafficking in ICE, FBI investigation

Source: US Immigration and Customs Enforcement

SAN DIEGO – An indictment unsealed May 13 is the first in the nation to charge alleged leaders of the Sinaloa Cartel with narco-terrorism and material support of terrorism in connection with trafficking massive amounts of fentanyl, cocaine, methamphetamine and heroin into the United States. U.S. Immigration and Customs Enforcement and the FBI are investigating this case.

“These charges highlight the unwavering efforts of transnational criminal organizations like the Sinaloa Cartel to flood our communities with deadly drugs,” said ICE Homeland Security Investigations San Diego Special Agent in Charge Shawn Gibson. “HSI and our law enforcement partners will not allow cartel-driven drug trafficking to threaten the safety and stability of our neighborhoods. We are all lasered focused on a unified effort to dismantling these networks and their factions in bringing those responsible to justice.”

Pedro Inzunza Noriega and his son, Pedro Inzunza Coronel, are charged with narco-terrorism, drug trafficking and money laundering as key leaders of the Beltran Leyva Organization, a powerful and violent faction of the Sinaloa Cartel that is believed to be the world’s largest known fentanyl production network. Five other BLO leaders are charged with drug trafficking and money laundering. The indictment is a direct result of President Trump’s Executive Order 14157 which designated the Sinaloa Cartel as a Foreign Terrorist Organization and the Secretary of State’s subsequent designation of the same on February 20, 2025.

“The Sinaloa Cartel is a complex, dangerous terrorist organization and dismantling them demands a novel, powerful legal response,” said Attorney General Pamela Bondi. “Their days of brutalizing the American people without consequence are over — we will seek life in prison for these terrorists.”

“Operation Take Back America initiatives reflect the reality that narco-terrorists operate as a cancer within a state,” said U.S. Attorney Adam Gordon. “They metastasize violence, corruption and fear. If left unchecked, their growth would lead to the death of law and order. This indictment is what justice looks like when the full measure of the Department of Justice along with its law enforcement partners is brought to bear against the Sinaloa Cartel.”

“BLO, under the leadership of Inzunza Noriega, is allegedly responsible for some of the largest-ever drug seizures of fentanyl and cocaine destined for the United States,” said FBI San Diego Acting Special Agent in Charge Houtan Moshrefi. “Their drugs not only destroy lives and communities, but also threaten our national security. The law enforcement efforts against the Noriegas reaffirms our commitment to dismantling and disrupting this very dangerous narco-terrorist group and combating narco-trafficking.”

According to court documents, since its inception the Beltran Leyva faction has been considered one of the most violent drug trafficking organizations to operate in Mexico, engaging in shootouts, murders, kidnappings, torture and violent collection of drug debts to sustain its operations. The Beltran Leyva faction controls numerous territories and plazas throughout Mexico – including Tijuana – and operates with violent impunity, trafficking in deadly drugs, threatening communities, and targeting key officials, all while making millions of dollars from their criminal activities.

Pedro Inzunza Noriega works closely with his son, Pedro Inzunza Coronel, to produce and aggressively traffic fentanyl to the United States, the government has alleged. Court documents indicate that together the father and son lead one of the largest and most sophisticated fentanyl production networks in the world. Over the past several years, they have trafficked tens of thousands of kilograms of fentanyl into the United States. On December 3, 2024, Mexican law enforcement raided multiple locations in Sinaloa that are controlled and managed by the father and son and seized 1,500 kilograms (more than 1.65 tons) of fentanyl – the largest seizure of fentanyl in the world.

These indictments follow a notable tradition in the Southern District of California for targeting leadership and operations of powerful Mexican cartels – from the dismantling of the Arellano Felix Cartel to major strikes against today’s most dangerous, powerful and violent cartels, including the Sinaloa Cartel, Jalisco New Generation Cartel and now the Beltran Leyva Organization. It is the first indictment from the newly formed Narco-Terrorism Unit which was established upon the swearing in of U.S. Attorney Gordon on April 11, 2025.

The indictment of Pedro Inzunza Noriega reflects the Southern District of California’s pursuit of the Sinaloa Cartel. Federal drug trafficking indictments are pending against all alleged leaders of its Beltran Leyva faction, including:

Fausto Isidro Meza Flores aka “Chapo Isidro,” case number: 19-CR-1272 in the Southern District of California and 12-116BAH in the District of Columbia
Oscar Manuel Gastelum Iribe aka “El Musico,” case number 19-CR-3736 in the Southern District of California; 09-CR-00672 in the Northern District of Illinois; 15-CR-00195 in the District of Columbia, and
Pedro Inzunza Noriega aka “Sagitario,” case number 25cr1505.

The Southern District of California also has indictments pending against other leaders of the Sinaloa Cartel, including:

Ivan Archivaldo Guzman Salazar aka “El Chapito,” case number 14-cr-00658 in the Southern District of California and 09-CR-383 in the Northern District of Illinois
Ismael Zambada Sicairos aka “Mayito Flaco,” case number: 14-cr-00658 in the Southern District of California; and
Jose Gil Caro Quintero aka “El Chino,” case number 22-cr-00036 in the District of Columbia

This case is being prosecuted by Assistant U.S. Attorneys Joshua Mellor and Matthew Sutton.

Defendants for Case Number 25cr1505

Name	Age	Location
Pedro Inzunza Noriega \| aka “Sagitario,” aka “120,” aka “El De La Silla”	62	Los Mochis, Sinaloa, Mexico
Pedro Inzunza Coronel \| aka “Pichon,” Aka “Pajaro”, aka “Bird”	33	Los Mochis, Sinaloa, Mexico
David Alejandro Heredia Velazquez \| aka “Tano,” aka “Mr. Jordan”	50	Guadalajara, Jalisco, Mexico and Culiacan, Sinaloa, Mexico
Oscar Rene Gonzalez Menendez \| aka “Rubio”	45	Guatemala City, Guatemala
Elias Alberto Quiros Benavides	53	San Jose, Costa Rica
Daniel Eduardo Bojorquez \| aka “Chopper”	47	Nogales, Sonora, Mexico
Javier Alonso Vazquez Sanchez \| aka “Tito”, aka “Drilo”	31	Los Mochis, Sinaloa, Mexico

Summary of Charges

Title 21, U.S.C., Secs. 960a and 841 – Narco-Terrorism
Maximum penalty: Life in prison, mandatory minimum 20 years in prison; $20 million fine
Title 18, U.S.C. Sec. 2339B – Providing Material Support to Terrorism
Maximum penalty: Twenty years in prison and $250,000 fine
Title 21, U.S.C., Sec. 848(a) -Continuing Criminal Enterprise
Maximum penalty: Life in prison, mandatory minimum 20 years; $10 million fine
Title 21, U.S.C., Secs. 952, 959, 960, and 963 – International Conspiracy to Distribute Controlled Substances
Maximum penalty: Life in prison, mandatory minimum 10 years; $10 million fine
Title 21, U.S.C., Secs. 841(a)(1) and 846 – Conspiracy to Distribute Controlled Substances
Maximum penalty: Life in prison, mandatory minimum 10 years in prison; $10 million fine
Title 21, U.S.C., Secs. 952, 960 and 963 – Conspiracy to Import Controlled Substances
Maximum penalty: Life in prison, mandatory minimum 10 years; $10 million fine
Money Laundering Conspiracy – Title 18, U.S.C., Section 1956(h)
Maximum penalty: Twenty years in prison and a fine of the greater of $500,000 or twice the value of the monetary instrument or funds involved

The charges and allegations contained in an indictment or complaint are merely accusations, and the defendants are considered innocent unless and until proven guilty.

This case 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.

This case is the result of ongoing efforts by the Organized Crime Drug Enforcement Task Force, a partnership that brings together the combined expertise and unique abilities of federal, state and local law enforcement agencies. The principal mission of the OCDETF program is to identify, disrupt, dismantle and prosecute high-level members of drug trafficking, weapons trafficking and money laundering organizations and enterprises.

MIL OSI USA News –

May 15, 2025

MIL-OSI USA: Baldwin, Cornyn Introduce Bill to Support U.S. Manufacturing, Bar Taxpayer Funds on Chinese-Made Buses and Rail Cars

US Senate News:

Source: United States Senator for Wisconsin Tammy Baldwin

WASHINGTON, D.C. – U.S. Senators Tammy Baldwin (D-WI) and John Cornyn (R-TX) led a bipartisan group of their colleagues in introducing the Safeguarding Transit Operations to Prohibit (STOP) China Act to support American manufacturing and workers and stop the U.S. government from buying Chinese buses and rail cars. The bill will protect domestic transit supply chains from malign Chinese influence by preventing any U.S. Department of Transportation (DOT) funds from being awarded for the purchase of Chinese government transit buses or rail cars.

“When we invest American taxpayer dollars, we should be supporting our Made in America economy and American workers, not opening our checkbook to adversaries like China,” said Senator Baldwin. “I’m proud to work with Republicans and Democrats to support our workers and companies, keep the United States safe, and close a loophole that Chinese companies are exploiting to win government contracts and undercut American workers.”

“It is China’s mission to infiltrate and dominate every aspect of American society, including our transit systems, and we cannot let them succeed,” said Senator Cornyn. “By preventing American tax dollars from being used to purchase Chinese government transit buses or rail cars, our legislation would help protect U.S. transportation infrastructure from the CCP.”

“Companies controlled by the Chinese Communist Party have no business receiving a penny of American federal taxpayer dollars,” said Teamsters General President Sean M. O’Brien. “The STOP China Act strengthens federal law meant to ensure that our transportation programs don’t fund these corporations and will help protect the jobs of hardworking Teamsters who manufacture buses against unfair state-sponsored competition.”

Congress passed the Transportation Infrastructure Vehicle Security Act (TIVSA), which prohibits companies with ties to China’s government from receiving taxpayer-funded contracts from the Federal Transit Administration (FTA) to build U.S. rail cars and buses, as part of the Fiscal Year 2020 National Defense Authorization Act.

However, China has taken advantage of other government funds in the law to continue competing for transit business in the U.S. The STOP China Act would prevent any appropriated funds to the DOT from being awarded to grantees for the purchase of Chinese government transit buses. It would also require the United States Trade Representative (USTR), in consultation with the U.S. Attorney General, to produce a list of prohibited entities headquartered or affiliated with China.

In addition to Senator Baldwin, the bill is cosponsored by Senators Rick Scott (R-FL), Tina Smith (D-MN), Pete Ricketts (R-NE), Marsha Blackburn (R-TN), Gary Peters (D-MI) and Senator Shelley Moore Capito (R-WV).

The legislation is endorsed by Alliance for American Manufacturing, Steel Manufacturers Association, International Brotherhood of Teamsters, United Steelworkers, International Association of Machinists and Aerospace Workers, and Transport Workers Union of America.

Full text of the bill is available here.

MIL OSI USA News –

May 15, 2025
MIL-OSI USA: Rep. Young Kim Delivers Opening Statement at East Asia and Pacific Subcommittee Hearing

Source: United States House of Representatives – Representative Young Kim (CA-39)

Washington, DC – Today, U.S. Representative Young Kim (CA-40), chairwoman of the House Foreign Affairs East Asia and Pacific Subcommittee, delivered an opening statement at today’s hearing titled, “National Economic Security: Advancing U.S. Interests Abroad.” 

Watch her remarks HERE or read her opening statement below.

Good morning and welcome to the East Asia and Pacific Subcommittee’s hearing on “National Economic Security: Advancing U.S. Interests Abroad.” 

In 2019, Ambassador William Burns, one of our most decorated diplomats and the former CIA Director, described the Department of State as “adrift.” 

Over the years, the Department has had trouble finding its purpose as functions and authorities have been stripped away or absorbed by the National Security Council, Department of Defense, and even agencies traditionally focused on domestic issues. 

For more than 170 years, economic statecraft was led by the Department of State. This changed in 1961 when President Kennedy sought to expand the administrative state, pulling functions and authorities out of the Department to create new agencies and organizations, including the United States Trade Representative which would be responsible for conducting all U.S. trade and investment diplomacy.  

The justification for pulling these trade and investment functions out of the Department was to improve the Government’s capacity to prioritize and support U.S. businesses, strengthen the export performance of U.S. industry, and assure fair international trade practices. 

However, it has effectively split our economic interests from our diplomatic priorities, which has resulted in several challenges: 

First, it has not helped increase the ability of U.S. businesses to access foreign markets.  

In practice, the Foreign Commercial Service (F-C-S) and Foreign Agricultural Service (F-A-S) officers are few in number and often positioned at U.S. embassies without alignment to our foreign policy priorities.   

When I travel abroad, I routinely meet with FCS personnel who explain that they spend most of their time engaged in trade shows and organizing events with minimal direct work on increasing and securing market access for American businesses.  

Because they are siloed off from our diplomatic efforts of the Department of State, they’re restricted in leveraging the other tools in our diplomatic toolkit to assist American companies.  

Second, the American market has been left susceptible to predatory foreign competition.  

Our ability to protect American businesses and workers has been severely hampered, leading to calls from across the country for the Executive to act and repatriate entire industries and sectors. 

 

President Trump, like his predecessors, has repeatedly said that “economic policy IS foreign policy.”   Unfortunately, we have not implemented the structural reforms needed to mobilize that sentiment.   

Even President Obama asked Congress for the authority to consolidate six agencies with trade and investment functions in 2012; this request was not supported by Congress. 

Bipartisan administrations have independently come to the same conclusion: the current alignment of functions and agencies charged with leading our economic statecraft effort is in need of structural reform. 

I agree that “economic security is national security”, and the key question we will be asking today is: what structural reforms are necessary to reflect this prioritization?  

We intend to answer that question in the Committee’s first comprehensive State Authorization legislation in more than 20 years.  

MIL OSI USA News –

May 15, 2025
MIL-OSI Europe: Minister Niamh Smyth’s Call to Action on New Charter for Digital Inclusion
Source: Government of Ireland – Department of Jobs Enterprise and Innovation

14th May 2025

Minister of State for Trade Promotion, Artificial Intelligence and Digital Transformation, Niamh Smyth, today announced a major step forward in Ireland’s journey toward a more inclusive digital society with a call to action on the forthcoming Charter for Digital Inclusion.

The Charter is a key deliverable under “Digital for Good: Ireland’s Digital Inclusion Roadmap”, published in August 2023, which forms part of the Government’s National Digital Strategy. It aims to ensure that no one is left behind as digital technologies become increasingly central to how we live, work, and connect.

“Digital technology is transforming every aspect of our lives—but not everyone has equal access to its benefits,” said Minister

“This Charter is a call to action for businesses and organisations across Ireland to embed digital inclusion into their everyday operations. By signing the Charter, organisations commit to impactful actions to ensure that digital opportunities are accessible to all.”

The Charter will outline a set of core commitments focused on accessibility, equity, affordability, and the development of digital skills. It will serve as a framework for collaboration between the public sector, large enterprises, SMEs, community organisations and citizens.

Minister Smyth emphasised the importance of partnership, particularly the role of larger businesses in supporting SMEs to adopt and benefit from digital technologies:

“By working together—big and small businesses, public bodies and communities—we can create a supportive ecosystem that benefits everyone. When large companies help SMEs go digital, the entire economy gains.”

The Minister highlighted successful examples already underway, including:
- Google’s 500 AI scholarships for local communities in 2024, aimed at boosting digital and AI skills.
- Enterprise Nation and Vodafone Ireland’s ‘Tech Hub’ initiative, which helps Irish SMEs understand and adopt AI tools.
Minister Smyth added:

“These are the kinds of impactful actions we want to encourage through the Charter.”

To support the initiative, the Department will launch a dedicated webpage outlining the Charter’s principles and showcasing real-world examples of digital inclusion in action. This platform will serve as a hub for inspiration, collaboration, and progress tracking.

“This isn’t just a government initiative—today is a call to action. I invite businesses, public bodies, and community leaders to sign the Charter and join us in building a more digitally inclusive Ireland.”

Notes for Editors

What is a Charter for Digital Inclusion:

Digital for Good: Ireland’s Digital Inclusion Roadmap was published in August 2023 and reflects the commitment in Harnessing Digital to ensure the Government better serves people who are not able to engage online and promotes the United Nations principle of “Leave No One Behind”.

A Charter for Digital Inclusion aims to support public and private organisations to join efforts in ensuring equitable access to the use of digital technologies, services, and associated opportunities for everyone. The Charter is a set of commitments to which business and other organisations can sign up to maximise their efforts in contributing to bridging the digital gap by promoting basic digital skills, building awareness and helping people get online.

In line with Ireland’s Digital Inclusion Roadmap which identifies access, affordability and ability as key determinants for digital inclusion, digital exclusion encompasses not only the lack of access to technologies and services but also the absence of necessary digital skills and literacy to fully benefit from them. This digital gap can hinder individuals and organisations from fully participating in the digital economy and society.

Addressing it involves strong commitments in the following areas:
- Improving Access: Ensuring that everyone has access to affordable and reliable internet and digital equipment.
- Enhancing Digital Literacy: Providing education and training to develop essential digital skills.
- Policy and Advocacy: Encouraging policies that promote digital inclusion.
We will promote joint action in tackling these areas to work towards a more inclusive digital future where everyone has the opportunity to succeed. The Department of Enterprise, Trade and Employment will invite public bodies, businesses, and community organisations to endorse this Charter, adopt its principles, and join in building a more inclusive digital future for all.

Charter for Digital Inclusion Principles:

Our commitments to digital inclusion are guided by the following core principles:
- Equity: Ensuring no one is left behind in the digital age.
- Accessibility: Designing digital services that are usable by all, including people with disabilities or limited digital skills.
- Affordability: Supporting initiatives that make devices and internet access affordable for underserved populations.
- Digital Skills for Life: Promoting lifelong learning and digital literacy at all levels.
- Trust and Safety: Upholding the highest standards in cybersecurity, privacy, and ethical data use.
- Innovation through Collaboration: Encouraging partnership across sectors to drive local and national solutions.
- Evidence-Led Action: Using data and research to guide, measure, and improve our efforts.
Commitments for Digital Inclusion:

Businesses and organisations can choose the commitments that best align with their goals.

The Charter asks businesses and organisations to take action by selecting from the list of commitments below.
1. We will integrate the digital inclusion principles into our everyday operations and recognise the value of digital tools in supporting wellbeing, access to services, and economic empowerment.
2. We commit to providing all staff with the opportunity to develop essential digital skills and actively encourage participation in this learning.
3. We commit to making our website easy to use, accessible to all, and designed to support everyone—regardless of ability or experience—in getting online, accessing services, building digital confidence, and embracing digital tools.
4. We will support digital inclusion initiatives, embracing the United Nations principle of “Leave No One Behind”.
5. We will seek to build local and national partnerships with other organisations, sharing ideas and coordinating efforts to achieve a greater impact collectively.
6. We will support sustainability by encouraging the donation of digital equipment to organisations/communities in need.
ENDS

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MIL OSI Europe News –
May 15, 2025
MIL-OSI Economics: Reimagining WTO Dispute Settlement: a business case for mediation
Source: International Chamber of Commerce

Headline: Reimagining WTO Dispute Settlement: a business case for mediation
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Mediation: A forgotten piece in WTO dispute resolution

Most trade frictions never reach WTO dispute settlement. Many business concerns – licensing delays, technical barriers or opaque procedures – disrupt trade but are too small, sensitive or costly to escalate to formal dispute settlement.

That’s where alternative dispute resolution (ADR), and more specifically mediation, comes in. WTO rules already allow for it, but the tool has not been used, among other things, due to a lack of clear procedures.

That’s changing.

As part of the WTO reform process, WTO Members are discussing procedural rules to make mediation a workable option – and we can help accelerate this process by supporting governments willing to pilot mediation in practice.

Why it matters

For business

Companies face real costs from unresolved trade frictions. Mediation offers a practical and quicker way to resolve issues – and businesses can help identify where it’s needed.

For governments

Mediation gives WTO Members a lower-risk, lower-cost path to resolve trade issues early. It is especially important for developing countries that may lack resources for litigation.

The benefits of WTO mediation

Enables early, informal resolution of trade concerns

Reduces time, cost, and legal burden

Promotes cooperation—not confrontation

Offers a flexible and confidential process

No imposed ruling—outcomes are mutually agreed

What we are doing

ICC is advocating for the use of ADR, and in particular mediation within the WTO dispute settlement system as part of broader reform efforts. Drawing on ICC’s extensive experience as the world’s leading institution in cross-border dispute resolution, we’re supporting efforts to make mediation a practical option for resolving trade frictions more effectively.

How you can get involved

We are actively seeking companies with unresolved trade concerns who are willing to engage their governments in pilot mediation cases. These cases can help demonstrate how WTO mediation can deliver fast, practical outcomes and strengthen trust in the rules-based system.

Contact Valerie Picard, Head of Trade, ICC, Valerie.Picard@iccwbo.org to learn more or explore a pilot case.

Related publications
MIL OSI Economics –
May 15, 2025
MIL-OSI USA: News 05/14/2025 Blackburn, Blumenthal, Thune, and Schumer Introduce the Kids Online Safety Act
US Senate News:
Source: United States Senator Marsha Blackburn (R-Tenn)

WASHINGTON, D.C. – Today, U.S. Senators Marsha Blackburn (R-Tenn.) and Richard Blumenthal(D-Conn.) were joined by U.S. Senate Majority Leader John Thune (R-S.D.) and U.S. Senate Minority Leader Chuck Schumer (D-N.Y.) in introducing the bipartisan Kids Online Safety Act (KOSA). Last July, the Senate approved KOSA – the first major reform to the tech industry since 1998 – in an overwhelming 91-3 bipartisan vote.

“Big Tech platforms have shown time and time again they will always prioritize their bottom line over the safety of our children, and I’ve heard too many heartbreaking stories to count from parents who have lost a child because these companies have refused to make their platforms safer by default,” said Senator Blackburn. “We would never allow our children to be exposed to pornography, sexual exploitation, drugs, alcohol, and traffickers in the physical space, but these platforms are allowing this every single day in the virtual space. Congress must not cave to the wills and whims of Big Tech, and we must not be bullied into submission. Now is the time to stand up and protect future generations from harm by passing KOSA.”

“Senator Blackburn and I made a promise to parents and young people when we started fighting together for the Kids Online Safety Act – we will make this bill law. There’s undeniable awareness of the destructive harms caused by Big Tech’s exploitive, addictive algorithms, and inescapable momentum for reform,” said Senator Blumenthal. “I am grateful to Senators Thune and Schumer for their leadership and to our Senate colleagues for their overwhelming bipartisan support. KOSA is an idea whose time has come – in fact, it’s urgently overdue – and even tech companies like X and Apple are realizing that the status quo is unsustainable. Our coalition is bigger and stronger than ever before, and we are committed to seeing this measure protecting children on the internet signed into law.”

“I have been a longtime advocate for holding Big Tech accountable for its manipulative algorithms,” said Majority Leader Thune. “Consumers deserve more transparency about how these platforms amplify and suppress content, which is why I’m proud to support the Kids Online Safety Act. Senator Blackburn has done a tremendous amount of work to deliver a bill that takes real steps to empower families and mitigate the harm social media can do to children, and I’m grateful for her leadership on the issue.”

“I am proud to support this bipartisan legislation which provides necessary guardrails to protect our kids. Too many kids have had their personal data collected and used nefariously. Too many families have lost kids after they took their own lives because of what happened to them on social media,” said Minority Leader Schumer. “I thank these brave parents and families for sharing their stories. Keeping our kids safe from online threats should not be a partisan issue, I thank my Senate colleagues for championing these bills and I look forward to swift passage.”

BACKGROUND
- Last month, bombshell reporting revealed Meta’s latest failure to protect minors from harm after AI-powered digital chatbots engaged in sexually explicit discussions with underaged users on its platforms. Following this report, Senators Blackburn and Blumenthal sent a letter demanding accountability.
- Earlier this month, an additional report revealed Instagram’s automated software systems recommended child groomers connect with minors on the app and made it easier for them to find victims, according to a 2019 internal document presented by the Federal Trade Commission (FTC). The report noted that minors made up 27% of the follow recommendations that the social media app surfaced to groomers, and about one-third of the reports flagging inappropriate comments to the company came from minors.
- The bill text introduced today was first announced in December and is the same language approved by the Senate with several changes to further make clear that KOSA would not censor, limit, or remove any content from the internet, and it does not give the FTC or state Attorneys General the power to bring lawsuits over content or speech.
- KOSA is strongly supported by a broad coalition of parents who have tragically lost their children or whose kids have been severely harmed by Big Tech, young people who want to regain control over their online lives, and hundreds of advocacy groups and experts who study and see the negative effects of social media firsthand in their communities.
ENDORSEMENTS

This legislation has been endorsed by more than 250 national, state, and local organizations. Today, Appleannounced its endorsement of the legislation, and the bill has also garnered broad conservative support from key advocates like Elon Musk, Donald Trump Jr., Kellyanne Conway, Harmeet Dhillon, Richard Grenell, Sebastian Gorka, and more.

“Apple is pleased to offer our support for the Kids Online Safety Act (KOSA). Everyone has a part to play in keeping kids safe online, and we believe [this] legislation will have a meaningful impact on children’s online safety,” said Timothy Powderly, Senior Director, Government Affairs, Americas, Apple.

“I lost my 16-year-old son Mason in November of 2022 when he took his own life. This was only after he was inundated for several weeks by TikTok videos promoting suicide. There are no words to express the pain my family now lives with every single day. Big Tech will always put their profits over the safety of American children and it is my hope that this bipartisan legislation will quickly pass through the current Congress. Unlike Big Tech there is nothing more important to American families than our children and we need help to protect them from these dangerous platforms.” said Jennie Deserio, mother of Mason James Edens, forever 16.

“We are so grateful to Senators Blackburn and Blumenthal for reintroducing the Kids Online Safety Act as the need for this bill remains profound. . We have waited and fought long enough, yet our children continue to face severe harms in online spaces where they should feel safe. This legislation is a collective plea from parents, like me, and in remembrance of my daughter Annalee, for meaningful social media reform. Another Mother’s Day and another full year has passed without my daughter and with our children’s futures at stake. It’s past time for change. Children deserve to have their voices heard, their rights protected, and their well-being prioritized by Congress,” said Lori Schott, mother of Annalee Schott, forever 18.

“I am so relieved today that Senators Blackburn and Blumenthal have reintroduced the Kids Online Safety Act (KOSA). Yet, it’s only a small victory – we still desperately need Congress to actually act on this popular, bipartisan bill and make it law. My daughter, Emily, died by suicide after a year of intense cyberbullying when she was only 17. Last year, we were so close to protecting other children from the same unthinkable fate when the Senate passed this bill and it was heartbreaking when it later stalled in the House. Too many parents like me have paid the ultimate price because of Big Tech’s greed and recklessness towards children’s lives. Our lawmakers must no longer allow this to continue unchecked. This must end now by passing KOSA,” said Erin Popolo, mother of Emily Michaela Murillo, forever 17.

“I am so thankful for brave leaders like Senator Marsha Blackburn and Senator Richard Blumenthal who are willing to stand-up to Big Tech and support the Kids Online Safety Act (KOSA), a popular bipartisan bill that will provide important protections for youth online. My 17-year-old son, Alex Peiser, died by suicide after he was bullied online and sent pro-suicide memes on his private Instagram account, three days after a break-up. If KOSA had been in effect, protections would have been in place that might have prevented his death. Congress had a remarkable opportunity last year to make KOSA law and implement the first reforms of social media in more than 25 years. They can stand together now for children’s online safety by passing KOSA this session without delay,” said Sharon Winkler, mother of Alex Peiser, forever 17.

“I lost my son Walker December 1, 2022, to suicide after he became a victim of sextortion. Walker was attacked through Instagram where a man from Nigeria was able to extort him over a sexually explicit video. Today, I attended Walker’s school where we honored the seniors. Walker’s classmates are graduating this week and he should be there. As long as tech companies have the ability to self-regulate we will continue to lose other teens just like Walker. Thank you Senator Blackburn and Blumenthal for standing up to this industry,” said Brian Montgomery, father of Walker Montgomery, forever 16.

“For years, grieving parents have shown up to tell their stories, and Congress has promised to act. The Kids Online Safety Act (KOSA) has been vetted, revised, and supported by both parties—and it would give families the tools they desperately need to protect their children. After coming so close last year, there’s no excuse for letting this moment slip away, KOSA’s reintroduction is a second chance we cannot afford to waste,” said Maurine Molak, mother of David Molak, forever 16, co-founder of David’s Legacy Foundation & ParentsSOS.

“Thank you Senators Blackburn and Blumenthal for your leadership with the Kids Online Safety Act (KOSA). Our son, Devin Norring, died at the age of 19 to fentanyl poisoning after a drug dealer connected with him on Snapchat. Devin was just trying to manage his pain during the COVID lockdown from a cracked molar, but instead he was targeted and lost his life. No parent should ever have to endure this immense pain that we are now forced to live with every day. KOSA is a vital step toward giving families the tools they need to protect their children online while also holding tech companies accountable. Your efforts mean more than we could ever express to families like ours who are fighting every single day to make sure this doesn’t happen to anyone else,” said Bridgette & Tom Norring, parents of Devin Norring, forever 19.

“We are so proud of and encouraged by Senator Blumenthal’s and Senator Blackburn’s reintroduction of KOSA. This legislation is timely and needed for America’s children and families. We still feel the loss of our son, Matthew E. Minor, every day. Matthew was a bright and loving child who, at age 12 was exposed to a viral online challenge sent to him by social media’s relentless algorithms. Tragically, he tried it, and accidentally asphyxiated himself. Every delay in passing this bill means putting more of our precious children’s lives at risk. We live with the overwhelmingly tragic memories of losing our child constantly and want to keep other families from experiencing the same pain . As a nation, we are as complicit as Big Tech if we do nothing to improve the safety of social media. Regulations, like those required in KOSA, should be in place to help mitigate online harms. It’s time that Congress says yes to keeping our children safe online. Pass KOSA Now!!” said Todd & Mia Minor, Parents of Matthew E. Minor, forever 12, co-founders of the Matthew E. Minor Awareness Foundation.

“The shattering loss of my joyful daughter Grace thirteen years ago compelled me to repeatedly speak out about social media dangers to anyone who would listen. Smartphones and social media were new then and I felt I had an alarm bell to ring. That bell is still clanging and though risk and harm to our children is now clear, rescue has failed to arrive and children are still dying. Senators Blumenthal and Blackburn bring hope with the reintroduction of Kids Online Safety Act (KOSA). Last year, Senators of all stripes sat down with parents, shared our grief, learned about the many and varied harms our children suffered, and then passed KOSA by a resounding 91 to 3 vote. It should have been smooth sailing through the U.S. House as well, but Leadership wouldn’t even meet with parents or bring this lifesaving legislation to the floor for a vote. If they fail once more, it won’t be for lack of evidence. It will be because they chose Big Tech’s money over the lives of American children again,” said Christine Pfister McComas, mother of Grace, forever 15, Grace McComas Memorial.

“I lost my son, Erik Robinson to accidental asphyxiation 15 years ago when he was just 12-years-old because of a viral challenge that others had promised was “safe.” Back then we had no idea that algorithms targeted kids with such dangerous material. However, we now know that these platforms are only out to make money and do not care how their platforms target and affect children. It breaks my heart that thousands of other kids have also died since Erik’s death as a result of an immense menu of harms that target kids online. Legislation like the Kids Online Safety Act (KOSA) would help mitigate many of these harms and save lives. I urge Congress to say “yes” and help keep kids safe with KOSA,” said Judy Rogg, mother of Erik Robinson, forever 12, Co-founder and Director of Erik’s Cause.

“It’s been more than four years since I lost my son, Riley, to suicide when he was only 15 years old after a sinister stranger found him on Facebook and sextorted him. One of the few ways I’ve found to cope since then is to advocate for social media reforms that will protect other children from the abuse Riley experienced. Which is why the reintroduction of the Kids Online Safety Act (KOSA) is so critical. This transformative legislation will finally hold Big Tech accountable for the algorithms and designs they use to prey on the most vulnerable among us simply because it adds to their hefty bottom line. It’s unconscionable and Congress must step in now to require they create a safer product, because we know they can. KOSA will do just that,” said Mary Rodee, mother of Riley Basford, forever 15.

“My world imploded in May 2019 when my 15-year-old son Mason died of accidental asphyxiation. The cause? The ‘blackout challenge,’ a viral social media trend. No child should die because they were innocently scrolling online and no product manufacturer, in this case Big Tech, should be allowed to peddle such harmful products. Cars have to have seat belts. Milk has to have an expiration date. Social media platforms should be required to have meaningful, effective, safety features as well. The Kids Online Safety Act (KOSA) includes those necessary guardrails by mandating a change to the algorithms that send kids such destructive content unsolicited. If Congress would finally pass this bill and make it law, it would be a complete game-changer for children and families across America.” said Joann Bogard, mother of Mason Bogard, forever 15.

“There’s a lie going around that vigilant parents – the ones who regularly check their children’s phones, read their texts, are “friends” on their feeds – can keep their kids safe online. I learned in the absolute worst way how untrue this is. I lost my daughter Coco, just 17, after an Instagram drug dealer sold her counterfeit Percocet laced with fentanyl. We parents are no match for Big Tech and their multi-million-dollar lobbying arm working tirelessly to keep their products unregulated so they can earn billions off of our kids, no matter the harm caused along the way. The Kids Online Safety Act (KOSA), would finally put an end to this uncontrolled greed and I know it would have saved Coco’s life. It came so close to passage last year and I am so grateful to Senators Blackburn and Blumenthal for not giving up and reintroducing it again now. I can only hope this time around their Congressional colleagues will see fit to choose kids over Big Tech’s profits and make KOSA law once and for all,” said Julianna Arnold, mother of Lucienne “Coco” Konar, forever 17.

“My daughter McKenna was an accomplished athlete and scholar, kind to her core, and deeply loyal to those she loved. She had such a promising, rich, life ahead of her. But three years ago she died by suicide after being horribly cyberbullied on social media. She was only 16. Had the Kids Online Safety Act (KOSA) been law, I am certain she would still be with us today. This bill requires that social media platforms take a safety-by-design approach, which is the precise opposite of their profits-at-any-cost approach right now. KOSA would make sure that too-often lethal harms like cyberbullying are no longer allowed to run rampant, ruining children’s and family’s lives forever. Thank you to Senators Blumenthal and Blackburn for reintroducing this life-saving bill. I urge every lawmaker in D.C. to pass KOSA without delay,” said Cheryl Brown, mother of McKenna Brown, forever 16.

“My son Bubba was just 13 years old when he died by accidental asphyxiation after trying a so-called viral ‘challenge’ he saw online. He was a brilliant student, full of promise, and he never should have been exposed to content that could cost him his life. That responsibility lies with Big Tech CEOs who have built business models that exploit our children’s attention with no regard for their well-being. Last year, the Senate overwhelmingly passed KOSA, proving that protecting kids online is not a partisan issue. But the House failed to act. That’s why I’m incredibly grateful to Senators Blumenthal and Blackburn for reviving this critical bill. KOSA is long overdue. I truly believe my son would still be here today if these safeguards had been in place. My plea to lawmakers is simple: Congress hasn’t passed a single meaningful law to protect kids online in 25 years. How many more children have to die before you finally hold Big Tech accountable?” said Annie McGrath, mother of Griffin “Bubba” McGrath, forever 13.

“I have sat across from lawmakers on both sides of the aisle and told Becca’s story time and again. And still, there are no meaningful protections in place to prevent this from happening to another child. That is why the Kids Online Safety Act is so important. KOSA would finally require companies to design for safety instead of profit and give parents a fighting chance to protect their kids. I urge every member of Congress: do not let another year pass without action. Our children deserve better,” said Deb Schmill, mother of Becca Schmill, forever 18, Founder of the Becca Schmill Foundation.

“Selena was just 11 when she died by suicide after being exploited and overwhelmed on social media. I tried everything to protect her, but social media platforms like Snapchat were designed to pull her in and shut me out. KOSA would give parents a fighting chance. It would force companies to put safety first, and finally make them answer for the harm they’ve caused to families like mine through exposure to harmful cyberbullying. The reintroduction of KOSA represents a vital opportunity for Congress to finally implement necessary safeguards, ensuring that no other child falls victim to the same preventable dangers that took Selena from us,” said Tammy Rodriguez, mother of Selena Rodriguez, forever 11.

“My son Alexander was 14 when he died from fentanyl poisoning after a drug dealer on Snapchat sold him counterfeit oxycontin that had enough fentanyl to kill four adults. There should have been social restrictions in place to prevent his death and there should be such restrictions in place now. Congress had an opportunity to stop further online harms from happening by passing KOSA in 2024, the Senate prevailed and the House failed us and America’s children. I commend Senators Blackburn and Blumenthal for stepping up to the plate again and only hope that House Leadership will follow suit this time around and stop making profits a priority over children’s lives,” said Amy Neville, mother of Alexander Neville, forever 14.

“My son Ethan was 13 when he died as a result of accidental asphyxiation after participating in the online ‘Blackout Challenge.’ Had KOSA been in place, there is no doubt that my son would still be alive. Congress had an opportunity to save more children’s lives last year by passing KOSA, the Senate stepped up, but the House failed to do so. Now is the time for Congress to redefine the narrative and to stop allowing Big Tech to win and to stop them from killing more children. It is time for Congress to do the right thing and pass KOSA this year,” said Jeff Van Lith, father of Ethan Burke Van Lith, forever 13.

“KOSA is the first bill that would make these companies, like iFunny and Snapchat, responsible for preventing the kinds of harm that took my son from me. Congress has a second chance to do something real. We need them to take it,” said Michelle Servi, mother of Jack Servi, forever 16.

“The Kids Online Safety Act gives parents the tools they need—and have long pleaded for—to effectively oversee their children’s social media use. The legislation rightfully requires platforms to prioritize the well-being of young users over algorithms and design features that maximize user engagement. While some platforms have elected to implement varying degrees of safeguards, the Kids Online Safety Act creates consistency, fosters transparency, and critically, holds platforms accountable for profiting from addictive features and child exploitation,” said Annie Chestnut Tutor, Policy Analyst, Center for Technology and the Human Person, The Heritage Foundation.

“Our children need online protection plain and simple. The amount of victimization that occurs online is staggering. Law enforcement cannot protect our children in the current online environment, that is why KOSA is so important to our children,” said John Pizzuro, CEO of Raven.

“Every day, catastrophic numbers of children are exploited on social media platforms that have no protective guardrails. The proliferation of adult content and bad actors make the internet a perilous place for kids. The Kids Online Safety Act would introduce basic, commonsense protection that make these platforms safer for minors. Internet protections have not been updated by Congress since 1998, long before many of these platforms existed. It’s imperative that Congress act now to protect America’s kids,” said Penny Nance, CEO and President of Concerned Women for America Legislative Action Committee.

“I’m pleased the Senate has re-introduced the Kids Online Safety Act (KOSA). There is indisputable harm happening to children at an industrial scale—reaching literally millions of children. KOSA would begin to address those harms. Parents say this is the #1 issue, above school violence, drugs, and bullying. Free speech protections are enshrined in explicit language in the bill. I look forward to lauding the efforts of all who see this bill through,” said Jonathan Haidt, social psychologist and author of The Anxious Generation.

“The reintroduction of KOSA is a test of whether Congress will finally stand with families instead of Big Tech. This bill has withstood years of scrutiny, has enormous bipartisan support, and is the only federal legislation that addresses the wide range of design-caused harms experienced by children every day online. Lawmakers must seize this moment and finally deliver the protections children need,” said Josh Golin, Executive Director of Fairplay.

“Protecting children is the most basic human decency. The technology world that has come into being over the last 20+ years has been strip-mining the minds of our next generation for profit. They have been darkening their souls. They have been playing to their fears and walling them up in their anxieties. And their vision is now to use the very isolation and instability that they have created and catalyzed to create dependence on them through AI. The Kids Online Safety Act will stop this. It will turn the page on the harms many kids have suffered and protect the next generation. It will hold the companies that have done this accountable,” said Tim Estes, Founder & CEO of AngelQ.

“The Eating Disorders Coalition for Research, Policy & Action remains committed to the passage of KOSA. We are encouraged to see the bill being reintroduced in the Senate and look forward to working with Congressional members to protect vulnerable young people against online harms,” said Christine Peat, PhD, FAED, LP, President of the Eating Disorders Coalition for Research, Policy, & Action.

“Street Grace is honored to support KOSA. We envision a world where no child is exploited and KOSA puts America on that path by adding transparency and accountability to the sites and platforms which are currently advertising to children with zero safeguards in place,” said Bob Rodgers, CEO of Street Grace.

“The Kids Online Safety Act (KOSA) represents a vital and overdue step toward protecting our children from the growing threat of online exploitation. These predators are not abstract threats – they are in our homes, on our children’s phones, in their games, and across every digital platform they use daily. We need KOSA because our current system is failing our children. This legislation provides essential guardrails to ensure tech companies are accountable for the safety of minors and are required to design their platforms with the well-being of children in mind – not profit,” said Tammy Sneed, Director of Engage Together.

“This bill is a critical step toward holding tech companies accountable for designing online platforms with child safety in mind. For too long, predators have exploited the internet’s blind spots to target children for grooming and trafficking. By requiring platforms to proactively mitigate these harms and provide greater transparency and control to families, this legislation puts the safety of children first. We urge lawmakers to swiftly pass this bill and send a clear message: protecting children online is not optional—it’s a responsibility,” said Linda Smith (U.S. Congress 1995-99, Washington State Senate/House 1983-94), Founder & President of Shared Hope International.

“Parents have been left on their own to try to fend off a massive tech-induced crisis in American childhood from online platforms that are engineered to be maximally addictive. And the tech companies face zero accountability for how their products harm children, like how their algorithms help connect predators with child victims online. KOSA offers a needed solution by making social media platforms responsible for preventing and mitigating certain objective harms to minors, like sexual exploitation, in their product design and empowering authorities to hold them accountable if they don’t. It’s time to end Big Tech’s total impunity,” said Clare Morell, Fellow at the Ethics and Public Policy Center.

“In this digital age, the number of cybertips has skyrocketed from 1 million in 2012 to 36 million in 2023. Now more than ever, it is crucial to protect our children by ensuring they receive online safety training and by enacting legislation like the Kids Online Safety Act to hold tech platforms accountable and implement necessary safeguards,” said Ashlie Bryant, CEO of the 3Strands Global Foundation.

“Count on Mothers fully endorses KOSA. After surveying mothers across the political spectrum and all U.S. regions, and conducting a nationally representative focus group, we found overwhelming support for KOSA’s protections. Mothers are demanding accountability and a clear duty of care from tech companies. Across backgrounds and beliefs, they agree: it’s time for the federal government to require social media platforms to offer minors the tools to protect their privacy, safety, and mental health from addictive and harmful product designs,” said Count on Mothers.

“The Kids Online Safety Act (KOSA) demands that the sanctity of family and the sacredness of childhood be treated as national priorities. American families cannot withstand this digital crisis without real protections and accountability for an industry that has gone unchecked for far too long. KOSA offers an indispensable shield for children, guarding them against corporate greed and reckless harm through a commonsense approach to online safety,” said Jason Frost, CEO of Wired Human.

“KOSA supports Digitally Intentional’s mission by prioritizing protection over profit, empowering families and safeguarding children from the manipulative corporate practices of Big Tech. Passing KOSA renews our nation’s commitments to another generation and for our country’s future,” said Harrison Haynes, Founder of Digitally Intentional and Chair of End OSEAC Survivors Council.

“We are grateful to the United States Senators that they are unflagging in their efforts to get the Kids Online Safety Act passed. This is no time for politics. America’s children are suffering from the worst mental health crisis in recorded history, and the literature is increasingly clear that the main driver is digital addiction. Social media are rife with abusive environments for children who get swept down dark rabbit holes by opaque algorithms. To make matters worse, the rise of A.I. chatbots that trick kids into friendships and romantic relationships with artificial corporate products that are perfectly attuned to their shifting moods, will only make it more critical than ever that we pass the Kids Online Safety Act. The time is now,” said Michael Toscano, Director of the Family First Technology Initiative.

“Passing KOSA is a significant step forward toward protecting kids from the harms of Big Tech.KOSA’s targeted, bipartisan approach ensures that parents have the ability to protect their kids online from those features and designs that hurt their development and mental health. This is simply a win for parents, children, and consumers all around,” said Joel Thayer, President of the Digital Progress Institute.

“When companies like Meta enable a new AI chatbot to have sexually explicit conversations with child accounts, or when TikTok provided a platform for adults to pay teens to strip on its LIVE feature, it is clear that it is past time to hold Big Tech accountable. Congress has a major role in ensuring tech platforms prioritize child safety by reintroducing and passing the Kids Online Safety Act,” said Melissa Henson, Vice President of Parents Television and Media Council.

“We strongly support the Kids Online Safety Act as a critical step toward protecting the health, safety, and well-being of children and teens in the digital age. Online platforms play an increasingly central role in the lives of young people, it is imperative that we hold technology companies accountable for the environments they create and maintain. We commend the bipartisan leadership behind the Kids Online Safety Act and urge lawmakers to pass this legislation without delay. Protecting children online is not a partisan issue—it is a moral imperative,” said the Paving The Way Foundation.

“Social media companies continue to abjectly fail the most basic test of any society: protecting children. Big Tech has consistently shown that it cares more about its profit margins than about child safety. The harm needs to stop. It’s past time that Congress pass the Kids Online Safety Act,” said Chris Griswold, Policy Director of American Compass.

“Online exploitation is a borderless crime that transcends jurisdictions and preys on the most vulnerable—our children. KOSA is a critical step towards safeguarding digital spaces and setting an example for other governments to combat this global threat. Protecting children online is not just a policy imperative; it is a moral obligation,” said Anne Basham, Chair of the Interparliamentary Taskforce on Human Trafficking.

“In light of the disturbing reality that some social media services and platforms have become increasingly addictive and even toxic to kids, The Kids Online Safety Act is common sense and necessary legislation that when enacted, will hold platforms accountable to restrict targeted advertising to children, disable addictive online platform features, provide the option to opt out of algorithmic recommendations, and enforce the highest privacy settings for accounts used by minor children. Enough Is Enough applauds the leadership of KOSA cosponsors Senator Blackburn and Senator Blumenthal for reintroducing this critical bill and the overwhelming bi-partisan support of the U.S. Senate last session. We join our allies in urging both the Senate and the House to prioritize the passage of KOSA soonest. The human cost of delay is severe. Kids are dying. Protecting the lives, innocence and dignity of children online is a non-partisan issue with wide bi-partisan support,” said Donna Rice Hughes, CEO/President, Enough Is Enough.

“These platforms fail to disclose their addictive nature or the harms associated with their use. Our children deserve transparency, safety measures, and tools, not exploitation, by default. Why is this so hard? Thank you, Senator Blackburn, for consistently standing in the gap with parents. This time, let’s get it done!” said Chris McKenna, Founder of Protect Young Eyes.

Click here for bill text.

RELATED
MIL OSI USA News –
May 15, 2025

MIL-OSI: COFACE SA: Combined Shareholders’ General Meeting of 14 May 2025 approved all the proposed resolutions

Source: GlobeNewswire (MIL-OSI)

COFACE SA: Combined Shareholders’ General Meeting of 14 May 2025 approved all the proposed resolutions

Paris, 14 May 2025 – 17.45

The Combined Shareholders’ General Meeting of COFACE SA was held on 14 May 2025 at the Company’s headquarters in Bois-Colombes, and it was chaired by Mr Bernardo Sanchez Incera, Chairman of the Board of Directors.

All the proposed resolutions were adopted by COFACE SA’s shareholders, including the payment of a dividend of €1.40 per share for the 2024 financial year with the coupon date set at 20 May 2025, and the payment date at 22 May 2025.

All documents related to this General Meeting are available on COFACE SA institutional website (www.coface.com) and more precisely under “Investors/General Assembly”.

The resolution voting results are online at:

https://www.coface.com/investors/regulated-information/documents-relating-to-the-general-assembly

CONTACTS

ANALYSTS / INVESTORS
Thomas JACQUET: +33 1 49 02 12 58 – thomas.jacquet@coface.com
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MEDIA RELATIONS
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FINANCIAL CALENDAR 2025
(subject to change)
H1-2025 results: 31 July 2025 (after market close)
9M-2025 results: 3 November 2025 (after market close)

FINANCIAL INFORMATION
This press release, as well as COFACE SA’s integral regulatory information, can be found on the Group’s website: http://www.coface.com/Investors

For regulated information on Alternative Performance Measures (APM), please refer to our Interim Financial Report for H1-2024 and our 2024 Universal Registration Document (see part 3.7 “Key financial performance indicators”).

Regulated documents posted by COFACE SA have been secured and authenticated with the blockchain technology by Wiztrust.
You can check the authenticity on the website www.wiztrust.com.

COFACE: FOR TRADE
As a global leading player in trade credit risk management for more than 75 years, Coface helps companies grow and navigate in an uncertain and volatile environment.
Whatever their size, location or sector, Coface provides 100,000 clients across some 200 markets with a full range of solutions: Trade Credit Insurance, Business Information, Debt Collection, Single Risk insurance, Surety Bonds, Factoring.
Every day, Coface leverages its unique expertise and cutting-edge technology to make trade happen, in both domestic and export markets.
In 2024, Coface employed ~5,236 people and registered a turnover of €1.84 billion.

www.coface.com

COFACE SA is quoted in Compartment A of Euronext Paris
Code ISIN: FR0010667147 / Ticker: COFA

DISCLAIMER – Certain declarations featured in this press release may contain forecasts that notably relate to future events, trends, projects or targets. By nature, these forecasts include identified or unidentified risks and uncertainties, and may be affected by many factors likely to give rise to a significant discrepancy between the real results and those stated in these declarations. Please refer to chapter 5 “Main risk factors and their management within the Group” of the Coface Group’s 2024 Universal Registration Document filed with AMF on 5 April 2024 under the number D.25-0227 in order to obtain a description of certain major factors, risks and uncertainties likely to influence the Coface Group’s businesses. The Coface Group disclaims any intention or obligation to publish an update of these forecasts, or provide new information on future events or any other circumstance.

Attachment

2025 05 14 COFACE SA – Combined General Meeting on 14 May 2025 – Voting results

The MIL Network –

May 15, 2025

Category: Trade

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