Category: Trade

  • MIL-OSI: DRML Miner introduces an inventive investment approach, aiming to go beyond typical cloud mining platforms.

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, May 12, 2025 (GLOBE NEWSWIRE) — AI-Driven Digital Currency Generation Hub. Distinguishing Between Cryptocurrency Allocation and Remote Mining. Unlike virtual mining, which carries considerable entry barriers, restricted access, and management charges that lessen earnings, DRML Miner‘s digital currency deployment tactic permits participants to engage at any point without concealed costs, delivering a more user-friendly and lucrative substitute.

    In today’s rapidly transforming fiscal sphere, distributed ledger technology offers an entirely novel perspective on capital oversight. With profound industry understanding, DRML Mining has crafted these tactics to supply high-yield asset growth resolutions and assist clientele in achieving sustainable progress across varied market conditions.

    DRML Miner Distributed Ledger Prosperity Strategy: Low-Exposure Arbitrage

    Approach: Concentrating on leading digital currencies like BTC, ETH, and USDT, this methodology employs grid-based trading and market-neutral tactics to assure consistent earnings, rendering it an excellent choice for new allocators or those seeking steady asset appreciation.

    Market-Neutral Approach: This tactic harnesses intelligent computational systems to safeguard against market oscillations, pinpoint long-term patterns in cryptocurrency valuations, and secure persistent gains regardless of market instability. This approach incorporates moderate leverage and varied asset distribution to bolster resilience.

    Cross-chain arbitrage: This tactic leverages price differentials between disparate distributed ledgers to execute minimal-risk spread transactions via swift market assessment, rapid implementation, and cross-network technology.

    Stable-Pegged Coin Income Tactic: Aims to generate revenue through stable-value coin interest rates and market fluidity. This avenue harnesses DeFi platforms and yield aggregators to maximize returns.

    High-Velocity Trading (HVT) Tactic: Employs sophisticated algorithms to perform a substantial volume of transactions, capture minute market movements in real-time, and realize rapid and efficient profits.

    Future Outlook of Distributed Ledger Investment

    DRML Mining CEO stated: “DRML Mining believes that distributed ledger technology will reshape the global financial sector and furnish unprecedented investment opportunities. We are dedicated to equipping customers with the most efficacious wealth management resolutions so they can maintain a leading position in this constantly evolving marketplace.”

    Join DRML Miner and unlock the autonomy of future wealth management.

    The tactics detailed above represent just a segment of DRML Mining’s pioneering products. Currently, a range of wealth-building approaches are obtainable for investment. Interested allocators are invited to explore DRML’s web portal to investigate the potential for distributed ledger asset expansion. Exclusive onboarding advantages include:

    • Register to instantly obtain a $10 welcome bonus.
    • Daily sign-in agreement reward of $0.6.
    • Once the DRML Miner account balance reaches $100 (digital wallet connection required), funds can be readily withdrawn.
    • No hidden charges or transaction levies.
    • Round-the-clock online assistance to furnish clients with enhanced support services.

    About DRML Miner: Founded in 2018 and headquartered in London, DRML Miner focuses on premium capital management and distributed ledger investment. We are committed to delivering state-of-the-art investment resolutions and collaborating with prominent global financial institutions and technology innovators to propel continuous advancement in the investment domain. If you want to learn more about DRML Miner, please visit its official website: https://drmlminer.com or acquire our mobile application from Google Play or the Apple Store.

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of losing funds. It is strongly recommended that you perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network

  • MIL-OSI Global: UK’s India trade deal offers wider access to a surging economy – and could make food imports cheaper

    Source: The Conversation – UK – By Sangeeta Khorana, Professor of International Trade Policy, Aston University

    India’s economy is growing rapidly. Radiokafka/Shutterstock

    After more than three years and 14 rounds of negotiations, the UK and India have finally announced a free trade agreement (FTA). UK Prime Minister Keir Starmer will formally sign the deal on a visit to India later this year. This is the biggest and most economically significant bilateral trade deal the UK has struck since leaving the EU. It will have implications for both businesses and workers.

    In 2024, the UK’s trade with India was worth £43 billion – £17.1 billion of exports and £25.5 billion of imports. Government modelling estimates that trade between the nations will increase by as much as 39% and the UK’s GDP will expand by £4.8 billion or 0.1 percentage points per year as a result.

    India’s economy is growing fast. It is expected to expand by 6% annually, becoming the world’s third largest economy by 2028 after the US and China. This certainly makes the deal with the UK very timely.

    With a population of more than 1.4 billion and a growing middle class, the country offers huge market potential. Its import demand is predicted to grow by 144% between 2021 and 2035. This combination of strong economic growth and increasing numbers of citizens with disposable cash makes a compelling case for the deal.


    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. Join The Conversation for free today.


    Both the UK and India have agreed to reduce tariffs under the deal. India will immediately lower its 150% tariffs on Scotch whisky and gin to 75%, and then to 40% within ten years. Tariffs on foodstuffs such as lamb, salmon and cheeses will fall from around 30% to zero.

    Simplified trade rules, including faster customs processing, reduced barriers such as complex labelling requirements, and enhanced support for small businesses should bring gains for companies. Timely customs clearance will support exports of perishable items like Scottish salmon, where delays reduce the product’s shelf life. Similarly, exporters of things like biscuits and cheese will benefit from streamlined paperwork and be able to compete in India’s growing market.

    There will no longer be limits on the number of UK businesses allowed to provide telecommunications, environmental and construction services. And UK businesses will not need to set up a company in India or be a resident in India to supply their services in these sectors.

    Once the FTA comes into force, which could take up to a year, the UK will allow 99% of Indian imports duty-free access into the UK. The sectors set to benefit most are footwear, textiles and clothing, as well as processed prawns, basmati rice and ready meals. These reductions will mean lower prices for UK consumers, given tariffs on clothing and footwear are 12% and 16% respectively.

    Clothing and textile imports to the UK will have tariff-free access.
    Yevhen Prozhyrko/Shutterstock

    Tariffs on luxury cars will also be reduced from more than 100% to 10% under quotas on both sides. The FTA locks in zero tariffs on industrial machinery, advanced materials for use in hi-tech industries, and components for electric vehicles. This will position British suppliers inside a manufacturing market ranked the world’s second-most attractive after China.

    In terms of workers, there were well publicised fears that the agreement might lead to UK workers being undercut by Indian counterparts. Plans for a so-called “double contribution convention” grants a three-year exemption from national insurance contributions for Indian employees temporarily working in the UK. But this is a reciprocal deal and is likely to apply only to workers who are seconded from one country to the other, so should not result in UK workers being more expensive to hire.

    And although no changes to immigration policy are planned, the FTA will offer easier movement for skilled workers. UK providers of services like construction and telecoms will have access to India’s growing market.

    Both countries have committed to encouraging the recognition of professional qualifications. A professional services working group for UK and Indian government officials will provide a forum to monitor and support this initiative.

    Timing is everything

    Against a backdrop of rising protectionism and geopolitical tensions, the UK-India FTA stands out as a strategic deal. It is also a significant milestone in Britain’s Indo-Pacific “tilt”. This approach gives UK firms a hedge against over-reliance on any single region or country-centric supply chains, to keep trade flowing in the event of more US tariff shocks, for example.

    With the US fixation on tariffs, and global supply chains facing continued disruption, securing preferential access to the world’s fastest-growing major economy is a strategic win for the UK. From India’s perspective, the trade deal is aligned with its rise as a “China-plus-one” manufacturing hub (where businesses diversify to ensure they do not invest only in China).

    The UK and India share historical ties that are underpinned by cultural, educational and people-to-people links. The UK-India FTA marks a new phase in this relationship, where shared economic interests define a forward-looking partnership between the two countries.

    And in terms of its ongoing talks with the EU, India could use the agreement to showcase its willingness to negotiate ambitious trade deals. For the UK, given its own upcoming trade and cooperation talks with the EU, the FTA with India demonstrates that new partnerships can be built while maintaining vital European ties.

    Sangeeta Khorana has received funding from UK-ESRC, EU and other international organisations. She is affiliated with Chartered Institute of Export and International Trade as a Trustee Director.

    ref. UK’s India trade deal offers wider access to a surging economy – and could make food imports cheaper – https://theconversation.com/uks-india-trade-deal-offers-wider-access-to-a-surging-economy-and-could-make-food-imports-cheaper-256387

    MIL OSI – Global Reports

  • MIL-OSI Asia-Pac: CE leads delegation to continue visit to Qatar

    Source: Hong Kong Government special administrative region

    CE leads delegation to continue visit to Qatar 
    In the morning, Mr Lee met with the Minister of Labour of Qatar, Dr Ali bin Saeed bin Samikh Al Marri, to discuss plans on enhancing talent exchanges between Hong Kong and Qatar, with a view to promoting cultural exchanges and communication between the two places. Noting that Hong Kong is home to five of the world’s top 100 universities and is actively developing into an international hub for post-secondary education, Mr Lee highlighted that Hong Kong offers a Belt and Road Scholarship to encourage students from Belt and Road countries or regions to pursue post-secondary studies in the city. This initiative aims to attract more outstanding non-local students and talent to Hong Kong. He welcomed more young people of Qatar to study and develop their careers in Hong Kong.
     
    After that, Mr Lee and the delegation attended a roundtable meeting with representatives of the Qatari Businessmen Association and the Qatar Chamber of Commerce and Industry respectively. Highlighting Hong Kong’s robust legal system, resilient financial system and simple and low tax regime, Mr Lee welcomed Qatari enterprises to capitalise on Hong Kong’s advantages in connecting with both the Mainland and the world under the “one country, two systems” principle. Qatari enterprises can also leverage Hong Kong’s high-quality financial, logistics and professional services, as well as its bridging roles to assist enterprises in going global and attracting external investment, tapping into business opportunities on the Mainland market.
     
    In the afternoon, Mr Lee attended a business luncheon co-hosted by the Hong Kong Economic and Trade Office in Dubai and the Hong Kong Trade Development Council. Addressing the luncheon, Mr Lee introduced Hong Kong’s development opportunities and business advantages to over 300 local political and business representatives. Noting that the Middle East is a key region under the Belt and Road Initiative, Mr Lee said this marks his second visit to the Middle East since taking office, and that he was very pleased to see the continuous strengthening of ties and co-operation between Hong Kong and the region. Pointing out that Qatar is Hong Kong’s third-largest trading partner in the Middle East region, Mr Lee announced that Hong Kong and Qatar had substantially concluded negotiations on the Investment Promotion and Protection Agreement, and would begin discussions on mutual recognition arrangements for their respective Authorized Economic Operator Programmes, creating a more favourable environment for flows of capital and goods. He also announced a new arrangement allowing Hong Kong Special Administrative Region passport holders to visit Qatar visa-free for up to 30 days. He said he looks forward to further deepening co-operation with Qatar in such areas as economy and trade, tourism, and culture. He said that Hong Kong and Mainland enterprises complement each other’s strengths, and that Hong Kong will continue to play its bridging role to serve enterprises in going global and attracting external investment, with a view to deepening international exchanges and co-operation. Hong Kong and Qatar can jointly seize the significant development opportunities brought by the Guangdong-Hong Kong-Macao Greater Bay Area and the Belt and Road Initiative.
     
    During the luncheon, government departments, enterprises, and institutions from Hong Kong, the Mainland and Qatar exchanged and announced 35 MOUs and co-operation agreements covering economic co-operation, investment, technology, legal collaboration, as well as finance, banking, and capital market development. In addition to the co-operation between Hong Kong and Qatar, two agreements were signed directly between Mainland and Qatari enterprises to foster co-operation in financial services and high-end manufacturing. Furthermore, a tripartite agreement was signed among Hong Kong, the Mainland, and Qatar to strengthen co-operation in fintech, covering Web3 and AI, leveraging the respective technological strengths of each region for mutual development.
     
    Afterwards, Mr Lee visited Hamad International Airport in Doha to learn about the operation and effectiveness of its autonomous vehicle pilot project and to examine the application of autonomous buses. The pilot project, which had participation by a Chinese enterprise, UISEE, set a precedent for applying autonomous driving technology at airports in the Middle East region. UISEE is one of the leading companies in autonomous driving technology on the Mainland, having established its international headquarters in Hong Kong as a springboard to expand its business globally. The company collaborated with Hong Kong International Airport on autonomous vehicle projects to enhance the safety and operational efficiency of airport logistics, drawing on the successful experiences to promote the technology to the international market. Hamad International Airport, which is the latest pilot site of UISEE, demonstrated the co-operation among Mainland China, Hong Kong, and Qatar.
     
    Mr Lee and the delegation will depart for Kuwait tonight.
     
    Issued at HKT 23:58

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: IDEX Biometrics ASA: Annual General Meeting agenda update

    Source: GlobeNewswire (MIL-OSI)

    IDEX Biometrics ASA (the “Company”) refers to its stock exchange announcement on 30 April 2025 regarding notice of an annual general meeting scheduled for 21 May 2025 (the “AGM”).

    In accordance with Section 6-16b of the Public Limited Liability Companies Act, the Board has prepared a report on the salary and other remuneration of executive management of the Company in 2024 (“Remuneration Report”), and the Company’s auditors have issued an assurance report in relation to such Remuneration Report, both of which are available on www.idexbiometrics.com.

    The Remuneration Report will be subject to an advisory vote by the Company’s AGM to be held on 21 May 2025, under a new agenda item 15. Electronic proxy- and voting instruction forms will be updated accordingly.

    The Board proposes that the AGM approves the following resolution:

    «The Annual General Meeting approves the remuneration report for 2024.»

    For the avoidance of doubt, the proposed resolution text is translated to Norwegian:

    «Generalforsamlingen gir sin tilslutning til rapport om lønn og annen godtgjørelse for ledende personer for regnskapsåret 2024.»

    For further information, please contact:

    Kristian Flaten, CFO, Tel: +47 95092322

    E-mail: ir@idexbiometrics.com

    About IDEX Biometrics:

    IDEX Biometrics ASA (OSE: IDEX) is a global technology leader in fingerprint biometrics, offering authentication solutions across payments, access control, and digital identity. Our solutions bring convenience, security, peace of mind and seamless user experiences to the world. Built on patented and proprietary sensor technologies, integrated circuit designs, and software, our biometric solutions target card-based applications for payments and digital authentication. As an industry-enabler we partner with leading card manufacturers and technology companies to bring our solutions to market. For more information, visit www.idexbiometrics.com

    About this notice:

    This notice was issued by Kristian Flaten, CFO, on 12 May 2025 at 18:00 CET on behalf of IDEX Biometrics ASA. This information is subject to the disclosure requirements pursuant to the Norwegian Securities Trading Act section 5-12.

    The MIL Network

  • MIL-OSI: CNL STRATEGIC CAPITAL ANNOUNCES OPERATING RESULTS FOR FIRST QUARTER 2025

    Source: GlobeNewswire (MIL-OSI)

    Orlando, Fla., May 12, 2025 (GLOBE NEWSWIRE) — CNL Strategic Capital, LLC (“CNL Strategic Capital,” the “Company” or “we”) seeks to provide current income and long-term appreciation to investors by acquiring controlling equity stakes in combination with loan positions in privately owned middle-market businesses. The Company announced its operating results for the three months ended March 31, 2025.

    Highlights:

    • As of March 31, 2025, CNL Strategic Capital’s portfolio consisted of equity and debt investments in 16 portfolio companies and approximately $1.3 billion in total assets, compared with 16 portfolio companies and approximately $1.3 billion in total assets as of Dec. 31, 2024.
    • For the three months ended March 31, 2025, the Company recognized a net change in unrealized appreciation on investments, including unrealized foreign currency gain of approximately $9.9 million and had total investment income of approximately $16.9 million. That compares with a net change in unrealized appreciation on investments of $16.2 million and total investment income of approximately $14.9 million during the first three months of 2024.
    • The cumulative total investment return based on net asset value (NAV) since inception and through March 31, 2025, was approximately 108.7% for Class FA shares, 92.4% for Class A shares, 79.5% for Class T shares, 82.4% for Class D shares, 93.9% for Class I shares and 76.1% for Class S shares.1 These returns are prior to any applicable sales load and assume shareholders reinvested their distributions.  
    • For the three months ended March 31, 2025, CNL Strategic Capital received approximately $34.4 million in net offering proceeds, including approximately $5.2 million received through the distribution reinvestment plan. Since beginning operations in February 2018 through March 31, 2025, CNL Strategic Capital has raised approximately $1.2 billion, including $51.6 million received through the distribution reinvestment plan.

    Cash distributions declared net of distributions reinvested during the periods presented were funded from the following sources (in thousands):

      Three Months Ended March 31,
      2025   2024
      Amount   % of Cash Distributions Declared, Net of Distribution Reinvested   Amount   % of Cash Distributions Declared, Net of Distribution Reinvested
    Net investment income before Expense support (reimbursement) $ 8,692     167.3  %   $ 4,426      93.2    %
    Expense Support (reimbursement)   9     0.2        295        6.2   
    Net investment income $    8,701      167.5 %   $ 4,721     99.4 %
    Cash distributions net of distributions reinvested in excess of net investment income             30        0.6   
    Cash distributions declared, net of distributions reinvested2 $ 5,197     100.0  %   $ 4,751      100.0  %

    Sources of declared distributions on a GAAP basis (in thousands):

      Three Months Ended March 31,
      2025   2024
      Amount   % of Distributions Declared   Amount   % of Distributions Declared
    Net investment income3 $ 8,701     83.9  %   $ 4,721                            53.6    %
    Distributions in excess of net investment income4                       1,671       16.1                           4,086        46.4   
    Total distributions declared $ 10,372         100.0  %   $ 8,807      100.0  %

    Total investment return based on net asset value (NAV) after total return incentive fee per share for the first three months ended March 31, 20251:

    Class FA Class A Class T Class D Class I Class S
    1.5 % 1.6 % 1.3 % 1.5 % 1.5 % 1.5 %

    (These returns are prior to any applicable sales load and assume shareholders reinvested their distributions. These are not actual shareholder returns. Actual returns may vary materially.)

    Cumulative total investment return based on NAV after sales fees since inception through the three months ended March 31, 20251:

    Class FA
    (2/7/18-3/31/25)
    Class A
    (4/10/18-3/31/25)
    Class T
    (5/25/18-3/31/25)
    Class D
    (6/26/18-3/31/25)
    Class I
    (4/10/18-3/31/25)
    Class S
    (3/31/20-3/31/25)
    108.7 % 92.4 % 79.5 % 82.4 % 93.9 % 76.1 %

    (These returns are prior to any applicable sales load and assume shareholders reinvested their distributions. These are not actual shareholder returns. Actual returns may vary materially.)
    1This is not shareholder returns. Total investment return is calculated for each share class as the change in the net asset value for such share class during the period and assuming all distributions are reinvested. Amounts are not annualized and are not representative of total return as calculated for purposes of the total return incentive fee. Since there is no public market for the Company’s shares, terminal market value per share is assumed to be equal to net asset value per share on the last day of the period presented. The Company’s performance changes over time and currently may be different than that shown above. Past performance is no guarantee of future results. Investment performance is presented without regard to sales load that may be incurred by shareholders in the purchase of the Company’s shares. For the period from the date the first share was issued for each respective share class through March 31, 2025. 2Excludes $5,175 and $4,056 of distributions reinvested pursuant to the Company’s distribution reinvestment plan during the three months ended March 31, 2025, and 2024, respectively. 3Net investment income includes Expense Support of $9 and $295 for the three months ended March 31, 2025, and 2024, respectively. 4Consists of distributions made from offering proceeds for the periods presented.

    About CNL Strategic Capital
    CNL Strategic Capital is a publicly registered, non-traded limited liability Company that seeks to provide current income and long-term appreciation to individuals by acquiring controlling equity stakes in combination with loan positions in durable and growing middle-market businesses. The Company is externally managed by CNL Strategic Capital Management, LLC and Levine Leichtman Strategic Capital, LLC (LLSC). For additional information, please visit cnlstrategiccapital.com.

    About CNL Financial Group
    CNL Financial Group (CNL) is a leading private investment management firm providing alternative investment opportunities. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $36 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit cnl.com.

    About Levine Leichtman Strategic Capital
    LLSC is an affiliate of Levine Leichtman Capital Partners, LLC (LLCP), a middle-market private equity firm with a 40-year track record of investing across various targeted sectors, including Franchising & Multi-unit, Business Services, Education & Training and Engineered Products & Manufacturing. LLCP utilizes a differentiated Structured Private Equity investment strategy, combining debt and equity capital investments in portfolio companies. LLCP believes that by investing in a combination of debt and equity securities, it offers management teams growth capital in a highly tailored, flexible investment structure that can be a more attractive alternative than traditional private equity.

    LLCP’s global team of dedicated investment professionals is led by ten partners who have worked at LLCP for an average of 20 years. Since inception, LLCP has managed approximately $16.4 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies. LLCP currently manages $10.9 billion of assets and has offices in Los Angeles, New York, Chicago, Miami, London, Amsterdam, Stockholm, and Frankfurt. For additional information, please visit llcp.com.

    The information in this press release may include “forward-looking statements.” These statements are based on the beliefs and assumptions of CNL Strategic Capital’s management and on the information currently available to management at the time of such statements. Forward-looking statements generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “estimates” or similar expressions that indicate future events. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond CNL Strategic Capital’s control. Important risks, uncertainties and factors that could cause actual results to differ materially from those in the forward-looking statements include the risks associated with the Company’s ability to pay distributions and the sources of such distribution payments, the Company’s ability to locate and make suitable investments and other risks described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K and the other documents filed by the Company with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

    ###

    The MIL Network

  • MIL-OSI Canada: Province Celebrates Women Entrepreneurs and Their Impact on Saskatchewan’s Economy

    Source: Government of Canada regional news

    Released on May 12, 2025

    The Government of Saskatchewan has officially proclaimed May 11 to 17, 2025, as Women Entrepreneurs Week, recognizing the vital role women entrepreneurs play in shaping the province’s economy and business community. 

    “Women are making significant contributions in every sector of our economy,” Minister Responsible for Status of Women Alana Ross said. “Each May, our government is proud to partner with Women Entrepreneurs of Saskatchewan (WESK) to celebrate the innovation, resilience and success of women-led businesses that are helping to build a strong Saskatchewan.”

    “Our government is proud to see women entrepreneurship in Saskatchewan continue to grow and thrive,” Trade and Export Development Minister Warren Kaeding said. “During this week, it is important to recognize the significant contributions women entrepreneurs have made to Saskatchewan’s economy through job creation, support for their communities and creating opportunities for all those who call this province home.”

    Women entrepreneurs in Saskatchewan continue to thrive thanks to strong partnerships with non-profit organizations that support at every stage of their business journey. Today, 21 per cent of Saskatchewan’s private sector businesses are majority owned by women.

    For nearly 30 years, WESK has been a cornerstone of support for women business. This non-profit organization provides access to business advising, financing, mentorship, networking and training opportunities. It is through the dedication of organizations like WESK, women entrepreneurs contribute to the record economic growth in Saskatchewan. 

    “Women entrepreneurs are not only helping shape Saskatchewan’s business community – they are a driving force behind its economic growth,” Women Entrepreneurs of Saskatchewan CEO Miriam Johnson said. “With 21 per cent of private sector businesses majority-owned by women, their contributions are creating jobs, building local economies, and strengthening communities across the province. At WESK, we are proud to continue supporting women at every stage of business, and we are honoured to celebrate their innovation, leadership, and impact during Women Entrepreneurs Week.”

    The Government of Saskatchewan continues to offer a variety of programs and incentives to support a strong, competitive business environment.

    Learn more about business support and investments opportunities in Saskatchewan, visit: investsk.ca.

    For more information about WESK and its programs, visit: wesk.ca.

    -30-

    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI USA: Delivering Most-Favored-Nation Prescription Drug Pricing to American Patients

    US Senate News:

    Source: The White House
    By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:
    Section 1.  Purpose.  The United States has less than five percent of the world’s population and yet funds around three quarters of global pharmaceutical profits.  This egregious imbalance is orchestrated through a purposeful scheme in which drug manufacturers deeply discount their products to access foreign markets, and subsidize that decrease through enormously high prices in the United States.The United States has for too long turned its back on Americans, who unwittingly sponsor both drug manufacturers and other countries.  These entities today rely on price markups on American consumers, generous public subsidies for research and development primarily through the National Institutes of Health, and robust public financing of prescription drug consumption through Federal and State healthcare programs.  Drug manufacturers, rather than seeking to equalize evident price discrimination, agree to other countries’ demands for low prices, and simultaneously fight against the ability for public and private payers in the United States to negotiate the best prices for patients.  The inflated prices in the United States fuel global innovation while foreign health systems get a free ride.This abuse of Americans’ generosity, who deserve low-cost pharmaceuticals on the same terms as other developed nations, must end.  Americans will no longer be forced to pay almost three times more for the exact same medicines, often made in the exact same factories.  As the largest purchaser of pharmaceuticals, Americans should get the best deal.
    Sec. 2.  Policy.  Americans should not be forced to subsidize low-cost prescription drugs and biologics in other developed countries, and face overcharges for the same products in the United States.  Americans must therefore have access to the most-favored-nation price for these products. My Administration will take immediate steps to end global freeloading and, should drug manufacturers fail to offer American consumers the most-favored-nation lowest price, my Administration will take additional aggressive action.
    Sec. 3.  Addressing Foreign Nations Freeloading on American-Financed Innovation.  The Secretary of Commerce and the United States Trade Representative shall take all necessary and appropriate action to ensure foreign countries are not engaged in any act, policy, or practice that may be unreasonable or discriminatory or that may impair United States national security and that has the effect of forcing American patients to pay for a disproportionate amount of global pharmaceutical research and development, including by suppressing the price of pharmaceutical products below fair market value in foreign countries.
    Sec. 4.  Enabling Direct-to-Consumer Sales to American Patients at the Most-Favored-Nation Price.  To the extent consistent with law, the Secretary of Health and Human Services (Secretary) shall facilitate direct-to-consumer purchasing programs for pharmaceutical manufacturers that sell their products to American patients at the most-favored-nation price.
    Sec. 5.  Establishing Most-Favored-Nation Pricing.  (a)  Within 30 days of the date of this order, the Secretary shall, in coordination with the Assistant to the President for Domestic Policy, the Administrator for the Centers for Medicare and Medicaid Services, and other relevant executive department and agency (agency) officials, communicate most-favored-nation price targets to pharmaceutical manufacturers to bring prices for American patients in line with comparably developed nations.(b)  If, following the action described in subsection (a) of this section, significant progress towards most-favored-nation pricing for American patients is not delivered, to the extent consistent with law:(i)    the Secretary shall propose a rulemaking plan to impose most-favored-nation pricing; (ii)   the Secretary shall consider certification to the Congress that importation under section 804(j) of the Federal Food, Drug, and Cosmetic Act (FDCA) will pose no additional risk to the public’s health and safety and result in a significant reduction in the cost of prescription drugs to the American consumer; and if the Secretary so certifies, then the Commissioner of Food and Drugs shall take action under section 804(j)(2)(B) of the FDCA to describe circumstances under which waivers will be consistently granted to import prescription drugs on a case-by-case basis from developed nations with low-cost prescription drugs;  (iii)  following the report issued under section 13 of Executive Order 14273 of April 15, 2025 (Lowering Drug Prices by Once Again Putting Americans First), the Attorney General and the Chairman of the Federal Trade Commission shall, to the extent consistent with law, undertake enforcement action against any anti-competitive practices identified within such report, including through use of sections 1 and 2 of the Sherman Antitrust Act and section 5 of the Federal Trade Commission Act, as appropriate;(iv)   the Secretary of Commerce, and the heads of other relevant agencies as necessary, shall review and consider all necessary action regarding the export of pharmaceutical drugs or precursor material that may be fueling the global price discrimination;(v)    the Commissioner of Food and Drugs shall review and potentially modify or revoke approvals granted for drugs, for those drugs that maybe be unsafe, ineffective, or improperly marketed; and(vi)   the heads of agencies shall take all action available, in coordination with the Assistant to the President for Domestic Policy, to address global freeloading and price discrimination against American patients.
    Sec. 6.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:(i) the authority granted by law to an executive department or agency, or the head thereof; or(ii.) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.(c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.(d)  The Department of Health and Human Services shall provide funding for publication of this order in the Federal Register. 
                                   DONALD J. TRUMP
    THE WHITE HOUSE,    May 12, 2025.

    MIL OSI USA News

  • MIL-OSI USA: ART OF THE DEAL: U.S., China Ink Initial Trade Deal

    US Senate News:

    Source: The White House
    gure class=”wp-block-image aligncenter size-large is-resized”>
    President Donald J. Trump and his administration have secured another good deal for the American people — an initial trade deal with China that reduces tariffs, ends retaliation, and sets Americans on the path for truly free, fair trade.
    It’s the second significant trade breakthrough of the past week following President Trump’s landmark trade deal with the United Kingdom — and comes as President Trump enacts his transformational vision for liberating Americans from the unfair trade practices that have gripped workers and businesses for decades.
    At a press conference in Geneva, Secretary of the Treasury Scott Bessent and U.S. Trade Representative Ambassador Jamieson Greer laid out the details of the initial agreement:
    Secretary Bessent: “We have reached an agreement on a 90-day pause and substantially moved down the tariff levels — both sides, on the reciprocal tariffs, will move their tariffs down 115%.”
    Ambassador Greer: “Both the Chinese and the United States agreed to work constructively together on fentanyl and there’s a positive path forward there, as well.”
    Secretary Bessent: “The upside surprise for me from this weekend was the level of Chinese engagement on the fentanyl crisis in the United States. They brought the Deputy Minister for Public Safety … and he had a very robust and highly detailed discussion.”
    Ambassador Greer: “We are going to have our economy continue taking off as we put structure around these negotiations and get global trade into a better place.”
    Secretary Bessent then made the rounds on television to inform the American people of the landmark deal:
    On negotiations: “It was always respectful. We had the two largest economies in the world. We were firm — and we moved forward … We came with a list of problems that we were trying to solve and I think we did a good job on that.”
    On stopping precursors of fentanyl from China: “This is a priority for President Trump and, indeed, the whole administration … Hundreds of thousands of Americans die every year and I think that we saw here in Geneva that the Chinese are now serious about assisting the U.S. in stopping the flow of precursor drugs.”
    On non-tariff barriers: “We’ve had free trade, and as you said, that has not worked for the American people. There’s something called the ‘China shock,’ which has gutted our manufacturing sector … They subsidize labor, they subsidize capital goods, and they have exported that to us and to the rest of the world. We have put up tariffs to push back on that, so it will be a matter of what is the equilibrium level on tariffs and also getting China to open their markets for American companies.”
    On supply chains: “Bringing back our important strategic industries can be a result of tariffs, but it’s also a result of national will — so this administration is running full speed to make sure that what we saw during COVID never happens again.”
    On past agreements: “In January 2020, President Trump produced a template — we had an excellent trade agreement with China, and the Biden Administration chose not to enforce it. The Chinese delegation basically told us that once President Biden came into office, they just ignored their obligations.”

    MIL OSI USA News

  • MIL-OSI Canada: Indigenous Economic Development Day Proclaimed in Saskatchewan

    Source: Government of Canada regional news

    Released on May 12, 2025

    The Government of Saskatchewan proclaimed May 12 as Indigenous Economic Development Day in the province. The day focuses on the importance of increased Indigenous participation in the economy, emphasizing its role in creating jobs, opportunities and improving the lives of all Saskatchewan residents.

    “Saskatchewan is fortunate to have a growing number of Indigenous-owned companies and organizations that are strong contributors to our province’s economic wellbeing,” Trade and Export Development Minister Warren Kaeding said. “Economic reconciliation remains a priority for our government, and we remain committed to creating more opportunities for Indigenous people and communities.” 

    The province is focused on fostering relationships and connecting Indigenous people to opportunities across all sectors. This has helped the number of off-reserve Indigenous workers reach a record high of 63,100 in 2024. 

    “Indigenous nations have culturally and historically been inter-tribal traders with sophisticated supply chains, practicing a form of free trade of highly valued goods long before the fur trade era and the arrival of settlers here on the prairies,” SIEDN Founder and Chair Milton Tootoosis said. “In recent times, Indigenous peoples and nations around the globe have embarked on nation-rebuilding movements with optimism and perseverance, all adding to economic growth collectively.”

    In the first quarter of 2025, 3.8 per cent of Saskatchewan’s private businesses were majority owned by First Nations or Métis people.

    The Government of Saskatchewan was proud to promote collaboration and partnership between Indigenous and non-Indigenous businesses at the most recent Indigenous Business Gathering (IBG). This year’s IBG was the biggest to date, attracting over 1,100 attendees and featuring more than 130 trade show booths. The IBG is one of the largest free-to-attend Indigenous economic development-focused events in the country.

    Indigenous Economic Development Day forms part of Economic Development Week, which runs from May 11 to May 17, 2025. The week recognizes the importance of economic development in building a robust economy that delivers for everyone in Saskatchewan. 

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    MIL OSI Canada News

  • MIL-OSI Canada: Economic Development Week Celebrates Saskatchewan’s Strong Economy

    Source: Government of Canada regional news

    Released on May 12, 2025

    The Government of Saskatchewan has proclaimed May 11 to May 17 as Economic Development Week in the province. The week focuses on the crucial role of Saskatchewan businesses and economic development organizations in growing and creating opportunities in the province.

    “The work that our business community has been doing across the province, has led to strong investment and economic growth in recent years,” Trade and Export Development Minister Warren Kaeding said. “Businesses, and investors, are choosing Saskatchewan because of our low tax rates, our transparent regulatory environment and the strong suite of incentives with personalized support that we offer.”

    Private capital investment in Saskatchewan increased last year by 17.3 per cent to $14.7 billion, ranking first among provinces for growth. This influx of investment is creating jobs and opportunities for the people of the province and is leading to a better quality of life for all Saskatchewan citizens. 

    “Today, we recognize that economic development is an ongoing process rather than a result,” SEDA Chief Executive Officer Verona Thibault said. “It is a process that aims to improve socioeconomic wellbeing, resulting in wealth generation, job creation and community renewal. We celebrate leaders and community builders across Saskatchewan who invest their skills and resources to ensure our local and provincial prosperity.” 

    Saskatchewan is committed to fostering a competitive business environment where all businesses can succeed. Through its network of nine international offices, the province is able to attract investment from all over the world, while seeking new markets for its goods. 

    The strong entrepreneurial spirit that exists in Saskatchewan has led to some significant economic successes recently. The value of Saskatchewan exports increased from $17 billion in 2007 to nearly $50 billion on average over the past 3 years. 

    Statistics Canada’s latest GDP numbers also indicate that Saskatchewan’s 2024 real GDP reached an all-time high of $80.5 billion. This represents an increase of 3.4 per cent, which ranks second in terms of percentage change among the provinces. 

    As part of Economic Development Week, May 12 was proclaimed Indigenous Economic Development Day. The day highlights the impact that increased Indigenous participation in the provincial economy has on creating jobs, opportunities and improving the lives of all Saskatchewan people. 

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    For more information, contact:

    MIL OSI Canada News

  • MIL-OSI: StoneX to Acquire Plantureux et Associés, Enhancing Its Competitive Position in European Commodities Markets

    Source: GlobeNewswire (MIL-OSI)

    LONDON, May 12, 2025 (GLOBE NEWSWIRE) — StoneX Group Inc. (NASDAQ: SNEX); today announced that its wholly owned subsidiary, StoneX Financial Europe GmbH, has entered into a definitive agreement to acquire Plantureux et Associés (“Plantureux”), a Paris-based brokerage firm specializing in agricultural commodities across both the physical and derivatives markets.  The acquisition will provide StoneX with a strategic foothold in the French agricultural commodities market – Europe’s leading grain producing region.  

    With nearly 40 years of experience in agricultural commodities, Plantureux is a respected intermediary in the French cereal market, known for its deep knowledge of the industry and its strong relationships between both buyer and seller. 

    Completion of the acquisition is subject to regulatory approval and customary closing conditions.  

    Ramon Martul, Chief Executive at StoneX Europe, commented: 

    “As Europe’s largest grain producer, France represents a critical link in the global agricultural value chain. This acquisition will enhance our ability to deliver localized expertise and high-touch service to our clients.” 

    Brett Phillpott, Head of Exchange Traded Futures and Options at StoneX, remarked: 

    “This acquisition marks a key step in our European growth strategy and will give us a strong local presence in France—an essential market for grains and commodities—and strengthen our ability to serve clients across the region.” 

    Liam Fenton, Global Head of Dairy and Food Group at StoneX added: 

    “The acquisition of Plantureux will significantly strengthen our position in the European agricultural commodities market. We look forward to working closely with clients in France and across the region.” 

    Xavier Durand-Viel, President of Plantureux et Associés, stated:

    “We are proud to join the StoneX Group and look forward to accelerating our growth as part of a global platform. This transaction enhances our ability to serve clients while preserving the local relationships and expertise that define our business.” 

    This acquisition follows a series of strategic investments by StoneX Group in Europe. Earlier this year, StoneX Group expanded its fixed income capabilities in Europe through the successful acquisition of Octo Finances SA.   

    About StoneX Group Inc. 

    StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders, and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high-touch service, and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, products, and services to allow them to pursue trading opportunities, manage their market risks, make investments, and improve their business performance. A Fortune-100 company headquartered in New York City and listed on the Nasdaq Global Select Market (NASDAQ: SNEX), StoneX Group Inc. and its more than 4,700 employees serve more than 54,000 commercial, institutional, and payments clients, as well as more than 400,000 self-directed/retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

    SNEX-G

    The MIL Network

  • MIL-OSI USA: Fact Sheet: President Donald J. Trump Announces Actions to Put American Patients First by Lowering Drug Prices and Stopping Foreign Free-riding on American Pharmaceutical Innovation

    US Senate News:

    Source: The White House
    REDUCING DRUG PRICES FOR AMERICANS AND TAXPAYERS: Today, President Donald J. Trump signed an Executive Order to bring the prices Americans and taxpayers pay for prescription drugs in line with those paid by similar nations.
    The Order directs the U.S. Trade Representative and Secretary of Commerce to take action to ensure foreign countries are not engaged in practices that purposefully and unfairly undercut market prices and drive price hikes in the United States.
    The Order instructs the Administration to communicate price targets to pharmaceutical manufacturers to establish that America, the largest purchaser and funder of prescription drugs in the world, gets the best deal.
    The Secretary of Health and Human Services will establish a mechanism through which American patients can buy their drugs directly from manufacturers who sell to Americans at a “Most-Favored-Nation” price, bypassing middlemen.
    If drug manufacturers fail to offer most-favored-nation pricing, the Order directs the Secretary of Health and Human Services to: (1) propose rules that impose most-favored-nation pricing; and (2) take other aggressive measures to significantly reduce the cost of prescription drugs to the American consumer and end anticompetitive practices.
    GETTING A BETTER DEAL FOR AMERICANS: President Trump is once again taking action to keep pharmaceutical manufacturers from charging Americans high drug prices while giving steep discounts to other wealthy nations.
    According to recent data, the prices Americans pay for brand-name drugs are more than three times the price other OECD nations pay, even after accounting for discounts manufacturers provide in the U.S.
    The United States has less than five percent of the world’s population, yet funds roughly 75% of global pharmaceutical profits.
    Drug manufacturers discount their products to gain access to foreign markets and then subsidize those discounts through high prices charged in America—in essence, Americans are subsidizing drug-manufacturer profits and foreign health systems, despite drug manufacturers benefiting from generous research subsidies and enormous healthcare spending by the U.S. Government.
    In his first term, President Trump took historic action to keep Medicare and seniors from paying more for drugs than economically comparable countries, which the Biden Administration rescinded before it could take effect.
    Instead of fixing this problem, the Biden Administration’s greatest achievement was to negotiate prices that were, on average, 78 percent higher than in 11 comparable countries as part of Biden’s effort to “beat Medicare.”
    DELIVERING ON PROMISES TO PUT AMERICAN PATIENTS FIRST: President Trump is delivering on his promise to once again put America first by furthering efforts to get American patients and taxpayers a fair deal for prescription drugs.
    This Order builds on actions from President Trump’s first term to make progress on reducing price disparities at home and expands those efforts by including Medicaid in addition to Medicare. 
    President Trump recently signed an Executive Order to take additional action to lower drug prices, including by providing massive discounts to low-income patients for lifesaving medicines, facilitating importation programs, and increasing the availability of generic and biosimilar medicines.
    President Trump is also working to make drug prices radically transparent, as he recently signed an Executive Order to build on his historic price transparency efforts undertaken during his first term.
    President Trump has been relentless in his effort to address the unfair and outrageous prices Americans pay for prescription drugs:
    President Trump: “In case after case, our citizens pay massively higher prices than other nations pay for the same exact pill, from the same factory, effectively subsidizing socialism aboard [abroad] with skyrocketing prices at home. So we would spend tremendous amounts of money in order to provide inexpensive drugs to another country. And when I say the price is different, you can see some examples where the price is beyond anything — four times, five times different.”

    MIL OSI USA News

  • MIL-OSI USA: Kugler, Economic Outlook

    Source: US State of New York Federal Reserve

    Thank you, Reamonn. It is an honor and a privilege to be asked to speak in the beautiful country of Ireland and here at the Central Bank of Ireland. The histories of the U.S. and Ireland are intertwined. Our friendship is enduring, and our economies are closely tied. The Irish economy and the Bank stand as examples of the benefits of being open to international connections and the sharing of the best ideas and practices. I am delighted to have the opportunity to meet with my counterparts here and continue this great friendship. It is also wonderful to see many members of the National Association for Business Economics (NABE). NABE and its members have made many important contributions to the field of economics; as such, I always enjoy speaking to this esteemed group.1
    I am particularly delighted to contribute to this conference on trade, technology, and policy. As an academic, part of my research has investigated the link between trade and productivity. And in my current role, I have highlighted these themes in several of my recent speeches, including the role of recent advancements in technology, such as artificial intelligence, as well as the role of business formation in terms of boosting U.S. productivity over the past few years.2 Today, I would like to focus my attention on the current outlook for the U.S. economy and how I am thinking about the path of monetary policy. Of course, given current developments, I will focus on the role played by trade policy and how it may affect the economy and productivity going forward.
    While the latest data show a resilient economy, I expect growth this year to be slower than last. Labor market conditions have been mostly stable. Inflation remains above the Federal Open Market Committee’s (FOMC) 2 percent target, and further progress on disinflation has been slow. Looking ahead, I am monitoring the effects of changing trade policies, as I see them as likely having a significant effect on the U.S. and global economies in the near future.
    Trade policies are evolving and are likely to continue shifting, even as recently as this morning. Still, they appear likely to generate significant economic effects even if tariffs stay close to the currently announced levels, and the uncertainty associated with these tariffs has already generated effects on the economy through front-loading, sentiment, and expectations. Let me start by describing how I see current economic conditions.
    Economic ActivityRegarding overall economic activity, it is currently hard to judge the underlying pace of growth of the U.S. economy, as the gross domestic product (GDP) release for the first quarter showed strong evidence of front-loading of imports ahead of tariffs. GDP contracted at a 0.3 percent annual rate in the first quarter after expanding 2.5 percent during 2024. However, the latest GDP figure likely overstates the deceleration in activity, as a 41.3 percent surge in imports apparently did not get fully picked up in the inventory data or other components of spending. The size of the swings in imports may make the measurement of activity more difficult.
    It is helpful to look at private domestic final purchases (PDFP), a measure of demand in the private sector: It rose at a rate of 3 percent in the first quarter—similar to the pace recorded last year. Still, the strength in PDFP also likely reflects some pull-forward of purchases by businesses and consumers to get ahead of tariffs.
    The Federal Reserve’s April Beige Book and conversations with contacts also point toward front-loading in auto sales or other high-end goods. However, the Beige Book and various indicators of consumer and business confidence also point to a downbeat tone about underlying economic activity down the road. For instance, the Beige Book notes that several Districts see a deterioration in demand for travel and other nonfinancial services and indicates that businesses may put investments on hold moving forward. Several other economic indicators that I track suggest some signs of declining economic activity in the future. For instance, the Institute for Supply Management’s manufacturing purchasing managers index for April shows that new orders have been declining since February.
    Labor MarketOn the employment side of our mandate, conditions seem to be mostly stable. The most recent employment report showed that employers created 177,000 new jobs in April, in line with the average of the previous six months. The unemployment rate was 4.2 percent—still within the narrow and historically low range of 4 to 4.2 percent—where it has remained since May of 2024. In addition, the pace of layoffs remains modest. New applications for unemployment benefits have remained relatively stable at historically low levels. However, I am carefully watching other sources of data for any signs that the labor market could be shifting, given the broader uncertainty. Some forward-looking measures of layoffs have increased, such as the number of mentions of the word “layoff” in the Beige Book.
    In terms of the demand for workers, the U.S. Labor Department’s Job Openings and Labor Turnover Survey (JOLTS) showed that the vacancy rate—the number of vacant jobs as a percentage of total employment and vacant jobs—declined to 4.3 percent in March, the lowest in six months. The government data showed that the ratio of vacancies to the number of unemployed Americans was 1.0 in March, below its 2019 average of 1.2—also indicating the continuing easing of U.S. labor markets. Overall, job growth remains positive, and unemployment is still low, but I am watching a broad range of incoming readings carefully.
    InflationOn the other side of our dual mandate is inflation. After two years of notable progress following U.S. inflation reaching its pandemic-era peak, progress on disinflation has slowed since last summer. Inflation remains somewhat above the FOMC’s 2 percent goal. At the Fed, the inflation reading we track most closely is the personal consumption expenditures (PCE) price index. The March report, released on April 30, showed that the 12-month change in the PCE price index was 2.3 percent; the core PCE price index—which excludes food and energy prices—rose 2.6 percent over the same period.
    To help me judge the path of future inflation, I pay careful attention to two subcategories of the index. One is core goods prices, which exclude volatile food and energy prices. The second is nonhousing market-based services, which are based on transactions such as car maintenance and haircuts, not imputed prices. Goods inflation was negative for most of 2024—as was the norm for several years before the pandemic—but it was positive early this year. In contrast, nonhousing market services inflation stayed elevated through March, coming in at 3.4 percent. That category often provides a good signal of inflationary pressures across all nonhousing services. Looking ahead, I find it critical to monitor not only the most up-to-date data but also the changing economic policies around the world.
    Economic Effects of Global Policy ChangesTo pause briefly, I would like to take a moment to discuss the Fed’s structure. The Fed operates independently from the elected government in Washington. We make our policies to best achieve the goals given to us by Congress of maximum employment and price stability. As such, it is not my role to comment on the policies offered by the U.S. government or any government around the world. Rather, I make assessments of the likely effects of these policies, observe the behavior of the U.S. and world economies, and develop views about the best U.S. monetary policy to achieve our dual-mandate goals.
    The U.S. is implementing policy changes in trade, immigration, fiscal policy, and regulation, and other economies are also changing their policies in the areas of trade and fiscal spending, particularly in defense, which could stimulate aggregate demand. But given that the most important changes have occurred so far in the area of trade policy, today I would like to discuss some important economic channels through which changes in tariffs may affect the U.S. economy.
    Although higher tariffs on U.S. imported goods may affect our macroeconomy through many channels, some of which I will describe next, I think they will primarily act as a negative supply shock, raising prices and decreasing economic activity. While uncertainty remains about the ultimate level of the average tariff rate, currently announced average tariffs in the U.S. are still much higher than they were in the past many decades. If tariffs remain significantly larger relative to earlier in the year, the same is likely to be true for the economic effects, which will include higher inflation and slower growth.
    How do I expect this to play out? In the near term, higher import costs will raise prices for both consumer goods and inputs to production. On their own, imported goods represent about 11 percent of U.S. GDP. However, given that several intermediate goods, such as aluminum and steel have been tariffed, and they affect costs in many sectors of the economy, prices of many goods and services are also likely to be affected. In addition, in conversations with business contacts, I have heard that firms are paying attention to the price sensitivity of consumers across the entire catalog of items sold and may spread price increases to less price-sensitive items to avoid reducing their profit margins. A Federal Reserve Bank of Dallas survey of Texas business executives found that 55 percent of respondents expect to pass through most or all of the costs from higher tariffs to customers.3 Of those expecting to pass on costs, 26 percent expect to pass through the higher tariff cost upon the announcement of tariffs, and 64 percent expect this pass-through to occur within the first three months after the tariffs take effect. That would suggest that price increases may be observed soon.
    Given these expected price increases, real incomes will fall, and operating costs will rise, which will lead consumers to demand fewer final goods and services and firms to demand fewer inputs. Ultimately, I see the U.S. as likely to experience lower growth and higher inflation. Over time, there could also be significant effects on productivity. As firms adjust to the higher input costs and lower demand, they may cut back on capital investment and shift to a less-efficient combination of inputs. Additionally, less-efficient domestic firms may increase their market share.4 All of this may result in a decrease in potential output growth, lowering the underlying pace of economic activity in the U.S.
    In addition to any direct effect from actual global policy changes, consumers, businesses, and market participants have reported high levels of uncertainty about which policies may be ultimately chosen and how long they will remain in place. In fact, in recent months, several measures of economic uncertainty have risen sharply.
    There are several types of measures that quantify economic uncertainty, with two types having gained prominence among economists closely monitoring the U.S. economic outlook.5 Some are based on financial market transactions, such as the Chicago Board Options Exchange’s Volatility Index, popularly called the VIX. Others are based on the occurrence of certain keywords associated with the concept of uncertainty in newspapers of wide circulation, such as the economic policy uncertainty and trade policy uncertainty readings.6 These measures of uncertainty have reached historical highs in recent months. Similarly, I also saw the word “uncertainty” being highly cited in the Beige Book I reviewed before the FOMC’s policy meeting last week.7
    In times of heightened uncertainty, businesses may delay investment decisions, and consumers may increase precautionary savings and postpone discretionary purchases. Moreover, the economic research literature has documented that these decisions from businesses and consumers reverberate through the economy, pushing down aggregate demand. Firms, anticipating lower demand for their services and products, may post fewer job openings and cut back on investments to expand capacity. While the labor market has remained broadly resilient, the JOLTS data for March showed that job openings fell. Workers, therefore, may have a more difficult time finding employment, decreasing economy-wide income and aggregate demand.8 This lower aggregate demand may then exert downward pressure on inflation, though probably not by enough to offset the effect from the adverse supply shock that I previously mentioned. For example, recent data show that prices for accommodations and airfares have fallen, consistent with an increasing number of anecdotal reports of weaker consumer demand for discretionary travel services.
    I am also monitoring the effect of policy changes on another important channel: inflation expectations. For instance, consumers and businesses have reported tariffs as an important reason for having increased their near-term inflation expectations. Several surveys, including those from the Conference Board and the Federal Reserve Banks of Atlanta and New York, have found that consumers and businesses expect higher inflation one year from now. Another closely watched survey from the University of Michigan showed that one-year-ahead inflation expectations in April were higher than in the pandemic period. This increase in short-run expectations may give businesses more leeway to raise prices.
    Most longer-run measures, including those from the Philadelphia Fed’s Survey of Professional Forecasters and the New York Fed’s Survey of Consumer Expectations, show either stability or much smaller increases in inflation expectations, which does provide some comfort to me. Additionally, inflation compensation, which is based on yields from Treasury Inflation-Protected Securities, has increased only for short-term maturities, such as one year ahead, and has shown stability in maturities over the five years starting five years from now. Still, I have taken note of the increase in longer-term inflation expectations from the Michigan survey, which reached the highest level since June 1991. Given these developments, I am keeping a close watch on inflation, because as I have indicated in the past, I believe it is critical to keep long-term inflation expectations very well anchored at 2 percent.
    Looking globally, international developments do not seem to be adding inflationary pressures to the U.S. Economic growth in most developed economies remains moderate, and domestic inflation in those countries has declined from elevated levels. In Europe, activity data point to modest growth as the region deals with headwinds stemming from past energy shocks and competitive pressures from elsewhere in the world. The New York Fed’s Global Supply Chain Pressure Index has been relatively stable since the beginning of the year. Oil prices have declined significantly since January.
    Monetary PolicyI have discussed a lot of data and developments with you today. To summarize, the U.S. economy has remained resilient up until now, with a still-stable labor market. Meanwhile, the disinflationary process has slowed. This comes against a backdrop of heightened uncertainty as households, businesses, and, indeed, monetary policymakers process the changes to economic policies that are happening around the world. Going forward, I will continue to closely monitor the direct effects of global economic policies on prices and employment, as well as the indirect economic effects from uncertainty, inflation expectations, and productivity.
    U.S. monetary policymakers on the FOMC met last week in Washington. At that meeting, the Committee voted to maintain its policy rate at 4-1/4 to 4-1/2 percent. Given the upside risks to inflation and given that I still view our policy stance as somewhat restrictive, I supported the decision to keep rates at that level. With inflation and employment potentially moving in opposite directions down the road, I will closely monitor developments as I consider the future path of policy.
    I view our current stance of monetary policy as well positioned for any changes in the macroeconomic environment. I remain committed to achieving both of our dual-mandate goals of maximum employment and stable prices.
    Thank you for your attention today—and thank you very much for inviting me to speak to you here in Dublin. It has been an honor and a privilege. I look forward to your questions.

    1. The views expressed here are my own and not necessarily those of my colleagues on the Federal Open Market Committee. Return to text
    2. See Adriana D. Kugler (2025), “Entrepreneurship and Aggregate Productivity,” speech delivered at the 2025 Miami Economic Forum, Economic Club of Miami, Miami, Florida, February 7. Also, see Adriana D. Kugler (2024), “A Year in Review: A Tale of Two Supply Shocks,” speech delivered at the Detroit Economic Club, Detroit, Michigan, December 3. Return to text
    3. The special questions included in the survey of Texas business executives is available on the Federal Reserve Bank of Dallas’ website at https://www.dallasfed.org/research/surveys/tbos/2025/2504q#tab-all. Return to text
    4. For the effects of tariffs on productivity, see Marcela Eslava, John Haltiwanger, Adriana Kugler, and Maurice Kugler (2013), “Trade and Market Selection: Evidence from Manufacturing Plants in Colombia,” Review of Economic Dynamics, vol. 16 (January), pp. 135–58; Marcela Eslava, John Haltiwanger, Adriana Kugler, and Maurice Kugler (2004), “The Effects of Structural Reforms on Productivity and Profitability Enhancing Reallocation: Evidence from Colombia,” Journal of Development Economics, vol. 75 (December), pp. 333–71; and Davide Furceri, Swarnali A. Hannan, Jonathan D. Ostry, and Andrew K. Rose (2022), “The Macroeconomy after Tariffs,” World Bank Economic Review, vol. 36 (May), pp. 361–81. Return to text
    5. For a literature review on quantifying uncertainty, see Danilo Cascaldi-Garcia, Cisil Sarisoy, Juan M. Londono, Bo Sun, Deepa D. Datta, Thiago Ferreira, Olesya Grishchenko, Mohammad R. Jahan-Parvar, Francesca Loria, Sai Ma, Marius Rodriguez, Ilknur Zer, and John Rogers (2023), “What Is Certain about Uncertainty?” Journal of Economic Literature, vol. 61 (June), pp. 624–54. Return to text
    6. For more details on the economic policy uncertainty index, see Scott R. Baker, Nicholas Bloom, and Steven J. Davis (2016), “Measuring Economic Policy Uncertainty,” Quarterly Journal of Economics, vol. 131 (November), pp. 1593–1636. For more details on the trade policy uncertainty index, see Dario Caldara, Matteo Iacoviello, Patrick Molligo, Andrea Prestipino, and Andrea Raffo (2020), “The Economic Effects of Trade Policy Uncertainty,” Journal of Monetary Economics, vol. 109 (January), pp. 38–59. Return to text
    7. The April 2025 Beige Book is available on the Federal Reserve Board’s website at https://www.federalreserve.gov/monetarypolicy/beigebook202504-summary.htm. Return to text
    8. For studies documenting how uncertainty shocks may act as adverse aggregate demand shocks, see Sylvain Leduc and Zheng Liu (2016), “Uncertainty Shocks Are Aggregate Demand Shocks,” Journal of Monetary Economics, vol. 82 (September), pp. 20–35, as well as Susanto Basu and Brent Bundick (2017), “Uncertainty Shocks in a Model of Effective Demand,” Econometrica, vol. 85 (May), pp. 937–58. Return to text

    MIL OSI USA News

  • MIL-OSI Africa: Health Department welcomes Tiger Brands’ listeriosis class action settlement

    Source: South Africa News Agency

    The Department of Health welcomes the decision by Tiger Brands to settle the listeriosis class action. 

    The department, in a statement on Monday, said it believes this represents an important milestone to bring the lengthy legal matter to finality and closure to the affected families whose loved ones succumbed to the deadly, but preventable and treatable disease. 

    The action follows an outbreak of listeriosis in South Africa in 2017 which affected more than 820 people and claimed 218 lives. This was as a result of consuming contaminated processed food products, mainly polony and viennas, produced at the Tiger Brands facility in Polokwane and distributed from their Germiston facility. 

    “The department acknowledges the roles of all parties involved, including the National Institute of Communicable Diseases (NICD), Tiger Brands, Richard Spoor Inc, and LHL Attorneys, who put the sufferings of the victims and their families at the centre stage during a protracted legal process,” the statement read. 

    The company announced on Monday that the lead reinsurer, which is primarily responsible for defending the class action against Tiger Brands, had authorised the insurers’ attorneys to make settlement offers. 

    This decision was made with the support and agreement of Tiger Brands.

    The settlement offers will be directed to specific individuals who are members of the following classes of claimants who suffered damages due to listeriosis caused by the ST6 strain of Listeria monocytogenes (genotype L1-SL6-ST6-CT4148).

    Eligible claimants include individuals who contracted listeriosis caused by ST6 or whose mothers contracted the disease; dependents of legal breadwinners; and legal dependents in the care of individuals who contracted listeriosis caused by ST6.

    Meanwhile, the department said the NICD was providing the necessary medical records to enable decision-making in the process during the investigation of the listeriosis outbreak. 

    “The department is also appealing to those with enough evidence suggesting a causal link between the outbreak of listeriosis and the loss of their loved ones, to come forward so that their clinical records can be accessed for assessment to establish if indeed they have valid claims eligible for settlement, and to find lasting closure after grief.” 

    According to the department, listeriosis is a serious, but treatable and preventable disease caused by the bacterium Listeria monocytogenes. 

    The bacteria are widely distributed in nature and can be found in soil, water, and vegetation. 

    Animal products and fresh produce, such as fruits and vegetables, can be contaminated from these sources. 

    “The outbreak highlighted the importance of consistent and strict adherence to food safety practices in the processing and handling of ready-to-eat foods, especially for mass supply.” 

    In addition, food safety and hygiene practices remain crucial for public health, preventing foodborne illnesses, reducing food waste, and avoiding costly food recalls. 

    “Food safety in SA is managed intersectorally by the Department of Health, Department of Agriculture, and the Department of Trade, Industry and Competition (dtic). 

    “Local government is responsible for municipal health services, which include the enforcement of food safety legislation. The dtic looks after all aspects of fish and fishery products, while Agriculture manages meat safety and animal health.”

    Tiger Brands CEO, Tjaart Kruger, said today’s announcement represented an important milestone and followed shortly on measures already taken in February 2025 to offer interim relief in the form of advance payments to identified claimants with urgent medical needs.

    “It also demonstrates our commitment to continue to work closely with our insurers and their appointed attorneys to explore a resolution of the entire class action,” he said. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Global: What causes inequality in African countries? New book traces a vicious cycle

    Source: The Conversation – Africa – By Murray Leibbrandt, UCT Chair in Poverty and Inequality Research; Director of ARUA’s African Centre of Excellence for Inequality Resaearch with the Southern Africa Labour and Development Research Unit., University of Cape Town

    Inequality is a problem that exists in various forms in sub-Saharan Africa.

    Inequality is created by, among other factors, where you are born and live. Alongside this, income, assets, and access to education and healthcare differ among and between populations. These inequalities reinforce each other. The result is persistent poverty, lack of social mobility across generations, increased exposure to climate change, and a lack of inclusive economic growth.

    Our recently published book Inequalities in Sub-Saharan Africa: Multidimensional Perspectives and Future Challenges presents an overview of the current situation. It identifies the key dimensions, challenges and causes of inequalities in the region. The book also proposes some solutions for equitable and sustainable development. These include progressive taxation and policies that address inequalities at their roots.

    The impact of inequality

    Migration: On a global scale, the greatest determinant of individual incomes – and thus of inequalities between individuals – is place of birth. More than half of income’s variability is explained by the country of residence and by the given circumstances at birth. These include being born in a rural environment.

    In sub-Saharan Africa, especially in low-income countries, internal migration remains the most prevalent migration pattern. Migration is often the chosen route for people seeking to escape poverty. The rural exodus that characterises many countries in sub-Saharan Africa illustrates this well. Young people in Africa, faced with high unemployment rates, often see migration as the only opportunity for social mobility.

    The dynamics of international migration are more complex. Given the high costs involved, international migration concerns only 2.5% of the population in sub-Saharan Africa. This is mostly intra-continental.

    Labour market: Access to the labour market remains the main
    determinant of inequalities in sub-Saharan Africa.

    Labour markets in the region are characterised by high proportions of informal employment. Formal sectors are relatively small (about 15% of total employment on the continent). Since the turn of the century, countries like Kenya have seen their share of informal employment increase significantly (from 73% in 2001 to 83% in 2017). At the same time formal wage employment has declined.

    This amplifies inequality because the informal sector is characterised by a lack of protection and high vulnerability. But not all informal activities are precarious. Some serve as springboards into formal jobs.

    In the formal sector, wage inequality in Africa is among the highest in the world.
    In South Africa, workers in high-skilled jobs earn nearly five times more than those in low-skilled jobs.

    Young people entering the labour market have much higher unemployment rates and little chance of regular employment.

    Gender inequality: Many gender inequalities persist, particularly access to the labour market. Unpaid care work makes women’s work invisible. In many African countries, women and girls spend more time on unpaid care which limits their economic opportunities.

    These inequalities are reinforced by inequalities in access to resources. About 38% of African women report owning land, compared to 51% of African men.

    Climate change: Africa is suffering the most severe impacts – droughts, floods and food insecurity – while contributing less than 5% of global carbon emissions.

    Arid conditions affect 43.5% of agricultural land in sub-Saharan Africa compared to an estimated global average of 29%. Similarly, climate change mitigation costs, such as finding alternatives to hydroelectric power, are higher for low-income countries.

    In sub-Saharan Africa, the richest 10% emit seven times more tonnes of carbon dioxide than the poorest 50%. Disadvantaged groups are more vulnerable to adverse climate effects as their housing and wealth are more likely to be damaged by storms and floods.

    Skewed economic growth benefits: Economic growth has led to notably lower reductions in poverty in African countries than elsewhere. Unequal distribution of growth and its capture by those at the top of the income distribution ladder are evidence of non-inclusive economic growth. The richest 1% of Africans received 27% of the total revenue from growth on the continent.

    What needs to be done

    It is vital to give priority to promoting social and economic inclusion in the development strategies of African countries. Importantly, multidimensional inequalities such as income and health persist because they reinforce each other. Tackling them therefore requires coordinated and coherent policies.

    Murray Leibbrandt receives funding from the National Research Foundation of South Africa, the Agence Française de Développement, UK Research and Innovation, the World Institute for Development Economics Research and the International Inequalities Institute of the London School of Economics. He is affiliated with the United Nations University’s World Institute for Development Economics Research and the Jackson School of Global Affairs at Yale University.

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

    ref. What causes inequality in African countries? New book traces a vicious cycle – https://theconversation.com/what-causes-inequality-in-african-countries-new-book-traces-a-vicious-cycle-253376

    MIL OSI – Global Reports

  • MIL-OSI Africa: President Ramaphosa champions African-led growth at Africa CEO Forum

    Source: South Africa News Agency

    President Cyril Ramaphosa has reaffirmed South Africa’s commitment to the success of the G20 Presidency and the African Continental Free Trade Area (AfCFTA), while calling for deeper public-private collaboration across Africa to drive development and integration.

    Speaking during the Presidential Panel at the 2025 Africa CEO Forum in Abidjan, Côte d’Ivoire, President Ramaphosa addressed questions on South Africa’s role as the current chair of the G20, and whether US President Donald Trump had been convinced to attend the November 2025 G20 Summit, which South Africa will host. 

    “Well, there’s still a long time from now to November, and a number of discussions will be ensuing. The G20 process consists of 130 meetings the whole year, and we participate with a number of countries and the US also participates. Leading to that summit where we will, as South Africa, hand over to the United States, one would hope that it will all happen seamlessly and in an ordinary and well managed manner, so we will see how this whole process will end up,” the President said on Monday. 

    South Africa assumed the G20 Presidency in December 2024, the first time the leadership of the forum has rested on African shoulders. 

    “We are excited as South Africa and very privileged to be heading the G20 for the very first time on the African continent,” President Ramaphosa said.

    He welcomed the African Union’s inclusion as a permanent member of the G20 and said the continent’s voice would be amplified in shaping global economic and social priorities.

    “We are particularly pleased that our own continent as a whole, through the AU, is now a member and will be participating fully as we get the world to discuss our priorities and our theme, which is ‘Solidarity, Equality and Sustainability’. 

    “As we do all that, we expect that our key priorities will become top of mind in the discussions that are currently taking place leading up to the Leaders’ Summit, particularly in the conflict that’s been happening on our continent,” the President said. 

    The President also weighed in on regional peace and stability efforts, particularly in the eastern Democratic Republic of Congo (DRC). Commending African-led initiatives such as the Nairobi, Rwanda and AU peace processes, he said these efforts were “essential in building a foundation of peacemaking and also confidence-building”.

    “In the end, we must also remember the principle that we have adopted as Africa — ‘African solutions for African problems’. 

    “Whatever discussions are happening in the end have to be endorsed, signed off and owned and appropriated by us as Africans, because this is our continent. We are in charge of the future of this continent, and we must build peace ourselves, because we live on this continent.  

    “Therefore, we have a deep responsibility to ensure that peace does indeed prevail… [and]… it is inherently African. We must thank and applaud those who are assisting, because they are our partners, but we are the owners of the whole process ourselves, as Africans,” he said. 

    Making the most of the AfCFTA

    On the economic development front, President Ramaphosa placed significant emphasis on the AfCFTA as a transformative driver of intra-African trade and economic integration. 

    Responding to concerns that the AfCFTA is yet to meaningfully impact businesses on the ground, the President acknowledged the perception and responded with openness. He called on the private sector to fully embrace the AfCFTA, describing it as “an engine of growth” that provides access to a market of 1.4 billion people and a combined GDP of $3.4 trillion.

    “We would like the private sector to follow in tandem with the public sector, and to embrace the AfCFTA and also be active participants,” he said. 

    He urged investors to support infrastructure development to make trade meaningful, including roads, rail, ports and airlines.

    As part of this effort, President Ramaphosa said the public sector is working to “de-risk a number of these projects… and allow the private sector to participate”. 

    “Now what the public sector will do is to de-risk, particularly when it comes to infrastructure projects, and to de-risk a number of these projects through the sovereign financial systems that we have in each country and allow the private sector to participate. 

    “…We need to work together, and I’d like to see that… scepticism whittling down,” the President said. 

    G20

    Looking ahead to the G20 Summit, the President said Africa would use the platform to advocate for fair management of the continent’s resources.

    “This is precisely what we are going to be advocating for… when it comes to things like critical minerals. We want a critical minerals accord that will enable all of us to manage our critical minerals properly, and we can only do so when the public sector and the private sector move together and work together so your money is put to good use…” the President said. 

    When the facilitator pointed out the challenges of closed borders, expensive flights, and visa restrictions, the President replied: “…The African Continental Free Trade Area is going to be the pathfinder.

    “The issue of visas is currently being addressed. The pace might be slow, but it is happening, and it is going to happen. It’s going to open the floodgate for economic activity on our continent. Watch this space. It is going to happen,” the President said. 

    The Africa CEO Forum is the leading platform for CEOs of the largest continental and multinational companies, investors, Heads of State and Government, Ministers and representatives of financial institutions.

    This year’s forum takes place against a challenging global economic backdrop marked by rising protectionism, diminishing development aid, and mounting debt servicing costs for many African nations. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Africa: What causes inequality in African countries? New book traces a vicious cycle

    Source: The Conversation – Africa – By Murray Leibbrandt, UCT Chair in Poverty and Inequality Research; Director of ARUA’s African Centre of Excellence for Inequality Resaearch with the Southern Africa Labour and Development Research Unit., University of Cape Town

    Inequality is a problem that exists in various forms in sub-Saharan Africa.

    Inequality is created by, among other factors, where you are born and live. Alongside this, income, assets, and access to education and healthcare differ among and between populations. These inequalities reinforce each other. The result is persistent poverty, lack of social mobility across generations, increased exposure to climate change, and a lack of inclusive economic growth.

    Our recently published book Inequalities in Sub-Saharan Africa: Multidimensional Perspectives and Future Challenges presents an overview of the current situation. It identifies the key dimensions, challenges and causes of inequalities in the region. The book also proposes some solutions for equitable and sustainable development. These include progressive taxation and policies that address inequalities at their roots.

    The impact of inequality

    Migration: On a global scale, the greatest determinant of individual incomes – and thus of inequalities between individuals – is place of birth. More than half of income’s variability is explained by the country of residence and by the given circumstances at birth. These include being born in a rural environment.

    In sub-Saharan Africa, especially in low-income countries, internal migration remains the most prevalent migration pattern. Migration is often the chosen route for people seeking to escape poverty. The rural exodus that characterises many countries in sub-Saharan Africa illustrates this well. Young people in Africa, faced with high unemployment rates, often see migration as the only opportunity for social mobility.

    The dynamics of international migration are more complex. Given the high costs involved, international migration concerns only 2.5% of the population in sub-Saharan Africa. This is mostly intra-continental.

    Labour market: Access to the labour market remains the main determinant of inequalities in sub-Saharan Africa.

    Labour markets in the region are characterised by high proportions of informal employment. Formal sectors are relatively small (about 15% of total employment on the continent). Since the turn of the century, countries like Kenya have seen their share of informal employment increase significantly (from 73% in 2001 to 83% in 2017). At the same time formal wage employment has declined.

    This amplifies inequality because the informal sector is characterised by a lack of protection and high vulnerability. But not all informal activities are precarious. Some serve as springboards into formal jobs.

    In the formal sector, wage inequality in Africa is among the highest in the world. In South Africa, workers in high-skilled jobs earn nearly five times more than those in low-skilled jobs.

    Young people entering the labour market have much higher unemployment rates and little chance of regular employment.

    Gender inequality: Many gender inequalities persist, particularly access to the labour market. Unpaid care work makes women’s work invisible. In many African countries, women and girls spend more time on unpaid care which limits their economic opportunities.

    These inequalities are reinforced by inequalities in access to resources. About 38% of African women report owning land, compared to 51% of African men.

    Climate change: Africa is suffering the most severe impacts – droughts, floods and food insecurity – while contributing less than 5% of global carbon emissions.

    Arid conditions affect 43.5% of agricultural land in sub-Saharan Africa compared to an estimated global average of 29%. Similarly, climate change mitigation costs, such as finding alternatives to hydroelectric power, are higher for low-income countries.

    In sub-Saharan Africa, the richest 10% emit seven times more tonnes of carbon dioxide than the poorest 50%. Disadvantaged groups are more vulnerable to adverse climate effects as their housing and wealth are more likely to be damaged by storms and floods.

    Skewed economic growth benefits: Economic growth has led to notably lower reductions in poverty in African countries than elsewhere. Unequal distribution of growth and its capture by those at the top of the income distribution ladder are evidence of non-inclusive economic growth. The richest 1% of Africans received 27% of the total revenue from growth on the continent.

    What needs to be done

    It is vital to give priority to promoting social and economic inclusion in the development strategies of African countries. Importantly, multidimensional inequalities such as income and health persist because they reinforce each other. Tackling them therefore requires coordinated and coherent policies.

    – What causes inequality in African countries? New book traces a vicious cycle
    – https://theconversation.com/what-causes-inequality-in-african-countries-new-book-traces-a-vicious-cycle-253376

    MIL OSI Africa

  • MIL-OSI Asia-Pac: Maritime Trade Summit set for Nov

    Source: Hong Kong Information Services

    Secretary for Transport & Logistics Mable Chan met International Chamber of Shipping (ICS) Secretary General Guy Platten and his soon-to-be successor Thomas Kazakos today to go over plans for the second Global Maritime Trade Summit, which will be co-hosted by the Hong Kong Special Administrative Region Government and the ICS during Hong Kong Maritime Week in November.

    Ms Chan said: “We hope that our co-hosting of the upcoming summit with the ICS will reinforce our shared vision of a connected, efficient, and resilient maritime ecosystem for the common interest of the global maritime community.

    “The Transport & Logistics Bureau will spare no effort to leverage on Hong Kong’s status as an international maritime centre to ensure the event’s success.”

    The Transport & Logistics Bureau outlined that it will work closely with the ICS in the coming months to bring the summit to fruition.

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: Integration processes in international trade and logistics discussed at conference in HSE

    Translation. Region: Russian Federal

    Source: State University Higher School of Economics – State University Higher School of Economics –

    © Higher School of Economics

    In the context of decoupling, Russia has become a center of attraction for Eurasian integration processes and can play a unifying role in the new multipolar world. This was discussed by participants and guests of the International Scientific and Practical Conference “Dimensions of Eurasian Integration: Transport and Logistics, Energy and Food Security”, which was held Institute of State and Municipal Administration (IGMU) HSE University.

    The conference was attended by leaders of the domestic corporate sector, Russian and foreign industry experts and representatives of the diplomatic corps of friendly countries of the Arab East. Among the participating organizations were Russian Railways and Russian Railways Logistics, Russian Agricultural Bank, Renaissance Insurance, RusHydro and the Resource Group of Agricultural Enterprises, Sber and the Ministry of Tourism and Cultural Heritage of the Sultanate of Oman, the Chamber of Commerce and Industry of Russia and the Eurasian Economic Commission, and the International Research Institute for Management Problems.

    Director of the Irkutsk State Medical University of the National Research University Higher School of Economics Andrey Zhulin noted that it is now important to listen to and hear professionals in the field of public administration and public-private partnership. “This will allow us to analyze successful practices in the field of integration processes during a period of fundamental changes in international trade and logistics,” he emphasized.

    It is important that the conference is taking place at the Higher School of Economics. Over the past 30 years, it is the HSE, according to the director of the Irkutsk State Medical University, that has proven its importance for the national economy and has become a kind of assembly point for integration and management meanings.

    Russia is attracting the attention of politicians and market players with increasing intensity, noted in turn the director of the Center for Interdisciplinary Studies of the Irkutsk State Medical University of the National Research University Higher School of Economics, member of the Russian-Omani Business Council under the Chamber of Commerce and Industry of the Russian Federation (CCI) Marat Zembatov. “Our country is called upon to play a unique unifying role – both as the center of gravity of Eurasia, and as a state-civilization with its own special economic and cultural structure, and as the center of the transport and logistics framework of the Eurasian economic space in the broad sense,” the expert said.

    He recalled that earlier in Moscow, Russian President Vladimir Putin met with the Emir of Qatar Sheikh Tamim bin Hamad Al-Thani and Iranian Foreign Minister Abbas Araghchi. In the coming days, the Free Trade Agreement between the Eurasian Economic Union and Iran will come into force, and the Treaty on Comprehensive Strategic Partnership between Russia and this country has already been ratified. It is Moscow that is becoming the center of attraction for integration processes and the center for the formation of new integration meanings.

    During the expert discussion, Ambassador Extraordinary and Plenipotentiary of the Republic of Yemen Ahmed Salem Al-Waheishi congratulated those gathered on the upcoming anniversary – the 80th anniversary of Victory in the Great Patriotic War and noted the invariably creative role of Russia in strengthening stability and ensuring food security in the Global South and Global East.

    The use of modern transport, logistics and digital technologies to ensure the growth of foreign trade, including in the direction of the Arab East, North and East Africa, according to the ambassador, have become key factors in the successful implementation of Russia’s unifying role in organizing the use of international transport corridors.

    Counselor of the Embassy of the Kingdom of Bahrain in the Russian Federation Salum Hossam Eddin, who delivered a welcoming speech on behalf of Ambassador Ahmed Abdulrahman Al-Saati, stated that friendly relations between Russia and the countries of the Arab East will receive an additional boost this year: already in June, at the St. Petersburg International Economic Forum, the Kingdom of Bahrain will be presented to participants as an honorary guest country.

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

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: STL welcomes collaboration with International Chamber of Shipping to co-host second Global Maritime Trade Summit in Hong Kong

    Source: Hong Kong Government special administrative region

    STL welcomes collaboration with International Chamber of Shipping to co-host second Global Maritime Trade Summit in Hong Kong 
    “The HKSAR Government treasures our close partnership with the ICS and the global maritime industry. Being a staunch advocate of free trade with zero tariffs and a level-playing field for businesses, we hope that our co-hosting of the upcoming Summit with the ICS will reinforce our shared vision of a connected, efficient, and resilient maritime ecosystem for the common interest of the global maritime community. The Transport and Logistics Bureau will spare no effort to leverage on Hong Kong’s status as an international maritime centre to ensure the event’s success,” said Ms Chan.
     
    “Geopolitical tensions are on the rise and fragmentation is disrupting global trade patterns. This creates significant challenges for our sector and for economies. The ability to hold this forum again in Hong Kong, one of the world’s key trade hubs, with both industry leaders and policymakers, creates an ideal opportunity to develop a clearer understanding of the benefits and opportunities of global trade. We look forward to working with the HKSAR Government in making this second Summit a valuable addition to advance global understanding,” said Mr Platten.
     
    The inaugural Summit held in the Hong Kong Maritime Week in November 2024 was attended by ministers of foreign governments, leaders of international organisations and industry luminaries from around the world. The two-day Summit set a high benchmark for fostering international dialogue on critical issues facing global trade and shipping and exploring innovative solution to address pressing challenges facing the industry. The Transport and Logistics Bureau will work closely with the ICS in the coming months to bring the second Summit into fruition. Further details will be announced in due course.
    Issued at HKT 21:14

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI: Paytronix Upgrades In-App Navigation for Guests with Interstitials, Deep Linking Messages

    Source: GlobeNewswire (MIL-OSI)

    NEWTON, Mass., May 12, 2025 (GLOBE NEWSWIRE) — Paytronix, the leader in guest engagement for restaurants and convenience stores, today announced the launch of two new features to its branded mobile app: interstitial messages and deep linking push and pull messages. The new features will enable hospitality and convenience brands of all sizes to respond to guests’ preference for digital engagement and mobile app use with more sophisticated messages as well as a more streamlined user journey for push/pull message promotions.

    “Brands are increasingly turning to mobile apps as an effective channel for both messaging and advertising. Conversely, guests prefer to share information via digital engagement. Interstitial ads allow them to light up this channel with full-screen images, text and video content that really drive campaign results,” said Alison Evers, mobile products manager, Paytronix, an Access Group Company. “Deep linking takes the benefits of interstitials even further by allowing brands to directly take customers anywhere within their app. Each second with a guest counts; these updates aim to make it easier for brands to drive customer actions.“

    Campaign Based Interstitials
    Interstitials add a key communication option beyond push and pull messages to reach mobile app users and drive engagement and revenue. Through in-app pop ups, interstitials ensure high visibility on key campaigns and meet guest preferences for digital engagement. Increased in-app activity will be realized through easy navigation and guest communications for menu, deals and incentives.

    Deep Linking Push & Pull Messages
    In the past, brands could direct guests to the dashboard of their app with push messages or link to surveys in the app with pull messages. Now, with deep linking, brands can provide access to specific spots within their apps and ensure their guests are seeing and able to easily access information. Whether it’s promoting a new seasonal menu item, directing traffic to redeem rewards or promoting in-app e-gift purchases, deep linking empowers brands to:

    • Increase mobile ordering through fast and easy navigation to menu, deals and incentives;
    • Drive in-app engagement by directing their guests exactly where they need to go to find information;
    • Eliminate guess work on the guest side and improve their experience by maximizing impact communications.

    Learn more about the Paytronix mobile app.

    About Paytronix
    Paytronix, an Access Group company, is a cloud-based digital guest engagement platform for the hospitality industry. Our innovative, unified platform provides loyalty programs, online ordering, gift cards, branded mobile applications, and strategic insights to more than 1,800 leading restaurant and convenience store brands. Our valued clients leverage the power of Paytronix across 50,000 sites globally to create seamless, personalized, and brand-authentic experiences that foster lasting relationships with their customers. For more than 20 years, Paytronix has been a trusted partner helping brands maximize the lifetime value of their guests and grow more profitable businesses. For more information, visit www.paytronix.com.

    Media Contact:
    Calen McGee
    Paytronix Systems, Inc.
    Calen.McGee@theaccessgroup.com

    The MIL Network

  • MIL-OSI China: Nurturing overall cooperation between China, Latin America

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

    An aerial drone photo taken on March 12, 2024 shows the BYD battery factory in Manaus, capital of Amazonas state, Brazil. [Xinhua]

    Invoked by the 18th-century English writer Samuel Johnson, the phrase “From China to Peru” once conjured images of distant lands bound only by imagination. Today, it sketches a far more concrete arc — marked by shipping lanes, megaports and logistics corridors — linking China and Latin America across the Pacific.

    This transformation has gathered pace over the past decade, thanks in large part to the China-CELAC (Community of Latin American and Caribbean States) Forum, a cooperative mechanism launched under the aegis of Chinese President Xi Jinping. What Xi once described as “a young seedling” has since taken firm root.

    Ten years on, this mechanism has matured into a key platform for South-South collaboration that has drawn China and Latin America and the Caribbean (LAC) into a closer partnership across political, economic, cultural and other domains.

    The forum’s fourth ministerial meeting is set to take place on Tuesday in Beijing. Xi will address its opening ceremony and unveil new initiatives and measures to promote closer ties.

    Qiu Xiaoqi, the Chinese government’s special representative for Latin American affairs, said the upcoming meeting is expected to deliver a message of peace, development and cooperation amid global turbulence, charting a new chapter in China-LAC relations.

    TOP-LEVEL DESIGN

    China and countries in Latin America and the Caribbean are fellow developing nations that hold common political aspirations, face similar development tasks, and can benefit from complementary economic strengths.

    Spanning one-fifth of the world’s land area and accounting for a quarter of the global population and economy, China and the LAC combined represent one of the most dynamic and promising regions on the planet.

    “Our shared aspiration for independence, development and rejuvenation has brought us closer together,” Xi said.

    Since the turn of the century, ties between the two sides have grown rapidly. Both sides realized they needed something more than the traditional one-on-one tango — a broader framework for cooperation.

    During the CELAC summit in Cuba in early 2014, Latin American and Caribbean leaders expressed support for such a framework. Xi welcomed the move, saying that “the time is ripe.”

    In July 2014, Xi flew half the globe for his second visit to the region as head of state. He was heading for a BRICS summit in Brazil, state visits to some countries in the region, and a historic moment — the first meeting between leaders of China and Latin America and the Caribbean.

    In the Brazilian capital Brasilia, the leaders announced the establishment of the China-CELAC Forum, an institutional framework to advance the vision of building a China-LAC community with a shared future.

    At the meeting, Xi laid out the guiding principles for this comprehensive cooperative partnership — equality, mutual benefit and common development. Backing his proposal was a roadmap driven by trade, investment and finance.

    Six months later, the inaugural ministerial meeting of the forum was held in Beijing, turning the vision of an overall cooperation platform covering China and all 33 countries in Latin America and the Caribbean into reality.

    Observers said this marked a new phase of China-LAC ties, where China’s cooperation with the region as a whole complements and strengthens its bilateral relations with individual regional countries.

    Xi proposed principles for the forum’s growth — equal partnership, shared wins, flexibility and pragmatism, and openness and inclusivity.

    Comparing it to a seedling just breaking through the soil, he said that “the forum needs the dedication and cultivation of both sides for it to grow bigger and stronger.”

    In the decade that has followed, Xi has provided consistent support to nurture this forum. At each of the three previous ministerial meetings, he offered clear guidance that helped shape the forum’s development at key moments in its evolution.

    Under the guidance of Xi and his Latin American and Caribbean counterparts, the forum now hosts a constellation of institutional interactions such as ministerial meetings, dialogues among foreign ministers, coordinators’ meetings, and a growing number of specialized sub-forums ranging from digital technology to poverty reduction.

    Chai Yu, director of the Institute of Latin American Studies at the Chinese Academy of Social Sciences, said Xi has led by example in advancing the forum’s development, which is key to deepening political trust and building consensus on cooperation.

    COMMON DEVELOPMENT

    Chancay, a modest city on the Peruvian coast, has been transformed into a megaport equipped with towering cranes and unmanned trucks.

    Last November, Xi and his Peruvian counterpart Dina Boluarte inaugurated the port via video link from the capital Lima, marking the launch of South America’s first smart port.

    Built in just three years through Chinese-Peruvian collaboration, the port shortens the shipping time across the Pacific by nearly one-third, reduces logistics costs by 20 percent, and is expected to create over 8,000 direct jobs.

    Boluarte lauded the project as a bold stride toward “deeper integration and shared prosperity with China” and “a gateway opening Latin America to the vibrant promise of the Asia-Pacific.”

    Chancay’s story is the latest episode in the booming cooperation under the China-CELAC Forum. Across the region, more than 200 Chinese infrastructure projects have been launched — generating over 1 million jobs.

    In Brazil, an ultra-high-voltage transmission project has overcome challenges in delivering clean hydropower over vast distances from the Amazon. In Jamaica, a Chinese-built highway has cut cross-island travel time by more than half, while in Bolivia, satellite collaboration has enabled free television access for half a million households.

    Visitors learn about coffee beans at the booth of Honduras at the 6th China International Import Expo (CIIE) in east China’s Shanghai, Nov. 6, 2023. [Xinhua]

    Numbers tell a compelling story. Trade between China and the region reached 518.4 billion U.S. dollars in 2024, doubling the figure recorded a decade ago. By 2023, Chinese investment in the region had exceeded 600 billion dollars. These figures have exceeded the goals announced by Xi when he and Latin American and Caribbean leaders met in 2014 to plan for closer cooperation.

    As the second-largest trading partner of Latin America and the Caribbean, China now has more free trade agreements in the region than anywhere outside Asia.

    One such deal with Chile has turned premium cherries into a symbol of thriving cross-Pacific commerce. In 2024, Chile’s cherry exports surged 51.4 percent to 3.57 billion dollars — with over 90 percent going to China.

    “The Chinese market has created a positive ripple effect in Chile, generating jobs across the supply chain, from harvesting to packaging,” said Hernan Garces Gazmuri, a Chilean cherry producer who moved his family to Shanghai for greater business opportunities.

    As Pavel Aleman, a Cuban scholar from the University of Havana, pointed out, China-LAC cooperation is mutually beneficial in essence, with China’s economic vitality fueling Latin America’s development, while the region plays a vital role in supporting China’s continued growth.

    “Deeper cooperation between the two sides can help offset the impact of tariff barriers and effectively counter global risks,” he said.

    Xi’s signature Belt and Road Initiative (BRI) has brought China into closer partnership with countries across the vast Pacific. To date, more than 20 countries in the region have joined the Belt and Road cooperation framework, and 10 countries have signed cooperation plans with China under the initiative.

    Xi once described Latin America as a natural extension of the 21st Century Maritime Silk Road — an essential pillar of the BRI. He emphasized China’s commitment to strengthening cooperation with the region, aligning development strategies and promoting shared growth.

    “As we roll out the blueprint for the BRI, we strive to forge a route of cooperation across the Pacific, in order to draw closer the two lands of abundance of China and Latin America and the Caribbean,” Xi said in his congratulatory message to the second ministerial meeting of the China-CELAC Forum.

    Beyond trade and investment, collaboration between China and this region has also deepened in the fields of science, technology and environmental protection. China has supported joint Earth-resource satellite programs with Brazil, contributing to efforts aimed at curbing deforestation and preserving biodiversity in the Amazon.

    Xi said China and Latin America and the Caribbean should promote joint development to contribute to strong, sustainable, balanced and inclusive growth of the global economy.

    HEART-TO-HEART CONNECTIONS

    Xi has long believed that strong state-to-state relations are built on people-to-people connections. Over his six trips to the region as head of state, he made a point of engaging with everyday people despite tight schedules.

    In Costa Rica, Xi visited the home of a coffee grower who showed him around his house and plantation. Over a cup of coffee, Xi chatted with the family and shared that he, too, had rural beginnings — having spent years working the land in his youth.

    A girl learns Chinese calligraphy at the 4th edition of the Chinese New Year cultural festival at the National Arts Center in Mexico City, capital of Mexico, Jan. 25, 2025. [Xinhua]

    His engagement has ignited vibrant people-to-people exchanges, with cultural festivals, youth projects and journalist initiatives flourishing under the China-CELAC Forum.

    To date, China has provided the region with 17,000 government scholarships and 13,000 training opportunities. It has signed 26 educational cooperation agreements or memoranda of understanding with 19 countries and established 68 Confucius Institutes or Confucius Classrooms in the region.

    Connections between China and the region have also been strengthened through practical measures — such as the launch of new direct air routes and the inclusion of more Latin American countries in China’s 240-hour visa-free transit program.

    As many countries in the region now officially celebrate the Chinese New Year, a growing number of Chinese travelers have headed to Latin America in recent years — some for business, others as tourists drawn by the region’s stunning landscapes and rich cultural diversity.

    These efforts have brought China and the region closer than ever, said Qiu, the Chinese government’s special representative for Latin American affairs.

    Both China and Latin America are home to ancient histories and flourishing civilizations. For Xi, civilizations grow richer and more colorful through exchanges and mutual learning.

    In 2013, at Mexico’s Chichen Itza, Xi explored ancient Maya ruins with archaeologist Jose Huchim Herrera. Amid stepped pyramids and temples, he inquired about the features of the ruins, such as the meaning of carved reliefs.

    His questions revealed a deep curiosity about the host civilization, said Huchim Herrera.

    In a signed article published last November ahead of his visit to Peru, Xi highlighted a cultural connection by pointing out the resemblance between the Incan gold masks unearthed in Peru and those discovered at the Sanxingdui archaeological site in southwest China’s Sichuan Province.

    That same month, a joint exhibition in the ancient city of Cusco showcased dazzling gold artifacts, bronze statues, jade treasures and wooden relics from Sichuan’s Sanxingdui and Jinsha sites, captivating nearly 10,000 Peruvian visitors.

    Daniel Grimaldi, executive director of the think tank Chile 21, praised exchanges between Chinese and Latin American civilizations for opening new channels of communication. Such interactions, he said, strengthen ties through mutual respect and open dialogue, while supporting both sides on their shared journey toward modernization.

    As Xi has said, in a globalization and information age, the Pacific is no barrier but rather a bond and a bridge. 

    MIL OSI China News

  • MIL-OSI: Orbit International Corp. Reports 2025 First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 Net Loss of $2,152,000 ($0.65 loss per share) v. Net Loss of $751,000 ($0.22 loss per share) in Prior Year Comparable Period

    First Quarter 2025 EBITDA, as adjusted, was a loss of $1,949,000 ($0.59 loss per share) v. loss of $551,000 ($0.16 loss per share) in Prior Year Comparable Period

    Backlog at March 31, 2025 was $13.3 million compared to $12.0 million at December 31, 2024

    HAUPPAUGE, N.Y., May 12, 2025 (GLOBE NEWSWIRE) — Orbit International Corp. (OTC PINK:ORBT) today announced results for the first quarter ended March 31, 2025.

    First Quarter 2025 vs. First Quarter 2024

    • Net sales were $4,726,000, as compared to $6,175,000.
    • Gross margin was 12.4%, as compared to 30.8%.
    • Net loss was $2,152,000 ($0.65 loss per share), as compared to a net loss of $751,000 ($0.22 loss per share).
    • Earnings before interest, taxes, depreciation and amortization, fair value adjustment on contingent liabilities and other non-current liability, and stock-based compensation (EBITDA, as adjusted) was a loss of $1,949,000 ($0.59 loss per share), as compared to a loss of $551,000 ($0.16 loss per share).
    • Backlog at March 31, 2025 was $13.3 million compared to $12.0 million at December 31, 2024.

    Mitchell Binder, President and CEO of Orbit International commented, “The first quarter for 2025 was a very challenging quarter for our Company. Our net loss for the three months ended March 31, 2025, was $2,152,000 ($0.65 loss per share) compared to a net loss of $751,000 ($0.22 loss per share) for the prior comparable period. EBITDA, as adjusted, for the three months ended March 31, 2025, was a loss of $1,949,000 ($0.59 loss per share) compared to a loss of $551,000 ($0.16 loss per share) in the prior comparable period. Our current first quarter operating results were negatively affected by significantly lower sales incurred by our Orbit Electronics Group (“OEG”) inclusive of our Simulator Product Solutions LLC (“SPS”) subsidiary. In particular, we incurred an operating loss at our Orbit Instrument division due to a gap in our delivery schedules. Our Orbit Instrument division has historically been our best performing operating unit with strong operating leverage. However, it was adversely affected by contract delays in the second half of 2024 and a temporary pause in certain production contracts as our engineering team worked with our customers for next generation enhancements. The Orbit Power Group (“OPG”), which makes up the remainder of our legacy business, recorded operating income that was relatively flat for the first quarter.

    Binder added, “Operating results for SPS were adversely impacted by lower sales during the quarter as a consequence of reduced bookings in the second half of 2024 due to contract delays that were eventually awarded in 2025. Bookings were also negatively affected by ongoing opportunities that have not yet finalized in 2025 and certain lost opportunities, primarily due to lack of funding or our customer losing awards to competitors. Bookings for SPS in 2025 have since improved from the second half of 2024. In addition, aside from certain costs mentioned above, general and administrative costs at SPS, in general, have stabilized. We had incurred significant infrastructure costs in 2023 and 2024 in order to support SPS’ sales increase since the Company’s acquisition of the SPS business in 2022. At the time of the SPS acquisition, we anticipated the need to invest in infrastructure and internal controls in order to bring SPS up to the standards of a public company. We believe that our cost structure at SPS is now aligned to support our growth.”

    Binder noted, “Operating results for SPS were also burdened by more than $200,000 ($0.06 loss per share) of expenses incurred by SPS for fees paid to an outside engineering firm in order to modify legacy drawings, along with bill of material part identification, that was developed prior to the acquisition, as well as legal fees incurred in connection with the litigation associated with the termination of the former President of SPS.”

    Mr. Binder added, “Our sales for the three months ended March 31, 2025, decreased significantly to $4,726,000 compared to $6,175,000 from the prior comparable period. This decrease in sales was primarily attributable to lower sales at our OEG and despite higher sales at our OPG. As previously mentioned, the lower sales at our OEG were attributable to lower bookings in the second half of 2024 due primarily to contract delays which is an inherent risk in contracting with the U.S. government and its prime contractors.”

    Mr. Binder further added, “Our gross margin for the three months ended March 31, 2025, decreased to 12.4% compared to 30.8% in the prior year comparable period. The decrease in gross margin during the three months ended March 31, 2025, was attributable to a significantly lower gross margin at our OEG due to decreased sales resulting in a higher percentage attributable to overhead and other fixed costs; and a slightly lower OPG gross margin due to product mix and despite slightly higher sales.”

    Mr. Binder added, “For the three months ended March 31, 2025, selling, general and administrative expenses were $2,717,000, compared to $2,643,000, an increase of $74,000, primarily due to higher expenses from SPS and slightly higher corporate expenses. The increase in selling, general and administrative expenses at SPS increased principally due to more than $200,000 of expenses incurred for (i) an outside engineering firm engaged to modify legacy drawings as well as bill of material part identification that was developed prior to the acquisition and (ii) legal fees incurred in connection with the litigation associated with the termination of the former President of SPS. The engineering firm was needed in order to conform drawing documentation to the actual manufacturing procedures to build the product as well as to comply with inventory internal controls. This was in addition to over $200,000 in engineering fees that were incurred in the fourth quarter of 2024. The increase in corporate expenses was primarily due to (i) all audit fees for our 2024 audit being billed in the first quarter of 2025 whereas prior years audit fees were distributed during all the quarters and (2) slightly increased payroll costs. Selling, general and administrative expenses at our OEG (exclusive of SPS), and our OPG did not materially change. We expect that the outside engineering fees at SPS will decrease significantly, beginning the second quarter of 2025 and corporate expenses should also decrease beginning the second quarter due to the absence of any audit fees for the remainder of the year.”

    Mr. Binder continued, “Backlog at March 31, 2025, was approximately $13,300,000 compared to approximately $12,000,000 at December 31, 2024, an increase of approximately 10.8%. This increase in backlog is reflective of a general increase in bookings from our OEG, inclusive of SPS and despite a decrease in bookings from our OPG during the quarter. In 2024, for our OPG, bookings for our VPX power supplies increased by 91.5% over the prior comparable period and represented the highest amount of VPX bookings in any previous calendar year. We are hopeful that the momentum of continued bookings for our VPX power supplies will continue in 2025. Bookings for our OEG, inclusive of SPS, improved in the first quarter of 2025 and are expected to continue to improve, as many anticipated follow-on awards expected in the second half of 2024 were delayed, resulting in a poor second half of bookings for the segment. Some of these orders were received in the first quarter of 2025 and are now expected to continue to be received in the first half of 2025. Contract delays are an inherent part of doing business with the U.S. Government.”

    David Goldman, Chief Financial Officer, noted, “At March 31, 2025, our cash and cash equivalents aggregated approximately $0.7 million and our financial condition continued to remain solid as evidenced by our 2.5 to 1 current ratio. We have access to a $4,000,000 line of credit (“LOC”) with our bank and have borrowed $900,000 under the LOC as of March 31, 2025. Our book value per share at March 31, 2025 was $4.69, which compares to $5.34 at December 31, 2024 and $5.54 at December 31, 2023. (Note: book value per share does not include any additional value for our partially reserved deferred tax asset.) To offset future federal and state taxes resulting from profits, we have approximately $2.4 million and $0.4 million in available federal and New York State net operating loss carryforwards, respectively.”

    Mr. Binder added, “Because our revenues are tied to delivery schedules specified in our contracts, it is often difficult to judge our performance on a quarterly basis. Our operating results for the three months ended March 31, 2025 resulted from weak bookings in the second half of 2024 that emanated from contract delays that led to a significant gap in first quarter delivery schedules. Some of these contracts were awarded in the first quarter and some represent ongoing opportunities that we have not yet finalized with our customer. We reported at year end that these contract delays would adversely affect our operating performance in the first half of 2025. Although, we expect an improvement in the second quarter operating results, we expect the results to still be somewhat affected by the 2024 contract delays. Because of the improved bookings in the first quarter and our expectation of improved bookings throughout our operating units and barring unforeseen delays, we expect these awards to fill in our delivery schedules and lead to an improvement to operating results in the second half of 2025.”

    Mr. Binder concluded, “We continue to evaluate the impact of tariff announcements and are evaluating their impact on the cost of our products and, in particular, our VPX power supplies, which recorded significant sales growth in 2024 and is expected to be the driver of the growth of our OPG in the future. We are addressing the tariffs in a number of ways, including a pass through to our customers, adjusting our pricing, negotiating with our vendors or seeking out alternative sources. We’ve been proactive in moving certain of our foreign vendors to countries that are not expected to be materially affected by tariffs.”

    Orbit International Corp., through its Electronics Group, is involved in the development and manufacture of custom electronic device and subsystem solutions for military, industrial and commercial applications through its production facilities in Hauppauge, New York and Carson, CA. Orbit’s Power Group, also located in Hauppauge, NY, designs and manufactures a wide array of power products including AC power supplies, frequency converters, inverters, VME/VPX power supplies as well as various COTS power sources.

    Certain matters discussed in this news release and oral statements made from time to time by representatives of the Company including, statements regarding our expectations of Orbit’s operating plans, deliveries under contracts and strategies generally; statements regarding our expectations of the performance of our business; expectations regarding costs and revenues, future operating results, additional orders, future business opportunities and continued growth, may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Federal securities laws. Although Orbit believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that its expectations will be achieved.

    Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected. Many of these factors are beyond Orbit International’s ability to control or predict. Important factors that may cause actual results to differ materially and that could impact Orbit International and the statements contained in this news release can be found in Orbit’s reports posted with the OTC Disclosure and News service. For forward-looking statements in this news release, Orbit claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Orbit assumes no obligation to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise.

    CONTACT   
    David Goldman 
    Chief Financial Officer 
    631-435-8300 

    (See Accompanying Tables)

     
    Orbit International Corp.
    Consolidated Statements of Operations
    (in thousands, except per share data)
    (unaudited)
     
        Three Months Ended
    March 31,
    (unaudited)
          2025       2024  
             
    Net sales   $ 4,726     $ 6,175  
             
    Cost of sales     4,138       4,275  
             
    Gross profit     588       1,900  
             
    Selling general and administrative expenses     2,717       2,643  
             
    Interest expense     19       5  
             
    Other (income) expense, net     (7 )     (14 )
             
    Loss before income taxes     (2,141 )     (734 )
             
    Income tax provision     11       17  
             
    Net loss   $ (2,152 )   $ ( 751 )
             
             
    Basic loss per share   $ (0.65 )   $ (0.22 )
             
    Diluted loss per share   $ (0.65 )   $ (0.22 )
             
    Weighted average number of shares outstanding:        
    Basic     3,327       3,343  
    Diluted     3,327       3,343  
             
     
    Orbit International Corp.
    Consolidated Statements of Operations
    (in thousands, except per share data)
    (unaudited)
     
     
        Three Months Ended
    March 31,
          2025       2024  
             
    EBITDA (as adjusted) Reconciliation        
    Net loss   $ (2,152 )   $ (751 )
    Income tax expense     11       17  
    Depreciation and amortization     170       165  
    Interest expense     19       5  
    Fair value adj-contingent liabilities & other non-current liability    

         

    10

     
    Stock-based compensation     3       3  
    EBITDA (as adjusted) (1)   $ (1,949 )   $ (551 )
             
    EBITDA (as adjusted) Per Diluted Share Reconciliation        
    Net loss   $ ( 0.65 )   $ (0.22 )
    Income tax expense     0.00       0.01  
    Depreciation and amortization     0.05       0.05  
    Interest expense     0.01       0.00  
    Fair value adj-contingent liabilities & other non-current liability    

    0.00

         

    0.00

     
    Stock-based compensation     0.00       0.00  
    EBITDA (as adjusted) per diluted share (1)   $ (0.59 )   $ (0.16 )

    (1) The EBITDA (as adjusted) tables presented are not determined in accordance with accounting principles generally accepted in the United States of America. Management uses EBITDA (as adjusted) to evaluate the operating performance of its business. It is also used, at times, by some investors, securities analysts and others to evaluate companies and make informed business decisions. EBITDA (as adjusted) is also a useful indicator of the income generated to service debt. EBITDA (as adjusted) is not a complete measure of an entity’s profitability because it does not include costs and expenses for interest, depreciation and amortization, income taxes, fair value adj.-contingent liabilities and other non-current liability and stock-based compensation. EBITDA (as adjusted) as presented herein may not be comparable to similarly named measures reported by other companies.

        Three Months Ended
    March 31,
    Reconciliation of EBITDA, as adjusted,
    to cash flows provided by (used in) operating activities (1)
       

                  2025

         

    2024

     
                     
    EBITDA (as adjusted)   $ (1,949 )   $ (551 )
    Income tax expense     (11 )     (17 )
    Interest expense     (19 )     (5 )
    Fair value adj-contingent liabilities and other non-current liability           (10 )
    Stock-based compensation     7       7  
    Net change in operating assets and liabilities     1,353       1,230  
    Cash flows (used in) provided by operating activities   $ ( 619 )   $ 654  
     
    Orbit International Corp.
    Consolidated Balance Sheets
     
      March 31, 2025
    (unaudited)
      December 31, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 696,000     $ 1,355,000  
    Accounts receivable, less allowance for credit losses   2,152,000       3,935,000  
    Inventories   9,068,000       8,884,000  
    Contract assets   1,029,000       643,000  
    Other current assets   376,000       428,000  
           
    Total current assets   13,321,000       15,245,000  
           
    Property and equipment, net   1,147,000       1,192,000  
    Right of use assets, operating leases   2,122,000       2,297,000  
    Right of use assets, financing leases   67,000       77,000  
    Goodwill   3,515,000       3,515,000  
    Intangible assets, net
    Deferred tax asset
      2,262,000
    100,000
          2,322,000
    100,000
     
    Other assets   52,000       53,000  
           
    Total assets $ 22,586,000     $ 24,801,000  
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable $ 1,000,000     $ 878,000  
    Accrued expenses   975,000       990,000  
    Notes payable   86,000       99,000  
    Lease liabilities, operating leases   716,000       717,000  
    Lease liabilities, financing leases   39,000       38,000  
    Contingent liability   1,362,000       1,362,000  
    Line of credit   900,000       850,000  
    Customer advances   282,000       296,000  
           
    Total current liabilities   5,360,000       5,230,000  
           
    Notes payable, net of current portion   69,000       83,000  
    Lease liabilities, operating leases   1,498,000       1,678,000  
    Lease liabilities, financing leases   31,000       41,000  
           
    Total liabilities   6,958,000       7,032,000  
           
    Stockholders’ Equity      
    Common stock   352,000       351,000  
    Additional paid-in capital   17,181,000       17,171,000  
    Treasury stock   (1,224,000 )     (1,224,000  
    Retained earnings (accumulated deficit)   (681,000 )     1,471,000  
           
    Stockholders’ equity   15,628,000       17,769,000  
           
    Total liabilities and stockholders’ equity $ 22,586,000     $ 24,801,000  

    The MIL Network

  • MIL-OSI Economics: Antitrust scrutiny will only increase as Big Tech caught in escalating trade war, says GlobalData

    Source: GlobalData

    Antitrust scrutiny will only increase as Big Tech caught in escalating trade war, says GlobalData

    Posted in Strategic Intelligence

    The consensus around the need to regulate digital monopolies has never been stronger on both sides of the Atlantic. Under the second Trump administration, transatlantic tensions over digital regulation, including antitrust, will heighten, as Big Tech is caught in an intensifying trade war, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest Strategic Intelligence report “Antitrust,” reveals that the European Commission is enforcing the Digital Markets Act (DMA) and is expected to wrap up its investigations of Google, Meta, and Apple by 2026. The US government has stepped up efforts to tackle digital monopolies through lawsuits. The Department of Justice is considering breaking up Google, which would represent the most decisive intervention to date against one of the world’s most powerful tech companies. So far only Apple and Meta have been fined for a DMA infringement, while all lawsuits opened against Big Tech in the US are ongoing.

    Laura Petrone, Principal Analyst, Strategic Intelligence team at GlobalData, comments: “US President Donald Trump views the DMA as ‘overseas extortion’ of US companies, but Brussels is determined to go ahead with its antitrust investigations and has said that it will make no concessions on its digital rules in trade negotiations with the US.

    “There will likely be an acceleration in DMA enforcement as the EU uses the threat of fines and sanctions as bargain chips in tariff negotiations with Washington. The result could be a damaging tit-for-tat trade war in the tech industry.”

    While the Trump administration is expected to be more friendly to consolidation across different sectors, the tech industry will likely be the exception, as both recently appointed heads of the Federal Trade Commission (FTC) and Department of Justice (DoJ) have signaled their interest in scrutinizing Big Tech over antitrust. However, mergers and acquisitions (M&As) and partnerships perceived to be in the national interest, particularly in artificial intelligence (AI), will likely receive a green light from US regulators.

    According to GlobalData’s regulatory risk scorecard, Big Tech will continue to be the target of intense antitrust scrutiny, and most Big Tech companies could be caught in the crossfire of trade wars ignited by Trump’s tariffs.

    Samsung Electronics has the lowest regulatory risk among Big Tech companies, while Meta, Alphabet, and Amazon have the highest. US and Chinese Big Tech companies will face intense regulatory scrutiny due to their dominant position in most digital markets.

    MIL OSI Economics

  • MIL-OSI Russia: Joint Statement on the High-Level China-US Trade and Economic Talks in Geneva

    Translation. Region: Russian Federal

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

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

    GENEVA, May 12 (Xinhua) — China and the United States on Monday issued a joint statement following high-level China-U.S. talks on economic and trade issues in Geneva.

    The full text of the joint statement follows:

    Joint Statement on the High-Level China-US Trade and Economic Talks in Geneva

    The Government of the People’s Republic of China (hereinafter referred to as China) and the Government of the United States of America (hereinafter referred to as the United States), recognizing the importance of their bilateral economic and trade relations to both countries and the global economy, recognizing the importance of sustainable, long-term, and mutually beneficial economic and trade relations, reviewing their recent discussions and believing that continued discussions have the potential to resolve each side’s concerns in their economic and trade relations, moving forward in the spirit of mutual openness, continuous communication, cooperation, and mutual respect, commit to take the following actions by May 14, 2025:

    The United States shall modify the application of the additional ad valorem rate of duty on goods from China (including goods from the Hong Kong Special Administrative Region and the Macao Special Administrative Region) imposed by Executive Order 14257 on April 2, 2025, by suspending 24 percentage points of that rate for an initial period of 90 days, while maintaining the remainder of the ad valorem rate of 10 percent on those goods in accordance with the terms of that Executive Order. The United States shall terminate the modified additional ad valorem rates of duty on those goods imposed by Executive Order 14259 on April 8, 2025, and by Executive Order 14266 on April 9, 2025.

    China shall accordingly modify the application of the additional ad valorem duty rate on United States goods set out in the No. 4 Notice of the Customs Tariff Committee of the State Council in 2025 by suspending the application of 24 percentage points of that duty rate for an initial period of 90 days, while maintaining the remaining additional ad valorem duty rate of 10 percent on those goods. China shall abolish the modified additional ad valorem duty rates on those goods imposed by the No. 5 Notice of the Customs Tariff Committee of the State Council and the No. 6 Notice of the Customs Tariff Committee of the State Council in 2025, and shall take all necessary administrative measures to suspend or cancel the non-tariff countermeasures taken against the United States on or after April 2, 2025.

    Following the above actions, the Parties shall establish a mechanism to continue discussions on economic and trade relations. The Chinese side will be represented at these talks by He Lifeng, Vice Premier of the State Council of the People’s Republic of China, and the American side will be represented by Scott Bessent, U.S. Secretary of the Treasury, and Jamieson Greer, U.S. Trade Representative. Such discussions may be held alternately in China and the United States, or in a third country with the consent of the Parties. If necessary, the Parties may hold working-level consultations on relevant economic and trade issues. –0–

    MIL OSI Russia News

  • MIL-OSI Russia: WTO Director-General Says China-US Talks Mark Significant Step Forward

    Translation. Region: Russian Federal

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

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

    GENEVA, May 12 (Xinhua) — High-level China-U.S. talks on trade and economic issues mark a significant step forward, World Trade Organization (WTO) Director-General Ngozi Okonjo-Iweala said Sunday.

    In her statement, N. Okonjo-Iweala noted that she was pleased with the positive outcome of the negotiations.

    In the current climate of global tension, such progress is important not only for the United States and China, but for the rest of the world, she said. –0–

    MIL OSI Russia News

  • MIL-OSI: LIS Technologies Inc. Appoints Ryan Norton as its Senior Mechanical Design Engineer

    Source: GlobeNewswire (MIL-OSI)

    Oak Ridge, Tennessee, May 12, 2025 (GLOBE NEWSWIRE) — LIS Technologies Inc. (“LIST” or “the Company”), a proprietary developer of advanced laser technology and the only USA-origin and patented laser uranium enrichment company, today announced that Ryan Norton has joined the Company as its Senior Mechanical Design Engineer.

    Ryan Norton is an engineer with a background in mechanical and optomechanical design and analysis for both R&D and commercial products. His experience spans research, design and analysis of downhole drilling and laser tools, surface equipment and electronics packaging for space.

    Figure 1 – LIS Technologies Inc. Appoints Ryan Norton as its Senior Mechanical Design Engineer.

    During his time at Foro Energy, Ryan played a pivotal role in developing high-power laser tools for the energy sector. He led the design and testing of various groundbreaking optomechanical systems like the world’s first high power optical slip ring and novel hard rock laser drilling systems using both gases and fluids. He also worked on various other technologies such as high-performance nozzles, fiber optic connectors and high-pressure laser windows. His work has resulted in multiple patents related to high-power laser energy transfer and drilling technologies.

    Ryan holds a B.S. in Engineering with a Mechanical concentration and a minor in Mathematics from LeTourneau University.

    “It is a pleasure to welcome Ryan to LIS Technologies at this key junction,” said Christo Liebenberg, CEO and Co-Founder of LIS Technologies Inc. “His expertise will be instrumental as we move into the next phases of CRISLA development, and he will play a key part in facilitating the demonstration activities essential to CRISLA’s growth and expansion.”

    In his role, Ryan will support the development of mechanical solutions that drive advancement in the Company’s proprietary CRISLA-3G laser isotope separation technology, which was recently evaluated and determined to meet all elements required for a Technology Readiness Level (TRL) of 4.

    “LIS Technologies is broadening its capabilities and assembling a team equipped with the knowledge and expertise to be a leading innovator in the space,” said Jay Yu, Executive Chairman and President of LIS Technologies Inc. “Engaging key professionals like Ryan is vital to sustaining our growth trajectory and I welcome him to the team.”

    About LIS Technologies Inc.

    LIS Technologies Inc. (LIST) is a USA based, proprietary developer of a patented advanced laser technology, making use of infrared lasers to selectively excite the molecules of desired isotopes to separate them from other isotopes. The Laser Isotope Separation Technology (L.I.S.T) has a huge range of applications, including being the only USA-origin (and patented) laser uranium enrichment company, and several major advantages over traditional methods such as gas diffusion, centrifuges, and prior art laser enrichment. The LIST proprietary laser-based process is more energy-efficient and has the potential to be deployed with highly competitive capital and operational costs. L.I.S.T is optimized for LEU (Low Enriched Uranium) for existing civilian nuclear power plants, High-Assay LEU (HALEU) for the next generation of Small Modular Reactors (SMR) and Microreactors, the production of stable isotopes for medical and scientific research, and applications in quantum computing manufacturing for semiconductor technologies. The Company employs a world class nuclear technical team working alongside leading nuclear entrepreneurs and industry professionals, possessing strong relationships with government and private nuclear industries.

    In Dec 2024, LIS Technologies Inc. was selected as one of six domestic companies to participate in the Low-Enriched Uranium (LEU) Enrichment Acquisition Program. This initiative allocates up to $3.4 billion overall, with contracts lasting for up to 10 years. Each awardee is slated to receive a minimum contract of $2 million.

    For more information please visit: LaserIsTech.com

    For further information, please contact:

    Email: info@laseristech.com

    Telephone: 800-388-5492

    Follow us on X Platform

    Follow us on LinkedIn

    Forward Looking Statements

    This news release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. For LIS Technologies Inc., particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following which are, and will be, exacerbated by any worsening of global business and economic environment: (i) risks related to the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, loss of key individuals and uncertainty of success of patent filing, (ii) our ability to obtain contracts and funding to be able to continue operations and (iii) risks related to uncertainty regarding our ability to commercially deploy a competitive laser enrichment technology, (iv) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission; and other risks and uncertainties discussed in this and our other filings with the SEC. Only after successful completion of our Phase 2 Pilot Plant demonstration will LIS Technologies be able to make realistic economic predictions for a Commercial Facility. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network

  • MIL-OSI: LNG Energy Group Announces Cease Trade Order

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 12, 2025 (GLOBE NEWSWIRE) — LNG Energy Group Corp. (TSXV: LNGE) (TSXV: LNGE.WT) (OTCQB: LNGNF) (FWB: E26) (the “Company” or “LNG Energy Group”) announces that, further to the news release dated May 7, 2025, the Ontario Securities Commission (the “OSC”), has notified the Company that it has issued a failure-to-file cease trade order (“FFCTO”), under Multilateral Instrument 11-103 – Failure-to-File Cease Trade Orders in Multiple Jurisdictions against the Company (“MI 11-103”). The FFCTO was issued as a result of the delay in the filing of the Company’s annual audited financial statements for the fiscal year ended December 31, 2024, the related management’s discussion and analysis, and the CEO and CFO certificates relating to the audited annual financial statements as required by National Instrument 52-109 – Certification of Disclosure in Issuers’ Annual and Interim Filings (collectively, the “Required Documents”) for the fiscal year ended December 31, 2024.

    As stated in the Company’s news release dated May 7, 2025, the Company was unable to file the Required Documents prior to the April 30, 2025 filing deadline. LNG Energy Group continues to work diligently with its auditors and expects to file the Required Documents within two months of the filing deadline. The Company anticipates that the FFCTO will remain in place until such time as the Required Documents are filed.

    The FFTCO prohibits any trading, whether direct or indirect, in respect of any security of the Company in which MI 11-103 applies, except in accordance with the FFCTO, until such time as the Company is able to file the Required Documents and successfully apply for a revocation of the FFCTO. If the Required Documents are filed within 90 days of the date of the FFCTO, such filings will constitute the Company’s application to have the FFCTO revoked. There can be no assurance that the FFCTO will be revoked on the timeline contemplated by the Company.

    About LNG Energy Group

    The Company is focused on the acquisition and development of natural gas production and exploration assets in Latin America. For more information, please visit www.lngenergygroup.com.

    For more information please contact:

    Angel Roa, Chief Financial Officer LNG Energy Group Corp.
    Website: www.lngenergygroup.com
    Email: investor.relations@lngenergygroup.com

    Find us on social media:
    LinkedIn: https://www.linkedin.com/company/lng-energy-group-inc/
    Instagram: @lngenergygroup
    X: @LNGEnergyCorp

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:

    This news release contains certain forward-looking information that reflect the current views and/or expectations of management of LNG Energy Group with respect to performance, business and future events. Forward-looking information can often be identified by words such as “may”, “will”, “would”, “could”, “should”, “believes”, “estimates”, “projects”, “potential”, “expects”, “plans”, “intends”, “anticipates”, “targeted”, “continues”, “forecasts”, “designed”, “goal”, or the negative of those words or other similar or comparable words. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the industry and markets in which LNG Energy Group operates. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking information, readers should not place undue reliance on such information. The risks and uncertainties include, but are not limited to, the anticipating timing of filing the Required Documents. Forward-looking information is current as of the date it is made and is based on reasonable estimates and assumptions made by us at the relevant time in light of our experience and perception of historical trends, current conditions and expected future developments, as well as other factors that we believe are appropriate and reasonable in the circumstances. LNG Energy Group does not undertake any obligation to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

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

    The MIL Network

  • MIL-OSI Global: Fifty years ago, Junko Tabei became the first woman to summit Everest – why do so few people know her story?

    Source: The Conversation – UK – By Jenny Hall, Associate Professor in Tourism and Events, York St John University

    It was May 4 1975. The Japanese Women’s Everest Expedition team had been living at a high altitude for six weeks, and were less than a week away from their scheduled bid for the summit of Mount Everest. Exhausted, having established camp five at just below 8,000m on the south side of the mountain, Junko Tabei and the team descended to camp two at 6,300m to rest.

    Then – avalanche!

    In the early hours, tons of ice and snow engulfed the camp, burying several of the teammates. Crushed by the snow and ice, Tabei was unable to move. It took the strength of four Sherpas, the elite Nepali climbing guides assisting the expedition, to pull her out. Suffering severe bruising, Tabei argued that she did not need to be returned to base camp to recover, and would remain at camp two.

    “There was no way I was leaving the mountain,” she later recalled in her memoir.

    It had taken five years for this group – the first all-women team – to get to Everest. The pressure on them to succeed was immense, given the limited number of annual international permits to climb Mount Everest issued by the Nepalese government. If they gave up, they might have to wait several years to make another attempt.

    Meanwhile, on the Tibetan side of the mountain, Tabei’s team had competition. A 200-strong Chinese team was also working to place a woman on the summit at the same time.

    From the late 1950s, Tibetan women were recruited to participate in state-sponsored Chinese mountaineering expeditions. In 1958, Pan Duo had been selected to participate in the successful Chinese 1960 Everest expedition – but was ordered to remain below 6,400 metres because above that height was “a man’s world”. Nonetheless, Pan Duo – referred to as “Mrs Phanthog” in some older accounts – was celebrated in her country and elected deputy captain of the 1975 Chinese Everest Expedition.

    Unfortunately, the Chinese team suffered a climbing accident resulting in the death of a team member. They retreated to recover – only to be ordered by the Chinese government to “climb ahead of the Japanese women”.

    They were too late. On May 16 1975, the all-women Japanese expedition worked together to place Tabei on the summit of Everest. Two team members – Tabei and Yuriko Watanabe – had been nominated to make the summit attempt. However, other teammates were suffering from altitude sickness, so Watanabe was assigned to help return them to camp two.

    The ascent Tabei was making was arduous. Given her injuries, it took great tenacity to muster the strength to continue. But finally, she took her last steps to the summit, becoming the first woman and 40th person, according to the latest official record, to summit the peak. She was part of only the tenth successful Everest expedition, later recalling:

    I felt pure joy as my thoughts registered: ‘Here is the summit. I don’t have to climb any more.’

    Eleven days later, the Chinese team returned to the high slopes to make another attempt. Using minimal oxygen, Pan Duo was also successful, becoming the second woman to summit Everest – and the first to climb the harder northern side of the mountain.

    Prior to these two successful expeditions, only 38 people had summited Everest – all of them men. News of Tabei’s feat travelled fast across Asia, leading to national celebrations in Japan, Nepal and India. But it made little impact in the west.

    In my own career as both a mountaineer and researcher of adventure tourism, I had been struck by how few women I encountered on the mountainside. I wanted to understand why this might be, and what women had achieved. It was through this research that I discovered Tabei’s story.

    I was astonished both by her achievements – she is also the first woman to complete the “Seven Summits”, climbing the highest peaks on every continent – and by how few prominent mountaineering organisations and mountaineers appeared to know about her.

    Tabei’s bravery helped her lead record-setting all-women expeditions and overcome the mountain of sexism in this male-dominated space. Yet very few organisations, even in Japan, have thought to celebrate the 50th anniversary of the first ascent of Everest by a woman.

    Breaking the mould

    Historically, men have dominated the public record in mountaineering. In the last few years, the 70th anniversary of the first summit of Everest in 1953 by Sir Edmund Hillary and Tenzing Norgay has been marked, along with the centenary of the unsuccessful and fatal attempt by George Mallory and Andrew Irvine in 1924.

    During that period, women were excluded from many mountaineering clubs. When they did join, they often faced prejudice, were discouraged and sometimes not permitted to publish records of their adventures. In 1975, women were finally admitted to the Alpine Club, the first and one of the most prestigious climbing institutions.

    At a time when Japanese women were expected to remain at home, many members of the Japanese Women’s Everest Expedition, including Tabei, were working, with two of them also raising children. Tabei’s daughter, Noriko, was three at the time of her Everest summit. Tabei later revealed that the expedition encountered significant resistance:

    Most of the men in the alpine community opposed our plan, claiming it would be impossible for a women-only expedition to reach Everest.

    As a married woman and the assistant expedition leader, Tabei felt torn between motherhood and mountaineering, explaining: “Although I would never forfeit Everest, I felt pulled in the two directions of mountains and motherhood.”

    Facing unsympathetic attitudes from team members when childcare conflicts arose, Tabei realised she needed to put in extra effort to prove herself as a leader.


    The Insights section is committed to high-quality longform journalism. Our editors work with academics from many different backgrounds who are tackling a wide range of societal and scientific challenges.


    Years before the Everest expedition, Tabei and other Japanese women were already logging major climbing achievements across the globe. These included the first ascent of the north face of the Matterhorn by an all-women’s team in 1967, and the first all-women’s Japanese expedition to the Himalayas in 1970 to climb Annapurna III. Tabei was both the first woman and Japanese person to ascend the peak.

    This set the scene for the Japanese Women’s Everest Expedition. To locate and train suitable candidates for the expedition, Tabei helped establish the Joshi-Tohan Japanese Ladies Climbing Club, founded on the slogan: “Let’s go on an overseas expedition by ourselves.”

    Tabei’s contribution to women’s high-altitude mountaineering was astounding. To reach Everest, she defied mid-20th-century social norms that tied Japanese women to domestic roles, later musing: “I tried to picture myself as a traditional Japanese wife who followed her husband. The idea never sat well with me.”

    Throughout her career, Tabei contributed significantly to the emerging culture of women’s climbing and mountaineering expeditions. She felt strongly that climbing with other women was more rewarding because there was greater physical equality.

    In 1992, she became the first woman to ascend the highest peaks on all seven continents. Using her celebrity, Tabei was also an activist for environmental change in high-altitude regions, having grown appalled by the degradation of fragile mountain glaciers that was being caused by the mountaineering industry.

    Film by 4GTV Nepal.

    With her friend and Everest teammate Setsuko Kitamura, Tabei established the first Mount Everest conference in 1995, inviting all 32 women who had by then successfully climbed Everest (not all attended). Under her leadership, this transnational exchange created a space to celebrate women’s mountaineering achievements.

    Soon after her Everest achievement, Tabei had been a symbol of social progress and women’s emancipation at the UN International Women’s Year world conference. Yet her status as one of the greatest high-altitude mountaineers has since faded from the public eye. This has much to do with the stories we tell about man – and it’s almost always a man – vs. nature.

    Telling her own story

    Hillary’s much-lauded autobiography, High Adventure (1955), was published two years after his first successful ascent of Everest. In contrast, it was 42 years after her ascent before Tabei’s memoir, Honouring High Places, was published and translated.

    The way Japanese women’s experiences were represented in the media did not, in Tabei’s view, represent the reality of women’s experiences. She was particularly perplexed by the inability of the press to see beyond her gender. She was repeatedly asked how it felt “as a woman” to climb at high altitudes.

    Portrayals of Tabei focused on her stature as a small Japanese woman. This only reinforced the perception that women like her did not fit the norm of the heroic white, male mountaineer. She reflected:

    When people meet me for the first time, they are surprised by my size. They expect me to be bigger than I am, more strapping, robust, like a wrestler … I was always puzzled by this, by people’s obsession with the physical appearance of a mountaineer.

    Tabei’s memoir.
    (Rocky Mountain Books)

    To counter this narrative, Tabei brought a new approach to writing about Japanese women mountaineers’ achievements – challenging the tendency of traditional Japanese expedition publications to gloss over the harsh realities of expedition life.

    Critical of the flowery and vain writing style of these reports, Tabei’s frank accounts reported on the “unkinder side of human behaviour”. Making tough choices was particularly difficult for women, she wrote, because of their social conditioning to be a “good person”:

    It was unusual enough to be a female climber in that era of yesteryear, let alone to make a stand in front of your friends that would possibly upset them.

    Transcending these social norms had a personal impact. Tabei lamented that, although “I remained strong-willed about Everest, tears of doubt fell down my cheeks at night”.

    Her honesty was criticised by some in the established mountaineering community in Japan, particularly in her published account, Annapurna: Women’s Battle, which expressed the raw emotions and feelings experienced on their 1970 expedition. Tabei shared “the feelings of the team members when things failed to go in the direction they had envisioned … We put our honest experiences on paper”.

    Reflecting on how she had to overcome social norms to lead the expedition – “In my day, we were strictly advised that being different was abnormal” – Tabei concluded that: “A person must be able to voice her opinion without worrying about criticism.”

    A problem of representation

    Ever since the late 1850s, women have made a significant yet often-hidden contribution to mountaineering. It retains a powerful legacy of male-dominated clubs and governing institutions founded on masculine norms such as risk-taking. This has often cast mountaineering achievements in a way that privileges men.

    Clubs established traditions based on the first ascents of mountains – very few of which were made by women. Their absence from leading mountaineering clubs and lack of representation in published club journals meant their achievements were often attributed to male companions.

    In 1872, the American climber Meta Brevoort felt it best, due to social prejudice, to publish her extraordinary first ascents in the European Alps under the name of her nephew, William A.B. Coolidge. Mountaineer and author David Mazel notes that Brevoort’s account was “carefully written to conceal the author’s sex”.

    Mountain exploration and climbing have traditionally been framed as heroic endeavours dominated by men. Figures such as Hillary, Mallory and Reinhold Messner are celebrated for their bravery, strength and leadership — traits associated with masculinity.

    Early mountaineering narratives often emphasised physical endurance, dominance over nature, and the ability to withstand extreme conditions – reinforcing ideas of masculine heroism. Mountains as towering, imposing and seemingly unconquerable landscapes have been metaphorically linked to power and challenge.

    Traditions that have been passed down through generations – from ascent styles to route names – have also been synonymous with masculinity. In the words of mountaineering historian Walt Unsworth, climbing Everest “is the story of Man’s attempts to climb a very special mountain”.

    This has had real-world consequences for mountaineering. Today, only 6% of British mountain guides are women, while globally, less than 2% of those registered to the International Federation of Mountain Guide Association (IFMGA) are women. If you don’t see your face reflected, it becomes a daunting prospect to imagine yourself in mountaineering – whether as a mountain guide, or an amateur mountaineer like me.

    By 2024, women represented 13% of all Everest summiteers since 1953, yet their stories are seldom told. White, male, able-bodied and middle-class voices dominate representations in published records and popular portrayals of adventure on the world’s highest mountain.

    As anthropologist Sherry B. Ortner attests, this is not surprising given mountaineering’s history as a western imperialist and colonising project that aimed to conquer nations and nature, built upon all-male institutions. Yet men and women have the same statistical odds of making a successful summit or dying on Everest.

    Julie Rak, in her book False Summit, shows how some accounts can treat women’s achievements with ambivalence, and at worst question their authenticity. It has even been suggested that Tabei was effectively dragged up the mountain by her friend, the male Sherpa Ang Tsering.

    Having suffered significant trauma following the avalanche that nearly wiped out their 1975 expedition, Tabei showed enormous courage and resilience to summit Everest just a few days later. She describes the ascent as difficult – and yes, accepted help from Ang Tsering – but this was her achievement, not a “stunt” to be denied by those who were not even present.

    Diversity on the mountain

    Since Tabei’s Everest summit, mountaineering has undergone changes as a sport, shifting from an elite, exploratory pursuit to a commercialised industry where wealthy clients can hire companies to reach summits with professional support.

    From the late 1980s, high-altitude mountaineering became a valuable tourism commodity. Seizing the opportunity to boost tourism, the Nepalese government began to issue more permits, fuelling the growth of commercial companies offering clients the opportunity to be guided up 8,000-metre summits. In 2023, Nepal welcomed over 150,000 high-altitude trekking and mountaineering visitors, with 47 teams attempting to climb Everest.

    Yet despite the popularity and commercialisation of the sport, mountaineering remains stubbornly resistant to diversity.

    Scholar Jennifer Hargreaves argues that women have been excluded from being represented as the “sporting hero”. What constitutes our cultural identity, meaning and values almost exclusively solidifies heroic masculinity in most forms of sport, including mountaineering.

    And much of this is due to the stories that are – not – told.

    Delphine Moraldo’s research found that of the mountaineering autobiographies published in Britain and Europe from the late 1830s to 2013, only 6% were written by women.

    Historically, literary representations of women mountaineers have often been met with ambivalence, their achievements portrayed as lesser. Women are stereotyped as weaker, bound to domesticity and lacking the hardiness required to be a “good mountaineer”.

    These perceptions, coupled with a lack of representation, have reduced women’s opportunities to secure funding for expeditions, or to access female-specific clothing and equipment. Tabei and her team had to make their own expedition clothing because women’s sizes did not exist, a problem that remains today. When raising sponsorship for Everest, she was told: “Raise your children and keep your family tight, rather than do something like this.”

    But while there is still a mountain to climb when it comes to attaining equality in adventure sports, there is a growing body of research and media celebrating women’s achievements – from campaigns such as Sport England’s This Girl Can to films charting the lives of some women mountaineers.

    A hidden sisterhood

    Junko Tabei and Pan Duo’s names may never be as well known as Edmund Hillary’s. But they are just two of many women whose achievements reach far beyond the peaks. I’ve written about many of them in my research.

    Polish mountaineer Wanda Rutkiewicz was the third woman and first from Europe to summit Everest. When asked in 1979 by high-altitude record holder Maurice Herzog why she had climbed Everest, Rutkiewicz responded that she did it for “women’s liberation”. By the late 1980s, such activism was harnessed by large sponsors such as Tata Steel, who recruited Indian mountaineer Bachendri Pal, the fifth woman to summit Everest, to lead a women’s adventure programme.

    Corporate sponsorship has, however, eluded many leading women mountaineers. Despite all her outstanding achievements – including holding a world-record ten Everest summits by a woman – Lhakpa Sherpa struggled for years to achieve recognition and the status of her male contemporaries. In 2019, writer Megan Mayhew Bergman asked why she didn’t have sponsors.

    More recently, however, Lhakpa Sherpa’s mountaineering career was documented in the 2023 Netflix documentary Mountain Queen, which raised her profile and has led to new sponsorship opportunities.

    Film by Netflix.

    There is also work being done to change the exclusion of women from mountaineering. In Nepal and around the world, charitable organisations have been initiated by women mountaineers to help their fellow women climbers, including Empowering Women Nepal and 3Sisters Adventure Trekking.

    My research has shown how women and mountaineers from other marginalised backgrounds can use their successes to become role models for and drivers of social change.

    Tabei, for example, was appalled at the degradation mountaineering had caused to Mount Everest, and spoke out about the need for responsible mountaineering and conservation. She led cleanup expeditions and researched the environmental impact of tourism and climate change on both mountain ecosystems and local communities.

    Tabei’s efforts helped bring global attention to the need for conservation in high-altitude environments, inspiring climbers to take a more responsible approach to their expeditions.

    In research about Asian women’s contribution to climbing Everest, I examined how the struggle for women’s emancipation, empowerment and recognition is a phenomenon that is shared globally. A new generation of Asian women mountaineers such as Dawa Yangzum Sherpa, the first woman to achieve IFMGA status, and Shailee Basnet are defying gender norms and achieving status as internationally recognised mountaineers and mountaineering guides.

    Basnet became one of ten women to scale Everest in 2008 as part of Sagarmatha Expedition, which was established to draw attention to climate change and gender equality, and to reclaim the Nepali name for the mountain: Sagarmatha. The expedition brought together ten women from six different religious, caste and ethnic backgrounds. All ten reached the summit, making it the most successful women’s expedition to date.

    Following this, in 2014 Basnet led the formation of the first all-women Seven Summits project to climb the highest peak on every continent. Importantly, she harnessed the team’s newfound profile to undertake a large-scale social justice programme, visiting hundreds of schools, leading hikes and giving talks across the Kathmandu Valley. Their mission was to improve educational awareness concerning opportunities for women and girls, and also to protect the environment.

    Tabei on expedition in the Pamir mountains of central Asia, 1985.
    Jaan Künnap via Wikimedia., CC BY-NC-SA

    ‘A life we would never regret’

    Since the mid-1950s, a hidden sisterhood has forged a route for women to access high-altitude mountaineering. Their impact has reached far beyond the expeditions they led.

    Women have used their status as mountaineers to empower and support other women to achieve social, political and environmental justice, and raise awareness about poverty, sex trafficking, religious and ethnic marginalisation, environmental degradation and the impact of mass tourism.

    Junko Tabei was a pioneer whose tenacity helped a whole generation of women in mountaineering. By not recognising their achievements, we deny an important part of our cultural heritage – and miss the opportunity to learn and share the inspirational work that women continue to undertake.

    Tabei’s memoir is not simply a remarkable mountaineering account, it is, in the words of Julie Rak, a feminist text that challenges what society has always thought it means to be heroic, brave and adventurous.

    Tabei died in 2016 at the age of 77. On the 50th anniversary of one of her many achievements, it’s fitting to end with these words from her memoir:

    My approach was one of not worrying about the loss of a job or missing out on a promotion. I felt it was important to live a life we would never regret.


    For you: more from our Insights series:

    To hear about new Insights articles, join the hundreds of thousands of people who value The Conversation’s evidence-based news. Subscribe to our newsletter.

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

    ref. Fifty years ago, Junko Tabei became the first woman to summit Everest – why do so few people know her story? – https://theconversation.com/fifty-years-ago-junko-tabei-became-the-first-woman-to-summit-everest-why-do-so-few-people-know-her-story-248800

    MIL OSI – Global Reports

  • MIL-OSI: Sprott Physical Uranium Trust Raises US$25.55 Million Through Non-Brokered Private Placement

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 12, 2025 (GLOBE NEWSWIRE) — Sprott Inc. (NYSE/TSX: SII) (“Sprott”) on behalf of the Sprott Physical Uranium Trust (TSX: U.UN) (TSX: U.U) (“SPUT” or the “Trust”) today announced that SPUT has completed a US$25.55 million non-brokered private placement of trust units. The proceeds are expected to be used to cover general operating expenses of the Trust for the next year.

    “We launched SPUT with the objective of providing investors with the most liquid and efficient way to invest in physical uranium,” said John Ciampaglia, CEO of Sprott Asset Management. “Since the Trust was launched in 2021, it has purchased approximately 48 million pounds of U3O8 and not sold or loaned out a single pound. I would like to take this opportunity to strongly reiterate that SPUT has the tools, including this private placement, to deliver on its intention not to sell any of the physical uranium that SPUT holds on behalf of thousands of investors. Sprott Asset Management participated in this placement alongside the subscribers and we thank all our unitholders for their continued support of SPUT.”

    Key SPUT Statistics Pro Forma for the Offering:

    • World’s largest physical uranium fund1
    • 66.2 million pounds of physical uranium in U3O8 form
    • US$31.4 million of net cash
    • Net asset value of US$4.64 billion
    • Storage locations in Canada, the United States and France

    About Sprott

    Sprott is a global asset manager focused on precious metals and critical materials investments. We are specialists. We believe our in-depth knowledge, experience and relationships separate us from the generalists. Our investment strategies include Exchange Listed Products, Managed Equities and Private Strategies. Sprott has offices in Toronto, New York, Connecticut and California and the company’s common shares are listed on the New York Stock Exchange and the Toronto Stock Exchange under the symbol “SII”. For more information, please visit www.sprott.com.

    About SPUT

    Important information about SPUT, including its investment objectives and strategies, applicable management fees, and expenses, can be found on its website at www.sprott.com. Commissions, management fees, or other charges and expenses may be associated with investing in the Trust. The performance of the Trust is not guaranteed, its value changes frequently and past performance is not an indication of future results.

    Caution Regarding Forward-Looking Statements

    This press release contains forward-looking information within the meaning of applicable Canadian securities laws (“forward looking statements”). Forward-looking statements in this press release include, without limitation, the intended use of proceeds and the Trust’s intentions with respect to the sale of physical uranium. With respect to the forward-looking statements contained in this press release, the Trust has made numerous assumptions regarding, among other things: the uranium and nuclear energy market. While the Trust considers these assumptions to be reasonable, these assumptions are inherently subject to significant business, economic, competitive, market and social uncertainties and contingencies. Additionally, there are known and unknown risk factors that could cause the Trust’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements contained in this press release. A discussion of risks and uncertainties facing the Trust appears in the Trust’s continuous disclosure filings, which are available at www.sedarplus.ca. All forward-looking statements herein are qualified in their entirety by this cautionary statement, and the Trust disclaims any obligation to revise or update any such forward-looking statements or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments, except as required by law.

    Investor Contact:

    Glen Williams
    Senior Managing Partner
    Investor and Institutional Client Relations
    Direct: 416-943-4394
    gwilliams@sprott.com

    ________________________
    1
    Based on Morningstar’s universe of listed commodity funds. Data as of 12/31/2024.

    The MIL Network