NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Transport

  • MIL-OSI Security: MARIANNA MAN FOUND GUILTY OF CONSPIRACY TO POSSESS WITH INTENT TO DISTRIBUTE METHAMPHETAMINE

    Source: Office of United States Attorneys

    TALLAHASSEE, FLORIDA – Lorenzo Heatrice, 70, was found guilty by a federal jury of conspiring to possess with intent to distribute 50 grams or more of methamphetamine and two counts of distribution and possession with intent to distribute methamphetamine, one involving five grams of methamphetamine and the other involving 50 grams. The guilty verdict was announced by Michelle Spaven, Acting United States Attorney for the Northern District of Florida.

    In 2023, Heatrice was identified by the Jackson County Sheriff’s Office as a methamphetamine distributor. According to evidence presented at trial and court records, between June 2023 and April 2024, Heatrice conspired with other known drug traffickers in the Marianna, Florida area to distribute large amounts of methamphetamine into the community. On two separate occasions in September 2023, Heatrice also sold methamphetamine to a confidential informant.

    The conviction was the result of a joint investigation by the Drug Enforcement Administration and the Jackson County Sheriff’s Office. The case was prosecuted by Assistant United States Attorneys Jessica Etherton and Eric Welch.

    Sentencing is scheduled for July 11, 2025, at the United States Courthouse in Tallahassee before Chief United States District Judge Mark E. Walker.

    This case is part of Operation Take Back America (https://www.justice.gov/dag/media/1393746/dl?inline ) a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    The United States Attorney’s Office for the Northern District of Florida is one of 94 offices that serve as the nation’s principal litigators under the direction of the Attorney General. To access public court documents online, please visit the U.S. District Court for the Northern District of Florida website. For more information about the United States Attorney’s Office for the Northern District of Florida, visit http://www.justice.gov/usao/fln/index.html.

    MIL Security OSI –

    May 3, 2025
  • MIL-OSI Security: Around the Air Force: Training Drone Skills, Cardiac Screening for Recruits, Historic Refueling Mission

    Source: United States Air Force

    In this week’s look Around the Air Force, the U.S. Air Force launches an initiative to equip every Airman with basic drone operational training, the ERASE program decreases service members’ risk of sudden cardiac arrest, and Air Mobility Command makes history with a commercial air refueling mission.

    MIL Security OSI –

    May 3, 2025
  • MIL-OSI: Arbor Realty Trust Reports First Quarter 2025 Results and Declares Dividend of $0.30 per Share

    Source: GlobeNewswire (MIL-OSI)

    Company Highlights:

    • GAAP net income of $0.16 per diluted common share
    • Distributable earnings1 of $0.28, or $0.31 per diluted common share, excluding $7.1 million of realized losses from the sale of two real estate owned properties that were previously reserved
    • Declares cash dividend on common stock of $0.30 per share
    • Closed on a new $1.15 billion repurchase facility to unwind in full two CLO vehicles; enhancing leverage, reducing pricing and generated ~$80 million of additional liquidity
    • Servicing portfolio of ~$33.48 billion, agency loan originations of $605.9 million
    • Structured loan portfolio of ~$11.49 billion, originations of $747.1 million and runoff of $421.9 million
    • Foreclosed on seven non-performing loans as real estate owned assets totaling $196.7 million

    UNIONDALE, N.Y., May 02, 2025 (GLOBE NEWSWIRE) — Arbor Realty Trust, Inc. (NYSE: ABR), today announced financial results for the first quarter ended March 31, 2025. Arbor reported net income for the quarter of $30.4 million, or $0.16 per diluted common share, compared to net income of $57.9 million, or $0.31 per diluted common share for the quarter ended March 31, 2024. Distributable earnings for the quarter was $57.3 million, or $0.28 per diluted common share, compared to $96.7 million, or $0.47 per diluted common share for the quarter ended March 31, 2024.

    Agency Business

    Loan Origination Platform

      Agency Loan Volume (in thousands)
      Quarter Ended
      March 31, 2025   December 31, 2024
    Fannie Mae $ 357,811     $ 556,676  
    Freddie Mac   178,020       675,244  
    Private Label   44,925       27,650  
    FHA   16,041       119,050  
    SFR-Fixed Rate   9,111       —  
    Total Originations $ 605,908     $ 1,378,620  
           
    Total Loan Sales $ 730,854     $ 1,270,048  
           
    Total Loan Commitments $ 645,401     $ 1,353,527  
                   

    For the quarter ended March 31, 2025, the Agency Business generated revenues of $62.9 million, compared to $78.7 million for the fourth quarter of 2024. Gain on sales, including fee-based services, net was $12.8 million for the quarter, reflecting a margin of 1.75%, compared to $22.2 million and 1.75% for the fourth quarter of 2024. Income from mortgage servicing rights was $8.1 million for the quarter, reflecting a rate of 1.26% as a percentage of loan commitments, compared to $13.3 million and 0.99% for the fourth quarter of 2024.

    At March 31, 2025, loans held-for-sale was $314.6 million, with financing associated with these loans totaling $279.4 million.

    Fee-Based Servicing Portfolio

    The Company’s fee-based servicing portfolio totaled $33.48 billion at March 31, 2025. Servicing revenue, net was $25.6 million for the quarter and consisted of servicing revenue of $43.4 million, net of amortization of mortgage servicing rights totaling $17.8 million.

      Fee-Based Servicing Portfolio ($ in thousands)
      March 31, 2025   December 31, 2024
      UPB   Wtd. Avg. Fee (bps)   Wtd. Avg. Life (years)   UPB   Wtd. Avg. Fee (bps)   Wtd. Avg. Life (years)
    Fannie Mae $ 22,683,885     46.2   6.2   $ 22,730,056     46.4   6.4
    Freddie Mac   6,123,074     21.4   6.6     6,077,020     21.5   6.8
    Private Label   2,603,122     18.7   5.3     2,605,980     18.7   5.5
    FHA   1,519,675     14.0   19.0     1,506,948     14.1   19.2
    Bridge   278,293     10.4   2.8     278,494     10.4   3.0
    SFR-Fixed Rate   276,839     20.1   4.1     271,859     20.1   4.4
    Total $ 33,484,888     37.5   6.7   $ 33,470,357     37.8   6.9
                                   

    Loans sold under the Fannie Mae program contain an obligation to partially guarantee the performance of the loan (“loss-sharing obligations”) and includes $34.7 million for the fair value of the guarantee obligation undertaken at March 31, 2025. The Company recorded a $1.9 million net provision for loss sharing associated with CECL for the first quarter of 2025. At March 31, 2025, the Company’s total CECL allowance for loss-sharing obligations was $50.8 million, representing 0.22% of the Fannie Mae servicing portfolio.

    Structured Business

    Portfolio and Investment Activity

      Structured Portfolio Activity ($ in thousands)
      Quarter Ended
      March 31, 2025   December 31, 2024
      UPB   %   UPB   %
    Bridge:              
    Multifamily $ 367,750       49 %   $ 371,250       54 %
    SFR   356,294       48 %     273,087       40 %
        724,044       97 %     644,337       94 %
              .    
    Mezzanine/Preferred Equity   4,440       1 %     35,592       5 %
    Construction – Multifamily   18,637       2 %     4,368       1 %
    Total Originations $ 747,121       100 %   $ 684,297       100 %
                   
    Number of Loans Originated   20           28      
                   
    Commitments:              
    SFR $ 162,400         $ 375,894      
    Construction – Multifamily   92,000           54,000      
    Total Commitments $ 254,400         $ 429,894      
                   
    Loan Runoff $ 421,941         $ 900,583      
                           
      Structured Portfolio ($ in thousands)
      March 31, 2025   December 31, 2024
      UPB   %   UPB   %
    Bridge:              
    Multifamily $ 8,637,773       75 %   $ 8,725,429       76 %
    SFR   2,247,817       20 %     1,993,890       18 %
    Other   171,952       1 %     173,787       2 %
        11,057,542       96 %     10,893,106       96 %
                   
    Mezzanine/Preferred Equity   405,770       4 %     404,401       3 %
    Construction – Multifamily   23,005       <1 %     4,367       <1 %
    SFR Permanent   3,076       <1 %     3,082       <1 %
    Total Portfolio $ 11,489,393       100 %   $ 11,304,956       100 %
                                   

    At March 31, 2025, the loan and investment portfolio’s unpaid principal balance (“UPB”), excluding loan loss reserves, was $11.49 billion, with a weighted average interest rate of 6.94%, compared to $11.30 billion and 6.90% at December 31, 2024. Including certain fees earned and costs associated with the loan and investment portfolio, the weighted average interest rate was 7.85% at March 31, 2025, compared to 7.80% at December 31, 2024.

    The average balance of the Company’s loan and investment portfolio during the first quarter of 2025, excluding loan loss reserves, was $11.39 billion with a weighted average yield of 8.15%, compared to $11.46 billion and 8.52% for the fourth quarter of 2024. The decrease in yield was primarily due to a decrease in the average SOFR rate in the first quarter of 2025.

    During the first quarter of 2025, the Company recorded an $8.4 million net provision for loan losses associated with CECL. At March 31, 2025, the Company’s total allowance for loan losses was $240.9 million. The Company had twenty-three non-performing loans with a UPB of $511.1 million, before related loan loss reserves of $35.3 million, compared to twenty-six loans with a UPB of $651.8 million, before loan loss reserves of $23.8 million at December 31, 2024.

    In addition, at March 31, 2025, the Company had five loans with a total UPB of $142.8 million (before related loan loss reserves of $7.3 million) that were less than 60 days past due classified as non-accrual, compared to nine loans with a total UPB of $167.4 million at December 31, 2024. Interest income on these loans is only being recorded to the extent cash is received.

    During the first quarter of 2025, the Company modified twenty-one loans with a total UPB of $949.8 million, most of which had borrowers investing additional capital to recapitalize their deals. Nineteen of these loans with a total UPB of $849.4 million, contained interest rates based on pricing over SOFR ranging from 3.10% to 4.25% and were modified to provide temporary rate relief through a pay and accrual feature. At March 31, 2025, these modified loans had a weighted average pay rate of 5.18% and a weighted average accrual rate of 2.56%. In addition, of the total modified loans for the first quarter, $16.5 million were less than 60 days past due and $38.3 million were non-performing at December 31, 2024, and are now current in accordance with their modified terms.

    Financing Activity

    The balance of debt that finances the Company’s loan and investment portfolio at March 31, 2025 was $9.49 billion with a weighted average interest rate including fees of 6.82%, as compared to $9.46 billion and a rate of 6.88% at December 31, 2024.

    The average balance of debt that finances the Company’s loan and investment portfolio for the first quarter of 2025 was $9.42 billion, as compared to $9.67 billion for the fourth quarter of 2024. The average cost of borrowings for the first quarter of 2025 was 6.96%, compared to 7.10% for the fourth quarter of 2024.

    In March 2025, the Company closed a $1.15 billion repurchase facility and transferred approximately $1.43 billion of assets into this facility, $1.34 billion of which were from two of the Company’s existing CLO vehicles that were redeemed in full and at par. The facility is match funded with 80% leverage and pricing of SOFR plus 1.85%, well below the pricing of SOFR plus 2.24% and 77% leverage of the CLOs replaced at the time of redemption. Additionally, this facility is 88% non-recourse to the Company and has a 24-month reinvestment period. As a result of these transactions, the Company created approximately $80 million of additional liquidity and has increased the returns on these assets through enhanced leverage and reduced pricing.

    Dividend

    The Company announced today that its Board of Directors has declared a quarterly cash dividend of $0.30 per share of common stock for the quarter ended March 31, 2025. The dividend is payable on May 30, 2025 to common stockholders of record on May 16, 2025.

    Earnings Conference Call

    The Company will host a conference call today at 10:00 a.m. Eastern Time. A live webcast and replay of the conference call will be available at www.arbor.com in the investor relations section of the Company’s website, or you can access the call telephonically at least ten minutes prior to the conference call. The dial-in numbers are (800) 579-2543 for domestic callers and (785) 424-1789 for international callers. Please use participant passcode ABRQ125 when prompted by the operator.

    A telephonic replay of the call will be available until May 9, 2025. The replay dial-in numbers are (800) 934-2127 for domestic callers and (402) 220-1139 for international callers.

    About Arbor Realty Trust, Inc.

    Arbor Realty Trust, Inc. (NYSE: ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, and other diverse commercial real estate assets. Headquartered in New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a leading Fannie Mae DUS® lender and Freddie Mac Optigo® Seller/Servicer, and an approved FHA Multifamily Accelerated Processing (MAP) lender. Arbor’s product platform also includes bridge, CMBS, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality, and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.

    Safe Harbor Statement

    Certain items in this press release may constitute forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and beliefs and are subject to a number of trends and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Arbor can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from Arbor’s expectations include, but are not limited to, changes in economic conditions generally, and the real estate markets specifically, continued ability to source new investments, changes in interest rates and/or credit spreads, and other risks detailed in Arbor’s Annual Report on Form 10-K for the year ended December 31, 2024 and its other reports filed with the SEC. Such forward-looking statements speak only as of the date of this press release. Arbor expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Arbor’s expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.

    Notes

    1. During the quarterly earnings conference call, the Company may discuss non-GAAP financial measures as defined by SEC Regulation G. In addition, the Company has used non-GAAP financial measures in this press release. A supplemental schedule of non-GAAP financial measures and the comparable GAAP financial measure can be found on the last two pages of this release.
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Consolidated Statements of Income – (Unaudited)
    ($ in thousands—except share and per share data)
     
      Quarter Ended March 31,
        2025       2024  
    Interest income $ 240,693     $ 321,292  
    Interest expense   165,251       217,676  
    Net interest income   75,442       103,616  
    Other revenue:      
    Gain on sales, including fee-based services, net   12,781       16,666  
    Mortgage servicing rights   8,131       10,199  
    Servicing revenue, net   25,603       31,526  
    Property operating income   4,387       1,570  
    Gain (loss) on derivative instruments, net   3,400       (5,257 )
    Other income, net   4,419       2,333  
    Total other revenue   58,721       57,037  
    Other expenses:      
    Employee compensation and benefits   46,036       47,694  
    Selling and administrative   16,312       13,933  
    Property operating expenses   3,474       1,678  
    Depreciation and amortization   3,744       2,571  
    Provision for loss sharing (net of recoveries)   1,786       273  
    Provision for credit losses (net of recoveries)   9,075       19,118  
    Total other expenses   80,427       85,267  
    Income before extinguishment of debt, loss on real estate, (loss) income from equity affiliates and income taxes   53,736       75,386  
    Loss on extinguishment of debt   (2,319 )     —  
    Loss on real estate   (2,810 )     —  
    (Loss) income from equity affiliates   (1,634 )     1,418  
    Provision for income taxes   (3,591 )     (3,592 )
    Net income   43,382       73,212  
    Preferred stock dividends   10,342       10,342  
    Net income attributable to noncontrolling interest   2,602       4,997  
    Net income attributable to common stockholders $ 30,438     $ 57,873  
           
    Basic earnings per common share $ 0.16     $ 0.31  
    Diluted earnings per common share $ 0.16     $ 0.31  
           
    Weighted average shares outstanding:      
    Basic   190,060,776       188,710,390  
    Diluted   206,862,320       222,926,076  
           
    Dividends declared per common share $ 0.43     $ 0.43  
                   
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets
    ($ in thousands—except share and per share data)
     
      March 31, 2025
    (Unaudited)
      December 31, 2024
    Assets:      
    Cash and cash equivalents $ 308,842     $ 503,803  
    Restricted cash   40,563       156,376  
    Loans and investments, net (allowance for credit losses of $240,937 and $238,967)   11,215,625       11,033,997  
    Loans held-for-sale, net   314,635       435,759  
    Capitalized mortgage servicing rights, net   357,220       368,678  
    Securities held-to-maturity, net (allowance for credit losses of $10,767 and $10,846)   158,658       157,154  
    Investments in equity affiliates   77,095       76,312  
    Real estate owned, net   302,158       176,543  
    Due from related party   9,605       12,792  
    Goodwill and other intangible assets   87,727       88,119  
    Other assets   495,221       481,448  
    Total assets $ 13,367,349     $ 13,490,981  
           
    Liabilities and Equity:      
    Credit and repurchase facilities $ 4,780,753     $ 3,559,490  
    Securitized debt   3,286,395       4,622,489  
    Senior unsecured notes   1,237,160       1,236,147  
    Convertible senior unsecured notes   286,555       285,853  
    Junior subordinated notes to subsidiary trust issuing preferred securities   144,890       144,686  
    Mortgage notes payable — real estate owned   123,851       74,897  
    Due to related party   1,458       4,474  
    Due to borrowers   52,062       47,627  
    Allowance for loss-sharing obligations   85,515       83,150  
    Other liabilities   239,251       280,198  
    Total liabilities   10,237,890       10,339,011  
           
    Equity:      
    Arbor Realty Trust, Inc. stockholders’ equity:      
    Preferred stock, cumulative, redeemable, $0.01 par value: 100,000,000 shares authorized, shares issued and outstanding by period:   633,682       633,684  
    Special voting preferred shares – 16,173,761 shares      
    6.375% Series D – 9,200,000 shares      
    6.25% Series E – 5,750,000 shares      
    6.25% Series F – 11,342,000 shares      
    Common stock, $0.01 par value: 500,000,000 shares authorized – 192,161,707 and 189,259,435 shares issued and outstanding   1,922       1,893  
    Additional paid-in capital   2,410,499       2,375,469  
    (Accumulated deficit) retained earnings   (38,600 )     13,039  
    Total Arbor Realty Trust, Inc. stockholders’ equity   3,007,503       3,024,085  
    Noncontrolling interest   121,956       127,885  
    Total equity   3,129,459       3,151,970  
    Total liabilities and equity $ 13,367,349     $ 13,490,981  
                   
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Statement of Income Segment Information – (Unaudited)
    (in thousands)
     
      Quarter Ended March 31, 2025
      Structured
    Business
      Agency
    Business
      Other (1)   Consolidated
    Interest income $ 230,087     $ 10,606     $ —     $ 240,693  
    Interest expense   161,579       3,672       —       165,251  
    Net interest income   68,508       6,934       —       75,442  
    Other revenue:              
    Gain on sales, including fee-based services, net   —       12,781       —       12,781  
    Mortgage servicing rights   —       8,131       —       8,131  
    Servicing revenue   —       43,361       —       43,361  
    Amortization of MSRs   —       (17,758 )     —       (17,758 )
    Property operating income   4,387       —       —       4,387  
    Gain on derivative instruments, net   —       3,400       —       3,400  
    Other income, net   2,078       2,341       —       4,419  
    Total other revenue   6,465       52,256       —       58,721  
    Other expenses:              
    Employee compensation and benefits   18,157       27,879       —       46,036  
    Selling and administrative   8,932       7,380       —       16,312  
    Property operating expenses   3,474       —       —       3,474  
    Depreciation and amortization   3,352       392       —       3,744  
    Provision for loss sharing   —       1,786       —       1,786  
    Provision for credit losses (net of recoveries)   9,154       (79 )     —       9,075  
    Total other expenses   43,069       37,358       —       80,427  
    Income before extinguishment of debt, loss on real estate, loss from equity affiliates and income taxes   31,904       21,832       —       53,736  
    Loss on extinguishment of debt   (2,319 )     —       —       (2,319 )
    Loss on real estate   (2,810 )     —       —       (2,810 )
    Loss from equity affiliates   (1,634 )     —       —       (1,634 )
    Benefit from (provision for) income taxes   639       (4,230 )     —       (3,591 )
    Net income   25,780       17,602       —       43,382  
    Preferred stock dividends   10,342       —       —       10,342  
    Net income attributable to noncontrolling interest   —       —       2,602       2,602  
    Net income attributable to common stockholders $ 15,438     $ 17,602     $ (2,602 )   $ 30,438  
                                   

    (1) Includes income allocated to the noncontrolling interest holders not allocated to the two reportable segments.

    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Balance Sheet Segment Information – (Unaudited)
    (in thousands)
     
      March 31, 2025
      Structured Business   Agency Business   Consolidated
    Assets:          
    Cash and cash equivalents $ 55,328     $ 253,514     $ 308,842  
    Restricted cash   15,943       24,620       40,563  
    Loans and investments, net   11,215,625       —       11,215,625  
    Loans held-for-sale, net   —       314,635       314,635  
    Capitalized mortgage servicing rights, net   —       357,220       357,220  
    Securities held-to-maturity, net   —       158,658       158,658  
    Investments in equity affiliates   77,095       —       77,095  
    Real estate owned, net   302,158       —       302,158  
    Goodwill and other intangible assets   12,500       75,227       87,727  
    Other assets and due from related party   249,904       254,922       504,826  
    Total assets $ 11,928,553     $ 1,438,796     $ 13,367,349  
               
    Liabilities:          
    Debt obligations $ 9,580,201     $ 279,403     $ 9,859,604  
    Allowance for loss-sharing obligations   —       85,515       85,515  
    Other liabilities and due to related parties   206,181       86,590       292,771  
    Total liabilities $ 9,786,382     $ 451,508     $ 10,237,890  
                           
    ARBOR REALTY TRUST, INC. AND SUBSIDIARIES
    Reconciliation of Distributable Earnings to GAAP Net Income – (Unaudited)
    ($ in thousands—except share and per share data)
     
      Quarter Ended March 31,
        2025       2024  
    Net income attributable to common stockholders $ 30,438     $ 57,873  
           
    Adjustments:      
    Net income attributable to noncontrolling interest   2,602       4,997  
    Income from mortgage servicing rights   (8,131 )     (10,199 )
    Deferred tax benefit   (137 )     (3,952 )
    Amortization and write-offs of MSRs   20,864       18,418  
    Depreciation and amortization   4,568       3,193  
    Loss on extinguishment of debt   2,319       —  
    Provision for credit losses, net   756       14,804  
    (Gain) loss on derivative instruments, net   (4,697 )     5,523  
    Loss on real estate   2,810       —  
    Stock-based compensation   5,935       6,020  
           
    Distributable earnings (1) $ 57,327     $ 96,677  
           
    Diluted distributable earnings per share (1) $ 0.28     $ 0.47  
           
    Diluted weighted average shares outstanding (1) (2)   206,862,320       205,511,529  
                   

    (1) Amounts are attributable to common stockholders and OP Unit holders. The OP Units are redeemable for cash, or at the Company’s option for shares of the Company’s common stock on a one-for-one basis.

    (2) The diluted weighted average shares outstanding exclude the potential shares issuable upon conversion and settlement of the Company’s convertible senior notes principal balance.

    The Company is presenting distributable earnings because management believes it is an important supplemental measure of the Company’s operating performance and is useful to investors, analysts and other parties in the evaluation of REITs and their ability to provide dividends to stockholders. Dividends are one of the principal reasons investors invest in REITs. To maintain REIT status, REITs are required to distribute at least 90% of their REIT-taxable income. The Company considers distributable earnings in determining its quarterly dividend and believes that, over time, distributable earnings is a useful indicator of the Company’s dividends per share.

    The Company defines distributable earnings as net income (loss) attributable to common stockholders computed in accordance with GAAP, adjusted for accounting items such as depreciation and amortization (adjusted for unconsolidated joint ventures), non-cash stock-based compensation expense, income from MSRs, amortization and write-offs of MSRs, gains/losses on derivative instruments primarily associated with Private Label loans not yet sold and securitized, changes in fair value of GSE-related derivatives that temporarily flow through earnings, deferred tax provision (benefit), CECL provisions for credit losses (adjusted for realized losses as described below) and gains/losses on the receipt of real estate from the settlement of loans (prior to the sale of the real estate). The Company also adds back one-time charges such as acquisition costs and one-time gains/losses on the early extinguishment of debt and redemption of preferred stock.

    The Company reduces distributable earnings for realized losses in the period management determines that a loan is deemed nonrecoverable in whole or in part. Loans are deemed nonrecoverable upon the earlier of: (1) when the loan receivable is settled (i.e., when the loan is repaid, or in the case of foreclosure, when the underlying asset is sold); or (2) when management determines that it is nearly certain that all amounts due will not be collected. The realized loss amount is equal to the difference between the cash received, or expected to be received, and the book value of the asset.

    Distributable earnings is not intended to be an indication of the Company’s cash flows from operating activities (determined in accordance with GAAP) or a measure of its liquidity, nor is it entirely indicative of funding the Company’s cash needs, including its ability to make cash distributions. The Company’s calculation of distributable earnings may be different from the calculations used by other companies and, therefore, comparability may be limited.

    The MIL Network –

    May 3, 2025
  • MIL-OSI Global: Can Keir Starmer learn anything from Mark Carney’s near-miraculous election win in Canada?

    Source: The Conversation – UK – By Steve Hewitt, Associate Professor in North American History, University of Birmingham

    The greatest comeback since Lazarus. So went some of the sentiment around novice politician Mark Carney’s near-miraculous victory in the April 28 Canadian federal election.

    His Liberal party was on political life support in January. The highly unpopular Justin Trudeau had just resigned and, after nearly ten years in office, the governing centrist Liberals seemed destined for an historic defeat. The Conservative party led by over 20 points in opinion polls and looked certain to enter government.

    Then came a two-part salvation. First was the arrival of Carney as Liberal leader. Without a previous political record, Carney avoided the contamination attached to the Liberals’ time in office.

    The other part of the revival came courtesy of President Donald J. Trump, who repeatedly referred to the outgoing Trudeau as “governor” and mused continually, including on the day of the Canadian election, about his desire for Canada to become the “51st state” of the United States. Applying tariffs on Canadian goods made it clear that the threat was real and triggered a dramatic nationalistic reaction on the part of Canadians.

    They began avoiding travel to the United States and boycotting American products. Carney rode such sentiments to a near majority parliamentary victory and the highest Liberal share of the popular vote at the federal level since 1980.

    But are there lessons from the Carney triumph that might aid other struggling leaders, such as British prime minister Keir Starmer? Having achieved a large majority less than a year ago, Labour has lost a safe seat to Reform in a byelection and languishes in the polls.

    Whereas Carney and the Liberals have been vocal in their resistance to Trump, Starmer and Labour have followed a path of obsequiousness, even to the point of avoiding criticism of the US president over threats to Canada. Instead of speaking out, Starmer has managed Trump by flattering him through an invitation for a second state visit.

    Starmer and Labour seem determined to curry favour with Trump to gain a free trade agreement with the US. Setting aside the value of such an agreement, given how Trump has simply ignored the deal his first administration struck with Mexico and Canada in 2020, the toadying appears to have all been for naught.

    According to the Guardian, the Trump administration has made a free-trade agreement with the UK a second or third level priority. So much for the “special relationship”.

    This apparent disinterest would imply that Starmer and Labour have little to risk by taking a more aggressive stance. Playing a more overtly nationalistic card might play well with more centrist voters in the UK, as it did in Canada. There is clear evidence from opinion polls of growing unhappiness with the United States among Britons, along with increasing disdain for the idea of the “special relationship”.

    Such an approach might undermine some of the momentum that the Reform Party has enjoyed over the last few months. Tying Nigel Farage to the Trump administration might be especially effective given his close connections over several years to the president.

    Certainly, tarring your opponent as a mini-Trump represented an effective tool by the Liberal campaign against the Conservative leader Pierre Poilievre, who not only lost the election but also was defeated in his own constituency after having won there seven previous times.

    A case could be made that the Canadian situation has a uniqueness that isn’t necessarily transferrable elsewhere. There is, for instance, a long history in the country of anti-Americanism as a potent political force, especially on the left of the political spectrum.

    Efforts to distance Canada from the US culturally and intellectually in the 1960s and 1970s were popular and led to a cultural flourishing. And elections in 1911 and 1988 were fought directly over the issue of free trade with the United States.

    Major public concerns over American domination of Canada were key in both contests, even though the latter election was a victory for the Progressive Conservative party that advocated free trade with the US. Additionally, a significant element of Canadian identity outside of Quebec has long been defined in oppositional terms to Canada’s southern neighbour.


    Want more politics coverage from academic experts? Every week, we bring you informed analysis of developments in government and fact check the claims being made.

    Sign up for our weekly politics newsletter, delivered every Friday.


    Even though the Canadian example may be unique, other countries are certainly looking towards it. Taking an aggressive stance against Trump tariffs appears to be helping the Labor party in Australia. It may also have an impact in New Zealand. At this point, with Starmer and Labour struggling in troubled polling waters, Trump may be the best political lifeline available.

    Steve Hewitt 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. Can Keir Starmer learn anything from Mark Carney’s near-miraculous election win in Canada? – https://theconversation.com/can-keir-starmer-learn-anything-from-mark-carneys-near-miraculous-election-win-in-canada-255735

    MIL OSI – Global Reports –

    May 3, 2025
  • MIL-OSI Global: Despite Supreme Court setback, children’s lawsuits against climate change continue

    Source: The Conversation – USA – By Alexandra Klass, James G. Degnan Professor of Law, University of Michigan

    Young Montanans, including Rikki Held, center, sued their state government and won a key ruling forcing the state government to consider greenhouse gas emissions when reviewing proposed development projects. William Campbell/Getty Images

    An ancient legal principle has become a key strategy of American children seeking to reduce the effects of climate change in the 21st century. A defeat at the U.S. Supreme Court in March 2025 has not stopped the effort, which has several legal actions continuing in the courts.

    The legal basis for these cases is called the “public trust doctrine,” the principle that certain natural resources – historically, navigable waters such as lakes, rivers and streams and the lands under them – must be maintained in government ownership and held in trust for present and future generations of the public.

    Although the origins of the doctrine remain in some dispute, most scholars cite its first mention in ancient Roman law. Over the centuries the principle made its way to England and later to the United States.

    For the past decade, a nonprofit called Our Children’s Trust has argued for a 21st-century interpretation of the public trust doctrine to support lawsuits against state and federal agencies and officials, seeking to force them to take specific actions to fight climate change. Our Children’s Trust has focused on children, saying they are particularly vulnerable to the effects of climate change because their futures, which the public trust doctrine protects, will be lived in an unsafe and unhealthy climate unless governments take action. Children around the world have filed similar lawsuits against their governments on alternate legal grounds, including claims of constitutional and human rights violations.

    Initial uses of the public trust doctrine in the US

    The U.S. Supreme Court first endorsed the public trust doctrine in 1892, when it ruled that the doctrine prevented the Illinois legislature from selling virtually the entire Chicago harbor in Lake Michigan to a private railroad company. In the 20th century, state courts have ruled that the doctrine bars states and local governments from selling off lakefront property or harbors to private owners and protects public access to beaches, lakes and oceans.

    The public trust doctrine had little to do with environmental protection until the 1970s, however, after law professor Joseph Sax wrote an influential article arguing that the doctrine could form the basis for lawsuits to protect water and other natural resources from pollution, destruction and other threats.

    Over the past five decades, some states’ courts have expanded the public trust doctrine’s application beyond access to water-based resources, ruling it can also require governments to protect parks and wildlife from development. And Montana, Minnesota and several other states followed Sax’s recommendation to pass laws or amend their state constitutions to impose broader obligations on states to protect natural resources.

    Young people have taken part in many protests seeking action to prevent or reduce the effects of climate change, including this 2017 rally in Colorado.
    Helen H. Richardson/The Denver Post via Getty Images

    A new approach

    In 2011, Our Children’s Trust argued for the first time that governments had a legal obligation to protect the atmosphere as a public trust resource. The group filed lawsuits in all 50 states on behalf of children. Most state courts dismissed the lawsuits quickly, holding that there were no court decisions in their states that supported extending the public trust doctrine to claims involving the climate or the atmosphere.

    In 2015 the group filed a similar lawsuit in federal court in Oregon, this time against the federal government. That lawsuit, Juliana v. United States, alleged that the federal government’s inaction to address climate change violated the public trust doctrine as well as the 21 young plaintiffs’ rights to life, liberty and property under the U.S. Constitution.

    The plaintiffs asked the court to order the federal government to prepare an inventory of U.S. carbon dioxide emissions and to implement a national plan to phase out fossil fuels to “stabilize the climate system and protect the vital resources on which Plaintiffs now and in the future will depend.”

    The federal lawsuit survived an early effort from the government to dismiss the case but never reached a full trial. In 2016 an Oregon federal judge ruled that the U.S. government had an obligation to protect the climate under both the public trust doctrine and the U.S. Constitution. However, this ruling was reversed on appeal. After years of back-and-forth in the court system, the U.S. Supreme Court upheld the case’s dismissal in March 2025.

    A talk with one of the plaintiffs in a lawsuit against the U.S. government seeking to force regulatory action to reduce the effects of climate change.

    An updated strategy

    Since the initial wave of litigation, Our Children’s Trust has continued to file lawsuits to force governments to address climate change. These newer ones are more narrowly tailored to state-specific constitutional and statutory provisions that protect environmental and public trust resources. And, so far, they have been more successful.

    In a 2020 Montana lawsuit, for example, the plaintiffs relied on a 1972 amendment to the state constitution declaring that the state and every person “shall maintain and improve a clean and healthful environment in Montana for present and future generations” and that the legislature shall “provide adequate remedies to prevent unreasonable depletion and degradation of natural resources.” Montana Supreme Court decisions prior to the 2020 lawsuit had held that the framers of the 1972 amendment had intended it to contain “the strongest environmental protection provision found in any state constitution.”

    Relying on these court decisions, the Montana plaintiffs argued that a state law preventing state agencies from considering the effects of greenhouse gases in issuing permit applications for projects such as power plants or mines violated the state constitution.

    The plaintiffs won at trial, and in a landmark opinion in 2024 the Montana Supreme Court upheld the trial court’s finding that greenhouse gases were harmful to the state’s “climate, rivers, lakes, groundwater, atmospheric waters, forests, glaciers, fish, wildlife, air quality, and ecosystem.” The court similarly found that “a stable climate system … is clearly within the object and true principles” of the state’s constitution.

    Children in Hawaii filed a similar lawsuit in 2022 against the state Department of Transportation, alleging that its failure to reduce transportation emissions in the state violated the state public trust doctrine and the state’s constitution. The lawsuit relied on Hawaii courts’ previous rulings that the state’s public trust doctrine and state constitution broadly protect natural resources for present and future generations. In 2024, days before trial was to begin, the parties reached a landmark settlement in which the state agreed to take concrete actions to significantly reduce greenhouse gas emissions from the transportation sector.

    In the Montana lawsuit, a U.S. court ruled that the government had failed to protect the rights of children by failing to take action to reduce or prevent climate change.

    The road ahead

    Looking back, it was perhaps not surprising that a one-size-fits-all nationwide legal strategy based on a doctrine that varies widely state by state would face long odds. But the public trust doctrine itself has been historically incremental, expanding and contracting as society and the needs of its citizens change over time. And Our Children’s Trust has several cases still pending, including in Alaska and Utah state courts, and in a federal court in California.

    The campaign’s successes broke new legal ground: Montana courts held the first trial in the United States that examined evidence of the effects of climate change and states’ obligations to address them. The Hawaii settlement set concrete benchmarks and included provisions for continued feedback on state policies by the youth plaintiffs.

    More broadly, Our Children’s Trust’s campaign demonstrates that a combination of legal advocacy and nationwide publicity over the plight of young people in a rapidly changing climate have the potential to result in real change, both in the law and in public perception of the importance of addressing climate change.

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

    – ref. Despite Supreme Court setback, children’s lawsuits against climate change continue – https://theconversation.com/despite-supreme-court-setback-childrens-lawsuits-against-climate-change-continue-255189

    MIL OSI – Global Reports –

    May 3, 2025
  • MIL-OSI Global: Children in military families face unique psychological challenges, and the barriers to getting help add to the strain

    Source: The Conversation – USA – By Ian H. Stanley, Associate Professor of Emergency Medicine & Clinical Psychologist, University of Colorado Anschutz Medical Campus

    Military kids tend to drink more and have more depression than nonmilitary peers. kail9/E+ via Getty Images

    “When one person joins the military, the whole family serves.”

    The origin of this statement is unknown, but it captures the reality that military families confront in 2025. One member’s service shapes the lives of the entire family.

    Here’s a look at the numbers: More than 2 million Americans serve in the U.S. military. About 1.3 million are on active duty, nearly half of them are married, and just over one-third have children. Many of the rest are otherwise partnered, or they live with extended family members.

    These military families encounter unique psychological stressors. Frequent relocations disrupt a spouse’s job, a child’s schooling, and family routines. Deployments and the constant threat of war may strain relationships. For dual-military couples, these pressures are compounded. For them, prolonged separation and increased child care needs are even more common.

    We are a clinical psychologist and a clinical trauma epidemiologist. Both of us are at the University of Colorado Center for COMBAT Research, where one of our core missions is to improve the psychological health of these families through education, innovation and high-impact research.

    When a military parent is deployed, some kids react with irritability and aggression.

    Depression, alcohol and suicidal thoughts

    Most military families demonstrate remarkable resilience and lead happy, healthy, and productive lives. For so many of them, being part of a military family and serving their country is a source of great pride and honor.

    But numerous studies show that military children are also more likely to face a range of psychological issues than their nonmilitary peers. They experience more depression and drink more alcohol; they are more likely to attempt suicide; and when a military parent is wounded, they are more likely to express suicidal thoughts. What’s more, from 2011 to 2022, the suicide death rate for children and spouses in military families slightly increased.

    Military families can take a simple step to stop at least some of these tragedies – by securely storing personally owned firearms, particularly when a child is in the home. This is recommended by the Department of Defense, Department of Veterans Affairs, as well as firearm trade associations and firearm businesses.

    Word seems to be getting out: Research shows military-connected youth with mental health challenges are less likely than peers to carry guns.

    For many military families, financial stress is a top concern.

    Overcoming barriers

    All this is happening at a time of unprecedented challenges for military families. The U.S. military is enhancing warfighter readiness; increased training requirements may take service members away from home for weeks to months at a time, adding to family stress. What’s more, future military conflicts will likely mean longer deployments.

    One barrier to getting psychological help is the stigma surrounding mental health. The military promotes a culture of self-reliance and resiliency under pressure – and for good reasons. But for many military families, seeking help is seen as a sign of weakness. Admitting to having struggles is often perceived as vulnerability, and some military members think asking for help may harm their career. Some of these ethos appear to extend to family members as well.

    The Defense Department, along with several nonprofits, has made significant efforts not only to decrease stigma, but also increase services that foster psychological health. Research shows existing programs do help. This includes free services from Military OneSource, Military and Family Life Counseling, Families OverComing Under Stress and 4-H Military Partnership. But despite what appears to be an abundance of these programs, many military members and their families are still unaware they exist or have difficulty accessing them.

    Children from military families are more likely than peers to serve in the military. That means protecting their psychological well-being at an early age may ultimately translate to a stronger military in the next generation. Expanding youth- and family-focused programs is an investment, not only in these families, but in the future of the nation.

    Ian H. Stanley receives funding from the U.S. Department of Defense, USAA/Face the Fight Foundation, and the Patient-Centered Outcomes Research Institute. He is affiliated with the Scientific Advisory Board for Face the Fight.

    Anne Ritter receives funding from the U.S. Department of Defense.

    – ref. Children in military families face unique psychological challenges, and the barriers to getting help add to the strain – https://theconversation.com/children-in-military-families-face-unique-psychological-challenges-and-the-barriers-to-getting-help-add-to-the-strain-251989

    MIL OSI – Global Reports –

    May 3, 2025
  • MIL-OSI: Maris-Tech Expands European Reach with New Distribution Agreement in Poland

    Source: GlobeNewswire (MIL-OSI)

    Collaboration with Armit Addresses Growing Demand for Defense Video & AI Solutions

    Rehovot, Israel, May 02, 2025 (GLOBE NEWSWIRE) — Maris-Tech Ltd. (Nasdaq: MTEK, MTEKW) (“Maris-Tech” or the “Company”), a global leader in video and artificial intelligence (“AI”)- based edge computing technology, today announced that it has entered into a new distribution agreement with Armit Sp. z o.o. (“Armit”), a leading Polish defense solutions provider. The collaboration represents a key step in Maris-Tech’s European growth strategy, which is to expand access to its advanced video streaming, AI, and situational awareness platforms in one of Europe’s most strategically important defense markets.

    Founded in 2015 and headquartered in Warsaw, Poland, Armit specializes in defense system integration, communications infrastructure, and electronic components and serves as a trusted partner to Poland’s armed forces and security agencies. Pursuant to the agreement, Armit will distribute Maris-Tech’s suite of ruggedized video processing and intelligence platforms, including products designed for armored vehicles, drones, naval systems, and mobile tactical units.

    This announcement follows Maris-Tech’s broader strategy to expand its global distribution network, bringing real-time video intelligence and AI-driven situational awareness to more defense customers across Europe and beyond.

    “We’re excited to collaborate with Armit as part of our European expansion,” said Israel Bar, Chief Executive Officer of Maris-Tech. “Armit is an ideal collaborator to help us grow our footprint in this market, enabling a larger customer base to benefit from our innovative AI and video solutions.”

    “At Armit, we pride ourselves on offering the best technology to our customers. We are proud to collaborate with Maris-Tech and look forward to introducing their innovative video and AI edge computing solutions to the Polish market,” said Mr. Dariusz Sobczak, President of Armit.

    About Maris-Tech Ltd.

    Maris-Tech is a global leader in video and AI-based edge computing technology, pioneering intelligent video transmission solutions that conquer complex encoding-decoding challenges. Our miniature, lightweight, and low-power products deliver high-performance capabilities, including raw data processing, seamless transfer, advanced image processing, and AI-driven analytics. Founded by Israeli technology sector veterans, Maris-Tech serves leading manufacturers worldwide in defense, aerospace, Intelligence gathering, homeland security (HLS), and communication industries. We’re pushing the boundaries of video transmission and edge computing, driving innovation in mission-critical applications across commercial and defense sectors.

    For more information, visit https://www.maris-tech.com/

    Forward-Looking Statement Disclaimer

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect”,” “may”, “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate” or other comparable terms. For example, the Company is using forward-looking statements when it is discussing the Company’s European growth strategy, the Company’s broader strategy to expand its global distribution network, that Armit is an ideal collaborator to help the Company grow its footprint in the market, enabling a larger customer base to benefit from its innovative AI and video solutions and introduction of the Company’s innovative video and AI edge computing solutions to the Polish market . The Company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: its ability to successfully market its products and services, including in the United States; the acceptance of its products and services by customers; its continued ability to pay operating costs and ability to meet demand for its products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; its ability to successfully develop new products and services; its success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; its ability to comply with applicable regulations; and the other risks and uncertainties described in the Annual Report on Form 20-F for the year ended December 31, 2024, filed with the SEC on March 28, 2025, and its other filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations:

    Nir Bussy, CFO
    Tel: +972-72-2424022
    Nir@maris-tech.com

    The MIL Network –

    May 3, 2025
  • MIL-OSI: Marex Group plc Announces Pricing of U.S.$500 Million Senior Notes Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 02, 2025 (GLOBE NEWSWIRE) — Marex Group plc (Nasdaq: MRX) (“Marex”), the diversified global financial services platform, announced the pricing on May 1, 2025 of a public offering (the “Offering”) of U.S.$500 million aggregate principal amount of its 5.829% Senior Notes due 2028 (the “Notes”). The Notes will be issued at a price to the public equal to 100.000% of the principal amount thereof and will be senior unsecured obligations of Marex.

    The Offering is expected to close on or about May 8, 2025, subject to the satisfaction of customary closing conditions. Marex intends to use the net proceeds from the Offering for working capital, to fund incremental growth and for other general corporate purposes.

    Ian Lowitt, CEO of Marex, commented:

    “This successful debt issuance further diversifies our sources of funding and enables the continued expansion of our business, bolstering our liquidity so we can support our clients. We are pleased to have seen very strong investor interest for these notes, demonstrating continued confidence in our client-driven business model, prudent approach to capital and our liquidity profile.”

    Barclays, Goldman Sachs & Co. LLC and Jefferies are acting as joint book-runners for the Offering.

    The Offering is being made pursuant to Marex’s existing effective shelf registration statement on Form F-3 filed with the U.S. Securities and Exchange Commission (the “SEC”). The Offering will be made only by means of a preliminary prospectus supplement and its accompanying base prospectus. You may obtain copies of these documents for free by visiting the SEC’s website at www.sec.gov or by calling Barclays Capital Inc. toll-free at (888) 603-5847, Goldman Sachs & Co. LLC toll-free at (866) 471-2526 or Jefferies LLC toll-free at (877) 877-0696.

    This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    Forward looking statements

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this release that do not relate to matters of historical fact should be considered forward-looking statements, including the expected closing date of the Offering. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation: subdued commodity market activity or pricing levels; the effects of geopolitical events, terrorism and wars, such as the effect of Russia’s military action in Ukraine or the on-going conflicts in the Middle East, on market volatility, global macroeconomic conditions and commodity prices; changes in interest rate levels; the risk of our clients and their related financial institutions defaulting on their obligations to us; regulatory, reputational and financial risks as a result of our international operations; software or systems failure, loss or disruption of data or data security failures; an inability to adequately hedge our positions and limitations on our ability to modify contracts and the contractual protections that may be available to us in OTC derivatives transactions; market volatility, reputational risk and regulatory uncertainty related to commodity markets, equities, fixed income, foreign exchange; the impact of climate change and the transition to a lower carbon economy on supply chains and the size of the market for certain of our energy products; the impact of changes in judgments, estimates and assumptions made by management in the application of our accounting policies on our reported financial condition and results of operations; lack of sufficient financial liquidity; if we fail to comply with applicable law and regulation, we may be subject to enforcement or other action, forced to cease providing certain services or obliged to change the scope or nature of our operations; significant costs, including adverse impacts on our business, financial condition and results of operations, and expenses associated with compliance with relevant regulations; and if we fail to remediate the material weaknesses we identified in our internal control over financial reporting or prevent the occurrence of material weaknesses in the future, the accuracy and timing of our financial statements may be impacted, which could result in material misstatements in our financial statements or failure to meet our reporting obligations and subject us to potential delisting, regulatory investments or civil or criminal sanctions, and other risks discussed under the caption “Risk Factors” in our preliminary prospectus supplement for the Offering and its accompanying base prospectus filed with the SEC, and our other reports filed with the SEC.

    The forward-looking statements made in this release relate only to events or information as of the date on which the statements are made in this release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

    Enquiries please contact:

    Marex:
    Nicola Ratchford / Adam Strachan
    +44 778 654 8889 / +1 914 200 2508 | nratchford@marex.com/ astrachan@marex.com

    FTI Consulting US / UK
    +1 (919) 609-9423 / +44 (0) 7776 111 222 | marex@fticonsulting.com

    The MIL Network –

    May 3, 2025
  • MIL-OSI United Kingdom: Dame Angela McLean’s speech at the Royal Institution

    Source: United Kingdom – Executive Government & Departments

    Speech

    Dame Angela McLean’s speech at the Royal Institution

    This is a draft text of the speech ‘Discourse: The future of engineering biology’ delivered by Government Chief Scientific Adviser Professor Dame Angela McLean at The Royal Institution on 25 April 2025.

    I want to start by asking you all to think about how you got here tonight.

    I don’t mean in some philosophical sense; that kind of question is better left to other speakers. I mean literally: how did you make your way, here, to the Royal Institution?

    If you’re anything like me, you relied on Google Maps to show you the way (although I may be obliged to say “Other providers are available”). Perhaps you also used your phone to pay for the bus or Tube.

    If you’re joining us online – hello to you all! – you’ll be watching on a phone, tablet or laptop. So, one way or another, most of us made it here thanks to 1 of these devices.

    Now I want you to think about the battery in your phone. Chances are it’s a lithium-ion battery. And if you came in an electric car or bus, you would also have depended on a lithium-ion battery.

    The advantage of lithium-ion batteries compared to traditional alkaline batteries – the kind you may still put in the back of your TV remote – is that they can provide more energy and are rechargeable. People old enough to have depended entirely on alkaline batteries for many more devices besides the TV remote will remember the frustration when they ran out of power – and trying to cobble together another set of batteries to get them working again. Our phones may go dead, but it’s simple and convenient to recharge them.

    But there is a downside, namely all the metals that go into making these modern batteries and electrical products, including lithium, cobalt and other rare earth elements.

    Getting hold of these metals is hard. Most are currently extracted and purified from compounds in rocks, a process which can be very energy-intensive as well as very polluting.

    Recycling and reusing these same metals is also hard.

    This is the periodic table of the elements created by Dmitri Mendeleev, first published in 1869 and subsequently presented right here at the Royal Institution some 20 years later.

    How many elements do you think are used in electronic products?

    Electronic products can contain up to 60 different elements – around 52 of them metals (those are the elements highlighted in blue on the slide) – and we currently rely on inefficient and environmentally damaging methods to isolate and recycle individual metals.

    Indeed, many electronic items cannot be recycled. They simply go to landfill. This is already a serious issue and it’s 1 that will only get worse as global demand for electronics increases.

    Well, what if I told you that researchers here in the UK have identified naturally occurring bacteria, which have the ability to extract and recycle metals from this sort of waste?

    Hats off to anyone in the audience familiar with the strain of bacteria called Shewanella oneidensis MR-1, which can remove manganese from lithium-ion batteries. Or the bacteria Desulfovibrio alaskensis, which is capable of precipitating cobalt out from a mixture of the different metals and chemicals in lithium-ion batteries.

    I’m only aware of these bacteria thanks to amazing research taking place in the UK, including by Louise Horsfall’s group at the University of Edinburgh. Louise’s team have been collaborating with researchers from across the country as part of the ReLib project, which stands for the reuse and recycling of lithium-ion batteries.

    Actually, 1 of the funders for this project is the Faraday Institution, the UK’s flagship battery research programme named for the great Michael Faraday whose desk is in front of me.

    On his desk I have a few items to use to help explain battery recycling.

    Louise’s team have primarily been focused on recycling metals from large lithium-ion batteries used in electric vehicles. However, they can be pretty large – too large for me to bring here tonight. Nevertheless, many of you will know what a lithium-ion battery looks like from your phone – and the science behind how we can recycle these batteries is no different.

    Once lithium-ion batteries reach the end of their life they can be disassembled and shredded using mechanical methods to produce this. In this case, the shredded material has come from part of the battery called the cathode, which contains lots of the metals we want to recycle.

    Once we’ve dissolved this shredded material using chemical or biological methods, we get this solution here… called metal leachate. This contains the useful metals we’re interested in and it’s at this point that we introduce the bacteria I mentioned earlier.

    The bacteria collect and excrete specific metals as tiny nanoparticles which we can recover to give us something like this… which is manganese that Louise’s team has produced in the way I’ve just described from this exact process! We can then use this manganese to build new batteries or other devices.

    You might be wondering what do we do with what’s left behind in the leachate solution. Well, after the bacteria have done their work we are left with this biobrine which is rich in lithium – and resembles what you might find in lithium deposits in South America. This too can be used to make new batteries.

    And I’m not just talking about using a few types of microorganism to improve the extraction and recycling of 1 or 2 metals. There appear to be lots of different microbes out there capable of extracting different metals. Indeed, it’s possible that the bacteria have evolved this capability in a way that detoxifies their own environment, collecting up and excreting harmful metals and so not being poisoned.

    So if we use combinations of these bacteria and we tweak the characteristics of these strains, we can increase the efficiency with which metals are purified and recycled from waste.

    That word tweaking is important and it doesn’t do justice to the science involved. What we’re really talking about is engineering existing microbes to extract and recycle metals.

    Extracting metals from the ground is a hugely expensive and damaging process. It looks rather like this:

    What you can see on the bottom part of this slide is an open cast manganese mine.

    And once we’re finished with products needing such metals, we throw them away. The top part of this slide shows a landfill site after a fire. There have been reports of lithium-ion batteries causing fires at landfill sites across the world.

    With engineering biology, we only need to remove metals from the ground once; thereafter they can become part of a genuine circular economy through continual re-use.

    We use physics, chemistry and engineering to get them out of the ground but then we can and should use biology and engineering to keep recycling them.

    And this is just 1 example of what is within our grasp thanks to the power and potential of the scientific field called engineering biology.

    I’m speaking about engineering biology this evening because I believe it could be the most significant branch of science for decades to come.

    I want to explain why I think that’s the case – and to share my excitement about this field for 2 main reasons.

    The first is that the science and engineering involved in this field is, frankly, beautiful.

    The second – and more important – reason is that both current and future applications will make a huge difference to the everyday lives of people in the UK and across the world.

    I’m here to try to convince you of both these things, but if I can convince you of only 1, I want it to be the latter.

    I’m really keen for people to recognise that the scientists and engineers in this field are working to  produce solutions that most, if not all, of us can agree are necessary… urgently necessary even.

    To kick off, I ought to say that – as Government Chief Scientific Adviser – my role is to advise the Prime Minister and the Government on all matters related to science, technology and engineering.

    The job – and the advice – is a mixture of proactive and reactive work. It covers everything from providing scientific and technical advice during a national emergency to explaining the risks and opportunities around emerging technologies like artificial intelligence and engineering biology.

    Now, in getting to grips with the promise of engineering biology, I did have a little bit of a head start.

    I am a mathematical biologist by background. My own research focused on using mathematical models to improve our understanding of the evolution and spread of infections like measles and HIV.

    I don’t, however, have any background in engineering, nor in biochemistry. So I have had to get up to speed over the past few years.

    At this point let me explain what engineering biology actually is.

    Engineering biology involves applying engineering to biological processes in order to bend biology to our will.

    In other words, it’s the practice of using ideas and tools taken from engineering to design and modify living organisms or biological systems.

    Using tools and ideas developed over recent decades, the goal is to develop new materials and energy sources; to improve animal, plant and human health; to address environmental issues in new and sustainable ways.

    What we’re talking about is the ability to harness and control biology predictably, repeatably and – I’ve said this already – usefully. Sometimes that will mean working with what’s already available in nature; at other times, it will involve genetic modification techniques.

    Let me unpack some of this a bit further.

    Firstly, on the engineering side. Here, I want to start with the design-build-test-learn cycle – DBTL for short.

    This approach has been central to product development in engineering disciplines for some time. It drives continuous refinement and innovation, making research and development faster and more efficient.

    In engineering biology, design-build-test-learn is brought to bear on biological processes – by which I mean the activities occurring within living organisms.

    Image of the design-build-test-learn cycle. Each element is located in a different quarter and all 4 quarters make up a circle.

    Essentially, I’m talking about designing something biological – like a version of a cell, or it could be a biological process (such as cell division) or a genetically-engineered system…

    Then building it, maybe in the lab…

    Then testing it to see how well it works…

    Before finally, and perhaps most importantly, learning from what did and didn’t work and then feeding the lessons into another round of design, making improvements again and again around this cycle, towards an end goal.

    This looks like being a more efficient way of recycling metals, to use the case study I gave at the start.

    And why is this approach necessary? Well, because living organisms are highly complex, with many different parts and networks of interactions between those parts.

    One could argue that physical or chemical systems are a bit more straightforward, more predictable, more easily quantifiable. We’ve been using this design-build-test-learn process to bend chemistry and physics to our will for more than a century – very successfully.

    The complex and often unpredictable nature of biological systems means we need to work through multiple permutations to get to a desired outcome – and that’s where the engineering in engineering biology comes in.

    If we can get this approach right – and I’m going to offer some further examples later showing where we already are – then we have the power to systematically develop biological systems to meet some of the biggest challenges we face.

    Let me be more definitive. If the nineteenth century was chemistry’s golden age, and the twentieth century was the same thing for physics, I believe the twenty-first century should be the golden age for biology.

    Why am I so optimistic?

    This century can belong to biology because of a series of extraordinary advances in scientific understanding.

    Where to begin? Of course, we have spent thousands of years modifying the living world.

    But I’m not going to go all the way back to the domestication of wild crops. I’m not even going back to Darwin and Mendel.

    Instead I’ll start with Watson, Crick and Wilkins – as well as the often overlooked Rosalind Franklin; 3 of the 4 received a Nobel Prize in 1962. By determining the structure of DNA, they discovered what we can call the language of biology.

    Understanding the structure of DNA opened the door to reading this complex language, then editing it, then actually writing it ourselves.

    Our ability to read DNA took a big step forward thanks to Walter Gilbert and Fred Sanger, who shared half of the 1980 Nobel Prize in Chemistry. Gilbert and Sanger did lots of work to understand the building blocks of DNA – the nucleotide alphabet of biology, if you like.

    The next game-changer was in 1983 when an American biochemist, Kary Mullis, developed something called the Polymerase Chain Reaction. Better known as PCR, it is a laboratory technique that’s used to make copies of particular pieces of DNA. Think of it as a photocopier for DNA.

    The technique lets scientists easily – and cheaply – create many millions of copies of DNA segments from very small original amounts – and that makes reading the DNA in a sample possible even if it is only there in tiny amounts.

    You will all have become familiar with PCR during the Covid pandemic, when it was used to make many copies of the viral genetic material to allow reliable diagnosis of a Covid infection. That was the test where you did a swab, popped it in a test tube and then sent it away in the post. It was particularly important early on, before we had home testing kits.    

    The invention of PCR also earned a share of the 1993 Nobel Prize in Chemistry – that’s DNA Nobel number 3.

    Fast forward 10 years to 2003 and the completion of the Human Genome Project. Researchers across the world spent some 13 years cataloguing the precise sequence of all the DNA in the cells of a human being. It was a huge effort and that first whole genome sequence of a human cost an estimated £2.5 billion.

    Thankfully – but also remarkably – sequencing technology has come on leaps and bounds over the past 20 years. Now, it is possible to sequence the same amount of DNA analysed by the Human Genome Project in a single day – and for just a few hundred pounds! We’ve even developed pocket-sized machines which are capable of reading DNA in real-time.

    In fact, I have 1 here: a portable sequencing device made by Oxford Nanopore. You simply add your sample into the middle here – this contains the sensor that will help to read the DNA sequence of your sample. Then simply close the lid and press go. And the results are delivered straight to your laptop via a USB-C cable which plugs into the end here.

    This is useful for situations where we can’t send off a sample for analysis and wait days for the results – if, say, we’re urgently trying to identify the cause of an infection in some far-flung corner of the world.

    So… we’ve learned to amplify DNA using PCR and we’ve learned to read DNA – fast – using rapid sequencing technologies.

    We’ve also started learning – and do emphasise “started” – to accurately and precisely “edit” DNA.

    Previously, when we wanted to do this, the methods were somewhat cruder – such as gene guns, which were used to literally fire DNA into cells.

    We now have tools like CRISPR-Cas9 (another Nobel prize-winning technology developed by Emmanuelle Charpentier and Jennifer Doudna), and we can now take a targeted portion of DNA and change it very accurately in specific places. Some people have compared CRISPR to using a pair of genetic scissors.

    Some of you might be wondering whether engineering biology is any different from another common term: synthetic biology. They are often applied interchangeably, although different countries interpret them in different ways.

    The way I see it, synthetic biology refers to tools like CRISPR, used to design and build new biological components. Engineering biology is taking these tools – with or without genetic modification – and using the DBTL cycle to apply these tools at scale to find solutions to problems in the world around us.

    There are still challenges with the accuracy of such tools, but the possibilities are vast.

    We know that certain diseases are caused by mutations in a single gene. Sickle cell disease, for example, is caused by mutations in the beta-globin gene, resulting in red blood cells which are misshapen. As a result, these red cells don’t flow around the body as well as they should. This can cause those affected – roughly 17,500 people in the UK – to suffer from anaemia as well as complications like terrible pain and organ damage.

    In the past, the only treatment was to rely on regular blood transfusions or a bone marrow transplant, neither of which comes without risks or complications. However, researchers have been using CRISPR to precisely edit the gene responsible for sickle cell with great success – so much so that, in January this year, the treatment was approved for use in the NHS as the world’s first gene-editing treatment for blood disorders.

    And this is just 1 of many gene-editing clinical trials going on right now, including treatments for liver disease, heart disease and some cancers.

    The possibilities are not confined to human diseases. We can use these genetic scissors to develop crops that are better at withstanding drought and more resistant to insects, so we don’t have to rely so much on pesticides.

    And it’s these tools that are being used to modify the bacteria designed for metal recycling that I spoke about at the start.

    Now, it would be remiss of me to talk about the tools of the future without mentioning AI and the transformative impacts it could have.

    A prime example is the challenge of understanding and predicting how proteins fold up intricately and precisely in all of our cells. Decoding this process is something scientists have been trying to achieve for decades.

    And in 2018, DeepMind came along with its AI model AlphaFold. AlphaFold has since been used to calculate the structure of hundreds of millions of proteins. And, yes, it earned the UK’s Demis Hassabis a share of last year’s Nobel prize in chemistry.

    Timeline starting with images of James Watson, Francis Crick, Maurice Wilkins and Rosalind Franklin above the year 1962. Images of Walter Gilbert and Frederick Sanger are next to the year 1980. Image of Kary Mullis is next to the year 1993. Images of Emmanuelle Charpentier and Jennifer Doudna are below the year 2020 and an image of Demis Hassabis is below the year 2024.

    All that’s missing on my timeline now is the capacity to design a new protein from scratch de novo. That will bring us into the realm of being able to write the language of biology – designing and printing a sequence of synthetic DNA to produce a protein with the properties that we want, from scratch.

    I’ve just been talking about how technologies such as AI, and tools such as CRISPR, are helping to broaden the range of biological powers at our disposal and increase our ability to design and optimise biological systems.

    And all this comes with valid concerns about risks. An example which springs to my mind was when scientists in Australia created a version of a mouse virus back in 2001 that instead of causing the normal mild symptoms, killed all of the mice within nine days. They were conducting some innocent genetic engineering research to try and make a mouse contraceptive vaccine for pest control and inadvertently found a way of creating a much more deadly version of the mousepox virus. Unsurprisingly, this made quite a splash in the media – although I think it was good that such a story was not buried.

    The point I want to make is that we must develop the right practices and regulation so that we ensure that research is carried out safely and responsibly but we do not stifle innovation.

    We refer to this as “responsible innovation” and it is 1 of the pillars of our government vision for engineering biology. That has given rise to new guidance on which genetic sequences people should be allowed to order for their research – welcome progress.

    Having the UK take a lead in this kind of responsible innovation – where we are thinking carefully about the desired benefits of our research as well as about how to avoid negative impacts – lets us manage the risks and harness the wealth of opportunities that engineering biology can offer.

    There are also other challenges to overcome. What’s standing in the way of us exploiting engineering biology for good? I won’t dwell for long on this, because you’re here to hear about science, not policy – but it is important to talk about the barriers.

    We’ve already spoken about proper regulation for engineering biology. We also need to have proper ways of funding the basic research that drives this wonderful new technology and also the application of that research that lets us solve real-world problems. Then there’s also the task of making more people aware of the potential for progress here.

    But a key area for me – and also a common issue across all areas of science and technology – is making sure we have the right skills in our future workforce to perform the future jobs that come with new technologies.

    The skill set for engineering biology is particularly broad: the field is a combination many different skill-sets and mindsets. Mostly we train people either to become biologists or to become engineers, and for this technology we need people who can think with both those mindsets. So we need to think about a pipeline which starts in schools, with children getting the right grounding in key subjects – and children also hearing about the exciting careers they can pursue through developing and using the technologies I’ve talked about.

    I think it’s vital that we don’t think exclusively about technical skills: communication skills are extremely important too. It’s a wonderful thing to do pioneering, cutting-edge research but we also need to be able to explain what that’s about and why people should want it.

    So far, I’ve told you a bit about what engineering biology is and how we’ve got to this point, poised for biological century. I’ve also talked a bit about risks and challenges, but I think it’s now time to delve further into the applications that I think are so inspiring.

    Today, I launched a report called “Engineering Biology Aspirations”. It’s our attempt to share our excitement about the possibilities that this technology opens up – and we want to share it with everyone, my colleagues inside government and also much more widely.

    It contains case studies, written by UK-based experts, that illustrate some of the diverse problems we can address using engineering biology. Microbial metal extraction is 1 of them. I want to highlight some others during the rest of this talk – and to recognise some of the amazing research taking place in the UK.

    One of the reasons that I commissioned the report is that all too often, when someone mentions engineering biology or synthetic biology, the examples will involve vaccines or medicines.

    Of course those are fantastic, important applications: with the Covid pandemic such a fresh memory, we are all acutely aware of the life-saving importance of rapid and effective vaccine production. And I’m in awe of those researchers who can edit the gene that causes sickle cell disease.

    But I want to make sure that we also shine a light on the true breadth of opportunities that engineering biology presents, not only in health, but across agriculture, materials, chemicals, energy, defence.

    So, let’s shift gear and think about the fashion industry. Unlike metal recycling, it’s a sector familiar to all of us. We all buy and wear clothes, but we don’t often stop to think about where they’ve come from, how they’ve been made, and at what cost to the environment.

    Putting aside issues around workforce conditions and waste, the fashion industry is 1 of the world’s largest polluters, responsible for up to 8 per cent of carbon emissions globally…

    Not to mention the pollution generated in the form of clothing and textiles dumped in landfills, like this 1 in Bangladesh, never to biodegrade.

    At the same time, 1/5 of the pollution of clean water around the world is caused by dyeing and treating textiles.

    And there’s also growing awareness of the environmental damage caused by the microfibres shed by polyester clothing.

    So it’s no surprise that plenty of researchers and companies here in the UK and beyond are seeking inspiration from biological processes to make new materials that don’t rely on fossil fuels or on animal products such as leather.

    You may have been wondering why there are bottled drinks and a handbag beside each other on the Faraday desk. Well, they’re made of essentially the same material.

    The process of making both items starts with microbes that naturally produce a material called nanocellulose.

    In the case of Mogu Mogu – a coconut water drink you might find in your local supermarket – the nanocellulose is responsible for the lumps of jelly you can see in this bowl. 

    It is a polymer produced through fermentation – the same process used to make beer.

    Now, 1 company I visited last year is called Modern Synthesis, based in South London and founded by Jen Keane and Ben Reeve. They’re aiming to develop scalable solutions to meet the fashion industry’s need for high-performing, versatile materials that don’t pollute the planet.

    Modern Synthesis make nanocellulose fibres and then combine them with textiles such as cotton or linen to create new composites. These are then finished with natural coatings like waxes and oils to improve performance and to enhance look and feel, which are of course critical to customers. The result is this handbag!

    Image of black, biologically derived material

    And on the slide behind me, you can see in more detail the fibres that make up the handbag. These miniscule nanocellulose fibres are actually really, really strong – 8 times stronger than stainless steel relative to weight!

    Modern Synthesis is just 1 example of a pioneering UK company making waves in this area. Another example is Solena Materials who are using AI to help design completely new materials from scratch, including fibres that are effective at absorbing energy. This makes them relevant for the military and the police, who need blast-, ballistic- and stab-proof clothing. As the ex-Chief Scientific Adviser for the Ministry of Defence, it’s great to see engineering biology applications offering benefits for defence.

    Developing new materials like these can significantly reduce greenhouse gas emissions compared to traditional material production. This includes minimising the environmental impacts of raising livestock for leather or the energy-intensive processes involved in creating synthetic textiles such as polyesters and nylons. Better still, these materials can be designed for biodegradability, getting away from the big problem of plastic pollution.

    Allow me to quote from our report for a second: “Imagine a world where every piece of your clothing has minimal cost to the environment, with zero waste going to landfills. Even if a piece of clothing is accidentally discarded into the environment, it safely biodegrades to leave no trace of its existence. This is the future of fashion, and engineering biology is helping to make it happen.”

    Let me move now to another pervasive problem: inefficiencies in food production. Most of you will be aware that fertilisers are used by farmers across the world to supply nitrogen to their crops. Without fertilisers, yields suffer.

    But there are 2 problems. First, the process for making nitrogen fertilisers is very energy-intensive. It’s responsible for between 1 and 2% of the entire world’s energy use – and generates matching CO2 emissions. Second, using fertilisers has considerable environmental impacts, releasing further greenhouse gas emissions and damaging waterways thanks to fertiliser runoff from fields.

    This slide shows excessive algae growth – a common impact of fertiliser runoff – in the River Wantsum in Kent.

    Currently, farmers across the world use more than 200 million tonnes of chemical fertilisers every year.

    Diagram showing molecules of nitrogen and hydrogen converted into molecules of ammonia, with a chemical equilibrium sign betweem ammonia and molecules of nitrogen that combine with molecules of hydrogen

    Now, this ability to produce nitrogen at scale – via the Haber-Bosch process – was without question the most important chemical breakthrough of the 20th century. The reaction that underpins this industrial process is shown behind me – converting nitrogen and hydrogen into ammonia, which is commonly used in fertilisers. It was discovered by Fritz Haber. Over half the global population depends for survival on foods fertilised using industrial production of nitrogen. But for the reasons I’ve outlined, we do need to do better.   

    So how can engineering biology help?

    What if we could engineer cereals crops to absorb their own nitrogen from the environment, without relying on fertilisers? We call that “fixing” nitrogen.

    There are actually examples of this happening in nature. There are bacteria in the soil called rhizobia which are particularly good at fixing nitrogen; in fact, they convert nitrogen gas from the atmosphere into ammonia – which is precisely the form of nitrogen that plants need. Legumes such as peas, clover and lupins attract these rhizobia bacteria to live in their roots – in small structures called nodules. In return for a steady supply of ammonia, the plant houses and feeds the bacteria, forming an ideal symbiotic relationship.

    Behind me is an illustration of a plant with root nodules… but in classic Blue Peter style, here are a couple I grew earlier!

    This clover plant from my lawn has nodules on its roots – but, because they are a bit tiny, I have also brought a photo of the same plant.

    For these sort of plants, we can already coat their seeds with rhizobia and achieve increases in yields. And we can even go a step further by adding the bacteria directly to fields in a process called soil inoculation.

    But the trouble with cereal crops like wheat, barley and maize is that they don’t have those root nodules and nor do they produce the special signalling chemicals that legumes use to attract bacteria.

    Image showing a clover plant with roots that have small circular nodules on them in the bottom left-hand corner and a sweet-corn plant with roots without nodules in the top right-hand corner

    Here is another plant that I’ve brought in from my garden. This 1 is sweet-corn, a variety of maize and a major cereal crop worldwide. You can see its roots here on the top part of the slide… no nodules! These kinds of crops do not set up this kind of symbiotic relationship with nitrogen-fixing bacteria.

    So what researchers, like Phil Poole at the University of Oxford, are doing is trying to engineer a new generation of fertiliser-free crops, drawing on plant genetics, biochemistry and soil ecology.

    One approach, given what I’ve just described, is to engineer cereals to form nodules on their roots that can host nitrogen-fixing bacteria.

    The UK is leading the way on this – Oxford and Cambridge universities have major programmes backed by investment from our research councils and from the Gates Foundation. In fact, the teams involved work together as part of a larger collaboration, and have recently made some significant advances, engineering barley to form nodule-like structures and engineering barley roots to release the chemical signal rhizopine that prompts rhizobia to start fixing nitrogen.

    The design-build-test-learn cycle I described earlier is a part of this research. All of the progress made so far has built on round after round of modifying, testing and redesigning organisms.

    There are still many hurdles to overcome, both from a technical perspective and societally; genetic modification of crops is a very sensitive issue. But the value of the prize here is large, and I think scientists should not be shy about describing it.

    Imagine a world where humanity’s main source of carbohydrates – cereal crops like wheat and barley – are able to generate their own nitrogen fertiliser.

    We could tackle global food shortages on a much more sustainable basis and at the same solve 1 of the most urgent climate challenges, consigning industrially-produced nitrogen to the past.

    Now, let’s just think about crops in a further context, because harvesting doesn’t have to be the end of their engineering biology journey!

    At the start of this talk, I name-dropped a couple of bacterial strains in relation to metal recycling. Well the biologist in me can’t help but tell you another 1 – this time being a type of bacteria called Halomonas.

    Researchers like Nigel Scrutton up at the University of Manchester, are engineering these bacteria to act as efficient factories for converting food waste into fuel via fermentation. When I say factories, I’m not talking about the massive industrial sites we would normally associate with fuel production.

    This photo is of Fawley oil refinery in Hampshire.

    Diagram showing drawings representing bacteria, food waste feedstock, a cylinder that produces fuel and container. The diagram shows that the result of feeding bacteria and food waste feedstock is fermentation that then produces fuel, which can be housed in a portable and scalable container

    By contrast, these fuel-producing bacteria can be housed in different-sized containers like the ones on this slide – some of them not too dissimilar to shipping containers.

    The beauty of this technology, therefore, is that it is inherently portable and scaleable to meet demand – with transformative implications for remote areas of the world where energy infrastructure can be scarce. And crucially, these are cleaner, fossil-free fuels that can be used to power homes, businesses, even aircraft.

    Let’s focus on that last application for a second. At the moment, the aviation industry relies almost completely on kerosene-based fuels, which account for a staggering 3% of global CO2 emissions.

    Burning fossil fuels is generally accepted as the main cause of global warming, so it is essential that we find ways to transition to sustainable sources of energy.

    Engineering biology solutions like Nigel’s can therefore play a significant role in creating a future without fossil fuels. One of the benefits of using bacteria to turn waste into useful fuels is that this can create another circular economy in which we no longer need to extract and burn more and more harmful fossil fuels; instead we recycle the carbon we already have.

    Personally, I think the environmental benefits are reason enough to get excited by this technology. But 1 of the great benefits of bacteria-fuel factories is how portable they are! In other words, they remove the need for large-scale bioreactor infrastructure.

    Imagine a world where clean fuels could be produced locally and on demand – including in all those remote and sparsely populated regions which currently struggle to access the fuels they require.

    Now, I argued just a moment ago that I want to convince people that engineering biology is about so much more than vaccines and medicines – and I hope that I’ve surprised at least some of you with the breadth of the examples I’ve described so far.

    But I do have 1 example from medicine that is just too fascinating to leave out, and that’s research into laboratory-grown blood.

    Why would we need such a product?

    Currently, the world relies almost entirely on human blood donations to treat disease and for emergency medicine. In many countries, including the UK, donation rates fluctuate, and shortages can happen. On top of that, donated blood has a limited shelf life. It is challenging to store and challenging to distribute. When you consider the fact that some countries don’t have the infrastructure to deliver blood products safely, or think about conflict or humanitarian emergencies, the problems associated with donated blood become even clearer.

    There are a few more issues too. It can be very difficult to source some rare blood types. And although blood services of course use screening to avoid known pathogens, there is always a risk of new ones arising, and being passed on to patients who receive blood transfusions.

    For all these reasons, finding new ways to produce blood would be another game changer, and, once more engineering biology can help us.

    Researchers, like Ash Toye at the University of Bristol, are exploring the possibility of banking unlimited supplies of red blood cells, either by transforming stem cells or genetically reprogramming donated precursor blood cells.

    What you can see on the screen is a beautiful illustration by artist Claudia Stocker, which provides a visualisation of CRISPR – the “genetic scissors” technology I mentioned earlier – being used here to edit the genetic material of the precursor cells that will go on to become red blood cells.

    The part of the image to focus on is the centre of the slide and specifically the spiral spools of DNA emanating from the big blue circle in the middle – the cell that will eventually give rise to the red blood cells around the outside of the slide. The little blue doughnuts represent the CRISPR technology in action, actively and precisely editing the DNA as we have instructed it to do.

    This editing can enable us to produce precursor cells that can grow and divide indefinitely in a controlled environment, giving us unlimited blood supplies.

    The Bristol team pioneering this research has been working closely with NHS Blood and Transplant and other partners in a ground-breaking clinical trial called RESTORE – RESTORE being the acronym for REcovery and survival of STem cell Originated REd cells.

    It’s the first time in the world that red blood cells grown in a laboratory have been given to another person as part of a trial into blood transfusion – you might have seen media coverage of this programme, which has attracted interest from all over the world. The trial should produce further results by the end of this year or early next.

    In the future, we could go a step further and use CRISPR to delete the genes responsible for blood groups, and – in doing so – create “universal” blood that would be invaluable in providing blood transfusions for individuals with rarer blood types.

    Image of a table containing the combinations of blood types of a donor and a recipient that match each other and ones that do not. The matches are highlighted in purple and the mismatches in red

    This slide is a brief reminder of the complexities around ensuring blood compatibility between donors and recipients. Only the combinations in purple are suitable.

    The prospects here are again tantalising. Imagine a world where no patient dies due to a lack of compatible blood following an accident or during surgery. Where safe blood is available on demand, can be stored for longer and is free of disease transmission risks.

    So there are all these amazing opportunities, which you can tell I love talking about!

    We’ve covered a fair bit of ground about engineering biology: not just historically but geographically, in universities and companies, and across a range of applications.

    I’m so proud that our country can lay claim to so much ingenuity. Microbial metal recycling from Edinburgh. Biosynthetic fuels from Manchester. Lab-grown blood from Bristol. Nitrogen-fixing cereals from Oxford.  And nanocellulose-based materials from right here in London.

    I want to end, though on a broader point concerning emerging technologies such as engineering biology and others besides.

    Earlier, you heard me talk about risks and challenges, including the need for responsible innovation.

    Another challenge – though – is about how we, as a society, talk about science and technology in general.

    Clearly, 1 of my aims this evening has been to raise awareness of engineering biology.

    But it strikes me that we’re living through a period where public engagement around science is getting harder.

    That’s not just because of the unprecedented volumes of misinformation circulating around us.

    We now live in a less paternalistic society – which is surely a good thing – it is no longer enough for scientists to tell people what’s good for them and expect them to toe the line. Instead, we know we need to have a proper, well-informed debate about these issues.

    Clearly, it would be possible for the promise of engineering biology to be compromised by public opposition. We need to listen to public concerns – really listen! – and understand that if we don’t respond to those concerns people will be perfectly within their rights to not support, or actively block, the engineering biology advances that we’re trying to create.

    There is a lot of work to do here. I don’t think we can ever be finished listening to the public.

    Essentially, the technologies we’re developing in engineering biology need to offer solutions to problems that people actually care about.

    Health, nutrition, climate, the environment, sustainability, global equity. I know that these are problems that billions of people care about.

    I hope I’ve persuaded you that when it comes to these problems, engineering biology can provide solutions.

    Image of the front cover of the ‘Engineering Biology Aspirations’ report on the left-hand side and a QR code to the webpage with the report on the right-hand side

    Thank you for listening – do read our report; here it is – and thank you to the Royal Institution for asking me to speak in this 200th anniversary year for discourses.

    Read the Engineering Biology Aspirations report.

    Updates to this page

    Published 2 May 2025

    MIL OSI United Kingdom –

    May 3, 2025
  • MIL-OSI United Kingdom: Just Transition Fund reopens for applications

    Source: Scottish Government

    £8.5 million to support new projects in the North East and Moray.

    Communities across the North East and Moray will benefit from over £8 million of funding to create jobs in low carbon industries and enhance green and net zero skills.  

    The Scottish Government’s Just Transition Fund (JTF) helps finance industry and community projects working towards the transition to net zero by creating green jobs, supporting innovation, and securing the highly skilled workforce of the future.   

    The JTF will be reopen for applications for the first time since 2022, and the Scottish Government is urging organisations, businesses and communities to apply for funding to support new projects. 

    Since 2022, a total of £75 million has been invested through the fund supporting projects including:     

    • a ‘Digital Innovation Lab’ which provides immersive technology to help the construction sector decarbonise   
    • a travelling skills hub which provides training, STEM engagement and job up-skilling sessions to communities across the North East    
    • interventions designed to meet training needs based on work done to identify net zero training opportunities and areas of future demand  
    • industry-led development of an energy skills passport, a free tool for offshore oil and gas workers to identify training and qualifications routes into roles in the offshore wind sector  

    Acting Net Zero Secretary Gillian Martin announced the JTF will reopen for applications during a site visit to offshore wind assembly company, Sarens PSG. The organisation received £150,000 through the JTF’s Supply Chain Pathway and Energy Transition Challenge Fund delivered by ETZ Ltd, to upgrade their site to train the next generation of offshore wind technicians, engineers and operators.   

    Ms Martin said:    

    “Scotland’s innovation, expertise and vast renewable energy resources will not only benefit the planet – but deliver new economic opportunities and new jobs for households and communities across the country.     

    “It is vital that as we move towards net zero, workers, communities and businesses are able to capture the opportunities that the transition brings, and I have seen first-hand today the positive impact that the Just Transition Fund is having on people in the North East.    

    “From enabling pioneering research that is accelerating the energy transition to providing skills interventions that directly support the transferability of the existing workforce – the Just Transition Fund is helping to safeguard jobs and livelihoods in the region for future generations.    

    “This new £8 million funding from the Scottish Government responds directly to the immediate priorities within the region and will support projects with a specific focus on jobs, skills and economic opportunities. I strongly believe the North East will continue to be a titan in energy and that Scotland’s greatest contribution to the global climate challenge is our renewable energy potential. The Just Transition Fund is an important part of a wider programme of investment to deliver on that potential, including the Energy Transition Fund and our £125 million investment in the City Region Deal.” 

    Maggie McGinlay, Chief Executive of ETZ Ltd, said:

    “The supply chain is the very lifeblood of our energy sector and it is vital that we provide companies with the support required to capitalise on the vast opportunities that energy transition provide.

    “The Challenge Fund was established to accelerate the development of new industry-related facilities, new equipment and existing infrastructure upgrades – including digital infrastructure – and to drive innovation and market entry into low carbon and green energy opportunities.

    “To date, the fund has awarded £5.27 million to 41 companies across Aberdeen City, Aberdeenshire and Moray, successfully unlocking an additional £12.85 million in private investment so the strong appetite for energy transition across the region’s supply chain is evident. We welcome the Scottish Government’s ongoing support for this targeted initiative and the role ETZ Ltd has played as a valued partner of choice in delivering it.”

    David Reid, Highlands and Islands Enterprise Area Manager for Moray, said:

    “We’re pleased that JTF funding for 2025-26 has opened for applications. Moray has many close ties, economically and geographically, to Aberdeen and Aberdeenshire. This puts us in a strong position to capitalise on being part of the area on which the fund is focused.

    “I’d therefore encourage businesses, third sector enterprises and public sector partners with projects across Moray to register their interest in support from the fund.”

    Background   

    Applications will open on Tuesday 6 May at Just Transition Fund.   

    Green industrial strategy – gov.scot 

    Sarens PSG received £150,000 through ETZ Ltd’s Supply Chain Pathway and Energy Transition Challenge Fund in 2024-25. The funding enabled upgrading of a recently acquired site at the ETZ Altens, Aberdeen. This comprised improvements to workshop facilities, operational equipment and site energy efficiency. Upgrades to the site will also enable training of the next generation of offshore wind technicians, engineers and operators.   

    This additional funding will be delivered alongside our continued commitment to £1 million per year for community projects through Just Transition Participatory Budgeting to ensure communities can have a direct say on where money is spent.

    MIL OSI United Kingdom –

    May 3, 2025
  • MIL-OSI United Kingdom: Council proposes new policy on SEND school transport

    Source: City of Leicester

    FOLLOWING extensive consultation, Leicester City Council has revised its proposals to end post-16 school transport funding for young people with special educational needs and disability (SEND).

    The council’s draft new travel policy proposes that support will still be provided to young people whose complex special education needs and disabilities mean they won’t be able to learn to travel independently.

    Students who qualify for support would receive a personal transport budget which could be used to pay for any means of transport including a lift in a family car, or a bus pass. At current rates this would be a payment of 45 pence a mile, plus £500 a year.

    Support could be increased and include taxi or bus provision if a student also has limited exceptional circumstances, and failure to provide this support would lead to financial hardship.

    Those students who don’t qualify would be supported to take up independent travel training, to learn the skills they need to travel by public transport, and lead more independent lives.

    Cllr Elaine Pantling, asst city mayor for children’s services said: “Many councils stopped funding post-16 transport some time ago, while in Leicester we have continued to support it for as long as we can. Unfortunately, our financial position means we can no longer do this.

    “However, we have carefully considered all of the responses received as part of our consultation and have put forward some new proposals as a result.

    “Our new policy would mean that around 83% of post-16 students with SEND would still receive transport funding, while an additional 4% would qualify for support due to their complex additional needs.

    “We know that some students will be half-way through their studies if the new policy is introduced, and to avoid disrupting them, we are proposing that those now in year 12 will continue to receive support during year 13, for the academic year 2025/26.

    “Support will be offered to all those students who don’t meet the proposed qualifying criteria, to help them to take advantage of independent travel training, school bursaries, and alternative options for travel support that are available.

    “I can also give a commitment that the council will put more resources into independent travel training, and will build on the very good work being done at schools like Ellesmere College.”

    As of March this year, 208 post-16 students with SEND were receiving financial support from the council at a cost of around £1.8m a year. The council predicts this cost would rise to at least £2.6m in 2025/26 if no action were taken.

    Councils are not required to provide post-16 SEND transport, and receive no funding from the Government to do so.

    Funding had been due to end in July 2024, following a previous consultation, but after concerns were raised by some parents about the process, the council agreed that funding would continue for the 2024/2025 academic year, and a new consultation would take place.

    The council’s budget is in crisis due to years of government austerity, rising costs of social care and an increase in homeless families.

    Savings made would contribute towards the £23m of savings the council needs to make by 2027/28. Even with the savings, the council is predicting an estimated shortfall of £68m between income and expenditure by 2027/28.

    The final decision on the adoption of the policy is due to be made on Tuesday 13 May.

    The council’s proposed travel policies are available on its website:

    Decision – SEND Post-16 Transport: Proposed Policies

    MIL OSI United Kingdom –

    May 3, 2025
  • MIL-OSI United Kingdom: ‘Plan ahead’ message as countdown continues to Leeds United promotion parade

    Source: City of Leeds

    Preparations are continuing for Leeds United’s Bank Holiday promotion parade and the opportunity it will give fans and players to jointly celebrate the club’s return to the Premier League.

    Large crowds are expected to turn out on Monday (May 5) to salute Daniel Farke and his team as they make their way through the city centre on an open-top bus.

    Leeds City Council – which is organising the event in conjunction with the club, with support from various multi-agency partners – has been working hard to ensure the day runs safely, smoothly and enjoyably for all concerned.

    And, as the countdown continues to the celebrations, the council is now asking people to remember the following key messages:

    • There is no single focal point or set-piece location for the event;
    • Fans are encouraged to spread out and line the full length of the city centre route so they can get the best close-up views of the bus and its VIP passengers;
    • The council is urging people not to engage in any behaviour – such as climbing up buildings, lampposts or bus shelters – which could put themselves or others at risk of harm;
    • Anyone coming into the city centre on Monday should plan their journey carefully and take into account the extensive road closure and traffic measures required to safely facilitate the parade;
    • People travelling to the event should aim, where possible, to use public transport – including the buses that will be running from the park and ride sites at Temple Green and Stourton.

    The parade is due to start at 1pm, with Farke and the players heading, under police escort, towards City Square from Wellington Street.

    They will then move slowly through City Square and along Boar Lane, New Market Street and Vicar Lane before turning left and travelling down the full length of the Headrow.

    United’s promotion heroes will be ‘on the mic’ and interacting with fans throughout an event that is sure to generate an unforgettable carnival atmosphere across the whole city centre.

    As is standard practice for an occasion of this size, a major programme of road closures will be in force between 8am and 5pm on Monday.

    The list of roads that will be fully or partly closed for some or all of that time includes Albion Street, Bishopgate Street, Briggate, Call Lane, Calverley Street, East Parade, Eastgate, The Headrow, Infirmary Street, King Edward Street, Lands Lane, Lower Briggate, Mill Hill, New Briggate, Oxford Place, Park Row, Vicar Lane, Westgate and Wellington Street.

    Park and ride services will be operating from Temple Green and Stourton between 10am and 1pm, with return journeys running between 2.30pm and 5.30pm. Further details about park and ride provision on the day can be found here.

    Non-park and ride buses will also be running, although some services will be diverting from their usual routes and a number of stops in the city centre will be suspended. People intending to travel by bus are advised to check the relevant timetables and journey information in advance via the Metro website.

    Council-run car parks will be open as normal, but are likely to be extremely busy and – in some cases – access will be affected by road closures.

    Information on Bank Holiday train services, meanwhile, can be found at the National Rail website.

    Leeds City Station will be operating as normal, although people are being encouraged to use its New Station Street entrance.

    Emergency service access in the city centre will be maintained before, during and after the parade, which is expected to last between an hour and an hour-and-a-half.

    While the way the event has been organised means people will have a clear sight of the bus wherever they are on the route, two dedicated and accessible viewing areas for disabled fans and companions will also be in place.

    One of these areas will be outside Leeds Art Gallery and the other in a position directly in front of the Queens Hotel on City Square that can be easily reached from Leeds City Station. Both areas – which will be protected by barriers and managed by stewards – are ground level and will not have seating, but are immediately adjacent to the parade route. Companion access to the areas will be limited to one per disabled person.

    Some on-street disabled parking provision will be suspended on Monday as part of the arrangements for the safe delivery of the parade, but spaces will remain available at locations including The Calls, Cross York Street, Edward Street, Cross Belgrave Street, Leeds Minster and Leeds Playhouse.

    Councillor James Lewis, leader of Leeds City Council, said:

    “Monday promises to be a fabulous occasion and my thanks go to all the people at the council, Leeds United and agencies such as West Yorkshire Police who have helped make it happen.

    “The event has involved careful planning, with the road closure programme forming a key part of our efforts to ensure that it passes off safely and successfully.

    “The closures will inevitably disrupt some people’s normal routines and we thank all those affected for their patience and understanding on this hugely important day for the city.

    “We would also encourage anyone coming into the city centre on Monday to plan their journey carefully and to consider, where possible, using public transport.

    “Please remember that, as there is no single focal point for the event, fans can expect the same exciting experience wherever they position themselves.

    “By lining as much of the route as possible, supporters will create a city centre-wide carnival atmosphere and give Daniel Farke and his players the reception they deserve.”

    People who cannot make it to the parade will be able to follow proceedings via a live stream on United’s LUTV channel.

    ENDS

    MIL OSI United Kingdom –

    May 3, 2025
  • MIL-OSI United Kingdom: No Mow May | Westminster City Council

    Source: City of Westminster

    We’re once again taking part in PlantLife’s campaign ‘No Mow May’ to support biodiversity in Westminster. 

    Throughout spring, some of our parks, greenspaces and our housing estates will not be mowed throughout April, May and June providing a space for nature to thrive.

    A healthy lawn with some long grass and wildflowers benefits wildlife. The wildflowers provide a vital food source for bees and butterflies. With their numbers in decline, they need all the help they can get.

    Join us by locking up your lawnmowers and let the wildflowers in your lawn bloom.

    Why are we doing this

    Since the 1930s the UK has lost more than 97 per cent of its wildflower meadows which are vital for food pollinators like butterflies and bees.

    By not mowing grass on our housing estates and a selection of parks during May, the council will allow plant life to grow during this crucial period to feed pollinators throughout the summer months.

    Westminster Green spaces

    Despite Westminster’s location at the heart of London, the city boasts diverse wildlife and a wealth of open spaces. Around 25 per cent of Westminster is made up of parks and green spaces and the city has 33 Sites of Importance for Nature Conservation (SINCs). There are over 600 different kinds of flora and fauna recorded in Westminster.

    St John’s Wood Church Gardens even has a formal designation as a Local Nature Reserve under the National Parks and Access to the Countryside Act of 1949.

    A balance between recreation and nature

    We recognise that our parks serve as gardens, football pitches and picnic spots, for the people who visit and live near them. We are being careful to leave space for people to enjoy our parks, by creating a balance between park users needs and doing what we can to create more space for wildlife, biodiversity and nature to bloom.

    The parks and greenspaces taking part in ‘No Mow May’ this year include:

    No Mow May South Sites

    • Ministry of Defence: all the sections along the wall
    • St Georges Square: bottom area next to the dog section
    • Berkeley Square: sections of the square
    • Victoria Tower Gardens: south section opposite Security Services (MI5)
    • Upper Grosvenor Gardens: lawn area around statue in the middle
    • Cavendish Square: one panel opposite Q Park
    • Hyde Park Corner: the bank at the end of Piccadilly

    No Mow May North Sites

    • Westbourne Green Open Space: the lawn along the section of Harrow Road
    • Paddington Green: two main lawns
    • St Johns Wood Gardens: picnic lawn, edges under all trees and around the main lawn 
    • Sussex Gardens: lawn opposite the wildflower meadows and lawn on the East side
    • Queens Park: sections of the Mound, Rose garden, area by the gym equipment and by the round bed at the end
    • Edbrooke Gardens: roadside strips of long grass and by the shrub beds and hedges
    • Tamplin News: bank by the playground, strip on the south side, by the Thames Water hut and a hedge by the North side

    Please note we will stop cutting the grass in these areas two weeks before the end of April.

    Notices will also be put up explaining No Mow May.

    Paddington Recreation Ground will also be participating in No Mow May but only for the month of May

    All our housing estates are participating this year.

    If you have a garden or community greenspace and would like to also participate in No Mow May, visit the Plantlife website.

    MIL OSI United Kingdom –

    May 3, 2025
  • MIL-OSI: iBio Reports Fiscal Third Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, May 02, 2025 (GLOBE NEWSWIRE) — iBio, Inc. (Nasdaq:IBIO), today reported financial results for the third quarter ended March 31, 2025, and provided a corporate update on its progress.

    “During the third quarter we were able to broaden our access to investors given our move to Nasdaq and subsequently in April, strengthened our financial position with a $6.2 million warrant-inducement equity raise, positioning us for continued growth and keeping us on track for regulatory submission of IBIO-600 in 2026,” said Martin Brenner, Ph.D., DVM, iBio’s Chief Executive Officer and Chief Scientific Officer. “At the same time, we made significant strides in our pipeline, with promising non-human primate data for IBIO-600 and the in-licensing of a first-in-class Activin E antibody, two antibodies we truly believe are bringing us closer to fulfilling our mission of delivering transformative therapies to patients suffering from cardiometabolic diseases and obesity.”

    Fiscal Third Quarter 2025 & Recent Corporate Updates:

    • Began trading on the Nasdaq Stock Exchange under the ticker symbol “IBIO,” marking a significant corporate milestone that enhances visibility, improves trading liquidity, and aligns with the company’s strategy to attract long-term institutional investors.
    • Raised $6.2 million in gross proceeds through a warrant inducement transaction with institutional investors, strengthening our balance sheet and providing additional working capital to support advancements in our pipeline.

    Fiscal Third Quarter 2025 Financial Results:

    • R&D expenses for the three months ending March 31, 2025 and 2024 were $1.9 million and $0.9 million, respectively, an increase of approximately $1.0 million. The growth in R&D expenses is mainly due to increased spending on consultants and outside services, consumable supplies, and personnel-related costs as a result of advancing research activities to support our IBIO-600 and Activin E programs.
    • G&A expenses for the three months ending March 31, 2025 and 2024 were approximately $3.0 million and $2.7 million, respectively, an increase of $0.3 million. The increase is primarily attributable to growth in IT related costs, consulting fees and franchise taxes, partially offset by lower professional service fees.
    • Net loss from continuing operations for the three months ending March 31, 2025 was approximately $4.9 million, or $0.49 per share, compared to a net loss from continuing operations of approximately $2.6 million, or $0.71 per share, in the same period of fiscal 2024.
    • Cash, cash equivalents and restricted cash as of March 31, 2025, was approximately $5.2 million, inclusive of $0.2 million of restricted cash.   Subsequent to the warrant inducement transaction in April, cash, cash equivalents and restricted cash was approximately $10.5 million as of May 1, 2025.

    About iBio, Inc.

    iBio (Nadaq: IBIO) is a cutting-edge biotech company leveraging AI and advanced computational biology to develop next-generation biopharmaceuticals for cardiometabolic diseases, obesity, cancer and other hard-to-treat diseases. By combining proprietary 3D modeling with innovative drug discovery platforms, iBio is creating a pipeline of breakthrough antibody treatments to address significant unmet medical needs. Our mission is to transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine.  For more information, visit www.ibioinc.com or follow us on LinkedIn.

    Safe Harbor Statement

    Any statements contained in this press release about future expectations, plans, and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements.” The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These statements include statements regarding the events of the quarter ended March 31, 2025 and April 2025 positioning the Company for continued growth; the Company’s progress toward a regulatory submission of IBIO-600 in 2026; the promise of the non-human primate data for IBIO-600; IBIO-600 and Activin E antibody bringing the Company closer to delivering transformative therapies; the Company’s listing on Nasdaq enhancing visibility, improving trading liquidity, and attracting long-term institutional investors; IBIO-600’s potential to be a best-in-class long-acting anti-myostatin antibody; and the proceeds of the warrant inducement transaction being used to support advancements to the Company’s pipeline. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors, including iBio’s ability to submit a regulatory submission of iBIo-600 in 2026; to successfully develop iBIO-600 and Activin E antibody; attract long term institutional investors; -leverage its AI-driven platform to transform the treatment landscape for patients with cardiometabolic diseases and obesity with more effective, targeted therapies addressing the underlying causes of these conditions while improving overall metabolic health and quality of life; extend the half-life of IBIO-600; advance as a clinical-stage biotech; create a pipeline of breakthrough antibody treatments to address significant unmet medical needs; and transform drug discovery, accelerate development timelines, and unlock new possibilities in precision medicine the ability to advance iBio’s internal pipeline priorities in immuno-oncology and cardiometabolics, and drive partnerships in new therapeutic areas, the ability to finance when needed and the risk factors described in the Company’s Annual Report on Form 10-K for the year ended June 30, 2024, and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Any forward-looking statements contained in this press release speak only as of the date hereof and, except as required by federal securities laws, iBio, Inc. specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events, or otherwise.

    Corporate Contact:

    iBio, Inc.
    Investor Relations
    ir@ibioinc.com

    Media Contacts:

    Ignacio Guerrero-Ros, Ph.D., or David Schull
    Russo Partners, LLC
    Ignacio.guerrero-ros@russopartnersllc.com
    David.schull@russopartnersllc.com
    (858) 717-2310 or (646) 942-5604

    The MIL Network –

    May 3, 2025
  • MIL-OSI: TurnOnGreen, Inc. Reports Strong Electric Vehicle Charging Network Growth in 2024

    Source: GlobeNewswire (MIL-OSI)

    MILPITAS, Calif., May 02, 2025 (GLOBE NEWSWIRE) — TurnOnGreen, Inc. (OTC:TOGI) (“TurnOnGreen” or the “Company”), a developer and provider of electric vehicle (“EV”) charging solutions and mission-critical power electronics products, today announced significant operational growth and market expansion for the fiscal year 2024, reinforcing the Company’s upward trajectory in the North American EV infrastructure sector.

    Key 2024 Highlights:

    • Network Expansion: EV charging infrastructure footprint grew to 28 U.S. states and two provinces in Canada.
    • Port Growth: 37% year-over-year increase in networked EV charging ports.
    • Energy Dispensed: 735,942 kWh delivered across the TurnOnGreen network — a 98% increase year-over-year.
    • User Growth: 13,460 unique drivers accessed TurnOnGreen charging ports or a 89% year-over-year increase.
    • Charging Time: Drivers spent 74,620 hours charging on the TurnOnGreen network in 2024 an increase of 164% compared to 2023.

    “These metrics reflect accelerating demand for TurnOnGreen’s reliable and scalable charging infrastructure,” said Marcus Charuvastra, President of TurnOnGreen. “Our continued expansion across North America, coupled with a sharp increase in network activity, demonstrates the strong execution of our growth strategy and the rapid adoption of our recurring user base.”

    The Company attributes its growth to a combination of strategic partnerships, expanded deployment in key metropolitan and secondary markets, and increased utilization across its municipal fleets, hospitality, education and commercial segments. TurnOnGreen’s integrated hardware and network management platform enables real-time data analysis, dynamic pricing and driver engagement, which the Company sees as core differentiators in the highly competitive EV charging sector.

    “As the preferred charging partner for school districts, utilities and major hotel brands, TurnOnGreen is committed to continuing to expand its North American EV charging footprint,” said Amos Kohn, the Company’s Chairman and Chief Executive Officer. “We continue to focus on capturing high-growth market opportunities and expanding our subscription base on an annual basis,” added Mr. Kohn.

    Outlook
    TurnOnGreen intends to capitalize on the momentum built in 2024 with further network expansion, ongoing R&D investment, and pursuit of high-impact opportunities across the public and private sectors. Management remains focused on delivering long-term shareholder value through disciplined execution, scalable infrastructure development, and revenue growth.

    About TurnOnGreen

    TurnOnGreen, Inc. (OTC: TOGI) designs and manufactures innovative, feature-rich, top-quality power products for mission-critical applications, lifesaving and sustaining applications spanning multiple sectors in the harshest environments. The diverse markets we serve include defense and aerospace, medical and healthcare, industrial, telecommunications, and e-mobility. TurnOnGreen brings decades of experience to every project, working with our clients to develop leading-edge products to meet a wide range of needs. TurnOnGreen headquarters are located in Milpitas, CA; www.TurnOnGreen.com.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q, and 8-K. All filings are available at www.sec.gov and the Company’s website at www.TurnOnGreen.com.

    TurnOnGreen Investor Contact:
    IR@TurnOnGreen.com or (877) 634-0982

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e939d485-a2dc-43f7-9f1e-7ca7c4765557

    The MIL Network –

    May 3, 2025
  • MIL-OSI: Form 8.3 – [GLOBALDATA PLC – 01 05 2025] – (CGWL)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY WEALTH LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
    N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    GLOBALDATA PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    01 MAY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 0.01p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 11,093,205 1.3748    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 11,093,205 1.3748    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    0.01p ORDINARY PURCHASE 7,500 181.9p

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 02 MAY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

    May 3, 2025
  • MIL-OSI: Form 8.3 – [TRAKM8 HOLDINGS PLC – Opening Disclosure – 01 05 2025] – (CGAML)

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)   Full name of discloser: CANACCORD GENUITY ASSET MANAGEMENT LIMITED (for Discretionary clients)
    (b)   Owner or controller of interests and short positions disclosed, if different from 1(a):
            The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
    N/A
    (c)   Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree
    TRAKM8 HOLDINGS PLC
    (d)   If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree: N/A
    (e)   Date position held/dealing undertaken:
            For an opening position disclosure, state the latest practicable date prior to the disclosure
    01 MAY 2025
    (f)   In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer?
            If it is a cash offer or possible cash offer, state “N/A”
    N/A

    2.        POSITIONS OF THE PERSON MAKING THE DISCLOSURE

    If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

    (a)      Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)

    Class of relevant security: 1p ORDINARY
      Interests Short positions
    Number % Number %
    (1)   Relevant securities owned and/or controlled: 893,000 1.7869    
    (2)   Cash-settled derivatives:        
    (3)   Stock-settled derivatives (including options) and agreements to purchase/sell:        
    TOTAL: 893,000 1.7869    

    All interests and all short positions should be disclosed.

    Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

    (b)      Rights to subscribe for new securities (including directors’ and other employee options)

    Class of relevant security in relation to which subscription right exists:  
    Details, including nature of the rights concerned and relevant percentages:  

    3.        DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchase/sale Number of securities Price per unit
    None      

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD
    Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position
    Number of reference securities Price per unit
    NONE        

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.
    Expiry date Option money paid/ received per unit
    NONE              

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option
    Exercising/ exercised against Number of securities Exercise price per unit

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion
    Details Price per unit (if applicable)
    NONE      

    4.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to:
    (i)   the voting rights of any relevant securities under any option; or
    (ii)   the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”

    NONE

    (c)        Attachments

    Is a Supplemental Form 8 (Open Positions) attached? NO
    Date of disclosure: 02 MAY 2025
    Contact name: MARK ELLIOTT
    Telephone number: 01253 376539

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

    May 3, 2025
  • MIL-OSI Economics: Richard Doornbosch: Sustainable tourism development in Curaçao – a balanced approach

    Source: Bank for International Settlements

    Presentation accompanying the speech 

    Introduction

    Good morning, ladies and gentlemen. It is a pleasure to speak to you at today’s CHATA Membership Meeting on a topic that is crucial to the future of our beautiful island: tourism development in Curaçao. This future encompasses not only the economic prospects of our country, but also our social well-being and environmental sustainability.

    In recent years, particularly following the COVID-19 pandemic, Curaçao has witnessed remarkable growth in its tourism sector. The island has successfully strengthened its appeal in both stay-over and cruise tourism. Today, tourist arrivals are at record highs, and the sector has firmly established itself as the leading driver of economic growth in Curaçao. According to estimates by the CBCS, tourism now contributes more than 23% to Curaçao’s GDP, representing approximately Cg. 1.4 billion. This figure includes also positive spillover effects to other sectors of the economy, such as transportation, real estate, and construction. This growth is particularly striking given that, until the mid-2000s, tourism accounted for only around 8% of GDP.

    Additionally, foreign exchange earnings from travel now represent approximately 50% of Curaçao’s total foreign exchange earnings from the export of goods and services. This excludes foreign exchange revenues from tourism-related sectors such as the transportation and rental services. Moreover, the tourism sector provides a significant number of both direct and indirect jobs for the people of Curaçao.


    With several ongoing and planned private investments, particularly in accommodation, the island’s capacity to host more visitors is expected to increase substantially in the coming years. However, the key question is how we can manage this growth while minimizing potential social and environmental costs. Today, I would like to outline an approach to achieving sustainable tourism development. Without such an approach, we risk locking ourselves into a mass tourism model with high long-term costs – costs that could take decades to reverse.

    Growth seen from a different perspective


    Before delving into this approach, allow me to provide a comparison of stay-over and cruise tourism development in Curaçao relative to Aruba and Sint Maarten. Since the 1980s, Aruba and Sint Maarten have experienced more rapid tourism growth than Curaçao. As a result, Curaçao lags behind both destinations in terms of tourism maturity. Aruba, with its well-established brand, consistently attracts high volumes of American tourists. Meanwhile, Sint Maarten continues to demonstrate resilience and adaptability despite facing natural setbacks. However, over the past 15 years, Curaçao has been narrowing the performance gap with its regional peers. Since 2016, it has even surpassed Sint Maarten in terms of stay-over visitor numbers. Aruba, however, still receives higher volumes of stay-over tourists than Curaçao.

    As for cruise tourism, up until the pandemic in 2020, Sint Maarten consistently outperformed both Curaçao and Aruba. In contrast, cruise tourism trends in the latter two countries have generally moved in tandem and on a comparable scale.


    Now, let us assess tourism development in the three countries from a different perspective by focusing on the visitor-to-resident ratio. This ratio is defined as the number of visitors, both stay-over and cruise together, divided by the total population. It may serve as an indicator of the pressure exerted on the environmental and social resources of a destination and its population.

    Although a cross-country comparison of the visitor-to-resident ratio should be interpreted with caution due to country-specific idiosyncrasies such as variations in tourism infrastructure and environmental considerations, this graph shows that the visitor-to-resident ratio in Sint Maarten has consistently remained higher than those of Aruba and Curaçao’s. In 2023, for example, Sint Maarten welcomed approximately 41 visitors for every resident. This ratio was 19 for Aruba and 8 for Curaçao. This disparity is related to Sint Maarten’s significantly larger cruise tourism sector. In fact, Curaçaos visitor-to-resident ratio consistently ranks the lowest among the three countries, indicating a younger stage of tourism maturity.


    Given the rapid growth in tourism that Curaçao has experienced over the past years, let us perform a back-of-the envelope calculation to project the potential development of our visitor-to-resident ratio. Assuming the total number of visitors increases by 8% annually over the next five years, while our population grows by an average of 0.1% per year, which aligns with the average population growth observed over the past decade, all other factors remaining equal, the visitor-to-resident ratio would reach 16 by 2030. The assumed 8% annual increase in the total number of visitors is based on the forecast for 2025 and 2026 outlined in Curaçao’s Strategic Tourism Destination Development Plan. As illustrated in the graph, the calculation suggests that the potential pressure on environmental and social resources could double compared to what we are experiencing at this moment.

    The Double-Edged Nature of Tourism Growth


    While tourism expansion undoubtedly presents significant opportunities in terms of value added, employment, and foreign exchange earnings, it also carries hidden costs and risks, that, if ignored, could threaten Curaçao’s long-term economic stability and quality of life.

    Rapid and uncontrolled tourism growth can impose substantial social costs. Uncontrolled expansion often leads to overcrowding, especially in peak seasons. For instance, the inner-city areas of Punda and Otrobanda become particularly congested on days when the harbor is filled with cruise ships. Beaches also become overcrowded with visitors, which not only affects residents’ quality of life but also diminishes visitors’ experience.

    In addition, a significant rise in tourist arrivals can lead to an increased cost of living. Currently, various construction projects of new hotels and residential buildings intended for Airbnb or tourist rentals are underway. As a result, housing prices have risen significantly over the last few years, making it difficult for locals to find affordable housing and thereby reducing their quality of life.

    Moreover, intensified tourism activity can escalate environmental degradation through increased pollution and loss of biodiversity, potentially diminishing the overall visitor experience in the long run. Curaçao’s unique ecosystems, coral reefs, and pristine beaches -its main attractions- are vulnerable assets that require vigilant stewardship to ensure they are not adversely affected by large scale tourism.

    Strong tourism growth can also put severe pressure on Curaçao’s public infrastructure. Already, increased road congestion is observable, particularly on the Caracasbaaiweg, a situation that will likely worsen with more stay-over arrivals. In addition, more visitors pose challenges for the provision of public goods such as sanitation and waste management, as well as utilities such as electricity production. Furthermore, capacity constraints at Curaçao International Airport could emerge as a bottleneck, limiting potential growth and reducing the overall attractiveness of Curaçao as a travel destination.

    People, profit and planet as principles for sustainable tourism development

    Recognizing both the opportunities and potential costs of tourism development, Curaçao stands at a pivotal crossroads. Instead of focusing on a mass tourism model, we must embrace a balanced approach to ensure that tourism contributes sustainably to our economic prosperity, environmental stewardship, and social well-being.

    Central to this strategy must be the clear identification of the type of tourists Curaçao seeks to attract. Sustainable tourism development should aim to welcome travelers who provide higher economic returns while imposing fewer social and environmental burdens. Attracting high-yield, low-impact visitors – those interested in immersive cultural experiences, culinary excellence, sustainable adventure tourism, or niche markets such as eco-tourism – will ensure more robust economic benefits for Curaçao. The focus should not be on volume but on value.


    The following graph compares the Average Daily Rate (ADR) of Curaçao with those of other Caribbean countries in 2023. ADR is a key performance indicator that reflects the average revenue earned per occupied room over a specific period. The fact that Curaçao ranks at the lower end of the selected Caribbean countries, with an ADR of USD224.67, implies that there is potential to increase the value that we derive from our tourism product.


    A robust and holistic framework for sustainable tourism development should be encapsulated by the “People, Profit, Planet” principle, emphasizing the balanced and interconnected approach needed for sustainable development.


    Let us first start with the first principle, ‘People’. Tourism must benefit the local population of Curaçao, enhancing their quality of life and providing ample opportunities for participation and growth. Equitable benefit-sharing through employment opportunities, training programs, and empowerment initiatives, including entrepreneurial skills, ensures that the community remains central to tourism development. In addition, actively engaging residents in decision-making processes helps ensure that tourism development aligns with local values and cultural heritage.

    The second principle is ‘Profit’, which focuses on economic sustainability. Curaçao’s tourism industry must continuously strive for economic viability, ensuring profitability for businesses, employment opportunities for locals, and tax revenues for the government. Emphasizing quality tourism experiences over quantity will encourage higher spending, extended visitor stays, and repeated visits, thus increasing overall economic sustainability.

    The final principle, ‘Planet’, emphasizes the critical importance of protecting Curaçao’s natural environment. Sustainable tourism development must prioritize minimizing ecological footprints through responsible practices, such as reduced waste generation, energy and water conservation, and biodiversity protection. Sustainable management of our natural resources should safeguard the unique beauty and biodiversity of Curaçao for future generations and maintain the island’s long-term attractiveness as a tourism destination.

    By harmonizing these three principles – People, Profit, and Planet – Curaçao can ensure a resilient and sustainable tourism sector that benefits all stakeholders equitably while safeguarding the island’s natural and cultural heritage.

    Understanding Tourism Carrying Capacity: Four Key Dimensions


    Assessing and respecting the tourism carrying capacity should also be an integral component of the sustainable tourism development framework. The United Nations World Tourism Organization (UNWTO) defines tourism carrying capacity as “the maximum number of people that may visit a tourist destination at the same time, without causing destruction of the physical, economic and sociocultural environment and an unacceptable decrease in the quality of visitors’ satisfaction”. Carrying capacity is a multi-dimensional concept and must be understood across four dimensions.

    The first dimension, economic carrying capacity, considers the ability of the economy to absorb and benefit from tourism without generating inflation, wage disparities, or unsustainable price increases in housing and basic goods. It evaluates whether tourism revenues are widely distributed or concentrated among a few sectors, and whether the benefits outweigh the potential displacement of local industries.

    The second dimension is the environmental carrying capacity. This dimension addresses the physical limits of Curaçao’s ecosystems to accommodate tourism. It focuses on the impact of tourism on coral reefs, beaches, water resources, waste generation, and biodiversity. Monitoring visitor volumes in environmentally sensitive areas and applying zoning, restoration, and eco-certification measures are key to staying within safe environmental limits.

    Meanwhile, the social carrying capacity reflects the ability of local communities to absorb tourism development without experiencing a decline in social cohesion, cultural integrity, or quality of life. It includes public attitudes toward tourism, perceived fairness in benefit-sharing, and tolerance for changes to local customs, space, and lifestyles.

    And finally, the fourth dimension, governance, plays a critical role in managing tourism sustainably. It includes the capacity of public institutions to plan, regulate, and monitor tourism development effectively. It also involves legal frameworks, inter-agency coordination, stakeholder engagement, data collection systems, and transparency mechanisms that ensure tourism growth aligns with public policy goals.

    By assessing and managing tourism within these four dimensions, Curaçao can avoid the risks of over-tourism and ensure that the island remains a vibrant, welcoming, and sustainable destination. In this regard, it is a positive development that Curaçao is proactively conducting a Destination Carrying Capacity Study to evaluate the economic, environmental and social impacts of strong tourism development.

    The next step in this approach would be to identify a long-term vision focused on quality, authenticity and environmental responsibility. This vision should be commonly shared by all key tourism stakeholders. Next, growth scenarios should be defined that set clear targets for, among other things, tourist arrivals, employment and reductions in ecological footprints – aligned with the island’s carrying capacity. In addition, the necessary investments in areas such as infrastructure, human capital and green innovation should be identified, along with relevant policy reforms, to strengthen the island’s carrying capacity and achieve the outlined long-term vision. Ultimately, all initiatives must align with the principles of People, Profit, and Planet to ensure economic viability, social inclusivity, and ecological integrity.

    Social cost-benefit analysis to effectively manage sustainable tourism development

    To effectively manage sustainable tourism development and prioritize tourism projects, the framework should include rigorous social cost-benefit analyses, particularly in the case of major tourism investment projects and public tourism-related infrastructure projects. These analyses extend beyond traditional economic evaluation and incorporate broader social and environmental dimensions that are critical for informed decision-making.

    Social cost-benefit analyses for tourism projects not only assess the direct economic contribution in terms of employment and tax revenues, but also the social impact of such projects, including their effect on community well-being, housing affordability, public infrastructure pressures and local quality of life in general. Also, these analyses assess the environmental impact of tourism projects such as ecological footprints, resource depletion and pollution levels.

    One benefit of conducting social cost-benefit analyses is that they enable policymakers and stakeholders to explicitly evaluate both the positive and negative impacts of tourism development projects with a focus on society as a whole rather than only short-term financial gains. In addition, these analyses allow for the prioritization of tourism projects that provide genuine, sustainable benefits while minimizing negative externalities.

    Conducing social cost-benefit analyses is a complex, multi-dimensional exercise that demands technical expertise across several areas and extensive data. It is important that Curacao develops its own expertise in this area and focuses on having up to date economic, tourism, social and environmental data. This also requires cooperation and collaboration between public and private stakeholders.

    Conclusion


    Ladies and gentlemen, Curaçao has been experiencing robust growth in its tourism industry, becoming the main pillar of our economy. While this growth brings immediate economic benefits, it is crucial that we also focus on long-term development strategies that encompass economic progress, social well-being and environmental sustainability. By acknowledging and addressing the potential costs associated with tourism development we can implement measures to mitigate these challenges effectively.

    Today, I have outlined a balanced approach for sustainable tourism development centered around the principles of people, profit, and planet. In this regard, it is crucial that Curaçao continues advancing the initiatives outlined in its Strategic Tourism Development Destination Plan while also developing a comprehensive long-term strategy for sustainable tourism development that incorporates the concept of carrying capacity. Through a participatory process we must define acceptable levels of the economic, social and environmental impact of tourism on Curacao. Curacao is a unique tourist destination with potential to contribute even more significantly to Curacao’s economy. However, it is crucial that we also prioritize sustainability by steering away from mass tourism and focusing more on value rather than on volume. Sustainable tourism development can serve as a catalyst for economic prosperity, and social wellbeing while ensuring environmental preservation. By embracing this balanced approach, we can secure a thriving future for Curaçao that honors our heritage while safeguarding our natural resources for the generations to come.


    Thank you for your time and attention.

    MIL OSI Economics –

    May 3, 2025
  • MIL-Evening Report: RSF condemns Israeli targeting of Gaza journalists – then slandering them in death

    Pacific Media Watch

    After a year and a half of war, nearly 200 Palestinian journalists have been killed by the Israeli army — including at least 43 slain on the job.

    Reporters Without Borders (RSF) has brought multiple complaints before the International Criminal Court (ICC) and continues to tirelessly support Gazan journalists, working to halt the extraordinary bloodshed and the media blackout imposed on the strip.

    Now, RSF has launched a petition in World Press Freedom Day week demanding an end to the ongoing massacres and calling for the besieged enclave to be opened to foreign media.

    “Journalists are being targeted and then slandered after their deaths,” RSF director-general Thibaut Bruttin said during a recent RSF demonstration in Paris in solidarity with Gazan journalists.

    “I have never before seen a war in which, when a journalist is killed, you are told they are really a ‘terrorist’.”

    The journalists gathered together with the main organisations defending French media workers and press freedom on April 16 in front of the steps of the Opéra-Bastille to condemn the news blackout and the fate of Palestinian journalists.

    The slaughter of journalists is one of the largest media massacres this century being carried out as part of the Israeli genocide in Gaza.

    RSF said there was “every reason to believe that the Israeli army is seeking to establish a total silence about what is happening in Gaza”.

    This was being done by preventing the international press from entering the territory freely and by targeting those who, on the ground, continue to bear witness despite the risks.


    Mobilisation of journalists in Paris, France, in solidarity with their Gazan colleagues.  Video: RSF

    Last year, Palestinian journalists covering Gaza were named as laureates of the 2024 UNESCO/Guillermo Cano World Press Freedom Prize, following the recommendation of an International Jury of media professionals.

    Republished in collaboration with Reporters Without Borders.

    MIL OSI Analysis – EveningReport.nz –

    May 3, 2025
  • MIL-OSI United Nations: 30 April 2025 Departmental update Restoring balance: Traditional Medicine at the World Health Summit Regional Meeting 2025

    Source: World Health Organisation

    The next World Health Organization (WHO) Traditional Medicine Global Summit, 2–4 December 2025, was unveiled during a keynote plenary session at the World Health Summit Regional Meeting 2025 in New Delhi, India, on 25 April. The session, organized by the WHO Global Traditional Medicine Centre, brought together government ministers, private sector directors, scientists and United Nations leaders to explore how combining ancient wisdom and modern science can expand access to safe, effective and people-centred Traditional Medicine (TM) and strengthen global health equity.

    Stewards of a collective future

    Delhi-based broadcaster Rini Simon Khanna opened the session, entitled: “ Restoring balance: Scaling up access to evidence-based traditional medicine for health and well-being”. She emphasized that the audience had gathered as “stewards of a collective future in health”, with TM serving as “a bridge connecting ancestral knowledge and modern science”. Prataprao Jadhav, India’s Minister of State for the Ministry of Ayush, addressed the gathering via pre-recorded video, stressing the need to integrate traditional knowledge with modern health systems in response to global challenges. The Minister took the opportunity to introduce the second WHO Traditional Medicine Global Summit, to be held in December 2025, and encouraged people to continue the dialogue at the Summit and “be a part of this shared journey towards global health harmony”.

    An evolving global health system

    Dr Rajesh Kotecha, Secretary and Vice-Minister, Ministry of Ayush, opened the panel discussion, telling participants, “TM is not just a thing of the past, it is a living, evolving component of many health systems around the globe”, offering relevance and promise in delivering affordable, accessible, people-centred care.

    The first panellist, Drungtsho Dorji Gyeltshen, Traditional Medicine Physician at National Traditional Medicine Hospital, Bhutan, showcased how the country’s traditional system of health care, Sowa-Rigpa, is accessible to rural and hard-to-reach communities and offers trusted, free and culturally relevant care. Sowa-Rigpa plays a key role in Bhutan’s Gross National Happiness, which is aligned to four pillars: good governance, social and economic development, preservation and promotion of culture, and environmental conservation.

    Global strategy for TM

    Dr Saima Wazed, Regional Director for WHO South East Asia Regional Office, explained how the draft WHO Global Strategy for Traditional Medicine, 2025–2034 (scheduled for discussion at the Seventy-eighth World Health Assembly) will support WHO Member States in integrating TM into primary health care. She stressed the need to develop evidence-based programmes to reduce misinformation, for greater confidence in TM. She also highlighted the need for culturally reflective policies and regulatory bodies, communicated in understandable language.

    The role of evidence

    Aditya Burman, Non-Executive Director of Dabur India, emphasized the need to shift from anecdotal to evidence-based TM, just as biomedicine did. He added, “We hear anecdotal a little too much when it comes to TM, and we’d like to change that”. When discussing how to drive future growth in the TM sector, Mr Burman said, “It’s not about shouting louder [about the benefits of TM], it’s about allowing the other side to be receptive – building effective products and proving their effectiveness in a globally understood language”.

    Professor Georg Seifert, a Senior Lecturer in Paediatrics at Charité – Universitätsmedizin Berlin, Germany, built on this point by explaining that more research is urgently needed, particularly on TM’s cost-effectiveness and sustainability. He also noted that integration of TM and biomedicine requires trust between those working in both systems, which grows from transparency about the strengths and limitations of TM. Professor Seifert also remarked on cross-cultural collaboration: “I can envisage a global network of integrative clinical centres that aid a diverse care model using rigorous but flexible methods, tailored to cultural and therapeutic contexts”, he said.

    Voices of youth

    Tanushree Jain, Chair of Public Health at the International Pharmaceutical Students’ Federation and member of the WHO Youth Council, discussed the generational shift in young people’s attitudes towards wellness, which includes preventive practices that incorporate ethics and sustainability. She highlighted that young people want to see TM validated through science and integrated safely in modern care. “When traditional knowledge is adapted with rigour and relevance, it earns our trust”, she stated.

    Digital tools like mobile health apps and fitness trackers are making traditional practices more accessible to youth and driving behaviour change. When these tools are engaging, educational, inclusive and sustainable, they empower young people to integrate personalized holistic care into their daily lives.

    Bridging the gap between science and policy

    Dr Soumya Swaminathan, former Chief Scientist at WHO and Chair of MS Swaminathan Research Foundation, stated, “No system of medicine has the answer to everything, and this is why we need to think about integrative medicine”. She stressed that there are currently different terms and diagnostic systems in use by traditional healers and allopathic doctors. She explained that to bridge the gap between science and policy, culturally significant practices need to be evaluated and integrated using robust, context-sensitive scientific methods, with a common language and vocabulary. Dr Swaminathan also highlighted the importance of harnessing the opportunities presented by modern tools, such as AI for diagnostics, through a multidisciplinary approach.

    The future of TM

    Dr Rajesh Kotecha asked each of the panellists one final question: “Looking ahead to the next five years, what is the one thing that is needed most for TM to advance the health and well-being of all?”

    • Drungtsho Dorji Gyeltshen said that establishing Bhutan as a centre of excellence, and focusing on sustainable and innovative practices will preserve and promote Sowa-Rigpa, ensuring it remains relevant, accessible and contributes to global health;
    • Dr Saima Wazed emphasized bringing data and knowledge together from global TM practices in a standardized format, so they can be shared on a global platform;
    • Aditya Burman noted that it is important to ensure TM becomes part of the mainstream vocabulary, suggesting inclusion on medical TV shows and films, to show that TM is not a niche “out there” idea;
    • Professor Georg Seifert said that he sees big potential in preventive medicine and integrated health care models, but strong evidence and good business models are needed to show cost-effectiveness;
    • Tanushree Jain highlighted establishing evidence in scientific research and using that to build trust in TM;
    • Dr Soumya Swaminathan stressed that this is the time to come together to bring the disciplines together, to not fight over which one is better, but to develop the science and communicate it effectively to people, for the best person-centred care.

     

    The session concluded with a question-and-answer session with the audience. One participant said that, as an editor at The Lancet medical journal, they noted a lack of submissions and publications on TM. They highlighted the need to bring TM to the global stage, through high-quality journal articles and clinical trials, for people to have trust. The panellists suggested some challenges, such as language or cultural understanding, as well as constructive feedback, such as the need for greater outreach or funding programmes. Dr Swaminathan added that there is also an evidence feedback loop – if the right research has not been published in the literature, then it is difficult to validate findings, as per publication policies, and suggested journals like The Lancet help create publishing opportunities for TM research.

    Restoring balance

    In his closing video address, Dr Tedros Adhanom Ghebreyesus, WHO Director-General, reminded the audience that TM is as old as humanity itself and that for hundreds of millions of people, TM is just medicine. Through GTMC, WHO is supporting research to harness the power of these ancient practices.

    Moderator Rini Simon Khanna remarked that this is “not the conclusion of our conversation but the beginning of a shared journey”, which is as much about restoring balance within ourselves, our communities, the health system and our relationship with the natural world. That journey continues at the second WHO Global Traditional Medicine Summit in December. The summit video was unveiled, which sets out how the next Summit will help unlock the full potential of TM. The Summit offers not just a space for dialogue, but a call to action to explore how the nexus of TM and modern science can restore balance and well-being for people and our planet. Ms Khanna closed, “Restoring balance is not just a policy goal, it is a personal and planetary commitment.

    MIL OSI United Nations News –

    May 3, 2025
  • MIL-OSI USA: President Trump Finally Ends the Madness of NPR, PBS

    US Senate News:

    Source: The White House
    Last night, President Donald J. Trump signed an executive order ending the taxpayer subsidization of National Public Radio (NPR) and the Public Broadcasting Service (PBS) — entities that receive tens of millions of dollars in taxpayer funds each year to spread radical, woke propaganda disguised as “news.”
    Here are some examples of the trash that has passed for “news” at NPR and PBS:
    NPR ran a story titled “Cannibalism: It’s ‘Perfectly Natural,’” in which an author described eating another human’s placenta: “It was really the prep that made it taste good. Granted, the [husband] was a chef and so he knew how to prepare it osso bucco style and used a really nice wine I had brought. It smelled great. It didn’t taste bad.”
    In 2021, NPR declared the Declaration of Independence to be a document with “flaws and deeply ingrained hypocrisies.”
    In 2022, NPR scrapped its decades-long Independence Day tradition of reading the Declaration of Independence on air to instead discuss “equality.”
    NPR subsequently issued an “editor’s note” warning the Declaration of Independence is “a document that contains offensive language.”

    NPR apologized for calling illegal immigrants “illegal.”
    NPR sounded the alarm about young men who abstain from masturbating to pornography.
    NPR featured a Valentine’s Day story centered around “queer animals,” in which it suggested the make-believe clownfish in “Finding Nemo” would’ve been better off as a female, that “banana slugs are hermaphrodites,” and that “some deer are nonbinary.”
    PBS devoted a panel to what it “mean[s] to be woke” and “white privilege.”
    NPR routinely promotes the chemical and surgical mutilation of children as so-called “gender-affirming care” without mentioning the irreversible damage caused by these procedures.
    In 2021, a PBS station aired a “children’s program” that featured a drag queen named “Lil’ Miss Hot Mess.”
    NPR educated the nation on the “whole community of genderqueer dinosaur enthusiasts” and “trans-ceratops.”
    Then-PBS White House Correspondent Yamiche Alcindor characterized President Trump’s patriotic 2020 Mount Rushmore speech as a love letter to “white resentment” that promoted the “myth of America.”
    NPR reported on the “cousin of diet culture” known as “healthism, which is the idea that we have to be healthy” — as if that was a bad thing.
    NPR assigned three reporters to investigate how the thumbs-up emoji is racist.
    NPR suggested doorway sizes are based on “latent fatphobia.”
    PBS produced an entire movie celebrating a transgender teenager’s so-called “changing gender identity.”
    NPR absurdly claimed “limited scientific evidence of physical advantage” exists between male and female athletes.
    NPR lamented that “animals deserve pronouns, too.”
    NPR ran a feature titled “What ‘Queer Ducks’ can teach teenagers about sexuality in the animal kingdom.”
    In 2023, PBS’s Washington Week roundtable covered up Joe Biden’s clear mental decline, with far-left “journalist” Jeffrey Goldberg claiming Biden was actually “quite acute.”
    NPR dedicated an entire segment to the “population of anthropomorphic animal enthusiasts known as ‘furries.’”
    PBS produced a documentary making the case for reparations.
    NPR disparagingly referred to pro-life Americans at the March for Life as “anti-abortion rights activists.”
    NPR explored “the racial origins of fat phobia.”
    NPR management asked its editors to avoid the term “biological sex” when discussing transgender issues.
    PBS show Sesame Street partnered with CNN on a one-sided narrative to “address racism” amid the Black Lives Matter riots.
    NPR and PBS have zero tolerance for non-leftist viewpoints:
    In 2020, NPR refused to cover the explosive Hunter Biden laptop scandal in the runup to the election, baselessly claiming its “assertions don’t amount to much” and writing they “don’t want to waste the listeners’ and readers’ time on stories that are just pure distractions.”
    When a 25-year veteran NPR reporter and editor spoke out about the network’s obsession with liberal causes, they suspended him.
    The editor found that registered Democrats outnumbered Republicans 87 to zero in their newsroom.
    NPR prolifically reported on the Russian collusion hoax, with the editor describing “[Adam] Schiff talking points” as “the drumbeat of NPR news reports.”

    NPR CEO Katherine Maher once called President Trump “racist,” shared a photo of herself wearing a “Biden for President” campaign hat, serves on the board of a Soros-funded activist group, and described “reverence for the truth” as a “distraction.”
    In 2023, a study found that congressional Republicans saw 85% negative coverage while congressional Democrats saw 54% positive coverage on PBS’s flagship news program.
    According to a 2024 study, PBS news staff used 162 variations of the term “far-right,” but only six variations of “far-left.”
    Media bias rating agency AllBias — which surveyed nearly 24,000 readers — found NPR’s bias aligns with “liberal, progressive or left-wing thought and/or policy agendas.”
    NPR repeatedly dismissed the theory that COVID-19 originated in a lab — a conclusion now deemed likely by the FBI, CIA, and Department of Energy.
    April 2020: “Scientists Debunk Lab Accident Theory Of Pandemic Emergence”
    May 2020: “As Trump Pushes Theory Of Virus Origins, Some See Parallels In Lead-Up To Iraq War”
    May 2021: “Many Scientists Still Think The Coronavirus Came From Nature”
    March 2023: “Virologist says COVID origin report could make it harder to study dangerous diseases”
    September 2024: “New research points to raccoon dogs in Wuhan market as pandemic trigger. It’s controversial”

    A 2024 Media Research Center study found that PBS’s coverage of the Republican National Convention was 72% negative, while coverage of the Democratic National Convention was 88% positive.

    MIL OSI USA News –

    May 3, 2025
  • MIL-OSI China: Xi’s diplomacy injects certainty, stability into turbulent world

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

    BEIJING, May 2 — Chinese President Xi Jinping has engaged in extensive diplomatic efforts both at home and abroad this spring, cementing a closer bond with neighboring countries, advocating unity and cooperation, and injecting certainty and stability into a turbulent world.

    CLOSER BOND WITH NEIGHBORING COUNTRIES

    In a world grappling with growing uncertainty and instability fueled by protectionism and unilateralism, China has reaffirmed the continuity and stability of its neighborhood diplomacy and its vision for lasting peace and shared development in Asia.

    The first major international event that China hosted in 2025 is the 9th Asian Winter Games from Feb. 7 to 14 in the city of Harbin, capital of northeast China’s Heilongjiang Province. It brought together leaders from many of China’s neighboring countries, including Brunei, Kyrgyzstan, Pakistan, Thailand and the Republic of Korea.

    At a banquet hosted by Xi and his wife, Peng Liyuan, ahead of the opening ceremony of the games, the Chinese leader called on Asia to uphold the common dream of peace and harmony, jointly respond to all sorts of security challenges, and contribute to building an equal and orderly multipolar world.

    Xi’s Southeast Asia visit, his first overseas trip this year, highlighted China’s dedication to deepening traditional ties, expanding practical cooperation, and advancing its vision of building a community with a shared future with its neighbors.

    From April 14 to 18, Xi paid state visits to Vietnam, Malaysia and Cambodia. China signed a record 108 cooperation documents with the three countries in total, which span a wide range of fields, from infrastructure to digital and green economy. A focal point of the tour was high-quality Belt and Road cooperation with the aim of enhancing regional connectivity and creating development opportunities.

    The trip came after a central conference on work related to neighboring countries held in Beijing from April 8 to 9. At the conference, Xi called for building a community with a shared future with neighboring countries and striving to open new ground for the country’s neighborhood work.

    The conference noted China’s relations with its neighboring countries are currently at their best in modern times, and are also entering a critical phase where regional dynamics and global transformations are deeply intertwined.

    A flurry of diplomatic activities show how China, a major country, gets along with its neighbors, international observers said.

    In his talks with Sri Lankan President Anura Kumara Dissanayake on Jan. 15, Xi said China will continue to support Sri Lanka in maintaining its national independence, sovereignty and territorial integrity.

    Extending condolences to Myanmar leader over the massive earthquake in late March, Xi said China is ready to provide assistance, and support efforts to overcome the disaster and rebuild homes at an early date.

    INJECTING CERTAINTY INTO WORLD

    Amid the international trade chaos caused by the so-called “reciprocal tariffs” of the United States, China has taken swift and firm countermeasures not only to safeguard its own legitimate rights and interests, but also to protect the common interests of the international community and defend international fairness and justice.

    On April 11, Xi had a three-hour-long meeting with Spanish Prime Minister Pedro Sanchez, who made his third trip to China in three years. Xi called on China and the EU to fulfill their international responsibilities, work together to safeguard economic globalization and the international trade environment, and jointly reject unilateral and bullying actions.

    Noting that China is an important partner of the EU, Sanchez said Spain always supports the stable development of EU-China relations. Facing the complex and challenging international situation, Spain and the EU are willing to strengthen communication and coordination with China to maintain the international trade order, he said.

    Malaysia is ASEAN chair and the Country Coordinator for ASEAN-China Dialogue Relations for 2025. On April 16, during a meeting with the visiting Chinese president, Malaysian Prime Minister Anwar Ibrahim said facing the rise of unilateralism, Malaysia is willing to strengthen cooperation with China to jointly address risks and challenges, noting that ASEAN will not endorse any unilaterally imposed tariffs, and will promote collective advancement through cooperation to maintain economic growth.

    On April 24, Xi held talks with Kenyan President William Ruto in Beijing, saying the fundamental purpose of China-Africa cooperation for win-win results and common development will not change, which is a welcome policy statement from a major country in a world full of uncertainty.

    Trade wars undermine the existing international rules and order, and Kenya appreciates China’s role as a stabilizer in the current volatile situation, Ruto said.

    After the talks, the two heads of state witnessed the signing of 20 cooperation documents in areas such as the Belt and Road Initiative, new and high technology, people-to-people and cultural exchanges, economy and trade, and media.

    As certainty and stability increasingly become scarce globally, not only political leaders but also business community turn to China for certainty and stability.

    On March 28, Xi met with more than 40 global chairmen and chief executive officers of foreign businesses as well as representatives of business councils, including leaders from FedEx Corporation, Mercedes-Benz Group AG, Sanofi SA, HSBC Holdings Plc, Hitachi Ltd., SK Hynix Inc and Saudi Aramco.

    A key message Xi sent is that China has been and will remain an ideal, secure, and promising destination for foreign investors, and that investing in China is investing in the future. He pointed out that China offers a vast stage for business development, vast market prospects, stable policy outlook, and a secure environment, making it a favored choice for foreign investment and business operations.

    Having the world’s second-largest consumer market and largest middle-income group, China offers great potential for investment and consumption. China is now a major trading partner with more than 150 countries and regions. China continues to build up industrial strength and foster institutional opening-up, drawing influential foreign investors such as tech giants and automakers into the world’s second-largest economy.

    Aramco is currently investing in projects in China that have a collective and total value of over 240 billion yuan, covering petrochemical projects and equity acquisition deals. Amin H. Nasser, president and CEO of the company, said: “China is becoming an oasis of certainty in an increasingly unpredictable global environment.”

    CALLING FOR SOLIDARITY

    This year marks the 80th anniversary of the victory of the World Anti-Fascist War and the founding of the United Nations. In response to the provocative actions of certain nations inciting great power strategic competition, China emphasizes the roles of major countries, the Global South and the UN in global peace and development.

    Xi talked with Russian President Vladimir Putin via video meeting on Jan. 21 and held a phone conversation with him on Feb. 24, conducting in-depth strategic communication on major international and regional issues and steering China-Russia relations at a critical moment.

    Despite changes in the international situation, China-Russia relations will proceed with ease, which will help each other’s development and revitalization, and inject stability and positive energy into international relations, Xi said.

    To develop relations with China is a strategic choice made by Russia with a long-term perspective, rather than an expedient measure, Putin told Xi, adding that the strategy is not subject to any temporary trend or external interference.

    In his phone conversation with European Council President Antonio Costa on Jan. 14, Xi said there exists no clash of fundamental interests or geopolitical conflicts between China and the EU, making them partners that can contribute to each other’s success.

    Both the EU and China respect the principles of the UN Charter, uphold multilateralism, safeguard free trade, and oppose bloc confrontation, and they should cooperate rather than compete, Costa said, adding that in this era full of challenges, the world needs closer EU-China cooperation to tackle global challenges such as climate change, and to contribute to world peace, stability and development.

    Global South is also a priority in Xi’s diplomatic agenda.

    On April 29, Xi visited the New Development Bank in Shanghai and met with Dilma Rousseff, president of the institution, calling the bank “a pioneering initiative for the unity and self-improvement of the Global South” and noting that the Global South countries have risen collectively into an important force in maintaining world peace, promoting common development and improving global governance.

    His other interactions on the Global South include sending congratulations respectively to the 38th African Union Summit and the 9th summit of the Community of Latin American and Caribbean States (CELAC), having in-depth exchanges on regional cooperation with leader of Malaysia, and hosting leaders of Grenada, Sri Lanka, Bangladesh, Azerbaijan and Kenya.

    As the rotating chair of the Shanghai Cooperation Organization (SCO), China will host an SCO summit this autumn in the northern city of Tianjin. China will also host the fourth ministerial meeting of the China-CELAC Forum in Beijing.

    Xi delivered a speech via video link at the Leaders Meeting on Climate and the Just Transition on April 23. Calling for adherence to multilateralism, Xi said that all countries should firmly safeguard the UN-centered international system and the international order underpinned by international law, and firmly safeguard international fairness and justice.

    “However the world may change, China will not slow down its climate actions, will not reduce its support for international cooperation, and will not cease its efforts to build a community with a shared future for mankind,” Xi said.

    “In these trying times, the world yearns for steadiness, reliability and purpose. We see this in China’s conduct,” said Malaysian Prime Minister Anwar Ibrahim. “Amid this turbulence, China has been a rational, strong and reliable partner. Malaysia values this consistency,” he said.

    MIL OSI China News –

    May 3, 2025
  • MIL-OSI United Kingdom: Significant changes planned around York Station in coming weeks

    Source: City of York

    Published Friday, 2 May 2025

    With work progressing at pace on the Station Gateway project there will be some changes around the front of York Station in the coming weeks.

    The area around York Station is currently being transformed to create a new and improved gateway to the city. The aim of the project is to improve access to the station, by providing an easier and safer experience for pedestrians, wheelchair users, cyclists and bus users. It will also introduce welcoming new public spaces for everybody to enjoy and showcase the city’s heritage sites at their very best.

    To continue progress there are a number of works on the highway in the coming weeks.

    • Queen Street, near York Station, will be closed to traffic from 7pm on Saturday 24th May until 6am on Tuesday 27th May as part of ongoing works to transform the area. This will allow contractor John Sisk & Son to remove and re-lay the road surface to form the new layout.
    • The pedestrian crossings around the station will be replaced by a temporary crossing in the coming weeks. The new crossing point will be at the edge of the Station Portico. The temporary footpath behind where the old bus stops were located remains in place for people to access the new bus stops. Signage will be in place to minimise disruption.
    • Night-time lane closures have been requested. The work will take place overnight from Tuesday 6th May to Friday 9th May, between 9pm and 6am each night, finishing in the early hours of Saturday morning. During this time the lights at Blossom Street/Queen Street junction will be turned off and temporary 4-way lights will be in operation. Access to Queen St properties, York RI and the NCP car park will be maintained and footpaths will remain open at all times.

    Councillor Kate Ravilious, Executive Member for Transport said:

    “It has been great in recent months to see the area starting to take shape and get a feel for how much improved it will be once work is complete.

    “We are very grateful to everyone for their patience and for adapting as work continues. We wanted to give people advanced warning of the upcoming works and we will be sharing much more information, as we have done previously, ahead of the planned road closure. York remains open for business and we hope that, as has happened with the previous closures that people will come to enjoy everything York has to offer but plan ahead when travelling to the city centre.”

    Further details including travel information for those heading to the station and/or city centre over the late May bank holiday weekend will be published shortly.

    City of York Council, West Yorkshire Combined Authority, Network Rail, LNER and Sisk are working together to minimise disruption as we deliver this major upgrade.

    MIL OSI United Kingdom –

    May 3, 2025
  • MIL-OSI USA: Meta-Analysis Links Intimate Partner Violence Among Sexual Minority Men to Mental Health Outcomes

    Source: US State of Connecticut

    Sexual minority men on the receiving end of intimate partner violence also have worse mental health outcomes including depression, suicide ideation, and suicide attempts, according to a new meta-analysis by UConn professor Chenglin Hong.

    “Looking at the larger context, intimate partner violence as a public health issue is still under-studied among men, particularly sexual minority men,” Hong says. “It’s usually considered under the heterosexual umbrella: men as perpetrators, women as victims or survivors. But the issue affects sexual minority men just as much, or more, as heterosexual women.”

    Hong’s meta-analysis “The Associations Between Intimate Partner Violence and Mental Health Outcomes Among Sexual Minority Men: A Systematic Review and Meta-Analysis” looked at 22 studies on the topic conducted between 2003 and 2022, both in the U.S. and around the world, including China and the United Kingdom.

    Published in January by the academic journal Trauma, Violence, and Abuse, it marks the first of its kind in more than a decade, with the prior meta-analysis on the topic conducted in 2014.

    Among his findings, Hong determined that sexual minority men experiencing intimate partner violence are almost 3x more likely to have suicide ideation or attempts, compared to sexual minority men who didn’t experience such violence.

    “Men in general experience higher rates of suicide-related outcomes, but they often don’t seek mental health services due to stigmas around masculinity,” Hong explains. “But those who experience intimate partner violence may be even more limited. For example, they might be scared to see a provider because their partners may find out.”

    The meta-study, which Hong says was not funded but purely volunteer work, included a team of researchers across the country from institutions including Washington University in St. Louis, UC Davis, Michigan, UCLA, and Penn State.

    At the end of the study, Hong makes several recommendations, including incorporating intimate partner violence screening as a standard part of healthcare and mental health assessments for men.

    “I’m a social worker,” Hong says. “A lot of the time, when we work with clients and refer them to different agencies, there are logistics: transportation, insurance issues. So the idea here is how to optimize integrated care by providing health care, mental health care, and intimate partner violence services in the same setting.”

    If Hong’s proposed changes become more widespread, hopefully such issues of intimate male-male partner violence can dramatically decreased.

    MIL OSI USA News –

    May 3, 2025
  • MIL-OSI USA: For Entrepreneurs, Mistakes and Losing are Critical for Winning

    Source: US State of Connecticut

    There were a variety of inspiring messages at UConn’s recent entrepreneurial workshop, but the recurring theme was about failure as a foundation for achieving success – every speaker spoke about the importance of failing and persevering, learning from mistakes, self-belief, collaboration, and constantly pushing forward.

    Called Entrepreneurship as a Career Path Workshop, the event, hosted by the UConn College of Engineering (CoE), was open to undergraduate and graduate students and researchers from engineering and relevant disciplines. Held at the Innovation Partnership Building at UConn Tech Park, it featured panel discussions on climate and energy, and on manufacturing and AI. The keynote guest was Al Subbloie, founder and CEO of Budderfly, a leader in the clean-tech sector, and promoter of energy-efficiency-as-a-service startups.

    In addition to the panel discussions and keynote, presentations included curricular practical training for international students, an overview of CoE programs and activities, and sessions on opportunities at a variety of technology incubation ventures and related resources. The event was also cohosted by the Connecticut Center for Entrepreneurship and Innovation (CCEI) and ClimateHaven.

    George Bollas, associate dean of Research for CoE and director of the Pratt & Whitney Institute for Advanced Systems Engineering, says the workshop provided a valuable opportunity to gain insights, network with fellow innovators, and connect with the entrepreneurial ecosystem in Connecticut.

    George Bollas, associate dean of research for CoE, hosted the Entrepreneurship Workshop (Christopher LaRosa/UConn Photo)

    “This workshop offered graduate students a unique opportunity to explore entrepreneurship as a viable career path, gaining direct insights from founders who have successfully launched startups in climate, energy, manufacturing, and AI,” Bollas explains. “The workshop offered valuable networking opportunities, connecting attendees with like-minded peers, mentors, and key players, and provided useful introductions to critical resources such as funding opportunities, incubators, and mentorship programs that can support aspiring entrepreneurs in transforming ideas into successful ventures.”

    Entrepreneurship, Bollas adds, is an important vehicle for technology development, transfer and deployment. The workshop, he says, offers a new paradigm of career paths and jobs critical for industrial sustainability and competitive advantage, and will be offered again next year.

    “In the currently challenged funding landscape,” Bollas says, “these efforts also enable faculty researchers and students increased access to capital and industry partnerships to engage with the growing Connecticut entrepreneurship ecosystem, bringing additional economic growth and job creation to our state.”

    The panelists shared insights and tough lessons. “Prepare like you know nothing, but deliver like you know everything,” said John Toribio at the event, who is developing a smart-clothing platform for health monitoring and other applications. “Take advantage of the expertise around you at UConn – you don’t have to know how to do everything yourself,” said Laron Burrows, founder and CEO of Andros, a company focused on chemical engineering and sustainability.

    Casey Pickett, managing director of Incubation at ClimateHaven, moderated an energy and climate panel discussion that included, from left, Pickett, Laron Burrows, Alaa Selim, and Yidan Zhang. (Christopher LaRosa/UConn Photo)

    Yiden Zhang, co-founder of SeaSol, a company developing advanced materials from seaweed, echoed Burrows’s comments, addressing the benefits of learning from the many experts available at CoE and UConn, but also cautioning that entrepreneurship isn’t right for everyone. “But one of the beauties of being in this rich academic research environment,” said Zhang, “is that you can discuss and try out your ideas in a creative, safe, supportive arena and see what works best for you.”

    Subbloie’s presentation, billed as a “fireside chat,” was an interview conducted by Michelle Cote, lead instructor and director of Launc[H] at CCEI. Subbloie was ranked in the 2021 Worthy 100 by Worth Magazine for his entrepreneurship around environmental benefits. Prior to starting Budderfly, he founded and served as CEO of Tangoe, an industry-leading telecommunications expense-management solutions company.

    During the interview, Subbloie shared his perspective on business challenges, leadership, management approaches and taking companies public.

    “It’s a jungle out there,” Subbloie reflected, “and my first important lesson was that it helps to work for someone else and gain operational knowledge, experience and financial acumen before going out on your own. That said,” he added, “like many of you in this room, I always knew I wanted to start up my own company and be a CEO, so that remained my goal and I pursued it vigorously.”

    Michelle Cote interviews keynote presenter Al Subbloie. (Christopher LaRosa/UConn Photo)

    Subbloie talked about his early days, and the need to focus on competencies beyond technical expertise required to successfully raise capital and get others to buy in to your vision. As an example, he cited the importance of developing strong presentation skills and shared how he’d made thousands of presentations during his career. And like the other speakers, he talked about failure as motivation, however frustrating.

    “Failing and losing is winning, ultimately,” Subbloie said. “When you’re young and ambitious you think you know it all, but that’s very naïve…  though the poorer you are when you start out means you have little to lose – your dedication and investment in time makes up for early weaknesses or doubts. However, you must be able to separate fear from recklessness, chase those things relevant to the longer gain, make mistakes, and learn from each step in your journey.”

    Entrepreneurship options are offered through the UConn College of Engineering and led by the Entrepreneurship Hub. The eHub was developed to actively promote the exchange of ideas, and to provide a space for collaborations and partnerships among UConn’s Tech community.

    More photos from the event are available on Flickr.

    MIL OSI USA News –

    May 3, 2025
  • MIL-OSI USA: Meeting the Needs of Early Childhood Educators with Critical New Resources, Supporting the Social and Emotional Development of Very Young Children

    Source: US State of Connecticut

    In preparing young children for kindergarten, it is as important to nurture their social and emotional skills as it is to develop their academic knowledge and skills. The Pyramid Model for Social Emotional Competence in Infants and Young Children is a widely used evidence-based framework that guides early childhood educators in supporting healthy social emotional development of all children, and address challenging behaviors that arise. A new Practice Guide was developed to support childcare workers and pre-K teachers as they grow their skills in the Pyramid Model.

    The model takes a tiered public health approach by providing universal guidance for use with all children in the classroom to promote wellness, targeted guidance for those who may need additional support, and intensive interventions to address persistent, challenging behavior. Teachers utilizing the Pyramid Model have overwhelmingly reported that students in their classrooms show improved social and emotional skills. The Pyramid Model supports adults within a range of early learning environments including childcare, Head Start programs, and public pre-K. The new practice guide provides teachers with ongoing support to successfully bring the Pyramid Model practices into their classrooms and see improved outcomes in their students.

    Professionals in the early childhood field generally have access to training in the Pyramid Model, however opportunities for more advanced skill building in the model are harder to come by. Individualized coaching to support implementation of the model with fidelity is hard to access and to fund.  “The goal of our guide is to bridge that gap for the early care and education workforce by offering them concrete strategies and opportunities to embed Pyramid Model practices within daily classroom interactions with all students. The guide helps them be their own coach,” says Kate Sweeney, Co-Director of Innovations Institute’s Parent, Infant, and Early Childhood team.

    The practice guide provides additional resources and recommendations that are critical for teachers utilizing Pyramid Model practices in their classrooms and learning to think differently about how they address challenging behaviors. The guide — freely available through an interactive website with downloadable pdfs in English and Spanish (https://pyramidmodelpracticeguide.org/) — is designed for childcare providers and classroom teachers to embed Pyramid Model practices in current classroom routines, schedules, and curricula. The guide is also useful and relevant to administrators, coaches, Infant and Early Childhood Mental Health Consultants–all working with and supporting classroom educators.

    “We are thrilled to offer this practice guide as a free, accessible resource to further support educators across the country as they work to build healthy social and emotional skills among young children and ensure they have the behavioral skills necessary to be successful in kindergarten and beyond.”  Margo Candelaria, PhD, Co-Director, Parent, Infant & Early Childhood, Innovations Institute.

    The Parent, Infant, and Early Childhood team at Innovations Institute supports workforce development by providing high quality, relevant, and translational training and coaching, technical assistance, facilitation, consulting, implementation support, and research and evaluation. We also provide policy analysis, systems design and financing, data-driven strategic planning, and quality improvement for systems and programs serving young children and their families.

    The Johns Hopkins University School of Education, together with Innovations Institute at the University of Connecticut School of Social Work, received a Maryland Rebuilds grant to build the Pyramid Model Practice Guide. The Maryland Rebuilds grant program at the Maryland State Department of Education (MSDE) issued funds from the American Rescue Plan Act for projects to strengthen and support early childhood education throughout the State and beyond and bolster school-readiness for very young children.

    MIL OSI USA News –

    May 3, 2025
  • MIL-OSI United Kingdom: VE Day 80th Anniversary Commemoration Service

    Source: City of Derby

    Derby City Council will be marking the 80th anniversary of VE Day with a special service at Derby Cathedral.

    The VE Day Anniversary Commemoration Service, a partnership between the Council, the Lord Lieutenant of Derbyshire, Derby Cathedral, the Royal British Legion, the University od Derby, and Derby Cathedral, will take place at 5:30pm on Thursday 8 May.

    This important occasion marks the 80th anniversary of Victory in Europe Day, a moment of profound historical significance. The service will honour and remember the immense sacrifices made by so many during the Second World War, and celebrate the peace and freedoms secured as a result.

    The commemorative service is open to all across Derby and Derbyshire. Following the service, guests are invited to remain for refreshments and to enjoy a special commemorative peal of the Cathedral bells.

    Councillor Ged Potter, Mayor of the City of Derby, said:

    As we prepare to mark the 80th anniversary of VE Day, we remember the courage and sacrifice of all those who played their part in the fight for our freedom. We particularly remember the Derby citizens who contributed to the war effort both on the frontlines and at home. This includes those who worked in our factories producing, among other things, the engines that powered much of the RAF.

    Elizabeth Fothergill CBE, Lord Lieutenant of Derbyshire, said:

    This 80th anniversary of VE Day is a time for reflection, remembrance and gratitude. It is an opportunity for our community to come together to honour those who served, those who sacrificed, and those who gave everything to secure the peace we are so fortunate to enjoy today.  I warmly encourage everyone to attend and take part in this meaningful commemoration.

    If you’re planning a street party, make sure you’ve read this guidance from the Government. It busts some common myths about what’s needed. There’s even more information and advice on the Street Party Site. 

    One of the key things you’ll need to do is apply to us for a road closure if you want to host a street party and your road isn’t already normally closed to traffic. Contact spacehire@derby.gov.uk for a road closure application form.

    MIL OSI United Kingdom –

    May 2, 2025
  • MIL-OSI: Willis Lease Finance Corporation Announces Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    COCONUT CREEK, Fla., May 02, 2025 (GLOBE NEWSWIRE) — Willis Lease Finance Corporation (NASDAQ: WLFC) (“WLFC” or the “Company”) declared a quarterly dividend of $0.25 per share on outstanding shares of WLFC common stock. The dividend is expected to be paid on May 22, 2025 to stockholders of record at the close of business on May 12, 2025.

    Willis Lease Finance Corporation

    WLFC leases large and regional spare commercial aircraft engines, auxiliary power units and aircraft to airlines, aircraft engine manufacturers and maintenance, repair, and overhaul providers worldwide. These leasing activities are integrated with engine and aircraft trading, engine lease pools and asset management services through Willis Asset Management Limited, as well as various end-of-life solutions for engines and aviation materials provided through Willis Aeronautical Services, Inc. Through Willis Engine Repair Center®, Jet Centre by Willis, and Willis Aviation Services Limited, the Company’s service offerings include Part 145 engine maintenance, aircraft line and base maintenance, aircraft disassembly, parking and storage, airport FBO and ground and cargo handling services.

    Except for historical information, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Do not unduly rely on forward-looking statements, which give only expectations about the future and are not guarantees. By their nature, forward-looking statements involve a number of inherent risks, uncertainties and assumptions and are subject to change in circumstances that are difficult to predict and many of which are outside of our control. These risks, uncertainties and assumptions could adversely affect the outcome and financial effects of the plans and events described herein. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to update them to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which the forward-looking statement is based, except as required by law. Our actual results may differ materially from the results discussed, either expressly or implicitly, in forward-looking statements. Factors that might cause such a difference include, but are not limited to: the effects on the airline industry and the global economy of events such as war, terrorist activity and natural disasters; changes in oil prices, rising inflation and other disruptions to world markets; trends in the airline industry and our ability to capitalize on those trends, including growth rates of markets and other economic factors; risks associated with owning and leasing jet engines and aircraft; our ability to successfully negotiate equipment purchases, sales and leases, to collect outstanding amounts due and to control costs and expenses; changes in interest rates and availability of capital, both to us and our customers; our ability to continue to meet changing customer demands; regulatory changes affecting airline operations, aircraft maintenance, accounting standards and taxes; the market value of engines and other assets in our portfolio; and risks detailed in the Company’s Annual Report on Form 10-K and other continuing and current reports filed with the Securities and Exchange Commission. It is advisable, however, to consult any further disclosures the Company makes on related subjects in such filings. These statements constitute the Company’s cautionary statements under the Private Securities Litigation Reform Act of 1995.

     CONTACT: Scott B. Flaherty
      Executive Vice President & Chief Financial Officer
      sflaherty@willislease.com
      561.413.0112

    The MIL Network –

    May 2, 2025
  • MIL-OSI Europe: Eucharistic Celebration on the sixth day of the Novendiali

    Source: The Holy See

    At 17.00 this afternoon, in the Vatican Basilica, the Eucharistic Celebration in memory of the Roman Pontiff Francis took place, on the sixth day of the Novendiali.
    The Papal Chapel was specially invited to the Celebration.
    The Concelebration was presided over by His Eminence Cardinal Víctor Manuel Fernández, former prefect of the Dicastery for the Doctrine of the Faith.
    The following is the homily delivered by His Eminence Cardinal Víctor Manuel Fernández during the course of the Holy Mass:

    Homily of His Eminence Cardinal Víctor Manuel Fernández
    This Easter, Christ tells us: “Everything that the Father gives me will come to me … and this is the will of the one who sent me, that I should not lose anything of what he gave me”. What immense gentleness these words have.
    Pope Francis is of Christ, he belongs to Him, and now that he has left this earth, he is fully of Christ. The Lord took Jorge Bergogliio to him from his baptism, and throughout all his existence. He is of Christ, who promised the fullness of life for him.
    You know the tenderness with which Pope Francis spoke of Christ, how he took pleasure in the sweet name of Jesus, as a good Jesuit. He knew well that he was His, and surely Christ did not leave him, He did not lose him. This is our hope, that we celebrate with Paschal joy under the precious light of this, today’s Gospel.
    We cannot ignore that we are also celebrating the day of workers, who were so close to Pope Francis’ heart.
    I remember a video he sent some time ago to a meeting of Argentinean businessmen. To them he said: “I will not tire of referring to the dignity of labour. Someone implied I propose a life without effort, or that I despise the culture of work”. Indeed, some dishonest people said that Pope Francis was defending the lazy, the drones, the delinquent, the idle.
    But he insisted: “Imagine if that can be said of me, a descendant of Piedmontese people, who did not come to this country hoping to be supported, but with a great desire to roll up their sleeves and build a future for their families”. You can tell they had annoyed him.
    Because for Pope Francis, work expresses and sustains the dignity of the human being, permitting him to develop his capacities, to help him grow in relationships, to feel like a collaborator with God in taking care of and improving this world, to make him feel useful to society and in solidarity with his loved ones. This is why work, regardless of hardships and difficulties, is a path of human maturation. And this is why he affirmed that work “is the best aid for the poor”. What is more, “there is no worse poverty than that which deprives of work and the dignity of work”.
    It is worth remembering his words during his journey to Genoa. He said that “the entire social pact is built around work”, and that when there are problems with work “it is democracy that goes into crisis”. Then he took up with admiration what the Italian Constitution says in Article 1: ‘Italy is a democratic republic, founded on work’.
    Behind this love for work is a strong conviction of Pope Francis: the infinite value of every human being, an immense dignity that must never be lost, that can never be ignored or forgotten.
    But every person is so worthy, and must be taken so seriously, that it is not just a question of giving him things, but of promoting him. That is, that he may develop all the good he has in him, that he may earn bread with the gifts God has given him, that he may develop his capacities. In this way, every person is promoted in all his or her dignity. And this is where work becomes so important.
    Now beware, Francis said. Another thing is some false talk of “meritocracy”. For it is one thing to assess a person’s merits and reward efforts. Another thing is the false “meritocracy”, which leads us to think that only those who are successful in life have merits.
    Let us take a look at a person who was born into a good family and was able to increase his wealth, lead a good life with a nice house, car, holidays abroad. Everything is good. He was lucky enough to grow up in the right conditions and performed meritorious deeds. Thus, with skills and time he has built a very comfortable life for himself and his children.
    At the same time, one who works with manual labour, with equal or greater merits due to the effort and time he has invested, has nothing. He did not have the good fortune to be born in the same context and, no matter how hard he works, he is barely able to survive.
    Let me tell you about a case I cannot forget: a young man I saw several times near my home in Buenos Aires. I would find him on the street, doing his job, which was to collect cartons and bottles to feed his family. I found him working when I went to university in the mornings, when I came back, and even working at night. Once, I asked him: “But how many hours do you work?” He replied: “Between twelve and fifteen hours a day. Because I have several children to support and I want them to have a better future than mine”.
    And so I asked him, “But how much time do you spend with them?” And he answered, “I have to choose, either I stay with them or I bring them food to eat”. Despite this, a well-dressed passer-by said to him, “Go and work, lazy!”. These words seemed to me horrendously cruel and vain. But these words can also be found hidden behind other, more elegant speeches.
    Pope Francis gave a prophetic cry against this false idea. And in several conversations, he made me notice: look, they lead us to think that the majority of poor people are poor because they have no “merit”. It seems that the one who has inherited a lot of goods is more worthy than the one who has worked hard all his life without being able to save anything or even buy a small house.
    That is why he stated in Evangelii gaudium that this model “does not appear to favour an investment in efforts to help the slow, the weak or the less talented to find opportunities in life” (EG 209).
    The same question always recurs: are the less giftted not human people? Do the weak not have the same dignity as we do? Must those who are born with fewer opportunities limit themselves merely to surviving? Is there no chance for them to have a job that enables them to grow, to develop, to create something better for their children? The value of our society depends on the answer we give to these questions.
    But allow me also to present Pope Francis as a worker. He not only spoke about the value of work, but all his life lived his mission with great effort, passion and commitment. For me, it was always a mystery to understand how he was able to bear such a demanding pace of work, also being an older man with several health problems. He not only worked in the morning with several meetings, audiences, celebrations and encounters, but also all the afternoon. And it seemed to me truly heroic that he summoned the little strength he had in his last days in order to be able to visit a prison.
    We cannot take him as an example, because he never took any holidays. In Buenos Aires, in the summer, if you could not find a priest, you could certainly find him. When he was in Argentina he never went out for dinner, to the theatre, to go for a stroll or to see a film; he never took a full day off. Instead, we normal beings could not resist. But his life was a stimulus to live our work generously.
    What I want to show, however, is the extent to which he understood that his work was his mission, his daily work was his response to God’s love, it was an expression of his concern for the good of others. And for these reasons work itself was his joy, his nourishment, his rest. He experienced what the first reading we heard says: “none of us lives for himself”.
    We ask for all workers, who sometimes have to work in unpleasant conditions, that they may find a way to live their work with dignity and hope, and that they may receive compensation that allows them to look forward with hope.
    But in this Mass, with the presence of the Vatican Curia, we take into account that we in the Curia also work. Indeed, we are workers who work to a timetable, who perform the tasks assigned to us, who must be responsible, and strive, and make sacrifices in our commitments.
    The responsibility of work is also for us, in the Curia, a path of maturation and fulfilment as Christians.
    Finally, allow me to recall Pope Francis’ love towards Saint Joseph, that strong and humble worker, that carpenter of a small forgotten village, who with his work took care of Mary and Jesus.
    And let us also recall that whenever Pope Francis had a serious problem, he placed a piece of paper with a supplication beneath the image of Saint Joseph. So, let us ask Saint Joseph in heaven to give a warm embrace to our dear Pope Francis.

    MIL OSI Europe News –

    May 2, 2025
  • MIL-OSI: Brookfield Business Partners Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, News, May 02, 2025 (GLOBE NEWSWIRE) — Brookfield Business Partners (NYSE: BBU, BBUC; TSX: BBU.UN, BBUC) announced today financial results for the quarter ended March 31, 2025.

    “We had an active start to the year, generating over $1.5 billion from our capital recycling initiatives, progressing the acquisition of two market-leading industrial operations and investing approximately $140 million to repurchase our units and shares,” said Anuj Ranjan, CEO of Brookfield Business Partners. “During periods of uncertainty and volatility, our consistent strategy of owning market leading businesses and executing on our operational improvement plans is more important than ever. With the enhanced strength of our balance sheet, we are well positioned to support our capital allocation priorities and continue compounding long-term value for our investors.”

      Three Months Ended
    March 31,
    US$ millions (except per unit amounts), unaudited   2025   2024  
    Net income (loss) attributable to Unitholders1 $ 80 $ 48  
    Net income (loss) per limited partnership unit2 $ 0.38 $ 0.23  
         
    Adjusted EBITDA3 $ 591 $ 544  

    Net income attributable to Unitholders for the three months ended March 31, 2025 was $80 million ($0.38 per limited partnership unit) compared to net income of $48 million ($0.23 per limited partnership unit) in the prior period.

    Adjusted EBITDA for the three months ended March 31, 2025 was $591 million compared to $544 million in the prior period. Current period results included contribution from the recent acquisition of our electric heat tracing systems manufacturer in January 2025. Prior period results included $37 million of contribution from disposed operations including our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    Operational Update

    The following table presents Adjusted EBITDA by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Industrials $ 304   $ 228  
    Business Services   213     205  
    Infrastructure Services   104     143  
    Corporate and Other   (30 )   (32 )
    Adjusted EBITDA $ 591   $ 544  

    Our Industrials segment generated Adjusted EBITDA of $304 million for the three months ended March 31, 2025, compared to $228 million during the same period in 2024. Current period results included $72 million of tax benefits at our advanced energy storage operation and contribution from our electric heat tracing manufacturer which was acquired in January 2025.

    Our Business Services segment generated Adjusted EBITDA of $213 million for the three months ended March 31, 2025, compared to $205 million during the same period in 2024. Strong performance at our residential mortgage insurer and increased contribution from our construction operation was partially offset by the impact of higher costs associated with technology upgrades at dealer software and technology services. Prior period results included contribution from our road fuels operation which was sold in July 2024.

    Our Infrastructure Services segment generated Adjusted EBITDA of $104 million for the three months ended March 31, 2025, compared to $143 million during the same period in 2024. Prior period results included contribution from our offshore oil services’ shuttle tanker operation which was sold in January 2025.

    The following table presents Adjusted EFO4 by segment:

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
    Adjusted EFO    
    Industrials $ 130   $ 180  
    Business Services   117     168  
    Infrastructure Services   166     72  
    Corporate and Other   (68 )   (89 )

    Adjusted EFO in the current period included a $114 million of net gain related to the disposition of the shuttle tanker operation at our offshore oil services. Industrials Adjusted EFO included the impact of withholding taxes on a distribution received from our advanced energy storage operation during the quarter. Adjusted EFO in the prior period included $62 million of net gains primarily related to the sale of public securities and $50 million of other income related to a distribution at our entertainment operation.

    Strategic Initiatives

    • Specialty Equipment Manufacturer
      In February, we agreed to acquire Antylia Scientific, a leading manufacturer and distributor of critical consumables and testing equipment serving life sciences and environmental labs for approximately $1.3 billion. Brookfield Business Partners expects to invest approximately $160 million for an approximate 25% economic interest. The transaction is expected to close in the second quarter, subject to customary closing conditions and regulatory approvals.
    • Unit Repurchase Program
      During the quarter and subsequent to quarter end, we invested approximately $140 million to repurchase 5.9 million5 units and shares of Brookfield Business Partners at an average price of approximately $24 per unit and share. The repurchases were completed under our normal course issuer bid (NCIB) which we plan to renew once it expires in August this year.

    Liquidity

    We ended the quarter with approximately $2.4 billion of liquidity at the corporate level including $59 million of cash and liquid securities, $25 million of remaining preferred equity commitment from Brookfield Corporation and approximately $2.3 billion of availability on our corporate credit facilities. Pro forma for announced and recently closed transactions, corporate liquidity is $2.3 billion.

    Distribution

    The Board of Directors has declared a quarterly distribution in the amount of $0.0625 per unit, payable on June 30, 2025 to unitholders of record as at the close of business on May 30, 2025.

    Additional Information

    The Board has reviewed and approved this news release, including the summarized unaudited interim consolidated financial statements contained herein.

    Brookfield Business Partners’ Letter to Unitholders and the Supplemental Information are available on our website https://bbu.brookfield.com under Reports & Filings.

    Notes:

    1. Attributable to limited partnership unitholders, general partnership unitholders, redemption-exchange unitholders, special limited partnership unitholders and BBUC exchangeable shareholders.
    2. Net income (loss) per limited partnership unit calculated as net income (loss) attributable to limited partners divided by the average number of limited partnership units outstanding for the three months ended March 31, 2025 which was 80.0 million (March 31, 2024: 74.3 million).
    3. Adjusted EBITDA is a non-IFRS measure of operating performance presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of interest income (expense), net, income taxes, depreciation and amortization expense, gains (losses) on acquisitions/dispositions, net, transaction costs, restructuring charges, revaluation gains or losses, impairment expenses or reversals, other income or expenses, and preferred equity distributions. The partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. The partnership believes that Adjusted EBITDA provides a comprehensive understanding of the ability of its businesses to generate recurring earnings which allows users to better understand and evaluate the underlying financial performance of the partnership’s operations and excludes items that the partnership believes do not directly relate to revenue earning activities and are not normal, recurring items necessary for business operations. Please refer to the reconciliation of net income (loss) to Adjusted EBITDA included in this news release.
    4. Adjusted EFO is the partnership’s segment measure of profit or loss and is presented as net income and equity accounted income at the partnership’s economic ownership interest in consolidated subsidiaries and equity accounted investments, respectively, excluding the impact of depreciation and amortization expense, deferred income taxes, transaction costs, restructuring charges, unrealized revaluation gains or losses, impairment expenses or reversals and other income or expense items that are not directly related to revenue generating activities. The partnership’s economic ownership interest in consolidated subsidiaries excludes amounts attributable to non-controlling interests consistent with how the partnership determines net income attributable to non-controlling interests in its unaudited interim condensed consolidated statements of operating results. In order to provide additional insight regarding the partnership’s operating performance over the lifecycle of an investment, Adjusted EFO includes the impact of preferred equity distributions and realized disposition gains or losses recorded in net income, other comprehensive income, or directly in equity, such as ownership changes. Adjusted EFO does not include legal and other provisions that may occur from time to time in the partnership’s operations and that are one-time or non-recurring and not directly tied to the partnership’s operations, such as those for litigation or contingencies. Adjusted EFO includes expected credit losses and bad debt allowances recorded in the normal course of the partnership’s operations. Adjusted EFO allows the partnership to evaluate its segments on the basis of return on invested capital generated by its operations and allows the partnership to evaluate the performance of its segments on a levered basis.
    5. Inclusive of all limited partnership units and BBUC exchangeable shares repurchased under our NCIB during the three months ended March 31, 2025 and up to market close on May 1, 2025, based on settlement date.

    Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. Investors have flexibility to invest in our company either through Brookfield Business Partners L.P. (NYSE: BBU; TSX: BBU.UN), a limited partnership or Brookfield Business Corporation (NYSE, TSX: BBUC), a corporation. For more information, please visit https://bbu.brookfield.com.

    Brookfield Business Partners is the flagship listed vehicle of Brookfield Asset Management’s Private Equity Group. Brookfield Asset Management is a leading global alternative asset manager with over $1 trillion of assets under management.

    Please note that Brookfield Business Partners’ previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR, and are available at https://bbu.brookfield.com under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

    For more information, please contact:

    Media:
    Marie Fuller
    Tel: +44 207 408 8375
    Email: marie.fuller@brookfield.com
    Investors:
    Alan Fleming
    Tel: +1 (416) 645-2736
    Email: alan.fleming@brookfield.com
       

    Conference Call and Quarterly Earnings Webcast Details

    Investors, analysts and other interested parties can access Brookfield Business Partners’ first quarter 2025 results as well as the Letter to Unitholders and Supplemental Information on our website https://bbu.brookfield.com under Reports & Filings.

    The results call can be accessed via webcast on May 2, 2025 at 10:00 a.m. Eastern Time at BBU2025Q1Webcast or participants can preregister at BBU2025Q1ConferenceCall. Upon registering, participants will be emailed a dial-in number and unique PIN. A replay of the webcast will be available at https://bbu.brookfield.com.

                               
    Brookfield Business Partners L.P.
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 3,442       $ 3,239  
    Financial assets     11,642         12,371  
    Accounts and other receivable, net     6,948         6,279  
    Inventory and other assets     5,063         5,728  
    Property, plant and equipment     12,529         13,232  
    Deferred income tax assets     1,767         1,744  
    Intangible assets     19,157         18,317  
    Equity accounted investments     2,307         2,325  
    Goodwill     13,032         12,239  
    Total Assets   $ 75,887       $ 75,474  
               
    Liabilities and Equity          
    Liabilities          
    Corporate borrowings   $ 1,017       $ 2,142  
    Accounts payable and other     15,085         16,691  
    Non-recourse borrowings in subsidiaries of the partnership     42,316         36,720  
    Deferred income tax liabilities     2,614         2,613  
               
    Equity          
    Limited partners $ 2,158       $ 1,752    
    Non-controlling interests attributable to:          
    Redemption-exchange units   1,246         1,644    
    Special limited partner   —         —    
    BBUC exchangeable shares   1,732         1,721    
    Preferred securities   740         740    
    Interest of others in operating subsidiaries   8,979         11,451    
          14,855         17,308  
    Total Liabilities and Equity   $ 75,887       $ 75,474  
                 
    Brookfield Business Partners L.P.
    Consolidated Statements of Operating Results
     
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 6,749   $ 12,015  
    Direct operating costs   (5,402 )   (10,878 )
    General and administrative expenses   (311 )   (317 )
    Interest income (expense), net   (770 )   (796 )
    Equity accounted income (loss)   (8 )   23  
    Impairment reversal (expense), net   —     10  
    Gain (loss) on acquisitions/dispositions, net   214     15  
    Other income (expense), net   (83 )   116  
    Income (loss) before income tax   389     188  
    Income tax (expense) recovery    
    Current   (197 )   (90 )
    Deferred   64     105  
    Net income (loss) $ 256   $ 203  
    Attributable to:    
    Limited partners $ 30   $ 17  
    Non-controlling interests attributable to:    
    Redemption-exchange units   23     15  
    Special limited partner   —     —  
    BBUC exchangeable shares   27     16  
    Preferred securities   13     13  
    Interest of others in operating subsidiaries   163     142  
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2025
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $ —     $ 156     $ 145     $ (45 )   $ 256  
                         
    Add or subtract the following:                    
    Depreciation and amortization expense     222       165       343       —       730  
    Gain (loss) on acquisitions/dispositions, net     —       (214 )     —       —       (214 )
    Other income (expense), net1     68       (79 )     93       1       83  
    Income tax (expense) recovery     18       25       101       (11 )     133  
    Equity accounted income (loss)     (3 )     26       (15 )     —       8  
    Interest income (expense), net     230       149       366       25       770  
    Equity accounted Adjusted EBITDA2     24       33       15       —       72  
    Amounts attributable to non-controlling interests3     (346 )     (157 )     (744 )     —       (1,247 )
    Adjusted EBITDA   $ 213     $ 104     $ 304     $ (30 )   $ 591  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $125 million of gains recorded at our offshore oil services due to vessel upgrades and unrealized gains recorded on reclassification of property, plant and equipment to finance leases, $78 million of business separation expenses, stand-up costs and restructuring charges, $50 million of net revaluation losses, $35 million of transaction costs and $45 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by its investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.
         
    Brookfield Business Partners L.P.
    Reconciliation of Non-IFRS Measure
         
        Three Months Ended March 31, 2024
    US$ millions, unaudited   Business
    Services
      Infrastructure
    Services
      Industrials   Corporate
    and Other
      Total
                         
    Net income (loss)   $ 240     $ (65 )   $ 98     $ (70 )   $ 203  
                         
    Add back or deduct the following:                    
    Depreciation and amortization expense     254       212       342       —       808  
    Impairment reversal (expense), net     (4 )     (12 )     6       —       (10 )
    Gain (loss) on acquisitions/dispositions, net     (15 )     —       —       —       (15 )
    Other income (expense), net1     (140 )     (18 )     32       10       (116 )
    Income tax expense (recovery)     24       (3 )     (27 )     (9 )     (15 )
    Equity accounted income (loss)     (1 )     (4 )     (18 )     —       (23 )
    Interest income (expense), net     252       180       327       37       796  
    Equity accounted Adjusted EBITDA2     17       39       16       —       72  
    Amounts attributable to non-controlling interests3     (422 )     (186 )     (548 )     —       (1,156 )
    Adjusted EBITDA   $ 205     $ 143     $ 228     $ (32 )   $ 544  


    Notes:

    1. Other income (expense), net corresponds to amounts that are not directly related to revenue earning activities and are not normal, recurring income or expenses necessary for business operations. The components of other income (expense), net include $158 million of net revaluation gains, $50 million of other income related to a distribution at our entertainment operation, $21 million of transaction costs, $19 million of business separation expenses, stand-up costs and restructuring charges and $52 million of other expenses.
    2. Equity accounted Adjusted EBITDA corresponds to the Adjusted EBITDA attributable to the partnership that is generated by our investments in associates and joint ventures accounted for using the equity method.
    3. Amounts attributable to non-controlling interests are calculated based on the economic ownership interests held by the non-controlling interests in consolidated subsidiaries.

    Brookfield Business Corporation Reports First Quarter 2025 Results

    BROOKFIELD, News, May 2, 2025 – Brookfield Business Corporation (NYSE, TSX: BBUC) announced today its net income (loss) for the quarter ended March 31, 2025.

      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Net income (loss) attributable to Brookfield Business Partners $ (58 ) $ (150 )

    Net loss attributable to Brookfield Business Partners for the three months ended March 31, 2025 was $58 million compared to net loss of $150 million during the same period in 2024. Current period results included $7 million of remeasurement loss on our exchangeable and class B shares that are classified as liabilities under IFRS. As at March 31, 2025, the exchangeable and class B shares were remeasured to reflect the closing price of $23.46 per unit.

    Dividend

    The Board of Directors has declared a quarterly dividend in the amount of $0.0625 per share, payable on June 30, 2025 to shareholders of record as at the close of business on May 30, 2025.

    Additional Information

    Each exchangeable share of Brookfield Business Corporation has been structured with the intention of providing an economic return equivalent to one unit of Brookfield Business Partners L.P. Each exchangeable share will be exchangeable at the option of the holder for one unit. Brookfield Business Corporation will target that dividends on its exchangeable shares be declared and paid at the same time as distributions are declared and paid on the Brookfield Business Partners’ units and that dividends on each exchangeable share will be declared and paid in the same amount as distributions are declared and paid on each unit to provide holders of exchangeable shares with an economic return equivalent to holders of units.

    In addition to carefully considering the disclosures made in this news release in its entirety, shareholders are strongly encouraged to carefully review the Letter to Unitholders, Supplemental Information and other continuous disclosure filings which are available at https://bbu.brookfield.com.

    Please note that Brookfield Business Corporation’s previous audited annual and unaudited quarterly reports have been filed on SEDAR+ and EDGAR and are available at https://bbu.brookfield.com/bbuc under Reports & Filings. Hard copies of the annual and quarterly reports can be obtained free of charge upon request.

                               
    Brookfield Business Corporation
    Consolidated Statements of Financial Position
     
      As at
    US$ millions, unaudited March 31, 2025   December 31, 2024
               
    Assets          
    Cash and cash equivalents   $ 968       $ 1,008  
    Financial assets     324         353  
    Accounts and other receivable, net     3,397         3,229  
    Inventory, net     59         52  
    Other assets     641         627  
    Property, plant and equipment     2,479         2,480  
    Deferred income tax assets     206         197  
    Intangible assets     6,031         5,966  
    Equity accounted investments     201         198  
    Goodwill     4,993         4,988  
    Total Assets   $ 19,299       $ 19,098  
               
    Liabilities and Equity          
    Liabilities          
    Accounts payable and other   $ 5,371       $ 5,276  
    Non-recourse borrowings in subsidiaries of the company     8,711         8,490  
    Exchangeable and class B shares     1,682         1,709  
    Deferred income tax liabilities     951         988  
               
    Equity          
    Brookfield Business Partners $ (78 )     $ (59 )  
    Non-controlling interests   2,662         2,694    
          2,584         2,635  
    Total Liabilities and Equity   $ 19,299       $ 19,098  
       
    Brookfield Business Corporation
    Consolidated Statements of Operating Results
       
      Three Months Ended
    March 31,
    US$ millions, unaudited   2025     2024  
         
    Revenues $ 1,966   $ 1,865  
    Direct operating costs   (1,789 )   (1,652 )
    General and administrative expenses   (75 )   (64 )
    Interest income (expense), net   (219 )   (210 )
    Equity accounted income (loss)   3     1  
    Impairment reversal (expense), net   —     (2 )
    Remeasurement of exchangeable and class B shares   (7 )   (111 )
    Other income (expense), net   (34 )   (11 )
    Income (loss) before income tax   (155 )   (184 )
    Income tax (expense) recovery    
    Current   (23 )   (44 )
    Deferred   43     54  
    Net income (loss) $ (135 ) $ (174 )
    Attributable to:    
    Brookfield Business Partners $ (58 ) $ (150 )
    Non-controlling interests   (77 )   (24 )


    Cautionary Statement Regarding Forward-looking Statements and Information

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian and U.S. securities laws. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, include statements regarding the operations, business, financial condition, expected financial results, performance, prospects, opportunities, priorities, targets, goals, ongoing objectives, strategies and outlook of Brookfield Business Partners, as well as regarding recently completed and proposed acquisitions, dispositions, and other transactions, and the outlook for North American and international economies for the current fiscal year and subsequent periods, and include words such as “expects”, “anticipates”, “plans”, “believes”, “estimates”, “seeks”, “intends”, “targets”, “projects”, “forecasts”, “views”, “potential”, “likely” or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”.

    Although we believe that our anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, investors and other readers should not place undue reliance on forward-looking statements and information because they involve assumptions, known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of Brookfield Business Partners to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements and information. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations and our plans and strategies may vary materially from those expressed in the forward-looking statements and forward-looking information herein.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward-looking statements include, but are not limited to, the following: the cyclical nature of our operating businesses and general economic conditions and risks relating to the economy, including unfavorable changes in interest rates, foreign exchange rates, inflation, commodity prices and volatility in the financial markets; the ability to complete and effectively integrate acquisitions into existing operations and the ability to attain expected benefits; business competition, including competition for acquisition opportunities; strategic actions including our ability to complete dispositions and achieve the anticipated benefits therefrom; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; changes to U.S. laws or policies, including changes in U.S. domestic and economic policies as well as foreign trade policies and tariffs; technological change; litigation; cybersecurity incidents; the possible impact of international conflicts, wars and related developments including terrorist acts and cyber terrorism; operational, or business risks that are specific to any of our business services operations, infrastructure services operations or industrials operations; changes in government policy and legislation; catastrophic events, such as earthquakes, hurricanes and pandemics/epidemics; changes in tax law and practice; and other risks and factors detailed from time to time in our documents filed with the securities regulators in Canada and the United States including those set forth in the “Risk Factors” section in our annual report for the year ended December 31, 2024 filed on Form 20-F.

    Statements relating to “reserves” are deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described herein can be profitably produced in the future. We qualify any and all of our forward-looking statements by these cautionary factors.

    We caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on our forward-looking statements and information, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements or information, whether written or oral, that may be as a result of new information, future events or otherwise.

    Cautionary Statement Regarding the Use of a Non-IFRS Measure

    This news release contains references to a Non-IFRS measure. Adjusted EBITDA is not a generally accepted accounting measure under IFRS and therefore may differ from definitions used by other entities. We believe this is a useful supplemental measure that may assist investors in assessing the financial performance of Brookfield Business Partners and its subsidiaries. However, Adjusted EBITDA should not be considered in isolation from, or as a substitute for, analysis of our financial statements prepared in accordance with IFRS.

    References to Brookfield Business Partners are to Brookfield Business Partners L.P. together with its subsidiaries, controlled affiliates and operating entities. Unitholders’ results include limited partnership units, redemption-exchange units, general partnership units, BBUC exchangeable shares and special limited partnership units. More detailed information on certain references made in this news release will be available in our Management’s Discussion and Analysis of Financial Condition and Results of Operations in our interim report for the first quarter ended March 31, 2025 furnished on Form 6-K.

    The MIL Network –

    May 2, 2025
←Previous Page
1 … 1,136 1,137 1,138 1,139 1,140 … 2,663
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress