NewzIntel.com

Category: Transport

  • MIL-Evening Report: Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis?

    Source: The Conversation (Au and NZ) – By Pi-Shen Seet, Professor of Entrepreneurship and Innovation, Edith Cowan University

    Once again, housing affordability is at the forefront of an Australian federal election.

    Both major parties have put housing policies at the centre of their respective campaigns. But there are still concerns too little is being done to address supply.

    One of the biggest hurdles is an ongoing shortage of skilled tradespeople, and difficulties attracting new workers. The construction industry accounts for 9% of Australia’s workforce. Yet an estimated 35% of workers lack formal qualifications.

    On Wednesday, Labor announced an election promise to fast-track formal trade qualifications for about 6,000 experienced but unqualified tradies.

    The Advanced Entry Trades Training program would start in 2026 and cost A$78 million.

    This program should help address some of the skills shortages in the sector. But it will be a long time before these benefits begin flowing through the system. And Australia is still likely to fall short of the government’s ambitious new home targets.

    Recognising skills we already have

    The Advanced Entry Trades Training program is intended to partly bridge the gap in construction skills shortages through a process called “recognition of prior learning” – and by offering free training to fill any skill gaps.

    In principle, recognition of prior learning allows individuals with substantial and relevant industry experience to attain formal qualifications without lengthy training programs.

    A similar approach was adopted in the healthcare sector as an emergency response to the pandemic, to boost the number of qualified workers.

    For the construction industry, it will encompass workers currently in the industry who have not completed an apprenticeship, as well as skilled migrants in Australia whose abilities remain unverified.

    This process can improve pay and conditions for participants. But it can also potentially fast-track their entry into the qualified workforce, addressing immediate skills shortages.



    Read more:
    A grab bag of campaign housing policies. But will they fix the affordability crisis beyond the election?

    Will it work?

    Labor’s new initiative mirrors an existing program at the state level, the New South Wales government’s Trade Pathways for Experienced Workers Program.

    According to Labor, this program saw 1,200 students earn their qualifications in an average time of seven months (as opposed to several years).

    It’s important to note this includes trades from all sectors of the NSW economy. But it is much faster than the traditional process of skill recognition. The Parkinson Review of Australia’s migration system found this process can take up to 18 months for a skilled migrant and cost over $9,000.



    Read more:
    Australia has a new National Skills Agreement. What does this mean for vocational education?

    Increased housing supply? Not soon

    Combined with other initiatives such as incentive payments for construction apprentices, the new Advanced Entry Trades Training program should help address some skills shortages in the sector.

    Australia’s peak construction industry body, Master Builders Australia, praised the proposal, citing its own analysis suggesting for every new qualified tradie, an extra 2.4 homes can be built.

    Even with these initiatives, the sector will likely fall short of the 83,000 additional skilled tradespeople needed to meet the Albanese government’s target to build 1.2 million new homes over five years.

    And it may mainly solve a categorisation issue. Currently, only about 80% of employers in the construction sector in Australia require all job applicants to hold a formal qualification.

    Crucially, it doesn’t address the core problem of attracting higher numbers of suitable people to a very traditional industry and helping them finish their qualifications. Almost half of construction sector apprentices do not complete their training.

    Other challenges

    There are other challenges for recognition of prior learning schemes more broadly.

    Research into recognition of prior learning for construction sector apprentices suggests some Australian employers and training providers may be averse to fast-tracking training. About 64% of assessed apprentices had prior experience and skills, but only 30% had their training shortened.

    These issues are even more complex when considering accelerated pathways for skilled migrants from a range of countries. There are some significant, well-documented challenges in transferring or recognising vocational qualifications across international boundaries.

    More to be done

    The Advanced Entry Trades Training program may go some way to alleviating a skills shortage in construction. But it will only partially address the broader issues of supply.

    Australia’s vocational education and training systems are complex, making it difficult to predict the outcomes.

    The proposed program does not address the problem of rising construction material costs and shortages. This problem is worsened by the declining productivity of the housing construction sector, which has halved over the last 30 years.

    Declining productivity isn’t just down to skilled labour shortages. It has also been attributed to other factors such as complex planning approvals, limited innovation, and a predominance of small firms.

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

    – ref. Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis? – https://theconversation.com/many-experienced-tradies-dont-have-formal-qualifications-could-fast-tracked-recognition-ease-the-housing-crisis-255108

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition

    Source: The Conversation (Au and NZ) – By Anna Mortimore, Lecturer, Griffith Business School, Griffith University

    wedmoment.stock/Shutterstock

    If elected, the Coalition has pledged to end Labor’s substantial tax break for new zero- or low-emissions vehicles.

    This, combined with an earlier promise to roll back new fuel efficiency standards, would successfully slow the transition to hybrid and battery electric vehicles (EVs).

    The Albanese government pitched these tax breaks as a way to make EVs cheaper to buy and more competitive with internal combustion engine cars. Since the tax break came in, EV popularity has surged. Almost 100,000 people have taken out a novated lease on an EV between mid-2022, when the scheme began, and February 2025.

    The Coalition has been consistently critical of the tax breaks on cost grounds. The scheme has been far more popular than government forecasts envisaged, leading to concerns about a cost blowout. Rather than the A$55 million forecast for 2024-25, the scheme has cost ten times that – $560 million. EV buyers are much more likely to be wealthy, meaning the tax break has been snapped up by people who need it less. The policy is, however, encouraging car suppliers to import more affordable EVs.

    These concerns don’t mean Labor’s policy is bad. Far from it – this tax break is currently the only policy working to drive down transport emissions, now the second-largest source of emissions in Australia. The Coalition has given no indication it would replace the EV tax break with other ways to cut transport emissions.

    Electric vehicles still cost more than their internal combustion engine counterparts.
    meowKa/Shutterstock

    What is this tax break – and did it work?

    In mid-2022, the Albanese government introduced a tax break to encourage uptake of electric vehicles. The measure initially covered hydrogen fuel-cell, battery-electric and plug-in hybrid vehicles, but plug-in hybrids are no longer eligible as of April 1.

    The tax break works by giving EV buyers who are current employees a fringe benefits tax exemption for low- or zero-emissions vehicles both held and used for private use. The fringe benefits tax is a flat tax of 47% levied on the car benefit provided by the employer. For the exemption to apply, the retail price of the car has to be under the threshold for the luxury car tax of $91,387.

    People in high incomes brackets often like to negotiate with their employer to have a car included as part of their salary package so they can reduce their taxable income. The fringe benefits tax is levied on these types of benefits.

    The scheme works by exempting purchasers of new EVs from fringe benefits tax. A battery electric Hyundai Kona retailed for around $60,000 last year – 32% more in price than its internal combustion engine equivalent. The fringe benefits tax of around $11,700 annually ends up being larger because of the EV’s high sale price. Without this exemption, the tax acts as a major disincentive for the uptake of EVs.
    By and large, electric vehicles cost significantly more than their traditional counterparts. This price gap is dropping as new manufacturers enter the market, but it’s still there. While EVs have lower fuel costs, the higher upfront cost has put off many prospective buyers. This is the issue Labor’s tax exemption was intended to fix.

    Has the scheme worked? Overall, yes. In 2022, EVs accounted for just 3.3% of all new cars sold in Australia. By 2023, almost two-thirds of battery electric, vehicles were sold to private buyers, a 145% increase. And in 2024, the figure had almost tripled to 9.6%. Without this tax incentive, Australia’s uptake of EVs would most likely be much lower.

    If a future Coalition government ended the tax break, Australia would return to the pre-2022 era, where fringe benefits tax acted as a significant disincentive for EVs.

    The tax break isn’t perfect – but it’s better than nothing

    Australia’s main power grid now runs on an average of 40% clean energy. As a result, emissions have been tracking downward in these sectors. But transport emissions are still rising. Transport is now Australia’s second-largest source of emissions – almost 100 million tonnes (Mt) out of our total emissions of 434 Mt. By 2030, transport is projected to be the largest source of domestic emissions.

    Under the 2015 Paris Agreement, nations agreed at least 20% of light vehicles on their roads would be low- or zero-emissions by 2030. But Australia is lagging well behind the pack on the shift to cleaner transport.

    At present, just 1% of Australia’s car fleet is electric. Even EVs make up close to 10% of new sales, changing the makeup of the entire fleet (16.8 million) will take years.

    By contrast, almost 90% of new cars sold in Norway are electric, according to a 2024 report from the International Energy Agency. In China it’s just under 60%, Sweden it’s 60%, Netherlands 30%, the UK 25% and the United States 10%.

    These countries have used a combination of tax incentives and fuel efficiency regulations to drive rapid uptake. While Labor has moved to introduce both of these, progress hasn’t been as fast.

    Back to the fuel guzzlers?

    Australians rely heavily on cars. But the long lack of fuel efficiency standards mean many models sold here emit much more than in other OECD countries – 150 grams per kilometre versus 107 across 29 European Union nations as of 2023. Put another way, a new car in Australia uses 40% more fuel than its equivalent in the EU. Many drivers prefer big cars, such as the top-selling Ford Ranger.

    If the Coalition ends the tax break and pulls the teeth of new emissions standards, it would bring recent modest progress to a halt.

    The Coalition has rightly pointed out the inequity of the tax break as it stands. My research has shown this could be fixed. Throwing the scheme out without proposing another way to cut transport emissions is disheartening.

    Anna Mortimore receives funding from Reliable Affordable Clean Energy Cooperative Research Centre for 2030 (RACE for 2030).

    – ref. Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition – https://theconversation.com/back-to-the-fuel-guzzlers-coalition-plans-to-end-ev-tax-breaks-would-hobble-the-clean-transport-transition-255211

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: Congressman Jake Auchincloss Announces Guest for President Trump’s Joint Address to Congress

    Source: United States House of Representatives – Representative Jake Auchincloss (Massachusetts, 4)

    March 03, 2025

    Washington, D.C. – Congressman Jake Auchincloss (D, MA-04) is announcing former Assistant Administrator for Global Health at the U.S. Agency for International Development (USAID), Dr. Atul Gawande, MD, MPH, as his guest for President Trump’s address to a Joint Session of Congress on Tuesday, March 4th. 

    Dr. Gawande is a renowned surgeon, writer, and public health leader. Prior to leading global health at USAID, he was a practicing general and endocrine surgeon at Brigham and Women’s Hospital and a professor at Harvard Medical School and the Harvard T.H. Chan School of Public Health. He was the founder and chair of Ariadne Labs, a joint center for health systems innovation, and of Lifebox, a nonprofit organization working to make surgery safer globally.

    At USAID, Dr. Gawande oversaw global health efforts, providing access to preventative treatment and care. Since taking office on January 20, Trump has dismantled USAID and eliminated over ninety percent of 6,300 USAID awards, including health programs that help millions battling diseases such as malaria, tuberculosis, and HIV.

    “The global vaccination efforts of Dr. Gawande and the public health officials at USAID have saved millions of lives and prevented unnecessary suffering. For the first time since 2003, a child in the U.S. has died from measles. Trump’s dismantling of USAID and his promotion of anti-vaccine conspiracy theorist Robert F. Kennedy Jr. – who refuses to unequivocally recommend the measles vaccine – as our nation’s top health officer is reversing decades of progress in eradicating the world’s deadliest diseases,” said Congressman Jake Auchincloss

    “The experience of USAID shows what doing surgery with a chainsaw on the US government looks like. It is a bloodbath. The dismantling of USAID is costing tens of thousands of American jobs, massive loss of life, and mismanagement of billions of taxpayer dollars — the exact opposite of addressing fraud, waste, and abuse. The American people deserve to hear an explanation for why he’s firing public servants who keep America secure and cutting programs that save lives,” said Dr. Atul Gawande.

    ###

    MIL OSI USA News –

  • MIL-OSI New Zealand: Night closures coming for State Highway 2 – Masterton to Carterton

    Source: New Zealand Transport Agency

    Late April and early May will see maintenance works underway on State Highway 2 between Masterton and Carterton.

    Roxanne Hilliard, Wellington Alliance Manager, says contractors will complete a wide range of maintenance tasks.

    “They will be fixing safety barriers – we have four recent barrier strikes that need to be fixed. It is critical damaged barriers are fixed as they are instrumental in preventing head on collisions.

    “They will also be doing line marking and carrying out water cutting – this removes excess bitumen from the road surface, improves road grip, and makes it safer to drive on,” Ms Hilliard says.

    Ms Hilliard says the work requires road closures over five consecutive nights, and State Highway 2 will be closed to traffic in both directions.

    “We appreciate full closures do affect drivers. However, with winter approaching it is vital this section of the highway is in the best shape it can be for the winter months ahead.”

    The work will be underway from Sunday, 27 April to Thursday, 1 May. The highway will be closed to north and southbound traffic each night between 9 pm and 4 am (works conclude Friday, 2 May at 4 am).

    Ms Hilliard says local road detours will be available via Chester and Norfolk Road, and Cornwall Road and Hughes Line (see work and detour details below).

    “Because these are local roads, road users must drive to the conditions, obey the speed limit, and be patient if there is queued traffic. We want people to get to their destinations safely.”

    Drivers travelling through Wairarapa also need to be aware of other road works on State Highway 2 that will affect their journeys. This includes road rebuild work in Greytown and drainage works in Masterton.

    It is essential people plan ahead and allow extra time for their journeys.

    NZTA/Waka Kotahi and the Wellington Transport Alliance thank the public for their patience and cooperation while these essential state highway maintenance works are completed.

    Works schedule and detour routes

    • Sunday, 27 April to Thursday 1 May. 9 pm – 4 am
    • State Highway CLOSED in both directions between Chester and Norfolk Roads
    • Sunday and Monday nights (27 and 28 April):
      • Northbound traffic detour via Chester and Norfolk Roads
      • Southbound traffic detour via Cornwall Road and Hughes Line
    • Tuesday, Wednesday, and Thursday nights (29 April – 1 May):
      • All traffic must detour via Hughes Line and Cornwall Road.

    View larger night closures map [PDF, 365 KB]

    More information

    MIL OSI New Zealand News –

  • MIL-OSI: Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual Twins for Next-Generation Programs

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes and Airbus Extend Strategic Partnership to Use Virtual Twins for Next-Generation Programs

    • Dassault Systèmes’ 3DEXPERIENCE platform will be used across Airbus, company-wide, for all future generations of civil and military aircraft and helicopters
    • More than 20,000 users from every business area and the value chain will collaborate and use Dassault Systèmes’ virtual twins to improve efficiency, shorten development cycles and reduce costs
    • This is a key milestone in the digital transformation of Airbus’ ways of working and the preparation of the next generation of aerospace products

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) and Airbus have extended their long-term strategic partnership, putting the 3DEXPERIENCE platform at the heart of lifecycle management of all new Airbus programs for civil and military aircraft and helicopters.

    This deployment will support the entire development chain for all Airbus civil and military aircraft and helicopters. More than 20,000 users from every business area, as well as Airbus suppliers, will be able to collaborate more effectively and use virtual twins – on premise or on a sovereign cloud – to shorten development cycles, anticipate and improve production efficiency, and enhance aftersales support – all while reducing costs.

    “Digitalization is a key enabler that we are leveraging to support our core priorities, whether it is ramping up the production of our commercial aircraft, preparing the next generation of platforms that will further contribute to the decarbonization of our sector, or pioneering the defense and security solutions of tomorrow,” said Guillaume Faury, CEO, Airbus. “This renewed partnership with Dassault Systèmes will play an important role in accelerating our progress towards these goals, while ensuring the highest levels of quality, safety and security throughout the lifecycle of our products and solutions, from design to in-service operations.”

    “Our long history of collaboration with Airbus embarks on its next chapter, enabling the entire enterprise and its value chain to innovate globally, efficiently and virtually for decades to come. Airbus can take full advantage of AI-powered generative experiences, and scientific advances in material science, modeling, simulation, production and operation systems efficiency with our 3DEXPERIENCE platform. This will open new possibilities to imagine, create and produce the experiences that will define the future of the aerospace industry,” said Bernard Charlès, Executive Chairman, Dassault Systèmes.

    Dassault Systèmes will provide Airbus with seven industry solution experiences based on the 3DEXPERIENCE platform: “Program Excellence,” “Winning Concept,” “Co-Design to Target,” “Cleared to Operate,” “Ready for Rate,” “Build to Operate,” and “Keep Them Operating.”1  

    ###

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress.  Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.  With Dassault Systèmes’ 3DEXPERIENCE platform, 370,000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.  For more information, visit:  www.3ds.com

    Dassault Systèmes Press Contacts
    Corporate / France        Arnaud MALHERBE        arnaud.malherbe@3ds.com        +33 (0)1 61 62 87 73
    North America        Natasha LEVANTI        natasha.levanti@3ds.com        +1 (508) 449 8097
    EMEA        Virginie BLINDENBERG        virginie.blindenberg@3ds.com        +33 (0) 1 61 62 84 21
    China        Grace MU        grace.mu@3ds.com        +86 10 6536 2288
    Japan        Reina YAMAGUCHI        reina.yamaguchi@3ds.com        +81 90 9325 2545
    Korea        Jeemin JEONG        jeemin.jeong@3ds.com        +82 2 3271 6653
    India        Priyanka PANDEY        priyanka.pandey@3ds.com        +91 9886302179

    1 The agreement between Dassault Systèmes and Airbus was signed in Q4 2024.

    Attachment

    The MIL Network –

  • MIL-OSI: Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Source: GlobeNewswire (MIL-OSI)

    Press Release

    VELIZY-VILLACOUBLAY, France — April 24, 2025

    Dassault Systèmes: Solid start to the year with strong subscription growth, EPS at the high end of guidance

    Dassault Systèmes (Euronext Paris: FR0014003TT8, DSY.PA) today reports its IFRS unaudited estimated financial results for the first quarter 2025 ended March 31, 2025. The Group’s Board of Directors approved these estimated results on April 23, 2025. This press release also includes financial information on a non-IFRS basis and reconciliations with IFRS figures in the Appendix.

    Summary Highlights1  

    (unaudited, non-IFRS unless otherwise noted,
    all growth rates in constant currencies)

    • 1Q25: Software revenue increased by 5% driven by recurring revenue up 7%;
    • 1Q25: Strong subscription growth of 14%, bringing New business up 7%;
    • 1Q25: 3DEXPERIENCE software revenue growth of 17%;
    • 1Q25: Diluted EPS up 5% (6% as reported) to €0.32;
    • 1Q25: Cash flow from operations grew 21%, as reported, to €813 million (IFRS);
    • FY25: Full year objectives unchanged, total revenue growth of 6-8% and diluted EPS of €1.36-€1.39.

    Dassault Systèmes’ Chief Executive Officer Commentary

    Pascal Daloz, Dassault Systèmes’ Chief Executive Officer, commented:

    “In February this year we announced Gen 7, the new generation of representation of our customers’ virtual universes – we call it 3D UNIV+RSES. This seventh generation of MODSIM data, powered by AI and spatial computing, makes the 3DEXPERIENCE the next-generation platform for knowledge and know-how, establishing it as a global IP management platform. Early customer feedback confirms that platform-based AI leveraging virtual twins creates competitive advantage. 

    We’ve had a solid start to the year. In the first quarter, the Manufacturing Industries sector performed well led by Aerospace & Defense and High Tech, along with Transportation & Mobility in China, Japan and US. At the same time, we’re accelerating in Sovereign Infrastructure, where energy, security, and AI capabilities – through high-performance data centers – are becoming strategic imperatives for nations and territories.

    We are committed to being the trusted partner for our customers – helping them stay ahead, while strengthening our leadership position for the long term and raising barriers to entry.”

    Dassault Systèmes’ Chief Financial Officer Commentary

    (revenue, operating margin and diluted EPS (‘EPS’) growth rates in constant currencies,
    data on a non-IFRS basis)

    Rouven Bergmann, Dassault Systèmes’ Chief Financial Officer, commented:

    “In the first quarter, our revenue is driven by strong subscription growth of 14%. As a result, recurring revenue now represents 86% of software revenue, highlighting the resilience of our business model. Regarding operational efficiency, we reached the upper end of our EPS guidance and saw strong growth in operating cash flow, increasing by 21% as reported.

    Entering 2025, our approach was to provide a risk-adjusted financial outlook. Since then, the introduction of new tariffs has created a more volatile market environment, which could lead to longer decision-making cycles. That said, our pipeline remains solid, and our current visibility aligns with the midpoint of our full year guidance.

    Therefore, we keep our 2025 outlook of 6-8% total revenue growth and 7-10% EPS growth unchanged. In addition, we are slightly adjusting our operating margin target, expecting a year-over-year expansion of 50-70 basis points, versus 70-100 basis points prior, to gain additional flexibility and invest in Gen 7 to support our long-term growth.”

    Financial Summary

    In millions of Euros,
    except per share data and percentages    		   IFRS   Non-IFRS
      Q1 2025 Q1 2024 Change Change in constant currencies   Q1 2025 Q1 2024 Change Change in constant currencies
    Total Revenue   1,573.0 1,499.7 5% 4%   1,573.0 1,499.7 5% 4%
    Software Revenue   1,432.7 1,352.8 6% 5%   1,432.7 1,352.8 6% 5%
    Operating Margin   19.4% 21.6% (2.3)pts     30.9% 31.1% (0.2)pt  
    Diluted EPS   0.20 0.21 (9)%     0.32 0.30 6% 5%

    First Quarter 2025 Versus 2024 Financial Comparisons

    (unaudited, IFRS and non-IFRS unless otherwise noted,
    all revenue growth rates in constant currencies)

    • Total Revenue: Total revenue in the first quarter grew by 4% to €1.57 billion, and software revenue increased by 5% to €1.43 billion. Subscription & support revenue rose by 7%; recurring revenue represented 86% of software revenue, up 2 basis points versus last year. Licenses and other software revenue declined by 10% to €198 million. Services revenue was down 6% to €140 million, during the quarter.
    • Software Revenue by Geography: Revenue in the Americas increased by 7% to represent 43% of software revenue. This growth acceleration is driven by Aerospace & Defense, Transport & Mobility and High-Tech. Despite tariff uncertainty, Europe increased by 1%, led by good growth in Aerospace & Defense. Europe represented 36% of software revenue. In Asia, revenue increased by 5%, driven by India, Southeast Asia and Korea. Asia represented 22% of software revenue.
    • Software Revenue by Product Line:
      • Industrial Innovation software revenue increased by 8% to €793 million. This strong broad-based performance was led by CATIA, ENOVIA, DELMIA and NETVIBES. Industrial Innovation software represented 55% of software revenue.
    • Life Sciences software revenue was stable at €293 million, accounting for 20% of software revenue. MEDIDATA was impacted by continued CRO2 headwinds, while benefiting from the steady dynamic with Large Pharma and Mid-Market.
    • Mainstream Innovation software revenue increased by 2% to €347 million. SOLIDWORKS had a slow start to the year, but saw solid bookings and good momentum in 3DEXPERIENCE adoption. CENTRIC PLM was impacted by timing of renewals, after an exceptional year of growth in 2024. Mainstream Innovation represented 24% of software revenue, during the period.
    • Software Revenue by Industry: Aerospace & Defense, High Tech and Industrial Equipment were among the best performers during the quarter.
    • Key Strategic Drivers: 3DEXPERIENCE software revenue increased by 17%, driven by Aerospace & Defense, High Tech and Transportation & Mobility, along with opportunities in the sovereign infrastructure domain. 3DEXPERIENCE software revenue represented 39% of 3DEXPERIENCE eligible software revenue. Cloud software revenue grew by 7% and represented 25% of software revenue during the period. 3DEXPERIENCE Cloud software revenue increased by 41%.
    • Operating Income and Margin: IFRS operating income declined by 6% to €304 million, as reported. Non-IFRS operating income increased by 3% in constant currencies to €486 million (up 4% as reported). The IFRS operating margin stood at 19.4% compared to 21.6% in the first quarter of 2024. The non-IFRS operating margin totaled 30.9% versus 31.1% during the same period last year.
    • Earnings per Share: IFRS diluted EPS was €0.20, down 9% as reported. Non-IFRS diluted EPS grew to €0.32, up 6% as reported, or 5% in constant currencies.
    • Cash Flow from Operations (IFRS): Cash flow from operations totaled €813 million, an increase of 21% relative to the same period last year with strong cash collection. Cash flow from operations was principally used for the acquisition of ContentServ for €191 million (net of €11 million of cash acquired), repurchase of Treasury Shares for €80 million, repayment of debt for €59 million and €56 million for investments in CAPEX.
    • Balance Sheet (IFRS): Dassault Systèmes had a net cash position of €1.79 billion as of March 31, 2025, an increase of €0.33 billion, compared to €1.46 billion for the year ending December 31, 2024. Cash and cash equivalents totaled €4.24 billion at the end of March 2025.

    Financial Objectives for 2025

    Dassault Systèmes’ second quarter and 2025 financial objectives presented below are given on a non-IFRS basis and reflect the principal 2025 currency exchange rate assumptions for the US dollar and Japanese yen as well as the potential impact from additional non-Euro currencies:

               
          Q2 2025 FY 2025  
      Total Revenue (billion) €1.520 – €1.580 €6.567 – €6.667  
      Growth 2 – 6% 6 – 7%  
      Growth ex FX 3 – 7% 6 – 8%  
               
      Software revenue growth * 3 – 7% 6 – 8%  
        Of which licenses and other software revenue growth * (6) – 1% 2 – 6%  
        Of which recurring revenue growth * 5 – 8% 7 – 8%  
     

    Services revenue growth *

    3 – 7%

    		 4 – 6%  
               
      Operating Margin 29.8% – 29.9% 32.3% – 32.6%  
               
      EPS Diluted €0.30 – €0.31 €1.36 – €1.39  
      Growth (1) – 3% 7 – 9%  
      Growth ex FX 1 – 5% 7 – 10%  
               
      US dollar $1.10 per Euro $1.09 per Euro  
      Japanese yen (before hedging) JPY 155.0 per Euro JPY 156.4 per Euro  
      * Growth in Constant Currencies      

    These objectives are prepared and communicated only on a non-IFRS basis and are subject to the cautionary statement set forth below.

    The 2025 non-IFRS financial objectives set forth above do not take into account the following accounting elements below and are estimated based upon the 2025 principal currency exchange rates above: no significant contract liabilities write-downs; share-based compensation expenses, including related social charges, estimated at approximately €213 million (these estimates do not include any new stock option or share grants issued after March 31, 2025); amortization of acquired intangibles and of tangibles reevaluation, estimated at approximately €353 million, largely impacted by the acquisition of MEDIDATA and lease incentives of acquired companies at approximately €1 million.

    The above objectives also do not include any impact from other operating income and expenses, a net principally comprised of acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; from one-time items included in financial revenue; from one-time tax effects; and from the income tax effects of these non-IFRS adjustments. Finally, these estimates do not include any new acquisitions or restructuring completed after March 31, 2025.

    Corporate Announcements

    Today’s Webcast and Conference Call Information

    Today, Thursday, April 24, 2025, Dassault Systèmes will host, from Paris, a webcasted presentation at 9:00 AM London Time / 10:00 AM Paris time, and will then host a conference call at 8:30 AM New York time / 1:30 PM London time / 2:30 PM Paris time. The webcasted presentation and conference calls will be available online by accessing investor.3ds.com.

    Additional investor information is available at investor.3ds.com or by calling Dassault Systèmes’ Investor Relations at +33.1.61.62.69.24.

    Investor Relations Events

    • Capital Markets Day: June 6, 2025
    • Second Quarter 2025 Earnings Release: July 24, 2025
    • Third Quarter 2025 Earnings Release: October 23, 2025
    • Fourth Quarter 2025 Earnings Release: February 11, 2026

    Forward-looking Information

    Statements herein that are not historical facts but express expectations or objectives for the future, including but not limited to statements regarding the Group’s non-IFRS financial performance objectives are forward-looking statements. Such forward-looking statements are based on Dassault Systèmes management’s current views and assumptions and involve known and unknown risks and uncertainties. Actual results or performances may differ materially from those in such statements due to a range of factors.

    The Group’s actual results or performance may be materially negatively affected by numerous risks and uncertainties, as described in the “Risk Factors” section 1.9 of the 2024 Universal Registration Document (‘Document d’enregistrement universel’) filed with the AMF (French Financial Markets Authority) on March 18, 2025, available on the Group’s website www.3ds.com.

    In particular, please refer to the risk factor “Uncertain Global Environment” in section 1.9.1.1 of the 2024 Universal Registration Document set out below for ease of reference:

    “In light of the uncertainties regarding economic, business, social, health and geopolitical conditions at the global level, Dassault Systèmes’ revenue, net earnings and cash flows may grow more slowly, whether on an annual or quarterly basis, mainly due to the following factors:

    • the deployment of Dassault Systèmes’ solutions may represent a large portion of a customer’s investments in software technology. Decisions to make such an investment are impacted by the economic environment in which the customers operate. Uncertain global geopolitical, economic and health conditions and the lack of visibility or the lack of financial resources may cause some customers, e.g. within the automotive, aerospace, energy or natural resources industries, to reduce, postpone or cancel their investments, or to reduce or not renew ongoing paid maintenance for their installed base, which impact larger customers’ revenue with their respective sub-contractors;
    • the political, economic and monetary situation in certain geographic regions where Dassault Systèmes operates could become more volatile and negatively affect Dassault Systèmes’ business, and in particular its revenue, for example, due to stricter export compliance rules or the introduction of new customs barriers or controls on the exchange of goods and services;
    • continued pressure or volatility on raw materials and energy prices could also slow down Dassault Systèmes’ diversification efforts in new industries;
    • uncertainties regarding the extent and duration of costs inflation could adversely affect the financial position of Dassault Systèmes; and
    • the sales cycle of the Dassault Systèmes’ products – already relatively long due to the strategic nature of such investments for customers – could further lengthen.

    The occurrence of crises – health and political crises in particular – could have consequences both for the health and safety of Dassault Systèmes’ employees and for the Company. It could also adversely impact the financial situation or financing and supply capabilities of Dassault Systèmes’ existing and potential customers, commercial and technology partners, some of whom may be forced to temporarily close sites or to cease operations. A deteriorating economic environment could generate increased price pressure and affect the collection of receivables, which would negatively affect Dassault Systèmes’ revenue, financial performance and market position.

    Dassault Systèmes makes every effort to take into consideration this uncertain outlook. Dassault Systèmes’ business results, however, may not develop as anticipated. Furthermore, due to factors affecting sales of Dassault Systèmes’ products and services, there may be a substantial time lag between an improvement in global economic and business conditions and an upswing in the Company’s business results.

    In preparing such forward-looking statements, the Group has in particular assumed an average US dollar to euro exchange rate of US$1.10 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY155.0 to €1.00, before hedging for the second quarter 2025. The Group has assumed an average US dollar to euro exchange rate of US$1.09 per €1.00 as well as an average Japanese yen to euro exchange rate of JPY156.4 to €1.00, before hedging for the full year 2025. However, currency values fluctuate, and the Group’s results may be significantly affected by changes in exchange rates.   

    Non-IFRS Financial Information

    Readers are cautioned that the supplemental non-IFRS financial information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered in isolation from or as a substitute for IFRS measurements. The supplemental non-IFRS financial information should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with IFRS. Furthermore, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Specific limitations for individual non-IFRS measures are set forth in the Company’s 2024 Universal Registration Document filed with the AMF on March 18, 2025.

    In the tables accompanying this press release the Group sets forth its supplemental non-IFRS figures for revenue, operating income, operating margin, net income and diluted earnings per share, which exclude the effect of adjusting the carrying value of acquired companies’ deferred revenue, share-based compensation expense and related social charges, the amortization of acquired intangible assets and of tangibles reevaluation, certain other operating income and expense, net, including impairment of goodwill and acquired intangibles, the effect of adjusting lease incentives of acquired companies, certain one-time items included in financial revenue and other, net, and the income tax effect of the non-IFRS adjustments and certain one-time tax effects. The tables also set forth the most comparable IFRS financial measure and reconciliations of this information with non-IFRS information.

    FOR MORE INFORMATION

    Dassault Systèmes’ 3DEXPERIENCE platform, 3D design software, 3D Digital Mock Up and Product Lifecycle Management (PLM) solutions: http://www.3ds.com

    ABOUT DASSAULT SYSTÈMES

    Dassault Systèmes is a catalyst for human progress. Since 1981, the company has pioneered virtual worlds to improve real life for consumers, patients and citizens.
    With Dassault Systèmes’ 3DEXPERIENCE platform, 370 000 customers of all sizes, in all industries, can collaborate, imagine and create sustainable innovations that drive meaningful impact.
    For more information, visit www.3ds.com

    Dassault Systèmes Investor Relations Team                        FTI Consulting

    Beatrix Martinez: +33 1 61 62 40 73                                Arnaud de Cheffontaines: +33 1 47 03 69 48

                                                                    Jamie Ricketts : +44 20 3727 1600

    investors@3ds.com

    Dassault Systèmes Press Contacts

    Corporate / France        Arnaud MALHERBE        

    arnaud.malherbe@3ds.com        

    +33 (0)1 61 62 87 73

    © Dassault Systèmes. All rights reserved. 3DEXPERIENCE, the 3DS logo, the Compass icon, IFWE, 3DEXCITE, 3DVIA, BIOVIA, CATIA, CENTRIC PLM, DELMIA, ENOVIA, GEOVIA, MEDIDATA, NETVIBES, OUTSCALE, SIMULIA and SOLIDWORKS are commercial trademarks or registered trademarks of Dassault Systèmes, a European company (Societas Europaea) incorporated under French law, and registered with the Versailles trade and companies registry under number 322 306 440, or its subsidiaries in the United States and/or other countries. All other trademarks are owned by their respective owners. Use of any Dassault Systèmes or its subsidiaries trademarks is subject to their express written approval.

    APPENDIX TABLE OF CONTENTS

    Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.    

    Glossary of Definitions

    Non-IFRS Financial Information

    Acquisitions and Foreign Exchange Impact

    Condensed consolidated statements of income

    Condensed consolidated balance sheet

    Condensed consolidated cash flow statement

    IFRS – non-IFRS reconciliation

    DASSAULT SYSTÈMES – Glossary of Definitions

    Information in Constant Currencies

    Dassault Systèmes has followed a long-standing policy of measuring its revenue performance and setting its revenue objectives exclusive of currency in order to measure in a transparent manner the underlying level of improvement in its total revenue and software revenue by activity, industry, geography and product lines. The Group believes it is helpful to evaluate its growth exclusive of currency impacts, particularly to help understand revenue trends in its business. Therefore, the Group provides percentage increases or decreases in its revenue and expenses (in both IFRS as well as non-IFRS) to eliminate the effect of changes in currency values, particularly the U.S. dollar and the Japanese yen, relative to the euro. When trend information is expressed “in constant currencies”, the results of the “prior” period have first been recalculated using the average exchange rates of the comparable period in the current year, and then compared with the results of the comparable period in the current year.

    While constant currency calculations are not considered to be an IFRS measure, the Group believes these measures are critical to understanding its global revenue results and to compare with many of its competitors who report their financial results in U.S. dollars. Therefore, Dassault Systèmes includes this calculation for comparing IFRS revenue figures as well non-IFRS revenue figures for comparable periods. All information at constant currencies is expressed as a rounded percentage and therefore may not precisely reflect the absolute figures.

    Information on Growth excluding acquisitions (“organic growth”)

    In addition to financial indicators on the entire Group’s scope, Dassault Systèmes provides growth excluding acquisitions effect, also named organic growth. In order to do so, the data relating to the scope is restated excluding acquisitions, from the date of the transaction, over a period of 12 months.

    Information on Industrial Sectors

    The Group provides broad end-to-end software solutions and services: its platform-based virtual twin experiences combine modeling, simulation, data science and collaborative innovation to support companies in the three sectors it serves, namely Manufacturing Industries, Life Sciences & Healthcare, and Infrastructure & Cities.

    These three sectors comprise twelve industries:

    • Manufacturing Industries: Transportation & Mobility; Aerospace & Defense; Marine & Offshore; Industrial Equipment; High-Tech; Home & Lifestyle; Consumer Packaged Goods – Retail. In Manufacturing Industries, Dassault Systèmes helps customers virtualize their operations, improve data sharing and collaboration across their organization, reduce costs and time-to-market, and become more sustainable;
    • Life Sciences & Healthcare: Life Sciences & Healthcare. In this sector, the Group aims to address the entire cycle of the patient journey to lead the way toward precision medicine. To reach the broader healthcare ecosystem from research to commercial, the Group’s solutions connect all elements from molecule development to prevention to care, and combine new therapeutics, medical practices, and Medtech;
    • Infrastructure & Cities: Infrastructure, Energy & Materials; Architecture, Engineering & Construction; Business Services; Cities & Public Services. In Infrastructure & Cities, the Group supports the virtualization of the sector in making its industries more efficient and sustainable, and creating desirable living environments.

    Information on Product Lines

    The Group’s product lines financial reporting include the following financial information:

    • Industrial Innovation software revenue, which includes CATIA, ENOVIA, SIMULIA, DELMIA, GEOVIA, NETVIBES, and 3DEXCITE brands;
    • Life Sciences software revenue, which includes MEDIDATA and BIOVIA brands;
    • Mainstream Innovation software revenue which includes SOLIDWORKS, as well as its CENTRIC PLM and 3DVIA brands.

    Starting from 2022, OUTSCALE became a brand of the Group, extending the portfolio of software applications. As the first sovereign and sustainable operator on the cloud, OUTSCALE enables governments and corporations from all sectors to achieve digital autonomy through a Cloud experience and with a world-class cyber governance.

    GEOs

    Eleven GEOs are responsible for driving the development of the Company’s business and implementing its customer‑centric engagement model. Teams leverage strong networks of local customers, users, partners, and influencers.

    These GEOs are structured into three groups:

    • the “Americas” group, made of two GEOs;
    • the “Europe” group, comprising Europe, Middle East and Africa (EMEA) and made of four GEOs;
    • the “Asia” group, comprising Asia and Oceania and made of five GEOs.

    3DEXPERIENCE Software Contribution

    To measure the relative share of 3DEXPERIENCE software in its revenues, Dassault Systèmes calculates the percentage contribution by comparing total 3DEXPERIENCE software revenue to software revenue for all product lines except SOLIDWORKS, MEDIDATA, CENTRIC PLM and other acquisitions (defined as “3DEXPERIENCE Eligible software revenue”).

    Cloud revenue

    Cloud revenue is generated from contracts that provide access to cloud-based solutions (SaaS), infrastructure as a service (IaaS), cloud solution development and cloud managed services. These offerings are delivered by Dassault Systèmes through its own cloud infrastructure or by third-party cloud providers. They are available through different deployment methods: Dedicated cloud, Sovereign cloud and International cloud. Cloud solutions are generally offered through subscription-based models or perpetual licenses with support and hosting services.

    New business

    New business is the combination of subscription revenue and licenses & other software revenue.

    DASSAULT SYSTÈMES

    NON-IFRS FINANCIAL INFORMATION

    (unaudited; in millions of Euros, except per share data, percentages, headcount and exchange rates)

    Non-IFRS key figures exclude the effects of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue), share-based compensation expense, including related social charges, amortization of acquired intangible assets and of tangible assets revaluation, lease incentives of acquired companies, other operating income and expense, net, including the acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets, certain one-time items included in financial loss, net, certain one-time tax effects and the income tax effects of these non-IFRS adjustments.

    Comparable IFRS financial information and a reconciliation of the IFRS and non-IFRS measures are set forth in the separate tables within this Attachment.

    In millions of Euros, except per share data, percentages, headcount and exchange rates Non-IFRS reported
    Three months ended
    March 31,

    2025

    		 March 31,

    2024

    		 Change Change in constant currencies
    Total Revenue € 1,573.0 € 1,499.7 5% 4%
             
    Revenue breakdown by activity        
    Software revenue 1,432.7 1,352.8 6% 5%
    Of which licenses and other software revenue 198.1 218.5 (9)% (10)%
    Of which subscription and support revenue 1,234.6 1,134.3 9% 7%
    Services revenue 140.2 146.8 (4)% (6)%
             
    Software revenue breakdown by product line        
    Industrial Innovation 793.1 731.4 8% 8%
    Life Sciences 292.6 284.7 3% 0%
    Mainstream Innovation 347.1 336.7 3% 2%
             
    Software Revenue breakdown by geography        
    Americas 611.1 553.6 10% 7%
    Europe 513.2 503.2 2% 1%
    Asia 308.4 296.0 4% 5%
             
    Operating income € 486.1 € 466.5 4%  
    Operating margin 30.9% 31.1%    
             
    Net income attributable to shareholders € 420.1 € 397.2 6%  
    Diluted earnings per share € 0.32 € 0.30 6% 5%
             
    Closing headcount 26,225 25,780 2%  
             
    Average Rate USD per Euro 1.05 1.09 (3)%  
    Average Rate JPY per Euro 160.45 161.15 (0)%  

    DASSAULT SYSTÈMES

    ACQUISITIONS AND FOREIGN EXCHANGE IMPACT

    (unaudited; in millions of Euros)

    In millions of Euros Non-IFRS reported o/w growth at constant rate and scope o/w change of scope impact at current year rate o/w FX impact on previous year figures
    March 31,

    2025

    		 March 31,

    2024

    		 Change
    Revenue QTD 1,573.0 1,499.7 73.3 52.6 0.9 19.8

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED STATEMENTS OF INCOME

    (unaudited; in millions of Euros, except per share data and percentages)

    In millions of Euros, except per share data and percentages IFRS reported
    Three months ended
    March 31, March 31,
    2025 2024
    Licenses and other software revenue 198.1 218.5
    Subscription and Support revenue 1,234.6 1,134.3
    Software revenue 1,432.7 1,352.8
    Services revenue 140.2 146.8
    Total Revenue € 1,573.0 € 1,499.7
    Cost of software revenue (1) (129.2) (111.9)
    Cost of services revenue (131.1) (131.8)
    Research and development expenses (348.6) (311.4)
    Marketing and sales expenses (446.5) (420.3)
    General and administrative expenses (120.4) (105.1)
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) (93.3)
    Other operating income and expense, net (4.4) (1.8)
    Total Operating Expenses (1,268.5) (1,175.6)
    Operating Income € 304.5 € 324.1
    Financial income (loss), net 30.3 30.2
    Income before income taxes € 334.8 € 354.2
    Income tax expense (75.5) (68.3)
    Net Income € 259.4 € 286.0
    Non-controlling interest 1.2 (0.3)
    Net Income attributable to equity holders of the parent € 260.5 € 285.7
    Basic earnings per share 0.20 0.22
    Diluted earnings per share € 0.20 € 0.21
    Basic weighted average shares outstanding (in millions) 1,312.3 1,313.6
    Diluted weighted average shares outstanding (in millions) 1,332.2 1,331.1

            (1) Excluding amortization of acquired intangible assets and of tangible assets revaluation.

    IFRS reported

     

    		 Three months ended March 31, 2025
    Change (2) Change in constant currencies
    Total Revenue 5% 4%
    Revenue by activity    
    Software revenue 6% 5%
    Services revenue (4)% (6)%
    Software Revenue by product line    
    Industrial Innovation 8% 8%
    Life Sciences 3% 0%
    Mainstream Innovation 3% 2%
    Software Revenue by geography    
    Americas 10% 7%
    Europe 2% 1%
    Asia 4% 5%

                    (2) Variation compared to the same period in the prior year.

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED BALANCE SHEET

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    March 31, December 31,
    2025 2024
    ASSETS    
    Cash and cash equivalents 4,242.9 3,952.6
    Trade accounts receivable, net 1,709.5 2,120.9
    Contract assets 34.3 30.1
    Other current assets 464.8 464.0
    Total current assets 6,451.5 6,567.6
    Property and equipment, net 928.7 945.8
    Goodwill and Intangible assets, net 7,597.6 7,687.1
    Other non-current assets 358.9 345.5
    Total non-current assets 8,885.2 8,978.3
    Total Assets € 15,336.7 € 15,545.9
    LIABILITIES    
    Trade accounts payable 199.5 259.9
    Contract liabilities 1,716.0 1,663.4
    Borrowings, current 411.4 450.8
    Other current liabilities 1,109.7 1,147.4
    Total current liabilities 3,436.6 3,521.5
    Borrowings, non-current 2,043.3 2,042.8
    Other non-current liabilities 887.9 900.9
    Total non-current liabilities 2,931.3 2,943.7
    Non-controlling interests 14.3 14.1
    Parent shareholders’ equity 8,954.5 9,066.6
    Total Liabilities € 15,336.7 € 15,545.9

    DASSAULT SYSTÈMES

    CONDENSED CONSOLIDATED CASH FLOW STATEMENT

    (unaudited; in millions of Euros)

    In millions of Euros IFRS reported
    Three months ended
    March 31, March 31, Change
    2025 2024
    Net income attributable to equity holders of the parent 260.5 285.7 (25.2)
    Non-controlling interest (1.2) 0.3 (1.4)
    Net income 259.4 286.0 (26.6)
    Depreciation of property and equipment 50.5 47.6 2.8
    Amortization of intangible assets 89.6 95.2 (5.6)
    Adjustments for other non-cash items 16.1 37.7 (21.6)
    Changes in working capital 397.4 204.4 193.0
    Net Cash From Operating Activities € 813.0 € 670.9 € 142.1
           
    Additions to property, equipment and intangibles assets (55.9) (57.2) 1.2
    Payment for acquisition of businesses, net of cash acquired (193.8) (4.5) (189.2)
    Other (37.8) 22.3 (60.1)
    Net Cash Provided by (Used in) Investing Activities € (287.5) € (39.4) € (248.1)
           
    Proceeds from exercise of stock options 22.2 21.3 0.8
    Repurchase and sale of treasury stock (80.1) (131.1) 51.0
    Acquisition of non-controlling interests (0.2) (2.6) 2.5
    Repayment of borrowings (58.9) (0.1) (58.8)
    Repayment of lease liabilities (22.6) (24.0) 1.4
    Net Cash Provided by (Used in) Financing Activities € (139.6) € (136.5) € (3.0)
           
    Effect of exchange rate changes on cash and cash equivalents (95.7) 32.7 (128.4)
           
    Increase (decrease) in cash and cash equivalents € 290.3 € 527.7 € (237.4)
           
           
    Cash and cash equivalents at beginning of period € 3,952.6 € 3,568.3  
    Cash and cash equivalents at end of period € 4,242.9 € 4,095.9  

    DASSAULT SYSTÈMES
    SUPPLEMENTAL NON-IFRS FINANCIAL INFORMATION
    IFRS – NON-IFRS RECONCILIATION
    (unaudited; in millions of Euros, except per share data and percentages)

    Readers are cautioned that the supplemental non-IFRS information presented in this press release is subject to inherent limitations. It is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for IFRS measurements. Also, the Group’s supplemental non-IFRS financial information may not be comparable to similarly titled “non-IFRS” measures used by other companies. Further specific limitations for individual non-IFRS measures, and the reasons for presenting non-IFRS financial information, are set forth in the Group’s Document d’Enregistrement Universel for the year ended December 31, 2024 filed with the AMF on March 18, 2025. To compensate for these limitations, the supplemental non-IFRS financial information should be read not in isolation, but only in conjunction with the Group’s consolidated financial statements prepared in accordance with IFRS.

    In millions of Euros, except per share data and percentages Three months ended March 31, Change
    2025 Adjustment(1) 2025 2024 Adjustment(1) 2024 IFRS Non-IFRS(2)
    IFRS Non-IFRS IFRS Non-IFRS
    Total Revenue € 1,573.0 – € 1,573.0 € 1,499.7 – € 1,499.7 5% 5%
    Revenue breakdown by activity                
    Software revenue 1,432.7 – 1,432.7 1,352.8 – 1,352.8 6% 6%
    Licenses and other software revenue 198.1 – 198.1 218.5 – 218.5 (9)% (9)%
    Subscription and Support revenue 1,234.6 – 1,234.6 1,134.3 – 1,134.3 9% 9%
    Recurring portion of Software revenue 86%   86% 84%   84%    
    Services revenue 140.2 – 140.2 146.8 – 146.8 (4)% (4)%
    Software Revenue breakdown by product line                
    Industrial Innovation 793.1 – 793.1 731.4 – 731.4 8% 8%
    Life Sciences 292.6 – 292.6 284.7 – 284.7 3% 3%
    Mainstream Innovation 347.1 – 347.1 336.7 – 336.7 3% 3%
    Software Revenue breakdown by geography                
    Americas 611.1 – 611.1 553.6 – 553.6 10% 10%
    Europe 513.2 – 513.2 503.2 – 503.2 2% 2%
    Asia 308.4 – 308.4 296.0 – 296.0 4% 4%
    Total Operating Expenses € (1,268.5) € 181.6 € (1,086.9) € (1,175.6) € 142.4 € (1,033.2) 8% 5%
    Share-based compensation expense and related social charges (88.5) 88.5 – (46.7) 46.7 –    
    Amortization of acquired intangible assets and of tangible assets revaluation (88.3) 88.3 – (93.3) 93.3 –    
    Lease incentives of acquired companies (0.4) 0.4 – (0.7) 0.7 –    
    Other operating income and expense, net (4.4) 4.4 – (1.8) 1.8 –    
    Operating Income € 304.5 € 181.6 € 486.1 € 324.1 € 142.4 € 466.5 (6)% 4%
    Operating Margin 19.4%   30.9% 21.6%   31.1%    
    Financial income (loss), net 30.3 0.6 30.9 30.2 1.0 31.2 1% (1)%
    Income tax expense (75.5) (21.6) (97.1) (68.3) (31.6) (99.9) 11% (3)%
    Non-controlling interest 1.2 (0.9) 0.2 (0.3) (0.3) (0.5) N/A (141)%
    Net Income attributable to shareholders € 260.5 € 159.6 € 420.1 € 285.7 € 111.5 € 397.2 (9)% 6%
    Diluted Earnings Per Share (3) € 0.20 € 0.12 € 0.32 € 0.21 € 0.08 € 0.30 (9)% 6%

    (1) In the reconciliation schedule above, (i) all adjustments to IFRS revenue data reflect the exclusion of the effect of adjusting the carrying value of acquired companies’ contract liabilities (deferred revenue); (ii) adjustments to IFRS operating expense data reflect the exclusion of the amortization of acquired intangible assets and of tangible assets revaluation, share-based compensation expense, including related social charges, lease incentives of acquired companies, as detailed below, and other operating income and expense, net including acquisition, integration and restructuring expenses, and impairment of goodwill and acquired intangible assets; (iii) adjustments to IFRS financial loss, net reflect the exclusion of certain one-time items included in financial loss, net, and; (iv) all adjustments to IFRS income data reflect the combined effect of these adjustments, plus with respect to net income and diluted earnings per share, certain one-time tax effects and the income tax effect of the non-IFRS adjustments.

    In millions of Euros, except percentages Three months ended March 31, Change
    2025

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2025

    Non-IFRS

    		 2024

    IFRS

    		 Share-based compensation expense and related social charges Lease incentives of acquired companies 2024

    Non-IFRS

    		 IFRS Non-

    IFRS
    Cost of revenue (260.3) 4.9 0.1 (255.2) (243.8) 2.9 0.2 (240.6) 7% 6%
    Research and development expenses (348.6) 32.5 0.1 (316.0) (311.4) 17.9 0.3 (293.2) 12% 8%
    Marketing and sales expenses (446.5) 24.5 0.1 (421.9) (420.3) 13.7 0.1 (406.5) 6% 4%
    General and administrative expenses (120.4) 26.6 0.0 (93.8) (105.1) 12.3 0.0 (92.7) 15% 1%
    Total   € 88.5 € 0.4     € 46.7 € 0.7      

    (2) The non-IFRS percentage increase (decrease) compares non-IFRS measures for the two different periods. In the event there is non-IFRS adjustment to the relevant measure for only one of the periods under comparison, the non-IFRS increase (decrease) compares the non-IFRS measure to the relevant IFRS measure.
    (3) Based on a weighted average 1,332.2 million diluted shares for Q1 2025 and 1,331.1 million diluted shares for Q1 2024, and, for IFRS only, a diluted net income attributable to the sharehorlders of € 260.5 million for Q1 2025 (€ 285.7 million for Q1 2024). The Diluted net income attributable to equity holders of the Group corresponds to the Net Income attributable to equity holders of the Group adjusted by the impact of the share-based compensation plans to be settled either in cash or in shares at the option of the Group.

    1 IFRS figures for 1Q25: total revenue at €1.57 billion, operating margin of 19.4% and diluted EPS at €0.20.

    2 Contract Research Organizations

    Attachment

    The MIL Network –

  • MIL-OSI Economics: Operation SyncHole: Lazarus APT goes back to the well

    Source: Securelist – Kaspersky

    Headline: Operation SyncHole: Lazarus APT goes back to the well

    We have been tracking the latest attack campaign by the Lazarus group since last November, as it targeted organizations in South Korea with a sophisticated combination of a watering hole strategy and vulnerability exploitation within South Korean software. The campaign, dubbed “Operation SyncHole”, has impacted at least six organizations in South Korea’s software, IT, financial, semiconductor manufacturing, and telecommunications industries, and we are confident that many more companies have actually been compromised. We immediately took action by communicating meaningful information to the Korea Internet & Security Agency (KrCERT/CC) for rapid action upon detection, and we have now confirmed that the software exploited in this campaign has all been updated to patched versions.

    Timeline of the operation

    Our findings in a nutshell:

    • At least six South Korean organizations were compromised by a watering hole attack combined with exploitation of vulnerabilities by the Lazarus group.
    • A one-day vulnerability in Innorix Agent was also used for lateral movement.
    • Variants of Lazarus’ malicious tools, such as ThreatNeedle, Agamemnon downloader, wAgent, SIGNBT, and COPPERHEDGE, were discovered with new features.

    Background

    The initial infection was discovered in November of last year when we detected a variant of the ThreatNeedle backdoor, one of the Lazarus group’s flagship malicious tools, used against a South Korean software company. We found that the malware was running in the memory of a legitimate SyncHost.exe process, and was created as a subprocess of Cross EX, legitimate software developed in South Korea. This potentially was the starting point for the compromise of further five organizations in South Korea. Additionally, according to a recent security advisory posted on the KrCERT website, there appear to be recently patched vulnerabilities in Cross EX, which were addressed during the timeframe of our research.

    In the South Korean internet environment, the online banking and government websites require the installation of particular security software to support functions such as anti-keylogging and certificate-based digital signatures. However, due to the nature of these software packages, they constantly run in the background to interact with the browser. The Lazarus group shows a strong grasp of these specifics and is using a South Korea-targeted strategy that combines vulnerabilities in such software with watering hole attacks. The South Korean National Cyber Security Center published its own security advisory in 2023 against such incidents, and also published additional joint security advisories in cooperation with the UK government.

    Cross EX is designed to enable the use of such security software in various browser environments, and is executed with user-level privileges except immediately after installation. Although the exact method by which Cross EX was exploited to deliver malware remains unclear, we believe that the attackers escalated their privileges during the exploitation process as we confirmed the process was executed with high integrity level in most cases. The facts below led us to conclude that a vulnerability in the Cross EX software was most likely leveraged in this operation.

    • The most recent version of Cross EX at the time of the incidents was installed on the infected PCs.
    • Execution chains originating from the Cross EX process that we observed across the targeted organizations were all identical.
    • The incidents that saw the Synchost process abused to inject malware were concentrated within a short period of time: between November 2024 and February 2025.

    In the earliest attack of this operation, the Lazarus group also exploited another South Korean software product, Innorix Agent, leveraging a vulnerability to facilitate lateral movement, enabling the installation of additional malware on a targeted host of their choice. They even developed malware to exploit this, avoiding repetitive tasks and streamlining processes. The exploited software, Innorix Agent (version 9.2.18.450 and earlier), was previously abused by the Andariel group, while the malware we obtained targeted the more recent version 9.2.18.496.

    While analyzing the malware’s behavior, we discovered an additional arbitrary file download zero-day vulnerability in Innorix Agent, which we managed to detect before any threat actors used it in their attacks. We reported the issues to the Korea Internet & Security Agency (KrCERT) and the vendor. The software has since been updated with patched versions.

    Installing malware through vulnerabilities in software exclusively developed in South Korea is a key part of the Lazarus group’s strategy to target South Korean entities, and we previously disclosed a similar case in 2023, as did ESET and KrCERT.

    Initial vector

    The infection began when the user of a targeted system accessed several South Korean online media sites. Shortly after visiting one particular site, the machine was compromised by the ThreatNeedle malware, suggesting that the site played a key role in the initial delivery of the backdoor. During the analysis, it was discovered that the infected system was communicating with a suspicious IP address. Further examination revealed that this IP hosted two domains (T1583.001), both of which appeared to be hastily created car rental websites using publicly available HTML templates.

    Appearance of www.smartmanagerex[.]com

    The first domain, www.smartmanagerex[.]com, seemed to be masquerading as software provided by the same vendor that distributes Cross EX. Based on these findings, we reconstructed the following attack scenario.

    Attack flow during initial compromise

    Given that online media sites are typically visited quite frequently by a wealth of users, the Lazarus group filters visitors with a server-side script and redirects desired targets to an attacker-controlled website (T1608.004). We assess with medium confidence that the redirected site may have executed a malicious script (T1189), targeting a potential flaw in Cross EX (T1190) installed on the target PC, and launching malware. The script then ultimately executed the legitimate SyncHost.exe and injected a shellcode that loaded a variant of ThreatNeedle into that process. This chain, which ends with the malware being injected into SyncHost.exe, was common to all of the affected organizations we identified, meaning that the Lazarus group has conducted extensive operations against South Korea over the past few months with the same vulnerability and the same exploit.

    Execution flow

    We have divided this operation into two phases based on the malware used. The first phase focused primarily on the execution chain involving ThreatNeedle and wAgent. It was then followed by the second phase which involved the use of SIGNBT and COPPERHEDGE.

    We derived a total of four different malware execution chains based on these phases from at least six affected organizations. In the first infection case, we found a variant of the ThreatNeedle malware, but in subsequent attacks, the SIGNBT malware took its place, thus launching the second phase. We believe this is due to the quick and aggressive action we took with the first victim. In subsequent attacks, the Lazarus group introduced three updated infection chains including SIGNBT, and we observed a wider range of targets and more frequent attacks. This suggests that the group may have realized that their carefully prepared attacks had been exposed, and extensively leveraged the vulnerability from then on.

    Chains of infection across the operation

    First-phase malware

    In the first infection chain, many updated versions of the malware previously used by the Lazarus group were used.

    Variant of ThreatNeedle

    The ThreatNeedle sample used in this campaign was also referred to as “ThreatNeedleTea” in a research paper published by ESET; we believe this is an updated version of the early ThreatNeedle. However, the ThreatNeedle seen in this attack had been modified with additional features.

    This version of ThreatNeedle is divided into a Loader and Core samples. The Core version retrieves five configuration files from C_27098.NLS to C_27102.NLS, and contains a total of 37 commands. The Loader version, meanwhile, references only two configuration files and implements only four commands.

    The Core component receives a specific command from the C2, resulting in an additional loader file being created for the purpose of persistence. This file can be disguised as the ServiceDLL value of a legitimate service in the netsvcs group (T1543.003), the IKEEXT service (T1574.001), or registered as a Security Service Provider (SSP) (T1547.005). It ultimately loads the ThreatNeedle Loader component.

    Behavior flow to load ThreatNeedle Loader by target service

    The updated ThreatNeedle generates a random key pair based on the Curve25519 algorithm (T1573.002), sends the public key to the C2 server, and then receives the attacker’s public key. Finally, the generated private key and the attacker’s public key are scalar-operated to create a shared key, which is then used as the key for the ChaCha20 algorithm to encrypt the data (T1573.001). The data is sent and received in JSON format.

    LPEClient

    LPEClient is a tool known for victim profiling and payload delivery (T1105) that has previously been observed in attacks on defense contractors and the cryptocurrency industry. We disclosed that this tool had been loaded by SIGNBT when we first documented SIGNBT malware. However, we did not observe LPEClient being loaded by SIGNBT in this campaign. It was only loaded by the variant of ThreatNeedle.

    Variant of wAgent

    In addition to the variant of ThreatNeedle, a variant of the wAgent malware was also discovered in the first affected organization. wAgent is a malicious tool that we documented in 2020, and a similar version was mentioned in Operation GoldGoblin by KrCERT. The origin of its creation is still shrouded in mystery, but we discovered that the wAgent loader was disguised as liblzma.dll and executed via the command line rundll32.exe c:Programdataintelutil.dat, afunix 1W2–UUE–ZNO–B99Z (T1218.011). The export function retrieves the given filename 1W2–UUE–ZNO–B99Z in C:ProgramData, which also serves as the decryption key. After converting this filename into wide bytes, it uses the highest 16 bytes of the resulting value as the key for the AES-128-CBC algorithm and decrypts (T1140) the contents of the file located in C:ProgramData (T1027.013). The upper four bytes of the decrypted data subsequently represent the size of the payload (T1027.009), which we identified as an updated version of the wAgent malware.

    The variant of wAgent has the ability to receive data in both form-data and JSON formats, depending on the C2 server it succeeds in reaching. Notably, it includes the __Host–next–auth–token key within the Cookie field in the request header during the communication (T1071.001), carrying the sequence of communication appended by random digits. In this version, the new observed change is that an open-source GNU Multiple-Precision (GMP) library is employed to carry out RSA encryption computations, which is a previously unseen library in malware used by the Lazarus group. According to the wAgent configuration file, it is identified as the x64_2.1 version. This version manages payloads using a C++ STL map, with emphasis on receiving additional payloads from the C2 and loading them directly into memory, along with creating a shared object. With this object, the main module is able to exchange command parameters and execution results with the delivered plugins.

    Operational structure of the wAgent variant

    Variant of the Agamemnon downloader

    The Agamemnon downloader is also responsible for downloading and executing additional payloads received from the C2 server. Although we did not obtain the configuration file of Agamemnon, it receives commands from the C2 and executes the payload by parsing the commands and parameters based on ;; characters, which serve as command and parameter delimiters. The value of the mode in response passed with a 2 command determines how to execute the additional payload, which is delivered along with a 3 command. There are two methods of execution: the first one is to load the payload reflectively (T1620), which is commonly used in malware, whereas the second one is to utilize the open-source Tartarus-TpAllocInject technique, which we have not previously seen in malware from the Lazarus group.

    Structure of the commands where additional data is passed

    The open-source loader is built on top of another open-source loader named Tartarus’ Gate. Tartarus’ Gate is based on Halo’s Gate, which is in turn based on Hell’s Gate. All of these techniques are designed to bypass security products such as antivirus and EDR solutions, but they load the payload in different ways.

    Innorix Agent exploit for lateral movement

    Unlike the previously mentioned tools, the Innorix abuser is used for lateral movement. It is downloaded by the Agamemnon downloader (T1105) and exploits a specific version of a file transfer software tool developed in South Korea, Innorix Agent, to fetch additional malware on internal hosts (T1570). Innorix Agent is another software product that is mandatory for some financial and administrative tasks in the South Korean internet environment, meaning that it is likely to be installed on many PCs of both corporations and individuals in South Korea, and any user with a vulnerable version is potentially a target. The malware embeds a license key allegedly bound to version 9.2.18.496, which allows it to perform lateral movement by generating malicious traffic disguised as legitimate traffic against targeted network PCs.

    The Innorix abuser is given parameters from the Agamemnon downloader: the target IP, URL to download a file, and file size. It then delivers a request to that target IP to check if Innorix Agent is installed and running. If a successful response is returned, the malware assumes that the software is running properly on the targeted host and transmits traffic that allows the target to download the additional files from the given URL due to a lack of traffic validation.

    Steps to deploy additional malware via the Innorix abuser

    The actor created a legitimate AppVShNotify.exe and a malicious USERENV.dll file in the same path via the Innorix abuser, and then executed the former using a legitimate feature of the software. The USERENV.dll was sideloaded (T1574.002) as a result, which ultimately led to the execution of ThreatNeedle and LPEClient on the targeted hosts, thus launching the infection chain on previously unaffected machines.

    We reported this vulnerability to KrCERT due to the potentially dangerous impact of the Innorix abuser, but were informed that the vulnerability has been exploited and reported in the past. We have confirmed that this malware does not work effectively in environments with Innorix Agent versions other than 9.2.18.496.

    In addition, while digging into the malware’s behavior, we identified another additional arbitrary file download vulnerability that applies to versions up to 9.2.18.538. It is tracked as KVE-2025-0014 and we have not yet found any evidence of its use in the wild. KVE is a vulnerability identification number issued exclusively by KrCERT. We successfully contacted Innorix to share our findings containing the vulnerabilities via KrCERT, and they managed to release a patched version in March with both vulnerabilities fixed.

    Second phase malware

    The second phase of the operation also introduces newer versions of malicious tools previously seen in Lazarus attacks.

    SIGNBT

    The SIGNBT we documented in 2023 was version 1.0, but in this attack, version 0.0.1 was used at the forefront. In addition, we identified a more recent version, SIGNBT 1.2. Unlike versions 1.0 and 0.0.1, the 1.2 version had minimal remote control capabilities and was focused on executing additional payloads. The malware developers named this version “Hijacking”.

    In the second phase of this operation, SIGNBT 0.0.1 was the initial implant executed in memory in SyncHost.exe to fetch additional malware. In this version, the C2 server was hardcoded without reference to any configuration files. During this investigation, we found a credential dumping tool that was fetched by SIGNBT 0.0.1, identical to what we have seen in previous attacks.

    As for version 1.2, it fetches the path to the configuration file from its resources and retrieves the file to obtain C2 server addresses. We were able to extract two configuration file paths from each identified SIGNBT 1.2 sample, which are shown below. Another change in SIGNBT 1.2 is that the number of prefixes starting with SIGN are reduced to only three: SIGNBTLG, SIGNBTRC, and SIGNBTSR. The malware receives an RSA public key from the C2 and encrypts a randomly generated AES key using the public key. All traffic is encrypted with the generated AES key.

    • Configuration file path 1: C:ProgramDataSamsungSamsungSettingssettings.dat
    • Configuration file path 2: C:ProgramDataMicrosoftDRMServerdrm.ver

    COPPERHEDGE

    COPPERHEDGE is a malicious tool that was named by US-CERT in 2020. It is a Manuscrypt variant and was primarily used in the DeathNote cluster attacks. Unlike the other malware used in this operation, COPPERHEDGE has not changed dramatically, with only several commands being slightly changed compared to the older versions. This version, however, retrieves configuration information such as the C2 server address from the ADS %appdata%MicrosoftInternet Explorerbrndlog.txt:loginfo (T1564.004). The malware then sends HTTP traffic to C2 with three or four parameters for each request, where the parameter name is chosen randomly out of three names in any order.

    • First HTTP parameter name: bih, aqs, org
    • Second HTTP parameter name: wib, rlz, uid
    • Third HTTP parameter name: tib, hash, lang
    • Fourth HTTP parameter name: ei, ie, oq

    The actor primarily used the COPPERHEDGE malware to conduct internal reconnaissance in this operation. There are a total of 30 commands from 0x2003 to 0x2032, and 11 response codes from 0x2040 to 0x2050 inside the COPPERHEDGE backdoor.

    The evolution of Lazarus malware

    In recent years, the malware used by the Lazarus group has been rapidly evolving to include lightweighting and modularization. This applies not only to newly added tools, but also to malware that has been used in the past. We have observed such changes for a few years, and we believe there are more on the way.

    Use of asymmetric encryption Load plugins Divided into core and loader version
    MISTPEN – O –
    CookiePlus O (RSA) O –
    ThreatNeedle O (Curve25519) O O
    wAgent (downloader) O (RSA) O –
    Agamemnon downloader – – –
    SIGNBT O (RSA) O O
    COPPERHEDGE O (RSA) – O

    Discoveries

    During our investigation into this campaign, we gained extensive insight into the Lazarus group’s post-exploitation strategy. After installing the COPPERHEDGE malware, the actor executed numerous Windows commands to gather basic system information (T1082, T1083, T1057, T1049, T1016, T1087.001), create a malicious service (T1569.002, T1007) and attempt to find valuable hosts to perform lateral movement (T1087.002, T1135).

    While analyzing the commands executed by the actor, we were able to identify the actor’s mistake when using the taskkill command: the /im parameter when using taskkill means imagename, which should specify the image name of the process, not the process id. This shows that the actor is still performing internal reconnaissance by manually entering commands.

    Infrastructure

    Throughout this operation, most of the C2 servers were legitimate but compromised websites in South Korea (T1584.001), further indicating that this operation was highly focused on South Korea. In the first phase, other media sites were utilized as C2 servers to avoid detection of media-initiated watering hole attacks. However, as the infection chain turned to the second phase, legitimate sites in various other industries were additionally exploited.

    Unlike other cases, LPEClient’s C2 server was hosted by the same hosting company as www.smartmanagerex[.]com, which was deliberately created for initial compromise. Given that LPEClient is heavily relied upon by the Lazarus group for delivering additional payloads, it is likely that the attackers deliberately rented and configured the server (T1583.003), assigning a domain under their control to maintain full operational flexibility. In addition to this, we also found that two domains that were exploited as C2 servers for SIGNBT 0.0.1 resolved to the same hosting company’s IP range.

    We confirmed that the domain thek–portal[.]com belonged to a South Korean ISP until 2020 and was the legitimate domain of an insurance company that was acquired by another company. Since then, the domain had been parked and its status was changed in February 2025, indicating that the Lazarus group re-registered the domain to leverage it in this operation.

    Attribution

    Throughout this campaign, several malware samples were used that we managed to attribute to the Lazarus group through our ongoing and dedicated research conducted for a long time. Our attribution is supported by the historical use of the malware strains, as well as their TTPs, all of which have been well documented by numerous security solutions vendors and governments. Furthermore, we have analyzed the execution time of the Windows commands delivered by the COPPERHEDGE malware, the build timestamps of all malicious samples we described above, and the time of initial compromise per host, demonstrating that the timeframes were mostly concentrated between GMT 00:00 and 09:00. Based on our knowledge of normal working hours in various time zones, we can infer that the actor is located in the GMT+09 time zone.

    Timeline of malicious activity

    Victims

    We identified at least six software, IT, financial, semiconductor manufacturing and telecommunication organizations in South Korea that fell victim to “Operation SyncHole”. However, we are confident that there are many more affected organizations across a broader range of industries, given the popularity of the software exploited by Lazarus in this campaign.

    Conclusion

    This is not the first time that the Lazarus group exploited supply chains with a full understanding of the software ecosystem in South Korea. We have already described similar attacks in our analysis reports on the Bookcode cluster in 2020, the DeathNote cluster in 2022, and the SIGNBT malware in 2023. All of these cases targeted software developed by South Korean vendors that required installation for online banking and government services. Both of the software products exploited in this case are in line with past cases, meaning that the Lazarus group is endlessly adopting an effective strategy based on cascading supply chain attacks.

    The Lazarus group’s specialized attacks targeting supply chains in South Korea are expected to continue in the future. Our research over the past few years provided evidence that many software development vendors in Korea have already been attacked, and if the source code of a product has been compromised, other zero-day vulnerabilities may continue to be discovered. The attackers are also making efforts to minimize detection by developing new malware or enhancing existing malware. In particular, they introduce enhancements to the communication with the C2, command structure, and the way they send and receive data.

    We have proven that accurate detection and quick response can effectively deter their tactics, and in the meantime, we were able to remediate vulnerabilities and mitigate attacks to minimize damage. We will continue to monitor the activity of this group and remain agile in responding to their changes. We also recommend using reliable security solutions to stay alert and mitigate potential risks. Our product line for businesses helps identify and prevent attacks of any complexity at an early stage.

    Kaspersky products detect the exploits and malware used in this attack with the following verdicts: Trojan.Win64.Lazarus.*, Trojan.Win32.Lazarus.*, MEM:Trojan.Win32.Cometer.gen, MEM:Trojan.Win32.SEPEH.gen, Trojan.Win32.Manuscrypt.*, Trojan.Win64.Manuscrypt.*, Trojan.Win32.Zenpak.*.

    Indicators of Compromise

    More IoCs are available to customers of the Kaspersky Intelligence Reporting Service. Contact: intelreports@kaspersky.com.

    Variant of the ThreatNeedle loader
    f1bcb4c5aa35220757d09fc5feea193b C:System32PCAuditex.dll

    Variant of the wAgent loader
    dc0e17879d66ea9409cdf679bfea388c C:ProgramDataintelutil.dat

    COPPERHEDGE dropper
    2d47ef0089010d9b699cd1bbbc66f10a %AppData%hnc_net.tmp

    C2 servers
    www[.]smartmanagerex[.]com
    hxxps://thek-portal[.]com/eng/career/index.asp
    hxxps://builsf[.]com/inc/left.php
    hxxps://www[.]rsdf[.]kr/wp-content/uploads/2024/01/index.php
    hxxp://www[.]shcpump[.]com/admin/form/skin/formBasic/style.php
    hxxps://htns[.]com/eng/skin/member/basic/skin.php
    hxxps://kadsm[.]org/skin/board/basic/write_comment_skin.php
    hxxp://bluekostec[.]com/eng/community/write.asp
    hxxp://dream.bluit.gethompy[.]com/mobile/skin/board/gallery/index.skin.php

    MIL OSI Economics –

  • MIL-OSI: Central Bank of Savings Banks Finland Plc & Savings Banks Group: Half-Year Reports January–June 2025 will be published on 13 August 2025 

    Source: GlobeNewswire (MIL-OSI)

    Stock Exchange Release 
    24th of April 2025 at 8 am (CET +1) 

    Central Bank of Savings Banks Finland Plc & Savings Banks Group: Half year Reports for 1st of January–30th of June 2025 will be published on 13th of August 2025 as a stock exchange release and can be also found at www.saastopankki.fi. 

    Central Bank of Savings Banks Finland Plc & Savings Banks Group 

    Further information: 

    Kai Koskela 
    Managing Director, Savings Banks Union Coop 
    kai.koskela@sastopankki.fi
    +358 40 549 0430  

    Central Bank of Savings Banks Finland Plc is part of the Savings Banks Amalgamation and Savings Banks Group and operates as Group’s central credit institution. Central Bank of Savings Banks’ role is to ensure liquidity and wholesale funding of the Savings Banks Group via operating in the money and capital markets, issue payment cards, and provide payment transfer and account operator services.

    The MIL Network –

  • MIL-OSI Banking: Operation SyncHole: Lazarus APT goes back to the well

    Source: Securelist – Kaspersky

    Headline: Operation SyncHole: Lazarus APT goes back to the well

    We have been tracking the latest attack campaign by the Lazarus group since last November, as it targeted organizations in South Korea with a sophisticated combination of a watering hole strategy and vulnerability exploitation within South Korean software. The campaign, dubbed “Operation SyncHole”, has impacted at least six organizations in South Korea’s software, IT, financial, semiconductor manufacturing, and telecommunications industries, and we are confident that many more companies have actually been compromised. We immediately took action by communicating meaningful information to the Korea Internet & Security Agency (KrCERT/CC) for rapid action upon detection, and we have now confirmed that the software exploited in this campaign has all been updated to patched versions.

    Timeline of the operation

    Our findings in a nutshell:

    • At least six South Korean organizations were compromised by a watering hole attack combined with exploitation of vulnerabilities by the Lazarus group.
    • A one-day vulnerability in Innorix Agent was also used for lateral movement.
    • Variants of Lazarus’ malicious tools, such as ThreatNeedle, Agamemnon downloader, wAgent, SIGNBT, and COPPERHEDGE, were discovered with new features.

    Background

    The initial infection was discovered in November of last year when we detected a variant of the ThreatNeedle backdoor, one of the Lazarus group’s flagship malicious tools, used against a South Korean software company. We found that the malware was running in the memory of a legitimate SyncHost.exe process, and was created as a subprocess of Cross EX, legitimate software developed in South Korea. This potentially was the starting point for the compromise of further five organizations in South Korea. Additionally, according to a recent security advisory posted on the KrCERT website, there appear to be recently patched vulnerabilities in Cross EX, which were addressed during the timeframe of our research.

    In the South Korean internet environment, the online banking and government websites require the installation of particular security software to support functions such as anti-keylogging and certificate-based digital signatures. However, due to the nature of these software packages, they constantly run in the background to interact with the browser. The Lazarus group shows a strong grasp of these specifics and is using a South Korea-targeted strategy that combines vulnerabilities in such software with watering hole attacks. The South Korean National Cyber Security Center published its own security advisory in 2023 against such incidents, and also published additional joint security advisories in cooperation with the UK government.

    Cross EX is designed to enable the use of such security software in various browser environments, and is executed with user-level privileges except immediately after installation. Although the exact method by which Cross EX was exploited to deliver malware remains unclear, we believe that the attackers escalated their privileges during the exploitation process as we confirmed the process was executed with high integrity level in most cases. The facts below led us to conclude that a vulnerability in the Cross EX software was most likely leveraged in this operation.

    • The most recent version of Cross EX at the time of the incidents was installed on the infected PCs.
    • Execution chains originating from the Cross EX process that we observed across the targeted organizations were all identical.
    • The incidents that saw the Synchost process abused to inject malware were concentrated within a short period of time: between November 2024 and February 2025.

    In the earliest attack of this operation, the Lazarus group also exploited another South Korean software product, Innorix Agent, leveraging a vulnerability to facilitate lateral movement, enabling the installation of additional malware on a targeted host of their choice. They even developed malware to exploit this, avoiding repetitive tasks and streamlining processes. The exploited software, Innorix Agent (version 9.2.18.450 and earlier), was previously abused by the Andariel group, while the malware we obtained targeted the more recent version 9.2.18.496.

    While analyzing the malware’s behavior, we discovered an additional arbitrary file download zero-day vulnerability in Innorix Agent, which we managed to detect before any threat actors used it in their attacks. We reported the issues to the Korea Internet & Security Agency (KrCERT) and the vendor. The software has since been updated with patched versions.

    Installing malware through vulnerabilities in software exclusively developed in South Korea is a key part of the Lazarus group’s strategy to target South Korean entities, and we previously disclosed a similar case in 2023, as did ESET and KrCERT.

    Initial vector

    The infection began when the user of a targeted system accessed several South Korean online media sites. Shortly after visiting one particular site, the machine was compromised by the ThreatNeedle malware, suggesting that the site played a key role in the initial delivery of the backdoor. During the analysis, it was discovered that the infected system was communicating with a suspicious IP address. Further examination revealed that this IP hosted two domains (T1583.001), both of which appeared to be hastily created car rental websites using publicly available HTML templates.

    Appearance of www.smartmanagerex[.]com

    The first domain, www.smartmanagerex[.]com, seemed to be masquerading as software provided by the same vendor that distributes Cross EX. Based on these findings, we reconstructed the following attack scenario.

    Attack flow during initial compromise

    Given that online media sites are typically visited quite frequently by a wealth of users, the Lazarus group filters visitors with a server-side script and redirects desired targets to an attacker-controlled website (T1608.004). We assess with medium confidence that the redirected site may have executed a malicious script (T1189), targeting a potential flaw in Cross EX (T1190) installed on the target PC, and launching malware. The script then ultimately executed the legitimate SyncHost.exe and injected a shellcode that loaded a variant of ThreatNeedle into that process. This chain, which ends with the malware being injected into SyncHost.exe, was common to all of the affected organizations we identified, meaning that the Lazarus group has conducted extensive operations against South Korea over the past few months with the same vulnerability and the same exploit.

    Execution flow

    We have divided this operation into two phases based on the malware used. The first phase focused primarily on the execution chain involving ThreatNeedle and wAgent. It was then followed by the second phase which involved the use of SIGNBT and COPPERHEDGE.

    We derived a total of four different malware execution chains based on these phases from at least six affected organizations. In the first infection case, we found a variant of the ThreatNeedle malware, but in subsequent attacks, the SIGNBT malware took its place, thus launching the second phase. We believe this is due to the quick and aggressive action we took with the first victim. In subsequent attacks, the Lazarus group introduced three updated infection chains including SIGNBT, and we observed a wider range of targets and more frequent attacks. This suggests that the group may have realized that their carefully prepared attacks had been exposed, and extensively leveraged the vulnerability from then on.

    Chains of infection across the operation

    First-phase malware

    In the first infection chain, many updated versions of the malware previously used by the Lazarus group were used.

    Variant of ThreatNeedle

    The ThreatNeedle sample used in this campaign was also referred to as “ThreatNeedleTea” in a research paper published by ESET; we believe this is an updated version of the early ThreatNeedle. However, the ThreatNeedle seen in this attack had been modified with additional features.

    This version of ThreatNeedle is divided into a Loader and Core samples. The Core version retrieves five configuration files from C_27098.NLS to C_27102.NLS, and contains a total of 37 commands. The Loader version, meanwhile, references only two configuration files and implements only four commands.

    The Core component receives a specific command from the C2, resulting in an additional loader file being created for the purpose of persistence. This file can be disguised as the ServiceDLL value of a legitimate service in the netsvcs group (T1543.003), the IKEEXT service (T1574.001), or registered as a Security Service Provider (SSP) (T1547.005). It ultimately loads the ThreatNeedle Loader component.

    Behavior flow to load ThreatNeedle Loader by target service

    The updated ThreatNeedle generates a random key pair based on the Curve25519 algorithm (T1573.002), sends the public key to the C2 server, and then receives the attacker’s public key. Finally, the generated private key and the attacker’s public key are scalar-operated to create a shared key, which is then used as the key for the ChaCha20 algorithm to encrypt the data (T1573.001). The data is sent and received in JSON format.

    LPEClient

    LPEClient is a tool known for victim profiling and payload delivery (T1105) that has previously been observed in attacks on defense contractors and the cryptocurrency industry. We disclosed that this tool had been loaded by SIGNBT when we first documented SIGNBT malware. However, we did not observe LPEClient being loaded by SIGNBT in this campaign. It was only loaded by the variant of ThreatNeedle.

    Variant of wAgent

    In addition to the variant of ThreatNeedle, a variant of the wAgent malware was also discovered in the first affected organization. wAgent is a malicious tool that we documented in 2020, and a similar version was mentioned in Operation GoldGoblin by KrCERT. The origin of its creation is still shrouded in mystery, but we discovered that the wAgent loader was disguised as liblzma.dll and executed via the command line rundll32.exe c:Programdataintelutil.dat, afunix 1W2–UUE–ZNO–B99Z (T1218.011). The export function retrieves the given filename 1W2–UUE–ZNO–B99Z in C:ProgramData, which also serves as the decryption key. After converting this filename into wide bytes, it uses the highest 16 bytes of the resulting value as the key for the AES-128-CBC algorithm and decrypts (T1140) the contents of the file located in C:ProgramData (T1027.013). The upper four bytes of the decrypted data subsequently represent the size of the payload (T1027.009), which we identified as an updated version of the wAgent malware.

    The variant of wAgent has the ability to receive data in both form-data and JSON formats, depending on the C2 server it succeeds in reaching. Notably, it includes the __Host–next–auth–token key within the Cookie field in the request header during the communication (T1071.001), carrying the sequence of communication appended by random digits. In this version, the new observed change is that an open-source GNU Multiple-Precision (GMP) library is employed to carry out RSA encryption computations, which is a previously unseen library in malware used by the Lazarus group. According to the wAgent configuration file, it is identified as the x64_2.1 version. This version manages payloads using a C++ STL map, with emphasis on receiving additional payloads from the C2 and loading them directly into memory, along with creating a shared object. With this object, the main module is able to exchange command parameters and execution results with the delivered plugins.

    Operational structure of the wAgent variant

    Variant of the Agamemnon downloader

    The Agamemnon downloader is also responsible for downloading and executing additional payloads received from the C2 server. Although we did not obtain the configuration file of Agamemnon, it receives commands from the C2 and executes the payload by parsing the commands and parameters based on ;; characters, which serve as command and parameter delimiters. The value of the mode in response passed with a 2 command determines how to execute the additional payload, which is delivered along with a 3 command. There are two methods of execution: the first one is to load the payload reflectively (T1620), which is commonly used in malware, whereas the second one is to utilize the open-source Tartarus-TpAllocInject technique, which we have not previously seen in malware from the Lazarus group.

    Structure of the commands where additional data is passed

    The open-source loader is built on top of another open-source loader named Tartarus’ Gate. Tartarus’ Gate is based on Halo’s Gate, which is in turn based on Hell’s Gate. All of these techniques are designed to bypass security products such as antivirus and EDR solutions, but they load the payload in different ways.

    Innorix Agent exploit for lateral movement

    Unlike the previously mentioned tools, the Innorix abuser is used for lateral movement. It is downloaded by the Agamemnon downloader (T1105) and exploits a specific version of a file transfer software tool developed in South Korea, Innorix Agent, to fetch additional malware on internal hosts (T1570). Innorix Agent is another software product that is mandatory for some financial and administrative tasks in the South Korean internet environment, meaning that it is likely to be installed on many PCs of both corporations and individuals in South Korea, and any user with a vulnerable version is potentially a target. The malware embeds a license key allegedly bound to version 9.2.18.496, which allows it to perform lateral movement by generating malicious traffic disguised as legitimate traffic against targeted network PCs.

    The Innorix abuser is given parameters from the Agamemnon downloader: the target IP, URL to download a file, and file size. It then delivers a request to that target IP to check if Innorix Agent is installed and running. If a successful response is returned, the malware assumes that the software is running properly on the targeted host and transmits traffic that allows the target to download the additional files from the given URL due to a lack of traffic validation.

    Steps to deploy additional malware via the Innorix abuser

    The actor created a legitimate AppVShNotify.exe and a malicious USERENV.dll file in the same path via the Innorix abuser, and then executed the former using a legitimate feature of the software. The USERENV.dll was sideloaded (T1574.002) as a result, which ultimately led to the execution of ThreatNeedle and LPEClient on the targeted hosts, thus launching the infection chain on previously unaffected machines.

    We reported this vulnerability to KrCERT due to the potentially dangerous impact of the Innorix abuser, but were informed that the vulnerability has been exploited and reported in the past. We have confirmed that this malware does not work effectively in environments with Innorix Agent versions other than 9.2.18.496.

    In addition, while digging into the malware’s behavior, we identified another additional arbitrary file download vulnerability that applies to versions up to 9.2.18.538. It is tracked as KVE-2025-0014 and we have not yet found any evidence of its use in the wild. KVE is a vulnerability identification number issued exclusively by KrCERT. We successfully contacted Innorix to share our findings containing the vulnerabilities via KrCERT, and they managed to release a patched version in March with both vulnerabilities fixed.

    Second phase malware

    The second phase of the operation also introduces newer versions of malicious tools previously seen in Lazarus attacks.

    SIGNBT

    The SIGNBT we documented in 2023 was version 1.0, but in this attack, version 0.0.1 was used at the forefront. In addition, we identified a more recent version, SIGNBT 1.2. Unlike versions 1.0 and 0.0.1, the 1.2 version had minimal remote control capabilities and was focused on executing additional payloads. The malware developers named this version “Hijacking”.

    In the second phase of this operation, SIGNBT 0.0.1 was the initial implant executed in memory in SyncHost.exe to fetch additional malware. In this version, the C2 server was hardcoded without reference to any configuration files. During this investigation, we found a credential dumping tool that was fetched by SIGNBT 0.0.1, identical to what we have seen in previous attacks.

    As for version 1.2, it fetches the path to the configuration file from its resources and retrieves the file to obtain C2 server addresses. We were able to extract two configuration file paths from each identified SIGNBT 1.2 sample, which are shown below. Another change in SIGNBT 1.2 is that the number of prefixes starting with SIGN are reduced to only three: SIGNBTLG, SIGNBTRC, and SIGNBTSR. The malware receives an RSA public key from the C2 and encrypts a randomly generated AES key using the public key. All traffic is encrypted with the generated AES key.

    • Configuration file path 1: C:ProgramDataSamsungSamsungSettingssettings.dat
    • Configuration file path 2: C:ProgramDataMicrosoftDRMServerdrm.ver

    COPPERHEDGE

    COPPERHEDGE is a malicious tool that was named by US-CERT in 2020. It is a Manuscrypt variant and was primarily used in the DeathNote cluster attacks. Unlike the other malware used in this operation, COPPERHEDGE has not changed dramatically, with only several commands being slightly changed compared to the older versions. This version, however, retrieves configuration information such as the C2 server address from the ADS %appdata%MicrosoftInternet Explorerbrndlog.txt:loginfo (T1564.004). The malware then sends HTTP traffic to C2 with three or four parameters for each request, where the parameter name is chosen randomly out of three names in any order.

    • First HTTP parameter name: bih, aqs, org
    • Second HTTP parameter name: wib, rlz, uid
    • Third HTTP parameter name: tib, hash, lang
    • Fourth HTTP parameter name: ei, ie, oq

    The actor primarily used the COPPERHEDGE malware to conduct internal reconnaissance in this operation. There are a total of 30 commands from 0x2003 to 0x2032, and 11 response codes from 0x2040 to 0x2050 inside the COPPERHEDGE backdoor.

    The evolution of Lazarus malware

    In recent years, the malware used by the Lazarus group has been rapidly evolving to include lightweighting and modularization. This applies not only to newly added tools, but also to malware that has been used in the past. We have observed such changes for a few years, and we believe there are more on the way.

    Use of asymmetric encryption Load plugins Divided into core and loader version
    MISTPEN – O –
    CookiePlus O (RSA) O –
    ThreatNeedle O (Curve25519) O O
    wAgent (downloader) O (RSA) O –
    Agamemnon downloader – – –
    SIGNBT O (RSA) O O
    COPPERHEDGE O (RSA) – O

    Discoveries

    During our investigation into this campaign, we gained extensive insight into the Lazarus group’s post-exploitation strategy. After installing the COPPERHEDGE malware, the actor executed numerous Windows commands to gather basic system information (T1082, T1083, T1057, T1049, T1016, T1087.001), create a malicious service (T1569.002, T1007) and attempt to find valuable hosts to perform lateral movement (T1087.002, T1135).

    While analyzing the commands executed by the actor, we were able to identify the actor’s mistake when using the taskkill command: the /im parameter when using taskkill means imagename, which should specify the image name of the process, not the process id. This shows that the actor is still performing internal reconnaissance by manually entering commands.

    Infrastructure

    Throughout this operation, most of the C2 servers were legitimate but compromised websites in South Korea (T1584.001), further indicating that this operation was highly focused on South Korea. In the first phase, other media sites were utilized as C2 servers to avoid detection of media-initiated watering hole attacks. However, as the infection chain turned to the second phase, legitimate sites in various other industries were additionally exploited.

    Unlike other cases, LPEClient’s C2 server was hosted by the same hosting company as www.smartmanagerex[.]com, which was deliberately created for initial compromise. Given that LPEClient is heavily relied upon by the Lazarus group for delivering additional payloads, it is likely that the attackers deliberately rented and configured the server (T1583.003), assigning a domain under their control to maintain full operational flexibility. In addition to this, we also found that two domains that were exploited as C2 servers for SIGNBT 0.0.1 resolved to the same hosting company’s IP range.

    We confirmed that the domain thek–portal[.]com belonged to a South Korean ISP until 2020 and was the legitimate domain of an insurance company that was acquired by another company. Since then, the domain had been parked and its status was changed in February 2025, indicating that the Lazarus group re-registered the domain to leverage it in this operation.

    Attribution

    Throughout this campaign, several malware samples were used that we managed to attribute to the Lazarus group through our ongoing and dedicated research conducted for a long time. Our attribution is supported by the historical use of the malware strains, as well as their TTPs, all of which have been well documented by numerous security solutions vendors and governments. Furthermore, we have analyzed the execution time of the Windows commands delivered by the COPPERHEDGE malware, the build timestamps of all malicious samples we described above, and the time of initial compromise per host, demonstrating that the timeframes were mostly concentrated between GMT 00:00 and 09:00. Based on our knowledge of normal working hours in various time zones, we can infer that the actor is located in the GMT+09 time zone.

    Timeline of malicious activity

    Victims

    We identified at least six software, IT, financial, semiconductor manufacturing and telecommunication organizations in South Korea that fell victim to “Operation SyncHole”. However, we are confident that there are many more affected organizations across a broader range of industries, given the popularity of the software exploited by Lazarus in this campaign.

    Conclusion

    This is not the first time that the Lazarus group exploited supply chains with a full understanding of the software ecosystem in South Korea. We have already described similar attacks in our analysis reports on the Bookcode cluster in 2020, the DeathNote cluster in 2022, and the SIGNBT malware in 2023. All of these cases targeted software developed by South Korean vendors that required installation for online banking and government services. Both of the software products exploited in this case are in line with past cases, meaning that the Lazarus group is endlessly adopting an effective strategy based on cascading supply chain attacks.

    The Lazarus group’s specialized attacks targeting supply chains in South Korea are expected to continue in the future. Our research over the past few years provided evidence that many software development vendors in Korea have already been attacked, and if the source code of a product has been compromised, other zero-day vulnerabilities may continue to be discovered. The attackers are also making efforts to minimize detection by developing new malware or enhancing existing malware. In particular, they introduce enhancements to the communication with the C2, command structure, and the way they send and receive data.

    We have proven that accurate detection and quick response can effectively deter their tactics, and in the meantime, we were able to remediate vulnerabilities and mitigate attacks to minimize damage. We will continue to monitor the activity of this group and remain agile in responding to their changes. We also recommend using reliable security solutions to stay alert and mitigate potential risks. Our product line for businesses helps identify and prevent attacks of any complexity at an early stage.

    Kaspersky products detect the exploits and malware used in this attack with the following verdicts: Trojan.Win64.Lazarus.*, Trojan.Win32.Lazarus.*, MEM:Trojan.Win32.Cometer.gen, MEM:Trojan.Win32.SEPEH.gen, Trojan.Win32.Manuscrypt.*, Trojan.Win64.Manuscrypt.*, Trojan.Win32.Zenpak.*.

    Indicators of Compromise

    More IoCs are available to customers of the Kaspersky Intelligence Reporting Service. Contact: intelreports@kaspersky.com.

    Variant of the ThreatNeedle loader
    f1bcb4c5aa35220757d09fc5feea193b C:System32PCAuditex.dll

    Variant of the wAgent loader
    dc0e17879d66ea9409cdf679bfea388c C:ProgramDataintelutil.dat

    COPPERHEDGE dropper
    2d47ef0089010d9b699cd1bbbc66f10a %AppData%hnc_net.tmp

    C2 servers
    www[.]smartmanagerex[.]com
    hxxps://thek-portal[.]com/eng/career/index.asp
    hxxps://builsf[.]com/inc/left.php
    hxxps://www[.]rsdf[.]kr/wp-content/uploads/2024/01/index.php
    hxxp://www[.]shcpump[.]com/admin/form/skin/formBasic/style.php
    hxxps://htns[.]com/eng/skin/member/basic/skin.php
    hxxps://kadsm[.]org/skin/board/basic/write_comment_skin.php
    hxxp://bluekostec[.]com/eng/community/write.asp
    hxxp://dream.bluit.gethompy[.]com/mobile/skin/board/gallery/index.skin.php

    MIL OSI Global Banks –

  • MIL-OSI: STMicroelectronics Reports 2025 First Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    PR No: C3332C 

    STMicroelectronics Reports 2025 First Quarter Financial Results

    • Q1 net revenues $2.52 billion; gross margin 33.4%; operating income $3 million; net income $56 million
    • Business outlook at mid-point: Q2 net revenues of $2.71 billion and gross margin of 33.4%
    • Company-wide program to reshape manufacturing footprint and resize global cost base on track; annual cost savings target in the high triple-digit million-dollar range exiting 2027 confirmed.

    Geneva, April 24, 2025 – STMicroelectronics N.V. (“ST”) (NYSE: STM), a global semiconductor leader serving customers across the spectrum of electronics applications, reported U.S. GAAP financial results for the first quarter ended March 29, 2025. This press release also contains non-U.S. GAAP measures (see Appendix for additional information).

    ST reported first quarter net revenues of $2.52 billion, gross margin of 33.4%, operating income of $3 million and net income of $56 million or $0.06 diluted earnings per share.

    Jean-Marc Chery, ST President & CEO, commented:

    • “Q1 net revenues came in line with the midpoint of our business outlook range, driven by higher revenues in Personal Electronics offset by lower-than-expected revenues in Automotive and Industrial. Gross margin was slightly below the mid-point of our business outlook range mainly due to product mix.”
    • “On a year-over-year basis, Q1 net revenues decreased 27.3%, operating margin decreased to 0.1% from 15.9% and net income decreased 89.1% to $56 million.”
    • “In the first quarter, our book-to-bill ratio improved with both Automotive and Industrial above parity.”
    • “Our second quarter business outlook, at the mid-point, is for net revenues of $2.71 billion, decreasing year-over-year by 16.2% and increasing sequentially by 7.7%; gross margin is expected to be about 33.4%, impacted by about 420 basis points of unused capacity charges.”
    • “We plan to maintain our Net Capex (non-U.S. GAAP1) plan for 2025 between $2.0 billion and $2.3 billion mainly to execute the reshaping of our manufacturing footprint.”
    • “While we see Q1 2025 as the bottom, in the current uncertain environment we are focusing on what we can control: keep on innovating to continuously improve and accelerate the competitiveness of our product and technology portfolio, focus on advanced manufacturing and tightly manage our costs. In this respect our company-wide program to reshape ST manufacturing footprint and resize our global cost base is on track and we confirm the annual cost savings target in the high triple-digit million-dollar range exiting 2027.”

    Quarterly Financial Summary

    U.S. GAAP
    (US$ m, except per share data)    		 Q1 2025 Q4 2024 Q1 2024 Q/Q Y/Y
    Net Revenues $2,517 $3,321 $3,465 -24.2% -27.3%
    Gross Profit $841 $1,253 $1,444 -32.9% -41.7%
    Gross Margin 33.4% 37.7% 41.7% -430 bps -830 bps
    Operating Income $3 $369 $551 -99.2% -99.5%
    Operating Margin 0.1% 11.1% 15.9% -1,100 bps -1,580 bps
    Net Income $56 $341 $513 -83.6% -89.1%
    Diluted Earnings Per Share $0.06 $0.37 $0.54 -83.8% -88.9%

    First Quarter 2025 Summary Review
    ST made some adjustments to its segment reporting effective starting January 1, 2025. Prior year comparative periods have been adjusted accordingly. See Appendix for more detail.

    Net Revenues by Reportable Segment2 (US$ m) Q1 2025 Q4 2024 Q1 2024 Q/Q Y/Y
    Analog products, MEMS and Sensors (AM&S) segment 1,069 1,348 1,406 -20.7% -23.9%
    Power and discrete products (P&D) segment 397 602 631 -34.1% -37.1%
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group 1,466 1,950 2,037 -24.8% -28.0%
    Embedded Processing (EMP) segment 742 1,002 1,047 -26.0% -29.1%
    RF & Optical Communications (RF&OC) segment 306 366 378 -16.5% -19.2%
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group 1,048 1,368 1,425 -23.4% -26.5%
    Others 3 3 3 – –
    Total Net Revenues $2,517 $3,321 $3,465 -24.2% -27.3%

    Net revenues totaled $2.52 billion, representing a year-over-year decrease of 27.3%. Year-over-year net sales to OEMs and Distribution decreased 25.7% and 31.2%, respectively. On a sequential basis, net revenues decreased 24.2%, 20 basis points better than the mid-point of ST’s guidance.

    Gross profit totaled $841 million, representing a year-over-year decrease of 41.7%. Gross margin of 33.4%, 40 basis points below the mid-point of ST’s guidance, decreased 830 basis points year-over-year, mainly due to product mix and, to a lesser extent, higher unused capacity charges and lower sales price.

    Operating income decreased 99.5% to $3 million, compared to $551 million in the year-ago quarter. ST’s operating margin decreased 1,580 basis points on a year-over-year basis to 0.1% of net revenues, compared to 15.9% in the first quarter of 2024. Excluding Impairment, restructuring charges and other related phase-out costs3, operating income stood at $11 million in the first quarter.

    By reportable segment, compared with the year-ago quarter:

    In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:

    Analog products, MEMS and Sensors (AM&S) segment:

    • Revenue decreased 23.9% mainly due to a decrease in Analog.   
    • Operating profit decreased by 66.7% to $82 million. Operating margin was 7.7% compared to 17.5%.

    Power and Discrete products (P&D) segment:

    • Revenue decreased 37.1%.
    • Operating profit decreased from a positive $77 million to a negative $28 million. Operating margin was -6.9% compared to 12.1%.

    In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:

    Embedded Processing (EMP) segment:

    • Revenue decreased 29.1% mainly due to a decrease in GPAM.
    • Operating profit decreased by 71.5% to $66 million. Operating margin was 8.9% compared to 22.2%.

    RF & Optical Communications (RF&OC) segment:

    • Revenue decreased 19.2%.
    • Operating profit decreased by 59.0% to $43 million. Operating margin was 13.9% compared to 27.4%.

    Net income and diluted Earnings Per Share decreased to $56 million and $0.06 respectively compared to $513 million and $0.54 respectively in the year-ago quarter. Excluding Impairment, restructuring charges and other related phase-out costs net of the relevant tax impact, Net income and diluted Earnings Per Share2 stood at $63 million and $0.07 respectively in the first quarter of 2025.

    Cash Flow and Balance Sheet Highlights

            Trailing 12 Months
    (US$ m) Q1 2025 Q4 2024 Q1 2024 Q1 2025 Q1 2024 TTM Change
    Net cash from operating activities 574 681 859 2,680 5,531 – 51.5%
    Free cash flow (non-U.S. GAAP1) 30 128 (134) 453 1,434 – 68.4%

    Net cash from operating activities was $574 million in the first quarter compared to $859 million in the year-ago quarter.

    Net Capex (non-U.S. GAAP), was $530 million in the first quarter compared to $967 million in the year-ago quarter.

    Free cash flow (non-U.S. GAAP) was positive at $30 million in the first quarter, compared to negative $134 million in the year-ago quarter.

    Inventory at the end of the first quarter was $3.01 billion, compared to $2.79 billion in the previous quarter and $2.69 billion in the year-ago quarter. Days sales of inventory at quarter-end was 167 days, compared to 122 days for both the previous quarter and the year-ago quarter.

    In the first quarter, ST paid cash dividends to its stockholders totaling $72 million and executed a $92 million share buy-back, as part of its current share repurchase program.

    ST’s net financial position (non-U.S. GAAP4) remained strong at $3.08 billion as of March 29, 2025, compared to $3.23 billion as of December 31, 2024 and reflected total liquidity of $5.96 billion and total financial debt of $2.88 billion. Adjusted net financial position (non-U.S. GAAP1), taking into consideration the effect on total liquidity of advances from capital grants for which capital expenditures have not been incurred yet, stood at $2.71 billion as of March 29, 2025.

    Corporate developments

    On April 10, 2025, ST detailed its company-wide program to reshape manufacturing footprint and resize global cost base and confirmed the annual cost savings target in the high triple-digit million-dollar range exiting 2027. Specifically, ST disclosed further elements of its program to reshape its global manufacturing footprint.

    Business Outlook

    ST’s guidance, at the mid-point, for the 2025 second quarter is:

    • Net revenues are expected to be $2.71 billion, an increase of 7.7% sequentially, plus or minus 350 basis points.
    • Gross margin of 33.4%, plus or minus 200 basis points.
    • This outlook is based on an assumed effective currency exchange rate of approximately $1.08 = €1.00 for the 2025 second quarter and includes the impact of existing hedging contracts.
    • The second quarter will close on June 28, 2025.

    This business outlook does not include any impact for potential further changes to global trade tariffs compared to the current situation.

    Conference Call and Webcast Information

    ST will conduct a conference call with analysts, investors and reporters to discuss its first quarter 2025 financial results and current business outlook today at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern Time (ET). A live webcast (listen-only mode) of the conference call will be accessible at ST’s website, https://investors.st.com, and will be available for replay until May 9, 2025.

    Use of Supplemental Non-U.S. GAAP Financial Information

    This press release contains supplemental non-U.S. GAAP financial information.

    Readers are cautioned that these measures are unaudited and not prepared in accordance with U.S. GAAP and should not be considered as a substitute for U.S. GAAP financial measures. In addition, such non-U.S. GAAP financial measures may not be comparable to similarly titled information from other companies. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with ST’s consolidated financial statements prepared in accordance with U.S. GAAP.

    See the Appendix of this press release for a reconciliation of ST’s non-U.S. GAAP financial measures to their corresponding U.S. GAAP financial measures.

    Forward-looking Information

    Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934, each as amended) that are based on management’s current views and assumptions, and are conditioned upon and also involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those anticipated by such statements due to, among other factors: 

    • changes in global trade policies, including the adoption and expansion of tariffs and trade barriers, that could affect the macro-economic environment and adversely impact the demand for our products;
    • uncertain macro-economic and industry trends (such as inflation and fluctuations in supply chains), which may impact production capacity and end-market demand for our products;
    • customer demand that differs from projections which may require us to undertake transformation measures that may not be successful in realizing the expected benefits in full or at all;
    • the ability to design, manufacture and sell innovative products in a rapidly changing technological environment;
    • changes in economic, social, public health, labor, political, or infrastructure conditions in the locations where we, our customers, or our suppliers operate, including as a result of macro-economic or regional events, geopolitical and military conflicts, social unrest, labor actions, or terrorist activities;
    • unanticipated events or circumstances, which may impact our ability to execute our plans and/or meet the objectives of our R&D and manufacturing programs, which benefit from public funding;
    • financial difficulties with any of our major distributors or significant curtailment of purchases by key customers;
    • the loading, product mix, and manufacturing performance of our production facilities and/or our required volume to fulfill capacity reserved with suppliers or third-party manufacturing providers;
    • availability and costs of equipment, raw materials, utilities, third-party manufacturing services and technology, or other supplies required by our operations (including increasing costs resulting from inflation);
    • the functionalities and performance of our IT systems, which are subject to cybersecurity threats and which support our critical operational activities including manufacturing, finance and sales, and any breaches of our IT systems or those of our customers, suppliers, partners and providers of third-party licensed technology;
    • theft, loss, or misuse of personal data about our employees, customers, or other third parties, and breaches of data privacy legislation;
    • the impact of IP claims by our competitors or other third parties, and our ability to obtain required licenses on reasonable terms and conditions;
    • changes in our overall tax position as a result of changes in tax rules, new or revised legislation, the outcome of tax audits or changes in international tax treaties which may impact our results of operations as well as our ability to accurately estimate tax credits, benefits, deductions and provisions and to realize deferred tax assets;
    • variations in the foreign exchange markets and, more particularly, the U.S. dollar exchange rate as compared to the Euro and the other major currencies we use for our operations;
    • the outcome of ongoing litigation as well as the impact of any new litigation to which we may become a defendant;
    • product liability or warranty claims, claims based on epidemic or delivery failure, or other claims relating to our products, or recalls by our customers for products containing our parts;
    • natural events such as severe weather, earthquakes, tsunamis, volcano eruptions or other acts of nature, the effects of climate change, health risks and epidemics or pandemics in locations where we, our customers or our suppliers operate;
    • increased regulation and initiatives in our industry, including those concerning climate change and sustainability matters and our goal to become carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027;
    • epidemics or pandemics, which may negatively impact the global economy in a significant manner for an extended period of time, and could also materially adversely affect our business and operating results;
    • industry changes resulting from vertical and horizontal consolidation among our suppliers, competitors, and customers;
    • the ability to successfully ramp up new programs that could be impacted by factors beyond our control, including the availability of critical third-party components and performance of subcontractors in line with our expectations; and
    • individual customer use of certain products, which may differ from the anticipated uses of such products and result in differences in performance, including energy consumption, may lead to a failure to achieve our disclosed emission-reduction goals, adverse legal action or additional research costs.

    Such forward-looking statements are subject to various risks and uncertainties, which may cause actual results and performance of our business to differ materially and adversely from the forward-looking statements. Certain forward-looking statements can be identified by the use of forward-looking terminology, such as “believes”, “expects”, “may”, “are expected to”, “should”, “would be”, “seeks” or “anticipates” or similar expressions or the negative thereof or other variations thereof or comparable terminology, or by discussions of strategy, plans or intentions.

    Some of these risk factors are set forth and are discussed in more detail in “Item 3. Key Information — Risk Factors” included in our Annual Report on Form 20-F for the year ended December 31, 2024 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this press release as anticipated, believed or expected. We do not intend, and do not assume any obligation, to update any industry information or forward-looking statements set forth in this release to reflect subsequent events or circumstances.

    Unfavorable changes in the above or other factors listed under “Item 3. Key Information — Risk Factors” from time to time in our Securities and Exchange Commission (“SEC”) filings, could have a material adverse effect on our business and/or financial condition.

    About STMicroelectronics

    At ST, we are 50,000 creators and makers of semiconductor technologies mastering the semiconductor supply chain with state-of-the-art manufacturing facilities. An integrated device manufacturer, we work with more than 200,000 customers and thousands of partners to design and build products, solutions, and ecosystems that address their challenges and opportunities, and the need to support a more sustainable world. Our technologies enable smarter mobility, more efficient power and energy management, and the wide-scale deployment of cloud-connected autonomous things. We are on track to be carbon neutral in all direct and indirect emissions (scopes 1 and 2), product transportation, business travel, and employee commuting emissions (our scope 3 focus), and to achieve our 100% renewable electricity sourcing goal by the end of 2027. Further information can be found at www.st.com.

    For further information, please contact:

    INVESTOR RELATIONS:
    Jérôme Ramel
    EVP Corporate Development & Integrated External Communication
    Tel: +41 22 929 59 20
    jerome.ramel@st.com

    MEDIA RELATIONS:
    Alexis Breton
    Group VP Corporate External Communications
    Tel: + 33 6 59 16 79 08
    alexis.breton@st.com

    STMicroelectronics N.V.      
    CONSOLIDATED STATEMENTS OF INCOME      
    (in millions of U.S. dollars, except per share data ($))      
           
      Three months ended  
      March 29, March 30,  
      2025 2024  
      (Unaudited) (Unaudited)  
           
    Net sales 2,513 3,444  
    Other revenues 4 21  
    NET REVENUES 2,517 3,465  
    Cost of sales (1,676) (2,021)  
    GROSS PROFIT 841 1,444  
    Selling, general and administrative expenses (390) (425)  
    Research and development expenses (489) (528)  
    Other income and expenses, net 49 60  
    Impairment, restructuring charges and other related phase-out costs (8) –  
    Total operating expenses (838) (893)  
    OPERATING INCOME 3 551  
    Interest income, net 48 59  
    Other components of pension benefit costs (4) (4)  
    Gain (loss) on financial instruments, net 25 –  
    INCOME BEFORE INCOME TAXES AND NONCONTROLLING INTEREST 72 606  
    Income tax expense (13) (92)  
    NET INCOME 59 514  
    Net income attributable to noncontrolling interest (3) (1)  
    NET INCOME ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 56 513  
           
    EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 0.06 0.57  
    EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY STOCKHOLDERS 0.06 0.54  
           
    NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING DILUTED EPS 933.6 942.3  
           
           
    STMicroelectronics N.V.      
    CONSOLIDATED BALANCE SHEETS      
    As at March 29, December 31, March 30,
    In millions of U.S. dollars 2025 2024 2024
      (Unaudited) (Audited) (Unaudited)
    ASSETS      
    Current assets:      
    Cash and cash equivalents 1,781 2,282 3,133
    Short-term deposits 1,650 1,450 1,226
    Marketable securities 2,528 2,452 1,880
    Trade accounts receivable, net 1,385 1,749 1,787
    Inventories 3,014 2,794 2,685
    Other current assets 1,050 1,007 1,183
    Total current assets 11,408 11,734 11,894
    Goodwill 299 290 298
    Other intangible assets, net 338 346 366
    Property, plant and equipment, net 11,178 10,877 10,866
    Non-current deferred tax assets 490 464 585
    Long-term investments 96 71 22
    Other non-current assets 1,114 961 942
      13,515 13,009 13,079
    Total assets 24,923 24,743 24,973
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Short-term debt 988 990 238
    Trade accounts payable 1,373 1,323 1,642
    Other payables and accrued liabilities 1,290 1,306 1,547
    Dividends payable to stockholders 16 88 6
    Accrued income tax 72 66 133
    Total current liabilities 3,739 3,773 3,566
    Long-term debt 1,889 1,963 2,875
    Post-employment benefit obligations 392 377 372
    Long-term deferred tax liabilities 48 47 49
    Other long-term liabilities 896 904 912
      3,225 3,291 4,208
    Total liabilities 6,964 7,064 7,774
    Commitment and contingencies      
    Equity      
    Parent company stockholders’ equity      
    Common stock (preferred stock: 540,000,000 shares authorized, not issued; common stock: Euro 1.04 par value, 1,200,000,000 shares authorized, 911,281,920 shares issued, 894,410,472 shares outstanding as of March 29, 2025) 1,157 1,157 1,157
    Additional Paid-in Capital 3,142 3,088 2,931
    Retained earnings 13,514 13,459 12,982
    Accumulated other comprehensive income 495 236 468
    Treasury stock (582) (491) (463)
    Total parent company stockholders’ equity 17,726 17,449 17,075
    Noncontrolling interest 233 230 124
    Total equity 17,959 17,679 17,199
    Total liabilities and equity 24,923 24,743 24,973
           
           
           
    STMicroelectronics N.V.      
           
    SELECTED CASH FLOW DATA      
           
    Cash Flow Data (in US$ millions) Q1 2025 Q4 2024 Q1 2024
           
    Net Cash from operating activities 574 681 859
    Net Cash used in investing activities (796) (1,259) (1,254)
    Net Cash from (used in) financing activities (282) (209) 308
    Net Cash decrease (501) (795) (89)
           
    Selected Cash Flow Data (in US$ millions) Q1 2025 Q4 2024 Q1 2024
           
    Depreciation & amortization 428 451 430
    Net payment for Capital expenditures (538) (501) (994)
    Dividends paid to stockholders (72) (88) (48)
    Change in inventories, net (172) (2) (12)
           

    Appendix
    ST
    Changes to reportable segments

    Following ST’s reorganization announced in January 2024 into two Product Groups and four reportable segments, we have made further progress in analyzing our global product portfolio, resulting in the following adjustments to our segments, effective starting January 1, 2025, without modifying subtotals at Product Group level: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • The transfer of VIPower products from Power and Discrete products (“P&D”) reportable segment to Analog products, MEMS and Sensors (“AM&S”) reportable segment.    
    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • the newly created ‘Embedded Processing’ (“EMP”) reportable segment includes the former ‘MCU’ segment (excluding the RF ASICs mentioned below) as well as Custom Processing products (Automotive ADAS products).
      • the newly created ‘RF & Optical Communications’ (“RF&OC”) reportable segment includes the former ‘D&RF’ segment (excluding Automotive ADAS products) as well as some RF ASICs which were previously part of the former ‘MCU’ segment.

    We believe these adjustments are critical for implementing synergies and optimizing resources, which are necessary to fully deliver the benefits expected from our new organization.

    Our four reportable segments – within each Product Group – are now as follows: 

    • In Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group:
      • Analog products, MEMS and Sensors (“AM&S”) reportable segment, comprised of ST analog products (now including VIPower products), MEMS sensors and actuators, and optical sensing solutions.
      • Power and Discrete products (“P&D”) reportable segment, comprised of discrete and power transistor products (now excluding VIPower products).

    In this Press Release, “Analog” refers to analog products, “MEMS” to MEMS sensors and actuators and “Imaging” to optical sensing solutions.

    • In Microcontrollers, Digital ICs and RF products (MDRF) Product Group:
      • Embedded Processing (“EMP”) reportable segment, comprised of general-purpose and automotive microcontrollers, connected security products and Custom Processing Products (Automotive ADAS)
      • RF & Optical Communications (“RF&OC”) reportable segment, comprised of Space, Ranging & Connectivity products, Digital Audio & Signaling Solutions and Optical & RF COT.

    In this Press release, “GPAM” refers to General purpose & automotive microcontrollers, “Connected Security” to connected security products, “Custom Processing” to automotive ADAS products.

    Prior year comparative periods have been adjusted accordingly.

    (Appendix – continued)
    ST Supplemental Financial Information

      Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net Revenues By Market Channel (%)          
    Total OEM 71% 73% 76% 73% 70%
    Distribution 29% 27% 24% 27% 30%
               
    €/$ Effective Rate 1.06 1.09 1.08 1.08 1.09
               
    Reportable Segment Data (US$ m)          
    Analog products, MEMS and Sensors (AM&S) segment          
    – Net Revenues 1,069 1,348 1,340 1,336 1,406
    – Operating Income 82 220 216 193 246
    Power and Discrete products (P&D) segment          
    – Net Revenues 397 602 652 576 631
    – Operating Income (28) 45 80 61 77
    Subtotal: Analog, Power & Discrete, MEMS and Sensors (APMS) Product Group          
    – Net Revenues 1,466 1,950 1,992 1,912 2,037
    – Operating Income 54 265 296 254 323
    Embedded Processing (EMP) segment          
    – Net Revenues 742 1,002 898 906 1,047
    – Operating Income 66 181 146 126 232
    RF & Optical Communications (RF&OC) segment          
    – Net Revenues 306 366 357 410 378
    – Operating Income 43 95 84 96 103
    Subtotal: Microcontrollers, Digital ICs and RF products (MDRF) Product Group          
    – Net Revenues 1,048 1,368 1,255 1,316 1,425
    – Operating Income 109 276 230 222 335
    Others (a)          
    – Net Revenues 3 3 4 4 3
    – Operating Income (Loss) (160) (172) (145) (101) (107)
    Total          
    – Net Revenues 2,517 3,321 3,251 3,232 3,465
    – Operating Income 3 369 381 375 551

    (a)   Net revenues of Others include revenues from sales assembly services and other revenues. Operating income (loss) of Others include items such as unused capacity charges, including incidents leading to power outage, impairment and restructuring charges, management reorganization costs, start-up and phase out costs, and other unallocated income (expenses) such as: strategic or special research and development programs, certain corporate-level operating expenses, patent claims and litigations, and other costs that are not allocated to reportable segments, as well as operating earnings of other products. Others includes:

    (US$ m) Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Unused capacity charges 123 118 104 84 63

    (Appendix – continued)
    ST Supplemental Non-U.S. GAAP Financial Information
    U.S. GAAP – Non-U.S. GAAP Reconciliation

    The supplemental non-U.S. GAAP information presented in this press release is unaudited and subject to inherent limitations. Such non-U.S. GAAP information is not based on any comprehensive set of accounting rules or principles and should not be considered as a substitute for U.S. GAAP measurements. Also, our supplemental non-U.S. GAAP financial information may not be comparable to similarly titled non-U.S. GAAP measures used by other companies. Further, specific limitations for individual non-U.S. GAAP measures, and the reasons for presenting non-U.S. GAAP financial information, are set forth in the paragraphs below. To compensate for these limitations, the supplemental non-U.S. GAAP financial information should not be read in isolation, but only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.

    ST believes that these non-U.S. GAAP financial measures provide useful information for investors and management because they offer, when read in conjunction with ST’s U.S. GAAP financials, (i) the ability to make more meaningful period-to-period comparisons of ST’s on-going operating results, (ii) the ability to better identify trends in ST’s business and perform related trend analysis, and (iii) to facilitate a comparison of ST’s results of operations against investor and analyst financial models and valuations, which may exclude these items.

    Non-U.S. GAAP Net Earnings and Non-U.S. GAAP Earnings Per Share (non-U.S. GAAP measures)

    Operating income before impairment and restructuring charges and one-time items is used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items, such as impairment, restructuring charges and other related phase-out costs. Adjusted net earnings and earnings per share (EPS) are used by management to help enhance an understanding of ongoing operations and to communicate the impact of the excluded items like impairment, restructuring charges and other related phase-out costs attributable to ST and other one-time items, net of the relevant tax impact.

    Q1 2025
    (US$ m, except per share data)    		 Gross Profit Operating Income Net Earnings Corresponding Diluted EPS
    U.S. GAAP 841 3 56 0.06
    Impairment, restructuring charges and other related phase-out costs – 8 8 0.01
    Estimated income tax effect – – (1) –
    Non-U.S. GAAP 841 11 63 0.07

    (Appendix – continued)

    Net Financial Position and Adjusted Net Financial Position (non-U.S. GAAP measures)

    Net Financial Position, a non-U.S. GAAP measure, represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable securities, and our total financial debt includes short-term debt and long-term debt, as reported in our Consolidated Balance Sheets. ST also presents adjusted net financial position as a non-U.S. GAAP measure, to take into consideration the effect on total liquidity of advances received on capital grants for which capital expenditures have not been incurred yet.

    ST believes its Net Financial Position and Adjusted Net Financial Position provide useful information for investors and management because they give evidence of our global position either in terms of net indebtedness or net cash by measuring our capital resources based on cash and cash equivalents, restricted cash, if any, short-term deposits and marketable securities and the total level of our financial debt. Our definitions of Net Financial Position and Adjusted Net Financial Position may differ from definitions used by other companies, and therefore, comparability may be limited.

    (US$ m) Mar 29
    2025    		 Dec 31
    2024    		 Sep 28
    2024    		 June 29
    2024    		 Mar 30
    2024
    Cash and cash equivalents 1,781 2,282 3,077 3,092 3,133
    Short term deposits 1,650 1,450 977 975 1,226
    Marketable securities 2,528 2,452 2,242 2,218 1,880
    Total liquidity 5,959 6,184 6,296 6,285 6,239
    Short-term debt (988) (990) (1,003) (236) (238)
    Long-term debt (a) (1,889) (1,963) (2,112) (2,850) (2,875)
    Total financial debt (2,877) (2,953) (3,115) (3,086) (3,113)
    Net Financial Position (non-U.S. GAAP) 3,082 3,231 3,181 3,199 3,126
    Advances received on capital grants (377) (385) (366) (402) (351)
    Adjusted Net Financial Position (non-U.S. GAAP) 2,705 2,846 2,815 2,797 2,775

    (a)  Long-term debt contains standard conditions but does not impose minimum financial ratios. Committed credit facilities for $618 million equivalent, are currently undrawn.

    (Appendix – continued)

    Net Capex and Free Cash Flow (non-U.S. GAAP measures)

    ST presents Net Capex as a non-U.S. GAAP measure, which is reported as part of our Free Cash Flow (non-U.S. GAAP measure), to take into consideration the effect of advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period.

    Net Capex, a non-U.S. GAAP measure, is defined as (i) Payment for purchase of tangible assets, as reported plus (ii) Proceeds from sale of tangible assets, as reported plus (iii) Proceeds from capital grants and other contributions, as reported plus (iv) Advances from capital grants allocated to property, plant and equipment in the reporting period.

    ST believes Net Capex provides useful information for investors and management because annual capital expenditures budget includes the effect of capital grants. Our definition of Net Capex may differ from definitions used by other companies.

    (US$ m) Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024    		 Q1
    2024
    Payment for purchase of tangible assets, as reported (587) (584) (669) (690) (1,145)
    Proceeds from sale of tangible assets, as reported 2 – 2 1 2
    Proceeds from capital grants and other contributions, as reported 47 83 66 143 149
    Advances from capital grants allocated to property, plant and equipment 8 31 36 18 27
    Net Capex (non-U.S. GAAP) (530) (470) (565) (528) (967)

    Free Cash Flow, which is a non-U.S. GAAP measure, is defined as (i) net cash from operating activities plus (ii) Net Capex plus (iii) payment for purchase (and proceeds from sale) of intangible and financial assets and (iv) net cash paid for business acquisitions, if any.

    ST believes Free Cash Flow provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations.

    Free Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases of (and proceeds from matured) marketable securities and net investment in (and proceeds from) short-term deposits, the net cash from (used in) financing activities and the effect of changes in exchange rates, and by excluding the advances from capital grants received on prior periods allocated to property, plant and equipment in the reporting period. Our definition of Free Cash Flow may differ from definitions used by other companies.

    (US$ m) Q1
    2025    		 Q4
    2024    		 Q3
    2024    		 Q2
    2024    		 Q1
    2024
    Net cash from operating activities 574 681 723 702 859
    Net Capex (530) (470) (565) (528) (967)
    Payment for purchase of intangible assets, net of proceeds from sale (14) (32) (20) (15) (26)
    Payment for purchase of financial assets, net of proceeds from sale – (51) (2) – –
    Free Cash Flow (non-U.S. GAAP) 30 128 136 159 (134)

    (Appendix – continued)
    Financial Calendar

    The financial calendar for 2025 is as follows:

    March 16, 2025 – April 24,2025: Quiet period
     

    April 24,2025:

    		  

    Q1 2025 Financial Results
     

    June 16, 2025 – July 24,2025:

    		  

    Quiet period
     

    July 24,2025:

    		  

    Q2 2025 Financial Results
     

    September 16, 2025 – October 23,2025:

    		  

    Quiet period
     

    October 23,2025:

    		  

    Q3 2025 Financial Results

    These dates are preliminary and are subject to final confirmation.

    1Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    2See Appendix for the definition of reportable segments.
    3Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.
    4Non-U.S. GAAP. See Appendix for reconciliation to U.S. GAAP and information explaining why the Company believes these measures are important.

    Attachment

    The MIL Network –

  • MIL-OSI New Zealand: Police investigate incidents of damage and theft at Porirua schools

    Source: New Zealand Police (National News)

    Please attribute to Inspector Renée Perkins, Area Commander, Kāpiti-Mana:

    Porirua Police and Māori Wardens are increasing patrols after several incidents of damage and theft at local schools.

    On Monday evening, 21 April, buildings and vehicles at two schools in Porirua East suffered over $32,000 worth of damage.

    Agencies, along with the wider community have come together in support, repairs are under way and security guards will be in place across the long weekend.

    I want to thank the community for offering their support as this Police investigation continues.

    Police believe this happened between 9pm and 11:30pm on Monday, and while we have good lines of inquiry as to who was responsible, we are still looking for information from the public which could help.

    We urge anyone with information to contact Police online at 105.police.govt.nz, clicking “Update Report” or by calling 105 and quoting file number 250422/8244.

    ENDS

    Issued by Police Media Centre.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Mother and daughter collaborate for Artists on View exhibition

    Source: New South Wales Ministerial News

    A new Artists on View exhibition brings together a beautiful collection from a mother and daughter who reimagined their artistic identities over a transformative year.

    The Right to Remain Silent: Art of The Sabbatical is a collaborative exhibition from Lee Trewartha and her daughter Erynn Trewartha-Lewicki.

    Both had been battling physical illness and exhaustion from running businesses and they decided to take a sabbatical in a ‘carefully cultivated period of solitude’.

    The mother and daughter were inspired by the poem The Right to Remain Silent by Kai Siedenburg which became a ‘liberating’ mantra to take the time to recharge, restore and subsequently grow.

    Over a year, the two artists explored ‘stillness and quiet’ and the act of being ‘present’ in the moment, not reflecting on the life they had nor the life before them.

    During this time, their artistic identities took a different approach with stunning results. Lee Trewartha traded her once energetic, large black and white art works for calm, peaceful landscape pieces inspired by her garden and nature.

    Erynn made illustrations and still life artworks that showed everyday items and spaces, symbolising a new way of living. By the end of the year, they both felt deeply changed by the experience.

    Artist Lee Trewartha, who has a disability and was suffering from surgery complications, said the impact of the sabbatical was profound.

    “Over the year of my recuperation, Erynn and I immersed ourselves in a sabbatical period, making a conscious decision to be present, rather than looking back or forward,” Lee said.

    “Our relationship has formed a new bond, beyond that of mother and daughter and coworkers, to that of two friends with shared experiences united by their love of creating.”

    Erynn Trewartha-Lewicki said the sabbatical was a chance for new artistic discoveries.

    “I developed artistic skills in ways that I had not before, particularly in colour theory, tone and value. But what captured me was the still life artworks of both Georgio Morandi and Thornton Walker. I was taken by their contemporary portrayal of inanimate objects and spaces, that in all their simplicity they act as powerful metaphors for both artist’s internal worlds, Erynn said.

    “Inspired by this concept, I found solace in drawing, photographing and painting inanimate objects and spaces, and began producing still life artworks that forced me to slow down and reflect.”

    Bendigo Venues & Events Acting Manager Jacoba Kelly said the exhibition captured the joy and peace from a transformative year.

    “This exhibition showcases the journey of a mother and daughter who took time out from the busyness and stresses of life, coming out the other side renewed and creatively inspired. With Mother’s Day just around the corner, residents and visitors will be enthralled by the beautiful works from this family.

    “The free exhibition opens this Saturday April 26 from 12pm to 4pm with an official opening celebration at 3pm. All are welcome to attend.”

    The Right to Remain Silent: Art of The Sabbatical is open 10am to 4pm daily from Sunday April 27 to Tuesday May 6 at Dudley House, 60 View Street, Bendigo.

    This exhibition is supported by the City of Greater Bendigo’s Artists on View program.

    MIL OSI News –

  • MIL-OSI China: Modernization in motion as China’s ‘city of the future’ takes shape rapidly

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

    XIONG’AN, Hebei Province, April 24 — At the end of March, a new sports center with a seating capacity of over 40,000 opened in Xiong’an New Area in northern China’s Hebei Province, filling a key gap in the region’s capacity to host large-scale sports and cultural events.

    The Xiong’an New Area, located about 100 kilometers southwest of Beijing, was established on April 1, 2017. It aims to relieve Beijing of non-essential functions related to its status as the nation’s capital, while also advancing the coordinated development of the Beijing-Tianjin-Hebei region. The process explores a new model of development in densely populated areas.

    According to Chinese authorities, Xiong’an has entered a pivotal stage, where large-scale infrastructure projects are advancing in tandem with accelerated relocation efforts. The focus has now shifted toward promoting high-quality development, high-standard management, and coordinated, efficient resettlement. As the much-anticipated “city of the future,” Xiong’an is taking shape at remarkable speed.

    MAJOR BREAKTHROUGHS

    At the end of 2021, Jia Mengshuang relocated from Beijing to Xiong’an for work. Her company is based in an internet industry park in the new area, which now accommodates more than 600 on-site employees.

    From the terrace of Jia’s office building, the view offers a striking glimpse of Xiong’an’s remarkable transformation. Just next door, the headquarters of China Satellite Network Group Co., Ltd. (CSCN) — the first centrally-administered state-owned enterprise (SOE) to establish a presence in the new area — officially began operations late last year. Meanwhile, the gleaming facades of two other centrally-administered SOEs’ nearly completed headquarters now rise prominently on the emerging skyline.

    As more SOEs establish a presence in Xiong’an, a series of emerging industrial clusters are driving the development of this futuristic city. Having lived and worked in Xiong’an for over half a year, Li Maofan, an employee at CSCN, is increasingly convinced that “dreams can be realized here.”

    Leveraging the presence of the satellite company and an innovation alliance for aerospace information and satellite internet, Xiong’an is developing an industrial ecosystem that spans satellite internet, spatiotemporal information, aerospace vehicles, and the intelligent manufacturing of commercial satellites. So far, it has attracted around 60 enterprises in the aerospace information sector.

    Driven by its commitment to becoming an innovation hub, the new area is also rapidly consolidating scientific and technological resources across industries such as next-generation information technology, artificial intelligence (AI), and new materials.

    Since its establishment, Xiong’an has seen the successful implementation of a series of landmark relocation projects. Four headquarters of centrally-administered SOEs, including CSCN, have already settled in the new area. Four others, including China Datang Corporation Ltd., are set to begin construction this year.

    Currently, over 4,000 Beijing-based enterprises have established operations in Xiong’an, and centrally-administered SOEs have opened over 300 branches and subsidiaries in the area.

    Supportive projects in education and healthcare are also progressing rapidly in the new area. Construction is accelerating on campus buildings for four Beijing-based universities, as well as the site for Peking University People’s Hospital, one of Beijing’s leading hospitals. Meanwhile, the Xiong’an branch of Peking Union Medical College Hospital, one of China’s most prestigious medical institutions, is set to begin construction soon.

    According to the reform and development bureau of Xiong’an, total completed investments in the new area had surpassed 860 billion yuan (about 119.25 billion U.S. dollars) by the end of February. Liu Jia, deputy director of the bureau, said that the implementation of the second batch of relocation projects is being expedited.

    SUSTAINABLE DEVELOPMENT

    Xiong’an is focusing not only on rapid development but also on prioritizing people in its approach to modernization, ensuring that ecological sustainability is integrated throughout the entire process.

    Huang Yuqiang, general manager of a tech firm, relocated his company from Beijing to Xiong’an four years ago. Huang’s company — now a national high-tech enterprise — has secured several invention patents. Its autonomous UAV inspection platform has been applied to various scenarios, including road defect inspections and park security.

    Benefiting from the local government’s robust talent attraction initiatives, Huang now enjoys a refreshingly carefree life after work. Not only did he move into a subsidized rental apartment at a 30-percent discount, but he also received a “Xiong’an talent card,” which grants him benefits related to business ventures, household registration, transportation, healthcare and children’s education.

    Content with the present and optimistic about the future, Huang transferred his family’s household registration to Xiong’an, where they now live. “We feel extremely comfortable, and our sense of happiness has greatly improved,” he said.

    Huang’s story reflects Xiong’an’s remarkable population growth. Since 2017, the new area has seen a consistent influx of residents, with its permanent population reaching 1.36 million by 2024, highlighting its increasing appeal as a hub for talent and opportunities.

    Much like Huang, Jia has gradually relocated her family to Xiong’an over two years. “Every morning, it’s just a five-minute walk to drop my child off at the kindergarten near home, followed by another 10-minute walk to the office,” said Jia, noting that it’s a simple pleasure she could never have imagined during her years in Beijing.

    Spanning an area of 1,770 square kilometers, the new area aims to create favorable living conditions for residents, with parks, recreational facilities, schools and convenience stores all within a 15-minute walk. The plan is to dedicate only 30 percent of the city’s space to urban development, leaving the rest for water and greenery, an exceptionally rare approach in China’s urban development history.

    Since 2017, Xiong’an has added a total of 481,000 mu (about 32,067 hectares) of trees, raising its forest coverage rate from 11 to 35 percent. Notably, the local country park, with a total area of approximately 18 square kilometers, is about five times the size of New York City’s Central Park.

    Baiyangdian Lake, one of northern China’s major wetlands, has undergone its largest systematic ecological restoration in history, with water quality reaching the highest level since monitoring began in 1988 after water replenishment. The lake is now home to 295 wild bird species, an increase of 89 species compared to the period before the new area was established.

    Designed to be smart, sustainable and free from “urban ills,” Xiong’an is China’s first city to achieve the synchronized development of both its digital and physical urban spaces on a citywide scale.

    One feature that consistently impresses nearly all visitors to Xiong’an is its cutting-edge smart mobility solutions. It has developed 153 kilometers of digital roads equipped with smart lampposts that integrate traffic lights and various sensors. By analyzing real-time traffic flow data, the intelligent system automatically adjusts signal timing to minimize red-light stops, significantly enhancing traffic efficiency, explained Song Laiqiang, product manager at China Telecom Digital City Technology Co., Ltd.

    Smart technology is also being used to tackle common urban challenges. According to Wang Kun, deputy director of the Rongdong administrative committee’s urban operations center, over 1,000 AI-equipped cameras across roads and neighborhoods in Rongdong district of Xiong’an can automatically detect 19 types of municipal issues, from overflowing trash bins to illegal parking. The center’s management platform then reports these issues to community workers, who resolve them promptly.

    At the heart of these smart systems is the Xiong’an urban computing center, often referred to as the city’s “brain,” which drives the construction and management of this smart city. “It integrates technologies such as the Internet of Things, big data, AI and cloud computing to enable real-time, refined and intelligent urban management,” said Li Nan, a supervisor at Xiong’an Cloud Network Technology Co., Ltd.

    “All these innovations have enabled residents to enjoy a higher quality of life in a smarter city,” Li added.

    MIL OSI China News –

  • MIL-OSI New Zealand: Be prepared and plan ahead for Anzac weekend

    Source: Auckland Council

    After last week’s dose of wet and windy weather, Aucklanders are getting a bit of a reprieve for Anzac Day but may see rain over the weekend, most likely Sunday. We’re reminding people to check drains and gutters again; plan travel carefully and stay up to date with weather forecasts.

    Auckland Emergency Management General Manager Adam Maggs says Aucklanders did a great job preparing for the impacts of ex-tropical Cyclone Tam and responding to the weather conditions over the Easter weekend.

    “Aucklanders across the region experienced heavy rain, strong winds and flooding in places just days ago, over the Easter long weekend.

    “While there’s still a high degree of uncertainty, we could see some wet weather in parts of Tāmaki Makaurau over the Anzac long weekend.

    “We understand Aucklanders may be sick of hearing about the weather, but it doesn’t take long to do a few important things – a quick check of gutters and drains on your property, and a regular update on the weather forecast over the weekend,” says Adam.

    Keep up to date with the weather forecast

    MetService has not issued any current weather watches or warnings for the weekend as it’s too early to predict how the weekend weather will pan out. A top tip is to download the MetService app from the App Store or Google Play and sign up for push notifications to your phone.

    “At this stage, it looks like we’re in for rain overnight on Saturday and into Sunday morning – right about the time when people may start heading home from school holidays or long weekend breaks.

    “There is still uncertainty about when and where bad weather will hit, so make sure you check the forecast when planning any weekend travel or activities and check it again for any changes before you go out. Don’t forget, if you’re heading to another region, check the weather there too.

    “With soil saturation levels now very high, there is always the possibility of flooding if heavy rain eventuates.

    “If you’re on the roads, drive to the conditions, take care and give yourself plenty of time,” he says.

    Add property prep to your weekend checklist

    Taking half an hour to make sure your home and property are prepared for bad weather could prevent unnecessary damage and disruption.

    “Securing or storing outdoor furniture and umbrellas ahead of bad weather doesn’t take much time and could stop these items from getting damaged or damaging your property.

    “If we get gusty winds, these can easily pick up small or loose items, flip trampolines or lightweight outdoor furniture and play equipment,” says Adam.

    Checking drains, gutters and trees or plants on your property that can lose branches or clog drains is a good idea at this time of year.

    “Auckland Council’s Healthy Waters team has again been out this week checking hot spots and clearing drains. It’s important that residents do this too.

    “Anything on your property that may wash into the stormwater system and cause blockages should be removed. Clearing gutters and drains on your property will also help prevent damage, leaks and flooding. 

    “It’s always a good time to check your emergency readiness supplies – in the unlikely event the power goes out or, for those in more remote parts of the region, you get temporarily cut off.

    “Visit our website (aucklandemergencymanagement.govt.nz) or getready.govt.nz for good advice on getting your household prepared for an emergency,” says Adam.

    Always in the know: top tips for wild weather

    • Follow weather forecasts for regular updates – forecasts can change.
    • Plan your travel carefully and never drive through floodwater.
    • If life or property is at risk, phone 111.
    • If you live somewhere prone to flooding, slips or power outages, ensure you have a supply of food and provisions in case you become isolated.
    • Treat power lines as live at all times.
    • Report flooding and blocked stormwater drains to Auckland Council on 09 301 0101.
    • Visit aucklandcouncil.govt.nz and click “Report a problem” to report trees down on public land.
    • If your property is damaged, take photographs for your insurer as early as possible.

    MIL OSI New Zealand News –

  • MIL-Evening Report: The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism

    Source: The Conversation (Au and NZ) – By Erika K. Smith, Associate Lecturer, School of Social Sciences, Western Sydney University

    This article contains mention of racist terms in historical context.

    Every Anzac Day, Australians are presented with narratives that re-inscribe particular versions of our national story.

    One such narrative persistently claims “fuzzy wuzzy angel” was used as an “affectionate” name for local stretcher-bearers of sick and wounded Australian soldiers during the New Guinea campaign of 1942 to 1945.

    Papua New Guineans called Australian soldiers masta (master), taubada (big man), and bos (boss). Australian soldiers called Papua New Guinean people by racist phrases including boong, nigger, kanaka, coon, boi, boy and wog.

    Our new research shows that, far from being “affectionate”, the phrase fuzzy wuzzy angel is best understood in this context – and in the context of 500 years of anti-Black racism.

    These other offensive terms used by soldiers are largely gone from the public domain, yet fuzzy wuzzy angel persists. We decided to explore this apparently acceptable form of contemporary racism.

    Power relations across the centuries

    In 1526 the Portuguese explorer Jorge de Menezes named islands in the west of what is now West Papua Ilhas dos Papuas.

    “Papuas” was a borrowed word by the Portuguese of Malay/Indonesian origin, meaning “frizzled” or “curly-haired”. The islands were therefore known as the “islands of the frizzy-haired people”.

    In 1545, the Spanish explorer Yñigo Ortiz de Retez named the east mainland Nueva Guinea (New Guinea). As historian J.H.F. Sollewijn Gelpke describes it, Ortiz de Retez saw a physical resemblance to the “frizzy haired inhabitants […] of the Guinea Coast in West Africa”.

    The first usage we found of the phrase fuzzy wuzzy angels relating to the New Guinea campaign was in an article in the Sydney’s The Daily Mirror in 1942. A war correspondent reported troops along the Track were reciting a “catchy verse with a swing in it”.

    The “catchy verse” appears to borrow directly from the 1892 poem Fuzzy Wuzzy, by English writer Rudyard Kipling. Kipling borrowed the phrase from how British soldiers referred to the Beja warriors of north-east Africa during the Mahdist (Anglo–Sudan) War of 1881–99.

    Shortly after the poem was published in The Daily Mirror, the image of the “fuzzy wuzzy angel” was immortalised in a photograph. George Silk’s image shows Raphael Oimbari (Hanau village, Oro Province) walking with injured Australian soldier Private George “Dick” Whittington (2/10th Battalion) on Christmas Day, 1942.

    While Whittington was identified as the injured soldier, it wasn’t until the 1970s that Oimbari was identified and named as the Papua New Guinean guide.

    The cultural journey of Kipling’s poem in Africa to Australian infantry on the Kokoda follows the same route as Spanish and Portuguese sailors from African Guinea to Papua New Guinea.

    This focus on frizzy or fuzzy hair homogenised Blackness under the colonial gaze.

    Continuing racial relations

    Far from being just stretcher bearers, local people during the Kokoda Campaign were often forced to support the Australian war effort in roles including cooks, cleaners, labourers, construction workers, farm hands and carriers of ammunition.

    These roles have also disappeared from our national narrative, along with the more racist forms of address.

    In place of historically accurate accounts is a distilled national narrative: iconic stretcher bearers “affectionately” known as fuzzy wuzzy angels.

    New Guinea native carriers meet Australian officers at a rest spot on the Kokoda Trail, August 1942.
    Australian War Memorial

    There was little interest in the Australian war story in Papua New Guinea and the Kokoda Track between the end of the war and the early 1990s. Then, in 1992, Prime Minister Paul Keating kissed the foot of the Kokoda Memorial.

    Attention by subsequent prime ministers and an increased number of books and films propelled the Kokoda Track into mainstream Australian consciousness.

    Prime Minister John Howard made the “affectionate” usage claim in a speech to Papua New Guinea Prime Minister Bill Skate in 1998.

    Papua New Guinean scholar Regis Tove Stella wrote in 2007 that fuzzy wuzzy angel is “belittling and consistent with the discourse of paternalism that largely characterised colonial administrative policy”.

    Yet we continue to see Indigenous perspectives erased in favour of the “affectionate” account.

    When Malcolm Turnbull laid a 75th anniversary wreath in April 2017, the Australian Associated Press included this explanatory paragraph:

    Local Papua New Guinean men, dubbed affectionately the ‘Fuzzy Wuzzy Angels’, assisted and escorted wounded and injured Australian soldiers along the trail.

    In 2024, “affectionate” was reinscribed by Peter Dutton in an address to parliament to honour Papua New Guinea Prime Minister James Marape.

    500 years of a racist phrase

    Australia’s northernmost island, Saibai Island of Zenadh Kes/Torres Strait Islands, is less than 4 kilometres from Papua New Guinea – yet most Australians know little about our closest neighbours.

    This year marks the 50th anniversary of Papua New Guinea’s independence from Australia, mobilised by the Whitlam government, some 25 years behind the post-war decolonisation movement.

    Yet official decolonisation has not stopped Australians from insisting that it is affectionate – and, by implication, not racist – to use colonial naming practices that date back some 500 years.

    This article draws on research conducted during Erika K. Smith’s doctoral candidature which was financially supported by an Australian Postgraduate Award and a Western Sydney University Postgraduate Research Scholarship.

    Ingrid Matthews 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. The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism – https://theconversation.com/the-phrase-fuzzy-wuzzy-angels-is-far-from-affectionate-it-reflects-500-years-of-racism-253953

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Nokia lands strategic 5G RAN deal with T-Mobile US to enhance nationwide connectivity

    Source: GlobeNewswire (MIL-OSI)

    Press Release
    Nokia lands strategic 5G RAN deal with T-Mobile US to enhance nationwide connectivity

    • Nokia boosts T-Mobile US’s award-winning 5G network with network footprint expansion and site modernization.
    • Partnership brings enhanced 5G connectivity to additional T-Mobile subscribers across the country.
    • Nokia to supply equipment from industry-leading AirScale portfolio.

    24 April 2025
    Espoo, Finland – Nokia today announced a significant multi-year extension of its strategic partnership with T-Mobile US, further expanding and enhancing the Un-carrier’s industry-leading nationwide 5G network coverage and capacity. The agreement will advance T-Mobile’s network by deploying next-generation baseband and radio technologies. T-Mobile’s network already reaches more than 98 percent of the U.S. population. This collaboration demonstrates its commitment to further extending its high-performance 5G capabilities.

    Under the agreement, Nokia will supply its industry-leading AirScale Radio Access Network (RAN) portfolio – including its latest generation Habrok Massive MIMO and Levante Ultra-Performance baseband solutions. These are powered by its energy-efficient ReefShark System-on-Chip technology and will boost T-Mobile’s 5G network for maximum performance, efficiency and reliability. Nokia will also deploy its AI-powered MantaRay SON and AutoPilot, a self-organizing network solution for optimization and automation. The deal includes hardware, software, maintenance, and support services.

    This collaboration will also advance T-Mobile’s network evolution by leveraging next-generation RAN architectures that enhance agility, scalability, and operational efficiency. Nokia will continue to support T-Mobile’s groundbreaking AI-RAN initiatives, including the ongoing technology partnership at T-Mobile’s AI-RAN Innovation Center launched last year. The center is dedicated to integrating AI into RAN to revolutionize network experiences and deliver stronger business outcomes.

    Ulf Ewaldsson, President of Technology, T-Mobile, commented, “T-Mobile’s nationwide standalone 5G network has solidified our global leadership by delivering tangible benefits to our customers. This new agreement with Nokia will further enhance our current network capabilities as we strengthen our journey supercharged with 5G Advanced, laying a robust foundation for future innovation.”

    Justin Hotard, President and CEO of Nokia, said: “This new agreement strengthens our deep partnership with T-Mobile US, and extends their leadership in delivering next-generation connectivity across the U.S. By implementing Nokia’s latest AirScale RAN innovations, along with advanced virtualized and AI-RAN-based solutions, T-Mobile will unlock premium 5G performance for their customers. I’m excited to continue our partnership to shape the next chapter of mobile connectivity in the U.S.”

    Nokia is T-Mobile US’s long-standing partner in RAN. The combination of Nokia’s advanced solutions and T-Mobile’s “Challenger to Champion” strategic initiatives have helped T-Mobile to become America’s largest, fastest, and most awarded 5G network, covering more than 332 million people across two million square miles.

    Multimedia, technical information and related news
    Product Page: Nokia Cloud RAN
    Product Page: Nokia anyRAN
    Product Page: Nokia AirScale Baseband
    Product Page: MantaRay NM

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    The MIL Network –

  • MIL-OSI Russia: Smart, conceptual, bright. Gogol Theatre celebrates 100th anniversary

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The history of the Moscow Drama Theatre named after N.V. Gogol begins on April 24, 1925, when the Traveling Drama and Comedy Theatre appeared under the Central Committee of the Railway Workers’ Trade Union. The path it has taken over 100 years is described in the mos.ru article.

    Theatre of Transport

    The troupe of the Drama and Comedy Theatre, assembled by director and actor Kirill Golovanov, played at the E. F. Kukhmisterov Railway Workers Club, workers’ clubs, at junction stations and station platforms. Tours were an important part of life – the artists showed performances for railway workers in different regions of the country. The repertoire was based on plays telling about the lives of ordinary workers.

    In the 1930s, the theatre received a new name — the Central Theatre of Transport. It remained under the jurisdiction of the Ministry of Railways, but faced some problems that concerned both financing and the creative component. Moscow newspapers of that time repeatedly asked the question: was the Theatre of Transport needed at all? But a solution was found: the theatre and the studio of the 2nd Moscow Art Theatre signed an agreement according to which directors and actors of the 2nd Moscow Art Theatre staged plays and gave lectures there, and the Central Committee of Railway Workers helped them during tours, providing entire carriages on trains.

    In 1939, with the arrival of artistic director Nikolai Petrov, a new era began for the Theatre of Transport. Nikolai Vasilyevich, who had previously directed the Alexandrinsky Theatre in Petrograd, approached this work very systematically. The first thing he did was to invite new playwrights to collaborate. One of them was Alexander Afinogenov — his play Mashenka was staged by the Theatre of Transport simultaneously with the Mossovet Theatre, for which it was written.

    A two-year tour

    In May 1941, the troupe went on tour to the Far East. The Ministry of Railways allocated a ten-car train especially for this trip: the actors, scenery, and even costumes received separate compartments. The Great Patriotic War, which began soon after, extended the planned three-month journey by two years, and the troupe’s schedule was significantly altered. Now they had to perform not only at the best city venues, but also in barracks, depots, and stations. There were cases when the troupe performed a play for only six or seven people.

    Some of the theatre staff went to the front. The rest divided the duties among themselves. For example, the actors were divided into two groups: while the first set up the scenery and tidied up the costumes, the other actually played on stage. Then they changed. Among the plays that were shown in those years were “Notre Dame de Paris”, “The Barber of Seville”, “Russian People”. There was also a play “On the Eve” by Alexander Afinogenov, created especially for this theatre. The author wrote it in the first months of the war; he died in October 1941.

    During these tours, the artists performed more than one thousand performances and gave about 900 concerts.

    Help for the Front and Performances During the Battles. Life of Theaters During the War Years

    In 1943, a very important event took place: the theater was given a building on Kazakova Street — the same one where it is located today. It was not alien to the artists — they had performed on this stage many times before, but they shared the space with various clubs and sections. Today, the 19th-century sleepers that once ran along the entire perimeter of the building are a reminder of the theater’s past — the Railway Workers’ Club. It is impossible to say exactly what their original purpose was, but now they have become that unique interior detail that brings something important to the overall atmosphere.

    Brecht, Rock ‘n’ Roll and Rediscovered Plays

    In 1959, the theatre was named after Nikolai Gogol — the event was timed to coincide with the 150th anniversary of the writer’s birth. By that time, the repertoire had expanded significantly, including not only plays, but also larger works, such as Vyacheslav Shishkov’s “Gloomy River”. Singer and actor Leonid Utesov shone on the stage of the Moscow N.V. Gogol Theatre, playing the lead role in the play “Shelmenko the Orderly” for one season.

    In 1964, the premiere of the play “The Caucasian Chalk Circle” based on the play by Bertolt Brecht took place. The story of a woman who saved someone else’s child at the cost of her own well-being was staged by chief director Alexander Dunayev. It was one of the first productions of Brecht’s play in the country and one of the theater’s most successful performances. The main character was played by the young actress Lyudmila Gavrilova, who had just joined the troupe at the time. Today, she can also be seen on stage, for example, in the play “A Midsummer Night’s Dream”. 

    In 1965, the theatre was headed by director People’s Artist of the RSFSR Boris Golubovsky, who tenderly loved modern drama and prose. Thanks to him, plays began to appear in the repertoire that did not leave the stage for a very long time, such as “Riding a Dolphin”, “Until the Cart Turned Over”, “The Old Cossack Way”, “The Supreme Court” and many others. It was he who brought Boris Chirkov, Emilia Milton, Leonid Kulagin, Yevgeny Menshov, Svetlana Bragarnik, Olga Naumenko and other artists to the troupe.

    In 1974, the theater showed the play “Rock and Roll at Dawn.” According to the plot, American students rehearsed the production of “Jesus Christ Superstar” – the audience of the Gogol Theater became the first in the country to hear the melodies from the famous rock opera.

    In 1988, the theater was headed by director People’s Artist of Russia Sergey Yashin. He paid much attention to the plays of American playwrights Tennessee Williams and Eugene O’Neill. His plays “Suits for a Summer Hotel” and “Long Day’s Journey Into Night” were shown in the United States, and local journalists wrote that the Russian director rediscovered these authors for Americans.

    Our days

    Sergei Ivanovich headed the theatre until 2013. After his departure, it was decided to transform the theatre into a project with three resident troupes. In addition to performances, viewers were invited to film screenings, concerts, lectures and open discussions.

    In 2022, a new page in history will be written. The artistic director was appointed director and laureate of the Moscow Prize in Literature and Art Anton Yakovlev. The repertoire was formed anew – 15 premieres were shown in 2.5 years. Anton Yuryevich himself calls mystical drama the theater’s calling card. “Storm. Temptation” based on the play by Alexander Ostrovsky.

    “This performance defines the direction and form of the theatre, the essence of what I do today,” said the artistic director. “I can also include the recent premiere of the play “Crime and Punishment” among such productions. After watching it, you can understand in which direction the theatre is moving, how the actors work here.”

    Also on the bill today is: “Uncle’s Dream” Fyodor Dostoevsky, “Resurrection” Leo Tolstoy, “The Eldest Son” Alexandra Vampilova and many others. Last season, the premiere of the play “Soboryane” based on the novel by Nikolai Leskov took place — it was staged in collaboration with the Russian Concert Agency. The chamber ensemble “Soloists of Moscow” under the direction of Yuri Bashmet takes part in the play. The production was shown at Russian and international festivals, it was nominated for the Russian National Theatre Award “Golden Mask”, as well as for the Union of Theatre Workers of Russia “Nail of the Season” award.

    In the Power of Phantoms. How Crime and Punishment Was Staged at the Gogol TheatreSincerity with Good Taste. Yuri Bashmet on the Modern Role of Classical Music

    “The Gogol Theatre is very diverse, smart, conceptual, and bright,” added Anton Yakovlev. “It professes the genre of fantastic realism and metamodernism, and advocates an interesting interpretation of classical works.”

    Performances are shown on two stages. The large hall is designed for 610 seats. Three years ago, it was renovated: plastic chairs were removed and comfortable armchairs were installed, a new floor was made, the walls were painted, and modern equipment was installed. The small stage has 115 seats. In addition to performances, creative meetings and conferences are held there. Another important space of the theater is the foyer in front of the large stage. They open and close the season there, organize concerts and performances for children.

    About the future

    The immediate plans include, of course, new performances. Anton Yakovlev will soon begin rehearsals for a production that will combine the plays Romeo and Juliet by William Shakespeare and A Plague on Both Your Houses! by Grigory Gorin. There are plans to bring Zoyka’s Apartment and Morphine by Mikhail Bulgakov to the stage, as well as create an immersive performance based on Lady Macbeth of Mtsensk by Nikolai Leskov.

    But the Gogol Theatre is not only about performances. For example, open rehearsals for spectators and director’s laboratories (jointly with GITIS) for young talents are held here. As a result of one of them, two performances were added to the repertoire – “The Overcoat” and “Notes of a Madman” based on the works of Nikolai Gogol.

    In 2022, the musical and poetic project “Poetomania” began, in which artists read poetry, accompanying themselves on musical instruments. The plans include joint projects with Mosconcert, the Tyumen Philharmonic Orchestra and much more. Details are still being kept secret.

    Get the latest news quicklyofficial telegram channelthe city of Moscow.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153056073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Fair and master classes: what the capital’s NGOs have prepared for the Easter Gift festival

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    The festival is taking place in Moscow until April 30 “Easter Gift”. Non-profit organizations (NPOs) of the capital are also taking part in it. At the charity fair, you can buy goods from the funds to support their wards, and at free master classes, you can master new skills under the guidance of experienced experts and have an interesting time with the whole family.

    “Easter Gift” is one of the most beautiful and beloved Moscow festivals by city residents. It is also an opportunity to once again remind people about good deeds, about how easy it is to help. This year, more than 60 non-profit organizations from the city are taking part in the festival,” said

    Ekaterina Dragunova, Chairman of the capital’s Committee for Public Relations and Youth Policy.

    From Toys to Jewelry: What to Buy at the Fair

    A large charity fair opened at the festival site near the Novye Cheryomushki metro station. Here you can buy knitted toys, candles with a pleasant aroma and decorations from the Guild of Masters. The We Believe in You Foundation, which helps families with special children, offers candles, gift handmade soap and toys. In addition, you can find stylish merch here: sweatshirts, T-shirts, cardholders, thermoses, resin stickers and socks from the Podari Zhizn Foundation.

    At the stand of the BANO “Yaseneva Polyana”, where people with sensory impairments are cared for, ceramics are on display: mugs, plates, cups, candlesticks and stands for storing jewelry.

    In the display case of the Perekrestok Plus foundation, which provides social and psychological assistance to teenagers, you can find useful books, canvas bags, interior decorations made of ceramics and other materials. The House of the Deaf-Blind foundation offers felt brooches, wicker baskets, candlestick houses and ceramic badges.

    All proceeds from the sale of goods will be used to help the wards of non-profit organizations: seriously ill children, people with disabilities, elderly people and animals.

    The charity fair is open daily from 11:00 to 20:00 until April 30.

    Songs, dances and performances

    Creative teams of non-profit organizations will demonstrate their skills at various city venues. Thus, on April 25 at 17:30, Tatyana Orekhova’s inclusive orchestra “Sunny Notes” will perform on the stage on Tverskaya Square. Guests will hear popular classical and jazz pieces.

    On April 26, at 15:00, a vocal and poetry concert of the participants of the “Big Russia” program will begin here, presented by the Union of Music, Cinema and Television Figures.

    On April 27, the Moscow Synodal Choir will perform at 2:00 PM on Tverskaya Square, and at 4:00 PM, a concert program of vocal and choreographic numbers presented by the Art Express Foundation will begin. On the same day, at 12:00 PM, a performance based on a collection of fables by I.A. Krylov will be shown at the venue on Klyuchevaya Street, performed by the junior creative team of the ANO Viking.

    Do-it-yourself miracle

    Taking part in master classes led by NPO specialists is an opportunity to have fun with the whole family, learn something new and make a gift for yourself or loved ones. Classes are free and do not require prior registration, all materials will be provided on site.

    On April 24, at the site on Veshnyakovskaya Street, everyone is invited to create a wreath called “Breath of Spring”. The master class will begin at 16:00, and participants will be assisted by representatives of the “Remesla” rehabilitation center.

    On April 25, two master classes on weaving Easter baskets will be held in the Brigantina Park on Koptevsky Boulevard under the guidance of experts from the Kovcheg Charity Center. The events will begin at 15:00 and 16:00.

    On April 26, in the park on Olonetsky Proezd, representatives of the rehabilitation organization “Yablochko” will teach how to make mosaic magnets in the form of Easter bunnies. Master classes will begin at 12:00 and 13:00.

    On the same day, at Slavy Square, guests will learn how to paint cardboard eggs and wooden window frames under the guidance of representatives of the Union of Artists of Russia. Master classes will begin at 12:00 and 13:00. At 12:00, in Serebryakov Passage, there will be a lesson on the use of art therapy in everyday life, organized by the All-Russian public movement “Mothers of Russia”.

    On April 27, at 12:00, a master class of the National Equestrian Tourism Center for horse lovers will begin in the square on Olonetsky Proezd. At the same time, in Nekrasovka Park, representatives of the Integration Center for the Development of Social Change will teach how to create mosaic magnets, which can be used to decorate your refrigerator or as a gift to a friend.

    On this day, experts from the Union of Artists of Russia will be revealing the secrets of mood landscapes and decorating festive Easter cakes at Slavy Square. Classes will start at 12:00 and 13:00.

    In addition, during the Easter Gift festival, the city’s cafes, restaurants and other venues are hosting the “Good is Here” campaign. To take part, simply purchase a drink in a special cup with a QR code that leads to the mos.ru charity service. It contains 99 verified NPOs. A few clicks are enough to support their wards: children, adults, large families, the elderly, and homeless animals.

    You can learn more about Moscow’s non-profit organizations and how they help everyone who needs support on the website and on the official pages “Cities of the Caring” in social networks. This project is supported by Committee for Public Relations and Youth Policy of the capital.

    Get the latest news quickly official telegram channelthe city of Moscow.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153069073/

    MIL OSI Russia News –

  • MIL-OSI Russia: How teenagers learn to think creatively in the “Cascade digital” workshops at VDNKh

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Turning a drawing into music, creating an installation for a capital museum, and creating an illustrated textbook are the projects teenagers work on in their workshops “Cascade digital” at VDNKh. This is a creative space where you can bring your boldest and most original ideas to life and express yourself in different ways. Children aged 13 to 18 discover their inner world, learn to think outside the box, and see many possible solutions for each task. These skills will come in handy in any profession, and even in life.

    mos.ru correspondents visited the workshops and learned how the classes are conducted, what an artistic gesture is, and how sleep inspires creativity.

    Embodiment of ideas

    Teenage workshops “Cascade digital” are located in pavilion no. 49 at VDNKh. Previously, this building, built in 1954, was called “Sheep Breeding-2” and was part of a complex of buildings related to livestock farming. And in 2022, the workshops received it for permanent use from the Moscow Government with the support of Museum of Moscow.

    “Our workshops appeared in 2018. Before that, my colleague Sasha Kheifets and I worked in museums and often thought: why do many modern teenagers get bored walking around exhibitions? We studied the results of sociological research and realized: at this age, a person is looking for himself, wants to create something of his own, it is difficult for him to passively observe. In addition, the process of growing up is underway, which is not easy for everyone. It is important to be heard, to find like-minded people. This is how the idea came about to create a space for contemporary art, where you can open up, embody any thoughts in creativity, communicate with peers. This initiative was supported by several cultural institutions at once – the Museum of Moscow, the Triumph Gallery, the creative industries center Fabrika. And in 2023, with the support of the Museum of Moscow, we moved to pavilion No. 49 at VDNKh, which became a permanent coworking space for teenagers,” says Lidiya Lobanova, head of the Cascade Digital teenage workshops.

    The pavilion is white as a canvas, except for the burgundy frames around the windows, and this is symbolic: draw whatever you want. And indeed, inside it is decorated according to the project of the guys who study in the workshops “Cascade digital”: multi-colored walls, steps, ceilings, hammocks. In the language of modern art, this is one big installation.

    “Before moving to VDNKh, we opened a two-week program, which was led by architect Natalia Zaychenko. Participants were asked to come up with a space in which they would feel comfortable and good,” explains Lidiya Lobanova.

    Artbook and melodic emotions

    The workshop trains about 100 children for free in 11 areas. Registration is available at website. In October, there is an open day, or fair as it is called here, and everyone can choose their profile, within the framework of which they will attend two-hour classes once a week. The authors of the project believe that during the year it is better for teenagers to focus on one thing: this way creative thinking develops more effectively. Among the most popular workshops are “The Place Where I Am” (understanding space, home), “Modern Theater”, “Documentary Writing Laboratory” (the basics of journalism).

    We find ourselves in a workshop called “Museum and City.” Along the wall of the classroom are sheets of paper with lecture notes and students’ ideas. To the uninitiated, they may seem too unusual. For example: “I feel now that somewhere, in the sedge thickets or among the Himalayan cliffs, there is an amazing ability to address people directly.” This is how teenagers express their thoughts.

    “The Museum and the City workshop is about how to fit modern exhibitions into the urban environment, expressing the attitude to the capital in them. In the future, my graduates will be able to implement their own museum projects. But before moving on to this stage, you need to learn to record any thoughts, not to deny them, even if at first glance they are strange. Therefore, we write everything down and hang it on the wall. At the end of May – beginning of June, we will present an exhibition of finished projects in our space, it will be a performance or installation,” explains the curator of the Museum and the City workshop Nikita Spiridonov.

    The guys gather, each with a cup of tea and cookies: it is important for a creative person to experience pleasure – visual and gustatory. The curator reminds them of the material covered over the year. Performance and installation have much in common, but the first type of contemporary art is dynamic and interactive (for example, the artist invites viewers to draw something on prepared sheets), while the second is static. Moreover, it is not at all necessary to create from scratch – even a ready-made object can become a masterpiece.

    In the next room, a workshop of artistic gestures is starting, led by Irina Litvinova and Dunya Frankstein. “We are professional artists and could teach teenagers academic painting. But we have a different goal – to show that absolutely everything can be turned into an artistic gesture,” says Irina Litvinova.

    Thus, a graduate of the artistic gesture workshop Taisiya Sedova created an art book – a textbook about how the world works, made in the style of naive art. She sewed the pages and backing herself, wrote the texts by hand and illustrated them.

    “Right now, high school students are busy, preparing to pass the Unified State Exam, enter universities, and additionally attend pre-professional classes. And Taisiya decided to unload them by depicting the world through the eyes of a child. She emphasized that everything around us can be not only complex, but also simple. By developing such projects, children gain self-confidence, independence, develop their imagination, and learn to refract the familiar into the meaningful,” says Dunya Frankstein.

    The programs of the “Cascade digital” workshops are designed for a year, but some guys come back again, already in a different direction, and some stay here to work, like, for example, Ivan Sdvizhnikov, curator of the “Oscillations Laboratory” workshop. The young man works with his students on sound design and visual-sound installations and performances. He himself, while studying, developed several projects.

    “In my classes, the kids also learn to translate pictures into sounds. First, they draw in a computer program, then the machine transforms the pixels into notes, and an abstract melody is obtained. Last year, my students created a project: they offered those who wanted to take a test on their emotional state on a tablet, and the speakers played each emotion,” says Ivan Sdvizhnikov.

    Horses and Dreams

    At the end of the academic year, participants in each workshop prepare a final project, which becomes an exhibit at the exhibition in Pavilion No. 49. However, not only graduates of the “Digital Cascade” can present their works: there is a program to support residents – beginning representatives of creative professions. To join it, you need to submit an application on the workshops’ website and send a presentation.

    Thus, from March 27 to April 13, 2025, the exhibition “Dream in Hand” was held, dedicated to the role of the unconscious in creativity. Artist Ksenia Nagornaya brought here the installation “Fall” – this is a booth like those where they take instant photos, on its wall are black and white pictures of a person in fetters, sitting on a chair, and inside on the screen, strokes, candles, threads flicker to disturbing music. And Margo Churaeva prepared a series of drawings called “My Zoo” – they depict horses, made in different styles.

    “These works are about self-knowledge through creativity. Teenagers are inspired by studying the paintings of their older friends or their peers, they also want to create something similar and, probably, get away from some prejudices, fears, doubts, and believe that everything will work out,” explains exhibition curator Asya Maksimova.

    Not all graduates of the “Cascade digital” workshops see art as their calling. Many go into the field of information technology, economics, investment management and other areas. “It is important that in our creative space they find friends with similar interests, see their own potential, understand that they can do a lot and know how to do it, learn to defend their position. This will come in handy in life,” Lidiya Lobanova sums up.

    The Most Beautiful Metro and a House with an Ear. Monumental Stories from the Museum of MoscowThe winner of the All-Russian competition “Contours of Culture” will create a painting for the sports space of VDNKhParticipants of the Art in the Metro project depicted stations of the Big Circle Line

    Get the latest news quicklyofficial telegram channelthe city of Moscow.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153090073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Applications are now being accepted for two internships in the Moscow Government

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Applications are now being accepted for two internships in the Moscow Government for young professionals. Graduates and students of specialized educational institutions are invited to join the program.

    The internship will last six months. Students will be able to combine it with their studies, because they themselves choose a convenient schedule – full-time or part-time. Official employment and salary are also provided.

    Moscow transport

    Graduating students will be able to become part of a large Moscow transport team and work on projects in one of seven areas: Information Technologies, Transport Environment, Transport Management, HR City, Media City, Legal Space, and Urban Economics and Finance.

    80 young specialists have already joined the first internship stream in Moscow transport. Since February, they have been gaining unique experience and helping to develop the most significant city projects, including driverless trams, a high-speed railway, the Big Circle Line of the metro, Moscow Parking, and river transport.

    The new stream, which will begin on August 1, promises to be no less informative. Beginning specialists will be able to learn all the intricacies of working in one of the best transport systems in the world and apply their knowledge, skills and talents to solve difficult but interesting problems.

    During the internship, each participant in the program will be supported by an experienced mentor who will help them adapt to the new place and teach them how to effectively handle all assignments.

    Applicants can apply for an internship on the Moscow Government career portalThen they will have to take a test, record a video business card and meet with the manager.

    Veterinary Internship

    Students and graduates of specialized colleges and universities will be able to gain their first experience in one of the 26 clinics of the State Budgetary Institution “Moscow Veterinary Association”. The organization is part of the State Veterinary Service of the capital and ensures the protection of citizens from the spread of diseases common to humans and animals, as well as the veterinary safety of food products.

    Beginning specialists will be able to choose one of four areas: medical and preventive, surgical, therapeutic and diagnostic. Under the guidance of experienced doctors, young people will learn how to conduct outpatient appointments, collect anamnesis, give injections, make a diagnosis and develop a treatment plan. In addition, interns will learn how to work with documents and electronic databases in the field of veterinary medicine. The most goal-oriented and responsible guys can become permanent employees of state veterinary clinics.

    Thus, Olga Kozyreva, a graduate of the veterinary faculty of the International Veterinary Academy named after K.I. Skryabin, was hired as an outpatient doctor after just one month of internship at the Station for the Control of Animal Diseases of the Eastern and South-Eastern Districts.

    “I always dreamed of treating animals and helping them. The decision to come to this internship was connected with the desire to gain practical experience, which is impossible to master only at a desk at the institute. I wanted to immerse myself in the real work of the clinic, learn to make decisions in stressful situations and understand how the process is organized from the inside,” said Olga Kozyreva.

    To take part in a veterinary internship, you need to fill out a questionnaire on the career portal Moscow Government and take several online tests on logic and motivation. The best candidates will advance to the second stage of the competition, during which they will spend a test day in one of the capital’s clinics.

    The Personnel Services Department has been running an internship program in the Moscow Government since 2011. During this time, more than 2.5 thousand young specialists have joined the work on capital projects and helped make our city even more convenient and comfortable to live in.

    Get the latest news quickly official telegram channelthe city of Moscow.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153104073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Like at the city’s leading enterprises: new workshops and laboratories will be created in Moscow colleges

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Large-scale modernization of workshops and laboratories continues in the capital’s colleges. They are equipped with the same equipment as modern enterprises in the city. This allows students to master the skills necessary for subsequent employment from their first year, the press service reported. Department of Education and Science of the City of Moscow.

    “Modern conditions for student training are being created together with partner employers. New laboratories and workshops are being opened in colleges, and innovative equipment will be installed in existing ones, like in the capital’s largest enterprises. 650 updated laboratories and workshops were modernized in colleges last year, and by the end of this year their total number will reach almost 1.5 thousand,” the department’s press service noted.

    So, inPolytechnic College named after P.A. Ovchinnikov digital metrology laboratories were updated. They were equipped with high-precision measuring instruments for quality control of products. Two new workshops with an automated surface mounting line and a full set of equipment for working with electronic boards were opened to train specialists in radio electronics.

    IN College of Communications No. 54 named after P.M. Vostrukhin The technical maintenance and repair area for power supply devices began operating. Here, students practice their skills in installing, maintaining, and troubleshooting industrial equipment, transformer substations, distribution devices, and overhead power lines. The college also opened the largest production line for assembling printed circuit boards and an electrical and radio assembly workshop, and modernized the quantum communications laboratory, which now has the latest quantum key encryption equipment.

    IN Moscow College of Business Technologies Six IT laboratories were modernized. They installed 180 high-performance computers with domestic software. With their help, students hone their professional skills in the field of creating mobile and web applications, analyzing network security, providing technical support to users, protecting data, backing up and restoring virtual, physical and cloud environments. The equipment allows working with several programs simultaneously and quickly processing graphics to create complex illustrations and animations.

    In the educational complex of urban development “Capital” opened two modern sites for practical training. In the laboratory of ornamental plant growing, students master the technologies of vertical gardening and plant care, using rare watering systems and special lighting. The soil science workshop was equipped with modern equipment – electronic scales and ion pH meters. Here, students analyze seed material, determine the quality of seeds and select optimal soils for industrial use.

    IN College of Automation and Information Technology No. 20 The electrical engineering and electronics laboratory was modernized. It was equipped with modern measuring instruments, including multimeters and oscilloscopes. Students learn to create and configure digital and analog circuits, gaining practical skills for work in the fields of IT, robotics, industrial automation and electronics.

    A new laboratory for practical training of forensic expert skills has opened in Police College. High-tech digital fingerprint scanners and expert lighting have appeared here. Thanks to the “Virtual Forensic Scientist” system, students can practice their investigative skills using virtual reality glasses.

    Detailed information about the in-demand professions and specialties taught in the capital’s colleges is available in the section “Colleges” on the portal“School. Moscow”, in the telegram channel “Colleges of Moscow” and the community of the same name on the social network “VKontakte».

    Practical classes for students of Moscow colleges are held in modern workshops and laboratories. This contributes to the formation and development of professional skills in students and corresponds to the objectives of the “Professionalism” project of the national project “Youth and Children”.

    Get the latest news quickly official telegram channel the city of Moscow.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153067073/

    MIL OSI Russia News –

  • MIL-OSI Russia: Two areas in Alekseevsky district will be improved under the integrated territorial development program

    Translation. Region: Russian Federal

    Source: Moscow Government – Government of Moscow –

    Two sites with a total area of 0.44 hectares in the North-Eastern Administrative District will be reorganized under the program of integrated development of territories (IDT). The corresponding draft decision already posted on the Moscow Government website. This was reported by the Minister of the Moscow Government, head of the capital’s Department of City Property Maxim Gaman.

    “The integrated development project for the territories includes two sites in the north-east of the capital with a total area of 0.44 hectares. They will be landscaped and greened, and outdoor sports grounds will be equipped. The new place for walks, recreation and sports will become part of the already established infrastructure of the Alekseevsky District,” said Maxim Gaman.

    The plots are located at the following addresses: Yaroslavskaya Street, Building 12, and Kosmonavtov Street, Building 2a. The Cosmos Hotel and the VDNKh station of the Kaluzhsko-Rizhskaya metro line are located in close proximity to them.

    According to the KRT program, multifunctional city blocks are created, where roads, comfortable housing and all the necessary infrastructure are designed on the site of former industrial zones and inefficiently used areas. Currently, 302 KRT projects with a total area of about 4.2 thousand hectares are at various stages of development and implementation in the capital. The work is being carried out on behalf of Sergei Sobyanin.

    Get the latest news quicklyofficial telegram channel the city of Moscow.

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    https: //vv.mos.ru/nevs/ite/153099073/

    MIL OSI Russia News –

  • MIL-OSI USA: ICYMI: Markey, Pressley, McGovern Return from Meeting with Rümeysa Öztürk, Mahmoud Khalil

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey
    Lawmakers met with Öztürk, Khalil at Louisiana ICE facilities where they are illegally detained 
    Boston (April 23, 2025) – Senator Edward J. Markey (D-Mass.) and Representatives Ayanna Pressley (MA-07) and Jim McGovern (MA-02) today held a press conference upon their arrival in Boston after meeting with Rümeysa Öztürk and Mahmoud Khalil, two students who have been unlawfully detained by ICE and transported to Louisiana from their homes in retaliation for their protected speech.
    “It’s no secret that the detentions of Rümeysa Öztürk and Mahmoud Khalil are part of an alarming trend by the Trump administration: abduct students and secret them away to remote prisons in jurisdictions where the Administration expects to receive favorable court rulings through its forum shopping. Neither Öztürk nor Khalil has been charged with a crime. When a government imprisons individuals based on their words, denies constitutional due process for political convenience, and cloaks oppression in the language of national security, we must ring the alarm bells loudly and clearly across this country. What the Trump administration is doing is not immigration enforcement – it is authoritarianism,” said Senator Markey.
    “Rümeysa Öztürk and Mahmoud Khalil are being unlawfully held in harrowing conditions at ICE facilities in Louisiana and enduring shameful indignities that no one person should ever have to – and yet they continue to center the dignity and humanity of all people,”said Representative Pressley. “We will never stop fighting for Rümeysa, Mahmoud, and everyone who has been harmed by this cruel and callous White House. We reject Donald Trump’s draconian vision for our country, where dissenting voices are silenced and innocent people are disappeared off the street. He is a dictator, and the only way to beat a dictator is with defiance.”
    “What’s happening to Rümeysa Öztürk and Mahmoud Khalil is a chilling and dangerous violation of their human rights. They’ve committed no crimes, they’ve been charged with no offenses, and they’ve broken no laws. Let’s not mince words: They are political prisoners—held in detention by a government which seeks to punish them for their views and silence their speech. That is immoral and wrong,” said Representative McGovern, Co-Chair of the Tom Lantos Human Rights Commission. “Their arbitrary detention and deprivation of due process is a violation not only of their constitutional rights, but also their rights under international human rights law. This starts with Rümeysa and Mahmoud—but it ends with you. Now is the time to speak out before it is too late. Unless we fight back, this administration will continue weaponizing the government to violate the human rights of those who dare to disagree. We cannot and will not accept this as the new normal.”
    Senator Markey and Representatives Pressley and McGovern were accompanied in Louisiana by Representative Bennie Thompson (MS-02), Ranking Member of House Committee on Homeland Security, Representative Troy Carter (LA-02), and members of ACLU National and ACLU Louisiana.
    Earlier this week, Senator Markey, Representative Pressley, and Senator Elizabeth Warren (D-Mass.) sent a letter to Secretary of Homeland Security Kristi Noem and U.S. Immigration and Customs Enforcement (ICE) Acting Director Todd Lyons to demand answers about the Trump administration’s concerning practice of detaining individuals, such as Öztürk, far from their attorneys and communities and in legal environments where their rights are more difficult to defend. The Trump administration is forum shopping to obtain a legal outcome favorable to its deportation agenda.

    MIL OSI USA News –

  • MIL-OSI: Euronet Worldwide Reports First Quarter 2025 Financial Results – Highlighted by 18% Operating Income Growth

    Source: GlobeNewswire (MIL-OSI)

    • Record first quarter results – revenue, operating income and adjusted EBITDA
    • Operating margin expansion of 80 basis points
    • Continued expansion of its leading cross-border payments network

    LEAWOOD, Kan., April 23, 2025 (GLOBE NEWSWIRE) — Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, reports first quarter 2025 financial results.

    Euronet reports the following consolidated results for the first quarter 2025 compared with the same period of 2024:

    • Revenues of $915.5 million, a 7% increase from $857.0 million (9% increase on a constant currency1 basis).
    • Operating income of $75.2 million, an 18% increase from $64.0 million (22% increase on a constant currency basis).
    • Adjusted operating income2 of $75.2 million, an 18% increase from $63.6 million (23% increase on a constant currency basis).
    • Adjusted EBITDA3 of $118.7 million, a 9% increase from $108.8 million (12% increase on a constant currency basis).
    • Net income attributable to Euronet of $38.4 million, or $0.85 diluted earnings per share, compared with $26.2 million, or $0.55 diluted earnings per share.
    • Adjusted earnings per share4 of $1.13 ($1.33 excluding a one-time operating tax charge of $0.20 per share) compared to $1.28 ($1.13 excluding a one-time operating tax benefit of $0.15 per share).

    See the reconciliation of non-GAAP items in the attached financial schedules.  

    “I am pleased that we achieved double-digit constant currency growth in adjusted operating income and adjusted EBITDA, highlighted by an 18% increase in adjusted operating income over the prior year. All segments contributed to the strong earnings.  Moreover, the contribution of double-digit earnings growth reflects the strength of our strategic focus on our global payment network which concentrates on high value, digital payments complemented by cross-border transactions.  On an apples-to-apples basis our adjusted EPS of $1.33 increased 18% from $1.13 in the first quarter of 2024,” stated Michael J. Brown, Euronet’s Chairman and Chief Executive Officer. 

    “I would offer that we do not see any direct impacts on our business as a result of the recent United States’ tariff actions.  With a good start to the year together with our diversified global business, we are reaffirming our expectation to produce 12% to 16% earnings growth for the year,” continued Mr. Brown.

    Segment and Other Results

    The EFT Processing Segment reports the following results for the first quarter 2025 compared with the same period or date in 2024:

    • Revenues of $232.5 million, a 7% increase from $217.2 million (10% increase on a constant currency basis).
    • Operating income of $23.3 million, an 8% increase from $21.5 million (13% increase on a constant currency basis).
    • Adjusted Operating income of $23.3 million, a 10% increase from $21.1 million (15% increase on a constant currency basis).
    • Adjusted EBITDA of $47.6 million, a 6% increase from $44.7 million (10% increase on a constant currency basis).
    • Transactions of 3,463 million, a 38% increase from 2,502 million.
    • Total of 55,512 installed ATMs as of March 31, 2025, a 5% increase from 53,029. We operated 51,875 active ATMs as of March 31, 2025, a 5% increase from 49,290 as of March 31, 2024.

    Constant currency revenue, operating income, and adjusted EBITDA growth in the first quarter 2025 was driven by market expansion, growth across most existing markets and the addition of access fees and interchange fees in certain markets. 

    Moreover, the EFT Processing Segment launched operations in two additional countries — Dominican Republic and Peru.

    Transaction growth outpaced revenue growth due to continued growth in high-volume low-value transactions in India. 

    The epay Segment reports the following results for the first quarter 2025 compared with the same period or date in 2024:

    • Revenues of $267.4 million, a 4% increase from $257.1 million (8% increase on a constant currency basis).
    • Operating income of $26.8 million, a 1% increase from $26.6 million (5% increase on a constant currency basis).
    • Adjusted EBITDA of $28.4 million, consistent with prior year (5% increase on a constant currency basis).
    • Transactions of 1,134 million, a 19% increase from 953 million.
    • POS terminals of approximately 735,000 as of March 31, 2025, consistent with prior year.
    • Retailer locations of approximately 358,000 as of March 31, 2025, a 4% from 345,000.

    Constant currency revenue growth was driven by continued payments, digital media and mobile growth. Operating income and adjusted EBITDA growth did not keep pace with revenue growth due to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter during the quarter. Excluding this item, adjusted operating income would have grown 22% over the first quarter 2024 – reflecting the benefit of revenue growth and effective expense management.

    epay’s transactions benefited as well from the continuation of strong growth in high-volume low-value transactions in India. 

    The Money Transfer Segment reports the following results for the first quarter 2025 compared with the same period or date in 2024:

    • Revenues of $417.7 million, a 9% increase from $384.6 million (10% increase on a constant currency basis).
    • Operating income of $45.1 million, a 21% increase from $37.2 million (23% increase on a constant currency basis).
    • Adjusted EBITDA of $51.3 million, a 15% increase from $44.5 million (17% increase on a constant currency basis).
    • Total transactions of 44.6 million, a 10% increase from 40.6 million.
    • Network locations of approximately 624,000 as of March 31, 2025, a 7% increase from approximately 583,000.

    Constant currency revenue growth was primarily driven by double-digit growth in cross-border transactions, partially offset by a decrease in intra-US transactions. Direct-to-consumer digital transactions grew by 31%, reflecting strong consumer demand for digital products. Operating income and Adjusted EBITDA growth outpaced revenue growth due to gross margin expansion, leverage of scale and effective expense management.

    Additionally, the Money Transfer segment continued to expand its industry leading global payments network to now reach 4.0 billion bank accounts, 3.2 billion wallet accounts and 624,000 payment locations.

    Corporate and Other reports $20.0 million of expense for the first quarter 2025 compared with $21.3 million for the first quarter 2024. The decrease in corporate expenses is largely from the decrease in long-term share-based compensation.

    Balance Sheet and Financial Position
    Unrestricted cash and cash equivalents on hand was $1,393.6 million as of March 31, 2025, compared to $1,278.8 million as of December 31, 2024. Total indebtedness was $2,202.5 million as of March 31, 2025, compared to $1,949.8 million as of December 31, 2024. Availability under the Company’s revolving credit facilities was approximately $623.1 million as of March 31, 2025. The change in net debt is the result of share repurchases, the repurchase of the convertible notes, and working capital fluctuations, partially offset by cash generated from operations.

    The Company repurchased 0.6 million shares for $59.6 million during the First quarter, which will improve earnings per share by 1% for future periods.

    During the quarter, Euronet repurchased $492 million of convertible notes.

    Non-GAAP Measures
    In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, operating income, adjusted EBITDA, and adjusted earnings per share. These measures should be used in addition to, and not a substitute for, revenues, operating income, net income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company’s performance and overall results of operations. These non-GAAP measures are also an integral part of the Company’s internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

    The Company does not provide a reconciliation of its forward-looking non-GAAP measures to GAAP due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for GAAP and the related GAAP and non-GAAP reconciliation, including adjustments that would be necessary for foreign currency exchange rate fluctuations and other charges reflected in the Company’s reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.  

    (1) Constant currency financial measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company’s results when compared to the prior period.

    (2) Adjusted operating income is defined as operating income excluding non-cash purchase accounting adjustments.  Adjusted operating income represents a performance measure and is not intended to represent a liquidity measure. 

    (3) Adjusted EBITDA is defined as net income excluding, to the extent incurred in the period, interest expense, income tax expense, depreciation, amortization, share-based compensation and other non-cash purchase accounting adjustment, non-operating or non-recurring items that are considered expenses or income under U.S. GAAP. Adjusted EBITDA represents a performance measure and is not intended to represent a liquidity measure.

    (4) Adjusted earnings per share is defined as diluted U.S. GAAP earnings per share excluding, to the extent incurred in the period, the tax-effected impacts of: a) foreign currency exchange gains or losses, b) share-based compensation, c) acquired intangible asset amortization, d) non-cash income tax expense, e) non-cash purchase accounting adjustment f) non-cash investment gain g) other non-operating or non-recurring items and h) dilutive shares relate to the Company’s convertible bonds. Adjusted earnings per share represents a performance measure and is not intended to represent a liquidity measure. 

    Conference Call and Slide Presentation
    Euronet Worldwide will host an analyst conference call on April 24, 2025, at 9:00 a.m. Eastern Time to discuss these results. The call may also include discussion of Company developments on the Company’s operations, forward-looking information, and other material information about business and financial matters. To listen to the call via telephone please register at Euronet Worldwide First Quarter 2025 Earnings Call. The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should register at least five minutes prior to the scheduled start time of the event. A slideshow will be included in the webcast. A webcast replay will be available beginning approximately one hour after the event at  http://ir.euronetworldwide.com and will remain available for one year.

    About Euronet Worldwide, Inc.
    Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone. 

    A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,512 installed ATMs, approximately 1,214,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 69 countries; card software solutions; a prepaid processing network of approximately 735,000 POS terminals at approximately 358,000 retailer locations in 64 countries; and a global money transfer network of approximately 624,000 locations serving – countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company’s website at www.euronetworldwide.com.

    Statements contained in this news release that concern Euronet’s or its management’s intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet’s actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from pandemics; inflation; the war in the Ukraine and the related economic sanctions and tariffs; military conflicts in the Middle East; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company’s filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC’s Edgar website or by contacting the Company. Any forward-looking statements made in this release speak only as of the date of this release. Except as may be required by law, Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website.  

     
     EURONET WORLDWIDE, INC.
     Condensed Consolidated Balance Sheets
     (in millions)
           
      As of    
      March 31,   As of
      2025   December 31,
      (unaudited)   2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 1,393.6   $ 1,278.8
    ATM cash 700.3   643.8
    Restricted cash 10.8   9.2
    Settlement assets 1,418.6   1,522.7
    Trade accounts receivable, net 330.5   284.9
    Prepaid expenses and other current assets 319.9   297.1
    Total current assets 4,173.7   4,036.5
           
    Property and equipment, net 337.4   329.7
    Right of use lease asset, net 146.1   132.1
    Goodwill and acquired intangible assets, net 1,070.9   1,048.1
    Other assets, net 325.4   288.1
    Total assets $ 6,053.5   $ 5,834.5
           
    LIABILITIES AND EQUITY      
    Current liabilities:      
    Settlement obligations $ 1,418.6   $ 1,522.7
    Accounts payable and other current liabilities 843.6   841.0
    Current portion of operating lease liabilities 50.8   48.3
    Short-term debt obligations 295.4   814.0
    Total current liabilities 2,608.4   3,226.0
           
    Debt obligations, net of current portion 1,906.0   1,134.4
    Operating lease liabilities, net of current portion 97.8   87.4
    Capital lease obligations, net of current portion 1.1   1.4
    Deferred income taxes 57.3   71.8
    Other long-term liabilities 81.2   84.3
    Total liabilities 4,751.8   4,605.3
    Equity 1,301.7   1,229.2
    Total liabilities and equity $ 6,053.5   $ 5,834.5
     EURONET WORLDWIDE, INC.
     Consolidated Statements of Operations
     (unaudited – in millions, except share and per share data)
           
       Three Months Ended
      March 31,
      2025   2024
           
    Revenues $ 915.5     $ 857.0  
           
    Operating expenses:      
    Direct operating costs 561.0     533.7  
    Salaries and benefits 164.1     154.7  
    Selling, general and administrative 83.0     71.9  
    Depreciation and amortization 32.2     32.7  
    Total operating expenses 840.3     793.0  
    Operating income 75.2     64.0  
           
    Other income (expense):      
    Interest income 5.3     5.7  
    Interest expense (19.4 )   (14.9 )
    Foreign currency exchange (loss) (18.1 )   (12.5 )
    Other income (expense) 2.5     (0.1 )
    Total other income (expense), net (29.7 )   (21.8 )
    Income before income taxes 45.5     42.2  
           
    Income tax expense (7.1 )   (16.0 )
           
    Net income 38.4     26.2  
    Net loss attributable to non-controlling interests —     —  
    Net income attributable to Euronet Worldwide, Inc. $ 38.4     $ 26.2  
    Add: Interest expense from assumed conversion of convertible notes, net of tax   1.0       0.9  
    Net income for diluted earnings per share calculation $ 39.4     $ 27.1  
    Earnings per share attributable to Euronet      
    Worldwide, Inc. stockholders – diluted $ 0.85     $ 0.55  
           
    Diluted weighted average shares outstanding 46,239,523     48,962,583  
           
     EURONET WORLDWIDE, INC.
    Reconciliation of Net Income to Operating Income (Expense) to Adjusted Operating Income (Expense) and Adjusted EBITDA
     (unaudited – in millions)
                       
      Three months ended March 31, 2025
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 38.4  
                       
    Add: Income tax expense                 7.1  
    Add: Total other expense, net                  29.7  
                       
    Operating income (expense)  $ 23.3     $ 26.8     $ 45.1     $ (20.0 )   $ 75.2  
    Add: Depreciation and amortization 24.3     1.6     6.1     0.2     32.2  
    Add: Share-based compensation  —     —     0.1     11.2     11.3  
    Earnings before interest, taxes, depreciation, amortization and share-based compensation (Adjusted EBITDA) $ 47.6     $ 28.4     $ 51.3     $ (8.6 )   $ 118.7  
                       
      Three months ended March 31, 2024
                       
      EFT Processing   epay   Money Transfer   Corporate Services   Consolidated
                       
    Net income                 $ 26.2  
                       
    Add: Income tax expense                  16.0  
    Add: Total other expense, net                 21.8  
                       
    Operating income (expense) $ 21.5     $ 26.6     $ 37.2     $ (21.3 )   $ 64.0  
    Less: Non-cash purchase accounting adjustment (0.4 )   —     —     —     (0.4 )
    Adjusted operating income (1) 21.1     26.6     37.2     (21.3 )   63.6  
    Add: Depreciation and amortization 23.6     1.7     7.3     0.1     32.7  
    Add: Share-based compensation —     —     —     12.5     12.5  
    Earnings before interest, taxes, depreciation, amortization and share-based compensation, non-cash purchase accounting adjustment (Adjusted EBITDA) $ 44.7     $ 28.3     $ 44.5     $ (8.7 )   $ 108.8  

    (1) Adjusted operating income and Adjusted EBITDA are non-GAAP measures that should be considered in addition to, and not a substitute for, net income computed in accordance with U.S. GAAP.

     
     EURONET WORLDWIDE, INC.
     Reconciliation of Adjusted Earnings per Share
     (unaudited – in millions, except share and per share data)
           
       Three Months Ended
      March 31,
      2025   2024
           
    Net income attributable to Euronet Worldwide, Inc. $ 38.4     $ 26.2  
           
     Foreign currency exchange loss 18.1     12.5  
     Intangible asset amortization(1) 4.5     5.5  
     Non-cash purchase accounting adjustment(2) —     (0.4 )
     Share-based compensation(3) 11.3     12.5  
     Income tax effect of above adjustments(4) —     0.6  
     Non-cash investment gain(5) (3.0 )   —  
     Non-cash GAAP tax expense (benefit)(6) (19.3 )   2.5  
           
     Adjusted earnings(7) $ 50.0     $ 59.4  
           
     Adjusted earnings per share – diluted(7) $ 1.13     $ 1.28  
           
    Diluted weighted average shares outstanding (GAAP)   46,239,523     48,962,583  
    Effect of adjusted EPS dilution of convertible notes   (2,347,536 )     (2,781,818 )
    Effect of unrecognized share-based compensation on diluted shares outstanding    371,757     355,219  
    Adjusted diluted weighted average shares outstanding   44,263,744     46,535,984  

    (1) Intangible asset amortization of $4.5 million and $5.5 million are included in depreciation and amortization expense of $32.2 million and $32.7 million for both the three months ended March 31, 2025 and March 31, 2024, in the consolidated statements of operations.

    (2) Non-cash purchase accounting expense adjustment of $0.4 million is included in operating income for the three months ended March 31, 2024, in the consolidated statement of operations.

    (3) Share-based compensation of $11.3 million and $12.5 million are included in salaries and benefits expense of $164.1 million and $154.7 million for the three months ended March 31, 2025 and March 31, 2024, respectively, in the consolidated statements of operations.

    (4) Adjustment is the aggregate U.S. GAAP income tax effect on the preceding adjustments determined by applying the applicable statutory U.S. federal, state and/or foreign income tax rates. 

    (5) Non-cash investment gain of $3.0 million is included in other income in the consolidated statement of operations.

    (6) Adjustment is the non-cash GAAP tax impact recognized on certain items such as the utilization of certain material net deferred tax assets and amortization of indefinite-lived intangible assets.

    (7) Adjusted earnings and adjusted earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income and earnings per share computed in accordance with U.S. GAAP. 

    The MIL Network –

  • MIL-Evening Report: Election meme hits and duds – we’ve graded some of the best (and worst) of the campaign so far

    Source: The Conversation (Au and NZ) – By T.J. Thomson, Senior Lecturer in Visual Communication & Digital Media, RMIT University

    As Australia begins voting in the federal election, we’re awash with political messages.

    While this of course includes the typical paid ads in newspapers and on TV (those ones with the infamously fast-paced “authorised by” postscripts), political parties and lobby groups now compete especially hard for our attention online.

    And, if there’s one thing internet users love, it’s a good meme.

    Indeed, as far back as two elections ago, in the 2019 campaign, the Liberal Party discovered the power of so-called “boomer memes”, and harnessed them effectively to help secure a third term in government.

    The other parties have since caught on though, and are battling hard to win the messaging war in a way that will resonate with voters, especially those who are inclined to ignore a typical political advertisement.

    What makes a good meme?

    The best political communication often contains a few key elements.

    First, it should be developed with a clear understanding of context, purpose and audience. If the target audience can’t get the message pretty much straight away, then it’s not much good.

    It should also spark some sort of emotional reaction. It should make voters feel something and motivate them to act, or change their voting intention.

    When it comes to political memes in particular, they need to make some clear reference to widely known cultural material. This might be a trending event in popular culture, or fit into an established meme format.

    And, of course, the best memes are fun. As the quote, often attributed to American funnyman Andy Kaufman, goes: “if you can make someone laugh, you can make them think”.

    Below, we have collected some of the major Australian political parties’ recent efforts on the meme front during the 2025 election campaign, and assessed their effectiveness. We graded them from “A” for best down to “D” for worst.

    Grading political messages

    We’ll start with the “diss track” the Liberals released earlier this month.

    We’d give this one a “D” grade. It focuses heavily on cost of living and might spark an emotional reaction from voters who feel pain when going to the shops. But, it’s highly unlikely to hit the mark, given it was released on a minor platform, and rap music (with its Black American roots) doesn’t exactly gel with the Liberal Party’s overall image and ethos.

    One SoundCloud user probably best summed up the vibe here, by referencing another famous internet meme: “how do you do, fellow kids?”



    Read more:
    Why the Coalition’s tone-deaf diss track was bound to hit all the wrong notes

    The Liberals did much better, however, with their version of the popular AI action figure trend that’s sweeping the Internet.

    We’d give this one a solid “B+.” It features some clever one-liners, makes use of a current trend, and makes its point easily and quickly. We knock a few points off for the redundant focus on “cheaper power” This would have been better as two separate issues rather than repeating one twice.

    Instead, we give Labor’s version a “C-”.

    It looks only barely like the prime minister. He is shown as neutral rather than smiling. And the accessories chosen feel forced.

    Although both memes tap into a trend, their shelf life will likely be short. This is in contrast to political ads like the below.

    Rather than jump on the latest, short-lived trend, this ad draws on cultural material that’s more than three decades old but considered classic. The juxtaposition of a widely seen children’s cartoon with a political ad provides a surprising contrast. And the strategic editing drew more than a few giggles out of us.

    We’d give this one an “A-.” It still relies on audio, which is often disabled by default, to get its point across but is solid, overall.

    This ad by the Greens, however, misses the mark.

    We like Lady Gaga as much as the next person, but the cultural connection here seems dated and forced. Rather than focus on one key message, the ad instead mentions five separate policy positions. It also doesn’t work without audio. We’d give it a “C-.”

    The Labor Party had more of a hit with this meme, though:

    It appropriates the Venn diagram, a well-established meme format, which requires a degree of creativity and intelligence to pull off successfully. It makes a clear point, but also doesn’t bash its audience around the head with it. So, we’d give this a “B+”.

    One of the best memes we’ve seen recently, however, comes from a Facebook page connected to The Greens:

    The Simpsons has become a kind of lingua franca of the internet over the last decade or more, and has been the genesis of many, many popular memes, including during the last federal election.

    This meme not only taps into that existing internet culture, and gestures towards one of the show’s sweetest-ever moments in recounting the circumstances of Maggie’s birth, but also cleverly draws on and repurposes one of the attack lines being used against the Greens (“Can’t vote Greens. Not this time”) by the lobby group Advance Australia. It’s a clever piece of communication and one of the few “A”-grade memes we’ve encountered in the campaign so far.

    Your turn

    Keep an eye on the memes you encounter in the next few weeks in the lead-up to the election on May 3. Which ones do you find effective and why?

    But memes are only part of the story. Also consider the positions of the candidates and parties and their substantive policies. Memes, good or bad, can only go so far.

    T.J. Thomson receives funding from the Australian Research Council. He is an affiliated researcher with the ARC Centre of Excellence for Automated Decision-Making & Society.

    Stephen Harrington receives funding from the Australian Research Council, for the Discovery Project ‘Understanding and Combatting “Dark Political Communication”‘. He has made occasional donations to candidates for The Australian Greens.

    – ref. Election meme hits and duds – we’ve graded some of the best (and worst) of the campaign so far – https://theconversation.com/election-meme-hits-and-duds-weve-graded-some-of-the-best-and-worst-of-the-campaign-so-far-254709

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Why AUKUS remains the right strategy for the future defence of Australia

    Source: The Conversation (Au and NZ) – By Jennifer Parker, Adjunct Fellow, Naval Studies at UNSW Canberra, and Expert Associate, National Security College, Australian National University

    Australian strategic thinking has long struggled to move beyond a narrow view of defence that focuses solely on protecting our shores. However, in today’s world, our economy could be crippled without an enemy boot stepping foot on Australian soil.

    Australia’s acquisition of nuclear-powered submarines through AUKUS marks a shift in this mindset.

    It is not a strategy in itself, but a structural pivot: a recognition that our vital interests lie far beyond the coastline, and that defending them requires Australia to project its maritime power.

    Protecting our vital sea lanes

    Over a century ago, US naval officer Alfred Thayer Mahan observed that “wars are won by the economic strangulation of the enemy from the sea”.

    While not universally true, this maxim is directly relevant to an island nation like Australia – 99% of our international trade moves by sea.

    But not just any trade – our critical supplies of fuel, fertiliser and ammunition all come by sea. Australia’s economy and defences would be crippled if these things were stopped at sea.

    These vulnerabilities are compounded by our growing dependence on undersea cables for communications.

    Strategic concepts that rely on making Australia’s territory a hard target, such as the “strategic defensive”, fail to grapple with this reality, perpetuating a flawed understanding of how to defend Australia.

    Viewing Australia’s interests solely through the lens of avoiding or defeating a territorial attack overlooks the reality that an adversary could cripple the nation far more easily through the maritime, space or cyber domains.

    The ability to project power in the seas and oceans far from Australia’s shores is critical to protecting these seaborne supply lines and sustaining the national economy. This is where AUKUS comes in – the endurance and range of nuclear-powered submarines are a key element.

    Developing a future maritime strategy

    Australia’s future nuclear-powered submarines would make adversary naval task groups vulnerable if they threatened our maritime trade routes.

    Much more is needed, however, to deliver a coherent maritime strategy. This includes:

    • expanding our surface combatant fleet

    • addressing the vulnerability of Australia’s limited number of resupply, mine warfare and hydrographic vessels

    • and resolving longstanding issues around our strategic fleet (commercial ships that could be requisitioned in a time of crisis).

    We must also expand our flagged merchant shipping fleet by reforming the Australian International Shipping Register. And we must strengthen our domestic maritime security through the establishment of a national coastguard.

    But AUKUS, as the centrepiece of our future undersea capability, is a good start.

    AUKUS’ critics

    AUKUS has attracted plenty of criticism — particularly following the new Trump administration’s moves away from the US’ traditional allies in Europe.

    Yet, despite claims the three-phase AUKUS submarine plan is failing, it remains remarkably on track.

    Like any complex defence acquisition, it carries risks. These risks include the continued political will to keep the deal on track, as well as the workforce, delivery schedule and cost pressures that come with building the submarines.

    But the relevant question is not whether risks exist — if that were the test, most defence programs wouldn’t proceed. The question is whether the risks around AUKUS are being effectively mitigated.

    And as the three phases of the AUKUS deal progress, these risks will continue to evolve. Australia must remain focussed on addressing them.

    Political will is firm

    The political risk has been most salient recently, given the Trump administration’s actions on Europe, Ukraine, foreign aid and tariffs. But while these disruptions are significant, they were largely foreshadowed.

    By contrast, the political signals coming out of Washington around AUKUS have been overwhelmingly positive. This is because AUKUS is in the US’ strategic interests as much as it is in Australia’s interests.

    Importantly, the political commitment to AUKUS in Canberra, Washington and London has already been demonstrated.

    The “optimal pathway” to guide the agreement into the 2030s was signed within 18 months of AUKUS’ launch in September 2021. And the AUKUS treaty that enables the US and UK to transfer nuclear submarine technology and equipment to Australia has since been signed and entered into force among all three partners.

    In Australia, bipartisan support has held for over three years, with no sign of weakening.

    Australia’s importance to the US

    Many critics have also focused on the risks posed by the US submarine industrial base and its ability to build nuclear-powered submarines quickly enough.

    The US would need to increase its production rate to two Virginia-class submarines per year by 2028 – and subsequently to 2.33 submarines per year – in order to reach the target US fleet of 66 submarines by 2054.

    But this does not preclude the sale of three Virginia-class submarines to Australia in the early 2030s. Australia is not just a recipient of submarines from the US — it will help enable the US’ undersea operations in the region.

    Our role as a rotational hub for US submarines and the longstanding support we can offer the US fleet through facilities such as the Harold E. Holt submarine communications station makes our contribution far more valuable than the notional loss of three submarines on paper.

    Could this change in the future? Like all international arrangements, of course it could. But there is no indication at present that it will.

    The defence of Australia is not simply about protecting our continent from attack — it is about safeguarding vital national interests. For an island nation, that means securing maritime trade routes and undersea infrastructure.

    Even for those concerned about the extremely unlikely prospect of invasion, a robust maritime strategy also enables threats to be defeated well before they reach our shores.

    Through its emphasis on maritime power projection, AUKUS reflects a fundamental shift in how we think about defending Australia in the decades ahead.

    This is the final part of a series on the future of defence in Australia. Read the other stories here.

    Jennifer Parker is a 20-year veteran of the Royal Australian Navy.

    – ref. Why AUKUS remains the right strategy for the future defence of Australia – https://theconversation.com/why-aukus-remains-the-right-strategy-for-the-future-defence-of-australia-254985

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA: “Devastating Loss”: Senator Murray Slams Trump Gutting Women’s Health Initiative—WHI is the Largest and Most Influential National Study of Women’s Health & Based out of Fred Hutch in Seattle

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    ICYMI from Science: “NIH guts its first and largest study centered on women”
    ICYMI: In Senate Forum on NIH Research, Senator Murray Highlights How Trump and Elon’s Devastating Funding Cuts and Mass Layoffs are Putting Lifesaving Research At Risk
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), a senior member and former Chairof the Senate Health, Education, Labor, and Pensions (HELP) Committee and former Chair of the Senate Appropriations Labor-HHS-Education & Related Agencies Subcommittee released the following statement on the Trump administration gutting the historic Women’s Health Initiative (WHI), the largest National Institutes of Health (NIH) effort studying the health needs of women. WHI has enrolled more than 160,000 participants in clinical trials and tracked the health of many thousands more over more than three decades since its inception in the early 1990s. There are currently over 42,000 participants that are actively involved. WHI’s findings have had a major influence on women’s health care, reducing rates of cancer and other diseases, and influencing clinical guidelines for multiple health factors.
    Yesterday, WHI investigators were informed that the Department of Health and Human Services (HHS) will terminate WHI Regional Center (RC) contracts at the end of their current fiscal year, September 2025. According to the WHI Funding Announcement issued yesterday, the WHI Clinical Coordinating Center, which is based at the Fred Hutchinson Cancer Research Center in Seattle, will continue operations until January 2026, after which time its funding remains uncertain. “The full implications of these funding cuts are still being determined, but these contract terminations will significantly impact ongoing research and data collection—especially the detailed participant health event data collected by RC staff. The loss of this critical data stream would severely limit WHI’s ability to generate new insights into the health of older women, one of the fastest-growing segments of our population,” the notice read.
    “This is a devastating loss for women’s health research. It’s unacceptable and truly tragic that the Trump administration has decided to pull the plug on one of the most influential studies in the world and one that has led to enormous breakthroughs in preventing chronic disease—a stated goal of HHS leadership—and helping women everywhere live healthier and longer lives.
    “The Women’s Health Initiative has not only led to major advancements in our understanding of women’s health issues, especially in older women, but it has paved the way for a generation of researchers focused on women’s health—which has long been overlooked and underfunded. Now, Trump, Elon, and our pro-disease Health Secretary RFK Jr. are taking an axe to a study that has helped millions of Americans live healthier lives and have better treatment options—yet another example of how this administration is hell-bent on cutting health research to the bone without a clue and without a care for the consequences.
    “Destroying the Women’s Health Initiative is an unbelievably shortsighted move that will have an immense long-term cost for our country—in undiscovered treatments and cures, the loss of vast amounts of data to improve women’s health, and a less healthy population overall.
    “This is an unconscionable loss—and I am calling on every one of my colleagues, especially my Republican colleagues who understand the importance of supporting research into women’s health, to join me in demanding that the Trump administration immediately reverse course.”
    Senator Murray has been leading the charge against the Trump administration’s efforts to gut lifesaving research at NIH and fire en masse more than 1,300 skilled scientists and grants administrators at the agency. When the Trump administration attempted to illegally cap indirect cost rates at 15 percent, Senator Murray immediately and forcefully condemned the move, led the entire Senate Democratic caucus in a letter decrying the proposed change, and introduced amendments to Senate Republicans’ budget resolution to reverse it, which Republicans blocked.
    As a longtime appropriator and former Chair of the Senate HELP Committee, Senator Murray has always championed women’s health care and fought to boost investments in women’s health care research in particular. As the former Chair of the Senate Appropriations Labor-HHS-Education & Related Agencies Subcommittee, Senator Murray has fought for increases in women’s health research programs across NIH, including the Implementing a Maternal Health and Pregnancy Outcomes Vision for Everyone (IMPROVE) Initiative and the Office of Research on Women’s Health. As the top Democrat on the Senate HELP Committee, Murray led negotiations and passage of the 21st Century Cures Act in 2016, bipartisan legislation that provided $4.8 billion over the next 10 years to invests in a wide range of health priorities including with regards to women’s health care. Murray leads and has repeatedly introduced the Jeanette Acosta Invest in Women’s Health Act, which would increase women’s access to preventive and lifesaving cancer screenings. Murray has also been a strong advocate for women veterans’ health care—transforming the VA over decades to meet the needs of women veterans, whether by authoring and passing the Women Veterans Health Care Improvement Act in 2010, helping to pass the Deborah Sampson Act and MAMMO Act to address gender disparities at VA and expand access to breast cancer screening and treatment at VA, or by delivering annual funding as an appropriator to help VA provide the necessary care for women veterans.
    Last year as Chair of the Senate Appropriations Committee, Senator Murray delivered a record $900 million investment in women veterans’ health care, as well as a $300 million funding boost for NIH. Senator Murray also leads landmark bipartisan legislation endorsed by Halle Berry to boost menopause research and, for the first time, coordinate the federal government’s existing programs related to menopause and mid-life women’s health. Earlier this month, Senator Murray introduced separate bipartisan legislation to require VA and the Department of Defense (DoD) to research and study the effects of menopause on women servicemembers and women veterans
    Over her years as a senior member of the Appropriations Committee, Senator Murray secured billions of dollars in increases for biomedical research at the National Institutes of Health, and during her time as Chair of the HELP Committee, she established the new ARPA-H research agency as part of her PREVENT Pandemics Act to advance some of the most cutting-edge research in the field.

    MIL OSI USA News –

  • MIL-OSI Australia: Police road safety presence remains over ANZAC Day long weekend

    Source: New South Wales – News

    South Australia Police will continue road safety action into the ANZAC Day long weekend following hundreds of road safety offences over the Easter long weekend.

    Officer in Charge of Traffic Services Branch, Superintendent Shane Johnson said unfortunately one life was lost on Thursday, 10 people were seriously injured and whilst overall detections were slightly lower, many drivers still made unsafe choices.

    “Overall, it is pleasing to see fewer detections across the Fatal Five categories this year, however speeding remains an issue, with 925 detections,” Superintendent Johnson said.

    “When you’re driving this long weekend, keep an eye on your speed, it’s easy to creep over the speed limit if you get complacent.”

    Operation Safe Long Weekend was conducted state-wide from Thursday 17 to Monday 21 April, returning road safety offences including:

    • 78 Drink driving
    • 81 Drug driving
    • 925 Speeding
    • 28 Distraction
    • 303 Dangerous driving
    • 24 Seatbelt

    An incident of note involved a 31-year-old Two Wells man who was detected drug driving, travelling at 156km/h in a 110km/h speed zone and driving unlicenced on Thursday 17 April. He was issued with a six-month Immediate Loss of Licence and expiations for driving whilst unlicensed and at excessive speed. Depending on forensic analysis of the drug test, he may be summonsed to court.

    “Police will continue to deliver a strong presence throughout the ANZAC Day long weekend with two operations running to ensure the safety of all road users,” Superintendent Johnson added.

    Operation Safe Long Weekend will target the Fatal Five road safety offences categories while Operation Stop Drink Drug Drive will see RBTs and drug testing stations active state-wide from Thursday 25 to Sunday 27 April.

    “Although there will be stationary random breath testing sites around the state, remember every police car has this equipment so stop yourself before we stop you.”

    MIL OSI News –

  • MIL-Evening Report: Markets are choppy. What should you do with your super if you are near retirement?

    Source: The Conversation (Au and NZ) – By Natalie Peng, Lecturer in Accounting, The University of Queensland

    Shutterstock

    For Australians approaching retirement, recent market volatility may feel like more than just a bump in the road.

    Unlike younger investors, who have time on their side, retirees don’t have the luxury of waiting out downturns. A sharp dip just before, or as you begin drawing down your superannuation, can leave lasting damage.

    It’s not just about watching your super balance dip.

    The real danger comes if you need to start withdrawing funds during a slump. Doing so can lock in losses and make it harder for your remaining savings to recover. The timing of poor market returns is known in finance circles as “sequencing risk”. And it can shorten the life of your retirement savings.

    What’s going on in markets?

    So far in 2025, global shares as measured by the MSCI World Index have fallen 4.6%. Concerns over stubborn inflation and trade tensions that will hurt growth are keeping investors on edge.

    If your superannuation is in a “balanced” option, with diversified investments in stocks, bonds, private markets and cash, your balance will have fallen by less than this amount.

    Zoom out and the story looks better. Over the past year, total returns for the MSCI index remain strong, up 6.5%.

    It’s a reminder that downturns are often followed by rebounds. We saw this during the COVID crash in 2020, when markets plummeted, only to recover more than 50% over the following year.

    Still, for those nearing retirement, the timing of these dips matters more than the averages. Uncertainty makes planning all the more crucial.

    Is your super still in high gear?

    Many Australians don’t know exactly how their super is invested. Most people are in default “balanced” or “lifecycle” options, which automatically shift from high-growth assets like shares to safer investments like bonds and cash as retirement approaches.

    A lifecycle option in super will automatically adjust your investments as you age.
    Darren Baker/Shutterstock

    This design helps cushion your balance from big market hits as you near retirement. But if you’ve chosen a high-growth option or haven’t reviewed your investment settings in years, you could still be heavily exposed to volatility.

    In that case, now’s the time to consider your options:

    • delay retirement by a year or two to give your portfolio time to recover

    • move to part-time work instead of retiring fully, reducing how much super you need to draw down

    • review your budget. You can’t control the markets, but you can control your spending plans.

    Don’t panic – reacting emotionally can cost you

    When markets fall, it’s natural to feel the urge to switch your portfolio mix from stocks into cash. But this can turn temporary losses into permanent ones.

    Instead, consider more measured steps. Transition-to-retirement strategies let you draw a partial income while keeping most of your super invested.

    Annuities – which offer guaranteed income for life or a fixed term – are another option. Newer products also address longevity risk, which is the risk of outliving your savings.

    What does a 5% drop really mean?

    Let’s say you’re 65 and have a super balance of A$200,000 (for men, that’s roughly the median; for women, it’s lower due to factors like lower lifetime earnings and career breaks).

    Long-term returns may be lower than in recent years.
    Shutterstock

    A 5% fall translates to a $10,000 loss. That might not seem huge, but if you were planning to draw down 5% of your balance annually – about $10,000 a year – that loss could effectively wipe out an entire year’s retirement income.

    It doesn’t stop there. If left invested, that $10,000 could have continued to grow. Over a 20-year retirement, and assuming a 5% annual return, that $10,000 could have grown to over $26,000.

    For retirees with smaller super balances or higher withdrawal rates, the impact of a market dip can be even more significant.

    Many experts now expect long-term returns to be more modest than in recent decades. Ageing populations, climate change and shifting global dynamics are likely to weigh on growth.

    This makes it even more important to avoid switching entirely into cash, which can erode your savings through inflation over what could be a 20- or 30-year retirement.

    A smarter path to retirement

    The best approach is to gradually shift your investments in the years leading up to retirement – not all at once in response to a market dip. Lifecycle options do this automatically, but if you’re managing your super yourself, it’s worth getting advice.

    Your super fund’s website likely offers tools and calculators to help. ASIC’s MoneySmart retirement planner is another great resource. And don’t underestimate the value of calling your fund to ask:

    • How is my super invested?

    • Does this match my age and risk tolerance?

    • What are my options if I want to make changes?

    The bottom line

    Retiring in a volatile market isn’t easy, but panic isn’t a plan. By understanding your investment mix, taking advantage of flexible retirement strategies, and seeking advice when needed, you can navigate uncertainty more confidently.

    Planning for retirement isn’t about avoiding all risk – it’s about managing it. With the right tools and mindset, you can stay on course, even when markets wobble.



    Read more:
    How much do you need to retire? It’s probably a lot less than you think

    Natalie Peng 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. Markets are choppy. What should you do with your super if you are near retirement? – https://theconversation.com/markets-are-choppy-what-should-you-do-with-your-super-if-you-are-near-retirement-255017

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Asia-Pac: President Lai delivers remarks at International Holocaust Remembrance Day event

    Source: Republic of China Taiwan

    Details
    2025-04-23
    President Lai pays respects to Pope Francis  
    On the morning of April 23, President Lai Ching-te visited the Taipei Archdiocesan Curia to pay respects in a memorial ceremony for His Holiness Pope Francis. As officiant of the ceremony, President Lai burned incense and presented flowers, fruits, and wine to pay his respects to Pope Francis. At the direction of the master of ceremonies, the president then bowed three times in front of Pope Francis’s memorial portrait, conveying his grief and deep respect for the late pope. After hearing of Pope Francis’s passing on April 21, President Lai promptly requested the Ministry of Foreign Affairs to express sincere condolences from the people and government of Taiwan to the Vatican. The president also instructed Minister of Foreign Affairs Lin Chia-lung (林佳龍) to convey condolences to the Holy See’s Apostolic Nunciature in Taiwan.  

    Details
    2025-04-23
    President Lai meets US CNAS NextGen fellows
    On the morning of April 23, President Lai Ching-te met with fellows from the Shawn Brimley Next Generation National Security Leaders Program (NextGen) run by the Center for a New American Security (CNAS). In remarks, President Lai thanked the government of the United States for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. The president pointed out that we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US, and form a “Taiwan investment in the US team” to expand investment and bring about even closer Taiwan-US trade cooperation, allowing us to reduce the trade deficit and generate development that benefits both sides. A translation of President Lai’s remarks follows: Ms. Michèle Flournoy, chair of the CNAS Board of Directors, is a good friend of Taiwan, and she has made major contributions to Taiwan-US relations through her long-time efforts on various aspects of our cooperation. I am happy to welcome Chair Flournoy, who is once again leading a NextGen Fellowship delegation to Taiwan. CNAS is a prominent think tank focusing on US national security and defense policy based in Washington, DC. Its NextGen Fellowship has fostered talented individuals in the fields of national security and foreign affairs. This year’s delegation is significantly larger than those of the past, demonstrating the increased importance that the next generation of US leaders attach to Taiwan. On behalf of the people of Taiwan, I extend my sincerest welcome to you all. The Taiwan Strait, an issue of importance for our guests, has become a global issue. There is a high degree of international consensus that peace and stability across the Taiwan Strait are indispensable elements in global security and prosperity. Facing military threats from China, Taiwan proposed the Four Pillars of Peace action plan. First, we are actively implementing military reforms, enhancing whole-of-society defense resilience, and working to increase our defense budget to more than 3 percent of GDP. Second, we are strengthening our economic resilience. As Taiwan’s economy must keep advancing, we can no longer put all our eggs in one basket. We are taking action to remain firmly rooted in Taiwan while expanding our global presence and marketing worldwide. In these efforts, we are already seeing results. Third, we are standing side-by-side with other democratic countries to demonstrate the strength of deterrence and achieve our goal of peace through strength. And fourth, Taiwan is willing, under the principles of parity and dignity, to conduct exchanges and cooperate with China towards achieving peace and stability in the Taiwan Strait. This April 10 marked the 46th anniversary of the enactment of the Taiwan Relations Act. We thank the US government for continuing its arms sales to Taiwan over the years, supporting Taiwan’s efforts to enhance its national defense capabilities and jointly maintaining peace and stability in the Indo-Pacific region. We look forward to Taiwan and the US continuing to strengthen collaboration on the development of both our defense industries as well as the building of non-red supply chains. This will yield even more results and further deepen our economic and trade partnership. The US is now the main destination for outbound investment from Taiwan. Moving forward, we will promote our “Taiwan plus one” policy, that is, new arrangements for Taiwan plus the US. And our government will form a “Taiwan investment in the US team” to expand investment. We hope this will bring Taiwan-US economic and trade cooperation even closer and, through mutually beneficial assistance, allow us to generate development that benefits both our sides while reducing our trade deficit. In closing, thank you once again for visiting Taiwan. We hope your trip is fruitful and leaves you with a deep impression of Taiwan. We also hope that going forward you continue supporting Taiwan and advancing even greater development for Taiwan-US ties.  Chair Flournoy then delivered remarks, first thanking President Lai for making time to receive their delegation. Referring to President Lai’s earlier remarks, she said that it is quite an impressive group, as past members of this program have gone on to become members of the US Congress, leading government experts, and leaders in the think-tank world and in the private sector. She remarked that investing in this group is a wonderful privilege for her and that they appreciate President Lai’s agreeing to take the time to engage in exchange with them. Chair Flournoy emphasized that they are visiting Taiwan at a critical moment, when there is so much change and volatility in the geostrategic environment, a lot of uncertainty, and a lot of unpredictability. She stated that given our shared values, our shared passion for democracy and human rights, and our shared interests in peace and stability in the Indo-Pacific region, this is an important time for dialogue, collaboration, and looking for additional opportunities where we can work together towards regional peace and stability.

    Details
    2025-04-18
    President Lai meets US delegation from Senate Foreign Relations Subcommittee on East Asia and the Pacific
    On the afternoon of April 18, President Lai Ching-te met with a delegation led by Senator Pete Ricketts, chairman of the United States Senate Foreign Relations Subcommittee on East Asia, the Pacific, and International Cybersecurity Policy. In remarks, President Lai said we hope to promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US, to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation. The president said that by deepening cooperation, Taiwan and the US will be better positioned to work together on building non-red supply chains. He said a more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. A translation of President Lai’s remarks follows: I warmly welcome you all to Taiwan. I want to take this opportunity to especially thank Chairman Pete Ricketts and Ranking Member Chris Coons for their high regard and support for Taiwan. Chairman Ricketts has elected to visit Taiwan on his first overseas trip since taking up his new position in January. Ranking Member Coons made a dedicated trip to Taiwan in 2021 to announce a donation of COVID-19 vaccines on behalf of the US government. He also visited last May, soon after my inauguration, continuing to deepen Taiwan-US exchanges. Thanks to support from Chairman Ricketts and Ranking Member Coons, the US Congress has continued to introduce many concrete initiatives and resources to assist Taiwan through the National Defense Authorization Act and Consolidated Appropriations Act, bringing the Taiwan-US partnership even closer. For this, I want to again express my gratitude. There has long been bipartisan support in the US Congress for maintaining security in the Taiwan Strait. Faced with China’s persistent political and military intimidation, Taiwan will endeavor to reform national defense and enhance whole-of-society defense resilience. We will also make special budget allocations to ensure that our defense budget exceeds 3 percent of GDP, up from the current 2.5 percent, so as to enhance Taiwan’s self-defense capabilities. We look forward to Taiwan and the US continuing to work together to maintain peace and stability in the region. We will also promote our Taiwan plus one policy, that is, new industrial arrangements for Taiwan plus the US. We hope to leverage the strengths of both sides and reinforce our links in such areas as the economy, trade, and technological innovation, jointly promoting prosperity and development. We believe that by deepening cooperation through the Taiwan plus one policy, Taiwan and the US will be better positioned to work together on building non-red supply chains. A more secure and sustainable economic and trade partnership will allow us to address the challenges posed by geopolitics, climate change, and the restructuring of global supply chains. In closing, I wish Chairman Ricketts and Ranking Member Coons a smooth and successful visit. Chairman Ricketts then delivered remarks, first thanking President Lai for his hospitality. He said that he and his delegation have had a wonderful time meeting with government officials, industry representatives, and the team at the American Institute in Taiwan. Highlighting that Taiwan has long been a friend and partner of the US, he said their bipartisan delegation to Taiwan emphasizes long-time bipartisan support in the US Congress for Taiwan, and though administrations change, that bipartisan support remains. Chairman Ricketts stated that the US is committed to peace and stability in the Indo-Pacific and that they want to see peace across the Taiwan Strait. He also stated that the US opposes any unilateral change in the status of Taiwan and that they expect any differences between Taiwan and China to be resolved peacefully without coercion or the threat of force. To that end, he said, the US will continue to assist Taiwan in its self-defense and will also step up by bolstering its own defense capabilities, noting that there is broad consensus on this in the US Congress. Chairman Ricketts stated that they want to see Taiwan participate in international organizations and memberships where appropriate, and encourage Taiwan to reach out to current and past diplomatic allies to strengthen those bilateral relationships. He pointed out that the long economic relationship between the US and Taiwan is important for our as well as the entire world’s security and prosperity. He also noted that there are many opportunities for us to continue to grow the economic relationship that will help create more prosperity for our respective peoples and ensure that we are more secure in the world. Chairman Ricketts emphasized that they made this trip early on in the new US administration to work with Taiwan to develop three points: security, diplomatic relations, and the economy. He stated that in the face of rising aggression from communist China, the US will provide commensurate help to Taiwan in self-defense and that they will continue to provide the services and tools needed. In closing, Chairman Ricketts once again thanked President Lai for the hospitality and said he looks forward to dialogue on how we can continue these relationships. Ranking Member Coons then delivered remarks. Mentioning that their delegation also visited the Philippines on this trip, he said that there and in Taiwan, they have been focused on peace, stability, and security, and the ways for deepening and strengthening economic and security relations. He noted that 46 years ago, the US Senate passed the Taiwan Relations Act, adding that it was strongly bipartisan when enacted and that support for it is still strongly bipartisan today. Its core commitment, he said, is that the US will be engaged and will be a partner in ensuring that any dispute or challenge across the strait will be resolved peacefully, and that Taiwan will have the resources it needs for its self-defense. Ranking Member Coons said that between people, friendships are deepest and most enduring when they are based not just on interests but on values, and that the same is true between the US and Taiwan. Free press, free enterprise, free societies, democracy – these core shared values, he said, anchor our friendship and partnership, making them deeper. He remarked that they are grateful for the significant investment in the US being made by companies from Taiwan, but what anchors our partnership, in addition to these important investments and investments being made by Taiwan in its own security, are the values that mobilize our free-enterprise spirit and our commitment to free societies. In Europe in recent years, Ranking Member Coons said, an aggressive nation has tried to change boundaries and change history by force. He said that the US and dozens of countries committed to freedom have come to the aid of Ukraine to defend it, help it stabilize, and secure its future. So too in this region of the world, he added, the US and a bipartisan group in the US Senate are committed to stable, secure, peaceful relations and to deterring any unilateral effort to change the status quo by force. In closing, he said he is grateful for a chance to return to Taiwan after the pandemic and that he looks forward to our conversation, our partnership, and the important work we have in front of us. The delegation was accompanied to the Presidential Office by American Institute in Taiwan Taipei Office Director Raymond Greene.

    Details
    2025-04-17
    President Lai meets New Zealand delegation from All-Party Parliamentary Group on Taiwan  
    On the morning of April 17, President Lai Ching-te met with a delegation from New Zealand’s All-Party Parliamentary Group on Taiwan. In remarks, President Lai thanked the government of New Zealand for reiterating the importance of peace and stability across the Taiwan Strait on multiple occasions since last year. He also stated that this year, the Taiwan-New Zealand economic cooperation agreement (ANZTEC) is being implemented in its complete form. The president expressed hope that deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among our indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. A translation of President Lai’s remarks follows: I extend a warm welcome to all of our guests. New Zealand’s All-Party Parliamentary Group on Taiwan was established in 2023, marking a significant milestone in the deepening of Taiwan-New Zealand relations. I would like to thank Members of Parliament Stuart Smith and Tangi Utikere for leading this delegation, and thank all our guests for demonstrating support for Taiwan through action. We currently face a rapidly changing international landscape. Authoritarian regimes continue to converge and expand. Democracies must actively cooperate and jointly safeguard peace, stability, and the prosperous development of the Indo-Pacific region. Since last year, the government of New Zealand has on multiple occasions reiterated the importance of peace and stability across the Taiwan Strait. On behalf of the people of Taiwan, I would like to express our sincere gratitude for these statements and demonstrations of support. This year, ANZTEC is being implemented in its complete form. We look forward to exploring even more diverse markets with New Zealand. Deeper collaboration in such fields as smart agriculture, food manufacturing, biomedicine, the digital economy, and clean energy, as well as exchanges among indigenous peoples, will allow our economies and industries to continue evolving as they adapt to the challenges arising from global changes. Taiwan and New Zealand share the universal values of democracy, freedom, and respect for human rights, and parliamentary diplomacy is a tradition practiced by democracies around the world. Looking ahead, our parliamentary exchanges and mutual visits are bound to become more frequent. This will enable us to explore even more opportunities for cooperation and further deepen and solidify the democratic partnership between Taiwan and New Zealand. Thank you once again for making the long journey to visit us. I wish you a fruitful and successful trip. I also hope that everyone can take time to see more of Taiwan, try our local cuisine, and learn more about our culture. I hope our guests will fall in love with Taiwan. MP Smith then delivered remarks, saying that it is a great pleasure and an honor to be received by President Lai. The MP, noting that President Lai already covered many of the points he planned to make, went on to say that New Zealand and Taiwan share many values. He indicated that both are trading nations that rely on easy access for imports and exports, and that is why freedom of navigation is so important. That is why New Zealand had a naval vessel sail through the Taiwan Strait, he said, to underline the importance of freedom of navigation and our mutual security. MP Smith said that they look forward to building stronger relationships and enhancing the trade between our two nations. He added that New Zealand has much to offer in the field of geothermal energy to assist Taiwan, and mentioned that New Zealand is third largest in terms of the number of rocket launchers for satellites, which could assist Taiwan with communications in the future. New Zealand has other products as well, he said, but looks for assistance from Taiwan’s technology and technological sector. Lastly, MP Smith stated that he looks forward to a long and prosperous relationship between Taiwan and New Zealand. MP Utikere then delivered remarks, indicating that like Taiwan, New Zealand is a nation that is surrounded by ocean, which means that they rely on strong partnerships with communities of interest all around the globe. He said that the all-party parliamentary friendship group that was established and that they are a part of goes a long way in ensuring that a secure relationship between our two parliaments can continue to prosper. The MP also thanked Taiwan’s Representative to New Zealand Joanne Ou (歐江安) and her team for their work, which has ensured the success of the delegation’s visit. He said that the delegation experienced meetings with ministers in Taiwan’s government, members of the legislature, and those from the non-government organization sector as well. He also said that they enjoyed the opportunity to visit Wulai, and that the strength of the connections between the indigenous peoples of Taiwan and the indigenous peoples of Aotearoa New Zealand is something that certainly landed with members of the delegation. MP Utikere noted that he will take up President Lai’s offer on experiencing more of Taiwan, and will spend a few extra days in Tainan, which he understands has a very special place in the president’s heart, adding that he looks forward to his time and experiences there. The MP concluded his remarks by saying that this will be a relationship that continues to go from strength to strength. After their remarks, the New Zealand delegation sang the Māori song “Tutira Mai Nga Iwi” to extend best wishes to Taiwan. Also in attendance at the meeting were New Zealand Members of Parliament Jamie Arbuckle, Greg Fleming, Hamish Campbell, Cameron Luxton, and Helen White.  

    Details
    2025-04-15
    President Lai meets delegation led by Tuvalu Deputy Prime Minister Panapasi Nelesone 
    On the afternoon of April 15, President Lai Ching-te met with a delegation led by Tuvalu Deputy Prime Minister and Minister of Finance and Economic Development Panapasi Nelesone and his wife. In remarks, President Lai thanked Tuvalu for its staunch and long-term backing of Taiwan’s international participation. The president said he looks forward to our nations deepening bilateral ties in such areas as agriculture, medicine, education, and information and communications technology and working together toward greater peace, prosperity, and development in the Pacific region. A translation of President Lai’s remarks follows: I extend a very warm welcome to Deputy Prime Minister Nelesone and Madame Corinna Ituaso Laafai as they lead this delegation to Taiwan. Our distinguished guests are the first delegation from Tuvalu that I have received at the Presidential Office this year. During my visit to Tuvalu last year, I met and exchanged views with Deputy Prime Minister Nelesone and the ministers present. I am delighted to meet you again today and thank you once again for the hospitality you accorded my delegation. The culture of Tuvalu and the warmth of its people are not easily forgotten. Tuvalu’s support for Taiwan has also touched us deeply. I want to take this opportunity to thank Tuvalu for staunchly backing Taiwan’s international participation over the past several decades. Our two countries have supported each other like family and have together made contributions in the international arena. Last Tuesday, I received the credentials of Ambassador Lily Tangisia Faavae and expressed my hope for Taiwan and Tuvalu continuing to deepen bilateral relations. This visit by Deputy Prime Minister Nelesone is an important step in that regard. Our two countries will be signing a labor cooperation agreement and an agreement concerning the recognition of training and certification of seafarers. This will expand bilateral cooperation at multiple levels and bring our relations even closer. Taiwan and Tuvalu are maritime nations and share the values of democracy and freedom. Our two countries have stood shoulder to shoulder to protect marine resources and address the challenges posed by climate change and authoritarianism, and we aspire to work toward greater peace, prosperity, and development in the Pacific region. Our nations have produced fruitful results in such areas as agriculture, medicine, education, and information and communications technology. I anticipate that, with the support of Deputy Prime Minister Nelesone and our distinguished guests, we can continue to employ a more diverse range of strategies to begin a new chapter in our diplomatic partnership. Together, we can make even greater and more concrete contributions to regional development. Deputy Prime Minister Nelesone then delivered remarks, first thanking President Lai for his kind words of welcome and the warm hospitality extended to his delegation. On behalf of the government and people of Tuvalu, he conveyed their gratitude to the president and the people of Taiwan for the generous support, as well as for the enduring friendship we share. He said that Taiwan’s steadfast commitment to our bilateral relationship has been instrumental in advancing our shared values of democracy, resilience, and sustainable development. From vital development assistance to cooperation in health, education, and climate change resilience, he added, Taiwan’s contributions have made a significant impact on the lives of the people of Tuvalu.  For Taiwan’s recent generous donation of shoes for Tuvaluan primary school students, Deputy Prime Minister Nelesone expressed thanks to President Lai. He commented that these gifts, which underscore a deep commitment to the welfare of their youth, transcend mere material support; they are symbols of care, friendship, and hope for the future generations. Noting that our bilateral relationship is built on mutual respect, shared values, and a common vision for sustainable development in the Pacific, he expressed confidence that this partnership will continue to flourish and will serve as a beacon of cooperation and solidarity within our region.  The delegation also included Tuvalu Minister of Foreign Affairs, Labour, and Trade Paulson Panapa; Minister of Public Works, Infrastructure Development and Water Ampelosa Tehulu, and was accompanied to the Presidential Office by Tuvalu Ambassador Faavae.

    Details
    2025-04-06
    President Lai delivers remarks on US tariff policy response
    On April 6, President Lai Ching-te delivered recorded remarks regarding the impact of the 32 percent tariff that the United States government recently imposed on imports from Taiwan in the name of reciprocity. In his remarks, President Lai explained that the government will adopt five response strategies, including making every effort to improve reciprocal tariff rates through negotiations, adopting a support plan for affected domestic industries, adopting medium- and long-term economic development plans, forming new “Taiwan plus the US” arrangements, and launching industry listening tours. The president emphasized that as we face this latest challenge, the government and civil society will work hand in hand, and expressed hope that all parties, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. A translation of President Lai’s remarks follows: My fellow citizens, good evening. The US government recently announced higher tariffs on countries around the world in the name of reciprocity, including imposing a 32 percent tariff on imports from Taiwan. This is bound to have a major impact on our nation. Various countries have already responded, and some have even adopted retaliatory measures. Tremendous changes in the global economy are expected. Taiwan is an export-led economy, and in facing future challenges there will inevitably be difficulties, so we must proceed carefully to turn danger into safety. During this time, I want to express gratitude to all sectors of society for providing valuable opinions, which the government regards highly, and will use as a reference to make policy decisions.  However, if we calmly and carefully analyze Taiwan’s trade with the US, we find that last year Taiwan’s exports to the US were valued at US$111.4 billion, accounting for 23.4 percent of total export value, with the other 75-plus percent of products sold worldwide to countries other than the US. Of products sold to the US, competitive ICT products and electronic components accounted for 65.4 percent. This shows that Taiwan’s economy does still have considerable resilience. As long as our response strategies are appropriate, and the public and private sectors join forces, we can reduce impacts. Please do not panic. To address the reciprocal tariffs by the US, Taiwan has no plans to adopt retaliatory tariffs. There will be no change in corporate investment commitments to the US, as long as they are consistent with national interests. But we must ensure the US clearly understands Taiwan’s contributions to US economic development. More importantly, we must actively seek to understand changes in the global economic situation, strengthen Taiwan-US industry cooperation, elevate the status of Taiwan industries in global supply chains, and with safeguarding the continued development of Taiwan’s economy as our goal, adopt the following five strategies to respond. Strategy one: Make every effort to improve reciprocal tariff rates through negotiations using the following five methods:  1. Taiwan has already formed a negotiation team led by Vice Premier Cheng Li-chiun (鄭麗君). The team includes members from the National Security Council, the Office of Trade Negotiations, and relevant Executive Yuan ministries and agencies, as well as academia and industry. Like the US-Mexico-Canada free trade agreement, negotiations on tariffs can start from Taiwan-US bilateral zero-tariff treatment. 2. To expand purchases from the US and thereby reduce the trade deficit, the Executive Yuan has already completed an inventory regarding large-scale procurement plans for agricultural, industrial, petroleum, and natural gas products, and the Ministry of National Defense has also proposed a military procurement list. All procurement plans will be actively pursued. 3. Expand investments in the US. Taiwan’s cumulative investment in the US already exceeds US$100 billion, creating approximately 400,000 jobs. In the future, in addition to increased investment in the US by Taiwan Semiconductor Manufacturing Company, other industries such as electronics, ICT, petrochemicals, and natural gas can all increase their US investments, deepening Taiwan-US industry cooperation. Taiwan’s government has helped form a “Taiwan investment in the US” team, and hopes that the US will reciprocate by forming a “US investment in Taiwan” team to bring about closer Taiwan-US trade cooperation, jointly creating a future economic golden age.  4. We must eliminate non-tariff barriers to trade. Non-tariff barriers are an indicator by which the US assesses whether a trading partner is trading fairly with the US. Therefore, we will proactively resolve longstanding non-tariff barriers so that negotiations can proceed more smoothly. 5. We must resolve two issues that have been matters of longstanding concern to the US. One regards high-tech export controls, and the other regards illegal transshipment of dumped goods, otherwise referred to as “origin washing.” Strategy two: We must adopt a plan for supporting our industries. For industries that will be affected by the tariffs, and especially traditional industries as well as micro-, small-, and medium-sized enterprises, we will provide timely and needed support and assistance. Premier Cho Jung-tai (卓榮泰) and his administrative team recently announced a package of 20 specific measures designed to address nine areas. Moving forward, the support we provide to different industries will depend on how they are affected by the tariffs, will take into account the particular features of each industry, and will help each industry innovate, upgrade, and transform. Strategy three: We must adopt medium- and long-term economic development plans. At this point in time, our government must simultaneously adopt new strategies for economic and industrial development. This is also the fundamental path to solutions for future economic challenges. The government will proactively cooperate with friends and allies, develop a diverse range of markets, and achieve closer integration of entities in the upper, middle, and lower reaches of industrial supply chains. This course of action will make Taiwan’s industrial ecosystem more complete, and will help Taiwanese industries upgrade and transform. We must also make good use of the competitive advantages we possess in such areas as semiconductor manufacturing, integrated chip design, ICT, and smart manufacturing to build Taiwan into an AI island, and promote relevant applications for food, clothing, housing, and transportation, as well as military, security and surveillance, next-generation communications, and the medical and health and wellness industries as we advance toward a smarter, more sustainable, and more prosperous new Taiwan. Strategy four: “Taiwan plus one,” i.e., new “Taiwan plus the US” arrangements: While staying firmly rooted in Taiwan, our enterprises are expanding their global presence and marketing worldwide. This has been our national economic development strategy, and the most important aspect is maintaining a solid base here in Taiwan. We absolutely must maintain a solid footing, and cannot allow the present strife to cause us to waver. Therefore, our government will incentivize investments, carry out deregulation, and continue to improve Taiwan’s investment climate by actively resolving problems involving access to water, electricity, land, human resources, and professional talent. This will enable corporations to stay in Taiwan and continue investing here. In addition, we must also help the overseas manufacturing facilities of offshore Taiwanese businesses to make necessary adjustments to support our “Taiwan plus one” policy, in that our national economic development strategy will be adjusted as follows: to stay firmly rooted in Taiwan while expanding our global presence, strengthening US ties, and marketing worldwide. We intend to make use of the new state of supply chains to strengthen cooperation between Taiwanese and US industries, and gain further access to US markets. Strategy five: Launch industry listening tours: All industrial firms, regardless of sector or size, will be affected to some degree once the US reciprocal tariffs go into effect. The administrative teams led by myself and Premier Cho will hear out industry concerns so that we can quickly resolve problems and make sure policies meet actual needs. My fellow citizens, over the past half-century and more, Taiwan has been through two energy crises, the Asian financial crisis, the global financial crisis, and pandemics. We have been able to not only withstand one test after another, but even turn crises into opportunities. The Taiwanese economy has emerged from these crises stronger and more resilient than ever. As we face this latest challenge, the government and civil society will work hand in hand, and I hope that all parties in the legislature, both ruling and opposition, will support the measures that the Executive Yuan will take to open up a broader path for Taiwan’s economy. Let us join together and give it our all. Thank you.

    MIL OSI Asia Pacific News –