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Category: Transport

  • MIL-OSI Analysis: Jaws at 50: how two musical notes terrified an entire generation

    Source: The Conversation – Global Perspectives – By Alison Cole, Composer and Lecturer in Screen Composition, Sydney Conservatorium of Music, University of Sydney

    Universal Pictures

    Our experience of the world often involves hearing our environment before seeing it. Whether it’s the sound of something moving through nearby water, or the rustling of vegetation, our fear of the unseen is rooted in our survival instincts as a species.

    Cinematic sound and music taps into these somewhat unsettling instincts – and this is exactly what director Steven Spielberg and composer John Williams achieved in the iconic 1975 thriller Jaws. The sound design and musical score work in tandem to confront the audience with a mysterious killer animal.

    In what is arguably the film’s most iconic scene, featuring beach swimmers’ legs flailing underwater, the shark remains largely unseen – yet the sound perfectly conveys the threat at large.

    Creating tension in a soundtrack

    Film composers aim to create soundscapes that will profoundly move and influence their audience. And they express these intentions through the use of musical elements such as rhythm, harmony, tempo, form, dynamics, melody and texture.

    In Jaws, the initial encounter with the shark opens innocently with the sound of an offshore buoy and its clanging bell. The scene is established both musically and atmospherically to evoke a sense of isolation for the two characters enjoying a late-night swim on an empty beach.

    But once we hear the the low strings, followed by the central two-note motif played on a tuba, we know something sinister is afoot.

    This compositional technique of alternating between two notes at an increasing speed has long been employed by composers, including by Antonín Dvořák in his 1893 work New World Symphony.

    John Williams reportedly used six basses, eight cellos, four trombones and a tuba to create the blend of low frequencies that would go on to define his entire Jaws score.

    The bass instruments emphasise the lower end of the musical frequency spectrum, evoking a dark timbre that conveys depth, power and intensity. String players can use various bowing techniques, such as staccato and marcato, to deliver dark and even menacing tones, especially in the lower registers.

    Meanwhile, there is a marked absence of tonality in the repeating E–F notes, played with increasing speed on the tuba. Coupled with the intensifying dynamics in the instrumental blend, this accelerating two-note motif signals the looming danger before we even see it – tapping into our instinctive fear of the unknown.

    The use of the two-note motif and lower-end orchestration characterises a composition style that aims to unsettle and disorientate the audience. Another example of this style can be heard in Bernard Herrmann’s car crash scene audio in North by Northwest (1959).

    Similarly, in Sergei Prokofiev’s Scythian Suite, the opening of the second movement (Dance of the Pagan Gods) uses an alternating D#–E motif.

    The elasticity of Williams’ motif allows the two notes to be played on different instruments throughout the soundtrack, exploring various timbral possibilities to induce a kaleidoscope of fear, panic and dread.

    The psychology behind our response

    What is it that makes the Jaws soundtrack so psychologically confronting, even without the visuals? Music scholars have various theories. Some suggest the two notes imitate the sound of human respiration, while others have proposed the theme evokes the heartbeat of a shark.

    Williams explained his approach in an interview with the Los Angeles Times:

    I fiddled around with the idea of creating something that was very … brainless […] Meaning something could be very repetitious, very visceral, and grab you in your gut, not in your brain. […] It could be something you could play very softly, which would indicate that the shark is far away when all you see is water. Brainless music that gets louder and gets closer to you, something is gonna swallow you up.

    Williams plays with the audience’s emotions throughout the film’s score, culminating in the scene Man Against Beast – a celebration of thematic development and heightened orchestration.

    The film’s iconic soundtrack has created a legacy that extends beyond the visual. And this suggests the score isn’t just a soundtrack – but a character in its own right.

    By using music to reveal what is hidden, Williams creates an intense emotional experience rife with anticipation and tension. The score’s two-note motif showcases his genius – and serves as a sonic shorthand that has kept a generation behind the breakers of every beach.

    Alison Cole 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. Jaws at 50: how two musical notes terrified an entire generation – https://theconversation.com/jaws-at-50-how-two-musical-notes-terrified-an-entire-generation-258068

    MIL OSI Analysis –

  • MIL-OSI Analysis: Computers tracking us, people as data points: Gilles Deleuze’s 1990 Postcript on the Societies of Control was eerily prescient

    Source: The Conversation – Global Perspectives – By Cameron Shackell, Sessional Academic, School of Information Systems, Queensland University of Technology

    Our cultural touchstones series looks at influential works.

    Gilles Deleuze was one of the most original and imaginative thinkers of postwar France. A lifelong teacher, he spent most of his career at the University of Paris VIII, influencing generations of students but largely shunning the mantle of public intellectual.

    His complex, creative books mix philosophy, literature, film and politics – not to give clear answers, but to spark new ways of thinking.

    Postscript on the Societies of Control, published 35 years ago in the countercultural L’Autre Journal is Deleuze at his most accessible and prophetic.

    Written at a time when the Cold War was ending, computers were becoming more common, and the internet was beginning to connect institutions, the essay describes the emergence of a new kind of society – one not ruled by a single stern voice but by the soft hum of networks.

    How societies work

    Postscript was written as an update to the work of Deleuze’s contemporary Michel Foucault, who had died in 1984. Deleuze called it a “postscript” not just because of its brevity (it’s only around 2,300 words in English translation) but to highlight he wasn’t refuting Foucault, just building on his work.

    Gilles Deleuze.
    Tintinades/Wikimedia Commons, CC BY-NC-SA

    From the 18th to early 20th centuries, Foucault had argued, Western societies were “disciplinary societies”. Schools, factories, prisons and hospitals – institutions with walls, schedules, routines and clear expectations – moulded behaviour. People were trained, observed, tested and corrected as they passed from one institution to the next.



    Read more:
    ‘A dark masterpiece’: Foucault’s Discipline and Punish at 50

    But in the late 20th century, Deleuze saw something shifting. He thought the stodgy old disciplinary institutions were “in a generalized crisis” due to technological advances and a new form of capitalism that demanded more flexibility in workers and consumers.

    New systems of management and technology were starting to reshape people without sending them through traditional institutions. Deleuze wrote presciently, for example, that “perpetual training tends to replace the school, and continuous control to replace the examination”.

    In business, he saw a growing idea of “salary according to merit”, transforming work into “challenges, contests, and highly comic group sessions” – something much at odds with the old model of the standard wage and the assembly line. Traditional government institutions like hospitals and the classic factory were embracing the model of the corporation, driven always by a profit motive and the need for better human tools.

    To Deleuze, all this meant people were becoming more “free-floating” – they could be still playing socially useful roles but were being gently steered into them. This greater freedom, however, required a new system to keep everyone in line. He called this “modulation” to underline its dynamic, enveloping nature.

    Like nudging, but everywhere

    Deleuze described modulation as “a self-deforming cast that will continuously change from one moment to the other”. He meant that people were beginning to live in an environment where everything shape-shifts to encourage or discourage us in the right direction without explicitly putting up walls.

    A prime example of how modulation has since become commonplace is nudging – the use of psychological techniques, often subtle and data-driven, to shape people’s behaviour.

    Nudging didn’t really exist in 1990, but governments and tech companies use nudges all the time now. We’re nudged to eat healthier, buy, save, recycle, donate. Web sites use “dark patterns” – tricky designs that steer (or nudge) us toward certain choices. Social media feeds use algorithms to exclude us if we say the wrong thing. In fact, entire teams of behavioural scientists operate behind the scenes to manipulate many aspects of our lives.

    Nudges can be good and can save us from poor choices, but their newfound moral acceptability (sometimes called libertarian paternalism) is very much a clue that Deleuze’s control society has arrived.

    Control in your pocket

    Deleuze, who died in 1995, wrote Postscript before the advent of the smartphone, but he foresaw that an “electronic collar” would assume a central role in society. He envisaged a “computer that tracks each person’s position – licit or illicit – and effects a universal modulation.”

    Smartphones more than fit the bill. In the old disciplinary ways, they track where we go, what we search for, what we buy, how many steps we take, even how well we sleep. But if we apply Deleuze’s ideas to these phones, detailed surveillance is no longer their most important function. Our phones present and curate options.

    In effect, they shape how we see the world. When you scroll through news or social media, for instance, you’re reading about a version of the world built just for you, designed to keep you looking, clicking and reacting – and keep you very finely attuned to what is acceptable or dangerous behaviour.

    In Deleuze’s terms, this is pure modulation: not a forceful “No” but a softly spoken, “How about this?” Your phone doesn’t lock you in – it draws you in. It shapes what you see, rewards your cooperation, ignores your silence, and always keeps score. And it does this 24/7. You might unlock it hundreds of times a day. And each time it’s updated to guide your next move more precisely.

    At the same time our phones quietly turn us into a set of credentials useful for regulating physical access to workplaces, bank accounts, information: In the societies of control, writes Deleuze, “what is important is no longer either a signature or a number, but a code: the code is a password.”

    Data points not people?

    Deleuze warned that, in a control society: “Individuals have become ‘dividuals,’ and masses have become samples, data, markets, or ‘banks.’” A dividual to Deleuze is a person transformed into a set of data points and metrics.

    You are your credit rating, your search history, your likes and clicks – a different dataset to every institution. Such fragments are used to make decisions about you until they effectively replace you. In fact, for Deleuze a dividual has internalised this treatment and thinks of themselves as a net worth, a mortgage size, a car value – psychological anchors for control.

    He illustrates this point with healthcare, predicting a

    new medicine ‘without doctor or patient’ that singles out potential sick people and subjects at risk, which in no way attests to individuation.

    How many health decisions are now made for us collectively before we ever see a doctor? We should be grateful for advances in public health and epidemiology, but this has certainly impacted our individuality and how we are treated.

    Hard to detect

    An unsettling part of Deleuze’s perspective is that control doesn’t usually feel like control. It’s often dressed up as convenience, efficiency or progress. You set up internet-linked video cameras because then you can work from home. You agree to long terms and conditions because your banking app won’t work otherwise.

    One problem is there are no longer clear barriers we can rail against. As Deleuze said:

    In disciplinary societies one was always starting again (from school to the barracks, from the barracks to the factory), while in control societies one is never finished with anything.

    Control doesn’t always crush – it can enable. Digital networks bring real freedom, economic possibility, even joy. We move more easily – both mentally and geographically – than ever before. But while we move, it always inside a kind of invisible map shaped by capitalism.

    It’s no conspiracy because nobody has the whole map. So it’s difficult to work out exactly what action, if any, to take. As Deleuze concludes: “The coils of a serpent are even more complex than the burrows of a molehill.”

    So what can we do?

    Postscript doesn’t offer a political program beyond the sardonic comment that:

    Many young people strangely boast of being ‘motivated’ […] It’s up to them to discover what they’re being made to serve.

    There are ways to resist control. Some people demand more privacy or digital rights. Others opt out selectively – logging off, turning off, refusing to be nudged. Some look to art as a way of resisting its smooth grip. These acts – however small – may offer what Deleuze and his collaborator, the French psychiatrist and philosopher Félix Guattari, called lines of flight: creative ways to move not just against control, but beyond it.

    The real message of Postscript, however, is its invitation to consider a timeless perspective. Any society must have a way to make people useful. So, what kind of society do we want? What kinds of restrictions are we willing to live under? And, crucial to this current age, how explicit should control be?

    Cameron Shackell 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. Computers tracking us, people as data points: Gilles Deleuze’s 1990 Postcript on the Societies of Control was eerily prescient – https://theconversation.com/computers-tracking-us-people-as-data-points-gilles-deleuzes-1990-postcript-on-the-societies-of-control-was-eerily-prescient-254579

    MIL OSI Analysis –

  • MIL-OSI Analysis: Australia could become the world’s first net-zero exporter of fossil fuels – here’s how

    Source: The Conversation – Global Perspectives – By Frank Jotzo, Professor, Crawford School of Public Policy and Director, Centre for Climate and Energy Policy, Australian National University

    Photo by Jie Zhao/Corbis via Getty Images

    Australia is among the world’s top three exporters of LNG and second-largest exporter of coal. When burned overseas, these exports result in 1.1 billion tonnes of carbon dioxide emissions a year – almost three times Australia’s domestic emissions.

    Emissions embedded in Australia’s exports do not count towards our national emissions targets. But they contribute to climate change – and they’re the reason for Australia’s international reputation as a fossil-fuel economy.

    On the bright side, Australia boasts huge potential for low-cost renewable energy and a knack for resource industries.

    We can, and should, become a “renewable energy superpower”. This term refers to the potential for Australia to use its bountiful renewable energy resources to make commodities such as iron, ammonia and other products and fuels in “green” or low-emissions ways.

    So how does Australia give salience to this idea on the global stage, while our fossil fuel exports continue? The solution could be a new net-zero target for Australia, in which emissions from green exports are tallied up against those from fossil fuel exports.

    Australia can become a renewable energy superpower.
    Brook Mitchell/Getty Images

    Reinvigorating Australia’s climate policy

    If the clean energy transition eventuates, green exports from Australia will rise over time. This will help reduce the use of coal, gas and oil elsewhere in the world.

    Meanwhile, coal exports – and later, gas exports – will fall. This will happen irrespective of Australia’s policies, as the world economy decarbonises and demand for fossil fuels slows.

    At some point, we can expect emissions avoided by our green commodity exports to surpass those from remaining coal and gas exports. Australia would then reach what could be termed “net-zero export emissions”.

    Adopting this net-zero target as a national policy would give a concrete yardstick to Australia’s green-export ambitions. It could also invigorate Australia’s climate policy and boost investor confidence.

    A different approach would be to set targets only for green exports, and this could be how we get started. Ultimately, a net-zero target wrapping up both green and fossil-fuel exports would speak most directly to the goal of tackling climate change, and is likely to have more impact on the international stage.

    A net-zero export target would give a concrete yardstick to Australia’s ambition to develop green export industries.
    Brook Mitchell/Getty Images

    Getting to net-zero exports

    The below chart shows an illustrative decline in emissions embedded in Australia’s coal and LNG (liquified natural gas) exports, out to 2050.*


    Authors’ calculations based on Australian Energy Update 2024, Australian National Greenhouse Accounts Factors 2024, IEA World Energy Outlook 2024

    It’s hard to pin down when Australia might reach net-zero exports. It depends on several factors. How quickly will the cost of clean energy and green-commodity technologies fall? How competitively can Australia produce green goods compared to other nations? What policies will be adopted in Australia and overseas – and will they work?

    The magnitudes are sobering. Take iron, for example. Australia currently exports 900 million tonnes of iron ore a year. This is processed overseas to about 560 million tonnes of iron.

    To fully compensate for emissions currently embedded in Australia’s coal and gas exports, Australia would need to process about the same amount of green iron – around 550 million tonnes – on home soil every year.

    To reach this figure, we assume 0.1 tonnes of CO₂-equivalent is created per tonne of green iron, compared to about 2.1 tonnes of CO₂-equivalent per tonne of iron resulting from conventional blast furnace production.

    Achieving this would require keeping iron ore production at current levels and processing it all in Australia, which is unlikely to be realistic.

    Thankfully, the task of reaching net-zero export emissions will be smaller in future, as global coal and gas demand falls. But exactly how this will translate to Australian exports is highly uncertain.

    Let’s suppose Australia’s exports evolved on the same trajectory as they might under current climate policies and pledges for the global coal and gas trade.

    In this case, embedded emissions from Australia’s coal and gas exports would be about 360 million tonnes in 2050. This includes about 120 million tonnes from LNG exports – much of it locked in by the extension to Woodside’s North West Shelf project off Western Australia.

    Hypothetically, the 360 million tonnes of emissions could be negated by a mix of green exports. They include 102 million tonnes of green iron (saving 204 million tonnes of CO₂), and 11 million tonnes of green ammonia (saving about 23 million tonnes of CO₂), and the remainder covered by a combination of green aluminium, silicon, methanol and transport fuels.

    Judgement calls would be needed about which commodities to include in the target. The composition of green exports suggested above is akin to assumptions about Australia’s potential global market share outlined by The Superpower Institute.

    Importantly, it’s hard to predict with certainty the greenhouse gas emissions displaced elsewhere in the world by Australia’s green exports. So, the estimates should be understood as broad illustrations, and not as exact as the accounting used to calculate countries’ domestic emissions.

    The precise year chosen for reaching a net-zero target for export emissions may well be less important than the commitment that, at some point, Australia’s green energy exports will exceed fossil fuel exports. This would establish the notion that Australia has the capacity and willingness to help the world decarbonise.

    At some point, Australia’s green energy exports will exceed fossil fuel exports.
    David Gray/Getty Images

    A positive agenda for change

    The export target could be part of Australia’s updated emissions pledge due to be submitted to the United Nations by September this year. The pledge, known as a Nationally Determined Contribution (NDC), is required by signatories to the Paris Agreement.

    Each nation is expected to detail its national emissions target for 2035. But nations can make additional pledges towards the world’s climate change effort. You could call it an “NDC+”.

    So Australia could outline an indicative goal for net-zero exports – perhaps alongside other pledges such as leveraging climate change finance for developing countries, or helping our Pacific neighbours adapt to climate change impacts.

    As a large fossil fuels exporter, Australia would earn kudos for showing it has a positive agenda for change.

    And if Australia wins the bid to host the COP31 climate conference next year, a plan to reduce export emissions could be a major rallying point.

    * Underlying data for the chart showing an expected decline in future emissions embedded in Australia’s coal and LNG exports:

    Exports in 2022–23: coal, 9.6 exajoules (EJ); LNG, 4.5 EJ, from Australian Energy Update. This was multiplied by an emissions factor 90.2 for coal (MtCO₂-e/EJ) and 51.5 for LNG (MtCO₂-e/EJ), as drawn from the Australian National Greenhouse Accounts Factors

    Exports for 2035 and 2050: this assumes a trend aligned with the IEA’s Announced Pledges Scenario, as outlined in the World Energy Outlook 2024. Note the percentage changes from 2023 to 2035 and 2050 for coal (-45% and -73% respectively) and for LNG (+9% and -47% respectively.) These figures do not distinguish between steam coal for power and metallurgical coal.

    Frank Jotzo leads research projects on climate, energy and industry policy. He is a commissioner with the NSW Net Zero Commission and chairs the Queensland Clean Economy Expert Panel.

    Annette Zou works on research projects on climate policy and decarbonisation and has previously worked with The Superpower Institute

    – ref. Australia could become the world’s first net-zero exporter of fossil fuels – here’s how – https://theconversation.com/australia-could-become-the-worlds-first-net-zero-exporter-of-fossil-fuels-heres-how-259037

    MIL OSI Analysis –

  • MIL-OSI Analysis: How high can US debt go before it triggers a financial crisis?

    Source: The Conversation – Global Perspectives – By Luke Hartigan, Lecturer in Economics, University of Sydney

    rarrarorro/Shutterstock

    The tax cuts bill currently being debated by the US Senate will add another US$3 trillion (A$4.6 trillion) to US debt. President Donald Trump calls it the “big, beautiful bill”; his erstwhile policy adviser Elon Musk called it a “disgusting abomination”.

    Foreign investors have already been rattled by Trump’s upending of the global trade system. The eruption of war in the Middle East would usually lead to “flight to safety” buying of the US dollar, but the dollar has barely budged. That suggests US assets are not seen as the safe haven they used to be.

    Greg Combet, chair of Australia’s own sovereign wealth fund, the Future Fund, outlined many of the new risks arising from US policies in a speech on Tuesday.

    As investors turn cautious on the US, at some point the surging US debt pile will become unsustainable. That could risk a financial crisis. But at what point does that happen?

    The public sector holds a range of debt

    When talking about the sustainability of US government debt, we have to distinguish between total debt and public debt.

    Public debt is owed to individuals, companies, foreign governments and investors. This accounts for about 80% of total US debt. The remainder is intra-governmental debt held by government agencies and the Federal Reserve.

    Public debt is a more correct measure of US government debt. And it is much less than the headline total government debt amount that is frequently quoted, which is running at US$36 trillion or 121% of GDP.

    Are there limits to government debt?

    Governments are not like households. They can feasibly roll over debt indefinitely and don’t technically need to repay it, unlike a personal credit card. And countries such as the US that issue debt in their own currency can’t technically default unless they choose to.

    Debt also serves a useful role. It is the main way a government funds infrastructure projects. It is an important channel for monetary policy, because the US Federal Reserve sets the benchmark interest rate that affects borrowing costs across the economy. And because the US government issues bonds, known as Treasuries, to finance the debt, this is an important asset for investors.

    There is probably some limit to the amount of debt the US government can issue. But we don’t really know what this amount is, and we won’t know until we get there. Additionally, the US’s reserve currency status, due to the US dollar’s dominant role in international finance, gives the US government more leeway than other governments.

    Interest costs are surging

    What is important is the government’s ability to service its debt – that is, to pay the interest cost. This depends on two components: growth in economic activity, and the interest rate on government debt.

    If economic growth on average is higher than the interest rate, then the government’s effective interest cost is negative and it could sustainably carry its existing debt burden.

    The interest cost of US government debt has surged recently following a series of Federal Reserve interest rate hikes in 2022 and 2023 to quell inflation.

    The US government is now spending more on interest payments than on defence – about US$882 billion annually. This will soon start crowding out spending in other areas, unless taxes are raised or further spending cuts made.

    Recent policy decisions not helping

    The turmoil caused by Trump’s “Liberation Day” tariffs and heightened uncertainty about future government policy are expected to weaken US economic growth and raise inflation. This, coupled with the recent credit downgrade of US government debt by ratings agency Moody’s, is likely to put upward pressure on US interest rates, further increasing the servicing cost of US government debt.

    Moody’s cited concerns about the growth of US federal debt. This comes as the US House of Representatives passed the “One Big Beautiful Bill Act”, which seeks to extend the 2017 tax cuts indefinitely while slashing social spending. This has caused some to question the sustainability of the US government’s fiscal position.

    The non-partisan Congressional Budget Office estimates the bill will add a further US$3 trillion to government debt over the ten years to 2034, increasing debt to 124% of GDP. And this would increase to US$4.5 trillion over ten years and take debt to 128% of GDP if some tax initiatives were made permanent.

    Also troubling is Section 899 of the bill, known as the “revenge tax”. This controversial provision raises the tax payable by foreign investors and could further deter foreign investment, potentially making US government debt even less attractive.

    A compromised Federal Reserve is the next risk

    The passing of the tax and spending bill is unlikely to cause a financial crisis in the US. But the US could be entering into a period of “fiscal dominance”, which is just as concerning.

    In this situation, the independence of the Federal Reserve might be compromised if it is pressured to support the US government’s fiscal position. It would do this by keeping interest rates lower than otherwise, or buying government debt to support the government instead of targeting inflation. Trump has already been putting pressure on Federal Reserve chair Jerome Powell, demanding he cut rates immediately.

    This could lead to much higher inflation in the US, as occurred in Germany in the 1920s, and more recently in Argentina and Turkey.

    Luke Hartigan receives funding from the Australian Research Council (DP230100959)

    – ref. How high can US debt go before it triggers a financial crisis? – https://theconversation.com/how-high-can-us-debt-go-before-it-triggers-a-financial-crisis-258812

    MIL OSI Analysis –

  • MIL-OSI USA: Gillibrand Statement On Senate Passage Of The GENIUS Act

    US Senate News:

    Source: United States Senator for New York Kirsten Gillibrand
    Today, U.S. Senator Kirsten Gillibrand lauded Senate passage of the GENIUS Act, landmark legislation that will establish a regulatory framework for stablecoins. Senator Gillibrand was the lead Democratic senator on the bill and shepherded the legislation through to final passage.
    “Senate passage of the GENIUS Act is a landmark moment in the bipartisan effort to regulate stablecoins. This bill will enable U.S. businesses and consumers to take advantage of the next generation of financial innovation,” said Gillibrand. “A product of months of bipartisan negotiations, the GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar. The bill targets illicit finance, places limitations on Big Tech, puts in place ethical guardrails, and strengthens national security. I want to extend my sincere gratitude to Senators Hagerty, Scott, Alsobrooks and Lummis, who worked tirelessly to find common ground and produce this excellent legislation. The GENIUS Act will position our country for the 21st century, and I will continue working to ensure it is signed into law.” 
    Senator Gillibrand, alongside Senators Hagerty (R-TN), Scott (R-SC), Lummis (R-WY), and Alsobrooks (D-MD), introduced the GENIUS Act earlier this year. The bill passed out of the Senate Banking Committee with bipartisan support in March 2025. 
    Senator Gillibrand has been working on cryptocurrency legislation since 2022, when she and Senator Lummis introduced the Lummis-Gillibrand Responsible Financial Innovation Act, a comprehensive bipartisan framework for cryptocurrency regulation. The framework was re-introduced in 2023. In 2024, Gillibrand and Lummis also introduced a stablecoin bill that included many of the provisions that passed in the GENIUS Act.

    MIL OSI USA News –

  • MIL-OSI USA: On Senate Floor, Klobuchar Honors Representative Melissa Hortman and Mark Hortman

    US Senate News:

    Source: United States Senator Amy Klobuchar (D-Minn)

    WATCH KLOBUCHAR’S FULL REMARKS HERE

    WASHINGTON —On the Senate Floor, U.S. Senators Amy Klobuchar and Tina Smith delivered remarks honoring the life and legacy of Representative Melissa Hortman, former Minnesota House speaker, and her husband Mark Hortman. 

    A transcript of the Senator Klobuchar’s floor speech is below: 

    Mr. President, I rise today with my colleague from Minnesota, Senator Smith, to honor two Minnesotans who are friends of ours, who were taken from us this weekend in a shocking act of political violence: Representative Melissa Hortman, our former Speaker of the House and her husband, Mark Hortman. 

    I’m also continuing to pray for State Senator John Hoffman and his wife Yvette, who survived a brutal assassination attempt. John took nine bullets and Yvette took eight, and they are continuing to recover in the hospital.  I’ve been in touch with Yvette, and she is grateful for the outpouring of support from all over the country for their family.

    And I want to extend my enormous gratitude to the hundreds and hundreds of local, state and federal law enforcement who worked tirelessly over the course of a 43-hour manhunt to apprehend the suspect. They ran toward the danger. They risked their lives, and because of their bravery and diligence, our state was able to breathe a sigh of relief Sunday night knowing that this man was no longer at large. 

    The local officers from Brooklyn Park, Minnesota also stopped further assassinations, along with other officers, in the moment by going over to check on legislators after learning about what had happened at Senator Hoffman’s house.  We now know that the assassin went to two other legislators’ homes in between the two shootings that night, and in one case, sped off after being spotted by the police. 

    While it was too late to save Melissa and Mark, the officers’ decision to check on their house allowed them to spot the assassin, separate him from his vehicle, and begin the manhunt. 

    But right now, we want to focus on who Melissa and Mark were as people. They were great neighbors, wonderful friends and great parents to their beloved children, Sophie and Colin. 

    Melissa is someone that I wish the whole Senate and the whole nation knew.  We treasured her in Minnesota. She was the epitome of what you want in a public servant. She went into it for all the right reasons. 

    She grew up in Spring Lake Park and Andover Minnesota, working at her family’s used auto parts company in Blaine in the summers. After leaving for college, she came back to Minnesota for law school and began her career in our state.

    She was always devoted to her community. She was a girl scout leader and taught Sunday School at her local Catholic Church, and she was always one of the first to raise her hand when someone needed a volunteer for, well, just about anything, including training service dogs for veterans. One of them, Gilbert, was just too friendly for service, and so their family adopted him and loved him very much. Sadly, he was shot that night, and the two children had to make the decision to put him down this weekend. How they loved that dog.  

    Melissa and I first ran for public office around the same time, both with little kids. Me, for the county attorney’s office, her for the state legislature. That’s how I got to know her. I was the county attorney. She was running for legislature. We went door to door together, and it seemed like she knew everyone in the district already. 

    She was elected in 2004 and served in the Minnesota House for 20 years. And she left a lasting impact. As a legislator, she authored legislation that created Minnesota’s solar energy standard. As minority leader, she guided her caucus with conviction and a sense of humor. And she wasn’t afraid to call out the all-male card game taking place during debates.

    When her colleagues chose to make her the speaker, her first order of business was getting rid of the speaker’s mute button. As she said at the time, “I have a gavel…and a gavel is good enough for me.” 

    Melissa was one of the most consequential speakers in the history of our state. She knew no limits in terms of trying to get people together, trying to get things done. And while I cannot believe she is gone, Minnesotans will be feeling the impact of her leadership forever. 

    When a Minnesota student gets a free school lunch, that’s Melissa. 

    When a Minnesota parent is able to take paid leave to spend those early, precious moments with a newborn, that’s Melissa. 

    When a Minnesota voter casts a ballot without facing unfair discrimination, that’s Melissa. 

    When a woman is able to access reproductive care in our state, that’s Melissa, and when our state achieves 100% clean energy by 2040, that will be because of Melissa. 

    And when we had a tied state house this year, it was Melissa who forged a power sharing agreement and a budget with her Republican counterpart. 

    She was a generational leader, and she led with integrity and with courage. She, like her husband, Mark, who also was accomplished in business and a kind, kind person, they were compassionate and they were smart, and they were just nice to everyone. And I can’t believe they are gone. 

    The polarization in our country, the divisions, the online hate, needs to stop.  Violence has absolutely no place in our democracy. We need to come together and bring down the rhetoric. We must be united in the face of this attack. It was simply un-American. 

    That’s why the entire Minnesota delegation, Democrats and Republicans, including Senator Smith, including Congressman Emmer, came together over the weekend to call this violence out. We spoke with one voice to condemn it, and in our state, Melissa’s colleagues on both sides of the aisle have done the same. 

    We need to recognize the reality that there are unbalanced people out there. Read things online, they believe them. They act on them.

    We have seen this too many times. There are many things we can do as a body to fix this problem, and I’m sure in the days to come, we will offer legislation on security and all kinds of things.  But we don’t need to pass a law for people to turn down the rhetoric, to treat each other with decency and respect, to act a little more like Melissa and Mark. 

    Mr. President, Melissa and Mark Hortman were the best of us. I am shattered to have lost them, but eternally grateful to have known them. 

    I want to end by sharing a message from their beloved kids, Sophie and Colin.  They wrote this just last night: “This tragedy must become a moment for us to come together. Hold your loved ones a little closer, love your neighbors and treat each other with kindness and respect. The best way to honor our parents’ memory,” they said,”is to do something, whether big or small, to make our community just a little better for someone else.”

    I urge my colleagues to hear that message, and I’m honored to be here with my wonderful colleague, Senator Smith. Thank you and I yield the floor.

    MIL OSI USA News –

  • MIL-OSI China: Terracotta Warriors take center stage in new XR experience

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

    A new extended reality (XR) experience based on the Terracotta Warriors, titled “The Empire Code: Terracotta Warriors – Secrets of the First Emperor’s Mausoleum,” was unveiled on June 14 at the 27th Shanghai International Film Festival (SIFF).

    Wang Yuan, general producer and chairwoman of Xi’an Hongwen Digital Technology Co., introduces “The Empire Code” at the opening of the XR section during the 27th Shanghai International Film Festival, June 14, 2025. [Photo courtesy of Xi’an Hongwen Digital Technology]

    “The Empire Code,” the first XR project officially authorized by Emperor Qinshihuang’s Mausoleum Site Museum, draws on the famous Terracotta Warrior pits and other archaeological discoveries from the UNESCO World Heritage site in Xi’an, Shaanxi province. The interactive underground tomb experience is designed to set a new standard for presenting Chinese civilization in the digital age.

    The project was unveiled at the launch of the festival’s SIFF XR section. Wang Yuan, general producer and chairwoman of Xi’an Hongwen Digital Technology, a joint venture between Shaanxi Culture Industry Investment Group and HTC, said the team was not using technology to resurrect cultural relics, but to allow them to “open history’s door through technology.”

    “Virtual reality serves as a radiant bridge across time, connecting ancient wisdom, eternal art and future imagination,” she added.

    A poster for “The Empire Code: Terracotta Warriors – Secrets of the First Emperor’s Mausoleum.” [Image courtesy of Xi’an Hongwen Digital Technology]

    Along with a trailer and poster launched in Shanghai, audiences can preview a five-minute immersive experience during the festival. The full version is set to open this summer in Beijing and Xi’an.

    The project will also be presented at the festival’s International Film & TV Market, where organizers aim to showcase China’s digital cultural solutions and technological expertise to a global audience.

    “The Empire Code” brings together specialists in archaeology, filmmaking and virtual reality. Historical accuracy is overseen by Zhang Weixing, a researcher at Northwest University’s Collaborative Research Center for Archaeology of the Silk Roads and former head of Emperor Qinshihuang’s Mausoleum Site excavation team. Acclaimed director Jin Tiemu crafts the narrative, while production designer Huo Tingxiao recreates authentic Qin dynasty visuals. The project also draws on technical expertise from HTC Vive Arts, which has partnered with more than 70 museums worldwide, and Wevr, known for its work in 3D and game development.

    A man experiences a preview of “The Empire Code” during the 27th Shanghai International Film Festival on June 14, 2025. [Photo courtesy of SIFF Organizing Committee]

    The project uses XR technology such as 5K ultra-high-definition rendering, six degrees of freedom motion tracking and gesture controls to create an immersive experience aimed at minimizing motion sickness.

    Producers say the cross-disciplinary effort combines cultural, artistic and technological elements, providing an interactive way to share China’s history while maintaining cultural authenticity.

    “The Empire Code” was announced alongside several upcoming projects at SIFF XR, including virtual reality adaptations of China’s animated blockbuster “Chang An,” Jules Verne’s “Journey to the Center of the Earth” and the historical VR film “Creation of the Gods Prequel: A Female General in Shang Dynasty’s Golden Age.”

    Other highlights include the sci-fi VR experience “The Devourer,” based on renowned writer Liu Cixin’s short story in which players defend Earth from aliens, and the location-based mixed reality piece “A Tapestry of a Legendary Land,” adapted from the popular dance drama that immerses audiences in Song dynasty artistry.

    The opening of the XR section at the 27th Shanghai International Film Festival, June 14, 2025. [Photo courtesy of Xi’an Hongwen Digital Technology]

    SIFF XR, a collaboration between the 27th SIFF and the Putuo Culture and Tourism Bureau, ran from June 14 to 16. The event showcased 16 domestic and international feature films, including several global and Asian premieres. 

    Highlights included “Mnemosyne,” inspired by the classical Chinese opera “The Peony Pavilion,” and “Golog Unbounded,” which explores the natural landscapes of Qinghai province. Attendees could also explore the anime universe of “Gundam” and experience narrative-driven works such as “Nana Lou” and “Jack & Flo.”

    By combining film, gaming, performance and tourism, SIFF XR offered immersive experiences that blurred the line between cinema and reality.

    MIL OSI China News –

  • MIL-OSI China: Britain, US sign partial trade deal as key issues remain unresolved

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

    A worker cleans Land Rover cars at a Jaguar Land Rover dealership in Reading Britain on June 24, 2020. [Photo/Xinhua]

    Britain and the United States have formally signed a partial bilateral trade agreement during the G7 summit in Canada, according to a press release issued by the UK government on Tuesday.

    The agreement, first announced in May, includes tariff reductions on British car and aerospace exports, but several key sectors, notably steel, aluminium and pharmaceuticals, remain unresolved.

    The deal came into effect after U.S. President Donald Trump signed an executive order to implement it. British Prime Minister Keir Starmer, who met with Trump at the summit, confirmed that the core tariff reduction measures would take effect “immediately.”

    Under the agreement, the U.S. will reduce tariffs on up to 100,000 British-made cars per year from 27.5 percent to 10 percent. It also removes the 10 percent U.S. tariff on British aerospace products, including jet engines and aircraft components, a measure expected to take effect by the end of the month.

    Britain has also agreed to a quota of 1.4 billion litres of tariff-free U.S. bioethanol imports, a volume roughly equivalent to the country’s total annual domestic demand. In return, the U.S. has committed to allowing limited British beef exports.

    The British government said all American agricultural imports would still need to meet Britain’s food safety and animal welfare standards. However, British bioethanol producers and farming groups have expressed concern that the influx of U.S. products could undercut local industries.

    Despite these developments, large parts of the agreement remain incomplete. According to reports by the Financial Times, both sides are still in negotiations over steel and aluminium tariffs.

    Although Britain currently benefits from an exemption to the new 50 percent global steel duty announced by Trump, it continues to face a 25 percent tariff.

    British officials said that final arrangements have been delayed due to “technical and legal” challenges, including U.S. rules requiring that steel must be “melted and poured” in its country of origin. Much of Britain’s steel is processed from imported material and may not qualify under that definition.

    People walk past a Boots store in Manchester, Britain, on July 9, 2020. [Photo/Xinhua] 

    Pharmaceuticals represent another unresolved area. While the British government says both sides aim to secure “significantly preferential outcomes” for the British pharmaceutical industry, no binding provisions have been announced.

    According to British media, Starmer has appointed his senior business adviser Varun Chandra to lead a delegation to Washington this week. The team, which includes embassy trade officials, is expected to focus on finalising the remaining elements of the agreement.

    Industry analysts and trade experts have pointed out that the deal is limited in scope and relies on executive action rather than formal legislation. This raises questions about the long-term stability of the agreement, particularly if there is a change in U.S. leadership. 

    MIL OSI China News –

  • MIL-OSI China: US retail sales drop, miss expectations amid tariff fears

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

    U.S. retail sales declined sharply in May, missing analysts’ expectations, amid concerns that President Donald Trump’s tariffs could damage the economy, according to data released on Tuesday by the U.S. Department of Commerce (DOC).

    Retail sales fell 0.9 percent, exceeding the 0.6 percent drop that economists had forecast.

    The decline reflected growing worries that the Trump administration’s sweeping tariffs might slow down consumer activity.

    One major factor in the decline was a drop in auto sales. Many consumers made large purchases earlier in anticipation of tariff announcements, avoiding car dealerships in May.

    In addition to auto sales, building materials and garden supply stores saw a 2.7 percent decline. Lower energy prices led to a 2 percent drop in revenue at gas stations. Sales at food and beverage stores were down 0.7 percent, including a 0.8 percent decline at grocery stores. Health and personal care store sales edged down 0.1 percent.

    “Today’s data suggests consumers are downshifting,” Ellen Zentner, chief economic strategist at Morgan Stanley Wealth Management, told reporters.

    Following the report, U.S. stock futures remained in negative territory, and Treasury yields also fell. 

    MIL OSI China News –

  • MIL-OSI New Zealand: Delivering better orthopaedic care for Northland

    Source: New Zealand Government

    The Government is delivering on its commitment to improve healthcare access across the country, with expanded orthopaedic services now reaching more patients in Northland, Health Minister Simeon Brown says.

    “New Zealanders deserve timely, high-quality healthcare no matter where they live – and that’s exactly what we’re delivering for both urban and rural Northlanders,” Mr Brown says.

    In a major boost to orthopaedic services, Health New Zealand has welcomed three new orthopaedic surgeons to the Northland region. Their arrival has significantly increased the capacity to see and treat more patients, including through outreach clinics in rural areas.

    “These additional surgeons mean around 160 more people can be seen every month, including through specialist clinics, follow-ups and first specialist assessments.

    “This will help to reduce wait times and improve access to care – particularly for people in more remote areas.”

    One of the new surgeons is also running a weekly diabetic foot clinic, with plans to expand this into a multidisciplinary service aimed at improving outcomes, preventing amputations, and reducing hospital admissions.

    Meanwhile, Kaitaia Hospital has achieved a significant milestone with the completion of its first total knee replacement surgery – bringing advanced orthopaedic care even closer to home for Far North residents.

    “This is a fantastic result for patients in the Far North. Kaitaia is over two and a half hours from Whangārei and being able to access this level of care locally means people can recover in their own community, supported by family and familiar surroundings.”

    “These developments reflect our Government’s clear focus on improving access to health services, reducing pressure on the system, and ensuring better outcomes for all New Zealanders.

    “We’re backing our health workforce, investing in regional capacity, and ensuring care is delivered where it’s needed most.

    “This is about delivering practical, meaningful improvements to healthcare in the regions – and making sure Northlanders get the care they need, closer to home,” Mr Brown says.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: One offender caught after Napier pharmacy burglary

    Source: New Zealand Police

    Attribute to Inspector Caroline Martin Hawke’s Bay Area Prevention Manager.

    Police have made one arrest for the burglary of the Life Pharmacy on Monday 16 June.

    Two alleged offenders entered the Emerson Street premises around 2.30am using a weapon to break through a glass door.

    They took several items from the store before fleeing the area.

    A short time later, Police located one of the vehicles on Venables Avenue and found items believed to be from the store. 

    After making enquiries, Police identified and located a youth, who was spoken to by Police. The youth has been referred to Youth Aid and the items have been returned to the store.

    It is unacceptable to see young people committing these types of offences, but we are pleased that the public and Police working together resulted in one apprehension so far and recovery of the stolen items.

    We understand the harm and concern this causes for those in our community, especially our retailers.

    We hope these results are a reminder to the Napier community that we are taking offending of this nature seriously, and we will continue to take action.

    Police are continuing to follow positive lines of inquiry and are appealing to the public for any information that may assist in our investigation.

    Please contact Police through 105, either online or via phone and quote the reference number 250616/1867.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI USA: Governor Hochul Condemns Arrest of Brad Lander

    Source: US State of New York

    arlier today, Governor Hochul spoke at a press conference following the release of New York City Comptroller Brad Lander following his arrest earlier this afternoon. The Governor also highlighted the state’s investment of $50 million dollars to support immigrant legal services.

    AUDIO: The Governor’s remarks are available in audio form here.

    PHOTOS: The Governor’s Flickr page will post photos of the event here.

    A rush transcript of the Governor’s remarks is available below:

    Good afternoon — this is a sorry day for New York. This is a sorry—excuse me, we need to deal with this — excuse me — please everyone, we need to deal with this situation.

    This is a sorry day for New York and our country. I was literally walking the streets of Little Haiti, to try and bring some comfort to a community that’s under siege with a travel ban and losing their legal status. The streets were empty, people were scared, businesses are concerned about their future, and that’s when I got word of what happened to my colleague in government, our comptroller Brad Lander.

    The video is shocking — I knew I needed to come down here immediately and check on his whereabouts, and do what I could to intervene. I’ll let Brad speak about his experience, but to my knowledge the charges — there are no charges, the charges have been dropped. He walks out of there a free man. While that is a positive outcome in a very high profile case. We’re also concerned about those — that are walking out this courthouse, taken away from their families.

    They don’t have the attention, they don’t have the lawyers and that’s why the State of New York is providing fifty-million dollars to cover legal services for people who are finding themselves in this situation. We continue to do what we can to support the communities and the immigration coalitions and thank them for their work they’re doing at this time.

    It’s hard to see these people, to know their stories, to hug them, to know they’ve been separated from loved ones. I just want to say — we’re a better country than this. We are a far better country than what we’re experiencing.

    This is New York–this is New York! The land of immigrants, we’re proud of them. As I stood in the hallway upstairs from the ninth door waiting to know the whereabouts of my friend, almost everyone I spoke to who worked there, in security and otherwise — they came from other countries. They are immigrants themselves, don’t forget that — don’t forget that. Ladies and gentleman, I present our Comptroller Brad Lander.

    MIL OSI USA News –

  • MIL-OSI Australia: Optus agrees to $100m penalty, subject to court approval, for unconscionable conduct

    Source: Australian Ministers for Regional Development

    Scam warning: The ACCC is aware that scammers may call, email or text to falsely offer to help get compensation from various businesses. They may use this media release about compensation to convince people their contact is real.

    STOP – Don’t give money or personal information to anyone if you’re unsure. Scammers will create a sense of urgency. Don’t rush to act. Don’t click on links even if the message appears to come from Optus. Say ‘no’, hang up, delete.

    CHECK – Ask yourself could the call, email or text be fake? Scammers pretend to be from organisations and entities you know and trust. Contact the organisation using information you source independently, so that you can verify if it is real or not.

    PROTECT – Act quickly if something feels wrong. Contact your bank immediately if you lose money. If you have provided personal information call IDCARE on 1800 595 160. The more we talk the less power they have. Report scams to the National Anti-Scam Centre’s Scamwatch service at scamwatch.gov.au when you see them.

    Optus Mobile Pty Ltd (Optus) has admitted to engaging in unconscionable conduct when selling telecommunications goods and services to hundreds of consumers, after court action brought by the ACCC.

    In many instances the consumers did not want or need, could not use or could not afford what they were sold, and in some cases consumers were pursued for debts resulting from these sales.

    Many of the affected consumers were vulnerable or experiencing disadvantage, such as living with a mental disability, diminished cognitive capacity or learning difficulties, being financially dependent or unemployed, having limited financial literacy or English not being a first language. Many of the consumers were First Nations Australians from regional, remote and very remote parts of Australia.

    As part of an agreement announced today, the ACCC and Optus will jointly ask the Federal Court to impose a total penalty of $100 million on Optus for breaching the Australian Consumer Law. It is a matter for the Court to decide whether the penalty is appropriate and to make other orders.

    Optus has admitted that its sales staff acted unconscionably when selling phones and contracts to over 400 consumers at 16 different stores across Australia between August 2019 and July 2023. Examples of the conduct engaged in by the sales staff included:

    • putting undue pressure on consumers to purchase a large number of products, including expensive phones and accessories, that they did not want or need, could not use or could not afford;
    • failing to explain relevant terms and conditions to vulnerable consumers in a manner they could understand, resulting in them not understanding their ongoing payment obligations;
    • not having regard to whether consumers had Optus coverage where they lived;
    • selling products and services which Optus knew, or ought reasonably to have known, the consumers could not afford; and
    • misleading these consumers to believe that goods were free or included as part of a bundle at no additional cost.

    Optus has also signed an undertaking, accepted by the ACCC, that it will compensate impacted consumers and improve its internal systems, the commencement of which is subject to the Court making relevant orders.

    “The conduct, which included selling inappropriate, unwanted or unaffordable mobiles and phone plans to people who are vulnerable or experiencing disadvantage is simply unacceptable,” ACCC Deputy Chair Catriona Lowe said.

    “During our investigation into this case, the ACCC heard many stories of the impact of this conduct on affected consumers.”

    “Many of these consumers who were vulnerable or experiencing disadvantage also experienced significant financial harm. They accrued thousands of dollars of unexpected debt and some were pursued by debt collectors, in some instances for years,” Ms Lowe said.

    “It is not surprising, and indeed could and should have been anticipated, that this conduct caused many of these people significant emotional distress and fear.”

    “We are particularly concerned that Optus engaged debt collectors to pursue some of these consumers after it had launched internal investigations into the sales conduct,” Ms Lowe said.

    “Optus has admitted to this conduct and has appropriately committed to changing its systems. It has begun compensating affected consumers.”

    “We are grateful to the many advocates, financial counsellors and carers who assisted the impacted individuals. We also thank the Telecommunications Industry Ombudsman for their role in drawing these issues to our attention.”

    Optus admits inappropriate practices, using debt collectors

    Optus has admitted that the inappropriate sales practices affected many consumers in its two Darwin stores and 24 individuals in stores around Australia.

    In respect of the Mount Isa store, which has now closed, Optus pursued debts in circumstances where its senior management knew that those debts related to contracts for goods and services that had been or might have been created without the knowledge of the affected consumers, the majority of whom were First Nations Australians from Mount Isa and the Northern Territory.

    Optus’s senior management became increasingly aware that Optus staff were engaging in the inappropriate sales practices and that Optus’s systems and controls could not stop the conduct. Optus acknowledged it failed to promptly take steps to fix deficiencies in its systems, which allowed the conduct to continue.

    Commission-based sales arrangements for Optus’s sales staff had the potential to incentivise the inappropriate sales conduct, despite the Telecommunications Consumer Protections Code requiring Optus, from 17 June 2022, to have regard to the ACCC’s best practice recommendations, which recommend businesses avoid commission-based selling because of its potential to exacerbate the vulnerability of consumers.

    This case follows similar ACCC action against Telstra, which was ordered in May 2021 to pay a $50 million penalty for engaging in unconscionable conduct when it sold mobile contracts to 108 Indigenous consumers between at least 1 January 2016 and about 27 August 2018.

    Summary of the proposed Undertaking

    Optus has given an undertaking to provide remediation and has started compensating consumers. It has undertaken to address claims through a clear resolution process.

    Optus has undertaken to make a $1 million donation to an organisation facilitating digital literacy of First Nations Australians.

    Optus has undertaken to review its complaint handling, improve staff training, change its debt collection systems, and make other changes to systems and procedures.

    It has undertaken to change the remuneration structure of sales staff to disincentivise them from engaging in similar conduct.

    It has also commenced buying back 34 Optus licensee stores in the Northern Territory, Queensland and South Australia.

    Consumers who think they may have been impacted by conduct similar to that outlined in the undertaking can call Optus’s specialist customer care team on 1300 082 820 for further information or support.

    The undertaking offered by Optus, and accepted by the ACCC, is available at Optus Mobile Pty Ltd. It will come into force once the court makes final orders.

    Examples of alleged conduct

    A First Nations consumer, who speaks English as a second language and lives in a remote community with no Optus coverage, was approached by Optus staff outside an Optus store and pressured to enter. They did not want or need a new phone. They thought staff were offering them a free phone and other free products and felt pressured by staff to accept.

    They were contracted to two high-end phones, three phone plans, two Device Protect services and one accessories bundle, which had a total minimum cost of $3,808 over 24 months. The following day, the consumer was entered into a second contract for a phone plan and accessories, for a total minimum of $540. The consumer was not informed there was no coverage at their home address, and false information was entered into their credit check. The consumer had their debt referred to debt collectors and was contacted on many occasions by the debt collector. The consumer sought the assistance of a financial counsellor as they did not understand what the debt related to.

    Another consumer, who lives with an intellectual disability, attended an Optus store with a support worker to purchase a $20 pre-paid recharge for their phone. The consumer’s main source of income was the disability support pension. They were told by Optus staff that they could get a new phone and a free speaker for $30 a month, and were pressured into the purchase.

    Optus staff added a false ABN to their account and manipulated credit checks. The consumer was entered into three separate contracts for a phone, plans and a smart watch and accessories, which they could not afford and would cost over $8,000 over 36 months. The consumer went to a community legal centre who assisted them with cancelling the contracts with Optus. 

    In 2019 an internal Optus investigation into customer accounts at the Optus store in Mount Isa resulted in a report that identified that the store manager had falsified identification documents and consumer information to create services and had used the identities of First Nations consumers who were not aware that their identities had been used. The report identified 82 contracts that appeared to have been fraudulently completed without consumer knowledge.

    After Optus was notified of the conduct the subject of the report, including through its senior management, it referred and sold outstanding debts associated with some of those contracts to third party debt collection and factoring agencies. Some consumers whose identities were associated with the relevant customer accounts were subject to threats of legal proceedings being commenced against them and of reporting defaults to credit reporting bodies. Some customers continued to be pursued by third party collections agencies until as late as July 2024 and Optus had not taken steps to stop that occurring.

    Background

    Optus is Australia’s second largest telecommunications provider. It is a wholly-owned subsidiary of Singtel Optus Pty Ltd, a foreign owned private company.

    In Australia, Optus’s retail stores are either:

    • owned and operated directly by Optus RetailCo Pty Ltd; or
    • owned and operated through third party licensees, through Retail License Agreements. For example, prior to Optus buying back certain stores, all Optus stores in the Adelaide region were owned and operated by Mavaya Pty Ltd, and all Optus stores in the Northern Territory, as well as several in regional Queensland, were owned and operated by Suntel Communications Pty Ltd.

    The ACCC commenced court action against Optus on 31 October 2024. The investigation was prompted by a referral from the Telecommunications Industry Ombudsman.

    MIL OSI News –

  • MIL-OSI USA: Congresswoman Sara Jacobs, Williams, Pressley Introduce Resolution Condemning Anti-Abortion Laws that Continue to Harm People including Adriana Smith

    Source: United States House of Representatives – Congresswoman Sara Jacobs (D-CA-53)

    June 17, 2025

    Today, Congresswoman Sara Jacobs (CA-51), Congresswoman Nikema Williams (GA-05), and Congresswoman Ayanna Pressley (MA-07) introduced a resolution recognizing the tragic and deeply disturbing case of Adriana Smith, a Black mother who was declared brain dead in February 2025 and has since been kept on artificial life support without her family’s consent. On Friday, June 13, 2025, her infant son, named Chance, was born prematurely at approximately 4:41 a.m. via emergency Cesarean section. Chance weighs about 1 pound, 13 ounces and is currently in the NICU. Adriana Smith is being taken off life support today, Tuesday, June 17, 2025.

    The resolution calls for urgent legislative and policy changes to protect the rights, autonomy, and dignity of pregnant people — particularly Black women, who are disproportionately impacted by systemic medical neglect and restrictive anti-abortion laws.

    Representative Sara Jacobs said: “My heart breaks for Adriana Smith, her family, and new baby Chance, who had to enter the world this way. Georgia’s fetal personhood law denied Adriana Smith’s family the ability to say goodbye to her on their own terms. Instead, she was kept on life support, breathing through machines for nearly four months to serve as an incubator. Women are worth more than their ability to get pregnant and give birth – we are human beings who should be trusted to make our own health care decisions. It’s devastating that Adriana is the latest casualty of our nation’s Black maternal health crisis and anti-abortion laws – but let’s ensure she’s the last. This needs to be the watershed moment to end anti-abortion and fetal personhood laws and guarantee the rights and dignity of everyone to make the best health care decisions for themselves and their families.”

    Congresswoman Nikema Williams said: “I extend my sympathies to Adriana Smith’s family as they spend their final moments with Adriana on their terms. Adriana Smith deserved better at every point of this tragedy. Her family, along with baby Chance, remain in my family’s prayers as they navigate life after this unimaginably devastating situation that Georgia’s laws imposed on them.

    “From my service in the State Senate when the LIFE Act was passed in 2019, I know that the bill was drafted in a way that created uncertainty among medical providers and my constituents in Georgia’s 5th District about what is permitted under the law and how the law would be enforced. The clear intention of this was to create a chilling effect on doctors providing essential maternal healthcare services and on patients seeking lifesaving medical treatment. We are now seeing this lack of clarity result in unimaginable cruelty to Adriana Smith and her family.”

    “Adriana Smith was a beloved daughter, a devoted mother, and a compassionate nurse denied dignity and basic human rights,” said Congresswoman Ayanna Pressley, Co-Chair of the Reproductive Freedom Caucus. “She and her family were failed by a broken system that ignored her pain and then forced them to endure months of trauma under cruel, dehumanizing laws. These laws stripped Adriana of her dignity and denied her family the right to make deeply personal medical decisions. I hope their experiences compel Congress and the states to finally end cruel abortion bans, end fetal personhood laws, and confront the Black maternal morbidity crisis once and for all. I am proud to join Congresswoman Williams and our colleagues on this resolution to honor Adriana’s life, uplift her family, and recommit ourselves to fighting for reproductive freedom, Black maternal health, the right to abortion care and the bodily autonomy of every person who calls this country home. We join Adriana’s family members in praying for strength for baby Chance and mourning the loss of Adriana.”

    Adriana Smith, a nurse and mother, sought medical care for symptoms, including an extreme headache, in early February but was not given adequate treatment. She returned the next day as her condition worsened and was declared brain dead while nine weeks pregnant on February 19. She has been kept on artificial support until her pregnancy reaches 32 weeks and the fetus can be delivered, meaning her bodily functions will have been supported for more than 5 months. Due to Georgia’s LIFE Act and uncertainty surrounding fetal personhood laws, Emory University Midtown Hospital began maintaining Adriana’s bodily functions without consent from her family.

    The resolution urges the government to:

    • Repeal state laws that ban or criminalize abortion and abortion-related services;
    • Repeal laws that exclude pregnant people from having their advance directives come into effect;
    • Clarify how anti-abortion and fetal personhood laws should be interpreted in medical settings;
    • Reaffirm and guarantee autonomy and dignity to pregnant people over their lives, well-being, and medical needs.

    While Georgia’s Attorney General has stated that nothing in the LIFE Act explicitly mandates keeping a brain-dead patient on life support, the lack of a formal legal opinion or prosecutorial guidance leaves families and doctors in limbo.

    Anti-abortion laws deprive people who can become pregnant of their autonomy by prioritizing the life of the fetus over the health, medical decisions, and rights of the pregnant person — a dehumanizing practice that violates their civil rights and reinforces systemic control over their bodies.

    Out of fear of criminalization, family separation, or mistreatment like what Adriana Smith is experiencing, many pregnant people avoid healthcare settings even when they desire care, putting their health and the health of their fetus at risk.

    The resolution declares that the House of Representatives stands with Adriana Smith’s family in their efforts to return dignity and justice to their family, condemns giving fetuses rights and taking them away from pregnant people in our laws, and condemns the troublingly common experience that Black women face in medical settings of having their pain not given full credence or treatment.

    Read the full resolution here.

    Read a one-pager on the resolution here.

    MIL OSI USA News –

  • MIL-OSI USA: Congresswoman Sara Jacobs, Williams, Pressley Introduce Resolution Condemning Anti-Abortion Laws that Continue to Harm People including Adriana Smith

    Source: United States House of Representatives – Congresswoman Sara Jacobs (D-CA-53)

    June 17, 2025

    Today, Congresswoman Sara Jacobs (CA-51), Congresswoman Nikema Williams (GA-05), and Congresswoman Ayanna Pressley (MA-07) introduced a resolution recognizing the tragic and deeply disturbing case of Adriana Smith, a Black mother who was declared brain dead in February 2025 and has since been kept on artificial life support without her family’s consent. On Friday, June 13, 2025, her infant son, named Chance, was born prematurely at approximately 4:41 a.m. via emergency Cesarean section. Chance weighs about 1 pound, 13 ounces and is currently in the NICU. Adriana Smith is being taken off life support today, Tuesday, June 17, 2025.

    The resolution calls for urgent legislative and policy changes to protect the rights, autonomy, and dignity of pregnant people — particularly Black women, who are disproportionately impacted by systemic medical neglect and restrictive anti-abortion laws.

    Representative Sara Jacobs said: “My heart breaks for Adriana Smith, her family, and new baby Chance, who had to enter the world this way. Georgia’s fetal personhood law denied Adriana Smith’s family the ability to say goodbye to her on their own terms. Instead, she was kept on life support, breathing through machines for nearly four months to serve as an incubator. Women are worth more than their ability to get pregnant and give birth – we are human beings who should be trusted to make our own health care decisions. It’s devastating that Adriana is the latest casualty of our nation’s Black maternal health crisis and anti-abortion laws – but let’s ensure she’s the last. This needs to be the watershed moment to end anti-abortion and fetal personhood laws and guarantee the rights and dignity of everyone to make the best health care decisions for themselves and their families.”

    Congresswoman Nikema Williams said: “I extend my sympathies to Adriana Smith’s family as they spend their final moments with Adriana on their terms. Adriana Smith deserved better at every point of this tragedy. Her family, along with baby Chance, remain in my family’s prayers as they navigate life after this unimaginably devastating situation that Georgia’s laws imposed on them.

    “From my service in the State Senate when the LIFE Act was passed in 2019, I know that the bill was drafted in a way that created uncertainty among medical providers and my constituents in Georgia’s 5th District about what is permitted under the law and how the law would be enforced. The clear intention of this was to create a chilling effect on doctors providing essential maternal healthcare services and on patients seeking lifesaving medical treatment. We are now seeing this lack of clarity result in unimaginable cruelty to Adriana Smith and her family.”

    “Adriana Smith was a beloved daughter, a devoted mother, and a compassionate nurse denied dignity and basic human rights,” said Congresswoman Ayanna Pressley, Co-Chair of the Reproductive Freedom Caucus. “She and her family were failed by a broken system that ignored her pain and then forced them to endure months of trauma under cruel, dehumanizing laws. These laws stripped Adriana of her dignity and denied her family the right to make deeply personal medical decisions. I hope their experiences compel Congress and the states to finally end cruel abortion bans, end fetal personhood laws, and confront the Black maternal morbidity crisis once and for all. I am proud to join Congresswoman Williams and our colleagues on this resolution to honor Adriana’s life, uplift her family, and recommit ourselves to fighting for reproductive freedom, Black maternal health, the right to abortion care and the bodily autonomy of every person who calls this country home. We join Adriana’s family members in praying for strength for baby Chance and mourning the loss of Adriana.”

    Adriana Smith, a nurse and mother, sought medical care for symptoms, including an extreme headache, in early February but was not given adequate treatment. She returned the next day as her condition worsened and was declared brain dead while nine weeks pregnant on February 19. She has been kept on artificial support until her pregnancy reaches 32 weeks and the fetus can be delivered, meaning her bodily functions will have been supported for more than 5 months. Due to Georgia’s LIFE Act and uncertainty surrounding fetal personhood laws, Emory University Midtown Hospital began maintaining Adriana’s bodily functions without consent from her family.

    The resolution urges the government to:

    • Repeal state laws that ban or criminalize abortion and abortion-related services;
    • Repeal laws that exclude pregnant people from having their advance directives come into effect;
    • Clarify how anti-abortion and fetal personhood laws should be interpreted in medical settings;
    • Reaffirm and guarantee autonomy and dignity to pregnant people over their lives, well-being, and medical needs.

    While Georgia’s Attorney General has stated that nothing in the LIFE Act explicitly mandates keeping a brain-dead patient on life support, the lack of a formal legal opinion or prosecutorial guidance leaves families and doctors in limbo.

    Anti-abortion laws deprive people who can become pregnant of their autonomy by prioritizing the life of the fetus over the health, medical decisions, and rights of the pregnant person — a dehumanizing practice that violates their civil rights and reinforces systemic control over their bodies.

    Out of fear of criminalization, family separation, or mistreatment like what Adriana Smith is experiencing, many pregnant people avoid healthcare settings even when they desire care, putting their health and the health of their fetus at risk.

    The resolution declares that the House of Representatives stands with Adriana Smith’s family in their efforts to return dignity and justice to their family, condemns giving fetuses rights and taking them away from pregnant people in our laws, and condemns the troublingly common experience that Black women face in medical settings of having their pain not given full credence or treatment.

    Read the full resolution here.

    Read a one-pager on the resolution here.

    MIL OSI USA News –

  • MIL-OSI China: Xi urges China, Central Asian countries to promote high-quality Belt and Road cooperation

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

    Xi urges China, Central Asian countries to promote high-quality Belt and Road cooperation

    Chinese President Xi Jinping delivers a keynote speech during the second China-Central Asia Summit in Astana, Kazakhstan, June 17, 2025. The second China-Central Asia Summit was held in Astana on Tuesday. Kazakh President Kassym-Jomart Tokayev chaired the summit. Xi, Kyrgyz President Sadyr Japarov, Tajik President Emomali Rahmon, Turkmen President Serdar Berdimuhamedov and Uzbek President Shavkat Mirziyoyev attended the summit. [Photo/Xinhua]

    ASTANA, June 17 — Chinese President Xi Jinping on Tuesday called on China and Central Asian countries to promote high-quality Belt and Road cooperation and forge ahead toward the goal of building a China-Central Asia community with a shared future under the guidance of the China-Central Asia Spirit.

    Xi made the remarks in his keynote speech at the second China-Central Asia Summit hosted by Kazakh President Kassym-Jomart Tokayev. Kyrgyz President Sadyr Japarov, Tajik President Emomali Rahmon, Turkmen President Serdar Berdimuhamedov and Uzbek President Shavkat Mirziyoyev also attended the summit.

    Xi pointed out that during their meeting in Xi’an two years ago, they jointly outlined the Xi’an Vision for China-Central Asia cooperation. Two years on, China and Central Asian countries have further deepened and substantiated Belt and Road cooperation, he said, recalling advanced cooperation in various fields.

    The core framework of the China-Central Asia mechanism is largely in place, and the consensus at the first Summit has been implemented across the board, Xi said, adding that the path of cooperation among the countries is steadily widening, and their friendship is blooming ever more brightly.

    Xi stressed that the cooperation between China and Central Asian countries is rooted in more than 2,000 years of friendly exchanges, cemented by solidarity and mutual trust cultivated through more than three decades of diplomatic ties, and taken forward via openness and win-win cooperation of the new era.

    Xi said building on their collective efforts over the years, the six countries have forged a China-Central Asia Spirit of “mutual respect, mutual trust, mutual benefit and mutual assistance for the joint pursuit of modernization through high-quality development.”

    The spirit connotes four aspects of practices. First, Xi said that China and Central Asian countries practice mutual respect and treat each other as equals, and all countries, big or small, are equal, adding that the six countries handle issues through consultation and make decisions by consensus.

    Second, he said that China and Central Asian countries seek to deepen mutual trust and enhance mutual support, firmly support each other in safeguarding independence, sovereignty, territorial integrity and national dignity, and do not do anything harmful to the core interests of any party.

    Third, Xi said China and Central Asian countries pursue mutual benefit and win-win cooperation and strive for common development, view each other as priority partners, and share development opportunities together, adding that they accommodate each other’s interests, and work to build a win-win and symbiotic relationship.

    Fourth, he said China and Central Asian countries help each other in time of need and stand together through thick and thin, supporting each other in choosing development paths suitable to respective national conditions and in taking domestic matters into their own hands, adding that the countries work together to address various risks and challenges, and uphold regional security and stability.

    This China-Central Asia Spirit is an important guideline for their endeavor to carry forward friendship and cooperation from generation to generation, and the six countries should always uphold it and let it shine forever, Xi noted.

    Today, unprecedented changes are unfolding at a faster pace across the globe, thrusting the world into a new state of heightened turbulence and volatility, Xi pointed out, noting that a strong belief in fairness and justice, and an unyielding commitment to mutual benefit and win-win cooperation are the only way to maintain world peace and achieve common development.

    There is no winner in tariff wars or trade wars, and unilateralism, protectionism and hegemonism will surely backfire while hurting others, he noted.

    Maintaining that history should move forward, not backward, and the world should be united, not divided, Xi said humanity must not regress to the law of the jungle, but should instead build a community with a shared future for mankind.

    Xi called on the six countries to act on the China-Central Asia Spirit, and enhance cooperation with renewed vigor and more practical measures.

    To achieve this, he made five points.

    First, China and Central Asian countries should stay committed to the fundamental goal of unity, and always trust and support each other, he said.

    China consistently takes Central Asia as a priority in its neighborhood diplomacy, Xi noted, adding that with a firm belief in an amicable, secure and prosperous neighborhood as well as a strong dedication to amity, sincerity, mutual benefit and inclusiveness, China interacts with Central Asian countries on the basis of equality and sincerity, and the six countries always wish their neighbors well.

    The six countries will sign together a treaty on eternal good-neighborliness, friendship and cooperation to enshrine the principle of everlasting friendship in the form of law, he said, deeming it as a new landmark in the history of the relations of the six countries and a pioneering initiative in China’s diplomatic engagement with its neighbors, which constitutes a milestone for today and a foundation for tomorrow.

    Second, China and Central Asian countries should optimize the cooperation framework to make it more results-oriented, more efficient and more deeply integrated, Xi said.

    Recalling that the six countries have agreed to designate 2025 and 2026 as the Years of High-Quality Development of China-Central Asia Cooperation, he said that all sides should focus the cooperation on smooth trade, industrial investment, connectivity, green mining, agricultural modernization and personnel exchanges, roll out more projects on the ground and foster new quality productive forces.

    He said China has decided to establish three cooperation centers, i.e. on poverty reduction, on education exchange, and on desertification prevention and control, as well as a cooperation platform on smooth trade under the China-Central Asia cooperation framework.

    China supports Central Asian countries in developing livelihood and development projects, Xi said, adding that China will provide 3,000 training opportunities to Central Asian countries in the next two years.

    Third, China and Central Asian countries should develop a security framework for peace, tranquility and solidarity, step up regional security governance, deepen law enforcement and security cooperation, jointly prevent and thwart extreme ideologies, and resolutely fight terrorism, separatism and extremism, so as to maintain peace and stability in the region, Xi said.

    China will do its best to help Central Asian countries combat terrorism and transnational organized crime and safeguard cybersecurity and biosecurity, he said.

    Fourth, China and Central Asian countries should cement the bonds of shared vision, mutual understanding and mutual affection between peoples, he noted, saying that China will enhance cooperation between legislatures, political parties, women, youth, media and think tanks with Central Asian countries, conduct in-depth exchange of governance experience, and is ready to set up more cultural centers, university branches and Luban Workshops in Central Asia to train more high-caliber talent for Central Asian countries.

    China supports deepening subnational cooperation with Central Asia, Xi said, adding that China and Central Asian countries should nurture heart-to-heart connections at central and subnational levels, between official and non-governmental actors, and from adjacent to broader areas.

    Fifth, China and Central Asian countries should uphold a fair and equitable international order and an equal and orderly world structure, stand ready to work with all parties to defend international fairness and justice, oppose hegemonism and power politics, and promote an equal and orderly multipolar world and a universally beneficial and inclusive economic globalization, Xi said.

    This year marks the 80th anniversary of the victory of the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War, and the 80th anniversary of the founding of the United Nations, he said, recalling that in the strenuous times of war, Chinese and Central Asian peoples supported each other through adversity, and jointly made important contributions to the cause of justice of humanity.

    He also noted the need to promote the correct view of history, defend the fruits of the victory of World War II, uphold the UN-centered international system, and provide more stability and certainty for world peace and development.

    Xi pointed out that China is building a great modern socialist country in all respects and advancing the great rejuvenation of the Chinese nation on all fronts through Chinese modernization.

    No matter how the international situation changes, China will remain unwavering in opening up to the outside world, he said, noting that China is ready to embrace higher-quality cooperation and deepen the integration of interests with Central Asian countries, so as to achieve common development and strive for new progress in China-Central Asia cooperation.

    Tokayev and the other four Central Asian leaders unanimously stated that the China-Central Asia mechanism has become an important platform for promoting dialogue and cooperation, as well as for advancing the economic and social development of Central Asian countries.

    In a world full of uncertainties, the strategic significance of the mechanism has become increasingly prominent, and China’s growing prosperity and strength are benefiting its neighboring countries, they said, noting that China is a strategic partner and a true friend that Central Asian countries can always count on.

    The Central Asian countries highly value the model of cooperation with China based on mutual respect, equality and mutual benefit, and look forward to deepening all-round cooperation with China and expanding trade and investment, the five leaders added.

    They also expressed the hope to jointly pursue high-quality Belt and Road cooperation, promote cooperation in such fields as industry, agriculture, science and technology, infrastructure, new energy and connectivity, strengthen regional security collaboration, and enhance people-to-people and cultural exchanges in fields like culture, education and tourism.

    The leaders of the five Central Asian countries expressed their intention to build the China-Central Asia mechanism into a model of regional cooperation, share development and prosperity, jointly promote peace and stability, and build a closer community with a shared future.

    The five parties highly appreciate China’s constructive role in international and regional affairs, and actively support the concept of building a community with a shared future for mankind, as well as the three major global initiatives proposed by President Xi.

    They also expressed the willingness to closely coordinate and cooperate with China to firmly safeguard free trade and the multilateral trading system, and jointly defend international equity and justice.

    During the summit, Xi and the heads of state of the Central Asian nations signed the Astana Declaration of the second China-Central Asia Summit, and a treaty on eternal good-neighborliness, friendship and cooperation.

    The meeting also announced the signing of 12 cooperation agreements regarding the Belt and Road cooperation, facilitation of personnel exchanges, green mining, trade, connectivity, industry and customs.

    At the summit, China signed multiple sister city agreements with the five Central Asian countries, thus the pairs of sister cities between the two sides have exceeded 100.

    Xi and other leaders also witnessed the inauguration of three China-Central Asia cooperation centers and a trade platform, namely the China-Central Asia poverty reduction cooperation center, the China-Central Asia education exchange cooperation center, the China-Central Asia desertification prevention and control cooperation center, as well as the China-Central Asia smooth trade cooperation platform.

    All parties also agreed that China will host the third China-Central Asia Summit in 2027.

    Chinese President Xi Jinping, Kazakh President Kassym-Jomart Tokayev, Kyrgyz President Sadyr Japarov, Tajik President Emomali Rahmon, Turkmen President Serdar Berdimuhamedov and Uzbek President Shavkat Mirziyoyev pose for a group photo in Astana, Kazakhstan, June 17, 2025. The second China-Central Asia Summit was held in Astana on Tuesday. Tokayev chaired the summit. Xi, Japarov, Rahmon, Berdimuhamedov and Mirziyoyev attended the summit. [Photo/Xinhua]
    Chinese President Xi Jinping walks into the venue of the second China-Central Asia Summit in Astana, Kazakhstan, June 17, 2025. The second China-Central Asia Summit was held in Astana on Tuesday. Kazakh President Kassym-Jomart Tokayev chaired the summit. Xi, Kyrgyz President Sadyr Japarov, Tajik President Emomali Rahmon, Turkmen President Serdar Berdimuhamedov and Uzbek President Shavkat Mirziyoyev attended the summit. [Photo/Xinhua]
    Chinese President Xi Jinping shakes hands with Kazakh President Kassym-Jomart Tokayev in Astana, Kazakhstan, June 17, 2025. The second China-Central Asia Summit was held in Astana on Tuesday. Tokayev chaired the summit. Xi, Kyrgyz President Sadyr Japarov, Tajik President Emomali Rahmon, Turkmen President Serdar Berdimuhamedov and Uzbek President Shavkat Mirziyoyev attended the summit. [Photo/Xinhua]
    Chinese President Xi Jinping delivers a keynote speech during the second China-Central Asia Summit in Astana, Kazakhstan, June 17, 2025. The second China-Central Asia Summit was held in Astana on Tuesday. Kazakh President Kassym-Jomart Tokayev chaired the summit. Xi, Kyrgyz President Sadyr Japarov, Tajik President Emomali Rahmon, Turkmen President Serdar Berdimuhamedov and Uzbek President Shavkat Mirziyoyev attended the summit. [Photo/Xinhua]
    Chinese President Xi Jinping, Kazakh President Kassym-Jomart Tokayev, Kyrgyz President Sadyr Japarov, Tajik President Emomali Rahmon, Turkmen President Serdar Berdimuhamedov and Uzbek President Shavkat Mirziyoyev witness inauguration of the China-Central Asia poverty reduction cooperation center, the China-Central Asia education exchange cooperation center, the China-Central Asia desertification control cooperation center and the China-Central Asia trade facilitation cooperation platform in Astana, Kazakhstan, June 17, 2025. The second China-Central Asia Summit was held in Astana on Tuesday. Tokayev chaired the summit. Xi, Japarov, Rahmon, Berdimuhamedov and Mirziyoyev attended the summit. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: Xiang’an Int’l Airport under construction in Xiamen, China’s Fujian

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

    Xiang’an Int’l Airport under construction in Xiamen, China’s Fujian

    Updated: June 18, 2025 07:55 Xinhua
    An aerial drone photo taken on June 9, 2025 shows the construction site of Xiang’an International Airport in Xiamen, southeast China’s Fujian Province. The construction of the airport is expected to be completed by the end of this year. It will be put into operation by the end of 2026. By then, the airport will be able to meet the annual passenger throughput of 45 million people, cargo and mail throughput of 750,000 tonnes, and aircraft take-offs and landings of 380,000. [Photo/Xinhua]
    An aerial drone photo taken on June 9, 2025 shows the construction site of Xiang’an International Airport in Xiamen, southeast China’s Fujian Province. [Photo/Xinhua]
    A worker conducts welding operations at the construction site of Xiang’an International Airport in Xiamen, southeast China’s Fujian Province, June 16, 2025. [Photo/Xinhua]
    This photo taken on June 16, 2025 shows the construction site of Xiang’an International Airport in Xiamen, southeast China’s Fujian Province. [Photo/Xinhua]

    MIL OSI China News –

  • MIL-OSI China: China welcomes joint statement by 21 Arab, Islamic countries on Israel-Iran conflict

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

    Palestinians carry aid boxes in Gaza City, on June 16, 2025. [Photo/Xinhua]

    China welcomes the joint statement on the Israel-Iran conflict issued by 21 Arab and Islamic countries and is ready to work with related parties to promote the easing of the situation, a Foreign Ministry spokesperson said in Beijing on Tuesday.

    The joint statement, issued by the foreign ministers of the 21 countries, called for respect of state sovereignty and territorial integrity, upholding good-neighborliness and resolving disputes peacefully.

    In response, spokesperson Guo Jiakun told a regular press briefing that Israel’s attack on Iran has triggered a sudden escalation of the regional situation, which has drawn high attention from the international community. He said the top priority is to cease fire and stop the war, take effective measures to prevent the escalation of the conflict, prevent the region from falling into greater turmoil, and return to the track of resolving problems through dialogue and negotiation.

    Guo said China welcomes the joint statement and appreciates the efforts made by the relevant countries to cool down the situation, adding that China is willing to maintain communication with all relevant parties and play a constructive role in promoting the easing of the situation.

    MIL OSI China News –

  • MIL-OSI New Zealand: Lanes blocked on the Waikato expressway

    Source: New Zealand Police

    At around 11:20am emergency services received reports of a single vehicle crash on the Waikato Expressway, south of Cambridge Road, Tamahere.

    One north bound and one south bound lane are blocked.

    No injuries have been reported at this stage.

    Motorists should expect delays and avoid the area if possible.

    Traffic management is on route and emergency services are working to clear the road.

    ENDS

    MIL OSI New Zealand News –

  • MIL-OSI: ArrowMark Financial Corp. Announces Q1 2025 Results and Cash Distribution of $0.45 per Share for the Second Quarter 2025

    Source: GlobeNewswire (MIL-OSI)

    DENVER, June 17, 2025 (GLOBE NEWSWIRE) — ArrowMark Financial Corp. (Nasdaq: BANX) (“ArrowMark Financial” or the “Company”), an SEC registered closed-end management investment company, today announced that its Board of Directors has declared a cash distribution of $0.45 per share for the second quarter 2025. The total distribution of $0.45 per share will be payable on June 27, 2025 to shareholders of record on June 23, 2025.

    “We are very pleased to announce the net income for Q1 2025 was $0.58 per share, well in excess of the quarterly distribution amount of $0.45 per share. Over the past four years, the Fund has consistently over-earned its quarterly distribution rate. This has allowed the Fund to deliver on its objective to provide shareholders with consistent income,” said Chairman & CEO Sanjai Bhonsle.

    About ArrowMark Financial Corp.

    ArrowMark Financial Corp. is an SEC registered non-diversified, closed-end fund listed on the NASDAQ Global Select Market under the symbol “BANX.” Its investment objective is to provide shareholders with current income. The Fund pursues its objective by investing primarily in regulatory capital securities of financial institutions. ArrowMark Financial is managed by ArrowMark Asset Management, LLC. To learn more, visit ir.arrowmarkfinancialcorp.com or contact the Fund’s secondary market service agent at 877-855-3434.

    Disclaimer and Risk Factors:

    There is no assurance that ArrowMark Financial will achieve its investment objective. ArrowMark Financial is subject to numerous risks, including investment and market risks, management risk, income and interest rate risks, banking industry risks, preferred stock risk, convertible securities risk, debt securities risk, liquidity risk, valuation risk, leverage risk, non-diversification risk, credit and counterparty risks, market at a discount from net asset value risk and market disruption risk. Shares of closed-end investment companies may trade above (a premium) or below (a discount) their net asset value. Shares of ArrowMark Financial may not be appropriate for all investors. Investors should review and consider carefully ArrowMark Financial’s investment objective, risks, charges and expenses. Past performance does not guarantee future results.

    The Annual Report, Semi-Annual Report and other regulatory filings of the Fund with the SEC are accessible on the SEC’s website at www.sec.gov and on the Fund’s website at ir.arrowmarkfinancialcorp.com.

    Contact:

    BANX@destracapital.com

    Destra Capital Advisors LLC (877) 855-3434
    Destra Capital Advisors LLC provides secondary market services for the Fund by agreement.

    The MIL Network –

  • MIL-OSI: Diversified Royalty Corp. Announces Acquisition of US-Based Cheba Hut Franchising, Inc.’s Trademarks, a 10% Dividend Increase, and an Increase in Size of its Acquisition Facility

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, June 17, 2025 (GLOBE NEWSWIRE) — Diversified Royalty Corp. (TSX: DIV and DIV.DB.A) (the “Corporation” or “DIV”) is pleased to announce that it has acquired the trademarks and certain other intellectual property used by Cheba Hut Franchising, Inc. (“Cheba Hut”) of Fort Collins, Colorado, adding a ninth royalty stream (and the second based in the United States) to DIV’s portfolio. All dollar amounts in this news release, unless specifically denominated in U.S. dollars, are represented in Canadian dollars.

    Highlights

    • Acquisition of Cheba Hut’s worldwide trademark portfolio and certain other intellectual property rights for US$36 million and certain additional consideration
    • Initial annual royalty revenue from Cheba Hut of US$4 million, representing approximately 7% of DIV’s pro-forma adjusted revenue1
    • The royalty grows at a fixed rate equal to the greater of 3.5% and the U.S. Consumer Price Index (“U.S. CPI”) + 1.5% per year
    • Annual dividend on DIV’s common shares to be increased 10% from 25 cents per share to 27.5 cents per share, effective July 1, 2025
    • DIV’s strong balance sheet enabled it to fund the Transaction without the need to raise equity

    1. Pro-forma adjusted revenue is a non-IFRS financial measure and as such, does not have a standardized meaning under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Acquisition Overview

    DIV and its wholly-owned subsidiary Cheeb Royalties Limited Partnership (“Cheeb LP”) entered into an acquisition agreement dated June 17, 2025 (the “Acquisition Agreement”) with Cheba Hut and an affiliate of Cheba Hut pursuant to which Cheeb LP acquired (the “Acquisition”) Cheba Hut’s worldwide trademarks portfolio and certain other intellectual property rights utilized by Cheba Hut in its fast casual, toasted sub sandwich restaurants (the “Cheba Rights”) for a purchase price (the “Purchase Price”), of US$36 million cash. The Purchase Price was funded with (i) approximately US$18 million drawn from DIV’s amended acquisition facility (further details below) (the “Acquisition Facility”), (ii) approximately US$8 million from DIV’s cash on hand, (iii) US$5 million drawn from a new senior credit facility issued to Cheeb LP (the “Cheeb Credit Facility”), and (iv) US$5 million drawn from a new senior term credit facility issued to DIV (the “Additional Term Facility”).

    Immediately following the closing of the Acquisition, DIV licensed the Cheba Rights in the United States back to Cheba Hut for 50 years, in exchange for an initial royalty payment of US$4 million per annum (the “Royalty” and together with the Acquisition, the “Transaction”). The Royalty will be automatically increased at a rate equal to the greater of 3.5% and the U.S. CPI + 1.5% per year without any further consideration payable by DIV or Cheeb LP. Cheba Hut may also increase the annual royalty payable on April 1st of each year following the closing (each an “Adjustment Date”) subject to Cheba Hut satisfying certain royalty coverage tests. The amount of each royalty increase cannot be less than US$500,000 per annum and must, in respect of amounts over that threshold, be in increments of US$100,000 per annum. In consideration for a royalty increase on an Adjustment Date, Cheeb LP will pay an amount to Cheba Hut in cash, based on a multiple between 7 and 8 times (depending on certain conditions being met) the incremental annual royalty purchased, as additional consideration for the Cheba Rights.

    Payment of the Royalty will be secured by a general security agreement granted by Cheba Hut to Cheeb LP, and by secured corporate guarantees to be granted to Cheeb LP by several affiliates of Cheba Hut.

    The Acquisition is expected to increase DIV’s tax pools by approximately $51 million to a total of approximately $424 million, which can be depreciated over time to reduce DIV’s cash taxes. Amounts paid for incremental annual royalties will also increase DIV’s tax pools.

    Founded in 1998, Cheba Hut has 77 fast casual, toasted sub sandwich restaurants in the US. All of Cheba Hut’s locations are franchised, except for two corporate stores and substantially all future growth is currently expected to result from opening additional franchised locations. Cheba Hut had US$149 million of system sales2 and SSSG2 of 5% in 2024. Cheba Hut is forecasting over US$187 million in system sales2 in the fiscal year ended December 31, 2025.

    2. System sales and same store sales growth (SSSG) are supplementary financial measures and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Sean Morrison, Chief Executive Officer of DIV, stated, “The Cheba Hut trademark acquisition and royalty agreement adds a ninth royalty stream to DIV’s portfolio, representing approximately 7% of DIV’s pro-forma adjusted revenue3 and is another step in our strategy of purchasing royalties from a diverse group of proven multi-location businesses and franchisors. We believe Cheba Hut’s impressive track record of growth is a result of its strong store-level economics, quality of its franchisees and experience of its management team. Scott Jennings, the founder of Cheba Hut, and his management team represent a great partner for DIV, as they strongly believe in the continued success of Cheba Hut over the long term and therefore partnering with DIV was far superior to selling equity ownership. We look forward to working with Scott and Cheba Hut’s management team to continue expanding the business across the U.S.

    DIV has worked to promote its royalty model in the U.S. market and now, with its second US-based royalty transaction, is building significant momentum in that market. Such continued momentum in the U.S. franchisor market will become significant to DIV as it scales its business going forward.

    Further, DIV’s strong balance sheet (cash on hand, under-levered existing royalty LP’s, an unused acquisition facility) enabled it to fund the Transaction without the need to raise equity. DIV’s less than 100% payout ratio4, automated DRIP program and ability to refinance existing LP’s will enable it to substantially pay down the acquisition facility within 12 months. This is a game-changer for DIV as all prior trademarks acquisitions have been funded concurrently, or shortly thereafter, with a sizeable equity raise.”

    Scott Jennings, stated, “DIV understands and believes that leaving us in control of our company keeps us in the best position to sustain our controlled growth. In addition, we can continue to take care of our product, partners, crew, and most importantly our CUSTOMERS the way we have for the last 27 years. We thank DIV for believing in Cheba Hut and helping us stay in excellent position to keep our soul intact for the next 50 years and beyond!!!”

    3. Pro-forma adjusted revenue is a non-IFRS financial measure, and as such, does not have a standardized meaning under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Amendment to Acquisition Facility

    DIV amended its Acquisition Facility to increase the size from $50 million to $70 million and extend the maturity date to May 30, 2027, and thereafter to June 17, 2028 (if certain conditions are met).

    DIV and Cheeb LP Credit Facilities

    Cheeb LP financed US$5 million of the Purchase Price with new bank debt having a term of three years from closing. The Cheeb Credit Facility is non-amortizing and has a floating interest rate equal to SOFR + 2.5% per annum; however, DIV will have 90 days following closing to effectively fix the interest rate on 75% of the amount borrowed under this facility through an interest rate swap. The Cheeb Credit Facility is secured by the Cheba Rights and the Royalty payable by Cheba Hut, and has covenants customary for this type of a credit facility.

    DIV financed approximately US$18 million of the Purchase Price from the Acquisition Facility as amended and described above. The approximately US$18 million drawn on the Acquisition Facility is interest-only for twelve months and thereafter amortizes over a 60-month period. In connection with the Transaction, DIV financed US$5 million of the Purchase Price from an Additional Term Facility of US$5 million with a term of approximately 18 months. The Additional Term Facility is non-amortizing and has a floating interest rate based on SOFR plus a spread based on prevailing market rates. The Additional Term Facility is secured by a general security interest over the assets of the Corporation and, if requested by the lender, may be secured by specific assignments of certain material agreements entered into by the Corporation from time to time, and has covenants customary for this type of credit facility. DIV intends to pay down the Acquisition Facility through a combination of cash flows, debt refinancings and/or capital markets transactions.

    Dividend Policy Increase

    DIV’s board of directors has approved an increase in DIV’s dividend policy to increase its annualized dividend from 25.0 cents per share to 27.5 cents per share effective July 1, 2025, an increase of 10%. DIV estimates its pro-forma payout ratio4 will be approximately 94.9% (pro-forma payout ratio, net of DRIP is approximately 83.0%)4.

    4. Pro-forma payout ratio and pro-forma payout ratio, net of DRIP are non-IFRS ratios, and as such, do not have standardized meanings under IFRS. For additional information, refer to “Non-IFRS Measures” in this news release.

    Investor Conference Call

    Management of DIV will host a conference call on Wednesday, June 18, 2025, at 7:00 am Pacific Time (10:00 am Eastern Time). To participate by telephone across Canada, call toll free at 1 (800)  717-1738 or 1 (289) 514-5100 (conference ID 02753). The presentation will be followed by a question-and-answer session. An archived telephone recording of the call will be available until Wednesday, September 17, 2025, by calling 1 (888) 660-6264 or 1 (289) 819-1325 (playback passcode: 02753 #). The management presentation for the conference call will be available on DIV’s website https://www.diversifiedroyaltycorp.com/investors/investor-presentation/ prior to the call. Alternatively, the link to the webcast of the conference can be found below:

    https://onlinexperiences.com/Launch/QReg/ShowUUID=AE82A2E9-8F95-4F22-BF7D-3DF54A94A39D

    About Diversified Royalty Corp.

    DIV is a multi-royalty corporation, engaged in the business of acquiring top-line royalties from well-managed multi-location businesses and franchisors in North America. DIV’s objective is to acquire predictable, growing royalty streams from a diverse group of multi-location businesses and franchisors.

    DIV currently owns the Mr. Lube + Tires, AIR MILES®, Sutton, Mr. Mikes, Nurse Next Door, Oxford Learning Centres, Stratus Building Solutions, BarBurrito and Cheba Hut trademarks. Mr. Lube + Tires is the leading quick lube service business in Canada, with locations across Canada. AIR MILES® is Canada’s largest coalition loyalty program. Sutton is among the leading residential real estate brokerage franchisor businesses in Canada. Mr. Mikes operates casual steakhouse restaurants primarily in western Canadian communities. Nurse Next Door is a home care provider with locations across Canada and the United States as well as in Australia. Oxford Learning Centres is one of Canada’s leading franchisee supplemental education services. Stratus Building Solutions is a leading commercial cleaning service franchise company providing comprehensive janitorial, building cleaning, and office cleaning services primarily in the United States. BarBurrito is the largest quick service Mexican restaurant food chain in Canada. Cheba Hut is a fast casual toasted sub sandwich franchise with locations across 19 U.S. states.

    DIV’s objective is to increase cash flow per share by making accretive royalty purchases and through the growth of purchased royalties. DIV intends to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time, in each case as cash flow per share allows.

    Forward Looking Statements

    Certain statements contained in this news release may constitute “forward-looking information” or “financial outlook” within the meaning of applicable securities laws that involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information or financial outlook. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, ”project”, “should”, “believe”, “confident”, “plan” and “intends” and similar expressions are intended to identify forward-looking information, although not all forward-looking information contains these identifying words. Specifically, forward-looking information or financial outlook in this news release includes, but are not limited to, statements made in relation to: the increase in DIV’s annual dividend; statements related to the expected tax implications of the Acquisition on DIV; substantially all future growth for Cheba Hut is currently expected to result from opening additional franchised locations; Cheba Hut’s forecasted system sales in the fiscal year ended December 31, 2025; the expected financial impact of the Transaction on DIV, including on its pro-forma payout ratio, pro-forma payout ratio, net of DRIP and pro-forma adjusted revenue; DIV intends to pay down the Acquisition Facility through a combination of cash flows, debt refinancings and/or capital markets transactions; the continued expansion in the U.S. franchisor market and the expected effect on DIV and its business; DIV’s intention to continue to pay a predictable and stable monthly dividend to shareholders and increase the dividend over time; and DIV’s corporate objectives. The forward-looking information and financial outlook contained herein involve known and unknown risks, uncertainties and other factors that may cause actual results or events, performance, or achievements of DIV to differ materially from those anticipated or implied therein. DIV believes that the expectations reflected in the forward-looking information and financial-outlook are reasonable but no assurance can be given that these expectations will prove to be correct. In particular there can be no assurance that: DIV will realize the expected benefits of the Transaction, or that it will be accretive; the actual tax implications of the Acquisition and the Transaction on DIV will be consistent with the tax implications expected by DIV; Cheba Hut will pay the Royalty and otherwise comply with its obligations under the agreements governing the Transaction; Cheba Hut will not be adversely affected by the other risks facing its business; DIV may not complete any further royalty acquisitions; DIV may not increase its dividend in accordance with the currently expected timing or amounts; DIV will be able to make monthly dividend payments to the holders of the DIV common shares; or DIV will achieve any of its corporate objectives. Given these uncertainties, readers are cautioned that forward-looking information and financial outlook included in this news release are not guarantees of future performance, and such forward-looking information and financial outlook should not be unduly relied upon. More information about the risks and uncertainties affecting DIV’s business and the businesses of its royalty partners can be found in the “Risk Factors” section of its Annual Information Form dated March 24, 2025 and the “Risk Factors” section of its management’s discussion and analysis for the three months ended March 31, 2025 that are available under DIV’s profile on SEDAR+ at www.sedarplus.ca.

    In formulating the forward-looking statements contained herein, management has assumed that, among other things, Cheba Hut will be successful in meeting its stated corporate objectives, including its growth targets; DIV will realize the expected benefits of the Transaction; the Cheba Hut business will not suffer any material adverse effect; the actual tax implications of the Acquisition, the Transaction and the payment of the Royalty will be consistent with the tax implications expected by DIV; and the business and economic conditions affecting DIV and Cheba Hut will continue substantially in the ordinary course, including without limitation with respect to general industry conditions, general levels of economic activity and regulations. These assumptions, although considered reasonable by management at the time of preparation, may prove to be incorrect.

    To the extent any forward-looking information in this news release constitute a “financial outlook” within the meaning of applicable securities laws, such information is being provided to assist investors in understanding the potential financial impact of the Transaction, the Cheeb Credit Facility, the Additional Term Facility and the dividend increase and may not appropriate for other purposes.

    All of the forward-looking information and financial outlook disclosed in this news release is qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments contemplated thereby will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, DIV contemplated by such forward-looking information and financial outlook contained herein. The forward-looking information and financial outlook included in this news release is made as of the date of this news release and DIV assumes no obligation to publicly update or revise such information to reflect new events or circumstances, except as may be required by applicable law.

    Non-IFRS Measures

    Management believes that disclosing certain non-IFRS financial measures, non-IFRS ratios and supplementary financial measures provides readers with important information regarding the Corporation’s financial performance and its ability to pay dividends, the performance of its royalty partners and the financial impacts to DIV of the Transaction. By considering these measures in combination with the most closely comparable IFRS measure, management believes that investors are provided with additional and more useful information about the Corporation, its royalty partners and the Transaction than investors would have if they simply considered IFRS measures alone. The non-IFRS financial measures, non-IFRS ratios and supplementary financial measures used in this news release do not have standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to similar measures presented by other issuers. Investors are cautioned that non-IFRS financial measures should not be construed as a substitute or an alternative to net income or cash flows from operating activities as determined in accordance with IFRS.

    The non-IFRS financial measure used in this news release is pro-forma adjusted revenue, which includes as components the following non-IFRS financial measures: DIV royalty entitlement, adjusted revenue and run-rate adjusted revenue. Run-rate adjusted revenue is calculated as the sum of DIV’s adjusted revenue for each of the three months ended December 31, 2024 and March 31, 2025, multiplied by two for purposes of annualizing such amount, plus the amount of Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025. Pro-forma adjusted revenue is calculated as the run-rate adjusted revenue plus the amount of the initial adjusted revenue contribution payable by Cheba Hut. DIV management believes run-rate adjusted revenue provides useful information as it provides supplemental information regarding DIV’s consolidated revenues, and pro-forma adjusted revenue provides useful information as it provides supplemental information regarding DIV’s consolidated revenues after giving effect to the Transaction. For an explanation of the composition of DIV royalty entitlement and adjusted revenue, including a reconciliation to the most directly comparable IFRS measure, see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca, which is incorporated by reference herein.

    The following table reconciles revenue for the three months ended December 31, 2024 and March 31, 2025 to pro-forma adjusted revenue and run-rate adjusted revenue:

    (Cdn$000’s)  (a)
    Q4 2024    		 (b)
    Q1 2025    		 =(a+b) x 2
    Annualized
    Revenues 17,032 15,639 65,342
    DIV royalty entitlement 1,320 1,329 5,298
    Adjusted revenue 18,352 16,968 70,640
           
    Adjustment:      
    Mr. Lube roll-in – May 1, 2025(1)     668
    Run-rate adjusted revenue      71,308
           
    Cheba Hut contribution(2)     5,600
    Pro-forma adjusted revenue     76,908
           

    1) Adjustment for Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, assuming incremental annual net system sales (system sales is a non-IFRS supplementary measure and as such, does not have a standardized meaning under IFRS – see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025) of $8.4 million, multiplied by 7.95% royalty rate

    2) Cheba Hut contribution is calculated as the initial adjusted revenue contribution of USD$4,000,000 payable by Cheba Hut, multiplied by a USD to CAD exchange rate of $1.4:1

    The non-IFRS ratios used in this news release are pro-forma payout ratio and pro-forma payout ratio, net of DRIP, which include as components the following non-IFRS financial measures: EBITDA, normalized EBITDA, distributable cash, run-rate distributable cash, pro-forma distributable cash, pro-forma dividends declared and DIV royalty entitlement net of NND Royalties LP expenses. Run-rate distributable cash is calculated as the sum of DIV’s distributable cash for each of the three months ended December 31, 2024 and March 31, 2025, multiplied by two for purposes of annualizing such amount, plus the after-tax amount of Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, less adjustments for interest income and current tax. Pro-forma distributable cash is calculated as run-rate distributable cash plus the amount of the initial adjusted revenue contribution payable by Cheba Hut, less incremental operating expenses, interest expenses and taxes. DIV management believes run-rate distributable cash provides useful information as it provides supplemental information regarding DIV’s ability to generate cash available for payment of dividends after adjusting for non-recurring expenses and pro-forma distributable cash provides useful information as it provides supplemental information regarding DIV’s ability to generate cash available for payment of dividends after giving effect to the Transaction. Pro-forma dividends declared is calculated as DIV’s new annualized dividend of $0.275 per share multiplied by the number of DIV common shares issued and outstanding as of March 31, 2025. Pro-forma dividends declared is used to calculate the pro-forma payout ratio, and thus management believes that it provides useful information as to DIV’s expected future aggregate annualized dividend payments. Pro-forma payout ratio is calculated as pro-forma dividends declared divided by pro-forma distributable cash. Pro-forma payout ratio, net of DRIP is calculated as the difference of (X) pro-forma dividends declared less (Y) dividends paid by DIV in the form of DIV common shares issued under DIV’s dividend reinvestment plan (“DRIP”) at an estimated participation rate of 12.5%, divided by pro-forma distributable cash. For an explanation of the composition of EBITDA, normalized EBITDA, distributable cash and DIV royalty entitlement net of NND Royalties LP expenses, including a reconciliation to the most directly comparable IFRS measure, see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025, copies of which are available under DIV’s profile on SEDAR+ at www.sedarplus.ca, which is incorporated by reference herein. DIV management believes that (i) pro-forma payout ratio provides useful information as it provides supplemental information regarding DIV’s ability to generate cash to pay dividends following the completion of the Transaction and the increase to the dividend, and (ii) pro-forma payout ratio, net of DRIP provides useful information as it provides supplemental information regarding DIV’s ability to generate cash to pay dividends following the completion of the Transaction and the increase to the dividend after adjusting for dividends paid by DIV in the form of DIV common shares issued under the DRIP.

    The following table reconciles net income for the three months ended December 31, 2024 and March 31, 2025, to run-rate distributable cash and pro-forma distributable cash and illustrates the calculation of pro-forma payout ratio and pro-forma payout ratio, net of DRIP:

    (Cdn$000’s) (a)
    Q4 2024    		 (b)
    Q1 2025    		 =(a+b) x 2
    Annualized
    Net income 4,015 7,993 24,016
           
    Interest expense on credit facilities 3,368 3,150 13,036
    Income tax expense 1,653 2,997 9,300
    Depreciation expense 25 24 98
    EBITDA 9,061 14,164 46,450
           
    Adjustments:      
    Share-based compensation 645 368 2,026
    Other finance costs, net (2,044) 995 (2,098)
    Fair value adjustment on financial instruments 15 (904) (1,778)
    Payment of lease obligations (28) (28) (112)
    DIV royalty entitlement net of NND Royalties LP expenses 1,314 1,325 5,278
    Impairment loss 8,204 – 16,408
    Normalized EBITDA 17,167 15,920 66,174
    Add: interest income 139 135 548
    Less: Distributions on exchangeable MRM units (34) (48) (164)
    Less: current tax expense (1,301) (1,719) (6,040)
    Less: interest expense on credit facilities (3,368) (3,150) (13,036)
    Distributable cash 12,603 11,138 47,482
           
    Adjustment:      
    Mr. Lube roll-in – May 1, 2025, net of taxes(1)     487
    Interest income adjustment     (493)
    Current tax adjustment     (2,000)
    Run-rate distributable cash     45,476
    Cheba Hut distributable cash contribution(2)     3,075
    Pro-forma distributable cash     48,551
           
    Pro-forma dividends declared(3)     46,081
    Pro-forma payout ratio     94.9%
           
    Pro-forma dividends declared, net of DRIP(4)     40,321
    Pro-forma payout ratio, net of DRIP     83.0%
           

    1) Adjustment for Mr. Lube’s roll-in of royalties from 5 net new store locations on May 1, 2025, assuming incremental annual net system sales (system sales is a non-IFRS supplementary measure and as such, does not have a standardized meaning under IFRS – see the disclosure under the heading “Description of Non-IFRS Financial Measures, Non-IFRS Ratios and Supplementary Financial Measures” in DIV’s management discussion and analysis for the three months and year ended December 31, 2024 and three months ended March 31, 2025) of $8.4 million, multiplied by 7.95% royalty rate, less marginal income taxes assumed at 27%

    2) Cheba Hut contribution is calculated as the initial adjusted revenue contribution of USD$4,000,000, multiplied by a USD to CAD exchange rate of $1.4:1, less incremental operating expenses of $50,000, interest expense of $1,890,000 and taxes of $586,000

    3) Calculated as the number of DIV common shares issued and outstanding as of March 31, 2025 (167,567,468) multiplied by the new annualized dividend of $0.275 per share

    4) Calculated as pro-forma dividends declared, multiplied by 1 minus the effective DRIP rate of 12.5%

    System Sales is a supplementary financial measure and is a reference to the top-line sales revenue reported to Cheba Hut by all Cheba Hut franchisees. System sales is a supplementary financial measure and does not have a standardized meaning prescribed by IFRS. The Corporation believes system sales is a useful measure as it provides investors with an indication of performance of the franchisees underlying Cheba Hut’s business.

    Same store sales growth or SSSG is a supplementary financial measure and is a reference to the percentage increase in system sales over the prior comparable period for Cheba Hut locations that were in operation in both the current and prior periods, excluding stores that were permanently closed. The Corporation believes that SSSG is a useful measure as it provides investors with an indication of the change in year-over-year sales of Cheba Hut locations.

    Third Party Information

    This news release includes information obtained from third party reports and other publicly available sources as well as financial statements and other reports provided to DIV by its royalty partners and Cheba Hut. Although DIV believes these sources to be generally reliable, such information cannot be verified with complete certainty. Accordingly, the accuracy and completeness of this information is not guaranteed. DIV has not independently verified any of the information from third party sources referred to in this news release nor ascertained the underlying assumptions relied upon by such sources.

    THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR THE ACCURACY OF THIS RELEASE.

    Additional Information

    Additional information relating to the Corporation and other public filings, is available on SEDAR+ at www.sedarplus.ca.

    Contact:
    Sean Morrison, President and Chief Executive Officer
    Diversified Royalty Corp.
    (236) 521-8470

    Greg Gutmanis, Chief Financial Officer and VP Acquisitions
    Diversified Royalty Corp.
    (236) 521-8471

    The MIL Network –

  • MIL-OSI: Carbon Streaming Announces Corporate Update and Legend Removal Process for All U.S. Investors From the 2021 Financings

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 17, 2025 (GLOBE NEWSWIRE) — Carbon Streaming Corporation (Cboe CA: NETZ) (OTCQB: OFSTF) (FSE: M2Q) (“Carbon Streaming” or the “Company”) today provides a corporate update and announces legend removal process for all U.S. investors from the 2021 Financings (as defined below).

    Highlights:

    • Restrictive Legend Removal: The Company has finalized the process to offer qualifying U.S. investors who participated in the 2021 Financings (as defined below) the opportunity to remove the restrictive legend on share certificates at no cost to the investor. This legend on the share certificates renders the securities “restricted securities” as defined in Rule 144 of the Securities Act of 1933 and restricts these investors from selling stock.
    • Cash Conservation Update: In February 2025, the Company converted US$18.0 million to Canadian dollars at an exchange rate of 1.42. Since then, the US dollar to Canadian dollar exchange rate has decreased to 1.36 as of June 16, 2025, resulting in a foreign exchange gain of approximately US$0.8 million on that portion of the cash. The Company currently holds US$37.0 million (C$50.3 million) in cash, remains debt-free, and has no outstanding legal payables.
    • Credit Portfolio Update: The Company currently holds 532,720 carbon credits from cookstove projects and 18,990 carbon credits from water purification projects under the Community Carbon Stream. A breakdown of credit vintage, project ID and registry information is provided below.
    • Notice of Arbitration: The Company has filed a Notice of Arbitration in Ontario against Will Solutions Inc.
    • AGM Reminder: The Company’s Annual General Meeting (the “AGM”) of holders of common shares of the Company (“Common Shares”) will be held on June 18th, 2025, at 9:30 a.m. (Vancouver time), at the offices of Farris LLP, 25th Floor, 700 W Georgia Street, Vancouver, British Columbia, Canada.

    Restrictive Legend Removal:

    The Company has finalized the process to offer qualifying U.S. investors who participated in the 2021 Financings (defined below) the opportunity to remove the restrictive legend from their share certificates—or from book-entry shares, as applicable—without the need for the shareholder to pay for a legal opinion, regardless of whether a particular shareholder intends to sell or actually sells the shares into the public market. This service is being provided at no cost to all qualifying investors. This legend on the share certificates renders the securities “restricted securities” as defined in Rule 144 of the Securities Act of 1933 and restricts these investors from selling stock.

    The blanket opinion provides that the removal of the restrictive legend is now permissible under Section 4(a)(1) of the Securities Act of 1933.

    While removing the legend is permissible, it is not required. Shareholders are not required to take any action if they prefer to keep the restrictive legend in place.

    Marin Katusa, CEO of the Company, stated “The vast majority of the capital raised for Carbon Streaming came from the financings throughout the 2021 calendar year. Since those financings in 2021, over 700 U.S. residents who invested in those financings have been unable to deposit their shares into a brokerage firm or freely sell those shares because of the restrictive legend that is applied to U.S. investors investing in private placements.

    The typical process to remove a restrictive legend is done on a one-off basis, meaning each U.S resident must complete the removal of the restrictive legend on their own. This is the first time a publicly listed Canadian company, such that we are aware, has offered the removal of the restrictive legend through a digitalized process applicable to a large group of U.S. investors (over 700 shareholders at the same time) to simplify and expediate the process of removing the restrictive U.S. legend.

    We approached DealMaker in early 2025 with the concept to digitalize the legend removal process for the U.S. investors. The Company worked with DealMaker on the 2021 Financings where all subscription forms were digitalized and the funding process was completed.

    I am especially proud of the innovation of this potential solution to U.S. legend removals, as it will ultimately cost less than 5% of the quotes the Company initially received to obtain a global opinion letter for the removal the U.S. restrictive legend through the traditional process. In addition, DealMaker has agreed to not charge for their services.”

    Eligibility for Blanket Removal

    Holders of Common Shares are eligible if they are US residents, non affiliates and acquired the Common Shares pursuant to:

    • that certain private placement of special warrants issued on July 20, 2021,
    • that certain private placement of Common Shares issued on March 11, 2021,
    • that certain private placement of Common Shares issued on May 12, 2021,
    • that certain private placement of Common Share issued on January 27, 2021,
    • that certain private placement of units, with each unit consisting of one Common Share and one share purchase warrant to purchase one Common Share, issued on December 22, 2020, and
    • that certain private placement of units, with each unit consisting of one Common Share and one share purchase warrant to purchase one Common Share, issued on December 16, 2020.

    (collectively, the “2021 Financings”)

    Timing and Process to Participate in Blanket Removal

    Holders who are eligible will receive an email from DealMaker on or about June 23, 2025 with instructions on how to participate.

    If you are a U.S. investor and do not want to register your shares into a brokerage account or sell your shares, then no action is required. This service is being offered by the Company to U.S. investors who acquired their shares in the 2021 Financings, are not affiliates and who have the restrictive legend on their share certificates—or book-entry shares, as applicable and wish to deposit them in a brokerage account or sell their shares in the public market.

    Marin Katusa, CEO, further added: “DealMaker handled the 2021 Financings for the Company which included the digitalizing subscription forms and managing the subscription wires from the investors in a professional, efficient and low-cost manner. We strongly believe that this innovative solution we have created with DealMaker to remove the U.S. restrictive legends will be equally successful. We are grateful for DealMaker’s innovative approach and commitment to excellence, which continues to streamline our investor communications and elevate the overall experience for our shareholders.”

    Cash Conservation

    As of June 16, 2025, the Company has US$37.0 million in cash (C$50.3 million), remains debt-free, and has no outstanding legal payables. With cash generated from the sale of carbon credits held by the Company, interest earned on the Company’s cash balance, and substantial reductions in operating expenses to date, the Company expects a significant improvement in operating cash flow in 2025 when compared to previous years. The Company currently has three full-time employees and a part-time CFO, with a combined annual base compensation of approximately US$0.5 million, while the CEO and Board of Directors are not collecting any salaries, fees, nor equity-based compensation of any kind.

    Carbon credits held by the Company as of June 16, 2025

               
    Project Registry Project ID Vintage Credits available for sale  
    Uganda cookstove project Gold Standard GS12119 2022 53,801  
        GS10967 2023 129,383  
        GS12119 2023 199,340  
        GS12120 2023 41,514  
        GS12120 2024 15,432  
            439,470  
    Uganda household safe water project Gold Standard GS10968 2022 38  
        GS10968 2023 14,373  
            14,411  
    Tanzania cookstove project Verra VCS2676 2022 27,492  
        VCS2676 2023 60,788  
            88,280  
    Mozambique cookstove project Gold Standard GS11211 2022 1,401  
      Gold Standard GS12638 2023 3  
      Gold Standard GS12638 2024 296  
      Gold Standard GS11211 2024 3,270  
            4,970  
    Malawi household safe water project Gold Standard GS11245 2022 988  
      Gold Standard GS11245 2023 3,310  
      Gold Standard GS11245 2024 281  
            4,579  
               

    The Company has been in discussions with several different parties regarding the sale of its existing carbon credits. While current market pricing for cookstoves remains weak, the Company continues to advance its marketing efforts. A new initiative by the Company leverages AI-driven analysis of public disclosures to identify active buyers of environmental attributes. This effort is helping the Company more effectively target potential buyers for its current credit inventory, without incurring additional cost.

    Notice of Arbitration – Will Solutions.

    On June 16, 2025, the Company delivered a written Notice of Arbitration in Ontario to Will Solutions Inc. and the ADR Chambers. As previously disclosed, in the third quarter of 2024, the Company exercised its contractual rights to terminate the purchase sale agreement dated June 20, 2022 with Will Solutions Inc. (the “Sustainable Community Stream”) as a result of, among other things, the failure of Will Solutions Inc. to meet its milestone related to the registration of its Ontario project and its failure to develop and implement the project in accordance with the project plan (including continued delays in project development activities and lower-than-expected project enrollments). The Company has advanced $4.0 million of the upfront deposit to Will Solutions Inc. under the Sustainable Community Stream. The Company will continue to pursue all of its rights and interests.

    2025 Annual General Meeting

    The Company’s AGM will be held on June 18th, 2025, at 9:30 a.m. (Vancouver time), at the offices of Farris LLP, 25th Floor, 700 W Georgia Street, Vancouver, British Columbia, Canada.

    About Carbon Streaming

    Carbon Streaming’s focus is on projects that generate high-quality carbon credits and have a positive impact on the environment, local communities, and biodiversity, in addition to their carbon reduction or removal potential.

    ON BEHALF OF THE COMPANY:
    Marin Katusa, Chief Executive Officer
    Tel: 365.607.6095
    info@carbonstreaming.com
    www.carbonstreaming.com

    Investor Relations
    investors@carbonstreaming.com

    Media
    media@carbonstreaming.com

    Cautionary Statement Regarding Forward-Looking Information
    This news release contains certain forward-looking statements and forward-looking information (collectively, “forward-looking information”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future, are forward-looking information, including, without limitation, the impact of the Company’s restructuring strategies, including evaluation of strategic alternatives; the ability of the Company to execute on expense reductions and savings from operating cost reduction measures; statements with respect to cash conservation; its sales strategy; supporting the Company’s carbon streaming and royalty partners; statements with respect to the eligibility, timing, process and completion of restrictive legend removal; statements with respect to the expected improvement in operating cash flow in 2025 when compared to previous years; statements with respect to the effectiveness and cost of AI-driven analysis of public disclosures to identify active buyers of environmental attributes; statements regarding the Company’s intention to pursue all of its rights and interests under the Sustainable Community Stream; and statements with respect to the timing of the Company’s AGM.

    When used in this news release, words such as “estimates”, “expects”, “plans”, “anticipates”, “will”, “believes”, “intends” “should”, “could”, “may” and other similar terminology are intended to identify such forward-looking information. This forward-looking information is based on the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. They should not be read as a guarantee of future performance or results and will not necessarily be an accurate indication of whether or not such results will be achieved. Factors that could cause actual results or events to differ materially from current expectations include, among other things: general economic, market and business conditions and global financial conditions, including fluctuations in interest rates, foreign exchange rates and stock market volatility; volatility in prices of carbon credits and demand for carbon credits; change in social or political views towards climate change, carbon credits and environmental, social and governance initiatives and subsequent changes in corporate or government policies or regulations and associated changes in demand for carbon credits; the Company’s expectations and plans with respect to current litigation, arbitration and regulatory proceedings; limited operating history for the Company’s current strategy; concentration risk; inaccurate estimates of project value, which may impact the ability of the Company to execute on its growth and diversification strategy; dependence upon key management; impact of corporate restructurings; the inability of the Company to optimize cash flows or sufficiently reduce operating expenses; reputational risk; risks arising from competition and future acquisition activities failure or timing delays for projects to be registered, validated and ultimately developed and for emission reductions or removals to be verified and carbon credits issued (and other risks associated with carbon credits standards and registries); foreign operations and political risks including actions by governmental authorities, including changes in or to government regulation, taxation and carbon pricing initiatives; uncertainties and ongoing market developments surrounding the validation and verification requirements of the voluntary and/or compliance markets; due diligence risks, including failure of third parties’ reviews, reports and projections to be accurate; dependence on project partners, operators and owners, including failure by such counterparties to make payments or perform their operational or other obligations to the Company in compliance with the terms of contractual arrangements between the Company and such counterparties; failure of projects to generate carbon credits, or natural disasters such as flood or fire which could have a material adverse effect on the ability of any project to generate carbon credits; volatility in the market price of the Company’s common shares or warrants; the effect that the issuance of additional securities by the Company could have on the market price of the Company’s common shares or warrants; global health crises, such as pandemics and epidemics; and the other risks disclosed under the heading “Risk Factors” and elsewhere in the Company’s Annual Information Form dated as of March 31, 2025 filed on SEDAR+ at www.sedarplus.ca.

    Any forward-looking information speaks only as of the date of this news release. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.

    The MIL Network –

  • MIL-OSI: Topnotch Crypto Launches Free Cloud Mining App to Simplify Access to Digital Asset Mining

    Source: GlobeNewswire (MIL-OSI)

    London, United Kingdom, June 18, 2025 (GLOBE NEWSWIRE) — Topnotch Crypto, a global player in the cloud mining sector, has officially launched its free cloud mining mobile application. Designed to simplify digital asset mining for everyday users, the new app leverages artificial intelligence and renewable energy to deliver efficient, 24/7 automated mining without the need for hardware or technical expertise.

    The application aims to make digital asset mining more accessible by offering a streamlined, mobile-first experience. Built with a focus on energy efficiency, the app runs on 100% green power sourced from Nordic wind and solar infrastructure. Its AI-based computing system dynamically allocates resources to optimize performance and reduce energy costs.

    “We developed this app to lower the barrier of entry into digital asset mining,” said a spokesperson from Topnotch Crypto. “With just a smartphone, users can now participate in the growing digital economy in a secure and sustainable way.”

    Why do more than 8 million users around the world favor Topnotch Crypto?

    Key Features of the New App:

    • Hardware-Free Mining: No mining rigs required. All operations are cloud-based.
    • Green Energy Integration: Fully powered by renewable sources to reduce carbon footprint.
    • Multi-Currency Support: Enables mining across 12 major cryptocurrencies including BTC, ETH, and FIL.
    • Security-Centric Design: ISO 27001 certified with 98% of user assets stored in cold wallets.
    • AI Optimization: Automated computing resource allocation for greater efficiency and uptime.

    Click to download the free app, both iOS and Android versions are available.

    The app also allows users to monitor mining performance, manage digital assets, and access support directly from their mobile device. It is available on both Android and iOS platforms.

    This launch comes at a time when the global cloud mining industry is projected to grow rapidly. According to Bloomberg New Energy Finance, the market is expected to see a compound annual growth rate of approximately 47% between 2025 and 2028. Solutions that combine cloud infrastructure, AI, and green energy are increasingly seen as foundational to the next era of digital mining.

    About Topnotch Crypto

    Topnotch Crypto was legally established in 2020 under British supervision. With “zero threshold, low risk, and high transparency” as its core advantages, it has built a new channel to crypto assets for global users.

    Visit https://topnotchcrypto.com to register now and share the stable passive income and unlimited growth opportunities under the wave of digital gold with 8 million users around the world!

    Application download: https://topnotchcrypto.com/download/

    Disclaimer: The information provided in this press release does not constitute an investment solicitation, nor does it constitute investment advice, financial advice, or trading recommendations. Cryptocurrency mining and staking involve risks and the possibility of financial loss. You are strongly advised to perform due diligence before investing or trading in cryptocurrencies and securities, including consulting a professional financial advisor.

    The MIL Network –

  • MIL-OSI: Purpose Investments Inc. Announces June 2025 Distributions

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, June 17, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) is pleased to announce distributions for the month of June 2025 for its open-end exchange traded funds and closed-end funds (“the Funds”).                                                        

    The ex-distribution date for all Open-End Funds is June 26, 2025. The ex-distribution date for all closed-end funds is June 30, 2025.

    Open-End Funds Ticker
    Symbol    		 Distribution
    per
    share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Apple (AAPL) Yield Shares Purpose ETF – ETF Units APLY $0.1667 06/26/2025 07/03/2025 Monthly
    Purpose Canadian Financial Income Fund – ETF Series BNC $0.1225¹ 06/26/2025 07/03/2025 Monthly
    Purpose Global Bond Fund – ETF Units BND $0.0866 06/26/2025 07/03/2025 Monthly
    Berkshire Hathaway (BRK) Yield Shares Purpose ETF – ETF Units BRKY $0.1000 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Units BTCY $0.0850 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF Non-Currency Hedged Units BTCY.B $0.0970 06/26/2025 07/03/2025 Monthly
    Purpose Bitcoin Yield ETF – ETF USD Units BTCY.U US $0.0815 06/26/2025 07/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF Units CROP $0.0875 06/26/2025 07/03/2025 Monthly
    Purpose Credit Opportunities Fund – ETF USD Units CROP.U US $0.0975 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield – ETF Units ETHY $0.0405 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Non-Currency Hedged Units ETHY.B $0.0500 06/26/2025 07/03/2025 Monthly
    Purpose Ether Yield ETF – ETF Units Non-Currency Hedged USD Units ETHY.U US $0.0395 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – ETF Units FLX $0.0461 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged – ETF Units FLX.B $0.0551 06/26/2025 07/03/2025 Monthly
    Purpose Global Flexible Credit Fund – Non-Currency Hedged USD – ETF Units FLX.U US $0.0385 06/26/2025 07/03/2025 Monthly
    Purpose Global Bond Class – ETF Units IGB $0.0860¹ 06/26/2025 07/03/2025 Monthly
    Microsoft (MSFT) Yield Shares Purpose ETF – ETF units MSFY $0.1300 06/26/2025 07/03/2025 Monthly
    Purpose Active Balanced Fund – ETF Units PABF $0.1650 06/26/2025 07/03/2025 Quarterly
    Purpose Active Conservative Fund – ETF Units PACF $0.1900 06/26/2025 07/03/2025 Quarterly
    Purpose Active Growth Fund – ETF Units PAGF $0.1550 06/26/2025 07/03/2025 Quarterly
    Purpose Enhanced Premium Yield Fund – ETF Series PAYF $0.1375¹ 06/26/2025 07/03/2025 Monthly
    Purpose Total Return Bond Fund – ETF Series PBD $0.0590¹ 06/26/2025 07/03/2025 Monthly
    Purpose Core Dividend Fund – ETF Series PDF $0.1050¹ 06/26/2025 07/03/2025 Monthly
    Purpose Enhanced Dividend Fund – ETF Series PDIV $0.0950¹ 06/26/2025 07/03/2025 Monthly
    Purpose Real Estate Income Fund – ETF Series PHR $0.0720¹ 06/26/2025 07/03/2025 Monthly
    Purpose International Tactical Hedged Equity Fund – ETF Series PHW $0.1500 06/26/2025 07/03/2025 Quarterly
    Purpose International Dividend Fund – ETF Series PID $0.0780 06/26/2025 07/03/2025 Monthly
    Purpose Monthly Income Fund – ETF Series PIN $0.0830¹ 06/26/2025 07/03/2025 Monthly
    Purpose Multi-Asset Income Fund – ETF Units PINC $0.0840 06/26/2025 07/03/2025 Monthly
    Purpose Diversified Real Asset Fund – ETF Series PRA $0.2100 06/26/2025 07/03/2025 Quarterly
    Purpose Conservative Income Fund – ETF Series PRP $0.0600¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund – ETF Series PYF $0.1100¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF Series PYF.B $0.1230¹ 06/26/2025 07/03/2025 Monthly
    Purpose Premium Yield Fund Non-Currency Hedged – ETF USD Series PYF.U US $0.1200¹ 06/26/2025 07/03/2025 Monthly
    Purpose Core Equity Income Fund – ETF Series RDE $0.0875¹ 06/26/2025 07/03/2025 Monthly
    Purpose Emerging Markets Dividend Fund – ETF Units REM $0.0950 06/26/2025 07/03/2025 Monthly
    Purpose Canadian Preferred Share Fund – ETF Units RPS $0.0950 06/26/2025 07/03/2025 Monthly
    Purpose US Preferred Share Fund – ETF Series RPU $0.0940 06/26/2025 07/03/2025 Monthly
    Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units2 RPU.B / RPU.U $0.0940 06/26/2025 07/03/2025 Monthly
    Purpose Strategic Yield Fund – ETF Units SYLD $0.0970 06/26/2025 07/03/2025 Monthly
    AMD (AMD) Yield Shares Purpose ETF – ETF Series YAMD $0.2500 06/26/2025 07/03/2025 Monthly
    Amazon (AMZN) Yield Shares Purpose ETF- ETF Units YAMZ $0.4000 06/26/2025 07/03/2025 Monthly
    Broadcom (AVGO) Yield Shares Purpose ETF – ETF Series YAVG $0.1800 06/26/2025 07/03/2025 Monthly
    Coinbase (COIN) Yield Shares Purpose ETF – ETF Series YCON $0.3000 06/26/2025 07/03/2025 Monthly
    Costco (COST) Yield Shares Purpose ETF – ETF Series YCST $0.1200 06/26/2025 07/03/2025 Monthly
    Alphabet (GOOGL) Yield Shares Purpose ETF – ETF Units YGOG $0.2500 06/26/2025 07/03/2025 Monthly
    Tech Innovators Yield Shares Purpose ETF – ETF Series YMAG $0.2000 06/26/2025 07/03/2025 Monthly
    META (META) Yield Shares Purpose ETF – ETF Series YMET $0.2400 06/26/2025 07/03/2025 Monthly
    Netflix (NFLX) Yield Shares Purpose ETF – ETF Series YNET $0.1500 06/26/2025 07/03/2025 Monthly
    NVIDIA (NVDA) Yield Shares Purpose ETF – ETF Units YNVD $0.7500 06/26/2025 07/03/2025 Monthly
    Palantir (PLTR) Yield Shares Purpose ETF – ETF Series YPLT $0.2500 06/26/2025 07/03/2025 Monthly
    Tesla (TSLA) Yield Shares Purpose ETF – ETF Units YTSL $0.5500 06/26/2025 07/03/2025 Monthly
    UnitedHealth Group (UHN) Yield Shares Purpose ETF – ETF Series YUNH $0.1100 06/26/2025 07/03/2025 Monthly
               
    Closed-End Funds Ticker
    Symbol    		 Distribution 
    per
    share/unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Big Banc Split Corp, Class A BNK $0.1200¹ 06/30/2025 07/14/2025 Monthly
    Big Banc Split Corp – Preferred Shares BNK.PR.A $0.0700¹ 06/30/2025 07/14/2025 Monthly
               

    Estimated June 2025 Distributions for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund

    The June 2025 distribution rates for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund are estimated to be as follows:

    Fund Name Ticker
    Symbol    		 Estimated
    Distribution
    per unit    		 Record
    Date    		 Payable
    Date    		 Distribution
    Frequency
    Purpose USD Cash Management Fund – ETF Units MNU.U US $0.3405 06/26/2025 07/03/2025 Monthly
    Purpose Cash Management Fund – ETF Units MNY $0.2175 06/26/2025 07/03/2025 Monthly
    Purpose High Interest Savings Fund – ETF Units PSA $0.1030 06/26/2025 07/03/2025 Monthly
    Purpose US Cash Fund – ETF Units PSU.U US $0.3375 06/26/2025 07/03/2025 Monthly
               

    Purpose expects to issue a press release on or about June 25, 2025, which will provide the final distribution rate for Purpose USD Cash Management Fund, Purpose Cash Management Fund, Purpose High Interest Savings Fund, and Purpose US Cash Fund. The ex-distribution date will be June 26, 2025.

    1. Dividend is designated as an “eligible” Canadian dividend for purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
    2. Purpose US Preferred Share Fund Non-Currency Hedged – ETF Units have both a CAD and USD purchase option. Distribution per unit is declared in CAD, however, the USD purchase option (RPU.U) distribution will be made in the USD equivalent. Conversion into USD will use the end-of-day foreign exchange rate prevailing on the ex-distribution date.

    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $21 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    The MIL Network –

  • MIL-OSI United Nations: 17 June 2025 Departmental update Jordan’s new drink-driving law will save lives on the roads

    Source: World Health Organisation

    Jordan has taken a bold step to make its roads safer with the ratification of a new drink-driving law that meets World Health Organization (WHO) best practice criteria.

    With technical support from WHO, the Hashemite Kingdom of Jordan introduced legislation that lowers the legal blood alcohol concentration (BAC) limit for drivers to 0.05 grams of alcohol per 100 millilitres of blood for the general population, bringing the country closer to global standards that save lives.

    Drinking and driving significantly increases the risk and severity of road crashes. In low- and middle-income countries, where 92% of road deaths occur, between 33% and 69% of drivers killed in crashes have consumed alcohol.

    “Jordan’s landmark drink-driving law is a major step forward in efforts to reduce road deaths,” said Dr Iman Shankiti, WHO Representative to Jordan. “This builds on the commendable progress in reducing preventable road fatalities in recent years. Looking forward, WHO is here to help implement the new law and advance road safety however we can.”

    With an estimated 1514 road traffic fatalities each year and a fatality rate of 13.6 deaths per 100,000 population, Jordan is slightly below the global average of 15 deaths per 100,000 population. Yet while road deaths are declining, the country faces challenges related to legislation around speed limits, seatbelt use, child restraints, helmet use and impaired driving.

    The adoption of the new law follows extensive engagement with WHO, including a series of consultations with countries across the WHO Eastern Mediterranean Region that focused on developing laws that address key road user behaviours.

    The WHO Global Status Report on Road Safety 2023 notes 166 countries report having drink-driving laws, yet only 53 UN Member States meet all three WHO best practice criteria. This requires countries to have a drink-driving law in place, to set blood alcohol concentration at 0.05 grams or below per decilitre for the general population and at 0.02 grams per decilitre or below for novice drivers. Jordan’s new law meets two of the three criteria.

    With WHO support, efforts will focus on ensuring the law is effectively implemented, properly enforced and clearly communicated to enforcement authorities and the public. The WHO Drink-Driving Manual for Decision Makers notes that laws must be evidence-based, context-relevant and supported by robust enforcement and public awareness to save lives.

    “Jordan’s progress demonstrates what is possible when leadership, evidence and commitment come together. With the new drink-driving law in place, the country is taking meaningful action to protect lives and build a safer future on its roads,” said Dr Iman Shankiti, WHO Representative to Jordan.

    MIL OSI United Nations News –

  • MIL-OSI: Logan Ridge Finance Corporation Announces Adviser Funded Cash Payment to Shareholders in Connection with its Merger with Portman Ridge Finance Corporation

    Source: GlobeNewswire (MIL-OSI)

    The Company’s Investment Adviser Will Finance an Incremental $0.47 Per Share Payment to Logan Ridge Shareholders Immediately Prior to Closing.

    Payment Effectively Results in Logan Ridge Shareholders Receiving 100% of NAV as of March 31, 2025 Adjusted for Estimated Transaction Costs.

    NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) — Logan Ridge Finance Corporation (NASDAQ: LRFC) (“Logan Ridge” or “LRFC”), today announced that it has entered into an agreement with Mount Logan Management LLC, LRFC’s investment adviser (“Mount Logan” or “Investment Adviser”), in connection with its previously announced merger with and into Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN” and the “Merger”).

    Pursuant to the terms of the agreement, and contingent upon the closing of the Merger, LRFC’s Investment Adviser will finance a pre-closing cash payment of $0.47 per share to LRFC shareholders of record as of May 6, 2025. This payment, when combined with the previously announced Tax Distribution of no less than $1,000,000, or $0.38 per share, and the 1.5x PTMN shares received for each LRFC share outstanding, will equal 100% of Logan Ridge’s net asset value (“NAV”), based on both Logan Ridge’s and Portman Ridge’s respective NAVs per share as of March 31, 2025 adjusted for estimated transaction costs.

    All terms and conditions of the Merger remain unchanged and in full effect. The Mount Logan funded payment outlined above represents a commitment by Mount Logan to the combined company and was designed to further align the Merger with shareholder feedback, while maintaining the core strategic and financial rationale for the combination.

    Management Commentary

    Ted Goldthorpe, President and Chief Executive Officer of LRFC and PTMN, and Head of the BC Partners Credit Platform, stated, “We are pleased to announce this agreement, which will provide enhanced value to Logan Ridge shareholders through an additional $0.47 per share payment. We appreciate our shareholders’ support and constructive engagement throughout this process and we look forward to successfully closing the Merger.”

    Special Meeting of Shareholders

    The LRFC special meeting is scheduled for June 20, 2025, at 10:30 am ET. LRFC urges its shareholders to cast their votes by following the instructions outlined in the joint proxy statement. Shareholders of LRFC can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/LRFC2025SM, or by calling 1-833-218-3962 and providing the control number which is listed in the proxy card received.

    Shareholders can access the joint proxy statement and prospectus by clicking HERE. Shareholders who have questions about the joint proxy statement or about voting their shares should contact the companies’ proxy solicitor, Broadridge, at 1-833-218-3962.

    About Logan Ridge Finance Corporation

    LRFC is a business development company (a “BDC”) that invests primarily in first lien loans and, to a lesser extent, second lien loans and equity securities issued by lower middle-market companies. LRFC invests in performing, well-established middle-market businesses that operate across a wide range of industries. It employs fundamental credit analysis, targeting investments in businesses with relatively low levels of cyclicality and operating risk. For more information, visit www.loganridgefinance.com.

    About Portman Ridge Finance Corporation

    PTMN is a publicly traded, externally managed investment company that has elected to be regulated as a BDC under the 1940 Act. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC (“Sierra Crest”). PTMN’s filings with the Securities and Exchange Commission (the “SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners Advisors L.P. (“BC Partners”) is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements

    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results of PTMN and LRFC, and distribution projections; business prospects of PTMN and LRFC, and the prospects of their portfolio companies; and the impact of the investments that PTMN and LRFC expect to make. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. Certain factors could cause actual results and conditions to differ materially from those projected, including the uncertainties associated with (i) the ability of the parties to consummate the merger on the expected timeline, or at all; (ii) the expected synergies and savings associated with the merger; (iii) the ability to realize the anticipated benefits of the merger, including the expected elimination of certain expenses and costs due to the merger; (iv) the percentage of PTMN shareholders and LRFC shareholders voting in favor of the applicable Proposal (as defined below) submitted for their approval; (v) the possibility that competing offers or acquisition proposals will be made; (vi) the possibility that any or all of the various conditions to the consummation of the merger may not be satisfied or waived; (vii) risks related to diverting management’s attention from ongoing business operations; (viii) the combined company’s plans, expectations, objectives and intentions, as a result of the merger; (ix) any potential termination of the merger agreement; (x) the future operating results and net investment income projections of PTMN, LRFC or, following the closing of the merger, the combined company; (xi) the ability of Sierra Crest to implement its future plans with respect to the combined company; (xii) the ability of Sierra Crest and its affiliates to attract and retain highly talented professionals; (xiii) the business prospects of PTMN, LRFC or, following the closing of the merger, the combined company, and the prospects of their portfolio companies; (xiv) the impact of the investments that PTMN, LRFC or, following the closing of the merger, the combined company expect to make; (xv) the ability of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company to achieve their objectives; (xvi) the expected financings and investments and additional leverage that PTMN, LRFC or, following the closing of the merger, the combined company may seek to incur in the future; (xvii) the adequacy of the cash resources and working capital of PTMN, LRFC or, following the closing of the merger, the combined company; (xviii) the timing of cash flows, if any, from the operations of the portfolio companies of PTMN, LRFC or, following the closing of the merger, the combined company; (xix) the risk that stockholder litigation in connection with the merger may result in significant costs of defense and liability; and (xx) future changes in laws or regulations (including the interpretation of these laws and regulations by regulatory authorities). PTMN and LRFC have based the forward-looking statements included in this document on information available to them on the date hereof, and they assume no obligation to update any such forward-looking statements. Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement (in each case, as defined below), annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    No Offer or Solicitation

    This communication is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Additional Information and Where to Find It

    This communication relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation

    LRFC, its directors, certain of its executive officers and certain employees and officers of Mount Logan and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the LRFC shareholders in connection with the Proposal will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    Contacts:
    Logan Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer (PTMN and LRFC)
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    The MIL Network –

  • MIL-OSI: Portman Ridge Finance Corporation Announces Corporate Rebranding, New Monthly Base Distribution, and Value Creation Initiatives

    Source: GlobeNewswire (MIL-OSI)

    Company to be Renamed “BCP Investment Corporation” and Trade Under New Ticker “BCIC”

    Transition to Paying the Quarterly Base Distribution Monthly in 2026

    Company, Management, Adviser and Other Affiliates Intend to Acquire up to 20% of Common Shares Over Next 24 Months to the Extent the Stock Trades Below 80% of NAV

    NEW YORK, June 17, 2025 (GLOBE NEWSWIRE) — Portman Ridge Finance Corporation (NASDAQ: PTMN) (“Portman Ridge” or “PTMN”), today announced several updates and initiatives, aimed at enhancing shareholder value. These initiatives include a corporate name change, the transition to paying a monthly distribution, and an enhanced stock purchase program. These changes will go into effect following the successful closing of the merger with Logan Ridge Finance Corporation (“LRFC”).

    Upon closing, Portman Ridge will rebrand and begin operating under the name BCP Investment Corporation (the “Company” or “BCIC”). In connection with the rebranding, the Company will continue to trade on the Nasdaq under the new ticker symbol “BCIC”. This change better reflects the fact that the Company is fully integrated into the broader BC Partners Credit Platform and the credit platform’s commitment to the Company, which is a leading global alternative asset manager with almost $9.0 billion in assets under management across its credit platforms.

    Additionally, beginning in 2026, the Company will transition to paying its currently quarterly base distribution on a monthly basis, while retaining the potential for quarterly supplemental distributions. The quarterly supplemental distributions will continue to approximate 50% of the incremental net investment income earned in excess of the base monthly distributions. We believe that the transition to a monthly base distribution will be valued by investors and has the potential to increase liquidity in the Company’s stock.

    To further align our interests with shareholders and drive additional value creation, the Company, along with its management, its adviser and their affiliates intend to acquire up to 20% of the Company’s outstanding common stock over the next 24 months to the extent the Company’s shares continue to trade below 80% of net asset value (“NAV”), which implies a share price of $15.08 based Portman Ridge’s March 31, 2025 NAV per share, or a 31% premium to PTMN’s June 16, 2025 closing market price. These purchases will begin no earlier than 60 calendar days following the date of the closing of the LRFC merger and may occur through various methods, including open market purchases and privately negotiated transactions, and may be conducted pursuant to Rule 10b5-1 and Rule 10b-18 trading plans. In this regard and as previously announced, PTMN’s Board of Directors has authorized an open market stock repurchase program of up to $10 million for the period from March 12, 2025 to March 31, 2026. The Company, its management and its adviser also reserve the right to conduct tender offers as part of the Company’s broader value creation initiatives.

    Management Commentary

    Ted Goldthorpe, President and Chief Executive Officer of PTMN and Head of the BC Partners Credit Platform, stated, “The corporate rebranding of Portman Ridge to BCP Investment Corporation reflects the Company’s affiliation with the broader BC Partners Credit Platform and underscores the significance of the Company to the platform as well as the credit platform’s commitment to its success.

    Finally, we remain committed to addressing the discount to NAV at which our shares currently trade as well as increasing our ownership in the Company for better alignment with shareholders. We believe these value creation initiatives represent a thoughtful and constructive framework that supports long-term value creation for our shareholders.”

    Special Meeting of Shareholders

    The PTMN special meeting is scheduled for June 20, 2025, at 10:00 am ET. PTMN urges its shareholders to cast their votes by following the instructions outlined in the joint proxy statement. Shareholders of PTMN can also access the virtual meeting and vote by going to the following website: http://www.virtualshareholdermeeting.com/PTMN2025SM, or by calling 1-833-218-3911 and providing the control number which is listed in the proxy card received.

    Shareholders can access the joint proxy statement and prospectus by clicking HERE. Shareholders who have questions about the joint proxy statement or about voting their shares should contact the companies’ proxy solicitor, Broadridge, at 1-833-218-3911.

    About Portman Ridge Finance Corporation

    PTMN is a publicly traded, externally managed closed-end investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. PTMN’s middle market investment business originates, structures, finances and manages a portfolio of term loans, mezzanine investments and selected equity securities in middle market companies. PTMN’s investment activities are managed by its investment adviser, Sierra Crest Investment Management LLC, an affiliate of BC Partners Advisors L.P. PTMN’s filings with the Securities and Exchange Commission (“SEC”), earnings releases, press releases and other financial, operational and governance information are available on Portman Ridge’s website at www.portmanridge.com.

    About BC Partners Advisors L.P. and BC Partners Credit
    BC Partners is a leading international investment firm in private equity, private credit and real estate strategies. Established in 1986, BC Partners has played an active role in developing the European buyout market for three decades.

    Today, BC Partners executives operate across markets as an integrated team through the firm’s offices in North America and Europe. For more information, please visit https://www.bcpartners.com/.

    BC Partners Credit was launched in February 2017 and has pursued a strategy focused on identifying attractive credit opportunities in any market environment and across sectors, leveraging the deal sourcing and infrastructure made available from BC Partners.

    Cautionary Statement Regarding Forward-Looking Statements

    Some of the statements in this communication constitute forward-looking statements because they relate to future events, future performance or financial condition. The forward-looking statements may include statements as to future operating results and distribution projections of the Company; business prospects of the Company, and future share repurchase/purchase activity. In addition, words such as “anticipate,” “believe,” “expect,” “seek,” “plan,” “should,” “estimate,” “project” and “intend” indicate forward-looking statements, although not all forward-looking statements include these words. The forward-looking statements contained in this communication involve risks and uncertainties. More information on the risks and other potential factors that could affect these forward-looking statements is included in Registration Statement and Joint Proxy Statement (in each case, as defined below). Although PTMN and LRFC undertake no obligation to revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that they may make directly to you or through reports that PTMN and LRFC in the future may file with the SEC, including the Registration Statement and Joint Proxy Statement, annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K.

    No Offer or Solicitation

    This document is not, and under no circumstances is it to be construed as, a prospectus or an advertisement and the communication of this document is not, and under no circumstances is it to be construed as, an offer to sell or a solicitation of an offer to purchase any securities in PTMN, LRFC or in any fund or other investment vehicle managed by BC Partners or any of its affiliates.

    Additional Information and Where to Find It

    This document relates to the proposed merger of PTMN and LRFC and certain related matters (the “Proposals”). In connection with the Proposals, PTMN has filed a registration statement (Registration No. 333-285230) with the SEC (the “Registration Statement”) that contains a combined joint proxy statement for PTMN and LRFC and a prospectus of PTMN (the “Joint Proxy Statement”) and has mailed the Joint Proxy Statement to its and LRFC’s respective shareholders. The Registration Statement and Joint Proxy Statement will contain important information about PTMN, LRFC and the Proposals. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended. SHAREHOLDERS OF PTMN AND LRFC ARE URGED TO READ THE REGISTRATION STATEMENT, JOINT PROXY STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT PTMN, LRFC AND THE PROPOSALS. Investors and security holders will be able to obtain the documents filed with the SEC free of charge at the SEC’s website, http://www.sec.gov or, for documents filed by PTMN, from PTMN’s website at https://www.portmanridge.com, and, for documents filed by LRFC, from LRFC’s website at https://www.loganridgefinance.com.

    Participants in the Solicitation

    PTMN, its directors, certain of its executive officers and certain employees and officers of PTMN’s investment adviser and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of PTMN is set forth in its proxy statement for its 2025 Annual Meeting of Stockholders, which was filed with the SEC on April 29, 2025. LRFC, its directors, certain of its executive officers and certain employees and officers of LRFC’s investment adviser, and its affiliates may be deemed to be participants in the solicitation of proxies in connection with the Proposals. Information about the directors and executive officers of LRFC is set forth in the Annual Report on Form 10-K/A, which was filed with the SEC on April 29, 2025. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the PTMN and LRFC shareholders in connection with the Proposals will be contained in the Registration Statement, including the Joint Proxy Statement included therein, and other relevant materials when such documents become available. These documents may be obtained free of charge from the sources indicated above.

    Contacts:
    Portman Ridge Finance Corporation
    650 Madison Avenue, 3rd floor
    New York, NY 10022

    Brandon Satoren
    Chief Financial Officer
    Brandon.Satoren@bcpartners.com
    (212) 891-2880

    The Equity Group Inc.
    Lena Cati
    lcati@equityny.com
    (212) 836-9611

    Val Ferraro
    vferraro@equityny.com
    (212) 836-9633

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution and Listing For Sale of Vantage at Fair Oaks

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., June 17, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.30 per BUC.

    The cash distribution will be paid on July 31, 2025 to all BUC holders of record as of the close of trading on June 30, 2025. The BUCs will trade ex-distribution as of June 30, 2025.

    Commenting on the Partnership’s quarterly distribution, Chief Executive Officer Ken Rogozinski stated, “Persistently high interest rates, coupled with higher capitalization rates, have combined to create a more muted environment for sales of certain high quality joint venture properties within our investment portfolio, particularly in Texas markets. As a result, we are reducing our quarterly distribution to appropriately align with the current operating environment. Our quarterly distribution equates to a 9.5% annualized distribution yield based on our net book value as of March 31, 2025, which we believe is attractive in the current operating environment.”

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    The Partnership also announced that Vantage at Fair Oaks, a 288-unit market rate multifamily property located in Boerne, TX (the “Property”), was publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The Partnership’s non-controlling investment in the Property was originated in September 2021 and the Partnership contributed equity totaling $12.0 million to date. Construction of the Property was completed in May 2023. Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property-owning entity’s operating agreement, with the Partnership entitled to certain net proceeds upon the successful completion of the sale of the Property.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com
     
    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235
     

    The MIL Network –

  • MIL-OSI: Greystone Housing Impact Investors LP Announces Regular Quarterly Cash Distribution and Listing For Sale of Vantage at Fair Oaks

    Source: GlobeNewswire (MIL-OSI)

    OMAHA, Neb., June 17, 2025 (GLOBE NEWSWIRE) — Greystone Housing Impact Investors LP (NYSE: GHI) (the “Partnership”) announced that the Board of Managers of Greystone AF Manager LLC (“Greystone Manager”) declared a cash distribution to the Partnership’s Beneficial Unit Certificate (“BUC”) holders of $0.30 per BUC.

    The cash distribution will be paid on July 31, 2025 to all BUC holders of record as of the close of trading on June 30, 2025. The BUCs will trade ex-distribution as of June 30, 2025.

    Commenting on the Partnership’s quarterly distribution, Chief Executive Officer Ken Rogozinski stated, “Persistently high interest rates, coupled with higher capitalization rates, have combined to create a more muted environment for sales of certain high quality joint venture properties within our investment portfolio, particularly in Texas markets. As a result, we are reducing our quarterly distribution to appropriately align with the current operating environment. Our quarterly distribution equates to a 9.5% annualized distribution yield based on our net book value as of March 31, 2025, which we believe is attractive in the current operating environment.”

    Greystone Manager is the general partner of America First Capital Associates Limited Partnership Two, the Partnership’s general partner. Distributions to the Partnership’s BUC holders, including regular and any supplemental distributions, are determined by Greystone Manager based on a disciplined evaluation of the Partnership’s current and anticipated operating results, financial condition and other factors it deems relevant. Greystone Manager continually evaluates the factors that go into BUC holder distribution decisions, consistent with the long-term best interests of the BUC holders and the Partnership.

    The Partnership also announced that Vantage at Fair Oaks, a 288-unit market rate multifamily property located in Boerne, TX (the “Property”), was publicly listed for sale by Institutional Property Advisors Texas at the direction of the Property-owning entity’s managing member. The Partnership’s non-controlling investment in the Property was originated in September 2021 and the Partnership contributed equity totaling $12.0 million to date. Construction of the Property was completed in May 2023. Consistent with past Vantage property sales, the managing member controls the listing and sales process under the terms of the Property-owning entity’s operating agreement, with the Partnership entitled to certain net proceeds upon the successful completion of the sale of the Property.

    About Greystone Housing Impact Investors LP

    Greystone Housing Impact Investors LP was formed in 1998 under the Delaware Revised Uniform Limited Partnership Act for the primary purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily, seniors and student housing properties. The Partnership is pursuing a business strategy of acquiring additional mortgage revenue bonds and other investments on a leveraged basis. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. The Partnership seeks to achieve its investment growth strategy by investing in additional mortgage revenue bonds and other investments as permitted by its Second Amended and Restated Limited Partnership Agreement, dated December 5, 2022, (the “Partnership Agreement”), taking advantage of attractive financing structures available in the securities market, and entering into interest rate risk management instruments. Greystone Housing Impact Investors LP press releases are available at www.ghiinvestors.com.

    Safe Harbor Statement

    Certain statements in this press release are intended to be covered by the safe harbor for “forward-looking statements” provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally can be identified by use of statements that include, but are not limited to, phrases such as “believe,” “expect,” “future,” “anticipate,” “intend,” “plan,” “foresee,” “may,” “should,” “will,” “estimates,” “potential,” “continue,” or other similar words or phrases. Similarly, statements that describe objectives, plans, or goals also are forward-looking statements. Such forward-looking statements involve inherent risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Partnership. The Partnership cautions readers that a number of important factors could cause actual results to differ materially from those expressed in, implied, or projected by such forward-looking statements. Risks and uncertainties include, but are not limited to: defaults on the mortgage loans securing our mortgage revenue bonds and governmental issuer loans; the competitive environment in which the Partnership operates; risks associated with investing in multifamily, student, senior citizen residential properties and commercial properties; general economic, geopolitical, and financial conditions, including the current and future impact of changing interest rates, inflation, and international conflicts (including the Russia-Ukraine war and the Israel-Hamas war) on business operations, employment, and financial conditions; uncertain conditions within the domestic and international macroeconomic environment, including monetary and fiscal policy and conditions in the investment, credit, interest rate, and derivatives markets; adverse reactions in U.S. financial markets related to actions of foreign central banks or the economic performance of foreign economies, including in particular China, Japan, the European Union, and the United Kingdom; the general condition of the real estate markets in the regions in which the Partnership operates, which may be unfavorably impacted by pressures in the commercial real estate sector, incrementally higher unemployment rates, persistent elevated inflation levels, and other factors; changes in interest rates and credit spreads, as well as the success of any hedging strategies the Partnership may undertake in relation to such changes, and the effect such changes may have on the relative spreads between the yield on investments and cost of financing; the aggregate effect of elevated inflation levels over the past several years, spurred by multiple factors including expansionary monetary and fiscal policy, higher commodity prices, a tight labor market, and low residential vacancy rates, which may result in continued elevated interest rate levels and increased market volatility; the Partnership’s ability to access debt and equity capital to finance its assets; current maturities of the Partnership’s financing arrangements and the Partnership’s ability to renew or refinance such financing arrangements; local, regional, national and international economic and credit market conditions; recapture of previously issued Low Income Housing Tax Credits in accordance with Section 42 of the Internal Revenue Code; geographic concentration of properties related to investments held by the Partnership; changes in the U.S. corporate tax code and other government regulations affecting the Partnership’s business; and the other risks detailed in the Partnership’s SEC filings (including but not limited to, the Partnership’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K). Readers are urged to consider these factors carefully in evaluating the forward-looking statements.

    If any of these risks or uncertainties materializes or if any of the assumptions underlying such forward-looking statements proves to be incorrect, the developments and future events concerning the Partnership set forth in this press release may differ materially from those expressed or implied by these forward-looking statements. You are cautioned not to place undue reliance on these statements, which speak only as of the date of this document. We anticipate that subsequent events and developments will cause our expectations and beliefs to change. The Partnership assumes no obligation to update such forward-looking statements to reflect events or circumstances after the date of this document or to reflect the occurrence of unanticipated events, unless obligated to do so under the federal securities laws.

    MEDIA CONTACT:
    Karen Marotta
    Greystone
    212-896-9149
    Karen.Marotta@greyco.com
     
    INVESTOR CONTACT:
    Andy Grier
    Senior Vice President
    402-952-1235
     

    The MIL Network –

  • MIL-Evening Report: Solomon Islanders safe but unable to leave Israel amid war on Iran

    RNZ Pacific

    The Solomon Islands Foreign Ministry says five people who completed agriculture training in Israel are safe but unable to come home amid the ongoing war between Israel and Iran.

    The ministry said in a statement that the Solomon Islands Embassy in Abu Dhabi, United Arab Emirates, was closely monitoring the situation and maintaining regular contact with the students.

    Ambassador Cornelius Walegerea said that given the volatile nature of the current situation, the safety of their citizens in Israel — particularly the students — remained their top priority.

    “Once the airport reopens and it is deemed safe for them to travel, the students will be able to return home.”

    The five Solomon Islands students have undertaken agricultural training at the Arava International Centre for Agriculture in Israel since September 2024.

    The students completed their training on June 5 and were scheduled to return home on June 17.

    The students have been advised to strictly follow instructions issued by local authorities and to continue observing all precautionary safety measures.

    Ministry updates
    The ministry will continue to provide updates as the situation develops.

    Its travel advisory, issued the day Israel attacked Iran last Friday, said the ministry “wishes to advise all citizens not to travel to Israel and the region”.

    Citizens studying in Israel were told they “should now make every effort to leave Israel”.

    Meanwhile, a friend of a New Zealander stuck in Iran said the NZ government needed to help provide safe passage, and that the advice so far had been “vague and lacking any substance whatsover”.

    The woman told RNZ the advice from MFAT until yesterday had been to “stay put”, before an evacuation notice was issued.

    MFAT declined interview
    MFAT declined an interview, but told RNZ it had heard from a small number of New Zealanders seeking advice about how to depart from Iran and Israel.

    It would not provide any further detail regarding those individuals.

    MFAT said the airspace was currently closed over both countries, which would likely continue.

    The agency understood departure via land border crossings had been taking place, but that carried risks and New Zealanders “should only do so if they feel it is safe”.

    Meanwhile, the NZ government said visitors from war zones in the Middle East could stay in New Zealand until it was safe for them to return home.

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –