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Category: Transport

  • MIL-OSI: Partners Value Investments Inc. Announces Q1 2025 Interim Results

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Partners Value Investments Inc. (the “Company”, TSX: PVF.WT, PVF.PR.V, PVF.A) announced today its financial results for the three months ended March 31, 2025. All amounts are stated in U.S. dollars.

    The Company recorded net income of $972 million for the three months ended March 31, 2025, compared to a net loss of $175 million in the prior year quarter. The increase in income was primarily due to current period remeasurement gains of $953 million associated with the retractable common shares compared to remeasurement losses of $214 million in the prior year quarter. The Company’s retractable common shares are classified as liabilities due to their cash retraction feature. The remeasurement gains or losses in a given period are driven by the respective depreciation or appreciation of the Partnership unit price as the retractable shares are recognized at fair value based on the quoted price of the Partnership’s Equity LP units. During the quarter, the Partnership unit price decreased by $13.71 compared to an increase of $3.11 in the prior year quarter.

    Excluding retractable share and warrant liability remeasurement gains and losses, and dividends paid on retractable shares, Adjusted Earnings for the Company was $30 million for the three months ended March 31, 2025, compared to Adjusted Earnings of $34 million in the prior year quarter. Adjusted Earnings were lower in the current quarter as higher investment income and valuations gains were more than offset by the absence of foreign currency gains and tax recoveries recognized in the prior year quarter.

    As at March 31, 2025, the market prices of a Brookfield Corporation (“BN”, NYSE/TSX: BN) and Brookfield Asset Management Ltd. (“BAM”, NYSE/TSX: BAM) share were $52.41 and $48.45, respectively. As at May 20, 2025, the market prices of a BN and BAM share were $58.98 and $58.82, respectively.

    Consolidated Statements of Operations

    (Unaudited)
    For the three months ended March 31
    (Thousands, US dollars)
         
                2025       2024    
    Investment income                      
    Dividends           $ 30,125     $ 26,685    
    Other investment income             7,177       4,035    
                  37,302       30,720    
    Expenses                      
    Operating expenses             (1,131 )     (2,150 )  
    Financing costs             (10,062 )     (8,179 )  
    Retractable preferred share dividends             (8,380 )     (8,240 )  
                  (19,573 )     (18,569 )  
    Other items                      
    Investment valuation gains             7,212       924    
    Retractable share remeasurement gains (losses)             952,569       (213,630 )  
    Warrant liability remeasurement (losses) gains             (3,267 )     9,926    
    Amortization of deferred financing costs             (912 )     (884 )  
    Foreign currency gain             115       12,453    
    Current tax (expense) recovery             (361 )     8,069    
    Deferred tax expense             (1,102 )     (4,158 )  
    Net income (loss)           $ 971,983     $ (175,149 )  
                               

    Financial Profile

    The Company’s principal investments are its interest in 121 million Class A Limited Voting Shares of BN and approximately 31 million Class A Limited Voting Shares of BAM. This represents approximately an 8% interest in BN and a 2% interest in BAM as at March 31, 2025. In addition, the Company owns a diversified investment portfolio of marketable securities and private fund interests.

    The information in the following table has been extracted from the Company’s Consolidated Statements of Financial Position:

    Consolidated Statements of Financial Position

    (Unaudited)
    As at
    (Thousands, US dollars)
          March 31,
    2025
          December 31,
    2024
     
    Assets              
    Cash and cash equivalents     $ 308,044     $ 156,952  
    Accounts receivable and other assets       77,882       69,776  
    Investment in Brookfield Corporation 1       6,339,885       6,949,656  
    Investment in Brookfield Asset Management Ltd.2       1,492,635       1,669,488  
    Investment in Brookfield Wealth Solutions Ltd.3       428,460       471,651  
    Other investments carried at fair value       655,069       669,397  
          $ 9,301,975     $ 9,986,920  
    Liabilities and Equity              
    Accounts payable and other liabilities     $ 44,964     $ 42,824  
    Corporate borrowings       208,094       208,168  
    Preferred shares4       838,560       703,044  
    Retractable common shares       6,360,356       7,312,467  
    Exchangeable shares       282,186       —  
    Warrant liability       497,252       494,710  
    Deferred tax liability       9,469       7,933  
            8,240,881       8,769,146  
    Equity              
    Accumulated deficit       (6,130,077 )     (6,821,786 )
    Accumulated other comprehensive income       7,181,112       8,027,580  
    Non-controlling interests       10,059       11,980  
          $ 9,301,975     $ 9,986,920  
                       
    1. The investment in Brookfield Corporation (“BN”) consists of 121 million BN shares with a quoted market value of $52.41 per share as at March 31, 2025 (December 31, 2024 – $57.45).
    2. The investment in Brookfield Asset Management Ltd. (“BAM”) consists of 31 million BAM shares with a quoted market value of $48.45 per share as at March 31, 2025 (December 31, 2024 – $54.19).
    3. Brookfield Wealth Solutions Ltd. (“BWS”) Class A shares are exchangeable into BN Class A shares on a one-for-one basis.
    4. Represents $851 million of retractable preferred shares less $12 million of unamortized issue costs as at March 31, 2025
      (December 31, 2024 – $712 million less $9 million).

    For further information, contact Investor Relations at ir@pvii.ca.

    Note: This news release contains “forward-looking information” within the meaning of Canadian provincial securities laws and “forward-looking statements” within the meaning of applicable Canadian securities regulations. The words “potential” and “estimated” and other expressions which are predictions of or indicate future events, trends or prospects and which do not relate to historical matters, identify forward-looking information.

    Although the Company believes that its anticipated future results, performance or achievements expressed or implied by the forward-looking statements and information are based upon reasonable assumptions and expectations, the reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors, many of which are beyond its control, which may cause the actual results, performance or achievements of the Company to differ materially from anticipated future results, performance or achievement expressed or implied by such forward-looking statements and information.

    Factors that could cause actual results to differ materially from those contemplated or implied by forward‐looking statements and information include, but are not limited to: the financial performance of Brookfield Corporation, the impact or unanticipated impact of general economic, political and market factors; the behavior of financial markets, including fluctuations in interest and foreign exchanges rates; limitations on the liquidity of our investments; global equity and capital markets and the availability of equity and debt financing and refinancing within these markets; strategic actions including dispositions; changes in accounting policies and methods used to report financial condition (including uncertainties associated with critical accounting assumptions and estimates); the effect of applying future accounting changes; business competition; operational and reputational risks; technological change; changes in government regulation and legislation; changes in tax laws; risks associated with the use of financial leverage; catastrophic events, such as earthquakes and hurricanes; the possible impact of international conflicts and other developments including terrorist acts; and other risks and factors detailed from time to time in the Company’s documents filed with the securities regulators in Canada.

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

    The MIL Network –

    May 21, 2025
  • MIL-OSI Russia: Kingdom of the Netherlands–The Netherlands: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    May 20, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    An IMF team, led by Mr. Fabian Bornhorst, visited the Netherlands during May 7–20 to conduct the 2025 Article IV consultation. The following statement was issued at the end of the visit:

    The Dutch economy is among the most developed countries globally and has drawn strength from integration in global value chains. In recent years, it has weathered shocks well, yet its resilience is being tested, again—this time by trade tensions and geoeconomic fragmentation. Fiscal buffers are ample, and the financial system is well-positioned to absorb shocks. At the same time, the economy is operating at capacity and inflation is elevated. And increasingly binding constraints—in the labor market, housing, emissions space, and the electricity grid—are limiting the ability to grow and adapt. Futureproofing the economy will therefore require policies that both tackle bottlenecks and expand supply capacity, and align with a long-term vision for sustainable growth. Reforms, complementary to EU initiatives, should aim to increase labor input and firm productivity, expand the availability of SME financing, and effectively manage the green and demographic transitions.

    Outlook

    1. After a weak start, domestic demand is projected to drive growth in 2025 even as trade tensions affect momentum. Real GDP growth is projected to reach 1.1 percent this year. Fundamentals remain strong: unemployment is low, wage growth is robust, and real household purchasing power is solid—supporting private consumption. However, tariffs, trade tensions, and lower trading partner growth are expected to dampen external demand. Combined with uncertainty over future trade policies and less favorable financial conditions, these factors hold back investment and weaken consumer confidence. With a cooling economy, the small positive output gap is expected to close next year; medium-term growth will converge to its estimated potential of 1.2 percent.
    2. Elevated inflation is projected to decline gradually and reach the 2 percent target in late 2026. Inflation is projected at 3 percent in 2025. Wage growth has been robust, although real wages have not reached pre-pandemic levels. Going forward, wage growth is projected to moderate as indicated by recent collective wage agreements and early signs of easing labor market tightness. Fiscal measures, on net, will contribute positively to inflation in 2025 and 2026, as the roll-back of some reduced VAT rates and the increase in excise rates are partly offset by energy subsidies and the freeze on social housing rents. As the trade shock reverberates through the global economy, deflationary forces are expected to arise from lower global growth and energy prices, and appreciation of the euro.

    Risks

    1. Downside risks to growth dominate and arise mainly from trade tensions. Possible direct effects from new/higher U.S. tariffs on currently exempt items (e.g., pharmaceuticals) would lower exports. More generally, rising geoeconomic fragmentation and stronger-than-expected indirect effects from global trade disruptions pose downside risks to growth. The disruption to supply chains could be more severe than expected, leading to upward price pressures even in the context of subdued growth. Policy makers should stay vigilant and nimble. Barring more extreme scenarios, automatic stabilizers in the fiscal framework are sufficient to weather shocks. Domestically, uncertainties in economic policy and the extent to which growth bottlenecks are binding represent risks to the outlook. These can be addressed by implementing consistent, forward-looking, and confidence-building measures.

    Fiscal Policy

    1. Fiscal policy is geared to supporting households in the near term, while aiming to keep the deficit below 3 percent of GDP by 2030. In view of many, and competing, demands, it is welcome that revised plans in the Spring Memorandum adhere to the trend-based fiscal policy (the Dutch Medium-Term Fiscal Framework) and are in line with national fiscal rules. Key measures in 2025 to support household purchasing power include income tax relief, extending reduced fuel excise duties, energy subsidies, and rent support. To meet the deficit target by 2030, spending cuts in public administration, international cooperation, education, and asylum are proposed. The plans, however, are more backloaded than before, and, in many cases, specific measures have yet to be formulated.
    2. Pivoting fiscal policy from stimulating demand to expanding supply would help the economy grow and adapt. Fiscal policy is set to provide an impulse of around 1 percent of GDP in 2025-26. As household real incomes now exceed pre-pandemic levels and the economy is operating at capacity with elevated inflation, broad fiscal support is no longer needed. Scaling back demand support is timely and advisable. While underspending and revenue overperformance could deliver a neutral fiscal stance—as in 2024—proactively identifying and implementing measures would allow for steering the adjustment. To boost the supply capacity of the economy, the government should invest in infrastructure, education, and R&D, foster investment to increase the housing supply and productivity, implement growth-enhancing tax reforms, and tackle bottlenecks from nitrogen and electricity grid congestion. Fostering private and increasing public investment will also contribute to reducing the high external current account surplus.
    3. Better aligning policies with long-term goals would improve the effectiveness of fiscal policy. For example, while freezing social rents provides immediate support to some households, it weakens the financial health of housing associations and limits investment to expand and upgrade the housing stock—key to addressing shortages. Extending the reduction of fuel excises disincentivizes the clean energy transition, countering efforts to reduce implicit fuel subsidies and foster EV adoption through subsidies. Limited inflation adjustment of income tax brackets—including to finance reduced VAT rates—offsets previous income tax relief, disproportionately affects poorer households, and disincentivizes labor supply. Education and R&D spending cuts are at odds with fostering high levels of human capital and innovation. In this context, the announced tax and benefits system reform is welcome, offering an opportunity to simplify and align policies.
    4. Tackling medium-term spending pressures through structural fiscal reforms will increase fiscal room to maneuver. With a low debt-to-GDP ratio of 43.4 percent, the fiscal position is strong. Moreover, deficits and debt are projected to remain structurally below 3 and 60 percent of GDP through 2030. However, projections also indicate that, by 2050, spending on health, ageing, and climate change will increase by about 4 percent of GDP. Ambitions to scale up defense spending beyond 2 percent of GDP adds to these pressures. Addressing cost drivers early would free fiscal room to maneuver, including: (i) reversing the reduction of health deductibles, increasing health care co-payments, and adjusting the basic policy package while supporting solidarity; (ii) linking the retirement age one-to-one to greater life expectancy for tax-funded old-age pensions; and (iii) moving away from fuel subsidies to revenue-generating carbon pricing and taxation.
    5. Implementing the planned tax reforms would support growth. The Building Blocks Tax report rightly recommends streamlining inefficient and ineffective tax expenditures, including abolishing reduced VAT rates. This would lower compliance costs, broaden the tax base, and may open the door to a lower tax rate. Speedy implementation of the proposed capital income taxation reform (‘Box 3’) would align investment incentives by taxing capital income more consistently. and encouraging better resource allocation. Together, the reforms will foster higher investment, productivity, and growth.

    Financial Sector Policies

    1. Risks to financial stability are elevated and have risen, warranting continued close monitoring. Trade policy tensions and uncertainty have increased financial market volatility and weighed on investor confidence in recent months. More volatility in asset prices could trigger periodic margin calls, particularly on pension funds’ derivatives. Elevated inflation still poses non-negligible risks for insurers. While household and corporate indebtedness is declining, it remains well above the euro area average. In real estate, developments in the commercial sector signal reduced risks. However, the residential market shows renewed signs of overheating. Nominal and real house prices, as well as sales, have picked up again, and housing valuations remain among the highest in Europe.
    2. Even so, the financial sector remains resilient to shocks as buffers are ample and commensurate to risks, and the macroprudential policy stance is broadly appropriate. Banking, insurance, and pension fund (PF) fundamentals remain sound. Banks are well capitalized and liquid. Bank profits remain robust and loan delinquencies low, despite a pick-up in corporate bankruptcies, which reflects normalization following phasing out of pandemic support. The countercyclical capital buffer has been maintained at the 2 percent positive neutral rate since May 2024. Other buffers for the largest banks remain in a 0.25‑2 percent CET1-to-risk-weighted-assets ratio range. The insurance sector is profitable and solvent. Funding ratios of occupational PFs have declined as interest rates fell but are rebounding ahead of the system’s transition to defined-contribution schemes and stood comfortably at 120 percent, on average, at end-2025Q1. PFs are resilient to liquidity risks in adverse stress scenarios and can raise cash at short notice if needed from repo or other money markets to meet margin calls on interest derivatives.
    3. Addressing access to homeownership through policies that increase housing supply would allow recalibrating borrower-based macroprudential measures towards minimizing financial risks. Housing market risks continue to be mitigated by structural factors including rising real disposable incomes, the large share of fixed-rate mortgages, and full legal recourse in case of default. The maximum LTV limit was lowered to 100 percent in 2018. Eligibility for, and duration of the mortgage interest deductibility were tightened, and the maximum rate reduced. Mortgage risks are further mitigated by the recent extension of risk-weight floors until November 2026. Efforts to ensure a clear legal basis for supervisory authorities’ regular access to granular transaction and loan-level data for risk monitoring and analysis—to identify pockets of vulnerability as they emerge—should continue. Still, as recommended in the 2024 IMF Financial Stability Assessment Program (FSAP) report, to cool the housing market, maximum LTV limits should be progressively lowered even more, to 90 percent, mortgage interest deductibility gradually removed, and borrowers further incentivized to lower exposures to interest-only mortgages. A significant increase in housing supply is needed to boost housing affordability, facilitate broad access to the property ladder, and to reduce banking and insurance risks from residential mortgage exposures. This will require reconsideration of the roles of housing associations and private investors, revisiting rent controls, revising land-use policies and streamlining building regulations.
    4. The pension reform will strengthen PFs financial sustainability, and offers an opportunity to improve intergenerational fairness, and rebalance portfolios. Most defined-benefit schemes (DBs) have faced financial pressure since 2008. Many have struggled to index benefits in the low-interest-rate environment, and some were forced to cut benefits. Also, DBs asset allocations do not reflect age-related risk preferences. This has raised concerns about intergenerational fairness. Together, these factors weakened confidence in the system. The transition to defined-contribution schemes will alleviate pressures from ageing on PFs sustainability. It will also allow for portfolio allocations that better align with risk preferences of age cohorts, including more investments in equity, while maintaining a high degree of solidarity and collective risk-sharing. Notably, about 80 percent of plans are expected to combine individual investment accounts with collective investments that bundle assets and distribute returns across individual accounts.

    Addressing Growth Bottlenecks

    1. A legally-robust and future-oriented nitrogen strategy is urgently needed. Developers now face permit uncertainty, investors lack confidence, and farmers remain in limbo, as environmental targets slip further out of reach. Recognizing the urgency, the government is developing a strategy that includes shifting from deposition to direct emission measurement and extending the timeline to halve emissions by 5 years. More details on possible measures are paramount. Economic considerations suggest that fees on emitters are the most cost-effective and efficient way to reduce emissions. To avoid tax increases for the average farmer, a system of feebates—where emissions-intensive farming pays fees that fund rebates for lower emission practices—offers a balanced approach. Socially-acceptable solutions and emission reductions have been achieved through a combination of taxation, regulation, subsidies, and science-based guidance.
    2. Plans to relieve electricity grid bottlenecks and ready the grid for the green transition should be accelerated and paired with dynamic pricing. The government’s strategy focuses on expediting high-voltage grid extensions and streamlining permitting. There are plans to guarantee debt issuance by the grid operator of about 4.4 percent of GDP to facilitate grid expansion. However, in the meantime, connection wait-times remain too long. Efforts to manage grid pressures should also include increasing storage capacity and incentivizing energy efficiency of households and industry, while helping the energy-poor adapt. To better manage demand, energy savings could be further incentivized by promoting greater use of dynamic metering and pricing. These are effective in shifting consumption to off-peak periods, help consumers save money, and reduce the need for extra capacity to meet peak demand.

    Strengthening Labor and Firm Productivity

    1. Labor market reforms should continue to focus on enhancing human capital. Given the aging population and labor shortages, it is critical to fully utilize the potential of workers across all generations and smaller firms. Reforms should improve educational outcomes and vocational training to address skill shortages and enhance lifelong learning. Recent progress to address labor market duality, such as reducing false self-employment, are welcome. Introducing mandatory disability insurance and strengthening pension arrangements for the self-employed are important measures to be implemented.. Additionally, better integration of workers with a migratory background would be facilitated by stepped-up language training, job search support, and recognition of qualifications acquired abroad.
    2. Policies to support firm productivity should address several key areas. First, business dynamism should be promoted by reducing entry/exit barriers to enhance firm-level allocative efficiency. Second, productivity-enhancing investment should be increased by improving the investment climate and addressing growth bottlenecks, advancing digitalization, and encouraging R&D. Third, productivity spillovers should be fostered by investments with large spillover effects (e.g., research parks and networks) to build connections among firms, research institutions, and regions. Fourth, efforts are needed to support firms to grow from start-ups to scale-ups and beyond. Plans to equalize tax treatment of stock options for small firms are welcome and should be expanded to include eliminating the reduced profit tax rate for SMEs as well as providing a menu of financing options along a firm’s development stages.  

    Domestic Capital Market Reforms

    1. Capital market reforms would help expand SME financing by improving valuations, stimulating investor demand for both equity and debt instruments, and simplifying debt issuances.  
    • Improving valuations—thereby increasing the amount of capital firms can raise when they issue stocks or bonds—will require increasing the size and liquidity of secondary markets. This should be combined with measures to narrow information gaps, such as easing investor benchmarking, to help reduce investor risk, and with reforming the Bankruptcy Act and securities laws to help investors shorten the settlement cycle for transferable securities and reallocate capital from failed startups more quickly. The authorities should also continue to push forward EU-level reforms, as integration into a larger, EU-wide capital market would also improve liquidity, and hence valuations.
    • Increasing PFs’ and insurers’ investments in domestic venture capital and other equity funds would also increase equity market size and raise valuations. The pension reform offers such an opportunity. Higher pension investment, including from abroad, in domestic equity may also be supported at the EU level by revised legal and supervisory requirements for pan-European private pension products that allow for more venture capital investment.
    • Standardizing and simplifying procedures for smaller-denomination corporate debt securities issuance, lowering the minimum denomination, making pricing more transparent, and leveraging online platforms and other dealer markets would help increase retail investor participation and make more debt capital available to firms.

    Managing the Green Transition

    1. To meet national and European climate goals, stronger policies will be needed, including to reduce uncertainty and build public support.  The current policy settings are projected to fall short of the 2030 goals. Clear and consistent policies are required to provide investment certainty for the private sector. The EU climate agenda—including introduction of CBAM and phasing out of free ETS allowances and expansion of ETS coverage—will facilitate progress. These measures may impact purchasing power. Lower-income households may struggle to adapt even though the burdens of ETS reforms across different income groups are estimated to be uniform relative to consumption. To manage these challenges, implementing compensatory funds and other targeted fiscal tools can help balance policy trade-offs and enhance public support.
    2. Recalibrating transport policies can prevent a decline in fiscal revenues and address congestion, while meeting climate targets and managing electricity demand. By 2035, revenue from transport is projected to decline by 0.5 percent of GDP, while electricity demand could rise by 20 percent with electrification of the vehicle fleet. These challenges would be best addressed with congestion pricing in urban areas and distance-based charges.

    Supporting EU Reforms

    1. The authorities should continue to push for rapid implementation of EU-wide reforms, including as the Netherlands stands to gain from these initiatives. With its mature markets, enhancing EU-wide competition by cutting intra-EU trade barriers would complement national efforts to boost business dynamism and productivity. EU-level actions to foster intra-EU labor mobility—recognition of professional qualifications, pension portability—are complementary to addressing labor and skill shortages at home. A European Savings and Investment Union (SIU) would broaden investment opportunities for Dutch savers and allow Dutch firms to more easily tap a wider pool of European savings. Finally, completing the EU energy market would ensure better connectivity and energy security, lower prices, and also lower investment needs to match increasing demand.

    *   *   *   *   *

    The IMF team thanks the authorities and other counterparts for the constructive policy dialogue and productive collaboration.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva-Maria Graf

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/05/19/mcs-05192025-kingdom-of-the-netherlands-staff-concluding-statement-of-2025-art-iv-mission

    MIL OSI

    MIL OSI Russia News –

    May 21, 2025
  • MIL-OSI USA: Chairman Wicker Leads SASC Hearing on the Department of the Air Force’s Posture and Readiness

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    Watch Video Here 
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., Chairman of the Senate Armed Services Committee, today led a hearing on the Department of the Air Force’s posture within the current threat environment. During the hearing, the committee received testimony from the service’s leadership on the challenges they face and what may be needed to better address threats on the horizon.
    In his opening remarks, Chairman Wicker emphasized the need to ensure long-term readiness and superiority through fighter aircraft such as the F-15E, as well as the necessity of modernizing our nuclear capabilities.
    Read Senator Wicker’s hearing opening statement as delivered.
    Good morning. I begin with a common refrain: The United States faces its most dangerous threat environment since World War II. However, though many of our national security challenges mirror the 1930s, warfare looks much different today. Technological advances in artificial intelligence, hypersonic strike weapons, sixth-generation aircraft, and space-based weapons are transforming the nature of modern conflict. The Department of the Air Force is on the front lines of these changes.  Today we will hear from three representatives of that service.  We welcome Secretary Troy Meink, General Chance Saltzman, and General David Allvin. I thank all of them for being here and for their continued service to our nation.
    The committee understands that the Fiscal Year 2026 President’s Budget is not yet complete, and we are therefore aware that the three witnesses before us do not have the full budget picture. That being said, their testimony is still vital. It will help us consider how to support the mission of the Air Force and the Space Force, which is to be lethal and “ready to fight tonight,” as the slogan goes.
    One of our most pressing responsibilities is to ensure the long-term readiness and modernization of the Air Force. In the event of war, we need not only capability but also capacity. If we go to war in 2027, we will fight with the Air Force we have today, which is a mix of fourth-generation fighters, such as the F-15E and F-16, and fifth-generation fighters the F-22 and F-35. We need more fighter aircraft now, and we are working along with our colleagues in the House, Chairman Rogers, to keep the F-15EX line open through our reconciliation bill.
    Even as we plan for future systems, we must address the state of today’s fleet. The mission capability rates across many Air Force platforms remain unacceptably low. Some platform fleets are frequently less than 50 percent mission capable – and we’ll have questions about that. The F-35 fleet is available a mere 54 percent of the time. This is not just a maintenance issue.  It is a readiness issue, and it impacts our ability to deter adversaries and respond when necessary. Taxpayers are investing billions of dollars to support these aircraft, and our airmen, and our citizens, deserve higher readiness levels to defend our national interests. I expect our witnesses to provide a frank assessment of what is driving these poor rates and, more importantly, what is being done to reverse the trend.
    The Air Force also plays a key role in modernizing our nuclear forces. The service is responsible for two legs of the nuclear triad as well as a majority of the U.S. nuclear command, control, and communications system. These programs must stay on schedule to deliver the essential capabilities we need to deter nuclear threats. We cannot afford to allow these programs to flounder because of a lack of leadership and prioritization. This committee expects accountability among program managers and transparency with Congress to ensure we can modernize effectively, and I think this panel shares that sentiment. I look forward to hearing our witnesses explain how the Air Force manages these risks while preserving strategic stability.
    The U.S. Space Force has grown significantly in the last five years. That trend should continue, because our threats are growing as well.  Maintaining space superiority is a no-fail mission. Increased investment in this young service is absolutely vital.
    We also must invest in the facilities that support our service members. In the 2025 NDAA, this committee unanimously adopted a provision that requires the services to maintain a minimum four percent plant replacement value for infrastructure. That provision survived conference and was signed into law by the president. It is the law of the land. Let me say this again. This is the law of the land, and senior leaders should set the example to the Force by following the law – a law that was created, I must point out, because the services had long ignored this problem.
    We cannot make progress on any of these issues without those who wear the uniform and support the mission every day. Our airmen, guardians, and civilians are our greatest asset. Recruiting and retention continue to be major challenges, and we need to remain focused on supporting service members and their families with the resources, care, and career opportunities they deserve.
    I look forward to the hearing, and testimony from each of our witnesses about how they intend to ensure the Department of the Air Force has what it needs to meet today’s challenges, maintain our superiority in air and space, and prepare for the threats we face on the horizon.

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: At Hearing, Air Force Secretary Expresses Support for Right-to-Repair, Preventing Price Gouging in Defense Contracting

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    May 20, 2025
    Over 70% of voters favor Congress passing a defense right-to-repair law
    Warren: “[W]e all agree the Air Force’s hundreds of billions of dollars should be spent efficiently to benefit our service members and our taxpayers, not just to benefit contractor executives.”
    Video of Exchange (YouTube)
    Washington, D.C. – At a hearing of the Senate Armed Services Committee, Air Force Secretary Troy E. Meink said he agrees with U.S. Senator Elizabeth Warren (D-Mass.) and fully supports making right to repair a strategic priority for the Air Force. He also agreed on the need to update the branch’s policies to include right-to-repair in contracts service-wide and prevent defense contractors from price-gouging the military. 
    As Senator Warren explained, the Air Force’s budget request last year was about $220 billion, with billions going toward developing weapons systems. However, defense contractors’ restrictions prevent servicemembers from repairing Air Force-owned equipment, forcing the service to face delays or pay additional costs when they go back to the contractor for repairs. This month, Secretary of the Army Daniel Driscoll announced that the Army will ensure right-to-repair provisions are included in future Army contracts and will identify and propose contract modifications to current contracts that would benefit from right-to-repair protections.
    Senator Warren argued that the Air Force should adopt a service-wide right-to-repair policy like the Army’s Transformation Initiative so airmen can also be able to repair their own equipment. Secretary Meink expressed support for adopting a service-wide right-to-repair policy and said he has already begun discussions with his team on the issue. 
    “I think it’s not only from a cost perspective, Senator, I think from a readiness perspective, as General Allvin has discussed multiple times, both are affected with our ability to get, have more flexibility in how we do parts sustainment,” said Secretary Meink.
    A newly released poll from the U.S. Public Interest Research Group (PIRG) showed likely voters overwhelmingly favor Congress passing a law to give the U.S. military the right to repair their equipment, with more than 70 percent agreeing and over half of voters agreeing strongly. 
    Senator Warren highlighted another issue facing the military: price-gouging. She cited an example of Boeing charging the Air Force 80 times the commercial price for a soap dispenser. Last year, DoD’s Inspector General (IG) released a report recommending that defense contractors should be required to alert the U.S. government when the price of a part goes up 25 percent or more, and the government should obtain justification for that price hike. In the hearing, Secretary Meink agreed that getting more data “would be always helpful” for Air Force contracting officers to prevent price-gouging.
    Senator Warren concluded the hearing by calling on Secretary Meink and her Senate colleagues to work to get price information into the hands of military contracting officers and to get right-to-repair clauses included in Air Force contracts in order to ensure the service spends its funds more efficiently. 
    Transcript: Hearings to examine the posture of the Department of the Air Force in review of the Defense Authorization Request for Fiscal Year 2026 and the Future Years Defense ProgramSenate Armed Services CommitteeMay 20, 2025
    Senator Elizabeth Warren: Thank you very much, Mr. Chairman. So look, we all want the Air Force to have the money it needs to keep us safe, and we all want those funds to be spent as effectively and as efficiently as possible. The Air Force’s budget request was about $220 billion last year, and many of those billions going to develop weapons systems. But even then, contractors try to withhold technical data rights, preventing service members from repairing equipment that the Air Force itself owns. 
    So, Secretary Meink, you know this problem. During your confirmation process, you said that in a contested logistics environment, quote, “Airmen will need to be authorized and empowered to manufacture parts and fix their equipment.” I agree with you on this. When DoD secures repair rights, that increases our battlefield readiness and it lowers costs. When Tinker Air Force Base needed to replace a pressure door handle for the C-5 transport aircraft, the Air Force manufactured the part itself and saved 95% of the cost because it wasn’t tripped up by contractor restrictions. 
    So, Mr. Secretary, do you agree that this type of major cost savings makes right-to-repair a strategic priority for the Air Force and for its budget?
    Secretary Troy E. Meink: Thank you, Senator. Yes, I do agree with that, and that’s something I’ve already had discussions with the team on in the first couple of days. I think it’s not only from a cost perspective, Senator, I think from a readiness perspective, as General Allvin has discussed multiple times, both are affected with our ability to get, have more flexibility in how we do parts sustainment. 
    Senator Warren: Absolutely. Okay, cost and readiness. So it’s no surprise that new polling just released today found that over 70% of voters overwhelmingly favor Congress passing a defense right-to-repair law. Americans know that this is a big opportunity to save billions of dollars. 
    Secretary Driscoll is leading the way with the new Army Transformation Initiative released earlier this month, making it a standard for Army contracts to include right-to-repair from day one. But airmen far from home need to be able to fix their own equipment as well. They shouldn’t be waiting, in some cases, we know, up to six months for a refurbished T-38 trainer engine. 
    So, Mr. Secretary, shouldn’t the Air Force adopt a service-wide right-to-repair policy like the Army’s policy so that we can get grounded jets back into the air faster?
    Secretary Meink: So, Senator, I’m not familiar with the details of what Secretary Driscoll proposed, but the idea of having that flexibility, I fully support, okay, and again, that’s one of the things we’re going to be looking at. 
    Senator Warren: I love hearing that you like the idea, but what we got to do is we got to put that idea into action. Right-to-repair is one important tool for the Air Force to protect its budget, but contractors will find any way they can to overcharge the military right up until the moment they get caught. Last year, DoD’s Inspector General found that Boeing charged the Air Force 80 times. That’s eight zero times the available commercial price for a soap dispenser during a C-17 sustainment contract. Now that overcharge was found only through an investigation after the fact and sort of by happenstance. It makes you wonder what kind of other overcharges are going unnoticed, and that is why the IG recommended that contracting officers be notified when a price for an item like a spare part increases over 25%.
    Mr. Secretary, would the Air Force be in a better position to detect this kind of price gouging if your contracting officers had to be notified when there was a price spike?
    Secretary Meink: Yes, Senator, more data in this area would be always helpful.
    Senator Warren: All right, good. I’m working with my colleagues across the aisle to get this type of price information into the hands of all of our contracting officers. But the Air Force needs to be updating its own policies as well, because we all agree the Air Force’s hundreds of billions of dollars should be spent efficiently to benefit our service members and our taxpayers, not just to benefit contractor executives. If we can get airmen the right-to-repair and contracting officers the information they need to stop price gouging, the Air Force can start buying smarter service-wide. And I look forward to working with you and with you, Mr. Chairman and all of my colleagues on this committee to get it done. Thank you.

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI New Zealand: Animal Rights – Roaring call for Government to halt funding of cruel octopus farming

    Source: Animals Aotearoa

    (New Zealand – May 21, 2025) – As calls to ban the practice of octopus farming continue to gain momentum worldwide, the government of New Zealand is set to make a decision about providing more funding to octopus farming on May 21. 168 organisations are united in strongly advising against wasting any additional funding to establish industrialised octopus farming, a practice that would have dangerous implications for the environment, public health, and animal welfare.

    To date, the New Zealand government has awarded one million dollars to the University of Auckland for research to develop octopus farming.  An open letter, led and written by Animals Aotearoa with support from Aquatic Life Institute, is calling on the New Zealand Government to decline any new funding of projects that aim to develop commercial octopus factory farming. The letter, which has been signed by 168 organisations, including members of the Aquatic Animal Alliance (AAA), a global coalition working to improve the welfare of aquatic animals in the food system, explains that while this new form of aquaculture is still in the research phase, it would cause extensive harm should it become reality. Evidence shows that it is both unethical and unsustainable, and current research has not demonstrated any pathway to achieving high-welfare farming or ecosystem-neutral farming for octopuses.

    As outlined in the open letter, octopus farming is highly problematic from an animal welfare perspective and also presents risks to biodiversity and biosafety, environmental degradation, and public health. The letter has three main asks:

    • New Zealand Government cease funding research aimed at establishing octopus farming;
    • Public funds are instead invested in sustainable food solutions, such as plant-based aquatic food systems and alternative proteins; and
    • New Zealand Government prohibits any octopus farming in New Zealand.

    “Choosing to waste precious taxpayer funds in pursuit of factory farming octopuses is misguided at best, and shameful at worst. This atrocious idea is being actively opposed all around the world. It’s immensely cruel to the octopuses, environmentally unsustainable and poses a significant public health risk. Sinking more money into factory farming octopuses is a bad investment in every sense,” says Jennifer Dutton of Animals Aotearoa. “New Zealand should be leaders in ethical and sustainable food systems, instead of exporting cruelty to the world.”

    The environmental, welfare, and public health implications of octopus farming are manifold. These carnivorous animals require diets rich in marine ingredients, exacerbating the pressure on already declining wild fish populations and undermining global sustainable development goals. The overuse of antibiotics in aquaculture has been linked to the emergence of multidrug-resistant bacteria, with potential spillover effects into human populations. As widely documented, octopuses are highly intelligent and complex animals that suffer greatly in captivity due to their solitary and inquisitive nature. Several scientists have raised significant concerns about the practice of octopus farming, as conditions of intensive farming and extreme confinement are inherently unsuitable for their well-being, leading to stress, aggression, and unnatural behaviours such as cannibalism. Furthermore, there are no approved humane slaughter methods for these animals.

    As noted, this call for divestment from New Zealand’s government is preceded by legislation worldwide that bans octopus farming and the sale of products from industrial octopus farms, including a federal bill in the United States that is underway, as well as the Washington state law, California law, Bill HB 2262 in Hawaii, and many more. Under New Zealand law, the Animal Welfare Act of 1999 explicitly includes octopuses being recognised as sentient, a legal acknowledgement of their capabilities to experience pain and stress. In addition, RSPCA, Friend of the Sea, and other seafood certifiers have produced statements prohibiting the certification of any form of octopus/cephalopod farming. These certifiers have recognised the necessity of banning octopus farming before it starts, acknowledging that it is impossible to guarantee high welfare conditions for this species due to its behavioural needs, sentience, and strictly carnivorous diet.

    “The Aquatic Animal Alliance, representing over 175 organisations worldwide, strongly urges the New Zealand Government to reject the development of industrial octopus farming. Octopuses are sentient, intelligent animals with complex welfare needs that cannot be met in captivity. Farming them would not only cause immense animal suffering, but also contribute to serious environmental degradation, from the overfishing of wild marine life for feed, to pollution and disease risks in surrounding ecosystems. As a veterinarian, I join the global scientific and advocacy communities in calling for a ban on this unnecessary and harmful industry before it takes root,” said Catalina Lopez, Director of the AAA.

    About Animals Aotearoa

    New Zealand’s Animals Aotearoa is a registered charity whose mission is to improve the wellbeing of farmed animals and end their suffering. In addition to being a member of the Aquatic Animals Alliance, Animals Aotearoa is one of over 90 organisations that make up the Open Wing Alliance, a global coalition of animal advocacy organisations, with the shared purpose of working to substantially improve the welfare of chickens.
    www.animalsaotearoa.org

    About Aquatic Life Institute

    Aquatic Life Institute is an international non-profit organization that works on advancing aquatic animal welfare in both aquaculture and wild capture fisheries globally. The organization works with certifiers, nonprofits, academic institutions, industry stakeholders, governments, and the public to improve welfare of aquatic animals.

    MIL OSI New Zealand News –

    May 21, 2025
  • MIL-OSI New Zealand: Budget 2025: Nervous wait for thousands of public service workers – PSA

    Budget 2025: Nervous wait for thousands of public service workers

    Cost to New Zealand women of pay equity betrayal to become clear

    Embargoed 5am Wednesday 21 May 2025

    Tomorrow’s Budget will lift the lid on how much further public services will be cut and expose the cost to underpaid women from the dismantling of the pay equity process.

    “Public services including our cash strapped health system cannot afford to face further cuts and job losses,” said Public Service Association Te Pūkenga Here Tikanga Mahi National Secretary, Fleur Fitzsimons.

    “More than 150,000 women have been denied the pay rise they deserve from this disappointing decision to gut our pay equity laws with no prior notice before the election or even a Select Committee process so that New Zealand women could have their say. Tomorrow’s Budget will make the scale of the cost to women clear.

    “We sadly predict Government will be starving many public service agencies and our health system of funds, just as they did last year, and that means further damage to the services New Zealanders rely on.

    “And we will see how the ‘billions of dollars’ set aside to fund pay equity settlements for underpaid women, will be freed up to fund the Government’s tax cuts for landlords and make the Budget numbers add up.

    “This will be a mean and nasty Budget, built on taking money from care and support workers and others who had been expecting pay equity settlements before the goal posts were shifted, existing claims scrapped, all under urgency, and without a chance for their voice to be heard.

    “We call on the Government to reverse all cuts to public services, fund our health system properly and put changes to pay equity laws through a proper select committee process.

    “In health, the effective hiring freeze for clinical roles is putting patient care at risk, leaving health workers over worked, stressed and facing increasing risk from angry patients poorly served by the system.

    “Every day we see the price New Zealanders and communities are paying for the Government’s short-sighted and rushed cuts to spending.

    “Just look at last week’s damning report by the Auditor-General into Oranga Tamariki. Savings demanded by the Government meant the agency cut funding to hundreds of community service provider contracts, with little notice, without regard to the harm inflicted on the vulnerable children they support.

    “We have a meth crisis in this country – the Government slashed resources for border protection, which has only made that problem far worse.

    “New Zealanders can’t afford any further cuts to public services. Too much damage has already been done.”

    MIL OSI New Zealand News –

    May 21, 2025
  • MIL-OSI United Kingdom: Record 81 criminal investigations launched into water companies under Government crackdown

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Record 81 criminal investigations launched into water companies under Government crackdown

    New crackdown is the largest criminal action against water companies in history.

    A record 81 criminal investigations into water companies have been launched in England since the election, as part of the Government’s crackdown on sewage dumping.  

    A new operation spearheaded by Environment Secretary Steve Reed amounts to the largest criminal action against water companies in history. 

    The number of inspections carried out by authorities into sewage pollution has skyrocketed by nearly 400% since last July.  

    The record number of Environment Agency spot checks at water company premises and rivers has revealed widespread law-breaking. Over 80 criminal investigations have been launched against water companies over the last nine months, a surge of 145% since the election.   

    Following these investigations, water bosses could be jailed for five years and water companies fined hundreds of millions of pounds.

    This will act as a powerful deterrent, focussing water bosses’ minds on investing to upgrade water infrastructure to clean up our rivers, lakes and seas. Water companies will also spend a record £104 billion and cut sewage discharges by nearly half over five years.  

    Environment Secretary Steve Reed:  

    Water companies have too often gone unpunished as they pump record levels of sewage into our waterways. No more.   

    A record number of criminal investigations have been launched into law-breaking water companies – which could see bosses behind bars.   

    With this Government, water companies who break the law will finally be punished for their disgraceful behaviour so we can clean up our rivers, lakes and seas for good.  

    Philip Duffy, Chief Executive of the Environment Agency said:   

    This milestone is testament to our determination to hold water companies to account and achieve a cleaner water environment.  

    Our message to the industry is clear: we expect full compliance throughout the water system, and we will not hesitate to take robust enforcement action where we identify serious breaches. 

    This is just the beginning – we are on track to deliver 10,000 inspections next year, using our tougher powers gained through the Water (Special Measures) Act alongside more officers and upgraded digital tools to drive better performance across the water sector.  

    When a water company breaks the rules of its environmental permit, that is a criminal offence—for example, releasing excessive pollution into a river or failing to carry out water quality monitoring.  

    The Environment Agency follows up on every offence they find. The most serious offences, like illegal sewage spills, trigger a criminal investigation that could see water company fines and criminal prosecution for water bosses. The Environment Agency have also taken a zero-tolerance approach to identify and resolve over 1000 minor issues last year like unclogging pipes to deliver immediate improvements to local communities and the environment.  

    To drive forward this surge in action, the Environment Agency has hired 380 additional regulatory staff to carry out inspections and other enforcement activity.   

    New powers, delivered by the Government’s landmark Water (Special Measures) Act 2025, also mean water executives who cover up or hide illegal sewage spills can now be locked up for up to two years.  

    The Environment Agency are also currently carrying out their largest ever criminal investigation into potential widespread non-compliance by water companies at over 2000 sewage treatment works.  

    Seven cases against water companies are going to court over the next few months following criminal investigations by the Environment Agency.

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    Updates to this page

    Published 20 May 2025

    MIL OSI United Kingdom –

    May 21, 2025
  • MIL-OSI Australia: Police investigate serious pedestrian crash near Bridgewater

    Source: New South Wales Community and Justice

    Police investigate serious pedestrian crash near Bridgewater

    Wednesday, 21 May 2025 – 7:33 am.

    Police are investigating a serious pedestrian crash near Bridgwater last night.
    About 6:15pm on Tuesday 20 May 2025, a 12-year-old girl was struck by a motor vehicle on the East Derwent Highway, Bridgewater.
    Initial reports suggest that the young girl, while crossing the road, ran into the path of the vehicle, travelling east on the highway. The vehicle, a grey Toyota Kluger, only contained the driver.
    Police and Paramedics attended the scene immediately and the victim was quickly transported to the Royal Hobart Hospital in a critical condition, where she remains receiving treatment.
    The driver of the vehicle was subjected to mandatory drug and alcohol testing.
    Crash investigators and Forensic Services attended the scene and conducted a thorough examination.
    Any witnesses who saw the incident or drove past the area and have dash-cam footage are asked to call Crimestoppers.
    Information can be provided anonymously by calling Crime Stoppers on 1800 333 000 or online at crimestopperstas.com.au

    MIL OSI News –

    May 21, 2025
  • MIL-OSI USA: Ernst Names Small Business of the Week, The Quilted Forest

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)

    RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: The Quilted Forest of Winnebago County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    “Since 1998, The Quilted Forest has woven creativity into the fabric of Forest City, celebrating a vibrant community of quilters,” said Chair Ernst. “From their in-person store on Main Street to their strong digital presence, the Robsons and their team have patched together a welcoming space that inspires folks to carry on the cherished tradition of quilting.”
    In 1998, Shelley and Dan Robson opened The Quilted Forest in Forest City, Iowa to create a one-stop shop for quilting kits, fabrics, and patterns. In 2004, Shelley launched Pieced Tree Patterns, a pattern design company that today sells custom quilt patterns both in store and nationwide. In 2021, Shelley started a YouTube channel, growing it to over 120,000 subscribers. On the channel, Shelley shared that she is creating a series of state quilt blocks to celebrate the United States’ 250th birthday next year. This past March, The Quilted Forest celebrated its 28th anniversary.
    Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI: Columbia Graduate School of Business in Conjunction With Gabelli Funds Selects Jennifer A. Wallace 2025 Recipient of Graham & Dodd, Murray, Greenwald Prize

    Source: GlobeNewswire (MIL-OSI)

    GREENWICH, Conn., May 20, 2025 (GLOBE NEWSWIRE) — Gabelli Funds announces Jennifer A. Wallace as the 2025 recipient of the Graham & Dodd, Murray, Greenwald Prize for Value Investing. She was presented with the Prize at the firm’s fortieth client conference on Friday, May 16th in New York.  

    In announcing Jennifer Wallace as the 2025 recipient, Tano Santos, the Academic Director of the Heilbrunn Center for Graham & Dodd Investing at Columbia Business School stated, “Jennifer’s entire career has been devoted to elevating the field of value investing, from her early days working alongside Robert Bruce, to launching Summit Street Capital. Her focus has been consistently on evaluating companies through a value investor lens.”

    In 2009, she launched Summit Street Capital which employs a deep value investment approach using a concentrated portfolio of high-quality companies with strong balance sheets purchased at bargain prices.   Jenny earned a BA from Columbia College and an MBA from Columbia Business School where she received Beta Gamma Sigma honors

    In 2005, Gabelli created the annual prize to honor an individual, student, or practitioner who has made an outstanding contribution to enlarge the field of value investing. Known as the “Gabelli Prize”, the company funded the prize with $1 million and presents the award at its annual client meetings.

    GAMCO Investors, Inc. (OTCQX: GAMI), through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC) and is known for its Private Market Value with a Catalyst™ style of investment.

    Contact:
    Douglas R. Jamieson
    President & Chief Operating Officer
    (914) 921-5020

    The MIL Network –

    May 21, 2025
  • MIL-OSI USA: King Touts “MAINEiacs” Contribution to National Defense

    US Senate News:

    Source: United States Senator for Maine Angus King
    WASHINGTON, D.C. — U.S. Senator Angus King (I-ME), in a hearing of the Senate Armed Services Committee (SASC), received commitment from General David Allvin, Chief of Staff of the Air Force, to support the KC-46 tanker program and remain focused on military readiness and availability. Last fall, it was announced that Bangor Air National Guard Base was a finalist to receive the KC-46A fueling tankers to replace the aging KC-135s. During the exchange, Senator King touted the tremendous contribution of the “MAINEiacs” to national defense, encouraged continued investment there, and reminded General Allvin of the strategic importance of Bangor Air National Guard Base and it’s refueling mission.
    “One way to help on the tanker capacity is the KC-46 which is at Bangor, affectionately known as the MAINEiacs. As you know, they provided enormous support during the Gulf War and anything on the east side of the United States, in terms of Europe, the Middle East, and it’s going to be an incredibly important capacity. They’re doing fantastically with their present fleet, but the KC-46 is the next generation. And as you pointed out yourself, tankers are the heart and soul of being able to keep our forces over the target. So, I hope that’s something on your agenda,” began Senator King.
    “Absolutely, Senator, and sort of the maniacs were on the list as part of one of the candidate locations, and the final location for preferred location will happen in the fourth quarter of this year,” replied General Allvin.
    “I appreciate that. Thank you very much,” said Senator King.
    Later in the hearing, Senator King stressed his concerns about military readiness to General Allvin, particularly regarding aircraft availability and maintenance. During their discussion, Senator King pointed out that the military operates with between 50-60% of their fleet available while commercial carriers often have more than 90% of their planes available for use.
    “General Allvin, I am concerned about availability and mission availability. You mentioned a couple of figures, 50%, 62%. The commercial air fleet is in the high 90s. Now, granted, there are more complicated systems in the military, but I believe, and this applies to the Navy as well, that we really don’t put enough emphasis on maintenance and availability. We’re talking about very expensive products here, very expensive aircraft, and if we had more of them ready to fly, we perhaps wouldn’t have to buy as many new ones. So, I see that closing that gap between 62% and 98% which is the commercial availability rate, would go a long way toward helping us with our budget and also helping us with our readiness,” said Senator King.
    “Senator, thank you for that. I would say that one of the big challenges is that the airlines have a profit model. They have a different business model, and so as they look at that, they generate their values,” responded General Allvin.
    “The difference is they have to meet a profit realization rate, and we don’t. The military doesn’t. And I think I’m just saying, surely, we can get beyond 62%,” replied Senator King.
    General Allvin agreed, “I do believe, Senator, we do need to improve. I think one of the big challenges, though, is what I was trying to address, is the KC 135 is the average one? It’s as old as me and I am no spring chicken. So, the airlines, they just throw those out because it becomes cost ineffective for them to maintain older platforms that it can still have the enough seats for passenger seats to maintain a profit. So, they’ll dump those off to the side.”
    I understand that. But do you believe that we can do better than 62%,” asked Senator King.
    I do believe we can do better, and I think it becomes more challenging the older the aircraft get, because we’re discovering new things all the time, because they’re breaking in new and different ways. Yes, Senator, we can. We can continue to do better,” finished General Allvin.
    As a member of the Senate Armed Services Committee (SASC), and Chairman of the Strategic Forces Subcommittee, Senator King has been a steadfast supporter of the armed forces, including Bangor’s 101st Air Refueling Wing. He recently secured key provisions in the FY 2025 National Defense Authorization Act (NDAA) that helps protect the Maine Air National Guard — guaranteeing that as the Air Force modernizes the tanker fleet, it replaces older aircraft on a one-for-one basis — and ensure support for all branches of the military to make sure that servicemembers can continue providing best in class services to protect the ‘territory of the brave.’ 

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: Shaheen, Collins Introduce Bipartisan Bill to Improve Diabetes Patients’ Access to Therapeutic Shoes

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    (Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Susan Collins (R-ME), the co-chairs of the Senate Diabetes Caucus, introduced the Promoting Access to Diabetic Shoes Act. The bipartisan legislation would improve care for patients with diabetes by allowing nurse practitioners (NPs) and physician associates/physician assistants (PAs)—who often act as sole primary care providers for many patients with diabetes—to prescribe therapeutic shoes.
    Diabetes can often lead to health complications, such as foot ulcers and calluses, and can even necessitate the amputation of toes, legs, and feet. In addition to managing the disease through physical activity, diet, and medication, diabetic patients often benefit from the use of therapeutic shoes, which are an important preventive measure to mitigate these complications.
    “Ensuring patients with diabetes can access the full range of treatments in a timely manner is critical to helping them manage their diabetes and prevent medical emergencies,” said Senator Shaheen. “Therapeutic shoes can help put a stop to a number of complications caused by diabetes — so it’s only commonsense to clear the way for nurse practitioners and physician assistants to prescribe these life-changing shoes for their patients.”
    “Therapeutic shoes are a proven method for preventing costly and painful complications related to diabetes, yet current Medicare regulations force patients to endure a time-consuming process to obtain them,” said Senator Collins. “Our bipartisan legislation would allow nurse practitioners and physician assistants to certify their patients’ need for this important treatment method, saving patients time and allowing them to keep their current medical provider.”
    While NPs and PAs often act as sole primary care providers for patients with diabetes – particularly those in underserved and rural communities – current law requires that they send their diabetic patients on Medicare who need therapeutic shoes to a physician who will certify that they do in fact need these shoes. The physician is then required to become the provider managing the patient’s diabetic condition moving forward. Not only does the current law impose additional costs on the Medicare program by requiring the participation of an additional provider, it can also result in delays for patients in underserved and rural areas which could jeopardize their overall health. This bill would authorize NPs and PAs to certify a Medicare beneficiary’s need for therapeutic shoes, improving timeliness and access to care while reducing costs.
    The Promoting Access to Diabetic Shoes Act is endorsed by the American Association of Nurse Practitioners and the American Academy of Physician Associates.
    “On behalf of more than 431,000 nurse practitioners (NPs) nationwide, the American Association of Nurse Practitioners (AANP) thanks Senators Collins and Shaheen for their leadership on the Promoting Access to Diabetic Shoes Act,” said American Association of Nurse Practitioners President Stephen A. Ferrara, DNP. “This legislation will authorize NPs to continue providing high-quality, cost-effective care for their Medicare patients with diabetes. By introducing this important legislation, Senators Collins and Shaheen have renewed their commitment to remove outdated barriers to care, improve patient access, and empower patients with diabetes to continue receiving care from their provider of choice.”
    “Medical care for America’s aging population who live with chronic conditions, such as diabetes, should never be delayed by unnecessary restrictions. The American Academy of Physician Associates (AAPA) extends our gratitude to Senators Susan Collins and Jeanne Shaheen for their commitment to the health and well-being of those served by the Medicare program through the introduction of the Promoting Access to Diabetic Shoes Act. This bill would correct an undue barrier to care for Medicare beneficiaries by authorizing physician associates/assistants (PAs) to order diabetic shoes for their patients. With this change in the law, PAs will be able to provide timely care that means so much to the patient who needs it,” said American Academy of Physician Associates President and Board Chair Jason Prevelige, DMSc, MBA, PA-C, DFAAPA.
    The full text of this legislation can be read here.
    As co-chairs of the U.S. Senate Diabetes Caucus, Shaheen and Collins have led action in the U.S. Senate to advance priorities that will lower the costs of insulin, invest in treatment and prioritize diabetes research. Shaheen and Collins recently delivered remarks on the U.S. Senate floor to recognize American Diabetes Month and to push for the passage of their bipartisan Improving Needed Safeguards for Users of Lifesaving Insulin Now (INSULIN) Act, which would comprehensively address the skyrocketing costs of insulin, removing barriers to care and making it more accessible for millions more Americans. 

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: Warner, Capito Introduce Bill to Improve Early Assessment, Diagnosis of Alzheimer’s

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – U.S. Sens. Mark R. Warner (D-VA) and Shelley Moore Capito (R-WV), reintroduced the Concentrating on High-Value Alzheimer’s Needs to Get to an End (CHANGE) Act, bipartisan legislation to encourage early assessment and diagnosis of Alzheimer’s. Companion legislation was also introduced in the U.S. House of Representatives by Reps. Linda Sanchez (D-CA), Darren LaHood (R-IL), Doris Matsui (D-CA), and Gus Bilirakis (R-FL).
    “Having watched my mother battle Alzheimer’s for a decade before her passing, I know this is a devastating disease that impacts not just the individual, but the entire family. Our legislation is key to helping secure an early diagnosis that will allow for better care, earlier access to treatment, and more support for families navigating this difficult journey,” Sen. Warner said.
    “As we continue to search for breakthroughs in the fight against Alzheimer’s, we must ensure our health care system is doing its part to identify the disease earlier and connect patients and families with the tools they need. The CHANGE Act focuses on practical improvements—like earlier screening and detection—that can make a meaningful difference right now. I’m proud to reintroduce this bill to help improve outcomes, ease the burden on caregivers, and move us closer to ending this devastating disease,” Sen. Capito said.
    “Like countless families across the country, mine has personally felt the heartbreaking toll of Alzheimer’s,” Rep. Sánchez said. “Having lost both of my parents to this cruel disease, I understand how critical early diagnosis can be. Our bipartisan, bicameral bill would early assessments and offer crucial resources for families. As our population continues to age and diagnoses expected to rise, we can’t afford to wait.”
    “Alzheimer’s affects millions of Americans, and we must be relentless in our search for a cure,” Rep. LaHood said. “I am proud to work alongside Rep. Sánchez to reintroduce the CHANGE Act to strengthen existing tools within Medicare, helping to streamline and broaden the ability for earlier diagnosis of dementia. It is critical that Congress find ways to support patients, their families, and caregivers.”
    “We need a comprehensive approach to tackle the devastating impact of Alzheimer’s and to support the millions of Americans battling against this disease. Early detection and intervention are crucial to improve care and prolong the life of loved ones,” Rep. Matsui said. “The CHANGE Act provides important tools to deliver early support and high-value care. I applaud my colleagues for advancing this bipartisan effort as we continue taking steps forward to prevent, treat, and put an end to Alzheimer’s.”
    “As research continues to yield advancement in the development of more treatment options for patients with Alzheimer’s, we know that early detection, diagnosis and intervention offers the best promise for disease management,” Rep. Bilirakis said. “My family has coped with the devastating impacts of this horrific disease for more than a decade, so I understand the toll it takes on the patient and his or her loved ones as it progresses.  We owe it to our fellow Americans to develop a system of care that prioritizes education, screening and assessment so that patients can enjoy the best possible quality of life.”
    The CHANGE Act is endorsed by: UsAgainstAlzheimer’s, American Academy of Neurology, Alzheimer’s Association, Alzheimer’s Foundation of America, AMDA – The Society for Post-Acute and Long-Term Care Medicine, Alliance for Aging Research, Partnership to Fight Chronic Disease, Gerontological Society of America, American Society of Consultant Pharmacists, Latinos Against Alzheimer’s, and USAging.
    “The reintroduction of the CHANGE Act is a powerful display of bipartisan, bicameral leadership stepping up to confront the growing Alzheimer’s crisis. Senators Capito and Warner, along with Representatives Sánchez, LaHood, Matsui, and Bilirakis, recognize that early detection and timely intervention are extremely important to improving outcomes for patients and reducing strain on families and our healthcare system. UsAgainstAlzheimer’s proudly supports this legislation, which shifts our country’s approach from reacting too late to acting early—where we have the greatest chance to change lives and make a difference,” George Vradenburg, CEO and Founder of UsAgainstAlzheimer’s, said.
    Approximately 7.2 million Americans age 65 and older are living with Alzheimer’s disease in 2025. That number could grow to a projected 13.8 million by 2060. The direct financial costs of Alzheimer’s disease and related dementias will also continue to increase exponentially, with projections indicating they will reach just under $1 trillion by 2050.
    The CHANGE Act would better utilize the existing Welcome to Medicare initial exam and Medicare annual wellness visits to screen, detect, and diagnose Alzheimer’s and related dementias in their earliest stages.
    Now, as new treatments are approved and glimpses at what could be on the horizon for those living with the disease emerge, ensuring screening and diagnosis is taking place is more essential than ever. An early documented diagnosis communicated to the patient and caregiver enables early access to care planning services and available medical and non-medical treatments and optimizes patients’ ability to build a care team, participate in support services, and enroll in clinical trials. It also would allow this devastating disease to be caught in its earliest stages, and ensure appropriate access to treatment.
    Legislative text is available here.  

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI: Helium Evolution Announces Filing of First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, May 20, 2025 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV:HEVI) (“HEVI” or the “Company“), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, today announced the filing of the Company’s interim condensed financial statements and associated management’s discussion and analysis for the three months ended March 31, 2025 (the “Q1 Report”).

    Complete details of the Q1 Report are available on SEDAR+ at www.sedarplus.ca, and on HEVI’s website.

    Three Months Ended March 31, 2025 Highlights

        Three months ended
    Tabular amounts in thousands of
    Canadian Dollars, except share and per share amounts
        March 31,
    2025
      March 31,
    2024
     
    Financial            
    Net loss     675   239  
    Net loss per share, basic and diluted     0.01   0.00  
    Cash     3,004   5,304  
    Working capital     1,966   4,992  
    Total assets     11,683   11,293  
    Total liabilities     1,500   872  
    Weighted average shares outstanding            
    Basic and diluted1     97,129,085   96,033,974  
     1The weighted average number of common shares outstanding is not increased for outstanding stock options and warrants when the effect is anti-dilutive.
     

    During the first quarter of 2025, HEVI maintained its focus on disciplined operational execution, closing the quarter with $2.0 million in working capital and a strong cash position. Subsequent to quarter-end, the Company completed or announced equity financings totaling approximately $3.4 million, further strengthening its balance sheet and supporting planned development and drilling initiatives for the remainder of 2025.

    Operationally, the Company drilled four wells in the Mankota area during the first quarter of 2025, in partnership with North American Helium Inc. (“NAH”), two of which discovered helium. To date, HEVI and NAH have successfully drilled six helium discovery wells, further substantiating the potential of the region. 

    Building upon this momentum, HEVI and NAH, are progressing with additional development plans in the Mankota area. Notably, NAH has secured a license for a facility (the “Soda Lake Facility”) to tie-in the 9-35 well, the 10-1 well and the 10-36 well in the northern part of the discovery, as shown on the map above. The Soda Lake Facility is expected to be operational in the fourth quarter of 2025, marking a significant milestone for HEVI with its first helium sales volumes. Additional drilling is planned for the second half of 2025 to advance the project further. 

    Stay Connected to Helium Evolution

    Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes an updated corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers.    

    About Helium Evolution Incorporated

    Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly-traded companies, focused on developing assets in southern Saskatchewan. The Company has over five million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.

    For further information, please contact:

    Statement Regarding Forward-Looking Information

    This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

    Forward-looking statements in this document include statements regarding the Company’s expectations regarding the Soda Lake Facility including timing, tie-in of wells to the Soda Lake Facility, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans to drill more wells, completion of the financing as announced, the Company becoming a leading supplier of sustainably-produced helium, the Company’s belief regarding becoming a key player in the North American helium industry, the Company’s beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: NAH may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans including future drilling; the Company and/or NAH may determine not to bring the helium wells onto production; the Company and/or NAH may abandon, defer or accelerate plans and decisions regarding the Soda Lake Facility; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company’s securities regardless of its operating performance; the financings may not close as anticipated or at all; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses and the Company’s working capital position; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

    When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

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

    An infographic accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ade519ed-7912-4ca5-8b3b-1edfd33a0e89

    The MIL Network –

    May 21, 2025
  • MIL-OSI: First Busey Corporation Closes Depositary Share Offering

    Source: GlobeNewswire (MIL-OSI)

    LEAWOOD, Kan., May 20, 2025 (GLOBE NEWSWIRE) — First Busey Corporation (“Busey”) (Nasdaq: BUSE), the holding company for Busey Bank and CrossFirst Bank, today announced the closing of its previously announced underwritten public offering of 8,600,000 depositary shares (inclusive of 600,000 depositary shares offered in connection with the partial exercise of the underwriters’ over-allotment option), each representing a 1/40th ownership interest in a share of its 8.25% Fixed Rate Series B Non-Cumulative Perpetual Preferred Stock, with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share). As a result of the public offering, Busey received proceeds of approximately $207,477,500, net of estimated expenses and underwriting discounts and commissions.

    Piper Sandler & Co., Morgan Stanley & Co. LLC and Keefe, Bruyette & Woods, Inc. acted as joint bookrunning managers for the offering, and Janney Montgomery Scott LLC is acting as the co-manager.

    A shelf registration statement, including a prospectus, with respect to the offering was previously filed by Busey with the Securities and Exchange Commission (the “SEC”) on September 21, 2023. A prospectus supplement relating to the offering has been filed with the SEC. The offering has been made by means of a prospectus supplement and accompanying prospectus. Copies of the prospectus supplement and the accompanying prospectus relating to these securities may be obtained free of charge by visiting the SEC’s website at www.sec.gov. Alternatively, Busey or any underwriter or any dealer participating in the offering will arrange to send you the prospectus supplement if you request it by emailing Piper Sandler & Co. at fsg-dcm@psc.com or calling Morgan Stanley & Co. LLC toll-free at 1-866-718-1649 or Keefe, Bruyette & Woods, A Stifel Company at 1-800-966-1559.

    Corporate Profile
    As of March 31, 2025, First Busey Corporation (Nasdaq: BUSE) was a $19.46 billion financial holding company headquartered in Leawood, Kansas.

    Busey Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Champaign, Illinois, had total assets of $11.98 billion as of March 31, 2025. Busey Bank currently has 62 banking centers, with 21 in Central Illinois markets, 17 in suburban Chicago markets, 20 in the St. Louis Metropolitan Statistical Area, three in Southwest Florida, and one in Indianapolis. More information about Busey Bank can be found at busey.com.

    CrossFirst Bank, a wholly-owned bank subsidiary of First Busey Corporation headquartered in Leawood, Kansas, had total assets of $7.45 billion as of March 31, 2025. CrossFirst Bank currently has 16 banking centers located across Arizona, Colorado, Kansas, Missouri, New Mexico, Oklahoma, and Texas. More information about CrossFirst Bank can be found at crossfirstbank.com. It is anticipated that CrossFirst Bank will be merged with and into Busey Bank on June 20, 2025.

    Through Busey Bank’s Wealth Management division, Busey provides a full range of asset management, investment, brokerage, fiduciary, philanthropic advisory, tax preparation, and farm management services to individuals, businesses, and foundations. Assets under care totaled $13.68 billion as of March 31, 2025. More information about Busey’s Wealth Management services can be found at busey.com/wealth-management.

    Busey Bank’s wholly-owned subsidiary, FirsTech, Inc. (“FirsTech”) specializes in the evolving financial technology needs of small and medium-sized businesses, highly regulated enterprise industries, and financial institutions. FirsTech provides comprehensive and innovative payment technology solutions, including online, mobile, and voice-recognition bill payments; money and data movement; merchant services; direct debit services; lockbox remittance processing for payments made by mail; and walk-in payments at retail agents. Additionally, FirsTech simplifies client workflows through integrations enabling support with billing, reconciliation, bill reminders, and treasury services. More information about FirsTech can be found at firstechpayments.com.

    For the fourth consecutive year, Busey was named among 2025’s America’s Best Banks by Forbes. Ranked 88th overall, Busey was one of seven banks headquartered in Illinois included on this year’s list. Busey was also named among the 2024 Best Banks to Work For by American Banker, the 2024 Best Places to Work in Money Management by Pensions and Investments, the 2024 Best Places to Work in Illinois by Daily Herald Business Ledger, the 2025 Best Places to Work in Indiana by the Indiana Chamber of Commerce, and the 2024 Best Companies to Work For in Florida by Florida Trend magazine. We are honored to be consistently recognized globally, nationally and locally for our engaged culture of integrity and commitment to community development.

    First Busey Corporation Contacts
    For Financials: For Media:
    Scott Phillips, Interim CFO Amy L. Randolph, EVP & COO
    First Busey Corporation  First Busey Corporation
    (239) 689-7167 (217) 365-4049
    scott.phillips@busey.com amy.randolph@busey.com
       

    Forward-Looking Statements
    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to Busey’s financial condition, results of operations, plans, objectives, future performance, and business. Forward-looking statements, which may be based upon beliefs, expectations, and assumptions of Busey’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” “position,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and Busey undertakes no obligation to update any statement in light of new information or future events.

    A number of factors, many of which are beyond Busey’s ability to control or predict, could cause actual results to differ materially from those in any forward-looking statements. These factors include, among others, the following: (1) the strength of the local, state, national, and international economies and financial markets (including effects of inflationary pressures, the threat or implementation of tariffs, trade wars, and changes to immigration policy); (2) changes in, and the interpretation and prioritization of, local, state, and federal laws, regulations, and governmental policies (including those concerning Busey’s general business); (3) the economic impact of any future terrorist threats or attacks, widespread disease or pandemics, or other adverse external events that could cause economic deterioration or instability in credit markets (including Russia’s invasion of Ukraine and the conflict in the Middle East); (4) unexpected results of acquisitions, including the acquisition of CrossFirst, which may include the failure to realize the anticipated benefits of the acquisitions and the possibility that the transaction and integration costs may be greater than anticipated; (5) the imposition of tariffs or other governmental policies impacting the value of products produced by Busey’s commercial borrowers; (6) new or revised accounting policies and practices as may be adopted by state and federal regulatory banking agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission, or the Public Company Accounting Oversight Board; (7) changes in interest rates and prepayment rates of Busey’s assets (including the impact of sustained elevated interest rates); (8) increased competition in the financial services sector (including from non-bank competitors such as credit unions and fintech companies) and the inability to attract new customers; (9) changes in technology and the ability to develop and maintain secure and reliable electronic systems; (10) the loss of key executives or associates, talent shortages, and employee turnover; (11) unexpected outcomes and costs of existing or new litigation, investigations, or other legal proceedings, inquiries, and regulatory actions involving Busey (including with respect to Busey’s Illinois franchise taxes); (12) fluctuations in the value of securities held in Busey’s securities portfolio, including as a result of changes in interest rates; (13) credit risk and risk from concentrations (by type of borrower, geographic area, collateral, and industry), within Busey’s loan portfolio and large loans to certain borrowers (including commercial real estate loans); (14) the concentration of large deposits from certain clients who have balances above current Federal Deposit Insurance Corporation insurance limits and may withdraw deposits to diversify their exposure; (15) the level of non-performing assets on Busey’s balance sheets; (16) interruptions involving information technology and communications systems or third-party servicers; (17) breaches or failures of information security controls or cybersecurity-related incidents; (18) the economic impact on Busey and its customers of climate change, natural disasters, and exceptional weather occurrences such as tornadoes, hurricanes, floods, blizzards, and droughts; (19) the ability to successfully manage liquidity risk, which may increase dependence on non-core funding sources such as brokered deposits, and may negatively impact Busey’s cost of funds; (20) the ability to maintain an adequate level of allowance for credit losses on loans; (21) the effectiveness of Busey’s risk management framework; and (22) the ability of Busey to manage the risks associated with the foregoing. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements.

    The MIL Network –

    May 21, 2025
  • MIL-OSI: Mattr Reports Voting Results From Annual Meeting

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 20, 2025 (GLOBE NEWSWIRE) — Mattr Corp. (“Mattr” or the “Company”) (TSX: MATR) announced today in accordance with Toronto Stock Exchange requirements, the voting results from its Annual Meeting held May 15, 2025 in Toronto, Ontario.

    A total of 43,559,302 common shares were voted at the meeting representing 69.87% of the votes attached to all outstanding shares. Shareholders voted in favour of all items of business before the meeting, including the election of all director nominees as follows:

    Name of Nominee % of Votes For % of Votes Against
    Laura A. Cillis 99.93 0.07
    Kathleen J. Hall 99.86 0.14
    Alan R. Hibben 99.84 0.16
    Kevin L. Nugent 98.26 1.74
    Michael Reeves 99.93 0.07
    Kathy Rethy 99.70 0.30
    Marvin Riley 99.77 0.23

    “I appreciate the continued strong support of Mattr’s shareholders for both our strategic direction and our experienced team of Directors who provide invaluable governance oversight,” said Mike Reeves, Mattr’s President and CEO. “With output expanding from our recently established production facilities, strong customer adoption of our newly developed technologies and meaningful growth opportunities for the recently acquired AmerCable business, I believe Mattr is well positioned to deliver accelerating shareholder returns over the coming years.”

    Detailed voting results for the meeting are available on SEDAR+ at www.sedarplus.com.

    About Mattr

    Mattr is a growth-oriented, global materials technology company broadly serving critical infrastructure markets, including transportation, communication, water management, energy and electrification. Its two business segments, Connection Technologies and Composite Technologies, enable responsible renewal and enhancement of critical infrastructure.

    For further information, please contact:

    Meghan MacEachern
    VP, Investor Relations & External Communications
    Telephone: 437.341.1848
    Email: meghan.maceachern@mattr.com
    Website: www.mattr.com

    Source: Mattr Corp.

    The MIL Network –

    May 21, 2025
  • MIL-Evening Report: After another call with Putin, it looks like Trump has abandoned efforts to mediate peace in Ukraine

    Source: The Conversation (Au and NZ) – By Stefan Wolff, Professor of International Security, University of Birmingham

    After a two-hour phone call with Russian leader Vladimir Putin on May 19, US president Donald Trump took to social media to declare that Russia and Ukraine will “immediately start negotiations” towards a ceasefire and an end to the war. He did, however, add that the conditions for peace “will be negotiated between the two parties, as it can only be”.

    With the Vatican, according to Trump, “very interested in hosting the negotiations” and European leaders duly informed, it seems clear that the US has effectively abandoned its stalled mediation efforts to end the war in Ukraine.

    It was always a possibility that Trump could walk away from the war, despite previous claims he could end it in 24 hours. This only became more likely on May 16, when the first face-to-face negotiations between Ukraine and Russia for more than three years predictably ended without a ceasefire agreement.

    When Trump announced shortly afterwards that he would be speaking to his Russian and Ukrainian counterparts by phone a few days later, he effectively mounted the beginning of a rearguard action. This was further underlined when, shortly before the Trump-Putin call, Vice-President J.D. Vance, explicitly told reporters that the US could end its shuttle diplomacy.


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    The meagre outcomes of the talks between Russia and Ukraine – as well as between Trump and Putin – are not surprising. Russia is clearly not ready for any concessions yet. It keeps insisting that Ukraine accept its maximalist demands of territorial concessions and future neutrality.

    Putin also continues to slow-walk any negotiations. After his call with Trump, he reportedly said that “Russia will offer and is ready to work with Ukraine on a memorandum on a possible future peace agreement”, including “a possible ceasefire for a certain period of time, should relevant agreements be reached.”

    The lack of urgency on Russia’s part to end the fighting and, in fact, the Kremlin’s ability and willingness to continue the war was emphasised the day before the Trump-Putin call. Russia carried out its largest drone attack against Ukraine so far in the war, targeting several regions including Kyiv.

    There has been no let-up in the fighting since. And the fact that Putin spoke to Trump while visiting a music school in the southern Russian city of Sochi does not suggest that a ceasefire in Ukraine is high on the Russian leader’s priority list.

    A large part of the Kremlin’s calculation seems to be its desire to strike a grand bargain with the White House on a broader reset of relations between the US and Russia. It is signalling clearly that this is more important than the war in Ukraine and might even happen without the fighting there ending.

    This also appears to be driving thinking in Washington. Trump foreshadowed an improvement in bilateral relations by describing the “tone and spirit” of his conversation with Putin as “excellent”. He also seemed pleased about the prospects of “large-scale trade” with Russia.

    Abandoning European allies

    Trump is on record as saying that there would be no progress towards peace in Ukraine until he and Putin get together. But it is worth bearing mind that very little movement towards a ceasefire in Ukraine – let alone a peace agreement – occurred after the last phone call between the two presidents in February.

    Part of this lack of progress has been Trump’s reluctance to put any real pressure on Putin. And despite agreement in Brussels and preparations in Washington for an escalation in sanctions against Russia, it is unlikely that Trump will change his approach.

    In this context, the sequence in which the calls occurred is telling. Trump and Ukraine’s president, Volodymyr Zelensky, had a short call before the former spoke with Putin. Zelensky said he told Trump not to make decisions about Ukraine “without us”.

    But rather than presenting Putin with a clear ultimatum to accept a ceasefire, Trump apparently discussed future relations with Putin at great length before informing Zelensky and key European allies that the war in Ukraine is now solely their problem to solve.

    This has certainly raised justifiable fears in Kyiv and European capitals that, for the sake of a reset with Russia, the US might yet completely abandon its allies across the Atlantic.

    However, if a reset with Russia at any cost really is Trump’s strategy, it is bound to fail. As much as Putin seems willing to continue with his aggression against Ukraine, Zelensky is as unwilling to surrender. Putin can rely on China’s continued backing while Zelensky can count on support from Europe.

    Supporting Russia’s war in Ukraine is essential for China to keep Moscow on side in its rivalry with the US. And for Europe, supporting Ukraine has become an existential question of deterring and containing a revisionist Russia hell-bent on restoring a Soviet-style sphere of influence in central and eastern Europe.

    In a world that has been in flux since Trump’s return to the White House, these are some of the emerging constants. And they make a US-Russia reset highly improbable.

    Even if it were to happen, it would not strengthen Washington’s position with Beijing. Walking away from Ukraine and Europe now will deprive the US of the very allies it will need in the long term to prevail in its rivalry with China.

    By abandoning his mediation between Moscow and Kyiv, Trump may have broken the deadlock in his efforts to achieve a reset with Russia. But getting this deal over the line will be a pyrrhic victory.

    Stefan Wolff is a past recipient of grant funding from the Natural Environment Research Council of the UK, the United States Institute of Peace, the Economic and Social Research Council of the UK, the British Academy, the NATO Science for Peace Programme, the EU Framework Programmes 6 and 7 and Horizon 2020, as well as the EU’s Jean Monnet Programme. He is a Trustee and Honorary Treasurer of the Political Studies Association of the UK and a Senior Research Fellow at the Foreign Policy Centre in London.

    – ref. After another call with Putin, it looks like Trump has abandoned efforts to mediate peace in Ukraine – https://theconversation.com/after-another-call-with-putin-it-looks-like-trump-has-abandoned-efforts-to-mediate-peace-in-ukraine-257021

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-Evening Report: Feats of the human body behind Tom Cruise’s stunts in Mission: Impossible movies

    Source: The Conversation (Au and NZ) – By Dan Baumgardt, Senior Lecturer, School of Physiology, Pharmacology and Neuroscience, University of Bristol

    He’s leapt from cliffs, clung to planes mid-takeoff and held his breath underwater for as long as professional freedivers. Now, at 62, Tom Cruise returns as Ethan Hunt for one final mission – and he’s still doing his own stunts.

    With Mission: Impossible – The Final Reckoning, the saga reaches its high-stakes finale. But behind the scenes of death-defying spectacles lies a fascinating question: just how far can the human body be pushed – and trained – to pull off the seemingly impossible?

    And at what cost? In filming the eight Mission: Impossible films, Cruise has suffered a broken ankle, cracked ribs and a torn shoulder.

    Your mission, should you choose to accept it, is to consider the capabilities – and limits – of the human body in being able to achieve these awesome heights. How much is it possible to train to achieve the apparently impossible?


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    Breathing underwater

    In Mission: Impossible – Rogue Nation, Hunt navigates an underwater vault to recover a stolen ledger. Cruise wanted to film this all in one take and sought help from freediving instructors in order to hold his breath for the required time – over six minutes!

    The average human can hold their breath for about 30 to 90 seconds. That’s without training. Although there’s an innate diving reflex built into the human body that allows it to temporarily adapt to immersion underwater.

    The response is to lower the heart rate and redirect blood to the body’s core, essentially enabling it to lower its metabolic demand and preserve the function of the vital organs, like the brain and heart.

    All well and good, but consider now the need to swim, as well as resist the pressure of the water pressing on the lungs. And also while fighting that desperate urge as a result of rising CO₂ to take a deep breath – which, underwater, would be catastrophic.

    And if the diver’s oxygen levels fall too low, they might black out and lose consciousness. That’s why shallow water drowning is a real risk here.

    That’s where freediving training comes into play. With practice, there are several ways you can increase the time you’re able to remain underwater. These include mastering breathing techniques to retain the maximum amount of air in the lungs. Sustained practice might also lead to increased oxygen storage capacity in the bloodstream.

    This process takes months to years to attain and might lengthen the immersion time, on average, to around five minutes. What Cruise managed to achieve was nothing short of exceptional.

    The official trailer for Mission: Impossible – Final Reckoning.

    Free climbing – and that scene

    Mission Impossible films often open with Ethan Hunt working his way up some impossibly sheer building or cliff face with the agility of a mountain goat. He appears to be free climbing without a harness, and at the start of Mission: Impossible 2, clinging on with just one hand. While Cruise used safety wires to secure himself, the climbing was 100% real.

    Then, of course, how could we forget that scene? The one in the original Mission: Impossible – where he has to suspend all limbs, centimetres from the ground, to prevent himself from setting off the alarms.

    Although Cruise hasn’t revealed his specific training regime for these stunts that I can see – performing any of these actions would require an exceptionally strong back and core.

    The muscles of our backs keep the spine straight and upright. Some span the space between back and limb, such as latissimus dorsi, or “lats”. These sheets of muscle, prized by bodybuilders, are also particularly valuable to climbers – allowing you to perform a chin-up, or pull yourself up that rock face.

    Besides this, many other muscles are needed for extreme climbing – those that enable a strong grip, allow for reaching and “push offs”, and maintain tension and hold. It’s no wonder climbing is considered one of the best whole-body workouts.

    It’s no surprise that Cruise is known to have trained extensively for this. To understand even an element of the difficulty he may have faced, you could try adopting that vault heist pose, with your belly in contact with the floor, and see how long you can hold it. I won’t tell you how pitiful my own attempt was.

    What a blast

    Hunt has also escaped a fair few explosions in his time, from a helicopter in the Channel tunnel to a detonating fish tank in Prague. In Mission: Impossible 3, on the Chesapeake Bay Bridge, another helicopter launching a missile triggers an explosion that sends Hunt smashing into a car. Again, Cruise did it all himself, for the price of two cracked ribs.

    Pyrotechnics were used for the explosion, but of course, they couldn’t be used to lift Cruise up and deposit him against the car. The solution? A series of wires were used to drag him sideways. Never has the direction “brace, brace” been so apt.

    And just so you know, broken or bruised ribs are far from fun. Some describe them as one of the most painful injuries you can experience, since the simple acts of coughing, sneezing and merely breathing exacerbate the pain.

    But Tom Cruise picks himself up yet again, dusts himself off and gets on with it. His motivation? He has reportedly claimed that he wants the audience to experience what it really feels to be in that moment. And what a good sport he is.

    This article won’t self-destruct in five seconds.

    Dan Baumgardt 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. Feats of the human body behind Tom Cruise’s stunts in Mission: Impossible movies – https://theconversation.com/feats-of-the-human-body-behind-tom-cruises-stunts-in-mission-impossible-movies-256908

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-Evening Report: Spotify continues to change music. What’s next – will AI musicians replace music made by humans?

    Source: The Conversation (Au and NZ) – By John Hawkins, Senior Lecturer, Canberra School of Politics, Economics and Society, University of Canberra

    Spotify was started, according to its official claims, because its founders “love music and piracy was killing it”. In Mood Machine, music journalist Liz Pelly argues this is rewriting history.

    In fact, she points out, Spotify founder Daniel Ek initially patented a platform around 2006, for circulating “any kind of digital content”. Only months later did he and his co-founder decide music might be the most profitable form of content.


    Review: Mood Machine: The Rise of Spotify and the Costs of the Perfect Playlist – Liz Pelly (Hodder & Stoughton)


    Ek grew up in a working-class suburb of Stockholm. A neighbour recalled that, while still at school, Ek had set up a website-making business – and was earning more than his teachers. Rejected for a job at Google, he founded an ad-targeting business, Advertigo. After he sold it to tech entrepreneur Martin Lorentzon, the two men registered a new company: Spotify.

    ‘The Google of music’

    Spotify would allow users to find their desired piece of music quickly. Ek described it in 2009 as “essentially the Google of music”, Pelly writes. He had a “maniacal focus” on ensuring a user would get a virtually instantaneous response when they pressed play; no annoying buffering.

    Spotify launched in Europe in 2008 and in the United States in 2011. It listed on the stock market in 2018. Spotify has just recorded its first annual profit. It is valued at over US$100 billion: more than the three leading recording companies combined.

    It had 678 million users at March 2025: of them, 268 million were paying subscribers. The rest contribute to Spotify’s earnings by listening to advertisements: the so-called “freemium” model.

    Boon or bane of musicians?

    Music streaming now accounts for 84% of recorded music revenue, according to Pelly – and Spotify is the largest music streamer.

    Initially, Spotify looked like a boon to musicians, she writes. It could save music from the threat of “pirate” downloading, which gave no payments to creators. But many musicians are critical of the low payments artists get: fractions of a cent per stream.

    Spotify claims that in 2024 it paid out more than US$10 billion to the music industry. It claims nearly 1,500 artists are earning over US$1 million annually.

    Spotify pays the recording and publishing rights holders, not the singers and songwriters. How much the latter gets depends on their contracts with the record companies. The system is complicated, indirect and not that transparent.

    ‘Mixtapes still work’ – so do playlists

    Spotify gradually shifted towards playlists, to simplify the process of users selecting music. Some playlists, like “today’s top hits”, just consisted of the currently most popular songs. These are like the “top 40” format of many commercial radio stations.

    Spotify also hired music experts to compile their choice of the best new releases. The compilers of the most popular of these playlists, such as the playlist “rap caviar”, became very influential. A Spotify advertisement in 2013 made the analogy between playlists and mixtapes (as featured in Nick Hornby’s High Fidelity), claiming “mixtapes still work”.

    Spotify advertising claims ‘mixtapes still work’, referencing High Fidelity.

    Spotify also increasingly tried to increase passive listening. It introduced playlists geared to match the existing tastes of listeners and allow for how these might vary across the day. It termed this “music for every moment”: music to exercise to, background music for studying, music to help you sleep and so on. I have a playlist of songs about economics.

    Ek said in 2016: “we really want to soundtrack every moment of your life”.

    One of the parts of the book I found most intriguing was Pelly’s discussion of how this echoes a strategy developed by Thomas Edison around a century ago. He produced shellac 78 rpm records with titles such as “in moods of wistfulness” and “for more energy!”.

    In 2014, Spotify made large investments in “algorithmic personalisation”. This suggested music similar in key, tempo, time signature, acousticness, danceability, loudness, mode and energy to whatever the user was already choosing.

    This kept users “within their comfort zone (or as Spotify thought of it, their customer retention zone)”. But it meant users were much less likely to encounter new styles and artists, or broaden their musical horizons.

    Generic music and AI

    While Spotify denies it, Pelly claims Spotify commissions session musicians, playing under assumed names, to record very generic-sounding music, for playlists such as “chill instrumental beats”. Pelly gives an example of 20 songwriters using 500 names to produce thousands of tracks, streamed millions of times.

    A “looming cloud” is the prospect AI-generated music will displace human musicians and singers in Spotify’s playlists, Pelly writes. She mentions that Spotify blocked a start-up called Boomy, which released over 14.5 million AI-generated songs – and has since struck up a partnership with Warner.

    Another controversy is around Spotify’s Discovery Mode, which offers artists more promotion of their songs in exchange for accepting lower payments. But if most artists do this, the promotions cancel each other out, leaving all the artists worse off.

    How Spotify is changing music

    Pelly quotes an independent record label founder who says Spotify has changed the nature of the music being made.

    It’s not sustainable to put out challenging records […] you have to put out records that are going to get repeat listens in coffee shops […] that are going to be playlist friendly.

    This is despite some music fans saying the music they experience as “life-changing, really profound” is different from the songs they play most often.

    Songs streamed are only monetised after 30 seconds. This has created “a particular emphasis placed on perfecting song intros […] songwriters would just dive directly into the chorus”. So, no more songs with long waits for the vocals, like U2, the Temptations, Dire Straits or Pink Floyd.

    Artists who want their songs to appear on playlists need them to match a particular mood or context. This means songs increasingly “remain in a single emotional register throughout”.

    It may mean artists are less likely to release songs with marked tempo changes, such as Dexys’ Midnight Runners’ Come on Eileen (1982), Led Zeppelin’s Stairway to Heaven (1971), Queen’s Bohemian Rhapsody (1975) or Franz Ferdinand’s Take Me Out (2004). There may still be much smaller tempo changes, such as Taylor Swift’s Evermore from 2020.

    Artists may now be less likely to release songs with marked tempo changes, such as Dexys’ Midnight Runners’ Come on Eileen.

    The “Spotify for artists” service provides artists with data about the streaming of their songs. A band planning a tour can see in which cities or countries they are most popular. They can even alter their set lists to include the songs particularly popular in particular areas.

    But Spotify monitors use of this facility, Pelly writes – and it is not clear how they use the data. Over time, it may encourage artists to repeat aspects of their most popular songs, rather than innovate and evolve.

    A serious look

    The book is interesting and informative, but somewhat dryer than some other recent exposes of the tech sector. Partly this is because Ek is a less colourful character than X’s Elon Musk, or Meta’s Mark Zuckerberg and Sheryl Sandberg.


    Pelly does not provide the witty lines of tech journalist Kara Swisher’s Burn Book. She is not a gossipy former insider, like director of global public policy at Meta, Sarah Wynn-Williams.

    As an economist, I felt the book complemented sociologist Michael Walsh’s Streaming Sounds: Musical Listening in the Digital Age. Walsh describes the demand for music streaming. Pelly analyses the supply side.

    Pelly rightly describes her book as a “serious look” at Spotify. It brings together a lot of useful information about the company and raises good questions about whether it is changing the music industry – and music itself – for the better.

    The debate will continue, as AI increases its influence and artists become more concerned about their songs being “TikTok friendly”, as well as “Spotify friendly”. Perhaps there will be more songs like Steve’s Lava Chicken from A Minecraft Movie. Just 34 seconds long, it recently became the shortest song to make the UK top 40.

    John Hawkins 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. Spotify continues to change music. What’s next – will AI musicians replace music made by humans? – https://theconversation.com/spotify-continues-to-change-music-whats-next-will-ai-musicians-replace-music-made-by-humans-253630

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-OSI: F&M Bank Announces Resignation of Board Member Jo Ellen Hornish

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, May 20, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), today announced that Jo Ellen Hornish has resigned from the Company’s Board of Directors following its May 20, 2025, board meeting.

    Since 2013, Mrs. Hornish has served as a valued member of the Board, contributing her business acumen and leadership experience to the Company’s strategic vision. Her insights, particularly in the transportation and manufacturing industries, along with her service on the Audit Committee and the Corporate Governance and Nominating Committee, have helped guide the Bank through important growth and development phases.

    “On behalf of the entire Board and executive leadership team, I want to extend our deepest thanks to Jo Ellen for her dedication to F&M,” said Lars Eller, President and CEO of F&M Bank. “Her guidance and steady leadership have been instrumental in shaping the success we enjoy today. We are sincerely grateful for the time, talent, and energy she has devoted to the Board and the communities we serve.”

    Mrs. Hornish, President and CEO of several Defiance, Ohio -based companies, brought a wealth of corporate and community leadership experience to the Board. Her commitment to both local and national philanthropic efforts is also a testament to her deep-rooted values and community spirit.

    F&M extends its sincere gratitude to Mrs. Hornish and wishes her continued success in her future endeavors.

    About F&M Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe harbor statement
    Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network –

    May 21, 2025
  • MIL-OSI: Plantro Ltd. Increases Purchase Price under All-Cash Tender Offer to Acquire Class A Shares of Information Services Corporation to $30 per Class A Share

    Source: GlobeNewswire (MIL-OSI)

    Tender Offer Amended to up to 9.9% of Class A Shares

    Tender Offer Extended Until 5:00pm Eastern Time on June 3, 2025

    ST. HELIER, Jersey, May 20, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) today announced that it is extending and amending its ongoing all-cash tender offer (the “Tender Offer”) to acquire class A limited voting shares (the “Class A Shares”) in the capital of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”).

    Pursuant to the terms of a third amended and restated offer document dated May 20, 2025 (the “Offer Document”), Plantro has increased the consideration under the Tender Offer to $30 per Class A Share, payable in cash (the “Tender Price”). Plantro has also extended the expiry date of the Tender Offer to 5:00pm (Eastern Time) on June 3, 2025, unless the Tender Offer is further varied, extended, or withdrawn in accordance with the terms of the Offer Document (the “Expiry Time”). The maximum number of Class A Shares to be purchased under the Tender Offer has been reduced to 1,398,887 Class A Shares, reflecting that, together with the 435,150 Class A Shares Plantro currently owns, the Tender Offer is for a maximum of 9.9% of ISC’s issued and outstanding Class A Shares.

    Due in part to the extreme lack of trading liquidity of the Class A Shares, Plantro reduced the size of the Tender Offer and increased the Tender Price. The Tender Offer is an opportunity for shareholders weary of the ISC board of directors’ continued refusal to take actions to unlock value for shareholders, to realize full and fair value for their Class A Shares.

    Plantro notes that the Tender Price of $30 is above the 12-month price target of $28 per Class A Share maintained by the sell-side analyst for ISC’s primary financial advisor and equals the 12-18 month price target provided by a sell-side analyst of the other major Canadian investment bank providing research coverage of the Company.

    Finally, based on Plantro’s calculations, the Tender Price values the Company at approximately 20.3x Price to LTM EPS, 19.0x Enterprise Value to LTM Levered Free Cash Flow and 9.6x Enterprise Value to LTM EBITDAi.

    Shareholders are urged to consider this attractive opportunity to receive certainty of value and all-cash consideration.

    Shareholders of ISC who have already validly deposited and not withdrawn their Class A Shares are not required to take any further action to accept the Tender Offer and will be deemed to have deposited their Class A Shares at the increased Tender Price. No Class A Shares will be taken up and paid for by Plantro pursuant to the Tender Offer until after the Expiry Time.

    Other than as set out herein, all other terms of the Tender Offer remain unchanged. Details of the Tender Offer, including instructions for tendering Class A Shares, are included in the Offer Document. The Offer Document and the third amended and restated letter of transmittal dated May 20, 2025 (together with the Offer Document, the “Offer Documents”) will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca. Shareholders of ISC should carefully read the Offer Documents prior to making a decision with respect to the Tender Offer.

    About Plantro

    Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

    Shareholder Questions

    Shareholders of ISC who have questions with respect to the Tender Offer, or who need assistance in depositing their Class A Shares, should please contact the depositary or the information agent for the Tender Offer at the contact details below:

    Depositary: Odyssey Trust Company

    Toll Free (US & Canada): 1-888-290-1175
    Calls (All Regions): 587-885-0960
    Email: corp.actions@odysseytrust.com

    Information Agent: Carson Proxy

    North America Toll Free: 1-800-530-5189
    Local and Text: 416-751-2066
    Email: info@carsonproxy.com

    Cautionary Statement Regarding Forward-Looking Information

    This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Specifically, certain statements contained in this press release, including without limitation statements regarding the Tender Offer, taking up and paying for Class A Shares deposited under the Tender Offer, and the expiry of the Tender Offer, contain “forward-looking information” and are prospective in nature. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.

    Statements containing forward-looking information are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future outcomes expressed or implied by the statements containing forward-looking information.

    Although Plantro believes that the expectations reflected in statements containing forward-looking information herein made by it (and not, for greater certainty, any forward-looking statements attributable to the Company) are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company’s operations will continue substantially in the current state, including, without limitation, with respect to industry conditions, general levels of economic activity, continuity and availability of personnel, local and international laws and regulations, foreign currency exchange rates and interest rates, inflation, taxes, that there will be no unplanned material changes to the Company’s operations, and that the Company’s public disclosure record is accurate in all material respects and is not misleading (including by omission).

    Plantro cautions that the foregoing list of material factors and assumptions is not exhaustive. While these factors and assumptions are considered by Plantro to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Plantro and there is no assurance that they will prove correct.

    Important facts that could cause outcomes to differ materially from those expressed or implied by such forward-looking information include, among other things, actions taken by the Company in respect of the Tender Offer, the content of subsequent public disclosures by the Company, the failure to satisfy the conditions to the Tender Offer, general economic conditions, legislative or regulatory changes and changes in capital or securities markets. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although Plantro has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to Plantro or that Plantro presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

    Statements containing forward-looking information in this press release are based on Plantro’s beliefs and opinions at the time the statements are made, and there should be no expectation that such forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Plantro disclaims any obligation to do so, except as required by applicable law. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

    Non-IFRS Measures

    This press release makes reference to certain non-IFRS financial measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS financial measures by providing further understanding of the Company’s results of operations from the Company’s perspective as disclosed by the Company in its public disclosure. The Company’s definitions of non-IFRS measures may not be the same as the definitions for such measures used by other companies or investors in their reporting. Non-IFRS measures have limitations as analytical tools and should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. Please refer to the Company’s public disclosure documents, which are available on the Company’s profile on SEDAR+ at www.sedarplus.ca for further details regarding its use of non-IFRS measures.

    Media Contact: Gagnier Communications

    Riyaz Lalani / Dan Gagnier
    Email: Plantro@gagnierfc.com

    i LTM is last twelve months to March 31, 2025. EPS equates to the sum of ISC’s Earnings per share, diluted for the past four quarters; Levered Free Cash Flow is equal to ISC’s Net cash flow provided by operating activities less: Additions to property, plant and equipment, Additions to intangible assets, Interest paid and Interest paid on lease obligations net of Interest received, and Principal repayments on lease obligations; EBITDA is equal to Net income before Depreciation and amortization, Net finance expense and Income tax expense.

    The MIL Network –

    May 21, 2025
  • MIL-Evening Report: ‘Outdated and irrelevant’: what do young Australians think of their schooling?

    Source: The Conversation (Au and NZ) – By Jun Eric Fu, Senior Research Fellow, Youth Research Collective, The University of Melbourne

    LBeddoe/Shutterstock

    Australia’s school system – and whether it is doing its job – is often under the microscope from politicians, experts and parents.

    The most recent NAPLAN results in 2024 triggered a wave of heated discussions after about one in three students were not meeting literacy and numeracy benchmarks.

    Education Minister Jason Clare is among those who also have serious concerns about rates of students who complete Year 12. In 2024, the retention rate of students between Year 7 and Year 12 was 79.9%. For government school students, it was 74%.

    But what do students themselves think about their schooling? Our new study asked recent school leavers about their experiences.

    Our research

    Our study draws on a 2023 survey as part of the Life Patterns research program, which follows different generations of young Australians after school.

    We surveyed more than 4,000 young people recruited from a diverse sample of 100 government, Catholic and independent schools in urban and regional areas of Victoria, New South Wales, the Australian Capital Territory and Tasmania.

    These young people completed high school in 2023 and were asked to comment on their school experiences.

    Students in the study were from public and private schools.
    pio3/Shutterstock

    Students are mostly satisfied, but …

    The participants rated their overall impression of school on a five-point scale, from very satisfied to very dissatisfied. About 60% of them were “quite satisfied” or “very satisfied”.

    Despite this broadly positive picture, many of them also expressed concerns about their education, feeling its current content did not prepare them for life after school.

    As one female student from a capital city told us:

    I feel like school doesn’t prepare us for the real world at all and it freaks me out.

    This sentiment was echoed by another female student from a regional city:

    School seems extremely disconnected from either knowledge or experience that will help with jobs, or life skills that will assist in becoming a good, productive, happy person.

    For many, this disconnect between the education on offer and the education they wanted contributed to a disengagement from school. A male student from a regional city said:

    I am committed to my education and a dedicated student, but find it hard to connect with some of the information we are learning as it seems outdated and irrelevant. I want to learn things that are going to improve my life.

    This follows researchers’ longstanding concerns the education system is not adequately setting students up for life outside school – and the complex social, political and economic changes they will confront.

    Don’t focus on uniforms

    Students also spoke about schools focusing on issues that do not matter to young people, such as students wearing the “correct” uniform or whether or not they have their phone at school.

    As one female student commented:

    Focus on more real issues. The debates about phones allowed at school or uniforms at school seem almost irrelevant when you compare them to the everyday common hardships and problems young people face.

    Too much stress

    A strong theme in young people’s responses was the amount of stress they faced with their studies. These feelings were often linked to heavy workloads (particularly in Year 11 and 12) and the pressure they felt to achieve certain grades.

    A male student from a country town said:

    […] the pressure and the expectations to do well in school is so high and caused a lot of stress and anxiety.

    Another male student from a capital city also felt:

    There is so much pressure on high school and how one exam can change the course of your future which isn’t true.

    This echoes other studies that query the focus on a single score (the ATAR) and supports alternative approaches to measuring education outcomes at the end of Year 12.

    Students said they faced too much stress in their senior years of school.
    GillianVann/Shutterstock

    More mental health support

    Amid ongoing reports of young people struggling with their mental health, mental health also emerged as a major concern in students’ responses.

    A male student from a capital city told us young people were “battling every day” and they needed more free, accessible resources and support from school staff.

    They also saw a connection between the pressures of schooling and mental health concerns. As one female student told us:

    There is too much expected from students at school, leading to burn out and mental illnesses.

    What next?

    Our study shows many young people care deeply about their education. But they also feel it isn’t working for them or preparing them for life beyond school.

    This suggests government institutions and schools need to be doing more to include young people’s perspectives as they design and implement curricula.

    By recognising young people as active stakeholders in schools,
    education shifts from something happening to them to something happening with them. This approach can foster a stronger sense of belonging, ownership and engagement with learning.

    Jun Eric Fu works on the Life Patterns research program, which is funded by the Australian Research Council.

    Julia Cook receives funding from the Australian Research Council.

    – ref. ‘Outdated and irrelevant’: what do young Australians think of their schooling? – https://theconversation.com/outdated-and-irrelevant-what-do-young-australians-think-of-their-schooling-256889

    MIL OSI Analysis – EveningReport.nz –

    May 21, 2025
  • MIL-OSI Africa: Secretary-General’s remarks to the 2025 ECOSOC Operational Activities for Development Segment [bilingual as delivered, scroll down for all-English and all-French]

    Source: United Nations – English

    xcellencies, ladies and gentlemen,

    Thank you for taking part in this important forum in an important year.

    We’re celebrating the 80th anniversary of the United Nations.   

    But this milestone is tempered by a stark, undeniable reality that resonates on every page of the report I am presenting today.

    With less than five years to go to the 2030 deadline, we are facing nothing short of a development emergency.

    The Sustainable Development Goals are alarmingly off-track.

    And some of the hard-won gains made in recent years are getting derailed.

    Progress is too slow in the fight against poverty, hunger, inequality, the climate crisis, decaying infrastructure, and under-resourced education, health and social protection systems.

    We must never forget that a development emergency is, at its root, a human emergency.

    The lives and futures of millions of people hang in the balance.

    This development emergency is also a funding emergency.

    Resources are shrinking across the board — and have been for some time.

    For example, as detailed in my report, total financial contributions to the UN development system dropped by $9 billion — or 16 per cent — in 2023 from the year before.

    We can imagine the number of 2024 taking into account what we have witnessed in the recent decisions.   

    Our organization is increasingly asked to do more with less — a trend that will continue for the foreseeable future.

    This year, donors are pulling the plug on aid commitments and delivery at historic speed and scale.

    But the report we’re discussing today also carries an important message of hope.

    Hope found in the progress we’ve achieved together to reform and reposition the UN development system, making it more efficient and cost-effective.

    Hope in the UN80 initiative to build on these reforms, and drive more of the change we need across the system for a more impactful, cohesive and efficient organization.

    Hope in your continued strong support of, and engagement with, our Resident Coordinators and Country Teams.

    And hope that lies in the potential of the Pact for the Future to accelerate progress towards the Sustainable Development Goals — a Pact that secured consensus at the Summit of the Future.  

    Let me be clear.

    While the context has shifted since the Pact’s adoption, its commitments are more important than ever.

    This includes its bold calls for action on all the elements required to boost progress on sustainable development — including financing for development, the provision of debt relief, and strengthening the international financial architecture.

    We cannot allow headwinds to blow these commitments off course.

    We will continue working closely with all Member States and partners to keep our agenda on track, deepen our ongoing transformation, and to do so in the context of the UN80 initiative to drive progress across the system.

    And we will ensure we can fully deliver and maximize the benefits of every single mandate of the landmark General Assembly resolution 72/279 that ushered in the reforms of the UN development system.

    Excellencies,

    In this spirit, and guided by the report under discussion today, I’d like to highlight four areas where we are making progress, where more is needed, and how Member States can support this work.  

    First — we must hold fast to our commitment to the Sustainable Development Goals.

    This is a critical year for development.

    But across the board, we face a crisis in the means of implementation — from financing to trade, governance and institutional capacity to accelerate progress. 

    Acceleration means Member States keeping alive the bold commitments they made in adopting the Goals in 2015, as well as through the Pact for the Future.

    These include easing the debt burden on developing countries, scaling innovative sources of finance, and pushing forward on reforms to the international financial architecture.

    The upcoming Fourth International Conference on Financing for Development in Sevilla will be a key moment in driving the change we need.

    Acceleration requires bold transformations.

    We must continue traveling the clear pathways to progress outlined in the report — key areas where we can spur progress across all the Goals, such as food systems, energy access, digital connectivity, and supporting economic growth through trade. 

    Now is the time to build more political will and institutional capacity to support these essential shifts and drive progress.

    Second — we will continue tailoring our operations to the needs and priorities of host countries.

    We know we’re on the right track.

    In the last year alone, Resident Coordinators supported over 160 countries.

    Our work across the system and with governments is becoming more integrated and coordinated every year.

    87 per cent of host governments — and 83 per cent of donor country governments — agreed that UN entities are working more collaboratively than before the reform.

    And 98 per cent of host governments agreed that the UN activities, as articulated in our Cooperation Frameworks, are closely or very closely aligned to national priorities.

    The evidence is clear.

    The reinvigorated Resident Coordinator system we have built together is fast-becoming a launchpad for providing deeper development impact for people and planet alike:

    By gathering partners together to shape policy and financing solutions to accelerate development…

    By supporting countries’ efforts on financing, data-collection, trade and sustainable economic growth…

    And by constantly striving to find efficiencies and innovations, and drive accountability and results across our work together.

    We are rightly proud of our work, and we will protect and build on this as we move forward.

    We know we can do better. And we will.

    Despite high levels of support, the report shows worrying gaps between the priorities of our Cooperation Frameworks and the operational, governance and financial tools to bring them to life.

    Moreover, the Management Accountability Framework established to ensure greater accountability in collective UN efforts is not being applied evenly across the system.

    Our newly established evaluation office for the development system is now preparing its first independent report to this body this year to continue driving accountability and results, and ensure greater alignment of UN configuration and programming with country needs.

    I ask all Member States to support this important work.

    Third — funding.

    I am deeply concerned about the system’s funding situation.  

    Core contributions to development agencies are insufficient, plunging to 16.5 per cent of total funding, with these contributions declining to 12 per cent for some agencies. 

    This is a far cry from the 30 per cent target countries committed to in the Funding Compact.

    In December, the General Assembly agreed to my proposal to secure $53 million from the regular budget for the Resident Coordinator system — a much-needed boost at a critical time.

    To be entirely frank, I have to say that the proposal was much higher but at least this compromise was found. 

    But this minimum level of support is insufficient to reach the maximum ambition we need.

    Our ability to drive development and deliver support in a sustained way is at risk — at a moment when countries need us most.

    For our part, we will continue working closely with you to close funding gaps, and ensure joint programming is well-funded and directed to the most vulnerable people and communities.

    But more than ever, we need flexible, sustainable, predictable and innovative sources of funding. 

    I urge Member States to implement the new Funding Compact, without delay.

    In the current context of shrinking resources, the Funding Compact becomes even more fundamental — in particular, its emphasis on pooled funds that allow for more strategic resource allocation depending on actual needs and priorities on the ground.  

    Enfin quatrièmement, nous continuerons de chercher à optimiser l’utilisation des ressources consacrées au développement.

    Le rapport démontre que nos réformes portent leurs fruits : nous avons réalisé plus de 592 millions de dollars d’économies en 2024, soit bien plus que notre objectif initial de 310 millions de dollars.

    Ces économies ont été rendues possibles grâce aux efforts déployés par chaque entité pour rationaliser les services et les chaînes d’approvisionnement, ainsi qu’à un recours accru aux services partagés, notamment s’agissant des voyages, des services de conférence et des fonctions administratives, et à d’autres gains d’efficacité importants.

    Mais nous pouvons et devons en faire plus.

    Dès le début de mon mandat, nous avons lancé un programme de réforme ambitieux destiné non seulement à améliorer nos méthodes de travail et nos résultats, mais aussi à explorer toutes les pistes possibles pour réaliser des économies et des gains d’efficacité.

    L’Initiative ONU80 offre une excellente occasion de poursuivre sur cette lancée.

    En dégageant rapidement des moyens de gagner en efficacité et d’améliorer nos méthodes de travail.

    En consacrant une plus grande partie de nos ressources aux programmes de développement plutôt qu’aux coûts administratifs.

    En procédant à un examen rigoureux de l’exécution des mandats qui nous sont confiés par les États Membres – et dont le nombre a considérablement augmenté ces dernières années.

    Et en menant un examen stratégique des changements plus profonds et plus structurels ainsi qu’un réalignement des programmes au sein du système des Nations Unies.

    L’Initiative ONU80 n’est pas une réponse aux coupes budgétaires mondiales…

    Mais une réponse aux besoins mondiaux.

    Aux besoins des populations du monde entier.

    À la nécessité de faire en sorte que ces personnes soient soutenues comme il se doit, à travers des programmes adaptés au contexte national.

    Et à l’impératif de travailler de façon aussi efficace, rationnelle et utile que possible.

    Là encore, nous aurons besoin de l’appui de tous les États Membres pour rendre nos activités plus efficientes.

    Excellences, Mesdames et Messieurs,

    Alors que nous poursuivons ce chemin de réforme et de renouveau, nous devons garder à l’esprit le plus important : 

    Celles et ceux qui, dans le monde entier, comptent sur nous.

    Le rapport que nous examinons aujourd’hui ne se limite pas aux chiffres.

    Le rapport concerne les services et l’aide que nous apportons à certaines des personnes et des communautés les plus vulnérables et défavorisées de la planète.

    Il concerne les contribuables du monde entier, dont le dur labeur finance notre important travail.

    Il concerne notre capacité à mieux répondre aux attentes des États Membres et agir conformément aux priorités de chaque pays.

    Et il concerne notre quête constante d’efficacité, d’efficience et de responsabilité – tout en restant fidèles aux valeurs fondamentales qui nous animent depuis le tout début.

    Continuons d’œuvrer dans l’unité et la solidarité pour construire une ONU encore plus forte et encore plus efficace – prête à relever les défis d’aujourd’hui et de demain.

    Une ONU adaptée à sa mission et prête à agir.

    Nous comptons sur le plein soutien des États Membres pour continuer à aller de l’avant.

    Je vous remercie.

    *****
    [all-English]

    Excellencies, ladies and gentlemen,

    Thank you for taking part in this important forum in an important year.

    We’re celebrating the 80th anniversary of the United Nations.   

    But this milestone is tempered by a stark, undeniable reality that resonates on every page of the report I am presenting today.

    With less than five years to go to the 2030 deadline, we are facing nothing short of a development emergency.

    The Sustainable Development Goals are alarmingly off-track.

    And some of the hard-won gains made in recent years are getting derailed.

    Progress is too slow in the fight against poverty, hunger, inequality, the climate crisis, decaying infrastructure, and under-resourced education, health and social protection systems.

    We must never forget that a development emergency is, at its root, a human emergency.

    The lives and futures of millions of people hang in the balance.

    This development emergency is also a funding emergency.

    Resources are shrinking across the board — and have been for some time.

    For example, as detailed in my report, total financial contributions to the UN development system dropped by $9 billion — or 16 per cent — in 2023 from the year before.

    We can imagine the number of 2024 taking into account what we have witnessed in the recent decisions. 

    Our organization is increasingly asked to do more with less — a trend that will continue for the foreseeable future.

    This year, donors are pulling the plug on aid commitments and delivery at historic speed and scale.

    But the report we’re discussing today also carries an important message of hope.
    Hope found in the progress we’ve achieved together to reform and reposition the UN development system, making it more efficient and cost-effective.

    Hope in the UN80 initiative to build on these reforms, and drive more of the change we need across the system for a more impactful, cohesive and efficient organization.

    Hope in your continued strong support of, and engagement with, our Resident Coordinators and Country Teams.

    And hope that lies in the potential of the Pact for the Future to accelerate progress towards the Sustainable Development Goals — a Pact that secured consensus at the Summit of the Future.  

    Let me be clear.

    While the context has shifted since the Pact’s adoption, its commitments are more important than ever.

    This includes its bold calls for action on all the elements required to boost progress on sustainable development — including financing for development, the provision of debt relief, and strengthening the international financial architecture.

    We cannot allow headwinds to blow these commitments off course.

    We will continue working closely with all Member States and partners to keep our agenda on track, deepen our ongoing transformation, and to do so in the context of the UN80 initiative to drive progress across the system.

    And we will ensure we can fully deliver and maximize the benefits of every single mandate of the landmark General Assembly resolution 72/279 that ushered in the reforms of the UN development system.

    Excellencies,

    In this spirit, and guided by the report under discussion today, I’d like to highlight four areas where we are making progress, where more is needed, and how Member States can support this work.  

    First — we must hold fast to our commitment to the Sustainable Development Goals.

    This is a critical year for development.

    But across the board, we face a crisis in the means of implementation — from financing to trade, governance and institutional capacity to accelerate progress. 

    Acceleration means Member States keeping alive the bold commitments they made in adopting the Goals in 2015, as well as through the Pact for the Future.

    These include easing the debt burden on developing countries, scaling innovative sources of finance, and pushing forward on reforms to the international financial architecture.

    The upcoming Fourth International Conference on Financing for Development in Sevilla will be a key moment in driving the change we need.

    Acceleration requires bold transformations.

    We must continue traveling the clear pathways to progress outlined in the report — key areas where we can spur progress across all the Goals, such as food systems, energy access, digital connectivity, and supporting economic growth through trade. 

    Now is the time to build more political will and institutional capacity to support these essential shifts and drive progress.

    Second — we will continue tailoring our operations to the needs and priorities of host countries.

    We know we’re on the right track.

    In the last year alone, Resident Coordinators supported over 160 countries.

    Our work across the system and with governments is becoming more integrated and coordinated every year.

    87 per cent of host governments — and 83 per cent of donor country governments — agreed that UN entities are working more collaboratively than before the reform.

    And 98 per cent of host governments agreed that UN activities, as articulated in our Cooperation Frameworks, are closely or very closely aligned to national priorities.

    The evidence is clear.

    The reinvigorated Resident Coordinator system we have built together is fast-becoming a launchpad for providing deeper development impact for people and planet alike:

    By gathering partners together to shape policy and financing solutions to accelerate development…

    By supporting countries’ efforts on financing, data-collection, trade and sustainable economic growth…

    And by constantly striving to find efficiencies and innovations, and drive accountability and results across our work together.

    We are rightly proud of our work, and we will protect and build on this as we move forward.

    We know we can do better. And we will.

    Despite high levels of support, the report shows worrying gaps between the priorities of our Cooperation Frameworks and the operational, governance and financial tools to bring them to life.

    Moreover, the Management Accountability Framework established to ensure greater accountability in collective UN efforts is not being applied evenly across the system.

    Our newly established evaluation office for the development system is now preparing its first independent report to this body this year to continue driving accountability and results, and ensure greater alignment of UN configuration and programming with country needs.

    I ask all Member States to support this important work.

    Third — funding.

    I am deeply concerned about the system’s funding situation.  

    Core contributions to development agencies are insufficient, plunging to 16.5 per cent of total funding, with these contributions declining to 12 per cent for some agencies. 

    This is a far cry from the 30 per cent target countries committed to in the Funding Compact.

    In December, the General Assembly agreed to my proposal to secure $53 million from the regular budget for the Resident Coordinator system — a much-needed boost at a critical time.

    To be entirely frank, I have to say that the proposal was much higher but at least this compromise was found. 

    But this minimum level of support is insufficient to reach the maximum ambition we need.

    Our ability to drive development and deliver support in a sustained way is at risk — at a moment when countries need us most.

    For our part, we will continue working closely with you to close funding gaps, and ensure joint programming is well-funded and directed to the most vulnerable people and communities.

    But more than ever, we need flexible, sustainable, predictable and innovative sources of funding. 

    I urge Member States to implement the new Funding Compact, without delay.
    In the current context of shrinking resources, the Funding Compact becomes even more fundamental — in particular, its emphasis on pooled funds that allow for more strategic resource allocation depending on actual needs and priorities on the ground.  

    And fourth — we will continue pushing for efficiencies that maximize the use of development resources.

    The report demonstrates that our reforms are achieving results — with over $592 million in efficiencies in 2024, well above our initial target of $310 million.

    These savings were achieved through individual agency efforts to streamline services and supply chains, as well as through the increased use of shared services across entities — including travel, conference and administrative functions, and other key efficiencies.

    But we can and must do more.

    From the very beginning of my mandate, we embarked on an ambitious reform agenda to strengthen not only how we work and deliver — but how we leave no stone unturned in finding cost-savings and efficiencies.

    The UN80 initiative is an important opportunity to carry this work forward.

    By rapidly identifying efficiencies and improvements in the way we work.

    By ensuring that a greater share of our resources are allocated for development programmes rather than administrative costs. 

    By thoroughly reviewing the implementation of all mandates given to us by Member States, which have significantly increased in recent years.   

    And through a strategic review of deeper, more structural changes and programme realignment in the UN System.

    UN80 is not about responding to global cuts.

    It’s about responding to global needs.

    The needs of people around the world.
    The need to ensure that we support them in the right way, with the right programmes and country configurations.

    And the need to be as efficient, streamlined and impactful as we can be.

    Again, the support of all Member States will be critical as we strive to become more cost-effective in our operations.

    Excellencies, Ladies and Gentlemen,

    As we continue travelling this road to reform and renewal, we must keep our focus where it belongs:  

    On the people around the world who are counting on us to get this right.

    The report we are discussing today is not just about numbers.

    It’s about the services and support we provide to some of the most vulnerable and underserved people and communities on earth.

    It’s about hardworking taxpayers around the world who underwrite our important work.

    It’s about responding more effectively to the expectations of Member States and aligning with national priorities.

    And it’s about our constant pursuit of efficiency, effectiveness and accountability, while staying true to values that have driven our mission from the very start.

    Let’s continue working as one, in solidarity, to build an even stronger and more effective United Nations — one that is ready to meet the challenges of today and tomorrow. 

    One that is fit for purpose and ready to serve.

    We count on the full support of Member States as we move forward.

    Thank you.

    ******

    [all-French]

    Excellences, Mesdames, Messieurs,

    Je vous remercie de prendre part à cette manifestation de premier plan en cette année importante.

    L’Organisation des Nations Unies fête cette année ses 80 ans.

    Mais cet anniversaire est tempéré par une réalité dure et indéniable, qui transparaît à chaque page du rapport que je présente aujourd’hui.

    À moins de cinq ans de l’échéance de 2030, nous sommes face à une véritable crise du développement.

    La réalisation des objectifs de développement durable accuse un retard alarmant.

    Et certains des gains durement acquis ces dernières années risquent d’être réduits à néant.

    Face à la pauvreté, à la faim, aux inégalités, à la crise climatique, aux infrastructures en déclin et au manque de ressources dans l’éducation et la protection sociale, les progrès demeurent trop lents.

    Il ne faut pas perdre de vue qu’une crise du développement est, avant tout, une crise humaine.

    La vie et l’avenir de millions de personnes sont en jeu.

    Cette crise du développement est aussi une crise du financement.
    Dans tous les secteurs, les ressources se réduisent comme peau de chagrin, et ce depuis un certain temps.

    Ainsi, comme indiqué dans mon rapport, les contributions financières versées en 2023 au système des Nations Unies pour le développement ont chuté de 9 milliards de dollars US – soit 16 % – par rapport à l’année précédente.

    On peut imaginer les chiffres de 2024 en tenant compte de ce que nous avons constaté dans les décisions récentes.

    Notre Organisation est de plus en plus appelée à faire plus avec moins, et cela ne devrait pas changer de sitôt.

    Cette année, plusieurs bailleurs de fonds mettent un coup de frein sans précédent à leurs engagements en matière d’aide sur le terrain.

    Cela étant, le rapport que nous examinons aujourd’hui est également porteur d’un vrai message d’espoir.

    Cet espoir repose sur plusieurs éléments : sur les progrès que nous avons accomplis ensemble dans la réforme et le repositionnement du système des Nations Unies pour le développement, le rendant plus efficace et plus économique ;

    Sur l’Initiative ONU80, qui, dans le prolongement de ces réformes, induira les changements dont nous avons besoin à travers l’ensemble du système pour une organisation plus efficace, plus cohésive et plus efficiente ;

    Sur l’appui résolu que vous continuez de manifester à nos coordonnatrices et coordonnateurs résidents et à nos équipes de pays, et sur votre détermination à travailler à leurs côtés dans un esprit de collaboration ;

    Et sur le potentiel qui réside dans le potentiel du Pacte pour l’avenir d’accélérer les progrès vers les Objectifs de développement durable – un Pacte qui a fait l’objet d’un consensus lors du Sommet de l’avenir.

    Soyons clairs.

    Le Pacte a beau avoir été adopté dans un contexte différent, les engagements qui y sont énoncés demeurent plus importants que jamais.

    Ils exigent notamment de l’audace dans tous les aspects propices au développement durable – y compris le financement du développement, l’allègement de la dette et le renforcement de l’architecture financière internationale.

    Nous ne pouvons laisser les difficultés du moment nous faire dévier de ces engagements.

    Nous continuerons de collaborer étroitement avec tous les États Membres et tous les partenaires pour poursuivre la bonne mise en œuvre de nos priorités, parfaire la transformation de l’Organisation et, dans le cadre de l’Initiative ONU80, encourager des progrès concrets dans l’ensemble du système.

    Nous veillerons également à exécuter pleinement et de manière optimale tous les mandats prévus dans la résolution 72/279 de l’Assemblée générale, texte majeur qui a ouvert la voie à la réforme du système des Nations Unies pour le développement.

    Excellences,

    Dans ce contexte, et dans le droit fil du rapport qui est à l’examen aujourd’hui, je voudrais souligner quatre points pour récapituler les progrès que nous accomplissons, les domaines où nous devons redoubler d’efforts et l’aide que les États Membres peuvent apporter en ce sens.

    Premièrement, nous devons garder le cap sur les objectifs de développement durable.

    Cette année est cruciale pour le développement.

    Pourtant, nous assistons à une crise généralisée des moyens de mise en œuvre, qui touche aussi bien le financement que le commerce, la gouvernance ou la capacité institutionnelle à accélérer les progrès.

    Si l’on veut accélérer la cadence, il faut que les États Membres honorent les engagements ambitieux qu’ils ont pris en 2015 en adoptant les ODD et dans le cadre du Pacte pour l’avenir.

    Cela inclut notamment l’allègement du fardeau de la dette des pays en développement, la mobilisation de sources de financement innovantes et de faire avancer la réforme de l’architecture financière internationale.

    La quatrième Conférence internationale sur le financement du développement, qui se tiendra à Séville, constituera un moment clé moment clé dans la conduite des changements nécessaires.  

    Pour passer à la vitesse supérieure, il faut engager une transformation audacieuse.

    Nous devons poursuivre la stratégie que nous avons clairement définie en vue de la réalisation de tous les Objectifs, notamment dans les domaines des systèmes alimentaires, de l’accès à l’énergie, de la desserte numérique ainsi que du commerce au service de la croissance économique.

    Le moment est venu de mobiliser une plus grande volonté politique et de renforcer les capacités institutionnelles pour accompagner ces transformations essentielles et insuffler une dynamique de progrès.

    Deuxièmement, nous continuerons d’adapter nos opérations aux besoins et aux priorités des pays hôtes.

    Nous savons que nous sommes sur la bonne voie.

    L’année dernière, les coordonnatrices et coordonnateurs résidents ont apporté un appui concret dans plus de 160 pays.

    Le travail mené dans les entités du système et avec les gouvernements gagne chaque année en intégration et en coordination.

    87 % des pays hôtes – et 83 % des pays donateurs – considèrent que les entités des Nations Unies collaborent plus qu’avant la réforme.
    Et 98 % des pays hôtes estiment que les activités de l’ONU prévues dans nos plans-cadres de coopération concordent bien ou très bien avec les priorités nationales.

    Les faits sont là.

    Le système redynamisé des coordonnatrices et coordonnateurs résidents que nous avons mis en place ensemble est en passe de devenir un outil encore plus efficace au service du développement, tant pour les populations que pour la planète.

    À cet égard, il réunit les partenaires pour définir l’action à mener et trouver des solutions financières visant à accélérer le développement…

    Il accompagne les pays dans les domaines du financement, de la collecte de données, de la réglementation, du commerce et de la croissance économique durable…

    Et il cherche continuellement à faire des économies, à innover, à faire respecter le principe de responsabilité et à encourager les progrès dans tous les aspects de notre action commune.

    Nous sommes profondément fiers de ce que nous faisons, et nous continuerons sur notre lancée tout en préservant les acquis.

    Nous pouvons faire mieux, nous le savons. Et nous le ferons.

    Malgré l’adhésion que suscite notre action, le rapport fait apparaître un contraste inquiétant entre les priorités fixées dans nos plans-cadres de coopération et les moyens opérationnels et financiers et les outils de gouvernance qui permettent de les concrétiser.

    En outre, le cadre de gestion et de responsabilité, établi pour renforcer la responsabilité dans l’action collective des Nations Unies, n’est pas appliqué de manière uniforme dans toutes les entités du système.

    Notre bureau chargé des évaluations dans le système pour le développement, récemment établi, rédige actuellement son premier rapport indépendant, qu’il présentera au Conseil économique et social cette année, et poursuivra son action pour favoriser la définition des responsabilités, concourir à l’amélioration des résultats et faire en sorte que la présence et les programmes des Nations Unies soient mieux adaptés aux besoins de chaque pays.

    Je demande à tous les États Membres d’appuyer ce travail essentiel.

    Troisièmement, le financement.

    Je suis très préoccupé par la situation financière du système.

    Les contributions aux ressources de base des organismes de développement sont insuffisantes : elles ne représentent plus que 16,5 % du financement total, voire 12 % pour certaines entités.

    On est bien loin de l’objectif de 30 % que les pays se sont engagés à atteindre dans le cadre du pacte de financement.

    En décembre, l’Assemblée générale a accepté la proposition que j’ai faite de prélever sur le budget ordinaire un montant de 53 millions de dollars pour le système des coordonnatrices et coordonnateurs résidents. C’est un coup de pouce indispensable à un moment critique.

    Pour être tout à fait franc, je dois dire que la proposition était beaucoup plus élevée, mais au moins ce compromis a été trouvé.

    Mais ce modeste niveau de soutien n’est pas à la hauteur de l’ambition nécessaire.

    Notre capacité à stimuler le développement et à apporter une aide durable est compromise, or c’est maintenant que les pays ont le plus besoin de nous.

    Nous continuerons à collaborer étroitement à vos côtés pour que les déficits de financement se résorbent et pour que la programmation conjointe soit dotée de moyens financiers suffisants et profite aux personnes et aux populations les plus vulnérables.

    Néanmoins, nous avons plus que jamais besoin de sources de financement souples, durables, prévisibles et novatrices.

    J’invite instamment les États Membres à mettre en œuvre sans délai le nouveau pacte de financement.

    À l’heure où les ressources s’amenuisent, le pacte de financement s’impose comme un dispositif incontournable, notamment par l’importance accordée aux fonds de financement commun, qui permettent d’allouer les ressources plus stratégiquement, en fonction des priorités et des besoins réels sur le terrain.

    Enfin quatrièmement, nous continuerons de chercher à optimiser l’utilisation des ressources consacrées au développement.

    Le rapport démontre que nos réformes portent leurs fruits : nous avons réalisé plus de 592 millions de dollars d’économies en 2024, soit bien plus que notre objectif initial de 310 millions de dollars.

    Ces économies ont été rendues possibles grâce aux efforts déployés par chaque entité pour rationaliser les services et les chaînes d’approvisionnement, ainsi qu’à un recours accru aux services partagés, notamment s’agissant des voyages, des services de conférence et des fonctions administratives, et à d’autres gains d’efficacité importants.

    Mais nous pouvons et devons en faire plus.

    Dès le début de mon mandat, nous avons lancé un programme de réforme ambitieux destiné non seulement à améliorer nos méthodes de travail et nos résultats, mais aussi à explorer toutes les pistes possibles pour réaliser des économies et des gains d’efficacité.

    L’Initiative ONU80 offre une excellente occasion de poursuivre sur cette lancée.

    En dégageant rapidement des moyens de gagner en efficacité et d’améliorer nos méthodes de travail.

    En consacrant une plus grande partie de nos ressources aux programmes de développement plutôt qu’aux coûts administratifs.

    En procédant à un examen rigoureux de l’exécution des mandats qui nous sont confiés par les États Membres – et dont le nombre a considérablement augmenté ces dernières années.

    Et en menant un examen stratégique des changements plus profonds et plus structurels ainsi qu’un réalignement des programmes au sein du système des Nations Unies.

    L’Initiative ONU80 n’est pas une réponse aux coupes budgétaires mondiales…

    Mais une réponse aux besoins mondiaux.

    Aux besoins des populations du monde entier.

    À la nécessité de faire en sorte que ces personnes soient soutenues comme il se doit, à travers des programmes adaptés au contexte national.

    Et à l’impératif de travailler de façon aussi efficace, rationnelle et utile que possible.

    Là encore, nous aurons besoin de l’appui de tous les États Membres pour rendre nos activités plus efficientes.

    Excellences, Mesdames et Messieurs,

    Alors que nous poursuivons ce chemin de réforme et de renouveau, nous devons garder à l’esprit le plus important : 

    Celles et ceux qui, dans le monde entier, comptent sur nous.

    Le rapport que nous examinons aujourd’hui ne se limite pas aux chiffres.

    Le rapport concerne les services et l’aide que nous apportons à certaines des personnes et des communautés les plus vulnérables et défavorisées de la planète.

    Il concerne les contribuables du monde entier, dont le dur labeur finance notre important travail.

    Il concerne notre capacité à mieux répondre aux attentes des États Membres et agir conformément aux priorités de chaque pays.

    Et il concerne notre quête constante d’efficacité, d’efficience et de responsabilité – tout en restant fidèles aux valeurs fondamentales qui nous animent depuis le tout début.

    Continuons d’œuvrer dans l’unité et la solidarité pour construire une ONU encore plus forte et encore plus efficace – prête à relever les défis d’aujourd’hui et de demain.

    Une ONU adaptée à sa mission et prête à agir.

    Nous comptons sur le plein soutien des États Membres pour continuer à aller de l’avant.

    Je vous remercie.
     

    MIL OSI Africa –

    May 21, 2025
  • MIL-OSI Russia: China urges US to stop politicizing COVID-19 source tracing issue

    Translation. Region: Russian Federal

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

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

    GENEVA, May 20 (Xinhua) — A spokesperson for the Chinese Permanent Mission to the United Nations in Geneva on Tuesday called on the United States to stop political manipulation over the issue of tracing the source of COVID-19 and stop pressuring international organizations.

    As the official representative said in response to the baseless statements of the US delegation at the ongoing 78th session of the World Health Assembly, it is astonishing that the United States, a country that once announced its withdrawal from the World Health Organization (WHO), is now making baseless attacks on countries that have consistently increased their contribution to the organization. According to the diplomat, the US has clearly lost its basic understanding of truth and lies. China has always provided selfless support to the WHO, without any so-called undue influence, he emphasized.

    The official representative recalled that since the outbreak of COVID-19, China has shared with the international community information on the epidemiological situation and the genomic sequence of the virus in the shortest possible time. In addition, the Chinese side has provided medical supplies and financial assistance to the WHO and 153 countries, including the United States. All this, as the diplomat emphasized, demonstrates China’s firm commitment to protecting the common well-being of all mankind.

    He noted that in an effort to carefully conceal their ineffective anti-epidemic measures, some countries resort to denigrating others. In his opinion, such attempts to politicize pandemic issues are disgusting and doomed to failure.

    China is calling on the United States to share data on early cases with the WHO and to disclose information about the Fort Detrick facility and the network of U.S. biological laboratories around the world, an official said. The U.S. side should stop political manipulation around the issue of tracing the source of COVID-19 and stop pressuring international organizations, he concluded. –0–

    MIL OSI Russia News –

    May 21, 2025
  • MIL-OSI USA: Governor Polis Takes Action to Strengthen Colorado’s Workforce, Help More Coloradans Connect to Skills

    Source: US State of Colorado

    DENVER – Today, Governor Polis signed an Executive Order directing Colorado’s state agencies to work together with the Department of Education to help more post-high school learners access needed credentials. The Governor was joined by Department of Higher Education executive director Dr. Angie Paccione, Colorado Department of Labor and Employment executive director Joe Barela, Office of Economic Development and International Trade executive director Eve Lieberman, Colorado Department of Regulatory Affairs executive director Patty Salazar, and leaders from the Colorado Department of Education. 

    “Colorado is a national leader in helping students and workers develop needed skills to enter the job market with credentials and build a successful career. We’ve broken down barriers to apprenticeships, made it free to attend community college for in-demand credentials, and created new ways to help Coloradans succeed. This Executive Order builds on that work by ensuring our state meets learners and earners where they are and helps Coloradans get a meaningful job. We’re asking how our state agencies and operations can better support Coloradans throughout successful lives and careers,” said Governor Jared Polis. 

    The Executive Order directs the Colorado Department of Labor and Employment, the Colorado Department of Higher Education, the Colorado Department of Regulatory Agencies, and the Office of Economic Development and International Trade to work with the Governor’s Office and the Department of Education to develop recommendations to: 

    • Seamlessly integrate postsecondary education, skills attainment, and training strategies to improve the flexibility and permeability of the system;
    • Future-proof talent development by investigating and scaling strategies that help the postsecondary education and workforce development strategies be more adaptive and efficient;
    • Improve the ability for learners, employers, community members, and State agencies to navigate the postsecondary talent development system;
    • Increase postsecondary credential attainment, particularly for the students who historically have not connected to postsecondary education or training within six years of high school graduation; and
    • Reduce bureaucratic barriers to cross-functional education and training. 

    These recommendations are due by December 1, 2025. Read the Governor’s Executive Order. 

    ###

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI USA: Kugler, Commencement Remarks

    Source: US State of New York Federal Reserve

    Thank you, Stefano, and before I say anything else, congratulations to the Class of 2025!1 My family is here today, so let me acknowledge my husband Ignacio, my daughter Miri, my son Danny, and my parents who are watching from elsewhere. I start with family because I know it takes a village! So, I want to acknowledge the enormous accomplishment by the graduates and also by their families and friends who supported them through this journey. Let’s give all of them a big round of applause! I also want to thank the leaders of Berkeley’s economics program for giving me the privilege of returning here, as a graduate of this program, to be a part of what is, in fact, my very first economics commencement ceremony here at Berkeley.
    On a similar spring afternoon in 1997, when my classmates were walking across this stage, I was across the country, hurrying to finish my dissertation at the Brookings Institution and preparing to start my first job as an economist. I would have loved to be here, as you are, and I praise you for taking the time to share with your classmates, friends, and family this moment of recognition for the huge achievement today represents. But somehow, at the time of my graduation, I felt the need to get on with earning a living and moving forward with my life, as I am sure many of you are eager to do also.
    So, you can understand that this is a very special—and also a little strange— moment for me because it feels, in a way, like I am celebrating my own graduation 28 years later! I think it is also an unusual situation for all of you to listen to this speaker who was once where you are today. It is unusual because standing at this podium now is not just the person I have become in the decades since leaving Berkeley. Standing beside me, very close by today, is also the young woman I was in 1997, who was too busy to attend her own graduation. You will be hearing at times from both of us today, and we may even exchange a few words with each other.
    This sounds a little like that Aubrey Plaza movie you may have seen last year, in which a young woman gets advice from her older self. Unfortunately, unlike Aubrey Plaza’s character, I cannot help my younger version through the many challenges that she will face, and let me tell you, there were many challenges indeed, and yet here I am! Nevertheless, because of my proximity, today, to that younger self, I hope I can see the world a little more through your eyes, when I try to offer some words of wisdom. I know, I know, commencement speakers are expected to provide wisdom and advice. But really, today, I would like to mainly tell you that the wisdom and also the conviction of my younger self are what allowed me to navigate the challenges along the way. So, trust yourselves!
    As I have indicated, the younger version of me was quite impatient to get her professional life started and try to make a mark in the world. The older me would say, “Take your time, figure out who you are, who you will become! Life is long, and among other things, life teaches you to have patience to work for big goals.” There is merit to this advice, of course, but today I am thinking about how I felt when I was in your shoes, and I am thinking that one of the underappreciated gifts of younger people is, in fact, impatience. I will say more about this, but if you take a look around at all the many urgent challenges we face here in the U.S. and the world, many of which depend on the powerful tool of economics and its potential to make people’s lives better, then I would certainly say that some impatience is, indeed, very much what we need.
    I speak of economics as a tool because that is all that it is. It is not a philosophy, a value system, or a religion, although I acknowledge that some in our profession might treat it that way. Economics can’t answer all the questions we face in our lives. Economics can’t tell us how to treat each other, or what kind of world we should strive to create, but it is a means to those ends.
    And even the answers that economics can provide are always evolving, as our understanding of economic behavior and phenomena evolves. What we understand in economics has evolved in the years since I left Berkeley, and it will continue to evolve. While this understanding does change over time, I think of it as changing like the California landscape changes. Some towns and cities grow, some decline, and there is the occasional earthquake to shake things up. But the landmarks that guide us in economics—the Golden Gate, the Sierra Nevada—they have been standing for a while now, and I believe they will continue to stand for a long time to come.
    Using these landmarks, these foundational and time-tested insights, economics can indeed be a powerful tool. But it is a tool, only to the extent, like any other tool, that it is useful. A brilliant insight, if not applied, or tested, or employed for some useful purpose, is like the gadget you pick up at the hardware store and never use. It is just taking up space in the toolbox. When economics reveals how to use resources efficiently, how to raise production and income and lower costs, these insights are only useful if they are applied—if they win in the marketplace of ideas.
    As you embark on your careers as economists, and the myriad ways in which you can employ the knowledge and skills you have acquired, one cause that I hope you all will embrace is actively participating in this marketplace of ideas. I hope you do, because, from the level of the individual household to the loftiest decisions of business leaders and government, employing the foundational insights of economics is the difference between prosperity and the utterly avoidable lack of prosperity.
    It is tempting to think that time-tested and broadly accepted ideas are permanent. In fact, the debate has never ended on many foundational ideas of economics, some of which can seem counterintuitive to people. These are ideas that must be fought for, because, as I said, to lose that fight is to go backward and accept less prosperity.
    Among the aspirations that each of you hold as you leave the Greek theater today, I hope that you will use what you have learned at Berkeley to be part of this fight. I would go further and argue that, along with the diplomas that you are receiving today, you will also carry with you a special responsibility to promote these principles and use them to promote greater prosperity for all. I am not shy in saying that economists have such a responsibility, nor in saying that the learning you have acquired qualifies you to be an active participant in these debates. I believe your expertise matters, because, in the cacophony of opinions, and trolling, and disinformation that seems to crowd ever more into the marketplace of ideas each year, I cling to the idea that expertise still matters. In his book The Constitution of Knowledge: A Defense of Truth, Jonathan Rauch argues that, just as important as America’s written Constitution is an unwritten one, based on a widespread agreement on what is true and what is not true. Knowledge, he writes, as it is added to and preserved over time, is a special glue, that Gorilla clear and precise super glue, that helps to hold society together and settle many conflicts. Expertise matters as the basis for that knowledge. When your expertise as economists is absent, when your voices are absent from the debate, knowledge suffers, and we are all poorer because of it.
    Let me pause for a moment because I am hearing from my younger self just now that these commencement remarks are maybe getting a little heavy. I can understand how she feels. Think about how things looked in 1997. The Cold War was over! The tech boom was just taking off, which meant that Oakland was still affordable. Honestly, in hindsight life back then sounds a lot less complicated than it seems today. My first job was at Pompeu Fabra University in Spain, and my second was at a large public university, the University of Houston. I had some research ideas, mostly in the area of labor economics, and I found some great collaborators, and I was off to the races. Today, I realize that colleges and universities are facing challenges like never before, which means that the prospect of trying to make a career in academia is much less certain.
    Public service is another traditional destination for economists, and I have been very fortunate to be able to move forward in my career as an academic, while taking time out on three occasions to work in Washington—as chief economist at the Department of Labor, as the U.S. executive director at the World Bank, and now as a governor at the Federal Reserve Board. By contrast, it is, of course, to put it mildly, a very challenging time to be thinking about starting a career in public service, at least at the federal level.
    I can stand here today and lament the new challenges faced by you and by many others in the Class of 2025. I am a mom, and my kids are also facing new circumstances. But I also look back sometimes and wonder how I got here. And this is another case where I believe the 27-year-old me had more wisdom than I do. If she were crossing this stage today, with you, facing these undeniable challenges, I do not think she would be discouraged. She would stubbornly say: “I love economic research; I will find a way to become an academic.” If you told her about the challenges facing colleges and universities, she would say that it is simply unthinkable that America would not support the greatest post-secondary educational system in the world. And if you told her that a pendulum swing in opinion might limit opportunities in public service, she might say: “If the purpose of life is helping others, (and I think it is) then public service will be valued, and it is something I must do, and that I will do.”
    I think if you had told the 27-year-old me that she could not achieve these things, which she dreamed of, she would stubbornly refuse to accept it. And of course, this is the way that humankind eventually solves most big problems. More than anything else, it is stubborn determination, which I hope is in good supply among you already, and which I encourage you to cultivate. You have already, of course, one of the greatest assets that anyone can have to make a career in economics, which is an education from one of the greatest universities in the world—the University of California, Berkeley. When I attended here, I had the privilege of taking classes with four winners of the Nobel Prize, and many people tell me that, if anything, the faculty is even stronger today. In my recent work at the Fed, I have had occasion to cite research by six current faculty members in public speeches. You have learned from the best, and with your energy, expertise, impatience, and stubborn determination, I know that nothing will stop you! Whatever you choose to do, I hope you will make use of what you have learned at Berkeley to be an active part of that marketplace of ideas. Go forth from here and make the world a brighter and better place. Go seize the day as you head out Sather Gate! Congratulations, again, Class of 2025, and thank you.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI Security: Foreign National Sentenced for $3.2 Million Medicare Fraud Scheme

    Source: United States Attorneys General 1

    A foreign national was sentenced today to 30 months in prison for his role in a scheme to defraud Medicare of more than $3.2 million through a sham durable medical equipment company.

    According to court documents, Julian Lopez, 55, a citizen of Cuba who resides in Miami-Dade County, Florida, obtained Medicare beneficiary identification cards and sold Medicare beneficiaries’ personal information to a durable medical equipment company, One Medical Services. Lopez knew the Medicare identification cards he obtained would be used to submit fraudulent claims to Medicare. One Medical Services used the information from Lopez to bill Medicare for orthotic braces that were never provided to the Medicare beneficiaries. In connection with the scheme, One Medical Services submitted and caused the submission of over $3.2 million in false and fraudulent claims to Medicare for medically unnecessary DME.

    Lopez pleaded guilty to two counts of health care fraud in February 2025. At sentencing, he was also ordered to pay $1,496,412 in restitution.

    Matthew R. Galeotti, Head of the Justice Department’s Criminal Division; Acting Special Agent in Charge Jesus Barranco at the U.S. Department of Health and Human Services, Office of Inspector General (HHS-OIG) Miami Regional Office; and Acting Special Agent in Charge Brett Skiles of the FBI Miami Field Office made the announcement.

    The FBI and HHS-OIG investigated the case.

    Assistant Chief Emily Gurskis and Trial Attorney Owen Dunn of the Criminal Division’s Fraud Section prosecuted the case.

    The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of nine strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

    MIL Security OSI –

    May 21, 2025
  • MIL-OSI USA: AG Labrador Secures Victory Against Swanky LLC for Deceptive Business Practices

    Source: US State of Idaho

    Home Newsroom AG Labrador Secures Victory Against Swanky LLC for Deceptive Business Practices

    BOISE — Attorney General Raúl Labrador announced a default judgment entered in April 2025 against Swanky LLC, doing business as Swanky Steel, and its operator, Justin Bussard, for deceptive business practices that harmed consumers from out of state attempting to buy products from an Idaho business. 
    The Attorney General’s Consumer Protection Division filed a lawsuit in January 2025, alleging that Swanky LLC and Bussard accepted payments from consumers for custom-made vehicle parts but failed to deliver those products or issue refunds. The default judgment prohibits Bussard from operating any business involving custom-made vehicle parts or similar services unless he does so as an employee or agent under direct supervision.
    The judgment also orders restitution payments of $6,542.09 to affected consumers and imposes $10,000 in civil penalties.
    “This judgment ensures accountability for dishonest business practices and prevents further deceptive conduct which could ultimately harm Idaho families,” said Attorney General Labrador. “Our Consumer Protection Division works hard to uphold fairness in the marketplace and defend Idahoans from deceptive conduct.”
    Consumers who experience similar deceptive practices may file consumer complaints with the Consumer Protection Division. A complaint form is available here.

    MIL OSI USA News –

    May 21, 2025
  • MIL-OSI: XWELL Reports First Quarter 2025 Results, Advancing Mission to Liberate Science-Proven Wellness

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 20, 2025 (GLOBE NEWSWIRE) — XWELL, Inc. (Nasdaq: XWEL) (“XWELL” or the “Company”), a pioneer in science-proven, accessible wellness, today reported results for the first quarter ended March 31, 2025. With a growing portfolio of in-airport and off-airport wellness brands, XWELL continues to redefine what wellness access looks like –connecting high-impact, science-backed care to everyday consumers wherever they are. From leading the nation’s biosecurity response to building tech-forward wellness spaces in transportation hubs and neighborhoods alike, XWELL is extending wellness beyond the elite and into real life.

    Operating Highlights:

    • Reported first quarter 2025 revenue of $7.0 million.
    • The Company continues its focus on returning to overall profitability. For the first quarter ended March 31, 2025:
      • Total cost of sales decreased approximately 6% from the 2024 first quarter.
      • Total operating expenses decreased approximately 11% from the 2024 first quarter.
    • Secured a three-year extension of its Traveler-based Genomic Surveillance Program in partnership with the Centers for Disease Control and Prevention (the “CDC”).
    • Successfully closed a private placement in January 2025, comprising of the Company’s Series G Convertible Preferred Stock and Series Warrants for aggregate gross proceeds of approximately $4 million before deducting offering expenses payable by the Company.

    “XWELL began 2025 with strong momentum,” commented Ezra Ernst, Chief Executive Officer of XWELL. “With our renewed CDC partnership, continued discipline in operations, and a clear growth plan in wellness and beauty, we believe we are expanding what accessible wellness looks like — anchored in science, backed by biosurveillance, and designed for everyday life.”

    Liberating Wellness, Inside and Outside Airports

    XWELL’s multi-brand strategy is designed to unify wellness experiences under a single, accessible platform — from express treatments in airport terminals to full-service spas in communities.

    In March 2025, the Company announced plans to acquire select medical spas in high-demand metropolitan areas, including Orlando, Dallas and Salt Lake City, extending its presence beyond travel hubs and into the everyday wellness routines of consumers.

    “Our vision is a seamless continuum of care,” added Ernst. “From biometric screenings at the airport to advanced skin and body treatments on Main Street, we believe that we are democratizing access to trusted, science-proven wellness.”

    Science-Proven Wellness, Real-World Impact

    Through XpresCheck and HyperPointe, XWELL continues to operate at the frontlines of biosurveillance and digital healthcare infrastructure.

    In March 2025, XWELL secured a three-year extension of its Traveler-based Genomic Surveillance Program (“TGS”), operated with CDC and Ginkgo Bioworks Holdings. The TGS program, which has been supported by the CDC under contract number 75D30125C20439, provides early detection of emerging pathogens, safeguarding national health through airport-based biosurveillance in eight major hubs.

    XpresCheck and HyperPointe, which helped power national COVID-19 testing and reporting during the pandemic, now serve as the operational and technological core of this next phase of strategic, science-driven wellness program.

    Expanding the XWELL Ecosystem

    XpresSpa® remains the airport wellness category leader, operating 28 locations across major U.S. and international airports. Each are being upgraded to reflect XWELL’s science-driven approach to wellness, offering premium wellness tech, retail, and self-care services. XWELL is actively broadening its retail product portfolio to feature a range of cutting-edge wellness offerings. These offerings include state-of-the-art wellness devices, nutritional supplements, and innovative wellness patches — each designed to support holistic health and cater to the evolving needs of today’s wellness-conscious consumers.

    Naples Wax Center®, the Company’s first off-airport brand, operates a group of upscale hair removal locations with core products and service offerings from face and body waxing to a range of skincare and cosmetic products. In December 2024, the Company announced the planned opening of a new Naples Wax location in Estero, Florida, and is pursuing plans to open an additional 6 locations across Florida during 2025.

    Consistent with XWELL’s strategy to extend its footprint into transportation hubs, the Company expects to open an XWELL location in New York City’s Penn Station in mid-2025. The tech-forward spa is being designed to serve commuters and tourists with quick-access, self-led wellness services in a high-traffic urban setting.

    Liquidity and Financial Condition

    As of March 31, 2025, the Company had approximately $3.7 million of cash and cash equivalents (excluding restricted cash), approximately $7.3 million in marketable securities, total current assets of approximately $14.8 million, and no long-term debt.

    In January 2025, the Company announced the closing of its private placement offering the Company’s newly designated Series G Convertible Preferred Stock and Series Warrants. The aggregate gross proceeds of the private placement were approximately $4.0 million, before deducting offering expenses payable by the Company.

    Summary First Quarter 2025 Financial Results

    Total Revenue

    Total revenue for the first quarter ended March 31, 2025, was approximately $7.0 million compared to approximately $8.7 million for the 2024 first quarter. The decrease in revenue was primarily driven by lower XpresTest revenue and XpresSpa revenue offset by Priority Pass revenue, which is a new revenue stream for the three months ended March 31, 2025.

    Revenue for the first quarter ended March 31, 2025, primarily consisted of approximately $4.3 million from XpresSpa locations and approximately $2.2 million from XpresTest, which includes XWELL’s bio-surveillance partnership and its HyperPointe business. Naples Wax Center accounted for approximately $552,000 of revenue.

    The Company noted that revenue from the CDC bio-surveillance program in the first quarter of 2025 was lower than anticipated due to timing of the extension. Revenue is expected to be made up in subsequent quarters.

    Total Cost of Sales

    Total cost of sales for the first quarter ended March 31, 2025, was approximately $5.7 million, compared to approximately $6.1 million for the 2024 first quarter.

    General and Administrative Expenses

    General and administrative expenses for the first quarter ended March 31, 2025, were approximately $4.3 million, compared to approximately $4.2 million for the 2024 first quarter. The increase was primarily due to the increase in accounting, legal and public company costs for the 2025 first quarter.

    Total Operating Expenses

    Total operating expenses for the first quarter ended March 31, 2025, were approximately $4.5 million, compared to approximately $5.1 million for the 2024 first quarter.

    Operating Loss

    Operating loss for the first quarter ended March 31, 2025, was approximately $3.2 million, compared to approximately $2.4 million for the 2024 first quarter.

    Net Loss Attributable to XWELL

    Net loss attributable to XWELL for the first quarter ended March 31, 2025, was approximately $4.7 million, compared to approximately $2.5 million for the 2024 first quarter.

    The Company noted that it incurred higher than normal one-time expenses during the first quarter of 2025, primarily related to accounting, seasonal costs, and other non-recurring items.

    Investor Conference Call

    The Company intends to host an investor conference call and webcast in the next several weeks to highlight updates on growth initiatives and forthcoming programs. Additional details will be provided approximately one week prior to the event.

    About XWELL, Inc.   

    XWELL, Inc. (Nasdaq: XWEL) is a global wellness company on a mission to liberate science-proven wellness for all. Through a portfolio of brands that include XpresSpa®, Treat®, Naples Wax Center®, XpresCheck®, and HyperPointe™, XWELL delivers accessible, real-world wellness across travel, retail, and clinical settings.
     
    For more information on XWELL’s offerings, visit www.XWELL.com. 

    Forward-Looking Statements  

    This press release may contain “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These include statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “should,” “seeks,” “future,” “continue,” or the negative of such terms, or other comparable terminology. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements. Forward-looking statements relating to expectations about future results or events are based upon information available to XWELL as of the date of this press release, and are not guarantees of the future performance of the Company, and actual results may vary materially from the results and expectations discussed. Additional information concerning these and other risks is contained in the Company’s Annual Report on Form 10-K, as amended, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, and other Securities and Exchange Commission filings. All subsequent written and oral forward-looking statements concerning XWELL, or other matters and attributable to XWELL or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. XWELL does not undertake any obligation to publicly update any of these forward-looking statements to reflect events or circumstances that may arise after the date hereof.   

    Media
    Heather Tidwell
    MWW
    htidwell@mww.com

    The MIL Network –

    May 21, 2025
  • MIL-OSI Video: Secretary Rubio testifies before the Senate Committee

    Source: United States of America – Department of State (video statements)

    Secretary of State Marco A. Rubio testifies before the Senate Committee on Appropriations, Subcommittee on State, Foreign Operations, and Related Programs on the FY26 Department of State Budget Request on Capitol Hill, on May 20, 2025.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

    Get updates from the U.S. Department of State at www.state.gov and on social media!
    Facebook: https://www.facebook.com/statedept
    X: https://x.com/StateDept
    Instagram: https://www.instagram.com/statedept
    Flickr: https://flickr.com/photos/statephotos/
    Rumble: https://rumble.com/c/StateDept
    Substack: https://statedept.substack.com

    Watch on-demand State Department videos: https://video.state.gov/
    Subscribe to The Week at State e-newsletter: https://public.govdelivery.com/accounts/USSTATEBPA/signup/32562

    State Department website: https://www.state.gov/
    Careers website: https://careers.state.gov/
    White House website: https://www.whitehouse.gov/
    Terms of Use: https://state.gov/tou

    #StateDepartment #DepartmentofState #Diplomacy

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

    MIL OSI Video –

    May 21, 2025
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