Category: Asia Pacific

  • MIL-OSI: BexBack Revolutionizes Crypto Trading with 100x Leverage, No KYC, and Exclusive Bonuses

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 25, 2025 (GLOBE NEWSWIRE) — BexBack, a rapidly expanding cryptocurrency derivatives platform, is setting new standards in the crypto trading industry. Since its launch in May 2024, BexBack has attracted over 500,000 registered users worldwide by offering features that appeal to both novice traders and seasoned investors. With its innovative offerings, including 100x leverage, no KYC requirements, and a variety of generous bonuses, BexBack is reshaping the landscape for crypto futures traders.

    100x Leverage: A Game-Changer in Crypto Trading

    At the core of BexBack’s appeal is its powerful 100x leverage, which allows traders to open larger positions with less capital. Whether the market is volatile or stable, this leverage amplifies potential profits, allowing traders to make the most out of even small price movements. This level of leverage can open the door for higher gains—turning an average trade into a potentially lucrative one. For example, with 100x leverage, a $1,000 trade can control $100,000 in value, giving traders the chance to earn massive profits in a fraction of the time.

    No KYC: Trade Anonymously and Efficiently

    Unlike many other platforms, BexBack operates with no KYC (Know Your Customer) requirements, providing a seamless, anonymous trading experience. This unique feature enables users to trade crypto without going through lengthy identity verification processes, making it an ideal choice for those who prefer privacy and simplicity in their trading activities.

    Generous Bonuses for All Users

    BexBack’s bonus structure is designed to maximize trader opportunities:

    1. 100% Deposit Bonus – When users deposit funds, they receive a 100% deposit bonus, which can be used to open larger positions and increase potential profits. This bonus cannot be withdrawn but provides additional margin for traders to mitigate risks and enhance their trading strategies.
    2. $50 Welcome Bonus – New users who complete their first trade (open and close a position) are eligible for a $50 welcome bonus. This bonus can be used to offset losses or to trade further, providing users with the opportunity to get started without worrying about the initial cost of trading.
    3. Affiliate Program – BexBack also offers an affiliate program where users can earn up to 50% of their referrals’ trading fees, providing a passive income stream for active traders and affiliates.

    Key Features and Advantages of BexBack:

    • No Slippage: BexBack guarantees no slippage, meaning that trades are executed at the price you see, regardless of market fluctuations. This is a critical feature for traders who require precision and reliability when executing trades.
    • Global Accessibility: BexBack is available in multiple countries and accepts users from regions including the United States, Canada, and Europe.
    • Comprehensive Trading Tools: The platform offers a variety of tools, including a demo account with 10 BTC and $1,000,000 in virtual funds to help traders familiarize themselves with the platform risk-free.
    • 24/7 Customer Support: BexBack offers round-the-clock customer service to assist users with any questions or issues they may encounter.

    Why Choose BexBack?

    BexBack is designed for traders who are looking to take advantage of high leverage, low fees, and maximum control over their trades. By offering a simple yet powerful platform, along with exceptional customer support and a wide range of financial incentives, BexBack is positioned as a leader in the competitive crypto trading market.

    With its powerful features, commitment to user satisfaction, and constant innovation, BexBack is poised to be the go-to platform for crypto futures trading in 2025 and beyond.

    About BexBack

    BexBack is a cryptocurrency derivatives exchange platform that offers high-leverage crypto futures trading with no KYC requirements. Headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina, BexBack provides a seamless, anonymous trading experience for its global user base. Trusted by over 500,000 traders worldwide, the platform continues to grow by offering its users attractive bonuses, cutting-edge technology, and low-cost trading solutions.

    For more information about BexBack and to start trading today, visit www.bexback.com.

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
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    The MIL Network

  • MIL-OSI United Kingdom: Everyone invited to enjoy free City Street Party to celebrate VE Day

    Source: City of Coventry

    Coventry residents are being invited to join a street party in Broadgate next month and celebrate the 80th anniversary of VE Day.

    Thursday 8 May will mark 80 years to the day since Germany’s unconditional surrender of its armed forces which signalled the end of the Second World War in Europe.

    There will be parties across the country and the continent – and Coventry people are being encouraged to celebrate in the heart of the city.

    The party starts at 7pm and will run until 9.40pm and is a free event for all ages, with lots of family fun. There will be a stage and big screen and BBC CWR will be presenting the entertainment.

    People are encouraged to bring their own picnics (no glass) and set up at benches that will be in place around the square.

    There will be costumed greeters to welcome people as they arrive, and flags will be provided for people to wave. They can even turn up in 1940s style dress to add a little extra touch of nostalgia.

    Cllr Abdul Khan, Deputy Leader and Cabinet Member for Events at Coventry City Council said: “As a city that suffered so greatly in the war and emerged with a message of peace and reconciliation, it is so fitting that we host a party in the heart of the city to mark the 80th anniversary of such a momentous day in our history.

    “We know communities will be hosting their own street parties over the coming days, but this event will give everyone the chance to come together and celebrate as a city.

    “It promises to be a lot of fun for people of all ages, but it also gives us a chance to look back and remember and give thanks for the peace that the people of those years fought so hard to give us.”

    Sophie Cook, Editor at BBC CWR, added: “VE Day stands as a powerful reminder of the courage, sacrifice, and resilience shown by so many during one of history’s darkest times.

    “BBC CWR are proud to join Coventrians together to pay tribute to the WWII generation and ensure their legacy is remembered.”

    The event will start with the reading of a national proclamation to remember the victims of the war and the sacrifices made.

    There will then be a varied programme of music and entertainment, as well as images from 1945 projected on to a big screen.

    The event will also honour the contribution of South Asian communities to the war and the victory, with a vibrant on-stage display of Bhangra dance as part of the evening’s entertainment.

    The evening will close as Coventry joins other towns and cities in lighting a Lamp Light of Peace with the audience invited to join the singing of ‘We’ll Meet Again’ before the National Anthem is played.

    Find out more about the Coventry City Council led event on our website.

    MIL OSI United Kingdom

  • MIL-OSI: Sagtec Global to Announce Fiscal Year 2024 Financial Results on April 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    KUALA LUMPUR, Malaysia, April 25, 2025 (GLOBE NEWSWIRE) — Sagtec Global Limited (NASDAQ: SAGT) (“Sagtec” or the “Company”), today announced that it will release its financial results for fiscal year 2024, ended December 31, 2024, before markets open on April 30, 2025. Sagtec’s management team will hold an earnings call at 08:00 a.m. Eastern Time on April 30, 2025, to discuss the Company’s financial and business outlook.

    What: Sagtec Global Limited Announces Fiscal Year 2024 Financial Results and Q&A Webcast When: Wednesday, April 30, 2025
    Time: 8:00 a.m. Eastern Time / 8:00 p.m. Malaysia Time
    Webcast: Registration link: https://edge.media-server.com/mmc/p/yemp8vxy

    Approximately 24 hours after the Q&A session, an archived version will be available on the Company’s website for approximately twelve months thereafter.

    “We are excited and look forward to sharing the progress and growth our company has experienced during the fiscal year 2024 with our investors,” said Kevin Ng, Chairman, Executive Director and Chief Executive Officer of Sagtec.

    About Sagtec Global Limited

    Sagtec is a leading provider of customizable software solutions, primarily serving the Food & Beverage (F&B) sector. The Company also offers software development, data management, and social media management to enhance operational efficiency across various industries. Additionally, Sagtec operates power-bank charging stations at 300 locations across Malaysia through its subsidiary, CL Technology (International) Sdn Bhd.

    For more information on the Company, please log on to https://www.sagtec-global.com/.

    Contact Information:

    Sagtec Global Limited Contact:
    Ng Chen Lok
    Chairman, Executive Director & Chief Executive Officer Telephone +6011-6217 3661
    Email: info@sagtec-global.com

    The MIL Network

  • MIL-OSI United Kingdom: VE Day celebrations at The D-Day Story museum

    Source: City of Portsmouth

    The D-Day Story is hosting a day of activities to mark the 80th anniversary of the end of the Second World War.

    On Sunday 11 May there will be something for everyone as the museum marks Victory in Europe Day (VE Day) which is on 8 May.

    2025 is 80 years since the end of the Second World War with Victory in Europe Day, and Victory over Japan Day on 15 August.

    In the morning the museum will be hosting Portsmouth-based singer Nathalie Gunn who will be singing songs from the 1930s and 1940s.

    While in the afternoon you can learn how to swing dance, in particular the Lindy Hop with The Swing Dance Company who will be giving dance lessons and a performance of the dance.

    The D-Day Story’s military jeep will be on site and there will be a number of craft activities for children to take part in, from creating you own paper flowers to pinwheels and bunting.

    Be sure to check out the café which will have VE Day inspired special of the day.

    Portsmouth City Council Leader Cllr Steve Pitt said: “This year’s VE and VJ days have extra significance because it’s the 80th anniversaries, and there’s no better way to honour and celebrate than at this special event at The D-Day Story museum.”

    The event is included in the museum admission price, with annual pass holders being able to experience it for free.

    For more information on this event and others at the museum visit www.theddaystory.com

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: CE promotes HK in Ningbo

    Source: Hong Kong Information Services

    Chief Executive John Lee attended the Hong Kong Investment Promotion Conference – Zhejiang (Ningbo) Forum & Ningbo-Hong Kong Economic Co-operation Forum today in Ningbo, Zhejiang.

    The conference was jointly organised by the Hong Kong Special Administrative Region Government, the Hong Kong Trade Development Council (HKTDC) and the Ningbo Municipal Government.

    Mr Lee led the Hong Kong SAR Government delegation to attend the opening ceremony and related activities today to promote to Mainland enterprises Hong Kong’s unique advantages and dual roles as a platform in going global and attracting foreign investment, fostering investment and co-operation.

    The Zhejiang (Ningbo) forum, with the theme of “Hong Kong, joining hands with Zhejiang and meeting in Ningbo, the channel for more opportunities”, brought together a number of business leaders from various sectors including finance, supply chain, innovation and technology (I&T) and professional services to share their insights on Hong Kong’s advantages and opportunities in different areas and attracted more than 600 participants.

    The concurrent Ningbo-Hong Kong Economic Co-operation Forum has been held alternately in Hong Kong and Ningbo every year since 2002 to facilitate bilateral exchanges and co-operation on economic, trade and investment and has been well received by the business communities of the two places.

    Addressing the opening ceremony, Mr Lee noted that Ningbo in Zhejiang Province is a manufacturing and port hub in the Yangtze River Delta, while Hong Kong is an international financial, trade and shipping centre.

    Both Ningbo and Hong Kong are important gateways in the opening up of the country, with complementary advantages and limitless opportunities for collaboration.

    Hong Kong is the largest source of external investment in Ningbo and more than 1,000 enterprises and institutions from Ningbo have been established in Hong Kong, reflecting the close economic and trade ties between the two places.

    The Chief Executive said that under the “one country, two systems” principle, Hong Kong possesses the unique advantages of having the country’s strong support while maintaining unparalleled connectivity with the world, serving as a “super connector” and “super value-adder”. Hong Kong acts as a two-way springboard for Mainland enterprises to go global and for attracting overseas enterprises.

    He pointed out that despite the US’ bullying and unjustified imposition of tariffs, and the emergence of unilateralism that disrupted the global landscape and geopolitics and posed risks of economic destruction and recession, the country’s immense economic strength and vast market provide certainty for global investors, and a new economic and trade order is taking shape.

    Mr Lee added that Hong Kong will continue to proactively serve Mainland enterprises in going global to explore international markets, and attract overseas enterprises to tap into the Mainland market.

    Members of the Hong Kong SAR Government delegation attending the Conference included Deputy Financial Secretary Michael Wong, Secretary for Commerce & Economic Development Algernon Yau, Director of the Chief Executive’s Office Carol Yip and Under Secretary for Financial Services & the Treasury Joseph Chan.

    In his remarks on promoting Hong Kong’s advantages at a themed promotion activity, Mr Wong said that on finance, Hong Kong is the most trusted international financial safe haven for Mainland enterprises, offering diversified financing channels and financial services for companies to expand their businesses internationally.

    Furthermore, Invest Hong Kong held a signing ceremony of a number of key Zhejiang-Hong Kong and Ningbo-Hong Kong co-operation projects, covering various sectors including finance, technology, transportation, aviation, I&T and consumer goods.

    In the afternoon, the Hong Kong SAR Government, the HKTDC and relevant authorities of the Ningbo Municipal Government jointly organised three special promotion activities on finance, multinational supply chain management centre and I&T to promote investment in Hong Kong.

    Mr Lee and the delegation departed for Hong Kong this afternoon.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Labour Day visitor arrivals discussed

    Source: Hong Kong Information Services

    Chief Secretary Chan Kwok-ki today chaired a meeting of the interdepartmental working group to co-ordinate the preparatory work for welcoming visitors to Hong Kong during the Mainland’s Labour Day Golden Week.

    The Immigration Department estimates that around 5.71 million passengers, including Hong Kong residents and visitors, will pass through Hong Kong’s sea, land and air control points from May 1 to 5, among which 4.9 million are expected to pass through land control points.

    The peak period of outbound and inbound passengers using land boundary control points (BCPs) will be May 3 and 5, with around 590,000 and 580,000 passengers expected respectively.

    Passengers are advised to plan in advance, avoid making journeys during busy periods and keep track of radio and TV broadcasts on traffic conditions at various control points. The busy times at BCPs are available on the department’s website.

    Furthermore, residents and passengers may also check the estimated waiting times at each land BCP via the Immigration mobile app.

    In terms of Mainland inbound visitors, around 840,000 passengers are expected to visit Hong Kong via sea, land and air control points during the five-day Labour Day Golden Week. Compared with last year’s Labour Day Golden Week and this year’s Chinese New Year Golden Week, the daily average visitor arrivals will increase by 10% and 13%.

    Special arrangements have been formulated at major tourist spots to cope with the increase of people flow.

    The Transport Department will enhance transportation services connecting various BCPs, including increasing the frequency of the Hong Kong-Zhuhai-Macao Bridge shuttle bus (Gold Bus) and the Lok Ma Chau-Huanggang cross-boundary shuttle bus (Yellow Bus), and issue additional cross-boundary coach quotas to enhance services.

    Regarding local transport services, the department has approached public transport operators to enhance their capacity, and reserve vehicles and manpower to meet the travel needs of visitors.

    Among them, the MTR will enhance train services of the East Rail Line between Admiralty and Lo Wu/Lok Ma Chau at different times from May 1 to 5 for the convenience of residents and visitors.

    Meanwhile, the Tourism Board has launched a dedicated webpage to provide useful information including the operating arrangements of major tourist attractions in Hong Kong.

    Noting that a notable increase in visitor arrivals is estimated during the Labour Day Golden Week, Mr Chan said the Government will make good preparations for receiving visitors to ensure the smooth operation of various aspects in receiving them and offering a high-quality experience.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: RBI imposes monetary penalty on Indian Bank

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated April 08, 2025, imposed a monetary penalty of ₹1,61,40,000 (Rupees One crore sixty one lakh forty thousand only) on Indian Bank (the bank) for contravention of provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act) and non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’, ‘Kisan Credit Card (KCC) Scheme’ and ‘Lending to Micro, Small and Medium Enterprises (MSME) Sector’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act.

    The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of contraventions of the provisions of the BR Act and non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    (i) The bank failed to benchmark the interest rate on certain floating rate retail loans and loans to certain Micro, Small and Medium Enterprises to an external benchmark rate;

    (ii) The bank had obtained collateral security in respect of certain KCC loans upto ₹1.6 lakh and certain loans to Micro and Small Enterprises upto ₹10 lakh; and

    (iii) The bank did not transfer eligible amount to the Depositor Education and Awareness Fund within the prescribed period.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/190

    MIL OSI Economics

  • MIL-OSI United Kingdom: Immigration offenders returned on flight to Nigeria and Ghana

    Source: United Kingdom – Executive Government & Departments

    News story

    Immigration offenders returned on flight to Nigeria and Ghana

    43 people returned to Nigeria and Ghana in an operation, part of a surge in returns activity to secure our border through the Plan for Change

    43 failed asylum seekers and foreign offenders were returned on a charter flight to Nigeria and Ghana, as the government steps up international collaboration to secure our borders.

    The flight underscores the government’s progress restoring order to the immigration system through the Plan for Change, ensuring rules are respected and those who break them are swiftly returned.

    Those removed had no right to be in the UK and included 15 failed asylum seekers and 11 foreign national offenders who had served their sentences. 7 people returned voluntarily.

    Since the election, two charter flights have taken off to the countries, carrying a total of 87 people and demonstrating the strength of cooperation between the UK, Nigeria and Ghana on this critical issue.

    Under this government, over 24,000 people have been returned, an 11% increase on the same period 12 months prior, while four of the largest returns flights ever have taken off returning migrants to countries across Europe, Asia, Africa and South America. 

    Deportations of foreign national offenders are also up 16% since the election, with 3,594 criminals removed.

    Immigration Enforcement ensure that returns are carried out in a dignified and respectful manner.

    Minister for Border Security and Asylum Angela Eagle said:

    This flight demonstrates how international partnerships deliver on working people’s priorities for swift returns and secure borders.

    Through the Plan for Change we’re going further in restoring order to a broken system, accelerating returns of those with no right to be here and closing expensive asylum hotels.

    I thank the governments of Ghana and Nigeria for facilitating this operation, which reflects our joint commitment to disrupt organised immigration crime and protect our borders.

    Baroness Chapman of Darlington, FCDO Minister responsible for Irregular Migration said:

    Working with other countries and partners around the world is critical to tackling irregular migration – by working internationally, we will meet this global challenge together.

    I welcome our strong cooperation with Ghana and Nigeria to return those with no right to be in the UK, secure our borders, and deliver on the Plan for Change.

    This operation follows the Organised Immigration Crime Summit, which saw the UK bring together over 40 countries, including Nigeria and Ghana, to drive forward the global fight against smuggling gangs and deliver on the government’s mission to secure our borders.

    Updates to this page

    Published 25 April 2025

    MIL OSI United Kingdom

  • MIL-OSI Economics: RBI imposes monetary penalty on Mahindra & Mahindra Financial Services Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated April 21, 2025, imposed a monetary penalty of ₹71.30 lakh (Rupees Seventy One Lakh Thirty Thousand only) on Mahindra & Mahindra Financial Services Limited (the company) for non-compliance with certain provisions of the ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934.

    The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty.

    1. The company did not disclose the processing fees and other charges in certain loan application forms;

    2. The company did not furnish copies of loan agreements and did not convey details of the loans in the sanction letters to certain borrowers;

    3. The company did not give a final chance to certain borrowers to repay the loans, before the sale / auction of vehicles; and

    4. The company allotted multiple customer identification codes to certain customers, instead of a Unique Customer Identification Code (UCIC) for each individual customer.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/189

    MIL OSI Economics

  • MIL-OSI China: China’s western regions unveil new dynamics in economic cooperation with Vietnam

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

    CHONGQING, April 25 — A shipment of fresh lemons departing from Tongnan District of southwest China’s Chongqing Municipality, can now arrive in Vietnam in just two days, covering a journey of some 1,300 km.

    The first delivery of 28 tonnes of chilled fresh lemons from Tongnan to Vietnam was made recently on a cross-border highway truck via the New International Land-Sea Trade Corridor.

    “This route slashes transit time from six days to two days, ensuring Vietnamese consumers enjoy fresher produce,” said Hu Zaiyang, manager of a local fruit dealer.

    This vibrant trade scene underscores the deepening economic ties between China’s western regions and Vietnam. From electronic components to fruits and flowers and from smart home appliances to daily necessities, trade volume between the two sides has surged, buoyed by the Belt and Road Initiative (BRI).

    Vietnam has remained the largest ASEAN trade partner among China’s western provincial-level regions. Chongqing’s 2024 trade with Vietnam hit 39.77 billion yuan (about 5.5 billion U.S. dollars), accounting for a third of its total trade volume with ASEAN.

    Youyiguan Port in south China’s Guangxi Zhuang Autonomous Region, a gateway to Vietnam, is piloting a brand new customs supervision model, using intelligent means to improve efficiency and capacity of customs clearance.

    In the future, the port will operate customs clearance around the clock and goods can be delivered from Nanning, the regional capital of Guangxi, to Vietnam’s Bac Giang within 24 hours, said Shi Lei, deputy director of Youyiguan Customs.

    Beyond trade, investment cooperation has continued to bring benefits to the people of both sides. In Bac Ninh and Bac Giang, Vietnam, modern industrial parks invested and constructed by Chinese new energy and electronics manufacturing firms are driving local employment and growth.

    Chongqing’s 2024 investments in Vietnam jumped 33.4 percent to 33.16 million U.S. dollars in sectors like general equipment and automotive manufacturing. As of the end of 2024, Chongqing had 24 investment projects in Vietnam, with cumulative factual investments totaling 213.4 million U.S. dollars.

    In Vietnam’s Ha Tinh province, CISDI Group Co., Ltd., based in Chongqing, set up its branch as early as 2013. The company has taken charge of multiple key metallurgical projects in the country. Among them, the blast furnace of Formosa Ha Tinh Steel, which CISDI planned, designed and took part in constructing and operating, has now become one of the most competitive integrated steel complexes in Southeast Asia, generating over 10,000 job opportunities for local people.

    This elevated Ha Tinh from a traditional agricultural province to an industrial powerhouse in central Vietnam.

    Since 2007, Sichuan-based Tongwei Co., Ltd. has established and acquired five standardized feed production companies in Vietnam, with total investments exceeding 500 million yuan. The first feed mill it invested in, Tongwei Vietnam Feed Co., Ltd., has become one of the top-selling single feed factories in Vietnam by sales volume.

    “The BRI fosters mutual growth,” said Xiao Shengyong, Tongwei’s chief tax officer, highlighting technology transfers and aquaculture partnerships.

    The two countries recently signed 45 cooperation documents, covering connectivity, artificial intelligence, customs inspection and quarantine, and agricultural trade, among others.

    With the gradual implementation of the cooperation documents, Vietnam-China relations will enter a more mature and stable development stage, which will be not only reflected in policy communication and high-level interaction, but also in people’s daily life, said Vo Dai Luoc, former director of Vietnam’s Institute of World Economics and Politics.

    MIL OSI China News

  • MIL-OSI China: China deepens international collaboration to push forward deep-space exploration

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

    SHANGHAI, April 25 — China, with an open stance, is collaborating with the international community to drive breakthroughs in deep-space exploration and foster resource sharing, striving to build a shared future in space.

    On the occasion of Space Day of China, which is celebrated annually on April 24, the China National Space Administration (CNSA) announced a series of international collaboration initiatives to advance deep-space exploration.

    Seven institutions from six countries — France, Germany, Japan, Pakistan, the United Kingdom and the United States — have been authorized to borrow the lunar samples collected by China’s Chang’e-5 mission for scientific research.

    In 2020, the Chang’e-5 mission retrieved samples from the moon weighing about 1,731 grams, which were the first lunar samples in the world in over 40 years, helping advance humanity’s knowledge about the moon.

    Shan Zhongde, head of the CNSA, said China’s lunar exploration program has always adhered to the principles of equality, mutual benefits, peaceful utilization and win-win cooperation, sharing achievements with the international community.

    He added that CNSA will continue to accept international applications for lunar sample research, expressing hope that global scientists will make new discoveries that expand human knowledge and benefit humanity.

    With the advancement of China’s lunar exploration program, international cooperation continues to deepen. The CNSA announced that the Chang’e-8 mission, which is scheduled for launch around 2029, will carry payloads from 11 countries and regions and one international organization.

    Developers of the instruments to be aboard the Chang’e-8 are from Asia, Europe, Africa and South America.

    The Chang’e-8 mission will target the Leibnitz-Beta Plateau near the lunar south pole region, working with the earlier Chang’e-7 mission to conduct scientific exploration and in-situ resource utilization experiments. These efforts will lay the groundwork for the future International Lunar Research Station (ILRS).

    The ILRS, initiated by China, is a scientific experimental facility consisting of sections on the lunar surface and in lunar orbit, and is projected to be built in two phases: a basic model to be built by 2035 in the lunar south pole region, and an extended model to be built in the 2040s.

    A total of 17 countries and international organizations, and more than 50 international research institutions, have joined the ILRS, according to Bian Zhigang, deputy director of the CNSA.

    Bian stressed that the ILRS will offer new opportunities and platforms for fostering global cooperation, technological innovation and shared development.

    China welcomes international partners to participate in various stages of the ILRS and at all levels of the mission. This will promote the use of space technology to benefit humanity and advance the building of a community with a shared future for humanity in the field of outer space, he said.

    Amjad Ali, a senior official with the Space and Upper Atmosphere Research Commission (SUPARCO) of Pakistan, said that the CNSA leads in inclusive space exploration, enabling emerging space nations like Pakistan to rise.

    The Chang’e-8 mission will carry a 30-kilogram lunar rover developed by SUPARCO, contributing to terrain mapping and regolith analysis.

    “The CNSA-SUPARCO partnership strengthens intercultural dialogue, diplomacy and peaceful collaboration, proving that shared dreams can unite nations among the stars,” he added.

    Humanity can reach deeper space through collaboration from lunar soil to Martian surface.

    China aims to launch the Tianwen-3 Mars sample-return mission around 2028, with the primary scientific goal of searching for signs of life. The retrieval of samples from Mars is the most technically challenging space exploration mission since the Apollo program, and no such retrieval has ever been accomplished, said Liu Jizhong, chief designer of the mission.

    Despite this mission’s considerable challenges and limited resources, China still plans to allocate 20 kilograms of resources for international collaboration.

    China invites global partners to jointly advance Mars exploration and research, thereby expanding humanity’s understanding of the red planet, said CNSA.

    Joining hands, humanity can unlock mysteries beyond the stars.

    An astronomical satellite jointly developed by China and France has detected a gamma-ray burst dating back 13 billion years, likely originating from the collapse of an early star forming a black hole or a neutron star. This discovery offers humanity a glimpse into the universe’s infancy.

    The discovery made by the Space-based multi-band Variable Object Monitor (SVOM) was also released on the Space Day of China.

    The SVOM project, a major bilateral space collaboration between China and France spanning nearly two decades, is a contribution that Chinese and French scientists and engineers have made to the international astronomy community through years of cooperation, integrating high-tech resources from both countries.

    “Together, we will pool efforts to promote the development of the world’s space industry, ensuring that space innovations serve and enhance human well-being across broader domains, at deeper levels, and to higher standards,” Shan emphasized at the opening ceremony for the Space Day of China.

    At the invitation of the Permanent Mission of China in Vienna, the Permanent Representatives of Kenya and South Africa to Vienna, along with diplomats from the Permanent Missions of Venezuela, Belarus, Egypt, Malaysia, Indonesia, and Kazakhstan to Vienna, made a special trip to China to participate in the series of activities for the Space Day.

    Award-winning paintings created by Chinese children, depicting their space dreams, were presented to these diplomats.

    MIL OSI China News

  • MIL-OSI: Preferred Bank Reports First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 25, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended March 31, 2025. Preferred Bank (“the Bank”) reported net income of $30.0 million or $2.23 per diluted share for the first quarter of 2025. This represents a small decrease in net income of $197,000 from the prior quarter and a decrease of $3.4 million from the same quarter last year. The decrease compared to both periods was mainly due to a decrease in net interest income. In the first quarter of 2025, the incremental impact to interest income from loans placed on nonaccrual status was approximately $2.8 million. In addition, a property securing one of our loans was damaged in the Palisades fire in January and as a result, the Bank has reversed out the $208,000 interest receivable on this loan although we expect to recoup this amount after the property is sold. In addition to a lowering of overall interest rates, these were the main factors in the decrease in net interest income.

    Net interest income was $62.7 million, a decrease of $6.5 million from the previous quarter and a decrease of $5.8 million compared to the same quarter last year. Noninterest income was $4.0 million, an increase of $361,000 over the prior quarter and an increase of $933,000 over the same quarter last year. Noninterest expense was $23.4 million, a decrease of $4.9 million from the previous quarter and an increase of $3.3 million over the same quarter last year.

    Highlights for the Quarter:

    • Return on average assets was 1.76%
    • Return on beginning equity of 15.96%
    • Total deposits increased by $155.9 million or 2.6%, linked quarter
    • Efficiency ratio was 35.1%

    Li Yu, Chairman and CEO, commented, “Preferred Bank’s net income for the first quarter, 2025 was $30.0 million or $2.23 per fully diluted share. This quarter, there was an outsized impact to interest income of approximately $2.8 million on nonaccrual loans. We have also written down the value of our one OREO property by $1.3 million.

    Non-accrual loans totaled $78.9 million as of March 31, 2025 and are mostly comprised of two loans totaling $65.6 million. These two loans are well-secured, and we do not anticipate any losses associated with these two credits. Overall criticized loans have decreased to $129.2 million from $158.2 million at year-end. There were very few new migrations into the criticized loan category.

    The large interest reversal of $2.8 million significantly affected the reported net interest margin, which was 3.75% for the quarter. Without that, the margin would have been much closer to the 4.06% reported in the fourth quarter of 2024. Deposit growth for the quarter was $155.9 million or 2.6% on a linked quarter basis. However, total loans reduced slightly from December 31, 2024. We do not feel there will be material changes in the loan demand in the near future under the shadow of the import tariff uncertainty.

    The import tariff impositions and threats are truly unprecedented. At this time, we are still completely uncertain as to the size of the tariffs and which countries will ultimately be tariffed. In short, every American’s economic well-being will likely be impacted. Even if an agreement can be reached within the “90 days”, there seems to be no certainty that the issue will be completely resolved and this uncertainty may persist for a year or possibly more. We at Preferred Bank will stay alert and constantly monitoring our activities.

    As a starting point, we have began a “deep-dive” within our relatively small “trade finance” portfolio and will continue to widen the scope of our credit monitoring activities related to trade.”

    Results of Operations

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $62.7 million for the first quarter of 2025. This represents a $6.5 million decrease from the $69.2 million recorded in the prior quarter and a $5.8 million decrease from the same quarter last year. The decrease compared to both comparable quarters was primarily due to the reversal of interest income of $2.8 million associated with the nonaccrual loans. In addition, there was a property in the Palisades fire that secured a construction loan financed by the Bank. As part of that restructuring, the Bank elected to reverse $208,000 out of interest income that had accrued on that loan. Interest expense decreased compared to both comparable periods despite growth in deposits during the quarter. The Bank’s net interest margin came in at 3.75% for the quarter, this is down from the 4.06% recorded last quarter and from the 4.19% margin achieved in the first quarter of the prior year. The loan interest reversals played a major role in the decrease of the net interest margin in the first quarter. Management believes that efforts to reduce the Bank’s deposit costs have been largely effective as evidenced by the decreases in interest expense.

    Noninterest Income. For the first quarter of 2025, noninterest income was $4.0 million compared with $3.1 million for the same quarter last year and compared to $3.6 million for the fourth quarter of 2024. The increase over the prior quarter was primarily due to letter of credit (LC) fee income which was up by $268,000 and gains on sales of SBA loans which increased by $163,000. In comparing to the same quarter last year, fee income was down but LC fee income increased by $741,000 and gains on sales of SBA loans increased by $172,000.

    Noninterest Expense. Total noninterest expense was $23.4 million for the first quarter of 2025 compared to $28.2 million for the fourth quarter of 2024 and compared to the $20.0 million recorded in the same period last year. The primary reason for the decrease over the prior quarter was the $8.1 million occupancy expense adjustment recorded in the fourth quarter of 2024. This was related to accounting pronouncement ASC 842, accounting for leases. Partially offsetting that was an increase in personnel expense of $1.6 million and an increase in OREO expense of $1.4 million. In the first quarter of 2025, the Bank recorded a valuation charge of $1.3 million related to the OREO property in Santa Barbara. In comparing to the same quarter last year; personnel expense was up by $939,000, occupancy expense was up by $583,000 and OREO expense was up by $1.4 million due to the aforementioned OREO valuation charge recorded in the first quarter of 2025. Salary expense increased over the same quarter last year due mainly to an increase in personnel and merit increases. The increase in personnel expense over the prior quarter was primarily due to employer paid taxes as during the first quarter, incentive compensation is paid out to employees.

    Income Taxes. The Bank recorded a provision for income taxes of $12.6 million for the first quarter of 2025. This represents an effective tax rate (“ETR”) of 29.5% which is up from the 29.0% ETR for last quarter and up from the 29.0% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at March 31, 2025 were $5.63 billion, a decrease of $6.2 million from the total of $5.64 billion as of December 31, 2024. Total deposits were $6.07 billion, an increase of $155.9 million from the $5.92 billion as of December 31, 2024. Total assets were $7.1 billion, an increase of $176.7 million over the total of $6.92 billion as of December 31, 2024.

    Asset Quality

    Non-accrual loans and loans 90 days past due and still accruing totaled $78.9 million as of March 31, 2025. The bulk of the nonaccrual loans comprised of two loans totaling $65.6 million. One of the loans is a multi-family loan which is well-secured and the other loan is now vacant, entitled land in a prime area of Orange County. Again, this loan is also well-secured. The loans were part of the same relationship and one is now working its way through the bankruptcy court while the other loan is in the process of being sold, at par. Management is confident that there will be no loss associated with these two loans. Total net charge-offs (recoveries) for the quarter were ($97,000) compared to net charge-offs of $6.6 million in the prior quarter. In addition to that, the Bank wrote down the value of its OREO property in Santa Barbara by $1.34 million, reflecting the proposed net proceeds of the most recent sales contract that the Bank was involved in, which sale did not materialize.

    Total criticized loans decreased to $129.2 million from $158.1 million reported in the prior quarter.

    Allowance for Credit Losses

    The provision for credit losses for the first quarter of 2025 was $700,000 compared to $2.0 million last quarter and compared to $4.4 million in the same quarter last year. The Bank’s allowance coverage ratio increased to 1.28% of loans as compared to 1.27% in the prior quarter.

    Capitalization

    As of March 31, 2025, the Bank’s tangible capital ratio was 10.96%, the leverage ratio was 11.52%, the common equity tier 1 capital ratio was 11.86% and the total capital ratio stood at 15.15%. As of December 31, 2024, the Bank’s tangible capital ratio was 11.02%, the Bank’s leverage ratio was 11.33%, the common equity tier 1 ratio was 11.80% and the total capital ratio was 15.11%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s first quarter 2025 financial results will be held this afternoon April 25, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through May 2, 2025; the passcode is 8939265.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), two branches in New York (Manhattan and Flushing, Queens) and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy
    shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2024 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka  Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com
       
       

    Financial Tables to Follow

     
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
               
      For the Quarter Ended
      March 31,   December 31,   March 31,
        2025       2024       2024  
    Interest income:          
    Loans, including fees $ 101,491     $ 111,596     $ 109,980  
    Investment securities   12,810       14,013       16,257  
    Fed funds sold   228       249       283  
     Total interest income   114,529       125,858       126,520  
               
    Interest expense:          
    Interest-bearing demand   16,590       18,245       22,290  
    Savings   69       85       75  
    Time certificates   33,887       37,030       34,330  
    Subordinated debt   1,325       1,325       1,325  
     Total interest expense   51,871       56,685       58,020  
     Net interest income   62,658       69,173       68,500  
    Provision for credit losses   700       2,000       4,400  
     Net interest income after provision for credit losses   61,958       67,173       64,100  
               
    Noninterest income:          
    Fees & service charges on deposit accounts   716       761       845  
    Letters of credit fee income   2,244       1,977       1,503  
    BOLI income   103       102       105  
    Net gain on sale of loans   275       112       103  
    Other income   660       685       509  
     Total noninterest income   3,998       3,637       3,065  
               
    Noninterest expense:          
    Salary and employee benefits   14,839       13,279       13,900  
    Net occupancy expense   2,294       10,110       1,711  
    Business development and promotion expense   462       340       266  
    Professional services   1,651       1,606       1,457  
    Office supplies and equipment expense   386       396       473  
    OREO valuation allowance and related expense   1,531       155       135  
    Other   2,206       2,360       2,086  
     Total noninterest expense   23,369       28,246       20,028  
     Income before provision for income taxes   42,587       42,564       47,137  
    Income tax expense   12,563       12,343       13,671  
     Net income $ 30,024     $ 30,221     $ 33,466  
               
    Income per share available to common shareholders          
     Basic $ 2.27     $ 2.29     $ 2.48  
     Diluted $ 2.23     $ 2.25     $ 2.44  
               
    Weighted-average common shares outstanding          
     Basic   13,226,582       13,190,696       13,508,878  
     Diluted   13,453,176       13,442,294       13,736,986  
               
    Cash dividends per common share $ 0.75     $ 0.75     $ 0.70  
               
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
           
           
      March 31,   December 31,
        2025       2024  
      (Unaudited)   (Audited)
    Assets      
    Cash and due from banks $ 905,183     $ 765,515  
    Fed funds sold   20,000       20,000  
    Cash and cash equivalents   925,183       785,515  
           
    Securities held-to-maturity, at amortized cost   19,745       20,021  
    Securities available-for-sale, at fair value   390,096       348,706  
           
    Loans held for sale, at lower of cost or fair value         2,214  
           
    Loans   5,634,413       5,640,615  
    Less allowance for credit losses   (72,274 )     (71,477 )
    Less amortized deferred loan fees, net   (9,652 )     (9,234 )
    Loans, net   5,552,487       5,559,904  
           
    Other real estate owned and repossessed assets   13,650       14,991  
    Bank furniture and fixtures, net   8,276       8,462  
    Bank-owned life insurance   10,502       10,433  
    Accrued interest receivable   31,775       33,561  
    Investment in affordable housing partnerships   63,612       58,346  
    Federal Home Loan Bank stock, at cost   15,000       15,000  
    Deferred tax assets   46,280       47,402  
    Income tax receivable         2,195  
    Operating lease right-of-use assets   20,281       13,182  
    Other assets   3,205       3,497  
    Total assets $ 7,100,092     $ 6,923,429  
           
    Liabilities and Shareholders’ Equity      
    Deposits:      
    Noninterest bearing demand deposits $ 730,270     $ 704,859  
    Interest bearing deposits:   2,099,987       2,026,965  
    Savings   32,631       30,150  
    Time certificates of $250,000 or more   1,531,715       1,477,931  
    Other time certificates   1,678,132       1,676,943  
    Total deposits   6,072,735       5,916,848  
           
    Subordinated debt issuance, net   148,529       148,469  
    Commitments to fund investment in affordable housing partnerships   20,956       21,623  
    Operating lease liabilities   24,021       16,990  
    Accrued interest payable   14,634       16,517  
    Other liabilities   40,613       39,830  
    Total liabilities   6,321,488       6,160,277  
           
    Shareholders’ equity   778,604       763,152  
    Total liabilities and shareholders’ equity $ 7,100,092     $ 6,923,429  
           
    Book value per common share $ 59.30     $ 57.86  
    Number of common shares outstanding   13,130,296       13,188,776  
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
               
               
      For the Quarter Ended
      March 31, December 31, September 30, June 30, March 31,
       2025   2024   2024   2024   2024 
    Unaudited historical quarterly operations data:          
    Interest income $ 114,529   $ 125,858   $ 129,424   $ 127,294   $ 126,520  
    Interest expense   51,871     56,685     60,576     61,187     58,020  
     Interest income before provision for credit losses   62,658     69,173     68,848     66,107     68,500  
    Provision for credit losses   700     2,000     3,200     2,500     4,400  
    Noninterest income   3,998     3,637     3,459     3,404     3,065  
    Noninterest expense   23,369     28,246     22,089     19,697     20,028  
    Income tax expense   12,563     12,343     13,635     13,722     13,671  
     Net income $ 30,024   $ 30,221   $ 33,383   $ 33,592   $ 33,466  
               
    Earnings per share          
     Basic $ 2.27   $ 2.29   $ 2.50   $ 2.51   $ 2.48  
     Diluted $ 2.23   $ 2.25   $ 2.46   $ 2.48   $ 2.44  
               
    Ratios for the period:          
    Return on average assets   1.76 %   1.74 %   1.95 %   1.97 %   2.00 %
    Return on beginning equity   15.96 %   16.03 %   18.37 %   19.31 %   19.36 %
    Net interest margin (Fully-taxable equivalent)   3.75 %   4.06 %   4.10 %   3.96 %   4.19 %
    Noninterest expense to average assets   1.37 %   1.62 %   1.29 %   1.15 %   1.20 %
    Efficiency ratio   35.06 %   38.79 %   30.55 %   28.34 %   27.99 %
    Net (recoveries) charge-offs to average loans (annualized)   -0.01 %   0.47 %   -0.00 %   0.68 %   0.26 %
               
    Ratios as of period end:          
    Tangible common equity ratio   10.96 %   11.02 %   10.92 %   10.55 %   10.35 %
    Tier 1 leverage capital ratio   11.52 %   11.33 %   11.28 %   10.89 %   10.80 %
    Common equity tier 1 risk-based capital ratio   11.86 %   11.80 %   11.66 %   11.52 %   11.50 %
    Tier 1 risk-based capital ratio   11.86 %   11.80 %   11.66 %   11.52 %   11.50 %
    Total risk-based capital ratio   15.15 %   15.11 %   15.06 %   14.93 %   15.08 %
    Allowances for credit losses to loans at end of period   1.28 %   1.27 %   1.36 %   1.34 %   1.49 %
    Allowance for credit losses to non-performing loans 0.91 x 1.89 x   3.92 x   1.79 x   4.33 x
               
    Average balances:          
    Total securities $ 402,754   $ 350,732   $ 356,590   $ 353,357   $ 348,961  
    Total loans   5,555,010     5,542,558     5,458,613     5,320,360     5,263,562  
    Total earning assets   6,780,438     6,788,487     6,684,766     6,728,498     6,585,853  
    Total assets   6,905,249     6,920,325     6,817,979     6,863,829     6,718,018  
    Total time certificate of deposits   3,164,766     3,144,523     2,874,985     2,884,259     2,852,860  
    Total interest bearing deposits   5,244,243     5,220,655     5,124,245     5,203,034     5,004,834  
    Total deposits   5,886,163     5,905,127     5,828,227     5,901,976     5,761,488  
    Total interest bearing liabilities   5,392,735     5,369,092     5,272,617     5,351,347     5,153,089  
    Total equity   779,339     760,345     747,222     715,190     704,996  
               
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
                             
            As of
            March 31,   December 31,   September 30, June 30,   March 31,
            2025   2024   2024   2024   2024
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 925,183     $ 785,515     $ 804,994     $ 917,677     $ 936,600  
      Securities held-to-maturity, at amortized cost   19,745       20,021       20,311       20,605       20,904  
      Securities available-for-sale, at fair value   390,096       348,706       337,363       331,909       333,411  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 779,462     $ 790,069     $ 753,453     $ 732,251     $ 724,101  
          Real estate—Commercial   2,897,956       2,840,771       2,882,506       2,833,430       2,777,608  
          Total Real Estate – Mortgage   3,677,418       3,630,840       3,635,959       3,565,681       3,501,709  
        Real estate – Construction:                  
          R/E Construction — Residential   306,283       296,580       274,214       238,062       236,596  
          R/E Construction — Commercial   269,065       287,185       290,308       247,582       213,727  
          Total real estate construction loans   575,348       583,765       564,522       485,644       450,323  
        Commercial and industrial   1,374,379       1,418,930       1,365,550       1,371,694       1,369,529  
        SBA   7,104       6,833       5,424       5,463       3,914  
        Consumer and others   164       247       124       118       379  
          Gross loans   5,634,413       5,640,615       5,571,579       5,428,600       5,325,854  
      Allowance for credit losses on loans   (72,274 )     (71,477 )     (76,051 )     (72,848 )     (79,311 )
      Net deferred loan fees   (9,652 )     (9,234 )     (10,414 )     (10,502 )     (10,460 )
        Net loans, excluding loans held for sale $ 5,552,487     $ 5,559,904     $ 5,485,114     $ 5,345,250     $ 5,236,083  
      Loans held for sale $     $ 2,214     $ 225     $ 955     $ 605  
        Net loans $ 5,552,487     $ 5,562,118     $ 5,485,339     $ 5,346,205     $ 5,236,688  
                             
      Other real estate owned and repossessed assets $ 13,650     $ 14,991     $ 15,082     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   63,612       58,346       58,009       60,432       62,854  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   120,319       118,732       136,246       138,036       134,040  
        Total assets $ 7,100,092     $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 730,270     $ 704,859     $ 682,859     $ 675,767     $ 709,767  
        Interest bearing demand   2,099,987       2,026,965       1,994,288       2,326,214       2,159,948  
        Savings   32,631       30,150       29,793       28,251       29,261  
        Time certificates of $250,000 or more   1,531,715       1,477,931       1,478,500       1,406,149       1,349,927  
        Other time certificates   1,678,132       1,676,943       1,682,324       1,442,381       1,552,805  
        Total deposits $ 6,072,735     $ 5,916,848     $ 5,867,764     $ 5,878,762     $ 5,801,708  
                             
      Subordinated debt issuance, net   148,529       148,469       148,410       148,351       148,292  
      Commitments to fund investment in affordable housing partnerships   20,956       21,623       23,617       27,946       29,647  
      Other liabilities   79,268       73,337       82,436       68,394       77,008  
        Total liabilities $ 6,321,488     $ 6,160,277     $ 6,122,227     $ 6,123,453     $ 6,056,655  
                             
    Equity:                    
      Net common stock, no par value $ 96,079     $ 105,501     $ 109,928     $ 113,509     $ 115,915  
      Retained earnings   705,360       685,108       664,808       640,675       616,417  
      Accumulated other comprehensive income   (22,835 )     (27,457 )     (24,619 )     (31,057 )     (32,774 )
        Total shareholders’ equity $ 778,604     $ 763,152     $ 750,117     $ 723,127     $ 699,558  
        Total liabilities and shareholders’ equity $ 7,100,092     $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (Unaudited)
                               
                           
          Three months ended
    March 31,
      Three months ended
    December 31,
      Three months ended
    March 31,
           2025     2024     2024 
            Interest Average     Interest Average     Interest Average
          Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
          Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
      Loans (1,2) $ 5,556,521   $ 101,491   7.41 %   $ 5,543,215   $ 111,596   8.01 %   $ 5,265,940   $ 109,980   8.40 %
      Investment securities (3)   402,754     4,093   4.12 %     350,732     3,566   4.04 %     348,961     3,430   3.95 %
      Federal funds sold   20,222     228   4.57 %     20,172     249   4.91 %     20,390     283   5.58 %
      Other earning assets   800,941     8,816   4.46 %     874,368     10,546   4.80 %     950,562     12,928   5.47 %
        Total interest earning assets   6,780,438     114,628   6.86 %     6,788,487     125,957   7.38 %     6,585,853     126,621   7.73 %
      Deferred loan fees, net   (9,189 )         (9,808 )         (10,694 )    
      Allowance for credit losses on loans   (71,550 )         (75,474 )         (78,349 )    
    Noninterest earning assets:                      
      Cash and due from banks   11,513           10,626           11,244      
      Bank furniture and fixtures   8,439           8,866           10,084      
      Right of use assets   15,201           28,570           22,003      
      Other assets   170,397           169,058           177,877      
        Total assets $ 6,905,249         $ 6,920,325         $ 6,718,018      
                               
    LIABILITIES AND SHAREHOLDERS’ EQUITY
    Interest bearing liabilities:                      
      Deposits:                      
        Interest bearing demand and savings $ 2,079,477   $ 16,659   3.25 %   $ 2,076,132   $ 18,330   3.51 %   $ 2,151,974   $ 22,365   4.18 %
        TCD $250K or more   1,482,324     15,640   4.28 %     1,481,219     17,514   4.70 %     1,341,298     16,501   4.95 %
        Other time certificates   1,682,442     18,247   4.40 %     1,663,304     19,516   4.67 %     1,511,562     17,829   4.74 %
        Total interest bearing deposits   5,244,243     50,546   3.91 %     5,220,655     55,360   4.22 %     5,004,834     56,695   4.56 %
    Short-term borrowings         0.00 %     3     0   3.31 %           0.00 %
    Subordinated debt, net   148,492     1,325   3.62 %     148,434     1,325   3.55 %     148,255     1,325   3.59 %
        Total interest bearing liabilities   5,392,735     51,871   3.90 %     5,369,092     56,685   4.20 %     5,153,089     58,020   4.53 %
    Noninterest bearing liabilities:                      
      Demand deposits   641,920           684,472           756,654      
      Lease liability   18,963           25,486           19,500      
      Other liabilities   72,292           80,930           83,779      
        Total liabilities   6,125,910           6,159,980           6,013,022      
    Shareholders’ equity   779,339           760,345           704,996      
        Total liabilities and shareholders’ equity $ 6,905,249         $ 6,920,325         $ 6,718,018      
    Net interest income   $ 62,757         $ 69,272         $ 68,601    
    Net interest spread     2.96 %       3.18 %       3.20 %
    Net interest margin     3.75 %       4.06 %       4.19 %
                               
    Cost of Deposits:                      
      Noninterest bearing demand deposits $ 641,920         $ 684,472         $ 756,654      
      Interest bearing deposits   5,244,243     50,546   3.91 %     5,220,655     55,360   4.22 %     5,004,834     56,695   4.56 %
        Total Deposits $ 5,886,163   $ 50,546   3.48 %   $ 5,905,127   $ 55,360   3.73 %   $ 5,761,488   $ 56,695   3.96 %
                               
    (1) Includes non-accrual loans and loans held for sale                    
    (2) Net loan fee income of $865,000, $1.2 million, and $1.1 million for the quarter ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis                  
    Preferred Bank
    Loan and Credit Quality Information
                 
    Allowance For Credit Losses History
            Quarter Ended   Year Ended
            March 31,
    2025
      December 31,
    2024
             (Dollars in 000’s)
    Allowance For Credit Losses      
    Balance at Beginning of Period $ 71,477     $ 78,355  
      Charge-Offs      
        Commercial & Industrial         19,028  
        Total Charge-Offs         19,028  
                 
      Recoveries      
        Commercial & Industrial   97       50  
        Total Recoveries   97       50  
                 
      Net (Recoveries) Charge-Offs   (97 )     18,978  
      Provision for Credit Losses:   700       12,100  
    Balance at End of Period $ 72,274     $ 71,477  
                 
    Average Loans Held for Investment $ 5,555,010     $ 5,396,844  
    Loans Held for Investment at End of Period $ 5,634,413     $ 5,640,615  
    Net (Recoveries) Charge-Offs to Average Loans   -0.01%     0.35%
    Allowances for Credit Losses to Loans at End of Period   1.28%     1.27%
                 

    The MIL Network

  • MIL-OSI Europe: ASIA/MYANMAR – The nation remembers Pope Francis with gratitude, “a man of peace and reconciliation”

    Source: Agenzia Fides – MIL OSI

    Loikaw (Fides Agency) – In a refugee camp in Kayah State, in the Diocese of Loikaw – one of the areas affected by the ongoing civil war in Myanmar – Catholic faithful gathered for a prayer vigil according to the traditional local rite of the Karenni ethnic group to ask for God’s protection and blessings for Pope Francis. The spontaneous prayer vigil brought together people living in precarious conditions who wanted to express their deep gratitude to Francis. The Pope is remembered and appreciated as a leader who always cared about Myanmar and the suffering of the Burmese people, mentioning this countless times in his speeches and appeals. “He was concerned about us, he cared about the fate of our people,” people recall.Throughout Myanmar, spontaneous groups of believers gathered in parishes, chapels, camps for displaced persons, and forest clearings to pray for Pope Francis. In addition, Burmese citizens of all faiths commemorated Pope Francis’ historic visit to Myanmar in 2017 and gave thanks for his messages of peace and reconciliation.The Bishops’ Conference of Myanmar prayed for the Pope during a special Mass in honor of Francis, celebrated on April 22 in Yangon Cathedral, presided over by Cardinal Charles Maung Bo and attended by numerous bishops, priests, religious, and members of the diplomatic corps. The chargé d’affaires of the Nunciature, Monsignor Andrea Ferrante, gave a speech in which he traced the biography of Jorge Mario Bergoglio, highlighting in particular the extraordinary event of the apostolic journey to Myanmar in 2017, when the Pope set foot on Burmese soil for the first time. During the ceremony, those present expressed their grief at the loss of the Pope and their affection for him in words and gestures.Cardinal Bo thanked the Pope, “a man of peace and humility,” on behalf of the Burmese people for his tireless efforts for peace in Myanmar and his calls for prayer and humanitarian aid for the country ravaged by a long civil war and an earthquake. Buddhist, Muslim, and Hindu religious leaders were also present at the Mass.In the diocese of Myitkyina in northern Myanmar, Bishop John La Sam announced a special Eucharistic celebration on the day of the Pope’s funeral, April 26, in the cathedral in Myitkyina. Memorial services are also planned in other dioceses, where the faithful can gather for heartfelt prayer.Buddhist monks also recalled the Pope’s many gestures of openness to interreligious dialogue and described him as a “compassionate and kind-hearted man who loved all humanity without distinction.”On the civil level, the general of the ruling junta, Min Aung Htain, and the National Unity Government (NUG) in exile sent condolences on the death of the pope.(PA) (Fides Agency 25/4/2025)
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    MIL OSI Europe News

  • MIL-OSI: North American Construction Group Ltd. Announces Pricing of Private Placement Offering of $225 Million Senior Unsecured Notes

    Source: GlobeNewswire (MIL-OSI)

    ACHESON, Alberta, April 25, 2025 (GLOBE NEWSWIRE) — North American Construction Group Ltd. (“NACG”) (TSX: NOA / NYSE: NOA) announced today that it has entered into an underwriting agreement to sell, pursuant to a private placement offering (the “Offering”), $225 million aggregate principal amount of 7.75% Senior Unsecured Notes due May 1, 2030 (the “Notes”). The Notes will be issued at a price of $1,000 per $1,000 of Notes. The Notes will accrue interest at the rate of 7.75% per annum, payable in cash in equal payments semi-annually in arrears each November 1 and May 1, commencing on November 1, 2025. The Notes will be issued pursuant to an indenture to be entered into between NACG and Computershare Trust Company of Canada, as trustee.

    NACG intends to use the net proceeds of the Offering to repay indebtedness under its existing Credit Agreement, and for general corporate purposes.

    The Notes are being conditionally offered for sale in Canada on a private placement basis pursuant to certain prospectus exemptions. The Notes have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or any state securities laws, and are being offered and sold in the United States only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the U.S. Securities Act and applicable state securities laws and outside the United States in offshore transactions in reliance on Regulation S under the U.S. Securities Act.

    The Offering is being led by National Bank Financial Inc., including its U.S. affiliates, ATB Securities Inc., Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Canaccord Genuity Corp., Raymond James Ltd., and Ventum Financial Corp.

    Subject to customary closing conditions, the closing of the Offering is expected to occur on or about May 1, 2025.

    This news release shall not constitute an offer to sell or the solicitation of an offer to buy the Notes, nor shall there be any offer or sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful.

    About the Company

    North American Construction Group Ltd. is a premier provider of heavy civil construction and mining services in Australia, Canada, and the U.S. For over 70 years, NACG has provided services to the mining, resource and infrastructure construction markets.

    Forward-Looking Information

    The information provided in this release contains forward-looking statements. Forward-looking statements include statements preceded by, followed by or that include the words “anticipate”, “believe”, “expect”, “should” or similar expressions and include guidance with respect to the Offering, including, but not limited to, the expected closing of the Offering and the use of proceeds of the Offering. The material factors or assumptions used to develop the above forward-looking statements, and the risks and uncertainties to which such forward-looking statements are subject, include, but are not limited to, the closing of the Offering, the anticipated closing date of the Offering and the expected use of proceeds of the Offering, interest rates and market conditions, heavy equipment demand, and credit risks and existing indebtedness. Actual results could differ materially from those contemplated by such forward-looking statements because of any number of factors and uncertainties, many of which are beyond NACG’s control. Although NACG believes that the expectations reflected in such forward-looking statements are reasonable, such statements involve risks and uncertainties, and NACG cautions you to not place undue reliance upon forward-looking statements. NACG undertakes no obligation, other than those required by applicable law, to update or revise such forward-looking statements. For more complete information about NACG, please read our disclosure documents filed with the SEC and the CSA. These free documents can be obtained by visiting EDGAR on the SEC website at www.sec.gov or on the CSA website at www.sedarplus.ca and on our company website at www.nacg.ca.

    For more information, contact:

    Jason Veenstra, CPA, CA
    Chief Financial Officer
    North American Construction Group Ltd.
    (780) 960.7171
    ir@nacg.ca
    www.nacg.ca

    Source: North American Construction Group Ltd.

    The MIL Network

  • MIL-OSI United Kingdom: International crackdown on cannabis smuggling

    Source: United Kingdom – Executive Government & Departments 3

    News story

    International crackdown on cannabis smuggling

    UK-Thai cooperation results in 90% reduction in cannabis arriving in the post. 

    Cannabis arrivals by post from Thailand plummeted by 90% in the first three months of this year, thanks to a new partnership between UK Border Force and Thai customs.

    Since Thailand decriminalised cannabis in 2022, there has been a dramatic increase in the amount of cannabis being sent to the UK by post.

    In the last quarter of 2024, Border Force, with the support of Royal Mail, detected over 15 tonnes of the drug, which threatened to overwhelm resources. 

    However, after intense diplomatic engagement, UK Border Force and Thai customs established a new agreement, requiring parcels from Thailand to be checked before they are shipped.

    Border Force have detected 1.5 tonnes of cannabis coming through the post in the first quarter of 2025 – a 90% reduction, which is a result of the extra checks taking place in Thailand.  

    The action is key to this government’s work to boost international cooperation and tighten border security as we deliver safer streets for working people through our Plan for Change.

    Minister for Citizenship and Migration, Seema Malhotra said:  

    Our partnership with Thai customs has slashed cannabis smuggling in the post by 90% in just three months. This collaboration is delivering real results and it’s a prime example of how international cooperation is crucial to our Plan for Change, safer streets mission. 

    By stopping these drugs at source, we’re disrupting organised crime, protecting communities, and freeing Border Force to focus on other priorities. Together with our partners in Thailand, this government will continue to take tough action against those attempting to smuggle illegal drugs across our borders.

    The Home Office and Border Force have also worked closely with Thailand to prevent drugs being smuggled by air passengers. In February, Border Force and the National Crime Agency took part in Operation Chaophraya, a Home Office-led operation at Bangkok Airport.  

    This resulted in over 2 tonnes of cannabis being surrendered from transiting passengers, with an estimated value of £6 million. 

    Since Operation Chaophraya began under this government in July 2024, over 50 British nationals have been arrested in Thailand for attempted cannabis smuggling, underlining the importance of upstream deterrence work.  

    To mark the new partnership, the UK hosted Director General of Thai Customs, Mr Theeraj Athanavanich, and his delegation at Heathrow Airport and a Border Force postal depot earlier this week.  

    Mr Athanavanich met with the Minister for Migration and Citizenship, Seema Malhotra, and Director General for Border Force, Phil Douglas, where they discussed the success of the agreement and future collaboration.  

    Border Force Director General, Phil Douglas said:  

    Border Force works tirelessly to protect and strengthen our borders, by preventing the smuggling of cannabis and other illegal items into the UK. Our work doesn’t stop at the border – we work internationally with our partners to prevent illicit goods from even reaching the UK.  

    We are using advanced intelligence more than ever before and last year we made a record number of drug seizures, including the highest harm substances. Border Force remains fully committed to securing our borders and keeping our streets safe.

    In parallel with its cooperation with the UK on cannabis, Thai customs have introduced stricter screening measures at the border. This has resulted in over 800 cannabis smugglers being intercepted between October 2024 and March 2025, with over 9 tonnes of cannabis seized.

    Both the UK and Thailand are taking a zero-tolerance approach on criminal gangs who are exploiting vulnerable people to smuggle drugs across the UK border on their behalf. Individuals who are caught smuggling drugs will be arrested and face the full force of the law.  

    Alex Murray, NCA Director of threat leadership, said:

    The NCA continues to work with partners at home and abroad to target high-risk routes, seize shipments of drugs and disrupt the OCGs involved, denying them profits.

    We have been working well with the Thai authorities who are keen to intervene. Couriers should think very carefully about agreeing to smuggle cannabis. There are life-changing consequences. Crime groups can be very persuasive but the risk of getting caught is very high and simply not worth it.

    Border Force is committed to delivering the government’s Plan for Change, Safer Streets mission by stopping illegal drugs from entering our country and destroying lives.

    In the year ending March 2024, Border Force and the police seized over 119 tonnes of illegal drugs, with a street value of £3 billion, a 52% increase from the year prior, in the highest number of seizures on record. 

    Charlotte Prescott, Director of Customs and International Policy at Royal Mail said:

    Collaboration between government agencies and postal bodies is essential. We have a very strong partnership with Border Force and are proud to work alongside our Border Force colleagues, assisting their work in identifying restricted and prohibited items, and helping to tackle this issue – this relationship has been recognised as one of the best internationally.

    Updates to this page

    Published 25 April 2025

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: Healthcare fee adjustments published

    Source: Hong Kong Information Services

    The Hospital Authority announced today that the new fee schedule for public services in public hospitals will take effect on January 1 next year, following its publication in the Government Gazette today.

    Since the announcement of the “Public Healthcare Fees & Charges Reform” in March, the Health Bureau and the authority have been engaging with the Legislative Council, the public and other stakeholders to explain the reforms and gather feedback.

    They have found a consensus that the current public healthcare subsidisation structure cannot cope with increasing service demands driven by demographic changes and healthcare developments. In light of these realities, modifications to patterns of healthcare service utilisation, more precise allocation of medical resources, and reduced wastage and misuse of medical resources are deemed necessary.

    Besides restructuring subsidisation levels for various services, the reforms seek to enhance the medical fee waiver mechanism, introduce a cap on annual spending, and strengthen protection for patients with critical illnesses in relation to drugs and medical devices.

    As such, public healthcare will be reinforced as a safety net for all, and it is expected that the enhanced medical fee waiving mechanism will expand the number of eligible beneficiaries from 0.3 million to 1.4 million underprivileged individuals, while the annual spending cap will benefit 70,000 patients with serious illnesses.

    The Hospital Authority’s next steps are to refine implementation measures to ensure the reforms’ smooth execution. This includes streamlining application procedures for medical fee waivers and relaxing the eligibility criteria under means testing for the Samaritan Fund safety net.

    The authority will launch a means test calculator on its website and a mobile application, ‘HA Go’, on April 28. By inputting information about household income and assets, patients can make a preliminary estimation of their eligibility for medical fee waivers and safety net applications under the new healthcare protection measures.

    Additionally, starting from January 1 – when the new Accident & Emergency fee of $400 takes effect – the special A&E refund arrangements will be regularised simultaneously. While waiting for consultation after nurses conduct triage and preliminary medical assessments, patients who choose to seek treatment at other healthcare institutions may apply for a $350 refund.

    MIL OSI Asia Pacific News

  • MIL-OSI Global: The ski-jumping cheating scandal: how suits were illegally altered for unfair advantage

    Source: The Conversation – UK – By Bryce Dyer, Associate Professor of Sports Technology, Bournemouth University

    In this age of artificial intelligence, data tampering and genetic manipulation, it seems that the nature of fraud and deception in competitive sport is becoming increasingly sophisticated. So, it seems almost surprising to see cheating in sport take a relatively old-fashioned form of late: tampering with equipment.

    Yet that’s precisely what unfolded last month in ski jumping, a winter sport whereby athletes soar down a ramp, take flight and aim to maximise both distance and technique. Over the last few months, several ski jumpers and their management have been suspended from the sport due to the intentional illegal tampering and modification of the suits they wear.

    The case first came to light during the 2025 FIS Nordic World Ski Championships held in Trondheim in March. Two Norwegian athletes, Marius Lindvik and Johann Andre Forfang, were subsequently disqualified from the men’s large hill event due to allegations of illegal ski jump suit manipulation with the intention of improving their performance.


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    A subsequent investigation revealed that their ski suits had been illegally altered. In response, the International Ski and Snowboard Federation (FIS) provisionally suspended the two athletes, along with three Norwegian national team officials – including the head coach and their equipment manager. Both athletes ultimately admitted the illegal alterations.

    The scandal then intensified as FIS expanded its investigation which then subsequently led to the suspension of three other Norwegian ski jumpers. Several members of the team were all found to have been involved in the decision to modify the suits for the championships.

    This wasn’t the sport’s first brush with controversy surrounding its suits. At the 2022 Winter Olympics, several jumpers there were disqualified for wearing suits that were deemed too large, again raising concerns about fairness.

    What did the cheating intend to achieve?

    A successful ski jump can be divided into several phases: in-run, take-off, early flight, stable flight, landing preparation, and landing. The suit contributes to enhancing the performance in all of these phases by directly affecting the aerodynamics and flight characteristics of the athlete. As a result, the size and shape of the suit is heavily regulated.

    In the case of this scandal, the Norwegian Ski Federation general manager told a news conference that a reinforced thread or an extra seam had been put in the jumpsuits of the first two athletes that were suspended.

    This additional material was inserted into the crotch area of the suits, increasing the surface area and stiffness, potentially providing extra lift during a jump’s flight phases. This extra lift would essentially translate into an increase in flight time and therefore a potential increase in the jumping distance. These modifications were not detectable through standard visual inspection and were only discovered upon detailed examination of the suits by then tearing them open.

    Of course, cheating in sport is not a new phenomenon. However, in some cases, such controversies are not cheating per se, but merely new technologies emerging that challenge our perceptions of a sport and its values.

    Some examples of this were the use of full-body swimsuits at the Sydney Olympics in 2000, or the potential use of prosthetic legs in track athletics at the Beijing Olympics in 2008.

    However, sometimes cheating can occur whereby sports equipment is intentionally modified physically to provide a competitive advantage. A recent example of this is the Australian cricket ball tampering scandal in 2018 where balls were intentionally scuffed by players to change their behaviour when bowled.

    Improving a piece of sports equipment to increase its performance is the field of mechanical ergogenics, or, when illicitly performed, colloquially known as “technodoping”.

    Some consider that the physical capabilities of athletes in some sports have now plateaued to the extent that any future improvements in performance will need to rely predominantly on technological innovation. So perhaps it can be understood why the suits were targeted in this particular sport.

    In April 2025, the FIS decided to lift the provisional suspensions of the five Norwegian athletes under investigation for suspected involvement in suit tampering because it is the competitive off-season.

    However, the ban for the officials involved remains in place. In the wake of the scandal, FIS has now implemented stricter regulations to prevent future instances of equipment manipulation. These key measures included limiting athletes to a single, pre-approved suit for the year’s competitions, and the FIS storing and inspecting all suits.

    These reforms aim to uphold the integrity of ski jumping and will hopefully restore confidence in the sport itself. The 2025 scandal stands as a clear reminder that in the pursuit of victory, sports must remain vigilant – because when innovation outpaces fair play, integrity is the first casualty.

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

    ref. The ski-jumping cheating scandal: how suits were illegally altered for unfair advantage – https://theconversation.com/the-ski-jumping-cheating-scandal-how-suits-were-illegally-altered-for-unfair-advantage-254854

    MIL OSI – Global Reports

  • MIL-OSI Global: How human connections shaped the spread of farming among ancient communities

    Source: The Conversation – UK – By Javier Rivas, Senior Lecturer in Economics, University of Bath

    Yuangeng Zhang/Shutterstock

    If you’ve ever wondered how farming spread far and wide, our research on past human societies offers one explanation: contact between different groups often drives change.

    In a recent paper, together with our colleagues Enrico R. Crema, Stephen Shennan and Oreto García-Puchol among others, we used a mathematical model to analyse what happens when communities with different cultures interact.

    We used a model from predator-prey equations that usually describe how animal populations compete. Our results, published in Proceedings of the National Academy of Sciences, showed that when one group of foragers and another group of farmers share the same space, their interaction can determine the speed at which agriculture is adopted.

    In many parts of the world, people lived by hunting, fishing and gathering until groups of farmers arrived. This date varies depending on region. For instance, farming arrived at around 1000BC in Japan but at around 5600BC in Iberia.

    Archaeologists have long debated whether farming spread because local foragers took it up themselves or because farmers from elsewhere moved in and outnumbered or replaced them.

    Our model builds on the view that in some cases locals might have adopted farming from newcomers either through exchange or intermarriage but in other cases they might have been displaced or killed by the incoming farmers.

    We tested simulated data against real data from Eastern Iberia, Denmark and the island of Kyushu (Japan) to see which explanations fit best. Considering a period of 1,000 years, we combined equations for population growth, mortality resulting from species’ competition, migration and something called an assimilation parameter, which represents how many foragers became farmers in each time step.

    This allowed us to assess the role of competition and collaboration between groups during the transition to farming.

    To check whether this theory makes sense in real life, we looked at three regions where farming was introduced to local foragers.

    1. Eastern Iberia (Spain)

    Agriculture seems to have arrived around 5600-5500BC in this area and took hold relatively quickly, within about 300-400 years. Small groups of farmers probably arrived by sea, which meant weaker ties to their original communities.

    As a result, they had only two options: perish or expand, since they could not rely all that much on the support of their original groups. Their attempt to expand farming may have failed if they didn’t integrate with or eliminate locals.

    This opens the door to potential “failed attempts”, not captured by the archaeological record. There are recorded “failed” attempts at farming in other areas throughout the world in the archaeological record.

    2. Denmark

    Further north, the process was slower, taking up to 600-800 years. Farmers and foragers appear to have lived close to one another for centuries before the rapid turnover, with a stable “frontier” between the two groups for centuries.

    3. Kyushu (Japan)

    Wet rice farming was introduced by multiple waves of migrants from the Korean peninsula around 1,000BC. We found that, although the farming population grew at a modest rate, mixing with locals was limited. Foragers did, however, decline faster and grow slower than in the other two areas.

    Farming was introduced to Japan around 1000BC.
    Chatrawee Wiratgasem/Shutterstock

    Why contact matters

    Our findings show how human interaction can drive the adoption of farming. Our approach considers that small-scale human relationships can have big consequences.

    Imagine a small community of farmers setting up near a river that local hunter-gatherers frequently visit. Soon they start trading, and a few foragers learn how to cultivate plants. Over time, more people see the benefits of a stable crop supply and switch from hunting to farming.

    Likewise, picture groups of farmers clearing woods to create spaces for husbandry and agriculture. In doing so, they can (even inadvertently) ruin hunting spots during the process, forcing the hunter-gatherers to move elsewhere.

    These scenarios might seem obvious, but considering them pushes us to look for more nuanced explanations further than environmental drivers. While such drivers can play a role, our findings suggest that the demographic makeup, how many farmers there are compared to foragers, and how likely foragers are to jump ship, can be crucial in the spread of farming.

    The same dynamics might explain other moments in human history where two groups interacted. For instance, sometimes early humans migrating into Neanderthal territory mixed with the local populations.

    On the other hand, the spread of horse-riding groups over Eurasia from 3000BC provoked a major demographic turnover. People adapt to their ever-changing contexts, which causes a snowball effect.

    Perhaps the biggest takeaway is that human connectivity is key for cultural and technological change. Our approach isn’t meant to exclude other explanations like climate fluctuations. But it does remind us to think about how simple social exchanges; marriages, friendships or alliances, as well as conflicts, can shape communities.

    Today we think nothing of adopting a new app or gadget once enough people around us use it, in the same way that we often stick to our good ol’ way of doing things, despite being aware of better alternatives.

    Ancient groups might have shown similar patterns on a massive scale during the spread of farming. Seeing these parallels helps us understand how humans behave in groups, whether in a prehistoric village, or a modern metropolis.

    Alfredo Cortell receives funding from the European Commission: MSCA-IF ArchBiMod project H-2020-MSCA-IF-2020 actions (Grant No. 101020631) and The Humboldt Foundation (Grant ID: 1235670). This work has received funding from the following projects: ERC-StG project ENCOUNTER (Grant No. 801953); Synergy Grant project COREX: From Correlations to Explanations: towards a new European Prehistory (Grant Agreement No. 95138). The projects PID2021-127731NB-C21 EVOLMED “Evolutionary cultural patterns in the contexts of the neolithization process in the Western Mediterranean,” MCIN/AI/10.13039/ 501100011033 ERDF A way of making Europe are funded by the Spanish Government, and Prometeo/2021/007 NeoNetS “A Social Network Approach to Understanding the Evolutionary Dynamics of Neolithic Societies (C. 7600–4000 cal. BP)” is funded by the Generalitat Valenciana. Open access funding has been provided by the Max Planck Society.

    Javier Rivas 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. How human connections shaped the spread of farming among ancient communities – https://theconversation.com/how-human-connections-shaped-the-spread-of-farming-among-ancient-communities-254852

    MIL OSI – Global Reports

  • MIL-OSI United Kingdom: Gladstone Pottery Museum all fired up to celebrate golden anniversary

    Source: City of Stoke-on-Trent

    Gladstone Pottery Museum is celebrating the 50th anniversary of its official opening.

    The former Victorian pottery factory in Longton – which attracts thousands of visitors every year – was officially opened on 24 April 1975 by Prince Richard, The Duke of Gloucester.  

    And it will be a double celebration as the city celebrates its Centenary with a year-long programme of events. Visitors to the historic museum can now view the bird baths created by potters in episode seven of Channel 4’s  The Great Pottery Throw Down. The six items on display reflect the area’s rich industrial heritage, vibrant green spaces and historic waterways. 

    Gladstone’s golden anniversary was marked by an event on Thursday, 24 April.  

    The Lord Mayor of Stoke-on-Trent, Councillor Lyn Sharpe, and Kelvin the Kiln, the city’s Centenary mascot, met the staff and volunteers who give a warm welcome to visitors. 

    A pottery factory first opened on the site in 1787, but the bottle kilns were fired for the last time in 1960 and the site put up for sale. The former factory was eventually opened as a museum, with the city council taking ownership in 1989.  

    Lord Mayor of Stoke-on-Trent, Councillor Lyn Sharpe, said: “We built this city on the hugely successful and traditional ceramics industry. It’s what gained us city status in the first place so I’m incredibly proud to be able to celebrate 50 years of honouring that heritage at Gladstone. 

    “The fabulous staff and volunteers really bring the story of the city I love to life. They’ve done an amazing job over the last 50 years of showcasing the skills and creativity that means our local industry is known throughout the world.  

    “This ‘living museum’ has something for everyone and that’s why it was declared VisitEngland’s Small Visitor Attraction of the Year 2020.” 

    One volunteer, Paul Niblett, has worked tirelessly at Gladstone since 1971 – even meeting his wife, Kathy, in a bottle kiln at the museum.  

    Paul said: “When we’re open, I like the opportunity of saying hello to our visitors, particularly to express thanks for coming. I recently chatted to folks from Crewe, Huddersfield and Preston. A couple of weeks ago, my chats included people from Australia and America.  

    “There is no doubt that the Museum is a magnet for people wanting to learn more about our internationally renowned ceramics industry, whether they be schoolchildren, college students, heritage enthusiasts or addicts of well-known TV programmes. Everyone is welcome. 

    “It’s 60 years ago that the germ of an idea of a working pottery museum was muted.  

    “Progressively, the idea took shape, steered by a small group of largely local visionaries, many from the pottery industry, such that Gladstone opened for a preview season in August 1974. This helped to assess visitors’ experiences and to gain all-important income prior to the official opening in 1975. Volunteers were working alongside consultants and contractors throughout these early years and have helped to shape the internationally-appreciated museum that we see today. 

    “Sadly, I’ve lost a number of stalwart comrades over the years, but I always remember them, especially when we’re greasing a throwing wheel, emptying a slip ark or splicing a drive rope. They have all contributed to the extraordinary success of Gladstone Pottery Museum.” 

    For more information on Gladstone Pottery Museum, including opening times and events, residents can go to: https://www.stokemuseums.org.uk/gpm/  

    The Centenary events calendar, alongside more information, can be found on the Centenary website at: https://sot100.org.uk/  

    MIL OSI United Kingdom

  • MIL-OSI United Nations: UN Special Envoy for Road Safety visiting Viet Nam to stop the silent pandemic on the road

    Source: United Nations Economic Commission for Europe

    The United Nations Secretary-General’s Special Envoy for Road Safety, Jean Todt, is visiting Viet Nam from to 24 April 2025 to support global and national authorities’ road safety initiatives, three years after his last visit in the country. The Special Envoy will meet members of the Government in Hanoi as well as representatives of the private and public sectors two months after the Declaration of Marrakesh where Member states further engaged to accelerate the efforts for achieving the new Decade of Action for Road Safety with the goal of halving the number of the victims on the road by 2030.

    On 27-30 April, Mr. Jean Todt will speak at the 45th General Assembly of the International Association of Francophone Mayors (AIMF), to be held in Hue. This event will bring together 450 mayors, officials, and representatives of Francophone cities. This forum will highlight the vital importance of cooperation between cities to cultivate dialogue and international solidarity, and to jointly address major global challenges at local level, including safe and sustainable mobility for all.

    The silent pandemic on the road

    The Special Envoy Jean Todt qualified road crashes as “The Silent Pandemic on the Road”. Indeed, every year, the staggering toll of road-related fatalities globally claims the lives of 1.19 million people, leaving 50 million others with severe injuries. Furthermore, road crashes are the leading cause of death for children and young adults aged 5–29 years. Road crashes are disproportionately high in Western Pacific region, with a traffic fatality rate of 15.4 deaths per 100,000 population, compared to 6.5 deaths per 100,000 in Europe or representing three time the rate in Australia (WHO 2021).

    With 18 deaths/100,000 people (WHO 2021), Viet Nam faces a tragedy on the road. Motorbikes are the most type of transport vehicles, with over 50 million motorbikes, with a danger level 4 times higher than cars, 10 times than buses, and 13 times more than urban trams (ESCAP 2020). According to the Statistic of National Traffic Safety Committee (2024), 59.84% of the road traffic crashes are related to motorcycles and motorbikes.

    Towards enhanced road safety in Viet Nam

    The good news is that solutions exist. The use of proper helmets responding to UN regulations is for example a game changer in protecting the motorbike users.

    ” When we know that quality helmets can help to reduce the risk of fatal injury by 28-64%; head injury 58-60% and brain injury 47-74% (WHO, 2023), it is urgent to act to stop the carnage on the road”, highlights the Special Envoy.

    The use of safe vehicles, better road infrastructure and design to protect cyclists and pedestrians, efficient post-crash services and law enforcement also demonstrate conclusive results in reducing drastically the fatality rate.

    The pace of infrastructure development and the limit of public transport capacity unmatched the rapid rise in the number of vehicles causes serious traffic congestion, especially in big cities. Finding solutions to increase the awareness of using public transport systems instead of individual vehicles would contribute to safer and cleaner mobility for all. Education and raising awareness campaigns are also key.

    MIL OSI United Nations News

  • MIL-OSI New Zealand: Household living-costs price indexes: March 2025 quarter – cancelled

    Household living-costs price indexes: March 2025 quarter – cancelled

    23 April 2025

    The Household living-costs price indexes: March 2025 quarter (HLPI) has been cancelled and will not be released on 1 May 2025.  

    This is due to a range of technical data processing challenges in updating and applying the weights for the HLPIs, following the Consumers price index review: 2024.

    We are working with our customers to understand the impacts of this and to find a solution, and we will provide a further update.

    New weights from the Consumers price index review: 2024 have been successfully implemented in the selected price indexes and the CPI. However, updating and applying these to the HLPI has been much more complicated.

    Cancelling the March 2025 edition of Household living-costs price indexes does not affect the quarterly CPI. Our economic data remains reliable, fit-for-purpose, and within international best practice. 

    The HLPI is used as an input for one of the measures of child poverty statistics. A key part of our solution will be to ensure we deliver on our obligations to measure child poverty.    

    We apologise for any inconvenience this causes.  

    Ends

    For media enquiries contact: Yvette Preece, Wellington, 021 285 9191, media@stats.govt.nz

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    MIL OSI New Zealand News

  • MIL-OSI United Nations: In Dialogue with Turkmenistan, Experts of the Committee against Torture Commend Turkmenistan on Installing Cameras in Places of Detention, Ask about Measures to Prevent Torture in Prisons and the Treatment of Homosexual Persons

    Source: United Nations – Geneva

    The Committee against Torture today concluded its consideration of the eighth periodic report of Turkmenistan, with Committee Experts commending the State for installing cameras in places of detention, while raising questions about measures taken to prevent torture in prisons and the treatment of homosexual persons.

    Liu Huawen, Committee Expert and Country Co-Rapporteur, welcomed that Turkmenistan said it placed high value on human beings, protecting their liberty and fundamental freedoms, and that it had adopted national action plans for protecting human rights, gender equality and children’s rights, and implemented measures to prevent child labour.  It was also commendable that video cameras had been installed in places of detention. Mr. Liu asked questions relating to the operation of these cameras.

    Todd Buchwald, Committee Expert and Country Co-Rapporteur, asked what measures were in place to ensure that legal safeguards against torture were implemented in practice?  Did the State’s laws ensure that medical examinations were independent and conducted within 24 hours of admission into detention centres?  Did all detained persons have the right to challenge their detention? Were all detentions recorded in registers and were there limitations on access to registers?  What measures were in place to ensure that detained persons were informed about the reasons for their arrest promptly in a language they understood both orally and in writing? 

    Mr. Liu said homosexuality remained criminalised in the State party, with up to two years in prison for consensual same sex relations.  Were there any investigations or prosecutions for consensual same sex conduct?  United Nations treaty bodies had repeatedly recommended that the State party repeal this legislation; had any action been taken to implement these recommendations? There had been reports that people who spoke out about issues relating to homosexuality were at risk of being arrested and tortured and that homosexual prisoners were subject to humiliating anal examinations.  Could the delegation comment on these reports?  What measures would be taken to guarantee the rights of lesbian, gay, bisexual and transgender persons? 

    The delegation said Turkmenistan took measures to prevent acts of torture and harsh treatment across its territory.  Over the reporting period, it had invested around 14 million United States dollars in construction and repair work for prisons, medical equipment, and training for staff.  In 2023, the number of convicts fell by 4.5 per cent compared to the previous year, and by a further three per cent in 2024, facilitated by measures taken to provide alternatives to custodial sentences, including parole and commuted sentences.  The occupancy rate in the State’s prisons was 83 per cent.  Food, medical and hygiene supplies were provided to inmates to ensure their health at the cost of the State. 

    The delegation said the State recognised human rights but there were certain specific aspects on which they would follow their own line.  Regarding the allegations of torture and ill-treatment against homosexuals, there had been no such allegations recorded.  If specific details could be provided, more specific information could be provided. 

    Introducing the report, Vepa Hajiyev, Permanent Representative of Turkmenistan to the United Nations Office at Geneva and head of the delegation, said a new edition of the Criminal Code, which entered into force in January 2023, included a definition of torture that was fully aligned with article 1 of the Convention.  The Code established criminal liability for acts of torture and explicitly excluded any justification for such acts, including references to orders, exceptional circumstances, or threats to security. Turkmenistan had established the absolute prohibition of torture, as required by international law.

    In closing remarks, Claude Heller, Committee Chair, said the Committee would highlight several priority recommendations within the concluding observations.  The Committee hoped to continue an open, ongoing dialogue with the State party.   

    In his concluding remarks, Mr. Hajiyev expressed gratitude to the Committee for having the opportunity to present the report. Thanks to the open dialogue over the last two days, members of the delegation had identified priority areas to focus on.  There was a need to review the State’s legislation to ensure it was fully aligned with the main provisions of the Convention. 

    The delegation of Turkmenistan consisted of representatives from the Supreme Court; Prosecutor General’s Office; Ministry of Internal Affairs; Ministry of Justice; Institute of State, Law and Democracy of Turkmenistan; and the Permanent Mission of Turkmenistan to the United Nations Office at Geneva.

    The Committee will issue concluding observations on the report of Turkmenistan at the end of its eighty-second session on 2 May.  Those, and other documents relating to the Committee’s work, including reports submitted by States parties, will be available on the session’s webpage.  Summaries of the public meetings of the Committee can be found here, and webcasts of the public meetings can be found here.

    The Committee will next meet in public on Friday, 25 April at 3 p.m. to continue its consideration of the seventh periodic report of Ukraine (CAT/C/UKR/7).

    Report

    The Committee has before it the third periodic report of Turkmenistan (CAT/C/TKM/3).

    Presentation of Report

    VEPA HAJIYEV, Permanent Representative of Turkmenistan to the United Nations Office at Geneva and head of the delegation, said that following the review of Turkmenistan’s second periodic report by the Committee, the State party had developed an action plan for the implementation of the Committee’s recommendations.  Some 50 subparagraphs of the Committee’s concluding observations had been fully or partially implemented; and 16 were currently being implemented.

    State, law enforcement, and civil society institutions were carrying out practical efforts to prevent conditions that could lead to cruel, inhuman, or degrading treatment or punishment.  The State was implementing national action plans on human rights, gender equality and children’s rights, and against corruption and trafficking, which had specific goals and objectives and indicators for evaluating the results attained.

    A new edition of the Criminal Code, which entered into force in January 2023, included a definition of torture that was fully aligned with article 1 of the Convention.  The Code established criminal liability for acts of torture and explicitly excluded any justification for such acts, including references to orders, exceptional circumstances, or threats to security. Turkmenistan had established the absolute prohibition of torture, as required by international law.

    In recent years, Turkmenistan had been implementing measures to strengthen the institutional capacity of the Ombudsman.  In 2024, new departments were created within the Ombudsman’s Office and the number of staff increased.  Amendments made in 2024 to the law on the Ombudsman enhanced the Ombudsman’s ability to restore violated rights and broadened the scope for applying preventive measures.  The Ombudsman’s Office continued to closely cooperate with international organizations to bring its mandate fully in line with the Paris Principles and was developing a roadmap for upgrading its status to category “A”.

    Turkmenistan had undertaken a comprehensive set of reforms aimed at improving the judicial system and enhancing the quality of justice.  The State Concept for the Development of the Judicial System for 2022-2028 aimed to improve the legislative framework governing the functioning of the courts, the qualifications of judicial system personnel, and the material and technical infrastructure of the courts, as well as expand international legal cooperation.  In April 2025, a new edition of the law on the judiciary was adopted, which incorporated key international standards related to the independence and competence of judges, as well as measures aimed at enhancing the efficiency of the courts.

    To modernise and standardise the process of professional development for judges and judicial staff, a new procedure for organising and conducting relevant training activities was approved in 2023.  Turkmenistan was also implementing a phased digitalisation of its judiciary to enhance transparency, facilitating video and audio recording of court proceedings and digital access to judicial information and services.  Between 2020 and 2025, lawyers provided legal assistance in 530 cases of detention where unlawful actions falling under the scope of the Convention were identified.

    In line with the Committee’s concluding observations, internal regulations governing conditions of detention had been introduced.  These rules covered living conditions, medical care, and the rights to phone calls, visits, walks, and to receive parcels.  Particular attention was paid to medical supervision and the documentation of physical injuries.  Every individual admitted to a penitentiary facility underwent a mandatory medical examination.  Any injuries discovered were documented, and in cases where violence was suspected, an additional investigation was carried out. 

    Between 2020 and 2023, large-scale reconstruction and capital repairs were carried out in 12 penitentiary institutions.  These efforts aimed to bring detention conditions in line with the Mandela Rules. Monitoring visits by the Ombudsman and Public Monitoring Commissions were regularly organised – a total of 20 visits to places of detention were conducted in 2023-2024 alone.

    Criminal procedural legislation explicitly prohibited the use of evidence obtained through torture, threats, deception, or cruel treatment.  All institutions under the jurisdiction of the Ministry of Internal Affairs had implemented the practice of video recording interrogations to ensure transparency and help prevent potential abuses.

    The Criminal Code provided for liability for violent acts within the household.  A national survey was conducted in cooperation with the United Nations Population Fund on domestic violence against women, and based on its findings, a roadmap for the prevention of domestic violence for 2022–2025 was developed.  The State aimed to introduce clear definitions, establish penalties, and create comprehensive protection mechanisms for vulnerable groups, including conducting awareness-raising campaigns.  Human rights education and the prevention of torture were integral components of the training of law enforcement personnel.

    A cooperation plan between the Government and the International Committee of the Red Cross Representation for 2025 had been approved, which included seminars and lectures on international standards of law enforcement for relevant agency personnel, and awareness-raising initiatives on international norms related to the treatment of persons deprived of liberty and to penitentiary standards. Discussions were ongoing on the possible organization of visits to places of detention by the International Committee of the Red Cross.  Direct contact had also been established since 2024 with Human Rights Watch and other human rights organizations.

    Questions by Committee Experts

    TODD BUCHWALD, Committee Expert and Country Co-Rapporteur, said there were reports of numerous enforced disappearances in Turkmenistan, the victims of which remained behind bars without access to family members.  There were 162 reports of such disappearances by the Prove-They-Are-Alive campaign, including 29 persons who had died in custody. There were also reports of cruel treatment of detainees, lack of independence of the judiciary, harassment of journalists and human rights defenders, and a culture of impunity. Did the State have sufficient mechanisms to identify torture and ill-treatment?  What had the State party done to investigate the 162 reported cases of enforced disappearance?

    What measures were in place to ensure that legal safeguards against torture were implemented in practice? Did the State’s laws ensure that medical examinations were independent and conducted within 24 hours of admission into detention centres?  Did all detained persons have the right to challenge their detention?  Were all detentions recorded in registers and were there limitations on access to registers?  What measures were in place to ensure that detained persons were informed about the reasons for their arrest promptly in a language they understood both orally and in writing? 

    In which circumstances did the right to free legal assistance for accused persons apply?  There were cases in which accused persons had reportedly struggled to obtain legal representation.  How did the State ensure that lawyers were not dissuaded from representing clients seen as controversial, and that lawyers were well-trained and independent?  There were reports of closed trials; what legal rules governed such trials?  Was the right to immediately inform family members of detention provided in law and in practice?  Were officers that failed to provide these safeguards punished? How many complaints had been received related to the lack of provision of safeguards and what investigations had been carried out in response?

    Turkmenistan remained largely closed to international scrutiny.  It had issued a standing invitation to special procedures in 2018 but had not accepted all but one of the 15 requests for visits received since, and the one visit that was accepted had not yet been carried out.  How would the State party improve cooperation with special procedures? Did the International Committee of the Red Cross have access to places of deprivation of liberty?  How many meetings between representatives of international organizations and detained persons had been held in the last three years, and how were such persons protected from reprisals?

    What was the Government doing to ratify the Optional Protocol and to accept the Committee’s jurisdiction to receive individual communications?  What awareness raising campaigns was the State party carrying out regarding the Committee’s concluding observations?  Were translated versions of the concluding observations published online?  The State had not provided data in response to several of the questions posed by the Committee in the list of issues.  What measures were in place to develop the State’s capacities in data collection?

    There were concerns that the Ombudsman’s Office lacked independence and had not taken steps to address torture and ill-treatment.  Its reports failed to adequately address human rights violations, and it had not submitted a report to the Committee before the dialogue.  What was the State party doing to strengthen the mandate of the Ombudsman’s Office to investigate human rights violations?  The Office had no mandate to conduct visits to places of detention; would such a mandate be established?  Did the Ombudsman require prior permission to conduct such visits? 

    Complaints from individuals could only be considered by the Ombudsman within one year, eliminating the possibility of investigating historical crimes.  Would this rule be eliminated?  What measures were in place to ensure that complaints submitted to the Ombudsman were kept confidential?  There had been few appeals to the Ombudsman’s Office by persons deprived of liberty; why was this?  Had the Office recommended ratifying international human rights treaties and facilitating visits by special procedures?  How many times had the Ombudsman concluded that there had been a human rights violation and what actions were taken in response?

    Turkmenistan had not granted asylum to any person since 2005.  How was the State party strengthening its asylum procedures?  Did it cooperate with the United Nations High Commissioner for Refugees?  Persons unable to document their lack of nationality were denied statelessness status. Was the State party working to address this issue?

    Mr. Buchwald cited reports of prison staff torturing prisoners, including by beating a man to death with a soldering iron, denying an ill prisoner medical treatment, and torturing a man with an electric current.  How did the State party prevent torture in detention and investigate all reported cases? There were also reports of forcible transfers of critics of the State living abroad to Turkmenistan, where they were subjected to abuse and enforced disappearance, and of travel bans imposed on activists who opposed the Government.  How would the State party guarantee activists’ safety and right to travel?

    LIU HUAWEN, Committee Expert and Country Co-Rapporteur, welcomed that the State said it placed high value on human beings, protecting their liberty and fundamental freedoms, and that it had adopted national action plans for protecting human rights, gender equality and children’s rights, and implemented measures to prevent child labour. 

    The Committee also welcomed the training activities carried out for the police.  However, there was no mechanism for assessing the effectiveness of this training.  Was training mandatory and how many personnel had participated?  It was commendable that annual training was provided for judges of the Supreme Court.  What training was provided for judicial personnel in other courts and medical personnel involved in the treatment of detainees?  Did such training address the revised Istanbul Protocol? 

    The Committee was concerned by the absence of guidelines on the prohibition of torture in the healthcare sector?  Would such guidelines be developed?  Were there ongoing training programmes on the prohibition of torture for police officers and prison staff?  Were international personnel involved in the design and presentation of this training?

    It was commendable that video cameras had been installed in places of detention.  What percentage of places of deprivation of liberty had been equipped? Were all interrogations recorded? Were there consequences for failing to record interrogations?  Were there limitations on access to recordings by detained persons and their lawyers?

    How many persons were detained in Turkmenistan’s prisons and for what period of time?  What efforts were underway to expand alternatives to detention? There were reports that prisons held nearly three times their capacity, and that Turkmenistan had the fourth highest incarceration rate globally.  What steps had been taken to reduce occupancy rates?

    There were reports of failures to provide timely medical examinations and delays in isolating prisoners with tuberculosis, which increased the risk of spread of the disease.  Prisoners reportedly needed to pay for medications that should be provided for free.  Some detainees went months without being provided access to leisure facilities within prisons.  Could the delegation comment on these issues?

    Persons could reportedly be placed in solitary confinement for up to three months, left in total darkness with a lack of access to water or basic hygiene.  How was the use of solitary confinement documented and regulated? Had measures been taken to gradually end the use of prolonged solitary confinement, which was reportedly used as a tool of repression against political prisoners?  What rules governed visitation rights and phone calls for persons in solitary confinement?

    How did the State party ensure that meetings between lawyers and remand prisoners were private?  Were there provisions prohibiting the interrogation of suspects before lawyers were present?  Could refusals to give testimony be used against detainees in court?

    The Committee called for data on inter-prisoner violence and deaths in custody, and investigations into such cases. How did the State party ensure that family members could request independent autopsies of deaths in custody and that victims of violence in prisons could report the incident? Police officers had the right to use physical force to protect the rights and freedoms of citizens and prevent “socially dangerous acts” under State law.  This law seemed exceedingly broad.  Did it apply to the use of firearms?  Were there more specific rules governing the use of force?  What investigations had been carried out into excessive use of force by the police and what were their outcomes?

    There were reports that patients in psychiatric facilities were abused by staff.  What measures were in place to improve complaints mechanisms in such facilities?  How did the State party oversee involuntary hospitalisations?  In how many cases had restraints been used in psychiatric facilities, and what types of restraints were used?

    How did the State party ensure that appropriate support services were provided to victims of torture?  What measures were in place to provide redress, compensation and rehabilitation to victims?

    The Committee welcomed the criminalisation of corporal punishment in all settings and measures taken to protect children from violence, including the appointment of inspectors specialising in violence against children.  How many cases had they investigated?  The Committee also welcomed the establishment of juvenile courts.  How many cases had they assessed?  What measures were in place to prevent the detention of juveniles?

    Gender-based violence had not been established as a separate crime in the Criminal Code, though there were many cases of gender-based violence in the State.  Had the roadmap developed to prevent gender-based violence been published online?  What progress had been made in implementing it?  What were the obstacles to adopting a law on gender-based violence?  How did the State party evaluate its awareness raising activities on gender-based violence?  Were victims support services in place?  How many shelters for victims and hotlines for reporting violence had been established? 

    High school girls were reportedly subjected to forced virginity tests, and information on girls found to have had sexual relations was reportedly passed to police.  How did the State party prevent this practice?

    Other Committee Experts asked questions on the national action plan on countering terrorism and the international organizations the State party partnered with to implement the plan; how legal safeguards were ensured for persons suspected of terrorism; the number of convictions imposed under anti-terrorism legislation; reforms adopted to align the legislative framework on terrorism with the State’s international obligations; the number of juveniles, particularly girls, currently in detention and the conditions in which they were held; measures to prevent overcrowding and ensure access to healthcare in prisons; and complaints and monitoring mechanisms in place for juvenile detention.

    Responses by the Delegation

    The delegation said Turkmenistan took measures to prevent acts of torture and harsh treatment across its territory.  Over the reporting period, it had invested around 14 million United States dollars in construction and repair work for prisons, bought medical equipment, and ensured training for staff.  In 2023, the number of convicts fell by four and a half per cent compared to the previous year, and by a further three per cent in 2024, facilitated by measures taken to provide alternatives to custodial sentences, including parole and commuted sentences. 

    The occupancy rate in the State’s prisons was 83 per cent.  Food, medical and hygiene supplies were provided to inmates to ensure their health at the cost of the State.  Allegations of infected inmates not being separated from other inmates were unfounded; such inmates were transferred to prison hospitals for treatment.  The State had examined eight complaints from prisoners in 2023 and five in 2024, finding no wrongdoing by State officials in each case.  Regular training sessions were organised for prison staff, which addressed basic standards for treating inmates.  Over 2,000 training sessions were carried out between 2022 and 2024.

    Turkmenistan had continued to develop its legislation on torture and other cruel, inhuman or degrading treatment.  Between 2022 and 2024, orders were issued on strengthening supervisory work on places of deprivation of liberty and on creating a special body for regulating medical examinations in prisons.

    The Ombudsman’s Office had access to all places of deprivation of liberty and did not need prior permission to conduct visits.  It verified the sanitary norms of establishments, the right to food and healthcare, and the right to visits and to receive parcels from family members. The Office had issued recommendations on improving detention facilities and healthcare services in prisons that the Government was working to implement.  No complaints had been received by the Ombudsman on the lack of provision of parole, or from inmates in detention centres for women or juveniles.

    Work had been undertaken to ensure that police stations and remand prisons were equipped with audio-visual recording devices.  Access to recordings was given to the Ombudsman and legal counsel.

    The national action plan on gender equality for 2021-2025 included measures to combat gender-based violence against women and girls, including domestic violence.  A survey conducted by the State showed that some 12 per cent of women in Turkmenistan had been subjected to domestic violence.  A roadmap to implement the survey’s recommendations had been developed, which included plans to develop a rapid response mechanism for domestic violence. 

    The State had established a pilot system of family support centres where social workers provided support for victims of violence; this would soon be expanded.  There were also hotlines that victims could use to report violence.  The Government was studying legislation on domestic violence in other countries with a view to developing such legislation domestically.

    The delegation said Turkmenistan regularly provided information on individual cases to various United Nations structures.  Turkmenistan had given information concerning individuals to certain countries, and special procedures had closed these cases.  The State would continue to provide information to the special procedures and other interested parties.  There was no special complaints mechanism for cases of cruel or inhumane treatment, but a complaint could be submitted to authorities of law enforcement via writing or in person.  The Special Prosecutor visited places of detention to monitor the work of the penitentiary institutions. 

    According to the Criminal Code, the diagnosis of an illness could be a ground for early release, and a decision would be taken by a court.  The delegation cited several cases, including one prisoner who in 2017 was convicted of smuggling psychoactive substances, and was pardoned in 2020.  Three years later, another criminal case was initiated against him, after which he was placed on a wanted list.  He hid in a mountainous area for some time without food and medication, surviving on psychoactive substances.  When he was detained, he already had multiple forms of bodily harm, developed during his time in the mountains, and he died three days after he was detained due to an overdose from psychoactive substances. Evidence that his cause of death was bodily harm due to torture was not true and this had been confirmed by the forensic investigation.  Turkmenistan’s actions throughout all cases had been aimed at protecting its citizens.

    The memorandum on humanitarian visits had not yet been signed, as negotiations had been interrupted six years ago.  In 2024, the Turkmen side took the initiative to discuss the text again and was waiting to hear from the International Criminal Court.  The State was ready to consider requests from the International Criminal Court to visit places of detention. 

    Immediately after the appeal of the High Commissioner for Refugees to grant asylum to citizens of Afghanistan, Turkmenistan as a neighbouring country expressed willingness to make all resources available to facilitate transport to third countries.  About 150 Afghan citizens received temporary visas while they awaited permission to move to other countries.  A person had the right to continue to stay in the country until their status was determined officially, whether this was a stateless person, or an individual of another country.  During the COVID-19 pandemic, amendments were made to the law on migration which provided for the option to extend the validity of passports in emergency situations.  A passport could only be renewed twice and only in extraordinary legal circumstances.

    Not all countries of the world had the practice of issuing passports abroad, as this required significant resources and would become an additional burden on the State.  Primary requests to obtain a passport abroad could be submitted electronically.  The Government was looking to simplify the procedure for issuing passports. 

    Solitary confinement was only meted out to prisoners for intentional violations and measures.  Training courses regarding torture and solitary confinement were provided to the Ministry of Interior staff.  A learning course had been started for the doctors working in the penitentiary system to update their knowledge of tuberculosis and treatment.  Medical units were present within each penitentiary establishment.  The treatment plan for the multi-drug-resistant tuberculosis was fully functioning.  Work was ongoing to deal with cases of tuberculosis, and penitentiary administrations were responsible for ensuring the good health of convicts.

    Last month, a monitoring visit had been conducted to see seven Turkish prisoners serving sentences in Turkmenistan. There was only one establishment for juvenile offenders, and the occupancy rate was 22 per cent of its total capacity.  Juvenile female offenders were held separately from male offenders. 

    Turkmenistan had successfully implemented a national strategy to prevent violent extremism and combat terrorism and was preparing the new strategy for 2025-2030.   

    Around 94 court rooms had audio and video cameras, representing more than 90 per cent of courtrooms in the country. This work on the digitalisation of courts was continuing.  The accused had the right to view all documents related to the case, including documents and video recordings.  Relevant work was carried out to implement the provisions of the Convention.  The new version of the Criminal Code entered into force in January 2023 and punishment for certain crimes had been reduced. 

    All courts in Turkmenistan had special rooms for minors, increasing their protection.  A new provision had been introduced, in which a minor committing an offence for the first time, providing it was a medium offence or below, would not be imprisoned.  There had been a drop in the numbers of minors imprisoned by 35 per cent in 2024, compared to 2020, as a result. 

    According to the Criminal Code, data should not be considered admissible in court if acquired through violations of the law, including torture, violence or threat.  Courts now had specialised judges on family matters to ensure the best interests of children.  A lawyer was available from the moment of detention or indictment.  In the event of remand of a minor, or a person with a disability, there were specific provisions.  Use of an interpreter could be requested. 

    In each case of detention, a notification was sent in writing to the Office of the Public Prosecutor, within 24 hours from the moment of detention.  The Office of the Public Prosecutor had the right to cancel an unlawful detention.  Without the authorisation of the Public Prosecutor, a detainee needed to be released after 24 hours, with the arrest communicated to close relatives. 

    Disciplinary measures were taken against staff and other officials who breached guaranteed safeguards.  The Code of Criminal Procedure was in keeping with international treaties, which meant there were guarantees to safeguard the rights of the accused. 

    To date, Turkmenistan had two national action plans on combatting human trafficking.  The penalty for this crime had been strengthened to between 15 to 20 years in prison.  A Commission on Combatting Human Trafficking had been established in Turkmenistan, which included 13 State bodies working on this issue.  In July 2024, the first meeting of the Commission was held.  The Commission was tasked with ensuring the implementation of the national action plan, including through prevention, protection, and prosecution, providing assistance to victims, and carrying out awareness raising events.  The national action plan 2020-2025 was adopted by a decree. 

    The Ministry of Justice provided support to the Bar Association of the country.  There were six associations of lawyers in Turkmenistan.  Over the last four years, lawyers in Turkmenistan had participated in 48 training sessions on human rights and had carried out more than 3,000 visits to places to detention.  A conference had taken place where participants from many countries exchanged views on how to better protect lawyers.  The State stood ready to continue work in the legal area, promote a legal culture, and strengthen international cooperation.

    There had been no complaints recorded about forced virginity tests, but the delegation would look into any case if information was provided.  In certain cases, law enforcement bodies could ask for medical tests to be carried out in the framework of existing legislation.  A roadmap had been developed for the ratification of the Optional Protocol and work was ongoing in this respect. 

    Questions by Committee Experts

    TODD BUCHWALD, Committee Expert and Country Co-Rapporteur, said many bodies and individuals had made allegations, which the State party had denied.  The bodies making these allegations were highly credible.  The Committee recommended the ratification of the Optional Protocol to the Convention as a critical step for the State party, as well as having a regular relationship with the International Criminal Court.  Were the recommendations from Committees made available in all major newspapers? 

    The Ombudsman had not received any complaints which was concerning.  Did this suggest a need to deal more assertively with the problem?  It was positive that the Ombudsman had access to all places of deprivation of liberty; however, it was inferred that she had not visited some facilities.  Was this correct?  Was it possible to share the data responsive to the Committee’s list of issues?  There was data available on overcrowding, so it would be helpful to provide disaggregated data split by facility. 

    How was it determined whether information published by journalists was true, accurate or impartial?  What were the penalties for publishing information which was determined not to fall under this category?  What were the prospects for revising the law so there would be no statute of limitations for the crime of torture? 

    LIU HUAWEN, Committee Expert and Country Co-Rapporteur, said there had been progress in the field of family law.  Today, domestic violence was not a matter of private law, but a focus of public law.  Marriage and family membership should not deprive any person of her or his basic human rights. 

    Turkmenistan’s strict abortion restrictions could create a cruel, inhumane or degrading environment for women, with abortion banned after five weeks, which was before many women realised they were pregnant.  Reproductive health care was limited, forcing women towards unsafe methods which endangered their health and lives.  These laws contributed to preventable maternal deaths and increased health risks. It was regretful that Turkmenistan did not provide access to emergency contraceptives. 

    The Committee suggested that the State party align its legal framework with international standards.  Would the State party take concrete steps to ensure access to safe abortion nation-wide and to reduce teenage pregnancies, including by providing access to contraceptives and reproductive services? Would the State ensure that doctors and medical professionals provided safe abortions for women whose lives were at risk due to pregnancy? 

    Homosexuality remained criminalised in the State party, with up to two years in prison for consensual same sex relations.  Were there any investigations or prosecutions for consensual same sex conduct?  United Nations treaty bodies had repeatedly recommended that the State party repeal this legislation; had any action been taken to implement these recommendations?  There had been reports that people who spoke out about issues relating to homosexuality were at risk of being arrested and tortured and that homosexual prisoners were subject to humiliating anal examinations.  Could the delegation comment on these reports? 

    What measures would be taken to guarantee the rights of lesbian, gay, bisexual and transgender persons?  Would the State party provide systematic training for law enforcement officers, police officers and members of the judiciary on human rights standards for gender and sexual identity orientation?

    As a neutral country, Turkmenistan could play a more constructive and unique role in international cooperation. It was hoped Turkmenistan would make a greater contribution to global governance, including through the effective implementation of the Convention. 

    A Committee Expert asked if there was monitoring of places of deprivation of liberty where minors were held? Who carried out this monitoring activity? 

    Another Expert asked about the legislation to combat terrorism; could more specific information be provided? 

    Responses by the Delegation 

    The delegation said cooperation was something which Turkmenistan needed to improve.  The State party worked with various international organizations and human rights committees in Geneva.  All decisions and conclusions voiced within the Committee needed to be based on established and recognised standards.  Often the opinions of law enforcement bodies were interpreted objectively, and the State was trying to bridge the gap by involving representatives of civil society to enable human rights organizations to better understand the individual cases. There was a clear imbalance of information, and the State was doing its best to address this.  The State did not plan the official publication of results of the Committee’s recommendations, but if others wished to publish them, they could do so.

    The Ombudsperson visited prisons, but it was important to enhance the capacities of the institution to ensure it had greater access to places of detention.  The State recognised human rights but there were certain specific aspects on which they would follow their own line.  Regarding the allegations of torture and ill-treatment against homosexuals, there had been no such allegations recorded.  If specific details could be provided, more specific information could be provided. 

    As a neutral state, Turkmenistan was working to advocate for the values of peace and trust to ensure the Sustainable Development Goals were met.   

    Currently, Turkmenistan was a party to the 19 legal instruments combatting terrorism.  The law on combatting terrorism included legal protection of citizens for their participation in combatting terrorism. The State had extensive levels of cooperation in this area.  There were no issues of overcrowding in prisons.  The State rejected allegations that there had been an increase in the number of minors detained.  There had been single cases, which did not represent a serious problem in the country. Institutions for minors serving sentences functioning under the auspices of the Ministry of Interior were monitored by the Ombudsman and other institutions. 

    Turkmenistan worked closely with the counterterrorism mechanism of the United Nations.  A seminar had been held in Doha about the spread of terrorist ideas through the internet. 

    Women had the permission to interrupt pregnancies after the established timeframe, but this was based on an individual approach, relating to specific circumstances.  Having abortions outside of medical institutions involved serious risks to the health of women.  To prevent illegal abortions, there were special provisions in the law of responsibility.  Written agreement was required from parents only if the girl was under the age of 18. 

    In 2023, the General Prosecutor’s Office of Turkmenistan, in conjunction with the United Nations Development Programme, organised special seminars attended by over 100 participants from law enforcement agencies.  Such events, relating to refresher training, took place all over the world, including in the United States, Europe and Asia.  In March this year, Turkmenistan held a briefing relating to the presentation of a national plan on combatting trafficking. 

    Turkmenistan had ratified a significant number of legal instruments and it received bilateral requests on extradition related to criminal prosecutions, including for crimes of torture.  When a person was extradited, Turkmenistan took into account all guarantees provided in relevant United Nations Conventions. In each case, the situation of the person was reviewed to ensure the person would not be subject to torture in the country to which the person was extradited.  It was necessary to receive a written confirmation from the State that torture would not be used against those individuals. 

    Closing Remarks 

    CLAUDE HELLER, Committee Chairperson, said the delegation had 48 hours to provide the Committee with additional information.  The Committee would highlight several priority recommendations within the concluding observations.  The Committee hoped to continue an open, ongoing dialogue with the State party.   

    VEPA HAJIYEV, Permanent Representative of Turkmenistan to the United Nations Office at Geneva and head of the delegation, expressed gratitude to the Committee for having the opportunity to present the report.  Thanks to the open dialogue over the last two days, members of the delegation had identified priority areas to focus on.  The Committee’s recommendations would be thoroughly reviewed.  There was a need to review the State’s legislation to ensure it was fully aligned with the main provisions of the Convention.  Any progress required work and readiness to move forward. 

    ___________

    Produced by the United Nations Information Service in Geneva for use of the media; 
    not an official record. English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

     

    CAT25.007E

    MIL OSI United Nations News

  • MIL-OSI: Lakeland Financial Reports a 12% Increase in Net Interest Income and Organic Loan Growth of 4%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., April 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $20.1 million for the three months ended March 31, 2025, which represents a decrease of $3.3 million, or 14%, compared with net income of $23.4 million for the three months ended March 31, 2024. Diluted earnings per share were $0.78 for the first quarter of 2025 and decreased $0.13, or 14%, compared to $0.91 for the first quarter of 2024. On a linked quarter basis, net income decreased $4.1 million, or 17%, to $24.2 million. Diluted earnings per share decreased $0.16, or 17%, from $0.94 on a linked quarter basis.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $31.0 million for the three months ended March 31, 2025, an increase of $1.7 million, or 6%, compared to $29.3 million for the three months ended March 31, 2024.

    “Our first quarter results are highlighted by double digit growth in net interest income and strong net interest margin expansion,” stated David M. Findlay, Chairman and CEO. “Further, we continued to experience healthy loan growth that was funded with equally positive deposit growth. The Lake City Bank team delivered encouraging operating results in the quarter.”

    Quarterly Financial Performance

    First Quarter 2025 versus First Quarter 2024 highlights:

    • Tangible book value per share grew by $1.80, or 7%, to $26.85
    • Average loans grew by $214.9 million, or 4%, to $5.19 billion
    • Core deposits grew by $402.5 million, or 7%, to $5.83 billion
    • Net interest margin improved 25 basis points to 3.40% versus 3.15%
    • Net interest income increased by $5.5 million, or 12%
    • Revenue grew by 6% from $60.0 million to $63.8 million
    • Provision expense of $6.8 million, compared to $1.5 million
    • Watch list loans as a percentage of total loans increased to 4.13% from 3.67%
    • Pretax, pre-provision earnings increased by $1.7 million, or 6%
    • Common equity tier 1 capital improved to 14.51%, compared to 14.21%
    • Tangible capital ratio improved to 10.09%, compared to 9.80%
    • Average equity increased by $51.0 million, or 8%

    First Quarter 2025 versus Fourth Quarter 2024 highlights:

    • Tangible book value per share grew by $0.38, or 1%, to $26.85
    • Average loans grew by $99.3 million, or 2%, to $5.19 billion
    • Net interest margin improved 15 basis points to 3.40% versus 3.25%
    • Net interest income increased by $1.2 million, or 2%
    • Provision expense of $6.8 million, compared to $3.7 million
    • Watch list loans as a percentage of total loans remained at 4.13%
    • Pretax, pre-provision earnings decreased $1.9 million, or 6%
    • Common equity tier 1 capital of 14.51%, compared to 14.64%
    • Tangible capital ratio of 10.09%, compared to 10.19%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.77% at March 31, 2025, compared to 15.46% at March 31, 2024, and down from 15.90% at December 31, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.09% at March 31, 2025, compared to 9.80% at March 31, 2024, and down from 10.19% at December 31, 2024. Unrealized losses from available-for-sale investment securities were $188.3 million at March 31, 2025, compared to $189.9 million at March 31, 2024 and $191.1 million at December 31, 2024. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.19% at March 31, 2025, compared to 12.03% at March 31, 2024, and down from 12.37% at December 31, 2024.

    As announced on April 8, 2025, the board of directors approved a cash dividend for the first quarter of $0.50 per share, payable on May 5, 2025, to shareholders of record as of April 25, 2025. The first quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the first quarter of 2024.

    The board of directors also reauthorized and extended the company’s share repurchase program through April 30, 2027 with remaining aggregate purchase price authority of $30.0 million. The company anticipates activating the share repurchase program during the second quarter of 2025.

    Kristin L. Pruitt, President commented, “We believe that the recent stock price performance, driven by the impact of tariff activity, provides us with an opportunity to return capital to shareholders at attractive prices through our repurchase plan. Further, our strong capital levels continue to provide capacity for organic loan growth in our Indiana markets. Our capital position also supports our continued growth in the dividend paid to shareholders.”

    Loan Portfolio

    Average total loans of $5.19 billion in the first quarter of 2025 increased $214.9 million, or 4%, from $4.97 billion for the first quarter of 2024, and increased $99.3 million, or 2%, from $5.09 billion for the fourth quarter of 2024. Total loans, net of deferred loan fees, increased by $224.8 million, or 4%, from $5.00 billion as of March 31, 2024, to $5.23 billion as of March 31, 2025. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $143.4 million, or 6%, our commercial and industrial loan portfolio growing by $46.3 million, or 3%, our consumer 1-4 family mortgage loans portfolio growing by $39.7 million, or 9%, and our agri-business and agricultural loan portfolio growing by $15.9 million, or 4%. These increases were offset by a decrease to other commercial loans of $25.4 million, or 21%. On a linked quarter basis, total loans, net of deferred loan fees, increased by $104.9 million, or 2%, from $5.12 billion at December 31, 2024. The linked quarter increase was primarily a result of growth in total commercial and industrial loans of $72.7 million, or 5%, growth in total commercial real estate and multi-family residential loans of $28.3 million, or 1%, and growth in our consumer 1-4 family mortgage loans portfolio of $10.0 million, or 2%.

    Commercial loan originations for the first quarter included approximately $365.0 million in loan originations, offset by approximately $268.0 million in commercial loan pay downs. Line of credit usage increased to 43% as of March 31, 2025, compared to 39% at March 31, 2024 and 41% as of December 31, 2024. Total available lines of credit contracted by $153.0 million, or 3%, as compared to a year ago, and line usage increased by $122.0 million, or 7%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $100.6 million for this sector represented 2% of total loans at March 31, 2025, a decrease of $1.1 million, or 1%, from December 31, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 214% of total risk-based capital at March 31, 2025.

    “We are encouraged by the continued organic loan growth during the quarter. In particular, we are pleased to see the upward trend in commercial line utilization, which reached 43% in the first quarter compared to 39% a year ago. Commercial and Industrial loan growth was a highlight this quarter and positively impacted our commercial line utilization,” added Findlay. “Linked quarter loan growth was largely driven by expansion in working capital lines of credit loans and construction and land development loans.”

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

    DEPOSIT DETAIL
    (unaudited, in thousands)
     
      March 31, 2025   December 31, 2024   March 31, 2024
    Retail $ 1,787,992   30.0 %   $ 1,780,726   30.2 %   $ 1,770,007   31.5 %
    Commercial   2,336,910   39.2       2,269,049   38.4       2,117,536   37.7  
    Public funds   1,709,883   28.7       1,809,631   30.7       1,544,775   27.5  
    Core deposits   5,834,785   97.9       5,859,406   99.3       5,432,318   96.7  
    Brokered deposits   125,409   2.1       41,560   0.7       185,767   3.3  
    Total $ 5,960,194   100.0 %   $ 5,900,966   100.0 %   $ 5,618,085   100.0 %
     

    Total deposits increased $342.1 million, or 6%, from $5.62 billion as of March 31, 2024, to $5.96 billion as of March 31, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $402.5 million, or 7%. Total core deposits at March 31, 2025 were $5.83 billion and represented 98% of total deposits, as compared to $5.43 billion and 97% of total deposits at March 31, 2024. Brokered deposits were $125.4 million, or 2% of total deposits, at March 31, 2025, compared to $185.8 million, or 3% of total deposits, at March 31, 2024.

    The increase in core deposits since March 31, 2024, reflects growth in all three core deposit components. Commercial deposits grew annually by $219.4 million, or 10%, to $2.34 billion. Commercial deposits as a percentage of total deposits expanded to 39%, up from 38%. Public funds deposits grew annually by $165.1 million, or 11%, to $1.71 billion. Public funds deposits as a percentage of total deposits was 29%, up from 28%. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Retail deposits expanded by $18.0 million, or 1%, to $1.79 billion. Retail deposits as a percentage of total deposits was 30% of total deposits, down from 32%.

    On a linked quarter basis, total deposits increased $59.2 million, or 1%, from $5.90 billion at December 31, 2024, to $5.96 billion at March 31, 2025. Core deposits decreased by $24.6 million, or less than 1%, while brokered deposits increased by $83.8 million, or 202%. The linked quarter reduction in core deposits resulted primarily from a seasonal decrease in public funds deposits of $99.7 million, or 6%. Offsetting this increase was an increase in commercial deposits of $67.9 million, or 3%, and an increase in retail deposits of $7.3 million, or less than 1%.

    “Annual core deposit growth of 7% continues to provide liquidity to fund loan growth. We continue to see opportunities to gain market share in our Indiana footprint,” noted Lisa M. O’Neill, Executive Vice President and Chief Financial Officer. “Our diversified funding base is stable, and average checking account balances continue to maintain liquidity in excess of pre-pandemic levels.”

    Average total deposits were $5.87 billion for the first quarter of 2025, an increase of $244.3 million, or 4%, from $5.63 billion for the first quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $260.1 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $439.5 million, or 14%. Offsetting this increase was a reduction in average time deposits of $167.7 million, or 17%, and a decrease to average savings deposits of $11.8 million, or 4%. Average noninterest-bearing demand deposits decreased by $15.8 million, or 1%.

    On a linked quarter basis, average total deposits decreased by $136.4 million, or 2%, from $6.01 billion for the fourth quarter of 2024 to $5.87 billion for the first quarter of 2025. Average interest bearing deposits drove the decrease to total average deposits, which decreased by $112.8 million, or 2%. Driving the decrease to average interest bearing deposits were decreases to total average time deposits of $102.7 million, or 11%, and interest bearing checking accounts of $19.0 million, or 1%. Average noninterest bearing demand deposits decreased by $23.6 million, or 2%.

    Checking account trends as of March 31, 2025 compared to March 31, 2024, include growth of $222.5 million, or 17%, in aggregate public fund checking account balances, growth of $212.3 million, or 11%, in aggregate commercial checking account balances, and growth of $35.5 million, or 4%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 57% as of March 31, 2025, compared to 62% at December 31, 2024, and 54% at March 31, 2024, reflecting changes in core deposits and growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 29% of total deposits at March 31, 2025, compared to 32% at December 31, 2024, and 27% at March 31, 2024. At March 31, 2025, 98% of deposit accounts had deposit balances less than $250,000.

    Net Interest Margin

    Net interest margin was 3.40% for the first quarter of 2025, representing a 25 basis point increase from 3.15% for the first quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 45 basis points from 2.82% for the first quarter of 2024 to 2.37% for the first quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 20 basis points from 5.97% for the first quarter of 2024 to 5.77% for the first quarter of 2025.

    Linked quarter net interest margin expanded by 15 basis points to 3.40% for the first quarter of 2025, compared to 3.25% for the fourth quarter of 2024. Interest expense as a percentage of average earning assets decreased 19 basis points from 2.56% to 2.37% on a linked quarter basis. Average earning asset yields decreased by 4 basis points from 5.81% to 5.77% on a linked quarter basis. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits experienced by the company during the previous monetary tightening cycle has stabilized with noninterest bearing deposits representing 22% of total deposits at March 31, 2025, March 31, 2024 and December 31, 2024.

    “We continue to see improvements in net interest margin due to the Federal Reserve Bank’s rate easing cycle. Our deposit costs have declined more than loan yields resulting in year over year improvements in net interest margin of 25 basis points and linked quarter improvements of 15 basis points,” stated O’Neill. “Net interest margin expansion combined with healthy loan growth has contributed to double digit growth in net interest income.”

    The loan beta for the current rate-easing cycle is 37% compared to the deposit beta of 55%. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle.

    Net interest income was $52.9 million for the first quarter of 2025, representing an increase of $5.5 million, or 12%, as compared to the first quarter of 2024. Net interest income for the first quarter of 2025 benefited from a decrease in deposit interest expense of $4.7 million and a decrease in borrowings interest expense of $1.3 million. Offsetting these effects on net interest income was a decrease in loan interest of $910,000. On a linked quarter basis, net interest income increased $1.2 million, or 2%, from $51.7 million for the fourth quarter of 2024. On a linked quarter basis, the increase to net interest income was driven by a reduction in interest expense of $4.1 million and offset by a reduction in interest income of $2.9 million.

    Asset Quality

    The company recorded a provision for credit losses of $6.8 million in the first quarter of 2025, an increase of $5.3 million, as compared to $1.5 million in the first quarter of 2024. On a linked quarter basis, the provision expense increased by $3.1 million, from $3.7 million for the fourth quarter of 2024. Provision expense during the first quarter of 2025 was primarily attributable to an increase in the specific allocation for the previously disclosed $43.3 million nonperforming credit to an industrial company in Northern Indiana.

    The allowance for credit loss reserve to total loans was 1.77% at March 31, 2025, up from 1.46% at March 31, 2024, and 1.68% at December 31, 2024. Net charge offs in the first quarter of 2025 were $327,000 compared to $312,000 in the first quarter of 2024 and $1.4 million during the linked fourth quarter of 2024. Annualized net charge offs to average loans were 0.03% for the first quarter of 2025, compared to 0.03% for the first quarter of 2024, and 0.11% for the linked fourth quarter of 2024.

    Nonperforming assets increased $42.6 million, or 280%, to $57.9 million as of March 31, 2025, versus $15.2 million as of March 31, 2024. On a linked quarter basis, nonperforming assets increased $1.0 million, or 2%, compared to $56.9 million as of December 31, 2024. The ratio of nonperforming assets to total assets at March 31, 2025 increased to 0.84% from 0.23% at March 31, 2024, and decreased from 0.85% at December 31, 2024. The increase in nonperforming assets was primarily driven by the aforementioned credit.

    Total individually analyzed and watch list loans increased by $32.3 million, or 18%, to $215.6 million as of March 31, 2025, versus $183.3 million as of March 31, 2024. On a linked quarter basis, total individually analyzed and watch list loans increased by $4.4 million, or 2%, from $211.1 million at December 31, 2024. The linked quarter increase in total individually analyzed and watch list loans was primarily driven by the addition of five commercial relationships to the watch list with aggregate balances of $11.5 million and offset by watch list removals of two relationships with aggregate balances of $8.0 million. Watch list loans as a percentage of total loans were 4.13% at March 31, 2025, an increase of 46 basis points compared to 3.67% at March 31, 2024, and unchanged from December 31, 2024.

    “Asset quality remains stable with watch list loans as a percentage of total loans at 4.13%,” commented Findlay. “It is premature to comment on the impact of the tariff activity on our borrowers’ businesses and we are actively talking with our clients to understand the impact of this trade policy activity. As part of our internal credit administration and loan review process, we initiated a detailed plan to identify and analyze specific industries and clients that may be more sensitive to the effects of tariffs. As part of this process, our credit team is aggregating and segmenting direct and indirect exposure that our commercial and industrial borrowers have with international trading partners.”

    Investment Portfolio Overview

    Total investment securities were $1.13 billion at March 31, 2025, reflecting a decrease of $12.0 million, or 1%, as compared to $1.14 billion at March 31, 2024. On a linked quarter basis, investment securities increased $9.9 million, or 1%, due primarily to security purchases of $22.2 million, offset by improvement in the fair market value of available-for-sale securities of $2.8 million, and cash flows from calls, paydowns and maturities of $14.7 million. Investment securities represented 17% of total assets on March 31, 2025, March 31, 2024 and December 31, 2024. The company anticipates receiving principal and interest cash flows of approximately $82.3 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth and reinvestment of investment securities cash flows. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at March 31, 2025, compared to 6.6 years at March 31, 2024 and 6.0 years December 31, 2024.

    Noninterest Income

    The company’s noninterest income decreased $1.7 million, or 13%, to $10.9 million for the first quarter of 2025, compared to $12.6 million for the first quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the insurance recovery recorded during the first quarter of 2024, was $11.6 million for the first quarter of 2024, a decrease of $684,000, or 6%, compared to $10.9 million for the first quarter of 2025. Wealth advisory fees increased $412,000, or 17%, driven by growth in customers and assets under management. Deposit fees increased $83,000, or 3% driven primarily by growth in our treasury management services. Other income decreased $1.3 million, or 61%. Other income during the first quarter of 2024 benefited from a $1.0 million insurance recovery related to the wire fraud loss from 2023 and death benefits received from the company’s bank owned life insurance program. Bank owned life insurance income decreased $714,000, or 69%, primarily due to a reduction in the market performance of the company’s variable bank owned life insurance policies, which are tied to the equity markets.

    Noninterest income for the first quarter of 2025 decreased by $948,000, or 8%, on a linked quarter basis from $11.9 million during the fourth quarter of 2024. Wealth advisory fees increased by $168,000, or 6%. The linked quarter decrease in noninterest income was impacted by a decrease in bank owned life insurance income, which decreased $894,000, or 74%, due to market performance of the company’s variable bank owned life insurance policies.

    “The growth of our wealth advisory business continues to positively impact revenue growth with 17% improvement in fees on a year over year basis,” added Findlay, “We continue to focus on our fee-based businesses that contribute to noninterest income and revenue growth.”

    Noninterest Expense

    Noninterest expense increased $2.1 million, or 7%, to $32.8 million for the first quarter of 2025, compared to $30.7 million during the first quarter of 2024. Salaries and benefits expense increased by $1.1 million, or 6%, driven by performance-based incentive compensation expense of $1.3 million and salary expense of $524,000. These increases were offset by reduced deferred compensation expense of $687,000, which moves in tandem with the market performance of the company’s variable bank owned life insurance. Other expense increased by $400,000, or 18%, from increased customer reimbursements for counterfeit checks and account takeover wire fraud losses. Data processing fees and supplies expense increased $426,000, or 11%, from continued investment in customer-facing and operational technology solutions.

    On a linked quarter basis, noninterest expense increased by $2.1 million, or 7%, from $30.7 million during the fourth quarter of 2024. Salaries and employee benefits increased by $641,000, or 4%, due to merit-based increases for salaries, incentive pay, and annual health insurance benefits that are funded at the beginning of each year. Data processing fees and supplies expense increased $523,000, or 14%. Corporate and business development expense increased by $456,000, or 48%, which was primarily driven by an increase in advertising expense of $462,000 during the quarter from the company’s seasonal promotional campaigns. Other expense increased $228,000, or 9%.

    The company’s efficiency ratio was 51.4% for the first quarter of 2025, compared to 51.2% for the first quarter of 2024 and 48.2% for the linked fourth quarter of 2024.

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.9 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

    LAKELAND FINANCIAL CORPORATION
    FIRSTQUARTER2025FINANCIAL HIGHLIGHTS
     
      Three Months Ended
    (Unaudited – Dollars in thousands, except per share data) March 31,   December 31,   March 31,
    END OF PERIOD BALANCES   2025       2024       2024  
    Assets $ 6,851,178     $ 6,678,374     $ 6,566,861  
    Investments   1,132,854       1,122,994       1,144,816  
    Loans   5,223,221       5,117,948       4,997,559  
    Allowance for Credit Losses   92,433       85,960       73,180  
    Deposits   5,960,194       5,900,966       5,618,085  
    Brokered Deposits   125,409       41,560       185,767  
    Core Deposits (1)   5,834,785       5,859,406       5,432,318  
    Total Equity   694,509       683,911       647,009  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803  
    Tangible Common Equity (2)   690,706       680,108       643,206  
    Adjusted Tangible Common
    Equity (2)
      854,585       846,040       809,395  
    AVERAGE BALANCES          
    Total Assets $ 6,762,970     $ 6,795,596     $ 6,554,468  
    Earning Assets   6,430,804       6,470,920       6,216,929  
    Investments   1,136,404       1,134,011       1,158,503  
    Loans   5,185,918       5,086,614       4,971,020  
    Total Deposits   5,874,725       6,011,122       5,630,431  
    Interest Bearing Deposits   4,616,381       4,729,201       4,356,328  
    Interest Bearing Liabilities   4,716,465       4,729,206       4,532,137  
    Total Equity   696,053       693,744       645,007  
    INCOME STATEMENT DATA          
    Net Interest Income $ 52,875     $ 51,694     $ 47,416  
    Net Interest Income-Fully Tax Equivalent   53,983       52,804       48,683  
    Provision for Credit Losses   6,800       3,691       1,520  
    Noninterest Income   10,928       11,876       12,612  
    Noninterest Expense   32,763       30,653       30,705  
    Net Income   20,085       24,190       23,401  
    Pretax Pre-Provision Earnings (2)   31,040       32,917       29,323  
    PER SHARE DATA          
    Basic Net Income Per Common Share $ 0.78     $ 0.94     $ 0.91  
    Diluted Net Income Per Common Share   0.78       0.94       0.91  
    Cash Dividends Declared Per Common Share   0.50       0.48       0.48  
    Dividend Payout   64.10 %     51.06 %     52.75 %
    Book Value Per Common Share (equity per share issued) $ 26.99     $ 26.62     $ 25.20  
    Tangible Book Value Per Common Share (2)   26.85       26.47       25.05  
    Market Value – High $ 71.77     $ 78.61     $ 73.22  
    Market Value – Low   58.24       61.10       60.56  
    Basic Weighted Average Common Shares Outstanding   25,714,818       25,686,276       25,657,063  
    Diluted Weighted Average Common Shares Outstanding   25,802,865       25,792,460       25,747,643  
               
               
      Three Months Ended
    (Unaudited – Dollars in thousands, except per share data) March 31,   December 31,   March 31,
    KEY RATIOS   2025       2024       2024  
    Return on Average Assets   1.20 %     1.42 %     1.44 %
    Return on Average Total Equity   11.70       13.87       14.59  
    Average Equity to Average Assets   10.29       10.21       9.84  
    Net Interest Margin   3.40       3.25       3.15  
    Efficiency (Noninterest Expense/Net Interest Income
    plus Noninterest Income)
      51.35       48.22       51.15  
    Loans to Deposits   87.64       86.73       88.95  
    Investment Securities to Total Assets   16.54       16.82       17.43  
    Tier 1 Leverage (3)   12.30       12.15       12.01  
    Tier 1 Risk-Based Capital (3)   14.51       14.64       14.21  
    Common Equity Tier 1 (CET1) (3)   14.51       14.64       14.21  
    Total Capital (3)   15.77       15.90       15.46  
    Tangible Capital (2)   10.09       10.19       9.80  
    Adjusted Tangible Capital (2)   12.19       12.37       12.03  
    ASSET QUALITY          
    Loans Past Due 30 – 89 Days $ 4,288     $ 4,273     $ 3,177  
    Loans Past Due 90 Days or More   7       28       7  
    Nonaccrual Loans   57,392       56,431       14,762  
    Nonperforming Loans   57,399       56,459       14,769  
    Other Real Estate Owned   284       284       384  
    Other Nonperforming Assets   193       143       78  
    Total Nonperforming Assets   57,876       56,886       15,231  
    Individually Analyzed Loans   81,346       78,647       15,181  
    Non-Individually Analyzed Watch List Loans   134,218       132,499       168,133  
    Total Individually Analyzed and Watch List Loans   215,564       211,146       183,314  
    Gross Charge Offs   508       1,657       504  
    Recoveries   181       299       192  
    Net Charge Offs/(Recoveries)   327       1,358       312  
    Net Charge Offs/(Recoveries) to Average Loans   0.03 %     0.11 %     0.03 %
    Credit Loss Reserve to Loans   1.77       1.68       1.46  
    Credit Loss Reserve to Nonperforming Loans   161.04       152.25       495.51  
    Nonperforming Loans to Loans   1.10       1.10       0.30  
    Nonperforming Assets to Assets   0.84       0.85       0.23  
    Total Individually Analyzed and Watch List Loans to Total Loans   4.13 %     4.13 %     3.67 %
    OTHER DATA          
    Full Time Equivalent Employees   647       643       628  
    Offices   54       54       53  

    __________________________________________________

    (1)   Core deposits equals deposits less brokered deposits.
    (2)   Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3)   Capital ratios for March 31, 2025 are preliminary until the Call Report is filed.
         
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)      
    March 31,
    2025
      December 31,
    2024
    (Unaudited)  
    ASSETS      
    Cash and due from banks $ 89,325     $ 71,733  
    Short-term investments   145,899       96,472  
    Total cash and cash equivalents   235,224       168,205  
         
    Securities available-for-sale, at fair value   1,000,875       991,426  
    Securities held-to-maturity, at amortized cost (fair value of $109,481 and $113,107, respectively)   131,979       131,568  
    Real estate mortgage loans held-for-sale   1,295       1,700  
         
    Loans, net of allowance for credit losses of $92,433 and $85,960   5,130,788       5,031,988  
         
    Land, premises and equipment, net   60,797       60,489  
    Bank owned life insurance   113,826       113,320  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   28,818       28,446  
    Goodwill   4,970       4,970  
    Other assets   121,186       124,842  
    Total assets $ 6,851,178     $ 6,678,374  
         
         
    LIABILITIES      
    Noninterest bearing deposits $ 1,296,907     $ 1,297,456  
    Interest bearing deposits   4,663,287       4,603,510  
    Total deposits   5,960,194       5,900,966  
           
    Borrowings – Federal Home Loan Bank advances   108,200       0  
    Accrued interest payable   14,699       15,117  
    Other liabilities   73,576       78,380  
    Total liabilities   6,156,669       5,994,463  
         
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    26,016,494 shares issued and 25,556,904 outstanding as of March 31, 2025      
    25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024   130,243       129,664  
    Retained earnings   743,650       736,412  
    Accumulated other comprehensive income (loss)   (163,879 )     (166,500 )
    Treasury stock, at cost (459,590 shares and 469,239 shares as of March 31, 2025 and December 31, 2024, respectively)   (15,594 )     (15,754 )
    Total stockholders’ equity   694,420       683,822  
    Noncontrolling interest   89       89  
    Total equity   694,509       683,911  
    Total liabilities and equity $ 6,851,178     $ 6,678,374  
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
    Three Months Ended March 31,
      2025       2024  
    NET INTEREST INCOME      
    Interest and fees on loans      
    Taxable $ 81,740     $ 82,042  
    Tax exempt   292       900  
    Interest and dividends on securities      
    Taxable   3,389       3,039  
    Tax exempt   3,910       3,947  
    Other interest income   1,124       1,106  
    Total interest income   90,455       91,034  
     
    Interest on deposits   36,458       41,164  
    Interest on short-term borrowings   1,122       2,454  
    Total interest expense   37,580       43,618  
     
    NET INTEREST INCOME   52,875       47,416  
     
    Provision for credit losses   6,800       1,520  
     
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   46,075       45,896  
     
    NONINTEREST INCOME      
    Wealth advisory fees   2,867       2,455  
    Investment brokerage fees   452       522  
    Service charges on deposit accounts   2,774       2,691  
    Loan and service fees   2,884       2,852  
    Merchant and interchange fee income   822       863  
    Bank owned life insurance income   322       1,036  
    Mortgage banking income (loss)   (51 )     52  
    Net securities gains (losses)   0       (46 )
    Other income   858       2,187  
    Total noninterest income   10,928       12,612  
     
    NONINTEREST EXPENSE      
    Salaries and employee benefits   17,902       16,833  
    Net occupancy expense   1,980       1,740  
    Equipment costs   1,382       1,412  
    Data processing fees and supplies   4,265       3,839  
    Corporate and business development   1,406       1,381  
    FDIC insurance and other regulatory fees   800       789  
    Professional fees   2,380       2,463  
    Other expense   2,648       2,248  
    Total noninterest expense   32,763       30,705  
     
    INCOME BEFORE INCOME TAX EXPENSE   24,240       27,803  
    Income tax expense   4,155       4,402  
    NET INCOME $ 20,085     $ 23,401  
     
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,714,818       25,657,063  
     
    BASIC EARNINGS PER COMMON SHARE $ 0.78     $ 0.91  
         
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,802,865       25,747,643  
         
    DILUTED EARNINGS PER COMMON SHARE $ 0.78     $ 0.91  
     
    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
     
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 716,522     13.7 %   $ 649,609     12.7 %   $ 646,459     12.9 %
    Non-working capital loans   807,048     15.5       801,256     15.6       830,817     16.6  
    Total commercial and industrial loans   1,523,570     29.2       1,450,865     28.3       1,477,276     29.5  
                         
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   623,905     12.0       567,781     11.1       659,712     13.2  
    Owner occupied loans   804,933     15.4       807,090     15.8       833,410     16.7  
    Nonowner occupied loans   852,033     16.3       872,671     17.0       744,346     14.9  
    Multifamily loans   339,946     6.5       344,978     6.7       239,974     4.8  
    Total commercial real estate and multi-family residential loans   2,620,817     50.2       2,592,520     50.6       2,477,442     49.6  
                         
    Agri-business and agricultural loans:                      
    Loans secured by farmland   156,112     3.0       156,609     3.1       167,271     3.3  
    Loans for agricultural production   227,659     4.3       230,787     4.5       200,581     4.0  
    Total agri-business and agricultural loans   383,771     7.3       387,396     7.6       367,852     7.3  
                         
    Other commercial loans   94,927     1.8       95,584     1.9       120,302     2.4  
    Total commercial loans   4,623,085     88.5       4,526,365     88.4       4,442,872     88.8  
                         
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   265,855     5.1       259,286     5.1       260,633     5.2  
    Open end and junior lien loans   217,981     4.2       214,125     4.2       188,927     3.8  
    Residential construction and land development loans   16,359     0.3       16,818     0.3       10,956     0.2  
    Total consumer 1-4 family mortgage loans   500,195     9.6       490,229     9.6       460,516     9.2  
                       
    Other consumer loans   102,254     1.9       104,041     2.0       97,369     2.0  
    Total consumer loans   602,449     11.5       594,270     11.6       557,885     11.2  
    Subtotal   5,225,534     100.0 %     5,120,635     100.0 %     5,000,757     100.0 %
    Less:  Allowance for credit losses   (92,433 )         (85,960 )       (73,180 )  
    Net deferred loan fees   (2,313 )         (2,687 )       (3,198 )  
    Loans, net $ 5,130,788         $ 5,031,988       $ 4,924,379    
     
    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
     
      March 31,
    2025
      December 31,
    2024
      March 31,
    2024
    Noninterest bearing demand deposits $ 1,296,907   $ 1,297,456   $ 1,254,200
    Savings and transaction accounts:          
    Savings deposits   293,768     276,179     296,671
    Interest bearing demand deposits   3,554,310     3,471,455     3,041,025
    Time deposits:          
    Deposits of $100,000 or more   602,577     642,776     805,832
    Other time deposits   212,632     213,100     220,357
    Total deposits $ 5,960,194   $ 5,900,966   $ 5,618,085
    FHLB advances and other borrowings   108,200     0     200,000
    Total funding sources $ 6,068,394   $ 5,900,966   $ 5,818,085
     

     

    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
     
        Three Months Ended March 31, 2025   Three Months Ended December 31, 2024   Three Months Ended March 31, 2024
    (fully tax equivalent basis, dollars in thousands)   Average Balance   Interest Income   Yield (1)/
    Rate
      Average Balance   Interest Income   Yield (1)/
    Rate
      Average Balance   Interest Income   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,160,031     $ 81,740   6.42 %   $ 5,060,397     $ 83,253   6.54 %   $ 4,916,943     $ 82,042   6.71 %
    Tax exempt (1)     25,887       361   5.66       26,217       364   5.52       54,077       1,118   8.31  
    Investments: (1)                                    
    Securities     1,136,404       8,338   2.98       1,134,011       7,953   2.79       1,158,503       8,035   2.79  
    Short-term investments     2,964       28   3.83       2,765       29   4.17       2,710       33   4.90  
    Interest bearing deposits     105,518       1,096   4.21       247,530       2,881   4.63       84,696       1,073   5.10  
    Total earning assets   $ 6,430,804     $ 91,563   5.77 %   $ 6,470,920     $ 94,480   5.81 %   $ 6,216,929     $ 92,301   5.97 %
    Less:  Allowance for credit losses     (87,477 )             (84,687 )             (72,433 )        
    Nonearning Assets                                    
    Cash and due from banks     71,004               67,994               68,584          
    Premises and equipment     60,523               60,325               57,883          
    Other nonearning assets     288,116               281,044               283,505          
    Total assets   $ 6,762,970             $ 6,795,596             $ 6,554,468          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 283,888     $ 42   0.06 %   $ 274,960     $ 43   0.06 %   $ 295,650     $ 49   0.07 %
    Interest bearing checking accounts     3,486,447       28,075   3.27       3,505,470       31,562   3.58       3,046,958       30,365   4.01  
    Time deposits:                                    
    In denominations under $100,000     212,934       1,832   3.49       214,429       1,921   3.56       224,139       1,918   3.44  
    In denominations over $100,000     633,112       6,509   4.17       734,342       8,150   4.42       789,581       8,832   4.50  
    Miscellaneous short-term borrowings     99,830       1,122   4.56       5       0   5.30       175,809       2,454   5.61  
    Long-term borrowings     254       0   0.00       0       0   0.00       0       0   0.00  
    Total interest bearing liabilities   $ 4,716,465     $ 37,580   3.23 %   $ 4,729,206     $ 41,676   3.51 %   $ 4,532,137     $ 43,618   3.87 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,258,344               1,281,921               1,274,103          
    Other liabilities     92,108               90,725               103,221          
    Stockholders’ Equity     696,053               693,744               645,007          
    Total liabilities and stockholders’ equity   $ 6,762,970             $ 6,795,596             $ 6,554,468          
    Interest Margin Recap                                    
    Interest income/average earning assets         91,563   5.77 %         94,480   5.81 %         92,301   5.97 %
    Interest expense/average earning assets         37,580   2.37           41,676   2.56           43,618   2.82  
    Net interest income and margin       $ 53,983   3.40 %       $ 52,804   3.25 %       $ 48,683   3.15 %
    (1)   Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.27 million in the three-month periods ended March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
    (2)   Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended March 31, 2025, December 31, 2024, and March 31, 2024, are included as taxable loan interest income.
    (3)   Nonaccrual loans are included in the average balance of taxable loans.
         

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended
      Mar. 31, 2025   Dec. 31, 2024   Mar. 31, 2024
    Total Equity $ 694,509     $ 683,911     $ 647,009  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167  
    Tangible Common Equity   690,706       680,108       643,206  
    Market Value Adjustment in AOCI   163,879       165,932       166,189  
    Adjusted Tangible Common Equity   854,585       846,040       809,395  
               
    Assets $ 6,851,178     $ 6,678,374     $ 6,566,861  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167  
    Tangible Assets   6,847,375       6,674,571       6,563,058  
    Market Value Adjustment in AOCI   163,879       165,932       166,189  
    Adjusted Tangible Assets   7,011,254       6,840,503       6,729,247  
               
    Ending Common Shares Issued   25,727,393       25,689,730       25,677,399  
               
    Tangible Book Value Per Common Share $ 26.85     $ 26.47     $ 25.05  
               
    Tangible Common Equity/Tangible Assets   10.09 %     10.19 %     9.80 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.19 %     12.37 %     12.03 %
               
    Net Interest Income $ 52,875     $ 51,694     $ 47,416  
    Plus:  Noninterest Income   10,928       11,876       12,612  
    Minus:  Noninterest Expense   (32,763 )     (30,653 )     (30,705 )
               
    Pretax Pre-Provision Earnings $ 31,040     $ 32,917     $ 29,323  
     

    Adjusted core noninterest income, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of insurance recoveries related to the 2023 wire fraud loss for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended
      Mar. 31, 2025   Dec. 31, 2024   Mar. 31, 2024
    Noninterest Income $ 10,928     $ 11,876     $ 12,612  
    Less: Insurance Recovery   0       0       (1,000 )
    Adjusted Core Noninterest Income $ 10,928     $ 11,876     $ 11,612  
               
    Earnings Before Income Taxes $ 24,240     $ 29,226     $ 27,803  
    Adjusted Core Impact:          
    Noninterest Income   0       0       (1,000 )
    Total Adjusted Core Impact   0       0       (1,000 )
    Adjusted Earnings Before Income Taxes   24,240       29,226       26,803  
    Tax Effect   (4,155 )     (5,036 )     (4,153 )
    Core Operational Profitability (1) $ 20,085     $ 24,190     $ 22,650  
               
    Diluted Earnings Per Common Share $ 0.78     $ 0.94     $ 0.91  
    Impact of Adjusted Core Items   0.00       0.00       (0.03 )
    Core Operational Diluted Earnings Per Common Share $ 0.78     $ 0.94     $ 0.88  
               
    Adjusted Core Efficiency Ratio   51.35 %     48.22 %     52.02 %
    (1)   Core operational profitability was $751,000 lower than reported net income for the three months ended March 31, 2024.

    Contact
    Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network

  • MIL-OSI Economics: Safer Schools, Stronger Futures

    Source: Asia Development Bank

    On April 25, 2015, a 7.8 magnitude earthquake struck Nepal, claiming over 8,000 lives and destroying thousands of homes, businesses, and schools. In response, the Government of Nepal, ADB, and development partners launched a determined effort to create safer, more resilient schools.

    MIL OSI Economics

  • MIL-Evening Report: Israel’s endgame for tormented Gaza is political and physical erasure

    COMMENTARY: By Nour Odeh

    There was faint hope that efforts to achieve a ceasefire deal in Gaza would succeed. That hope is now all but gone, offering 2.1 million tormented and starved Palestinians dismal prospects for the days and weeks ahead.

    Last Saturday, the Israeli Prime Minister once again affirmed he had no intention to end the war. Benjamin Netanyahu wants what he calls “absolute victory” to achieve US President Donald Trump’s so-called vision for Gaza of ethnic cleansing and annexation.

    To that end, Israel is weaponising food at a scale not seen before, including immediately after the October 7 attack by Hamas. It has not allowed any wheat, medicine boxes, or other vital aid into the Gaza Strip since 2 March.

    This engineered starvation has pushed experts to warn that 1.1 million Palestinians face imminent famine.

    Many believe this was Israel’s “maximum pressure” plan all along: massive force, starvation, and land grabs. It’s what the Israeli Minister of Defence, Israel Katz, referred to in March when he gave Palestinians in Gaza an ultimatum — surrender or die.

    A month after breaking the ceasefire, Israel has converted nearly 70 percent of the tiny territory into no-go or forced displacement zones, including all of Rafah. It has also created a new so-called security corridor, where the illegal settlement of Morag once stood.

    Israel is bombing the Palestinians it is starving while actively pushing them into a tiny strip of dunes along the coast.

    Israel only interested in temporary ceasefire
    This mentality informed the now failed ceasefire talks. Israel was only interested in a temporary ceasefire deal that would keep its troops in Gaza and see the release of half of the living Israeli captives.

    In exchange, Israel reportedly offered to allow critically needed food and aid back into Gaza, which it is obliged to do as an occupying power, irrespective of a ceasefire agreement.

    Israel also refused to commit to ending the war, just as it did in the Lebanon ceasefire agreement, while also demanding that Hamas disarm and agree to the exile of its prominent members from Gaza.

    Disarming is a near-impossible demand in such a context, but this is not motivated by a preserved arsenal that Hamas wants to hold on to. Materially speaking, the armaments Israel wants Hamas to give up are inconsequential, except in how they relate to the group’s continued control over Gaza and its future role in Palestinian politics.

    Symbolically, accepting the demand to lay down arms is a sign of surrender few Palestinians would support in a context devoid of a political horizon, or even the prospect of one.

    While Israel has declared Hamas as an enemy that must be “annihilated”, the current right-wing government in Israel doesn’t want to deal with any Palestinian party or entity.

    The famous “no Hamas-stan and no Fatah-stan” is not just a slogan in Israeli political thinking — it is the policy.

    Golden opportunity for mass ethnic cleansing
    This government senses a golden opportunity for the mass ethnic cleansing of Palestinians and the annexation of Gaza and the West Bank — and it aims to seize it.

    Hamas’s chief negotiator Khalil al-Hayya recently said that the movement was done with partial deals. Hamas, he said, was willing to release all Israeli captives in exchange for ending the war and Israel’s full withdrawal from Gaza, as well as the release of an agreed-on number of Palestinian prisoners.

    But the truth is, Hamas is running out of options.

    Netanyahu does not consider releasing the remaining Israeli captives as a central goal. Hamas has no leverage and barely any allies left standing.

    Hezbollah is out of the equation, facing geographic and political isolation, demands for disarmament, and the lethal Israeli targeting of its members.

    Armed Iraqi groups have signalled their willingness to hand over weapons to the government in Baghdad in order not to be in the crosshairs of Washington or Tel Aviv.

    Meanwhile, the Houthis in Yemen have sustained heavy losses from hundreds of massive US airstrikes. Despite their defiant tone, they cannot change the current dynamics.

    Tehran distanced from Houthis
    Finally, Iran is engaged in what it describes as positive dialogue with the Trump administration to avert a confrontation. To that end, Tehran has distanced itself from the Houthis and is welcoming the idea of US investment.

    The so-called Arab plan for Gaza’s reconstruction also excludes any role for Hamas. While the mediators are pushing for a political formula that would not decisively erase Hamas from Palestinian politics, some Arab states would prefer such a scenario.

    As these agendas and new realities play out, Gaza has been laid to waste. There is no food, no space, no hope. Only despair and growing anger.

    This chapter of the genocide shows no sign of letting up, with Israel under no international pressure to cease the bombing and forced starvation of Gaza. Hamas remains defiant but has no significant leverage to wield.

    In the absence of any viable Palestinian initiative that can rally international support around a different dialogue altogether about ending the war, intervention can only come from Washington, where the favoured solution is ethnic cleansing.

    This is a dead-end road that pushes Palestinians into the abyss of annihilation, whether by death and starvation or political and material erasure through mass displacement.

    Nour Odeh is a political analyst, public diplomacy consultant, and an award-winning journalist. She also reports for Al Jazeera. This article was first published by The New Arab and is republished under Creative Commons.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Asia-Pac: Firing practice for May 2025

    Source: Hong Kong Government special administrative region

    Firing practice for May 2025————————————–

    DateMay 3 (Saturday)
    May 6 (Tuesday)
    May 7 (Wednesday)
    May 8 (Thursday)
    May 9 (Friday)
    May 10 (Saturday)
    May 12 (Monday)
    May 13 (Tuesday)
    May 14 (Wednesday)
    May 15 (Thursday)
    May 16 (Friday)
    May 17 (Saturday)
    May 19 (Monday)
    May 20 (Tuesday)
    May 21 (Wednesday)
    May 22 (Thursday)
    May 23 (Friday)
    May 24 (Saturday)
    May 26 (Monday)
    May 27 (Tuesday)
    May 28 (Wednesday)
    May 29 (Thursday)
    May 30 (Friday) 8am-9pm
    8am-9pmTsing Shan Firing Range
    ——————————-

    DateMay 3 (Saturday)
    May 6 (Tuesday)
    May 7 (Wednesday)
    May 8 (Thursday)
    May 9 (Friday)
    May 10 (Saturday)
    May 12 (Monday)
    May 13 (Tuesday)
    May 14 (Wednesday)
    May 15 (Thursday)
    May 16 (Friday)
    May 17 (Saturday)
    May 19 (Monday)
    May 20 (Tuesday)
    May 21 (Wednesday)
    May 22 (Thursday)
    May 23 (Friday)
    May 24 (Saturday)
    May 26 (Monday)
    May 27 (Tuesday)
    May 28 (Wednesday)
    May 29 (Thursday)
    May 30 (Friday) 8am-9pm
    8am-9pm Issued at HKT 11:00

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Water charge enforcement enhanced

    Source: Hong Kong Information Services

    The Water Supplies Department (WSD) said today that the efficiency of its enforcement against overcharging of tenants living in sub-divided units (SDUs) for water has been significantly enhanced following the enactment of a legislative amendment.

    The Waterworks (Amendment) Ordinance 2024 empowered the WSD and the Rating & Valuation Department (RVD) to exchange information, thereby enabling a more effective inspection process. The WSD now handles cases that could not be followed up in the past.

    As of today, since the enactment of the amended ordinance on April 19 last year, the WSD has completed 280 investigations into suspected overcharging tenants for water in SDUs.

    Of these, a total of 21 cases were prosecuted, resulting in convictions with fines, while a number of other cases are currently at the prosecution stage.

    The WSD said this represents an increase of between five and six times compared to the 40-plus cases per year before the enactment of the amended ordinance. Moreover, the conviction rate exceeds the previous average of about six per year by between three and four times.

    Meanwhile, with its new enforcement powers allowing the WSD to compel relevant parties to provide information or documents, including receipts for water charges or payment records, for investigation, landlords’ response rate has grown from 10% in the past to about 90% recently.

    The WSD added that it has successfully prosecuted several landlords and WSD-registered consumers for failing to provide the requested information or documents.

    MIL OSI Asia Pacific News

  • MIL-OSI USA: Governor Newsom proclaims Day of Remembrance of the Armenian Genocide

    Source: US State of California 2

    Apr 24, 2025

    Sacramento, California – Governor Gavin Newsom today issued a proclamation declaring April 24, 2025 as “Day of Remembrance of the Armenian Genocide.”

    The text of the proclamation and a copy can be found below:

    PROCLAMATION

    On April 24, 1915, the Ottoman Empire began its systematic genocide of Armenian people, a minority group that had long been treated as second-class citizens. The Armenian Genocide began with the forced deportation and murder of hundreds of Armenian intellectuals and community leaders and ended with the deaths of 1.5 million men, women, and children. It was the first genocide of the 20th century. Armenians around the world continue to face targeted persecution, evidenced by the recent violence towards over 120,000 indigenous Christian Armenians from Artsakh in 2023.

    As we remember the victims and survivors on this somber anniversary, we honor the strength and resilience of the Armenian people, who have built new lives and thriving communities in all corners of the globe. Thousands made their homes in California, and we are immeasurably greater for their contributions. 

    Shamefully, this community continues to be the target of hateful acts that too often go unreported. These, and other ongoing threats to the Armenian people, are painful reminders of the need to not only learn the lessons of history but also to redouble efforts to address discrimination and violence. California is taking action to confront racial, ethnic, and religious hate through enhanced security at houses of worship and other at-risk cultural centers, anti-hate programs that promote tolerance and support victims, an anonymous reporting hotline for victims and witnesses of hate acts, and other resources.

    California is committed to continuing this work to protect the safety and well-being of all our communities. Let us recommit ourselves to remembering the painful lessons of the past and always speaking out against hatred and atrocities anywhere they occur.

    NOW THEREFORE I, GAVIN NEWSOM, Governor of the State of California, do hereby proclaim April 24, 2025 as “Day of Remembrance of the Armenian Genocide.”

    IN WITNESS WHEREOF I have hereunto set my hand and caused the Great Seal of the State of California to be affixed this 18th day of April 2025.
     

    GAVIN NEWSOM
    Governor of California

    ATTEST:
    SHIRLEY N. WEBER, Ph.D.
    Secretary of State

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  • MIL-OSI USA: Ahead of peak fire season, California adds second C-130 airtanker to world’s largest aerial firefighting fleet

    Source: US State of California 2

    Apr 24, 2025

    What you need to know: California’s second C-130 Hercules airtanker is ready for firefighting operations, adding to the state’s arsenal that stands ready to protect communities from catastrophic wildfire.

    SACRAMENTO – With peak fire season on the horizon, Governor Gavin Newsom today announced the state’s second C-130 Hercules (C-130H) airtanker is now ready for firefighting operations. This strengthens California’s ability to protect communities from catastrophic wildfire, adding to the largest aerial firefighting fleet in the world. 

    Last year, California became the first state in the nation to own, operate, and deploy a C-130H airtanker for wildfire suppression. The first C-130H was a critical part of the state’s firefight in Los Angeles earlier this year. Since it went into operation, the tanker has flown 90 missions responding to 36 fires and dropping 253,702 gallons of retardant.  

    Tanker 121, a former United States Coast Guard aircraft, has been officially placed into CAL FIRE service today after undergoing precise and critical modifications. This is the second of seven planned C-130H airtankers, and is a mission-critical asset in an era of increased year-round wildfire frequency and intensity. 

    These large-capacity, highly specialized aircraft deliver significant volumes of fire retardant in a single mission, enhancing CAL FIRE’s ability to protect communities and natural resources. 

    Governor Newsom — in partnership with U.S. Senator Alex Padilla, the late U.S. Senator Dianne Feinstein, and Representative Ken Calvert — spearheaded this initiative for California to take on ownership of these aircraft, speed up the time to have them flying firefighting operations in California, and expand CAL FIRE’s firefighting capabilities.

    At a hangar in Sacramento, the Governor joined CAL FIRE Chief Joe Tyler, firefighting personnel, and those who helped make the C-130H possible to celebrate the milestone.  

    The largest aerial firefighting force in the world is getting even bigger. Thanks to our champions in Congress – Senator Padilla, Representative Calvert, and the late, great Senator Feinstein – California’s second C-130 airtanker is ready to take flight, just in time ahead of peak fire season.

    Governor Gavin Newsom

    Today, the Governor also received a demonstration of CAL FIRE’s new C-130H simulator – the only one of its kind in the nation owned by a fire department. The simulator helps train pilots and engineers specifically for C-130 firefighting missions.  

    The journey to integrate the C-130H aircraft into CAL FIRE’s fleet began in 2018 when California secured approval to acquire seven of these aircraft from the Coast Guard. President Joe Biden signed legislation in late 2023, officially transferring ownership of the seven C-130H aircraft to the state, where CAL FIRE would complete the work of retrofitting the aircraft for wildfire suppression operations.

    “The completed transfer of federal C-130 airtankers to CAL FIRE is equipping California’s firefighters with significantly expanded capabilities to protect vulnerable communities from wildfires and save lives,” said Senator Padilla. “Pushing the Air Force to complete this transfer has been a top priority of mine since I joined the Senate, which is why I worked to pass legislation to get it done as quickly as possible. As we saw with the first retrofitted aircraft fighting the Los Angeles fires, these powerful planes will enable California to respond to wildfires more quickly and effectively as we face more extreme conditions and increasingly devastating disasters.”

    “The C-130 Hercules aircraft that have been transferred from the federal government to CAL FIRE are game changing additions to our wildfire response aviation arsenal,” said Representative Calvert. “Our bipartisan efforts to secure the C-130s are an important step in better protecting Californians from dangerous wildfires. I look forward to all seven of the C-130s being operational and deployed across California in the near future.”

    CAL FIRE’s C-130 program involved substantial contributions from multiple partners. The United States Air Force and the United States Coast Guard provided support in maintaining these aircraft, including the replacement of inner and outer wing boxes and essential spare parts. Following their arrival at CAL FIRE Aviation Headquarters, the aircraft underwent extensive modifications, including the installation of a 4,000-gallon tank and a sophisticated retardant delivery system (RDS). 

    “Placing the second C-130H airtanker into service is another milestone in ensuring Californians are protected from the growing threat of wildfire,” said CAL FIRE Director and Fire Chief Joe Tyler. “This addition strengthens our aerial firefighting capabilities and demonstrates our continued commitment to safeguarding lives, property, and natural resources across the state.”

    Building on unprecedented progress 

    Even before this, California had built up the largest aerial firefighting fleet in the world, including the recently added – and night-time capable – firefighting Fire Hawk helicopters. These new C-130Hs will be strategically located throughout the state at CAL FIRE bases to mobilize when needed, adding to the helicopters, other aircraft, and firefighters ready to protect Californians. This follows California’s leadership in utilizing innovation and technology to fight fires smarter, leveraging artificial intelligence (AI), satellites, and more for wildfire detection, projection, and suppression.

    In addition to nearly doubling the state’s budget for CAL FIRE in recent years, the state has also dramatically increased work to prevent wildfire. While 57% of California’s forests are federally managed, the state government manages only 3% of the forestland. On state land, more than 2,200 projects are complete or underway, and in recent years, California has treated nearly 2 million acres – made possible by scaling up investments to 10 times the amount from when the Governor took office in 2019.

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  • MIL-OSI: Best Crypto Casinos 2025: JACKBIT, Rated as Best Bitcoin Casino Without Verification & Fast Payout

    Source: GlobeNewswire (MIL-OSI)

    LARNACA, Cyprus, April 25, 2025 (GLOBE NEWSWIRE) — Crypto casinos will thrive in 2025, but not every platform will deliver the same experience. After evaluating dozens of online casino sites, JACKBIT rises above the rest with its generous bonuses, cutting-edge games, lightning-fast registration, and no-KYC requirement.

    In this guide, we’ll break down its key strengths and weaknesses, welcome bonuses, and why it’s one of the top crypto casinos of the year.

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    As one of the top-rated Bitcoin casinos in 2025, JACKBIT prioritizes player security and delivers a seamless, responsible gaming environment. Add in $10,000 in weekly giveaways, 10,000 free spins every week, BTC 10 cashback every week, and a cutting-edge crypto sportsbook, and it’s clear: JACKBIT isn’t just another online casino—it’s a full-scale crypto entertainment destination.

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    Why We Chose JACKBIT as the Best Crypto Casino

    Integrating an intuitive game interface with an extensive gaming library, comprising more than 7000 games, along with an irreplaceable crypto-friendly environment, offering players a privacy-oriented, low-cost, and high-speed gambling experience, JACKBIT casino has quickly gained popularity since its launch in 2022. Licensed under the Curacao Gaming Control Board, this casino boasts a variety of games, including classic brick-and-mortar games to high-performance games from well-known developers like Pragmatic Play, NetEnt, and Microgaming.

    Supporting different cryptocurrencies, JACKBIT casino streamlines its withdrawal and deposit process, making it easy for players to claim their winnings without hassles. Offering a secure platform for gambling while ensuring a unique and tangible reward system through bonuses and promotions, this crypto casino gives players a top-notch gameplay experience; once you log in, rare are the chances to get away.

    Licensing & Regulation at JACKBIT Crypto Casino

    • Operates with a legitimate license under the Curacao Gaming Control Board

    JACKBIT casino is licensed under the renowned licensing body for crypto casinos, the Curacao eGaming License. Unlike crypto casinos that prefer less stringent regulators, adhering to one of the strong and well-known regulatory bodies highlights JACKBIT’s commitment towards players, ensuring protection and compliance with law.

    Integrating SSL encryption technology with its security system, the platform offers provably fair games, ensuring all games are fair and not manipulated by the casino. Eliminating the need for KYC verification, where players are required to provide their personal and financial information to enable gambling, JACKBIT promotes private and anonymous gambling.

    JACKBIT Casino Game Library
    A wide collection of games from popular and established game developers, such as roulette, poker, baccarat, blackjack, live dealer games, and progressive slots. JACKBIT casino is known for its extensive game library, offering more than 7,000 games, including games from over 80 renowned developers such as Pragmatic Play. This casino gives players a wide selection to choose from.

    The fast and sleek interface delivers a unique gaming experience, irrespective of whether you play on desktop or mobile devices. From traditional slots to live dealer games and exclusive crypto games, JACKBIT has at least one game for every crypto enthusiast.

    Game Category Popular Games
    Slots 7,000 slots, including retro-3 reel fruit slots to modern 5 reel video slots. Book of the Dead and Gates of Olympus are two popular slots available.
    Blackjack Multiple blackjack variants from popular providers covering classic blackjack, multi-hand, and VIP blackjack tables.
    Roulette European and American roulette, along with French and Auto roulette variants.
    Poker Caribbean Stud, Three-card poker, and Jacks or Better.
    Live Casino Games Live games from Pragmatic Live and Evolution Ezugi
    Crash and Instant Games Plinko, Aviator, Mines, Dice, and more
    Jackpot games Progressive jackpots

    JACKBIT Bonus and Promotions

    Whether you are a seasonal player or a high roller, JACKBIT Casino’s exciting bonuses and promotions meet your demands. With a unique rakeback system, delivering up to 30% for player losses, it boosts players’ confidence to play the game even after a loss. While some renowned slots offer free spins, sports betting players can make use of free bets; there’s a variety of bonuses tailored to every player’s needs.

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    In addition to welcome bonuses and free spins, loyal players are rewarded with up to $10,000 in cash prizes and 10,000 free spins every week. The VIP players also get access to VIP tier levels, exclusive events, and perks, providing an enhanced reward opportunity.

    The withdrawal speed and limits are high for VIP players compared to other random players. The transparent and generous rakeback system puts the player’s money back into their pocket, daily, weekly, or monthly, based on their activities.

    Payment Options at JACKBIT Casino

    JACKBIT consists of multiple payment options, including cryptocurrency transactions and fiat payments. JACKBIT casino is not just a crypto casino; players can choose modern transactions like crypto or utilize traditional banking methods.

    Traditional payment methods include MasterCard, while crypto transactions include BTC, ETH, XRP, LTC, USDT, BNB, DASH, BCH, DOGE, XMR, TRX, MATIC, DAI, SHIBA, LINK, CARDANO, USDC, SOL, and BUSD.

    Maximum Payout and Payout Speed

    Instant deposits and faster withdrawals, with low fees and no KYC requirement.

    Lining up with the player sentiments to not lose their portion of winnings on transaction fees, JACKBIT sets the payout fees at a minimum, giving players their maximum winnings from the game.

    Cryptocurrencies being the main medium of transactions, JACKBIT casino promotes instant deposits and withdrawals, enhancing the overall gameplay without interruptions and delayed waiting time. Under the terms and conditions, the average withdrawal time is 1 to 10 minutes.

    User Experience at JACKBIT Casino

    • Mobile-friendly user interface with sleek design and faster loading times.

    The design and appearance of JACKBIT casino are incredible, from vibrant graphics to attractive tables and captivating color themes, everything adds to the engaging gambling adventure. The JACKBIT casino has a mobile-friendly interface, giving players seamless navigation and faster loading times. The casino operates on all iOS and Android devices, letting players play their favorite casino games from every corner of the world.

    Also, the instant transaction process and minimal transaction fees relieve the players and let them focus completely on games without interruptions or the stress of high costs. The immersive gaming environment takes players to a new world, making them forget their daily life problems and issues.

    JACKBIT Casino Customer Service

    • 24/7 efficient customer service through emails, chat, and telephonic communications.

    The customer support team at JACKBIT casino deserves appreciation; they deliver users crisp and clear information within a few seconds or minutes, depending on the rarity of the queries. The customer service agents are well-informed about their duties, and whether the question is about the game, deposit features, VIP programs, or anti-money laundering policies of the casino, the team has the answers. Offering a smooth and enjoyable customer service, through mail, chat, and live telephonic conversions, JACKBIT clears all your queries precisely and accurately in no time.

    Responsible Gambling Tools at JACKBIT Casino

    Exclusive responsible gambling tools, including self-exclusion programs like cooling-off periods, to prevent players from gambling addiction. Casino games can be addictive at times, preventing players from staying away from the game even if they want to.

    Being one of the reputable and trusted casinos, JACKBIT offers players unique responsible gambling tools, putting a boundary on their gambling thirst, helping them to quit from their game when they can’t afford to lose.

    Responsible gambling tools Uses
    Deposit limits Prevents players from gambling outside their budgets
    Loss limits Controls how much a player is willing to lose over a specific period of time
    Session time limits Puts a limit on the time a player remains active
    Wagering limits Determines how much a player can bet over a specific timeframe
    Cooling-off periods Let players take a break from gambling by temporarily inactivating their accounts.
    Reality checks Reminds players how long they have been playing through pop-up messages

    Countries Restricted

    JACKBIT is available in most countries; however, restricted in some countries with strict gambling rules. With different gambling laws in different countries aligned with their cultural, economic, and social factors, JACKBIT casino is available in some countries while restricted in others.

    The casino delivers its services to most countries; however is restricted in Belarus, Burma, Cuba, Curacao, Ivory Coast, Democratic Republic of Congo, Iraq, Iran, Israel, Liberia, Netherlands, Russia, Sudan, Syria, and Zimbabwe.

    • However, by using VPN services, players from these restricted countries can access the platform.

    Pros and Cons of JACKBIT Casinos
    Like every coin has two sides, JACKBIT casino has both pros and cons, players have to effectively balance these two attributes to make a maximum profit out of their winnings.

    ✅Pros ❌Cons
    Mobile-friendly design No traditional fiat payment available
    Support multiple cryptocurrencies Restricted to some countries
    Impressive rakebacks on every deposit  
    Wide collection of games  
    Attractive bonuses, including 100 free spins on first deposit  
    No KYC requirement  
    Fast withdrawal and low transaction fees  
    A wide range of betting options is available  

    How to Sign Up for the JACKBIT Crypto Casino? Step By Step

    Signing up for JACKBIT Casino is easy, safe, and hassle-free. Since players don’t have to verify KYC documents, the process gets completed in a few steps with less time involved. Below is the step-by-step guide to get signed up for the JACKBIT Crypto casino.

    • Visit the official website

    To start playing at the JACKBIT casino, players have to navigate to the official website and complete the signup process. Signup includes entering the name, email address, and area of residence. Secure your account with a strong password and choose your preferred currency for gambling.

    • Make the first deposit

    Once the signup is completed, go to the wallet section. Select your preferred deposit methods from the collection of deposit methods available, including Bitcoin, Tether, USDT, or any other crypto. Follow the instructions and complete the deposit process. Also, don’t forget to claim the 30% rakeback and 100 free spins first deposit bonuses.

    • Play your favorite games

    After the deposit is confirmed, players can choose the games from the gaming library. Whether slots, table games, or live dealer games, select the game of your preference and enjoy a safe and secure gaming experience at JACKBIT.

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    Tips for an Enjoyable and Safe Gambling Experience at JACKBIT Casino

    Online casinos are indeed an advantage, from travelling miles to play their favorite casino games, now players can enjoy games at their fingertips, all with a network connection and a compatible device. The rise of crypto casinos has even eased the gambling process, allowing players to stay anonymous while taking part in instant and low-cost gambling transactions.

    However, there are certain things players have to keep in mind while gambling at crypto casinos.

    • Protect your personal and financial data

    Though crypto casinos don’t ask for personal information, being a platform prone to scams and risks, the chances are high that your data can be manipulated. Players have to protect their information with strong passwords and encryption technologies like two-factor authentication, preventing hackers from accessing their accounts. Never share private keys or recovery phrases of your custodial wallets with anyone.

    • Diversify Assets

    Cryptocurrencies are highly volatile assets; their price fluctuates within minutes, sometimes resulting in significant losses. To mitigate the impact of losses, players are instructed to diversify their deposits, ie, instead of sticking only on one cryptocurrency, utilize different cryptocurrencies for their gambling needs, so that players can avoid the huge losses from price volatility.

    • Secure your account from Phishing and other scams

    Crypto casinos are widely exploited by hackers. Stop responding to unauthorized and uninvited emails that ask for personal or financial information. It is important to note that reliable and trustworthy casinos never ask for personal information through illegitimate sources. If you have suspicions about scams, contact your casino customer service and take adequate steps to prevent losing money.

    • Responsible gambling is the key to success

    The chances are high that players get into the allure of casino games and fail to go back even if they wanted to. Gambling causes addiction, and players have to practice responsible gambling for long-term wins and profits. Chasing losses is the act of desperados, and it is advised not to gamble money that you can’t afford a lose.

    Also, make use of the responsible gambling tools at JACKBIT casino, like deposit limits, loss limits, reality checks, and cooling-off periods, to get rid of the addictive nature of gambling.

    Conclusion: Why JACKBIT Casino is the Best Crypto Casino in 2025?

    Offering players a wide collection of games, robust security, mobile-friendly design, exclusive bonuses, and promotions, along with instant and low-cost payments through cryptocurrency transactions, JACKBIT casino stands at the top of the best crypto casinos. Perfectly blending privacy, security, game varieties, and bonus features in a way many other casinos fail to line up, JACKBIT casino delivers players a unique and thrilling gambling experience.

    Whether to hit the casino table, spin the wheel, or take part in live dealer games, JACKBIT casino is your go-to game hub, irrespective of your game experience. Sign up for the JACKBIT casino and explore the games and bonuses for your best gambling adventure in 2025.

    Frequently Asked Questions

    1. Is JACKBIT a legit gambling platform?
    Yes. JACKBIT is a legal crypto casino licensed under the Curacao eGaming License. Players can gamble safely, securely, and anonymously at JACKBIT casino, making it one of the best crypto casinos to play in 2025.

    2. What are the games available at JACKBIT crypto casino?
    From classic table games like baccarat, roulette, blackjack, and poker to live dealer games and progressive slots, there is at least one game for everyone.

    3. Can I play at JACKBIT crypto casino without KYC documents?
    Yes, you can play at JACKBIT casino without KYC, helping you stay anonymous while gambling.

    4. What are the different bonuses available at JACKBIT casino?
    100 free spins are received as welcome bonuses, and every player gets a 30% rakeback along with weekly $10,000 bonuses and 10,000 free spins.

    5. Is JACKBIT available in all countries?
    JACKBIT casino service is available in most countries; however is restricted to Belarus, Burma, Cuba, Curacao, Ivory Coast, Democratic Republic of Congo, Iraq, Iran, Israel, Liberia, Netherlands, Russia, Sudan, Syria, and Zimbabwe players. You can use any VPN to address some sort of connection problems in some countries.

    Emailsupport@jackbit.com

    Disclaimers and Affiliate Disclosure

    1. General Disclaimer
      This content is for informational purposes only and not legal or financial advice. Information is based on research available at the time of writing. Verify details independently before acting.
    2. Gambling Disclaimer
      Online gambling involves risk and may not be suitable for everyone. Ensure you meet the legal age and follow your local laws. We do not promote gambling, and participation is at your own risk. JACKBIT is a third-party site; we are not responsible for any issues.
    3. Affiliate Disclosure
      We may earn a commission through affiliate links at no extra cost to you. Our reviews remain unbiased, and we only recommend services we trust. Please do your own research before making any decisions.

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