US Senate News:
Source: United States Senator Pete Ricketts (Nebraska)
April 24, 2025
OMAHA, NE – Today, U.S. Senator Pete Ricketts (R-NE) issued the following statement in response to a deadly terror attack in Kashmir:
“As President Trump has said, the United States stands strong with India against terrorism. Prime Minister Modi and the Indian people are in my prayers as they mourn this horrific attack.”
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Source: Reserve Bank of India
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US Senate News:
Source: United States Senator for Connecticut – Chris Murphy
WASHINGTON—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) and U.S. Representatives John Larson (D-Conn.-01) and Jahana Hayes (D-Conn.-05) joined a coalition of over 100 Congressional Democrats in writing to the Acting Commissioner of the Social Security Administration (SSA), Leland Dudek, to demand that he keep Social Security field offices open. Americans will also deliver the letter in-person to Social Security field offices across the country today, in a show of support for Social Security workers and the services they provide.
Multiple reports have revealed that Elon Musk’s Department of Government Efficiency (DOGE) directed SSA to close field offices across the country — only to reverse course after public backlash and deny the plans altogether. Given the lack of transparency surrounding the status of field offices nationwide, the lawmakers pressed Dudek to ensure that DOGE does not close the offices that so many Social Security beneficiaries rely on for services and assistance.
Approximately 170,000 Americans visit a Social Security field office for assistance with Social Security benefits each day. Elon Musk’s Department of Government Efficiency (DOGE) has threatened to close dozens of these offices as part of its attack on the SSA. In Connecticut, this could affect field offices in Hartford, Bridgeport, Waterbury, Willimantic, New London, New Haven, New Britain, Stamford, Meriden, Torrington, Danbury, Ansonia, East Hartford, Middletown, and Norwich.
“[B]eneficiaries need the opportunity to seek assistance from SSA in person…Closing any of these field offices will make it harder for individuals to access their benefits,” the lawmakers wrote.
The lawmakers include a list of every SSA field office across the country and press Dudek to commit to keeping every single one of them open.
On Thursday, Social Security Works, Indivisible, P Street, and AFGE organized volunteers to deliver copies of the lawmakers’ letter to field offices across the country — in blue, red, and purple counties — in support of the field offices and their staff. Volunteers plan to visit at least 50 offices in Arizona, Nebraska, California, New Jersey, Colorado, Nevada, Florida, New York, Georgia, Ohio, Illinois, Oregon, Indiana, Tennessee, Kentucky, Virginia, Massachusetts, Vermont, Maryland, Washington, Michigan, Wisconsin, and North Carolina.
The initiative is part of Senate Democrats’ Social Security War Room, a coordinated effort to fight back against the Trump administration’s attack on Americans’ Social Security. The War Room coordinates messaging across the Senate Democratic Caucus and external stakeholders; encourages grassroots engagement by providing opportunities for Americans to share what Social Security means to them; and educates Senate staff, the American public, and stakeholders about Republicans’ agenda and their continued cuts to Americans’ Social Security services and benefits.
U.S. Senators Elizabeth Warren (D-Mass.), Ron Wyden (D-Ore.), Kirsten Gillibrand (D-N.Y.), Chuck Schumer (D-N.Y.), Angela Alsobrooks (D-Md.), Tammy Baldwin (D-Ill.), Cory Booker (D-N.J.), Maria Cantwell (D-Wash.), Chris Coons (D-Del.), Tammy Duckworth (D-Ill.), Richard Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), Mazie Hirono (D-Hawaii), Chris Van Hollen (D-Md.), Tim Kaine (D-Va.), Mark Kelly (D-Ariz.), Andy Kim (D-N.J.), Angus King (I-Me.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Edward J. Markey (D-Mass.), Jeff Merkley (D-Ore.), Patty Murray (D-Wash.), Alex Padilla (D-Calif.), Jack Reed (D-R.I.), Lisa Blunt Rochester (D-Del.), Bernie Sanders (I-Vt.), Brian Schatz (D-Hawaii), Adam Schiff (D-Calif.), Jeanne Shaheen (D-N.H.), Elissa Slotkin (D-Mich.), Tina Smith (D-Minn.), Mark Warner (D-Va.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.) also signed the letter.
U.S. Representatives Pete Aguilar (D-Calif.), Jake Auchincloss (D-Mass.), Becca Balint (D-Vt.), Sanford Bishop (D-Ga.), Brendan Boyle (D-Pa.), Julia Brownley (D-Calif.), Salud Carbajal (D-Calif.), Troy Carter (D-La.), Greg Casar (D-Texas), Judy Chu (D-Calif.), Gilbert Cisneros (D-Calif.), Yvette Clarke (D-N.Y.), Emanuel Cleaver (D-Mo.), Steve Cohen (D-Tenn.), Danny Davis (D-Ill.), Chris Deluzio (D-Pa.), Lloyd Doggett (D-Texas), Sarah Elfreth (D-Md.), Veronica Escobar (D-Texas), Valerie Foushee (D-N.C.), Lois Frankel (D-Fla.), Robert Garcia (D-Calif.), Sylvia Garcia (D-Texas), Daniel Goldman (D-N.Y.), Maggie Goodlander (D-N.H.), Jared Huffman (D-Calif.), Hank Johnson (D-Ga.), Julie Johnson (D-Texas), Sydney Kamlager-Dove (D-Calif.), Marcy Kaptur (D-Ohio), Robin Kelly (D-Ill.), Greg Landsman (D-Ohio), John Mannion (D-N.Y.), Doris Matsui (D-Calif.), Jennifer McClellan (D-Va.), Betty McCollum (D-Minn.), LaMonica McIver (D-N.J.), Grace Meng (D-N.Y.), Dave Min (D-Calif.), Gwen Moore (D-Wis.), Jared Moskowitz (D-Fla.), Jerrold Nadler (D-N.Y.), Eleanor Holmes Norton (D-D.C.), Ilhan Omar (D-Minn.), Frank Pallone (D-N.J.), Delia Ramirez (D-Ill.), Josh Riley (D-N.Y.), Deborah Ross (D-Pa.), Andrea Salinas (D-Ore.), Linda Sanchez (D-Calif.), Mikie Sherrill (D-N.J.), Debbie Wasserman Schultz (D-Fla.), Darren Soto (D-Fla.), Melanie Stansbury (D-N.M.), Bennie Thompson (D-Miss.), Rashida Tlaib (D-Mich.), Jill Tokuda (D-Hawaii), Norma Torres (D-Calif.), Ritchie Torres (D-N.Y.), Mary Gay Scanlon (D-Pa.), Marc Veasey (D-Texas), Nydia Velázquez (D-N.Y.), and Frederica Wilson (D-Fla.) also signed the letter.
Full text of the letter is available HERE.
Source: Panasonic
Headline: Biosensory Dome (Spatial Design)—Digitally Expressing the Healing Powers of Nature
Mikako Miura
Solution Development Division,Electric Works Company,Panasonic Corporation
Yoshiteru Hara
Expo 2025 Osaka, Kansai,Japan Promotion Committee,Panasonic Holdings Corporation
Nariaki Iwatani
anno lab Inc.
Ippo Hayashida
anno lab Inc.
Masahiro Ihara
anno lab Inc.
Co-creation as the First Step of a Slightly Lofty Challenge
Hara: This is the second time Panasonic collaborated with anno lab. The first was an exhibit with biophilia* as the overarching theme.
＊Biophilia: A concept emphasizing connectivity with nature and being in harmony with it.
Miura: Biophilia and the concept of the Earth area, a “720° cycle,” are tightly linked. That’s why we wanted to ask for anno lab’s support again in designing the Biosensory Dome.
Ihara: We usually create digital content for exhibitions in science and other museums. Although we are quite familiar with exhibits leveraging digital technology, the abstract theme of digitally recreating nature posed a rather formidable challenge.
Hara: The breadth and depth of the theme were precisely what made designing this exhibit so difficult. The other exhibits in the Earth area had a clear starting point: “How can we express the 720° cycle with this technology?” On the other hand, there were no requirements regarding technologies to be used for the Biosensory Dome.
Miura: Instead of installing real natural elements like houseplants, we were tasked to digitally reproduce nature with whatever means available. Because we had absolutely no limitations, it took us a long time to find a solution.
Hayashida: Once we found the direction to take, we received increasingly challenging requests, which communicated to me that these people are 120% serious about the exhibit. That invigorated us and made us want to reciprocate.
Iwatani: For people like us who are used to creating digital content, we can see the feasibility of a project, whether for good or for bad, at the ideation stage. If anno lab had taken on this challenge alone, we would not have been able to deliver as bold an exhibit as this one. But Panasonic pushed us outside of our comfort zone, and we watched the exhibit evolve. I could see the true value of co-creation by how the number of possibilities ballooned.
Hara: This project was initially a little above everyone’s pay grade. But I think our handiwork exceeded our expectations because we dared to challenge ourselves beyond our skill levels.
Digitally Reproducing Fog, Sunlight Filtered Through Trees, Breath, and Warmth
Ihara: After countless discussions and some failures, we finally settled on the themes of “fog and airflow” and “light and breath,” under which we are now creating exhibits.
Hayashida: I was put in charge of creating the device producing the mist. We use a machine resembling a water basin to generate mist, which we then illuminate. The result is that you can enjoy drifting mist similar to a morning fog or a sea of clouds.
Miura: Visitors can interact with the exhibit in many ways. The experience is not only visual but also tactile: they can stick their hand into the mist and stir it or blow on it. What were the challenges in creating and adjusting the device?
Hayashida: Because mist is fluffy and elusive, it was tough to make it move the way we wanted it to. Particularly difficult was striking the optimal balance between retention and diffusion. If the wind were too weak, the mist would not move, and then…nothing. On the other hand, if it were too strong, the mist would look too “busy.” It took me a very long time to configure the device so that the mist would stay inside it but continue to drift around.
A device that controls the amount of mist and airflow to create an illusory drifting of fog
The Breathing Sphere expresses lifelike softness and warmth
Hara: Originally, we were only planning to control the amount of mist, but ultimately, we needed to control the airflow as well. Thanks to anno lab’s innovative solution to this difficult request, I believe we succeeded in creating an exhibit that is both natural and entertaining for visitors. The Breathing Sphere in the other dome was designed by Mr. Ihara.
Ihara: I considered the soothing effects of nature from various angles and decided on the theme of “the breathing of a child sleeping in the shade of a tree with sun rays shining through it.” The Breathing Sphere was born out of trial and error in an effort to somehow express the up-and-down motion of a child’s chest while napping in the warm sunlight.
Miura: The Breathing Sphere is a large ball with a soft texture. It is also slightly warm to the touch and expands and shrinks. It’s kind of magical, like touching a living thing or lying in the shade on a sunny day.
Ihara: In actually building the exhibit, I realized how difficult it was to create something unprecedented or with no correct answer. Our goal was to make the Breathing Sphere feel natural and comfortable to the people who saw it, and thus this goal was essentially unquantifiable. We did everything possible to design the exhibit in such a way with digital technology.
Hara: We basically experimented with many ideas, and the team members would make a decision on the best one based on their intuition. We would then find a path that might work, proceed that way, and then repeat the process.
Iwatani: My mission was to quantify the comfortable state that Mr. Ihara, Mr. Hayashida, and the other team members discovered with their senses so that we could reproduce this state digitally. I was put in charge of setting comfort parameters and controlling the equipment and programs.
Ihara: Mr. Iwatani was also responsible for controlling the lighting in the dome.
Iwatani: We are using Panasonic’s new lighting technology leveraging micro LEDs. Light usually travels in only one direction; however, the novelty of this technology is its ability to control light so that you can illuminate multiple directions with a single light source or create dynamic lighting effects. Since it is not yet on the market, we held numerous discussions with the developers to find the most effective way to use it.
Miura: We explored the comfort of nature through a very hands-on approach—depending on people’s senses. Once we had a clue, we digitally reproduced the state and then observed it again with our senses. We switched back and forth between analog and digital approaches every day as we sought the best way to fashion the exhibit.
Ihara: We simply “arrived” at the current design through trial and error, rather than moving forward with a clear goal in mind.
How Do You Play with This and What Do You Feel? Leaving the Answers to Children
Hara: Because we focused on how it would resonate with people’s intuition or feelings, the exhibit was not designed with an agenda like “This is how we want you to feel” or “That is how you should experience it.”
Miura: Of course, we offer sensory stimuli that most people would find comfortable and pleasant, but some kids may dislike the sensations, and that’s okay. What’s more important is that children be connected to how they feel, whether it’s pleasant or uncomfortable.
Hara: When I visited the Biosensory Dome, I got a pleasant feeling from seeing Ms. Miura grinning as she touched the Breathing Sphere. I newly discovered that we can enjoy multisensory stimulation through not only touching the Breathing Sphere and mist but also watching people having fun with them.
Miura: I want children to freely explore without worrying about rules or guidelines when interacting with the Biosensory Dome. If I can convey through this exhibit the notion that there are a thousand different ways to have fun, and experiences vary from person to person, then I will have achieved my goal.
Ihara: To me, the Biosensory Dome is like a sandbox. You can build a castle, dig a river, or just listen to the whisper-like sound of sand falling. It would be great if everyone could freely explore like that. But if it’s too free, some kids start wondering, “Where can I start?” That is why we wanted to provide some gimmicks to stimulate their curiosity. They can at least start from stirring the mist or touching the Breathing Sphere.
Iwatani: It’s only adults who try to manipulate certain feelings in children, whether it be through exhibits, interactive experiences, or play. Children don’t look back on every fun and new experience, or try to put into words their accomplishments or events that lead to their growth, right? We want children to play like children. Having said that, it would be nice if kids could sense that somebody behind the scenes created these natural experiences. For example, you get comforted by the sight of sunshine penetrating tree leaves or sitting around a fire. But behind those natural experiences, there was someone who planted the tree or lit the fire. It is my hope that children can sense that, even if only vaguely.
Hayashida: I would be happy if the Biosensory Dome struck a chord not only with small children but also with teenagers. Naturally, I want them to experience the beauty and comfort in what we created, but it is also my hope that they would take it a step further and see the ingenuity in reproducing nature with digital technology, or ask questions like “How did they do it?” “Who are the people that made this?” It would be wonderful if both their senses and their intellect were stimulated, and that some would be inspired to choose engineering or manufacturing as their career.
Hara: I really look forward to seeing how children let their imagination run free in this unrestricted space.
Source: Panasonic
Headline: Cellulose Fiber kinari—
Plant-Derived Biodegradable Molding Material
Hideo Yamamoto
R&D Management Department, Mold & Die Technology CenterManufacturing Innovation DivisionPanasonic Holdings CorporationManagement Department, Mold & Die Business CenterPanasonic Production Engineering Co., Ltd.
Shin Obinata
CEO, sekisai inc.
Rie Noritake
Organizer,100BANCH
Eagerness to See What Would Happen Led to Our Collaboration
Noritake: My curiosity sparked a new collaboration when I wondered what could be created by combining kinari and sekisai’s 3D printing. I was eager to see the outcome. The team sekisai was chosen in 2020 for the GARAGE Program of the 100BANCH incubation initiative hosted by Panasonic. Although all team members were students at the time, they created beautiful pieces of work using 3D printing. Therefore, I asked them to create drinking cups for 100BANCH using kinari.
Yamamoto: We wanted to prevent the enormous quantity of paper and plastic cups used during an event from ending up as waste. However, we had only a month until the event (laughs).
Noritake: Although the schedule was tight, they created cups before the event and met our hopes for holding a sustainable event. The material kinari can be handled like plastic but has the feel and texture of a wooden material. We initially regarded kinari as only a sustainable material but then discovered its interesting features only after using it.
Yamamoto: Cellulose fiber accounts for up to 85% of kinari’s composition. Accordingly, kinari is known to be very environmentally friendly for its ability to significantly reduce the use of petroleum-derived plastic. Moreover, kinari has enhanced strength because it contains cellulose fiber, and it is highly recyclable and less prone to quality degradation when recycled.
Noritake: With its low environmental impact and high durability for extended usage, kinari is an ideal sustainable material. We assumed that its unique wooden texture would further broaden the material’s applicability, such as using it for larger objects, and this led to collaboration with sekisai.
Leaf installations made from kinari, a biodegradable material, enhancing the atmosphere of Zone 2
Excitement at Tackling the Unknown Led to an Abundant Flow of Ideas
Obinata: I was invited to the project in late 2022. Our mission is to open up the possibilities of 3D printing to people’s lives and society. Over the last two years, we attempted a variety of experiments and expressions with kinari until we achieved the creation of leaf installations. Although kinari looks and feels like wood, it offers flexibility for curvy and complex shaping.
Yamamoto: I felt excited when they first showed me 3D printed prototypes. In the initial year, I asked them to create partitions and chairs. The creation of such large items was unimaginable with conventional injection molding, which casts materials into molds. At sekisai, you are expanding the potential of 3D printing using various materials and designs. What was your impression of handling kinari, a material made mostly from wood?
Obinata: Since kinari was a completely new material for us, we had trouble at the beginning. With its specific properties, we repeatedly tested hypotheses and eventually gained the ability to handle it with high accuracy. As we groped in the dark, we consulted with the kinari team members many times.
Yamamoto: When there were things I couldn’t understand, I asked for advice by chatting within the kinari team. The team members also positively considered new trials of 3D printing. They answered my questions by approaching them with an analytical mind specific to engineers. This process literally applied the principle of making use of collective wisdom. Such a productive atmosphere arose because all of us felt this novel project was exciting.
Obinata: We forged relationships that enabled us to exchange ideas freely and openly whenever we reached an impasse in 3D printing processes. Although it was a rocky path, we were motivated to join hands and resolve all problems.
Noritake: As the coordinator, it was my top priority to create the relationships necessary to share the same goal. Hierarchical relationships cannot create new or distinctive products. On many occasions, challenges created ideas that led to new values because all team members worked together to develop quality products while maintaining pride in their own expertise.
Facilitating the Material’s Cycle along with the Hopes of All People Involved in It
Yamamoto: We were able to create very beautiful leaf installations. It was a great advance to find that kinari is usable for 3D printing, but our more important and meaningful achievement was to redefine the value behind the material. I hope that people come to understand the comprehensive background of the material’s origin and development through our leaf installations.
Noritake: Until I came to know kinari, I had thought that resins, or plastics, made no difference. However, kinari looks and feels warm, making me feel attached to it. I may have this kind of feeling because it’s a plant-derived material.
Obinata: I feel that today’s world needs warmth and imperfection unique to plant-derived materials. In industrialized modern society, we tend to shun imperfect things in an attempt to eliminate errors. As a result, our personal belongings, buildings, and towns are homogenized and standardized, losing the natural local character and warmth that creates affinity. We hope our exhibition will bring this trend into question and spread an interest in, and even amusement at, the virtue of imperfection.
Noritake: When we created a chair using kinari as a prototype, we faced a problem due to the inclusion of impurities, since kinari is a plant-derived material. Initially, we discussed ways of removing foreign materials. However, the foreign materials created textures that resembled knotty wood in the finished chair. Therefore, we came to regard such imperfection as an attractive feature.
Yamamoto: It is not technically impossible to remove impurities or smears, but we don’t want to do that for kinari. It may be considered part of our role to come up with ways of using what we receive from nature as is.
Obinata: That’s right. In today’s society, there is too much pressure to be homogeneous and error-free. However, richness dwells in inhomogeneous or uneven materials, I believe. The material kinari puts the insistence on perfection into question. We want to create products and objects that make people feel attached to appearances specific to plants and the land where the plants grew, as well as the background of the processes that gave shape to the objects in front of their eyes.
Yamamoto: Using kinari, we hope to give shape to background stories, such as how the wood and bamboo grown in people’s towns are actually formed or used, along with the passion of people who entrusted us with their materials. I believe the 720° cycle, which we must exhibit at the Expo, refers not only to a material cycle but also to conveying the hopes of the people engaged in the creation of our objects.
Leaf installations floating in the Earth area (left) made of small and soft biodegradable segments (right)
Noritake: Some materials have been discarded as waste, such as twigs and lumber remnants left at forestry sites and unmanageable overgrown plants like bamboo. It sends an important message to transform materials that were previously treated as a nuisance into something highly valuable. It makes us very happy to think that we can use something that already exists rather than something made from scratch.
Leaf installation prototypes
Obinata: Children will encounter many unknown things instead of just the familiar at this Expo. It will be fun to offer them experiences that stimulate their curiosity about things they don’t know. Aligning with our hope for the Expo, our exhibits will be recycled after the exhibition to create other things. Thus, we will be able to say our project was successful only after the recycling is achieved. I hope we hear someone saying, “This object was made using the exhibits displayed at Expo 2025,” at yet another Expo in Japan after a few decades.
Yamamoto: That would be great. I hope that kinari takes root as a seed that grows into such a future.
Source: Panasonic
Headline: Biosensory Dome (Mycelium Panels)—A Space Created by the Power of Fungi
Mikako Miura
Solution Development Division,Electric Works Company,Panasonic Corporation
Yoshiteru Hara
Expo 2025 Osaka, Kansai,Japan Promotion Committee,Panasonic Holdings Corporation
Kohei Ito
BIOTA Inc.
Hironobu Tanaka
BIOTA Inc.
Kenro Hirata
Tsukiyono Mushroom World
Stimulation of Natural Textures Deepens the Relationship between Space and People
Hara: The Biosensory Dome gently stimulates the five human senses, offering experiences that reset the senses to bring healing or awaken those that have been dormant. Even before the Expo project began, Ms. Miura had been working on creating a sensory room that shares the same concept as the Biosensory Dome.
Miura: The sensory room was originally designed as a calming space for people with special needs or sensory sensitivities. Panasonic has expanded this concept into a space that offers more people moments of comfort and reset. Taking advantage of our lighting and audio technology, we have been working to create a space where people can discover their true selves.
At the center is a module made of mycelium panels
Hara: The Biosensory Dome in the Earth area is an exhibition based on the concept of the sensory room, which Ms. Miura has been developing for many years. However, it is unique in that it uses mycelium panels. How did you come up with this idea?
Miura: It all started when we wondered what it would be like to bring real nature into a space, rather than just creating a comfortable light and sound environment with technical devices. By creating a space with natural, living materials that visitors can see, touch, and smell, we hoped to stimulate a wider range of senses. So we approached BIOTA, with whom we already had a relationship, to see whether we could do something using mycelium.
Ito: At BIOTA, we apply genomic analysis to assess the diversity and balance of environmental microorganisms, and by enhancing that diversity, we aim to design societies that, for example, reduce infectious diseases and strengthen human immunity. In this context, we have made several attempts to create products with mycelium. However, we had never used mycelium to create a space. When we received this inquiry, it caused a significant debate within the company.
Hara: And the answer you came up with was mycelium panels.
Ito: Up until then, our experience had been limited to the artistic realm, such as creating objects with mycelium. That’s why we wanted to create a space in the Earth area where mycelium blends into human life—a state closer to practical application in society. We were asked to develop triangular panels that use mycelium as a building material for the dome walls.
The Biosensory Dome, featuring mycelium panels, under construction in the Earth area
Prototype and Mass Production Phases Focused on Achieving High Enough Quality for Practical Application in Society
Ito: Turning mycelium into a building material was a completely new challenge for us. We faced many difficulties before finally developing the product used in the Biosensory Dome. During the early prototyping stage, we received support from the Telostekts team, a group of students from my alma mater, Keio University, who are working on mycelium architecture. Maybe Mr. Tanaka, who designed and developed the panel, and Mr. Hirata, who supported mass production, could talk more about this part.
Tanaka: The first hurdle was the size of the panel. We had never made a product with such a large area evenly covered with mycelium. Our goal was to grow the mycelium inside triangular wooden frames so that it would spread evenly throughout the surface. However, in the beginning, we faced many problems—the mycelium did not grow enough, detached from the boards, or dried out and cracked.
Miura: How many times did you go through the prototyping process?
Tanaka: We repeated more than 30 rounds of trial and error, both large and small. We sanded the wooden frames to keep the mycelium from coming off, experimented with different temperatures and humidities to see how it would grow, and tried many other approaches.
Hara: Since Panasonic has many years of manufacturing experience, we provided rigorous feedback on the prototype. We knew we were asking for something difficult, but we also strongly felt that we couldn’t afford to compromise, since we were aiming, at a high level, to complete this unprecedented initiative in Japan of making mycelium panels truly viable as building materials.
Ito: We did not have a clear sense of the standards and the target quality level that the product needed to meet. We were grateful for the candid feedback Panasonic gave us, based on its expertise in housing construction and the development of building materials.
Hara: We did not want to end up with simply using mycelium panels for an exhibit. We believed that, in a way, it was Panasonic’s responsibility to promote this project with an eye to future commercialization and to be the first example demonstrating the possibility of using mycelium panels as a building material.
Ito: We were very happy when we completed the panels, evenly covered with mycelium, after countless discussions.
Hara: At first, we were nervous: “Will this work?” “Can we really complete this?” From that stage, we shared our ideas and worked hard together. By continuing these efforts, we eventually achieved an outstanding level of quality that everyone involved could truly be proud of. For me, this moment was the essence of cross-organizational co-creation.
Hirata: When the prototype was completed, we took the baton and moved on to the mass production phase. Tsukiyono Mushroom World normally makes mushroom beds for growing edible mushrooms. Honestly, I was surprised when our president gave us the special mission of “mass production of mycelium panels.” To us, mycelium was simply the base of mushrooms, and the idea of using it as a building material had never crossed our minds.
Miura: What was most difficult about the mass production phase, when you had to make 100 panels?
Hirata: The biggest challenge was balancing dryness and moisture to ensure that the mycelium grew evenly throughout the wooden frame. If it’s too dry, the mycelium will shrink and crack. On the other hand, if it’s too humid, it will get moldy.
Tanaka: We are very grateful for the care taken. Each panel was coated with an anti-mold agent, then covered with a protective sheet to prevent drying and to keep out contaminants.
Hirata: It was no easy task (laughs). As we struggled with making the panels, there were moments that reminded us of the profound power of nature. In growing the mycelium, we applied an anti-mold agent to prevent mold, but still, mold started growing before we noticed. I was troubled, but I also felt the strong ability of fungi and microorganisms to survive.
Ito: There were both difficult and interesting aspects of dealing with living creatures.
Tanaka: Despite the many difficulties we faced, this project’s greatest achievement was being able to go through the trial-and-error process of using mycelium as a building material—a way of directly harnessing the power of fungi for the benefit of society. A months-long exhibition at the Expo may also bring to light issues that we cannot yet see. However, these are challenges that we would inevitably have to overcome as we work toward the practical application of mycelium in society. I am excited to witness this major step toward that goal.
Ito: Mycelium has great potential as a building material. Its strength per unit weight is said to be higher than that of brick. It is also water-repellent, fire-resistant, and biodegradable, meaning it can return to the soil. Around the world, there are still very few attempts to construct buildings with such materials. Through this exhibition, I hope to gain evidence that we can show the world.
The Exhibition Expands the Senses of Children and the Potential of Natural Materials
Miura: The mycelium panel is the result of the combined efforts of the three companies. What did you think when you saw the panels installed in the Biosensory Dome?
Ito: Inside the dome, I could smell the unique scent of the mycelium, and the natural texture of the panels—each with a different color and feel—gave me the sense that the space we had envisioned would be achieved.
Hara: From the prototype stage, the level of uniformity was a key point of discussion. Ultimately, we could have created a completely white and flat mycelium panel, but we thought that doing so would lose the meaning of using mycelium in the first place.
Ito: By adopting a standard that preserves the subtle color differences of each panel and the fluffy, uneven texture that is unique to mycelium, the final product offers a true sense of nature.
Miura: I am excited to see what visitors, especially children, will take away from the natural textures we have created. I feel that in today’s world, we are surrounded by an overwhelming amount of digital information and are desperately trying to pick out what we need to live. I hope the Biosensory Dome will be a place where people can put aside this information and use their senses, such as touch and smell, to gain something and recharge their energy.
Ito: In my opinion, nature is, in fact, the stimulus that provides the greatest amount of information. The natural world is full of irregularities and ambiguity, brimming with noise in a good sense. The Biosensory Dome is a place where people can experience the processing of huge amounts of information—far greater than those of digital information—through their senses. I would be happy if visiting the dome helps open up children’s senses, and the way they see the streets they walk through and the towns they live in changes, even just a little, when they return to their daily lives.
Hara: Our generation could enjoy many natural materials in childhood, such as mud walls and tatami mats, when visiting our grandparents’ homes. As times change, such materials are gradually disappearing from our own homes. However, with the creation and practical use of products like mycelium panels, the power of natural materials is returning to our everyday lives with a fresh interpretation. As a member of Panasonic, which has been deeply involved in the production of housing and building materials in Japan, I hope this exhibition triggers such a change.
ER Report: Here is a summary of significant articles published on EveningReport.nz on April 25, 2025.
Labor takes large leads in YouGov and Morgan polls as surge continues
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne With just eight days until the May 3 federal election, and with in-person early voting well under way, Labor has taken a seven-point lead in a national
Beating malaria: what can be done with shrinking funds and rising threats
Source: The Conversation (Au and NZ) – By Taneshka Kruger, UP ISMC: Project Manager and Coordinator, University of Pretoria Healthcare in Africa faces a perfect storm: high rates of infectious diseases like malaria and HIV, a rise in non-communicable diseases, and dwindling foreign aid. In 2021, nearly half of the sub-Saharan African countries relied on
Open letter to Fijians – ‘why is our country supporting Israel’s heinous crimes in Gaza?’
Pacific Media Watch The Fijians for Palestine Solidarity Network today condemned the Fiji government’s failure to stand up for international law and justice over the Israeli war on Gaza in their weekly Black Thursday protest. “For the past 18 months, we have made repeated requests to our government to do the bare minimum and enforce
Scares and stunts in the home stretch: election special podcast
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Michelle Grattan and Amanda Dunn discuss the fourth week of the 2025 election campaign. While the death of Pope Francis interrupted campaigning for a while, the leaders had another debate on Tuesday night and the opposition (belatedly) put out its
Grattan on Friday: Coalition’s campaign lacks good planning and enough elbow grease
Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Whatever the result on May 3, even people within the Liberals think they have run a very poor national campaign. Not just poor, but odd. Nothing makes the point more strongly than this week’s release of the opposition’s defence policy.
Inside the elaborate farewell to Pope Francis
Source: The Conversation (Au and NZ) – By Carole Cusack, Professor of Religious Studies, University of Sydney ➡️ View the full interactive version of this article here. Carole Cusack 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
5 ways to tackle Australia’s backlog of asylum cases
Source: The Conversation (Au and NZ) – By Daniel Ghezelbash, Professor and Director, Kaldor Centre for International Refugee Law, UNSW Law & Justice, UNSW Sydney People who apply for asylum in Australia face significant delays in having their claims processed. These delays undermine the integrity of the asylum system, erode public confidence and cause significant
Preference deals can decide the outcome of a seat in an election – but not always
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne Every election cycle the media becomes infatuated, even if temporarily, with preference deals between parties. The 2025 election is no exception, with many media reports about preference
What is preferential voting and how does it work? Your guide to making your vote count
Source: The Conversation (Au and NZ) – By Robert Hortle, Deputy Director, Tasmanian Policy Exchange, University of Tasmania For each Australian federal election, there are two different ways you get to vote. Whether you vote early, by post or on polling day on May 3, each eligible voter will be given two ballot papers: one
Back to the fuel guzzlers? Coalition plans to end EV tax breaks would hobble the clean transport transition
Source: The Conversation (Au and NZ) – By Anna Mortimore, Lecturer, Griffith Business School, Griffith University wedmoment.stock/Shutterstock If elected, the Coalition has pledged to end Labor’s substantial tax break for new zero- or low-emissions vehicles. This, combined with an earlier promise to roll back new fuel efficiency standards, would successfully slow the transition to hybrid
Many experienced tradies don’t have formal qualifications. Could fast-tracked recognition ease the housing crisis?
Source: The Conversation (Au and NZ) – By Pi-Shen Seet, Professor of Entrepreneurship and Innovation, Edith Cowan University Once again, housing affordability is at the forefront of an Australian federal election. Both major parties have put housing policies at the centre of their respective campaigns. But there are still concerns too little is being done
This may be as good as it gets: NZ and Australia face a complicated puzzle when it comes to supermarket prices
Source: The Conversation (Au and NZ) – By Richard Meade, Adjunct Associate Professor, Centre for Applied Energy Economics and Policy Research, Griffith University Daria Nipot/Shutterstock With ongoing cost of living pressures, the Australian and New Zealand supermarket sectors are attracting renewed political attention on both sides of the Tasman. Allegations of price gouging have become
The phrase ‘fuzzy wuzzy angels’ is far from affectionate – it reflects 500 years of racism
Source: The Conversation (Au and NZ) – By Erika K. Smith, Associate Lecturer, School of Social Sciences, Western Sydney University This article contains mention of racist terms in historical context. Every Anzac Day, Australians are presented with narratives that re-inscribe particular versions of our national story. One such narrative persistently claims “fuzzy wuzzy angel” was
Why AUKUS remains the right strategy for the future defence of Australia
Source: The Conversation (Au and NZ) – By Jennifer Parker, Adjunct Fellow, Naval Studies at UNSW Canberra, and Expert Associate, National Security College, Australian National University Australian strategic thinking has long struggled to move beyond a narrow view of defence that focuses solely on protecting our shores. However, in today’s world, our economy could be
Election meme hits and duds – we’ve graded some of the best (and worst) of the campaign so far
Source: The Conversation (Au and NZ) – By T.J. Thomson, Senior Lecturer in Visual Communication & Digital Media, RMIT University As Australia begins voting in the federal election, we’re awash with political messages. While this of course includes the typical paid ads in newspapers and on TV (those ones with the infamously fast-paced “authorised by”
Markets are choppy. What should you do with your super if you are near retirement?
Source: The Conversation (Au and NZ) – By Natalie Peng, Lecturer in Accounting, The University of Queensland Shutterstock For Australians approaching retirement, recent market volatility may feel like more than just a bump in the road. Unlike younger investors, who have time on their side, retirees don’t have the luxury of waiting out downturns. A
Provocative, progressive and fearless: why Beatrice Faust’s views still resonate in Australia
Source: The Conversation (Au and NZ) – By Judith Brett, Emeritus Professor of Politics, La Trobe University Beatrice Faust is best remembered as the founder, early in 1972, of the Women’s Electoral Lobby (WEL). Women’s Liberation was already well under way. Betty Friedan had published The Feminine Mystique in 1962, arguing that many women found
ER Report: A Roundup of Significant Articles on EveningReport.nz for April 24, 2025
ER Report: Here is a summary of significant articles published on EveningReport.nz on April 24, 2025.
Source: Federal Bureau of Investigation FBI Crime News
The FBI conducted a first-of-its-kind global operation to address the dangerous rise in American suicides attributed to this crime.
Today, the FBI is announcing a global operation to combat financially motivated sextortion schemes operating out of Nigeria. In coordination with multiple law enforcement partners, the FBI conducted Operation Artemis—a surge of resources and personnel to Nigeria to address the high rate of sextortion related suicides attributed to Nigerian perpetrators. As a result of Operation Artemis, FBI investigations led to the arrests of 22 Nigerian subjects connected to financially motivated sextortion schemes. Of those 22 subjects, approximately half were directly linked to victims who took their own lives. This operation marks a significant step in the fight against child exploitation and brings justice and accountability to international perpetrators hiding anonymously behind screens.
“Operation Artemis exemplifies the FBI’s never-ending mission to protect our most vulnerable, and to pursue the heinous criminals harming our children — no matter where they hide,” said FBI Director Kash Patel. “This operation highlights the critical need for international cooperation to address this growing threat, and it’s a fight we can’t take on without our valued partners across the globe. We hope this message encourages parents and guardians to continue to educate their children about online safety and serves as a reminder of the FBI’s relentless pursuit of keeping our children safe.”
This announcement comes as the FBI has observed a 30% increase in sextortion-related tips received to our National Threat Operations Center from October 2024 to March 2025 as compared to the previous year. According to the FBI’s Internet Crime Complaint Center or IC3, there were over 54,000 victims in 2024, up from 34,000 in 2023. Over the last two years there have been nearly $65 million dollars in financial losses due to this crime. This comes as the FBI began observing a significant increase over the last three years in financially motivated sextortion schemes targeting young males ages 14-17, resulting in more than 20 minor victims dying by suicide.
Given the alarming rise and similarities of these cases, the FBI opened investigations across the country with the goal of bringing answers and closure to grieving American families. Information gathered by the FBI’s Child Exploitation Operational Unit (CEOU) allowed the FBI to work collaboratively with all 55 of our field offices to identify nearly 3,000 victims of financially motivated sextortion. It was during these investigative steps that the commonality of perpetrators residing in Nigeria began to grow and paint a larger, more international scope of this crime.
As a result of Operation Artemis, a Nigerian man was extradited to the U.S. in January and charged with causing the death of a South Carolina teenager who took his own life after being extorted by the suspect posing as a woman. Additionally, two men were extradited from Nigeria to the United States last year to face charges related to the sextortion and death of a young man in Pennsylvania. These subjects will now be held accountable in the American justice system, with more subjects still awaiting extraditions in Nigeria.
The subjects arrested in this operation engaged in sophisticated, financially motivated sextortion schemes by contacting victims via social media platforms and posing as peers or potential romantic interests. Once trust or rapport was established, often through conversation in chatrooms or direct messages, the suspects coerced their victims into taking and sharing compromising images of themselves. Offenders then threatened to release the compromising photos unless they received immediate payment — typically requested via gift cards, mobile payment services, wire transfers, or cryptocurrency. Regardless of a payment being received or not, the perpetrators would often continue to manipulate their victims, leaving them feeling ashamed, isolated, and responsible.
Operation Artemis was spearheaded by multiple units at the FBI’s Criminal Investigative Division, including CEOU and the Crimes and Crimes Against Children Human Trafficking Intelligence Unit, and across the globe at the FBI Legal Attaché offices in Abuja and Lagos. The FBI’s Victim Outreach Support and Strategy Program of the Victim Services Division also played a key role assisting victims’ families throughout these various investigations. The following FBI field offices also provided resources directly on the ground in Nigeria as well as invaluable investigative support and assistance: FBI Atlanta, Charlotte, Columbia, Houston, Jackson, Milwaukee, Nashville, Newark, New Orleans, Philadelphia, Richmond, San Diego, and St. Louis. Additionally, our partners at the Department of Justice Child Exploitation Obscenities Section served a critical role in ensuring the perpetrators in these cases face charges. Working together, we were able to obtain arrests, gather comprehensive forensic analyses, and conduct subject interviews on the ground in Nigeria.
This operation would not have been possible without our partnerships with Homeland Security Investigations (HSI) and the National Center for Missing and Exploited Children (NCMEC), and their assistance in developing an ongoing, collaborative strategy to combat financially motivated sextortion. Multiple agencies also provided the FBI with assistance both with personnel and intelligence for this operation, leading to an even larger global perspective on the threat. FBI’s CEOU secured personnel assistance from our Five Eyes partners, including Canada’s Royal Canadian Mounted Police (RCMP) and the Australian Federal Police (AFP). The FBI also recognizes the valued partnership and assistance of Nigeria’s Economic and Financial Crimes Commission (EFCC).
The FBI encourages parents to have ongoing conversations with their children and teenagers about online safety and to remind them they are not alone, and it is not their fault should they become a victim to these sophisticated and egregious schemes. If your child believes they are a victim of sextortion or financially motivated sextortion, please immediately report the activity to law enforcement and the FBI by calling 1-800-CALL-FBI (1-800-225-5324) or tips.fbi.gov. For immediate help or if you or a child is in danger, call 911. For 24/7 free, confidential mental health assistance, the 988 suicide and crisis hotline connects individuals in need of support with counselors across the United States.
Take It Down is NCMEC’s free service that can help you remove or stop the online sharing of nude, partially nude, or sexually explicit images or videos taken of you when you were under 18 years old. You can remain anonymous while using the service and you won’t have to send your images or videos to anyone. Take It Down will work on public or unencrypted online platforms that have agreed to participate. Please visit takeitdown.ncmec.org.
For more information on sextortion and financial sextortion, please visit the FBI’s resources on the threats at fbi.gov/sextortion and fbi.gov/financialsextortion.
An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.
Source: The Conversation (Au and NZ) – By Adrian Beaumont, Election Analyst (Psephologist) at The Conversation; and Honorary Associate, School of Mathematics and Statistics, The University of Melbourne
With just eight days until the May 3 federal election, and with in-person early voting well under way, Labor has taken a seven-point lead in a national YouGov poll and an 11-point lead in a Morgan poll. An exit poll of early voters is also encouraging for Labor.
A national YouGov poll, conducted April 17–22 from a sample of 1,500, gave Labor a 53.5–46.5 lead, a 0.5-point gain for Labor since the April 11–15 YouGov poll. This is Labor’s biggest lead in YouGov this term.
Primary votes were 33.5% Labor (up 0.5), 31% Coalition (down two), 14% Greens (up one), 10.5% One Nation (up 3.5), 2% Trumpet of Patriots (steady), 5% independents (down four) and 4% others (up one). In this poll, the Coalition has lost votes on its right to One Nation.
Using 2022 election preference flows would give Labor about a 55–45 lead from these primary votes. YouGov is applying preference flows from its previous MRP poll that was conducted from late February to late March.
However, recent polls that use respondent preferences suggest the gap in the Coalition’s favour between respondent and 2022 preference flows has dropped to nearly zero. This means YouGov’s current preference assumptions may be too pro-Coalition. The Poll Bludger expects another YouGov MRP poll this weekend.
While the gap between Morgan and YouGov’s headline voting intentions is two points, Morgan is using respondent preferences for all their polls, while YouGov uses respondent preferences from its last MRP poll. By 2022 election flows, the gap is only 0.5 points.
Here is the poll graph of Labor’s two-party vote in national polls. If YouGov and Morgan are right, Labor is likely headed for a landslide re-election. The only recent poll that has had the Coalition in a decent position was the April 14–16 Freshwater poll.
Both the YouGov and Morgan polls were taken after candidate nominations were declared on April 11. Both are now using seat-specific candidate lists in their polls. Support for independents fell as many seats don’t have viable independent candidates.
Anthony Albanese’s net approval in YouGov slid one point to -7, with 49% dissatisfied and 42% satisfied. Peter Dutton’s net approval slumped eight points to a record low in this poll of -18. Albanese led Dutton as better PM by 50–35 (48–38 previously).
A national Morgan poll, conducted April 14–20 from a sample of 1,605, gave Labor a 55.5–44.5 lead by headline respondent preferences, a one-point gain for Labor since the April 7–13 Morgan poll.
Primary votes were 34.5% Labor (up 2.5), 34% Coalition (up 0.5), 14.5% Greens (steady), 6% One Nation (steady), 0.5% Trumpet of Patriots (down 0.5), 7.5% independents (down 2.5) and 3% others (steady). By 2022 election flows, Labor led by 55.5–44.5, a one-point gain for Labor.
By 48–34, voters thought Australia was headed in the wrong direction (48.5–34.5 previously). Morgan’s consumer confidence index increased 1.3 points to 85.5.
The News Corp tabloids on Thursday released results of exit polls of pre-poll voters from the first two days of in-person early voting (Tuesday and Wednesday). A total of 4,000 voters were surveyed across 19 seats (just over 200 per seat). The swings in these polls were compared against all votes in these seats in 2022, not just the early votes.
In Australia, Labor does better on election day booths than in pre-poll voting booths. ABC election analyst Antony Green said Labor’s two-party vote was 2.8 points higher at election day booths compared with pre-poll votes in 2022.
I also believe relatively few young people will vote very early based on US experience, so the demographic mix of these early votes will skew older and less Greens-friendly than the final early vote.
Comparing these very early exit polls with the final vote from pre-poll centres in 2022, The Poll Bludger had Labor gaining primary vote swings in all seats that are likely to be Labor vs Coalition contests, while the Coalition was down except in Victoria. The Greens also dropped, but not in the Brisbane Greens-held seats.
If these very early pre-poll votes skew older than the final pre-poll votes and these exit polls are representative of people who have already voted, the Coalition is in big trouble.
The Australian on Tuesday released aggregate data for the four Newspolls conducted during the election campaign. These polls were conducted from late March to mid-April from an overall sample of 5,033.
The Poll Bludger said Labor led by 52–48 in New South Wales, a two-point gain for Labor since the January to March Newspoll aggregate. Labor led by 53–47 in Victoria, a two-point gain for Labor. The Coalition led by 54–46 in Queensland, a three-point gain for Labor. Labor led by an unchanged 54–46 in Western Australia. Labor led by 55–45 in South Australia, a five-point gain for Labor.
The Poll Bludger’s poll data has Labor leading with the university-educated by 55–45, a three-point gain for Labor. Among those with a TAFE/technical education, there was a 50–50 tie, a two-point gain for Labor. Among those without tertiary education, there was a 50–50 tie, a two-point gain for Labor.
The Poll Bludger’s BludgerTrack now gives Labor a national 53.0–47.0 lead, a 0.9% swing to Labor since the 2022 election. In NSW, Labor leads by 53.4–46.6, a 2.0% swing to Labor. In Victoria, Labor leads by 52.8–47.2, a 2.0% swing to the Coalition. In Queensland, the Coalition leads by 52.5–47.5, a 1.5% swing to Labor. In WA, Labor leads by 57.6–42.4, a 2.6% swing to Labor. In SA, Labor leads by 56.8–43.2, a 2.8% swing to Labor.
The Poll Bludger reported Tuesday that DemosAU collectively polled the three Greens-held Brisbane seats (Brisbane, Ryan and Griffith) in mid-April from a sample of 1,087. Labor led the Liberal National Party by 56–44 while the Greens led by 55–45. The LNP had 36% of the primary vote across these three seats, with the Greens and Labor tied at 29%.
In 2022, primary votes across these seats were 35.7% LNP, 30.7% Greens and 26.2% Labor. The small swing to Labor and against the Greens implies Labor would gain Brisbane from the Greens, with the Greens retaining Ryan and Griffith.
This poll is far more plausible than the JWS polls that had huge swings to the LNP in all these seats and the Greens a distant third in Brisbane and Ryan.
A New South Wales state Resolve poll for The Sydney Morning Herald, conducted with the late March and mid-April federal Resolve polls from a sample of 1,123, gave the Coalition 36% of the primary vote (down two since February), Labor 33% (up four), the Greens 11% (down three), independents 14% (up three) and others 6% (down two).
No two-party estimate was provided, but The Poll Bludger said Labor had about a 52–48 lead. Labor incumbent Chris Minns led the Liberals’ Mark Speakman as preferred premier by 40–15 (35–14 previously).
Asked about NSW government services, by 42–27 voters thought public schools good, by 43–32 they thought public transport good and by 37–36 they thought road infrastructure good. But public hospitals were thought poor by 42–38.
Adrian Beaumont 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. Labor takes large leads in YouGov and Morgan polls as surge continues – https://theconversation.com/labor-takes-large-leads-in-yougov-and-morgan-polls-as-surge-continues-255026
Source: New Zealand Police (National News)
Police are appealing for information about another vehicle in relation to the murder of Kyle Whorrall in St Johns over Easter Weekend.
The vehicle, a silver 2004 Mitsubishi Grandis, registration GNG652, is believed to be connected to people Police would like to speak to.
We believe they have crucial information to share with us about the events surrounding Kyle’s tragic death.
The vehicle may have travelled to Northland in recent days.
Detective Inspector Glenn Baldwin is asking those occupants to make contact with Police as soon as possible.
“These people of interest could have the information we are looking for that will help us understand why Kyle was killed.
“We know they are likely feeling apprehensive about speaking with us, but we are asking them come forward as soon as possible. It is time to do the right thing.
“If you have any information about this vehicle or the people involved, we also want to hear from you.
“We will be continuing to carry out our enquiries to locate this vehicle and the people with it as a matter of urgency.”
If you have any information, please contact Police online or call 105 using the reference number 250419/9858, Operation Aberfeldy.
Information can also be provided anonymously via Crime Stoppers on 0800 555 111.
ENDS
Issued by Police Media Centre
Source: International Monetary Fund
April 24, 2025
Speaker: Mr.Jihad Azour, Director of Middle East and Central Asia Department, IMF
Moderator: Ms. Angham Al Shami, Communications Officer, IMF
MS. AL SHAMI: Good morning. Thank you for joining us in this press briefing on the Regional Economic Outlook for the Middle East and Central Asia. My name is Angham Al Shami, from the Communications Department here at the IMF.
If you’re joining us online, we do have Arabic and French interpretations that you can access on the IMF Regional Economic Outlook webpage and the IMF Press Center as well. And for those of you in the room, you also have equipment to access that.
Today I’m joined by Jihad Azour, the Director of the Middle East and Central Asia Department, who will give us an overview of the outlook of the region, and then we will open the floor for your questions. With that, over to you, Jihad.
MR. AZOUR: Thank you very much, Angham. Good morning, everyone, and welcome to the IMF 2025 Spring Meetings. Before answering your questions, I will briefly outline the economic outlook for the Middle East and North Africa as well as the Caucasus and Central Asia. Let me first start with a few words on the recent developments.
The global economy stands at a delicate crossroads. The global recovery of recent years faces new risks as governments reorder their policy priorities. The recent escalation in trade tensions has already damaged global growth prospects while triggering intense financial volatility. More broadly, the extraordinary increase in global uncertainty associated with trade policy and increased geopolitical fragmentation will continue to erode confidence for quite some time and represents a serious downside risk to global growth.
For MENA and CCA economies, these developments are adding to existing regional source of uncertainty, including ongoing conflicts, pockets of political instability and climate vulnerability. We continue to assess the impact of recently announced U.S. tariffs on MENA and CCA economies. While the direct effects are expected to be modest, giving limited trade exposure and exemptions for energy products, the indirect effects could be more pronounced. Slower growth will weaken external demand and remittances, while tighter financial conditions may challenge countries with elevated public debts. Oil exporting economies could also see fiscal and external positions deteriorate due to the lower oil prices. Some countries may benefit from trade diversion, but such gains could be short lived in a broader environment of trade contraction.
Let me now turn to the Middle East and North Africa. Last year was particularly challenging for the region. Conflict caused severe human and economic costs. Regional growth in 2024 reached 1.8 percent, a downgrade revision of 0.2 percentage point from the October World Economic Outlook forecast. Conflicts weigh on growth in some oil importing countries and extended OPEC+ voluntary production cuts continue to dampen activity in oil exporting economies. For GCC countries, strong non-oil growth and diversification efforts were largely offset by oil production cuts.
Despite these challenges and high uncertainty, growth is projected to pick up in 2025 and 2026, assuming oil output rebounds, conflict related impacts stabilize, progress is made on structural reform and implementation. However, expectations have been revised down compared to the October 2024 Regional Economic Outlook, reflecting weaker global growth and more modest effect of these drivers. We now project growth at 2.6 percent in 2025 and 3.4 percent in 2026, a downward revision of 1.3 and 1 percentage points, respectively. Inflation is projected to continue declining across MENA economies, remaining elevated only in few cases.
Let me now turn to the outlook for the Caucuses and Central Asia. In contrast, economic activity in the CCA exceeded expectations in 2024, growing by 5.4 percent, driven by spillover effects from the war in Ukraine, which boosted domestic demand. However, as these temporary effects normalize over the next few years, growth is expected to moderate due to weaker external demand, plateauing growth of hydrocarbon production, and reduced fiscal stimulus. Despite the moderation in overall growth, inflation is expected to increase somewhat across the region and remain elevated in a few cases, reflecting still strong domestic demand.
Let me now turn to the risks to the outlook. These projections are subject to extraordinary uncertainty and the risks to the baseline forecast remain tilted to the downside. Four key risks stand out. First, trade tension as a further escalation could dampen global demand, delay in oil production recovery, and tighten financial conditions. Our analysis shows that persistence spikes in uncertainty triggered by global shocks are associated with large output losses both in MENA and CCA. The second risk is geopolitical conflict. The third one is climate shocks. And the last one is the reduction in official development assistance. This could further exacerbate food insecurity and humanitarian conditions in low-income and conflict-affected economies. However, upside risks also exist. The swift resolution of conflict and accelerated implementation of structural reforms could substantially improve regional growth prospects. The implications of a potential peace agreement between Russia and Ukraine for the CCA region also remain uncertain.
Now the question is what are the policies that we recommend for countries and how they should prioritize them. In the face of extraordinary uncertainty, MENA and CCA economies should respond along two key dimensions, manage short term instability, and use the opportunity to advance structural reforms for long-term growth. The first priority is adapt to the new environment. Countries must take steps to shield their economies from the impact of worst-case scenarios and prioritize safeguarding macroeconomic and financial stability. The appropriate policy response will vary depending on each country’s initial conditions and vulnerability to risk.
Turning to more the long-term, countries should transform their economies. Recent developments underscore the urgent need to accelerate the long-discussed structural reforms agenda across the region. To reduce vulnerabilities to shocks and seize opportunities arising from the evolving global trade and financial landscape, it is essential to enhance governance, invest in human capital, advance digitalization, and foster a dynamic private sector. Establishing strategic trade and investment corridors with other regions such as Sub-Saharan Africa and Asia, as well as within the region, including between GCC and Central Asia or GCC and North Africa, can help mitigate exposure to external uncertainty, enable greater risk sharing, and drive sustainable economic development.
We will delve into these policy priorities at the launch of our Regional Economic Outlook in Dubai next week and in Samarkand, in Uzbekistan, where on May 3 we are organizing jointly with the Uzbek government a GCC-CCA Economic Conference where Ministers of Finance and Governors of Central Banks from both regions, as well as representatives of IFIs and private sectors, will discuss deepening economic ties between these two regions. We also invite you to join us tomorrow at 2:30 p.m. at the Atrium for a public panel discussion on the economic consequences of the high uncertainty in the MENA and CCA regions.
Before I open the floor to questions, I want to underscore the IMF’s deep commitment to supporting countries throughout the region with policy advice, technical assistance, and, in many cases, financial support. Since early 2020, we have approved almost $50 billion in financing to countries across the MENA region, Pakistan, and the CCA, of which 14.8 have been approved since early 2024.
In closing, I want to highlight our engagement to post-conflict economies. Strengthening economic fundamentals and rebuilding institutions will be essential to successful recovery. The IMF, in coordination with the World Bank and regional partners, has established an informal coordination group to support recovery in conflict-affected states in the Middle East. Our focus will be on capacity building, policy guidance, and financial assistance. We are also working closely with authorities to help stabilize their economies, restore confidence, and lay foundations for sustainable growth.
Again, thank you very much for joining us this morning, and now I would like to welcome your questions.
MS. AL SHAMI: Thank you very much, Jihad, and now we will take your questions. And let’s start with the gentleman here in the first row, please.
QUESTIONER: Thank you, Angham and Jihad. I’m Amir Goumaa from Asharq Bloomberg. IMF raised the gross forecasting for Egypt dispIte the regional downgrade. Why is that? And how can the MENA region turn the country trade disputes into opportunities?
MR. AZOUR: Excuse me?
QUESTIONER: How can the MENA region turn the current trade disputes and tariffs into opportunities? Like how can they make the best use of it?
MR. AZOUR: Thank you very much for your question.
MS. AL SHAMI: Should we take more questions on Egypt? Perhaps should we take more questions on Egypt. We’ll start with this gentleman and then the gentleman in the back. This one first.
QUESTIONER: Hello everyone. My name is Ahmad Yaqub. I’m the managing editor of Al Youm Al-Sabah Egyptian Newspaper. I have two questions about Egypt. The first one is about the expected exchange rate of the Egyptian pound against the U.S. dollar by the end of 2026, the next year, and the expected inflation rate and the economic growth rate of Egypt. The second question is the next trench of the program, current program with the Egyptian authorities. What is the timing of the next trench and the total amount of it? Thank you so much.
MS. AL SHAMI: And then the gentleman here.
QUESTIONER: Ramy Gabr from Al-Qahera News. The global economic outlook carries good news. Maybe for Egypt in terms of the economic growth in 2025. How do you see that and what’s the facts and numbers led to this outlook? Thank you.
MS. AL SHAMI: Over to you.
MR. AZOUR: Thank you very much. Yes, please.
QUESTIONER: I’m Lauren Holtmeier from S&P Global. I wanted to ask about the fiscal break-even prices for oil production, specifically for the countries with high fiscal break-even prices like Saudi Arabia and Iraq. And how will the lowered expectations for oil prices over the next couple of years affect their ability and their economic outlook? And I recognize that the answer for those two countries might be very different.
MR. AZOUR: Thank you very much. I had three sets of questions. One on trade and the impact of the recent trade developments on the region and how those could be turned into an opportunity. The second set of questions were on Egypt, and the third one was on the GCC and the oil market. Let me start with the first one.
Countries of the region have limited trade dependence on the U.S., and therefore the recent trade and tariff decisions will have limited direct impact on those economies. Yet it’s important also to highlight that there would be indirect impact. And also those indirect impact may take different channels. One impact is the impact that this could have on financial stability and capital flows. We saw widening of spreads over the last few years, which is an issue that could affect the capacity of emerging economies and middle-income countries who have high levels of debt. The second potential impact is impact on oil market. We saw some softening in the oil price, as well as the forwards of oil price are showing a certain extension of those softening over the year. And the third type of effect is the second-round impact due to trade diversion.
I will maybe go into more details about what are the policies that we recommend for countries to address those challenges. Few countries have more exposure to the U.S. trade like Pakistan or Jordan, and those are specific cases. I can address those. Opportunities, of course, in any change there are opportunities, and over the last few years we saw successive shocks and transformation on the geopolitical front and the geoeconomic front, and those have affected the region. The region stands at the crossroads between East and West, and therefore trade routes, connectivity, as well as also opportunities go through this region. This would require, as I mentioned in my opening remarks, for countries in the region to seek new opportunities in terms of strengthening their economic relationships and trade ties with regions close to them, as well as also within countries in the region, which will call for new way of increasing connectivity and cooperation in the region.
The second set of questions is on Egypt. Over the last year, growth in Egypt has improved, and we expect growth for the fiscal year 2025 to reach 3.8 percent. For comparison, in 2024 it was 2.4 percent, and we expect that the growth will keep improving in 2026 and reach 4.3 percent. Also, inflation went down from 33 percent on average for fiscal year 2024 to 19.7 percent in 2025, and we expect it to reach 12 percent in 2026, despite the various shocks. Those positive developments reflect the implementation of the reform program that was supported by the IMF and was augmented back in March last year in order also to help Egypt address some of the external shocks, in particular the decline in revenues from the Suez Canal.
As you remember, the program is based on four pillars. One, macroeconomic stability by addressing inflation that constitutes the main issue for economic stability through tightening the monetary policy. The second is to address the debt issue by improving the primary surplus and also through an active debt management strategy and strengthening debt management organization to reduce gradually the debt and the weight of the debt through the debt service on the economy. The third important pillar is to preserve the economy from external shocks, and this is the role of the flexibility in the exchange rate. Flexibility in the exchange rate in a time of high level of uncertainty plays an important way to protect the Egyptian economy from external shocks, and its flexibility has proven to be beneficial to the stability of the Egyptian economy. The fourth pillar is growing the economy and give a bigger weight to the private sector, and we encourage the authorities to strengthen and accelerate the reinvestment strategy that would allow more investment to come to the Egyptian economy, would give more space to the private sector, and will help the Egyptian economy and the Egyptian people get better opportunities in a time where those international changes would require an acceleration of economic transformation. The review has been completed in March, and as you know, we had also another facility that was provided to Egypt to help Egypt deal with climate issues, and our engagement with the authorities remain very active. Shall I move to GCC?
MS. AL SHAMI: Yes.
MR. AZOUR: The next trench will be with the next review. On the GCC, well, of course the direct impact of the trade shock on the region has been limited except that with the prospect of the decline in oil price, it comes at a time where we see a resumption of increase of oil production with the implementation of what has been agreed, though at a slower pace, of the December decision of the OPEC+ agreement.
As you know, countries of the GCC have different fundamentals and different level of buffers, and therefore there is no one break-even point for all countries. Our estimates are showing, though, that a decline in oil price of $10 would weaken the fiscal situation by somewhat between 2.3 to 2.7 percent of GDP, and it also, it has similar impact on the external account between 2.5 to 2.7 percent of GDP.
I would like to highlight two additional points that some countries have used the opportunity of their diversification strategy to both reduce their dependence on oil as a source of income, but also to diversify fiscally and reduce the impact of oil revenues, which we encourage other countries to follow suit.
MS. AL SHAMI: Thank you, Jihad. So we’ll take another round of questions from the room, and then we will turn to online. The lady in the first row, please.
QUESTIONER: Dr. Jihad, thank you for taking my question. Nour Amache from Asharq Bloomberg. I wanted to ask about Lebanon and Syria and to follow up on what my colleagues here asked about Egypt. They were asking about the next review, if it’s in June, and the next tranche in June, if we can elaborate on that. Now, regarding Lebanon, today the parliament passed the law of lifting bank secrecy. Will this make or will this make the program with the IMF faster? Will this increase the prospects of a program with Lebanon anytime soon, especially since I know the Lebanese authorities represented by the Finance Minister, the Economy Minister, and the Central Bank Governor are all here in Washington, and a lot of meetings have been undergoing? That’s regarding Lebanon. And regarding Syria, also a big Syrian delegation is here. What has been reached so far with the Syrian counterparts? Thank you.
MS. AL SHAMI: Thank you. One more question. Maybe we’ll go to the gentleman in the front here.
QUESTIONER: Thank you. Mohammad Al-Lubani from Jordan Al-Mamlaka TV. I’d like to ask in Arabic. In light of our dependence on American exports, [ESQUAH] said that 25 percent of the exports go to the United States. How would the tariffs affect Jordan, and are there any estimates of these losses by the Fund? And what are the recommendations of the Fund in order to face these challenges?
MR. AZOUR: The discussions are, you know, continuing, and the engagement with the authorities is taking place during the Spring Meetings. As I mentioned earlier, we look forward to the next review to see an acceleration of the divestment strategy that is one of the key priorities because of its critical impact on sustaining growth in Egypt, providing opportunities to the private sector, and also helping in the effort that Egypt is pursuing in reducing the debt. In the context of high interest rate, it’s very important to address debt service issue, and this would be accelerated by reducing the debt. Therefore, we look forward to see progress on the authorities’ plan in terms of divestment.
On Lebanon, the Fund has been supportive of Lebanon, and a staff-level agreement has been reached in 2022. Lebanon staff, Lebanon team, is and remained actively engaged with the authorities, providing technical assistance. And recently, we had two staff visits to Lebanon and the authorities have engaged with our team in order to reactivate a potential program. They have expressed their interest for that. The Lebanese economic and financial situation has been made
more challenging with the recent implications of the war and the massive destruction that in addition to the need to address the financial and economic situation, Lebanon is also facing the need to deal with the reconstruction.
The pillars of the program will remain valid as they were negotiated. Macroeconomic stability, based on addressing the legacy of the financial sector. The legacy of debt, address the debt issue. Second pillar is to deal with the macroeconomic stability through fiscal consolidation. Third pillar is to strengthen governance by reforming SOEs and also increasing and improving the confidence factor. And third is to address social issues, especially now with issues related to the reconstructions. Discussions are taking place and staff is on active dialogue with the Lebanese authorities.
We are in discussion and therefore I think the discussions that we are having during the Spring Meetings are giving the opportunity for us to understand what are the reform priorities of the Lebanese government. As you know, staff had a couple of visits in the last few weeks, and we will keep our active engagement with the Lebanese authorities.
On Syria. Of course, Syria has been absent for the last 15 years due to the war, and their engagement with the institution has been fairly limited since 2011. The last Article IV consultation with Syria took place in 2009. The international community and the regional community has been actively engaged in order to see how we could help Syria recover from a long period of war.
We had a preparatory meeting preparatory meeting in AlUla back in February where regional institutions and the international community have agreed to have another follow-up coordination meeting that took place last Tuesday where representatives from international institutions, bilaterals, have convened in order to assess the needs of Syria and also to develop a framework of coordination. The Fund is engaged to support the international community in its engagement with Syria. We have already started our assessment of the macroeconomic situation, the institutional capacity, and we look forward to continue our engagement with the Syrian authorities.
MS. AL SHAMI: Then you have one more question on Jordan.
MR. AZOUR: Yes, Jordan. In Arabic? Okay. Jordan is one of the countries that have been affected by the tariffs, but this is still limited because of the kind of exports or the relationship between Jordan and the United States. And Jordan managed to overcome, in the recent years, to overcome several shocks, including shocks related to the variability and volatility and the effect of the Gaza issues on the economy of Jordan. And the latest reviews emphasized the need for Jordan to keep stability and also, despite the external shocks, to take the needed measures in order to improve the macroeconomic situation and to reinforce the economy. And there has been discussions about supporting Jordan through a new mechanism, the Resilience and Sustainability Facility, in order to help Jordan in the measures that would help it improve adaptation with the climate change and other shocks and other pandemics. There is actually progress in this regard. And there will be a review next month by the Executive Board of the Fund about Jordan.
MS. AL SHAMI: We’ll turn to Dania, who’s on Webex online. Dania, please go ahead.
QUESTIONER: Hello, can you hear me?
MS. AL SHAMI: Yes, you can hear you.
QUESTIONER: Hi. Hello Dr. Jihad, I just have a follow-up question on the break-even oil prices for the Gulf. In the October report, countries like Saudi Arabia had a very high break-even price of around 90. I think it was the second biggest highest in the GCC after Bahrain. I just wanted to see, this figure is likely to increase given the high expenditures, the lower oil prices. How will the lower oil prices — you mentioned about the impact on GDP, but the prices, I think, since the beginning of the year have dropped by more than $10.00. So, the impact has it been considered in the Regional Economic Report? And especially because I don’t know the report, did it include the impact of the tariffs and the impact of the increase in OPEC production from May, which is accelerated? And just one clarification, with regards to Saudi break-even, some analysts include the expenditure of the Public Investment Fund. Is that part of the IMF estimates for the break-even? What’s included in the break-even? Thank you very much.
MS. AL SHAMI: Thank you. Any additional questions on GCC? Okay, let’s take the gentleman in the middle.
QUESTIONER: Hello Mr. Azour, Madame Al Shami, thank you for the opportunity. Philippe Hage Boutros from L’Orient-Le Jour, Lebanon. How does the IMF assess the potential impact of declining oil revenues stemming from a possible drop in prices amid the tariff crisis on the capacity and willingness of the Gulf countries to fund international aid, particularly for countries like Lebanon and Syria that urgently need reconstruction financing? Does it anticipate a significant or relatively limited effect? Thank you.
MS. AL SHAMI: Thank you. And we had one more question on Saudi that we received online. In light of the global trade repercussions, what is the effect on the Saudi market, especially on inflation and growth? This question comes from Mohammed Al Sulami from Al Akhbariyah in Saudi Arabia.
MR. AZOUR: Let me start with Dania’s question. Dania, let me start by saying that over the last few years from a fiscal perspective, Saudi has made a significant improvement through various reforms in order to diversify revenues outside oil and also reduce certain expenditures, including on the subsidy side. And this effort to diversify revenues has led to an increase of non-oil revenues in the GDP for Saudi. Of course, the last couple of years have been beneficial in terms of providing Saudi and other GCC countries with surplus in the fiscal as well as also in the current account, which have led to increase in buffers. Of course, still the oil sector represent an important source of revenue and it’s still also an important source of foreign currencies.
Coming to the fiscal strategy, Saudi has established a medium-term fiscal framework that anchors policies and also help them deal with the volatility in oil price and become less pro cyclicals. Of course, the increase in oil price, sorry, the decline in oil price will have impact on the fiscal and will lead to a potential additional drop in fiscal situation.
As I mentioned earlier, a decline of $10.00 per barrel or a decline of $1 million of production will have an impact on the fiscal between 2 to 3 percent. The decline in oil price is accompanied with a recovery in oil production and Saudi was one of the largest, I would say, contributor to the voluntary drop in oil export.
When it comes to the link between fiscal and the investment strategy, the investment strategy has been also put in the medium-term framework in the context of the Vision 2030 and regularly there are updates, recalibration and also phasing, based on the capacity to implement and the priorities.
In our projections, although developments were taking place almost at the time when we were releasing our outlook, we took into consideration the new assumptions on the oil price for this year as well as also on the growth projections.
The second question related to Saudi. The impact of the latest developments on the Saudi economy. Undoubtedly, the trade relations regarding the non-oil sector is limited with the United States and therefore the impact will also be limited on trade related to tariffs, especially as oil and gas are exempt from the increase in tariffs. But there will be an indirect impact, as we’ve said. Saudi Arabia also has a dollarized economy, whether on the side of exports or imports, and therefore the impact will be limited.
On the other hand, the reduction or the depreciation of the dollar will affect services, especially tourism. And this is a sector that Saudi Arabia is trying to develop by establishing new expansion for tourism in Saudi Arabia.
The other related question on support to the reconstruction in the region. Let me first say two things. One, ODA has declined over the last few years, and more recently with the decisions to stop some of the international assistance by USAID and others. This will have an important impact, especially on countries in fragility who depend heavily on aid. Countries like Somalia, Sudan, countries like Yemen. And this represents a risk not only on the fiscal side, but also on the humanitarian side on food security. This is the first point.
The second point is the region is, we’re talking here about the Levant, is going through an important prospect of post-conflict recovery. Lebanon, Syria, Palestine, and hopefully, Yemen, and Sudan. This would require strong international and financial assistance. Of course, this also would require to accelerate certain number of reforms that will allow the private sector to provide financing. Those countries have strong diasporas, and the recovery could also be co-led by international assistance, also by private sector support. And some of the reforms, be it in Lebanon or in Syria, are very important to regain confidence and will allow private sector to play its key role in recovering those economies.
The region has been very supportive. And when we look at the official assistance and the interest that is being shown by several countries in the region, be it in the recent meeting that took place in Saudi Arabia, in Al Ula, where ministers of finance from the GCC and regional institutions convened in order to explore opportunities to provide more assistance to those countries.
Again, I think it’s very important also to highlight that assistance has to accompany reform programs that will lay the ground to strong institutions will provide confidence for both citizens and also international, private and public community, in order to accelerate the recovery.
MS. AL SHAMI: Thank you, Jihad. We’ll take one more round of questions. The lady on the second row here, please.
QUESTIONER: Hello, I’m Mariam Ali from Dawn News Pakistan. My question is how will the global tariff war uniquely impact Pakistan? Any need of buffers in place to mitigate risks to the country? Thank you.
MS. AL SHAMI: Thank you. Let’s take maybe one more question. The gentleman here sitting in the front.
QUESTIONER: Thank you, , Director Azour. My question is on Yemen. Igor Naimushin, RIA News Agency, D.C. Bureau. So, last week U.S. struck Ras Isa fuel part in Yemen. I would like to ask you to outline what repercussions this strike will have on energy security and economic situation in Yemen and broadly in region? And if you could, provide any details how the IMF — what is the IMF view on longer-term risks for the region as U.S. operation on Yemen continues to unfold? Thank you.
MS. AL SHAMI: Thank you. We’ll take one more question from the gentleman here in the –.
QUESTIONER: Hi, my name is Magnus Sherman. I wanted to return to Lebanon. The new Prime Minister has pledged to not touch the hard currency deposits. Does the IMF support that position?
MS. AL SHAMI: Thank you. And we have an online question from Camille Faris Abu Rafael. How can low- and middle-income countries in MENA balance urgent social needs with long-term fiscal sustainability amid rising debt and global uncertainty and persistently high interest rates? We’ll take these questions, and we’ll take another round. Thank you.
MR. AZOUR: On Pakistan. Pakistan made significant progress in restoring macroeconomic stability over the last 18 months and the numbers are, for Pakistan, are showing improvement both in terms of growth as well as also in inflation that dropped from 12.6 percent last year in 2024 fiscal year to 6.5 percent this year, expected to stay at this level for next year. Debt is also stabilizing in the case of Pakistan, and recently Pakistan has been upgraded by rating agencies.
Of course, trade tensions will affect relatively Pakistan maybe more than the average in the region. But I would say the impact on Pakistan directly can be offset by other measures that would allow the Pakistani economy to reposition itself in a world that is in the midst of one of the largest transformation in terms of trade, economic opportunities, and to reposition itself in order to address any risks, but also to potentially benefit from change in the trade routes.
The question on Yemen the situation on Yemen is extremely preoccupying at the humanitarian level, both in terms of food security as well as also in terms of human suffering. And this situation has been inflicting heavy toll on the Yemeni people for a long period of time. Of course, broadly speaking, instability has been one of the main issues that the region is dealing with. Instability is one of the key sources of uncertainty for the region. Addressing this instability is key in providing security for people to improve their living conditions, providing stability for the trade routes, and also provide opportunities for people to rebuild and reconstruct. The Fund is engaged to (A) keep a very strong contacts with Yemen, provide technical assistance at a time where we cannot provide because of the security situation, financial assistance. Therefore, we are actively supporting through technical assistance. And we are also in regular engagement with the authorities.
Our next plan is to reengage through Article IV in order to assess the economic situation in Yemen, help the internationally recognized government assess the overall debt situation and the debt liabilities in order, later on, to help Yemen deal with the debt situation, and provide right assessment for the donor community to provide assistance.
Political stabilization security is very important to preserve human and social conditions, and the Fund stands ready to help Yemen as well as also other countries facing fragility and conflicts in the region. And this is something that we are increasing our resources to provide support to those countries.
Lebanon. Lebanon problems are complex in terms of how to address the overall financial challenge. The solution has to deal through a comprehensive approach with all the financial issues that Lebanon is facing. A piecemeal approach is not what Lebanon needs today. A reform package that restores confidence, addresses the legacy of the past, provides opportunities for the economy to recover, by also promoting the capacity of the financial system to finance the recovery, mobilize international assistance to help Lebanon dealing with the reconstruction needs, and also support the reforms are priorities that our team is currently discussing with the Lebanese authorities.
The question related to balancing short-term and medium-term. I think it’s a very important question. We live currently in a world of high uncertainty and in our outlook this spring we have — and I would encourage you to read it, it’s very interesting piece — we have tried to assess the impact of uncertainty on the region and the uncertainty is of multiple layers. A global uncertainty, regional, geopolitical and conflict situation, but also internal or local uncertainties. Those are important issues for countries to address.
In very brief, countries need to in the short term to preserve stability and that would require to increase their buffers. And for those who have limited buffers to accelerate fiscal consolidations to reduce the risk, address some of their financing issues, especially countries who have high level of debt and for those who have buffers, preserve those and use them when they need. But I think what is really important, especially given the lasting negative impact of uncertainties on countries, is to address the medium-term issues. And addressing the medium-term issues will help unlock growth, accelerating structural reforms, improving economic conditions, provide stronger social protection framework by moving from untargeted subsidies to something that is more meaningful in terms of social support would be extremely beneficial for countries in the region.
MS. AL SHAMI: Thank you very much, Jihad and I’m afraid we have run out of time. Thank you all for participating with us today and as always, we will be posting the transcript online. But just a reminder that we will be launching our report next week on May 1 so stay tuned for that. And as Jihad mentioned, please join us tomorrow at 2:30 for the seminar on how countries can navigate uncertainties. Jihad, any last words?
MR. AZOUR: Only to say thank you. And thanks to our friends here, the journalists. We look forward to provide you with more details in Dubai next week with all the details, as well as also country-specific information on our Regional Economic Outlook. And two days after that, in Samarkand, in Uzbekistan, on the outlook for Caucasus and Central Asia. Thank you very much.
PRESS OFFICER: Angham Al Shami
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: New Zealand Police (National News)
Please attribute to Detective Inspector Marty James, District Manager Criminal Investigations:
Three people have been arrested in relation to the Gang Conflict Warrant currently in place in Eastern District, with powers being invoked eight times overnight.
A 21-year-old man was arrested in Wairoa shortly before 11pm and is due to appear in Wairoa District Court on 2 May on drug and driving-related charges.
A 21-year-old woman was also arrested for disorderly behaviour, while a 50-year-old man has been arrested for breaching bail.
Police are pleased to have undertaken a range of activities overnight, with the aim of suppressing the illegal and dangerous activities of gang members.
We will be deploying additional resources within the coming days to ensure we are utilising the warrant’s special powers to their full extent.
Police will be highly visible in our communities, and we hope this provides reassurance to members of the public who have a right to go about their lives without fear and intimidation.
We thank the public for their ongoing cooperation as we work hard to hold people committing this offending to account.
ENDS
Issued by the Police Media Centre
Source: People’s Republic of China – State Council News
BEIJING, April 24 — China launched the Shenzhou-20 crewed spaceship Thursday, continuing efforts to advance space technology for all humanity — a vision long championed by Chinese President Xi Jinping.
Over the past years, Xi has addressed the importance of international cooperation in peaceful space exploration and development on multiple occasions.
During the meeting with the Shenzhou-12 astronauts in 2021, Xi said that progress in space science and technology will benefit people around the world, and China wants to use space exploration achievements to create a better future for mankind.
When meeting representatives of the Chang’e-5 mission in 2021, Xi stressed actively conducting international cooperation and making more contributions to humanity’s well-being.
According to the China Manned Space Agency, China is in discussions with other nations regarding potential foreign astronaut participation in the country’s future space station missions.
China welcomes international applications for acquiring lunar samples brought back by the Chang’e-5 and Chang’e-6 probes for scientific research. Scientists from various countries have taken part in researching the Chang’e-5 lunar samples.
Moreover, Chang’e-7 and Chang’e-8 lunar probes to be launched in the next three years will offer international payload capacity, according to the China National Space Administration (CNSA).
China has also signed cooperation agreements with 17 countries and international organizations on the International Lunar Research Station (ILRS) construction, offering various levels and forms of collaboration opportunities.
In a congratulatory letter to the First International Summit on BeiDou Navigation Satellite System (BDS) Applications in 2021, Xi said China is willing to share the achievements of the BDS with all parties, promote the progress of the global satellite navigation industry and make the BDS better serve the world and benefit humankind.
To date, BDS services have been used in precision agriculture and smart ports in ASEAN countries, South Asia, West Asia, Eastern Europe and Africa to serve local economic and social development.
Within the BRICS framework, China will continue advancing the development of the BRICS Remote Sensing Satellite Constellation to enhance disaster emergency data sharing.
China will also provide satellite services to the Belt and Road Initiative partner countries, fostering their sustainable progress in agriculture, disaster prevention, and smart city initiatives.
When he met with representatives of space scientists and engineers who participated in the research and development of the Chang’e-6 lunar mission last year, Xi called for deepening various forms of international exchange and cooperation in the field of space, sharing development achievements with other countries, improving outer space governance, and making space science and technology achievements more beneficial to all people.
Outer space is a domain shared by humanity, and space exploration is humanity’s common cause, Xi said.
Source: IMF – News in Russian
April 24, 2025
Speaker: Mr.Jihad Azour, Director of Middle East and Central Asia Department, IMF
Moderator: Ms. Angham Al Shami, Communications Officer, IMF
MS. AL SHAMI: Good morning. Thank you for joining us in this press briefing on the Regional Economic Outlook for the Middle East and Central Asia. My name is Angham Al Shami, from the Communications Department here at the IMF.
If you’re joining us online, we do have Arabic and French interpretations that you can access on the IMF Regional Economic Outlook webpage and the IMF Press Center as well. And for those of you in the room, you also have equipment to access that.
Today I’m joined by Jihad Azour, the Director of the Middle East and Central Asia Department, who will give us an overview of the outlook of the region, and then we will open the floor for your questions. With that, over to you, Jihad.
MR. AZOUR: Thank you very much, Angham. Good morning, everyone, and welcome to the IMF 2025 Spring Meetings. Before answering your questions, I will briefly outline the economic outlook for the Middle East and North Africa as well as the Caucasus and Central Asia. Let me first start with a few words on the recent developments.
The global economy stands at a delicate crossroads. The global recovery of recent years faces new risks as governments reorder their policy priorities. The recent escalation in trade tensions has already damaged global growth prospects while triggering intense financial volatility. More broadly, the extraordinary increase in global uncertainty associated with trade policy and increased geopolitical fragmentation will continue to erode confidence for quite some time and represents a serious downside risk to global growth.
For MENA and CCA economies, these developments are adding to existing regional source of uncertainty, including ongoing conflicts, pockets of political instability and climate vulnerability. We continue to assess the impact of recently announced U.S. tariffs on MENA and CCA economies. While the direct effects are expected to be modest, giving limited trade exposure and exemptions for energy products, the indirect effects could be more pronounced. Slower growth will weaken external demand and remittances, while tighter financial conditions may challenge countries with elevated public debts. Oil exporting economies could also see fiscal and external positions deteriorate due to the lower oil prices. Some countries may benefit from trade diversion, but such gains could be short lived in a broader environment of trade contraction.
Let me now turn to the Middle East and North Africa. Last year was particularly challenging for the region. Conflict caused severe human and economic costs. Regional growth in 2024 reached 1.8 percent, a downgrade revision of 0.2 percentage point from the October World Economic Outlook forecast. Conflicts weigh on growth in some oil importing countries and extended OPEC+ voluntary production cuts continue to dampen activity in oil exporting economies. For GCC countries, strong non-oil growth and diversification efforts were largely offset by oil production cuts.
Despite these challenges and high uncertainty, growth is projected to pick up in 2025 and 2026, assuming oil output rebounds, conflict related impacts stabilize, progress is made on structural reform and implementation. However, expectations have been revised down compared to the October 2024 Regional Economic Outlook, reflecting weaker global growth and more modest effect of these drivers. We now project growth at 2.6 percent in 2025 and 3.4 percent in 2026, a downward revision of 1.3 and 1 percentage points, respectively. Inflation is projected to continue declining across MENA economies, remaining elevated only in few cases.
Let me now turn to the outlook for the Caucuses and Central Asia. In contrast, economic activity in the CCA exceeded expectations in 2024, growing by 5.4 percent, driven by spillover effects from the war in Ukraine, which boosted domestic demand. However, as these temporary effects normalize over the next few years, growth is expected to moderate due to weaker external demand, plateauing growth of hydrocarbon production, and reduced fiscal stimulus. Despite the moderation in overall growth, inflation is expected to increase somewhat across the region and remain elevated in a few cases, reflecting still strong domestic demand.
Let me now turn to the risks to the outlook. These projections are subject to extraordinary uncertainty and the risks to the baseline forecast remain tilted to the downside. Four key risks stand out. First, trade tension as a further escalation could dampen global demand, delay in oil production recovery, and tighten financial conditions. Our analysis shows that persistence spikes in uncertainty triggered by global shocks are associated with large output losses both in MENA and CCA. The second risk is geopolitical conflict. The third one is climate shocks. And the last one is the reduction in official development assistance. This could further exacerbate food insecurity and humanitarian conditions in low-income and conflict-affected economies. However, upside risks also exist. The swift resolution of conflict and accelerated implementation of structural reforms could substantially improve regional growth prospects. The implications of a potential peace agreement between Russia and Ukraine for the CCA region also remain uncertain.
Now the question is what are the policies that we recommend for countries and how they should prioritize them. In the face of extraordinary uncertainty, MENA and CCA economies should respond along two key dimensions, manage short term instability, and use the opportunity to advance structural reforms for long-term growth. The first priority is adapt to the new environment. Countries must take steps to shield their economies from the impact of worst-case scenarios and prioritize safeguarding macroeconomic and financial stability. The appropriate policy response will vary depending on each country’s initial conditions and vulnerability to risk.
Turning to more the long-term, countries should transform their economies. Recent developments underscore the urgent need to accelerate the long-discussed structural reforms agenda across the region. To reduce vulnerabilities to shocks and seize opportunities arising from the evolving global trade and financial landscape, it is essential to enhance governance, invest in human capital, advance digitalization, and foster a dynamic private sector. Establishing strategic trade and investment corridors with other regions such as Sub-Saharan Africa and Asia, as well as within the region, including between GCC and Central Asia or GCC and North Africa, can help mitigate exposure to external uncertainty, enable greater risk sharing, and drive sustainable economic development.
We will delve into these policy priorities at the launch of our Regional Economic Outlook in Dubai next week and in Samarkand, in Uzbekistan, where on May 3 we are organizing jointly with the Uzbek government a GCC-CCA Economic Conference where Ministers of Finance and Governors of Central Banks from both regions, as well as representatives of IFIs and private sectors, will discuss deepening economic ties between these two regions. We also invite you to join us tomorrow at 2:30 p.m. at the Atrium for a public panel discussion on the economic consequences of the high uncertainty in the MENA and CCA regions.
Before I open the floor to questions, I want to underscore the IMF’s deep commitment to supporting countries throughout the region with policy advice, technical assistance, and, in many cases, financial support. Since early 2020, we have approved almost $50 billion in financing to countries across the MENA region, Pakistan, and the CCA, of which 14.8 have been approved since early 2024.
In closing, I want to highlight our engagement to post-conflict economies. Strengthening economic fundamentals and rebuilding institutions will be essential to successful recovery. The IMF, in coordination with the World Bank and regional partners, has established an informal coordination group to support recovery in conflict-affected states in the Middle East. Our focus will be on capacity building, policy guidance, and financial assistance. We are also working closely with authorities to help stabilize their economies, restore confidence, and lay foundations for sustainable growth.
Again, thank you very much for joining us this morning, and now I would like to welcome your questions.
MS. AL SHAMI: Thank you very much, Jihad, and now we will take your questions. And let’s start with the gentleman here in the first row, please.
QUESTIONER: Thank you, Angham and Jihad. I’m Amir Goumaa from Asharq Bloomberg. IMF raised the gross forecasting for Egypt dispIte the regional downgrade. Why is that? And how can the MENA region turn the country trade disputes into opportunities?
MR. AZOUR: Excuse me?
QUESTIONER: How can the MENA region turn the current trade disputes and tariffs into opportunities? Like how can they make the best use of it?
MR. AZOUR: Thank you very much for your question.
MS. AL SHAMI: Should we take more questions on Egypt? Perhaps should we take more questions on Egypt. We’ll start with this gentleman and then the gentleman in the back. This one first.
QUESTIONER: Hello everyone. My name is Ahmad Yaqub. I’m the managing editor of Al Youm Al-Sabah Egyptian Newspaper. I have two questions about Egypt. The first one is about the expected exchange rate of the Egyptian pound against the U.S. dollar by the end of 2026, the next year, and the expected inflation rate and the economic growth rate of Egypt. The second question is the next trench of the program, current program with the Egyptian authorities. What is the timing of the next trench and the total amount of it? Thank you so much.
MS. AL SHAMI: And then the gentleman here.
QUESTIONER: Ramy Gabr from Al-Qahera News. The global economic outlook carries good news. Maybe for Egypt in terms of the economic growth in 2025. How do you see that and what’s the facts and numbers led to this outlook? Thank you.
MS. AL SHAMI: Over to you.
MR. AZOUR: Thank you very much. Yes, please.
QUESTIONER: I’m Lauren Holtmeier from S&P Global. I wanted to ask about the fiscal break-even prices for oil production, specifically for the countries with high fiscal break-even prices like Saudi Arabia and Iraq. And how will the lowered expectations for oil prices over the next couple of years affect their ability and their economic outlook? And I recognize that the answer for those two countries might be very different.
MR. AZOUR: Thank you very much. I had three sets of questions. One on trade and the impact of the recent trade developments on the region and how those could be turned into an opportunity. The second set of questions were on Egypt, and the third one was on the GCC and the oil market. Let me start with the first one.
Countries of the region have limited trade dependence on the U.S., and therefore the recent trade and tariff decisions will have limited direct impact on those economies. Yet it’s important also to highlight that there would be indirect impact. And also those indirect impact may take different channels. One impact is the impact that this could have on financial stability and capital flows. We saw widening of spreads over the last few years, which is an issue that could affect the capacity of emerging economies and middle-income countries who have high levels of debt. The second potential impact is impact on oil market. We saw some softening in the oil price, as well as the forwards of oil price are showing a certain extension of those softening over the year. And the third type of effect is the second-round impact due to trade diversion.
I will maybe go into more details about what are the policies that we recommend for countries to address those challenges. Few countries have more exposure to the U.S. trade like Pakistan or Jordan, and those are specific cases. I can address those. Opportunities, of course, in any change there are opportunities, and over the last few years we saw successive shocks and transformation on the geopolitical front and the geoeconomic front, and those have affected the region. The region stands at the crossroads between East and West, and therefore trade routes, connectivity, as well as also opportunities go through this region. This would require, as I mentioned in my opening remarks, for countries in the region to seek new opportunities in terms of strengthening their economic relationships and trade ties with regions close to them, as well as also within countries in the region, which will call for new way of increasing connectivity and cooperation in the region.
The second set of questions is on Egypt. Over the last year, growth in Egypt has improved, and we expect growth for the fiscal year 2025 to reach 3.8 percent. For comparison, in 2024 it was 2.4 percent, and we expect that the growth will keep improving in 2026 and reach 4.3 percent. Also, inflation went down from 33 percent on average for fiscal year 2024 to 19.7 percent in 2025, and we expect it to reach 12 percent in 2026, despite the various shocks. Those positive developments reflect the implementation of the reform program that was supported by the IMF and was augmented back in March last year in order also to help Egypt address some of the external shocks, in particular the decline in revenues from the Suez Canal.
As you remember, the program is based on four pillars. One, macroeconomic stability by addressing inflation that constitutes the main issue for economic stability through tightening the monetary policy. The second is to address the debt issue by improving the primary surplus and also through an active debt management strategy and strengthening debt management organization to reduce gradually the debt and the weight of the debt through the debt service on the economy. The third important pillar is to preserve the economy from external shocks, and this is the role of the flexibility in the exchange rate. Flexibility in the exchange rate in a time of high level of uncertainty plays an important way to protect the Egyptian economy from external shocks, and its flexibility has proven to be beneficial to the stability of the Egyptian economy. The fourth pillar is growing the economy and give a bigger weight to the private sector, and we encourage the authorities to strengthen and accelerate the reinvestment strategy that would allow more investment to come to the Egyptian economy, would give more space to the private sector, and will help the Egyptian economy and the Egyptian people get better opportunities in a time where those international changes would require an acceleration of economic transformation. The review has been completed in March, and as you know, we had also another facility that was provided to Egypt to help Egypt deal with climate issues, and our engagement with the authorities remain very active. Shall I move to GCC?
MS. AL SHAMI: Yes.
MR. AZOUR: The next trench will be with the next review. On the GCC, well, of course the direct impact of the trade shock on the region has been limited except that with the prospect of the decline in oil price, it comes at a time where we see a resumption of increase of oil production with the implementation of what has been agreed, though at a slower pace, of the December decision of the OPEC+ agreement.
As you know, countries of the GCC have different fundamentals and different level of buffers, and therefore there is no one break-even point for all countries. Our estimates are showing, though, that a decline in oil price of $10 would weaken the fiscal situation by somewhat between 2.3 to 2.7 percent of GDP, and it also, it has similar impact on the external account between 2.5 to 2.7 percent of GDP.
I would like to highlight two additional points that some countries have used the opportunity of their diversification strategy to both reduce their dependence on oil as a source of income, but also to diversify fiscally and reduce the impact of oil revenues, which we encourage other countries to follow suit.
MS. AL SHAMI: Thank you, Jihad. So we’ll take another round of questions from the room, and then we will turn to online. The lady in the first row, please.
QUESTIONER: Dr. Jihad, thank you for taking my question. Nour Amache from Asharq Bloomberg. I wanted to ask about Lebanon and Syria and to follow up on what my colleagues here asked about Egypt. They were asking about the next review, if it’s in June, and the next tranche in June, if we can elaborate on that. Now, regarding Lebanon, today the parliament passed the law of lifting bank secrecy. Will this make or will this make the program with the IMF faster? Will this increase the prospects of a program with Lebanon anytime soon, especially since I know the Lebanese authorities represented by the Finance Minister, the Economy Minister, and the Central Bank Governor are all here in Washington, and a lot of meetings have been undergoing? That’s regarding Lebanon. And regarding Syria, also a big Syrian delegation is here. What has been reached so far with the Syrian counterparts? Thank you.
MS. AL SHAMI: Thank you. One more question. Maybe we’ll go to the gentleman in the front here.
QUESTIONER: Thank you. Mohammad Al-Lubani from Jordan Al-Mamlaka TV. I’d like to ask in Arabic. In light of our dependence on American exports, [ESQUAH] said that 25 percent of the exports go to the United States. How would the tariffs affect Jordan, and are there any estimates of these losses by the Fund? And what are the recommendations of the Fund in order to face these challenges?
MR. AZOUR: The discussions are, you know, continuing, and the engagement with the authorities is taking place during the Spring Meetings. As I mentioned earlier, we look forward to the next review to see an acceleration of the divestment strategy that is one of the key priorities because of its critical impact on sustaining growth in Egypt, providing opportunities to the private sector, and also helping in the effort that Egypt is pursuing in reducing the debt. In the context of high interest rate, it’s very important to address debt service issue, and this would be accelerated by reducing the debt. Therefore, we look forward to see progress on the authorities’ plan in terms of divestment.
On Lebanon, the Fund has been supportive of Lebanon, and a staff-level agreement has been reached in 2022. Lebanon staff, Lebanon team, is and remained actively engaged with the authorities, providing technical assistance. And recently, we had two staff visits to Lebanon and the authorities have engaged with our team in order to reactivate a potential program. They have expressed their interest for that. The Lebanese economic and financial situation has been made
more challenging with the recent implications of the war and the massive destruction that in addition to the need to address the financial and economic situation, Lebanon is also facing the need to deal with the reconstruction.
The pillars of the program will remain valid as they were negotiated. Macroeconomic stability, based on addressing the legacy of the financial sector. The legacy of debt, address the debt issue. Second pillar is to deal with the macroeconomic stability through fiscal consolidation. Third pillar is to strengthen governance by reforming SOEs and also increasing and improving the confidence factor. And third is to address social issues, especially now with issues related to the reconstructions. Discussions are taking place and staff is on active dialogue with the Lebanese authorities.
We are in discussion and therefore I think the discussions that we are having during the Spring Meetings are giving the opportunity for us to understand what are the reform priorities of the Lebanese government. As you know, staff had a couple of visits in the last few weeks, and we will keep our active engagement with the Lebanese authorities.
On Syria. Of course, Syria has been absent for the last 15 years due to the war, and their engagement with the institution has been fairly limited since 2011. The last Article IV consultation with Syria took place in 2009. The international community and the regional community has been actively engaged in order to see how we could help Syria recover from a long period of war.
We had a preparatory meeting preparatory meeting in AlUla back in February where regional institutions and the international community have agreed to have another follow-up coordination meeting that took place last Tuesday where representatives from international institutions, bilaterals, have convened in order to assess the needs of Syria and also to develop a framework of coordination. The Fund is engaged to support the international community in its engagement with Syria. We have already started our assessment of the macroeconomic situation, the institutional capacity, and we look forward to continue our engagement with the Syrian authorities.
MS. AL SHAMI: Then you have one more question on Jordan.
MR. AZOUR: Yes, Jordan. In Arabic? Okay. Jordan is one of the countries that have been affected by the tariffs, but this is still limited because of the kind of exports or the relationship between Jordan and the United States. And Jordan managed to overcome, in the recent years, to overcome several shocks, including shocks related to the variability and volatility and the effect of the Gaza issues on the economy of Jordan. And the latest reviews emphasized the need for Jordan to keep stability and also, despite the external shocks, to take the needed measures in order to improve the macroeconomic situation and to reinforce the economy. And there has been discussions about supporting Jordan through a new mechanism, the Resilience and Sustainability Facility, in order to help Jordan in the measures that would help it improve adaptation with the climate change and other shocks and other pandemics. There is actually progress in this regard. And there will be a review next month by the Executive Board of the Fund about Jordan.
MS. AL SHAMI: We’ll turn to Dania, who’s on Webex online. Dania, please go ahead.
QUESTIONER: Hello, can you hear me?
MS. AL SHAMI: Yes, you can hear you.
QUESTIONER: Hi. Hello Dr. Jihad, I just have a follow-up question on the break-even oil prices for the Gulf. In the October report, countries like Saudi Arabia had a very high break-even price of around 90. I think it was the second biggest highest in the GCC after Bahrain. I just wanted to see, this figure is likely to increase given the high expenditures, the lower oil prices. How will the lower oil prices — you mentioned about the impact on GDP, but the prices, I think, since the beginning of the year have dropped by more than $10.00. So, the impact has it been considered in the Regional Economic Report? And especially because I don’t know the report, did it include the impact of the tariffs and the impact of the increase in OPEC production from May, which is accelerated? And just one clarification, with regards to Saudi break-even, some analysts include the expenditure of the Public Investment Fund. Is that part of the IMF estimates for the break-even? What’s included in the break-even? Thank you very much.
MS. AL SHAMI: Thank you. Any additional questions on GCC? Okay, let’s take the gentleman in the middle.
QUESTIONER: Hello Mr. Azour, Madame Al Shami, thank you for the opportunity. Philippe Hage Boutros from L’Orient-Le Jour, Lebanon. How does the IMF assess the potential impact of declining oil revenues stemming from a possible drop in prices amid the tariff crisis on the capacity and willingness of the Gulf countries to fund international aid, particularly for countries like Lebanon and Syria that urgently need reconstruction financing? Does it anticipate a significant or relatively limited effect? Thank you.
MS. AL SHAMI: Thank you. And we had one more question on Saudi that we received online. In light of the global trade repercussions, what is the effect on the Saudi market, especially on inflation and growth? This question comes from Mohammed Al Sulami from Al Akhbariyah in Saudi Arabia.
MR. AZOUR: Let me start with Dania’s question. Dania, let me start by saying that over the last few years from a fiscal perspective, Saudi has made a significant improvement through various reforms in order to diversify revenues outside oil and also reduce certain expenditures, including on the subsidy side. And this effort to diversify revenues has led to an increase of non-oil revenues in the GDP for Saudi. Of course, the last couple of years have been beneficial in terms of providing Saudi and other GCC countries with surplus in the fiscal as well as also in the current account, which have led to increase in buffers. Of course, still the oil sector represent an important source of revenue and it’s still also an important source of foreign currencies.
Coming to the fiscal strategy, Saudi has established a medium-term fiscal framework that anchors policies and also help them deal with the volatility in oil price and become less pro cyclicals. Of course, the increase in oil price, sorry, the decline in oil price will have impact on the fiscal and will lead to a potential additional drop in fiscal situation.
As I mentioned earlier, a decline of $10.00 per barrel or a decline of $1 million of production will have an impact on the fiscal between 2 to 3 percent. The decline in oil price is accompanied with a recovery in oil production and Saudi was one of the largest, I would say, contributor to the voluntary drop in oil export.
When it comes to the link between fiscal and the investment strategy, the investment strategy has been also put in the medium-term framework in the context of the Vision 2030 and regularly there are updates, recalibration and also phasing, based on the capacity to implement and the priorities.
In our projections, although developments were taking place almost at the time when we were releasing our outlook, we took into consideration the new assumptions on the oil price for this year as well as also on the growth projections.
The second question related to Saudi. The impact of the latest developments on the Saudi economy. Undoubtedly, the trade relations regarding the non-oil sector is limited with the United States and therefore the impact will also be limited on trade related to tariffs, especially as oil and gas are exempt from the increase in tariffs. But there will be an indirect impact, as we’ve said. Saudi Arabia also has a dollarized economy, whether on the side of exports or imports, and therefore the impact will be limited.
On the other hand, the reduction or the depreciation of the dollar will affect services, especially tourism. And this is a sector that Saudi Arabia is trying to develop by establishing new expansion for tourism in Saudi Arabia.
The other related question on support to the reconstruction in the region. Let me first say two things. One, ODA has declined over the last few years, and more recently with the decisions to stop some of the international assistance by USAID and others. This will have an important impact, especially on countries in fragility who depend heavily on aid. Countries like Somalia, Sudan, countries like Yemen. And this represents a risk not only on the fiscal side, but also on the humanitarian side on food security. This is the first point.
The second point is the region is, we’re talking here about the Levant, is going through an important prospect of post-conflict recovery. Lebanon, Syria, Palestine, and hopefully, Yemen, and Sudan. This would require strong international and financial assistance. Of course, this also would require to accelerate certain number of reforms that will allow the private sector to provide financing. Those countries have strong diasporas, and the recovery could also be co-led by international assistance, also by private sector support. And some of the reforms, be it in Lebanon or in Syria, are very important to regain confidence and will allow private sector to play its key role in recovering those economies.
The region has been very supportive. And when we look at the official assistance and the interest that is being shown by several countries in the region, be it in the recent meeting that took place in Saudi Arabia, in Al Ula, where ministers of finance from the GCC and regional institutions convened in order to explore opportunities to provide more assistance to those countries.
Again, I think it’s very important also to highlight that assistance has to accompany reform programs that will lay the ground to strong institutions will provide confidence for both citizens and also international, private and public community, in order to accelerate the recovery.
MS. AL SHAMI: Thank you, Jihad. We’ll take one more round of questions. The lady on the second row here, please.
QUESTIONER: Hello, I’m Mariam Ali from Dawn News Pakistan. My question is how will the global tariff war uniquely impact Pakistan? Any need of buffers in place to mitigate risks to the country? Thank you.
MS. AL SHAMI: Thank you. Let’s take maybe one more question. The gentleman here sitting in the front.
QUESTIONER: Thank you, , Director Azour. My question is on Yemen. Igor Naimushin, RIA News Agency, D.C. Bureau. So, last week U.S. struck Ras Isa fuel part in Yemen. I would like to ask you to outline what repercussions this strike will have on energy security and economic situation in Yemen and broadly in region? And if you could, provide any details how the IMF — what is the IMF view on longer-term risks for the region as U.S. operation on Yemen continues to unfold? Thank you.
MS. AL SHAMI: Thank you. We’ll take one more question from the gentleman here in the –.
QUESTIONER: Hi, my name is Magnus Sherman. I wanted to return to Lebanon. The new Prime Minister has pledged to not touch the hard currency deposits. Does the IMF support that position?
MS. AL SHAMI: Thank you. And we have an online question from Camille Faris Abu Rafael. How can low- and middle-income countries in MENA balance urgent social needs with long-term fiscal sustainability amid rising debt and global uncertainty and persistently high interest rates? We’ll take these questions, and we’ll take another round. Thank you.
MR. AZOUR: On Pakistan. Pakistan made significant progress in restoring macroeconomic stability over the last 18 months and the numbers are, for Pakistan, are showing improvement both in terms of growth as well as also in inflation that dropped from 12.6 percent last year in 2024 fiscal year to 6.5 percent this year, expected to stay at this level for next year. Debt is also stabilizing in the case of Pakistan, and recently Pakistan has been upgraded by rating agencies.
Of course, trade tensions will affect relatively Pakistan maybe more than the average in the region. But I would say the impact on Pakistan directly can be offset by other measures that would allow the Pakistani economy to reposition itself in a world that is in the midst of one of the largest transformation in terms of trade, economic opportunities, and to reposition itself in order to address any risks, but also to potentially benefit from change in the trade routes.
The question on Yemen the situation on Yemen is extremely preoccupying at the humanitarian level, both in terms of food security as well as also in terms of human suffering. And this situation has been inflicting heavy toll on the Yemeni people for a long period of time. Of course, broadly speaking, instability has been one of the main issues that the region is dealing with. Instability is one of the key sources of uncertainty for the region. Addressing this instability is key in providing security for people to improve their living conditions, providing stability for the trade routes, and also provide opportunities for people to rebuild and reconstruct. The Fund is engaged to (A) keep a very strong contacts with Yemen, provide technical assistance at a time where we cannot provide because of the security situation, financial assistance. Therefore, we are actively supporting through technical assistance. And we are also in regular engagement with the authorities.
Our next plan is to reengage through Article IV in order to assess the economic situation in Yemen, help the internationally recognized government assess the overall debt situation and the debt liabilities in order, later on, to help Yemen deal with the debt situation, and provide right assessment for the donor community to provide assistance.
Political stabilization security is very important to preserve human and social conditions, and the Fund stands ready to help Yemen as well as also other countries facing fragility and conflicts in the region. And this is something that we are increasing our resources to provide support to those countries.
Lebanon. Lebanon problems are complex in terms of how to address the overall financial challenge. The solution has to deal through a comprehensive approach with all the financial issues that Lebanon is facing. A piecemeal approach is not what Lebanon needs today. A reform package that restores confidence, addresses the legacy of the past, provides opportunities for the economy to recover, by also promoting the capacity of the financial system to finance the recovery, mobilize international assistance to help Lebanon dealing with the reconstruction needs, and also support the reforms are priorities that our team is currently discussing with the Lebanese authorities.
The question related to balancing short-term and medium-term. I think it’s a very important question. We live currently in a world of high uncertainty and in our outlook this spring we have — and I would encourage you to read it, it’s very interesting piece — we have tried to assess the impact of uncertainty on the region and the uncertainty is of multiple layers. A global uncertainty, regional, geopolitical and conflict situation, but also internal or local uncertainties. Those are important issues for countries to address.
In very brief, countries need to in the short term to preserve stability and that would require to increase their buffers. And for those who have limited buffers to accelerate fiscal consolidations to reduce the risk, address some of their financing issues, especially countries who have high level of debt and for those who have buffers, preserve those and use them when they need. But I think what is really important, especially given the lasting negative impact of uncertainties on countries, is to address the medium-term issues. And addressing the medium-term issues will help unlock growth, accelerating structural reforms, improving economic conditions, provide stronger social protection framework by moving from untargeted subsidies to something that is more meaningful in terms of social support would be extremely beneficial for countries in the region.
MS. AL SHAMI: Thank you very much, Jihad and I’m afraid we have run out of time. Thank you all for participating with us today and as always, we will be posting the transcript online. But just a reminder that we will be launching our report next week on May 1 so stay tuned for that. And as Jihad mentioned, please join us tomorrow at 2:30 for the seminar on how countries can navigate uncertainties. Jihad, any last words?
MR. AZOUR: Only to say thank you. And thanks to our friends here, the journalists. We look forward to provide you with more details in Dubai next week with all the details, as well as also country-specific information on our Regional Economic Outlook. And two days after that, in Samarkand, in Uzbekistan, on the outlook for Caucasus and Central Asia. Thank you very much.
PRESS OFFICER: Angham Al Shami
Phone: +1 202 623-7100Email: MEDIA@IMF.org
https://www.imf.org/en/News/Articles/2025/04/24/tr-04242025-mcd-press-briefing-sms-2025
Source: Government of Canada regional news
On Thursday, April 24, 2025, awards were presented to the following honourees who were selected by a committee of representatives from the B.C. Association of Chiefs of Police and the Ministry of Public Safety and Solicitor General’s Police Services Division:
AWARDS OF VALOUR:
Barriere RCMP Detachment
Const. Jeremy Galvin – for their courageous efforts when responding to an armed individual on the side of a highway, quickly stopping the threat.
Bella Bella RCMP Detachment
Cpl. Chad Fitzpatrick – for their exceptional bravery and selflessness in the face of a devastating residential fire.
Chase RCMP Detachment
Const. Mario Jakic – for their quick actions, preventing a woman from falling to her death, while placing themselves in harm’s way.
Dawson Creek RCMP Detachment
Const. Lukas Bielicz and Insp. Damon Werrell (now retired) – for their exceptional courage and swift response to a bear attack.
Golden RCMP Detachment
Cpl. Lucas Sovio – for their bravery and de-escalation tactics, while responding to a suicidal individual that shot at innocent people inside their home.
Kamloops RCMP Detachment
Const. Taylor Callens – for their bravery when rescuing a woman during a suicide attempt.
Const. Matt James – for their exceptional courage and resilience in the face of grave danger.
Const. Michael Scherpenisse – for their bravery and de-escalation efforts during a potential hostage situation and apprehending an armed robber.
Constables Dylan Colbourne, Ryan Long and Howard Morine – for their outstanding bravery as they put themselves in harm’s way in pursuit of an armed suspect.
Kelowna RCMP Detachment
Const. Chris Carruthers – for putting themselves in harm’s way, while protecting the public and preventing further violence from a suspect.
Keremeos RCMP Detachment
Const. Zachary Plensky – for their incredible strength and resilience when they restrained and transported a suspect by himself, in a remote area without radio contact, while injured from the offender.
Lower Mainland Emergency Response Team
Constables Shawn Jones, Guillaume Lecours, Darryl Newman, Antony Scarpelli; and corporals Darren Bleker, Stephen Bodden, Joshua Cropley, Luke Johnston, Armand Pinnegar and Ian Sneddon – for their actions, while putting their lives at substantial risk during a dangerous situation and preventing further danger to the community.
Staff Sgt. Dave Malone – for their efforts in stopping an active shooter from continuing to take the lives of innocent bystanders in the community.
Merritt RCMP Detachment
Constables Derek Bodner, Jerry Davey, Carly Gerein, John Julyan and Nick Maciejewski; and Sgt. Brock Hedrick – for putting their safety on the line as they pursued a property theft suspect who continuously shot at them with an automatic rifle as they fled with their young child in the vehicle.
Mission RCMP Detachment
Const. Sukhdip Sidhu – for their bravery when rescuing a resident from a burning building.
Powell River RCMP Detachment
Const. Matthew Horsfield – for risking their safety and swimming 200 metres into a body of water to rescue a suicidal female.
RCMP “E” Division, Explosive Disposal Unit
Const. Tyler Folz, Cpl. Ryan Ziebart, Sgt. Peter Cucheran and Staff Sgt. Brent Elwood – for their bravery, while responding to a critical incident involving a significant explosive devices threat.
RCMP Integrated Homicide Investigation Team
Constables Ahmed Durrani, Hardip Gill, Jasmail Takhar; and Cpl. Harinder Sandhu – for their remarkable foresight, bravery and overwhelming sense of duty, while apprehending a violent individual after a shooting.
Salmon Arm RCMP Detachment
Sgt. Joseph Morrisey – for their bravery and quick action when assisting in the arrest of a violent suspect.
Sicamous RCMP Detachment
Reserve Const. Patrick Pyper – for risking their own safety to rescue a woman who fell through the ice on a lake at night.
Smithers RCMP Detachment
Const. Ashley van Leeuwen – for demonstrating exceptional bravery and composure when confronting and restraining an armed and combative suicidal male, ensuring the safety of his family and co-ordinating a safe arrest.
Southeast District Emergency Response Team
Const. Michael Dibblee – for putting themselves at substantial risk during the planned arrest of a violent prolific offender that had previously carried and used weapons in the commission of offences.
Constables Paul Cooke and Lee Taylor; corporals Dave Lewis, Stephen Prior and Matthew Rattee; and Sgt. Joseph Morrisey – for their bravery when responding and apprehending two violent suspects participating in a crime spree that threatened the lives of the public.
Squamish RCMP Detachment
Const. Hamza Khan – for their efforts in saving a victim trapped in their car after a life-threatening car collision.
Const. Mark McMahon – for their efforts during a high-risk arrest of multiple suspects involved in a brazen daytime shooting.
Sunshine Coast RCMP Detachment
Const. Joshua Jewett – for placing their own life at risk, while responding to a call of a male making threats outside a local housing facility.
Surrey RCMP Detachment
Const. Shannon Walker – for their exceptional courage and bravery in preventing further harm to the public, while arresting an armed subject.
Trail RCMP Detachment
Constables Evan Harding and Jason Zilkie – for risking their lives, while responding to a suicidal and mentally ill male behaving erratically and attempting to enter the BC Ambulance station when he produced a firearm.
Vanderhoof RCMP Detachment
Const. Chris Brown (now retired), Const. Mackenzie Sheridan (now retired), Cpl. J.R. (Edward) Gohn, sergeants Amy Floyd and Kyle Ushock – for their bravery and courage in the face of very dangerous circumstances with an active shooter.
Vernon North Okanagan RCMP Detachment
Const. Jamie Kress – for their quick efforts when responding to a call involving a suicidal female.
AWARDS OF MERITORIOUS SERVICE:
BC Highway Patrol – Parksville
Sgt. Robert Haney – for their selfless and courageous actions in a situation of extremely high risk, in order to protect the public and other police officers.
Central Highway Patrol
Const. Amber Brunner – for their selfless and courageous actions in a situation of extremely high risk, in order to protect the public and other police officers.
Creston RCMP Detachment
Sgt. John Edinger and Staff Sgt. Brandon Buliziuk – for their efforts in rescuing a newborn infant with life-threatening conditions.
Combined Forces Special Enforcement Unit B.C.
Const. Lawrence Berceanu and Staff Sgt. Rob Angco – for their dedication during a complex, multi-jurisdictional and multi-national file involving the murder of a United Nations gang member in Phuket, Thailand, that led to the arrest and successful extradition of one of the three suspects.
Dawson Creek RCMP Detachment
Cpl. Daniel Cloutier – with their police service dog, for their life-saving efforts in locating an offender.
Golden RCMP Detachment
Const. Brandon Churchill and Const. Katherin Robinson (now retired) – for their bravery, empathy and teamwork in responding to a suicidal female.
Constables Robyn Diddams and Christopher Kotrba – for their bravery and de-escalation tactics when responding to a suicidal individual that shot at innocent people inside their home.
Kamloops RCMP Detachment
Const. Jean-Francois LaPierre – for their life-saving efforts while responding to a wounded individual.
Sgt. Joseph Morrissey – for their selfless and courageous actions in a situation of extremely high risk, in order to protect the public and other police officers.
Midway RCMP Detachment
Sgt. Phil Peters – for their courageous efforts in locating a wet, hypothermic individual who was trapped in a ravine by making a fire to keep them warm and alert until search-and-rescue personnel arrived.
Mission RCMP Detachment
Constables Rose Foik and Daylon Robinson – for going above and beyond when responding to a dirt bike accident in rural Mission.
Penticton RCMP Detachment
Const. Derek Ballarin – for their efforts in saving a drowning toddler in a lake, while off duty.
Powell River RCMP Detachment
Const. Anthony Stewart – for their dedication and hard work during the COVID-19 pandemic, mentoring other detachment members and ranking No. 2 as a drug-recognition expert (DRE), conducting 50 DRE evaluations, which is 11 times the national average.
RCMP “E” Division Underwater Recovery Team
Const. Marc Leblanc – for their dedication and leadership during an underwater recovery mission, setting a new benchmark for future Underwater Recovery Team operations.
RCMP Federal and Serious Organized Crime Division
Sgt. Nicholas De Winter – for their dedication during a complex, multi-jurisdictional and multi-national file involving the murder of a United Nations gang member in Phuket, Thailand, that led to the arrest and successful extradition of one of the three suspects.
RCMP Integrated Homicide Investigation Team
Inspectors Adam Gander and Matthew Turner; Sgt. Robert Kee, Sgt. Major Heather Lew and Sgt. Mike Lim – for their unwavering dedication and commitment during the murder investigation of a 13-year-old girl that resulted in a conviction of first-degree murder.
Reserve Const. Thomas Kurucz and Staff Sgt. Dave Derusha – for their integral efforts in solving an eight-year-old cold case.
RCMP Pacific Region Federal Policing Program
Corp. Janelle Canning-Lue – for their dedication during a complex, multi-jurisdictional and multi-national file involving the murder of a United Nations gang member in Phuket, Thailand, that led to the arrest and successful extradition of one of the three suspects.
Vancouver Police Department
Det. Troy Timbury – for their dedication during a complex, multi-jurisdictional and multi-national file involving the murder of a United Nations gang member in Phuket, Thailand, that led to the arrest and successful extradition of one of the three suspects.
Vernon RCMP Detachment
Const. Hayley Derzak and Cpl. Darcy Reeves – placed their own lives at risk when responding to a call involving a 17-year-old male threatening to commit suicide.
Sicamous RCMP Detachment
Sgt. Murray McNeil – for risking their own safety to rescue a woman who fell through the ice on a lake at night.
Southeast District Emergency Response Team
Const. Michael Dibblee – for their selfless and courageous actions in a situation of extremely high risk, to protect the public and other police officers.
Surrey RCMP Detachment
Staff Sgt. Mike Spencer – for their significant contribution and leadership in preparation and execution of an operational plan for the Vaisakhi parade in Surrey.
Upper Fraser Valley Regional Detachment
Const. Henry Smith – for putting their safety at risk when jumping into freezing water to save a suicidal person.
Cpl. Chris Gosselin (now retired) – for building strong relationships, trust and respect with 15 Indigenous communities within their detachment area.
Williams Lake BC Highway Patrol
Const. Kevin Wiebe – for their heroic work when saving a trapped driver in a single motor vehicle incident where the car was on fire.
Source: United States House of Representatives – Congressman Jim McGovern (D-MA)
WASHINGTON—Congressman Jim McGovern, his wife Lisa McGovern, and their son Patrick McGovern released the following statement upon the passing of Congressman McGovern’s daughter, Molly McGovern:
“Molly radiated pure joy. She lit up every room with her beaming smile—full of laughter, endless warmth, and a sharp wit that could disarm you in an instant. She was unbelievably funny, fiercely loyal, and wise beyond her years. Molly had a rare gift: She made everyone feel special, because she genuinely believed everyone was special. She treated people with compassion and kindness—always standing up for the underdog, and making fast friends wherever she went. Her love for the Boston Bruins was fierce, but it was no match for the love she gave so freely to her family and friends. If you ever met Molly, you carried a piece of her light with you. She had that kind of effect on people.
“Even as she faced a rare cancer diagnosis, she did so with relentless courage, optimism, and tenacity—refusing to let her illness slow her down. She had just finished a semester abroad in Australia. She passed away unexpectedly in Italy while visiting a good friend and his family.
“Molly will always be the soul of our family. We are so proud of her, and so glad that so many people were touched by her incredible life. We love you, Molly. We miss you already.”
Source: The Conversation (Au and NZ) – By Taneshka Kruger, UP ISMC: Project Manager and Coordinator, University of Pretoria
Healthcare in Africa faces a perfect storm: high rates of infectious diseases like malaria and HIV, a rise in non-communicable diseases, and dwindling foreign aid.
In 2021, nearly half of the sub-Saharan African countries relied on external financing for more than a third of their health expenditure. But donor fatigue and competing global priorities, such as climate change and geopolitical instability, have placed malaria control programmes under immense pressure. These funding gaps now threaten hard-won progress and ultimately malaria eradication.
The continent’s healthcare funding crisis isn’t new. But its consequences are becoming more severe. As financial contributions shrink, Africa’s ability to respond to deadly diseases like malaria is being tested like never before.
Malaria remains one of the world’s most pressing public health threats. According to the World Health Organization there were an estimated 263 million malaria cases and 597,000 deaths globally in 2023 – an increase of 11 million cases from the previous year.
The WHO African region bore the brunt, with 94% of cases and 95% of deaths. It is now estimated that a child under the age of five dies roughly every 90 seconds due to malaria.
Yet, malaria control efforts since 2000 have averted over 2 billion cases and saved nearly 13 million lives globally. Breakthroughs in diagnostics, treatment and prevention have been critical to this progress. They include insecticide-treated nets, rapid diagnostic tests, artemisinin-based combination therapies (drug combinations to prevent resistance) and malaria vaccines.
Since 2017, the progress has been flat. If the funding gap widens, the risk is not just stagnation; it’s backsliding. Several emerging threats such as climate change and funding shortfalls could undo the gains of the early 2000s to mid-2010s.
Resistance to drugs and insecticides, and strains of the malaria parasite Plasmodium falciparum that standard
diagnostics can’t detect, have emerged as challenges. There have also been changes in mosquito behaviour, with vectors increasingly biting outdoors, making bed nets less effective.
Climate change is shifting malaria transmission patterns. And the invasive Asian mosquito species Anopheles stephensi is spreading across Africa, particularly in urban areas.
Add to this the persistent issue of cross-border transmission, and growing funding shortfalls and aid cuts, and it’s clear that the fight against malaria is at a critical point.
As the world observes World Malaria Day 2025 under the theme “Malaria ends with us: reinvest, reimagine, reignite”, the call to action is urgent. Africa must lead the charge against malaria through renewed investment, bold innovation, and revitalised political will.
We – researchers, policymakers, health workers and communities – need to think smarter about funding. The economic logic of prevention is simple. It’s far cheaper to prevent malaria than to treat it. The total cost of procuring and delivering long-lasting insecticidal nets typically ranges between US$4 and US$7 each and the nets protect families for years. In contrast, treating a single case of severe malaria may cost hundreds of dollars and involve hospitalisation.
In high-burden countries, malaria can consume up to 40% of public health spending.
In Tanzania, for instance, malaria contributes to 30% of the country’s total disease burden. The broader economic toll – lost productivity, work and school absenteeism, and healthcare costs – is staggering. Prevention through long-lasting insecticidal nets, chemoprevention and health education isn’t only humane; it’s fiscally responsible.
We cannot fight tomorrow’s malaria with yesterday’s tools. Resistance, climate-driven shifts in transmission, and urbanisation are changing malaria’s patterns.
This is why re-imagining our approach is urgent.
African countries must scale up innovations like the RTS,S/AS01 vaccine and next-generation mosquito nets. But more importantly, they must build their own capacity to develop, test and produce these tools.
This requires investing in research and development, regional regulatory harmonisation, and local manufacturing.
There is also a need to build leadership capacity within malaria control programmes to manage this adaptive disease with agility and evidence-based decision-making.
Reigniting the malaria fight means shifting power to those on the frontlines. Community health workers remain one of Africa’s greatest untapped resources. Already delivering malaria testing, treatment and health education in remote areas, they can also be trained to manage other health challenges.
Integrating malaria prevention into broader community health services makes sense. It builds resilience, reduces duplication, and ensures continuity even when external funding fluctuates.
Every malaria intervention delivered by a trusted, local health worker is a step towards community ownership of health.
Strengthened collaboration between partners, governments, cross-border nations, and local communities is also needed.
Africa’s malaria challenge is part of a deeper health systems crisis. By 2030, the continent will require an additional US$371 billion annually to deliver basic primary healthcare – about US$58 per person.
For malaria in 2023 alone, US$8.3 billion was required to meet global control and elimination targets, yet only US$4 billion was mobilised. This gap has grown consistently, increasing from US$2.6 billion in 2019 to US$4.3 billion in 2023.
The shortfall has led to major gaps in the coverage of essential malaria interventions.
The solution does not lie in simply spending more, but in spending smarter by focusing on prevention, building local innovation, and strengthening primary healthcare systems.
The responsibility is collective. African governments must invest boldly and reform policies to prioritise prevention.
Global partners must support without dominating. And communities must be empowered to take ownership of their health.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
– ref. Beating malaria: what can be done with shrinking funds and rising threats – https://theconversation.com/beating-malaria-what-can-be-done-with-shrinking-funds-and-rising-threats-255126
Source: South Australia County Fire Service
Issued on
25 Apr 2025 08:27
Issued for
KORUNYE near Two Wells in the Mid North.
Warning level
Advice – Avoid Smoke
Action
Smoke from KORUNYE is in the Two Wells, Middle Beach and Lower Light area.
Smoke can affect your health. You should stay informed and be aware of the health impacts of smoke on yourself and others.
Symptoms of exposure includes shortness of breath, wheezing and coughing, burning eyes, running nose, chest tightness, chest pain and dizziness or light-headedness.
If you or anyone in your care are having difficulty breathing, seek medical attention from your local GP. If your symptoms become severe, call 000.
More information will be provided by the CFS when it is available.
Like farmland in Australia, native forests struggle with drought and flooding, so future management decisions need more sophisticated systems to monitor and manage their water needs.
A new study led by Flinders University aims to provide a good estimate of water used by trees and plants and bushes under the treetops (or the forest understorey) to help improve management of native woodlands.
Researchers tested an advanced way to measure evapo-transpiration (ET) patterns in understorey (compared to canopy) vegetation at two different rainfall locations in South Australia to help develop better water and woodland management decision-making in future.
ET returns water from the soil and plants into the atmosphere and is the major component of terrestrial water balance, explains Professor of Environmental Science and Hydrology Huade Guan, from the National Centre for Groundwater Research and Training at Flinders University.
“Woodland understorey ET is difficult to monitor using conventional methods. Our latest study tested a new method of measuring understorey evapotranspiration in floodplains and catchment areas,” he says.
This is important to understand because understorey ET can contribute between 10% (in cooler seasons) and up to 50% (during hot weather) of ecosystem water use, researchers say.
The latest study, published in the Journal of Hydrology with collaborators around Australia, China and the US, retrieved understorey temperature from airborne thermal imagery and used it in a ‘maximum entropy production’ model (called the ‘MEP model’) to map understorey ET.
Researchers hope to improve ecosystem water evaluations to create more effective management strategies for increasingly scarce river and freshwater resources.
The research was based on investigations in a River Red Gum woodland of a Murray floodplain near Bookpurnong in the Riverland and a hilly woodland catchment near Mount Wilson in the Willunga Basin. The locations reflected different topographical, hydrological and climate conditions.
Both locations showed understorey ET was a key component of ecosystem water balance, so working out the best way to support River Red Gum and other woodland environmental water requirements could incorporate broadscale monitoring and mapping with high-resolution thermal data from satellites in future.
The study found that flooding modified water availability and vegetation response, influencing understorey ET dynamics over time, says Flinders University Professor Guan, who leads the Eco-hydrology and Hydro-meteorology Research Group (EcoH2OMe) at the College of Science and Engineering.
For example, after major flooding in 2022-23, the fraction of understorey ET to the total ecosystem ET declined, likely due to increased overstorey transpiration.
In the hilly environment, slope orientation plays a key role in regulating ET by controlling solar radiation exposure and soil moisture retention.
North-facing slopes generally have higher understorey ET than south-facing slopes, particularly in a wet winter, where understorey ET on the north-facing slopes accounts for up to 50% of total surface ET.
This high understorey ET on north-facing slopes consumes soil moisture a lot quicker, resulting in less water for vegetation use in dry summer than south-facing slopes.
The study highlights the advantages of integrating new methods and technologies in addressing environmental problems.
Meanwhile, South Australia is currently experiencing particularly dry weather, which is most likely the result of climate change, according to the SA Water for Good plan. This means less rain and a reduction of flows into traditional water sources such as our reservoirs, rivers and groundwater. The CSIRO has forecast an overall decline in rainfall of between 15% to 30% by 2050.
The SA Government plan emphasises the need for proactive management of non-prescribed water resources to ensure water security to 2050, including a deeper understanding of overall water resource capacity to prevent over-exploitation and enhance sustainability.
The article, ‘Integrating the Maximum Entropy Production model and airborne imagery for understorey evapotranspiration mapping’ (2025) by Wenjie Liu, Okke Batelaan, David Bruce, Jingfeng Wang, Hugo Gutierrez, Hailong Wang, Robin Keegan-Treloar, Jianfeng Gou, Robert Keane, Jessica Thompson and Huade Guan has been published in the Journal of Hydrology (Elsevier) DOI: 10.1016/j.jhydrol.2025.133076
Acknowledgements: Field data were obtained in the projects funded by Murray-Darling Basin Authority (MD005764) and National Centre for Groundwater Research and Training (SR08000001). Researchers acknowledge fieldwork by Karina Gutierrez, Lawrence Burk, Zhongli Liu, Zhechen Zhang, Xiang Xu and Rose Deng and landowners Langdon Badger and Steve Clark for access. Wenjie Liu received support from the China Scholarship Council (201906370006) and Jingfeng Wang’s research is sponsored by the National Science Foundation Hydrological Sciences and Physical and Dynamic Meteorology Program Grant EAR‐2006281.
Source: United States House of Representatives – Congresswoman Marilyn Strickland (WA-10)
Washington, DC – Today, during National Infertility Awareness Week, Congresswoman Marilyn Strickland (WA-10), led the reintroduction of the Expanding Access to Fertility Care for Servicemembers and Dependents Act, which would expand TRICARE coverage to make assisted reproductive services, including IVF, available to all active-duty servicemembers (including the Reserve and National Guard) and dependents – regardless of service-connection requirements, sex, gender, sexual orientation, or marital status of the servicemember or their dependent.
This bill has been endorsed by RESOLVE: The National Infertility Association, American Society for Reproductive Medicine, the Center for Reproductive Rights, and the Modern Military Association of America.
“Answering the call to serve often means making a great number of sacrifices for your country. Being able to start a family should not be one of them. This bill removes current barriers in TRICARE and helps ensure that all servicemembers can access the fertility care they deserve to start a family,” said Strickland.
“Our nation’s servicemembers and their families make incredible sacrifices every day, and they deserve access to the full spectrum of medical care to build their families. The majority of Americans — 85% — support access to IVF, one of the most effective medical treatments for those struggling to build their family. Expanding TRICARE coverage to include IVF and fertility care is not just the right thing to do—it’s a critical investment in the health and well-being of military families. RESOLVE stands strongly in support of this long-overdue change, and we urge Congress to act swiftly to ensure that no one who serves our country is denied the chance to become a parent,” said Barbara Collura, President/CEO of RESOLVE: The National Infertility Association
“For decades, the American Society for Reproductive Medicine (ASRM) has been a leader in promoting policies that expand access to fertility treatments like IVF for military families, who face unique family building challenges due to the nature of their work in service to our country,” said Sean Tipton, ASRM Chief Advocacy & Policy Officer. “We thank Congresswoman Strickland, Delegate Norton, Congressman Takano, and Congresswoman Pressley for calling attention to the fact that current Department of Defense (DoD) policy – which limits TRICARE coverage for fertility treatments to only service members with a service-connected illness or injury – fails to provide our military families with adequate access to care. It’s about time we address this shortcoming so that our brave men and women in uniform do not have to juggle the out-of-pocket costs for treatment with their service, end their military careers to access health care, or forego their dreams of having a family.”
“The Expanding Access to Fertility Care for Servicemembers and Dependents Act is a critical piece of legislation. By removing legal barriers that currently exclude from insurance coverage servicemembers whose infertility is not directly service-related, and safeguarding against discrimination in coverage of this care, the Act gets us closer to ensuring that all servicemembers and their dependents can have equitable and non-discriminatory access to the fertility health care they need to build their families,” said Karla Torres, Senior Human Rights Counsel, Center for Reproductive Rights
The legislation is cosponsored by Del. Eleanor Holmes Norton (DC), Rep. Mark Takano (CA-39), and Rep. Ayanna Pressley (MA-7).
Read the full bill text here.
Congresswoman Marilyn Strickland (WA-10) serves on the House Armed Services Committee and the House Transportation and Infrastructure Committee. She is Whip of the New Democrat Coalition, Secretary of the Congressional Black Caucus, and is one of the first Korean-American women elected to Congress.
###
Source: GlobeNewswire (MIL-OSI)
JEFFERSONVILLE, Ind., April 24, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $5.5 million, or $0.79 per diluted share, for the quarter ended March 31, 2025, compared to net income of $4.9 million, or $0.72 per diluted share, for the quarter ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $5.3 million (non-GAAP measure)(1) and net income per diluted share of $0.76 (non-GAAP measure)(1) for the quarter ended March 31, 2025 compared to $3.6 million, or $0.52 per diluted share for the quarter ended March 31, 2024.
Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the second fiscal quarter performance, including the continued improvement in the net interest margin, which has increased eighteen and twenty-one basis points for the three and six months ended, respectively. The SBA Lending segment posted its first profitable quarter since March 2024 and posted a solid level of loans originations and sales. Asset quality improved with nonperforming loans decreasing $3.8 million from the prior quarter and the ratio of nonperforming loans to total gross loans improving to 0.67%, a decrease of twenty basis points from the prior quarter. We are optimistic regarding the remainder of fiscal 2025 as we anticipate further expansion of the net interest margin, continued profitability from the SBA Lending segment, additional sales of home equity lines of credit (“HELOCS”), and stable and strong asset quality. We will continue our focus on customer deposit growth, select loan growth opportunities, preservation of asset quality, and prudent capital and liquidity management. We will also continue to evaluate options and strategies that we believe will maximize shareholder value.”
(1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.
Results of Operations for the Three Months Ended March 31, 2025 and 2024
Net interest income increased $1.7 million, or 11.6%, to $16.0 million for the three months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended March 31, 2025 was 2.93% as compared to 2.66% for the same period in 2024. The increase in net interest income was due to an increase of $807,000 in interest income and a decrease of $846,000 in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.
The Company recognized a reversal of provision for credit losses for loans and securities of $357,000 and $1,000, respectively, and a provision for unfunded lending commitments of $123,000 for the three months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $713,000 and $23,000, respectively, and reversal of provision for unfunded lending commitments of $259,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to a decrease in qualitative reserves and $156,000 in net recoveries recognized during the period. The $156,000 in net recoveries during the three months ended March 31, 2025 included $215,000 in net recoveries related to unguaranteed portions of SBA loans. During the three months ended March 31, 2024, the Company recognized net charge-offs of $110,000, of which $15,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $4.2 million from $16.9 million at September 30, 2024 to $12.7 million at March 31, 2025, due primary to a $4.9 million decrease in loan balances guaranteed by the SBA.
Noninterest income decreased $150,000 for the three months ended March 31, 2025 as compared to the same period in 2024. The decrease was due primarily to a $539,000 decrease in other income, partially offset by a $154,000 increase in service charges on deposit accounts and a $127,000 increase in net gain on sales of SBA loans. The decrease in other income in 2025 was primarily due to $492,000 gain on the sale of mortgage servicing rights during the 2024 period with no corresponding amount for 2025.
Noninterest expense increased $1.9 million for the three months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $940,000 and $948,000, respectively. The increase in compensation and benefits was primarily due to an increase in bonus and incentive accruals in 2025. The increase in other operating expenses was primarily due a $656,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period compared to a reversal of $41,000 for the same period in 2025 and an adjustment to the valuation allowance related to the sale of residential mortgage servicing rights of $247,000 in 2024 with no corresponding amount in 2025.
The Company recognized income tax expense of $589,000 for the three months ended March 31, 2025 compared to $866,000 for the same period in 2024. The decrease is due primarily to greater utilization of investment tax credits in the 2025 period. The effective tax rate for 2025 was 9.7% compared to 14.9% for 2024. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.
Results of Operations for the Six Months Ended March 31, 2025 and 2024
The Company reported net income of $11.7 million, or $1.68 per diluted share, for the six months ended March 31, 2025 compared to net income of $5.8 million, or $0.85 per diluted share, for the six months ended March 31, 2024. Excluding nonrecurring items, the Company reported net income of $9.4 million (non-GAAP measure)(1) and net income per diluted share of $1.35 (non-GAAP measure)(1) for the six months ended March 31, 2025 compared to net income of $4.5 million and net income per diluted share of $0.66 for the six months ended March 31, 2024. The core banking segment reported net income of $11.4 million, or $1.64 per diluted share for the six months ended March 31, 2025 compared to net income of $8.6 million and net income per diluted share of $1.25 for the six months ended March 31, 2024. Excluding nonrecurring items, the core banking segment reported net income of $9.1 million (non-GAAP measure)(1), or $1.31 per diluted share (non-GAAP measure)(1) for the six months ended March 31, 2025 compared to net income of $7.7 million and net income per diluted share of $1.12 for the six months ended March 31, 2024.
Net interest income increased $3.0 million, or 10.6%, to $31.5 million for the six months ended March 31, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the six months ended March 31, 2025 was 2.84% as compared to 2.68% for the same period in 2024. The increase in net interest income was due to a $4.6 million increase in interest income, partially offset by a $1.6 million increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.
The Company recognized a reversal of provision for credit losses for loans and securities of $848,000 and $7,000, respectively, and a provision for unfunded lending commitments of $169,000 for the six months ended March 31, 2025, compared to a provision for credit losses for loans and securities of $1.2 million and $23,000, respectively, and reversal of provision for unfunded lending commitments of $317,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to the bulk sale of approximately $87.2 million of HELOCS during the period and a decrease in qualitative reserves. The Company recognized net recoveries totaling $38,000 for the six months ended March 31, 2025, of which $164,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $119,000 in 2024, of which $64,000 was related to unguaranteed portions of SBA loans.
Noninterest income increased $3.2 million for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to a $2.5 million net gain on sale of HELOCs in 2025, net gains of $403,000 on the sale of equity securities in 2025 with no corresponding gains for 2024, a $248,000 increase in service charges on deposit accounts, and a $263,000 increase in ATM and interchange fees, slightly offset by a $508,000 decrease in other income due to a $495,000 gain recognized on the sale of mortgage servicing rights during 2024 with no corresponding amount for 2025.
Noninterest expense increased $824,000 for the six months ended March 31, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other operating expenses and compensation and benefits of $962,000 and $453,000, respectively, partially offset by decreases in professional fees and occupancy and equipment of $454,000 and $380,000, respectively. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in 2024 compared to a reversal of $148,000 in 2025 and a $400,000 accrued contingent liability associated with employee benefits recognized in 2025 with no corresponding amount in 2024, partially offset by a decrease of $180,000 in 2025 to reverse previously accrued litigation expenses. The increase in compensation and benefits is primarily due to an increase in bonus and incentive accruals in 2025 compared to 2024. The decrease in professional fees and occupancy and equipment is primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.
The Company recognized income tax expense of $1.4 million for the six months ended March 31, 2025 compared to $390,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period, including the aforementioned net gain on sale of loans. The effective tax rate for 2025 was 10.9% compared to 6.3%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.
Comparison of Financial Condition at March 31, 2025 and September 30, 2024
Total assets decreased $74.1 million, from $2.45 billion at September 30, 2024 to $2.38 billion at March 31, 2025. Net loans held for investment decreased $83.7 million during the six months ended March 31, 2025 due primarily to the $87.2 million bulk sale of home equity lines of credit.
Total liabilities decreased $76.2 million due primarily to a decrease in total deposits of $91.7 million, partially offset by an increase in FHLB borrowings of $23.7 million. The decrease in total deposits was due to a decrease in brokered deposits of $112.4 million, due primarily to proceeds from the aforementioned bulk sale of home equity lines of credit and an increase in customer deposits of $20.7 million. As of March 31, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 31.8% of total deposits and 15.1% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.
Total stockholders’ equity increased $2.1 million, from $177.1 million at September 30, 2024 to $179.2 million at March 31, 2025, due primarily to a $9.6 million increase in retained net income, partially offset by a $8.2 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the six months ended March 31, 2025, which resulted in a decrease in the fair value of securities available for sale. At March 31, 2025 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.
First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”
This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.
Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.
Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.
Contact:
Tony A. Schoen, CPA
Chief Financial Officer
812-283-0724
| FIRST SAVINGS FINANCIAL GROUP, INC. | ||||||||||||||||||||
| CONSOLIDATED FINANCIAL HIGHLIGHTS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| OPERATING DATA: | March 31, | March 31, | ||||||||||||||||||
| (In thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Total interest income | $ | 30,823 | $ | 30,016 | $ | 63,272 | $ | 58,671 | ||||||||||||
| Total interest expense | 14,832 | 15,678 | 31,819 | 30,220 | ||||||||||||||||
| Net interest income | 15,991 | 14,338 | 31,453 | 28,451 | ||||||||||||||||
| Provision (credit) for credit losses – loans | (357 | ) | 713 | (848 | ) | 1,183 | ||||||||||||||
| Provision (credit) for unfunded lending commitments | 123 | (259 | ) | 169 | (317 | ) | ||||||||||||||
| Provision (credit) for credit losses – securities | (1 | ) | 23 | (7 | ) | 23 | ||||||||||||||
| Total provision (credit) for credit losses | (235 | ) | 477 | (686 | ) | 889 | ||||||||||||||
| Net interest income after provision (credit) for credit losses | 16,226 | 13,861 | 32,139 | 27,562 | ||||||||||||||||
| Total noninterest income | 3,560 | 3,710 | 9,663 | 6,492 | ||||||||||||||||
| Total noninterest expense | 13,698 | 11,778 | 28,641 | 27,817 | ||||||||||||||||
| Income before income taxes | 6,088 | 5,793 | 13,161 | 6,237 | ||||||||||||||||
| Income tax expense | 589 | 866 | 1,437 | 390 | ||||||||||||||||
| Net income | $ | 5,499 | $ | 4,927 | $ | 11,724 | $ | 5,847 | ||||||||||||
| Net income per share, basic | $ | 0.80 | $ | 0.72 | $ | 1.71 | $ | 0.86 | ||||||||||||
| Weighted average shares outstanding, basic | 6,875,826 | 6,832,130 | 6,861,061 | 6,828,017 | ||||||||||||||||
| Net income per share, diluted | $ | 0.79 | $ | 0.72 | $ | 1.68 | $ | 0.85 | ||||||||||||
| Weighted average shares outstanding, diluted | 6,960,020 | 6,859,611 | 6,961,829 | 6,849,928 | ||||||||||||||||
| Performance ratios (annualized) | ||||||||||||||||||||
| Return on average assets | 0.93 | % | 0.84 | % | 0.98 | % | 0.50 | % | ||||||||||||
| Return on average equity | 12.24 | % | 11.96 | % | 13.15 | % | 7.38 | % | ||||||||||||
| Return on average common stockholders’ equity | 12.34 | % | 11.96 | % | 13.15 | % | 7.38 | % | ||||||||||||
| Net interest margin (tax equivalent basis) | 2.93 | % | 2.66 | % | 2.84 | % | 2.68 | % | ||||||||||||
| Efficiency ratio | 70.06 | % | 65.26 | % | 69.66 | % | 79.61 | % | ||||||||||||
| QTD | FYTD | |||||||||||||||||||
| FINANCIAL CONDITION DATA: | March 31, | December 31, | Increase | September 30, | Increase | |||||||||||||||
| (In thousands, except per share data) | 2025 | 2024 | (Decrease) | 2024 | (Decrease) | |||||||||||||||
| Total assets | $ | 2,376,230 | $ | 2,388,735 | $ | (12,505 | ) | $ | 2,450,368 | $ | (74,138 | ) | ||||||||
| Cash and cash equivalents | 28,683 | 76,224 | (47,541 | ) | 52,142 | (23,459 | ) | |||||||||||||
| Investment securities | 244,084 | 242,634 | 1,450 | 249,719 | (5,635 | ) | ||||||||||||||
| Loans held for sale | 61,239 | 24,441 | 36,798 | 25,716 | 35,523 | |||||||||||||||
| Gross loans | 1,900,660 | 1,905,199 | (4,539 | ) | 1,985,146 | (84,486 | ) | |||||||||||||
| Allowance for credit losses | 20,484 | 20,685 | (201 | ) | 21,294 | (810 | ) | |||||||||||||
| Interest earning assets | 2,219,504 | 2,234,258 | (14,754 | ) | 2,277,512 | (58,008 | ) | |||||||||||||
| Goodwill | 9,848 | 9,848 | – | 9,848 | – | |||||||||||||||
| Core deposit intangibles | 316 | 357 | (41 | ) | 398 | (82 | ) | |||||||||||||
| Loan servicing rights | 2,744 | 2,661 | 83 | 2,754 | (10 | ) | ||||||||||||||
| Noninterest-bearing deposits | 185,252 | 183,239 | 2,013 | 191,528 | (6,276 | ) | ||||||||||||||
| Interest-bearing deposits (customer) | 1,207,159 | 1,212,527 | (5,368 | ) | 1,180,196 | 26,963 | ||||||||||||||
| Interest-bearing deposits (brokered) | 396,770 | 437,008 | (40,238 | ) | 509,157 | (112,387 | ) | |||||||||||||
| Federal Home Loan Bank borrowings | 325,310 | 295,000 | 30,310 | 301,640 | 23,670 | |||||||||||||||
| Subordinated debt and other borrowings | 48,682 | 48,642 | 40 | 48,603 | 79 | |||||||||||||||
| Total liabilities | 2,197,041 | 2,212,708 | (15,667 | ) | 2,273,253 | (76,212 | ) | |||||||||||||
| Accumulated other comprehensive loss | (19,385 | ) | (17,789 | ) | (1,596 | ) | (11,195 | ) | (8,190 | ) | ||||||||||
| Total stockholders’ equity | 179,189 | 176,027 | 3,162 | 177,115 | 2,074 | |||||||||||||||
| Book value per share | $ | 25.90 | $ | 25.48 | 0.42 | $ | 25.72 | 0.18 | ||||||||||||
| Tangible book value per share (non-GAAP) (1) | 24.43 | 24.00 | 0.43 | 24.23 | 0.20 | |||||||||||||||
| Non-performing assets: | ||||||||||||||||||||
| Nonaccrual loans – SBA guaranteed | $ | 123 | $ | 4,444 | $ | (4,321 | ) | $ | 5,036 | $ | (4,913 | ) | ||||||||
| Nonaccrual loans | 12,597 | 12,124 | 473 | 11,906 | 691 | |||||||||||||||
| Total nonaccrual loans | $ | 12,720 | $ | 16,568 | $ | (3,848 | ) | $ | 16,942 | $ | (4,222 | ) | ||||||||
| Accruing loans past due 90 days | – | – | – | – | – | |||||||||||||||
| Total non-performing loans | 12,720 | 16,568 | (3,848 | ) | 16,942 | (4,222 | ) | |||||||||||||
| Foreclosed real estate | 444 | 444 | – | 444 | – | |||||||||||||||
| Total non-performing assets | $ | 13,164 | $ | 17,012 | $ | (3,848 | ) | $ | 17,386 | $ | (4,222 | ) | ||||||||
| Asset quality ratios: | ||||||||||||||||||||
| Allowance for credit losses as a percent of total gross loans | 1.08 | % | 1.09 | % | (0.01 | %) | 1.07 | % | 0.01 | % | ||||||||||
| Allowance for credit losses as a percent of nonperforming loans | 161.04 | % | 124.85 | % | 36.19 | % | 125.69 | % | 35.35 | % | ||||||||||
| Nonperforming loans as a percent of total gross loans | 0.67 | % | 0.87 | % | (0.20 | %) | 0.85 | % | (0.18 | %) | ||||||||||
| Nonperforming assets as a percent of total assets | 0.55 | % | 0.71 | % | (0.16 | %) | 0.71 | % | (0.16 | %) | ||||||||||
| (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item. | ||||||||||||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED): | ||||||||||||||||||||
| The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures. | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Net Income | March 31, | March 31, | ||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net income attributable to the Company (non-GAAP) | $ | 5,313 | $ | 3,561 | $ | 9,367 | $ | 4,481 | ||||||||||||
| Plus: Gain on sale of loans, home equity lines of credit, net of tax effect | – | – | 1,869 | – | ||||||||||||||||
| Plus: Gain on sale of equity securities, net of tax effect | – | – | 302 | – | ||||||||||||||||
| Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect | – | 492 | – | 492 | ||||||||||||||||
| Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect | – | 583 | – | 583 | ||||||||||||||||
| Plus: Gain on sale of premises and equipment, net of tax effect | 186 | 90 | 186 | 90 | ||||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual, net of tax effect | – | 117 | – | 117 | ||||||||||||||||
| Plus: Distribution from equity investment, net of tax effect | – | 85 | – | 85 | ||||||||||||||||
| Net income attributable to the Company (GAAP) | $ | 5,499 | $ | 4,927 | $ | 11,724 | $ | 5,847 | ||||||||||||
| Net Income per Share, Diluted | ||||||||||||||||||||
| Net income per share attributable to the Company, diluted (non-GAAP) | $ | 0.76 | $ | 0.52 | $ | 1.35 | $ | 0.65 | ||||||||||||
| Plus: Gain on sale of loans, home equity lines of credit, net of tax effect | – | – | 0.27 | – | ||||||||||||||||
| Plus: Gain on sale of equity securities, net of tax effect | – | – | 0.03 | – | ||||||||||||||||
| Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect | – | 0.07 | – | 0.07 | ||||||||||||||||
| Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect | – | 0.08 | – | 0.08 | ||||||||||||||||
| Plus: Gain on sale of premises and equipment, net of tax effect | 0.03 | 0.01 | 0.03 | 0.01 | ||||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual, net of tax effect | – | 0.02 | – | 0.02 | ||||||||||||||||
| Plus: Distribution from equity investment, net of tax effect | – | 0.02 | – | 0.02 | ||||||||||||||||
| Net income per share, diluted (GAAP) | $ | 0.79 | $ | 0.72 | $ | 1.68 | $ | 0.85 | ||||||||||||
| Core Bank Segment Net Income | ||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||
| Net income attributable to the Core Bank (non-GAAP) | $ | 4,883 | $ | 3,637 | $ | 9,081 | $ | 7,685 | ||||||||||||
| Plus: Gain on sale of loans, home equity lines of credit, net of tax effect | – | – | 1,869 | – | ||||||||||||||||
| Plus: Gain on sale of equity securities, net of tax effect | – | – | 302 | – | ||||||||||||||||
| Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect | – | 583 | – | 583 | ||||||||||||||||
| Plus: Gain on sale of premises and equipment, net of tax effect | 186 | 90 | 186 | 90 | ||||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual, net of tax effect | – | 117 | – | 117 | ||||||||||||||||
| Plus: Distribution from equity investment, net of tax effect | – | 85 | – | 85 | ||||||||||||||||
| Net income attributable to the Core Bank (GAAP) | $ | 5,069 | $ | 4,511 | $ | 11,438 | $ | 8,559 | ||||||||||||
| Core Bank Segment Net Income per Share, Diluted | ||||||||||||||||||||
| Core Bank net income per share, diluted (non-GAAP) | $ | 0.70 | $ | 0.53 | $ | 1.31 | $ | 1.12 | ||||||||||||
| Plus: Gain on sale of loans, home equity lines of credit, net of tax effect | – | – | 0.27 | – | ||||||||||||||||
| Plus: Gain on sale of equity securities, net of tax effect | – | – | 0.03 | – | ||||||||||||||||
| Plus: Adjustment to MSR valuation allowance related to sale, net of tax effect | – | 0.08 | – | 0.08 | ||||||||||||||||
| Plus: Gain on sale of premises and equipment, net of tax effect | – | 0.01 | 0.03 | 0.01 | ||||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual, net of tax effect | 0.03 | 0.02 | – | 0.02 | ||||||||||||||||
| Plus: Distribution from equity investment, net of tax effect | – | 0.02 | – | 0.02 | ||||||||||||||||
| Core Bank net income per share, diluted (GAAP) | $ | 0.73 | $ | 0.66 | $ | 1.64 | $ | 1.25 | ||||||||||||
| RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED): | Three Months Ended | Fiscal Year Ended | ||||||||||||||||||
| Efficiency Ratio | March 31, | March 31, | ||||||||||||||||||
| (In thousands) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||
| Net interest income (GAAP) | $ | 15,991 | $ | 14,338 | $ | 31,453 | $ | 28,451 | ||||||||||||
| Noninterest income (GAAP) | 3,560 | 3,710 | 9,663 | 6,492 | ||||||||||||||||
| Noninterest expense (GAAP) | 13,698 | 11,778 | 28,641 | 27,817 | ||||||||||||||||
| Efficiency ratio (GAAP) | 70.06 | % | 65.26 | % | 69.66 | % | 79.61 | % | ||||||||||||
| Noninterest income (GAAP) | $ | 3,560 | $ | 3,710 | $ | 9,663 | $ | 6,492 | ||||||||||||
| Less: Gain on sale of loans, home equity lines of credit | – | – | (2,492 | ) | – | |||||||||||||||
| Less: Gain on sale of equity securities | – | – | (403 | ) | – | |||||||||||||||
| Less: Gain on sale of premises and equipment | (248 | ) | (120 | ) | (248 | ) | (120 | ) | ||||||||||||
| Less: Adjustment to MSR valuation allowance related to sale | – | (530 | ) | – | (530 | ) | ||||||||||||||
| Less: Distribution from equity investment | – | (113 | ) | – | (113 | ) | ||||||||||||||
| Noninterest income (Non-GAAP) | 3,312 | 2,947 | 6,520 | 5,729 | ||||||||||||||||
| Noninterest expense (GAAP) | $ | 13,698 | $ | 11,778 | $ | 28,641 | $ | 27,817 | ||||||||||||
| Plus: Adjustment to MSR valuation allowance related to sale | – | 247 | – | 247 | ||||||||||||||||
| Plus: Decrease in loss contingency for SBA-guaranteed loans | – | 656 | – | 656 | ||||||||||||||||
| Plus: Adjustment to previous data processing contract termination accrual | – | 156 | – | 156 | ||||||||||||||||
| Noninterest expense (Non-GAAP) | $ | 13,698 | $ | 12,837 | $ | 28,641 | $ | 28,876 | ||||||||||||
| Efficiency ratio (excluding nonrecurring items) (non-GAAP) | 70.96 | % | 74.27 | % | 75.42 | % | 84.48 | % | ||||||||||||
| QTD | FYTD | |||||||||||||||||||
| Tangible Book Value Per Share | March 31, | December 31, | Increase | September 30, | Increase | |||||||||||||||
| (In thousands, except share and per share data) | 2025 | 2024 | (Decrease) | 2024 | (Decrease) | |||||||||||||||
| Stockholders’ equity (GAAP) | $ | 179,189 | $ | 176,027 | $ | 3,162 | $ | 177,115 | $ | 2,074 | ||||||||||
| Less: goodwill and core deposit intangibles | (10,164 | ) | (10,205 | ) | 41 | (10,246 | ) | 82 | ||||||||||||
| Tangible stockholders’ equity (non-GAAP) | $ | 169,025 | $ | 165,822 | $ | 3,203 | $ | 166,869 | $ | 2,156 | ||||||||||
| Outstanding common shares | 6,919,136 | 6,909,173 | $ | 9,963 | 6,887,106 | $ | 32,030 | |||||||||||||
| Tangible book value per share (non-GAAP) | $ | 24.43 | $ | 24.00 | $ | 0.43 | $ | 24.23 | $ | 0.20 | ||||||||||
| Book value per share (GAAP) | $ | 25.90 | $ | 25.48 | $ | 0.42 | $ | 25.72 | $ | 0.18 | ||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED): | As of | |||||||||||||||||||
| Summarized Consolidated Balance Sheets | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (In thousands, except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Total cash and cash equivalents | $ | 28,683 | $ | 76,224 | $ | 52,142 | $ | 42,423 | $ | 62,969 | ||||||||||
| Total investment securities | 244,084 | 242,634 | 249,719 | 238,785 | 240,142 | |||||||||||||||
| Total loans held for sale | 61,239 | 24,441 | 25,716 | 125,859 | 19,108 | |||||||||||||||
| Total loans, net of allowance for credit losses | 1,880,176 | 1,884,514 | 1,963,852 | 1,826,980 | 1,882,458 | |||||||||||||||
| Loan servicing rights | 2,744 | 2,661 | 2,754 | 2,860 | 3,028 | |||||||||||||||
| Total assets | 2,376,230 | 2,388,735 | 2,450,368 | 2,393,491 | 2,364,983 | |||||||||||||||
| Customer deposits | $ | 1,392,411 | $ | 1,395,766 | $ | 1,371,724 | $ | 1,312,997 | $ | 1,239,271 | ||||||||||
| Brokered deposits | 396,770 | 437,008 | 509,157 | 399,151 | 548,175 | |||||||||||||||
| Total deposits | 1,789,181 | 1,832,774 | 1,880,881 | 1,712,148 | 1,787,446 | |||||||||||||||
| Federal Home Loan Bank borrowings | 325,310 | 295,000 | 301,640 | 425,000 | 315,000 | |||||||||||||||
| Common stock and additional paid-in capital | $ | 28,650 | $ | 28,382 | $ | 27,725 | $ | 27,592 | $ | 27,475 | ||||||||||
| Retained earnings – substantially restricted | 182,918 | 178,526 | 173,337 | 170,688 | 167,648 | |||||||||||||||
| Accumulated other comprehensive loss | (19,385 | ) | (17,789 | ) | (11,195 | ) | (17,415 | ) | (17,144 | ) | ||||||||||
| Unearned stock compensation | (862 | ) | (973 | ) | (901 | ) | (999 | ) | (1,096 | ) | ||||||||||
| Less treasury stock, at cost | (12,132 | ) | (12,119 | ) | (11,851 | ) | (11,866 | ) | (11,827 | ) | ||||||||||
| Total stockholders’ equity | 179,189 | 176,027 | 177,115 | 168,000 | 165,056 | |||||||||||||||
| Outstanding common shares | 6,919,136 | 6,909,173 | 6,887,106 | 6,883,656 | 6,883,160 | |||||||||||||||
| Three Months Ended | ||||||||||||||||||||
| Summarized Consolidated Statements of Income | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (In thousands, except per share data) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Total interest income | $ | 30,823 | $ | 32,449 | $ | 32,223 | $ | 31,094 | $ | 30,016 | ||||||||||
| Total interest expense | 14,832 | 16,987 | 17,146 | 16,560 | 15,678 | |||||||||||||||
| Net interest income | 15,991 | 15,462 | 15,077 | 14,534 | 14,338 | |||||||||||||||
| Provision (credit) for credit losses – loans | (357 | ) | (491 | ) | 1,808 | 501 | 713 | |||||||||||||
| Provision (credit) for unfunded lending commitments | 123 | 46 | (262 | ) | 158 | (259 | ) | |||||||||||||
| Provision (credit) for credit losses – securities | (1 | ) | (6 | ) | (86 | ) | 84 | 23 | ||||||||||||
| Total provision (credit) for credit losses | (235 | ) | (451 | ) | 1,460 | 743 | 477 | |||||||||||||
| Net interest income after provision for credit losses | 16,226 | 15,913 | 13,617 | 13,791 | 13,861 | |||||||||||||||
| Total noninterest income | 3,560 | 6,103 | 2,842 | 3,196 | 3,710 | |||||||||||||||
| Total noninterest expense | 13,698 | 14,943 | 12,642 | 12,431 | 11,778 | |||||||||||||||
| Income before income taxes | 6,088 | 7,073 | 3,817 | 4,556 | 5,793 | |||||||||||||||
| Income tax expense (benefit) | 589 | 848 | 145 | 483 | 866 | |||||||||||||||
| Net income | 5,499 | 6,225 | 3,672 | 4,073 | 4,927 | |||||||||||||||
| Net income per share, basic | $ | 0.80 | $ | 0.91 | $ | 0.54 | $ | 0.60 | $ | 0.72 | ||||||||||
| Weighted average shares outstanding, basic | 6,875,826 | 6,851,153 | 6,832,626 | 6,832,452 | 6,832,130 | |||||||||||||||
| Net income per share, diluted | $ | 0.79 | $ | 0.89 | $ | 0.53 | $ | 0.60 | $ | 0.72 | ||||||||||
| Weighted average shares outstanding, diluted | 6,960,020 | 6,969,223 | 6,894,532 | 6,842,336 | 6,859,611 | |||||||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| Noninterest Income Detail | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (In thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Service charges on deposit accounts | $ | 541 | $ | 567 | $ | 552 | $ | 538 | $ | 387 | ||||||||||
| ATM and interchange fees | 632 | 665 | 642 | 593 | 585 | |||||||||||||||
| Net unrealized gain on equity securities | 47 | 78 | 28 | 419 | 6 | |||||||||||||||
| Net gain on equity securities | – | 403 | – | – | – | |||||||||||||||
| Net gain on sales of loans, Small Business Administration | 1,078 | 711 | 647 | 581 | 951 | |||||||||||||||
| Net gain on sales of loans, home equity lines of credit | – | 2,492 | – | – | – | |||||||||||||||
| Mortgage banking income | 104 | 78 | 6 | 49 | 53 | |||||||||||||||
| Increase in cash surrender value of life insurance | 380 | 361 | 363 | 353 | 333 | |||||||||||||||
| Gain on life insurance | – | 108 | – | – | – | |||||||||||||||
| Commission income | 255 | 210 | 294 | 220 | 220 | |||||||||||||||
| Real estate lease income | 122 | 121 | 122 | 154 | 115 | |||||||||||||||
| Net gain (loss) on premises and equipment | – | 45 | (4 | ) | – | 120 | ||||||||||||||
| Other income | 401 | 264 | 192 | 289 | 940 | |||||||||||||||
| Total noninterest income | $ | 3,560 | $ | 6,103 | $ | 2,842 | $ | 3,196 | $ | 3,710 | ||||||||||
| Three Months Ended | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| Consolidated Performance Ratios (Annualized) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Return on average assets | 0.93 | % | 1.02 | % | 0.61 | % | 0.69 | % | 0.92 | % | ||||||||||
| Return on average equity | 12.24 | % | 14.07 | % | 8.52 | % | 9.86 | % | 13.06 | % | ||||||||||
| Return on average common stockholders’ equity | 12.34 | % | 14.07 | % | 8.52 | % | 9.86 | % | 13.06 | % | ||||||||||
| Net interest margin (tax equivalent basis) | 2.93 | % | 2.75 | % | 2.72 | % | 2.67 | % | 2.66 | % | ||||||||||
| Efficiency ratio | 70.06 | % | 69.29 | % | 70.55 | % | 70.11 | % | 65.26 | % | ||||||||||
| As of or for the Three Months Ended | ||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||||||
| Consolidated Asset Quality Ratios | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Nonperforming loans as a percentage of total loans | 0.67 | % | 0.87 | % | 0.85 | % | 0.91 | % | 0.82 | % | ||||||||||
| Nonperforming assets as a percentage of total assets | 0.55 | % | 0.71 | % | 0.71 | % | 0.72 | % | 0.68 | % | ||||||||||
| Allowance for credit losses as a percentage of total loans | 1.08 | % | 1.09 | % | 1.07 | % | 1.07 | % | 1.02 | % | ||||||||||
| Allowance for credit losses as a percentage of nonperforming loans | 161.04 | % | 124.85 | % | 125.69 | % | 118.12 | % | 124.01 | % | ||||||||||
| Net charge-offs to average outstanding loans | -0.01 | % | 0.01 | % | 0.02 | % | 0.01 | % | 0.01 | % | ||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| Segmented Statements of Income Information | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (In thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Core Banking Segment: | ||||||||||||||||||||
| Net interest income | $ | 14,259 | $ | 13,756 | $ | 14,083 | $ | 13,590 | $ | 13,469 | ||||||||||
| Provision (credit) for credit losses – loans | (540 | ) | (745 | ) | 1,339 | 320 | 909 | |||||||||||||
| Provision (credit) for unfunded lending commitments | 35 | (75 | ) | 78 | 64 | (259 | ) | |||||||||||||
| Provision (credit) for credit losses – securities | (1 | ) | (7 | ) | (86 | ) | 84 | 23 | ||||||||||||
| Net interest income after provision (credit) for credit losses | 14,765 | 14,583 | 12,752 | 13,122 | 12,796 | |||||||||||||||
| Noninterest income | 2,242 | 5,253 | 2,042 | 2,474 | 2,537 | |||||||||||||||
| Noninterest expense | 11,486 | 12,574 | 10,400 | 10,192 | 10,093 | |||||||||||||||
| Income before income taxes | 5,521 | 7,262 | 4,394 | 5,404 | 5,240 | |||||||||||||||
| Income tax expense | 452 | 893 | 301 | 689 | 729 | |||||||||||||||
| Net income | $ | 5,069 | $ | 6,369 | $ | 4,093 | $ | 4,715 | $ | 4,511 | ||||||||||
| SBA Lending Segment (Q2): | ||||||||||||||||||||
| Net interest income | $ | 1,732 | $ | 1,706 | $ | 994 | $ | 944 | $ | 869 | ||||||||||
| Provision (credit) for credit losses – loans | 183 | 255 | 469 | 181 | (196 | ) | ||||||||||||||
| Provision (credit) for unfunded lending commitments | 88 | 121 | (340 | ) | 94 | – | ||||||||||||||
| Net interest income after provision for credit losses | 1,461 | 1,330 | 865 | 669 | 1,065 | |||||||||||||||
| Noninterest income | 1,318 | 850 | 800 | 722 | 1,173 | |||||||||||||||
| Noninterest expense | 2,212 | 2,369 | 2,242 | 2,239 | 1,685 | |||||||||||||||
| Income (loss) before income taxes | 567 | (189 | ) | (577 | ) | (848 | ) | 553 | ||||||||||||
| Income tax expense (benefit) | 137 | (45 | ) | (156 | ) | (206 | ) | 137 | ||||||||||||
| Net income (loss) | $ | 430 | $ | (144 | ) | $ | (421 | ) | $ | (642 | ) | $ | 416 | |||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| Segmented Statements of Income Information | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (In thousands, except percentage data) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Net Income (Loss) Per Share by Segment | ||||||||||||||||||||
| Net income per share, basic – Core Banking | $ | 0.74 | $ | 0.93 | $ | 0.60 | $ | 0.69 | $ | 0.66 | ||||||||||
| Net income (loss) per share, basic – SBA Lending (Q2) | 0.06 | (0.02 | ) | (0.06 | ) | (0.09 | ) | 0.06 | ||||||||||||
| Total net income (loss) per share, basic | $ | 0.80 | $ | 0.91 | $ | 0.54 | $ | 0.60 | $ | 0.72 | ||||||||||
| Net Income (Loss) Per Diluted Share by Segment | ||||||||||||||||||||
| Net income per share, diluted – Core Banking | $ | 0.73 | $ | 0.91 | $ | 0.59 | $ | 0.69 | $ | 0.66 | ||||||||||
| Net income (loss) per share, diluted – SBA Lending (Q2) | 0.06 | (0.02 | ) | (0.06 | ) | (0.09 | ) | 0.06 | ||||||||||||
| Total net income (loss) per share, diluted | $ | 0.79 | $ | 0.89 | $ | 0.53 | $ | 0.60 | $ | 0.72 | ||||||||||
| Return on Average Assets by Segment (annualized) (3) | ||||||||||||||||||||
| Core Banking | 0.90 | % | 1.09 | % | 0.71 | % | 0.83 | % | 0.80 | % | ||||||||||
| SBA Lending | 1.58 | % | (0.55 | %) | (1.71 | %) | (2.91 | %) | 1.81 | % | ||||||||||
| Efficiency Ratio by Segment (annualized) (3) | ||||||||||||||||||||
| Core Banking | 69.61 | % | 66.15 | % | 64.50 | % | 63.45 | % | 63.06 | % | ||||||||||
| SBA Lending | 72.52 | % | 92.68 | % | 124.97 | % | 134.39 | % | 82.52 | % | ||||||||||
| Three Months Ended | ||||||||||||||||||||
| Noninterest Expense Detail by Segment | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (In thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Core Banking Segment: | ||||||||||||||||||||
| Compensation | $ | 6,637 | $ | 7,245 | $ | 5,400 | $ | 5,587 | $ | 5,656 | ||||||||||
| Occupancy | 1,648 | 1,577 | 1,554 | 1,573 | 1,615 | |||||||||||||||
| Advertising | 429 | 338 | 399 | 253 | 205 | |||||||||||||||
| Other | 2,772 | 3,414 | 3,047 | 2,779 | 2,617 | |||||||||||||||
| Total Noninterest Expense | $ | 11,486 | $ | 12,574 | $ | 10,400 | $ | 10,192 | $ | 10,093 | ||||||||||
| SBA Lending Segment (Q2): | ||||||||||||||||||||
| Compensation | $ | 1,892 | $ | 1,931 | $ | 1,854 | $ | 1,893 | $ | 1,933 | ||||||||||
| Occupancy | 50 | 59 | 55 | 51 | 58 | |||||||||||||||
| Advertising | 10 | 14 | 17 | 12 | 7 | |||||||||||||||
| Other | 260 | 365 | 316 | 283 | (313 | ) | ||||||||||||||
| Total Noninterest Expense | $ | 2,212 | $ | 2,369 | $ | 2,242 | $ | 2,239 | $ | 1,685 | ||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| SBA Lending (Q2) Data | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (In thousands, except percentage data) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Final funded loans guaranteed portion sold, SBA | $ | 15,716 | $ | 10,785 | $ | 10,880 | $ | 7,515 | $ | 15,144 | ||||||||||
| Gross gain on sales of loans, SBA | $ | 1,508 | $ | 1,141 | $ | 1,029 | $ | 811 | $ | 1,443 | ||||||||||
| Weighted average gross gain on sales of loans, SBA | 9.60 | % | 10.58 | % | 9.46 | % | 10.79 | % | 9.53 | % | ||||||||||
| Net gain on sales of loans, SBA (2) | $ | 1,078 | $ | 711 | $ | 647 | $ | 581 | $ | 951 | ||||||||||
| Weighted average net gain on sales of loans, SBA | 6.86 | % | 6.59 | % | 5.95 | % | 7.73 | % | 6.28 | % | ||||||||||
| (2) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment. | ||||||||||||||||||||
| SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): | Three Months Ended | |||||||||||||||||||
| Summarized Consolidated Average Balance Sheets | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||
| (In thousands) | 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||||||
| Interest-earning assets | ||||||||||||||||||||
| Average balances: | ||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 11,851 | $ | 21,102 | $ | 16,841 | $ | 26,100 | $ | 24,587 | ||||||||||
| Loans | 1,946,338 | 2,010,082 | 1,988,997 | 1,943,716 | 1,914,609 | |||||||||||||||
| Investment securities – taxable | 102,744 | 101,960 | 99,834 | 101,350 | 102,699 | |||||||||||||||
| Investment securities – nontaxable | 161,579 | 160,929 | 158,917 | 157,991 | 157,960 | |||||||||||||||
| FRB and FHLB stock | 24,986 | 24,986 | 24,986 | 24,986 | 24,986 | |||||||||||||||
| Total interest-earning assets | $ | 2,247,498 | $ | 2,319,059 | $ | 2,289,575 | $ | 2,254,143 | $ | 2,224,841 | ||||||||||
| Interest income (tax equivalent basis): | ||||||||||||||||||||
| Interest-bearing deposits with banks | $ | 168 | $ | 210 | $ | 209 | $ | 324 | $ | 261 | ||||||||||
| Loans | 27,998 | 29,617 | 29,450 | 28,155 | 27,133 | |||||||||||||||
| Investment securities – taxable | 921 | 914 | 910 | 918 | 923 | |||||||||||||||
| Investment securities – nontaxable | 1,719 | 1,715 | 1,685 | 1,665 | 1,662 | |||||||||||||||
| FRB and FHLB stock | 511 | 493 | 471 | 519 | 499 | |||||||||||||||
| Total interest income (tax equivalent basis) | $ | 31,317 | $ | 32,949 | $ | 32,725 | $ | 31,581 | $ | 30,478 | ||||||||||
| Weighted average yield (tax equivalent basis, annualized): | ||||||||||||||||||||
| Interest-bearing deposits with banks | 5.67 | % | 3.98 | % | 4.96 | % | 4.97 | % | 4.25 | % | ||||||||||
| Loans | 5.75 | % | 5.89 | % | 5.92 | % | 5.79 | % | 5.67 | % | ||||||||||
| Investment securities – taxable | 3.59 | % | 3.59 | % | 3.65 | % | 3.62 | % | 3.59 | % | ||||||||||
| Investment securities – nontaxable | 4.26 | % | 4.26 | % | 4.24 | % | 4.22 | % | 4.21 | % | ||||||||||
| FRB and FHLB stock | 8.18 | % | 7.89 | % | 7.54 | % | 8.31 | % | 7.99 | % | ||||||||||
| Total interest-earning assets | 5.57 | % | 5.68 | % | 5.72 | % | 5.60 | % | 5.48 | % | ||||||||||
| Interest-bearing liabilities | ||||||||||||||||||||
| Interest-bearing deposits | $ | 1,653,058 | $ | 1,671,156 | $ | 1,563,258 | $ | 1,572,871 | $ | 1,549,012 | ||||||||||
| Federal Home Loan Bank borrowings | 266,975 | 315,583 | 378,956 | 351,227 | 333,275 | |||||||||||||||
| Subordinated debt and other borrowings | 48,656 | 48,616 | 48,576 | 48,537 | 48,497 | |||||||||||||||
| Total interest-bearing liabilities | $ | 1,968,689 | $ | 2,035,355 | $ | 1,990,790 | $ | 1,972,635 | $ | 1,930,784 | ||||||||||
| Interest expense: | ||||||||||||||||||||
| Interest-bearing deposits | $ | 12,069 | $ | 13,606 | $ | 12,825 | $ | 12,740 | $ | 12,546 | ||||||||||
| Federal Home Loan Bank borrowings | 2,001 | 2,617 | 3,521 | 3,021 | 2,298 | |||||||||||||||
| Subordinated debt and other borrowings | 762 | 764 | 800 | 799 | 833 | |||||||||||||||
| Total interest expense | $ | 14,832 | $ | 16,987 | $ | 17,146 | $ | 16,560 | $ | 15,677 | ||||||||||
| Weighted average cost (annualized): | ||||||||||||||||||||
| Interest-bearing deposits | 2.92 | % | 3.26 | % | 3.28 | % | 3.24 | % | 3.24 | % | ||||||||||
| Federal Home Loan Bank borrowings | 3.00 | % | 3.32 | % | 3.72 | % | 3.44 | % | 2.76 | % | ||||||||||
| Subordinated debt and other borrowings | 6.26 | % | 6.29 | % | 6.59 | % | 6.58 | % | 6.87 | % | ||||||||||
| Total interest-bearing liabilities | 3.01 | % | 3.34 | % | 3.45 | % | 3.36 | % | 3.25 | % | ||||||||||
| Net interest income (taxable equivalent basis) | $ | 16,485 | $ | 15,962 | $ | 15,579 | $ | 15,021 | $ | 14,801 | ||||||||||
| Less: taxable equivalent adjustment | (494 | ) | (500 | ) | (502 | ) | (487 | ) | (463 | ) | ||||||||||
| Net interest income | $ | 15,991 | $ | 15,462 | $ | 15,077 | $ | 14,534 | $ | 14,338 | ||||||||||
| Interest rate spread (tax equivalent basis, annualized) | 2.56 | % | 2.34 | % | 2.27 | % | 2.24 | % | 2.23 | % | ||||||||||
| Net interest margin (tax equivalent basis, annualized) | 2.93 | % | 2.75 | % | 2.72 | % | 2.67 | % | 2.66 | % | ||||||||||
Source: United States Coast Guard
04/24/2025 05:33 PM EDT
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Source: The Conversation – UK – By Will de Freitas, Environment + Energy Editor, UK edition
“The Earth, our home, is beginning to look more and more like an immense pile of filth.” These aren’t the words of a radical sociologist or rogue climate scientist. They aren’t the words of a Conversation editor either. Nor are these:
“A selfish and boundless thirst for power and material prosperity leads both to the misuse of available natural resources and to the exclusion of the weak and disadvantaged.”
These are in fact quotes from Pope Francis, who died last weekend.
This roundup of The Conversation’s climate coverage comes from our award-winning weekly climate action newsletter. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed.
I never thought this job would have me writing newsletters in praise of a papal climate influencer, but here we are. You can read various obits and interesting takes on Pope Francis and what’s next for the Catholic church elsewhere on The Conversation. But here I want to focus on his thoughts on climate change and the impact he had.
In 2015, two years after becoming pope, Francis published Laudato Si (Praise Be to You), a 183-page papal letter sent to all Catholic bishops on “care for our common home”. It was a significant intervention made just a few months before the climate summit that led to the Paris agreement.
Writing at the time, sustainability professor Steffen Böhm said that what made it so radical “isn’t just [Pope Francis’s] call to urgently tackle climate change. It’s the fact he openly and unashamedly goes against the grain of dominant social, economic and environment policies.”
For Böhm, who was then at the University of Essex but now works at Exeter, this radical message “puts him on a confrontation course with global powerbrokers and leaders of national governments, international institutions and multinational corporations”.
He quotes a section where the Pope says “those who possess more resources [and] power seem seem mostly to be concerned with masking the problems or concealing their symptoms, simply making efforts to reduce some of the negative impacts of climate change”. The Pope warns that “such effects will continue to worsen if we continue with current models of production and consumption”.
Böhm points out the Pope “might be the only person with both the clout and the desire to meaningfully deliver a message like this”.
Read more:
Pope’s climate letter is a radical attack on the logic of the market
Bernard Laurent of EM Business School in Lyon, says that in France the Pope’s message “managed to bring together both conservative currents – such as the Courant pour une Écologie Humaine (Movement for a Human Ecology), created in 2013 – and more open-minded Catholic intellectuals such as Gaël Giraud, a Jesuit and author of Produire Plus, Polluer Moins : l’Impossible Découplage? (Produce more, Pollute Less: the Impossible Decoupling?)”
Read more:
Pope Francis and Laudato Si’: an ecological turning point for the Catholic Church
Clearly, this was a unique figure able to reach people who might not listen to a Greta Thunberg or an Al Gore.
But, while it’s great the Paris agreement was signed, it was still filled with the exact sort of market logic and buck-passing – carbon credits, “emit now, clean up later”, and so on – the Pope had criticised a few months previously. And climate change itself only got worse. In the years following, Pope Francis spoke at the UN and published a series of other “exhortations” related to climate change.
Did any of this make any difference?
Celia Deane-Drummond is a theology professor at the University of Oxford and director of a research institute named after the 2015 papal letter. In a piece published the same day Pope Francis’s death was announced, she looked at his influence on the global climate movement.
Deane-Drummond notes Pope Francis’s emphasis on listening to Indigenous people for instance in his lesser-known exhortation Querida Amazonia, which means “beloved Amazonia”, from February 2020.
“This exhortation resulted from his conversations with Amazonian communities and helped put Indigenous perspectives on the map. Those perspectives helped shape Catholic social teaching in the [papal letter] Fratelli Tutti, which means ‘all brothers and sisters’, published on October 3 2020.”
Perhaps the Pope’s biggest influence was on activists rather than policymakers. Deane-Drummond says he was often mentioned by participants in a research project on religion, theology and climate change she was part of.
“When we asked more than 300 [religious] activists representing six different activist groups who most influenced them to get involved in climate action, 61% named Pope Francis as a key influencer.”
The 2015 papal letter also gave rise to the Laudato Si movement which Deane-Drummond points out “coordinates climate activism across the globe. It has 900 Catholic organisations as well as 10,000 of what are known as Laudato Si ‘animators’, who are all ambassadors and leaders in their respective communities.”
Read more:
Three ways Pope Francis influenced the global climate movement
There are specific religious arguments he was able to make to appeal to these groups, note Joel Hodge and Antonia Pizzy of Australian Catholic University.
They write that: “Francis argued combating climate change relied on the ‘ecological conversion’ of the human heart, so that people may recognise the God-given nature of our planet and the fundamental call to care for it. Without this conversion, pragmatic and political measures wouldn’t be able to counter the forces of consumerism, exploitation and selfishness.”
Read more:
Pope Francis has died, aged 88. These were his greatest reforms – and controversies
It’s not an argument that will particularly work on me. But then addressing the climate crisis will require all sorts of people to be persuaded of the need for serious action, including policy wonks, tech bros, radical activists, worried parents and, yes, people motivated by their religion.
The last pope didn’t have to say anything about the climate crisis. It’s not necessarily in the job description. But it’s a good thing that Pope Francis did speak about it and, as Deane-Drummond says: “We can only hope [the next pope] will build on his legacy and influence political change for the good, from the grassroots frontline right up to the highest global ambitions.”
– ref. How Pope Francis became a climate change influencer – https://theconversation.com/how-pope-francis-became-a-climate-change-influencer-255086
Source: US Congressman Don Davis (NC-01)
Washington, D.C. — Congressman Don Davis (NC-01) introduced H.R. 2929, the Haliwa Saponi Indian Tribe of North Carolina Act, legislation that extends the full measure of the federal government-to-government relationship between the United States and the Haliwa Saponi Indian Tribe. This bill represents a step forward in the recognition and support of the Haliwa Saponi Tribe, which has long been a vital part of North Carolina’s cultural heritage.
“The Haliwa Saponi Indian Tribe deserves federal recognition, and we must respect their deep-rooted heritage and vibrant traditions. We must validate the historical significance and pay tribute to their ongoing contributions,” said Congressman Don Davis. “Their rich legacy, intertwined with incredible ancestral stories, truly merits the honor of federal recognition.”
Congressman Davis introduced this legislation during the 60th Annual Haliwa Saponi Tribal Powwow, a vibrant celebration of the Tribe’s heritage, culture, and community spirit. Congressman Davis joined community leaders and members of the Tribe in celebrating this significant milestone.
“This is truly another historic moment for our Tribe, and we are so grateful,” said Dr. Brucie Ogletree Richardson, Chief of the Haliwa Saponi Indian Tribe. “We are thankful for the continued support of Congressman Don Davis and others who have helped our Tribe reach this milestone.”
The Tribe has over 4,000 members and resides in eastern North Carolina, where its strong relationship with its non-Indian neighbors stretches back countless generations. Halifax and Warren Counties strongly support full federal recognition for the Tribe.
“This is a historic moment for our Tribe, and we are so grateful to Congressman Don Davis and for the support of Halifax and Warren counties,” said Gideon Lee, Chairman of the Haliwa Saponi Indian Tribe. “Our forefathers have waited for this moment for a long, long time.”
Congressman Davis’ legislation ensures that the historic North Carolina American Indian Tribe will finally be treated equally under federal law with other federally recognized American Indian tribes in other parts of the country.
The Haliwa Saponi Indian Tribe of North Carolina Act seeks to:
Source: US Congressman Don Davis (NC-01)
ROCKY MOUNT, N.C. — Congressman Don Davis delivered the following remarks at his press conference on the first 100 days of the 119th Congress:
Hi, everybody! It is always great to be back home, in eastern North Carolina. I have worked to share the stories, concerns, and issues impacting eastern North Carolina families. Our district now spans 22 incredible counties, from the coastlines of Currituck and Camden counties through the farmland of Lenoir and Wayne counties to the heart of Oxford and everywhere between. My vision for NC-01 is: “We must meet our constituents where they are, ensuring they are seen and heard in Washington, D.C., to make life better for all families and provide hope and assurance they are not forgotten.” We work to achieve this daily.
We’ve opened three new offices: 1. Rocky Mount, 2. Goldsboro, and 3. Elizabeth City. We held listening sessions in Camden, Currituck, Granville, Wayne, and Lenoir counties. Due to an increased interest in town halls, we hosted a telephone town hall with nearly 13,000 participants. So far this year, we helped close more than 240 constituent cases and returned over $821,000 to eastern North Carolina families, cutting through bureaucracy to return money directly to our neighbors. Our District Outreach Team has made over 156 visits to meet with constituents across the district, showing up, listening, attending events and meetings, and responding to issues.
During the 119th Congress, 11,750 constituents have reached out to the office. In comparison, during the 118th Congress, 8,745 constituents reached out to the office through April 14. The top three campaigns during the 119th Congress have been: 1) Protect Social Security, 2) Oppose the Department of Government Efficiency (DOGE) and Elon Musk, and 3) Support the Ensuring Pathways to Innovative Cures (EPIC) Act.
I have introduced 14 bills in the 119th Congress, including:
I am committed to:
Together, these efforts will contribute to a brighter future for our region. We’re not sitting on the sidelines. We are working hard every day on healthcare, agriculture, defense, and working families.
An early victory during the Trump Administration includes the decision by the Food and Drug Administration to formally withdraw and end the effort by the agency to consider a ban on menthol cigarettes and flavored cigars. As the Ranking Member of the Commodity Markets, Digital Assets, and Rural Development Subcommittee of the House Agriculture Committee, I am working on regulatory framework legislation for the crypto and digital assets industry that is a priority of the Administration.
I also know that people are currently nervous about the state of the country and the world.
Specific concerns include: 1. Helene and agriculture assistance, 2. education funding reductions, and 3. tariffs.
I voted in support of disaster assistance for Helene in the West and drought in the East. I am glad that economic assistance was included. But we are way short. We are a billion short for agricultural assistance alone.
I visited North Lenoir High School in Lenoir County just this morning, one of the four public school districts in North Carolina that no longer has access to COVID-19-related funding that they had been promised because the U.S. Department of Education terminated their ability to liquidate those federal dollars.
On Friday, I visited Halifax County Schools to discuss the same issue.
We are:
For tariffs, eastern North Carolina cannot afford to be collateral damage in a trade war. We need tough and targeted trade policies, but our policies must also protect jobs, lower input costs, and keep our communities strong.
Previously, I voted in support of the SAVE ACT. After speaking with North Carolina State Board of Election officials, I voted against it based on the concern that the bill cannot be implemented as drafted. While I support the intent of the SAVE Act that makes crystal clear only U.S. citizens should vote in elections, N.C. election officials have shared serious concerns about its implementation. The limited time for modernizing our information systems, uncertain taxpayer costs, and the need for clear standards to verify U.S. citizenship pose risks to administering federal elections. I remain committed to improving this bill and ensuring free and fair elections.
We are meeting residents where they are. We read “Pete the Cat and His Magic Sunglasses” at St. Stephens Daycare. Federal funds for early childhood education remain important. I visited International Paper at Manson, spoke with quilters in Warrenton, and held a meeting with the Global TransPark. This morning, I traveled to N. Lenoir High School to look at their roof.
I plan to visit Pine Gates Renewables, Freedom Industries, and the Boys and Girls Club of the Tar River Region later today. Over the course of the next week, I will attend the 60th Annual Haliwa Saponi Blooming of the Dogwood Powwow, visit Airbus and Collins Aerospace, Barton College, Davita Kidney Care in Wilson, and Wilson Community College.
I plan to meet with the Albemarle Area United Way, break ground at Elizabeth City State University for an aviation building, visit U.S. Coast Guard Elizabeth City, visit the Food Bank of Albemarle, and meet with the Perquimans County EMS director to discuss recovery efforts.
As this is Holy Week, I wish everyone a wonderful Easter. Meanwhile, we will keep looking for opportunities to work with the Administration. Tax filing deadline was extended to May 1 for federal and state for all NC residents due to Helene. I encourage residents to file their taxes or an extension. We will keep advocating for our families, our farmers, our veterans, our students, and the future we believe in. May God bless eastern North Carolina, and our nation.
US Senate News:
Source: United States Senator for Washington State Patty Murray
Canada is Washington’s largest overall trading partner, accounting for nearly $20 billion in imports and $10 billion in exports
***AUDIO of full roundtable discussion HERE***
***PHOTOS and B-ROLL HERE***
Blaine, WA — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a roundtable discussion on how Trump’s chaotic trade war and senseless tariffs are affecting Washington state’s border communities and local businesses. In the City of Blaine, which is located along the United States-Canada border, retail and service revenue has fallen 40 percent, and the City of Bellingham and other communities near the border are reporting a roughly 20 percent decrease in revenue due to Trump’s trade war and increasing anti-American sentiment from Canadian neighbors.
Canada is Washington’s largest overall trading partner, accounting for nearly $20 billion in imports and $10 billion in exports. Senator Murray was joined for the discussion by Blaine Mayor Mary Lou Steward; Surrey (Canada) Mayor Brenda Locke; Blaine City Manager Mike Harmon; Dr. Laurie Trautman, Director of the Border Policy Research Institute; and Ali Hayton, Owner of Point Roberts Marketplace.
On April 2nd, President Trump announced sweeping new tariffs on nearly every country, including a 10 percent baseline tariff on all imported goods, and country-specific so-called reciprocal tariffs. Just hours after the reciprocal tariff rates took effect last Wednesday, Trump abruptly changed his mind and put a 90-day pause on reciprocal tariffs. But Trump is still taxing goods from every country, across the board, at 10 percent at least. Even with his “pause,” Trump’s new tariff rates are still the highest in decades, and are estimated to cost American families more than $4,000 per year—the largest tax increase since 1968.
“As everyone here knows, the folks just across the border in Canada are not just our neighbors—they are our friends, and some families even span the border. It’s not just personal connections that are strong here, but economic connections. Trade with Canada, and visitors and customers are a crucial part of the local economy,” said Senator Murray. “Yet, every week Trump seems to find a new way to drive a wedge between us and our Canadian allies, and a new way to drive business away from our communities. He’s whipping up a fact-free frenzy about drugs at the Canadian border. The fact is: less than 1 percent of fentanyl intercepted at the U.S. border is from Canada. He has created complete chaos and fear for every day travelers crossing our border. People coming here for work, or just for visits, have been detained. His border theatrics are scaring away tourists and scaring off business. And the pointless, painful trade war is in reality an enormous tax paid by our families.”
“Trump is pushing away some of our most important trade partners, raising prices for families at the grocery store, and pushing small businesses to the brink—some may even shutter. All of this is incredibly harmful to our communities—it’s not the way we should treat our neighbors, and it’s catastrophic for business too,” Senator Murray continued. “I’m glad to be here to shine a spotlight the real damage Trump is doing with his tariffs, his chaos, and his attempts to bully one of our closest allies for no reason—and to listen to your stories and take them back with me to the other Washington.”
Washington state has one of the most trade-dependent economies of any state in the country, with 40 percent of jobs tied to international commerce. Washington state is the top U.S. producer of apples, blueberries, hops, pears, spearmint oil, and sweet cherries—all of which risk losing vital export markets due to retaliatory tariffs from key trading partners including Canada. Additionally, more than 12,000 small and medium-sized companies in Washington state export goods and will struggle to absorb the impact of retaliatory tariffs. Trump’s tariffs during his first term were extremely costly for Washington state—for example, India imposed a 20 percent retaliatory tariff on U.S. apples, causing Washington apple shipments to India to fall by 99 percent and growers to lose hundreds of millions of dollars in exports.
“We really, really depend upon Canadians coming to shop in Blaine. And part of this just is our history… We do have small businesses in town that we like to support, and over the years, the Canadians have come down and supported these immensely, in particular the gas, dairy, and shopping—Amazon parcels that are mail orders. These are all suffering. People are being laid off, and this is hurting us because the Canadian southbound traffic has dropped off to 50 percent of a decrease in the amount of traffic, so this does affect our businesses,” said Mary Lou Steward, Mayor of Blaine. “Sales tax receipts eclipse property tax receipts nearly by two to one, so sales tax is really, really important. And it takes all of Blaine’s property tax plus sales tax receipts to fund our police department… Blaine and Bellingham receive nearly the same number of Canadian visitors, however, those going to Bellingham shop and spend four to one times as much money in Bellingham as they do coming to Blaine to buy gas and eat locally.”
“Much like during the pandemic, our border communities are being impacted disproportionately, only this time by the antagonistic approach of the Trump Administration towards Canada. These impacts are far reaching and go well beyond the immediate economic damage our communities face, affecting our social connections, and our ability to respond to natural disasters that know no borders,” said Dr. Laurie Trautman, Director of the Border Policy Research Institute. “Cross-border connections with our Canadian neighbors provide immeasurable benefits to our community- supporting our economy and our security. Travel by Canadians has dropped by over 50%, largely due to the antagonism of the Trump Administration, leaving our businesses more vulnerable and our community less secure.”
“Senator Murray has long stood with Point Roberts, championing our unique needs during the COVID-19 pandemic, when border closures devastated our local economy and isolated our community. Her tireless efforts helped bring much-needed attention to our situation during that crisis, and her commitment remains strong today as we face new challenges brought on by international tariff disputes. Businesses in Point Roberts are struggling to navigate the uncertainty created by these trade tensions. When I reached out to Senator Murray’s office for help, their response was immediate. While it’s unclear exactly what relief might come for Point Roberts and other border towns, today’s meeting — bringing together community leaders from both sides of the border — is a hopeful step forward in rebuilding the longstanding relationships we’ve shared with our Canadian neighbors,” said Ali Hayton, Owner of Point Roberts Marketplace. “We may not yet know what the future holds, but having Senator Murray in our corner makes all the difference. Her leadership, compassion, and steadfast commitment to the people of Point Roberts are deeply appreciated.”
Senator Murray has been a vocal opponent of Trump’s chaotic trade war and has been lifting up the voices of people in Washington state harmed by this administration’s approach to trade. Senator Murray continues to call on Republicans to end Trump’s trade war—which Congress has the power to do—and take back Congress’ Constitutionally-granted power to impose tariffs. Earlier this month, Senator Murray brought together leaders across Washington state who highlighted how Trump’s ongoing trade war is already a devastating hit to Washington state’s economy, businesses, and our agriculture sector. Senator Murray also took to the Senate floor to lay out how Trump’s chaotic trade war is seriously threatening our economy, American businesses, families’ retirement savings, and so much else. Earlier this week, Senator Murray joined her colleagues in pressing U.S. Trade Representative Ambassador Jamieson Greer on how the Trump administration’s tariffs are affecting farmers across the country. Last week, Senator Murray also held a roundtable discussion in Tacoma with local businesses and ports, toured local businesses in downtown Vancouver, and held a roundtable discussion in Vancouver with local businesses and ports, to highlight how Trump’s chaotic trade war and senseless tariffs are harming the overall economy in Washington state. Earlier this week, Senator Murray met with small business owners in Seattle’s University District to hear how Trump’s tariffs and trade war are harming them.
Source: United States House of Representatives – Congressman Ed Case (Hawai‘i – District 1)
(Honolulu, HI) — U.S. Representative Ed Case (Hawai‘i – First District) announced the winners of his 2025 Congressional Art Competition at Bishop Museum, where entries were on public display.
Twenty-three art pieces were entered this year from eight schools throughout his district.
“All of this year’s contestants earned our respect for participating in a contest that featured so many quality art pieces and made it so difficult for our judges to select the winners.”
“The quantity, quality and diversity of the artwork presented was inspiring and truly showcased the range of artistic talent across my district. I’ll be very proud to highlight the winners’ work in the U.S. Capitol and my congressional offices.
Each spring since 1982, the Congressional Institute sponsors a nationwide high school visual arts competition to recognize and encourage artistic talents in each Congressional district. Most Members of Congress participate in sponsoring the competitions.
The winners for Case’s event this year are:
1st Place
May Shiraishi
Grade 9
Hawai‘i Baptist Academy
Title: “Beauty Amidst the Debris”
Medium: soft pastel, plastic debris, acrylic paint
She and a guest will receive a round trip for two on Southwest Airlines to attend the National Awards Competition in Washington, D.C., among other prizes. Her image representing Hawai‘i’s 1st Congressional District will also be displayed in the U.S. Capitol for one year along with those of the winners in other districts.
2nd Place
Rai Angelo Santos
Grade 10
Farrington High School
Title: “Mother of Three”
Medium: photography
His image will be displayed in the Washington, D.C. Office of Congressman Case for one year, along with a certificate.
3rd Place
Deinalyn Theodore
Grade 11
Farrington High School
Title: “Woven in Me”
Medium: photography
Her image will be displayed in the District Office of Congressman Case in downtown Honolulu for one year, along with a certificate.
Honorable Mention
Janelle De Castro
Grade 12
Farrington High School
Title: “Wants and Needs”
Medium: photography
“I want to especially thank our panel of judges who reviewed the works and made some very tough decisions”, said Case.
The judges included:
– Meleanna Aluli Meyer
Meleanna Aluli Meyer is an acclaimed artist, educator, and cultural advocate known for her decades-long commitment to Hawaiian art, education, and social justice. Honored with awards like the MAMO Kumu Kukui Master Teaching Artist Award, she blends creative expression with healing and cultural preservation. Her work is deeply rooted in Hawaiian values and dedicated to empowering communities through art and culture.
– Zoe Liu
Zoe Liu is a Hong Kong-born artist based in Honolulu, Hawai‘i, known for her evocative works exploring education, identity, and spiritual growth. A graduate of the University of Hawaiʻi at Mānoa with top honors in Drawing and Digital Imaging, she is also the founder of Art Tent Studio and a dedicated teaching artist at institutions such as the Honolulu Museum of Art School and the Hawai‘i State Art Museum. Using ink, watercolor, and mixed media, her art delves into existential themes and reflects her meditative, teaching-informed practice.
– Kahi Ching
Kahi Ching was born in Honolulu, Hawai‘i. He is a lifelong creative known for his versatility across painting, sculpture, bonsai, and public art. A child prodigy, he sold his first painting at age 11 and earned national recognition as a teen. With over 30 years of experience, Kahi has continually explored diverse media, valuing authenticity over convention. He is the founder of Kahi Gallery, a space dedicated to sharing his vision and supporting other artists. Today, he continues to create while balancing his artistic practice with family life
Attachments:
· May Shiraishi with her 1st place entry alongside Rep. Case
· Rai Angelo Santos with his 2nd place entry alongside Rep. Case
· Deinalyn Theodore with her 3rd place entry alongside Rep. Case
· Janelle De Castro with her Honorable Mention entry alongside Rep. Case
· Group photo with Rep. Case, art entrants and judges
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Source: New Zealand Police (District News)
One person has died after a crash on Papakura-Clevedon Road last night, where a vehicle left the road and entered a creek.
Police were called to the scene about 6.45pm.
Sadly, one person died at the scene.
The Serious Crash Unit has examined the scene, and enquiries into the circumstances of the crash are ongoing.
ENDS
Issued by Police Media Centre