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Category: Asia Pacific

  • MIL-OSI Asia-Pac: MOFA thanks Saint Christopher and Nevis National Assembly for passing resolution endorsing Taiwan’s participation in international organizations

    Source: Republic of China Taiwan

    MOFA thanks Saint Christopher and Nevis National Assembly for passing resolution endorsing Taiwan’s participation in international organizations

    Date：2025-04-18
    Data Source：Department of Latin American and Caribbean Affairs

    April 18, 2025  
    No. 101  

    The National Assembly of Saint Christopher and Nevis on April 17 adopted a resolution proposed by Prime Minister Terrance Drew that endorsed Taiwan’s participation in the United Nations, the World Health Organization, the United Nations Framework Convention on Climate Change, the International Criminal Police Organization, and the International Civil Aviation Organization. The Ministry of Foreign Affairs (MOFA) sincerely appreciates the staunch and unwavering support and friendship that parliamentarians from governing and opposition parties of Saint Christopher and Nevis have shown toward Taiwan through concrete action. 
     
    The resolution pointed out that Saint Christopher and Nevis parliamentarians, as members of the Formosa Club, cherished their country’s diplomatic ties with Taiwan. It stated that over the years the two nations had built a robust friendship based on shared values of democracy, human rights, and the rule of law. The resolution lauded Taiwan for its contributions to global public health and recognized Taiwan’s efforts and actions in such fields as renewable energy, climate change adaptation, disaster warning systems, the fight against transnational crime, and the development of international civil aviation. It urged all sectors to support Taiwan’s professional, pragmatic, and constructive participation in the United Nations and other international organizations. 
     
    This marks the third consecutive year that the National Assembly of Saint Christopher and Nevis has passed a Taiwan-friendly resolution, underscoring the close and friendly diplomatic alliance between the two countries. Taiwan will continue to work with Saint Christopher and Nevis and other allies and like-minded nations to make even greater contributions to peace, security, and sustainable development across the globe. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA response to false claims regarding Taiwan in joint statement between PRC and Cambodia

    Source: Republic of China Taiwan

    MOFA response to false claims regarding Taiwan in joint statement between PRC and Cambodia

    Date：2025-04-19
    Data Source：Department of East Asian and Pacific Affairs

    April 19, 2025  

    Chinese leader Xi Jinping met with Cambodian Prime Minister Hun Manet during a visit to Cambodia from April 17 to 18. The two sides issued a joint statement on April 18 falsely claiming that the authority of United Nations General Assembly Resolution 2758 “brooks no question or challenge.” It also said that Cambodia “recognizes that there is but one China in the world and emphasizes that the government of the People’s Republic of China is the sole legal government representing the whole of China, and Taiwan is an inalienable part of China’s territory.” These statements could not be further from the truth.
     
    The Ministry of Foreign Affairs (MOFA) solemnly protests and condemns the Chinese government’s repeated dissemination of preposterous narratives aimed at undermining Taiwan’s sovereignty. It also expresses deep regret over the Cambodian government’s subservience to China, whose actions are designed to downgrade Taiwan’s sovereignty. 
     
    MOFA emphasizes that UNGA Resolution 2758 merely established China’s representation in the United Nations. It makes absolutely no mention of Taiwan, nor does it authorize the PRC to represent Taiwan in any international organization.
                                 
    MOFA reaffirms that the Republic of China (Taiwan) is an independent, sovereign country; that neither the ROC (Taiwan) nor the PRC is subordinate to the other; and that the Chinese communist regime has never governed Taiwan. It also reiterates that narratives aimed at distorting Taiwan’s sovereign status run contrary to reality and cannot change the internationally recognized status quo across the Taiwan Strait. MOFA strongly denounces the Chinese government for repeatedly claiming that Taiwan is an internal issue at international events and attempting to downgrade Taiwan’s sovereignty. 
     
    MOFA calls on the global community to be aware of China’s efforts to use lawfare to misrepresent UNGA Resolution 2758, mischaracterize Taiwan as an internal matter, and block international support for Taiwan. MOFA urges nations worldwide to continue to take concrete action to counter and explicitly oppose China’s relentless misrepresentation of the resolution and China’s malicious endeavors to change the cross-strait status quo, thereby jointly safeguarding peace, stability, and prosperity across the Taiwan Strait and the Indo-Pacific region.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA welcomes pragmatic step by the Philippine government to promote closer bilateral interactions

    Source: Republic of China Taiwan

    MOFA welcomes pragmatic step by the Philippine government to promote closer bilateral interactions

    Date：2025-04-21
    Data Source：Department of East Asian and Pacific Affairs

    April 21, 2025  
    No. 108  

    The government of the Philippines issued Memorandum Circular No. 82 on April 21. The document, signed by Executive Secretary Lucas Bersamin, declared that the Philippine government would relax certain restrictions on interactions with Taiwan to promote economic, trade, and investment relations between the two countries. 

    Minister of Foreign Affairs Lin Chia-lung affirms the Philippine government’s pragmatic step to promote bilateral relations, expressing his belief that new regulations will help Taiwan continue to deepen substantive cooperation with the Philippines under the policy of integrated diplomacy.

    The Ministry of Foreign Affairs stresses that Taiwan is the Philippines’ eighth-largest export market, ninth-largest trading partner, and 10th-largest source of imports. As Philippine President Ferdinand Marcos Jr. has emphasized repeatedly, peace and stability across the Taiwan Strait are a priority, while peace, security, and stability are the concern of all nations. Moving forward, Taiwan will continue to work with democratic allies such as the Philippines to jointly contribute to regional prosperity, peace, and stability. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA sincerely thanks Saint Christopher and Nevis government for supporting peace and stability across Taiwan Strait

    Source: Republic of China Taiwan

    MOFA sincerely thanks Saint Christopher and Nevis government for supporting peace and stability across Taiwan Strait

    Date：2025-04-21
    Data Source：Department of Latin American and Caribbean Affairs

    April 21, 2025  
    No. 106  

    In a statement published on April 18, the government of Saint Christopher and Nevis said it observed with profound and growing concern the recent escalation of tensions in the Taiwan Strait. It said it held the conviction that all societies, regardless of size or geopolitical influence, should be allowed to advance their development without fear of aggression, intimidation, or the threat of conflict. In addition, it emphasized the need for constructive diplomacy to ensure lasting peace and security across the Taiwan Strait. 
     
    The Ministry of Foreign Affairs (MOFA) extends its sincere gratitude to the government of Saint Christopher and Nevis for taking concrete action to convey staunch support for peace and stability across the Taiwan Strait.
     
    This statement by the government of Saint Christopher and Nevis, which follows the adoption of a resolution by the country’s National Assembly on April 17 endorsing Taiwan’s international participation, fully demonstrates the close and cordial diplomatic bond between Taiwan and Saint Christopher and Nevis. As a responsible member of the international community, Taiwan will continue to work with the global democratic camp to jointly safeguard stable and prosperous development globally and throughout the Asia-Pacific region. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA expresses condolences at passing of Pope Francis

    Source: Republic of China Taiwan

    MOFA expresses condolences at passing of Pope Francis

    Date：2025-04-21
    Data Source：Department of European Affairs

    April 21, 2025  
    No. 105

    Following the announcement by the Press Office of the Holy See of the passing of His Holiness Pope Francis on April 21, President Lai Ching-te immediately instructed the Embassy of the Republic of China (Taiwan) to the Holy See to transmit a message of condolences expressing the profound sympathies of the people and government of Taiwan. 
     
    In addition, Minister of Foreign Affairs Lin Chia-lung immediately conveyed Taiwan’s condolences to Reverend Monsignor Stefano Mazzotti, Chargé d’Affaires a.i. of the Apostolic Nunciature in Taiwan. The Ministry of Foreign Affairs (MOFA) also expressed its condolences to Bishop John Lee Keh-Mien, President of the Chinese Regional Bishops’ Conference of Taiwan. Given the profound diplomatic bond between Taiwan and the Holy See and in order to extend the deepest sympathies of the Taiwanese people, Taiwan’s Catholic parishioners, and the government of Taiwan, high-level officials will be dispatched to serve as special envoys in attending Pope Francis’s funeral, while senior government officials will also attend a memorial mass convened by the Apostolic Nunciature in Taiwan.
     
    During his pontificate from 2013 to 2025, Pope Francis voiced sympathy for those injured during the major earthquake that struck Hualien and prayed for the victims of the disaster. He cared deeply for the Catholic Church in Taiwan and appointed several bishops of ROC (Taiwan) nationality. In addition to receiving a number of special presidential envoys who visited the Holy See to attend important ceremonial events, Pope Francis also maintained cordial interactions and exchanges with interfaith groups in Taiwan. His humility and concern for all humanity, and especially his active calls for world peace, will remain forever in the hearts of the people and government of Taiwan. In this moment of sorrow, the Taiwanese people, Taiwan’s Catholic parishioners, and the government of Taiwan grieve together.
     
    Moving forward, Taiwan will continue to promote cooperation with the Holy See and the Catholic Church in the field of humanitarian care. It will do its utmost to advance world peace and demonstrate the democratic values of humankind, further deepening its long-standing diplomatic partnership with the Holy See based on common ideals. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Trump administration pauses new mine safety regulation − here’s how those rules benefit companies as well as workers

    Source: The Conversation – USA – By Jeremy M. Gernand, Associate Professor of Environmental Health and Safety Engineering, Penn State

    Federal officials in white hard hats speak with miners in an Indiana coal mine in 2015. AP Photo/Timothy D. Easley

    President Donald Trump’s administration has announced its intention to pause or reverse regulations on mine safety, saying it wants to loosen rules that constrain companies. But as a scholar of both engineering and public policy, with a focus on the risk of exposures to air pollutants and other safety issues, I have seen how safety regulations are designed to benefit not only workers but also companies and the public as a whole.

    Federal laws and other regulations require that rules written by federal agencies use scientific evidence about how to minimize risk. And under an executive order signed by President Bill Clinton in 1993 that is still in effect, regulations must be evaluated to make sure they produce more economic benefit for the nation than they cost.

    This is not a simple or quick process. Let’s look at one rule as an example of how this plays out, and how the democratic process of scientific study, public debate and comment helps regulators arrive at a rule that balances the needs and interests of workers, companies and the public.

    Silica dust exposure in mines

    The Trump administration is pausing enforcement of a rule that requires coal-mining companies to protect their workers from exposure to silica dust, a fine powder generated when pulverizing rock that can damage their lungs to the point of needing supplemental oxygen or a lung transplant. Since the 1930s, federal officials have warned about this problem, which was identified in miners as far back as 1700.

    In 1938, the U.S. secretary of labor made a short video warning miners of the dangers of inhaling silica dust.

    The first U.S. regulations about miners’ exposure to silica dust were created in the early 1970s. But over time, safety practices and technology advances become less costly. And life expectancy and national wealth increase, raising the value of preventing a fatality or a disability.

    Efforts to tighten the regulations began in earnest in 1996. Much of that work involved research into how inhaling silica affects a person’s health and how much exposure is required to lead to disease.

    In 2019, the federal Mine Safety and Health Administration, part of the U.S. Department of Labor, opened an opportunity for the public, including mining companies, independent experts, regular citizens and anyone interested, to comment on the idea of reducing mine workers’ exposure to silica.

    Based on all that information, in July 2023 the agency published a proposed rule. Then the agency held three public hearings – in Virginia, West Virginia and Colorado – which were collectively attended by 525 people, with 48 speakers and 157 submissions of written comments.

    In April 2024 the agency published a final rule, which included responses to those comments. It was slated to take effect in April 2025 for coal mines and April 2026 for other types of mines. That final rule runs to 268 pages in the Federal Register, the official publication of all federal documents. It cut in half the amount of silica dust allowed in the air in mines from 100 micrograms per cubic meter to 50.

    The rule was set to begin protecting coal miners on April 14, 2025. But just days before that deadline, the Trump administration announced it would pause enforcement of the rule for an undetermined period.

    National Black Lung Association President Gary Hairston speaks during a public hearing hosted by the federal Mine Safety and Health Administration in August 2023 about its draft rule to limit worker exposure to silica dust.
    AP Photo/Leah Willingham

    Costs and benefits

    Evaluating costs and benefits of rule changes can be complicated. Each instance of injury, illness or death that is avoided doesn’t need medical treatment, doesn’t cause people to miss work, earn less and be less productive, and doesn’t shorten someone’s life.

    The Mine Safety and Health Administration estimated that across the mining industry, its rule would avoid 531 deaths and 1,836 cases of silica-related illnesses over the next 60 years. Officials calculated those benefits were worth $294 million a year.

    Regulations do have costs. Some rules may require buying equipment, such as new respirators, ventilation machinery and sensors to monitor dust levels in mines. Workers need to be trained on new procedures and equipment, too. Often, as with the silica dust rule, companies must monitor employees’ health to ensure the measures are working and take steps to correct problems that arise. The estimated total cost of the silica dust rule to all affected companies was $89 million a year.

    The value of the benefits and the expenses of the costs, including of this regulation, often end up being debated in court. Ultimately, the estimated costs of compliance with the rule not only are far less than the estimated benefits, but are just 0.07% of the $124.2 billion in estimated annual revenues for the mining industry.

    Uneven effects

    The effects of the costs and benefits are not always spread evenly. Some companies that are struggling to remain profitable and are using aging, inefficient equipment or working in a particularly challenging mining environment may not have enough money to comply. They might have to shut down operations or sell to a new owner.

    But companies that are more successful would have the money to invest to comply – and perhaps less need for new or upgraded equipment to meet the standards while keeping their workers productive.

    And in fact, many companies already met the standard, even before it was slated to take effect. In a study running from 2016 to 2021, the Mine Safety and Health Administration found that more than 93% of coal miners were exposed to lower levels of silica dust than the proposed new limit. But that meant that about 7% of coal miners were not – and 1.3% of them were exposed to levels higher than the then-current limit of 100 micrograms per cubic meter.

    The effect of a reversal

    When regulations are paused or rescinded, companies may be able to save a little money. They don’t have to immediately take action to reduce exposure and avoid fines.

    Rescinding a regulation is not a trivial task. That process must also involve risk assessment and economic justifications, according to the Administrative Procedure Act.

    And even if a rule is paused or reversed, the dangers still exist. The documentation in the rulemaking history provides a ready recipe for a liability claim against an organization that ignores that information. A worker who developed cancer due to heightened silica exposure would have a mountain of public evidence available for a lawsuit seeking damages.

    Why are regulations necessary?

    Regulations help workers by giving them an understanding of the risks they face in these jobs. Workers don’t have the time, equipment or expertise to conduct their own analyses in each mine operated by each company.

    Regulations also help companies: They ensure competition is on an even playing field by preventing some firms from cutting corners and lowering their prices at the expense of worker safety and health. The companies also have a lower risk of losing experienced workers to illness, injury, death or better working conditions elsewhere. More experienced workers are more productive, earning the companies more money. And longtime workers contribute to safer workplaces, which incur fewer company costs for workers’ compensation claims.

    The public benefits too. Without regulations, companies may be able to escape paying the long-term costs of chronic diseases that appear years after exposure. That cost then falls on the overall health insurance marketplace, or on taxpayer-funded Medicare and Medicaid services, driving up expenses for everyone.

    Jeremy M. Gernand receives funding from the Health Effects Institute and the National Institute for Occupational Safety and Health.

    – ref. Trump administration pauses new mine safety regulation − here’s how those rules benefit companies as well as workers – https://theconversation.com/trump-administration-pauses-new-mine-safety-regulation-heres-how-those-rules-benefit-companies-as-well-as-workers-254178

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump is stripping protections from marine protected areas – why that’s a problem for fishing’s future, and for whales, corals and other ocean life

    Source: The Conversation – USA – By David Shiffman, Faculty Research Associate in Marine Biology, Arizona State University

    The coral reefs of Palmyra Atoll, part of Pacific Islands Heritage Marine National Monument, provide nurseries for many fish species. Andrew S. Wright/U.S. Fish and Wildlife Service via Flickr, CC BY-SA

    The single greatest threat to the diversity of life in our oceans over the past 50 years, more than climate change or plastic pollution, has been unsustainable fishing practices.

    In much of the ocean, there is little to no regulation or oversight of commercial fishing or other human activities. That’s part of the reason about a tenth of marine plant and animal species are considered threatened or at risk.

    It’s also why countries around the world have been creating marine protected areas.

    These protected areas, covering over 11.6 million square miles (30 million square kilometers) in 16,000 locations, offer refuge away from human activities for a wide variety of living creatures, from corals to sea turtles and whales. They give fish stocks a place to thrive, and those fish spread out into the surrounding waters, which helps fishing industries and local economies.

    In the U.S., however, marine protection is being dismantled by President Donald Trump.

    Marine protected areas as of 2022. Fully or highly protected areas represented less than 3% of the ocean, according to the Marine Protection Atlas.
    Marine Conservation Institute via Wikimedia Commons, CC BY-SA

    Trump issued a proclamation on April 17, 2025, titled “Unleashing American commercial fishing in the Pacific,” ordering the removal of key protections to allow commercial fishing in parts of a nearly-500,000-square-mile marine protected area called the Pacific Island Heritage National Marine Monument.

    He also called for a review of all other marine national monuments to decide if they should be opened to commercial fishing too. In addition, the Trump administration is proposing to redefine “harm” under the Endangered Species Act in a way that would allow for more damage to these species’ habitats.

    I’m a marine biologist and scuba diver, and it’s no accident that all my favorite dive sites are within marine protected areas. I’ve found what scientific studies from across the world show: Protected areas have much healthier marine life populations and healthier ecosystems.

    What’s at risk in the Pacific

    The Pacific Island Heritage National Marine Monument, about 750 miles west of Hawaii, is dotted by coral reefs and atolls, with species of fish, marine mammals and birds rarely found anywhere else.

    It is home to protected and endangered species, including turtles, whales and Hawaiian monk seals. Palmyra Atoll and Kingman Reef, both within the area, are considered among the most pristine coral reefs in the world, each providing habitats for a wide range of fish and other species.

    These marine species are able to thrive there and spread out into the surrounding waters because their habitats have been protected.

    A tour of several marine protected areas and their inhabitants in 2016.

    President George W. Bush, a conservative Republican, created this protected area in 2009, restricting fishing there, and President Barack Obama later expanded it. Trump, whose administration has made no secret of its aim to strip away environmental protections across the country’s land and waters, is now reopening much of the marine protected area to industrial-scale fishing.

    The risks from industrial fishing

    When too many fish are killed and too few young fish are left to replace them, it’s considered overfishing, and this has become a growing problem around the world.

    In 1974, about 10% of the world’s fish stocks were overfished. By 2021, that number had risen to 37.7%, according to the United Nations Food and Agriculture Organization’s annual State of Fisheries and Aquaculture Report.

    A fishing net caught on a coral reef can destroy habitat.
    Kampee Patisena/Moment/Getty Images

    Modern industrial-scale fishing practices can also harm other species.

    Bycatch, or catching animals that fishermen don’t want but are inadvertently caught up in nets and other gear, is a threat to many endangered species. Many seabirds, sea turtles and whales die this way each year. Some types of fishing gear, such as trawls and dredges that drag along the sea floor to scoop up sea life, can destroy ocean habitat itself.

    Without regulations or protected areas, fishing can turn into a competitive free-for-all that can deplete fish stocks.

    How marine protected areas protect species

    Marine protected areas are designed to safeguard parts of the ocean from human impacts, including offshore oil and gas extraction and industrial fishing practices.

    Studies have found that these areas can produce many benefits for both marine life and fishermen by allowing overfished species to recover and ensuring their health for the future.

    A decade after Mexico established the Cabo Pulmo protected area, for example, fish biomass increased by nearly 500%.

    How marine protected areas help marine life and local economies.

    Successful marine protected areas tend to have healthier habitats, more fish, more species of fish, and bigger fish than otherwise-similar unprotected areas. Studies have found the average size of organisms to be 28% bigger in these areas than in fished areas with no protections. How many babies a fish has is directly related to the size of the mother.

    All of this helps create jobs through ecotourism and support local fishing communities outside the marine protected area.

    Marine protected areas also have a “spillover effect” – the offspring of healthy fish populations that spawn inside these areas often spread beyond them, helping fish populations outside the boundaries thrive as well.

    Ultimately, the fishing industry benefits from a continuing supply. And all of this happens at little cost.

    A need for more protected areas, not fewer

    Claims by the Trump administration that marine protected areas are a heavy-handed restriction on the U.S. fishing industry do not hold water. As science and my own experience show, these refuges for sea life can instead help local economies and the industry by allowing fish populations to thrive.

    For the future of the planet’s whales, sea turtles, coral reefs and the health of fishing itself, scientists like me recommend creating more marine protected areas to help species thrive, not dismantling them.

    David Shiffman has consulted for many environmental non-profit groups including the Ocean Conservancy, as well as fishing industry groups and fisheries managment agencies.

    – ref. Trump is stripping protections from marine protected areas – why that’s a problem for fishing’s future, and for whales, corals and other ocean life – https://theconversation.com/trump-is-stripping-protections-from-marine-protected-areas-why-thats-a-problem-for-fishings-future-and-for-whales-corals-and-other-ocean-life-254925

    MIL OSI – Global Reports –

  • MIL-OSI Global: From help to harm: How the government is quietly repurposing everyone’s data for surveillance

    Source: The Conversation – USA – By Nicole M. Bennett, Ph.D. Candidate in Geography and Assistant Director at the Center for Refugee Studies, Indiana University

    DOGE has been key to attempts to consolidate Americans’ personal data for the government. Jim Watson/AFP via Getty Images

    A whistleblower at the National Labor Relations Board reported an unusual spike in potentially sensitive data flowing out of the agency’s network in early March 2025 when staffers from the Department of Government Efficiency, which goes by DOGE, were granted access to the agency’s databases. On April 7, the Department of Homeland Security gained access to Internal Revenue Service tax data.

    These seemingly unrelated events are examples of recent developments in the transformation of the structure and purpose of federal government data repositories. I am a researcher who studies the intersection of migration, data governance and digital technologies. I’m tracking how data that people provide to U.S. government agencies for public services such as tax filing, health care enrollment, unemployment assistance and education support is increasingly being redirected toward surveillance and law enforcement.

    Originally collected to facilitate health care, eligibility for services and the administration of public services, this information is now shared across government agencies and with private companies, reshaping the infrastructure of public services into a mechanism of control. Once confined to separate bureaucracies, data now flows freely through a network of interagency agreements, outsourcing contracts and commercial partnerships built up in recent decades.

    These data-sharing arrangements often take place outside public scrutiny, driven by national security justifications, fraud prevention initiatives and digital modernization efforts. The result is that the structure of government is quietly transforming into an integrated surveillance apparatus, capable of monitoring, predicting and flagging behavior at an unprecedented scale.

    Executive orders signed by President Donald Trump aim to remove remaining institutional and legal barriers to completing this massive surveillance system.

    DOGE and the private sector

    Central to this transformation is DOGE, which is tasked via an executive order to “promote inter-operability between agency networks and systems, ensure data integrity, and facilitate responsible data collection and synchronization.” An additional executive order calls for the federal government to eliminate its information silos.

    By building interoperable systems, DOGE can enable real-time, cross-agency access to sensitive information and create a centralized database on people within the U.S. These developments are framed as administrative streamlining but lay the groundwork for mass surveillance.

    Key to this data repurposing are public-private partnerships. The DHS and other agencies have turned to third-party contractors and data brokers to bypass direct restrictions. These intermediaries also consolidate data from social media, utility companies, supermarkets and many other sources, enabling enforcement agencies to construct detailed digital profiles of people without explicit consent or judicial oversight.

    Palantir, a private data firm and prominent federal contractor, supplies investigative platforms to agencies such as Immigration and Customs Enforcement, the Department of Defense, the Centers for Disease Control and Prevention and the Internal Revenue Service. These platforms aggregate data from various sources – driver’s license photos, social services, financial information, educational data – and present it in centralized dashboards designed for predictive policing and algorithmic profiling. These tools extend government reach in ways that challenge existing norms of privacy and consent.

    The role of AI

    Artificial intelligence has further accelerated this shift.

    Predictive algorithms now scan vast amounts of data to generate risk scores, detect anomalies and flag potential threats.

    These systems ingest data from school enrollment records, housing applications, utility usage and even social media, all made available through contracts with data brokers and tech companies. Because these systems rely on machine learning, their inner workings are often proprietary, unexplainable and beyond meaningful public accountability.

    Data privacy researcher Justin Sherman explains the astonishing amount of information data brokers have about you.

    Sometimes the results are inaccurate, generated by AI hallucinations – responses AI systems produce that sound convincing but are incorrect, made up or irrelevant. Minor data discrepancies can lead to major consequences: job loss, denial of benefits and wrongful targeting in law enforcement operations. Once flagged, individuals rarely have a clear pathway to contest the system’s conclusions.

    Digital profiling

    Participation in civic life, applying for a loan, seeking disaster relief and requesting student aid now contribute to a person’s digital footprint. Government entities could later interpret that data in ways that allow them to deny access to assistance. Data collected under the banner of care could be mined for evidence to justify placing someone under surveillance. And with growing dependence on private contractors, the boundaries between public governance and corporate surveillance continue to erode.

    Artificial intelligence, facial recognition systems and predictive profiling systems lack oversight. They also disproportionately affect low-income individuals, immigrants and people of color, who are more frequently flagged as risks.

    Initially built for benefits verification or crisis response, these data systems now feed into broader surveillance networks. The implications are profound. What began as a system targeting noncitizens and fraud suspects could easily be generalized to everyone in the country.

    Eyes on everyone

    This is not merely a question of data privacy. It is a broader transformation in the logic of governance. Systems once designed for administration have become tools for tracking and predicting people’s behavior. In this new paradigm, oversight is sparse and accountability is minimal.

    AI allows for the interpretation of behavioral patterns at scale without direct interrogation or verification. Inferences replace facts. Correlations replace testimony.

    The risk extends to everyone. While these technologies are often first deployed at the margins of society – against migrants, welfare recipients or those deemed “high risk” – there’s little to limit their scope. As the infrastructure expands, so does its reach into the lives of all citizens.

    With every form submitted, interaction logged and device used, a digital profile deepens, often out of sight. The infrastructure for pervasive surveillance is in place. What remains uncertain is how far it will be allowed to go.

    Nicole Bennett is affiliated with Indiana University’s Center for Refugee Studies and the Indiana University Refugee Task Force.

    – ref. From help to harm: How the government is quietly repurposing everyone’s data for surveillance – https://theconversation.com/from-help-to-harm-how-the-government-is-quietly-repurposing-everyones-data-for-surveillance-254690

    MIL OSI – Global Reports –

  • MIL-OSI Global: VAT hikes can raise tax without hurting the poor: an economist sets out the evidence

    Source: The Conversation – Africa – By Imraan Valodia, Pro Vice-Chancellor, Climate, Sustainability and Inequality and Director, Southern Centre for Inequality Studies, University of the Witwatersrand

    South Africa’s 2025-6 budget has been subjected to more comment than usual. This is due to the political tensions generated by a proposed increase in value added tax (VAT).

    South Africa’s choices on how it manages the revenue and expenditure issues in the budget are critical for how the larger issues of the country’s debt and its economic policies are handled. As things stand, the economy is locked into a low-growth trajectory which make the debt, revenue and expenditure issues more difficult to deal with.

    This piece draws on a longer article which explores these issues in greater detail. Here, I focus only on the VAT issue.

    The finance minister originally tabled an increase of 2 percentage points, then changed it to 0.5 percentage points. Still, it is threatening to end the country’s government of national unity, which was set up after elections in 2024.



    Read more:
    South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax

    Most commentators, including the political parties that have opposed the proposal, many academics, and non-governmental organisations claiming to represent low-income groups, have argued that an increase in VAT places an undue burden on low-income groups. This would make it regressive.

    Based on work as an academic economist over the past three decades, I believe that the debate has been based largely on conjecture and ideological opposition to VAT, rather than on the evidence of its impact.

    This is a pity as there is empirical evidence rooted in research that a VAT increase is, in fact, not regressive and is therefore a good policy decision.

    Tax experts usually refer to the three Es in taxes – equity, efficiency and ease of administration – for evaluating tax policy proposals. New taxes should ideally promote equity (they should be progressive and not regressive), be efficient and be easy to administer.

    An increase in VAT in South Africa ticks all these boxes.

    First, contrary to what many commentators have been arguing, VAT isn’t always regressive – it depends on how it’s implemented. As proposed by the finance minister it would not be regressive because, while it would add to the burden of low-income households, most of the VAT would be collected from higher-income households. Added to this is that the proposed expansion of the existing list of zero-rated items would protect the lowest-income households.

    Second, VAT is a very efficient tax. For relatively low increases in the rate, government is able to raise a large amount of revenue.

    Finally, the system is easy to administer and adds very little cost to collection.

    Key to its efficacy is the way VAT is implemented, including the choice of products to zero rate, and the political credibility of government.

    The case for a VAT increase

    VAT is a consumption tax, so it only affects the income that a household consumes.

    According to the International Monetary Fund (IMF), VAT is now the mainstay of tax systems in over 160 countries, raising on average one-third of total government revenues.

    In theory, there are good reasons to be concerned about the impact of VAT. First, it can place a high burden on low-income households because they spend a large proportion of their incomes on consumption goods such as food.

    Second, VAT may also place a heavy burden of tax on women. In South Africa and many other countries, women-led households tend to be clustered in the lower end of the income distribution. And women disproportionately take responsibility for feeding and caring for family members.

    So, at least in theory, VAT is a regressive tax. But is it really so in practice?

    Three studies that have explored this issue in some detail have concluded that, in South Africa, VAT is not regressive.

    In 2008, I worked with colleagues in eight countries (South Africa, Ghana, Uganda, Morocco, Mexico, Argentina, India and the United Kingdom) on the gender issues related to tax. In particular we looked at the burden of VAT on low-income and women-headed households.

    Our findings were that, in general, VAT is regressive and discriminates against women, but it depends on how it is implemented.

    In South Africa, the zero-rating of basic consumption goods is very effective, protecting low-income and female-headed households from VAT. It’s an example of a VAT system that is neutral – neither regressive nor progressive.

    A more recent study by South African economist Ingrid Woolard and colleagues reached a similar conclusion in 2018.

    A third study was done in the same year when VAT was increased from 14% to 15%. Following a similar emotive debate, the finance minister appointed an independent committee which I served on and which was chaired by Woolard, to advise on further zero-rating.

    Our conclusion – again – was that zero-rating is highly effective at protecting low-income groups from the deleterious effects of VAT.

    How it’s done matters

    The challenge with zero-rating is that while low-income households benefit, high-income households benefit more (because they spend more, in absolute terms, on zero-rated goods). Large amounts of potential VAT revenue are lost to high-income groups that don’t need protection.

    The trick is to find a basket of goods that low-income households consume a lot of, but which high-income households don’t consume in large quantities. Some typical examples are beans, canned pilchards and cabbage. These are all goods that low-income households consume and high-income households do not.

    National Treasury’s proposals for increasing the basket of goods to be zero-rated are based on solid research.

    A good example of the trade-offs to consider is the case of chicken. Chicken is an important source of protein for low-income households, but also for high-income households. So, if all chicken were zero-rated, this would protect poor households, but a large amount of VAT revenue would be lost.

    In our 2018 zero-rating report, at 2018 prices and consumption patterns, we calculated that zero-rating all chicken products would be equivalent to R1.3 billion (US$67.6 million) but government would lose R4.6 billion (US$244.4 million) to high income households.

    Not a good trade-off.

    However, some chicken products, such as chicken heads and feet, are mostly consumed by low-income groups, and are therefore good candidates for zero-rating.

    The two other Es – efficiency and ease of administration – of taxes are also key to consider.

    On these two considerations, VAT has big advantages.

    It’s very difficult to avoid or evade VAT because it’s collected along the chain of production. There’s evidence that South Africa has very little leakage in the system.

    So it is relatively easy to increase the VAT rate without needing to invest additional resources to collect the tax.

    Credibility is key

    Apart from the economic considerations, tax policy has to be politically credible. People should believe that their tax contributions are being used effectively, and government should be seen to be acting in line with this.

    If people don’t believe in government’s ability to spend wisely, resistance to taxes increases. Then tax avoidance and evasion increases.

    It would be fair to say that, with the high levels of corruption in South Africa’s political system, government’s credibility is low.

    Thus, if VAT is to be increased, government has to do a lot more to improve its credibility and reassure South Africans that the tax revenues will be well spent.

    Imraan Valodia receives funding from a number of foundations and governments that support academic research.

    – ref. VAT hikes can raise tax without hurting the poor: an economist sets out the evidence – https://theconversation.com/vat-hikes-can-raise-tax-without-hurting-the-poor-an-economist-sets-out-the-evidence-254213

    MIL OSI – Global Reports –

  • MIL-OSI Global: Could Trump be leading the world into recession?

    Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London

    Carolyn Franks/Shutterstock

    Growth forecasts for the US and other advanced economies have been sharply downgraded by the International Monetary Fund (IMF) in the wake of dramatic swings in US president Donald Trump’s economic policy. But could the uncertainty and the turmoil in financial markets eventually be enough to push the world into a recession?

    The IMF says that global growth has already been hit by the decline in business and consumer confidence as “major policy shifts” by the US unfold. These are leading to less spending and less investment.

    It also predicts further damage from the disruption in global supply chains and inflation caused by tariff increases.

    But while the IMF forecasts a sharp reduction in world economic growth in 2025 and 2026, it is not projecting a recession – for now. However, it says the chances of a global recession have risen sharply from 17% to 30%. And there is now a 40% chance of a recession in the US.

    The head of the IMF, Kristalina Georgieva, has blamed the slowdown on the ongoing “reboot of the global trading system” by the US. She said this is leading to downgrades in growth estimates, while volatility in financial markets is “up” and trade policy uncertainty is “literally off the charts”.

    As part of the IMF forecasts, growth projections for the world’s richest countries in 2025 have been sharply reduced. In the US it is down 0.5% to just 1.8%, while growth in the euro area is projected to be just 0.8%. Japan will be growing by even less at 0.6%. Germany – the EU’s largest economy – is projected to have no growth at all.

    And for the UK, growth has been cut by 0.5%, to a very weak 1.1%, which is in line with forecasts from March. This is well below the 2% projected at the time of the last budget in the autumn. And despite the adjustments made in the UK’s spring statement, the downgrade is likely to mean more tax increases, spending cuts, or both.

    Some developing countries are doing much better, with India projected to have one of the highest annual GDP growth rates at 6.2% in 2025. Meanwhile, China’s growth forecast has been cut sharply due to the effect of US tariffs. It is now projected by the IMF to be down by 1.3% to just 4%.

    Other poorer developing countries will also be negatively affected, but most will continue to grow at a faster pace than major industrial nations.

    What the forecast underscores is that the era of rapid globalisation, spurred by trade and integration of financial markets, seems to be coming to an end.

    Its rapid spread since the 1950s, which accelerated in the 1980s, led to a huge expansion of the world economy. But it created winners and losers, both between nations and within them.

    The Trump administration’s answer to this is massive tariff increases
    hitting countries that stand accused of “ripping off America”. The tariffs have several contradictory objectives, including raising money pay for tax cuts; acting as a bargaining chip to open foreign markets to American goods; and encouraging manufacturers to relocate to the US.

    Trump has swung between these objectives, and backed down when market reaction became too fierce. These swings have destabilised trade and investment, as well as business and consumer confidence.



    Read more:
    Trump has shown he will backtrack on tariffs. What does that say about how to wage a trade war?

    Tariffs do not change the fact that many countries can produce the goods Americans want, more cheaply and often more efficiently. And the looming trade war could mean US exporters are hit with retaliatory tariffs, making it even harder to sell American goods abroad.

    The inflationary effect of tariffs – raising the price of imported goods – could reverse the recent successes of central banks in taming inflation. It could even force them to raise interest rates – something Trump is fiercely against.

    A more immediate effect of Trump’s erratic policy-making has been turmoil in financial markets. The US stock market has fallen sharply since Trump announced his tariff plan, currently down by nearly 15% (a loss of more than US$4 trillion (£2.99 trillion) for shareholders).

    This matters for the US economy, as most Americans depend on their stock market holdings to pay for their defined-contribution pensions. But even more worrying is the effect on the US Treasury bond market, which has been a safe haven in times of trouble. Foreign investors are now shunning US bonds, driving up interest rates for US government debt and unsettling financial institutions.

    Added to the problem is the sharp drop in the value of the US dollar. Trump says he wants a weaker dollar, presumably to make US exports cheaper. But it also raises the price of imported goods and could fuel inflation. Ultimately, it could threaten the role of the US dollar as the world’s reserve currency.

    Potentially, big swings in normally steady financial markets can presage some of the same wobbles that led to the global financial crisis of 2008. That crisis threatened the solvency of the global financial system – although we have not reached that point yet.

    Winners and losers

    So what is the most likely outcome of the trade war, and the loss of a single hegemonic economic power? One example is what happened when Britain lost its dominant role in manufacturing and finance after the first world war.

    Attempts at rebuilding a global economic order failed, and other major countries (led by Germany and the US) reverted to autarky, stepping back from the international trading system and worsening the Depression of the 1930s.

    Just as Trump is trying to do, countries reverted to competitive devaluations. Each tried to make its exports cheaper than those of its rivals, ultimately to no avail. The world was divided into rival trading blocs, and it is conceivable that the US, the EU and China could form three such blocs in future.

    The last financial crisis, in 2008, was mitigated by prompt and cooperative action
    by central banks and governments. They injected trillions to stabilise the financial sector, but even now the damaging effects of this crisis on national growth rates is plain to see.

    The IMF has made it clear that it is not just the detail of the tariffs, but erratic US economic policy, that is the main culprit for the potential recession. The rising cost of servicing US debt as investors lose confidence is also raising the cost of the large public debts of other advanced economies, including the UK. This puts more pressure on public spending.

    Let’s hope that whatever the turmoil, we will not be repeating the mistakes of the past.

    Steve Schifferes 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. Could Trump be leading the world into recession? – https://theconversation.com/could-trump-be-leading-the-world-into-recession-255081

    MIL OSI – Global Reports –

  • MIL-OSI Global: Celebrity Traitors: my research shows voting behaviour could help identify faithfuls

    Source: The Conversation – UK – By Robin Kramer, Senior Lecturer in the School of Psychology, University of Lincoln

    With the lineup of the upcoming celebrity series of The Traitors recently leaked online, people are once again debating the best strategies that players might use to succeed. But a player’s voting history can also reveal the psychological dynamics at play, particularly alliances they may be subconsciously forming.

    For those who aren’t familiar, the premise of the show is that each player is given the role of either “faithful” or “traitor”. Only the traitors know everyone’s roles in the game. If the faithful players eliminate all of the traitors by the end of the game, they divide the prize money equally among themselves. However, if one or more traitors remain by the end, all of the money goes to them instead.

    There are two ways for someone to be eliminated from the game. First, all of the players vote on who to “banish” at the round table each day. Second, the traitors decide on one person to “murder” overnight, who is then removed from the game before breakfast the following morning. There are also occasional tweaks to this format depending on the stage of the game.

    Ideally, faithful players would spot the lies that traitors tell. However, research shows that people don’t fare much better than chance at doing this, although certain individuals (who are often found to be working in law enforcement) or specialised groups, such as members of the US Secret Service, may be.



    Read more:
    Why we’re so bad at spotting lies – most of us only perform slightly better than chance

    Instead, players may base their decisions on unreliable biases. In a game where there’s so little to go on, they risk being blinded by the trustworthiness of a (fake) Welsh accent, for example, or drawing suspicions for simply being too quiet or too noisy. After all, there is a lot of behaviour that people often incorrectly link with deception. For instance, westerners commonly associate someone averting their gaze with lying but researchers have shown that looking away isn’t linked to deception.

    Spotting traitors is no easy task if you’re a faithful.
    Andrii Yalanskyi/Shutterstock

    Using voting behaviour as evidence

    Information from interactions with other players can be unreliable, but players also get to see how others vote at the round table. And this is where real evidence can be found.

    The faithful players have little to go on, so they end up voting for anyone – faithful and traitors alike. In contrast, traitors can direct their votes only at the faithful. If we combine these ideas, we see that traitors are more likely to be voted for by faithful players, even if this is by accident.

    The traitors don’t tend to vote for each other because they naturally form an alliance, working together to shape the game. Their secret meetings in Traitors’ Tower, shared uniform (a cloak and hood), and power to murder the faithful, construct a sense of “us versus them”. In fact, very little is needed for people to start behaving this way. Known as the minimal group paradigm, research has shown that simply segregating people based on their preference for certain artists or their eye colour is enough to change the way they behave towards each other.

    They may be happy to deceive the faithful, but the traitors are generally willing to trust each other. This mirrors a 2018 study where “deviant” study participants (who cheated on a task) felt connected to their team and trusted its members when the team engaged in coordinated acts of deviance (helping each other to cheat). Although they knew logically that their team shouldn’t be trusted, their sense of connection led to a feeling of trust nonetheless.

    Do voting records actually reveal players’ roles?

    Conveniently, all of the voting records for the show have been collated online. Let’s first exclude voting rounds which restrict the traitors’ options. During a round table which results in a traitor’s banishment, most players have voted for that traitor. There is good reason for other traitors to jump on the bandwagon at that point, to blend in and appear more faithful. Similarly, voting is limited after a tie, where the remaining options may force particular decisions.

    After excluding these two types of voting context, I investigated the votes for players who were traitors at the time of voting (rather than switching to this role later on) for the three series of the UK show. I also considered other completed series of English-language versions of the show: the US, Australia, Canada and New Zealand.

    Altogether, 95% of the 76 votes for traitors were cast by faithful players. Remember Jake from series three earlier this year? As a faithful player, he voted for Linda right at the beginning of the game. When Linda was later revealed as a traitor, Jake’s abilities were championed by the other players, earning him the nickname “traitor hunter” and convincing them that he was faithful.

    So whenever a traitor is banished, players should consider who voted for that traitor in previous round tables – as we’ve seen, those votes probably came from the faithful. However, as the game progresses, there’s always the possibility that a faithful player could later be “seduced” into becoming a traitor, so it’s important to keep this in mind too.

    Players may not be able to rely on spotting “tells” or other cues to deception in the game, but there are always patterns in the ways people behave. You just need to know where to look.

    Robin Kramer 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. Celebrity Traitors: my research shows voting behaviour could help identify faithfuls – https://theconversation.com/celebrity-traitors-my-research-shows-voting-behaviour-could-help-identify-faithfuls-223229

    MIL OSI – Global Reports –

  • MIL-OSI Africa: SA extends condolences to India following Pahalgam terror attack

    Source: South Africa News Agency

    Wednesday, April 23, 2025

    The South African Government, through the Department of International Relations and Cooperation, has expressed deep sadness over the attack on tourists in India.

    According to reports, Indian security forces are currently searching for the gunmen responsible for the attack on tourists in Pahalgam, located in Indian-administered Kashmir, which resulted in 26 deaths, all of whom were men.

    This was after gunmen emerged from the forests and opened fire on visitors with automatic weapons near the scenic tourist town, according to media reports. 

    “Our thoughts and prayers go out to the families and loved ones of those who have lost their lives and to all those who have been injured in this horrific incident,” the department’s statement read. 

    “The South African Government believes that acts of violence and extremism have no place in society and constitute a threat to peace, security and development.” 

    The department reiterated its condemnation of terrorist attacks in any form and from any source. 

    “The South African Government extends its condolences to the Government and people of India.”

    The Prime Minister of India, Narendra Modi, who is said to have cut short a state visit to Saudi Arabia, strongly condemned the terror attack in Pahalgam, Jammu and Kashmir. 

    He sent his condolences to those who have lost their loved ones. 

    “I pray that the injured recover at the earliest. All possible assistance is being provided to those affected. 

    “Those behind this heinous act will be brought to justice…they will not be spared. Their evil agenda will never succeed. Our resolve to fight terrorism is unshakable and it will get even stronger,” he wrote on X, formerly known as Twitter. – SAnews.gov.za

    MIL OSI Africa –

  • MIL-OSI Africa: VAT hikes can raise tax without hurting the poor: an economist sets out the evidence

    Source: The Conversation – Africa – By Imraan Valodia, Pro Vice-Chancellor, Climate, Sustainability and Inequality and Director, Southern Centre for Inequality Studies, University of the Witwatersrand

    South Africa’s 2025-6 budget has been subjected to more comment than usual. This is due to the political tensions generated by a proposed increase in value added tax (VAT).

    South Africa’s choices on how it manages the revenue and expenditure issues in the budget are critical for how the larger issues of the country’s debt and its economic policies are handled. As things stand, the economy is locked into a low-growth trajectory which make the debt, revenue and expenditure issues more difficult to deal with.

    This piece draws on a longer article which explores these issues in greater detail. Here, I focus only on the VAT issue.

    The finance minister originally tabled an increase of 2 percentage points, then changed it to 0.5 percentage points. Still, it is threatening to end the country’s government of national unity, which was set up after elections in 2024.

    Read more: South Africa’s finance minister wanted to raise VAT: the pros and cons of a tricky tax

    Most commentators, including the political parties that have opposed the proposal, many academics, and non-governmental organisations claiming to represent low-income groups, have argued that an increase in VAT places an undue burden on low-income groups. This would make it regressive.

    Based on work as an academic economist over the past three decades, I believe that the debate has been based largely on conjecture and ideological opposition to VAT, rather than on the evidence of its impact.

    This is a pity as there is empirical evidence rooted in research that a VAT increase is, in fact, not regressive and is therefore a good policy decision.

    Tax experts usually refer to the three Es in taxes – equity, efficiency and ease of administration – for evaluating tax policy proposals. New taxes should ideally promote equity (they should be progressive and not regressive), be efficient and be easy to administer.

    An increase in VAT in South Africa ticks all these boxes.

    First, contrary to what many commentators have been arguing, VAT isn’t always regressive – it depends on how it’s implemented. As proposed by the finance minister it would not be regressive because, while it would add to the burden of low-income households, most of the VAT would be collected from higher-income households. Added to this is that the proposed expansion of the existing list of zero-rated items would protect the lowest-income households.

    Second, VAT is a very efficient tax. For relatively low increases in the rate, government is able to raise a large amount of revenue.

    Finally, the system is easy to administer and adds very little cost to collection.

    Key to its efficacy is the way VAT is implemented, including the choice of products to zero rate, and the political credibility of government.

    The case for a VAT increase

    VAT is a consumption tax, so it only affects the income that a household consumes.

    According to the International Monetary Fund (IMF), VAT is now the mainstay of tax systems in over 160 countries, raising on average one-third of total government revenues.

    In theory, there are good reasons to be concerned about the impact of VAT. First, it can place a high burden on low-income households because they spend a large proportion of their incomes on consumption goods such as food.

    Second, VAT may also place a heavy burden of tax on women. In South Africa and many other countries, women-led households tend to be clustered in the lower end of the income distribution. And women disproportionately take responsibility for feeding and caring for family members.

    So, at least in theory, VAT is a regressive tax. But is it really so in practice?

    Three studies that have explored this issue in some detail have concluded that, in South Africa, VAT is not regressive.

    In 2008, I worked with colleagues in eight countries (South Africa, Ghana, Uganda, Morocco, Mexico, Argentina, India and the United Kingdom) on the gender issues related to tax. In particular we looked at the burden of VAT on low-income and women-headed households.

    Our findings were that, in general, VAT is regressive and discriminates against women, but it depends on how it is implemented.

    In South Africa, the zero-rating of basic consumption goods is very effective, protecting low-income and female-headed households from VAT. It’s an example of a VAT system that is neutral – neither regressive nor progressive.

    A more recent study by South African economist Ingrid Woolard and colleagues reached a similar conclusion in 2018.

    A third study was done in the same year when VAT was increased from 14% to 15%. Following a similar emotive debate, the finance minister appointed an independent committee which I served on and which was chaired by Woolard, to advise on further zero-rating.

    Our conclusion – again – was that zero-rating is highly effective at protecting low-income groups from the deleterious effects of VAT.

    How it’s done matters

    The challenge with zero-rating is that while low-income households benefit, high-income households benefit more (because they spend more, in absolute terms, on zero-rated goods). Large amounts of potential VAT revenue are lost to high-income groups that don’t need protection.

    The trick is to find a basket of goods that low-income households consume a lot of, but which high-income households don’t consume in large quantities. Some typical examples are beans, canned pilchards and cabbage. These are all goods that low-income households consume and high-income households do not.

    National Treasury’s proposals for increasing the basket of goods to be zero-rated are based on solid research.

    A good example of the trade-offs to consider is the case of chicken. Chicken is an important source of protein for low-income households, but also for high-income households. So, if all chicken were zero-rated, this would protect poor households, but a large amount of VAT revenue would be lost.

    In our 2018 zero-rating report, at 2018 prices and consumption patterns, we calculated that zero-rating all chicken products would be equivalent to R1.3 billion (US$67.6 million) but government would lose R4.6 billion (US$244.4 million) to high income households.

    Not a good trade-off.

    However, some chicken products, such as chicken heads and feet, are mostly consumed by low-income groups, and are therefore good candidates for zero-rating.

    The two other Es – efficiency and ease of administration – of taxes are also key to consider.

    On these two considerations, VAT has big advantages.

    It’s very difficult to avoid or evade VAT because it’s collected along the chain of production. There’s evidence that South Africa has very little leakage in the system.

    So it is relatively easy to increase the VAT rate without needing to invest additional resources to collect the tax.

    Credibility is key

    Apart from the economic considerations, tax policy has to be politically credible. People should believe that their tax contributions are being used effectively, and government should be seen to be acting in line with this.

    If people don’t believe in government’s ability to spend wisely, resistance to taxes increases. Then tax avoidance and evasion increases.

    It would be fair to say that, with the high levels of corruption in South Africa’s political system, government’s credibility is low.

    Thus, if VAT is to be increased, government has to do a lot more to improve its credibility and reassure South Africans that the tax revenues will be well spent.

    – VAT hikes can raise tax without hurting the poor: an economist sets out the evidence
    – https://theconversation.com/vat-hikes-can-raise-tax-without-hurting-the-poor-an-economist-sets-out-the-evidence-254213

    MIL OSI Africa –

  • MIL-OSI USA: Welch Joins Schiff, Reed, Lawmakers Call on Trump Administration to Reverse Plans to Defund Libraries and Museums

    US Senate News:

    Source: United States Senator Peter Welch (D-Vermont)
    “The consequences of eliminating IMLS will be devastating for states, local communities, and the millions of Americans who rely on these institutions every day.”
    WASHINGTON, D.C. – U.S. Senator Peter Welch (D-Vt.) joined U.S. Senators Adam Schiff (D-Calif.), Jack Reed (D-R.I.) and 23 lawmakers in writing to the Acting Director of the Institute of Museum and Library Services (IMLS) about serious concerns regarding President Trump’s call to eliminate IMLS which was created by a Republican-led Congress in 1996 and is the only federal agency dedicated to supporting the nation’s libraries and museums. In the letter, the Senators call on the Administration to ensure there is continued funding in accordance with federal law for libraries and museums and to reverse any actions that jeopardize their provision of critical services on which many communities rely on. 
    “The consequences of eliminating IMLS will be devastating for states, local communities, and the millions of Americans who rely on these institutions every day. These institutions are critical pillars of educational opportunity, cultural preservation, civic engagement, and economic development in our communities,” wrote the lawmakers.  
    “We urge you to uphold the law, immediately disburse all LSTA grant funding to our states, including California, Connecticut and Washington, and reverse any actions that jeopardize the future of the libraries and museums our communities rely on,” the lawmakers concluded.  
    Libraries serve as essential lifelines for families, students, and workers throughout California providing literacy programs, access to technology, job training, small business support, and more. 
    This letter is also signed by U.S. Senators Alex Padilla (D-Calif.), Richard Blumenthal (D-Conn.), Tammy Duckworth (D-Ill.), Kristen Gillibrand (D-N.Y.), Amy Klobuchar (D-Minn.), Jeff Merkley (D-Ore.), Jacky Rosen (D-Nev.), and Bernie Sanders (I-Vt.). In the U.S. House of Representatives, this letter is signed by Representatives Eric Swalwell (D-Calif.-15), Julia Brownley (D-Calif.-26), Scott Peters (D-Calif.-50), Jim Costa (D-Calif.-21), Raul Ruiz (D-Calif.-25), Juan Vargas (D-Calif.-52), Mark Takano (D-Calif.-39), George Whitesides (D-Calif.-27), Mike Thompson (D-Calif.-04), Norma Torres (D-Calif.-35), Jimmy Gomez (D-Calif.-34), J. Luis Correa (D-Calif.-46), Salud Carbajal (D-Calif.-24) Nanette Barragan (D-Calif.-44) and Zoe Lofgren (D-Calif.-18). 
    The full text of the letter is available here and below.   
    Dear Mr. Sonderling,
    We write to express our serious concerns regarding President Trump’s call to eliminate the Institute of Museum and Library Services (IMLS), the only federal agency dedicated to supporting the nation’s libraries and museums. On March 14, 2025 President Trump issued the Executive Order “Continuing the Reduction of the Federal Bureaucracy” which includes IMLS to be eliminated “to the maximum extent consistent with applicable law” and for IMLS to submit a report to the Office of Management and Budget (OMB) to confirm compliance. We are reminding the Administration of its obligation to fully execute the law as authorized by Congress under the Museum and Library Services Act (MLSA) of 2018 (PL 115-40), as signed by President Trump. Beginning on April 3, 2025, several grantees— including the states of California, Connecticut and Washington— received written notice from IMLS that their federal Fiscal Year 2024–25 grants under the Library Services and Technology Act (LSTA) had been terminated. We strongly urge the Administration to reverse these terminations and ensure continued funding in accordance with federal law.
    For Fiscal Year 2024, Congress appropriated $294.8 million for IMLS, specifying funding should be allotted across the programs in the following manner:
    Library Services Technology Act
    Grants to States                                                                                            $180,000,000
    Native American Library Services                                                             $5,763,000
    National Leadership: Libraries                                                                  $15,287,000
    Laura Bush 21st Century Librarian                                                            $10,000,000
    Museum Services Act
    Museums for America                                                                                 $30,330,000      
    Native American/Native Hawaiian Museum Services                           $3,772,000
    National Leadership: Museums                                                                 $9,348,000
    African American History and Culture Act                                                $6,000,000
    National Museum of the American Latino Act                                         $6,000,000
    Research, Analysis, and Data Collection                                                   $5,650,000
    Program Administration                                  $22,650,000
    We expect the Administration to fully implement the Full-Year Continuing Appropriations and Extensions Act of 2025 consistent with the Fiscal Year 2024 allocations. We also urge the Administration to allow IMLS to continue to engage with and support libraries and museums as Congress intended and as authorized in the MLSA, including maintaining the expertise of the IMLS staff to carry out the functions of the agency.
    Libraries and museums are deeply embedded in local communities across the country and millions of Americans rely on their services and programs, particularly the most rural and underserved areas. In 2024, IMLS funding reached 140,000 libraries and museums across all 50 states and U.S. territories. Public, school, academic, and specialty libraries provide a wide range of local services such as summer reading programs for youth, high-speed internet, workforce training, and support for small businesses. Libraries are especially vital for low-income families, students, and workers who depend on them for free access to technology, educational resources, and job search support. In California, local libraries serve as critical lifelines for families experiencing homelessness and those displaced by natural disasters, offering space for community gathering and access to emergency information. Every year, more than 1.2 billion people visit libraries in-person—and they are deeply valued by the American public.
    Museums serve as crucial sources of information for history, art, science, and culture and have broad public support. In fact, 96 percent of surveyed Americans believe lawmakers should support museums. Museums support more than 726,000 American jobs and contribute $50 billion to the U.S. economy every year. Beyond their cultural significance, museums play a vital role in education, offering hands-on learning opportunities for students of all ages and providing resources that supplement school curricula, especially in underserved communities. For states like California, Connecticut, and Washington, museums are essential pillars of local identity, tourism, and community development.
    The consequences of eliminating IMLS will be devastating for states, local communities, and the millions of Americans who rely on these institutions every day. These institutions are critical pillars of educational opportunity, cultural preservation, civic engagement, and economic development in our communities.
    As such, please provide us with a written response to the questions below no later than May 1, 2025.
    How many IMLS employees have been fired, put on administrative leave, accepted the deferred resignation program offer, or accepted the Voluntary Early Retirement Authority or Voluntary Separation Incentive Payment offer since January 20, 2025?  Please provide the number of employees in each category.
    How many individuals are currently employed at the agency?  Please provide their titles and duties.
    How many of these employees were responsible for, or assisted in, administering grants?
    Which officials at IMLS were involved in the staffing reduction decisions and what planning, if any, was undertaken prior to these reductions?
    What factors are being used to determine the cancellation of grants, including the Grants to States funding?
    Please provide a full list of cancelled grants, including the date of cancellation, type of grant, and dollar amount.
    Please share what the agency’s “updated priorities” are and how grants are being assessed for alignment and plans for grant competitions in Fiscal Year 25.
    Which officials at IMLS are involved in developing the report to the Director of OMB?
    What are such officials’ expertise in IMLS administration and the Museum and Library Services Act statute?
    Please share with Congress the report detailing the functions of IMLS and what is statutorily required and to what extent.
    Museums and libraries are the cornerstone of our society that serve as protected spaces for people to learn, engage with their community, and build curiosity. We urge you to uphold the law, immediately disburse all awarded LSTA grant funding to our states, including California, Connecticut and Washington, and reverse any actions that jeopardize the future of the libraries and museums our communities rely on.

    MIL OSI USA News –

  • MIL-OSI: EY US Unveils Balaji Sreenivasan of Aurigo Software as an Entrepreneur Of The Year® 2025 Finalist

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 23, 2025 (GLOBE NEWSWIRE) — Ernst & Young LLP (EY US) announced the finalists for the prestigious Entrepreneur Of The Year® 2025 Gulf South Award. Now in its 40th year, the Entrepreneur Of The Year program celebrates the bold leaders who disrupt markets through the world’s most groundbreaking companies, revolutionizing industries and making a profound impact on communities. The program honors bold entrepreneurs whose innovations shape the future and pave the way for a thriving economy and a hopeful tomorrow.

    The Gulf South program celebrates entrepreneurs from Central and South Texas, Louisiana, and Mississippi. An independent panel of judges selected Balaji Sreenivasan for his entrepreneurial spirit, purpose, growth, and lasting impact in building long-term value.

    “Building Aurigo has been one of the greatest joys of my life. Entrepreneurship, to me, is about solving meaningful problems and creating something that lasts. We’re building AI-powered software that’s transforming how the world plans and delivers infrastructure, and I’m grateful every day to work with such a brilliant, passionate team. This recognition is really a reflection of our team and what we’ve built together.”

    — Balaji Sreenivasan, Founder and CEO, Aurigo Software Technologies Inc.

    Aurigo Software is a leading AI-powered software company that helps infrastructure and facility owners around the world plan and build better. With a vision to build a better tomorrow, Aurigo’s platform supports some of the largest capital improvement and infrastructure programs globally, transforming how critical assets are managed, delivered, and optimized.

    Entrepreneur Of The Year honors business leaders for their ingenuity, courage, and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future.

    Regional award winners will be announced on June 12 during a special celebration in Houston and will become lifetime members of an esteemed community of Entrepreneur Of The Year alumni from around the world. The winners will then be considered by the National judges for the Entrepreneur Of The Year National Awards, which will be presented in November at the annual Strategic Growth Forum®, one of the nation’s most prestigious gatherings of high-growth, market-leading companies.

    Sponsors
    Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh McLennan Agency, and SAP. In the Gulf South, sponsors also include Platinum sponsors ADP, DFIN, DLA Piper, and VCFO and Silver sponsors Big Picture and Pierpont Communications.

    About Entrepreneur Of The Year
    Founded in 1986, Entrepreneur Of The Year has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 60 countries globally.

    The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum® in November, where National finalists and award winners are announced. The overall National winner represents the US at the EY World Entrepreneur Of The Year™ competition. Visit www.ey.com/us/eoy.

    About EY
    EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets.

    Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow.

    EY teams work across a full spectrum of services in assurance, consulting, tax, strategy, and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network, and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories.

    All in to shape the future with confidence.

    EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via ey.com/privacy. EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit www.ey.com.

    About Aurigo Software
    Aurigo builds software that helps build the world. Aurigo provides modern, cloud-based solutions for capital infrastructure and private owners to help them plan with confidence and build with quality. With more than $450 billion of capital programs under management, Aurigo’s solutions are trusted by over 300 customers in transportation, water and utilities, healthcare, higher education, and the government, with over 40,000 projects across North America. Aurigo helps capital program executives make better decisions based on proprietary artificial intelligence and machine learning technology. Aurigo is a privately held U.S. corporation headquartered in Austin, Texas, with global offices in Canada and India. Learn more at www.aurigo.com.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/be9703fc-711e-48cb-a5d5-8ea80e2a73de

    The MIL Network –

  • MIL-OSI: Devo Announces Partnership with Detecteam to Automate Detection Engineering

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, April 23, 2025 (GLOBE NEWSWIRE) — Devo Technology, the security data analytics company, today announced its strategic technical partnership with Detecteam, the attack simulation and detection lifecycle management company, to address critical challenges in detection engineering. The partnership combines Devo’s comprehensive threat detection, investigation, and response capabilities with Detecteam’s REFLEX platform to create an integration that continuously validates and improves detection capabilities based on real-world attack scenarios.

    Security teams struggle to create, validate, and deploy threat detections fast enough to keep up with constantly evolving threats. Devo and Detecteam’s integrated solution addresses the challenges of detection engineering by automating the entire detection lifecycle. By implementing real-world attack scenarios and continuous validation, security teams can automatically generate, deploy, and test detections in real time, transforming weeks of manual work into a dynamic, adaptive process.

    “In IDC’s Worldwide Views on SIEM Survey, 34% of respondents reported that needing staff dedicated to SIEM was one of the greatest challenges to using the full capabilities of their SIEM,” said Michelle Abraham, senior research director, security and trust, for IDC. “The Devo and Detecteam partnership reduces that strain by empowering security teams to automate detection engineering without requiring dedicated resources.”

    Partnership delivers automated and continuous detection engineering and validation
    The integrated solution from Devo and Detecteam automates a continuous process of threat intelligence operationalization, automated attack scenario generation, realistic attack simulation, detection evaluation, and detection engineering, delivering:

    • Quick adaptation to emerging threats: Automatically transforms threat intelligence into actionable detections in near real time.
    • Proactive detection validation: Continuously tests Devo detections against real-world attack scenarios to identify and close detection gaps.
    • A solution to bridge expertise gaps: Accelerates detection development and deployment by 95%, reducing the need for scarce and costly expertise.

    “With our joint solution, customers can validate their readiness to face threats and create actionable data and detections in Devo,” said Fred Wilmot, chief executive officer & co-founder of Detecteam. “This partnership removes complexity and manual effort, cutting down critical response time so teams can adapt faster to real-world threats—not just theoretical ones.”

    Devo releases upgraded unified TDIR workflows, accelerating threat response
    Devo also announced new features in the Devo Security Data Platform that empower security teams to work more efficiently and effectively with a unified TDIR workflow. Upgraded features include:

    • Accelerated incident resolution: Customizable case templates and one-click report generation reduce analyst workload and shorten incident response times
    • Rapid automation deployment: Seamlessly share and deploy playbooks across domains, significantly reducing automation setup time for organizations with multiple environments
    • Enhanced custom automation: Create and deploy custom Python scripts to automate complex security tasks, maximizing operational efficiency

    “Security teams are still overwhelmed by alerts, holding them back from proactive detection and investigation,” said Jason Mical, field chief technology officer for Devo. “These platform enhancements, combined with the Detecteam integration, provide security teams with a holistic, automated approach to detections and investigations, reducing the time they spend on repetitive, mundane tasks.”

    To learn more about the partnership between Devo and Detecteam, visit: http://devo.com/devo-and-detecteam-automated-detection-engineering

    Devo is also exhibiting at booth #1249 at the 2025 RSA Conference from April 28 to May 1. To learn more about Devo’s presence at RSAC, visit: https://devo.com/rsac

    About Devo
    Devo Technology delivers a real-time security data platform that serves as the foundation of your security operations and includes data-powered threat detection, automated case management, autonomous investigations and threat hunting. AI and intelligent automation help your SOC work faster and smarter so your team can proactively make the right decisions in real time. Headquartered in Boston, Massachusetts, with operations in North America, Europe, and Asia Pacific, Devo is backed by Insight Partners, Georgian, TCV, General Atlantic, Bessemer Venture Partners, Kibo Ventures and Eurazeo.

    About Detecteam
    Detecteam converges continuous Attack Simulation and Detection Behavior Validation into its REFLEX platform, improving detection coverage, quality, and accuracy of customer ecosystems. Detecteam automates testing and validation against emerging threats in minutes, optimizes detection creation and deployment, and maximizes spend on current ecosystem resources and technical talent.

    The MIL Network –

  • MIL-OSI USA: Law Library Publishes New Report, “Minimum Wages for Seafarers on Foreign-Registered Vessels”

    Source: US Global Legal Monitor

    The staff of the Global Legal Research Directorate of the Law Library of Congress has recently completed a comparative report examining the laws of countries around the globe to identify those that have adopted specific requirements regarding foreign seafarers’ wages. Out of 84 jurisdictions surveyed, only four, Australia, France, the Netherlands, and the United Kingdom, passed legislation affecting foreign seafarers’ wages, with Norway having pending legislation.

    According to the report, Minimum Wages for Seafarers on Foreign-Registered Vessels, the implementation of wage requirements in the countries identified was conditioned upon certain geographical requirements and/or the existence of a nexus between the government and the vessel’s operating service in terms of the number of landings in the country’s ports or between the seafarer and the country.

    The report contains individual country surveys of the scope of application and the type of required wages in the countries where wage requirements for seafarers on foreign-registered vessels exist. In addition, the report contains information on recommended international law standards and a table summarizing the findings and providing citations to laws and pending legislation.

    We invite you to review the information provided in our report, here.

    The report is an addition to the Law Library’s Legal Reports (Publications of the Law Library of Congress) collection, which includes over 4,000 historical and contemporary legal reports covering a variety of jurisdictions, researched and written by foreign law specialists with expertise in each area. To receive alerts when new reports are published, you can subscribe to email updates and the RSS feed for Law Library Reports (click the “subscribe” button on the Law Library’s website). The Law Library also regularly publishes articles related to wages and hours in the Global Legal Monitor.

    Subscribe to In Custodia Legis – it’s free! – to receive interesting posts drawn from the Law Library of Congress’s vast collections and our staff’s expertise in U.S., foreign, and international law.

    MIL OSI USA News –

  • MIL-OSI Economics: Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations

    Source: Reserve Bank of India

    RBI/2025-26/30
    A.P. (DIR Series) Circular No. 03

    April 23, 2025

    To,

    All Authorised Dealer Category-I banks

    Madam / Sir,

    Exports through warehouses in ‘Bharat Mart’ in UAE – relaxations

    Attention of Authorised Dealer Category – I banks (AD banks) is invited to Clause (a) of Sub regulation 1 of Regulation 9 of Foreign Exchange Management (Export of Goods & Services) Regulations, 2015 {Notification No. FEMA 23(R)/2015-RB} and Para C.6 and C.13 of Master Direction – Export of Goods & Services.

    2. To facilitate export through warehouses in ‘Bharat Mart’, a multimodal logistics network based marketplace in United Arab Emirates (UAE) that will provide Indian traders, exporters, and manufacturers access to the markets in UAE as well as worldwide, it has been decided to provide the following relaxations:

    a) AD banks may allow exporters to realise and repatriate full export value of goods exported to ‘Bharat Mart’ within nine months from the date of sale of the goods from the warehouse.

    b) AD banks may allow the following without any pre-conditions, after verifying the reasonableness of the same:

    1. Opening/hiring of a warehouse in ‘Bharat Mart’ by an Indian exporter with a valid Importer Exporter Code.

    2. Remittances by the Indian exporter for initial as well as recurring expenses for setup and continuing business operations of its offices.

    3. The above instructions shall come into force with immediate effect. AD Category-I banks may bring the contents of this circular to the notice of their constituents concerned.

    4. The directions contained in this circular have been issued under sections 10(4) and 11(1) of the Foreign Exchange Management Act (FEMA), 1999 (42 of 1999) and are without prejudice to permissions / approvals, if any, required under any other law.

    Yours faithfully,

    (N. Senthil Kumar)
    Chief General Manager

    MIL OSI Economics –

  • MIL-Evening Report: Albanese government announces $1.2 billion in plan to purchase critical minerals

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    A re-elected Albanese government will take the unprecedented step of buying or obtaining options over key critical minerals to protect Australia’s national interest and boost its economic resilience.

    The move follows US President Donald Trump’s ordering a review into American reliance on imported processed critical minerals and Australia’s discussions with the United States about a possible agreement on these minerals as part of negotiations to get a better deal on US tariffs.

    Australia has major deposits of critical minerals and rare earths. But almost all the processing of critical minerals is done by China, which uses this as leverage in disputes with other countries. As part of its tariff dispute with the US, China this month suspended exports of a wide range of critical minerals and magnets.

    Critical minerals are vital in the production of many items, including defence equipment, batteries, electronics, fibre optic cables, electric vehicles, magnets and wind turbines.

    Prime Minister Anthony Albanese flagged recently that Australia would establish a critical minerals reserve and the government has now released details of its plan.

    The government investment in critical minerals would come through two new mechanisms:

    • national offtake agreements

    • selective stockpiling

    The government would acquire, through voluntary contracts, agreed volumes of critical minerals from commercial projects, or establish an option to purchase them at a given price.

    It would also establish a government stockpile of key minerals produced under offtake agreements.

    “The primary consideration for entering into offtake agreements will be securing priority critical minerals for strategic reasons,” the government said in a statement.

    Minerals held by the reserve would be made available to domestic industry and key international partners.

    This would cover a deal with the US, if that can be reached.

    “The Reserve will be focused on a subset of critical minerals that are most important for Australia’s national security and the security of our key partners, including rare earths,” the statement said.

    As its holdings matured, the reserve would generate cash-flow from sales of offtake on global markets and to key partners, the statement said.

    “The Strategic Reserve will also accumulate stockpiles of priority minerals when warranted by market conditions and strategic considerations, but it is anticipated that these will be modest and time-limited in most cases.”

    The government would make an initial investment of $1.2 billion in the reserve, including through a $1 billion increase in the existing Critical Minerals Facility. This would take the government’s investment in the facility to $5 billion.

    The facility, established in 2021, provides financing to selected projects that are aligned with the government’s critical minerals strategy.

    The government plans to consult with states and companies on the scope and design on the Strategic Reserve, which it would aim to have operating in the second half of next year.

    ALbanese said: “In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience.

    “The Strategic Reserve will mean the government has the power to purchase, own and sell critical minerals found here in Australia.

    “It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand.”

    Resources Minister Madeleine King said: “Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners.

    “While we will continue to supply the world with critical minerals, it’s also important that Australia has access to the critical minerals and rare earths we need for a Future Made in Australia.”

    Michelle Grattan 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. Albanese government announces $1.2 billion in plan to purchase critical minerals – https://theconversation.com/albanese-government-announces-1-2-billion-in-plan-to-purchase-critical-minerals-254994

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: CETY Announces $400K in Heat Recovery System Sales and Enhancement of Its 350 kW ORC System to Support Larger-Scale Applications

    Source: GlobeNewswire (MIL-OSI)

    IRVINE, CA., April 23, 2025 (GLOBE NEWSWIRE) — Clean Energy Technologies, Inc. (Nasdaq: CETY) (the “Company” or “CETY”), a clean energy technology company offering power generation, waste to energy, and heat to power solutions to deliver affordable, scalable, and eco-friendly energy, clean fuels, and alternative electricity for a sustainable future, is pleased to announce a strategic agreement with Sagacity, a new company specializing in advanced design, manufacturing, and system integration, with a strong focus on clean energy and distribution.

    This milestone agreement secures $400,000 in sales of CETY’s magnetic bearing Organic Rankine Cycle (ORC) heat recovery solutions and should accelerate the development of an advanced 350 kW magnetic bearing ORC system designed to scale clean energy generation for large industrial and commercial applications.

    This collaboration strengthens CETY’s robust supply chain, enabling the efficient manufacturing and distribution of its proprietary Clean Cycle II (CCII) ORC system while advancing next-generation ORC technologies tailored for energy-intensive industries. By optimizing production and leveraging economies of scale, CETY can drive cost reductions and operational efficiencies across the clean energy sector.

    The new 350 kW ORC system, currently under development, represents a significant leap forward in heat recovery innovation. Engineered for scalability and reliability, this new system should support new opportunities for clean energy deployment across Biomass, Oil & Gas, Data Centers, Small-to-Midsize Power Plants, and other high-demand sectors. By increasing energy efficiency and lowering operational costs, this breakthrough technology further underscores CETY’s role as a growing leader in global decarbonization efforts.

    Kam Mahdi, CEO of Clean Energy Technologies, commented:

    “This agreement with Sagacity is more than a sales milestone; it’s a catalyst for scaling our ORC technology to serve larger and more complex energy needs. By expanding our manufacturing and distribution capabilities, we are enhancing supply chain resilience, reducing costs, and accelerating the commercialization of waste heat recovery solutions to drive efficiency, sustainability, and long-term value for industries worldwide.”

    The initial sales under this agreement include the delivery of Clean Cycle II ORC units, essential system components, and engineering support to facilitate seamless integration into key markets. As CETY and Sagacity continue to collaborate, their focus will remain on advancing ORC technology to maximize energy recovery, improve affordability, lower cost, and reinforce the transition to sustainable power generation.

    With this agreement, CETY is not only securing revenue but also positioning itself for long-term scalability, cost-effective deployment, and global adoption of waste heat-to-power solutions that will redefine energy efficiency worldwide.

    About Clean Energy Technologies, Inc. (CETY)

    Headquartered in Irvine, California, Clean Energy Technologies, Inc. (CETY) is a rising leader in the zero-emission revolution by offering eco-friendly green energy solutions, clean energy fuels and alternative electric power for small and mid-sized projects in North America, Europe, and Asia. We deliver power from heat and biomass with zero emission and low cost. Our principal products are Waste Heat Recovery Solutions using our patented Clean CycleTM generator to create electricity. Waste to Energy Solutions convert waste products created in manufacturing, agriculture, wastewater treatment plants and other industries to electricity and BioChar. Engineering, Consulting and Project Management Solutions provide expertise and experience in developing clean energy projects for municipal and industrial customers and Engineering, Procurement and Construction (EPC) companies.

    CETY’s common stock is currently traded on the Nasdaq Capital Market under the symbol “CETY.” For more information, visit www.cetyinc.com.

    Follow CETY on our social media channels: Twitter | LinkedIn | Facebook

    This summary should be read in conjunction with our annual report on Form 10-K for the year ending December 31, 2024, and our other periodic filings made with the Securities and Exchange Commission, which contain, among other matters, risk factors and financial footnotes as well as a discussions of our business, operations and financial matters, which filings can be located on the website of the Securities and Exchange Commission at www.sec.gov.

    Safe Harbor Statement

    This news release may include forward-looking statements within the meaning of section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities and Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company’s analysis of opportunities in the acquisition and development of various project interests and certain other matters. These statements are made under the “Safe Harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward-looking statements contained herein. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company’s current beliefs, expectations and assumptions regarding the future of CETY’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company’s control. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as: “anticipate,” “plan,” “expect,” “estimate,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Any forward-looking statement made by the Company in this press release is based only on information currently available to us and speaks only as of the date on which it is made. The Company undertakes no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Clean Energy Technologies, Inc.

    Investor and Investment Media inquiries:

    949-273-4990

    ir@cetyinc.com

    Source: Clean Energy Technologies, Inc.

    The MIL Network –

  • MIL-OSI: EquityZen Announces Key Executive Promotions: Brian Griffith to Chief Business Officer and Sudesh Kulkarni to Chief Product Officer

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — EquityZen, a leading marketplace for buying and selling private company equity, today announced the promotions of Brian Griffith to Chief Business Officer and Sudesh Kulkarni to Chief Product Officer. These appointments come as EquityZen continues to expand its platform and reach in the private market. 

    In his new Chief Business Officer role, Griffith will focus on driving growth, operational efficiency, and data-driven decision making. He will spearhead efforts across go-to-market, technology, and operations to expand EquityZen’s marketplace and provide more investors access to pre-IPO investments and more shareholders access to company-approved liquidity.

    Griffith joined EquityZen in 2019 as Chief of Staff and during his tenure has overseen the finance, sales, and marketing functions. He spent four years as EquityZen’s Head of Business Operations before being promoted to Chief Business Officer. Notably, he has contributed to EquityZen closing over 45,000 private market transactions in more than 450 companies since 2013 and enabling crucial scale across the organization. Prior to EquityZen, Griffith spent 10 years at KPMG, where he helped build and scale KPMG’s Private Enterprise practice. Griffith holds an MBA from the Kellogg School of Management at Northwestern University and a Bachelor’s degree from the University of Illinois.

    “I am excited to take on this new role at EquityZen,” said Griffith. “I believe that EquityZen has a unique opportunity to democratize access to the private markets, and I am committed to helping the company achieve its full potential.”

    Sudesh Kulkarni has been promoted to Chief Product Officer and will continue to oversee the firm’s product and technology functions. Kulkarni joined EquityZen in August 2022 as Vice President of Product. 

    Prior to joining EquityZen, Kulkarni held leadership positions in product and technology at Capitolis, Intercontinental Exchange and Wells Fargo. Sudesh holds a Bachelor’s degree in Engineering from the University of Pune, India, and a Master’s degree in Finance from the Illinois Institute of Technology, Chicago. He has earned Fintech and Product certifications from UC Berkeley Haas, Project Management Institute, and Product School. 

    Since joining EquityZen, Kulkarni has led the transformation of the product organization with his steadfast leadership and deep expertise in financial technology. He has brought strategic direction and has improved platform functionality and customer experience, while simultaneously enhancing operational productivity.

    “As private markets continue their unprecedented growth trajectory, I am energized to build upon the strong foundation we’ve established at EquityZen,” said Kulkarni. “Customer-centricity remains the cornerstone of our product and technology strategy as we look to thoughtfully and responsibly integrate emerging technologies, particularly AI, to deliver meaningful improvements to the digital experiences our customers rely upon.”

    “Brian and Sudesh are both proven leaders with cross-functional experience and deep expertise in their respective fields. They have brought perspective and leadership to our company as we continue to build a more accessible, efficient, and transparent platform,” said Atish Davda, CEO of EquityZen. “Their contributions have been invaluable to EquityZen’s success and are especially important as private market investments continue to grow in significance in the average investors’ portfolio.”

    About EquityZen

    Since 2013, the EquityZen marketplace has enabled the buying and selling of shares in private companies. EquityZen brings together over 700,000 investors and shareholders, providing liquidity to early shareholders and private market access to accredited investors for as little as $5,000 up to well over $5 million. Having completed more than 45,000 private placements in more than 450 private companies, EquityZen leads the way in delivering “Private Markets for the Public”.

    Media Contact
    Deborah Kostroun, Zito Partners
    deborah@zitopartners.com
    +1 (201) 403-8185

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3dea3ccf-6886-4c10-8567-4c50eec20af2

    The MIL Network –

  • MIL-OSI: GCM Grosvenor to Announce First Quarter 2025 Financial Results and Host Investor Conference Call on May 7, 2025

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, April 23, 2025 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the first quarter 2025 on Wednesday, May 7, 2025.

    Management will host a webcast and conference call on Wednesday May 7, 2025, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

    To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

    About GCM Grosvenor

    GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $80 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

    GCM Grosvenor’s experienced team of approximately 550 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

    Source: GCM Grosvenor

    Public Shareholders Contact
    Stacie Selinger
    sselinger@gcmlp.com
    312-506-6583

    Media Contact
    Tom Johnson and Abigail Ruck
    H/Advisors Abernathy
    tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
    212-371-5999

    The MIL Network –

  • MIL-OSI Economics: Primary (Urban) Co-operative Banks’ Outlook 2023-24

    Source: Reserve Bank of India

    The Reserve Bank of India today herewith releases the 11th volume of the annual publication titled ‘Primary (Urban) Co-operative Banks’ Outlook 2023-24’. It can be accessed at https://data.rbi.org.in/#/dbie/reports/Publication/Time-Series%20Publications/Primary%20%28Urban%29%20Co-operative%20Banks’%20Outlook. The publication has been brought out by the ‘Department of Supervision’ of the Reserve Bank of India.

    The publication covers the financial accounts of Scheduled and Non-Scheduled Primary (Urban) Co-operative Banks for the financial year 2023-24. The publication provides aggregate information on major items of balance sheet, profit and loss account, non-performing assets, financial ratios, state-wise distribution of offices and details of priority sector advances. Besides, the publication also provides bank-wise information of Scheduled Primary (Urban) Co-operative Banks on balance sheet items, select financial ratios on Capital Adequacy, Profitability, and Employee Productivity. The publication is being brought out in only electronic form on an annual basis on the Reserve Bank’s website through the link https://data.rbi.org.in/#/dbie/reports/Publication/Time-Series%20Publications/Primary%20%28Urban%29%20Co-operative%20Banks’%20Outlook of Database on Indian Economy (DBIE). There will be no hard copies of the publication available for the reference in the matter.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/168

    MIL OSI Economics –

  • MIL-OSI China: MOFA response to false claims regarding Taiwan in joint statement between PRC and Vietnam

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    MOFA response to false claims regarding Taiwan in joint statement between PRC and Vietnam

    • Date：2025-04-16
    • Data Source：Department of East Asian and Pacific Affairs

    April 16, 2025 

    During a visit to Vietnam from April 14 to 15, Chinese leader Xi Jinping met with General Secretary of the Central Committee of the Communist Party of Vietnam To Lam. Following the meeting, the two sides issued a joint statement on continuing to deepen their comprehensive strategic cooperative partnership. Among other spurious content, the statement falsely claimed Taiwan to be an inseparable part of Chinese territory. The Ministry of Foreign Affairs (MOFA) solemnly condemns the authoritarian CCP government’s continued dissemination of false narratives aimed at undermining Taiwan’s sovereignty. 

    MOFA reaffirms that Taiwan remains staunchly committed to safeguarding its national sovereignty; that the Republic of China (Taiwan) is an independent, sovereign country; that neither the ROC (Taiwan) nor the People’s Republic of China is subordinate to the other; that the CCP regime has never governed Taiwan; and that no narratives distorting Taiwan’s sovereign status can change the internationally recognized status quo across the Taiwan Strait.

    MOFA stresses that Taiwan will continue to develop deep and enduring cooperation and exchanges with other countries through integrated diplomacy. It calls on nations worldwide to jointly counter China’s false narratives and not to condone China’s malicious attempts to mislead the international community and downgrade Taiwan’s sovereignty. MOFA also urges nations to work together to contribute to regional peace and stability and advance economic security and prosperity across the globe.

    MIL OSI China News –

  • MIL-OSI China: Foreign Minister Lin and Tuvaluan Deputy Prime Minister Nelesone witness signing of agreements on labor cooperation and seafarer training and certification

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    Foreign Minister Lin and Tuvaluan Deputy Prime Minister Nelesone witness signing of agreements on labor cooperation and seafarer training and certification

    • Date：2025-04-16
    • Data Source：Department of East Asian and Pacific Affairs

    April 16, 2025  

    No. 097  

    Minister of Foreign Affairs Lin Chia-lung met with a Tuvaluan delegation led by Deputy Prime Minister and Minister of Finance and Economic Development Panapasi Nelesone and his wife, Madame Corinna Laafai, at the Taipei Guest House on April 15. Together, they witnessed the signing of two bilateral agreements—one on labor cooperation and another on the recognition of training and certification of seafarers. These agreements, which were signed respectively by Minister of Labor Hung Sun-han and Minister of Transportation and Communications Chen Shih-kai for Taiwan and by Minister of Foreign Affairs, Labour and Trade Paulson Panapa for Tuvalu, aim to deepen bilateral exchanges and cooperation in such domains as labor affairs, fisheries, and seafarer certification. 

    Following the signing ceremony, Minister Lin hosted a banquet for the delegation at the Taipei Guest House. In his speech, he warmly welcomed them and thanked the government of Tuvalu for its long-standing and unwavering support of Taiwan’s international participation, including speaking up for Taiwan at major international events. Minister Lin expressed special appreciation to the Ministry of Labor (MOL) and the Ministry of Transportation and Communications (MOTC) for coordinating with the Ministry of Foreign Affairs (MOFA) to facilitate the signing of the two agreements. He indicated that they bolstered Taiwan-Tuvalu cooperation and marked the concrete implementation of the Diplomatic Allies Prosperity Project under the policy of integrated diplomacy. He also noted that they aligned with the concept of every ministry serving as a foreign ministry and every citizen as a diplomat. Minister Lin emphasized that MOFA had actively consolidated the diverse capabilities of government agencies and civil society, leveraging overall national strength to enhance cooperation between Taiwan and its diplomatic allies. Moving forward, he pledged to work hand in hand with the government of Tuvalu to expand exchanges across a variety of domains to promote economic prosperity and the well-being of the peoples of both countries. 

    Speaking at the banquet, Deputy Prime Minister Nelesone stated that in 46 years as diplomatic allies, Taiwan and Tuvalu had jointly responded to numerous challenges and created myriad opportunities for close cooperation in such areas as health care, agriculture, education, and basic infrastructure. He affirmed that the two nations had built a diplomatic alliance founded on freedom and democracy, adding that they shared strong bonds and were like family. On behalf of the government and people of Tuvalu, he sincerely thanked Taiwan for its long-term support of his nation’s development and reaffirmed Tuvalu’s staunch commitment to backing Taiwan’s international participation. He expressed the hope that both countries would continue working together to advance their diplomatic partnership, setting an example for the world.

    Guests at the banquet included Deputy Minister of Health and Welfare Lin Ching-yi; Acting Director General of the MOL Workforce Development Agency Chen Shih-chang; Deputy Director General of the Ministry of Agriculture Fisheries Agency Lin Ding-rong; Director General of the MOTC Maritime and Port Bureau Yeh Hsieh-lung; Secretary General of the International Cooperation and Development Fund Huang Yu-lin; and representatives from the business sector. Participants exchanged views on a wide range of issues, including health care, climate change adaptation, and agricultural and fisheries cooperation. (E)

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Reading day activities held

    Source: Hong Kong Information Services

    This year’s April 23 marks the second Hong Kong Reading for All Day. Hong Kong Public Libraries (HKPL) today collaborated with stakeholders to set up reading locations for “Read Together for Half an Hour” activities to promote reading among the public.

    Director of Leisure & Cultural Services Manda Chan attended the “Read Together for Half an Hour” activity at the Hong Kong Central Library to share her reading experience with the participating students, remarking that reading while broadening one’s horizons is also life-enriching. She encouraged students to keep reading.

    HKPL also invited renowned online content creator SaiDorSi to explore the relationship between reading and creativity with the participating students.

    “Read Together for Half an Hour” is one of the highlight activities of Hong Kong Reading Week 2025.

    The department provided a variety of books at different reading locations today, including the Museum of Art, the Science Museum, the Oil Street Art Space, the Railway Museum, Choi Hung Road Sports Centre, Tsuen Wan Sports Centre, Sun Yat Sen Memorial Park and individual public libraries.

    In addition, “Read Together for Half an Hour” activities were held at 2025 Hong Kong Reading+ at New Town Plaza in Sha Tin, as well as at individual community libraries and community centres.

    Furthermore, HKPL, in collaboration with the Hans Andersen Club, carried out the “Read together for Half an Hour” event and carnival at Lok Fu Place, featuring storytelling sessions, game booths and handicraft workshops. A reading area with selected books was also set up to promote reading.

    Hong Kong Reading Week is being held from April 19 to 27. Under the theme “Zoom/LIBRARY”, it offers about 450 online and on-site events to encourage the public to develop a reading habit.

    Activities include fun days, sharing sessions, videos and audio clips in which celebrities share their reading experiences and more. QR codes for selected e-books are available at different government venues for easy public access.

    All Hong Kong Reading Week activities are free of charge, with seat reservations required for individual events.

    Click here for more details.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Aemetis India Plant Visited by U.S. Consul General

    Source: GlobeNewswire (MIL-OSI)

    CUPERTINO, Calif., April 23, 2025 (GLOBE NEWSWIRE) — Aemetis, Inc. (NASDAQ: AMTX), a diversified global renewable natural gas and biofuels company, announced the Company’s subsidiary in India, Universal Biofuels, has been working with the U.S. government to support the success of American interests in India. Aemetis owns and operates an 80 million gallon per year biodiesel production facility in Kakinada, Andhra Pradesh. The U.S. Consul General, Jennifer Larson, recently toured the Universal biodiesel plant along with staff from the consulate to further the collaboration with Aemetis. 

    India is committed to the production and use of biofuels to expand markets for agricultural products and to utilize waste materials to improve air quality. The target set in the India National Policy on Biofuels is an increase in the blend of biodiesel from 1% to 5%. The meeting and plant tour by Jennifer Larson, the U.S. Consul General based in Hyderabad, India, focused on understanding the implications of India biofuels policies to expand the production of renewable fuels by Universal Biofuels.

    “Diesel engine emissions are a significant contributor to air pollution and a cause of significant public health problems in India,” said Eric McAfee, Chairman and CEO of Aemetis. “The Universal Biofuels facility in India has invested in the expansion of production capacity to meet India’s goal of a 5% biodiesel blend and facilitate the reduction of air pollution from diesel engine exhaust. The visit by the Consul General is representative of the level of engagement by all parties to generate the many benefits of renewable fuels in India.”

    “The adoption of new policies in India that facilitate access to feedstocks supports our plans to raise the capital and invest the resources into growing our production capacity,” said Sanjeev Duggal, CEO of Universal Biofuels. “We look forward to continuing the work with the consulate and view the visit by Ms. Larson as a critical step forward that is an important sign of support for our business.” 

    Aemetis’ Universal Biofuels subsidiary is one of the largest biodiesel producers in India, having been in operation for more than 17 years. Universal Biofuels increased its annual biodiesel production capacity from 60 million gallons to 80 million gallons in the past year, with further biodiesel expansion to other locations and diversification into biogas production planned during the next twelve months. To support further growth, Universal Biofuels is preparing for an IPO in India, aiming for completion in late 2025 or the first half of 2026, subject to continued favorable stock market conditions.

    Universal Biofuels completed $112 million of biodiesel and glycerin shipments in the twelve months ended September 2024, including deliveries to the three government-owned oil marketing companies under a cost-plus contract. Shipments of biodiesel to OMCs are expected to begin again this month under the next round of biodiesel contracts. 

    About Aemetis

    Headquartered in Cupertino, California, Aemetis is a renewable natural gas and biofuels company focused on the operation, acquisition, development, and commercialization of innovative technologies that support energy independence and security. Founded in 2006, Aemetis operates and is expanding a California biogas digester network and pipeline system to convert dairy waste into renewable natural gas. Aemetis owns and operates a 65 million gallon per year ethanol production facility in California’s Central Valley near Modesto that also supplies about 80 dairies with animal feed. Aemetis owns and operates an 80 million gallon per year biofuels facility on the East Coast of India producing high quality distilled biodiesel and refined glycerin. Aemetis is developing a sustainable aviation fuel and renewable diesel biorefinery and a carbon sequestration project in California. For additional information about Aemetis, please visit www.aemetis.com.

    Safe Harbor Statement

    This news release contains forward-looking statements, including statements regarding assumptions, projections, expectations, targets, intentions or beliefs about future events or other statements that are not historical facts. Forward-looking statements include, without limitation, projections of financial results; IPO plans; statements related to the development, engineering, financing, construction, timing, and operation of biodiesel, biogas, sustainable aviation fuel, CO2 sequestration, and other facilities; our ability to promote, develop, finance, and construct such facilities; and statements about future market prices and results of government actions. Words or phrases such as “anticipates,” “may,” “will,” “should,” “believes,” “estimates,” “expects,” “intends,” “plans,” “predicts,” “projects,” “targets,” “view,” “will likely result,” “will continue” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on current assumptions and predictions and are subject to many risks and uncertainties. Actual results or events could differ materially from those set forth or implied by such forward-looking statements and related assumptions due to certain factors, including, without limitation, competition in the ethanol, biodiesel and other industries in which we operate, commodity market risks including those that may result from current weather conditions, financial market risks, customer adoption, counter-party risks, risks associated with changes to government policy or regulation, and other risks detailed in our reports filed with the Securities and Exchange Commission, including our Annual Reports on Form 10-K, and in our other filings with the SEC. We are not obligated, and do not intend, to update any of these forward-looking statements at any time unless an update is required by applicable securities laws.

    Company Investor Relations
    Media Contact:
    Todd Waltz
    (408) 213-0940
    investors@aemetis.com

    External Investor Relations
    Contact:
    Kirin Smith
    PCG Advisory Group
    (646) 863-6519
    ksmith@pcgadvisory.com

    The MIL Network –

  • MIL-OSI: Magnite Unveils Next Generation of SpringServe, Combining Its Streaming Ad Server and SSP

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, April 23, 2025 (GLOBE NEWSWIRE) — Magnite (NASDAQ: MGNI), the largest independent sell-side advertising company, today unveiled the next generation of its SpringServe video platform, a CTV/OTT solution combining its award-winning SpringServe ad server with the advanced programmatic capabilities of the Magnite Streaming SSP. Initial clients to include Disney Advertising, LG Ad Solutions, Paramount, Roku, Samsung, and Warner Bros. Discovery.

    Developed for the needs of the world’s most advanced streaming clients, the unified platform streamlines buyers’ connection to 99% of US streaming supply, a dollar-weighted figure verified by Jounce Media in their March 2025 Supply Path Benchmarking Report. For media owners, the platform will unlock powerful tools for streamlined workflows and smarter yield optimization.

    “As the CTV space matures, there’s a significant opportunity to enhance the advertising process for media owners and buyers,” said Sean Buckley, President, Revenue at Magnite. “We’re building this next generation of SpringServe specifically to help our clients and partners stay ahead of these emerging opportunities. By unifying the programmatic layer as a complementary step in the buying process, not only does it give buyers greater transparency, predictability, and control over their ad placements, but it lays the foundation for more effective monetization and yield management for media owners.”

    “Disney continues to expand our global streaming footprint in collaboration with Magnite—unlocking more premium inventory and making it even easier for advertisers to access our portfolio at scale,” said Jamie Power, SVP, Addressable Sales at Disney. “Together, we’re advancing a shared vision for innovation—one that prioritizes automation, flexibility, and smarter tools to help our partners drive meaningful impact in the live streaming space.”

    “Controlling demand sources and optimizing ad placements in real time is essential to our strategy,” said Kelly McMahon, SVP of Operations at LG Ad Solutions. “SpringServe gives us the power to orchestrate everything in one platform—balancing programmatic demand and direct deals more effectively, without compromising the viewer experience.”

    “Working with valuable partners like Magnite has enabled Paramount to further optimize our programmatic demand sources, driving greater efficiency and performance while preserving a seamless viewing experience for our audiences,” said Christopher Owen, SVP, Partnerships at Paramount. “Continued advancements in programmatic play a meaningful role in our ongoing success both as a company and as part of the broader industry.”

    “Together with Magnite, we can create more opportunities for advertisers that offer platform transparency and flexibility across monetization, demand access, and user experience optimization,” said Jay Askinasi, SVP of Global Media Revenue and Growth at Roku. “SpringServe connects us more directly with DSPs, streamlining operations and augmenting revenue potential. This is an approach we believe will help attract greater advertising investment into the CTV ecosystem.”

    “Our long-standing partnership with Magnite has been instrumental in shaping our video monetization strategy, and we’re excited to partner with Magnite as they advance the SpringServe video platform,” said Jill Steinhauser, SVP Revenue Strategy and Operations, Warner Bros. Discovery. “We’re particularly looking forward to benefiting from the performance enhancements that enable faster ad loads and real-time pacing.”

    “Magnite helps fuel the premium, open internet,” said Will Doherty, SVP of Inventory Development, The Trade Desk. “Combined with tools like OpenPath, the next generation of SpringServe is accretive to advertisers and publishers and most importantly – so consumers can continue to enjoy the content we all love like CTV, journalism and more.”

    “Magnite’s unified SpringServe platform offers significant clarity and cohesion in the streaming TV marketplace,” said Susan Schiekofer, Chief Media Officer, GroupM US. “By providing deeper insight into the supply path and stronger alignment with premium inventory at scale, it empowers us to make smarter, faster buying decisions and ultimately deliver better outcomes for our clients.”

    “At OMG, we believe it’s a core right for advertisers to control and know where their ads deliver,” said Ryan Eusanio, SVP of Video and Programmatic at Omnicom Media Group. “Magnite’s SpringServe video platform helps us give our clients more control of their premium video strategy and enables better curation and targeting for campaigns.”

    The SpringServe video platform provides CTV and OTT publishers with improved functionality including:

    • Intelligent ad decisioning and dynamic mediation.
    • Automated ad routing that dynamically directs ad traffic to the highest-performing channels to ensure efficient ad delivery.
    • Centralized deal management to facilitate better visibility across direct and programmatic demand, including ClearLine deals.
    • Integration of Magnite Access for easy access to first- and third-party data.
    • A streamlined user interface and reporting for ad operations.

    For more information about the new SpringServe video platform, please visit magnite.com.

    About Magnite
    We’re Magnite (NASDAQ: MGNI), the world’s largest independent sell-side advertising company. Publishers use our technology to monetize their content across all screens and formats including CTV, online video, display, and audio. The world’s leading agencies and brands trust our platform to access brand-safe, high-quality ad inventory and execute billions of advertising transactions each month. Anchored in bustling New York City, sunny Los Angeles, mile high Denver, historic London, colorful Singapore, and down under in Sydney, Magnite has offices across North America, EMEA, LATAM, and APAC.

    The MIL Network –

  • MIL-OSI: First Hawaiian, Inc. Reports First Quarter 2025 Financial Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, April 23, 2025 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended March 31, 2025.

    “I’m pleased to report that First Hawaiian Bank started 2025 with a solid quarter. Retail deposits continued to grow, net interest income rose from the prior quarter, expenses were well managed, and credit quality remained strong,” said Bob Harrison, Chairman, President, and CEO. “Despite the current economic uncertainty, our customers can be confident in the strength of our balance sheet, our solid capital position, and our deep roots in the community, which provide the stability and reliability that define us.”

    On April 22, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on May 30, 2025, to stockholders of record at the close of business on May 19, 2025.

    First Quarter 2025 Highlights:

    • Net income of $59.2 million, or $0.47 per diluted share
    • Total loans and leases declined $115.2 million versus prior quarter
    • Total deposits declined $106.4 million versus prior quarter
    • Net interest margin increased 5 basis points to 3.08%
    • Recorded a $10.5 million provision for credit losses
    • Board of Directors declared a quarterly dividend of $0.26 per share

    Balance Sheet

    Total assets were $23.7 billion at March 31, 2025 versus $23.8 billion at December 31, 2024.

    Gross loans and leases were $14.3 billion as of March 31, 2025, a decrease of $115.2 million, or 0.8%, from $14.4 billion as of December 31, 2024.

    Total deposits were $20.2 billion as of March 31, 2025, a decrease of $106.4 million, or 0.5%, from $20.3 billion as of December 31, 2024.

    Net Interest Income

    Net interest income for the first quarter of 2025 was $160.5 million, an increase of $1.8 million, or 1.1%, compared to $158.8 million for the prior quarter.

    The net interest margin was 3.08% in the first quarter of 2025, an increase of 5 basis points compared to 3.03% in the prior quarter.

    Provision Expense

    During the quarter ended March 31, 2025, we recorded a $10.5 million provision for credit losses. In the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses.

    Noninterest Income

    Noninterest income was $50.5 million in the first quarter of 2025, an increase of $21.1 million compared to noninterest income of $29.4 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

    Noninterest Expense

    Noninterest expense was $123.6 million in the first quarter of 2025, a decrease of $0.6 million compared to noninterest expense of $124.1 million in the prior quarter.

    The efficiency ratio was 58.2% and 65.5% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

    Taxes

    The effective tax rate was 23.0% and 18.9% for the quarters ended March 31, 2025 and December 31, 2024, respectively.

    Asset Quality

    The allowance for credit losses was $166.6 million, or 1.17% of total loans and leases, as of March 31, 2025, compared to $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024. The reserve for unfunded commitments was $33.3 million as of March 31, 2025, compared to $32.8 million as of December 31, 2024. Net charge-offs were $3.8 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended March 31, 2025, compared to net charge-offs of $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024. Total non-performing assets were $20.2 million, or 0.14% of total loans and leases and other real estate owned, on March 31, 2025, compared to total non-performing assets of $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024.

    Capital

    Total stockholders’ equity was $2.6 billion on March 31, 2025 and December 31, 2024.

    The tier 1 leverage, common equity tier 1 and total capital ratios were 9.01%, 12.93% and 14.17%, respectively, on March 31, 2025, compared with 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024.

    The Company repurchased 974 thousand shares of common stock at a total cost of $25.0 million under the stock repurchase program in the first quarter. The average cost was $25.66 per share repurchased.

    First Hawaiian, Inc.

    First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

    Conference Call Information

    First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 7:00 a.m. Hawaii Time.

    To access the call by phone, please register via the following link:
    https://register-conf.media-server.com/register/BI13d3259b1b3b46188926f83e1bbe1316, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

    A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2024.

    Use of Non-GAAP Financial Measures

    Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

    Table 12 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

                         
    Financial Highlights   Table 1
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share data)   2025   2024     2024  
    Operating Results:                    
    Net interest income   $ 160,526   $ 158,753     $ 154,427  
    Provision (benefit) for credit losses     10,500     (750 )     6,300  
    Noninterest income     50,477     29,376       51,371  
    Noninterest expense     123,560     124,143       128,813  
    Net income     59,248     52,496       54,220  
    Basic earnings per share     0.47     0.41       0.42  
    Diluted earnings per share     0.47     0.41       0.42  
    Dividends declared per share     0.26     0.26       0.26  
    Dividend payout ratio     55.32 %   63.41   %   61.90 %
    Performance Ratios(1):                    
    Net interest margin     3.08 %   3.03   %   2.91 %
    Efficiency ratio     58.22 %   65.51   %   62.15 %
    Return on average total assets     1.01 %   0.88   %   0.90 %
    Return on average tangible assets (non-GAAP)(2)     1.05 %   0.92   %   0.94 %
    Return on average total stockholders’ equity     9.09 %   7.94   %   8.73 %
    Return on average tangible stockholders’ equity (non-GAAP)(2)     14.59 %   12.78   %   14.53 %
    Average Balances:                    
    Average loans and leases   $ 14,309,998   $ 14,276,107     $ 14,312,563  
    Average earning assets     21,169,194     21,079,951       21,481,890  
    Average assets     23,890,459     23,795,735       24,187,207  
    Average deposits     20,354,040     20,249,573       20,571,930  
    Average stockholders’ equity     2,641,978     2,629,600       2,496,840  
    Market Value Per Share:                    
    Closing     24.44     25.95       21.96  
    High     28.28     28.80       23.12  
    Low     23.95     22.08       20.37  
                         
        As of   As of   As of  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share data)   2025   2024   2024  
    Balance Sheet Data:                    
    Loans and leases   $ 14,293,036   $ 14,408,258   $ 14,320,208  
    Total assets     23,744,958     23,828,186     24,279,186  
    Total deposits     20,215,816     20,322,216     20,669,481  
    Short-term borrowings     250,000     250,000     500,000  
    Total stockholders’ equity     2,648,852     2,617,486     2,513,761  
                         
    Per Share of Common Stock:                    
    Book value   $ 21.07   $ 20.70   $ 19.66  
    Tangible book value (non-GAAP)(2)     13.15     12.83     11.88  
                         
    Asset Quality Ratios:                    
    Non-accrual loans and leases / total loans and leases     0.14 %   0.14 %   0.13 %
    Allowance for credit losses for loans and leases / total loans and leases     1.17 %   1.11 %   1.12 %
                         
    Capital Ratios:                    
    Common Equity Tier 1 Capital Ratio     12.93 %   12.80 %   12.55 %
    Tier 1 Capital Ratio     12.93 %   12.80 %   12.55 %
    Total Capital Ratio     14.17 %   13.99 %   13.75 %
    Tier 1 Leverage Ratio     9.01 %   9.14 %   8.80 %
    Total stockholders’ equity to total assets     11.16 %   10.98 %   10.35 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     7.27 %   7.10 %   6.52 %
                         
    Non-Financial Data:                    
    Number of branches     48     48     50  
    Number of ATMs     273     273     275  
    Number of Full-Time Equivalent Employees     1,995     1,997     2,065  

    (1) Except for the efficiency ratio, amounts are annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    (2) Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 12, GAAP to Non-GAAP Reconciliation.

                       
    Consolidated Statements of Income   Table 2
        For the Three Months Ended
        March 31,    December 31,    March 31, 
    (dollars in thousands, except per share amounts)   2025   2024     2024
    Interest income                  
    Loans and lease financing   $ 192,102   $ 198,347     $ 199,844
    Available-for-sale investment securities     13,150     12,767       14,546
    Held-to-maturity investment securities     16,647     17,071       17,793
    Other     13,251     11,977       12,769
    Total interest income     235,150     240,162       244,952
    Interest expense                  
    Deposits     71,709     78,465       84,143
    Short-term borrowings     2,599     2,685       5,953
    Other     316     259       429
    Total interest expense     74,624     81,409       90,525
    Net interest income     160,526     158,753       154,427
    Provision (benefit) for credit losses     10,500     (750 )     6,300
    Net interest income after provision (benefit) for credit losses     150,026     159,503       148,127
    Noninterest income                  
    Service charges on deposit accounts     7,535     7,968       7,546
    Credit and debit card fees     14,474     14,834       16,173
    Other service charges and fees     12,167     13,132       9,904
    Trust and investment services income     9,370     9,449       10,354
    Bank-owned life insurance     4,371     5,713       4,286
    Investment securities gains (losses), net     37     (26,171 )     —
    Other     2,523     4,451       3,108
    Total noninterest income     50,477     29,376       51,371
    Noninterest expense                  
    Salaries and employee benefits     60,104     59,003       59,262
    Contracted services and professional fees     14,839     14,472       15,739
    Occupancy     8,100     7,708       6,941
    Equipment     13,871     14,215       13,413
    Regulatory assessment and fees     3,823     3,745       8,120
    Advertising and marketing     2,179     1,529       2,612
    Card rewards program     7,919     7,926       8,508
    Other     12,725     15,545       14,218
    Total noninterest expense     123,560     124,143       128,813
    Income before provision for income taxes     76,943     64,736       70,685
    Provision for income taxes     17,695     12,240       16,465
    Net income   $ 59,248   $ 52,496     $ 54,220
    Basic earnings per share   $ 0.47   $ 0.41     $ 0.42
    Diluted earnings per share   $ 0.47   $ 0.41     $ 0.42
    Basic weighted-average outstanding shares     126,281,802     127,350,626       127,707,354
    Diluted weighted-average outstanding shares     127,166,932     128,167,502       128,217,689
                       
    Consolidated Balance Sheets   Table 3
    (dollars in thousands, except share amount)   March 31,
    2025
    		   December 31,
    2024
    		   March 31,
    2024
    Assets                  
    Cash and due from banks   $ 240,738     $ 258,057     $ 202,121  
    Interest-bearing deposits in other banks     1,073,841       912,133       1,072,145  
    Investment securities:                  
    Available-for-sale, at fair value (amortized cost: $2,091,034 as of March 31, 2025, $2,190,448 as of December 31, 2024 and $2,466,109 as of March 31, 2024)     1,858,428       1,926,516       2,159,338  
    Held-to-maturity, at amortized cost (fair value: $3,250,275 as of March 31, 2025, $3,262,509 as of December 31, 2024 and $3,470,710 as of March 31, 2024)     3,724,908       3,790,650       3,988,011  
    Loans held for sale     1,547       —       —  
    Loans and leases     14,293,036       14,408,258       14,320,208  
    Less: allowance for credit losses     166,612       160,393       159,836  
    Net loans and leases     14,126,424       14,247,865       14,160,372  
                       
    Premises and equipment, net     292,576       288,530       281,181  
    Accrued interest receivable     78,973       79,979       85,715  
    Bank-owned life insurance     495,567       491,890       484,193  
    Goodwill     995,492       995,492       995,492  
    Mortgage servicing rights     4,926       5,078       5,533  
    Other assets     851,538       831,996       845,085  
    Total assets   $ 23,744,958     $ 23,828,186     $ 24,279,186  
    Liabilities and Stockholders’ Equity                  
    Deposits:                  
    Interest-bearing   $ 13,330,265     $ 13,347,068     $ 13,620,928  
    Noninterest-bearing     6,885,551       6,975,148       7,048,553  
    Total deposits     20,215,816       20,322,216       20,669,481  
    Short-term borrowings     250,000       250,000       500,000  
    Retirement benefits payable     96,241       97,135       102,242  
    Other liabilities     534,049       541,349       493,702  
    Total liabilities     21,096,106       21,210,700       21,765,425  
                       
    Stockholders’ equity                  
    Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 142,139,353 / 125,692,598 shares as of March 31, 2025, issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024 and issued/outstanding: 141,687,612 / 127,841,908 shares as of March 31, 2024)     1,421       1,417       1,417  
    Additional paid-in capital     2,564,408       2,560,380       2,551,488  
    Retained earnings     960,337       934,048       858,494  
    Accumulated other comprehensive loss, net     (433,769 )     (463,994 )     (523,780 )
    Treasury stock (16,446,755 shares as of March 31, 2025, 15,325,949 shares as of December 31, 2024 and 13,845,704 shares as of March 31, 2024)     (443,545 )     (414,365 )     (373,858 )
    Total stockholders’ equity     2,648,852       2,617,486       2,513,761  
    Total liabilities and stockholders’ equity   $ 23,744,958     $ 23,828,186     $ 24,279,186  
                                                       
    Average Balances and Interest Rates                                               Table 4
        Three Months Ended   Three Months Ended   Three Months Ended  
        March 31, 2025   December 31, 2024   March 31, 2024  
        Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                                  
    Interest-Bearing Deposits in Other Banks   $ 1,171.1   $ 12.8   4.44 % $ 948.9   $ 11.3   4.75 % $ 858.6   $ 11.6   5.45 %
    Available-for-Sale Investment Securities                                                  
    Taxable     1,891.4     13.2   2.79     1,987.7     12.7   2.56     2,210.6     14.5   2.63  
    Non-Taxable     1.4     —   5.52     1.4     —   5.30     1.8     —   5.61  
    Held-to-Maturity Investment Securities                                                  
    Taxable     3,164.0     13.6   1.72     3,224.8     13.9   1.72     3,416.4     14.6   1.71  
    Non-Taxable     599.0     3.7   2.51     601.7     3.9   2.56     603.4     4.0   2.65  
    Total Investment Securities     5,655.8     30.5   2.16     5,815.6     30.5   2.10     6,232.2     33.1   2.13  
    Loans Held for Sale     0.3     —   6.28     1.3     —   5.75     0.7     —   6.92  
    Loans and Leases(1)                                                  
    Commercial and industrial     2,196.8     33.6   6.20     2,157.8     35.2   6.50     2,164.9     37.2   6.92  
    Commercial real estate     4,420.1     66.5   6.10     4,333.1     68.9   6.33     4,323.5     70.1   6.53  
    Construction     937.0     15.4   6.67     990.7     17.4   6.99     924.7     17.4   7.55  
    Residential:                                                  
    Residential mortgage     4,150.3     40.9   3.94     4,183.5     40.8   3.90     4,264.1     42.0   3.94  
    Home equity line     1,149.8     13.1   4.61     1,157.1     13.3   4.55     1,172.1     12.0   4.13  
    Consumer     1,019.5     18.9   7.53     1,033.2     19.0   7.29     1,083.5     18.1   6.71  
    Lease financing     436.5     4.3   3.99     420.7     4.4   4.18     379.8     3.7   3.91  
    Total Loans and Leases     14,310.0     192.7   5.44     14,276.1     199.0   5.55     14,312.6     200.5   5.63  
    Other Earning Assets     32.0     0.4   5.48     38.1     0.7   6.73     77.8     1.2   5.90  
    Total Earning Assets(2)     21,169.2     236.4   4.51     21,080.0     241.5   4.56     21,481.9     246.4   4.61  
    Cash and Due from Banks     235.9               226.2               244.3            
    Other Assets     2,485.4               2,489.5               2,461.0            
    Total Assets   $ 23,890.5             $ 23,795.7             $ 24,187.2            
                                                       
    Interest-Bearing Liabilities                                                  
    Interest-Bearing Deposits                                                  
    Savings   $ 6,232.5   $ 21.3   1.38 % $ 5,940.3   $ 21.1   1.42 % $ 6,059.7   $ 23.4   1.56 %
    Money Market     3,922.2     23.0   2.38     4,053.6     26.6   2.61     3,944.9     28.8   2.94  
    Time     3,317.1     27.4   3.36     3,362.0     30.8   3.64     3,325.3     31.9   3.86  
    Total Interest-Bearing Deposits     13,471.8     71.7   2.16     13,355.9     78.5   2.34     13,329.9     84.1   2.54  
    Other Short-Term Borrowings     250.0     2.6   4.22     250.0     2.7   4.27     500.0     6.0   4.79  
    Other Interest-Bearing Liabilities     27.5     0.3   4.67     25.3     0.2   4.07     33.0     0.4   5.22  
    Total Interest-Bearing Liabilities     13,749.3     74.6   2.20     13,631.2     81.4   2.38     13,862.9     90.5   2.63  
    Net Interest Income         $ 161.8             $ 160.1             $ 155.9      
    Interest Rate Spread(3)               2.31 %             2.18 %             1.98 %
    Net Interest Margin(4)               3.08 %             3.03 %             2.91 %
    Noninterest-Bearing Demand Deposits     6,882.2               6,893.7               7,242.0            
    Other Liabilities     617.0               641.2               585.5            
    Stockholders’ Equity     2,642.0               2,629.6               2,496.8            
    Total Liabilities and Stockholders’ Equity   $ 23,890.5             $ 23,795.7             $ 24,187.2            

    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $1.2 million, $1.4 million and $1.5 million for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, respectively.

    (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4) Net interest margin is net interest income annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024, on a fully taxable-equivalent basis, divided by average total earning assets.

                       
    Analysis of Change in Net Interest Income                 Table 5
        Three Months Ended March 31, 2025
        Compared to December 31, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 2.3     $ (0.8 )   $ 1.5  
    Available-for-Sale Investment Securities                  
    Taxable     (0.6 )     1.1       0.5  
    Held-to-Maturity Investment Securities                  
    Taxable     (0.3 )     —       (0.3 )
    Non-Taxable     —       (0.2 )     (0.2 )
    Total Investment Securities     (0.9 )     0.9       —  
    Loans and Leases                  
    Commercial and industrial     0.5       (2.1 )     (1.6 )
    Commercial real estate     0.9       (3.3 )     (2.4 )
    Construction     (1.1 )     (0.9 )     (2.0 )
    Residential:                  
    Residential mortgage     (0.3 )     0.4       0.1  
    Home equity line     (0.2 )     —       (0.2 )
    Consumer     (0.4 )     0.3       (0.1 )
    Lease financing     0.1       (0.2 )     (0.1 )
    Total Loans and Leases     (0.5 )     (5.8 )     (6.3 )
    Other Earning Assets     (0.1 )     (0.2 )     (0.3 )
    Total Change in Interest Income     0.8       (5.9 )     (5.1 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     0.9       (0.7 )     0.2  
    Money Market     (1.0 )     (2.6 )     (3.6 )
    Time     (0.5 )     (2.9 )     (3.4 )
    Total Interest-Bearing Deposits     (0.6 )     (6.2 )     (6.8 )
    Other Short-Term Borrowings     —       (0.1 )     (0.1 )
    Other Interest-Bearing Liabilities     —       0.1       0.1  
    Total Change in Interest Expense     (0.6 )     (6.2 )     (6.8 )
    Change in Net Interest Income   $ 1.4     $ 0.3     $ 1.7  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 6
        Three Months Ended March 31, 2025
        Compared to March 31, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 3.7     $ (2.5 )   $ 1.2  
    Available-for-Sale Investment Securities                  
    Taxable     (2.2 )     0.9       (1.3 )
    Held-to-Maturity Investment Securities                  
    Taxable     (1.1 )     0.1       (1.0 )
    Non-Taxable     —       (0.3 )     (0.3 )
    Total Investment Securities     (3.3 )     0.7       (2.6 )
    Loans and Leases                  
    Commercial and industrial     0.5       (4.1 )     (3.6 )
    Commercial real estate     1.5       (5.1 )     (3.6 )
    Construction     0.2       (2.2 )     (2.0 )
    Residential:                  
    Residential mortgage     (1.1 )     —       (1.1 )
    Home equity line     (0.2 )     1.3       1.1  
    Consumer     (1.2 )     2.0       0.8  
    Lease financing     0.5       0.1       0.6  
    Total Loans and Leases     0.2       (8.0 )     (7.8 )
    Other Earning Assets     (0.7 )     (0.1 )     (0.8 )
    Total Change in Interest Income     (0.1 )     (9.9 )     (10.0 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     0.7       (2.8 )     (2.1 )
    Money Market     (0.2 )     (5.6 )     (5.8 )
    Time     (0.1 )     (4.4 )     (4.5 )
    Total Interest-Bearing Deposits     0.4       (12.8 )     (12.4 )
    Other Short-Term Borrowings     (2.7 )     (0.7 )     (3.4 )
    Other Interest-Bearing Liabilities     (0.1 )     —       (0.1 )
    Total Change in Interest Expense     (2.4 )     (13.5 )     (15.9 )
    Change in Net Interest Income   $ 2.3     $ 3.6     $ 5.9  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Loans and Leases                 Table 7
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Commercial and industrial   $ 2,261,394   $ 2,247,428   $ 2,189,875
    Commercial real estate     4,367,433     4,463,992     4,301,300
    Construction     954,072     918,326     972,517
    Residential:                  
    Residential mortgage     4,129,518     4,168,154     4,242,502
    Home equity line     1,144,895     1,151,739     1,165,778
    Total residential     5,274,413     5,319,893     5,408,280
    Consumer     998,325     1,023,969     1,054,227
    Lease financing     437,399     434,650     394,009
    Total loans and leases   $ 14,293,036   $ 14,408,258   $ 14,320,208
                       
    Deposits                 Table 8
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Demand   $ 6,885,551   $ 6,975,148   $ 7,048,553
    Savings     6,110,796     6,021,364     6,277,679
    Money Market     3,865,203     4,027,334     4,059,204
    Time     3,354,266     3,298,370     3,284,045
    Total Deposits   $ 20,215,816   $ 20,322,216   $ 20,669,481
                       
    Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More                 Table 9
        March 31,    December 31,    March 31, 
    (dollars in thousands)   2025   2024   2024
    Non-Performing Assets                  
    Non-Accrual Loans and Leases                  
    Commercial Loans:                  
    Commercial and industrial   $ —   $ 329   $ 942
    Commercial real estate     216     411     2,953
    Construction     375     —     —
    Total Commercial Loans     591     740     3,895
    Residential Loans:                  
    Residential mortgage     12,809     12,768     7,777
    Home equity line     6,788     7,171     6,345
    Total Residential Loans     19,597     19,939     14,122
    Total Non-Accrual Loans and Leases     20,188     20,679     18,017
    Total Non-Performing Assets   $ 20,188   $ 20,679   $ 18,017
                       
    Accruing Loans and Leases Past Due 90 Days or More                  
    Commercial Loans:                  
    Commercial and industrial   $ 740   $ 1,432   $ 529
    Construction     —     536     606
    Total Commercial Loans     740     1,968     1,135
    Residential mortgage     1,008     1,317     359
    Consumer     2,554     2,734     2,126
    Total Accruing Loans and Leases Past Due 90 Days or More   $ 4,302   $ 6,019   $ 3,620
                       
    Total Loans and Leases   $ 14,293,036   $ 14,408,258   $ 14,320,208
                         
    Allowance for Credit Losses and Reserve for Unfunded Commitments   Table 10
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands)   2025     2024     2024    
    Balance at Beginning of Period   $ 193,240     $ 197,397     $ 192,138    
    Loans and Leases Charged-Off                    
    Commercial and industrial     (1,459 )     (851 )     (909 )  
    Home equity line     (14 )     —       —    
    Consumer     (5,025 )     (4,774 )     (4,854 )  
    Total Loans and Leases Charged-Off     (6,498 )     (5,625 )     (5,763 )  
    Recoveries on Loans and Leases Previously Charged-Off                    
    Commercial Loans:                    
    Commercial and industrial     403       298       211    
    Commercial real estate     251       —       —    
    Total Commercial Loans     654       298       211    
    Residential Loans:                    
    Residential mortgage     20       30       30    
    Home equity line     64       32       44    
    Total Residential Loans     84       62       74    
    Consumer     1,979       1,858       1,689    
    Total Recoveries on Loans and Leases Previously Charged-Off     2,717       2,218       1,974    
    Net Loans and Leases Charged-Off     (3,781 )     (3,407 )     (3,789 )  
    Provision (Benefit) for Credit Losses     10,500       (750 )     6,300    
    Balance at End of Period   $ 199,959     $ 193,240     $ 194,649    
    Components:                    
    Allowance for Credit Losses   $ 166,612     $ 160,393     $ 159,836    
    Reserve for Unfunded Commitments     33,347       32,847       34,813    
    Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 199,959     $ 193,240     $ 194,649    
    Average Loans and Leases Outstanding   $ 14,309,998     $ 14,276,107     $ 14,312,563    
    Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.11   %   0.09   %   0.11   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.17   %   1.11   %   1.12   %
    Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     8.25x     7.76x     8.87x  

    (1) Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

                                                           
    Loans and Leases by Year of Origination and Credit Quality Indicator     Table 11
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
                                            Amortized   Amortized      
    (dollars in thousands)   2025   2024   2023   2022   2021   Prior   Cost Basis   Cost Basis   Total
    Commercial Lending                                                      
    Commercial and Industrial                                                      
    Risk rating:                                                      
    Pass   $ 19,578   $ 173,435   $ 68,842   $ 172,494   $ 220,547   $ 268,053   $ 1,148,880   $ 20,009   $ 2,091,838
    Special Mention     364     916     2,250     3,353     58     1,229     41,972     —     50,142
    Substandard     —     —     —     7,948     26     1,238     24,836     —     34,048
    Other (1)     8,099     12,828     7,983     6,045     2,255     2,105     46,051     —     85,366
    Total Commercial and Industrial     28,041     187,179     79,075     189,840     222,886     272,625     1,261,739     20,009     2,261,394
    Current period gross charge-offs     —     43     95     179     356     779     7     —     1,459
                                                           
    Commercial Real Estate                                                      
    Risk rating:                                                      
    Pass     105,358     291,863     384,491     796,202     632,631     1,889,571     100,071     7,645     4,207,832
    Special Mention     —     8,979     2,235     7,483     41,397     22,702     11,747     —     94,543
    Substandard     —     —     —     54,918     1,007     9,003     —     —     64,928
    Other (1)     —     —     —     —     —     130     —     —     130
    Total Commercial Real Estate     105,358     300,842     386,726     858,603     675,035     1,921,406     111,818     7,645     4,367,433
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Construction                                                      
    Risk rating:                                                      
    Pass     4,610     122,410     198,780     353,108     162,361     52,233     22,934     —     916,436
    Special Mention     —     —     —     —     —     147     —     —     147
    Other (1)     522     14,134     8,910     8,500     1,553     3,177     693     —     37,489
    Total Construction     5,132     136,544     207,690     361,608     163,914     55,557     23,627     —     954,072
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Lease Financing                                                      
    Risk rating:                                                      
    Pass     69,731     94,965     99,259     56,228     13,304     98,262     —     —     431,749
    Special Mention     —     —     226     —     195     —     —     —     421
    Substandard     —     4,411     526     292     —     —     —     —     5,229
    Total Lease Financing     69,731     99,376     100,011     56,520     13,499     98,262     —     —     437,399
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Commercial Lending   $ 208,262   $ 723,941   $ 773,502   $ 1,466,571   $ 1,075,334   $ 2,347,850   $ 1,397,184   $ 27,654   $ 8,020,298
    Current period gross charge-offs   $ —   $ 43   $ 95   $ 179   $ 356   $ 779   $ 7   $ —   $ 1,459

    (continued)

                                                           
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
    (continued)                                       Amortized   Amortized      
    (dollars in thousands)   2025   2024   2023   2022   2021   Prior   Cost Basis   Cost Basis   Total
    Residential Lending                                                      
    Residential Mortgage                                                      
    FICO:                                                      
    740 and greater   $ 41,949   $ 161,436   $ 183,292   $ 482,310   $ 933,384   $ 1,578,605   $ —   $ —   $ 3,380,976
    680 – 739     4,088     18,218     34,761     65,347     101,230     192,602     —     —     416,246
    620 – 679     734     1,714     3,922     23,196     18,793     51,826     —     —     100,185
    550 – 619     —     —     817     6,495     7,696     17,224     —     —     32,232
    Less than 550     —     —     731     771     2,253     7,503     —     —     11,258
    No Score (3)     —     13,199     6,330     16,757     9,837     50,065     —     —     96,188
    Other (2)     759     8,020     11,914     16,416     14,182     37,781     3,361     —     92,433
    Total Residential Mortgage     47,530     202,587     241,767     611,292     1,087,375     1,935,606     3,361     —     4,129,518
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Home Equity Line                                                      
    FICO:                                                      
    740 and greater     —     —     —     —     —     —     911,857     1,404     913,261
    680 – 739     —     —     —     —     —     —     169,131     1,684     170,815
    620 – 679     —     —     —     —     —     —     39,262     592     39,854
    550 – 619     —     —     —     —     —     —     12,077     485     12,562
    Less than 550     —     —     —     —     —     —     6,645     486     7,131
    No Score (3)     —     —     —     —     —     —     1,272     —     1,272
    Total Home Equity Line     —     —     —     —     —     —     1,140,244     4,651     1,144,895
    Current period gross charge-offs     —     —     —     —     —     —     14     —     14
                                                           
    Total Residential Lending   $ 47,530   $ 202,587   $ 241,767   $ 611,292   $ 1,087,375   $ 1,935,606   $ 1,143,605   $ 4,651   $ 5,274,413
    Current period gross charge-offs   $ —   $ —   $ —   $ —   $ —   $ —   $ 14   $ —   $ 14
                                                           
    Consumer Lending                                                      
    FICO:                                                      
    740 and greater     32,634     80,861     58,623     73,919     37,183     15,253     93,415     112     392,000
    680 – 739     19,668     66,839     41,621     38,860     18,814     9,295     84,783     515     280,395
    620 – 679     6,692     31,051     16,155     17,379     8,533     6,406     50,655     793     137,664
    550 – 619     596     9,333     6,584     9,663     5,434     4,471     16,458     849     53,388
    Less than 550     280     3,004     4,421     5,131     3,263     2,741     5,399     508     24,747
    No Score (3)     750     821     95     30     —     18     35,238     194     37,146
    Other (2)     201     —     —     257     600     1,044     70,883     —     72,985
    Total Consumer Lending   $ 60,821   $ 191,909   $ 127,499   $ 145,239   $ 73,827   $ 39,228   $ 356,831   $ 2,971   $ 998,325
    Current period gross charge-offs   $ —   $ 660   $ 481   $ 585   $ 270   $ 809   $ 1,883   $ 337   $ 5,025
                                                           
    Total Loans and Leases   $ 316,613   $ 1,118,437   $ 1,142,768   $ 2,223,102   $ 2,236,536   $ 4,322,684   $ 2,897,620   $ 35,276   $ 14,293,036
    Current period gross charge-offs   $ —   $ 703   $ 576   $ 764   $ 626   $ 1,588   $ 1,904   $ 337   $ 6,498

    (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of March 31, 2025, the majority of the loans in this population were current.

    (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of March 31, 2025, the majority of the loans in this population were current.

    (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

                         
    GAAP to Non-GAAP Reconciliation   Table 12
        For the Three Months Ended  
        March 31,    December 31,    March 31,   
    (dollars in thousands)   2025   2024   2024  
    Income Statement Data:                    
    Net income   $ 59,248   $ 52,496   $ 54,220  
                         
    Average total stockholders’ equity   $ 2,641,978   $ 2,629,600   $ 2,496,840  
    Less: average goodwill     995,492     995,492     995,492  
    Average tangible stockholders’ equity   $ 1,646,486   $ 1,634,108   $ 1,501,348  
                         
    Average total assets   $ 23,890,459   $ 23,795,735   $ 24,187,207  
    Less: average goodwill     995,492     995,492     995,492  
    Average tangible assets   $ 22,894,967   $ 22,800,243   $ 23,191,715  
                         
    Return on average total stockholders’ equity(1)     9.09 %   7.94 %   8.73 %
    Return on average tangible stockholders’ equity (non-GAAP)(1)     14.59 %   12.78 %   14.53 %
                         
    Return on average total assets(1)     1.01 %   0.88 %   0.90 %
    Return on average tangible assets (non-GAAP)(1)     1.05 %   0.92 %   0.94 %
                         
                       
        As of   As of   As of  
        March 31,    December 31,    March 31,   
    (dollars in thousands, except per share amounts)   2025   2024   2024  
    Balance Sheet Data:                    
    Total stockholders’ equity   $ 2,648,852   $ 2,617,486   $ 2,513,761  
    Less: goodwill     995,492     995,492     995,492  
    Tangible stockholders’ equity   $ 1,653,360   $ 1,621,994   $ 1,518,269  
                         
    Total assets   $ 23,744,958   $ 23,828,186   $ 24,279,186  
    Less: goodwill     995,492     995,492     995,492  
    Tangible assets   $ 22,749,466   $ 22,832,694   $ 23,283,694  
                         
    Shares outstanding     125,692,598     126,422,898     127,841,908  
                         
    Total stockholders’ equity to total assets     11.16 %   10.98 %   10.35 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)     7.27 %   7.10 %   6.52 %
                         
    Book value per share   $ 21.07   $ 20.70   $ 19.66  
    Tangible book value per share (non-GAAP)   $ 13.15   $ 12.83   $ 11.88  

    (1) Annualized for the three months ended March 31, 2025, December 31, 2024 and March 31, 2024.

    The MIL Network –

  • MIL-OSI: Dayforce Now Available in the Microsoft Azure Marketplace

    Source: GlobeNewswire (MIL-OSI)

    MINNEAPOLIS and TORONTO, April 23, 2025 (GLOBE NEWSWIRE) — Dayforce, Inc. (NYSE: DAY; TSX: DAY), a global leader in human capital management (HCM) technology that makes work life better, today announced the availability of its Dayforce™ platform in the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure.

    By increasing accessibility to Dayforce’s AI-powered global people platform, Microsoft Azure customers can now smoothly integrate enterprise resource planning (ERP) and HCM on a single Azure-powered platform, helping to achieve operational excellence. Dayforce customers can also benefit from streamlined deployment and management with the productive and trusted Azure cloud platform.

    Dayforce’s global platform unifies HR, payroll, workforce management, talent, and analytics into one intuitive experience. Powered by AI-enhanced innovation, Dayforce delivers quantifiable value to organizations across North America, Europe, the Middle East and Africa (EMEA), and Asia-Pacific and Japan (APJ). By joining the Azure Marketplace, Dayforce helps provide improved interoperability and innovation on the secure Azure technology stack.

    “With Dayforce now available on the Microsoft Azure Marketplace, organizations can simplify procurement, accelerate deployment timelines, and harness the combined strengths of Microsoft Azure’s trusted cloud platform and the Dayforce end-to-end HCM platform,” said Beata Reimer, Group Vice President, Global Partner Ecosystem, Dayforce, Inc. “Businesses are facing mounting pressure to maximize the value of every dollar spent and streamline operations. Our collaboration with Microsoft will help enable them to unlock simplicity at scale and build the workforce of the future.”

    “Microsoft Azure Marketplace welcomes Dayforce, which joins a cloud marketplace landscape offering flexibility and economic value while transacting tens of billions of dollars a year in revenues,” said Jake Zborowski, General Manager, Microsoft Azure Platform at Microsoft Corp. “Thanks to Azure Marketplace and partners like Dayforce, customers can do more with less by increasing efficiency, buying confidently, and spending smarter.”

    The Azure Marketplace is an online market for buying and selling cloud solutions certified to run on Azure. The Azure Marketplace helps connect companies seeking innovative, cloud-based solutions with partners who have developed solutions that are ready to use.

    For more information, visit Dayforce on the Microsoft Azure Marketplace. This solution is also available on Microsoft AppSource.

    About Dayforce

    Dayforce makes work life better. Everything we do as a global leader in HCM technology is focused on improving work for thousands of customers and millions of employees around the world. Our single, global people platform for HR, Pay, Time, Talent, and Analytics equips Dayforce customers to unlock their full workforce potential and operate with confidence. To learn how Dayforce helps create quantifiable value for organizations of all sizes and industries, visit dayforce.com.   

    Media Contact
    Nick de Pass
    nick.depass@dayforce.com
    (226) 972-5962

    The MIL Network –