Category: Asia Pacific

MIL-OSI New Zealand: Release: Labour marks the passing of Pope Francis

Source: New Zealand Labour Party

Labour Party leader Chris Hipkins joins those mourning the passing of Pope Francis.

“I’m very sad to hear of Pope Francis’ passing. We honour the life and service he gave to people around the world, not just of his own faith, but to all people.

“Throughout his papacy, he showed deep compassion and an unwavering commitment to social justice, inclusion and the dignity of every person.

“He stood up for action on climate change, championed peace through his diplomacy, and advocated for the rights of migrants and refugees.

“His leadership challenged us all to build a fairer and more caring world,” Chris Hipkins said.

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MIL-OSI New Zealand: Stats NZ information release: Overseas merchandise trade: March 2025

Source: Statistics New Zealand

Overseas merchandise trade: March 2025 – 22 April 2025 – Overseas merchandise trade statistics provide information on imports and exports of merchandise goods between New Zealand and other countries.

Correction to the overseas merchandise trade (OMT) series EXP+.S2PT04F for the period June 2016 to February 2025

In this release we have corrected the June 2016 to February 2025 overseas merchandise trade ‘Value of Exports & re-exports – milk powder, butter, and cheese’ monthly, quarterly, and annual Infoshare series EXP+.S2PT04F, to correct an error in data processing .This does not affect the series EXP+.S2U04AF.

Infoshare changes by date has further information about this correction.

Key facts
This release refers to trade in goods only.

In March 2025, compared with March 2024:

goods exports rose by $1.2 billion (19 percent), to $7.6 billion
goods imports rose by $723 million (12 percent), to $6.6 billion
the monthly trade balance was a surplus of $970 million.

Files:

MIL-OSI New Zealand: Road Closed, Charles Upham Drive, Rangiora

Source: New Zealand Police (District News)

Charles Upham Drive is closed following a serious crash this morning in Rangiora.

Police received a report of a single vehicle crash near Oxford Road at around 7am.

Initial indications suggest there are serious injuries.

The Serious Crash Unit have been advised.

Motorists are advised to avoid the area and expect delays.

ENDS

MIL-OSI New Zealand: Advocacy – PSNA appeals to government to initiate international call for a “no-fly” zone over Gaza

Source: Palestine Solidarity Network Aotearoa (PSNA)

The Palestine Solidarity Network Aotearoa has this morning written to the Foreign Minister Winston Peters requesting New Zealand initiate the call for an internationally enforced “no-fly” zone over Gaza.

PSNA Co-Chair John Minto says this would be a small but practicable step to blunt Israel’s continuing genocidal attacks on Palestinians.

“Gaza is recognised under international law, and by the New Zealand government, as part of the illegally Occupied Palestinian Territory. As such, Israel’s intrusion into Gaza airspace is illegal, and is elevated to a war crime when its aircraft attack Palestinian civilians there to further what the International Court of Justice has described as a “plausible genocide”.

John Minto says the United Nations has repeatedly said there are no safe places in Gaza for Palestinian civilians, where even so-called “safe zones” are systematically attacked as Israel terrorises the population to flee from the territory.

“Suggestions for a no-fly zone have been made in the past but there has never been a better time for a concerted international effort to enforce such a zone over Gaza”.

“In the week leading up to Anzac Day there is no better time for New Zealand to stand up and be counted.

“New Zealanders from past conflicts, including in that very region in 1917 and 1918, have died in vain if today’s politicians refuse to speak out to end the death and destruction in Gaza.”

John Minto

Maher Nazzal

National Co-Chairs

Palestine Solidarity Network Aotearoa

MIL-Evening Report: Haka in the House: what will Te Pāti Māori’s protest mean for tikanga in parliament?

Source: The Conversation (Au and NZ) – By Dominic O’Sullivan, Professor of Political Science, Charles Sturt University and Adjunct Professor Stout Research Centre, Victoria University of Wellington and Auckland University of Technology., Charles Sturt University

Te Pāti Māori’s Debbie Ngarewa-Packer and Hana-Rāwhiti Maipi-Clarke lead a haka with Eru Kapa-Kingi outside parliament, November 19, 2024. Getty Images

Time is apparently running out for the three Te Pāti Māori MPs whose haka in parliament during the Treaty Principles Bill debate last year attracted huge international attention.

Parliament’s Privileges Committee has summoned the MPs to appear on Wednesday (April 23). But given their previous resistance to fronting up, it seems unlikely they will.

The committee is investigating whether the haka broke parliament’s rules. The MPs say they don’t think they’ll get a fair hearing because the committee won’t allow legal representation or evidence from an expert in tikanga Maori.

According to Te Pāti Māori co-leader Debbie Ngawera-Packer, this “is a display of power designed to silence us”.

But the case is about more than possible breaches of parliamentary protocol and standing orders. It also asks serious questions about our liberal democracy in general.

Everybody needs to express themselves freely and without fear. So, when MPs leave their seats and come close to their opponents, does it cross a line? That was certainly the ruling last year when Green MP Julie Anne Genter was censured for crossing the floor and confronting another MP.

Perhaps there is still good reason for New Zealand following the British parliamentary tradition of the government and opposition benches being two and a half sword lengths apart.

But it has already been established that haka are allowed in parliament. The real questions are how, when, why and according to which rules or tikanga?

The problem with ‘partnership’

According to the political philosopher Nancy Fraser, democracy should support every citizen to participate in public life equally:

[Justice] requires social arrangements that permit all members to participate in social interaction on a par with one another. So that means they must be able to participate as peers in all the major forms of social interaction.

If parliament and the democratic system belong equally to everyone, then everyone should be able to say this ideal matches their experience. In other words, people have one voice of equal value, not just one vote.

This is why the appropriate use of haka in parliament needs to be worked out. At one level it is about people being able to express their ideas in ways that make sense to them and the people they represent.

At a deeper level, the issue revolves around who actually “owns” parliament. Everyone? Or everyone except Māori people and their representatives? Does everyone have a voice of equal value?

Part of the problem is the notion of “partnership” between Māori and the Crown proposed by the Court of Appeal in 1987. Well intentioned as it might have been, this also created an “us and them” way of thinking.

In this sense, the Crown and its institutions are seen as separate or foreign to Māori – as belonging to other people. If that’s the case, parliament can’t then belong to everybody or reflect everybody’s customs and ways of being.

But if parliament belongs to everyone and sovereignty is not simply the oppressive authority of a distant king, but rather the shared property of every citizen, then the haka belongs as a distinctive form of political expression. It becomes part of the tikanga of the parliament.

Tikanga Māori in practice

However, tikanga is not simply about how parliamentary procedure deals with haka, waiata or the Māori language itself.

As an authority on tikanga, Hirini Moko Mead, put it, the concept is

a set of beliefs and practices associated with procedures to be followed in conducting the affairs of a group or an individual. These procedures, as established by precedents through time, are held to be ritually, are validated by usually more than one generation and are always subject to what a group or an individual is able to do.

Like parliamentary standing orders, tikanga is procedural and grounded in broader principles of justice and ethics.

Legal scholars Māmari Stephens and Carwyn Jones describe how tikanga prioritises relationships, collective obligations and inclusive decision-making. The Māori concept of wānganga or “active discussion”, Jones has written, is a framework for robust debate to enhance mutual understanding, but which doesn’t necessarily require consensus.

Tikanga Māori and deliberative democracy

The idea that political decisions should be based on reasoning, listening and serious reflection is known as deliberative democracy. It’s basically the opposite of outright majority rule based on “having the numbers”, which sometimes happens without any debate at all.

Political theorists Selen Ercan and John Dryzek define deliberative democracy as being about

putting communication at the heart of politics, recognising the need for reflective justification of positions, stressing the pursuit of reciprocal understanding across those who have different frameworks or ideologies.

If that is true, then shouting across the parliamentary debating chamber doesn’t help. Nor does using the haka to intimidate.

But using it to make a fair and reasonable point, to which others may respond, is essential to a parliament that is genuinely a “house of representatives”. Tikanga Māori and deliberative democratic processes offer complementary ways of working out what this could mean in practice.

Dominic O’Sullivan 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. Haka in the House: what will Te Pāti Māori’s protest mean for tikanga in parliament? – https://theconversation.com/haka-in-the-house-what-will-te-pati-maoris-protest-mean-for-tikanga-in-parliament-254772

MIL-OSI Australia: Move more, think sharper: How physical activity boosts brain health in ageing

Source:

22 April 2025

A brisk walk, a splash of water aerobics, or even a light jog around the block – if your heart rate goes up then so too will your brain health according to new research from the University of South Australia.

Conducted in partnership with the US-based AdventHealth Research Institute, the new study found that staying active through moderate-to-vigorous physical activity is associated with significantly better processing speed, working memory, and executive function in older adults.

Interestingly, the biggest cognitive gains were seen among people who went from doing no moderate-to-vigorous physical activity, to even doing just five minutes, clearly illustrating the power of exercise for the human brain.

Assessing data from 585 older adults (aged 65-80 years) in the USA-based IGNITE trial*, the study examined associations between time spent in sleep, sedentary behaviour, light physical activity, and moderate-to-vigorous physical activity across the 24-hr day, and cognitive performance.

Researchers identified a two-way relationship between ‘huff-and-puff’ physical activity and brain health: do more exercise and your brain health improves; but do less and it declines.

UniSA researcher, Dr Maddison Mellow says the study highlights how small changes to your daily activities can have big impacts on your brain health.

“There are three mutually exclusive lifestyle behaviours in the 24-hour day – sleep, sedentary behaviour and physical activity – and how these interact to influence our health outcomes,” Dr Mellow says.

“For example, we know that being more active can improve our sleep; or having a better night’s sleep could boost our energy levels to perform physical activity the next day. But what we don’t know is the optimal balance of time spent in each of these behaviours to maximise cognitive performance.

“In this study we explored how different uses of time impact your brain. We found that higher levels of moderate-to-vigorous physical activity – that is, activity performed at higher intensities that increases your heart rate and breathing – was related to better cognitive performance.

“Specifically, ‘huff-and-puff’ physical activity (like aerobic exercise) improves processing speed (how fast your brain thinks), executive function (how well you plan, focus, and multitask) and working memory (your ability to store information for short periods of time).

“Importantly, the opposite was also true: lower levels of this higher intensity physical activity were related to poorer performance on these tests.”

The findings were consistent across different genetic and demographic backgrounds. Interestingly, the findings did not extend to episodic memory (the what, where and when details of an event) or visuospatial function outcomes (your ability to recognise places and navigate through spaces).

Co-researcher, Dr Audrey Collins, says understanding the interplay between different activities could empower older people to make positive health changes.

“There are only 24 hours in a day, so every day, we make decisions about how we spend our time. For example, if we sleep for eight hours, then there’s 16 hours remaining for waking behaviours like physical activity or sedentary behaviour; that’s the basic reality,” Dr Collins says.

“Our results show that how we choose to spend our time across the 24-hour day may be differentially related to our brain health.

“Understanding that we need to prioritise physical activity – such as physical activity that gets our heart rates up, according to our findings – is the key.

“With one in six people in the world expected to be 60 years or older by 2030, we need to make sure we are supporting and empowering people to age well.

“In this instance, we hope that knowledge is power: boost your physical activity and boost your brain health to stay fit and well as you age. However, these results are cross-sectional and need to be tested longitudinally and experimentally.”

Notes for editors:

* The IGNITE study was conducted at the University of Pittsburgh (Pittsburgh, PA), University of Kansas Medical Center (Kansas City, KS), and Northeastern University (Boston, MA) and involved a large, well-characterised sample of cognitively unimpaired older adults. Participants were, on average, 69.8 years of age, predominantly female (70%), and self-reported as inactive.

…………………………………………………………………………………………………………………………

Contacts for interview: Dr Maddison Mellow E: Maddison.Mellow@unisa.edu.au

Dr Audrey Collins E: CFD.ExternalComm@adventhealth.com
Media contact: Annabel Mansfield M: +61 479 182 489 E: Annabel.Mansfield@unisa.edu.au

MIL OSI News –

MIL-OSI: Wintrust Financial Corporation Reports Record First Quarter 2025 Net Income

Source: GlobeNewswire (MIL-OSI)

ROSEMONT, Ill., April 21, 2025 (GLOBE NEWSWIRE) — Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record quarterly net income of $189.0 million, or $2.69 per diluted common share, for the first quarter of 2025, compared to net income of $185.4 million, or $2.63 per diluted common share in the fourth quarter of 2024. Pre-tax, pre-provision income (non-GAAP) totaled a record $277.0 million, compared to $270.1 million for the fourth quarter of 2024.

Timothy S. Crane, President and Chief Executive Officer, commented, “Building on our record results in 2024, we are pleased with our strong start to the year. Our balanced business model supported disciplined loan growth, which was funded by robust deposit growth in the first quarter of 2025.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter increased by five basis points to 3.56% compared to the fourth quarter of 2024. The improvement in net interest margin was primarily attributed to decreased funding costs. The higher net interest margin and balance sheet growth supported record net interest income levels in the first quarter of 2025.”

Highlights of the first quarter of 2025:
Comparative information to the fourth quarter of 2024, unless otherwise noted

Total loans increased by $653 million, or 6% annualized.
Total deposits increased by approximately $1.1 billion, or 8% annualized.
Total assets increased by $1.0 billion, or 6% annualized.
Net interest income increased to $526.5 million in the first quarter of 2025, compared to $525.1 million in the fourth quarter of 2024, supported by improvement in net interest margin and balance sheet growth.
- Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025.
Non-interest income and non-interest expense were relatively stable in the first quarter of 2025. Notable impacts were:
- Net gains on investment securities totaled $3.2 million.
- Macatawa Bank acquisition-related costs were $2.7 million.
Provision for credit losses totaled $24.0 million in the first quarter of 2025, as compared to a provision for credit losses of $17.0 million in the fourth quarter of 2024.
Net charge-offs totaled $12.6 million, or 11 basis points of average total loans on an annualized basis, in the first quarter of 2025 compared to $15.9 million, or 13 basis points of average total loans on an annualized basis, in the fourth quarter of 2024.

Mr. Crane noted, “The Company exhibited disciplined and consistent loan growth, as loans increased by $653 million compared to the prior quarter, or 6% on an annualized basis. Loan pipelines are strong and we remain prudent in our review of credit opportunities, ensuring our loan growth adheres to our conservative credit standards. Strong deposit growth of $1.1 billion, or 8% on an annualized basis, in the first quarter of 2025 outpaced loan growth, which resulted in our loans-to-deposits ratio ending the quarter at 90.9%. Non-interest bearing deposits totaled $11.2 billion and comprised 21% of total deposits at the end of the first quarter of 2025. We continue to leverage our enviable market positioning to generate deposits, grow loans and expand our franchise value.”

Commenting on credit quality, Mr. Crane stated, “Prudent credit management, involving in-depth reviews of the portfolio, has led to positive outcomes by proactively identifying and resolving problem credits in a timely fashion. We continue to be conservative, diversified, and maintain our consistently strong credit standards. We believe the Company’s reserves are appropriate and we remain committed to maintaining credit quality as evidenced by our improved net charge-offs, stable levels of non-performing loans and our core loan allowance for credit losses of 1.37%.”

In summary, Mr. Crane concluded, “Overall, we are proud of our first quarter results and believe we are well-positioned to continue our strong momentum as we navigate the macroeconomic uncertainty in 2025. The first quarter results highlighted the quality of our core deposit franchise and multifaceted nature of our business model, which uniquely positions us to be successful. Anticipated solid loan growth in the second quarter, combined with a stable net interest margin should result in higher levels of net interest income in the second quarter of 2025. Increasing our long-term franchise value and net interest income, coupled with disciplined expense control and maintaining our conservative credit standards, remain our focus in 2025.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2025 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: http://ml.globenewswire.com/Resource/Download/cdbdc506-1b5a-4776-ae2e-e0b14106e712

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2025 as compared to the fourth quarter of 2024. Total loans increased by $653.4 million as compared to the fourth quarter of 2024. The increase in loans was primarily driven by growth in the commercial and premium finance life insurance loan portfolios.

Total liabilities increased by $734.2 million in the first quarter of 2025 as compared to the fourth quarter of 2024, driven by a $1.1 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2025 was driven by our diverse deposit product offerings. Non-interest bearing deposits as a percentage of total deposits were 21% at March 31, 2025, relatively stable compared to recent quarters. The Company’s loans-to-deposits ratio ended the quarter at 90.9%.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the first quarter of 2025, net interest income totaled $526.5 million, an increase of $1.3 million as compared to the fourth quarter of 2024, primarily due to improvement in net interest margin and growth in the balance sheet, partially offset by two fewer calendar days in the quarter.

Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2025, up five basis points compared to the fourth quarter of 2024. The yield on earning assets declined 11 basis points during the first quarter of 2025 primarily due to a 15 basis point decrease in loan yields. The net free funds contribution declined six basis points compared to the fourth quarter of 2024. These declines were more than offset by a 22 basis point reduction in funding cost, primarily due to a 23 basis point decline in the rate paid on interest-bearing deposits, compared to the fourth quarter of 2024.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $448.4 million as of March 31, 2025, an increase from $437.1 million as of December 31, 2024. A provision for credit losses totaling $24.0 million was recorded for the first quarter of 2025 as compared to $17.0 million recorded in the fourth quarter of 2024. The higher provision for credit losses recognized in the first quarter of 2025 is primarily attributable to impacts related to the macroeconomic outlook. Future economic performance remains uncertain, thus downside risks to the baseline scenario, including widening credit spreads and lower valuations in financial markets, were considered to derive a qualitative addition to the provision for the first quarter of 2025. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2025, December 31, 2024, and September 30, 2024 is shown on Table 11 of this report.

Net charge-offs totaled $12.6 million in the first quarter of 2025, a decrease of $3.3 million as compared to $15.9 million of net charge-offs in the fourth quarter of 2024. Net charge-offs as a percentage of average total loans were 11 basis points in the first quarter of 2025 on an annualized basis, compared to 13 basis points on an annualized basis in the fourth quarter of 2024. For more information regarding net charge-offs, see Table 9 in this report.

The Company’s delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

Non-performing assets and non-performing loans have remained relatively stable compared to prior quarters. Non-performing assets totaled $195.0 million and comprised 0.30% of total assets as of March 31, 2025, as compared to $193.9 million, or 0.30% of total assets, as of December 31, 2024. Non-performing loans totaled $172.4 million and comprised 0.35% of total loans at March 31, 2025, as compared to $170.8 million and 0.36% of total loans at December 31, 2024. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $116.6 million in the first quarter of 2025, increasing $3.2 million, as compared to $113.5 million in the fourth quarter of 2024.

Wealth management revenue decreased by $4.7 million in the first quarter of 2025, as compared to the fourth quarter of 2024. Revenue in the first quarter of 2025 was impacted by the transition of systems and support for brokerage and certain private client business to a new third party in the current quarter, as well as lower assets under management due to lower market valuations. The reduction in revenue was driven by anticipated slowdown in activity from the transition, market conditions, and certain offsets to expenses. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaling $20.5 million in the first quarter of 2025 was essentially unchanged compared to the fourth quarter of 2024. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized $19.4 million in service charges on deposit accounts in the first quarter of 2025, as compared to $18.9 million in the fourth quarter of 2024. The $0.5 million increase in the first quarter of 2025 was primarily due to increased commercial account fees.

The Company recognized $3.2 million in net gains on investment securities in the first quarter of 2025 as compared to $2.8 million in net losses in the fourth quarter of 2024. The net gains in the first quarter of 2025 were primarily the result of unrealized gains on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 14 in this report.

NON-INTEREST EXPENSE

Non-interest expenses totaled $366.1 million in the first quarter of 2025, decreasing $2.4 million as compared to $368.5 million in the fourth quarter of 2024.

Salaries and employee benefits expense decreased by $0.6 million in the first quarter of 2025 as compared to the fourth quarter of 2024. This was primarily driven by decreased commissions and incentives compensation expense related to lower mortgage originations and wealth management revenue in the quarter partially offset by higher salaries expense which can be attributed to annual merit increases taking effect in the first quarter of the year.

Advertising and marketing expenses in the first quarter of 2025 totaled $12.3 million, which was a $0.8 million decrease as compared to the fourth quarter of 2024. The reduction in the first quarter is primarily due to timing of marketing campaigns, sponsorship arrangements and other investments.

Professional fees expense totaled $9.0 million in the first quarter of 2025, resulting in a decrease of $2.3 million as compared to the fourth quarter of 2024. The decrease in the current quarter relates primarily to decreased fees on consulting services. Professional fees include legal, audit, and tax fees, external loan review costs, consulting arrangements and normal regulatory exam assessments.

Travel and entertainment expense totaled $5.3 million in the first quarter of 2025 which decreased $2.9 million as compared to the fourth quarter of 2024. The decrease is primarily due to seasonal corporate events that occur during the fourth quarter.

The Macatawa Bank acquisition related costs were $2.7 million in the first quarter of 2025, primarily driven by consulting expenses, employee retention and severance costs, and contracted resource costs.

For more information regarding non-interest expense, see Table 16 in this report.

INCOME TAXES

The Company recorded income tax expense of $64.0 million in the first quarter compared to $67.7 million in the fourth quarter of 2024. The effective tax rates were 25.30% in the first quarter of 2025 compared to 26.76% in the fourth quarter of 2024. The effective tax rates were partially impacted by the tax effects related to share-based compensation, which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $3.7 million in the first quarter of 2025, compared to excess tax benefits of $50,000 in the fourth quarter of 2024 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2025, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $20.5 million for both the first quarter of 2025, and the fourth quarter of 2024. See Table 15 for more detail. Service charges on deposit accounts totaled $19.4 million in the first quarter of 2025 as compared to $18.9 million in the fourth quarter of 2024. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2025 indicating momentum for expected continued loan growth in the second quarter of 2025.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $4.8 billion during the first quarter of 2025. Average balances increased by $213.4 million, as compared to the fourth quarter of 2024. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2025, with capital leases, loans, and equipment on operating leases of $2.7 billion, $1.1 billion, and $280.5 million as of March 31, 2025 respectively, as compared to $2.5 billion, $1.1 billion, and $278.3 million as of December 31, 2024, respectively. Revenues from the Company’s out-sourced administrative services business were $1.4 million in the first quarter of 2025, which was relatively stable compared to the fourth quarter of 2024.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. See “Items Impacting Comparative Results,” regarding the sale of the Company’s Retirement Benefits Advisors (“RBA”) division during the first quarter of 2024. Wealth management revenue totaled $34.0 million in the first quarter of 2025, down slightly as compared to the fourth quarter of 2024. At March 31, 2025, the Company’s wealth management subsidiaries had approximately $51.1 billion of assets under administration, which included $8.4 billion of assets owned by the Company and its subsidiary banks.

ITEMS IMPACTING COMPARATIVE FINANCIAL RESULTS

Business Combination

On August 1, 2024, the Company completed its previously announced acquisition of Macatawa, the parent company of Macatawa Bank. In conjunction with the completed acquisition, the Company issued approximately 4.7 million shares of common stock. Macatawa operates 26 full-service branches located throughout communities in Kent, Ottawa and northern Allegan counties in the state of Michigan. Macatawa offers a full range of banking, retail and commercial lending, wealth management and ecommerce services to individuals, businesses and governmental entities. As of August 1, 2024, Macatawa had fair values of approximately $2.9 billion in assets, $2.3 billion in deposits and $1.3 billion in loans. As of March 31, 2025, the Company recorded goodwill of approximately $142.1 million on the purchase.

Division Sale

In the first quarter of 2024, the Company sold its RBA division and recorded a net gain of approximately $19.3 million ($20.0 million in other non-interest income from the sale, offset by $0.7 million in commissions/incentive compensation expense).

WINTRUST FINANCIAL CORPORATION
Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2025, as compared to the fourth quarter of 2024 (sequential quarter) and first quarter of 2024 (linked quarter), are shown in the table below:

										% or ⁽¹⁾basis point (bp) change from 4th Quarter 2024			% or basis point (bp) change from 1st Quarter 2024
	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Mar 31, 2024
Net income	$	189,039		$	185,362		$	187,294		2		%	1		%
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽²⁾		277,018			270,060			271,629		3			2
Net income per common share – Diluted		2.69			2.63			2.89		2			(7	)
Cash dividends declared per common share		0.50			0.45			0.45		11			11
Net revenue ⁽³⁾		643,108			638,599			604,774		1			6
Net interest income		526,474			525,148			464,194		0			13
Net interest margin		3.54	%		3.49	%		3.57	%	5		bps	(3	)	bps
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽²⁾		3.56			3.51			3.59		5			(3	)
Net overhead ratio ⁽⁴⁾		1.58			1.60			1.39		(2	)		19
Return on average assets		1.20			1.16			1.35		4			(15	)
Return on average common equity		12.21			11.82			14.42		39			(221	)
Return on average tangible common equity (non-GAAP) ⁽²⁾		14.72			14.29			16.75		43			(203	)
At end of period
Total assets	$	65,870,066		$	64,879,668		$	57,576,933		6		%	14		%
Total loans ⁽⁵⁾		48,708,390			48,055,037			43,230,706		6			13
Total deposits		53,570,038			52,512,349			46,448,858		8			15
Total shareholders’ equity		6,600,537			6,344,297			5,436,400		16			21

^{(1)   Period-end balance sheet percentage changes are annualized.
(2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(3)   Net revenue is net interest income plus non-interest income.
(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.
(5)   Excludes mortgage loans held-for-sale.}

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate. Additional supplemental financial information showing quarterly trends can be found on the Company’s website at www.wintrust.com by choosing “Financial Reports” under the “Investor Relations” heading, and then choosing “Financial Highlights.”

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Selected Financial Condition Data (at end of period):
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Total loans ⁽¹⁾		48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Total deposits		53,570,038			52,512,349			51,404,966			48,049,026			46,448,858
Total shareholders’ equity		6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Selected Statements of Income Data:
Net interest income	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
Net revenue ⁽²⁾		643,108			638,599			615,730			591,757			604,774
Net income		189,039			185,362			170,001			152,388			187,294
Pre-tax income, excluding provision for credit losses (non-GAAP) ⁽³⁾		277,018			270,060			255,043			251,404			271,629
Net income per common share – Basic		2.73			2.68			2.51			2.35			2.93
Net income per common share – Diluted		2.69			2.63			2.47			2.32			2.89
Cash dividends declared per common share		0.50			0.45			0.45			0.45			0.45
Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin		3.54	%		3.49	%		3.49	%		3.50	%		3.57	%
Net interest margin – fully taxable-equivalent (non-GAAP) ⁽³⁾		3.56			3.51			3.51			3.52			3.59
Non-interest income to average assets		0.74			0.71			0.74			0.85			1.02
Non-interest expense to average assets		2.32			2.31			2.36			2.38			2.41
Net overhead ratio ⁽⁴⁾		1.58			1.60			1.62			1.53			1.39
Return on average assets		1.20			1.16			1.11			1.07			1.35
Return on average common equity		12.21			11.82			11.63			11.61			14.42
Return on average tangible common equity (non-GAAP) ⁽³⁾		14.72			14.29			13.92			13.49			16.75
Average total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695
Average total shareholders’ equity		6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Average loans to average deposits ratio		92.3	%		91.9	%		93.8	%		95.1	%		94.5	%
Period-end loans to deposits ratio		90.9			91.5			91.6			93.0			93.1
Common Share Data at end of period:
Market price per common share	$	112.46		$	124.71		$	108.53		$	98.56		$	104.39
Book value per common share		92.47			89.21			90.06			82.97			81.38
Tangible book value per common share (non-GAAP) ⁽³⁾		78.83			75.39			76.15			72.01			70.40
Common shares outstanding		66,919,325			66,495,227			66,481,543			61,760,139			61,736,715
Other Data at end of period:
Common equity to assets ratio		9.4	%		9.1	%		9.4	%		8.6	%		8.7	%
Tangible common equity ratio (non-GAAP) ⁽³⁾		8.1			7.8			8.1			7.5			7.6
Tier 1 leverage ratio ⁽⁵⁾		9.6			9.4			9.6			9.3			9.4
Risk-based capital ratios:
Tier 1 capital ratio ⁽⁵⁾		10.8			10.7			10.6			10.3			10.3
Common equity tier 1 capital ratio ⁽⁵⁾		10.1			9.9			9.8			9.5			9.5
Total capital ratio ⁽⁵⁾		12.5			12.3			12.2			12.1			12.2
Allowance for credit losses ⁽⁶⁾	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504
Allowance for loan and unfunded lending-related commitment losses to total loans		0.92	%		0.91	%		0.93	%		0.98	%		0.99	%
Number of:
Bank subsidiaries		16			16			16			15			15
Banking offices		208			205			203			177			176

^{(1)   Excludes mortgage loans held-for-sale.}
^{(2)   Net revenue is net interest income plus non-interest income.}
^{(3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s average total assets. A lower ratio indicates a higher degree of efficiency.}
^{(5)   Capital ratios for current quarter-end are estimated.}
^{(6)   The allowance for credit losses includes the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.}

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	616,216		$	452,017		$	725,465		$	415,462		$	379,825
Federal funds sold and securities purchased under resale agreements		63			6,519			5,663			62			61
Interest-bearing deposits with banks		4,238,237			4,409,753			3,648,117			2,824,314			2,131,077
Available-for-sale securities, at fair value		4,220,305			4,141,482			3,912,232			4,329,957			4,387,598
Held-to-maturity securities, at amortized cost		3,564,490			3,613,263			3,677,420			3,755,924			3,810,015
Trading account securities		—			4,072			3,472			4,134			2,184
Equity securities with readily determinable fair value		270,442			215,412			125,310			112,173			119,777
Federal Home Loan Bank and Federal Reserve Bank stock		281,893			281,407			266,908			256,495			224,657
Brokerage customer receivables		—			18,102			16,662			13,682			13,382
Mortgage loans held-for-sale, at fair value		316,804			331,261			461,067			411,851			339,884
Loans, net of unearned income		48,708,390			48,055,037			47,067,447			44,675,531			43,230,706
Allowance for loan losses		(378,207	)		(364,017	)		(360,279	)		(363,719	)		(348,612	)
Net loans		48,330,183			47,691,020			46,707,168			44,311,812			42,882,094
Premises, software and equipment, net		776,679			779,130			772,002			722,295			744,769
Lease investments, net		280,472			278,264			270,171			275,459			283,557
Accrued interest receivable and other assets		1,598,255			1,739,334			1,721,090			1,671,334			1,580,142
Trade date securities receivable		463,023			—			551,031			—			—
Goodwill		796,932			796,942			800,780			655,955			656,181
Other acquisition-related intangible assets		116,072			121,690			123,866			20,607			21,730
Total assets	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Liabilities and Shareholders’ Equity
Deposits:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183
Interest-bearing		42,368,179			41,102,331			40,665,834			38,017,586			36,540,675
Total deposits		53,570,038			52,512,349			51,404,966			48,049,026			46,448,858
Federal Home Loan Bank advances		3,151,309			3,151,309			3,171,309			3,176,309			2,676,751
Other borrowings		529,269			534,803			647,043			606,579			575,408
Subordinated notes		298,360			298,283			298,188			298,113			437,965
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Accrued interest payable and other liabilities		1,466,987			1,785,061			1,613,638			1,861,295			1,747,985
Total liabilities		59,269,529			58,535,371			57,388,710			54,244,888			52,140,533
Shareholders’ Equity:
Preferred stock		412,500			412,500			412,500			412,500			412,500
Common stock		67,007			66,560			66,546			61,825			61,798
Surplus		2,494,347			2,482,561			2,470,228			1,964,645			1,954,532
Treasury stock		(9,156	)		(6,153	)		(6,098	)		(5,760	)		(5,757	)
Retained earnings		4,045,854			3,897,164			3,748,715			3,615,616			3,498,475
Accumulated other comprehensive loss		(410,015	)		(508,335	)		(292,177	)		(512,198	)		(485,148	)
Total shareholders’ equity		6,600,537			6,344,297			6,399,714			5,536,628			5,436,400
Total liabilities and shareholders’ equity	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

	Three Months Ended
(Dollars in thousands, except per share data)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Interest income
Interest and fees on loans	$	768,362		$	789,038		$	794,163		$	749,812		$	710,341
Mortgage loans held-for-sale		4,246			5,623			6,233			5,434			4,146
Interest-bearing deposits with banks		36,766			46,256			32,608			19,731			16,658
Federal funds sold and securities purchased under resale agreements		179			53			277			17			19
Investment securities		72,016			67,066			69,592			69,779			69,678
Trading account securities		11			6			11			13			18
Federal Home Loan Bank and Federal Reserve Bank stock		5,307			5,157			5,451			4,974			4,478
Brokerage customer receivables		78			302			269			219			175
Total interest income		886,965			913,501			908,604			849,979			805,513
Interest expense
Interest on deposits		320,233			346,388			362,019			335,703			299,532
Interest on Federal Home Loan Bank advances		25,441			26,050			26,254			24,797			22,048
Interest on other borrowings		6,792			7,519			9,013			8,700			9,248
Interest on subordinated notes		3,714			3,733			3,712			5,185			5,487
Interest on junior subordinated debentures		4,311			4,663			5,023			4,984			5,004
Total interest expense		360,491			388,353			406,021			379,369			341,319
Net interest income		526,474			525,148			502,583			470,610			464,194
Provision for credit losses		23,963			16,979			22,334			40,061			21,673
Net interest income after provision for credit losses		502,511			508,169			480,249			430,549			442,521
Non-interest income
Wealth management		34,042			38,775			37,224			35,413			34,815
Mortgage banking		20,529			20,452			15,974			29,124			27,663
Service charges on deposit accounts		19,362			18,864			16,430			15,546			14,811
Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326
Fees from covered call options		3,446			2,305			988			2,056			4,847
Trading (losses) gains, net		(64	)		(113	)		(130	)		70			677
Operating lease income, net		15,287			15,327			15,335			13,938			14,110
Other		20,836			20,676			24,137			29,282			42,331
Total non-interest income		116,634			113,451			113,147			121,147			140,580
Non-interest expense
Salaries and employee benefits		211,526			212,133			211,261			198,541			195,173
Software and equipment		34,717			34,258			31,574			29,231			27,731
Operating lease equipment		10,471			10,263			10,518			10,834			10,683
Occupancy, net		20,778			20,597			19,945			19,585			19,086
Data processing		11,274			10,957			9,984			9,503			9,292
Advertising and marketing		12,272			13,097			18,239			17,436			13,040
Professional fees		9,044			11,334			9,783			9,967			9,553
Amortization of other acquisition-related intangible assets		5,618			5,773			4,042			1,122			1,158
FDIC insurance		10,926			10,640			10,512			10,429			14,537
OREO expenses, net		643			397			(938	)		(259	)		392
Other		38,821			39,090			35,767			33,964			32,500
Total non-interest expense		366,090			368,539			360,687			340,353			333,145
Income before taxes		253,055			253,081			232,709			211,343			249,956
Income tax expense		64,016			67,719			62,708			58,955			62,662
Net income	$	189,039		$	185,362		$	170,001		$	152,388		$	187,294
Preferred stock dividends		6,991			6,991			6,991			6,991			6,991
Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Net income per common share – Basic	$	2.73		$	2.68		$	2.51		$	2.35		$	2.93
Net income per common share – Diluted	$	2.69		$	2.63		$	2.47		$	2.32		$	2.89
Cash dividends declared per common share	$	0.50		$	0.45		$	0.45		$	0.45		$	0.45
Weighted average common shares outstanding		66,726			66,491			64,888			61,839			61,481
Dilutive potential common shares		923			1,233			1,053			926			928
Average common shares and dilutive common shares		67,649			67,724			65,941			62,765			62,409

TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

											% Growth From
(Dollars in thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024		Dec 31, 2024 ⁽¹⁾		Mar 31, 2024
Balance:
Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies	$	181,580	$	189,774	$	314,693	$	281,103	$	193,064	(18	)%	(6	)%
Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies		135,224		141,487		146,374		130,748		146,820	(18	)	(8	)
Total mortgage loans held-for-sale	$	316,804	$	331,261	$	461,067	$	411,851	$	339,884	(18	)%	(7	)%

Core loans:
Commercial
Commercial and industrial	$	6,871,206	$	6,867,422	$	6,774,683	$	6,236,290	$	6,117,004	0	%	12	%
Asset-based lending		1,701,962		1,611,001		1,709,685		1,465,867		1,355,255	23		26
Municipal		798,646		826,653		827,125		747,357		721,526	(14	)	11
Leases		2,680,943		2,537,325		2,443,721		2,439,128		2,344,295	23		14
Commercial real estate
Residential construction		55,849		48,617		73,088		55,019		57,558	60		(3	)
Commercial construction		2,086,797		2,065,775		1,984,240		1,866,701		1,748,607	4		19
Land		306,235		319,689		346,362		338,831		344,149	(17	)	(11	)
Office		1,641,555		1,656,109		1,675,286		1,585,312		1,566,748	(4	)	5
Industrial		2,677,555		2,628,576		2,527,932		2,307,455		2,190,200	8		22
Retail		1,402,837		1,374,655		1,404,586		1,365,753		1,366,415	8		3
Multi-family		3,091,314		3,125,505		3,193,339		2,988,940		2,922,432	(4	)	6
Mixed use and other		1,652,759		1,685,018		1,588,584		1,439,186		1,437,328	(8	)	15
Home equity		455,683		445,028		427,043		356,313		340,349	10		34
Residential real estate
Residential real estate loans for investment		3,561,417		3,456,009		3,252,649		2,933,157		2,746,916	12		30
Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies		86,952		114,985		92,355		88,503		90,911	(99	)	(4	)
Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies		36,790		41,771		43,034		45,675		52,439	(48	)	(30	)
Total core loans	$	29,108,500	$	28,804,138	$	28,363,712	$	26,259,487	$	25,402,132	4	%	15	%

Niche loans:
Commercial
Franchise	$	1,262,555	$	1,268,521	$	1,191,686	$	1,150,460	$	1,122,302	(2	)%	12	%
Mortgage warehouse lines of credit		1,019,543		893,854		750,462		593,519		403,245	57		NM
Community Advantage – homeowners association		525,492		525,446		501,645		491,722		475,832	0		10
Insurance agency lending		1,070,979		1,044,329		1,048,686		1,030,119		964,022	10		11
Premium Finance receivables
U.S. property & casualty insurance		6,486,663		6,447,625		6,253,271		6,142,654		6,113,993	2		6
Canada property & casualty insurance		753,199		824,417		878,410		958,099		826,026	(35	)	(9	)
Life insurance		8,365,140		8,147,145		7,996,899		7,962,115		7,872,033	11		6
Consumer and other		116,319		99,562		82,676		87,356		51,121	68		NM
Total niche loans	$	19,599,890	$	19,250,899	$	18,703,735	$	18,416,044	$	17,828,574	7	%	10	%

Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706	6	%	13	%

^{(1) Annualized.}

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

																% Growth From
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024			Dec 31, 2024 ⁽¹⁾		Mar 31, 2024
Balance:
Non-interest-bearing	$	11,201,859		$	11,410,018		$	10,739,132		$	10,031,440		$	9,908,183		(7	)%	13	%
NOW and interest-bearing demand deposits		6,340,168			5,865,546			5,466,932			5,053,909			5,720,947		33		11
Wealth management deposits ⁽²⁾		1,408,790			1,469,064			1,303,354			1,490,711			1,347,817		(17	)	5
Money market		18,074,733			17,975,191			17,713,726			16,320,017			15,617,717		2		16
Savings		6,576,251			6,372,499			6,183,249			5,882,179			5,959,774		13		10
Time certificates of deposit		9,968,237			9,420,031			9,998,573			9,270,770			7,894,420		24		26
Total deposits	$	53,570,038		$	52,512,349		$	51,404,966		$	48,049,026		$	46,448,858		8	%	15	%
Mix:
Non-interest-bearing		21	%		22	%		21	%		21	%		21	%
NOW and interest-bearing demand deposits		12			11			11			11			12
Wealth management deposits ⁽²⁾		3			3			3			3			3
Money market		34			34			34			34			34
Savings		12			12			12			12			13
Time certificates of deposit		18			18			19			19			17
Total deposits		100	%		100	%		100	%		100	%		100	%

^{(1) Annualized.
(2) Represents deposit balances of the Company’s subsidiary banks from brokerage customers of Wintrust Investments, Chicago Deferred Exchange Company, LLC (“CDEC”), and trust and asset management customers of the Company.}

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of March 31, 2025

(Dollars in thousands)	Total Time Certificates of Deposit		Weighted-Average Rate of Maturing Time Certificates of Deposit
1-3 months	$	3,845,120	4.34	%
4-6 months		2,345,184	3.81
7-9 months		2,694,739	3.72
10-12 months		711,206	3.62
13-18 months		210,063	3.03
19-24 months		87,336	2.72
24+ months		74,589	2.47
Total	$	9,968,237	3.94	%

TABLE 4: QUARTERLY AVERAGE BALANCES

	Average Balance for three months ended,
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents ⁽¹⁾	$	3,520,048		$	3,934,016		$	2,413,728		$	1,485,481		$	1,254,332
Investment securities ⁽²⁾		8,409,735			8,090,271			8,276,576			8,203,764			8,349,796
FHLB and FRB stock		281,702			271,825			263,707			253,614			230,648
Liquidity management assets ⁽³⁾	$	12,211,485		$	12,296,112		$	10,954,011		$	9,942,859		$	9,834,776
Other earning assets ⁽³⁾⁽⁴⁾		13,140			20,528			17,542			15,257			15,081
Mortgage loans held-for-sale		286,710			378,707			376,251			347,236			290,275
Loans, net of unearned income ⁽³⁾⁽⁵⁾		47,833,380			47,153,014			45,920,586			43,819,354			42,129,893
Total earning assets ⁽³⁾	$	60,344,715		$	59,848,361		$	57,268,390		$	54,124,706		$	52,270,025
Allowance for loan and investment security losses		(375,371	)		(367,238	)		(383,736	)		(360,504	)		(361,734	)
Cash and due from banks		476,423			470,033			467,333			434,916			450,267
Other assets		3,661,275			3,642,949			3,563,296			3,294,066			3,244,137
Total assets	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695

NOW and interest-bearing demand deposits	$	6,046,189		$	5,601,672		$	5,174,673		$	4,985,306		$	5,680,265
Wealth management deposits		1,574,480			1,430,163			1,362,747			1,531,865			1,510,203
Money market accounts		17,581,141			17,579,395			16,436,111			15,272,126			14,474,492
Savings accounts		6,479,444			6,288,727			6,096,746			5,878,844			5,792,118
Time deposits		9,406,126			9,702,948			9,598,109			8,546,172			7,148,456
Interest-bearing deposits	$	41,087,380		$	40,602,905		$	38,668,386		$	36,214,313		$	34,605,534
Federal Home Loan Bank advances		3,151,309			3,160,658			3,178,973			3,096,920			2,728,849
Other borrowings		582,139			577,786			622,792			587,262			627,711
Subordinated notes		298,306			298,225			298,135			410,331			437,893
Junior subordinated debentures		253,566			253,566			253,566			253,566			253,566
Total interest-bearing liabilities	$	45,372,700		$	44,893,140		$	43,021,852		$	40,562,392		$	38,653,553
Non-interest-bearing deposits		10,732,156			10,718,738			10,271,613			9,879,134			9,972,646
Other liabilities		1,541,245			1,563,824			1,631,389			1,601,485			1,536,039
Equity		6,460,941			6,418,403			5,990,429			5,450,173			5,440,457
Total liabilities and shareholders’ equity	$	64,107,042		$	63,594,105		$	60,915,283		$	57,493,184		$	55,602,695

Net free funds/contribution ⁽⁶⁾	$	14,972,015		$	14,955,221		$	14,246,538		$	13,562,314		$	13,616,472

^{(1)   Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.}
^{(2)   Investment securities includes investment securities classified as available-for-sale and held-to-maturity, and equity securities with readily determinable fair values. Equity securities without readily determinable fair values are included within other assets.}
^{(3)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(4)   Other earning assets include brokerage customer receivables and trading account securities.}
^{(5)   Loans, net of unearned income, include non-accrual loans.}
^{(6)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 5: QUARTERLY NET INTEREST INCOME

	Net Interest Income for three months ended,
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Interest income:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	$	36,945		$	46,308		$	32,885		$	19,748		$	16,677
Investment securities		72,706			67,783			70,260			70,346			70,228
FHLB and FRB stock		5,307			5,157			5,451			4,974			4,478
Liquidity management assets ⁽¹⁾	$	114,958		$	119,248		$	108,596		$	95,068		$	91,383
Other earning assets ⁽¹⁾		92			310			282			235			198
Mortgage loans held-for-sale		4,246			5,623			6,233			5,434			4,146
Loans, net of unearned income ⁽¹⁾		770,568			791,390			796,637			752,117			712,587
Total interest income	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314

Interest expense:
NOW and interest-bearing demand deposits	$	33,600		$	31,695		$	30,971		$	32,719		$	34,896
Wealth management deposits		8,606			9,412			10,158			10,294			10,461
Money market accounts		146,374			159,945			167,382			155,100			137,984
Savings accounts		35,923			38,402			42,892			41,063			39,071
Time deposits		95,730			106,934			110,616			96,527			77,120
Interest-bearing deposits	$	320,233		$	346,388		$	362,019		$	335,703		$	299,532
Federal Home Loan Bank advances		25,441			26,050			26,254			24,797			22,048
Other borrowings		6,792			7,519			9,013			8,700			9,248
Subordinated notes		3,714			3,733			3,712			5,185			5,487
Junior subordinated debentures		4,311			4,663			5,023			4,984			5,004
Total interest expense	$	360,491		$	388,353		$	406,021		$	379,369		$	341,319

Less: Fully taxable-equivalent adjustment		(2,899	)		(3,070	)		(3,144	)		(2,875	)		(2,801	)
Net interest income (GAAP) ⁽²⁾		526,474			525,148			502,583			470,610			464,194
Fully taxable-equivalent adjustment		2,899			3,070			3,144			2,875			2,801
Net interest income, fully taxable-equivalent (non-GAAP) ⁽²⁾	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995

^{(1) Interest income on tax-advantaged loans, trading securities and investment securities reflects a taxable-equivalent adjustment based on the marginal federal corporate tax rate in effect as of the applicable period.}
^{(2) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}

TABLE 6: QUARTERLY NET INTEREST MARGIN

	Net Interest Margin for three months ended,
	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Yield earned on:
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents	4.26	%	4.68	%	5.42	%	5.35	%	5.35	%
Investment securities	3.51		3.33		3.38		3.45		3.38
FHLB and FRB stock	7.64		7.55		8.22		7.89		7.81
Liquidity management assets	3.82	%	3.86	%	3.94	%	3.85	%	3.74	%
Other earning assets	2.84		6.01		6.38		6.23		5.25
Mortgage loans held-for-sale	6.01		5.91		6.59		6.29		5.74
Loans, net of unearned income	6.53		6.68		6.90		6.90		6.80
Total earning assets	5.98	%	6.09	%	6.33	%	6.34	%	6.22	%

Rate paid on:
NOW and interest-bearing demand deposits	2.25	%	2.25	%	2.38	%	2.64	%	2.47	%
Wealth management deposits	2.22		2.62		2.97		2.70		2.79
Money market accounts	3.38		3.62		4.05		4.08		3.83
Savings accounts	2.25		2.43		2.80		2.81		2.71
Time deposits	4.13		4.38		4.58		4.54		4.34
Interest-bearing deposits	3.16	%	3.39	%	3.72	%	3.73	%	3.48	%
Federal Home Loan Bank advances	3.27		3.28		3.29		3.22		3.25
Other borrowings	4.73		5.18		5.76		5.96		5.92
Subordinated notes	5.05		4.98		4.95		5.08		5.04
Junior subordinated debentures	6.90		7.32		7.88		7.91		7.94
Total interest-bearing liabilities	3.22	%	3.44	%	3.75	%	3.76	%	3.55	%

Interest rate spread ⁽¹⁾⁽²⁾	2.76	%	2.65	%	2.58	%	2.58	%	2.67	%
Less: Fully taxable-equivalent adjustment	(0.02	)	(0.02	)	(0.02	)	(0.02	)	(0.02	)
Net free funds/contribution ⁽³⁾	0.80		0.86		0.93		0.94		0.92
Net interest margin (GAAP) ⁽²⁾	3.54	%	3.49	%	3.49	%	3.50	%	3.57	%
Fully taxable-equivalent adjustment	0.02		0.02		0.02		0.02		0.02
Net interest margin, fully taxable-equivalent (non-GAAP) ⁽²⁾	3.56	%	3.51	%	3.51	%	3.52	%	3.59	%

^{(1)   Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.}
^{(2)   See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.}
^{(3)   Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.}

TABLE 7: INTEREST RATE SENSITIVITY

As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	(1.8	)%	(0.6	)%	(0.2	)%	(1.2	)%
Dec 31, 2024	(1.6	)	(0.6	)	(0.3	)	(1.5	)
Sep 30, 2024	1.2		1.1		0.4		(0.9	)
Jun 30, 2024	1.5		1.0		0.6		(0.0	)
Mar 31, 2024	1.9		1.4		1.5		1.6

Ramp Scenario	+200 Basis Points		+100 Basis Points		-100 Basis Points		-200 Basis Points
Mar 31, 2025	0.2	%	0.2	%	(0.1	)%	(0.5	)%
Dec 31, 2024	(0.2	)	(0.0	)	0.0		(0.3	)
Sep 30, 2024	1.6		1.2		0.7		0.5
Jun 30, 2024	1.2		1.0		0.9		1.0
Mar 31, 2024	0.8		0.6		1.3		2.0

As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. As the current interest rate cycle progressed, management took action to reposition its sensitivity to interest rates. To this end, management has executed various derivative instruments including collars and receive fixed swaps to hedge variable rate loan exposures and originated a higher percentage of its loan originations in longer-term fixed-rate loans. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

	Loans repricing or contractual maturity period
As of March 31, 2025 (In thousands)	One year or less			From one to five years		From five to fifteen years		After fifteen years		Total
Commercial
Fixed rate	$	405,736		$	3,600,171	$	2,122,563	$	20,444	$	6,148,914
Variable rate		9,781,709			703		—		—		9,782,412
Total commercial	$	10,187,445		$	3,600,874	$	2,122,563	$	20,444	$	15,931,326
Commercial real estate
Fixed rate	$	658,413		$	2,762,221	$	365,181	$	63,593	$	3,849,408
Variable rate		9,054,583			10,843		67		—		9,065,493
Total commercial real estate	$	9,712,996		$	2,773,064	$	365,248	$	63,593	$	12,914,901
Home equity
Fixed rate	$	8,881		$	838	$	—	$	17	$	9,736
Variable rate		445,947			—		—		—		445,947
Total home equity	$	454,828		$	838	$	—	$	17	$	455,683
Residential real estate
Fixed rate	$	13,336		$	4,473	$	74,883	$	1,055,143	$	1,147,835
Variable rate		97,815			623,879		1,815,630		—		2,537,324
Total residential real estate	$	111,151		$	628,352	$	1,890,513	$	1,055,143	$	3,685,159
Premium finance receivables – property & casualty
Fixed rate	$	7,135,963		$	103,899	$	—	$	—	$	7,239,862
Variable rate		—			—		—		—		—
Total premium finance receivables – property & casualty	$	7,135,963		$	103,899	$	—	$	—	$	7,239,862
Premium finance receivables – life insurance
Fixed rate	$	350,802		$	207,832	$	4,000	$	4,248	$	566,882
Variable rate		7,798,258			—		—		—		7,798,258
Total premium finance receivables – life insurance	$	8,149,060		$	207,832	$	4,000	$	4,248	$	8,365,140
Consumer and other
Fixed rate	$	44,731		$	7,937	$	883	$	914	$	54,465
Variable rate		61,854			—		—		—		61,854
Total consumer and other	$	106,585		$	7,937	$	883	$	914	$	116,319

Total per category
Fixed rate	$	8,617,862		$	6,687,371	$	2,567,510	$	1,144,359	$	19,017,102
Variable rate		27,240,166			635,425		1,815,697		—		29,691,288
Total loans, net of unearned income	$	35,858,028		$	7,322,796	$	4,383,207	$	1,144,359	$	48,708,390
Less: Existing cash flow hedging derivatives ⁽¹⁾		(6,700,000	)
Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity	$	29,158,028

Variable Rate Loan Pricing by Index:
SOFR tenors ⁽²⁾										$	18,328,835
12- month CMT ⁽³⁾											6,722,305
Prime											3,420,624
Fed Funds											819,437
Other U.S. Treasury tenors											190,187
Other											209,900
Total variable rate										$	29,691,288

^{(1)   Excludes cash flow hedges with future effective starting dates.}
^{(2)   SOFR – Secured Overnight Financing Rate.}
^{(3)   CMT – Constant Maturity Treasury Rate.}

Graph available at the following link: http://ml.globenewswire.com/Resource/Download/bebf97a7-5d4d-430d-a436-ae832412a4db

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $15.4 billion tied to one-month SOFR and $6.7 billion tied to twelve-month CMT. The above chart shows:

	Basis Point (bp) Change in
	1-month SOFR			12- month CMT			Prime
First Quarter 2025	(1	)	bps	(13	)	bps	0		bps
Fourth Quarter 2024	(52	)		18			(50	)
Third Quarter 2024	(49	)		(111	)		(50	)
Second Quarter 2024	1			6			0
First Quarter 2024	(2	)		24			0

TABLE 9: ALLOWANCE FOR CREDIT LOSSES

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Allowance for credit losses at beginning of period	$	437,060		$	436,193		$	437,560		$	427,504		$	427,612
Provision for credit losses – Other		23,963			16,979			6,787			40,061			21,673
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			15,547			—			—
Initial allowance for credit losses recognized on PCD assets acquired during the period		—			—			3,004			—			—
Other adjustments		4			(187	)		30			(19	)		(31	)
Charge-offs:
Commercial		9,722			5,090			22,975			9,584			11,215
Commercial real estate		454			1,037			95			15,526			5,469
Home equity		—			—			—			—			74
Residential real estate		—			114			—			23			38
Premium finance receivables – property & casualty		7,114			13,301			7,790			9,486			6,938
Premium finance receivables – life insurance		12			—			4			—			—
Consumer and other		147			189			154			137			107
Total charge-offs		17,449			19,731			31,018			34,756			23,841
Recoveries:
Commercial		929			775			649			950			479
Commercial real estate		12			172			30			90			31
Home equity		216			194			101			35			29
Residential real estate		136			0			5			8			2
Premium finance receivables – property & casualty		3,487			2,646			3,436			3,658			1,519
Premium finance receivables – life insurance		—			—			41			5			8
Consumer and other		29			19			21			24			23
Total recoveries		4,809			3,806			4,283			4,770			2,091
Net charge-offs		(12,640	)		(15,925	)		(26,735	)		(29,986	)		(21,750	)
Allowance for credit losses at period end	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:
Commercial		0.23	%		0.11	%		0.61	%		0.25	%		0.33	%
Commercial real estate		0.01			0.03			0.00			0.53			0.19
Home equity		(0.20	)		(0.18	)		(0.10	)		(0.04	)		0.05
Residential real estate		(0.02	)		0.01			0.00			0.00			0.01
Premium finance receivables – property & casualty		0.20			0.59			0.24			0.33			0.32
Premium finance receivables – life insurance		0.00			—			(0.00	)		(0.00	)		(0.00	)
Consumer and other		0.45			0.63			0.63			0.56			0.42
Total loans, net of unearned income		0.11	%		0.13	%		0.23	%		0.28	%		0.21	%

Loans at period end	$	48,708,390		$	48,055,037		$	47,067,447		$	44,675,531		$	43,230,706
Allowance for loan losses as a percentage of loans at period end		0.78	%		0.76	%		0.77	%		0.81	%		0.81	%
Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end		0.92			0.91			0.93			0.98			0.99

^{PCD – Purchase Credit Deteriorated}

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Provision for loan losses – Other	$	26,826		$	19,852		$	6,782		$	45,111		$	26,159
Provision for credit losses – Day 1 on non-PCD assets acquired during the period		—			—			15,547			—			—
Provision for unfunded lending-related commitments losses – Other		(2,852	)		(2,851	)		17			(5,212	)		(4,468	)
Provision for held-to-maturity securities losses		(11	)		(22	)		(12	)		162			(18	)
Provision for credit losses	$	23,963		$	16,979		$	22,334		$	40,061		$	21,673

Allowance for loan losses	$	378,207		$	364,017		$	360,279		$	363,719		$	348,612
Allowance for unfunded lending-related commitments losses		69,734			72,586			75,435			73,350			78,563
Allowance for loan losses and unfunded lending-related commitments losses		447,941			436,603			435,714			437,069			427,175
Allowance for held-to-maturity securities losses		446			457			479			491			329
Allowance for credit losses	$	448,387		$	437,060		$	436,193		$	437,560		$	427,504

^{PCD – Purchase Credit Deteriorated}

TABLE 11: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of March 31, 2025, December 31, 2024 and September 30, 2024.

	As of Mar 31, 2025						As of Dec 31, 2024						As of Sep 30, 2024
(Dollars in thousands)	Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance		Recorded Investment		Calculated Allowance		% of its category’s balance
Commercial:
Commercial, industrial and other	$	15,931,326	$	201,183	1.26	%	$	15,574,551	$	175,837	1.13	%	$	15,247,693	$	171,598	1.13	%
Commercial real estate:
Construction and development		2,448,881		71,388	2.92			2,434,081		87,236	3.58			2,403,690		97,949	4.07
Non-construction		10,466,020		138,622	1.32			10,469,863		135,620	1.30			10,389,727		133,195	1.28
Total commercial real estate	$	12,914,901	$	210,010	1.63	%	$	12,903,944	$	222,856	1.73	%	$	12,793,417	$	231,144	1.81	%
Total commercial and commercial real estate	$	28,846,227	$	411,193	1.43	%	$	28,478,495	$	398,693	1.40	%	$	28,041,110	$	402,742	1.44	%
Home equity		455,683		9,139	2.01			445,028		8,943	2.01			427,043		8,823	2.07
Residential real estate		3,685,159		10,652	0.29			3,612,765		10,335	0.29			3,388,038		9,745	0.29
Premium finance receivables
Property and casualty insurance		7,239,862		15,310	0.21			7,272,042		17,111	0.24			7,131,681		13,045	0.18
Life insurance		8,365,140		729	0.01			8,147,145		709	0.01			7,996,899		698	0.01
Consumer and other		116,319		918	0.79			99,562		812	0.82			82,676		661	0.80
Total loans, net of unearned income	$	48,708,390	$	447,941	0.92	%	$	48,055,037	$	436,603	0.91	%	$	47,067,447	$	435,714	0.93	%

Total core loans ⁽¹⁾	$	29,108,500	$	397,664	1.37	%	$	28,804,138	$	392,319	1.36	%	$	28,363,712	$	396,394	1.40	%
Total niche loans ⁽¹⁾		19,599,890		50,277	0.26			19,250,899		44,284	0.23			18,703,735		39,320	0.21

^{(1) See Table 1 for additional detail on core and niche loans.}

TABLE 12: LOAN PORTFOLIO AGING

(In thousands)	Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Mar 31, 2024
Loan Balances:
Commercial
Nonaccrual	$	70,560	$	73,490	$	63,826	$	51,087	$	31,740
90+ days and still accruing		46		104		20		304		27
60-89 days past due		15,243		54,844		32,560		16,485		30,248
30-59 days past due		97,397		92,551		46,057		36,358		77,715
Current		15,748,080		15,353,562		15,105,230		14,050,228		13,363,751
Total commercial	$	15,931,326	$	15,574,551	$	15,247,693	$	14,154,462	$	13,503,481
Commercial real estate
Nonaccrual	$	26,187	$	21,042	$	42,071	$	48,289	$	39,262
90+ days and still accruing		—		—		225		—		—
60-89 days past due		6,995		10,521		13,439		6,555		16,713
30-59 days past due		83,653		30,766		48,346		38,065		32,998
Current		12,798,066		12,841,615		12,689,336		11,854,288		11,544,464
Total commercial real estate	$	12,914,901	$	12,903,944	$	12,793,417	$	11,947,197	$	11,633,437
Home equity
Nonaccrual	$	2,070	$	1,117	$	1,122	$	1,100	$	838
90+ days and still accruing		—		—		—		—		—
60-89 days past due		984		1,233		1,035		275		212
30-59 days past due		3,403		2,148		2,580		1,229		1,617
Current		449,226		440,530		422,306		353,709		337,682
Total home equity	$	455,683	$	445,028	$	427,043	$	356,313	$	340,349
Residential real estate
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual		22,522		23,762		17,959		18,198		17,901
90+ days and still accruing		—		—		—		—		—
60-89 days past due		1,351		5,708		6,364		1,977		—
30-59 days past due		38,943		18,917		2,160		130		24,523
Current		3,498,601		3,407,622		3,226,166		2,912,852		2,704,492
Total residential real estate	$	3,685,159	$	3,612,765	$	3,388,038	$	3,067,335	$	2,890,266
Premium finance receivables – property & casualty
Nonaccrual	$	29,846	$	28,797	$	36,079	$	32,722	$	32,648
90+ days and still accruing		18,081		16,031		18,235		22,427		25,877
60-89 days past due		19,717		19,042		18,740		29,925		15,274
30-59 days past due		39,459		68,219		30,204		45,927		59,729
Current		7,132,759		7,139,953		7,028,423		6,969,752		6,806,491
Total Premium finance receivables – property & casualty	$	7,239,862	$	7,272,042	$	7,131,681	$	7,100,753	$	6,940,019
Premium finance receivables – life insurance
Nonaccrual	$	—	$	6,431	$	—	$	—	$	—
90+ days and still accruing		2,962		—		—		—		—
60-89 days past due		10,587		72,963		10,902		4,118		32,482
30-59 days past due		29,924		36,405		74,432		17,693		100,137
Current		8,321,667		8,031,346		7,911,565		7,940,304		7,739,414
Total Premium finance receivables – life insurance	$	8,365,140	$	8,147,145	$	7,996,899	$	7,962,115	$	7,872,033
Consumer and other
Nonaccrual	$	18	$	2	$	2	$	3	$	19
90+ days and still accruing		98		47		148		121		47
60-89 days past due		162		59		22		81		16
30-59 days past due		542		882		264		366		210
Current		115,499		98,572		82,240		86,785		50,829
Total consumer and other	$	116,319	$	99,562	$	82,676	$	87,356	$	51,121
Total loans, net of unearned income
Early buy-out loans guaranteed by U.S. government agencies ⁽¹⁾	$	123,742	$	156,756	$	135,389	$	134,178	$	143,350
Nonaccrual		151,203		154,641		161,059		151,399		122,408
90+ days and still accruing		21,187		16,182		18,628		22,852		25,951
60-89 days past due		55,039		164,370		83,062		59,416		94,945
30-59 days past due		293,321		249,888		204,043		139,768		296,929
Current		48,063,898		47,313,200		46,465,266		44,167,918		42,547,123
Total loans, net of unearned income	$	48,708,390	$	48,055,037	$	47,067,447	$	44,675,531	$	43,230,706

^{(1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

TABLE 13: NON-PERFORMING ASSETS⁽¹⁾

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars in thousands)		2025			2024			2024			2024			2024
Loans past due greater than 90 days and still accruing:
Commercial	$	46		$	104		$	20		$	304		$	27
Commercial real estate		—			—			225			—			—
Home equity		—			—			—			—			—
Residential real estate		—			—			—			—			—
Premium finance receivables – property & casualty		18,081			16,031			18,235			22,427			25,877
Premium finance receivables – life insurance		2,962			—			—			—			—
Consumer and other		98			47			148			121			47
Total loans past due greater than 90 days and still accruing		21,187			16,182			18,628			22,852			25,951
Non-accrual loans:
Commercial		70,560			73,490			63,826			51,087			31,740
Commercial real estate		26,187			21,042			42,071			48,289			39,262
Home equity		2,070			1,117			1,122			1,100			838
Residential real estate		22,522			23,762			17,959			18,198			17,901
Premium finance receivables – property & casualty		29,846			28,797			36,079			32,722			32,648
Premium finance receivables – life insurance		—			6,431			—			—			—
Consumer and other		18			2			2			3			19
Total non-accrual loans		151,203			154,641			161,059			151,399			122,408
Total non-performing loans:
Commercial		70,606			73,594			63,846			51,391			31,767
Commercial real estate		26,187			21,042			42,296			48,289			39,262
Home equity		2,070			1,117			1,122			1,100			838
Residential real estate		22,522			23,762			17,959			18,198			17,901
Premium finance receivables – property & casualty		47,927			44,828			54,314			55,149			58,525
Premium finance receivables – life insurance		2,962			6,431			—			—			—
Consumer and other		116			49			150			124			66
Total non-performing loans	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359
Other real estate owned		22,625			23,116			13,682			19,731			14,538
Total non-performing assets	$	195,015		$	193,939		$	193,369		$	193,982		$	162,897
Total non-performing loans by category as a percent of its own respective category’s period-end balance:
Commercial		0.44	%		0.47	%		0.42	%		0.36	%		0.24	%
Commercial real estate		0.20			0.16			0.33			0.40			0.34
Home equity		0.45			0.25			0.26			0.31			0.25
Residential real estate		0.61			0.66			0.53			0.59			0.62
Premium finance receivables – property & casualty		0.66			0.62			0.76			0.78			0.84
Premium finance receivables – life insurance		0.04			0.08			—			—			—
Consumer and other		0.10			0.05			0.18			0.14			0.13
Total loans, net of unearned income		0.35	%		0.36	%		0.38	%		0.39	%		0.34	%
Total non-performing assets as a percentage of total assets		0.30	%		0.30	%		0.30	%		0.32	%		0.28	%
Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans		296.25	%		282.33	%		270.53	%		288.69	%		348.98	%

^{(1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.}

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024

Balance at beginning of period	$	170,823		$	179,687		$	174,251		$	148,359		$	139,030
Additions from becoming non-performing in the respective period		27,721			30,931			42,335			54,376			23,142
Additions from assets acquired in the respective period		—			—			189			—			—
Return to performing status		(1,207	)		(1,108	)		(362	)		(912	)		(490	)
Payments received		(15,965	)		(12,219	)		(10,894	)		(9,611	)		(8,336	)
Transfer to OREO and other repossessed assets		—			(17,897	)		(3,680	)		(6,945	)		(1,381	)
Charge-offs, net		(8,600	)		(5,612	)		(21,211	)		(7,673	)		(14,810	)
Net change for premium finance receivables		(382	)		(2,959	)		(941	)		(3,343	)		11,204
Balance at end of period	$	172,390		$	170,823		$	179,687		$	174,251		$	148,359

Other Real Estate Owned

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(In thousands)		2025			2024			2024			2024			2024
Balance at beginning of period	$	23,116		$	13,682		$	19,731		$	14,538		$	13,309
Disposals/resolved		—			(8,545	)		(9,729	)		(1,752	)		—
Transfers in at fair value, less costs to sell		—			17,979			3,680			6,945			1,436
Fair value adjustments		(491	)		—			—			—			(207	)
Balance at end of period	$	22,625		$	23,116		$	13,682		$	19,731		$	14,538

	Period End
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
Balance by Property Type:		2025			2024			2024			2024			2024
Residential real estate	$	—		$	—		$	—		$	161		$	1,146
Commercial real estate		22,625			23,116			13,682			19,570			13,392
Total	$	22,625		$	23,116		$	13,682		$	19,731		$	14,538

TABLE 14: NON-INTEREST INCOME

	Three Months Ended															Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
(Dollars in thousands)		2025			2024			2024			2024			2024		$ Change			% Change		$ Change			% Change
Brokerage	$	4,757		$	5,328		$	6,139		$	5,588		$	5,556		$	(571	)	(11	)%	$	(799	)	(14	)%
Trust and asset management		29,285			33,447			31,085			29,825			29,259			(4,162	)	(12	)		26		0
Total wealth management		34,042			38,775			37,224			35,413			34,815			(4,733	)	(12	)		(773	)	(2	)
Mortgage banking		20,529			20,452			15,974			29,124			27,663			77		0			(7,134	)	(26	)
Service charges on deposit accounts		19,362			18,864			16,430			15,546			14,811			498		3			4,551		31
Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326			6,031		NM			1,870		NM
Fees from covered call options		3,446			2,305			988			2,056			4,847			1,141		50			(1,401	)	(29	)
Trading (losses) gains, net		(64	)		(113	)		(130	)		70			677			49		(43	)		(741	)	NM
Operating lease income, net		15,287			15,327			15,335			13,938			14,110			(40	)	(0	)		1,177		8
Other:
Interest rate swap fees		2,269			3,360			2,914			3,392			2,828			(1,091	)	(32	)		(559	)	(20	)
BOLI		796			1,236			1,517			1,351			1,651			(440	)	(36	)		(855	)	(52	)
Administrative services		1,393			1,347			1,450			1,322			1,217			46		3			176		14
Foreign currency remeasurement (losses) gains		(183	)		(682	)		696			(145	)		(1,171	)		499		(73	)		988		(84	)
Changes in fair value on EBOs and loans held-for-investment		383			129			518			604			(439	)		254		NM			822		NM
Early pay-offs of capital leases		768			514			532			393			430			254		49			338		79
Miscellaneous		15,410			14,772			16,510			22,365			37,815			638		4			(22,405	)	(59	)
Total Other		20,836			20,676			24,137			29,282			42,331			160		1			(21,495	)	(51	)
Total Non-Interest Income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580		$	3,183		3	%	$	(23,946	)	(17	)%

^{NM – Not meaningful.
BOLI- Bank-owned life insurance.
EBO- Early buy-out.}

TABLE 15: MORTGAGE BANKING

	Three Months Ended
(Dollars in thousands)	Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Mar 31, 2024
Originations:
Retail originations	$	348,468		$	483,424		$	527,408		$	544,394		$	331,504
Veterans First originations		111,985			176,914			239,369			177,792			144,109
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Originations for investment		217,177			355,119			218,984			275,331			169,246
Total originations	$	677,630		$	1,015,457		$	985,761		$	997,517		$	644,859
As a percentage of originations for sale:
Retail originations		76	%		73	%		69	%		75	%		70	%
Veterans First originations		24			27			31			25			30
Purchases		77	%		65	%		72	%		83	%		75	%
Refinances		23			35			28			17			25
Production Margin:
Production revenue (B) ⁽¹⁾	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
Total originations for sale (A)	$	460,453		$	660,338		$	766,777		$	722,186		$	475,613
Add: Current period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		197,297			103,946			272,072			222,738			207,775
Less: Prior period end mandatory interest rate lock commitments to fund originations for sale ⁽²⁾		103,946			272,072			222,738			207,775			119,624
Total mortgage production volume (C)	$	553,804		$	492,212		$	816,111		$	737,149		$	563,764
Production margin (B / C)		1.80	%		1.42	%		1.61	%		2.03	%		2.38	%
Mortgage Servicing:
Loans serviced for others (D)	$	12,402,352		$	12,400,913		$	12,253,361		$	12,211,027		$	12,051,392
Mortgage Servicing Rights (“MSR”), at fair value (E)		196,307			203,788			186,308			204,610			201,044
Percentage of MSRs to loans serviced for others (E / D)		1.58	%		1.64	%		1.52	%		1.68	%		1.67	%
Servicing income	$	10,611		$	10,731		$	10,809		$	10,586		$	10,498
MSR Fair Value Asset Activity
MSR – FV at Beginning of Period	$	203,788		$	186,308		$	204,610		$	201,044		$	192,456
MSR – current period capitalization		4,669			10,010			6,357			8,223			5,379
MSR – collection of expected cash flows – paydowns		(1,590	)		(1,463	)		(1,598	)		(1,504	)		(1,444	)
MSR – collection of expected cash flows – payoffs and repurchases		(3,046	)		(4,315	)		(5,730	)		(4,030	)		(2,942	)
MSR – changes in fair value model assumptions		(7,514	)		13,248			(17,331	)		877			7,595
MSR Fair Value at end of period	$	196,307		$	203,788		$	186,308		$	204,610		$	201,044
Summary of Mortgage Banking Revenue:
Operational:
Production revenue ⁽¹⁾	$	9,941		$	6,993		$	13,113		$	14,990		$	13,435
MSR – Current period capitalization		4,669			10,010			6,357			8,223			5,379
MSR – Collection of expected cash flows – paydowns		(1,590	)		(1,463	)		(1,598	)		(1,504	)		(1,444	)
MSR – Collection of expected cash flows – pay offs		(3,046	)		(4,315	)		(5,730	)		(4,030	)		(2,942	)
Servicing Income		10,611			10,731			10,809			10,586			10,498
Other Revenue		(172	)		(51	)		(67	)		112			(91	)
Total operational mortgage banking revenue	$	20,413		$	21,905		$	22,884		$	28,377		$	24,835
Fair Value:
MSR – changes in fair value model assumptions	$	(7,514	)	$	13,248		$	(17,331	)	$	877		$	7,595
Gain (loss) on derivative contract held as an economic hedge, net		4,897			(11,452	)		6,892			(772	)		(2,577	)
Changes in FV on early buy-out loans guaranteed by US Govt (HFS)		2,733			(3,249	)		3,529			642			(2,190	)
Total fair value mortgage banking revenue	$	116		$	(1,453	)	$	(6,910	)	$	747		$	2,828
Total mortgage banking revenue	$	20,529		$	20,452		$	15,974		$	29,124		$	27,663

^{(1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, processing and other related activities, and excludes servicing fees, changes in the fair value of servicing rights and changes to the mortgage recourse obligation and other non-production revenue.}
^{(2) Certain volume adjusted for the estimated pull-through rate of the loan, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund.}

TABLE 16: NON-INTEREST EXPENSE

	Three Months Ended												Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
	Mar 31,		Dec 31,		Sep 30,			Jun 30,			Mar 31,		Q1 2025 compared to Q4 2024					Q1 2025 compared to Q1 2024
(Dollars in thousands)		2025		2024		2024			2024			2024	$ Change			% Change		$ Change			% Change
Salaries and employee benefits:
Salaries	$	123,917	$	120,969	$	118,971		$	113,860		$	112,172	$	2,948		2	%	$	11,745		10	%
Commissions and incentive compensation		52,536		54,792		57,575			52,151			51,001		(2,256	)	(4	)		1,535		3
Benefits		35,073		36,372		34,715			32,530			32,000		(1,299	)	(4	)		3,073		10
Total salaries and employee benefits		211,526		212,133		211,261			198,541			195,173		(607	)	(0	)		16,353		8
Software and equipment		34,717		34,258		31,574			29,231			27,731		459		1			6,986		25
Operating lease equipment		10,471		10,263		10,518			10,834			10,683		208		2			(212	)	(2	)
Occupancy, net		20,778		20,597		19,945			19,585			19,086		181		1			1,692		9
Data processing		11,274		10,957		9,984			9,503			9,292		317		3			1,982		21
Advertising and marketing		12,272		13,097		18,239			17,436			13,040		(825	)	(6	)		(768	)	(6	)
Professional fees		9,044		11,334		9,783			9,967			9,553		(2,290	)	(20	)		(509	)	(5	)
Amortization of other acquisition-related intangible assets		5,618		5,773		4,042			1,122			1,158		(155	)	(3	)		4,460		NM
FDIC insurance		10,926		10,640		10,512			10,429			9,381		286		3			1,545		16
FDIC insurance – special assessment		—		—		—			—			5,156		—		—			(5,156	)	(100	)
OREO expense, net		643		397		(938	)		(259	)		392		246		62			251		64
Other:
Lending expenses, net of deferred origination costs		5,866		6,448		4,995			5,335			5,078		(582	)	(9	)		788		16
Travel and entertainment		5,270		8,140		5,364			5,340			4,597		(2,870	)	(35	)		673		15
Miscellaneous		27,685		24,502		25,408			23,289			22,825		3,183		13			4,860		21
Total other		38,821		39,090		35,767			33,964			32,500		(269	)	(1	)		6,321		19
Total Non-Interest Expense	$	366,090	$	368,539	$	360,687		$	340,353		$	333,145	$	(2,449	)	(1	)%	$	32,945		10	%

^{NM – Not meaningful.}

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:
(A) Interest Income (GAAP)	$	886,965		$	913,501		$	908,604		$	849,979		$	805,513
Taxable-equivalent adjustment:
– Loans		2,206			2,352			2,474			2,305			2,246
– Liquidity Management Assets		690			716			668			567			550
– Other Earning Assets		3			2			2			3			5
(B) Interest Income (non-GAAP)	$	889,864		$	916,571		$	911,748		$	852,854		$	808,314
(C) Interest Expense (GAAP)		360,491			388,353			406,021			379,369			341,319
(D) Net Interest Income (GAAP) (A minus C)	$	526,474		$	525,148		$	502,583		$	470,610		$	464,194
(E) Net Interest Income (non-GAAP) (B minus C)	$	529,373		$	528,218		$	505,727		$	473,485		$	466,995
Net interest margin (GAAP)		3.54	%		3.49	%		3.49	%		3.50	%		3.57	%
Net interest margin, fully taxable-equivalent (non-GAAP)		3.56			3.51			3.51			3.52			3.59
(F) Non-interest income	$	116,634		$	113,451		$	113,147		$	121,147		$	140,580
(G) Gains (losses) on investment securities, net		3,196			(2,835	)		3,189			(4,282	)		1,326
(H) Non-interest expense		366,090			368,539			360,687			340,353			333,145
Efficiency ratio (H/(D+F-G))		57.21	%		57.46	%		58.88	%		57.10	%		55.21	%
Efficiency ratio (non-GAAP) (H/(E+F-G))		56.95			57.18			58.58			56.83			54.95
	Three Months Ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
(Dollars and shares in thousands)	2025			2024			2024			2024			2024
Reconciliation of Non-GAAP Tangible Common Equity Ratio:
Total shareholders’ equity (GAAP)	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Non-convertible preferred stock (GAAP)		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
Less: Intangible assets (GAAP)		(913,004	)		(918,632	)		(924,646	)		(676,562	)		(677,911	)
(I) Total tangible common shareholders’ equity (non-GAAP)	$	5,275,033		$	5,013,165		$	5,062,568		$	4,447,566		$	4,345,989
(J) Total assets (GAAP)	$	65,870,066		$	64,879,668		$	63,788,424		$	59,781,516		$	57,576,933
Less: Intangible assets (GAAP)		(913,004	)		(918,632	)		(924,646	)		(676,562	)		(677,911	)
(K) Total tangible assets (non-GAAP)	$	64,957,062		$	63,961,036		$	62,863,778		$	59,104,954		$	56,899,022
Common equity to assets ratio (GAAP) (L/J)		9.4	%		9.1	%		9.4	%		8.6	%		8.7	%
Tangible common equity ratio (non-GAAP) (I/K)		8.1			7.8			8.1			7.5			7.6

Reconciliation of Non-GAAP Tangible Book Value per Common Share:
Total shareholders’ equity	$	6,600,537		$	6,344,297		$	6,399,714		$	5,536,628		$	5,436,400
Less: Preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(L) Total common equity	$	6,188,037		$	5,931,797		$	5,987,214		$	5,124,128		$	5,023,900
(M) Actual common shares outstanding		66,919			66,495			66,482			61,760			61,737
Book value per common share (L/M)	$	92.47		$	89.21		$	90.06		$	82.97		$	81.38
Tangible book value per common share (non-GAAP) (I/M)		78.83			75.39			76.15			72.01			70.40

Reconciliation of Non-GAAP Return on Average Tangible Common Equity:
(N) Net income applicable to common shares	$	182,048		$	178,371		$	163,010		$	145,397		$	180,303
Add: Intangible asset amortization		5,618			5,773			4,042			1,122			1,158
Less: Tax effect of intangible asset amortization		(1,421	)		(1,547	)		(1,087	)		(311	)		(291	)
After-tax intangible asset amortization	$	4,197		$	4,226		$	2,955		$	811		$	867
(O) Tangible net income applicable to common shares (non-GAAP)	$	186,245		$	182,597		$	165,965		$	146,208		$	181,170
Total average shareholders’ equity	$	6,460,941		$	6,418,403		$	5,990,429		$	5,450,173		$	5,440,457
Less: Average preferred stock		(412,500	)		(412,500	)		(412,500	)		(412,500	)		(412,500	)
(P) Total average common shareholders’ equity	$	6,048,441		$	6,005,903		$	5,577,929		$	5,037,673		$	5,027,957
Less: Average intangible assets		(916,069	)		(921,438	)		(833,574	)		(677,207	)		(678,731	)
(Q) Total average tangible common shareholders’ equity (non-GAAP)	$	5,132,372		$	5,084,465		$	4,744,355		$	4,360,466		$	4,349,226
Return on average common equity, annualized (N/P)		12.21	%		11.82	%		11.63	%		11.61	%		14.42	%
Return on average tangible common equity, annualized (non-GAAP) (O/Q)		14.72			14.29			13.92			13.49			16.75

Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:
Income before taxes	$	253,055		$	253,081		$	232,709		$	211,343		$	249,956
Add: Provision for credit losses		23,963			16,979			22,334			40,061			21,673
Pre-tax income, excluding provision for credit losses (non-GAAP)	$	277,018		$	270,060		$	255,043		$	251,404		$	271,629

WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve commercial and life insurance loan customers, respectively, throughout the United States.
First Insurance Funding of Canada serves commercial insurance loan customers throughout Canada.
Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States.
Wintrust Mortgage, a division of Barrington Bank & Trust Company, N.A., engages primarily in the origination and purchase of residential mortgages for sale into the secondary market through origination offices located throughout the United States. Loans are also originated nationwide through relationships with wholesale and correspondent offices.
Wintrust Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients and correspondent banks located primarily in the Midwest.
Great Lakes Advisors LLC provides money management services and advisory services to individual accounts.
Wintrust Private Trust Company, N.A., a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location.
Wintrust Asset Finance offers direct leasing opportunities.
CDEC provides Qualified Intermediary services (as defined by U.S. Treasury regulations) for taxpayers seeking to structure tax-deferred like-kind exchanges under Internal Revenue Code Section 1031.

FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2024 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

economic conditions and events that affect the economy, housing prices, the job market and other factors that may adversely affect the Company’s liquidity and the performance of its loan portfolios, including an actual or threatened U.S. government debt default or rating downgrade, particularly in the markets in which it operates;
negative effects suffered by us or our customers resulting from changes in U.S. or international trade policies;
the extent of defaults and losses on the Company’s loan portfolio, which may require further increases in its allowance for credit losses;
estimates of fair value of certain of the Company’s assets and liabilities, which could change in value significantly from period to period;
the financial success and economic viability of the borrowers of our commercial loans;
commercial real estate market conditions in the Chicago metropolitan area and southern Wisconsin;
the extent of commercial and consumer delinquencies and declines in real estate values, which may require further increases in the Company’s allowance for credit losses;
inaccurate assumptions in our analytical and forecasting models used to manage our loan portfolio;
changes in the level and volatility of interest rates, the capital markets and other market indices that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;
the interest rate environment, including a prolonged period of low interest rates or rising interest rates, either broadly or for some types of instruments, which may affect the Company’s net interest income and net interest margin, and which could materially adversely affect the Company’s profitability;
competitive pressures in the financial services business which may affect the pricing of the Company’s loan and deposit products as well as its services (including wealth management services), which may result in loss of market share and reduced income from deposits, loans, advisory fees and income from other products;
failure to identify and complete favorable acquisitions in the future or unexpected losses, difficulties or developments related to the Company’s recent or future acquisitions;
unexpected difficulties and losses related to FDIC-assisted acquisitions;
harm to the Company’s reputation;
any negative perception of the Company’s financial strength;
ability of the Company to raise additional capital on acceptable terms when needed;
disruption in capital markets, which may lower fair values for the Company’s investment portfolio;
ability of the Company to use technology to provide products and services that will satisfy customer demands and create efficiencies in operations and to manage risks associated therewith;
failure or breaches of our security systems or infrastructure, or those of third parties;
security breaches, including denial of service attacks, hacking, social engineering attacks, malware intrusion and similar events or data corruption attempts and identity theft;
adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);
adverse effects of failures by our vendors to provide agreed upon services in the manner and at the cost agreed, particularly our information technology vendors;
increased costs as a result of protecting our customers from the impact of stolen debit card information;
accuracy and completeness of information the Company receives about customers and counterparties to make credit decisions;
ability of the Company to attract and retain senior management experienced in the banking and financial services industries;
environmental liability risk associated with lending activities;
the impact of any claims or legal actions to which the Company is subject, including any effect on our reputation;
losses incurred in connection with repurchases and indemnification payments related to mortgages and increases in reserves associated therewith;
the loss of customers as a result of technological changes allowing consumers to complete their financial transactions without the use of a bank;
the soundness of other financial institutions and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;
the expenses and delayed returns inherent in opening new branches and de novo banks;
liabilities, potential customer loss or reputational harm related to closings of existing branches;
examinations and challenges by tax authorities, and any unanticipated impact of the Tax Act;
changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;
the ability of the Company to receive dividends from its subsidiaries;
the impact of the Company’s transition from LIBOR to an alternative benchmark rate for current and future transactions;
a decrease in the Company’s capital ratios, including as a result of declines in the value of its loan portfolios, or otherwise;
legislative or regulatory changes, particularly changes in regulation of financial services companies and/or the products and services offered by financial services companies;
changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;
a lowering of our credit rating;
changes in U.S. monetary policy and changes to the Federal Reserve’s balance sheet, including changes in response to persistent inflation or otherwise;
regulatory restrictions upon our ability to market our products to consumers and limitations on our ability to profitably operate our mortgage business;
increased costs of compliance, heightened regulatory capital requirements and other risks associated with changes in regulation and the regulatory environment;
the impact of heightened capital requirements;
increases in the Company’s FDIC insurance premiums, or the collection of special assessments by the FDIC;
delinquencies or fraud with respect to the Company’s premium finance business;
credit downgrades among commercial and life insurance providers that could negatively affect the value of collateral securing the Company’s premium finance loans;
the Company’s ability to comply with covenants under its credit facility;
fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; and
widespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.

Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 22, 2025 at 9:00 a.m. (CDT) regarding first quarter 2025 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 31, 2025 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2025 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:
Timothy S. Crane, President & Chief Executive Officer
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Web site address: www.wintrust.com

MIL-OSI: PDF Solutions to Report First Quarter Fiscal 2025 Financial Results on May 8, 2025

Source: GlobeNewswire (MIL-OSI)

SANTA CLARA, Calif., April 21, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor ecosystem, announced that it will release First quarter fiscal 2025 financial results after the market close on Thursday, May 8, 2025. John Kibarian, CEO, and Adnan Raza, CFO, will host a live teleconference on Thursday, May 8, 2025, beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the results.

To participate on the live call, analysts and investors should pre-register at: https://register-conf.media-server.com/register/BI6d53831ac55c4a1ab7f4514ab0ec41ca.

Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial-in into the call ten minutes ahead of scheduled time.

The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website.

About PDF Solutions
PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.

Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com/.

PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

Company Contacts

Adnan Raza
Chief Financial Officer
(408) 516-0237
adnan.raza@pdf.com

Sonia Segovia
Investor Relations
(408) 938-6491
sonia.segovia@pdf.com

MIL-OSI United Kingdom: UK to step up military partnership with New Zealand as both countries drive forward defence and security agenda

Source: United Kingdom – Government Statements

Press release

UK to step up military partnership with New Zealand as both countries drive forward defence and security agenda

The UK is set to deepen defence and security ties with New Zealand as the Prime Minster strengthens alliances abroad to protect Britain’s national interest.

Prime Minister Keir Starmer and New Zealand Prime Minister Christopher Luxon set to step up support for Ukraine with new drone contract and extension to Operation Interflex
Comes as leaders agree to deepen defence and security ties, with the Royal New Zealand Navy preparing to join the UK’s Carrier Strike Group as it heads to the Indo-Pacific
Leaders also expected to discuss the importance of growth and free trade for economic and national security

The UK is set to deepen defence and security ties with New Zealand as the Prime Minster strengthens alliances abroad to protect Britain’s national interest.

Prime Minister Keir Starmer will host New Zealand Prime Minister Christopher Luxon this morning, with the leaders visiting the training of Ukrainian forces by the UK and New Zealand military as part of Operation Interflex. The visit follows the two leaders meeting at the Commonwealth Heads of Government Meeting in Samoa last year.

New Zealand trainers have worked alongside British counterparts to help train more than 54,000 soldiers on Operation Interflex, and New Zealand are expected to today confirm that they will extend their support for the initiative in the UK until the end of the year.

In addition to their support for training Ukrainian troops, military planners from the New Zealand Defence Force are contributing to the latest thinking and plans for post-conflict support for Ukraine through the Coalition of the Willing.

Prime Minister Starmer will also announce UK contracts worth £30m for drones produced by SYOS Aerospace, a New Zealand uncrewed vehicle manufacturer based in Hampshire to support Ukraine.

The contract has created 45 jobs at the manufacturing facility based in Fareham, Hampshire, and supports a further nine UK based companies with subcontracts – delivering on the government’s Plan for Change through both growth and security.

During the visit to see the training first hand, the leaders are expected to discuss plans to further step up defence and security cooperation, with defence ministers being instructed to work on a new joint defence partnership between both countries to ensure the relationship is fit for the twenty-first century.

The new arrangement, which will succeed the one signed in 2015, comes after both the UK and New Zealand increased defence spending to 2.5% and 2% of GDP respectively. It will also recognise the vital partnership between the UK and New Zealand in upholding stability and security across Europe, the Middle East and the Indo-Pacific.

That includes through the involvement of Royal New Zealand Navy frigate, HMNZS Te Kaha, which will join the UK Carrier Strike Group, which leaves Portsmouth today, in the Indian Ocean.

Prime Minister Keir Starmer said:

“Only by working with our friends and allies and protecting our national security will we be able to deliver on our Plan for Change, putting money back in the pockets of working people through highly skilled jobs – such as those we have announced today – a strong and resilient economy, and greater opportunity.

“From the beaches of Gallipoli, to the vital work we have been doing together on Operation Interflex and our support for Ukraine, the UK and New Zealand have stood shoulder-to-shoulder for generations in pursuit of peace and stability.

“As the world becomes an increasingly dangerous place, I am proud how much we are doing together to support our national and economic security – stepping up our defence spending, deploying our navies together in the Indo-Pacific, and continuing our work to put Ukraine in the strongest possible position to deter an increasingly aggressive Russia.”

Following the visit to Interflex training in the South West of England, the leaders will return to Downing Street to discuss how both countries can work together to drive growth, deliver on the government’s Plan for Change, and put money back in the pockets of working people.

That will include increasing ambition on free and open trade, including through the global Comprehensive and Progressive Trans-Pacific Partnership and New Zealand and the UK’s landmark Free Trade Agreement.

Total trade in goods and services between the UK and New Zealand was £3.6 billion in 12 months to September 2024 an increase of 5.3%, or £179 million in current prices, from 12 months leading up to September 2023.

It comes after Scottish firm Emergency One won a global competition to supply emergency vehicles to Fire and Emergency New Zealand (FENZ). Through the ten-year contract, East Ayrshire based Emergency One will replace 186 vehicles for New Zealand’s first responders, supporting 25 new jobs in Scotland.

The UK and New Zealand are also deepening collaboration in the agriculture technology sector. A new Investor Partnership deal will see New Zealand investment in British small and medium enterprises to develop cutting edge equipment supporting growth, farming sustainability and food security.

Published 21 April 2025

MIL OSI United Kingdom –

MIL-Evening Report: Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free

Source: The Conversation (Au and NZ) – By Naomi Oreskes, Professor of the History of Science, Harvard University

President Donald Trump has issued an executive order that would block state laws seeking to tackle greenhouse gas emissions – the latest salvo in his administration’s campaign to roll back United States’ climate action.

Under Trump, the US has clearly abdicated climate leadership. But the US has in fact obstructed climate action for decades – largely due to damaging actions by the powerful fossil fuel industry.

In 20 years studying attacks on climate science and the powerful forces at work behind the scenes, I’ve come to think the United States is simply not going to lead on climate action. The fossil fuel industry has so poisoned the well of public debate in the US that it’s unlikely the nation will lead on the issue in our lifetimes.

Australia, on the other hand, has enormous potential.

I recently visited Australia from Harvard University for a series of public talks. This nation is very close to my heart. I trained as a mining geologist and spent three years in outback South Australia, before returning to academia.

The vacuum Trump has created on climate policy provides a chance for other countries to lead. Australia has much more to gain from the clean-energy future than it stands to lose – and your climate action could be pivotal.

The climate crisis: a long time coming

Scientists first warned against burning fossil fuels way back in the 1950s. When the US Clean Air Act was passed in 1970, the words “weather” and “climate” were included because scientists had already explained to Congress that carbon dioxide was a pollutant with serious — even dire — effects.

In the late 1980s, scientists at NASA observed changes in the climate system that could only be explained by the extra heating effect of atmospheric carbon dioxide. The predictions had become reality.

When George H.W. Bush ran successfully for president in 1988, he promised to use the power of the “White House effect” to fight the “greenhouse effect”. In 1992, Bush and other world leaders gathered in Rio de Janeiro, Brazil, to sign the United Nations Framework Convention on Climate Change. Together, 178 countries promised action to prevent “dangerous anthropogenic interference” with Earth’s climate. But that action never came.

Trump has undoubtedly been bad news for global climate action. He makes preposterous claims about science and is dismantling the federal agencies responsible for supporting climate science and maintaining climate data.

But the US has long failed to play its part in cutting dangerous greenhouse gas emissions. The reason for this lies largely outside the White House.

If only George H.W. Bush had used the White House effect to counter the greenhouse effect, as he once promised to.
mark reinstein, Shutterstock

A long-running campaign of disinformation

The fossil fuel industry has known about climate change for as long as scientists have.

In the late 1970s and early 1980s, scientists at Esso (later ExxonMobil) actively researched the topic, building climate models and coauthoring scientific papers.

The scientists informed their managers of the risk of catastrophic damage if the burning of oil, gas and coal continued unabated. They even suggested the company might need a different business model – one not so dependent on fossil fuels.

But managers at ExxonMobil made a fateful decision: to turn from information to disinformation. Working in tandem with other oil, gas and coal companies, as well as automobile and aluminium manufacturers, ExxonMobil launched an organised campaign, sustained over decades, to block climate action by casting doubt on the underlying science.

They ran ad campaigns in national and local newspapers insisting the science was too unsettled to warrant action. They created “astroturf” organisations that only pretended to be green, and funded “third-party allies” to argue that proposed remedies would be too expensive, cost jobs and damage the economy.

The company funded outlier scientists to publish papers claiming atmospheric warming was the result of natural climate variability. They pressured journalists to give equal time to “their side” of the story in the name of “balance”.

Over the next three decades, whenever any meaningful climate policy seemed to be gaining traction, the industry and its allies lobbied Congress and state legislatures to block it. So, neither Democratic nor Republican administrations were able to undertake meaningful climate action.

While people were dying in climate-charged floods and fires, the fossil fuel industry persuaded a significant proportion of the US population, including Trump, that the whole thing might just be a hoax.

Rise up Australia

In a matter of weeks after becoming president, Trump pulled out of the Paris Agreement to limit global warming, shut down government websites hosting climate data, and withdrew support for research that dares to mention the word “climate”.

This has created a vacuum that other countries, including Australia, can step up to fill.

Few countries have more to lose from climate change than Australia. The continent has already witnessed costly and devastating wildfires and floods — affecting remote areas and major cities. It’s not unreasonable to worry that in coming years, significant parts of Australia could become uninhabitable.

Like the US, Australia has a powerful fossil fuel industry that has disproportionately influenced its politics. Unlike the US, however, that industry is based mainly on coal for export, which Australians do not depend on in their daily lives.

And Australia is truly a lucky country. It has unsurpassed potential to replace fossil fuels with renewable energy.

More than 15 years ago, Australian researchers in the Zero Carbon Australia project offered a blueprint for how the country could eliminate fossil fuel use entirely. Since then, renewable energy has only become cheaper and more efficient.

South Australia has proved the point: the state was 100% reliant on fossil fuels for electricity in 2002, but now more than 70% comes from renewables.

Across Australia, the share of renewable electricity generation is growing. Victoria, New South Wales and Queensland are vying for second place after SA. It’s fascinating to watch the National Electricity Market balance supply and demand in real time, where a large proportion of the electricity comes from rooftop solar.

For decades, the fossil fuel industry has told the public our societies can’t manage without fossil fuels. Large parts of Australia have proved it’s just not so. The rest of the nation can follow that lead, and model the energy transition for the world. Here’s your chance.

Over the past two decades, Naomi Oreskes has received grant funding from various governments and non-government organisations to support the research upon which this piece is based. She serves on the board of The Climate Science Legal Defense Fund, which works to protect the integrity of climate science, and climate scientists, from politically motivated attacks. The Fund is a registered 501 c(3) non-profit organisation, meaning it does not engage in political activities. She is also an emerita board member of Protect our Winters, a 501 c (3) that works with the winter sports community to educate people about climate change and the threat it poses to winter sports. Naomi serves on the board of the Kann-Rasmussen foundation (Denmark), a non-profit foundation that works “to support the transition to a more environmentally resilient stable, and sustainable planet”.
Naomi currently serves as a consultant to a number of groups pursuing climate litigation in the United States, and recently submitted an expert report to the International Court of Justice on behalf of Vanuatu. She also receives speaking fees and book royalties for talks and publications on the history of climate science and climate change denial. Co-author, with Erik M. Conway, of Merchants of Doubt (2010) and The Big Myth (2023).

– ref. Fossil fuel companies ‘poisoned the well’ of public debate with climate disinformation. Here’s how Australia can break free – https://theconversation.com/fossil-fuel-companies-poisoned-the-well-of-public-debate-with-climate-disinformation-heres-how-australia-can-break-free-251221

MIL-OSI: Everbright Digital Holding Limited Announces Closing of Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

HONG KONG, April 21, 2025 (GLOBE NEWSWIRE) — Everbright Digital Holding Limited (the “Company” or “Everbright”), an integrated marketing solutions provider headquartered in Hong Kong, today announced the closing of its initial public offering (the “Offering”) of 1,500,000 ordinary shares, par value US$0.00004 per share (the “Ordinary Shares”), at a public offering price of US$4.00 per ordinary share. The Ordinary Shares began trading on the Nasdaq Capital Market on April 17, 2025, under the ticker symbol “EDHL.”

The Company received aggregate gross proceeds of US$6.0 million from the sale of Ordinary Shares offered by the Company in the Offering, before deducting underwriting discounts and other related expenses. In addition, the Company has granted the underwriters a 45-day option to purchase up to an additional 225,000 ordinary shares at the public offering price, less underwriting discounts.

Net proceeds from the Offering will be used by the Company for marketing and business expansion, continued research and development of our core technologies, business development overseas, talent acquisition and training, as well as for general working capital and corporate purposes.

The Offering was conducted on a firm commitment basis. Dominari Securities LLC acted as the lead underwriter and Revere Securities LLC acted as co-underwriter for the Offering. Pacific Century Securities, LLC acted as an advisor to the Company. Ortoli Rosenstadt LLP acted as U.S. counsel to the Company, and Hunter Taubman Fischer & Li LLC acted as U.S. securities counsel to the underwriters.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File Number: 333-285191), as amended, and was declared effective by the SEC on March 31, 2025. The Offering is being made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Dominari Securities LLC by email at info@dominarisecurities.com, by standard mail to Dominari Securities LLC, 725 Fifth Avenue, 23rd Floor, New York, NY 10022, or by calling (212) 393-4500. In addition, copies of the final prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

Before you invest, you should read the prospectus and other documents the Company has filed or will file with the SEC for more information about the Company and the Offering. This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Everbright Digital Holding Limited

Everbright Digital Holding Limited is an integrated marketing solutions provider headquartered in Hong Kong. The Company conducts all operations in Hong Kong through its operating subsidiary, Hong Kong United Metaverse Limited. The Company is an integrated marketing solutions provider in Hong Kong that is deeply involved in the metaverse and related technologies, providing one-stop digital marketing services to support businesses through every stage of their development, including metaverse stimulation, virtual reality (VR) and augmented reality (AR) design and creation, creative event planning and management, IP character creation and social media marketing.

For more information, please visit the Company’s website: https://umeta.hk/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions in this prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

For investor and media inquiries, please contact:

Everbright Digital Holding Limited
Leung Chun Yip, CEO
Email: michael@umeta.hk

MIL-Evening Report: Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0

Source: The Conversation (Au and NZ) – By Dan Golding, Professor and Chair of the Department of Media and Communication, Swinburne University of Technology

Lucasfilm Ltd™

Premiering today, the second and final season of Star Wars streaming show Andor seems destined to be one of the pop culture defining moments of the second Trump presidency.

Andor, which began airing in 2022, tells the story of the early days of the Rebel Alliance before the adventures of Luke Skywalker and Princess Leia. The series is the most politically articulate of the Star Wars franchise.

Where older Star Wars entries focused on lightsaber battles and dogfights in space, Andor shows a world of political manifestos, fractious alliances between rebel groups, and surreptitious fundraising for revolution.

Season one of the show followed the political awakening of the titular Cassian Andor (Diego Luna), who progresses from troubled thief to total ideological commitment to fighting the Empire. The show also follows a covert revolutionary leader (Stellan Skarsgård), an ineffective politician who secretly finances the rebellion (Genevieve O’Reilly), and two Imperials manoeuvring for power (Denise Gough and Kyle Soller).

Showrunner Tony Gilroy has so far taken inspiration for Andor from a variety of real historical revolutionary events, from Stalin’s bank robbery in Tiflis of 1907 to the Baader-Meinhof group in West Germany.

Aesthetically, Andor has more in common with the political filmmaking of the likes of The Battle of Algiers (1966), the films of Costa-Gavras, or early Paul Greengrass than the central Flash Gordon-inspired Star Wars saga.

As authoritarian governments and conflicts loom large globally, the final season of Andor in 2025 is perfectly timed to articulate anxieties much closer to home than the galaxy far, far away.

Star Wars has always been political

Andor is far from the first time that Star Wars has captured the political zeitgeist. In fact, much of the franchise’s success stems from the way it provides us with a pop culture language to talk about politics.

In 2016, Trump’s first election win coincided with the release of Rogue One, the Star Wars precursor to Andor.

Within days, two Star Wars creatives made public comparisons between Trump and Rogue One’s villains, with writer Chris Weitz posting on Twitter “the Empire is a white supremacist (human) organization”. Writer Gary Whitta replied: “Opposed by a multi-cultural group led by brave women”.

They were officially reprimanded by the studio. “This is a film that the world should enjoy,” said Disney CEO Bob Iger at the time. “It is not a film that is, in any way, a political film.”

Under the ownership of a risk averse corporation like Disney, Star Wars is supposed to be family friendly, apolitical entertainment.

However, since its very conception, Star Wars has been political.

Inspired by anti-Vietnam war protests, director George Lucas described Darth Vader and the Empire as “Nixonian gangsters” in early drafts of the original film’s script. Lucas, who had developed Apocalypse Now before Francis Ford Coppola ultimately directed the film, has consistently claimed to have thought of the Rebel Alliance as similar to North Vietnamese fighters resisting United States forces.

When it came time for the prequel trilogy in the 2000s, Lucas told a story of democracy willingly falling to dictatorship (beginning with a trade war, something not lost on contemporary observers). In 2005, Lucas even had Darth Vader paraphrase George W. Bush.

It has also shaped politics. Scholars and critics like Andrew Britton and Robin Wood argued Star Wars was so escapist and disconnected from politics here on earth that it set the scene for Ronald Reagan’s good-versus-evil rhetoric.

A galaxy not so far away

It is precisely Star Wars’ apolitical image that gives it so much political utility. A series with such strong heroes and villains inevitably invites comparison.

Almost immediately after its release in 1977, Star Wars became a pop culture language for understanding politics.

When Maggie Thatcher won government in the United Kingdom on May 4 1979, the Conservative Party took out an advertisement in the London Evening News congratulating her with the words “May the Fourth Be With You”.

When Ronald Reagan proposed a “Strategic Defense Initiative” missile system in 1983, critics immediately and famously labelled it “Star Wars” (something Lucas tried unsuccessfully to stop). Reagan himself eventually joined in, too, claiming in a speech in 1985 that “the Force is with us”.

It is easy to find examples of politicians of all stripes being likened to Star Wars villains like Darth Vader (most enduring was Dick Cheney who claimed to not mind the comparison).

Composer John Williams’ Imperial March has even been played at protests as a way to antagonise opponents.

The enduring currency of the political language of Star Wars is in part due to its generalities. In any political conflict it helps to have a way to describe an archetypal evil puppet master (the Emperor), his henchman (Darth Vader), and the soulful heroes putting their lives on the line (the Jedi).

The real trick to Star Wars’ ongoing relevance, however, lies in its very real inspirations. Whether it is George W. Bush, the Viet Cong, or the Bolsheviks, Star Wars has time and again turned the specifics of political history into mythology.

At a time where many see global politics as having set the stage for the Empire to Strike Back, the final season of Andor may give many a language to articulate A New Hope.

Dan Golding 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. Since its very conception, Star Wars has been political. Now Andor will take on Trump 2.0 – https://theconversation.com/since-its-very-conception-star-wars-has-been-political-now-andor-will-take-on-trump-2-0-254208

MIL-Evening Report: Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage

Source: The Conversation (Au and NZ) – By Penny Van Bergen, Associate Professor in the Psychology of Education, Macquarie University

If you have a child born at the start of the year, you may be faced with a tricky and stressful decision. Do you send them to school “early”, in the year they turn five? Or do you “hold them back” and send them in the year they turn six?

Media reports refer to parents who want to “hold children back”. This is particularly the case for boys. Some parents express concerns boys may develop more slowly and school activities may favour girls.

Our new study surveyed Australian parents to understand their reasons for sending children to school early or on time or holding them back.

School entry in Australia

State regulations for the age of starting school vary across Australia, and between public, Catholic and independent schools.

Typically, however, children born in the first part of the year can be sent to school in either the year they turn five or the year they turn six. This can lead to big age caps in a school year level.

Public school cutoff dates are April 30 in Victoria, May 1 in South Australia, June 30 in Queensland and July 31 in New South Wales.

A 2019 study of more than 160,000 NSW students showed overall, 26% of children were held back, although there was variation between different regions. This is much higher than in many other countries. For example, delayed entry is as low as 5.5% in the United States and 6% in Germany.

Our research

In our research published in Early Education and Development, we surveyed 226 Australian parents who had a choice about whether to send their child to school in the year they turned five or six. Parents were from a mix of states and recruited via social media and a variety of other media, including parenting magazines.

We found 29% of parents intended to send their child to school in the first year they were eligible and 66% planned to start later. About 5% were unsure. Consistent with trends in other countries, parents were almost four times as likely to report they intended to start boys later than girls.

There were five key factors guiding their decisions.

1. Money and work

One group of factors, which we labelled “practical realities”, meant parents were more likely to send a child on time or early.

This included high early childhood education costs (it is much cheaper to send a child to a government school than pay for daycare) and parents’ work demands (and the benefits of regular school hours). As one parent said:

School is a cheaper option for many parents and community preschool (which is cheaper, depending on the number of days) is not a practical option for many working families.

2. A child’s size

Parents also considered their child’s physical size relative to their peers. Other studies suggest parents worry smaller boys will be bullied and will struggle to demonstrate sporting prowess.

Reflecting on this trend, one parent said:

I would prefer that my child wasn’t starting school with children well over a year older just because other parents think boys need a bit more time to mature. They are then significantly older and bigger by then.

3. Social readiness

Another group of factors involved children’s social, emotional and behavioral readiness for school. This includes their ability to pay attention and sit still, follow instructions, regulate and manage emotions and show empathy and consideration for others.

One parent sending their child to school in the year they turn five said:

Our child will be fine […] He is able, social and confident and hopefully this will mean he will have a positive school experience irrespective of what year he starts.

Another who chose to hold their child back suggested:

I want my child to be introduced to formal schooling as late as possible to ensure his brain development and emotional regulation are mature enough to handle the transition.

4. Family time

Another set of reasons influencing parents’ decisions was a desire to spend time together with their child before formal schooling. As one parent said:

I always hear that no one ever regrets sending their child a bit later but they often regret sending early. I can afford for her to have an extra year of preschool and time at home and that is a luxury I acknowledge not everyone has.

5. Milestones

Parents also looked to the future and considered their child’s age relative to peers. This included when they would be starting high school or completing teenage milestones, such as driving, drinking, managing friendships and finishing school. This might explain why rates of holding children back vary by region. As one parent told us:

The people around me having a choice (and holding their children back) ended up influencing my choice. She [my daughter] could have started school but would have been in a peer group that had been held back.

What about academic concerns?

Interestingly, parents did not typically express academic concerns or motivations (such as a desire to see their child move ahead of others academically) as a factor in their decision. Indeed, as one parent said:

I have very strong beliefs about what school readiness means and for me it is much more than just being academically ready.

Although there is evidence older children have a developmental advantage over younger children when entering school, academic benefits dissipate over time. For example, older children do better on Year 3 and 5 NAPLAN numeracy and literacy tests, but benefits fade or disappear by Year 9.

What does this mean?

Our research suggests the reasons why parents start a child early or hold them back are complex – and very much based on the needs of individual families and children.

Taken together they suggest teachers not only need to accommodate a wide range of ages starting school but a sizeable portion of families who will have “delayed” school for a variety of personal reasons.

Penny Van Bergen receives funding from the ARC, Google and the Marsden Fund.

Naomi Sweller receives funding from the ARC.

Rebecca Andrews receives funding from NSW Department of Education and the Australian Children’s Early Childhood Quality Authority.

Anne McMaugh and Kay Bussey do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Parents delay sending kids to school for social reasons and physical size. It’s not about academic advantage – https://theconversation.com/parents-delay-sending-kids-to-school-for-social-reasons-and-physical-size-its-not-about-academic-advantage-254076

Jorm Sangsorn/Shutterstock

MIL-Evening Report: ‘I’m a failure’: how schema therapy tackles the deep-rooted beliefs that affect our mental health

Source: The Conversation (Au and NZ) – By Catherine Houlihan, Senior Lecturer in Clinical Psychology, University of the Sunshine Coast

If you ever find yourself stuck in repeated cycles of negative emotion, you’re not alone.

More than 40% of Australians will experience a mental health issue in their lifetime. Many are linked to deep-rooted feelings that develop from childhood experiences.

Changing these lifelong patterns takes time, energy and support. For some people, schema therapy can help.

What is schema therapy?

Schema therapy was developed in the 1990s by psychologist Jeffrey Young as an extension of cognitive behaviour therapy.

Cognitive behaviour therapy is a popular psychotherapy that helps people change problematic patterns in their thoughts and behaviour, improving how they feel.

Among psychological interventions, cognitive behaviour therapy has the strongest evidence for successfully treating the majority of mental health problems.

However, not all conditions benefit from it.

Cognitive behaviour therapy is brief (usually delivered across 10–12 sessions) and focuses on changing the “here and now”. But more complex issues – or those tied strongly to past experiences, such as multiple traumas – may need longer-term therapy.

Like cognitive behaviour therapy, schema therapy aims to help reframe unhelpful ways of thinking through regular sessions with a psychotherapist.

But instead of prioritising everyday challenges, it uncovers deep-rooted beliefs, explores how and why they formed, and how they affect day-to-day life and people’s perceptions of themselves.

What are schemas?

“Schemas” are mental blueprints that filter how we see ourselves, others and the world. Most of us are not consciously aware of them.

Yet schemas run deep. Problematic ones – such as “I am a failure” or “others can’t be trusted” or “the world is scary and unsafe” – can affect our mental health and lead us to destructive patterns of thinking, feeling, and behaving.

For example, someone with a “failure” schema may be highly sensitive to criticism, experience crippling anxiety, and have low self-worth. Having a “mistrust” schema may cause issues with forming close relationships and lead to loneliness and depression.

Schemas run deep and can make us feel stuck.
Raul Mallado Ortiz/Shutterstock

How does schema therapy work?

Therapists may specialise in schema therapy through additional training and supervision, which can lead to accreditation with the International Society of Schema Therapy.

During schema therapy you and your therapist will discuss your current concerns and develop a safe and trusting relationship before exploring the problematic schemas that are affecting you today. Schema therapy may involve talking, completing a schema questionnaire, and engaging in therapeutic activities during and in between sessions.

These activities are tailored to your situation, once you’ve explored which schemas affect you and what negative emotions arise. They are designed to help you process and heal from negative feelings such as helplessness, anger and shame.

One such activity involves using mental imagery to revisit challenging experiences in your past and to reframe how you think about them.

Another is to use empty chairs in the therapy room to speak to the different parts of yourself that are connected to the negative emotions. For example, talking to your child self, or to the side of you that tries to hide your feelings from others.

After this you will work with your therapist to come up with positive behaviour change strategies and apply them in daily life. These could include things such as reducing procrastination and self-sacrificing behaviour (prioritising others’ needs over your own), regulating emotions, and setting healthy boundaries in relationships.

Who does it work for?

Schema therapy was specifically designed to help conditions that don’t respond to cognitive behaviour therapy. Since the early nineties, it has shown promise among people experiencing chronic depression and personality disorders, and people in prisons.

Schema therapy is increasingly being used with children and adolescents, as it can effectively be adapted to suit younger age groups and help them understand the complex psychological processes involved.

Schema therapy can take more time than some other approaches, including cognitive behaviour therapy. You may be working with your therapist for several months to a year before seeing real results.

It is likely to benefit people who can commit to the time needed and prioritise their therapy tasks over other things.

Like all therapies, schema therapy will take emotional energy. As you implement changes planned in therapy, enlisting the support of close friends or family may help you achieve long-lasting change.

Schema therapy can be effectively adapted for children and young people.
SeventyFour/Shutterstock

I’m interested in schema therapy – what next?

Maybe you are experiencing a problem that short-term therapies don’t easily address.

Perhaps you have already tried cognitive behaviour therapy and have noticed some improvements in your mental health, but realise you still have some way to go. Or it’s possible you have exhausted self-help options and are looking for something that will change the deep-rooted feelings you think are connected to your past.

Learning about different therapy approaches is the first step in finding the right help for you.

The Schema Therapy Institute Australia has a list of schema therapists practising around the country.

You may see “schema therapy” listed as a therapy approach on your local psychology practices’ web pages. You can also ask your GP about referrals using Medicare options.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. ‘I’m a failure’: how schema therapy tackles the deep-rooted beliefs that affect our mental health – https://theconversation.com/im-a-failure-how-schema-therapy-tackles-the-deep-rooted-beliefs-that-affect-our-mental-health-250789

MIL-Evening Report: Early voting opens in the federal election – but it brings some problems for voters and parties

Source: The Conversation (Au and NZ) – By Zareh Ghazarian, Senior Lecturer in Politics, School of Social Sciences, Monash University

More than 18 million Australians are enrolled to vote at the federal election on May 3.

A fair proportion of them – perhaps as many as half – will take advantage of early voting, which starts Tuesday April 22.

Hundreds of locations around Australia will morph into pre-polling centres for the next couple of weeks as we enter the final phase of the campaign.

Australians have enthusiastically embraced the opportunity to vote early in recent elections. But there are some risks for voters if they jump the gun too quickly. And it’s upending the way parties and other candidates organise their campaigns.

Go early

The popularity of voting early has been on an upward trajectory in recent decades.

Research shows that in 2004, for instance, over 80% of Australians waited until polling day to cast their ballots.

But at the 2022 federal election, almost half of all Australians on the electoral roll voted early.

There were variations across jurisdictions. Queensland had the highest rate of pre-poll voting at 56.6%, while Tasmanians had the lowest at just 36.8%.

The Australian Electoral Commission (AEC) was actively encouraging people to vote early due to COVID concerns. Nonetheless, the trend is unmistakable. Voters want to skip the queues on election day.

Logistical problems

Early voting has been the subject of much scrutiny, especially the length of time it is available to voters. The major political parties have expressed concern about the impact it has on campaign planning and logistics.

In its submission to a parliamentary inquiry into the conduct of the 2019 election, the Liberal Party highlighted how pre-poll voting placed “significant pressure on political parties” and their ability to provide booth workers for the entire early voting period, which was almost three weeks long.

Similarly, Labor acknowledged “significant practical implications for political parties and campaign managers”. The Greens also indicated they were in favour of limiting the pre-poll period.

Following the rise in early voting at the 2016 and 2019 elections, the Joint Standing Committee on Electoral Matters recommended pre-polling be restricted to a fortnight before election day.

The committee noted:

a two week period best balances the opportunity to participate in an election as a voter, with the logistic demands placed on those who participate as contestants.

The electoral laws were subsequently changed by the Morrison government in 2021.

But given Easter Monday and Anzac Day both fall within the fortnight preceding May 3, the early polling window for this election will be further reduced.

Campaign disruption

The rising popularity of early voting plays havoc with the campaign plans of all candidates.

In the past, when the overwhelming majority of voters waited for election day, it made sense for the major parties in particular to continually drip feed promises and announcements until the last day of voting.

Parties now have less time to pitch for support during the campaign. The critical window of opportunity to appeal to voters is the time between the election being called and when Australians flock to the polls at the start of early voting.

It is highly likely we have already seen all the major policies in this election, including the voter-friendly cost-of-living measures.

But the parties are in a bind, because they must continue to appeal to the significant number of voters who will be considering who to vote for right up until election day itself.

Skip the queue

While many people will be tempted to vote early, the Australian Electoral Commission’s website reminds us there are some conditions for pre-poll voting.

You can only vote early, either in person or by post, if on polling day you are:

travelling or unable to leave your workplace to vote
sick or due to give birth, or caring for someone who is
a person with a disability, or caring for someone who is
in prison serving a sentence of less than three years
prevented by religious beliefs from attending on election day
a silent elector, or reasonably fearful for your safety or wellbeing.

Aware of the temptation to pre-poll, the AEC says people who wait until election day won’t have to battle long queues. In fact, 75% of them will be in and out of the polling place in under 15 minutes.

The AEC says it’s worked out ways to minimise queuing on election day.

Voter beware

The numbers don’t lie. More and more voters are keen to participate in the democratic process before election day.

However, voting early could be a double-edged sword. It may be convenient, but there is always the risk candidates or parties could say or do something that antagonises a voter after they have cast their ballot.

As there is no way to withdraw an original vote or cast a new one if they change their minds, early voters are taking a risk.

Moreover, by voting early, people may be missing out on the sausage sizzle, the craft stands, and the bake sales that many communities hold on voting day. These election day traditions raise funds and add a special community feeling to the ultimate exercise of democracy – choosing a government.

Zareh Ghazarian 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. Early voting opens in the federal election – but it brings some problems for voters and parties – https://theconversation.com/early-voting-opens-in-the-federal-election-but-it-brings-some-problems-for-voters-and-parties-254172

MIL-Evening Report: Rates will never be enough – councils need the power to raise money in other ways

Source: The Conversation (Au and NZ) – By Guy C. Charlton, Adjunct Associate Professor at Auckland University of Technology and Associate Professor, University of New England

Getty Images

You might have recently received voting papers for your local body elections. Going by our historically low participation rates, many of those envelopes will remain unopened.

This is a shame, because New Zealand’s local authorities face major financial challenges that affect nearly everyone. Only by increasing democratic engagement and giving ratepayers more reason to vote will real change happen.

Local Government New Zealand recently estimated an extra NZ$11 billion is needed over the next seven years to meet unexpected cost increases. The credit rating agency S&P Global has downgraded 18 councils and three council-controlled organisations, and given negative outlooks to three more councils.

The auditor-general reported in February that inflation has driven up the costs of construction, insurance and debt servicing. This is putting pressure on operational expenses and capital improvements at the same time as demand for council services is increasing.

The central government problem

Central government supports councils primarily through grants, subsidies, shared revenue (such as from road taxes) and development contributions. But its main response to the financial stress now being felt has been to urge local governments to focus on “core tasks”, not “pet” and “vanity” projects.

To that end, the government has introduced annual council benchmark reports that will compare rates, debt levels, capital spending breakdowns and road conditions. It is also amending in the Local Government Act to remove references to the social, economic, environmental and cultural wellbeing of communities.

It also wants to encourage inter-council cooperation with its Regional Deals Strategic Framework and streamline resource management requirements that it believes hinder economic development.

It is unlikely these measures will be enough. Government contributions to councils have averaged around 10% of local government operating income since 2000, not enough to meet increasing legal and infrastructure costs.

Other OECD countries transfer significantly higher proportions of central taxes to local governments. In New Zealand, this might include central government reimbursing taxes and other revenues it captures due to local government activity (such the GST on rates).

The government could also pick up local costs that have national benefits, such as water and wastewater capacity at prime international tourism destinations. But more fundamental reform is needed.

Councils’ operational budgets are static while demand for their services are increasing.
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Rates aren’t enough

At the moment, councils generate about 80% of their income from general and targeted rates, with the rest coming from things such as parking fines, amenities fees and investment interest.

This heavy reliance of rates is clearly inadequate to pay for local operational and infrastructure costs. This is despite recent court decisions giving councils more leeway to set, raise and target rates.

But to really make a difference, councils must also be given the legal authority to raise additional revenue themselves. This could include excise taxes on petrol and visitor accommodation, sales taxes and stamp duties.

As the recently repealed Auckland regional fuel tax demonstrated, excise taxes can be an effective way to raise funds for specific activities. The roughly $780 million it raised helped pay for the Eastern Busway ($272 million) and new commuter train cars ($330 million).

Room or lodging levies on overnight stays in hotels, motels, campgrounds, Airbnb and other short-term visitor rentals can help mitigate the impacts of tourism on local infrastructure and services.

In the Queenstown Lakes district, for example, a 5% levy on the estimated $413 million spent on accommodation in 2023 would generate $210 million over ten years, about 30% of the $756 million cost attributed to tourism.

Councils could also add a small extra levy on GST in their regions, a common practice in many large American cities and counties. Or they could apply a stamp duty on things like real estate transactions as Australia does.

Stamp duties might be a political non-starter in New Zealand. But what are known as “tax incremental districts” could be an effective way of offsetting the infrastructure and public facilities costs of new developments or economic revitalisation projects.

These schemes work by applying incremental increases in rates during the private development of an area. Done properly, they can be useful in brownfield redevelopment sites, as well as speeding up housing developments on city fringes.

Reinvigorating local democracy

New taxes are rarely popular, and selling the idea of local governments levying other sources of revenue to already stretched ratepayers will be difficult. But infrastructure and other costs cannot simply be ignored and passed down to future generations.

On top of more funding from central government, local authorities need the flexibility to creatively address their financial and infrastructure needs. The decision on whether and how they do this ultimately resides with ratepayers and electors.

Having more authority would also create more accountability in local government, reinvigorate local democracy and encourage overall policy innovation.

Without greater funding authority and fewer constraints on their activities, elected community representatives risk becoming mere administrators of central government policy rather than truly reflecting and shaping their electorates.

The author thanks Avi Charlton Diesch, a post-graduate student in finance at the University of Hong Kong, for his help with the preparation of this article.

Guy C. Charlton 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. Rates will never be enough – councils need the power to raise money in other ways – https://theconversation.com/rates-will-never-be-enough-councils-need-the-power-to-raise-money-in-other-ways-252718

MIL-OSI: Zero Downtime, Full Transparency: UCFX Markets Raises the Industry Standard

Source: GlobeNewswire (MIL-OSI)

London, UK, April 21, 2025 (GLOBE NEWSWIRE) — In a time when traders are demanding clarity, performance, and accountability, UCFX Markets has emerged as a beacon of trust, efficiency, and modern trading architecture. With its recent announcement of zero system downtime and full trade transparency, the platform is drawing praise from analysts, high-volume traders, and everyday investors alike.

This dual milestone—infrastructure reliability and complete visibility into trades, pricing, and fees—has elevated UCFX Markets into a category of its own, especially as global platforms continue to suffer from lag, withdrawal delays, and policy confusion. As noted in a series of recent independent UCFXMarkets reviews, the company is delivering not just promises, but measurable performance.

Technology That Doesn’t Sleep

Since the beginning of 2025, UCFX Markets has achieved and maintained 100% operational uptime, a metric that few competitors can match. During major market events—including January’s unexpected altcoin surge and March’s Bitcoin correction—the platform experienced no outages or slowdowns, enabling traders to enter, manage, and exit positions in real time without risk of system-related loss.

“Our clients never have to worry about platform failure during volatile conditions,” said a senior infrastructure engineer at UCFX Markets. “Whether they’re day-trading, swing-trading, or holding long-term, they know the system will be there. No blackout windows. No server crashes.”

This commitment to consistency has sparked a surge in UCFXMarkets reviews, particularly from traders who have grown frustrated with unreliable platforms that freeze or disconnect during peak demand hours.

Full Transparency: From Fees to Execution

Beyond stability, UCFX Markets is also setting the bar for transparency. Clients now have access to:

Live trade audit logs
Real-time spread visibility
Instant fee breakdowns
AI-generated trade rationale reports

This level of openness has resonated with both retail and professional traders, many of whom have spent years navigating platforms with hidden charges or unclear execution histories.

“Transparency builds trust. And in 2025, trust is everything,” said a spokesperson for UCFX Markets. “We believe that traders deserve to see exactly how every trade is processed—and exactly what it costs.”

According to one recent financial report, over 78% of new clients cited transparency and system stability as the key reasons for moving to the platform. This has led to an influx of glowing UCFXMarkets reviews from users across Europe, Australia, and Asia.

What Traders Are Saying

Below are four real-world testimonials from verified clients now actively trading with UCFX Markets:

Liam H. – Manchester, UK
“I’ve used at least six trading platforms in the past five years. None come close to the stability and transparency of UCFX Markets. I don’t have to guess what’s happening with my orders. Everything’s logged and clear. I’ve already written multiple UCFXMarkets reviews because they earned it.”

Amelia W. – Sydney, Australia
“During the last flash crash, my previous platform froze completely. I lost over $4,000. That’s when I switched to UCFX Markets. Their uptime is unmatched, and the risk monitoring tools helped me protect every position. Highly recommend.”

Jonas L. – Berlin, Germany
“As someone managing multiple accounts, transparency is non-negotiable. I’ve had platforms lock me out, delay withdrawals, or hide spreads. With UCFX Markets, it’s all laid out. Nothing hidden. My team and I now manage all of our trades here.”

Rachel T. – Toronto, Canada
“It’s the only platform I’ve used where everything works exactly as promised. From deposits to withdrawals to reporting—it’s seamless. I’ve shared UCFXMarkets reviews with friends and colleagues because people deserve better options in crypto trading.”

The Industry Takes Notice

UCFX Markets’ consistent execution and operational integrity have not gone unnoticed. Independent rating firms and fintech publications are beginning to highlight the platform as a rising force in crypto and forex, especially among self-managed traders, portfolio managers, and regulated institutional desks.

The company is also gaining attention for its no-nonsense approach to compliance, offering streamlined KYC processes that meet international standards without unnecessary delays or hurdles. Combined with its real-time trade audit tools, UCFX Markets is positioning itself as a regulation-ready alternative for both individual and enterprise clients.

Looking Ahead: Smarter, Safer, Faster

UCFX Markets’ roadmap for 2025 includes:

Advanced AI-driven trade strategy modeling
Multilingual, around-the-clock support based in EU and APAC
Custom dashboard environments for fund managers and quant traders
Launch of smart trading alerts integrated with mobile apps

These innovations are expected to further boost user satisfaction and enhance already glowing UCFXMarkets reviews seen across fintech communities and trust platforms.

Conclusion

In a market flooded with short-lived platforms and empty promises, UCFX Markets is raising the bar through performance, clarity, and total reliability. With zero downtime and fully transparent operations, it offers a clear path forward for traders who demand both trust and results.

MIL-OSI USA: SCHUMER: SAVE OUR SMALL BUSINESSES FROM TRUMP’S TARIFF WAR; STANDING AT ALBANY’S YONO’S RESTAURANT WITH CAPITAL REGION BUSINESSES THAT ARE SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS,…

US Senate News:

Source: United States Senator for New York Charles E Schumer
Albany’s Renowned Yono’s Restaurant Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers In Capital Region Like Latham Pool Are Already Seeing Costs Spike From Trade War With Canada
Senator Says 14,000 NY-ers In The Capital Region Work In Industries Directly Impacted By Tariffs, And Albany Families Could See Prices Rise Nearly $5,000 More A Year
Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Albany’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Albany’s renowned Yono’s Restaurant with Capital Region small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in the Capital Region estimated to be hit with nearly $5,000 in higher prices per year.
Schumer said every day this chaos continues it risks more than 14,000 jobs in the Capital Region in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
“Albany and the Capital Region are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of the Capital Region and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout the Capital Region and across Upstate New York.”
Schumer explained Capital Region restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
A New York Times analysis found that over 14,000 New Yorkers across the Capital Region including 4,400 in Albany County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
Yono’s Restaurant has Indonesian influences and relies on spices and fruits that are not widely produced domestically, such as coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, and galangal. Without knowing how much they will cost, it is impossible for Yono’s to plan its menu, which they often shift seasonally, and now they do not know which products they can maintain a consistent, affordable supply of. In addition, as the market has shifted to more takeout and delivery options, Yono’s has relied on imported containers and bags that are already more expensive and could get more expensive with tariffs in effect.
The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
“Here at Yono’s we support an immense amount of USA grown meats, vegetables, cheeses, beer, spirits and wine. However our guests appreciate a broad amount of options. We use coconut milk, lemongrass, kaffir lime leaves, palm sugar, chilies, galangal, and pandan. These items are not able to be grown in the USA, let alone in the amounts we need. We also import lamb from New Zealand and Australia. Of course, he biggest items imported that affect us will be coffee (99.5% of the coffee consumed in the USA is imported). We can only grow coffee in Hawaii in this county. Even our fine wine glasses come from Austria,” said Dominick Purnomo, of Yono’s Restaurant.
Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
“New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
Other businesses across industries are also facing uncertainty. Latham Pool, the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand, has called the Capital Region its home for nearly 70 years. Latham Pool has 1,500 employees including 300 in New York State, mostly in the Capital Region. Tariffs on foreign goods – especially aluminum and steel – are impacting Latham Pool’s ability to serve its customers and his company along with so many others are deeply fearful of customers pulling back. We are already seeing these fears manifest across America as consumer confidence is cratering and is the lowest it has been in years due to tariffs.
Latham Pool estimates that 15-20% of their materials are sourced from overseas and will be impacted by the tariffs. Worse, they are impacted by the devolving trade relationship with Canada, where the Canadian reciprocal tariff now disadvantages their products for sale in Canada, which has been a strong market for them.
The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

MIL OSI USA News –

MIL-OSI USA: SCHUMER: SAVE OUR RESTAURANTS & SMALL BUSINESSES FROM TRUMP’S TARIFF WAR, STANDING WITH CENTRAL NY BUSINESSES SEEING MAJOR PRICE INCREASES HURTING FAMILIES & LOCAL JOBS, SENATOR ANNOUNCES SENATE DEMS…

US Senate News:

Source: United States Senator for New York Charles E Schumer
Syracuse’s Renowned Emerald Cocktail Kitchen Is In Panic Over Trump’s Tariffs That Threaten Their Business, And Small Businesses & Manufacturers Across Central NY Are Already Seeing Costs Spike From Trade War With Canada
Senator Says 16,000 NY-ers In Central NY Work In Industries Directly Impacted By Tariffs, And Syracuse Families Could See Prices Rise Nearly $5,000 More A Year
Schumer: We Need To Save Our Restaurants & Small Businesses From Trump’s Tariff War That Is Raising Prices And Killing Jobs
To kickstart National Cost of Living Week of Action, with Trump’s tariff war hammering Syracuse’s restaurants and small businesses, U.S. Senator Chuck Schumer today stood at Syracuse’s renowned Emerald Cocktail Kitchen with Central NY small business leaders who are feeling major hits to their bottom line due to tariffs. The senator said this chaotic, self-destructive tariff war has Upstate NY restaurants, local businesses, and working- and middle-class families footing the bill, with the average family in Central NY estimated to be hit with nearly $5,000 in higher prices per year.
Schumer said every day this chaos continues it risks more than 16,000 jobs in Central NY in industries impacted by the tariffs and even more jobs in Upstate NY’s vital recreation and tourism industries. Schumer said enough is enough, and announced that when the Senate returns he will force a vote to end Trump’s trade war.
“Syracuse and Central New York are on the frontlines of Trump’s destructive tariff war. Let’s be clear: these tariffs are a tax increase on Upstate NY. Family restaurants are the heart and soul of Central New York and the backbone of Main Streets across Upstate New York. They are still recovering from the pandemic. They can’t afford to eat price increases when Trump slaps them with tariffs and neither can their customers. Small businesses and manufacturers have already seen costs skyrocket, and some are being hit with a double whammy as tourism & business from Canada dries up from Trump’s actions. No small business or restaurant in Upstate NY or anywhere in America can operate with this kind of uncertainty,” said Senator Schumer. “We need to save our restaurants & small businesses from Trump’s tariff war. That’s why when the Senate returns, I will force a vote to end this reckless trade war. This is a vital ingredient to protect restaurants and families throughout Central New York and across Upstate New York.”
Schumer explained Central NY restaurants were already hit hard by the pandemic and many are still trying to recover. Schumer explained that restaurants operate on some of the slimmest margins – typically 3 to 5 percent – which could shrink more as tariffs go into effect. Since ingredients are perishable, restaurants don’t have the option of stockpiling materials and they can’t change suppliers on a whim. With the threat of tariffs looming, prices across the board have increased and restaurant owners are worried that customers can’t afford to go out to eat anymore. Without business, they might not be able to recover and would be forced to lay off staff, or worse, close their doors.
A New York Times analysis found that over 16,000 New Yorkers across Central NY including 10,000 in Onondaga County work in industries targeted by Trump’s tariffs, which does not even account for all the related jobs, including in the tourism and recreation industries, that are also being impacted by the damage of this trade war. According to the Main Street Alliance, a network of small businesses, 81.5% of small business respondents to a recent survey indicated they would raise prices for consumers due to tariffs and 31.5% indicated they would lay off employees as a result of the increased costs from tariffs.
The tariffs are also creating uncertainty for families and jobs and are expected to increase costs for the average American family by nearly $5,000 a year, while families are struggling to plan for the future without assurances about their jobs.
At the Emerald Cocktail Kitchen, co-founded by local businesswomen Michelle and Nora Roesch, Trump’s tariffs have already begun to take root and are among the Roesch’s chief concerns moving forward, with some of their liquor and wine being imported from Canada and other countries. On the food side of the house, Emerald’s culinary experts use cheeses like feta and gouda, imported from Greece and the Netherlands, as key ingredients in their burgers, pizzas and salads. They also use fruits and other products imported from Canada and Mexico.
In addition to the wide ranging impact that tariffs will have on Emerald Cocktail Kitchen’s menu, they are driving increased costs across the board, which in turn are driving down consumer discretionary spending. As a result, Emerald Cocktail Kitchen customers have started spending less money on an average visit and opting to save by skipping an appetizer or desert. With customers spending less, the business brings in less and employees receive less in tips on smaller checks. Altogether, Trump’s tariffs have left small businesses like Emerald Cocktail Kitchen exposed to significant impacts, uncertain about how to proceed, and uneasy about what could be next.
The senator said unpredictability makes it difficult for local restaurants to plan for tomorrow, especially when they are already operating on such small margins. For example, when asked about catering orders, owners aren’t sure how to quote orders and are faced with the option of facing sky-high prices when planned events roll around, or even needing to turn down customers. These added challenges make it more difficult for small restaurants to survive against larger chain restaurants.
“Imported goods like tequila, gin, prosecco, Aperol, avocados, limes, feta, gouda, and more – all of which are staples behind our bar and in our kitchen – have surged in price as a result of recent United States tariff policy decisions. In Central New York, small businesses like ours depend on steady customer traffic and predictable costs to survive. Unfortunately, the administration’s back-and-forth approach to tariff implementation has made long-term planning feel impossible,” said Michelle Roesch, Co-owner of Emerald Cocktail Kitchen. “For small Syracuse businesses like ours, Trump’s tariffs have created the same kind of stress and uncertainty we felt during COVID – except this time, it’s self-inflicted. As a result, customers are watching their wallets, staff are taking home smaller tips, and we’ve had to cut back on bulk orders. We need trade policies that lift up small and local businesses, not weigh them down. That is why I am proud to stand in support of Senator Schumer as he fights to force a vote Trump’s trade war in support of small businesses here in Syracuse and all across Upstate NY.”
Schumer added, “If this tariff war continues, it could devastate Upstate NY’s economy in ways we haven’t seen since the height of the pandemic. Our local restaurants and other small businesses are already operating on razor thin margins and now they’re being forced into difficult decisions, including if the increase in costs means they will need to raise prices for customers, lay off staff, or even close their business altogether. That is unacceptable.”
Other businesses across industries are also facing uncertainty. In the City of Syracuse alone, tariffs are among the top concerns at restaurants and artisanal food shops like The Wedge and the Curd Nerd, veteran-owned businesses like Talking Cursive Brewing Company, and local food vendors like Firecracker Thai Kitchen at Salt City Market. Elsewhere in Central New York, 5th generation family and employee-owned northern hardwood lumber producer, Gutchess Lumber, and it’s 500 employee-owners are also bracing for negative impacts to their business.
In the North Country, Trump’s tariffs and trade war with Canada have already taken a toll on craft breweries like 1812 Brewing Company in Watertown, manufacturing companies like AmTech Yarns in Massena, and transportation authorities like the Ogdensburg Bridge & Port Authority. In addition, Alcoa, an aluminum producer based in the North Country, predicts tariffs will cost the company an additional $90 million this quarter alone.
In the Mohawk Valley, local coffee shops like Character Coffee in the City of Utica, and trendy fast-casual restaurants like Laffa’s Mediterranean Grill in the Town of New Hartford have both started to feel the impact of tariffs.
“New York State restaurants have faced immense challenges in recent years. From the hardships caused by the COVID-19 pandemic to the soaring price increases driven by inflation and the rising cost of living, many restaurants have fought to stay afloat. The implementation of these new tariffs is yet another blow to an already struggling industry. Tariffs on food and beverages will place an additional strain on restaurants, ultimately leading to higher prices that will be passed on to consumers. Restaurants are not only a cornerstone of New York State’s economy but also serve as essential gathering places for communities to come together and enjoy each other’s company. Simply put, the tariffs are just an unnecessary burden on an industry barely hanging on. We urge the Administration to control consumer price increases as much as possible by exempting food and beverage items from future tariffs,” said Melissa Fleischut, President and CEO of the New York State Restaurant Association.
“At a small business like Firecracker Thai, we feel the impact of tariffs and increased costs on every single order and with every single purchase. We plan to increase menu prices by 10-15% to help offset rising costs, but our prices can only go so high before we risk pricing out customers. Unfortunately, our planned 10-15% increase is not enough to cover all of our increased costs, so the remainder will take a bite out of our bottom line,” said Sarah Tong-Ngork, Owner of Firecracker Thai Kitchen. “In addition, tariffs have made it more difficult to find authentic, imported ingredients like Jasmine Rice and Rice Noodles at local markets. After the devastating impact that COVID had on the food service industry, the last thing we need is to increase prices and disrupt supply chains. I would like to thank Senator Schumer for coming to Syracuse to fight for small businesses like Firecracker Thai and small business owners like me.”
“As a small craft brewery in Central New York, Talking Cursive Brewing Company faces significant challenges due to tariffs. We rely on imported aluminum cans from Canada, as well as hops and grain from the EU, Australia, and New Zealand. These tariffs, coupled with their ripple effects on the global economy, have been compounded by other actions from the current administration that are reshaping travel, tourism, and consumer behavior. While we experienced a brief uptick in business at the end of 2024 and into January, February and March of this year have seen a sharp decline, with customer counts and sales dropping more than 25% year-over-year. This marks the first time in our seven years of operation that we’ve faced such a downturn in the first quarter,” said Andrew Brooks, Co-Owner of Talking Cursive Brewing Company. “Tourism is a vital part of our business, especially in the summer when 15-20% of our customers are tourists, including about 7% from Canada. Many Canadians I know that travel here often have expressed that they feel disrespected by the current administration, and no longer plan to visit the U.S. in the near future. This decline in tourism directly impacts the revenue of both our tasting room and accounts that we distribute to across New York, including several in the Thousands Islands Region that depend on Canadian tourists. We anticipate a significant loss of sales in that region and will need to reassess the viability of distributing there. I appreciate the efforts that Senator Schumer is taking to help support small businesses like ours during these challenging times.”
“Over the last 24 month, 1812 Brewing Company has invested hundreds of man hours and significant capital to gain entry into the Ontario, Canada market. Because of recently implemented tariffs, the Provincial Government of Ontario has put a stop on the purchase of all American-made craft beer, including our gold medal winning War of 1812 Amber Ale. This will immediately cut off around 10% of our sales,” said Thomas W. Scozzafava, Chairman & CEO of 1812 Brewing Company. “Although relatively small, 1812 Brewing Company and its employees will be hurt by an escalating Trade War with Canada, which could ultimately result in the loss of jobs in our local plant. I hope that those deciding these policies – on both sides of the aisle – understand the true human impact of sudden and dramatic changes to the parameters of trade with our Canadian partners. I thank Senator Schumer for sticking up for small businesses like 1812 and always fighting to protect New York State’s craft breweries.”
“As the owner of Character Coffee in Utica, I rely on specialty roasters who are already feeling the impact of new tariffs. Coffee isn’t grown in the U.S. — so by design, our industry depends on farmers around the world. Even more concerning, these tariffs are piling onto an already fragile supply chain, strained by climate shifts and a year of poor harvests. It’s not just the coffee we have to worry about, but everything from cups and lids to delivery fees,” said Katie Aiello, Owner of Character Coffee. “When costs rise, customers pull back — starting with discretionary spending like grabbing a cup of coffee. The uncertainty is costly too. It’s hard to plan, price, or grow when every week brings new instability in the market. Independent cafes aren’t faceless corporations. We’re local businesses trying to offer good jobs, contribute to the community, and serve something meaningful. These tariffs threaten that. We urgently need thoughtful trade policy that protects American small businesses, and that is why I am proud to stand alongside Senator Schumer in Syracuse today to join in his fight for to safeguard locals businesses like mine.”
“Since we opened in 2021, rising costs have been one of our biggest challenges, and we’ve had no choice but to pass some of that burden onto our customers just to stay open. With tariffs on the horizon, we’re already seeing price hikes on ingredients we depend on, like kalamata olives, tahini, and feta,” said Elias Zeina, Owner of Lafa Mediterranean. “It’s heartbreaking—we’re trying to protect our team and our guests, but I worry about how much more our customers can take. Small business owners like me are feeling squeezed, and our customers are the ones paying the price.
The whiplash and uncertainty over tariffs have also sent the economy into a tailspin. Trump previously delayed the start of his tariffs twice and canceled across-the-board tariffs six days after implementing them. Uncertainty is causing the stock market to fall, causing chaos for restaurants to operate, and shaking the job market.
Schumer said the Senate has a plan to end this dangerous trade war and protect Upstate NY businesses. Earlier this month, the Senate passed a bipartisan resolution to end tariffs on Canada and urged the House to pass it as well. Schumer also said when the Senate returns, he will force a vote to reverse these new taxes of 10% on all imported goods and end the looming threat of additional tariffs of up to 49% on products Americans buy from other countries. Schumer said ending this costly trade war is key to protecting New York from price increases and job losses as a result of tariffs on Canada.
Schumer concluded, “I am all for addressing trade imbalances—I have always been a China hawk and have long fought against unfair trade practices, but these sweeping, ill-conceived tariffs are creating chaos and undermining those goals. Rather than uniting the world against China, Trump has united them against us! No matter which way you slice it, costs are going to skyrocket for our local restaurants and consumers. If you’re in Upstate New York, you’ll feel it first, and worse than just about anywhere in the country. We need everyone, especially NY Republicans, to stand up against Trump’s senseless, job-killing, cost-increasing tax on Upstate New Yorkers.”
When the Senate returns, it will vote on a bipartisan resolution that would terminate the emergency declared by Trump to authorize his global tariffs. If the resolution is enacted into law, the tariffs would be rescinded. The Senate also previously passed a bipartisan resolution terminating Trump’s national emergency that is justifying his destructive tariffs on Canada, which Schumer said the House needs to vote on. Schumer has been a vocal supporter of both resolutions.

MIL OSI USA News –

MIL-OSI Economics: Global nuclear power capacity to reach 494GW by 2035, driven by advancements in SMRs and clean energy shift, says GlobalData

Source: GlobalData

Global nuclear power capacity to reach 494GW by 2035, driven by advancements in SMRs and clean energy shift, says GlobalData

Posted in Power

The global nuclear power sector has witnessed steady growth in recent years, driven by the need for low-carbon baseload power, energy security, and a renewed interest in decarbonizing industrial sectors. New capacity additions, advancements in reactor technology with small modular reactors (SMRs) emerging as a transformative solution, and supportive policies have contributed to increased generation and reinforced the role of nuclear power in the energy transition. Against this backdrop, nuclear capacity is forecast to grow from 395GW in 2024 to 494GW by 2035, according to GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Nuclear Power Market, Update 2025 – Market Size, Segmentation, Major Trends, and Key Country Analysis to 2035,” reveals that nuclear electricity generation will rise from 2,616 TWh to 3,410 TWh over 2024-35, reflecting a CAGR of 2%. While nuclear power accounted for around 9% of global electricity generation, countries with aging reactors have pursued lifetime extensions, while others have aggressively expanded their nuclear fleets, especially in Asia.

The US remains the world’s largest producer of nuclear power, with 97GW of installed capacity generating 787.6 TWh in 2024. France, which relies on nuclear for over 60% of its electricity, follows with 61.4GW and 333.3 TWh of annual generation. China, with the youngest and fastest-growing nuclear fleet, has expanded its capacity to 56GW, producing 386.1 TWh, surpassing France in total nuclear electricity generation.

Mohammed Ziauddin, Power Analyst at GlobalData, comments “The growing focus on energy security due to geopolitical tensions, increasing demand for low-carbon dispatchable power, government support through regulations and incentives such as grants, loan guarantees, production and investment tax credits (PTCs and ITCs), and market-based mechanisms like Contracts for Difference (CfDs), advancements in SMRs and next-gen technologies, and a surge in electricity demand from data centers are the major reasons behind the increasing adoption of nuclear energy worldwide.”

Unlike traditional large-scale nuclear reactors, SMRs offer compact designs, flexible deployment, and advanced safety features that make them well-suited for remote regions, smaller grids, and industrial applications. With capacities typically under 300MW, SMRs can be factory-fabricated, transported, and assembled on-site, significantly reducing construction time and costs.

The global SMR pipeline is expanding rapidly, with over 100 reactors at various stages of development. Although only a few SMRs are currently operational, primarily in Russia and China, the next decade is expected to bring a significant increase in new capacity, with more than 10,000MW anticipated by 2035. Countries such as the US, Canada, the UK, China, and Russia are leading the charge with diverse deployment strategies, marking SMRs as a key pillar in the global transition toward secure, low-carbon energy systems.

Zia concludes: “With growing concerns over climate change and energy security, nuclear power has re-emerged as a crucial pillar in the global energy transition. Governments across the world are implementing ambitious net-zero targets and investing in clean, dispatchable energy sources to decarbonize their economies. Nuclear energy, with its ability to provide reliable baseload power and reduce dependency on fossil fuels, is playing a vital role in this transition.

“As countries ramp up their focus on SMRs, lifetime extensions, and advanced nuclear technologies, the nuclear power market is poised for long-term growth, driven by the dual goals of energy resilience and climate neutrality.”

MIL OSI Economics –

MIL-OSI Economics: Thailand credit and charge card payments market to surpass $65 billion in 2025, forecasts GlobalData

Source: GlobalData

Thailand credit and charge card payments market to surpass $65 billion in 2025, forecasts GlobalData

Posted in Banking

Thailand’s credit and charge card payments market is projected to reach THB2.3 trillion ($65.6 billion) in 2025, reflecting a robust growth of 7.1% compared to the previous year, driven by the increasing adoption of digital payment solutions and a shift in consumer behavior towards cashless transactions, according to GlobalData, a leading data and analytics company.

GlobalData’s Payment Cards Analytics reveals that credit and charge card payment value in Thailand registered a growth of 7.1% in 2024, driven by the rise in consumer spending. The value is forecast to register a compound annual growth rate (CAGR) of 9.0% between 2025 and 2029 to reach THB3.3 trillion ($92.6 billion) in 2029.

Poornima Chinta, Banking and Payments Analyst at GlobalData, comments: “Despite having a lower penetration than debit cards, credit and charge cards are preferred for payments, accounting for an estimated 93.8% of card payment value in 2025. The average frequency of payments per card stands at 37.9 times in 2025, compared to 3.1 times for debit cards. The steady rise in the middle class and young working population coupled with a developing payment infrastructure and a growing e-commerce market are all supporting this growth.”

The growth of credit and charge card usage is primarily driven by value-added benefits such as reward points, discounts, flexible payment facilities, and cashbacks. SCB Bank offers its CardX credit card customers a 0% installment payment facility, enabling them to settle purchases in four equal monthly installments through the SCB EASY app from January 1, 2025, to December 31, 2025.

A developing POS infrastructure is also supporting the rise of credit and charge cards in Thailand. The number of POS terminals per million inhabitants in the country increased from 12,501 in 2020 to 13,507 in 2024, though there is significant room for further expansion of the POS infrastructure.

Payment providers are introducing various initiatives to boost card acceptance among merchants. One such effort is the ‘Effortless Payment Processing’ campaign, launched in September 2024 by SCB Bank in partnership with Mastercard and Soft Space. The campaign aims to accelerate SoftPOS adoption by offering eligible merchants Android devices for ‘SCB Tap-To-Pay’ contactless payments.

Chinta concludes: “The Thai credit and charge card payments market is expected to continue its upward growth trajectory in the next five years. A developing payment infrastructure, rise in consumer spending, and growth in e-commerce payments will continue to push credit and charge card payments usage in Thailand. However, the global and Thai economies face potential headwinds from recent global trade wars stemming from US import tariffs. Any adverse impact could restrict consumer spending, thereby affecting the Thai credit and charge card market.”

MIL OSI Economics –

MIL-OSI United Nations: [UNDRR-CCFLA-MCR2030] Investing in Urban Climate Resilience: From Project Preparation to Implementation

Source: UNISDR Disaster Risk Reduction

Time: 09:00 London | 17:00 Incheon
Date: 22 May 2025 (Thursday)
Event Language: English

Description

Cities face many critical challenges in accessing financial resources for adaptation and resilience projects, including for disaster response and preparedness. Among these are challenges with the capacity of cities to develop investible adaptation and resilience projects and implement technical solutions to climate hazards.

This one-hour webinar aims to provide attendees with an understanding of the landscape of urban climate finance, introduce the project preparation process, and share examples of successful implementation of adaptation and resilience actions in global cities. The session will also showcase tools available by the Cities Climate Finance Leadership Alliance (CCFLA) and its members that city and subnational governments can use to enhance their project preparation capacity and develop investible projects to enhance their resilience to climate hazards and disasters.

Hosted by the United Nations Office for Disaster Risk Reduction Global Education and Training Institute (UNDRR GETI), the webinar is open to local government officials and relevant stakeholders, especially those responsible for disaster and climate actions and seeking next steps towards accessing finance for implementation.

Guest Speakers:

Kristiina Yang, Manager, CCFLA
Alastair Mayes, Program Associate, CCFLA

Organizers:

Cities Climate Finance Leadership Alliance (CCFLA)
United Nations Office for Disaster Risk Reduction, Global Education and Training Institute (UNDRR GETI)
Making Cities Resilient 2030 (MCR2030)

About the organizers

Cities Climate Finance Leadership Alliance (CCFLA)

CCFLA is the main multi-level and multi-stakeholder coalition aimed at closing the investment gap for urban subnational climate projects and infrastructure worldwide, launched at the United Nations Secretary General’s Climate Summit in September 2014 and renewed at the United Nations Secretary General’s Climate Summit in September 2019. CCFLA provides a platform to convene and exchange knowledge among all relevant actors dedicated to urban development, climate action, and/or financing.

CCFLA’s 80+ members include public and private finance institutions, national governments, international organizations, NGOs, research groups, UN organizations, and city and regional networks that represent most of the world’s largest cities. CCFLA works across several key thematic areas including tracking urban climate finance, project preparation, urban adaptation and resilience finance, private sector mobilization, and public sector and enabling environments.
The CCFLA Secretariat is hosted by Climate Policy Initiative (CPI).

For more information: https://citiesclimatefinance.org

UNDRR Global Education and Training Institute (UNDRR GETI)

UNDRR GETI was established in 2010 to develop a new cadre of professionals in disaster risk reduction and climate change adaptation to build disaster resilient societies. GETI has a global mandate to provide capacity building support to mainstream disaster risk reduction and climate change adaptation into sustainable development; convene and support inter-city learning to strengthen resilience (Making Cities Resilient); and to provide capacity building and best practice sharing support to national training institutions working on resilience issues. Based in Incheon, the Republic of Korea, UNDRR GETI is also the global secretariat of the Making Cities Resilient 2030 (MCR2030).

For more information: https://www.undrr.org/about-undrr-where-we-work/incheon

Making Cities Resilient 2030 (MCR2030)

The Making Cities Resilient 2030 (MCR2030) is a unique cross-stakeholder initiative for improving local resilience through advocacy, sharing knowledge and experiences, establishing mutually reinforcing city-to-city learning networks, injecting technical expertise, connecting multiple layers of government and building partnerships. Through delivering a clear 3-stage roadmap to urban resilience, providing tools, access to knowledge, monitoring and reporting tools. MCR2030 will support cities on their journey to reduce risk and build resilience. MCR2030 aims to ensure cities become inclusive, safe, resilient and sustainable by 2030, contributing directly to the achievement of Sustainable Development Goal 11 (SDG11) “Make cities and human settlements inclusive, safe, resilient and sustainable”, and other global frameworks including the Sendai Framework for Disaster Risk Reduction, the Paris Agreement and the New Urban Agenda.

For more information: https://mcr2030.undrr.org

MIL OSI United Nations News –

https://x.com/Annapurna4BJP/status/1914326447118057770

MIL-OSI Asia-Pac: PoshanTracker Application receives the Prime Minister’s Award for Excellence in Public Administration 2024 under the Innovation category (centre) on 17th Civil Services Day

Source: Government of India

PoshanTracker Application receives the Prime Minister’s Award for Excellence in Public Administration 2024 under the Innovation category (centre) on 17th Civil Services Day

Breakout Session on Promoting Nutrition for Women and Children through Mission Saksham Anganwadi and POSHAN 2.0” held under the chairmanship of Union Minister of Women and Child Development, Smt. Annpurna Devi

There is a need for inter-departmental convergence, community participation, and tech-driven approaches—like the Poshan Tracker—for enhancing service delivery and impact: Smt Annpurna Devi

Posted On: 21 APR 2025 9:29PM by PIB Delhi

On the occasion of the 17^th Civil Services Day the PoshanTracker Application of Ministry of Women and Child Development, received the Prime Minister’s Award for Excellence in Public Administration 2024 under the Innovation category (centre). The award was received by the Secretary, Ministry of Women and Child Development, on behalf of the Ministry.

On the day a dedicated breakaway session titled “Promoting Nutrition for Women and Children through Mission Saksham Anganwadi and POSHAN 2.0” was also held from 3:30 PM to 5:00 PM under the chairmanship of Union Minister of Women and Child Development, Smt. Annpurna Devi.

Discussion Key highlights included:

Shri Anil Malik, Secretary, MWCD, presented an overview of national strategies and key milestones achieved in advancing women and child nutrition.
Dr. Bharati Kulkarni, Director, National Institute of Nutrition emphasized the importance of evidence-based, locally adapted nutrition interventions.
Smt. Leena Johri, Principal Secretary, Uttar Pradesh, and Smt. Rashmi Arun Shami, Principal Secretary, Madhya Pradesh, shared state-level innovations and success stories under POSHAN 2.0.

In her keynote address, Union Minister Smt. Annpurna Devi stressed the need for inter-departmental convergence, community participation, and tech-driven approaches—like the Poshan Tracker—for enhancing service delivery and impact. She reinforced the shared mission of ensuring a well-nourished, healthy future for India’s women and children. She also mentioned about the role of Poshan Tracker beneficiary module for citizen ownership and empowerment.

The session concluded with a vote of thanks by Shri Gyanesh Bharti, Additional Secretary, MoWCD appreciating the unwavering commitment of all participants to building a stronger, healthier India.

The breakout session was also attended by more than 500 participants across the country through webcast.

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SS/MS

(Release ID: 2123319) Visitor Counter : 16

MIL-OSI Asia-Pac: Three-Day State Mourning as a mark of respect on the passing away of His Holiness Pope Francis, Supreme Pontiff of the Holy See

Source: Government of India

Posted On: 21 APR 2025 10:09PM by PIB Delhi

His Holiness Pope Francis, Supreme Pontiff of the Holy See passed away today, the 21^st April, 2025. As a mark of respect, three-day State Mourning shall be observed throughout India, in the following manner:

Two days’ State Mourning on Tuesday, the 22^nd April, 2025 and Wednesday, the 23^rd April, 2025.
One day’s State Mourning on the day of the funeral.

During the period of the State Mourning, the National Flag will be flown at Half Mast throughout India on all buildings where the National Flag is flown regularly and there will be no official entertainment.

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RK / VV / RR / PS

(Release ID: 2123334) Visitor Counter : 229

MIL-OSI Asia-Pac: Union Minister Shri Jayant Chaudhary launches NSDC-PDEU Centre offering 40 skill courses at Gandhinagar in Gujarat

Source: Government of India

Union Minister Shri Jayant Chaudhary launches NSDC-PDEU Centre offering 40 skill courses at Gandhinagar in Gujarat

Online and hybrid courses in semiconductors, solar, and smart manufacturing to be offered at NSDC-PDEU Centre

Union Minister emphasizes the need for empowering universities to make them engines of national growth

Posted On: 21 APR 2025 6:45PM by PIB Delhi

Union Minister of State (Independent Charge) for Skill Development and Entrepreneurship & Minister of State, Ministry of Education Shri Jayant Chaudhary launched a Centre of Excellence (CoE) – jointly set up by National Skill Development Corporation (NSDC) and Pandit Deendayal Energy University (PDEU) – at Gandhinagar in Gujarat.

“Universities are not merely centres of academic learning—they are transformative bridges connecting young minds to the dynamic realities of the world. By equipping students with both technical expertise and a broad-based liberal education, they cultivate the ability to think critically, innovate fearlessly, and adapt with agility. Gujarat has emerged as a frontrunner in this journey, reshaping its higher education landscape through a strong focus on academic rigor, industry partnerships, and holistic development. And our universities are producing a generation that is not only employable but also imaginative, responsible, and deeply committed to the nation’s progress.”

Shri Jayant Chaudhary further emphasized the need for universities across India to realign with the evolving demands of industry and actively skill students in response. “We must empower our universities to become engines of innovation—not just to serve market needs, but to advance national growth. When universities lead innovation, it is driven by purpose—for the benefit of society and the nation at large.”

The Centre will be equipped with advanced manufacturing capabilities labs to provide specialised training. The centre will offer over 40 online and hybrid courses in sectors such as semiconductors manufacturing, renewable and non-renewables energy, digital edge, smart manufacturing, and more.

A Memorandum of Association (MoA) was signed earlier this month between NSDC and PDEU in this regard. These courses will cater to students from ITI, Diploma, undergraduate, and postgraduate programs. The curriculum is designed to equip learners from Tier-1, Tier-2 and Tier-3 institutes with hands-on experience in niche manufacturing skill sets across critical sectors, including energy, health, water and food.

Shri Ved Mani Tiwari, CEO of NSDC and MD of NSDC International, said, “At NSDC, our core mission is to make youth employable, and this collaboration will strengthen the skilling ecosystem. This collaboration will support the development of training infrastructure in smart manufacturing, along with Centres of Excellence focused on automotive, EV charging, renewable energy, and semiconductors. Training in the semiconductor domain is already underway, paving the way for youth to gain practical exposure in high-demand, future-oriented fields. Under the visionary leadership of Prime Minister Shri Narendra Modi, the NSDC is placing a strong emphasis on global certification programmes that enable Indian students to access world-class skills and compete confidently in the international job market. We are dedicated to making India’s youth employable, entrepreneurial, and future-ready.

“Through hybrid-mode training in renewable, non-renewable, and hydrogen energy technologies, India is equipping its youth to lead in the global energy revolution. This initiative ensures nationwide access, bridging gaps and empowering students across the country. It’s more than skill development—it’s nation building. These efforts boost youth employability while positioning India as a future global leader in the energy sector.”

This CoE will serve as a hub for hands-on learning, R&D, and real-time industry engagement in semiconductors, advanced manufacturing, embedded systems, and VLSI design, directly addressing the talent needs of these sectors. It will act as a crucible for developing specialised skills aligned with the national priorities of sustainable development and energy security. Students will be trained to become “Energy Ambassadors for the Nation.”

PDEU Director General S Sundar Manoharan said, “Aligning seamlessly with the visionary leadership of Prime Minister Shri Narendra Modi and his mission to empower youth and advance skill development across India, PDEU is committed to empower countless individuals nationwide, with Centres of Excellence playing a vital role in realizing the goals of Aatmanirbhar Bharat and Viksit Bharat.”

Underscoring the Gujarat Government’s strategic investments in these centres, he noted their crucial contribution to national missions—particularly in the realm of semiconductors—cementing India’s position as a global innovation hub.

The NSDC will play a key role in the smooth functioning of the CoE and in the seamless delivery of programmes to students. It will periodically monitor project progress to ensure that students receive quality training and are prepared for future job roles.

The PDEU, which has been at the forefront of energy transition and skill development, will leverage its expertise in different verticals, including solar and wind energy, lithium and vanadium energy storage, carbon capture and smart hybrid grids to prepare students for careers in these fields. It will empower students with industry-standard manufacturing lines, including the “45 MW Solar PV Manufacturing Line” and the ATMP Semiconductor Packaging Line.

The partnership between NSDC and PDEU marks a transformative step towards building a future-ready workforce, which is crucial for India’s economic growth and technological leadership. It will play a vital role in Make-in-India Readiness movement and accelerate the progress of Aatmanirbhar Bharat.

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Beena Yadav/Divyanshu Kumar

(Release ID: 2123253) Visitor Counter : 31

MIL-OSI Asia-Pac: Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

Source: Government of India

Union Minister Sarbananda Sonowal leads Commencement Ceremony of Cruise Operations from MICT in Mumbai, India’s largest Cruise Terminal

Sarbananda Sonowal inaugurate renovated Fire Memorial at Victoria Docks along with two other heritage buildings in Colaba; Boost to Green Port Initiatives with Shore to Ship Electric Supply along with ‘Sagar Upavan’ Garden

Sarbananda Sonowal attends MoU signing Ceremony for Three Agreements on Strategic Development of Vadhavan Port, aimed at Port Infra Development and Cargo Handling Facilities

Sarbananda Sonowal attends MoU signing ceremony for infra projects development worth ₹5700 crores at Vadhavan Port

Posted On: 21 APR 2025 6:43PM by PIB Delhi

The Union Minister of Ports, Shipping and Waterways (MoSPW), Shri Sarbananda Sonowal flagged off Cruise Operations from the Mumbai International Cruise Terminal (MICT), India’s largest cruise terminal, in Mumbai today. The Union Minister also inaugurated renovated Fire Memorial at Victoria Docks as well as renovated two heritage buildings — Fort House Ballard Estate and Evelyn House at Colaba. Sonowal also inaugurated Sagar Upvan garden along with Shore to Ship Electric Supply under Green Port Initiative.

The MICT, developed as per Cruise Bharat Mission, was developed as per latest global standards and is expected to take a pioneering role in developing cruise tourism in India. Spread over a built up area of more than 4,15,000 Square Feet, the MICT is developed at Ballard Pier. MICT is India’s largest world class cruise terminal. Equipped with 72 Check in and Immigration counters spreading over an area of 2,07,000 Square Feet on the first two floors (G+1) while the other two floors (2 + 3) are developed as Commercial Floors. The newly inaugurated MICT is designed to handle 1 million passengers every year with an approximate 10,000 passengers per day. It can also handle 5 ships simultaneously, with 11 meters draft and upto 300 meters length. At the parking space, more than 300 vehicles can be parked simultaneously.

Speaking on the commencement of Cruise Service from MICT, the Union Minister said, “The maritime history of Mumbai is rich and an integral part of our civilisation. As a coastal hub, it has served the nation handsomely with its bustling coastal business. It is only logical that we work towards realising Prime Minister Shri Narendra Modi ji’s vision of ‘Bharat becoming a global cruise hub through its state-of-the-art infrastructure.’ Today, Mumbai, with its longstanding repute as a major maritime hub in the world, commenced Cruise Operations from the Mumbai International Cruise Terminal, providing passengers modern amenities for a better and safer experience. This adds to our existing such top class international terminals at Visakhapatnam and Chennai. In order to celebrate the heroic contribution of Mumbai Port Fire Services personnel, the newly renovated Fire Memorial at Victoria Docks celebrates their distinctive service to the nation.”

MICT has been designed with a wavy ceiling reflecting the maritime identity with functional and minimalist architecture. MICT blends modern design with Mumbai’s maritime spirit—featuring fluid architecture, rose gold accents, and a sweeping ceiling. From heritage-inspired entry to sleek interiors with wave seating, selfie points, and maritime plaques, it offers a serene yet vibrant gateway to India’s emerging global cruise hub. MICT will provide enhanced passenger experience and position Mumbai as one of major hub for cruise tourism hub. The total investment in the MICT project has been ₹556 crores.

Elaborating on the vision of Cruise Bharat Mission, the Union Minister Shri Sarbananda Sonowal said, “PM Narendra Modi ji’s call for port-led prosperity has redefined our maritime ambitions. we also give momentum to the ‘Cruise Bharat Mission’—our resolve to make Bharat one of the top cruise destinations in the world. The mission embraces three pillars—Ocean and Harbour Cruises, River and Inland Cruises, and Island and Lighthouse Cruises. With a comprehensive strategy that combines digital ease, circuit integration, environmental sustainability, and global partnerships, This is India’s cruise awakening—bold, inclusive, and future-ready. Under the visionary leadership of hon’ble Prime Minister Shri Narendra Modi ji, India’s maritime sector has witnessed an astonishing transformation. it is the story of an India that believes in its potential and invests in its people.”

The renovated Fire Memorial at Victoria Docks, which was inaugurated by the Minister, is a solemn tribute to the Mumbai Port Fire Services personnel for their distinctive service to the nation. The fire memorial is renovated with “Golden Tears” theme as the tragic event which rained golden bricks were blown in the surrounding area of Port. To promote heritage and tourism, façade lighting was inaugurated at two iconic heritage buildings of MbPA – Port House at Ballard Estate and Evelyn House at Colaba — adding to the aesthetic and historical appeal of the city’s legacy.

In a boost to Green Port Initiative, the Shore to Ship Electric Supply at MbPA will help Tug boats and Coast Guard vessels, reduce emissions, bring in operational efficiency and reduce noise pollution. MbPA’s commitment to environmental sustainability and modernisation of port infrastructure, providing shore-based electric power will significantly enhance energy efficiency and operational cleanliness.

The rejuvenated Sagar Upvan Garden at Colaba was also inaugurated today. With support from Tata Trusts, the MbPA undertook extensive repair and enhancement works, including the restoration of the compound wall, construction of facilities for gardeners, along with a 25000 KLD Sewage Treatment Plant. Rich with more than 500 varieties of plants, it has scenic views of the Arabian Sea as well as Sassoon Docks. It has lush green lawns, sea-facing benches, and pathways ideal for jogging and walking along with a living laboratory for botany students and nature enthusiasts.

Union Minister Shri Sonowal also attended MoU signing ceremony for development of Infrastructure projects with investment worth of more than ₹5700 crores at Vadhavan Port, today. The agreements were signed for development of a terminal for handling container, bulk, and liquid cargo with investment of ₹4200 crores, development of a dedicated terminal for handling bulk and liquid cargo with an investment of ₹1,000 crores and development of a liquid cargo jetty and a tank farm with a capacity of 3,00,000 CBM for handling liquefied chemicals and related products with an investment of ₹500 crores.

Speaking at the MoU signing ceremony, Shri Sarbananda Sonowal said, “Our dynamic leader, Prime Minister Narendra Modi ji has given us a vision of transforming Vadhavan Port to become one of the Top 10 Global ports. As Vadhavan Port project is likely to power up India’s current capacity by more than three times, this is all weather, green field deep draft major port is going to act as a game changer for not only India’s maritime sector, but also enable regional trade. As India is poised to become a Viksit Bharat by 2047, this port is likely to act as a major growth multiplier. In this regard, the MoUs signed today adds towards creation of infrastructure and capacity of the Vadhavan port and helps us take another step towards realising the vision of PM, Shri Narendra Modi ji.”

The inauguration of fuel dispensing infrastructure — including two HSD units, one gasoline unit, and a fast electric vehicle (EV) charger — further bolsters the port’s push towards sustainable mobility within the operational area. The event also included the formal handover of key land assets. A charge certificate of the plot at Malet Bunder was handed over to JNPA for its corporate building. Another plot at Reay Road was transferred to the Hare Krishna Mission for social and community activities. Additionally, the E Shed at Mumbai Port was handed over to M/s Ruchi India Logistics to strengthen port-led logistics operations.

Speaking on the occasion, the Union Minister of State, MoPSW, Shri Shantanu Thakur said, “The launch of the new cruise service in Mumbai, restoration of Mumbai’s maritime heritage buildings, and green port initiatives mark a transformative step forward in realising Prime Minister Shri Narendra Modi ji’s vision of a sustainable, vibrant, and tourism-driven maritime economy that honours our past while embracing a cleaner, greener future. These efforts boost coastal tourism and urban renewal. They also reinforce India’s maritime leadership globally.”

The Cruise Bharat Mission has set ambitious yet achievable goals like Development of 10 international sea cruise terminals, creation of 100 river cruise terminals, Launch of 5 marinas along our coast, Seamless integration of more than 5000 km of waterways, Aiming for 1 million sea cruise passengers and 1.5 million river cruise passengers by 2029, creation of over 400 thousand direct and indirect jobs across the cruise value chain. Since 2014, the government under the leadership of PM Shri Narendra Modi, has led to a transformation of the maritime sector. The cargo handled at the major port cargo surged from 556 MMT in 2014 to 854 MMT in 2024-25 while costal cargo grew by 119%. The inland water cargo rose from 6.89 MMT to 133 MMT—a leap of over 1800%. The cruise passengers increased from 85,000 in 2014 to 4.71 lakh today, a phenomenal growth of 454%.

Union Minister Shri Sarbananda Sonowal, who graced the occasion as the Chief Guest, was joined by Shri Shantanu Thakur, Union Minister of State, MoSPW as the Guest of Honour along with Susil Kumar Singh (IRSME), Chairman, Mumbai Port Authority (MbPA); Adesh Titarmare, IAS, Deputy Chairman, MbPA; Unmesh Sharad Wagh, IRS, Chairman, Jawaharlal Nehru Port Authority (JNPA) and Dhruv Kotak, Managing Director, J.M. Baxi among other dignitaries and senior officials of the MoPSW and MbPA.

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GDH/HR

(Release ID: 2123251) Visitor Counter : 43

MIL-OSI Asia-Pac: Union Health Minister Shri JP Nadda chairs breakaway session, “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during Civil Services Day Celebrations in New Delhi

Source: Government of India

Union Health Minister Shri JP Nadda chairs breakaway session, “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during Civil Services Day Celebrations in New Delhi

Two pillars of Ayushman Bharat – AAM and AB PMJAY are a result of a very well-thought process which started in 2015 and culminated with the adoption of the National Health Policy in 2017: Shri JP Nadda

“National Health Policy 2017 is the first such policy covering all aspects of healthcare holistically”

Highlights need for enhancing capacity of health administrators to ensure timely and effective decision making, enhancing capacity of ASHA and community health workers, strengthening hub-and-spoke model of digital health intervention and monitoring and assessment of health impacts

Ayushman Bharat encompass the philosophy of Universal Health Care and also builds the pathway to achieve UHC: Dr VK Paul

“Thanks to AB PMJAY, hospitalization rates in India has increased by 40% and out-of-pocket expenditure has decreased from 64% in 2013-14 to 39.4% in 2021-22”

Posted On: 21 APR 2025 6:42PM by PIB Delhi

Union Health and Family Welfare Minister Shri Jagat Prakash Nadda chaired a breakaway session titled “Promoting Swasth Bharat through Ayushman Bharat PM Jan Arogya Yojana and Ayushman Arogya Mandir” during the Cvil Services Day celebrations, here today. Dr V K Paul, Member (Health), NITI Aayog was also present.

Addressing the gathering, Shri JP Nadda stated that providing affordable and quality healthcare to every poor person in the country is a priority of the central government and the two pillars of Ayushman Bharat initiative – Ayushman Arogya Mandir and AB PMJAY (Pradhan Mantri Jan Arogya Yojana) are a result of a very well-thought process. “The consultations started in 2015, zonal conferences were held in 2016 and in 2016, the National Health Policy was laid out which is first such policy covering all aspects of healthcare holistically”, he stated.

Shri Nadda highlighted that the government’s expenditure on healthcare has increased from 29% in 2014 to 48% today leading to decline in out-of-pocket expenditure of people. He stated that screening of communicable and non-communicable diseases in Ayushman Arogya Mandir and expanding the package of services being provided there has helped in providing preventive and promotive healthcare and addressing the growing concern of lifestyle diseases. “Health facilities are being encouraged to undertake self-assessment under the Indian Public Health Standards 2022 and National Quality Assurance Standards (NQAS)”, he stated.

The Union Health Minister also highlighted the need for enhancing capacity of health administrators to ensure timely and effective decision making, working on the program implementation plans, enhancing the capacity of ASHA workers and community health workers, strengthening and institutionalizing the hub-and-spoke model of digital health intervention and monitoring and assessment of health impacts.

Union Health Minister stated that the narrative that there is less funding for the health sector will soon end. He stated that while the Central Govt is providing it’s share of funding, there is lack of absorption in the states.

Shri Nadda urged the young officers to have an impact survey done of the benefits that have accrued from the programmes of the Health Ministry at the ground level.

He concluded his address by stating that while there has been a tremendous progress in healthcare in the last 10 years, the government is committed towards providing affordable, accessible, equitable and quality healthcare for all.

Speaking on the occasion, Dr V K Paul stated that the underlying motivation behind today’s paradigm for health is achieving the goal of Universal Health Coverage (UHC), i.e., to ensure that every citizen has access to quality healthcare without financial hardship. He stated that health coverage today not only entails curative treatment but also promotive, preventive, palliative, rehabilitative and therapeutic. “The two pillars of Ayushman Bharat initiative – Ayushman Arogya Mandir and AB PMJAY encompass the philosophy of UHC and also builds the pathway to achieve UHC.”

Dr Paul stated that “as many as 90% of essential interventions for UHC can be delivered through primary healthcare systems” and “an estimated 75% of projected health gains under the SDGs can be achieved through primary healthcare system”. He highlighted that countries with strong primary healthcare have higher life expectancy, better health outcomes, lower medication use and overall lower medical costs. “Because of this, the National Health Policy attaches prime importance to this and commits two-third of financial resources to primary healthcare system.”

Dr Paul highlighted that thanks to AB PMJAY, hospitalization rates in India has increased by 40%. “The out-of-pocket expenditure has decreased from 64% in 2013-14 to 39.4% in 2021-22”, he stated. He stated that these figures highlight that the two pillars of Ayushman Bharat are serving their purpose. He concluded his address by urging the different ministries and departments of the Union Government to work in coordination for achieving health goals.

Smt. Punya Salila Srivastava said that India’s dream of Viksit Bharat cannot be attained without achieving ‘Swasthya Bharat’. She stated that healthcare sector has seen a significant uplift in the last decade with the launch of initiatives like Ayushman Bharat. She stated, “Ayushman Bharat is based on providing continuum of care from providing comprehensive primary healthcare through Ayushman Arogya Mandir with referral and research linkages for follow-up to secondary and tertiary healthcare. AB PMJAY falls under the second pillar. To enable the referral linkages, there is the Ayushman Bharat Digital Mission (ABDM) which falls under the third pillar and the PM ABHIM (Pradhan Mantri Ayushman Bharat Health Infrastructure Mission) comes under the last pillar to address infrastructure gaps.”

The Union Health Secretary gave an overview of the health system strengthening approach under the National Health Mission which operates under three broad pillars: Reproductive, Maternal, Newborn, Child, Adolescent Health and Nutrition; Communicable Diseases and Non-Communicable Diseases.

She highlighted India’s success in decline of Maternal Mortality Ratio (MMR) which is more than double that of the global decline. “Similarly, India’s decline in Infant Mortality Rate (IMR) and Under 5 Mortality Rate (U5MR) is also much higher than the global decline”, she stated. She also highlighted that 31 states have achieved replacement level of fertility as per NFHS-5. Smt. Srivastava informed that these successes are the result of developing very comprehensive primary healthcare system by strengthening our primary healthcare centres and sub-centres and developing them as Ayushman Arogya Mandirs.

Smt. Gayatri A. Rathore, Principal Secretary of Medical & Health and Family Welfare, Govt. of Rajasthan; Smt. L S Changsan, Addl. Secretary, Union Health Ministry; Smt. Aradhana Patnaik, Addl. Secretary and Mission Director (NHM), Union Health Ministry; Shri Saurabh Jain, Joint Secretary, Union Health Ministry and senior officers of the Union Government were present on the occasion.

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MIL-OSI Asia-Pac: Data Users Conference: Strengthening the Bridge Between Data Producers and Users

Source: Government of India

Posted On: 21 APR 2025 9:07PM by PIB Delhi

The National Statistics Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), organized the Data Users Conference on 21st April 2025, in collaboration with the Indira Gandhi Institute of Development Research (IGIDR), Mumbai.

The conference aimed to foster constructive dialogue between data producers and data users, facilitating knowledge exchange on methodologies, insights from the latest Household Consumption Expenditure Survey, Methodology changes in PLFS and key initiatives in macro-economic statistics including GDP and Consumer Price Indices. The event witnessed active participation from more than 250 attendees comprising policymakers, academicians, researchers, economists, industry representatives, and international organizations.

The conference was chaired by Dr. Saurabh Garg, Secretary, MoSPI, who emphasized the Ministry’s core vision of ‘Data for Development’. He highlighted MoSPI’s efforts toward enhancing data credibility, timeliness, accessibility, and relevance through technological interventions for timely release of key indicators like PLFS monthly estimates, quarterly unincorporated sector surveys, and a focus on comprehensive metadata standardization. He underlined the Ministry’s commitment to integrate administrative and survey data to fill existing gaps in the statistical ecosystem. Dr. Garg mentioned that MoSPI has actively working with research institutes to promote collaborative research.

In his address, Dr. Nilkanth Mishra, Member, EAC-PM and Chairman, UIDAI, underscored the pressing need for more granular and timely data, especially in light of India’s fast-evolving digital and informal economy. Drawing from personal experiences, he highlighted the critical gaps in economic data and appreciated MoSPI’s ongoing efforts to modernize the data access for both private and public stakeholders.

Ms. Geeta Singh Rathore, Director General (NSS), elaborated on recent advancements in the Periodic Labour Force Survey (PLFS), particularly the expansion of estimates of the Labour statistics to rural areas and the introduction of monthly releases of PLFS for enhanced policy responsiveness.

Prof. Basanta Kumar Pradhan, Director, IGIDR, welcomed the delegates and acknowledged MoSPI’s role in promoting an ecosystem of data-driven research and policy-making. He emphasized the importance of understanding data generation processes, recognizing limitations, and integrating user feedback to refine methodologies.

These key note addresses set the stage for technical sessions. The conference features four technical sessions.

The forenoon technical sessions covered:

The first session has a detailed presentation on the sampling design used in NSS household surveys. The session continued with a presentation on the ‘Lessons Learned from HCES 2022-23 and 2023-24, highlighted on the key changes introduced in the most recent rounds of HCES. The presentations are followed by an enriched panel discussion and suggested to generate consumption data at sector level on quarterly basis, standardization of tools for improving the quality and exploring the scope of introducing the concepts of ‘spending’ instead of consumption as a measure of MPCE.
Updates on the evolution of the Periodic Labour Force Survey (PLFS), including the original objectives from its 2017 launch and recent changes implemented from January 2025. Key updates include generating monthly estimates of labour market indicators (LFPR, WPR, and UR) for both rural and urban areas, expanding quarterly estimates to rural regions, and allowing district-level estimates in collaboration with states.

In the afternoon session Shri N.K. Santoshi, DG (Central Statistics), MoSPI, in his opening remarks highlighted the initiatives taken by the MoSPI for updating the base years of key macro-economic indicators viz GDP and CPI.

The afternoon technical sessions covered:

The session includes a presentation on compilation of GDP estimates and base year revision detailing the framework of compilation, proposed improvements in base revision and issues in interpreting the estimates. This was followed by a panel discussion wherein panellist recommended to publish detailed documentation of sources and methods, need for consistent and coherent back-series data. They also welcomed the proposed use of new data sources such as GSTN, UPI etc. in the new base.
During the session on CPI, the ongoing work on CPI revision, key upcoming changes such as the adoption of COICOP 2018, expanded service and market coverage, integration of online data sources, and improvements in the Housing Index methodology were presented. The presentation was followed by a panel discussion wherein it was suggested to release seasonally adjusted inflation data. MoSPI informed that a study in collaboration with IIT Kanpur for developing seasonally adjusted CPI figures for India is underway.

Post-panel discussions, the floor was opened for discussions, providing participants to directly engage with the speakers and panelists.

The conference reaffirmed the collective commitment of MoSPI, IGIDR, and data users to uphold and advance the quality, integrity, and usability of official statistics in India. It concluded with a call to further deepen cooperation, embrace technological advancements, and ensure data remains at the heart of evidence-based policymaking.

The Data User Conference concluded with the key take away of need for standardization between the statistical products.

For more details on the survey reports and upcoming statistical releases, please visit the official MoSPI website: www.mospi.gov.in.

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MIL-OSI Asia-Pac: Hotel & Restaurant Federation gears up for country-wide International Day of Yoga 2025 observation

Source: Government of India

Posted On: 21 APR 2025 6:22PM by PIB Delhi

The private sector taking leadership roles in public yoga activities, in pursuit of Prime Minister Shri Narendra Modi’s call to take the rewards of yoga to every corner of the country, is an unmissable trend in the countdown to the IDY this year.

Aligning with this trend, the Federation of Hotel & Restaurant Association of India (FHRAI) announced their early plans, with their members proudly taking up “Harit Yoga” activities. These include:

Yoga Retreat on 22nd April 2025 – Atmantan Wellness Centre, Mulshi, Maharashtra. An immersive yoga retreat set in the serene Sahyadri hills, offering a deep connection with nature and the self.
Campus event on 29th April 2025 – FHRAI Institute of Hospitality Management (FHRAI-IHM), Greater Noida . A vibrant campus event engaging future hospitality leaders in the principles of yoga and sustainability.
Event on 17th May 2025 at JW Marriott, Bangalore. A flagship gathering in the heart of the city, celebrating wellness in urban life through a rich blend of yoga, dialogue, and community action.

The Federation added in their announcement that these events are not just symbolic- they represent FHRAI’s steadfast commitment to supporting the Government of India’s vision of a healthier, greener, and more mindful society. Through these collaborative efforts, FHRAI aim to amplify the message of yoga as a lifestyle, deeply rooted in Indian tradition yet universally relevant in today’s world.

Harit Yoga is one among the 10 Signature Activities being coordinated by the Ministry of Ayush in the run-up to IDY 2025, to mark the special occasion of the IDY observation completing 10 years. The project combines wellness and environmental awareness and seeks to use the medium of yoga to propagate the message of the conservation of the environment. Harit Yoga activities typically go beyond Yoga sessions, and participants will engage in eco-friendly activities like tree planting, beach clean-ups, and community-driven environmental efforts. It will also include educational campaigns covering critical topics like climate change and conservation, encouraging sustainable lifestyles. The last two weeks have seen the emergence of international participation in Harit Yoga, and it will inspire worldwide communities to join these environmentally conscious initiatives.

FHRAI has made plans to conduct yoga events on a large scale in preparation for IDY-2025. As informed by Ms. Payal Swami, Assistant Secretary General of the Federation, FHRAI is proud to stand with the Government in the yoga movement and looks forward to making their IDY events inclusive and impactful.

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