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Category: Asia

  • MIL-OSI Submissions: How bachata rose from Dominican Republic’s brothels and shantytowns to become a global sensation

    Source: The Conversation – USA (2) – By Wilfredo José Burgos Matos, Adjunct Assistant Professor of Latin American and Latino Studies, Lehman College, CUNY

    Once viewed by elites with disdain, bachata has become popular worldwide. Erika Santelices/AFP via Getty Images

    What began as songs about heartbreak in the brothels and barrios of the Dominican Republic in the 1960s has become a worldwide sensation.

    Even the Bee Gees have gotten a bachata spin. Prince Royce’s bilingual take on the 1977 hit “How Deep Is Your Love” has topped the Latin music charts this summer and proves bachata is no longer chasing the mainstream but reimagining the pop canon.

    Bachata dance classes, parties and festivals have sprung up across the U.S. in recent years, everywhere from Philadelphia to Los Angeles, and Omaha, Nebraska, to Oklahoma City.

    It’s easy to find abroad as well. Upcoming bachata festivals are happening in cities in Austria, Egypt, Australia and China.

    Instructors teach a bachata class in Warsaw, Poland, in July 2025.
    Neil Milton/SOPA Images/LightRocket via Getty Images

    I’m a scholar of Dominican culture and the senior researcher for the History of Dominican Music in the U.S. project at the City University of New York’s Dominican Studies Institute. I see bachata as a revealing window into modern post-1960s Dominican history – and one that spotlights the emotional truths and everyday experiences of poor and Black Dominicans in particular.

    Music from the margins

    Bachata was born in the Dominican countryside and later developed in the shantytowns of Santo Domingo, the capital. In most Latin American dictionaries, the word “bachata” is loosely defined as “revelry” or “a spree.”

    The distinctive sound is formed from guitars, bongos, bass and the güira – a percussion instrument also used in merengue music – and accompanied by typically romantic or bittersweet lyrics.

    The music was long associated with the lower classes and Black Dominicans.

    The genre’s first recording came in 1962, just over a year after Rafael Leónidas Trujillo, a brutal dictator who ruled the island for 31 years, was assassinated. Trujillo’s death marked the beginning of a new cultural and political era in the Dominican Republic, although democratic hopes were soon shattered by a military coup, civil war and a second U.S. intervention following an earlier one between 1916-1924.

    Urban and middle-class Dominicans looked down on bachata as the music played in brothels and favored by poor, rural people who started to migrate to urban areas in large numbers in the 1960s. It was played almost exclusively on Radio Guarachita, a Santo Domingo station run by Radhamés Aracena, a key promoter of the genre.

    Amid a country reeling from political upheaval, bachata emerged as a soundtrack to working-class survival. The guitar-based rhythms were shaped by Cuban bolero and son and Mexican ranchera music, while the lyrics chronicled daily struggles, grief and marginalization.

    In most Latin American dictionaries, the word ‘bachata’ is loosely defined as ‘revelry’ or ‘a spree.’ This reflects its early development in informal social spaces where friends gathered to sing their hearts out, share drinks and escape daily hardships.
    CUNY Dominican Studies Institute Library, The Deborah Pacini Hernández Bachata Music Collection

    Bachata’s shifting language

    In the 1960s, bachata lyrics centered on heartache and were often directed at a romantic partner.

    “Understand me, you know I love only you. Don’t deny me the hope of kissing you again,” Rafael Encarnación sang in Spanish in his 1964 song “Muero Contigo,” or “I Die With You.”

    By the late 1970s and early 1980s, sexual innuendos were common, adding to the genre’s low standing among Dominican elites.

    “I gave you everything you ever wanted, but it was all useless because you went looking for another man,” Blas Durán sang in 1985. “I was left like the orange vendor – peeling so someone else could suck the fruit.”

    To reclaim respect for bachata, some artists, such as Luis Segura and Leonardo Paniagua, in the mid-1980s began calling their music música de amargue, or “music of romantic bitterness.”

    What began as a genre label gradually transformed into a sensibility. “Amargue” came to name a feeling marked by longing, loss and quiet introspection – akin to “feeling the blues” in the U.S.

    American blues similarly emerged from the hardships faced by Black Americans in the South and expressed themes of sorrow, resilience and reflection.

    By the 1990s, the stigma surrounding bachata began to fade, partly due to the international success of Dominican star Juan Luis Guerra and his album Bachata Rosa. The album sold more than 5 million copies worldwide by 1994, earned Guerra a Grammy Award for best tropical Latin album, and was certified platinum in the U.S.

    As acceptance of the genre grew, traditional bachateros in the Dominican Republic continued releasing bachata albums. However, Dominican pop, rock and other artists also began recording bachatas – such as 1990’s “Yo Quiero Andar” by Sonia Silvestre and 1998’s “Bufeo” by Luis “El Terror” Días.

    Aventura performs for a crowd in Madrid in 2024. It was the group’s first tour since their split in 2011.
    Ricardo Rubio/Europa Press via Getty Images

    Bachata goes mainstream

    Migration to the U.S. is a pivotal chapter in Dominican history after the 1960s. The U.S. Immigration Act of 1965 functioned as a de facto immigration policy and encouraged a large-scale exodus from the Dominican Republic.

    By the mid-1990s, a strong and vibrant Dominican diaspora was firmly established in New York City. The Bronx became the birthplace of Grupo Aventura, a group that revolutionized bachata by blending its traditional rhythms with urban genres such as hip-hop.

    “Obsesión,” released in 2002, was an international hit.

    Their music reflected the bicultural diaspora, often torn between nostalgia for their homeland and everyday challenges of urban American life. Against the backdrop of city life, bachata found a new voice that mirrored the immigrant experience. The genre shifted from a shared feeling of loss and longing to a celebration of cultural community.

    In 2002, the song “Obsesión” by Aventura and featuring Judy Santos topped music charts in France, Germany, Italy, the U.S. and elsewhere. The group Aventura and, later, lead singer Romeo Santos as a solo artist sold out Madison Square Garden and Yankee Stadium, respectively.

    As they rose in fame, Aventura became global ambassadors for Dominican culture and made bachata mainstream.

    Puerto Rican bachatero Toby Love performs during an event held by Democratic presidential candidate Hillary Clinton on April 9, 2016, in New York City.
    Andrew Renneisen via Getty Images

    Global spin on bachata

    Bachata’s popularity has also spread to other countries in Latin America, and especially among working-class and Afro-descendant communities in Central America that see their own realities reflected in the music.

    At the same time, Dominican diasporic communities in countries such as Spain and Italy carried the genre with them, where it continued to evolve.

    In Spain, for example, bachata experienced a creative transformation. By the mid-2000s, bachata sensual had emerged as a dance style influenced by zouk and tango, emphasizing smooth, body-led movements and close partner connection.

    Around the same time, modern bachata also developed between Spain and New York City. This style is a departure from traditional bachata, which focuses on the box step and fast footwork, and incorporates more turns and other elements from salsa.

    In 2019 bachata was added to UNESCO’s Representative List of the Intangible Cultural Heritage of Humanity, which also lists Jamaican reggae and Mexican mariachi.

    Today, bachata’s influence is truly global. International conferences dedicated to the genre attract dancers, musicians and scholars from around the world. Puerto Rican, Colombian and other artists from diverse cultural and racial backgrounds continue to nurture and reinvent bachata.

    At the same time, more women, such as Andre Veloz, Judy Santos and Leslie Grace, are building careers as bachata performers and challenging a traditionally male-dominated genre.

    Natti Natasha performs at an album release party for ‘En Amargue,’ her 2025 album produced by bachata icon and former Aventura singer Romeo Santos.
    John Parra/WireImage via Getty Images

    Bachata holds a place not only on the world stage but in the hearts of Latino, Black, Asian and many other communities in the U.S. that recognize the genre’s power to tell stories of love, loss, migration and resilience.

    Wilfredo José Burgos Matos does not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. How bachata rose from Dominican Republic’s brothels and shantytowns to become a global sensation – https://theconversation.com/how-bachata-rose-from-dominican-republics-brothels-and-shantytowns-to-become-a-global-sensation-260886

    MIL OSI –

  • MIL-OSI Russia: Kazakhstan has become the largest source of tourists in Central Asia for China’s Hainan Province

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 25 (Xinhua) — Kazakhstan has become the largest source of tourists in Central Asia for China’s island province of Hainan, according to a Hainan tourism presentation held in Astana on Wednesday.

    According to the results of the first half of this year, the famous resort province of Hainan received a total of 40.2 thousand citizens of Kazakhstan, which was 41.4 percent more in annual terms. Thus, Kazakhstan entered the world’s top four sources of travelers for Hainan, according to statistics.

    According to information posted on the official website of the Hainan Provincial Government, the tourism presentation in Astana introduced those present to health and wellness tourism products and demonstrated the province’s new image as an international center for tourism consumption.

    The rapid development of tourism cooperation between Hainan Province and Kazakhstan is due to regular air traffic. Currently, a number of Kazakhstan airlines have launched direct flights connecting cities in Kazakhstan and Hainan Province.

    Air Astana is making great efforts to promote cooperation between Kazakhstan and China in air transport. In the future, the airline plans to intensify cooperation with Hainan travel agencies and launch more flights to provide passengers with better quality services, the airline said.

    The presentation is organized by the Hainan Province Department of Tourism, Culture, Radio, Television, Physical Culture and Sports. The event was held as part of the Year of China Tourism in Kazakhstan. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Students win physics, maths medals

    Source: Hong Kong Information Services

    Two teams of Hong Kong students achieved outstanding results in the 55th International Physics Olympiad (IPhO 2025) and the 66th International Mathematical Olympiad (IMO 2025) by winning six gold medals, four silver and one bronze.

     

    The IPhO 2025, hosted by France, was held from July 18 to 24, with 415 students from 89 countries or regions taking part.

     

    The four gold medallists were Bill Fu from Inno Secondary School (Kowloon Tong), Edison Fu from Queen’s College, Lincoln Liu from Sha Tin College and Qiao Lok-hei from St Paul’s Co-educational College, while Garfield Leung from Evangel College took home silver.

     

    Meanwhile, the IMO 2025 was held in Australia from July 10 to 20. Among the 630 participating students from 110 countries or regions, the Hong Kong team won two gold medals, three silver medals and one bronze medal.

     

    Kwan Yung-ho from Diocesan Boys’ School and Lincoln Liu from Sha Tin College clinched the gold medal.

     

    The silver medal went to Chan Kwan-yu and Sze Long from St Paul’s Co-educational College and Jerry Xu from Victoria Shanghai Academy, while Chong Tsz-sing from Diocesan Boys’ School bagged a bronze medal.

     

    Secretary for Education Choi Yuk-lin congratulated the Hong Kong teams on their outstanding performance.

     

    Ms Choi said: “The impressive results achieved by the Hong Kong teams bear testament to the concerted efforts of the Government and various stakeholders in promoting STEAM (science, technology, engineering, the arts, and mathematics) and gifted education.”

     

    The Education Bureau will continue to strengthen the promotion of STEAM and gifted education in primary and secondary schools, and encourage the effective use of the school-based student talent pool to identify and nurture more students with talent, she added.

    MIL OSI Asia Pacific News –

  • MIL-OSI Banking: Inclusion of “Deogiri Nagari Sahakari Bank Ltd., Chhatrapati Sambhajinagar” in the Second Schedule of the Reserve Bank of India Act, 1934

    Source: Reserve Bank of India

    RBI/2025-26/70
    DoR.RET.REC.42/12.07.160/2025-26

    July 25, 2025

    All Banks,

    Madam / Sir,

    Inclusion of “Deogiri Nagari Sahakari Bank Ltd., Chhatrapati Sambhajinagar” in the Second Schedule of the Reserve Bank of India Act, 1934

    It is advised that “Deogiri Nagari Sahakari Bank Ltd., Chhatrapati Sambhajinagar” has been included in the Second Schedule of the Reserve Bank of India Act, 1934 vide Notification CO.DOR.RAUG.No.S2018/08.02.636/2025-2026 dated June 12, 2025 and published in the Gazette of India (Part III – Section 4) dated July 8, 2025.

    Yours faithfully,

    (Manoranjan Padhy)
    Chief General Manager

    MIL OSI Global Banks –

  • MIL-OSI Banking: Inclusion of “Ahmednagar Merchant’s Co-op. Bank Ltd., Ahmednagar” in the Second Schedule of the Reserve Bank of India Act, 1934

    Source: Reserve Bank of India

    RBI/2025-26/69
    DoR.RET.REC.41/12.07.160/2025-26

    July 25, 2025

    All Banks,

    Madam / Sir,

    Inclusion of “Ahmednagar Merchant’s Co-op. Bank Ltd., Ahmednagar” in the Second Schedule of the Reserve Bank of India Act, 1934

    It is advised that “Ahmednagar Merchant’s Co-op. Bank Ltd., Ahmednagar” has been included in the Second Schedule of the Reserve Bank of India Act, 1934 vide Notification CO.DOR.RAUG.No.S2017/08.02.001/2025-26 dated June 12, 2025 and published in the Gazette of India (Part III – Section 4) dated July 8, 2025.

    Yours faithfully,

    (Manoranjan Padhy)
    Chief General Manager

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Green plan becomes fully digitised

    Source: Hong Kong Information Services

    The Environmental Protection Department announced today that the GREEN$ Electronic Participation Incentive Scheme (GREEN$ ePIS) will be fully digitised on April 1, 2026, under which citizens can redeem gifts at more than 500 supermarkets and retail stores as well as free MTR tickets and local ecotours via the GREEN$ mobile app.

    They will no longer need to visit GREEN@COMMUNITY to redeem a limited selection of around 10 types of gifts with the full digitisation, the department noted.

    Noting that about 87% of the approximately 1.06 million users of GREEN$ ePIS are using the mobile app that allows the seamless transition to full digitisation, the department said it will offer an extra 50 GREEN$ points to those who return their physical cards and switch to the GREEN$ mobile app from August 1 to September 30, 2025.

    The public will be given time to adapt and transition to the new arrangements, as physical gifts will remain available for redemption at GREEN@COMMUNITY until the first quarter of 2026.

    Physical cards will cease operation on April 1, 2026. GREEN@COMMUNITY staff will assist people in installing the GREEN$ mobile app and demonstrate how to use the e-point redemption feature.

    For those without smartphones, their existing physical cards will not be cancelled. They can register their cards at designated GREEN@COMMUNITY facilities and continue to use the GREEN$ points in the physical cards for redeeming gifts.

    After the full digitisation, members of the public can continue to donate GREEN$ points to charitable organisations, the department added.

    Click here for figures including the five most popular gifts redeemed at GREEN@COMMUNITY and the total recyclables collected by GREEN@COMMUNITY in the past years.

    MIL OSI Asia Pacific News –

  • MIL-OSI: OMS Energy Technologies Inc. Filed 2025 Annual Report on Form 20-F

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 25, 2025 (GLOBE NEWSWIRE) — OMS Energy Technologies Inc. (“OMS” or the “Company”) (NASDAQ: OMSE), a growth-oriented manufacturer of surface wellhead systems (“SWS”) and oil country tubular goods (“OCTG”) for the oil and gas industry, today announced that the Company has filed its annual report on Form 20-F for the fiscal year ended March 31, 2025 with the U.S. Securities and Exchange Commission (the “SEC”) on July 25, 2025.

    The annual report is available on the Company’s investor relations website at ir.omsos.com and on the SEC’s website at www.sec.gov. The Company will provide hard copies of the annual report, free of charge, to its shareholders upon written request. Requests should be directed to the Investor Relations Department, OMS Energy Technologies Inc., 10 Gul Circle, Singapore 629566.

    About OMS Energy Technologies Inc.

    OMS Energy Technologies Inc. (NASDAQ: OMSE) is a growth-oriented manufacturer of surface wellhead systems (SWS) and oil country tubular goods (OCTG) for the oil and gas industry. Serving both onshore and offshore exploration and production operators, OMS is a trusted single-source supplier across six vital jurisdictions in the Asia Pacific, Middle Eastern and North African (MENA) regions. The Company’s 11 strategically located manufacturing facilities in key markets ensure rapid response times, customized technical solutions and seamless adaptation to evolving production and logistics needs. Beyond its core SWS and OCTG offerings, OMS also provides premium threading services to maximize operational efficiency for its customers.

    For more information, please visit ir.omsos.com.

    For investor and media inquiries, please contact:

    OMS Energy Technologies Inc.
    Investor Relations
    Email: ir@omsos.com

    Piacente Financial Communications
    Brandi Piacente
    Tel: +1-212-481-2050
    Email: oms@thepiacentegroup.com

    Hui Fan
    Tel: +86-10-6508-0677
    Email: oms@thepiacentegroup.com

    The MIL Network –

  • MIL-OSI: Lakeland Financial Reports Record Second Quarter Performance; Net Income Grows by 20% to $27.0 Million, as Net Interest Income Expands by 14%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., July 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $27.0 million for the three months ended June 30, 2025, which represents an increase of $4.4 million, or 20%, compared with net income of $22.5 million for the three months ended June 30, 2024. Diluted earnings per share were $1.04 for the second quarter of 2025 and increased $0.17, or 20%, compared to $0.87 for the second quarter of 2024. On a linked quarter basis, net income increased $6.9 million, or 34%, from $20.1 million. Diluted earnings per share increased $0.26, or 33%, from $0.78 on a linked quarter basis.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $35.9 million for the three months ended June 30, 2025, an increase of $528,000, or 1%, compared to $35.4 million for the three months ended June 30, 2024. Adjusted core operational profitability, a non-GAAP measure that excludes the impact of certain non-routine operating events that occurred during 2024, improved by $7.8 million, or 41%, from $19.2 million to $27.0 million for the three months ended June 30, 2024 and 2025, respectively.

    The company further reported net income of $47.1 million for the six months ended June 30, 2025, versus $46.0 million for the comparable period of 2024, an increase of $1.1 million, or 2%. Diluted earnings per share also increased 2% to $1.82 for the six months ended June 30, 2025, versus $1.78 for the comparable period of 2024. Pretax pre-provision earnings were $67.0 million for the six months ended June 30, 2025, an increase of $2.2 million, or 3%, compared to $64.7 million for the six months ended June 30, 2024. Adjusted core operational profitability improved by $5.2 million, or 12%, from $41.8 million to $47.1 million for the six months ended June 30, 2024 and 2025, respectively.

    “We are pleased to report strong earnings momentum for the second quarter of 2025, which has benefited from double digit growth of net interest income and contributed to good overall performance in the first half of 2025,” observed David M. Findlay, Chairman and CEO. “Importantly, our Lake City Bank Team continues to generate healthy loan and deposit growth. It’s been a rewarding first six months of 2025 with this strong financial performance, healthy balance sheet growth and continued success on the business development front for all of our revenue producing teams.”

    Quarterly Financial Performance

    Second Quarter 2025 versus Second Quarter 2024 highlights:

    • Return on average equity of 15.52%, compared to 14.19%
    • Return on average assets of 1.57%, compared to 1.37%
    • Tangible book value per share grew by $2.14, or 8%, to $27.48
    • Average loans grew by $194.8 million, or 4%, to $5.23 billion
    • Core deposits grew by $423.9 million, or 8%, to $6.03 billion
    • Net interest margin improved 25 basis points to 3.42% versus 3.17%
    • Net interest income increased by $6.6 million, or 14%
    • Provision expense of $3.0 million, compared to $8.5 million
    • Watch list loans as a percentage of total loans improved to 3.67% from 5.31%
    • Nonaccrual loans declined 46% to $30.6 million compared to $57.1 million
    • Common equity tier 1 capital ratio improved to 14.73%, compared to 14.28%
    • Total risk-based capital ratio improved to 15.86%, compared to 15.53%
    • Tangible capital ratio improved to 10.15%, compared to 9.91%
    • Average equity increased by $58.0 million, or 9%

    Second Quarter 2025 versus First Quarter 2025 highlights:

    • Return on average equity of 15.52%, compared to 11.70%
    • Return on average assets of 1.57%, compared to 1.20%
    • Average loans grew by $43.7 million, or 1%, to $5.23 billion
    • Core deposits grew by $191.6 million, or 3%, to $6.03 billion
    • Net interest margin improved 2 basis points to 3.42% versus 3.40%
    • Net interest income increased by $2.0 million, or 4%
    • Pretax, pre-provision earnings increased $4.9 million, or 16%
    • Provision expense of $3.0 million, compared to $6.8 million
    • Nonaccrual loans declined 47% to $30.6 million compared to $57.4 million
    • Watch list loans as a percentage of total loans improved to 3.67% from 4.13%
    • Common equity tier 1 capital ratio of 14.73%, compared to 14.51%
    • Total risk-based capital ratio of 15.86%, compared to 15.77%
    • Tangible capital ratio of 10.15%, compared to 10.09%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.86% at June 30, 2025, compared to 15.53% at June 30, 2024 and 15.77% at March 31, 2025. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.15% at June 30, 2025, compared to 9.91% at June 30, 2024 and 10.09% at March 31, 2025. Unrealized losses from available-for-sale investment securities were $185.3 million at June 30, 2025, compared to $194.9 million at June 30, 2024 and $188.3 million at March 31, 2025. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 12.17% at June 30, 2025, compared to 12.18% at June 30, 2024, and 12.19% at March 31, 2025.

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

    The company utilized its share repurchase program during the second quarter of 2025 and repurchased 30,300 shares of its common stock for $1.7 million at a weighted average price per share of $55.94. The company has $28.3 million of remaining availability under the board-approved share repurchase program.

    “Our capital position is strong and provides capacity for continued organic growth of our balance sheet as well as continued growth of our common stock dividend to shareholders,” stated Kristin L. Pruitt, President. “While we did utilize our share repurchase program during the second quarter, our priority for capital is to continue capital retention to support loan growth in our Indiana markets and provide for continued balance sheet growth opportunities.”

    Loan Portfolio

    Average total loans of $5.23 billion in the second quarter of 2025 increased $194.8 million, or 4%, from $5.03 billion for the second quarter of 2024 and increased $43.7 million, or 1%, from $5.19 billion for the first quarter of 2025. Average total loans for the six months ended June 30, 2025 were $5.21 billion, an increase of $205.0 million, or 4%, from $5.00 billion for the six months ended June 30, 2024.

    Total loans, excluding deferred fees and costs, increased by $173.8 million, or 3%, from $5.06 billion as of June 30, 2024, to $5.23 billion as of June 30, 2025. The increase in loans occurred across much of the portfolio, with our commercial real estate and multi-family residential loan portfolio growing by $177.0 million, or 7%, our consumer 1-4 family mortgage loan portfolio growing by $46.2 million, or 10%, and our other consumer loan portfolio growing by $6.0 million, or 6%. These increases were offset by contractions to our commercial and industrial loan portfolio of $32.5 million, or 2%, and our agri-business and agricultural loan portfolio of $21.6 million, or 6%. On a linked quarter basis, total loans, excluding deferred fees and costs, increased by $3.4 million, or less than 1%, from $5.23 billion at March 31, 2025. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $59.6 million, or 2%, and growth in total consumer loans of $17.5 million, or 3%. This growth was offset by contractions in total agri-business and agricultural loans of $44.3 million, or 12%, and total commercial and industrial loans of $29.8 million, or 2%.

    Commercial loan originations for the second quarter included approximately $390.0 million in loan originations, offset by approximately $404.0 million in commercial loan pay downs. Line of credit usage increased to 44% as of June 30, 2025, compared to 41% at June 30, 2024 and 43% as of March 31, 2025. Total available lines of credit contracted by $48.0 million, or 1%, as compared to a year ago, and line usage increased by $100.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $106.9 million for this sector represented 2% of total loans at June 30, 2025, an increase of $6.4 million, or 6%, from March 31, 2025. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 221% of total risk-based capital at June 30, 2025.

    “We are pleased that commercial line utilization continues to improve with a utilization rate of 44% at the end of the second quarter 2025,” added Findlay. “This marks the highest line utilization rate since 2020, and we are encouraged that borrower demand for working lines of capital has increased. During the second quarter, construction loans migrated as planned to the CRE multi-family segment. In addition, loan payoffs received during the second quarter impacted the owner occupied CRE and Agriculture segments.”

    Diversified Deposit Base

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

    (in thousands) June 30, 2025   March 31, 2025   June 30, 2024
    Retail $ 1,755,750   28.4 %   $ 1,787,992   30.0 %   $ 1,724,777   29.9 %
    Commercial   2,256,620   36.6       2,336,910   39.2       2,150,127   37.3  
    Public funds   2,014,047   32.6       1,709,883   28.7       1,727,593   30.0  
    Core deposits   6,026,417   97.6       5,834,785   97.9       5,602,497   97.2  
    Brokered deposits   150,416   2.4       125,409   2.1       161,040   2.8  
    Total $ 6,176,833   100.0 %   $ 5,960,194   100.0 %   $ 5,763,537   100.0 %
     

    Total deposits increased $413.3 million, or 7%, from $5.76 billion as of June 30, 2024, to $6.18 billion as of June 30, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $423.9 million, or 8%. Total core deposits at June 30, 2025 were $6.03 billion and represented 98% of total deposits, as compared to $5.60 billion and 97% of total deposits at June 30, 2024.

    The increase in core deposits since June 30, 2024, reflects growth in all three core deposit segments. Public funds deposits grew annually by $286.5 million, or 17%, to $2.01 billion. Public funds deposits as a percentage of total deposits were 33%, up from 30% a year ago. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Commercial deposits grew annually by $106.5 million, or 5%, to $2.26 billion and remained at 37% as a percentage of total deposits. Retail deposits grew by $31.0 million, or 2%, to $1.76 billion. Retail deposits as a percentage of total deposits was 28% of total deposits, down from 30% a year ago.

    On a linked quarter basis, total deposits increased $216.6 million, or 4%, from $5.96 billion at March 31, 2025, to $6.18 billion at June 30, 2025. Core deposits increased by $191.6 million, or 3%, while brokered deposits increased by $25.0 million, or 20%. The linked quarter growth in core deposits, was positively impacted by the addition of new public funds customers. Offsetting this increase was a decrease in commercial deposits of $80.3 million, or 3%, and a decrease in retail deposits of $32.2 million, or 2%.

    Average total deposits were $6.10 billion for the second quarter of 2025, an increase of $276.5 million, or 5%, from $5.82 billion for the second quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $263.4 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $492.4 million, or 15%. Offsetting this increase was a reduction in average time deposits of $225.9 million, or 22%, and a decrease to average savings deposits of $3.2 million, or 1%. Average noninterest-bearing demand deposits increased by $13.2 million, or 1% to $1.2 billion.

    On a linked quarter basis, average total deposits increased by $221.8 million, or 4%, from $5.87 billion for the first quarter of 2025 to $6.10 billion for the second quarter of 2025. Average interest bearing deposits drove the increase to total average deposits, which increased by $236.1 million, or 5%. Average interest bearing checking accounts were responsible for the increase, growing by $281.5 million, or 8%. Offsetting this increase were decreases to total average time deposits of $47.4 million, or 6%, and average noninterest bearing demand deposits decreased by $14.3 million, or 1%.

    Checking account trends as of June 30, 2025 compared to June 30, 2024 include growth of $352.1 million, or 23%, in aggregate public fund checking account balances, growth of $93.4 million, or 5%, in aggregate commercial checking account balances, and growth of $52.2 million, or 6%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 9% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

    “Deposit growth is strong in many measurable ways. All deposit segments have grown on a year over year basis, and the bank continues to add new public fund customers and their operating accounts,” commented Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 59% as of June 30, 2025, compared to 57% at March 31, 2025, and 58% at June 30, 2024, reflecting growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund, which insures public funds deposits in Indiana, were 27% of total deposits at June 30, 2025, compared to 29% at March 31, 2025, and 29% at June 30, 2024. At June 30, 2025, 98% of deposit accounts had deposit balances less than $250,000.

    Net Interest Margin

    Net interest margin was 3.42% for the second quarter of 2025, representing a 25 basis point increase from 3.17% for the second quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 49 basis points from 2.90% for the second quarter of 2024 to 2.41% for the second quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 24 basis points from 6.07% for the second quarter of 2024 to 5.83% for the second quarter of 2025. During the second quarter of 2025, the company recorded a prepayment fee of $541,000 from the early payment of a fixed rate commercial loan, which was recorded as part of interest income. The prepayment fee benefited net interest margin by 3 basis points for the second quarter. Excluding the impact of the prepayment penalty, net interest margin improved by 22 basis points. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing as compared to the prior year quarter.

    Net interest margin expanded by 2 basis points to 3.42% for the second quarter of 2025, compared to 3.40% for the linked first quarter of 2025. Average earning asset yields increased by 6 basis points from 5.77% to 5.83% on a linked quarter basis and interest expense as a percentage of average earning assets increased 4 basis points from 2.37% to 2.41%. Excluding the impact of the prepayment penalty, net interest margin contracted by 1 basis point compared to the linked first quarter.

    The cumulative loan beta for the current rate-easing cycle that began in September 2024 is 29% compared to the deposit beta of 50% and has resulted in net interest margin expansion which has benefited net interest income. Net interest income was $54.9 million for the second quarter of 2025, representing an increase of $6.6 million, or 14%, as compared to $48.3 million for the second quarter of 2024. On a linked quarter basis, net interest income increased $2.0 million, or 4%, from $52.9 million for the first quarter of 2025. Net interest income increased by $12.0 million, or 13%, from $95.7 million for the six months ended June 30, 2024, to $107.8 million for the six months ended June 30, 2025.

    O’Neill noted, “We are pleased to report healthy net interest margin expansion of 25 basis points as compared to a year ago. In this higher-for-longer interest rate environment, we continue to benefit from fixed rate loan repricing and new loan origination activity. In addition, we are pleased that our core deposits represent 98% of our total funding needs compared to 97% a year ago. Core deposit growth has outpaced our loan growth in 2025, which has strengthened our liquidity position. We have begun to reinvest some maturing investment securities into higher yielding investment securities with short duration, which is also benefiting net interest margin.”

    Asset Quality

    The company recorded a provision for credit losses of $3.0 million in the second quarter of 2025, a decrease of $5.5 million as compared to $8.5 million in the second quarter of 2024. On a linked quarter basis, the provision expense decreased by $3.8 million, from $6.8 million for the first quarter of 2025. Provision expense for the second quarter and for the six months ended June 30, 2025, was primarily driven by an increase in the specific allocation for a previously disclosed $43.3 million nonperforming credit for an industrial company in Northern Indiana as well as loan growth. During the second quarter of 2025, the non-performing borrower reached an agreement to sell and liquidate the business to two unrelated entities. The transactions are expected to close in the third quarter of 2025. As a result of the pending sale and liquidation, the company recognized a charge off of $28.6 million during the second quarter, which was fully allocated at the time of the charge off. The company expects to collect the remainder of the outstanding principal balance from sale and liquidation proceeds and proceeds from the personal guarantee from the borrower.

    The ratio of allowance for credit losses to total loans was 1.27% at June 30, 2025, down from 1.60% at June 30, 2024, and 1.77% at March 31, 2025. The decrease in the allowance coverage was due to a significant reduction of 46%, or $26.5 million, in nonaccrual loans, which were $30.6 million at June 30, 2025 versus $57.1 million at June 30, 2024. Net charge offs in the second quarter of 2025 were $28.9 million, compared to $949,000 in the second quarter of 2024 and $327,000 during the linked first quarter of 2025. Annualized net charge offs to average loans were 2.22% for the second quarter of 2025, compared to 0.08% for the second quarter of 2024 and 0.03% for the linked first quarter of 2025. Annualized net charge offs to average loans were 1.13% for the six months ended June 30, 2025 compared to 0.05% for the six months ended June 30, 2024.

    Nonperforming assets decreased $26.5 million, or 46%, to $31.1 million as of June 30, 2025, versus $57.6 million as of June 30, 2024. On a linked quarter basis, nonperforming assets decreased $26.8 million, or 46%, compared to $57.9 million as of March 31, 2025. The ratio of nonperforming assets to total assets at June 30, 2025 decreased to 0.45% from 0.88% at June 30, 2024, and decreased from 0.84% at March 31, 2025.

    Total individually analyzed and watch list loans decreased by $76.6 million, or 29%, to $191.6 million as of June 30, 2025, versus $268.3 million as of June 30, 2024. On a linked quarter basis, total individually analyzed and watch list loans decreased by $23.9 million, or 11%, from $215.6 million at March 31, 2025. Watch list loans as a percentage of total loans were 3.67% at June 30, 2025, a decrease of 164 basis points compared to 5.31% at June 30, 2024, and 46 basis points from 4.13% at March 31, 2025.

    “We are pleased to have reached a resolution on the nonperforming loan that we have been working through for the past several quarters,” stated Findlay. “Importantly, our semi-annual loan portfolio reviews with all loan officers of the bank affirmed that asset quality is stable and that economic conditions in our footprint are contributing to new business development opportunities. We continue to monitor the impact of tariffs on our borrowers. It is too early to quantify the impact of U.S. trade policy on our borrowers’ businesses, although there appears to be less concern on the impact of tariffs that we heard from borrowing clients previously.”

    Investment Portfolio Overview

    Total investment securities were $1.13 billion at June 30, 2025, reflecting an increase of $5.5 million, or less than 1%, as compared to $1.12 billion at June 30, 2024. Investment securities represented 16% of total assets on June 30, 2025, as compared to 17% and June 30, 2024 and March 31, 2025. The company anticipates receiving principal and interest cash flows of approximately $54.5 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth as well as to fund reinvestments to the investment securities portfolio. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at June 30, 2025, compared to 6.5 years at June 30, 2024 and unchanged from 5.9 years at March 31, 2025.

    Noninterest Income

    The company’s noninterest income decreased $9.0 million, or 44%, to $11.5 million for the second quarter of 2025, compared to $20.4 million for the second quarter of 2024. Noninterest income was elevated during the second quarter of 2024 as compared to the second quarter of 2025 as a result of the net gain on Visa shares of $9.0 million that was recorded in the second quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the net gain on Visa shares and an insurance recovery, increased $58,000, or less than 1%, from $11.4 million during the second quarter of 2024. Bank owned life insurance income increased $150,000, or 17%, primarily as a result of increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Mortgage banking income increased $101,000 due to growth in the company’s mortgage pipeline, which favorably impacted secondary market loan sale gains and mortgage rate lock income. Wealth advisory fees increased $70,000, or 3%, driven by continued growth in customers and assets under management. Investment brokerage fees increased $72,000, or 15%, due to increased volume and product mix. Offsetting these increases was a decrease to other income of $296,000, or 43%, primarily driven by reduced limited partnership investment income.

    Noninterest income for the second quarter of 2025 increased by $558,000, or 5%, on a linked quarter basis from $10.9 million during the first quarter of 2025. Bank owned life insurance income increased $718,000, or 223%, primarily as a result of improved market performance of the bank’s variable owned life insurance policies and increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Loan and service fee income increased $122,000, or 4%, from increased interchange fee income. Mortgage banking income increased $175,000, as a result of income derived from secondary mortgage sales and pipeline growth. Investment brokerage fees income increased $98,000, or 22%. Offsetting these increases was a decrease to other income of $460,000, or 54%, primarily a result of reduced limited partnership investment income. Wealth advisory fees, which benefited in the linked first quarter of 2025 from significant estate settlement fee income decreased $200,000, or 7%.

    “The linked quarter improvement of noninterest income of 5% is encouraging as we continue to focus on growing our fee-based businesses,” noted Findlay. “We are particularly pleased with the continued growth of our Wealth Advisory Management area, which has recently added revenue generating employees in our footprint with a focus in Indianapolis. Assets under management in this area have reached nearly $3.0 billion at quarter end.”

    Noninterest income decreased by $10.6 million, or 32%, to $22.4 million for the six months ended June 30, 2025, compared to $33.1 million for the prior year six-month period. Noninterest income was elevated during the first six months of 2024 as compared to the comparable period of 2025 primarily because of the net gain on Visa shares of $9.0 million and a $1.0 million insurance recovery. Adjusted core noninterest income, a non-GAAP financial measure that excludes the impact of these non-routine events, declined $626,000, or 3%, from $23.0 million for the six months ended June 30, 2024. Other income decreased $1.6 million, or 56%, as other income during the first six months of 2024 benefited from the $1.0 million insurance recovery. Reduced limited partnership investment income further contributed to the decline between the periods. Bank owned life insurance income decreased $564,000, or 29%, primarily as a result of reduced market performance from the bank’s variable bank owned life insurance policies, which correlate to returns in the equities markets. Offsetting these decreases were increases to wealth advisory fees of $482,000, or 10%, and service charges on deposit accounts of $104,000, or 2%. The increase in wealth advisory fees was primarily driven by continued growth in customers and assets under management.

    Noninterest Expense

    Noninterest expense decreased $2.9 million, or 9%, to $30.4 million for the second quarter of 2025, compared to $33.3 million during the second quarter of 2024. Noninterest expense was elevated during the second quarter of 2024 as compared to 2025 due to a $4.5 million accrual that was recorded from the resolution of a legal matter. Adjusted core noninterest expense, which excludes the impact of the legal accrual, increased $1.6 million, or 6%, from $28.8 million for the second quarter of 2024. Salaries and benefits expense increased by $938,000, or 6%. The primary drivers for the increase to salaries and benefits expense were increased salaries expense of $756,000 and increased health insurance expense of $127,000. Additionally, data processing fees and supplies expense increased $340,000, or 9%, from continued investment in customer-facing and operational technology solutions. Offsetting these increases were decreases to other expense of $3.8 million, or 62%, professional fees of $417,000, or 20%, and corporate and business development expense of $105,000, or 8%. The decrease to other expense was driven by the legal accrual recorded during the second quarter of 2024. The decrease to professional fees was primarily driven by reduced technology implementation consulting fees and swap collateral fees. Corporate and business development expense decreased primarily as a result of lower advertising expense.

    On a linked quarter basis, noninterest expense decreased by $2.3 million, or 7%, from $32.8 million during the first quarter of 2025. The primary drivers for the decrease to noninterest expense was a decrease to salaries and employee benefits of $806,000, or 5%, due to a reduction in HSA contributions expense of $441,000, resulting from the timing of the annual employer contribution to employee accounts, and a reduction in performance-based compensation accruals. Professional fees decreased $674,000, or 28%, and were primarily driven by reduced technology implementation consulting fees and swap collateral interest expense. Other expense decreased $353,000, or 13%, as other expense was elevated in the linked first quarter of 2025 from the timing of semiannual director share awards. Corporate and business development expense decreased by $246,000, or 18%, due to reduced advertising expense, primarily driven by the timing of when advertisement television spots were purchased and utilized. Net occupancy expense decreased $233,000, or 12%, due to reductions in seasonal expenses. Data processing fees and supplies expense decreased $113,000, or 3%.

    Noninterest expense decreased by $843,000, or 1%, for the six months ended June 30, 2025 to $63.2 million compared to $64.0 million for the six months ended June 30, 2024. Adjusted core noninterest expense, which excludes the impact of the $4.5 million legal accrual, increased $3.7 million, or 6%, from $59.5 million for the six months ended June 30, 2024. Salaries and benefits expense increased by $2.0 million, or 6%. Data processing fees and supplies and expense increased $766,000, or 10%. Net occupancy expense increased $289,000, or 8%, as a result of increased occupancy expense from the continued expansion of the company’s branch network and improvements to existing facilities. Offsetting these increases were decreases to other expense of $3.4 million, or 41%, and professional fees of $500,000, or 11%.

    The company’s efficiency ratio was 45.9% for the second quarter of 2025, compared to 48.5% for the second quarter of 2024 and 51.4% for the linked first quarter of 2025. The company’s adjusted core efficiency ratio, a non-GAAP financial measure, was 48.2% for the second quarter of 2024.

    The company’s efficiency ratio was 48.6% for the six months ended June 30, 2025, compared to 49.7% for the comparable period in 2024. The company’s adjusted core efficiency ratio was 50.1% for the six months ended June 30, 2024.

    Findlay added, “We are pleased with the improvement in our efficiency ratio, which has benefited from strong core revenue growth of 10% on a year-over-year basis. Our growth in noninterest expense is focused on continued investments in human capital, technology solutions and organic expansion of our banking footprint, particularly in Indianapolis.”

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $7.0 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

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

     

    LAKELAND FINANCIAL CORPORATION
    SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS
     
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30,
    END OF PERIOD BALANCES   2025       2025       2024       2025       2024  
    Assets $ 6,964,301     $ 6,851,178     $ 6,568,807     $ 6,964,301     $ 6,568,807  
    Investments   1,129,346       1,132,854       1,123,803       1,129,346       1,123,803  
    Loans   5,226,827       5,223,221       5,052,341       5,226,827       5,052,341  
    Allowance for Credit Losses   66,552       92,433       80,711       66,552       80,711  
    Deposits   6,176,833       5,960,194       5,763,537       6,176,833       5,763,537  
    Brokered Deposits   150,416       125,409       161,040       150,416       161,040  
    Core Deposits (1)   6,026,417       5,834,785       5,602,497       6,026,417       5,602,497  
    Total Equity   709,987       694,509       654,590       709,987       654,590  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   706,184       690,706       650,787       706,184       650,787  
    Adjusted Tangible Common
    Equity (2)    		   866,758       854,585       820,534       866,758       820,534  
    AVERAGE BALANCES                  
    Total Assets $ 6,904,681     $ 6,762,970     $ 6,642,954     $ 6,834,217     $ 6,598,711  
    Earning Assets   6,570,607       6,430,804       6,295,281       6,501,092       6,256,105  
    Investments   1,125,597       1,136,404       1,118,776       1,130,970       1,138,639  
    Loans   5,229,646       5,185,918       5,034,851       5,207,903       5,002,935  
    Total Deposits   6,096,504       5,874,725       5,819,962       5,986,227       5,725,196  
    Interest Bearing Deposits   4,852,446       4,616,381       4,589,059       4,735,066       4,472,693  
    Interest Bearing Liabilities   4,886,943       4,716,465       4,666,136       4,802,175       4,599,136  
    Total Equity   696,976       696,053       638,999       696,517       642,003  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 54,876     $ 52,875     $ 48,296     $ 107,751     $ 95,712  
    Net Interest Income-Fully Tax Equivalent   55,986       53,983       49,493       109,970       98,176  
    Provision for Credit Losses   3,000       6,800       8,480       9,800       10,000  
    Noninterest Income   11,486       10,928       20,439       22,414       33,051  
    Noninterest Expense   30,432       32,763       33,333       63,195       64,038  
    Net Income   26,966       20,085       22,549       47,051       45,950  
    Pretax Pre-Provision Earnings (2)   35,930       31,040       35,402       66,970       64,725  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 1.05     $ 0.78     $ 0.88     $ 1.83     $ 1.79  
    Diluted Net Income Per
    Common Share    		   1.04       0.78       0.87       1.82       1.78  
    Cash Dividends Declared Per Common Share   0.50       0.50       0.48       1.00       0.96  
    Dividend Payout   48.08 %     64.10 %     55.17 %     54.95 %     53.93 %
    Book Value Per Common Share (equity per share issued) $ 27.63     $ 26.99     $ 25.49     $ 27.63     $ 25.49  
    Tangible Book Value Per Common Share (2)   27.48       26.85       25.34       27.48       25.34  
    Market Value – High $ 62.39     $ 71.77     $ 66.62     $ 71.77     $ 73.22  
    Market Value – Low   50.00       58.24       57.59       50.00       57.59  
                       
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30,
    KEY RATIOS   2025       2025       2024       2025       2024  
    Basic Weighted Average Common Shares Outstanding   25,707,233       25,714,818       25,678,231       25,711,004       25,667,647  
    Diluted Weighted Average Common Shares Outstanding   25,776,205       25,802,865       25,742,871       25,782,817       25,746,773  
    Return on Average Assets   1.57 %     1.20 %     1.37 %     1.39 %     1.40 %
    Return on Average Total Equity   15.52       11.70       14.19       13.62       14.39  
    Average Equity to Average Assets   10.09       10.29       9.62       10.19       9.73  
    Net Interest Margin   3.42       3.40       3.17       3.41       3.16  
    Efficiency (Noninterest Expense/Net Interest Income
    plus Noninterest Income)    		   45.86       51.35       48.49       48.55       49.73  
    Loans to Deposits   84.62       87.64       87.66       84.62       87.66  
    Investment Securities to Total Assets   16.22       16.54       17.11       16.22       17.11  
    Tier 1 Leverage (3)   12.21       12.30       11.98       12.21       11.98  
    Tier 1 Risk-Based Capital (3)   14.73       14.51       14.28       14.73       14.28  
    Common Equity Tier 1 (CET1) (3)   14.73       14.51       14.28       14.73       14.28  
    Total Capital (3)   15.86       15.77       15.53       15.86       15.53  
    Tangible Capital (2)   10.15       10.09       9.91       10.15       9.91  
    Adjusted Tangible Capital (2)   12.17       12.19       12.18       12.17       12.18  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 1,648     $ 4,288     $ 1,615     $ 1,648     $ 1,615  
    Loans Past Due 90 Days or More   7       7       26       7       26  
    Nonaccrual Loans   30,627       57,392       57,124       30,627       57,124  
    Nonperforming Loans   30,634       57,399       57,150       30,634       57,150  
    Other Real Estate Owned   284       284       384       284       384  
    Other Nonperforming Assets   183       193       90       183       90  
    Total Nonperforming Assets   31,101       57,876       57,624       31,101       57,624  
    Individually Analyzed Loans   52,069       81,346       78,533       52,069       78,533  
    Non-Individually Analyzed Watch List Loans   139,548       134,218       189,726       139,548       189,726  
    Total Individually Analyzed and Watch List Loans   191,617       215,564       268,259       191,617       268,259  
    Gross Charge Offs   29,111       508       1,076       29,619       1,580  
    Recoveries   230       181       127       411       319  
    Net Charge Offs/(Recoveries)   28,881       327       949       29,208       1,261  
    Net Charge Offs/(Recoveries) to Average Loans   2.22 %     0.03 %     0.08 %     1.13 %     0.05 %
    Credit Loss Reserve to Loans   1.27       1.77       1.60       1.27       1.60  
    Credit Loss Reserve to Nonperforming Loans   217.25       161.04       141.23       217.25       141.23  
    Nonperforming Loans to Loans   0.59       1.10       1.13       0.59       1.13  
    Nonperforming Assets to Assets   0.45       0.84       0.88       0.45       0.88  
    Total Individually Analyzed and Watch List Loans to Total Loans   3.67 %     4.13 %     5.31 %     3.67 %     5.31 %
                       
                       
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30
    KEY RATIOS   2025       2025       2024       2025       2024,  
    OTHER DATA                  
    Full Time Equivalent Employees   675       647       653       675       653  
    Offices   54       54       53       54       53  
    (1 ) Core deposits equals deposits less brokered deposits.
    (2 ) Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3 ) Capital ratios for June 30, 2025 are preliminary until the Call Report is filed.
       
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)      
    ​ June 30,
    2025    		   December 31,
    2024
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 97,413     $ 71,733  
    Short-term investments   212,767       96,472  
    Total cash and cash equivalents   310,180       168,205  
    Securities available-for-sale, at fair value   996,957       991,426  
    Securities held-to-maturity, at amortized cost (fair value of $107,979 and $113,107, respectively)   132,389       131,568  
    Real estate mortgage loans held-for-sale   1,637       1,700  
    Loans, net of allowance for credit losses of $66,552 and $85,960   5,160,275       5,031,988  
    Land, premises and equipment, net   61,449       60,489  
    Bank owned life insurance   127,399       113,320  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   29,109       28,446  
    Goodwill   4,970       4,970  
    Other assets   118,516       124,842  
    Total assets $ 6,964,301     $ 6,678,374  
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,261,740     $ 1,297,456  
    Interest bearing deposits   4,915,093       4,603,510  
    Total deposits   6,176,833       5,900,966  
           
    Borrowings      
    Federal Home Loan Bank advance   1,200       0  
    Other borrowings   5,000     0  
    Total borrowings   6,200       0  
           
    Accrued interest payable   9,996       15,117  
    Other liabilities   61,285       78,380  
    Total liabilities   6,254,314       5,994,463  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    26,016,494 shares issued and 25,525,105 outstanding as of June 30, 2025      
    25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024   130,664       129,664  
    Retained earnings   757,739       736,412  
    Accumulated other comprehensive income (loss)   (161,121 )     (166,500 )
    Treasury stock, at cost (491,389 shares and 469,239 shares as of June 30, 2025 and December 31, 2024, respectively)   (17,384 )     (15,754 )
    Total stockholders’ equity   709,898       683,822  
    Noncontrolling interest   89       89  
    Total equity   709,987       683,911  
    Total liabilities and equity $ 6,964,301     $ 6,678,374  
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
    ​ Three Months Ended June 30,   Six Months Ended June 30,  
    ​   2025     2024     2025     2024    
    NET INTEREST INCOME                
    Interest and fees on loans                
    Taxable $ 84,418   $ 84,226   $ 166,158   $ 166,268    
    Tax exempt   291     632     583     1,532    
    Interest and dividends on securities                
    Taxable   3,457     3,104     6,846     6,143    
    Tax exempt   3,917     3,932     7,827     7,879    
    Other interest income   2,302     1,842     3,426     2,948    
    Total interest income   94,385     93,736     184,840     184,770    
    ​ ​   ​   ​   ​  
    Interest on deposits   39,111     44,363     75,569     85,527    
    Interest on short-term borrowings   398     1,077     1,520     3,531    
    Total interest expense   39,509     45,440     77,089     89,058    
    ​ ​   ​   ​   ​  
    NET INTEREST INCOME   54,876     48,296     107,751     95,712    
    ​ ​   ​   ​   ​  
    Provision for credit losses   3,000     8,480     9,800     10,000    
    ​ ​   ​   ​   ​  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   51,876     39,816     97,951     85,712    
    ​ ​   ​   ​   ​  
    NONINTEREST INCOME                
    Wealth advisory fees   2,667     2,597     5,534     5,052    
    Investment brokerage fees   550     478     1,002     1,000    
    Service charges on deposit accounts   2,827     2,806     5,601     5,497    
    Loan and service fees   3,006     3,048     5,890     5,900    
    Merchant and interchange fee income   854     892     1,676     1,755    
    Bank owned life insurance income   1,040     890     1,362     1,926    
    Interest rate swap fee income   20     0     20     0    
    Mortgage banking income (loss)   124     23     73     75    
    Net securities gains (losses)   0     0     0     (46 )  
    Net gain on Visa shares   0     9,011     0     9,011    
    Other income   398     694     1,256     2,881    
    Total noninterest income   11,486     20,439     22,414     33,051    
    ​ ​   ​   ​   ​  
    NONINTEREST EXPENSE                
    Salaries and employee benefits   17,096     16,158     34,998     32,991    
    Net occupancy expense   1,747     1,698     3,727     3,438    
    Equipment costs   1,437     1,343     2,819     2,755    
    Data processing fees and supplies   4,152     3,812     8,417     7,651    
    Corporate and business development   1,160     1,265     2,566     2,646    
    FDIC insurance and other regulatory fees   839     816     1,639     1,605    
    Professional fees   1,706     2,123     4,086     4,586    
    Other expense   2,295     6,118     4,943     8,366    
    Total noninterest expense   30,432     33,333     63,195     64,038    
    ​ ​   ​   ​   ​  
    INCOME BEFORE INCOME TAX EXPENSE   32,930     26,922     57,170     54,725    
    Income tax expense   5,964     4,373     10,119     8,775    
    NET INCOME $ 26,966   $ 22,549   $ 47,051   $ 45,950    
    ​ ​   ​   ​   ​  
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,707,233     25,678,231     25,711,004     25,667,647    
    ​ ​   ​   ​   ​  
    BASIC EARNINGS PER COMMON SHARE $ 1.05   $ 0.88   $ 1.83   $ 1.79    
    ​                
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,776,205     25,742,871     25,782,817     25,746,773    
    ​                
    DILUTED EARNINGS PER COMMON SHARE $ 1.04   $ 0.87   $ 1.82   $ 1.78    
     

     

    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
     
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 717,484     13.7 %   $ 716,522     13.7 %   $ 697,754     13.8 %
    Non-working capital loans   776,278     14.9       807,048     15.5       828,523     16.4  
    Total commercial and industrial loans   1,493,762     28.6       1,523,570     29.2       1,526,277     30.2  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   552,998     10.6       623,905     12.0       658,345     13.0  
    Owner occupied loans   780,285     14.9       804,933     15.4       830,018     16.4  
    Nonowner occupied loans   869,196     16.6       852,033     16.3       762,365     15.1  
    Multifamily loans   477,910     9.1       339,946     6.5       252,652     5.0  
    Total commercial real estate and multi-family residential loans   2,680,389     51.2       2,620,817     50.2       2,503,380     49.5  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   150,934     2.9       156,112     3.0       161,410     3.2  
    Loans for agricultural production   188,501     3.6       227,659     4.3       199,654     4.0  
    Total agri-business and agricultural loans   339,435     6.5       383,771     7.3       361,064     7.2  
              ​            
    Other commercial loans   95,442     1.8       94,927     1.8       96,703     1.9  
    Total commercial loans   4,609,028     88.1       4,623,085     88.5       4,487,424     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   273,287     5.2       265,855     5.1       259,094     5.1  
    Open end and junior lien loans   226,114     4.4       217,981     4.2       197,861     3.9  
    Residential construction and land development loans   16,667     0.3       16,359     0.3       12,952     0.3  
    Total consumer 1-4 family mortgage loans   516,068     9.9       500,195     9.6       469,907     9.3  
      ​       ​            
    Other consumer loans   103,880     2.0       102,254     1.9       97,895     1.9  
    Total consumer loans   619,948     11.9       602,449     11.5       567,802     11.2  
    Subtotal   5,228,976     100.0 %     5,225,534     100.0 %     5,055,226     100.0 %
    Less:  Allowance for credit losses   (66,552 )         (92,433 )   ​     (80,711 )   ​
    Net deferred loan fees   (2,149 )         (2,313 )   ​     (2,885 )   ​
    Loans, net $ 5,160,275         $ 5,130,788     ​   $ 4,971,630     ​
     

     

    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
     
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Noninterest bearing demand deposits $ 1,261,740   $ 1,296,907   $ 1,212,989
    Savings and transaction accounts:          
    Savings deposits   283,976     293,768     283,809
    Interest bearing demand deposits   3,841,703     3,554,310     3,274,179
    Time deposits:          
    Deposits of $100,000 or more   584,165     602,577     776,314
    Other time deposits   205,249     212,632     216,246
    Total deposits $ 6,176,833   $ 5,960,194   $ 5,763,537
    FHLB advances and other borrowings   6,200     108,200     55,000
    Total funding sources $ 6,183,033   $ 6,068,394   $ 5,818,537
     

     

    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
     
        Three Months Ended June 30, 2025   Three Months Ended March 31, 2025   Three Months Ended June 30, 2024
    (fully tax equivalent basis, dollars in thousands)   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,204,006     $ 84,418   6.51 %   $ 5,160,031     $ 81,740   6.42 %   $ 4,993,270     $ 84,226   6.78 %
    Tax exempt (1)     25,640       359   5.62       25,887       361   5.66       41,581       783   7.57  
    Investments: (1)                                    
    Securities     1,125,597       8,416   3.00       1,136,404       8,338   2.98       1,118,776       8,082   2.91  
    Short-term investments     2,832       28   3.97       2,964       28   3.83       2,836       35   4.96  
    Interest bearing deposits     212,532       2,274   4.29       105,518       1,096   4.21       138,818       1,807   5.24  
    Total earning assets   $ 6,570,607     $ 95,495   5.83 %   $ 6,430,804     $ 91,563   5.77 %   $ 6,295,281     $ 94,933   6.07 %
    Less:  Allowance for credit losses     (93,644 )             (87,477 )             (74,166 )        
    Nonearning Assets                                    
    Cash and due from banks     66,713               71,004               64,518          
    Premises and equipment     61,280               60,523               58,702          
    Other nonearning assets     299,725               288,116               298,619          
    Total assets   $ 6,904,681             $ 6,762,970             $ 6,642,954          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 285,944     $ 43   0.06 %   $ 283,888     $ 42   0.06 %   $ 289,107     $ 48   0.07 %
    Interest bearing checking accounts     3,767,903       31,499   3.35       3,486,447       28,075   3.27       3,275,502       33,323   4.09  
    Time deposits:                                    
    In denominations under $100,000     208,770       1,745   3.35       212,934       1,832   3.49       217,146       1,871   3.47  
    In denominations over $100,000     589,829       5,824   3.96       633,112       6,509   4.17       807,304       9,121   4.54  
    Other short-term borrowings     33,297       398   4.79       99,830       1,122   4.56       77,077       1,077   5.62  
    Long-term borrowings     1,200       0   0.00       254       0   0.00       0       0   0.00  
    Total interest bearing liabilities   $ 4,886,943     $ 39,509   3.24 %   $ 4,716,465     $ 37,580   3.23 %   $ 4,666,136     $ 45,440   3.92 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,244,058               1,258,344               1,230,903          
    Other liabilities     76,704               92,108               106,916          
    Stockholders’ Equity     696,976               696,053               638,999          
    Total liabilities and stockholders’ equity   $ 6,904,681             $ 6,762,970             $ 6,642,954          
    Interest Margin Recap                                    
    Interest income/average earning assets         95,495   5.83 %         91,563   5.77 %         94,933   6.07 %
    Interest expense/average earning assets         39,509   2.41           37,580   2.37           45,440   2.90  
    Net interest income and margin       $ 55,986   3.42 %       $ 53,983   3.40 %       $ 49,493   3.17 %
    (1 ) Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.20 million in the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
    (2 ) Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, are included as taxable loan interest income.
    (3 ) Nonaccrual loans are included in the average balance of taxable loans.
       

    Reconciliation of Non-GAAP Financial Measures

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

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

      Three Months Ended   Six Months Ended
      Jun. 30, 2025   Mar. 31, 2025   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    Total Equity $ 709,987     $ 694,509     $ 654,590     $ 709,987     $ 654,590  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   706,184       690,706       650,787       706,184       650,787  
    Market Value Adjustment in AOCI   160,574       163,879       169,747       160,574       169,747  
    Adjusted Tangible Common Equity   866,758       854,585       820,534       866,758       820,534  
                       
    Assets $ 6,964,301     $ 6,851,178     $ 6,568,807     $ 6,964,301     $ 6,568,807  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,960,498       6,847,375       6,565,004       6,960,498       6,565,004  
    Market Value Adjustment in AOCI   160,574       163,879       169,747       160,574       169,747  
    Adjusted Tangible Assets   7,121,072       7,011,254       6,734,751       7,121,072       6,734,751  
                       
    Ending Common Shares Issued   25,697,093       25,727,393       25,679,066       25,697,093       25,679,066  
                       
    Tangible Book Value Per Common Share $ 27.48     $ 26.85     $ 25.34     $ 27.48     $ 25.34  
                       
    Tangible Common Equity/Tangible Assets   10.15 %     10.09 %     9.91 %     10.15 %     9.91 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.17 %     12.19 %     12.18 %     12.17 %     12.18 %
                       
    Net Interest Income $ 54,876     $ 52,875     $ 48,296     $ 107,751     $ 95,712  
    Plus:  Noninterest Income   11,486       10,928       20,439       22,414       33,051  
    Minus:  Noninterest Expense   (30,432 )     (32,763 )     (33,333 )     (63,195 )     (64,038 )
    Pretax Pre-Provision Earnings $ 35,930     $ 31,040     $ 35,402     $ 66,970     $ 64,725  
     

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

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

      Three Months Ended   Six Months Ended
      Jun. 30, 2025   Mar. 31, 2025   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    Noninterest Income $ 11,486     $ 10,928     $ 20,439     $ 22,414     $ 33,051  
    Less: Net Gain on Visa Shares   0       0       (9,011 )     0       (9,011 )
    Less: Insurance Recovery   0       0       0       0       (1,000 )
    Adjusted Core Noninterest Income $ 11,486     $ 10,928     $ 11,428     $ 22,414     $ 23,040  
                       
    Noninterest Expense $ 30,432     $ 32,763     $ 33,333     $ 63,195     $ 64,038  
    Less: Legal Accrual   0       0       (4,537 )     0       (4,537 )
    Adjusted Core Noninterest Expense $ 30,432     $ 32,763     $ 28,796     $ 63,195     $ 59,501  
                       
    Earnings Before Income Taxes $ 32,930     $ 24,240     $ 26,922     $ 57,170     $ 54,725  
    Adjusted Core Impact:                  
    Noninterest Income   0       0       (9,011 )     0       (10,011 )
    Noninterest Expense   0       0       4,537       0       4,537  
    Total Adjusted Core Impact   0       0       (4,474 )     0       (5,474 )
    Adjusted Earnings Before Income Taxes   32,930       24,240       22,448       57,170       49,251  
    Tax Effect   (5,964 )     (4,155 )     (3,261 )     (10,119 )     (7,414 )
    Core Operational Profitability (1) $ 26,966     $ 20,085     $ 19,187     $ 47,051     $ 41,837  
                       
    Diluted Earnings Per Common Share $ 1.04     $ 0.78     $ 0.87     $ 1.82     $ 1.78  
    Impact of Adjusted Core Items   0.00       0.00       (0.13 )     0.00       (0.16 )
    Core Operational Diluted Earnings Per Common Share $ 1.04     $ 0.78     $ 0.74     $ 1.82     $ 1.62  
                       
    Adjusted Core Efficiency Ratio   45.86 %     51.35 %     48.22 %     48.55 %     50.11 %
    (1 ) Core operational profitability was $3.4 million lower than reported net income for the three months ended June 30, 2024 and $4.1 million lower for the six months ended June 30, 2024.
       


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

    The MIL Network –

  • MIL-OSI Banking: ABAC Calls for Open, Predictable and Rules-Based Trade in Standalone Statement Hai Phong, Viet Nam | 25 July 2025 APEC Business Advisory Council

    Source: APEC – Asia Pacific Economic Cooperation

    At its meeting this week in Hai Phong, Viet Nam, the APEC Business Advisory Council (ABAC) calls on APEC Leaders to reaffirm their commitment to open, predictable, rules-based, non-discriminatory and competitive markets.

    The Chair of ABAC’s Regional Economic Integration Working Group, Anna Curzon of ABAC New Zealand, noted the region’s remarkable success in raising living standards and creating jobs and opportunities has been grounded in open markets and underpinned by the global system of trade rules. But that is now in jeopardy in the face of mounting trade tensions, policy volatility and global uncertainty.

    “The current turmoil, including rising protectionism, is a distraction from the critical work of revitalizing businesses and our economies, and tackling critical challenges to achieving a prosperous, sustainable future. It poses substantial threats to the international economic outlook,” said Curzon.

    “In our Open Markets Statement, we are presenting our Leaders with more than recommendations—we are offering a strategic roadmap to restore the economic dynamism that defines our region. Our ask is simple. We are urging our Leaders to help create the breathing room we need to get back to work,” concluded Curzon.

    The statement can be found here.

    For further information, please contact:

    Stephanie Honey (Ms), REIWG Lead Staffer at +64 21 352 633 and [email protected]
    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

    MIL OSI Global Banks –

  • MIL-OSI Economics: ABAC Calls for Open, Predictable and Rules-Based Trade in Standalone Statement Hai Phong, Viet Nam | 25 July 2025 APEC Business Advisory Council

    Source: APEC – Asia Pacific Economic Cooperation

    At its meeting this week in Hai Phong, Viet Nam, the APEC Business Advisory Council (ABAC) calls on APEC Leaders to reaffirm their commitment to open, predictable, rules-based, non-discriminatory and competitive markets.

    The Chair of ABAC’s Regional Economic Integration Working Group, Anna Curzon of ABAC New Zealand, noted the region’s remarkable success in raising living standards and creating jobs and opportunities has been grounded in open markets and underpinned by the global system of trade rules. But that is now in jeopardy in the face of mounting trade tensions, policy volatility and global uncertainty.

    “The current turmoil, including rising protectionism, is a distraction from the critical work of revitalizing businesses and our economies, and tackling critical challenges to achieving a prosperous, sustainable future. It poses substantial threats to the international economic outlook,” said Curzon.

    “In our Open Markets Statement, we are presenting our Leaders with more than recommendations—we are offering a strategic roadmap to restore the economic dynamism that defines our region. Our ask is simple. We are urging our Leaders to help create the breathing room we need to get back to work,” concluded Curzon.

    The statement can be found here.

    For further information, please contact:

    Stephanie Honey (Ms), REIWG Lead Staffer at +64 21 352 633 and [email protected]
    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

    MIL OSI Economics –

  • MIL-OSI United Kingdom: IMF supports growth agenda and fiscal framework

    Source: United Kingdom – Government Statements

    News story

    IMF supports growth agenda and fiscal framework

    IMF endorses Plan for Change growth mission and fiscal reforms.

    • The IMF’s Article IV surveillance report has stated that economic recovery in the UK is underway, with growth projected at 1.2% in 2025 before gaining momentum next year.   
    • The IMF also endorsed the government’s fiscal plans which it says strike a balance between supporting growth and safeguarding fiscal sustainability, and the Growth Mission covers the right areas to lift productivity.  

    Since the election the government has been clear on the need to kickstart economic growth, built on stability and investment to deliver on the Plan for Change. The publication of the IMF’s first Article IV surveillance report on the UK economy since last year’s election reveals that the UK’s economic recovery is underway, and will see the third fastest economic growth in the G7 and the fastest growth among European G7 countries.   

    The IMF have also endorsed the government’s fiscal framework as growth-friendly, as well as appropriately accommodating spending pressures and investment needs, while safeguarding fiscal sustainability.    

    Structural reform and government strategy 

    Through the Growth Mission, the government is restoring stability, increasing investment, and reforming the economy to drive up prosperity and living standards across every region of the UK. 

    The IMF recognised the bold reforms that we have launched since taking office in July 2024. We have been clear that planning reform is central to unlocking private investment. The IMF has stated that the UK’s new industrial strategy has real potential to unlock private investment and boost UK productivity in key sectors.  

    Trade, global integration, and external environment 

    Given the high level of uncertainty emanating from the external environment, the IMF has stated that the government should continue advocating for a stable global trading system and welcomes recent efforts to strike trade agreements with key partners, including the EU, India, and the US, demonstrating a commitment to finding common ground and establishing a more predictable environment for UK exporters.

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Narrative analysis: Case studies in heat resilience

    Source: UNISDR Disaster Risk Reduction

    This narrative analysis highlights how twelve countries are confronting the realities of extreme heat through diverse governance models, partnerships, and innovations. The case studies span multiple regions and development contexts-Argentina, Australia, Bangladesh, Canada, Ecuador, Egypt, France, India, Senegal, South Korea, the United Kingdom, and the United States-offering a cross-cutting view of what’s working, where gaps remain, and how national strategies are evolving in the face of escalating climate threats.

    Some of the common lessons from the case studies include:

    • Successful implementation of heat action plans requires active engagement and participation of local communities.
    • Addressing extreme heat requires coordinated involvement from sectors including health, urban planning, agriculture, and disaster management.
    • Robust early warning systems are essential for prompt and effective dissemination of heat alerts and advisories
    • Investing in heatresilient infrastructure, such as green spaces, cool roofs, and energy-efficient buildings, helps mitigate the impacts of extreme heat
    • Enhancing the capacity of healthcare systems to manage heat-related illnesses through training, resource allocation, and infrastructure improvements is critical for reducing heatrelated morbidity and mortality.

    Download

    Links last checked: 25 July 2025

    MIL OSI United Nations News –

  • MIL-OSI United Nations: An assessment of heat action plans: Global standards, good practices and partnerships

    Source: UNISDR Disaster Risk Reduction

    This synthesis report identifies best practices and persistent challenges to provide a structured framework for improving heat resilience based on evaluations of heat action plans from six countries-Australia, Canada, France, India, the United Kingdom, and the United States. It advocates for an adaptable governance framework, proposing that national guidance related to HAPs incorporate adaptable core elements, such as standardized heat risk definitions, clear agency roles, multi-sector coordination, and early warning systems

    Key takeaways for future action

    • Harmonizing Short-Term Response with Long-Term Planning – While immediate interventions like cooling centres and health advisories effectively mitigate acute health risks, incorporating durable infrastructure and climate-resilient urban planning into HAPs will better prepare communities for evolving climate realities
    • Advancing Sectoral Integration for Comprehensive Heat Management – A multi-sectoral approach, encompassing health, urban infrastructure, emergency response, and social services, is essential for addressing heat impacts holistically.
    • Aligning National HAPs with International Standards – Global standards, such as WHO’s health guidelines, UNDRR’s resilience frameworks, and the Sendai Framework for Disaster Risk Reduction, provide valuable benchmarks for HAP design and evaluation.
    • Opportunities for Strategic Public-Private Engagement Public-private partnerships (PPPs) are instrumental in addressing specific needs within HAPs, from deploying cooling solutions to advancing predictive technologies for early warning systems.

    Download

    Links last checked: 25 July 2025

    MIL OSI United Nations News –

  • UPI payments need to be made financially sustainable for long-term viability: RBI Governor

    Source: Government of India

    Source: Government of India (4)

    The era of completely free digital transactions via the Unified Payments Interface (UPI) may not last forever, RBI Governor Sanjay Malhotra said on Friday, adding that the UPI framework should be made financially sustainable going forward.

    Speaking at an event in Mumbai, Malhotra said the current model—where users pay no fees and the government subsidises banks and other stakeholders—may not be viable in the long run.

    “Costs will have to be paid. Someone will have to bear the cost,” he said, adding that while UPI is currently a zero-charge platform, it comes with operational expenses.

    “Payments and money are a lifeline. We need a universally efficient system. As of now, there are no charges. The government is subsidising various players such as banks and other stakeholders in the UPI payments system. Obviously, some costs have to be paid,” the RBI Governor said.

    “Any important infrastructure must bear fruits,” he added. “For any service to be sustainable, its cost should be paid—whether collectively or by the user.”

    Malhotra’s remarks come at a time when UPI has reached unprecedented scale, with the backend infrastructure—largely maintained by banks, payment service providers, and the National Payments Corporation of India (NPCI)—under increasing pressure.

    Since the government mandated zero Merchant Discount Rate (MDR) for RuPay debit cards and BHIM-UPI transactions in December 2019, there has been no revenue stream for service providers. The MDR, typically ranging from 1–3% of the transaction value, was earlier borne by merchants.

    Industry players have flagged the financial unsustainability of the model and have urged the reintroduction of MDR or an alternative cost-sharing mechanism. It remains unclear whether the government plans to revise the current policy or pass on some of the burden to users.

    UPI processed over ₹24.03 lakh crore through 18.39 billion transactions in June, surpassing global payment giants like Visa. The platform now accounts for nearly 85% of India’s digital transactions and about 50% of all real-time digital payments globally.

    -IANS

  • India tests first hydrogen train coach, boosts green rail push

    Source: Government of India

    Source: Government of India (4)

    Indian Railways has achieved a major milestone by successfully testing the nation’s first hydrogen-powered coach at the Integral Coach Factory (ICF) in Chennai, Union Railway Minister Ashwini Vaishnaw announced on Friday.

    “First hydrogen-powered coach (Driving Power Car) successfully tested at ICF, Chennai. India is developing a 1,200 HP hydrogen train. This will place India among the leaders in hydrogen-powered train technology,” Vaishnaw shared in a post on X.

    The test marks a major milestone in India’s efforts to transition towards clean and green transportation alternatives. The hydrogen coach is part of a broader vision by Indian Railways to deploy 35 hydrogen-powered trains under the “Hydrogen for Heritage” initiative. These trains are intended to operate on heritage and hill routes across the country, with an estimated cost of ₹80 crore per train and an additional ₹70 crore for supporting ground infrastructure per route.

    Indian Railways has also initiated a pilot project to retrofit an existing Diesel Electric Multiple Unit (DEMU) with a hydrogen fuel cell. The project, including the installation of ground infrastructure, is being implemented at a cost of ₹111.83 crore and is planned to run on the Jind–Sonipat section of Northern Railway.

    While the running cost of hydrogen-based trains is yet to be firmly established in the Indian context, initial estimates suggest higher operational costs that are expected to decrease as the number of hydrogen trains increases. Beyond economic considerations, hydrogen fuel is widely recognized for its environmental benefits, including zero carbon emissions, making it a key component of India’s clean energy transition strategy.

    India’s push toward hydrogen mobility extends beyond the railway sector. In 2024, Union Minister of Petroleum & Natural Gas, Hardeep Singh Puri, showcased the country’s progress in green hydrogen energy push by presenting a hydrogen-fuelled bus, developed by Indian Oil, to the visiting Prime Minister of Bhutan, Tshering Tobgay, during his official visit.

    (With ANI inputs)

  • Centre to roll out employment incentive scheme from Aug 1, targets 3.5 crore jobs in two years

    Source: Government of India

    Source: Government of India (4)

    The Government’s Employment Linked Incentive Scheme, recently approved by the Union Cabinet, will come into effect from August 1.

    With a significant outlay of ₹99,446 crore, PM Viksit Bharat Rozgar Yojana (PM-VBRY) is expected to generate over 3.5 crore jobs across sectors in the next two years. Out of these, 1.92 crore beneficiaries are projected to be first-time entrants into the formal workforce. The scheme will be applicable to all eligible jobs created between August 1, 2025, and July 31, 2027.

    The PM-VBRY is structured in two parts. Part A focuses on first-time employees registered with the Employees’ Provident Fund Organisation (EPFO). These individuals, earning up to ₹1 lakh per month, will receive EPF-linked incentives up to ₹15,000 in two installments – after six and twelve months of continuous service. The second installment will be released only after successful completion of a financial literacy programme. To promote saving habits, part of the benefit will be locked in a fixed deposit or savings instrument, to be withdrawn later.

    Part B of the scheme targets employers across sectors, especially manufacturing, by offering incentives for creating new jobs. Employers registered with EPFO will be eligible for financial support of up to ₹3,000 per new employee per month for a period of two years, with an extended benefit up to four years for those in manufacturing. To qualify, establishments with fewer than 50 employees must hire at least two new workers, while those with 50 or more employees must hire at least five, with sustained employment for a minimum of six months.

    The incentive amount will vary based on the employee’s EPF wage slab – ranging from ₹1,000 to ₹3,000 per month. Direct Benefit Transfer (DBT) via the Aadhaar Bridge Payment System will be used for transferring funds to employees, while employers will receive payments directly into their PAN-linked accounts.

  • MIL-OSI Asia-Pac: Belt-Road forum held in Beijing

    Source: Hong Kong Information Services

    The Hong Kong Special Administrative Region Government, the National Development & Reform Commission (NDRC) and relevant central ministries held the eighth Joint Conference on Advancing Hong Kong’s Full Participation in & Contribution to the Belt & Road Initiative in Beijing today.

    NDRC Vice Chairman Zhou Haibing attended the conference, together with representatives from the commission, the Hong Kong & Macao Work Office of the Communist Party of China Central Committee, the Hong Kong & Macao Affairs Office of the State Council, the Ministry of Foreign Affairs, the State-owned Assets Supervision & Administration Commission of the State Council, and the Liaison Office of the Central People’s Government in the Hong Kong SAR.

    Secretary for Justice Paul Lam, in his capacity as chairperson of the Working Group on Belt & Road Development under the Steering Group on Integration into National Development, led Hong Kong officials to attend the conference.

    He pointed out that the Hong Kong SAR Government has been taking forward Belt-Road collaboration to go deeper and deliver outcomes, fully participating in and contributing to the initiative under the guidance of the major steps the country has taken to support high-quality co-operation, so as to facilitate Hong Kong’s integration into overall national development.

    With the country’s support, Hong Kong will deepen international exchanges and actively utilise its advantages to exert a greater role in the nation’s high-level opening up to the world, Mr Lam added.

    The justice chief also said the Hong Kong SAR Government is exploring emerging markets such as the Middle East, the Association of Southeast Asian Nations and other Belt & Road countries, while making full use of the city’s professional services, thereby building it as a gateway between the country and the world.

    He expressed gratitude to the central government for the staunch support of hosting the International Organization for Mediation headquarters in Hong Kong, which will strengthen its roles as an international dispute resolution services centre and a hub for international mediation.

    Secretary for Commerce & Economic Development Algernon Yau, who was also at the conference, noted that the Hong Kong SAR Government will fully capitalise on the 10th Belt & Road Summit to showcase the city’s roles as an active participant and the premier platform to the Mainland and overseas.

    At the meeting, Mr Yau reported on Hong Kong’s progress in carrying out Belt & Road work, including the ongoing pursuit of Hong Kong’s early accession to the Regional Comprehensive Economic Partnership, pursuit of early conclusion of ongoing negotiations for free trade and investment agreements, and more.

    Today’s session also covered the work proposals on further promoting the Belt & Road Initiative put forward for consideration by central ministries. Relevant Mainland ministries introduced their work in supporting Hong Kong’s participation in and contribution to the initiative and provided feedback on the work proposals. 

    MIL OSI Asia Pacific News –

  • India showcases global leadership in wetlands conservation at Ramsar COP15 in Zimbabwe

    Source: Government of India

    Source: Government of India (4)

    Union Minister for Environment, Forest and Climate Change, Bhupender Yadav on Thursday reaffirmed India’s global leadership in wetlands conservation at the 15th Meeting of the Conference of the Parties (COP15) to the Ramsar Convention on Wetlands. Addressing the High-Level Ministerial Segment in Victoria Falls, Zimbabwe, the Minister highlighted India’s message of “Oneness with Nature” and the country’s integrated approach to sustainable lifestyles in wetland management.

    India currently hosts 91 Ramsar Sites covering 1.36 million hectares—forming Asia’s largest, and the world’s third-largest, network of protected wetlands. Over the past decade, this network has expanded by 250 percent. Yadav proudly noted that for the first time, two Indian cities—Indore and Udaipur—have been internationally recognised as Wetland Cities, underscoring the nation’s commitment to conserving urban wetlands.

    The Minister credited Prime Minister Narendra Modi’s visionary leadership, referencing key environmental campaigns such as Mission LiFE (Lifestyle for Environment) and Ek Ped Maa Ke Naam. He urged the global community to embrace nature-friendly living and symbolic actions like tree plantation in honor of one’s mother.

    India’s citizen-led initiatives, including Mission Sahbhagita and the Save Wetlands Campaign, have mobilised over two million people. These efforts have resulted in the mapping and boundary demarcation of over 170,000 wetlands across the country, contributing significantly to informed conservation strategies.

    Yadav emphasized that India’s wetlands conservation efforts are firmly grounded in constitutional mandates, legal instruments, and policy frameworks. Wetlands are an integral part of national plans such as the National Biodiversity Strategy and Action Plan and the National Wildlife Action Plan. He also highlighted India’s support for the UNEA Resolution 6/8 on promoting sustainable lifestyles, reiterating the importance of integrating such values into conservation policies.

    On the sidelines of the summit, the Minister held bilateral meetings with representatives of key global environmental conventions, including the Ramsar Secretariat, CITES, and the Convention on Migratory Species (CMS). He also met with Zimbabwe’s Minister of Environment, Climate and Wildlife, Dr. Evelyn Ndlovu, to discuss enhanced cooperation in wetland restoration and knowledge exchange.

    Highlighting India’s broader global environmental initiatives, Yadav urged international participation in platforms such as the International Big Cat Alliance (IBCA), the Coalition for Disaster Resilient Infrastructure (CDRI), the International Solar Alliance (ISA), and global movements for sustainable living.

    COP15 of the Ramsar Convention has brought together 172 contracting parties, international organisations, scientists, and civil society representatives to chart out the wetland conservation agenda for the next triennium.

  • Parliament’s Monsoon session: Both houses adjourned till July 28 amid protests by opposition

    Source: Government of India

    Source: Government of India (4)

    Both Houses of Parliament were adjourned on Friday till July 28 amid continued protests by opposition MPs demanding a discussion on the Special Intensive Revision (SIR) of voter rolls in Bihar. The Lok Sabha was adjourned twice – first at 11 a.m. and then for the day at 2 p.m. following relentless sloganeering in the well of the House. The Rajya Sabha was also adjourned at 2 p.m. and will now reconvene on Monday.

    Lok Sabha Chairperson Jagdambika Pal, presiding in the absence of Speaker Om Birla, appealed to opposition members to maintain decorum and allow the introduction of private members’ bills. He highlighted that over 200 MPs were scheduled to present their proposals, calling Friday an important day for legislative discussion. However, protests continued, leading to a complete halt in proceedings.

    Earlier in the day, Speaker Om Birla convened an all-party meeting to resolve the stalemate and emphasized the need for cooperation to allow the House to function. He also urged MPs to let the scheduled 16-hour debate on “Operation Sindoor” take place on July 28.

    In the Rajya Sabha, Union Agriculture Minister Shivraj Singh Chouhan’s remarks were interrupted by opposition MPs demanding a discussion under Rule 267 on the Bihar SIR. Deputy Chairman Harivansh Narayan Singh rejected the notices, calling out members for breaches of decorum.

    Meanwhile, actor-politician Kamal Haasan took oath as a Rajya Sabha MP in Tamil, along with other newly elected members from the DMK.

    Congress leaders, including Rahul Gandhi, Priyanka Gandhi, and Mallikarjun Kharge, staged protests outside the Parliament.

    Parliament has seen repeated disruptions since the Monsoon Session began on July 21, with little legislative business conducted so far.

  • MIL-OSI NGOs: Preparing Tomorrow’s Radiation Protection Professionals

    Source: International Atomic Energy Agency (IAEA) –

    As of 2025, the IAEA has trained close to 2,500 professionals from 137 countries through the PGEC. (Photo: L. Grindrod/IAEA)

    Dozens of participants have completed the latest IAEA post-graduate courses in radiation protection, enabling them to help safely expand the use of nuclear science and technology in 31 participating countries.

    The latest participants completed intensive, six-month Postgraduate Educational Courses in Radiation Protection and the Safety of Radiation Sources (PGEC) in either Greece or Ghana, designed to prepare them for work as radiation protection experts, regulators and nuclear safety professionals.

    “For close to 45 years, PGEC has continuously trained new generations of experts in Europe and Central Asia for work in the field of radiation protection,” explained Emina Alic, IAEA Programme Management Officer. “Today, former PGEC graduates are helping to shape the future of their country’s engagement with nuclear applications as national operators, regulators and policymakers.”

    “With the increased use of radiation sources in Africa, radiation safety has become one of the main priority areas of the IAEA’s regional technical cooperation programme for Africa,” explained IAEA Programme Management Officer Felix Omonya. “The IAEA has provided substantial support in the form of equipment and expert guidance, but in terms of training, the PGEC represents a cornerstone of our capacity building efforts.”

    Radioactive sources are manufactured in research reactors. As they decay through their lifetime, the radiation they emit can be used to diagnose or treat cancers, measure pollution or monitor industrial processes. When they reach the end of their life, the radioactive sources are interred safely in waste storage or disposal facilities. X ray machines on the other hand, generate radiation on demand, offering a predictable and reliable source of radiation that can be made safe as soon as its work is done.  

    The use of these radiation sources and technologies requires a comprehensive framework of national legislation and regulations and relies on the availability of sufficiently trained and motivated safety professionals. The IAEA’s PGEC responds to this need by helping to develop a cohort of radiation protection professionals through a combination of theoretical, classroom instruction and hands-on training.

    “While some regulatory frameworks are in place in my country, there is still a pressing need to update existing regulations in line with international standards,” explained Blinda Mutuzo of the Rwanda Atomic Energy Board. “The PGEC covered many of the areas where we most need support and offered practical knowledge on regulatory frameworks, authorization and inspection processes, source management and more.”

    “The course helped me grow professionally by expanding my knowledge and confidence in radiation protection. It also allowed me to connect with experts and peers from other countries. These connections may lead to future collaborations in training, technical assistance or policy development,” said Mutuzo.

    “Emergency preparedness and the improvement of the established early warning system are among Lithuania’s priorities at the moment,” said Kornelija Dacytė, Chief Specialist of Lithuania’s Radiation Protection Centre. “Not only did PGEC respond to these national needs, I am now hoping to adjust my career trajectory to focus more on emergency preparedness and I hope to support decision-making through atmospheric dispersion modelling.” The IAEA supports countries to use atmospheric dispersion modelling to simulate the spread of air pollutants, including radioactive substances.

    MIL OSI NGO –

  • India–UK FTA will boost Indian manufacturing, services: RBI Governor

    Source: Government of India

    Source: Government of India (4)

    Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday said the India–UK Free Trade Agreement (FTA) is expected to provide a boost to multiple sectors of the Indian economy, including manufacturing and services.

    Speaking at an event in Mumbai, Malhotra said that with multilateralism losing momentum globally, such bilateral agreements are becoming increasingly important for India’s trade strategy.

    “The UK FTA is the way forward, because unfortunately, multilateralism appears to have taken a back seat,” Malhotra said, adding that trade negotiations with the United States are also at an advanced stage.

    Malhotra also noted that India is actively pursuing several other trade agreements, many of which are currently under negotiation.

    The RBI Governor’s remarks came a day after Union Commerce and Industry Minister Piyush Goyal said India is expanding its trade relations across geographies, following the signing of the landmark FTA with the UK.

    “Very good talks are going on with New Zealand, Oman, Chile, Peru, and the European Union. And on the bilateral trade agreement (BTA), good discussions are also underway with the United States,” Goyal told IANS in London. “I firmly believe that all these negotiations will lead to positive outcomes.”

    India and the US recently concluded the fifth round of BTA negotiations in Washington, DC.

    The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) is set to come into effect on October 1. The agreement is projected to generate around one million direct jobs in India.

    The India–UK FTA, now officially termed the Comprehensive Economic and Trade Agreement (CETA), is being viewed as a key milestone in India’s global trade policy, with the potential to unlock billions of dollars in trade and investment.

    —IANS

  • MIL-OSI Asia-Pac: CE meets Deputy PM of Vanuatu

    Source: Hong Kong Information Services

    Chief Executive John Lee today met Deputy Prime Minister and Minister of Finance & Economic Management of Vanuatu Johnny Koanapo Rasou to discuss issues of mutual interest.

    Welcoming Mr Rasou and his delegation to Hong Kong to attend economic and trade co-operation events, Mr Lee said the city is leveraging its advantages under the “one country, two systems” principle of connecting the Mainland and the world, and is actively deepening international co-operation.

    The Chief Executive said that apart from strengthening traditional markets, Hong Kong will further explore emerging markets comprising Belt & Road countries and expand economic and trade networks with countries of the Global South countries including Vanuatu.

    He added that as a functional platform for the Belt & Road Initiative, Hong Kong boasts a highly internationalised, market-oriented, and business-friendly environment, making it an ideal place for companies to expand global operations.

    Mr Lee welcomed enterprises from Vanuatu to leverage the city’s role as a “super connector” and “super value-adder” to explore overseas and Mainland markets, enhancing trade and business exchanges. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: GREEN$ Electronic Participation Incentive Scheme to be fully digitalised (with photos)

    Source: Hong Kong Government special administrative region

         The Environmental Protection Department (EPD) announced today (July 25) that, along with technological advancements, the GREEN$ Electronic Participation Incentive Scheme (GREEN$ ePIS) will be fully digitised on April 1, 2026. The digitalisation will enhance the connections of GREEN$ ePIS with more reward platforms and gift redemption locations in the market. Members of the public will no longer be required to visit GREEN@COMMUNITY to redeem a limited selection of around 10 types of gifts. Instead, they can redeem their favourite or required gifts at more than 500 supermarkets and retail stores, as well as free MTR tickets and local ecotours, through the GREEN$ mobile app.

         The EPD spokesperson said, “Among the approximately 1.06 million current users of GREEN$ ePIS, about 920 000 users (i.e. 87 per cent), are already using the mobile app, allowing them to transition seamlessly to full digitisation. To encourage physical card users to switch to the GREEN$ mobile app promptly and enjoy the benefits of digitalisation, the EPD will launch a summer promotion to offer an extra 50 GREEN$ points to those who return their physical cards and switch to the use of the GREEN$ mobile app during the period from August 1 to September 30, 2025.”

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: Preparing Tomorrow’s Radiation Protection Professionals

    Source: International Atomic Energy Agency – IAEA

    As of 2025, the IAEA has trained close to 2,500 professionals from 137 countries through the PGEC. (Photo: L. Grindrod/IAEA)

    Dozens of participants have completed the latest IAEA post-graduate courses in radiation protection, enabling them to help safely expand the use of nuclear science and technology in 31 participating countries.

    The latest participants completed intensive, six-month Postgraduate Educational Courses in Radiation Protection and the Safety of Radiation Sources (PGEC) in either Greece or Ghana, designed to prepare them for work as radiation protection experts, regulators and nuclear safety professionals.

    “For close to 45 years, PGEC has continuously trained new generations of experts in Europe and Central Asia for work in the field of radiation protection,” explained Emina Alic, IAEA Programme Management Officer. “Today, former PGEC graduates are helping to shape the future of their country’s engagement with nuclear applications as national operators, regulators and policymakers.”

    “With the increased use of radiation sources in Africa, radiation safety has become one of the main priority areas of the IAEA’s regional technical cooperation programme for Africa,” explained IAEA Programme Management Officer Felix Omonya. “The IAEA has provided substantial support in the form of equipment and expert guidance, but in terms of training, the PGEC represents a cornerstone of our capacity building efforts.”

    Radioactive sources are manufactured in research reactors. As they decay through their lifetime, the radiation they emit can be used to diagnose or treat cancers, measure pollution or monitor industrial processes. When they reach the end of their life, the radioactive sources are interred safely in waste storage or disposal facilities. X ray machines on the other hand, generate radiation on demand, offering a predictable and reliable source of radiation that can be made safe as soon as its work is done.  

    The use of these radiation sources and technologies requires a comprehensive framework of national legislation and regulations and relies on the availability of sufficiently trained and motivated safety professionals. The IAEA’s PGEC responds to this need by helping to develop a cohort of radiation protection professionals through a combination of theoretical, classroom instruction and hands-on training.

    “While some regulatory frameworks are in place in my country, there is still a pressing need to update existing regulations in line with international standards,” explained Blinda Mutuzo of the Rwanda Atomic Energy Board. “The PGEC covered many of the areas where we most need support and offered practical knowledge on regulatory frameworks, authorization and inspection processes, source management and more.”

    “The course helped me grow professionally by expanding my knowledge and confidence in radiation protection. It also allowed me to connect with experts and peers from other countries. These connections may lead to future collaborations in training, technical assistance or policy development,” said Mutuzo.

    “Emergency preparedness and the improvement of the established early warning system are among Lithuania’s priorities at the moment,” said Kornelija Dacytė, Chief Specialist of Lithuania’s Radiation Protection Centre. “Not only did PGEC respond to these national needs, I am now hoping to adjust my career trajectory to focus more on emergency preparedness and I hope to support decision-making through atmospheric dispersion modelling.” The IAEA supports countries to use atmospheric dispersion modelling to simulate the spread of air pollutants, including radioactive substances.

    MIL Security OSI –

  • MIL-OSI United Kingdom: UK strengthens cyber defence cooperation across Asia-Pacific region

    Source: United Kingdom – Executive Government & Departments

    News story

    UK strengthens cyber defence cooperation across Asia-Pacific region

    Senior defence officials gathered in Singapore on cyber security and emerging technologies.

    Lieutenant General Sir Tom Copinger-Symes addressing the symposium. MOD Crown Copyright

    Cyber-attacks know no borders, and with the transnational nature of digital threats evolving we must work with allies to keep Britain safe.

    The ASEAN (Association of Southeast Asian Nations) Defence Ministers’ Meeting (ADMM) Cybersecurity and Information Centre of Excellence (ACICE) hosted the third Digital Defence Symposium (DDS) in Singapore, bringing together more than 300 senior defence officials, academics, industry experts and international partners from across 35 countries and organisations, to discuss the latest developments in the cybersecurity and information domains, amid challenges presented by emerging technologies and rising geopolitical tensions.

    ACICE was established in June 2021, aiming to connect ASEAN countries and other international partners to enhance multilateral cooperation in defence against cyberattacks, disinformation and misinformation. This is achieved through information sharing, and raising awareness and knowledge of potential threats, trends and developments in the cybersecurity and information domains.

    Lieutenant General Sir Tom Copinger-Symes and Major General Yi-Jin Lee, Chief Digital and Intelligence Service. MOD Crown Copyright

    At the symposium, the ‘Building Effective Digital Military Forces’ panel saw representatives from the UK, Singapore and Japan – including our Deputy Commander, Lieutenant General Sir Tom Copinger-Symes – discuss how investment, such as training, doctrine, structure, or equipment, can build a capable force that is ready to respond to digital threats.

    As collaboration becomes increasingly paramount to defend against modern threats, leaders shared insight into how militaries can use multinational operations and alliances to enhance interoperability and counter digital threats. They also covered how artificial intelligence (AI), autonomous systems, and cyber capabilities can ethically be integrated with human judgement and resilience to create a strong, warfighting ready force.

    The Strategic Defence Review outlined a need to align capabilities and defence priorities. As the Command responsible for defending the UK in cyberspace and leading on integrating cyber effects into operational planning, we must work in partnership with our allies and partners to achieve this and continue to put NATO first. However, as this conference has demonstrated, prioritising NATO does not mean focusing solely on it – it also involves strengthening our regional partnerships around the globe.

    This symposium offered a platform to do so, ensuring our strong international partnerships within the region, as an ASEAN Dialogue Partner, and wider keep us ahead of our adversaries in an ever-contested digital landscape.

    Attorney Odessa Rossilyz L. Magisa, Officer-in-Charge of the Office for Department for National Defence Information Security and Lieutenant General Sir Tom Copinger-Symes. MOD Crown Copyright

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom –

  • MIL-OSI Economics: ABAC Issued Declaration on Sustainable AI Infrastructure and Investment Hai Phong, Viet Nam | 25 July 2025 APEC Business Advisory Council

    Source: APEC Secretariat

    The APEC Business Advisory Council (ABAC) released its Declaration on Sustainable Artificial Intelligence (AI) Infrastructure and Investment, underscoring the business community’s commitment to a sustainable AI future.

    AI is rapidly transforming economies and societies across the region. It holds immense potential to unlock innovation, drive productivity, and promote inclusive growth. However, none of this works without infrastructure—underpinned by data centers and the electricity grids that support them. The full benefits of AI cannot be realized without resilient, efficient, and sustainable infrastructure to support its development and deployment.

    “Energy gaps are deepening inequality and limiting participation in the digital economy. The digital divide isn’t just about tech anymore—it’s about capital access, grid resilience and human capacity. Our declaration reaffirms our commitment to APEC’s 2025 vision of ‘Building a Sustainable Tomorrow’,” said Jan De Silva, Chair of ABAC’s AI and Digital Innovation Working Group.

    This meeting took place in advance of APEC’s first Digital and AI Ministerial meeting taking place August 4-6 in Incheon, Korea. ABAC has committed to four priority actions:

    • Accelerating Investment in Sustainable AI Infrastructure
    • Embedding Sustainability into the AI Lifecycle
    • Fostering Cross-Economy Collaboration and Investment
    • Advocating for Enabling Policies and Standards

    “ABAC reaffirms its commitment to shaping an AI-powered future that is not only innovative and inclusive but also sustainable and resilient. We invite governments, industry, academia, and civil society to join us in this shared effort to build responsible AI across the APEC region,” said ABAC Chair, HS Cho.

    The full declaration can be found here.

    For further information, please contact:

    Amanda Doyle (Ms), AIDIWG Lead Staffer at +1-905-467-0019 and [email protected]
    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

    MIL OSI Economics –

  • MIL-OSI Russia: NPC Standing Committee Chairman Zhao Leji aims for more practical cooperation with Kyrgyzstan

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BISHKEK, July 25 (Xinhua) — Chairman of the Standing Committee of the National People’s Congress of China (NPC) Zhao Leji expressed Beijing’s readiness to further develop practical cooperation with Bishkek during an official friendly visit to Kyrgyzstan from Wednesday to Thursday.

    During the visit, he met with Kyrgyz President Sadyr Japarov and held talks with Speaker of the Zhogorku Kenesh (Parliament Speaker) Nurlanbek Turgunbek uulu in Bishkek.

    During the meeting with S. Japarov, Zhao Leji, welcoming the rapid development of bilateral relations, which, in his opinion, are in the best state in history, said that China is ready to cooperate with Kyrgyzstan under the strategic leadership of the heads of the two states, develop traditional friendship, strengthen strategic mutual trust and firmly support each other on issues concerning the core interests of each country.

    He called on both sides to expand trade and investment, promote high-quality construction of the China-Kyrgyzstan-Uzbekistan railway, and strengthen cooperation in areas such as cross-border road construction, port modernization, digital trade and green energy.

    Zhao Leji noted that the two sides should promote people-to-people exchanges, jointly implement projects to improve people’s livelihoods, and continuously enrich the aspects of the China-Kyrgyzstan comprehensive strategic partnership in the new era.

    China is willing to work with Kyrgyzstan and other Central Asian countries to adhere to the “China-Central Asia Spirit”, take the Years of High-Quality Development of China-Central Asia Cooperation as an opportunity to implement more cooperation measures and projects, and promote the building of a closer community with a shared future between China and Central Asia, he said.

    He also called for joint efforts to deepen cooperation in law enforcement and security, resolutely combat the “three evil forces” (terrorism, extremism and separatism), and jointly maintain regional security and stability.

    S. Japarov, in turn, stated that Kyrgyzstan firmly supports China’s position on issues affecting its core interests and major concerns, including the issues of Taiwan, Xinjiang, Hong Kong and Xi Jinping, supports the three main global initiatives put forward by Chinese President Xi Jinping, and actively participates in the joint construction of the Belt and Road.

    Considering the China-Kyrgyzstan-Uzbekistan railway not only an important transport corridor but also a road of friendship, S. Japarov expressed readiness to further strengthen cooperation in such areas as investment, finance, culture, legislative bodies and multilateral affairs.

    During the meeting with N. Turgunbek uulu, Zhao Leji said that the NPC is ready to fully implement the important consensus reached by the heads of the two states together with the Kyrgyz parliament, strengthen exchanges at all levels of legislative power, and strengthen mutual understanding and friendship.

    N. Turgunbek uulu also confirmed that the Kyrgyz Parliament is ready to closely communicate and cooperate with the NPC to implement the consensus reached by the heads of the two states, play an active role as a legislative body in promoting high-quality cooperation within the framework of the Belt and Road Initiative, promote bilateral cooperation in the economic, trade, cultural, scientific, technological and educational fields, as well as improve the investment and business environment. –0–

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI Russia: The 21st China-Russia-Mongolia Trade and Economic Fair Opens in Hailar

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 25 (Xinhua) — The 21st China-Russia-Mongolia Economic and Trade Fair opened in Hailar District, Hulunbuir City, north China’s Inner Mongolia Autonomous Region on Thursday. A commodity exhibition is also being held as part of the fair.

    This year’s event, with the theme “Jointly Building the China-Mongolia-Russia Economic Corridor to Share New Opportunities for Regional Cooperation,” will last for five days, according to local newspaper Neimenggu Ribao (Inner Mongolia Daily).

    This fair will serve as an incentive to further deepen pragmatic trade and economic cooperation between China, Mongolia and Russia, and assist the three neighboring countries in participating in the construction of the Belt and Road and the construction of the China-Mongolia-Russia Economic Corridor at a deeper level.

    The total area of the current exhibition event, which includes 8 pavilions, is about 7 thousand square meters, where there are 262 stands, including 200 Chinese, 12 Russian and 50 Mongolian.

    The fair features a wide range of products, including local products, tea from China, handmade cashmere, leather, wool felt products from Russia and Mongolia, as well as various specialty products from the UK, France, South Korea and other countries. -0-

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    .

    MIL OSI Russia News –

  • MIL-OSI United Nations: Preparing Tomorrow’s Radiation Protection Professionals

    Source: International Atomic Energy Agency (IAEA)

    Dozens of participants have completed the latest IAEA post-graduate courses in radiation protection, enabling them to help safely expand the use of nuclear science and technology in 31 participating countries.

    The latest participants completed intensive, six-month Postgraduate Educational Courses in Radiation Protection and the Safety of Radiation Sources (PGEC) in either Greece or Ghana, designed to prepare them for work as radiation protection experts, regulators and nuclear safety professionals.

    “For close to 45 years, PGEC has continuously trained new generations of experts in Europe and Central Asia for work in the field of radiation protection,” explained Emina Alic, IAEA Programme Management Officer. “Today, former PGEC graduates are helping to shape the future of their country’s engagement with nuclear applications as national operators, regulators and policymakers.”

    “With the increased use of radiation sources in Africa, radiation safety has become one of the main priority areas of the IAEA’s regional technical cooperation programme for Africa,” explained IAEA Programme Management Officer Felix Omonya. “The IAEA has provided substantial support in the form of equipment and expert guidance, but in terms of training, the PGEC represents a cornerstone of our capacity building efforts.”

    Radioactive sources are manufactured in research reactors. As they decay through their lifetime, the radiation they emit can be used to diagnose or treat cancers, measure pollution or monitor industrial processes. When they reach the end of their life, the radioactive sources are interred safely in waste storage or disposal facilities. X ray machines on the other hand, generate radiation on demand, offering a predictable and reliable source of radiation that can be made safe as soon as its work is done.  

    The use of these radiation sources and technologies requires a comprehensive framework of national legislation and regulations and relies on the availability of sufficiently trained and motivated safety professionals. The IAEA’s PGEC responds to this need by helping to develop a cohort of radiation protection professionals through a combination of theoretical, classroom instruction and hands-on training.

    “While some regulatory frameworks are in place in my country, there is still a pressing need to update existing regulations in line with international standards,” explained Blinda Mutuzo of the Rwanda Atomic Energy Board. “The PGEC covered many of the areas where we most need support and offered practical knowledge on regulatory frameworks, authorization and inspection processes, source management and more.”

    “The course helped me grow professionally by expanding my knowledge and confidence in radiation protection. It also allowed me to connect with experts and peers from other countries. These connections may lead to future collaborations in training, technical assistance or policy development,” said Mutuzo.

    “Emergency preparedness and the improvement of the established early warning system are among Lithuania’s priorities at the moment,” said Kornelija Dacytė, Chief Specialist of Lithuania’s Radiation Protection Centre. “Not only did PGEC respond to these national needs, I am now hoping to adjust my career trajectory to focus more on emergency preparedness and I hope to support decision-making through atmospheric dispersion modelling.” The IAEA supports countries to use atmospheric dispersion modelling to simulate the spread of air pollutants, including radioactive substances.

    MIL OSI United Nations News –

  • MIL-OSI Analysis: Beijing’s ‘plausible deniability’ on arms supply is quickly becoming implausible – and could soon extend to Iran

    Source: The Conversation – Global Perspectives – By Linggong Kong, Ph.D. Candidate in Political Science, Auburn University

    Could longtime allies have a closer relationship than meets the eye? Thomas Peter/Pool Photo via AP

    China has long maintained that it does not supply arms to any party at war – a central tenet of its “noninterference” foreign policy. But in recent years, Beijing has repeatedly faced accusations of doing the opposite: providing direct military assistance to nations engaged in conflict, while publicly denying doing so and even adopting a position of diplomatic neutrality.

    That has seemingly been the case for two of China’s closest allies: Russia in its war against Ukraine and Pakistan during its recent armed standoff with India in May.

    Now, Beijing is facing scrutiny over alleged military links to Iran – a country engaged in a long-running shadow conflict with Israel that recently tipped into a short-lived hot war.

    After the ceasefire that followed the 12-day war in the Middle East, China reportedly supplied batteries for surface-to-air missiles to Iran in exchange for oil. Such parts are a critical military need for Tehran after its air defense network was severely damaged by Israeli missiles.

    The Chinese Embassy in Israel denied the reports, stating that China firmly opposes the proliferation of weapons of mass destruction and does not export arms to countries at war. But China’s Ministry of Foreign Affairs has yet to issue an official statement on the alleged transfer.

    As an expert specializing in China’s grand strategy, I think it is highly possible that China would offer Iran military support while denying it publicly. Such plausible deniability would allow Beijing to assert military influence and showcase some of its hardware, while deflecting international criticism and preserving diplomatic flexibility.

    But the tactic works only so far. As indirect evidence accumulates, as many suggest it is, such covert action may gradually develop into an open secret – leading to what scholars term “implausible deniability,” where denial is no longer credible even if it is still officially maintained.

    An air-to-air missile on display at the 15th China International Aviation and Aerospace Exhibition in November 2024.
    Shen Ling/VCG via Getty Images

    China’s support for Russia’s war

    Although Beijing has consistently said it is neutral in the Russia-Ukraine war that broke out in 2022, China has, in practice, quietly supported Russia. In part, that is because China shares the same strategic goal of challenging the Western-led international order.

    Recently, Chinese Foreign Minister Wang Yi reportedly told European Union foreign policy chief Kaja Kallas that Beijing cannot afford to see Russia lose the war in Ukraine. He was said to have warned that a Russian defeat would likely bring the full force of U.S. strategic pressure to bear on China.

    From Beijing’s perspective, Moscow plays a vital role in keeping the West preoccupied, offering China valuable strategic breathing room by diverting American attention and resources away from the Asia-Pacific region.

    Beyond deepening trade relations that have become a lifeline for Moscow’s economy under Western sanctions, China has reportedly supplied Russia with large quantities of dual-use goods – goods that can be used for civilian and military purposes – to enhance both Moscow’s offensive and defensive capabilities, as well as to boost China’s military-industrial production. Beijing has also allegedly provided satellite imagery to assist Russia on the battlefield.

    While the U.S. and Europe have repeatedly tried to call out China for aiding Russia militarily, Beijing has consistently denied such claims.

    Most recently, on April 18, 2025, Ukraine formally accused China of directly supporting Russia and slapped sanctions on three Chinese-based firms that Kyiv said was involved in weapons production for the Russian war effort.

    In what has become a common refrain, China’s Foreign Ministry rejected the Ukrainian accusation, reaffirming that China has never provided lethal weapons to any party in the conflict and reiterating its official stance of promoting a ceasefire and peace negotiations.

    A Chinese Foreign Ministry spokesperson gestures for questions during a daily briefing in Beijing in 2020.
    AP Photo/Ng Han Guan

    China’s quiet backing of Pakistan

    Beijing has long presented itself as a neutral party in the India-Pakistan conflict, too, and has called for restraint on both sides and urged peaceful dialogue.

    But in practice, China is allied with Pakistan. And the direct military support it has provided to Lahore appears driven by China’s desire to curb India’s regional influence, counterbalance the growing U.S.–India strategic partnership and protect the China–Pakistan Economic Corridor, a massive bilateral infrastructure project.

    In the latest flare-up between India and Pakistan in May, Pakistan deployed Chinese-made J-10C fighter jets in combat for the first time, reportedly downing five Indian aircraft.

    Pakistan’s air defense relied heavily on Chinese equipment during the short conflict, deploying Chinese-made surface-to-air missile systems, air-to-air missiles, advanced radar systems and drones for reconnaissance and strike operations. Overall, more than 80% of Pakistan’s military imports have come from China in the past five years.

    In what would be a far more stark example of military support if proven true, the deputy chief of India’s army alleged that China had provided Pakistan with real-time intelligence on Indian troop movements during the conflict.

    When asked to respond, a spokesperson for China’s Ministry of Foreign Affairs said they had no knowledge of the matter. They reaffirmed that China’s ties with Pakistan are not directed against any third party and reiterated Beijing’s long-standing position in favor of a peaceful resolution to any India–Pakistan dispute.

    Extending ‘deniability’ to Iran?

    Like with Russia and Pakistan, Iran has increasingly been seen as a partner to China.

    In 2021, China and Iran signed a 25-year, US$400 billion comprehensive cooperation agreement that covered trade, energy and security, signaling the depth of their strategic relationship.

    The accord was indicative of the strategic value Beijing places on Iran. From Beijing’s perspective, Tehran presents a counterbalance to the influence of the U.S. and its allies – especially Israel and Saudi Arabia – in the region and helps divert Western resources and attention away from China.

    But recently, Tehran’s position in the region has become far weaker. Not only has its air defense infrastructure suffered badly in the confrontations with Israel, but its regional proxies and allies – Hamas, Hezbollah and the Assad regime in Syria – have either been devastated by Israel or collapsed altogether.

    Smoke rises over Tehran, Iran, following an Israeli strike on June 23, 2025.
    Nikan/Middle East Images/AFP via Getty Images

    Under these circumstances, it is strategically compelling for Beijing to provide support to Tehran in order to maintain regime stability.

    Indeed, Beijing has frequently circumvented sanctions on Iranian energy, with an estimated 90% of Iran’s oil exports still going to China.

    Although Beijing did not extend any substantive support to Iran during the 12-day war, reports have abounded since that Iran is looking to China as an alternative supplier of its defense needs. The thinking here is that Russia, Tehran’s traditional military partner, is no longer able to provide sufficient, quality defense equipment to Iran. Some influential social media posters in China have gone as far as advocating for direct military sales by Beijing.

    If China does do this, I believe it is likely to follow the same playbook it has used elsewhere by denying involvement publicly while covertly providing assistance.

    Doing so allows China to maintain diplomatic ties with Iran’s regional rivals, such as Israel and Saudi Arabia, while simultaneously benefiting from a turbulent Middle East that distracts Washington and grants Beijing strategic breathing room.

    China’s use of plausible deniability reflects a broader strategic ambition. Namely, it wants to assert influence in key regional conflicts without triggering open backlash. By quietly supporting partners while maintaining a facade of neutrality, Beijing aims to undermine Western dominance, stretch U.S. strategic focus and secure its own interests – and all while avoiding the risks and responsibilities of open military alignment.

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

    – ref. Beijing’s ‘plausible deniability’ on arms supply is quickly becoming implausible – and could soon extend to Iran – https://theconversation.com/beijings-plausible-deniability-on-arms-supply-is-quickly-becoming-implausible-and-could-soon-extend-to-iran-261148

    MIL OSI Analysis –