Category: Asia

  • MIL-OSI United Nations: Secretary-General’s remarks to the Security Council – on Multilateralism and Peaceful Settlement of Disputes [bilingual as delivered; scroll down for all-English and all-French versions]

    Source: United Nations secretary general

    Mr. President, Excellencies,                                                       

    I want to thank Deputy Prime Minister and Foreign Minister Ishaq Dar and Pakistan for convening today’s open debate.

    The topic of today’s debate shines a light on the clear connection between international peace and multilateralism.

    Eighty years ago, the United Nations was founded with a primary purpose — to safeguard humanity from the scourge of war.

    The architects of the United Nations Charter recognized that the peaceful resolution of disputes is the lifeline when geopolitical tensions escalate… when unresolved disputes fuel the flames of conflict…and when states lose trust in each other.

    The Charter lays out a number of important tools to forge peace.

    Article 2.3 of the UN Charter is clear:

    “All Members shall settle their international disputes by peaceful means in such a manner that international peace and security, and justice, are not endangered.”

    Chapter VI of the Charter is equally clear on the specific responsibilities of this Council to help ensure the pacific settlement of disputes “by negotiation, enquiry, mediation, conciliation, arbitration, judicial settlement, resort to regional agencies or arrangements, or other peaceful means of their own choice.”

    Action 16 of the Pact of the Future calls on Member States to recommit to all the mechanisms of preventive diplomacy and the peaceful settlement of disputes.

    I commend Pakistan for utilizing its presidency to put forward a resolution urging all Member States to make full use of these tools in our collective pursuit of global peace.

    This is needed now more than ever.

    Around the world, we see an utter disregard for — if not outright violations of — international law — including international human rights law, international refugee law, international humanitarian law, and the UN Charter itself, without any accountability.

    These failures to uphold international obligations are coming at a time of widening geopolitical divides and conflicts. 

    And the cost is staggering — measured in human lives, shattered communities, and lost futures.

    We need look no further than the horror show in Gaza — with a level of death and destruction without parallel in recent times.

    Malnourishment is soaring.  Starvation is knocking on every door. 

    And now we are seeing the last gasp of a humanitarian system built on humanitarian principles.

    That system is being denied the conditions to function.  Denied the space to deliver.  Denied the safety to save lives.

    With Israeli military operations intensifying and new displacement orders issued in Deir al-Balah, devastation is being layered upon devastation. 

    I am appalled that UN premises have been struck – among them facilities of the UN Office for Project Services and the World Health Organization, including WHO’s main warehouse.

    This is despite all parties having been informed of the locations of these UN facilities.

    These premises are inviolable and must be protected under international humanitarian law – without exception.  

    From Gaza to Ukraine, from the Sahel to Sudan, Haiti and Myanmar, and many other parts of the world, conflict is raging, international law is being trampled, and hunger and displacement are at record levels.

    And terrorism, violent extremism and transnational crime remain persistent scourges pushing security further out of reach.  

    Diplomacy may not have always succeeded in preventing conflicts, violence and instability.

    But it still holds the power to stop them.

    Mr. President,

    Peace is a choice.

    And the world expects the UN Security Council to help countries make this choice.   

    This Council is at the centre of the global architecture for peace and security.  

    Its creation reflected a central truth.

    Competition between states is a geopolitical reality.  

    But cooperation — anchored in shared interests and the greater good — is the sustainable pathway to peace.

    Too often, we see divisions, entrenched positions and escalatory discourse blocking solutions and the effectiveness of the Council.

    But we have also seen some inspiring examples of finding common ground and forging solutions to global problems.

    For example, today marks three years since the signing of the Black Sea Initiative and the Memorandum of Understanding with the Russian Federation — efforts that show what we can achieve through mediation and the good offices of the United Nations, even during the most challenging moments.

    And we’ve seen many other recent examples.

    From the Sevilla Conference on Financing for Development, to the Oceans Conference in Nice, to the Agreement on Marine Biological Diversity of Areas Beyond National Jurisdiction and the Cybercrime Treaty, to the Pact for the Future adopted last year. 

    The Pact, in particular, demonstrates a clear re-commitment by the world to strengthen the United Nations collective security system.

    Drawing from the New Agenda for Peace, it prioritizes preventive diplomacy and mediation — all areas where this Council can play a vital role.

    As we look to the theme of today’s debate, I see three areas where we can live up to the Pact’s call to renew our commitment to — and the world’s faith in — the multilateral problem-solving architecture.

    First — this Council’s members, in particular its permanent members, must continue working to overcome divisions.

    The majority of situations on the Security Council’s agenda are complex and resist quick fixes.
    But even in the darkest days of the Cold War, the collective dialogue and decision-making in this Council underpinned a common and effective system of global security.

    One that successfully deployed a range of peacekeeping missions.

    One that opened the door for vital humanitarian aid to flow to people in need.

    And one that helped prevent a Third World War.

    I urge you to summon this same spirit by keeping channels open, continuing to listen in good faith, and working to overcome differences and building consensus.

    We must also work to ensure that this Council reflects the world of today, not the world of 80 years ago.

    This Council should be made more representative of today’s geopolitical realities.

    And we must continue improving the working methods of this Council to make it more inclusive, transparent, efficient and accountable.

    I urge you to continue building consensus to move the intergovernmental negotiations forward.

    Second — this Council must continue strengthening cooperation with regional and subregional partners.

    The landmark adoption of Security Council Resolution 2719 supporting African Union-led peace support operations through assessed contributions is a good example of how we can join efforts with regional organizations to support more effective responses.

    I also commend this Council’s steps to strengthen and re-build regional security frameworks to encourage dialogue and advance the peaceful settlement of disputes.

    Troisièmement, les États Membres doivent honorer leurs obligations en vertu du droit international, y compris la Charte des Nations Unies, le droit international des droits humains et le droit international humanitaire.

    Le Pacte pour l’avenir appelle tous les États Membres à respecter leurs engagements envers la Charte, ainsi que les principes de respect de la souveraineté, de l’intégrité territoriale et de l’indépendance politique des États.

    Tous ces principes sont ancrés dans le droit international et reposent sur l’engagement de donner la priorité à la prévention des conflits et au règlement pacifique des différends par le dialogue et la diplomatie.

    Le Pacte reconnaît également la contribution essentielle de la Cour internationale de Justice, qui fêtera son 80ème anniversaire l’année prochaine.

    Monsieur le Président,

    À l’occasion du 80ème anniversaire de notre Organisation et de la Charte qui lui a donné vie et forme, nous devons renouveler notre engagement envers l’esprit multilatéral de la paix par la diplomatie.

    Je me réjouis de travailler avec vous en ce sens, afin de parvenir à la paix et la sécurité internationales que les peuples du monde entier espèrent et méritent.

    Je vous remercie.

    [all-English]

    Mr. President, Excellencies,                                                       

    I want to thank Deputy Prime Minister and Foreign Minister Ishaq Dar and Pakistan for convening today’s open debate.

    The topic of today’s debate shines a light on the clear connection between international peace and multilateralism.

    Eighty years ago, the United Nations was founded with a primary purpose — to safeguard humanity from the scourge of war.

    The architects of the United Nations Charter recognized that the peaceful resolution of disputes is the lifeline when geopolitical tensions escalate… when unresolved disputes fuel the flames of conflict…and when states lose trust in each other.

    The Charter lays out a number of important tools to forge peace.

    Article 2.3 of the UN Charter is clear:

    “All Members shall settle their international disputes by peaceful means in such a manner that international peace and security, and justice, are not endangered.”

    Chapter VI of the Charter is equally clear on the specific responsibilities of this Council to help ensure the pacific settlement of disputes “by negotiation, enquiry, mediation, conciliation, arbitration, judicial settlement, resort to regional agencies or arrangements, or other peaceful means of their own choice.”

    Action 16 of the Pact of the Future calls on Member States to recommit to all the mechanisms of preventive diplomacy and the peaceful settlement of disputes.

    I commend Pakistan for utilizing its presidency to put forward a resolution urging all Member States to make full use of these tools in our collective pursuit of global peace.

    This is needed now more than ever.

    Around the world, we see an utter disregard for — if not outright violations of — international law — including international human rights law, international refugee law, international humanitarian law, and the UN Charter itself, without any accountability.

    These failures to uphold international obligations are coming at a time of widening geopolitical divides and conflicts. 

    And the cost is staggering — measured in human lives, shattered communities, and lost futures.

    We need look no further than the horror show in Gaza — with a level of death and destruction without parallel in recent times.

    Malnourishment is soaring.  Starvation is knocking on every door. 

    And now we are seeing the last gasp of a humanitarian system built on humanitarian principles.

    That system is being denied the conditions to function.  Denied the space to deliver.  Denied the safety to save lives.

    With Israeli military operations intensifying and new displacement orders issued in Deir al-Balah, devastation is being layered upon devastation.

    I am appalled that UN premises have been struck – among them facilities of the UN Office for Project Services and the World Health Organization, including WHO’s main warehouse.

    This is despite all parties having been informed of the locations of these UN facilities.

    These premises are inviolable and must be protected under international humanitarian law – without exception.    

    From Gaza to Ukraine, from the Sahel to Sudan, Haiti and Myanmar, and many other parts of the world, conflict is raging, international law is being trampled, and hunger and displacement are at record levels.

    And terrorism, violent extremism and transnational crime remain persistent scourges pushing security further out of reach.  
    Diplomacy may not have always succeeded in preventing conflicts, violence and instability.

    But it still holds the power to stop them.

    Mr. President,

    Peace is a choice.

    And the world expects the UN Security Council to help countries make this choice.   

    This Council is at the centre of the global architecture for peace and security.  

    Its creation reflected a central truth.
    Competition between states is a geopolitical reality.  

    But cooperation — anchored in shared interests and the greater good — is the  sustainable pathway to peace.

    Too often, we see divisions, entrenched positions and escalatory discourse blocking solutions and the effectiveness of the Council.

    But we have also seen some inspiring examples of finding common ground and forging solutions to global problems.

    For example, today marks three years since the signing of the Black Sea Initiative and the Memorandum of Understanding with the Russian Federation — efforts that show what we can achieve through mediation and the good offices of the United Nations, even during the most challenging moments.

    And we’ve seen many other recent examples.

    From the Sevilla Conference on Financing for Development, to the Oceans Conference in Nice, to the Agreement on Marine Biological Diversity of Areas Beyond National Jurisdiction and the Cybercrime Treaty, to the Pact for the Future adopted last year. 

    The Pact, in particular, demonstrates a clear re-commitment by the world to strengthen the United Nations collective security system.

    Drawing from the New Agenda for Peace, it prioritizes preventive diplomacy and mediation — all areas where this Council can play a vital role.

    As we look to the theme of today’s debate, I see three areas where we can live up to the Pact’s call to renew our commitment to — and the world’s faith in — the multilateral problem-solving architecture.

    First — this Council’s members, in particular its permanent members, must continue working to overcome divisions.

    The majority of situations on the Security Council’s agenda are complex and resist quick fixes.

    But even in the darkest days of the Cold War, the collective dialogue and decision-making in this Council underpinned a common and effective system of global security.

    One that successfully deployed a range of peacekeeping missions.

    One that opened the door for vital humanitarian aid to flow to people in need.

    And one that helped prevent a Third World War.

    I urge you to summon this same spirit by keeping channels open, continuing to listen in good faith, and working to overcome differences and building consensus.

    We must also work to ensure that this Council reflects the world of today, not the world of 80 years ago.

    This Council should be made more representative of today’s geopolitical realities.

    And we must continue improving the working methods of this Council to make it more inclusive, transparent, efficient and accountable.

    I urge you to continue building consensus to move the intergovernmental negotiations forward.

    Second — this Council must continue strengthening cooperation with regional and subregional partners.

    The landmark adoption of Security Council Resolution 2719 supporting African Union-led peace support operations through assessed contributions is a good example of how we can join efforts with regional organizations to support more effective responses.

    I also commend this Council’s steps to strengthen and re-build regional security frameworks to encourage dialogue and advance the peaceful settlement of disputes.

    And third — Member States must honour their obligations under international law, including the UN Charter, international human rights law and international humanitarian law.

    The Pact for the Future calls on all Member States to live up to their commitments in the UN Charter, and the principles of respect for sovereignty, territorial integrity and the political independence of states.

    All grounded in international law, and a commitment to prioritizing prevention of conflict and the peaceful settlement of disputes through dialogue and diplomacy.

    The Pact also recognized the critical contribution of the International Court of Justice, which celebrates its 80th anniversary next year.

    Mr. President,    

    As we mark the 80th anniversary of our organization and the Charter that gave it life and shape, we need to renew our commitment to the multilateral spirit of peace through diplomacy.

    I look forward to working with you in this important effort, to achieve the international peace and security the people of the world need and deserve.

    Thank you.

    [all-French]

    Monsieur le Président, Excellences,

    Je tiens à remercier le Vice-Premier Ministre et Ministre des affaires étrangères Ishaq Dar et le Pakistan d’avoir organisé le débat public de ce jour.

    Le thème de ce débat met en lumière le lien évident qui existe entre la paix internationale et le multilatéralisme.

    Il y a 80 ans, l’Organisation des Nations Unies a été fondée dans le but premier de préserver l’humanité du fléau de la guerre.

    Les architectes de la Charte des Nations Unies ont considéré que le règlement pacifique des différends était la seule issue possible lorsque les tensions géopolitiques s’intensifiaient, lorsque des différends non résolus attisaient les conflits et lorsque les États perdaient confiance les uns dans les autres.

    La Charte renferme un certain nombre d’outils majeurs destinés à forger la paix.

    Son Article 2.3 est clair :

    « Les Membres de l’Organisation règlent leurs différends internationaux par des moyens pacifiques, de telle manière que la paix et la sécurité internationales ainsi que la justice ne soient pas mises en danger ».

    Son Chapitre VI est tout aussi clair en ce qui concerne les responsabilités confiées au Conseil de sécurité, qui doit contribuer à assurer le règlement pacifique des différends « par voie de négociation, d’enquête, de médiation, de conciliation, d’arbitrage, de règlement judiciaire, de recours aux organismes ou accords régionaux, ou par d’autres moyens pacifiques » du choix des parties.

    La mesure 16 du Pacte pour l’avenir appelle les États Membres à démontrer leur attachement à la diplomatie préventive et au règlement pacifique des différends en recourant davantage à tous les mécanismes existants en la matière.

    Je félicite le Pakistan d’avoir mis à profit sa présidence pour présenter une résolution exhortant tous les États Membres à utiliser pleinement les outils en question dans le cadre de notre quête collective de la paix dans le monde.

    Nous en avons besoin plus que jamais.

    Partout dans le monde, nous observons un mépris total pour le droit international – voire des violations pures et simples de ce droit, notamment du droit international des droits humains, du droit international des réfugiés, du droit international humanitaire et de la Charte des Nations Unies elle-même –, sans que la responsabilité de quiconque ne soit engagée.

    Ces manquements aux obligations internationales surviennent à un moment où les divisions et les conflits géopolitiques s’aggravent.

    Et le coût – en vies humaines, en communautés brisées et en avenirs perdus – est accablant.

    Il suffit de regarder l’horreur qui se déroule à Gaza, avec un niveau de mort et de destruction sans équivalent dans l’histoire récente.

    La malnutrition explose.  La famine frappe à toutes les portes. 

    Et maintenant, nous assistons à l’agonie d’un système humanitaire fondé sur des principes humanitaires.

    Ce système se voit refuser les conditions nécessaires à son fonctionnement.  On lui refuse l’espace nécessaire pour agir.  On lui refuse la sécurité nécessaire pour sauver des vies.

    Alors que les opérations militaires israéliennes s’intensifient et que de nouveaux ordres de déplacement sont émis à Deir al-Balah, la dévastation s’ajoute à la dévastation.

    Je suis consterné que des locaux de l’ONU aient été touchés, notamment ceux du Bureau des Nations Unies pour les services d’appui aux projets et de l’Organisation mondiale de la Santé, y compris son entrepôt principal.

    Ceci alors que toutes les parties ont été informées de l’emplacement de ces installations de l’ONU.

    Ces locaux sont inviolables et doivent être protégés par le droit international humanitaire, sans exception.

    De Gaza à l’Ukraine, du Sahel au Soudan, de Haïti au Myanmar, et dans bien d’autres régions du monde, les conflits font rage, le droit international est bafoué, et la faim et les déplacements atteignent des niveaux record.

    Et le terrorisme, l’extrémisme violent et la criminalité transnationale restent des fléaux tenaces qui rendent la sécurité encore plus inaccessible.

    La diplomatie ne permet pas toujours de prévenir les conflits, la violence et l’instabilité.

    Mais elle a toujours le pouvoir de les arrêter.

    Monsieur le Président,

    La paix est un choix.

    Et le monde attend du Conseil de sécurité de l’Organisation qu’il aide les pays à faire ce choix.

    Ce Conseil est au cœur de l’architecture mondiale pour la paix et la sécurité.

    Sa création reposait sur une vérité fondamentale.

    La rivalité entre les États est une réalité géopolitique.

    Mais la coopération – ancrée dans des intérêts partagés et le bien commun – représente la voie durable vers la paix.

    Nous observons trop fréquemment que les divisions, les positions tranchées et la surenchère verbale bloquent la mise en place de solutions et sape l’efficacité de ce Conseil.

    Mais nous avons également observé des exemples admirables de cas où il a été possible de trouver un terrain d’entente et des solutions aux problèmes mondiaux.

    Ainsi, nous marquons aujourd’hui le troisième anniversaire de la signature de l’Initiative de la mer Noire et du mémorandum d’accord avec la Fédération de Russie – des mesures qui montrent ce que nous pouvons accomplir grâce à la médiation et aux bons offices de l’ONU, y compris dans les moments les plus difficiles.

    Et plus récemment, nous avons été témoins de bien d’autres exemples.

    De la Conférence de Séville sur le financement du développement à la Conférence de Nice sur l’océan, en passant par l’Accord sur la diversité biologique marine des zones ne relevant pas de la juridiction nationale, la Convention sur la cybercriminalité et le Pacte pour l’avenir, adopté l’année dernière.

    Le Pacte, en particulier, témoigne d’une claire volonté du monde de s’engager de nouveau à renforcer le système de sécurité collective des Nations Unies.

    Inspiré du Nouvel Agenda pour la paix, il donne la priorité à la diplomatie préventive et à la médiation, autant de domaines dans lesquels le Conseil peut jouer un rôle essentiel.

    En ce qui concerne le thème du débat qui nous réunit aujourd’hui, il y a selon moi trois domaines dans lesquels nous pouvons nous montrer à la hauteur de l’appel, contenu dans le Pacte, à renouveler notre engagement – et la confiance du monde – envers l’architecture multilatérale dont nous disposons pour régler les problèmes.

    Premièrement, les membres de ce Conseil, en particulier les membres permanents, doivent continuer à s’efforcer de surmonter les dissensions.

    La majorité des situations inscrites à l’ordre du jour du Conseil de sécurité sont complexes et ne se prêtent pas à des solutions rapides.

    Mais même dans les jours les plus sombres de la guerre froide, le dialogue et la prise de décision collective au sein de ce Conseil ont permis de maintenir un système de la sécurité mondiale commun et efficace.

    Un système qui a déployé avec succès toute une série de missions de maintien de la paix.

    Un système qui a ouvert la voie à l’acheminement d’une aide humanitaire vitale aux personnes dans le besoin.

    Et un système qui a permis d’éviter une troisième guerre mondiale.

    Je vous exhorte à adopter le même état d’esprit en maintenant la communication, en continuant d’écouter de bonne foi, en vous employant à surmonter les divergences et à rechercher le consensus.

    Nous devons également veiller à ce que ce Conseil soit à l’image du monde d’aujourd’hui, et non de celui d’il y a 80 ans.

    Ce Conseil devrait être plus représentatif des réalités géopolitiques actuelles.

    Et nous devons continuer de perfectionner ses méthodes de travail afin de le rendre plus inclusif, plus transparent, plus efficace, et plus responsable.

    Je vous demande instamment de continuer d’œuvrer à la recherche du consensus pour faire avancer les négociations intergouvernementales.

    Deuxièmement, ce Conseil doit continuer de renforcer la coopération avec les partenaires régionaux et sous-régionaux.

    L’adoption historique de la résolution 2719 du Conseil de sécurité, visant à financer les opérations d’appui à la paix menées par l’Union africaine au moyen de contributions statutaires, est un bon exemple de la manière dont nous pouvons unir nos forces à celles des organisations régionales pour favoriser la mise en place de mesures plus efficaces.

    Je salue également les mesures prises par ce Conseil pour renforcer et rebâtir les cadres de sécurité régionaux afin d’encourager le dialogue et de favoriser le règlement pacifique des différends.

    Troisièmement, les États Membres doivent honorer leurs obligations en vertu du droit international, y compris la Charte des Nations Unies, le droit international des droits humains et le droit international humanitaire.

    Le Pacte pour l’avenir appelle tous les États Membres à respecter leurs engagements envers la Charte, ainsi que les principes de respect de la souveraineté, de l’intégrité territoriale et de l’indépendance politique des États.

    Tous ces principes sont ancrés dans le droit international et reposent sur l’engagement de donner la priorité à la prévention des conflits et au règlement pacifique des différends par le dialogue et la diplomatie.

    Le Pacte reconnaît également la contribution essentielle de la Cour internationale de Justice, qui fêtera son 80ème anniversaire l’année prochaine.

    Monsieur le Président,

    À l’occasion du 80ème anniversaire de notre Organisation et de la Charte qui lui a donné vie et forme, nous devons renouveler notre engagement envers l’esprit multilatéral de la paix par la diplomatie.

    Je me réjouis de travailler avec vous en ce sens, afin de parvenir à la paix et la sécurité internationales que les peuples du monde entier espèrent et méritent.

    Je vous remercie.

    MIL OSI United Nations News

  • MIL-OSI Asia-Pac: Prisoner visits explained

    Source: Hong Kong Information Services

    The Correctional Services Department said that in accordance with the law, it declined a visitor who is not on the declared visitors list of a person in custody (PIC) for a visit this morning.

    According to the established mechanism, visitors must be declared on the PIC’s declared visitors list.

    The Prison (Amendment) Rules 2025 came into effect last Friday. The department has not invoked Rule 48 of the Prison Rules to prohibit any person from conducting visits, nor has it imposed restrictions or conditions on any visits.

    MIL OSI Asia Pacific News

  • India’s global outreach continues: PM Modi to visit UK, Maldives

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi will embark on a two-nation tour on Wednesday, visiting the United Kingdom and the Maldives from July 23 to 26, aiming to strengthen India’s global diplomatic engagements.

    At the invitation of UK Prime Minister Keir Starmer, Prime Minister Modi will undertake an official visit to the United Kingdom from July 23 to 24. This will be his fourth visit to the UK, reflecting the growing warmth and depth of the bilateral relationship.

    India and the United Kingdom share historical ties that have evolved into a robust and mutually beneficial partnership. A major milestone in the relationship was achieved during the India-UK virtual summit on 4 May 2021, when Prime Minister Modi and then UK Prime Minister Boris Johnson established a Comprehensive Strategic Partnership and adopted an ambitious India-UK Roadmap 2030. This roadmap continues to steer cooperation across various sectors including trade, security, education, technology, and climate change.

    The visit also comes in the wake of the recent general elections in the UK held on 4 July 2024, where the Labour Party returned to power after 14 years, winning 412 out of 650 seats. Keir Starmer assumed office as Prime Minister, and PM Modi extended his congratulations during a telephonic conversation on 6 July, also inviting him for an early visit to India.

    In its election manifesto, the Labour Party pledged to pursue a new strategic partnership with India, focusing on the conclusion of a Free Trade Agreement (FTA) and deepening cooperation in critical sectors. The two leaders had earlier met on the sidelines of the G20 Leaders’ Summit in Brazil in November 2024 and briefly interacted again during the G7 Summit in Canada in June 2025.

    Following the terrorist attack in Pahalgam in April 2025, Prime Minister Starmer had spoken to PM Modi to convey his condolences and support. On 6 May 2025, both leaders held a telephonic conversation and announced the successful conclusion of the India-UK FTA and the Double Taxation Avoidance Convention, marking a historic development in bilateral ties.

    High-level exchanges have been a consistent feature of India-UK relations. President Droupadi Murmu visited London in September 2022 to attend the State Funeral of Her Majesty Queen Elizabeth II and met King Charles III during her visit. Vice President Jagdeep Dhankhar represented India at the Coronation of King Charles III in May 2023 and engaged with global leaders during his visit. He also addressed members of the Indian community and interacted with Indian-origin UK MPs and students.

    Prime Minister Modi had earlier met former UK Prime Minister Rishi Sunak on multiple occasions, including during the G20 Summit in India in September 2023 and at the G7 Summit in Italy in June 2024. Their discussions covered progress on the India-UK FTA and other key areas under the Roadmap 2030. Sunak’s official visit to India in 2023 and bilateral engagements in Japan and Bali further contributed to the growing momentum in the relationship. Notably, the Young Professionals Scheme was launched following their meeting in Bali in 2022, enhancing mobility for youth between the two countries.

    In April 2022, then UK Prime Minister Boris Johnson visited India and held wide-ranging discussions with PM Modi. The visit saw the announcement of an ‘Open General Export Licence’ for Indian companies and the signing of MoUs in nuclear energy and global innovation, along with a joint statement on cyber cooperation.

    Earlier, in November 2021, Prime Minister Modi had visited the UK to attend the COP26 World Leaders’ Summit in Glasgow, where he and Prime Minister Boris Johnson jointly launched the One Sun, One World, One Grid (OSOWOG) initiative under the International Solar Alliance and the Infrastructure for Resilient Island States (IRIS) initiative under the Coalition for Disaster Resilient Infrastructure.

    Lok Sabha Speaker Om Birla visited the UK in January 2025 and held bilateral talks with the Speaker of the House of Commons, Lindsay Hoyle, underscoring the strong parliamentary ties between the two democracies.

  • MIL-OSI Europe: ASIA/CAMBODIA – New St. Joseph Church inaugurated for the Bunong Montagnards

    Source: Agenzia Fides – MIL OSI

    Prefettura Aoostolica Kompong Cham

    Kompong Cham (Agenzia Fides) – The Keo Seima area, in the province of Mondulkiri, in eastern Cambodia, is known as a “wildlife sanctuary,” as it is a natural forest reserve that extends over 290,000 hectares. An ideal destination for ecological turism, this province is home to the so-called “mountain tribes” (the “montagnards”), mostly indigenous Bunong people, who make up 80% of the local population of Mondulkiri.Now, these communities have another kind of “sanctuary,” a “house of God”: a new brick church dedicated to St. Joseph, inaugurated a few days ago by Monsignor Pierre Hangly Suon, former Apostolic Prefect of Kompong Cham and current Apostolic Coadjutor Vicar of Phnom Penh. The church, built thanks to donations collected in Cambodia and abroad, has a capacity for more than 100 people and was built in the village of Sre Khtum in about a year, with the laying of the foundation stone in 2024 (see Fides, 30/6/2024).Evangelization in Mondulkiri province has developed over the past ten years, with the first Bunong natives opting for baptism in 2009. “Currently, there are about 40 Catholic families in Ko Seima, all belonging to the Bunong minority,” reports Father Jean Marie Vianney Borei Phan, priest responsible for the Mondulkiri communities. “Priests, religious, and lay people have all participated in proclaiming the Gospel in this province; now we are reaping the first fruits: let us give thanks to God,” he said.During the Eucharist of consecration and inauguration of the church, before more than 400 faithful from throughout the Apostolic Prefecture, Monsignor Pierre Hangly Suon recalled: “God makes justice and praise grow in the ‘land of Israel,’ which today is the land of Ko Seima.” He added: “In this holy place, our Christian brothers and sisters and the inhabitants of the surrounding villages will be able to gather to pray, hear the word of God, receive the sacraments, and help the Kingdom of God to grow.” He concluded by saying: “This church will be a place of continuing education in the faith, a sanctuary of hope, where people can know and love Jesus.”The ceremony also included the blessing of the bell, whose ringing will remind the surrounding inhabitants that the liturgy is being celebrated in the church: its sound will become a constant proclamation of faith, hope, and charity in the sanctuary of Keo Seima. (PA) (Agenzia Fides, 22/7/2025)
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  • MIL-OSI Europe: ASIA/CAMBODIA – New St. Joseph Church inaugurated for the Bunong Montagnards

    Source: Agenzia Fides – MIL OSI

    Prefettura Aoostolica Kompong Cham

    Kompong Cham (Agenzia Fides) – The Keo Seima area, in the province of Mondulkiri, in eastern Cambodia, is known as a “wildlife sanctuary,” as it is a natural forest reserve that extends over 290,000 hectares. An ideal destination for ecological turism, this province is home to the so-called “mountain tribes” (the “montagnards”), mostly indigenous Bunong people, who make up 80% of the local population of Mondulkiri.Now, these communities have another kind of “sanctuary,” a “house of God”: a new brick church dedicated to St. Joseph, inaugurated a few days ago by Monsignor Pierre Hangly Suon, former Apostolic Prefect of Kompong Cham and current Apostolic Coadjutor Vicar of Phnom Penh. The church, built thanks to donations collected in Cambodia and abroad, has a capacity for more than 100 people and was built in the village of Sre Khtum in about a year, with the laying of the foundation stone in 2024 (see Fides, 30/6/2024).Evangelization in Mondulkiri province has developed over the past ten years, with the first Bunong natives opting for baptism in 2009. “Currently, there are about 40 Catholic families in Ko Seima, all belonging to the Bunong minority,” reports Father Jean Marie Vianney Borei Phan, priest responsible for the Mondulkiri communities. “Priests, religious, and lay people have all participated in proclaiming the Gospel in this province; now we are reaping the first fruits: let us give thanks to God,” he said.During the Eucharist of consecration and inauguration of the church, before more than 400 faithful from throughout the Apostolic Prefecture, Monsignor Pierre Hangly Suon recalled: “God makes justice and praise grow in the ‘land of Israel,’ which today is the land of Ko Seima.” He added: “In this holy place, our Christian brothers and sisters and the inhabitants of the surrounding villages will be able to gather to pray, hear the word of God, receive the sacraments, and help the Kingdom of God to grow.” He concluded by saying: “This church will be a place of continuing education in the faith, a sanctuary of hope, where people can know and love Jesus.”The ceremony also included the blessing of the bell, whose ringing will remind the surrounding inhabitants that the liturgy is being celebrated in the church: its sound will become a constant proclamation of faith, hope, and charity in the sanctuary of Keo Seima. (PA) (Agenzia Fides, 22/7/2025)
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    MIL OSI Europe News

  • MIL-OSI China: 15th China-Northeast Asia Expo to open on Aug. 27

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

    15th China-Northeast Asia Expo to open on Aug. 27

    BEIJING, July 22 — The 15th China-Northeast Asia Expo will be held in Changchun City, Jilin Province, from Aug. 27 to 31, the Ministry of Commerce announced at a press conference Tuesday.

    Highlighting the importance of the expo, Vice Minister of Commerce Yan Dong said that Northeast Asian countries share geographical proximity, cultural bonds and strong commercial ties, with complementary strengths in resources and enormous potential for regional economic cooperation.

    Yan noted that practical cooperation between China and other Northeast Asian countries has deepened across various fields, maintaining positive momentum in economic and trade exchanges.

    Trade between China and the five Northeast Asian countries reached 901.6 billion U.S. dollars in 2024, up 1.6 percent year on year, accounting for nearly 15 percent of China’s total foreign trade. China has maintained its position as the largest trading partner for all five countries, with the Republic of Korea and Japan ranking as its second and third-largest trading partners, respectively.

    Two-way investment between China and the five countries exceeded 7 billion U.S. dollars in 2024, with cooperation expanding into emerging fields including digital economy, green development, advanced manufacturing and modern services.

    Yang Andi, vice governor of Jilin, said the expo will bring together over 8,000 business representatives from 42 countries and regions globally, as well as 27 provincial-level regions across China. So far, 2,796 exhibition booths have been confirmed, completing 80 percent of the exhibition preparation work.

    A key highlight of this expo will be the first-ever modern industries pavilion, featuring leading firms, including Fortune 500 companies, Yang added. The pavilion will spotlight the transformation of traditional industries through smart and green upgrades, achievements in new quality productive forces, and the development of collaborative innovation ecosystems.

    Li Xingqian, vice chairman of the China Council for the Promotion of International Trade, said the council has actively facilitated the deep integration of industrial and supply chains among Northeast Asian countries. In the first half of this year, the council supported more than 115 exhibition projects in Northeast Asian countries, involving over 4,000 Chinese enterprises.

    The expo, jointly organized by the Ministry of Commerce, China Council for the Promotion of International Trade, and the Jilin provincial government, is celebrating its 20th anniversary this year. It remains the world’s only comprehensive international expo jointly attended by all six Northeast Asian countries and open to participants from around the globe.

    “We aim to use the expo as an opportunity to further build consensus, expand cooperation, and promote common development between China and Northeast Asian countries,” Yan said.

    MIL OSI China News

  • MIL-OSI United Nations: Secretary-General’s remarks on Climate Action “A Moment of Opportunity: Supercharging the Clean Energy Age” [as delivered; scroll down for All-French]

    Source: United Nations secretary general

    Excellencies,

    Ladies and gentlemen,

    Friends joining us from around the world,  

    The headlines are dominated by a world in trouble. 

    By conflict and climate chaos.

    By rising human suffering.

    By growing geo-political divides.

    But amidst the turmoil, another story is being written.

    And its implications will be profound.

    Throughout history, energy has shaped the destiny of humankind – from mastering
    fire, to harnessing steam, to splitting the atom.

    Now, we are on the cusp of a new era. 

    Fossil fuels are running out of road.

    The sun is rising on a clean energy age.

    Just follow the money.

    $2 trillion went into clean energy last year – that’s $800 billion more than fossil fuels, and up almost 70% in ten years.

    And new data released today from the International Renewable Energy Agency shows that solar – not so long ago four times the cost of fossil fuels – is now 41% cheaper.

    Offshore wind – 53%.

    And over 90% of new renewables worldwide produced electricity for less than the cheapest new fossil fuel alternative.

    This is not just a shift in power.  This is a shift in possibility.

    Yes, in repairing our relationship with the climate.

    Already, the carbon emissions saved by solar and wind globally are almost equivalent to what the whole European Union produces in a year.

    But this transformation is fundamentally about energy security and people’s security.

    It’s about smart economics.

    Decent jobs, public health, advancing the Sustainable Development Goals. 

    And delivering clean and affordable energy to everyone, everywhere.

    Today, we are releasing a special report with the support of UN agencies and partners — the International Energy Agency, the IMF, IRENA, the OECD and the World Bank.

    The report shows how far we have come in the decade since the Paris Agreement sparked a clean energy revolution.  And it highlights the vast benefits – and actions needed – to accelerate a just transition globally.

    Renewables already nearly match fossil fuels in global installed power capacity.

    And that’s just the beginning. 

    Last year, almost all the new power capacity built came from renewables. 

    And every continent on Earth added more renewables capacity than fossil fuels.

    The clean energy future is no longer a promise.  It’s a fact. 

    No government.  No industry.  No special interest can stop it. 

    Of course, the fossil fuel lobby of some fossil fuel companies will try – and we know the lengths to which they will go.

    But I have never been more confident that they will fail – because we have passed the point of no return.  

    For three powerful reasons. 

    First, market economics.

    For decades, emissions and economic growth rose together.

    No more.

    In many advanced economies, emissions have peaked, but growth continues.

    In 2023 alone, clean energy sectors drove 10% of global GDP growth.

    In India, 5%.  The United States, 6%. China – a leader in the energy transition – 20%.

    And in the European Union, nearly 33%.

    And clean energy sector jobs now outnumber fossil fuel jobs – employing almost 35 million people worldwide.

    Even Texas – the heart of the American fossil fuel industry – now leads the US in renewables.

    Why?  Because it makes economic sense.

    And yet fossil fuels still enjoy a 9 to 1 advantage in consumption subsidies globally – a clear market distortion. 

    Add to that the unaccounted costs of climate damages on people and planet – and the distortion is even greater.

    Countries that cling to fossil fuels are not protecting their economies – they are sabotaging them.

    Driving up costs.

    Undermining competitiveness.

    Locking-in stranded assets.

    And missing the greatest economic opportunity of the 21st century.

    Excellencies,
    Dear friends,

    Second — renewables are here to stay because they are the foundation of energy security and sovereignty.

    Let’s be clear:  The greatest threat to energy security today is in fossil fuels.

    They leave economies and people at the mercy of price shocks, supply disruptions, and geopolitical turmoil. 

    Just look at Russia’s invasion of Ukraine.  

    A war in Europe led to a global energy crisis.

    Oil and gas prices soared.

    Electricity and food bills followed.
     
    In 2022 average households around the world saw energy costs jump 20%. 

    Modern and competitive economies need stable, affordable energy.  Renewables offer both.

    There are no price spikes for sunlight.

    No embargoes on wind.

    Renewables can put power – literally and figuratively – in the hands of people and governments.

    And almost every nation has enough sun, wind, or water to become energy self-sufficient.

    Renewables mean real energy security.  Real energy sovereignty. And real freedom from fossil-fuel volatility.

    Dear friends,

    The third and final reason why there is no going back on renewables:  Easy access.

    You can’t build a coal plant in someone’s backyard.

    But you can deliver solar panels to the most remote village on earth.

    Solar and wind can be deployed faster, cheaper and more flexibly than fossil fuels ever could.

    And while nuclear will be part of the global energy mix, it can never fill the access gaps.

    All of this is a game-changer for the hundreds of millions of people still living without electricity – most of them in Africa, a continent bursting with renewable potential.

    By 2040, Africa could generate 10 times more electricity than it needs – entirely from renewables.   

    We are already seeing small-scale and off-grid renewable technologies lighting homes, and powering schools and businesses in remote areas.

    And in places like Pakistan for example, people-power is fueling a solar surge – consumers are driving the clean energy boom. 

    Excellencies,
    Dear friends,

    The energy transition is unstoppable.

    But the transition is not yet fast enough or fair enough. 

    OECD countries and China account for 80% of renewable power capacity installed worldwide.

    Brazil and India make up nearly 10%.

    Africa — just 1.5%.

    Meanwhile, the climate crisis is laying waste to lives and livelihoods.

    Climate disasters in small island states have wiped out over 100% of GDP. 

    In the United States, they are pushing insurance premiums through the roof. 

    And the 1.5 degree limit is in unprecedented peril.

    To keep it within reach, we must drastically speed up the reduction of emissions – and the reach of the clean energy transition.

    With manufacturing capacity racing, prices plummeting, and COP30 fast approaching…

    This is our moment of opportunity.

    We must seize it.

    We can do so by taking action in six opportunity areas.  

    First – by using new national climate plans to go all-out on the energy transition. 

    Too often, governments send mixed messages:

    Bold renewable targets on one day.  New fossil fuel subsidies and expansions the next. 

    The next national climate plans, or NDCs, are due in a matter of months.

    They must bring clarity and certainty.

    G20 countries must lead.  They produce 80% of global emissions. 

    The principle of common but differentiated responsibilities must apply but every country must do more.

    Ahead of COP30 in Brazil this November, they must submit new plans.

    I invite leaders to present their new NDCs at an event I will host in September, during General Assembly High-level week. These must:

    Cover all emissions, across the entire economy.

    Align with the 1.5 degree limit.

    Integrate energy, climate and sustainable development priorities into one coherent vision.

    And deliver on global promises:

    To double energy efficiency and triple renewables capacity by 2030.

    And to accelerate the transition away from fossil fuels.

    These plans must be backed by long-term roadmaps for a just transition to net-zero energy systems – in line with global net-zero by 2050.

    And they must be underpinned by policies that show that the clean energy future is not just inevitable – but investable. 

    Policies that create clear regulations and a pipeline of projects.

    That enhance public-private partnerships – unlocking capital and innovation.

    That put a meaningful price on carbon.

    And that end subsidies and international public finance for fossil fuels – as promised. 

    Second, this is our moment of opportunity to build the energy systems of the 21st century. 

    The technology is moving ahead.   

    In just fifteen years, the cost of battery storage systems for electricity grids has dropped over 90%. 

    But here’s the problem. 

    Investments in the right infrastructure are not keeping up. 

    For every dollar invested in renewable power, just 60 cents go to grids and storage. 

    That ratio should be one-to-one. 

    We are building renewable power – but not connecting it fast enough.

    There’s three times more renewable energy waiting to be plugged into grids than was added last year.

    And fossil fuels still dominate the global total energy mix.

    We must act now and invest in the backbone of a clean energy future:

    In modern, flexible and digital grids – including regional integration.

    In a massive scale-up of energy storage.

    In charging networks – to power the electric vehicle revolution.

    On the other hand we need energy efficiency but also  electrification — across buildings, transport and industry.

    This is how we unlock the full promise of renewables – and build energy systems that are clean, secure and fit for the future.

    Third, this is our moment of opportunity to meet the world’s surging energy demand sustainably.

    More people are plugging in.

    More cities are heating up – with soaring demand for cooling.

    And more technologies – from AI to digital finance – are devouring electricity.

    Governments must aim to meet all new electricity demand with renewables.

    AI can boost efficiency, innovation, and resilience in energy systems. And we must take profit in it.

    But it is also energy-hungry.

    A typical AI data-center eats-up as much electricity as 100,000 homes.

    The largest ones will soon use twenty times that. 

    By 2030, data centres could consume as much electricity as all of Japan does today.

    This is not sustainable – unless we make it so.

    And the technology sector must be out front.

    Today I call on every major tech firm to power all data centres with 100% renewables by 2030.

    And – along with other industries – they must use water sustainably in cooling systems.

    The future is being built in the cloud.

    It must be powered by the sun, the wind, and the promise of a better world.  

    Excellencies
    Dear friends,

    Fourth, this is the moment of opportunity for a just energy transition.

    The clean energy that we must deliver  must also deliver equity, dignity and opportunity for all.

    That means governments leading a just transition.

    With support, education and training – for fossil fuel workers, young people, women, Indigenous Peoples and others – so that they can thrive in the new energy economy.

    With stronger social protection – so no one is left behind. 

    And with international cooperation to help low-income countries that are highly-dependent on fossil fuels and struggling to make the shift.

    But justice doesn’t stop here.

    The critical minerals that power the clean energy revolution are often found in countries that have long been exploited.

    And today, we see history repeating. 

    Communities mistreated.

    Rights trampled.

    Environments trashed.

    Nations stuck at the bottom of value chains – while others reap rewards.

    And extractive models digging deeper holes of inequality and harm.

    This must end.

    Developing countries can play a major role in diversifying sources of supply. 

    The UN Panel on Critical Energy Transition Minerals has shown the way forward – with a path grounded in human rights, justice and equity.

    Today, I call on governments, businesses and civil society to work with us to deliver its recommendations.

    Let’s build a future that is not only green – but just.

    Not only fast – but fair. 

    Not only transformative – but inclusive.

    Fifth, we have a moment of opportunity to use trade and investment to supercharge the energy transition.

    Clean energy needs more than ambition.

    It needs access – to technologies, materials, and manufacturing.

    But these are concentrated in just a few countries.

    And global trade is fragmenting.

    Trade policy must support climate policy.

    Countries committed to the new energy era must come together to ensure that trade and investment drive it forward.

    By building diverse, secure, and resilient supply chains.

    By cutting tariffs on clean energy goods.

    By unlocking investment and trade – including through South-South cooperation.

    And by modernizing outdated investment treaties – starting with Investor-State Dispute Settlement provisions.

    Today, fossil fuel interests are weaponizing these provisions to delay the transition, particularly in several developing countries.

    Reform is urgent.

    The race for the new must not be a race for the few.

    It must be a relay – shared, inclusive and resilient.

    Let’s make trade a tool for transformation. 

    Sixth and finally, this is our moment of opportunity to unleash the full force of finance – driving investment to markets with massive potential.

    Despite soaring demand and vast renewables potential — developing countries are being locked out of the energy transition.

    Africa is home to 60% of the world’s best solar resources.  But it received just 2% of global clean energy investment last year.

    Zoom out, and the picture is just as stark. 

    In the last decade, only one in every five clean energy dollars went to emerging and developing countries outside China.

    To keep the 1.5 degree limit alive — and deliver universal energy access – annual clean energy investment in those countries must rise more than fivefold by 2030. 

    That demands bold national policies.  And concrete international action to: 

    Reform the global financial architecture.

    Drastically increase the lending capacity of multilateral development banks — making them bigger, bolder, and better able to leverage massive amounts of private finance at reasonable costs;

    And take effective action on debt relief – and scale up proven tools like debt for climate swaps. 

    Today, developing countries pay outlandish sums for both debt and equity financing – in part because of outdated risk models, bias and broken assumptions that boost the cost of capital.

    Credit ratings agencies and investors must modernize.
     
    We need a new approach to risk that reflects:

    The promise of clean energy.

    The rising cost of climate chaos.

    And the danger of stranded fossil fuel assets.

    I urge parties to unite to solve the complex challenges facing some developing countries in the energy transition – such as early retirement of coal plants. 

    Excellencies,
    Dear friends,

    The fossil fuel age is flailing and failing.

    We are in the dawn of a new energy era.

    An era where cheap, clean, abundant energy powers a world rich in economic opportunity.

    Where nations have the security of energy autonomy.

    And the gift of power is a gift for all.

    That world is within reach.

    But it won’t happen on its own.

    Not fast enough.

    Not fair enough.

    It is up to us. 

    We have the tools to power the future for humanity.   

    Let’s make the most of them. 

    This is our moment of opportunity. 

    And I Thank you.

                                                                                                                                                                                                  ****
    [All-French]

    Excellences,

    Mesdames et Messieurs,

    Chers amis présents avec nous depuis le monde entier,

    L’actualité est dominée par les maux de la planète.

    Par les conflits et le chaos climatique.

    Par la multiplication des souffrances humaines.

    Par des dissensions géopolitiques croissantes.

    Mais au milieu de cette tourmente, autre chose est en train de se jouer.

    Quelque chose qui aura de profondes répercussions.

    Tout au long de l’histoire, l’énergie a présidé aux destinées de l’humanité
    – du feu à l’atome, en passant par la vapeur.

    Aujourd’hui, nous entrons dans une ère nouvelle.

    Les énergies fossiles sont en bout de course.

    Nous sommes à l’aube d’une ère des énergies propres.

    Il suffit d’observer les flux financiers.

    L’année dernière, 2 000 milliards de dollars ont été investis dans les énergies propres : c’est 800 milliards de dollars de plus que pour les énergies fossiles et cela représente une hausse de près de 70 % en 10 ans.

    Et de nouvelles données publiées aujourd’hui par l’Agence internationale pour les énergies renouvelables montrent que l’énergie solaire, qui était quatre fois plus chère que les énergies fossiles il y a peu de temps encore, est aujourd’hui 41 % moins chère.

    L’éolien en mer – 53 % moins cher.

    Et le coût de l’électricité produite par plus de 90 % des nouvelles énergies renouvelables dans le monde est inférieur au coût du nouveau combustible fossile le moins cher.

    C’est un tournant. Non seulement sur le plan énergétique, mais aussi du point de vue des possibilités qui s’offrent à nous.

    Car oui, nous pouvons assainir notre rapport au climat.

    Les énergies solaire et éolienne permettent d’ores et déjà d’économiser au niveau mondial une quantité d’émissions de carbone presque équivalente à l’ensemble des émissions annuelles de l’Union européenne.

    Mais plus fondamentalement, il y va de la sécurité énergétique et de la sécurité des personnes.

    De la gestion avisée de l’économie.

    Des emplois décents, de la santé publique et de la réalisation des objectifs de développement durable.

    Et de la capacité de mettre à la disposition des populations du monde entier une énergie propre et abordable.

    Aujourd’hui, nous publions un rapport spécial avec le soutien d’organismes des Nations Unies et d’organisations partenaires – l’Agence internationale de l’énergie, le Fonds monétaire international, l’Agence internationale pour les énergies renouvelables, l’Organisation de coopération et de développement économiques et la Banque mondiale.

    Ce rapport illustre le chemin parcouru au cours de la décennie écoulée, depuis que l’Accord de Paris a ouvert la voie à une révolution de l’énergie propre. Il montre que nous avons beaucoup à gagner d’une transition rapide et juste à l’échelle mondiale, pour peu que nous prenions les mesures voulues.

    Au niveau mondial, la puissance installée des énergies renouvelables est déjà presque comparable à celle des énergies fossiles.

    Et ce n’est qu’un début.

    L’année dernière, la quasi-totalité de l’énergie fournie par les nouvelles capacités de production était renouvelable.

    Sur tous les continents, on a créé plus de capacités de production d’énergie provenant de sources renouvelables que provenant de combustibles fossiles.

    Les sources d’énergie renouvelable ont généré près d’un tiers de l’électricité mondiale.

    L’énergie propre n’est plus une promesse d’avenir. C’est une réalité.

    Aucun gouvernement, aucune industrie, aucun intérêt particulier ne saurait l’arrêter.

    Bien entendu, le lobby des combustibles fossiles de certaines entreprises s’y emploiera, et nous savons jusqu’où il peut aller.

    Mais – j’en ai désormais la certitude – tous ses efforts sont voués à l’échec, car il est trop tard pour revenir en arrière.

    Il y a trois raisons de poids à cela.

    Premièrement, les marchés.

    Pendant des décennies, l’augmentation des émissions est allée de pair avec celle de la croissance économique.

    Ce n’est plus le cas.

    Dans de nombreuses économies avancées, les émissions plafonnent, mais l’économie continue de croître.

    Rien qu’en 2023, le secteur de l’énergie propre a contribué à hauteur de 10 % à la croissance du PIB mondial.

    En Inde, 5 %. Aux États-Unis, 6 %. En Chine – l’un des leaders de la transition énergétique –, 20 %.

    Et dans l’Union européenne, près de 33 %.

    Et le secteur des énergies propres emploie désormais 35 millions de personnes dans le monde, soit plus que le secteur des énergies fossiles.

    Même le Texas, cœur de l’industrie fossile américaine, est aujourd’hui le premier producteur d’énergies renouvelables aux États-Unis.

    Pourquoi ? Parce que c’est une question de bon sens économique.

    Et ce, en dépit d’une distorsion manifeste du marché au profit des énergies fossiles, qui bénéficient de subventions à la consommation neuf fois plus importantes que les renouvelables au niveau mondial.

    Si l’on ajoute à cela le coût non comptabilisé des dommages subis par les populations et la planète à cause des changements climatiques, la distorsion est encore plus marquée.

    Les pays qui s’accrochent aux énergies fossiles ne protègent pas leur économie, ils la sabotent.

    Ils poussent les coûts à la hausse.

    Ils freinent leur compétitivité.

    Ils se condamnent à avoir des actifs bloqués.

    Et ils passent à côté de la plus grande promesse économique du XXIe siècle.

    Excellences, Chers amis,

    En deuxième lieu, les énergies renouvelables sont promises à un bel avenir, car elles sont au cœur de la sécurité et de la souveraineté énergétiques.

    Disons-le clairement : les combustibles fossiles constituent aujourd’hui la plus grande menace pour la sécurité énergétique.

    Ils laissent les économies et les populations à la merci des variations de prix, des ruptures d’approvisionnement et des turbulences géopolitiques.

    C’est ce que l’on a vu lors de l’invasion de l’Ukraine par la Russie.

    Une guerre en Europe a entraîné une crise énergétique mondiale.

    Les cours du pétrole et du gaz ont grimpé en flèche.

    Et les factures d’électricité et les dépenses alimentaires leur ont emboîté le pas.
     
    En 2022, les ménages ont vu leurs dépenses énergétiques augmenter de 20 % en moyenne dans le monde.

    Les économies modernes et compétitives ont besoin d’un approvisionnement énergétique stable, à un prix abordable. Les énergies renouvelables permettent d’avoir les deux.

    La lumière du soleil n’est pas sujette aux flambées de prix.

    Le vent ne peut être soumis à aucun embargo.

    En leur fournissant de l’électricité, les énergies renouvelables peuvent mettre le pouvoir entre les mains des citoyens et des États.

    Or, presque tous les pays ont suffisamment de soleil, de vent ou d’eau pour devenir autosuffisants sur le plan énergétique.

    Les énergies renouvelables sont la solution pour une véritable sécurité énergétique. Une véritable souveraineté énergétique. Et une véritable protection contre la volatilité associée aux combustibles fossiles.

    Chers amis,

    Troisième et dernière raison pour laquelle les énergies renouvelables sont désormais incontournables : la facilité d’accès.

    On ne peut pas construire une centrale à charbon au fond d’un jardin.

    Mais on peut installer des panneaux solaires dans le village le plus isolé de la planète.

    Le solaire et l’éolien peuvent être déployés plus rapidement, plus facilement, et pour moins cher que les énergies fossiles ne pourront jamais l’être.

    Et bien que le nucléaire soit amené à faire partie du bouquet énergétique mondial, il ne pourra jamais résorber les inégalités d’accès.

    Tout cela change la donne pour les centaines de millions de personnes qui vivent encore sans électricité, pour la plupart en Afrique, continent qui regorge de sources d’énergies renouvelables inexploitées.

    À l’horizon 2040, l’Afrique pourrait avoir une production d’électricité 10 fois supérieure à ses besoins, uniquement grâce au renouvelable.

    Déjà, des dispositifs autonomes de production d’énergie renouvelable à petite échelle servent à éclairer des maisons et à alimenter des écoles et des entreprises dans les zones reculées.

    Et dans des pays comme le Pakistan, le solaire s’impose grâce à l’impulsion des citoyens : ce sont les consommateurs qui sont à l’origine du boom des énergies propres.

    Excellences, Chers amis,

    Rien ne peut arrêter la transition énergétique.

    Mais cette transition n’est encore ni assez rapide ni assez équitable.

    Les pays de l’OCDE et la Chine représentent 80 % de la capacité de production d’énergie renouvelable installée dans le monde.

    Le Brésil et l’Inde, près de 10 %.

    L’Afrique, seulement 1,5 %.

    Pendant ce temps, des vies et des moyens de subsistance sont anéantis par la crise climatique.

    Dans certains petits États insulaires, les catastrophes climatiques ont coûté plus de 100 % du PIB.

    Aux États-Unis, elles font exploser les primes d’assurance.

    Et la limite de 1,5 degré devient plus que jamais un vœu pieux.

    Pour que cet objectif reste à notre portée, nous devons au plus vite réduire les émissions et étendre l’envergure de la transition vers les énergies propres.

    Les capacités de production se multiplient, les prix chutent et la COP30 approche à grands pas.

    Nous nous trouvons donc à un moment décisif.

    Ne le laissons pas passer.

    Le moment est venu d’agir dans six domaines porteurs.

    Premièrement, nous devons saisir l’occasion de faire des nouveaux plans climatiques nationaux le moteur d’une transition énergétique irréversible.

    Trop souvent, les gouvernements envoient des messages contradictoires :

    Un jour, des objectifs ambitieux en matière d’énergies renouvelables. Le lendemain, de nouvelles subventions aux combustibles fossiles et des mesures qui favorisent leur expansion.

    Les prochains plans d’action nationaux sur le climat – également connus sous le nom de contributions déterminées au niveau national – doivent être présentés dans quelques mois.

    Ils devront être source de clarté et de certitude.

    Les pays du G20 doivent être à la manœuvre. Ils sont responsables de 80 % des émissions mondiales.

    Le principe des responsabilités communes mais différenciées doit être appliqué, mais tous les pays doivent redoubler d’effort.

    En prévision de la COP30, qui se tiendra au Brésil en novembre, ils doivent présenter de nouveaux plans.

    J’invite les dirigeants à présenter leurs nouvelles contributions déterminées au niveau national lors d’une manifestation que j’organiserai en septembre, durant la semaine de haut niveau de l’Assemblée générale. Ces contributions devront :

    Couvrir toutes les émissions, dans tous les secteurs de l’économie.

    Ne pas dépasser la limite de 1,5 degré.

    Se fonder sur une approche cohérente intégrant les priorités liées à l’énergie, au climat et au développement durable.

    Et tenir les promesses qui ont été faites au niveau mondial, à savoir :

    Multiplier par deux l’efficacité énergétique et par trois les capacités en énergies renouvelables d’ici à 2030.

    Et accélérer l’abandon progressif des combustibles fossiles.

    Ces plans devront être assortis de feuilles de route à long terme permettant d’assurer une transition équitable vers des systèmes énergétiques à zéro émission nette, conformément à l’objectif fixé pour 2050.

    Et ils doivent s’accompagner de politiques qui montrent qu’un avenir alimenté par des énergies propres est inéluctable et mérite d’être soutenu par des investissements.

    Des politiques qui instaurent un cadre réglementaire clair et favorisent l’émergence d’un vivier de projets.

    Qui renforcent les partenariats public-privé en mobilisant des capitaux et en stimulant l’innovation.

    Qui assurent la tarification effective du carbone.

    Et qui marquent la fin des subventions et des financements publics internationaux destinés aux combustibles fossiles – comme promis.

    Deuxièmement, nous devons saisir l’occasion de bâtir les systèmes énergétiques du XXIe siècle.

    La technologie progresse.

    En l’espace de quinze ans seulement, le coût des systèmes de stockage par batterie pour réseaux électriques a chuté de plus de 90 %.

    Mais il y a un problème.

    Les investissements dans les infrastructures nécessaires ne suivent pas.

    Pour chaque dollar investi dans les énergies renouvelables, 0,6 dollar seulement est consacré aux réseaux et au stockage.

    Le rapport devrait être d’un pour un.

    Nous produisons de l’énergie renouvelable, mais nous ne l’intégrons pas assez vite aux réseaux.

    La quantité d’énergie renouvelable en attente de raccordement est trois fois supérieure à celle effectivement mise en service l’an dernier.

    Et le bouquet énergétique mondial reste dominé par les combustibles fossiles.

    Nous devons agir dès maintenant et investir dans l’architecture d’un avenir placé sous le signe des énergies propres.

    Dans des réseaux modernes, souples et informatisés – ainsi que dans l’intégration régionale.

    Dans une augmentation massive de la capacité de stockage d’énergie.

    Dans les réseaux de recharge – pour alimenter la révolution des véhicules électriques.

    D’un autre côté, nous avons besoin l’efficacité énergétique et l’électrification dans les secteurs du bâtiment, des transports et de l’industrie.

    C’est ainsi que nous tirerons pleinement parti des possibilités offertes par les énergies renouvelables et que nous bâtirons des systèmes propres, sûrs et adaptés au monde de demain.

    Troisièmement, nous devons saisir l’occasion de répondre durablement à l’augmentation de la demande énergétique mondiale.

    De plus en plus de personnes sont raccordées aux réseaux.

    De plus en plus de villes se réchauffent, ce qui entraîne une hausse de la demande de climatisation.

    Et de plus en plus de technologies – de l’intelligence artificielle à la finance numérique – consomment une quantité d’électricité colossale.

    Pour répondre à l’augmentation de la demande d’électricité, les gouvernements doivent privilégier le renouvelable.

    L’intelligence artificielle peut rendre les systèmes énergétiques plus efficaces, plus innovants et plus résilients.

    Mais elle est aussi extrêmement énergivore.

    Un centre de données IA typique engloutit autant d’électricité que 100 000 foyers.

    Bientôt, les plus grands centres consommeront 20 fois plus.

    D’ici à 2030, ils pourraient utiliser autant d’électricité que l’ensemble de la population japonaise actuelle.

    Cette situation n’est pas viable – et c’est à nous d’y remédier.

    Le secteur de la technologie doit montrer la voie.

    Aujourd’hui, je demande à toutes les grandes entreprises technologiques de faire en sorte que tous leurs centres de données fonctionnent aux énergies renouvelables d’ici à 2030.

    Elles doivent également veiller – tout comme d’autres secteurs – à utiliser durablement l’eau nécessaire aux systèmes de refroidissement.

    L’avenir se construit dans le nuage.

    Il doit être alimenté par le soleil, le vent et la promesse d’un monde meilleur.

    Excellences, Chers amis,

    Quatrièmement, nous devons saisir l’occasion d’assurer une transition énergétique juste.

    L’ère de l’énergie propre doit garantir l’équité et la dignité et ouvrir de nouvelles perspectives pour l’humanité tout entière.

    Cela signifie que les gouvernements doivent prendre les rênes d’une transition juste.

    En assurant l’accompagnement, l’éducation et la formation des personnes qui travaillent pour l’industrie fossile, des jeunes, des femmes, des peuples autochtones et d’autres, afin qu’ils puissent prospérer dans une économie reposant sur les énergies nouvelles.

    En assurant une meilleure protection sociale pour que personne ne soit laissé pour compte.

    Et en renforçant la coopération internationale en vue d’aider les pays à faible revenu qui sont largement tributaires des combustibles fossiles et pour lesquels la transition est difficile.

    Mais la justice ne se limite pas à cela.

    Les minéraux critiques qui alimentent la révolution des énergies propres se trouvent souvent dans des pays qui ont longtemps été exploités.

    Aujourd’hui, nous voyons l’histoire se répéter.

    Des populations malmenées.

    Leurs droits bafoués.

    Leur environnement saccagé.

    Des nations reléguées aux échelons inférieurs des chaînes de valeur, tandis que d’autres en accaparent le produit.

    Et des modèles d’extraction qui creusent encore les inégalités et amplifient les dégradations.

    Il faut que cela cesse.

    Les pays en développement peuvent jouer un rôle majeur dans la diversification des sources d’approvisionnement.

    Le Groupe chargé de la question des minéraux critiques pour la transition énergétique a défini une trajectoire ancrée dans le respect des droits humains, de la justice et de l’équité.

    Aujourd’hui, je demande aux gouvernements, aux entreprises et à la société civile de se joindre à nous pour mettre en œuvre ses recommandations.

    Bâtissons un avenir qui soit respectueux de l’environnement et fondé sur l’équité.

    Qui advienne rapidement et soit guidé par le principe de justice.

    Qui soit porteur de transformation et favorise l’inclusion.

    Cinquièmement, nous devons saisir l’occasion de mettre le commerce et l’investissement au service de l’accélération de la transition énergétique.

    L’ambition seule ne suffira pas à assurer le passage à une énergie propre.

    Il faut aussi des technologies, des matériaux et des minéraux critiques.

    Mais ces éléments sont concentrés dans quelques pays seulement.

    Et le commerce mondial se fragmente.

    La politique commerciale doit soutenir l’action climatique.

    Les pays mobilisés en faveur d’une nouvelle ère énergétique doivent unir leurs forces pour lui donner corps grâce au commerce et à l’investissement.

    En diversifiant les chaînes d’approvisionnement et en les rendant plus sûres et plus résilientes.

    En abaissant les droits de douane sur les biens nécessaires à la production d’énergie propre.

    En débloquant les investissements et en renforçant les échanges, notamment dans le cadre de la coopération Sud-Sud.

    Et en actualisant des traités d’investissement dépassés, à commencer par les dispositions relatives au règlement des différends entre investisseurs et États.

    À l’heure actuelle, le secteur des combustibles fossiles instrumentalise ces dispositions pour retarder la transition, en particulier dans plusieurs des pays en développement.

    Une réforme s’impose d’urgence.

    La course à l’innovation ne doit pas être réservée à une minorité privilégiée.

    Il doit s’agir d’une course de relais – collective, inclusive et source de résilience.

    Faisons du commerce un outil de transformation.

    Sixièmement, nous devons saisir l’occasion d’exploiter toute la puissance de la finance en dirigeant les investissements vers des marchés à très fort potentiel.

    Malgré une demande en forte hausse et un potentiel indéniable en matière d’énergies renouvelables, les pays en développement sont exclus de la transition énergétique.

    L’Afrique abrite 60 % des meilleures ressources solaires au monde. Mais elle n’a comptabilisé que 2 % des investissements mondiaux dans les énergies propres au cours de l’année écoulée.

    En élargissant le cadre, on obtient un tableau tout aussi alarmant.

    Au cours des dix dernières années, seul un dollar sur cinq consacré à l’énergie propre est allé à des pays émergents ou en développement autres que la Chine.

    Si nous voulons contenir le réchauffement à 1,5 degré et assurer un accès universel à l’énergie, les investissements annuels dans les énergies propres doivent être multipliés par plus de cinq dans ces pays d’ici à 2030.

    Cela exige de prendre des mesures audacieuses à l’échelon national, mais aussi de mener une action concrète au niveau mondial pour :

    Réformer l’architecture financière internationale.

    Renforcer considérablement la capacité de prêt des banques multilatérales de développement, afin qu’elles gagnent en envergure et en audace et soient plus à même de canaliser des flux massifs de capitaux privés à un coût raisonnable.

    Et prendre des mesures efficaces en matière d’allégement de la dette, notamment en intensifiant le recours à des outils éprouvés tels que la conversion de dettes en mesures en faveur du climat.

    À l’heure actuelle, les pays en développement paient des sommes exorbitantes pour accéder à des financements par emprunt et par prise de participation, en partie à cause de modèles de risque obsolètes, de préjugés et d’hypothèses erronées qui accroissent considérablement le coût du capital.

    Les agences de notation et les investisseurs doivent moderniser leurs pratiques.
     
    Il nous faut une nouvelle approche du risque qui tienne compte :

    Du potentiel des énergies propres.

    Du coût croissant du chaos climatique.

    Et du danger associé aux actifs fossiles échoués.

    Je demande instamment aux parties de s’atteler ensemble à régler les problèmes complexes auxquels se heurtent certains pays en développement dans le cadre de la transition énergétique, notamment la mise hors service anticipée des centrales à charbon.

    Excellences, chers amis,

    L’ère des combustibles fossiles est à bout de souffle et en bout de course.

    Nous sommes à l’aube d’une nouvelle ère énergétique.

    Une ère dans laquelle une énergie abondante, propre et peu coûteuse viendra alimenter un monde riche en perspectives économiques.

    Où la sécurité énergétique des nations sera assurée.

    Et où l’énergie sera un bien universel.

    Ce monde est à notre portée.

    Mais cela ne se fera pas tout seul.

    Pas assez rapidement.

    Pas assez équitablement.

    C’est à nous de prendre les choses en main.

    Nous disposons des outils nécessaires pour doter l’humanité de l’énergie de demain.

    Utilisons-les à bon escient.

    Nous ne devons pas laisser passer ce moment.

    Je vous remercie.
     

    MIL OSI United Nations News

  • MIL-OSI Security: Gary Man Sentenced to 480 Months in Prison

    Source: US FBI

    HAMMOND- Yesterday, Taquan Clarke, age 31, of Gary, Indiana, was sentenced by United States District Court Judge Philip P. Simon after a jury found him guilty of conspiring to distribute and possess with intent to distribute cocaine and using a firearm to commit murder, following a 6-day jury trial, announced Acting United States Attorney M. Scott Proctor.

    Clarke was sentenced to 480 months in prison for using a firearm to commit murder.  He was also sentenced to 240 months in prison for conspiring to distribute and possess with intent to distribute cocaine.  He was also sentenced to 3 years of supervised release.  Both sentences are to run concurrently. 

    According to documents in the case, between June 2016 and February 2018, Taquan Clarke and numerous others conspired to possess and possess with intent to distribute cocaine.  On July 28, 2017, Clarke was involved in a plot to rob an individual of cocaine and money.  During this attempted robbery, Clarke shot the victim, K.H., in the head, resulting in K.H.’s death. 

    “Taquan Clarke cut short the life of another man,” said Acting U.S. Attorney Proctor.  “Thanks to the coordinated efforts of law enforcement, he has been brought to justice for that act.  It is an honor to serve with the dedicated agents, officers, and prosecutors who made that happen.”

    This case was investigated by the Federal Bureau of Investigation Gang Response Investigative Team, the Gary Police Department, and the Lake County Sheriff’s Department.  The trial was handled by Assistant United States Attorneys David J. Nozick and Caitlin M. Padula.

    This case is part of Project Safe Neighborhoods (PSN), a program bringing together all levels of law enforcement and the communities they serve to reduce violent crime and gun violence, and to make our neighborhoods safer for everyone. On May 26, 2021, the Department launched a violent crime reduction strategy strengthening PSN based on these core principles: fostering trust and legitimacy in our communities, supporting community-based organizations that help prevent violence from occurring in the first place, setting focused and strategic enforcement priorities, and measuring the results.

    MIL Security OSI

  • MIL-OSI Analysis: There is no known cure for ALS, but medical tourism exploits desperation for profit

    Source: The Conversation – Canada – By Judy Illes, Professor, Neurology, University of British Columbia

    Amyotrophic lateral sclerosis (ALS) is a devastating neurological disorder of unknown cause, in which motor nerve cells of the brain and spinal cord that transmit signals to muscles progressively degenerate. This weakens limbs and affects speech, swallowing and ultimately the ability to breathe, resulting in death, typically within just a few years.

    Each year in Canada, approximately two people per 100,000 are diagnosed with ALS, amounting to about 1,000 cases based on the current population. In British Columbia, where we are located, the rate is estimated at just over three per 100,000 or roughly 190 new cases per year.

    This equates to approximately 4,000 Canadiansand 400 British Columbians — living with ALS at any given time.

    Rigorous ALS research is underway locally, nationally and internationally to slow — and ideally reverse — the relentless progression of this disease. Significant advances in understanding the genetic and environmental drivers of ALS are providing genuine hope that motor neuron diseases will one day be defeated.

    As experts in neurology and ethics, we are committed to delivering the best available health care and information throughout B.C. and across Canada. Trust in science and informed hope are essential to achieving the best possible outcomes and the longest possible trajectories in enjoying life when facing the overwhelming odds of ALS.

    A disturbing case

    In June, CBC’s The National reported on the case of Geoff Sando, a person living with ALS who pursued an unproven intervention for his condition. Sando travelled to Moose Jaw, Sask., to seek treatment at a clinic that claims to provide a cure for ALS.

    CBC’s The National reports on a Saskatchewan clinic claiming to offer ALS treatments.

    The ALS Society of Saskatchewan and the provincial New Democrat Party allege the clinic attended by Sando and several other patients is a form of medical tourism — travelling elsewhere to seek treatment — that can prey on the most vulnerable in society: those whose quality of life is deteriorating, and whose futures are tragically cut short.

    Medical tourism for a wide variety of other health-related conditions is not new. For example, treatments for cancer, strokes and orthopedic conditions have been available abroad for decades.

    In the United States and Mexico, unfounded stem cell interventions for ALS have been advertised for years. But until recently, it had been unusual to find such offerings in Canada. Their emergence speaks to the need for Health Canada to revisit its guidance on both regulated health and unregulated wellness products, including all forms of treatments, medications and device-based approaches.




    Read more:
    Giving patients the ‘right to try’ experimental drugs is a political maneuver, not a lifesaver


    We understand the urgency and desire to pursue any thread of hope in the face of desperation, but claims of dramatic improvement or cures from ALS by unregulated clinics that seem too good to be true are likely just that.

    Before investing in alternative treatments, we recommend that patients conduct their due diligence by consulting with their health-care team and their provincial ALS society for guidance. Ineffective interventions can jeopardize not only recipients, but also caregivers, especially when financial resources are drained.

    Trusted sources

    Developing approved therapies for ALS has been painfully slow, as evidenced by the failure of more than 95 per cent of ALS clinical trials in the past 28 years. Only three drugs — riluzole, edaravone and tofersen — have been approved by Health Canada and the U.S. Food and Drug Administration.

    Although riluzole and edaravone are only modestly effective, they remain the only widely approved pharmacological options for all forms of ALS. Tofersen is the first gene therapy recently approved to treat hereditary ALS caused by SOD1 gene abnormalities. Other treatments are being evaluated worldwide.

    This marks only the beginning of such treatment approaches to not only hereditary ALS but also non-hereditary ALS, which makes up about 90 per cent of all cases.




    Read more:
    A promising new study could lead to a reduction in symptoms of amyotrophic lateral sclerosis (ALS)


    For those affected by ALS and their families, ample resources are provided by various organizations, including ALS Canada and related provincial organizations, including the ALS Society of BC.

    Future hope

    Canadians generally trust science and scientists more than citizens of other countries and, on the whole, value science and believe in our government’s support for the work that scientists do.

    But in this time of geopolitical upheaval, vast incursions of disinformation and reversals of prior evidence-based human and health rights abroad means keeping up this level of trust — trust that leads to hope — will only become more challenging.

    The disproportionate suffering and impact on people who are marginalized by serious health conditions will only grow if dubious treatment offerings become normalized in Canada.

    Erik P Pioro consults for MT Pharma, which manufactures edaravone (Radicava) and for Biogen, which manufactures tofersen (Qalsody). He has received funding support for ALS research from the ALS Association and the National Institutes of Health.

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

    ref. There is no known cure for ALS, but medical tourism exploits desperation for profit – https://theconversation.com/there-is-no-known-cure-for-als-but-medical-tourism-exploits-desperation-for-profit-261057

    MIL OSI Analysis

  • MIL-OSI: First Financial Corporation Reports Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., July 22, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the second quarter of 2025.

    • Net income was $18.6 million compared to $11.4 million reported for the same period of 2024;
    • Diluted net income per common share of $1.57 compared to $0.96 for the same period of 2024;
    • Return on average assets was 1.34% compared to 0.94% for the three months ended June 30, 2024;
    • Provision for credit losses was $2.0 million compared to provision of $3.0 million for the second quarter 2024; and
    • Pre-tax, pre-provision net income was $24.9 million compared to $16.2 million for the same period in 2024.1

    The Corporation further reported results for the six months ended June 30, 2025:

    • Net income was $37.0 million compared to $22.3 million reported for the same period of 2024;
    • Diluted net income per common share of $3.12 compared to $1.89 for the same period of 2024;
    • Return on average assets was 1.34% compared to 0.93% for the six months ended June 30, 2024;
    • Provision for credit losses was $3.9 million compared to provision of $4.8 million for the six months ended June 30, 2024; and
    • Pre-tax, pre-provision net income was $50.6 million compared to $31.2 million for the same period in 2024.1

    ________________________
    1
    Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporations performance over time as well as comparison to the Corporations peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.

    Average Total Loans

    Average total loans for the second quarter of 2025 were $3.88 billion versus $3.20 billion for the comparable period in 2024, an increase of $680 million or 21.25%. On a linked quarter basis, average loans increased $35 million or 0.92% from $3.84 billion as of March 31, 2025. Increases in average loans year-over-year were a combination of the acquisition of SimplyBank on July 1, 2024, and organic growth.

    Total Loans Outstanding

    Total loans outstanding as of June 30, 2025, were $3.90 billion compared to $3.20 billion as of June 30, 2024, an increase of $693 million or 21.62%. On a linked quarter basis, total loans increased $42.6 million or 1.11% from $3.85 billion as of March 31, 2025. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition in July 2024. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

    Norman D. Lowery, President and Chief Executive Officer, commented “We are pleased with our second quarter results, as we have experienced our 7th consecutive quarter of loan growth. We also had another record quarter of net interest income and saw our net margin expand to 4.15%. We expect continued improvement in coming quarters.”

    Average Total Deposits

    Average total deposits for the quarter ended June 30, 2025, were $4.65 billion versus $4.11 billion as of June 30, 2024, an increase of $537 million, or 13.06%. On a linked quarter basis, average deposits remained stable when compared to March 31, 2025. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank.

    Total Deposits

    Total deposits were $4.66 billion as of June 30, 2025, compared to $4.13 billion as of June 30, 2024. On a linked quarter basis, total deposits increased $22.9 million or 0.49% from $4.64 billion as of March 31, 2025. $622 million in deposits were acquired in the SimplyBank acquisition in July 2024. Non-interest bearing deposits were $860 million, and time deposits were $710 million as of June 30, 2025, compared to $749 million and $586 million, respectively for the same period of 2024.

    Shareholders’ Equity

    Shareholders’ equity at June 30, 2025, was $587.7 million compared to $530.7 million on June 30, 2024. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.51 per share quarterly dividend in April and declared a $0.51 quarterly dividend, which was paid on July 15, 2025.

    Book Value Per Share

    Book Value per share was $49.59 as of June 30, 2025, compared to $44.92 as of June 30, 2024, an increase of $4.67 per share, or 10.40%. Tangible Book Value per share was $39.74 as of June 30, 2025, compared to $37.12 as of June 30, 2024, an increase of $2.62 per share or 7.06%.

    Tangible Common Equity to Tangible Asset Ratio

    The Corporation’s tangible common equity to tangible asset ratio was 8.58% at June 30, 2025, compared to 9.14% at June 30, 2024.

    Net Interest Income

    Net interest income for the second quarter of 2025 was a record $52.7 million, compared to $39.3 million reported for the same period of 2024, an increase of $13.4 million, or 34.0%. Interest income increased $13.4 million and interest expense increased $29 thousand year over year. As mentioned by in the president’s comments above, loan growth has continued for seven consecutive quarters, which contributed to steadily increasing net interest income.

    Net Interest Margin

    The net interest margin for the quarter ended June 30, 2025, was 4.15% compared to the 3.57% reported at June 30, 2024.

    Nonperforming Loans

    Nonperforming loans as of June 30, 2025, were $9.8 million versus $15.9 million as of June 30, 2024. The ratio of nonperforming loans to total loans and leases was 0.25% as of June 30, 2025, versus 0.50% as of June 30, 2024. On a linked quarter basis, nonperforming loans were $10.2 million, and the ratio of nonperforming loans to total loans and leases was 0.26% as of March 31, 2025.

    Credit Loss Provision

    The provision for credit losses for the three months ended June 30, 2025, was $2.0 million, compared to $3.0 million for the same period 2024.

    Net Charge-Offs

    In the second quarter of 2025 net charge-offs were $1.7 million compared to $4.7 million in the same period of 2024.

    Allowance for Credit Losses

    The Corporation’s allowance for credit losses as of June 30, 2025, was $47.1 million compared to $38.3 million as of June 30, 2024. The allowance for credit losses as a percent of total loans was 1.21% as of June 30, 2025, compared to 1.20% as of June 30, 2024. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased one basis point from 1.22% as of March 31, 2025.

    Non-Interest Income

    Non-interest income for the three months ended June 30, 2025 and 2024 was $10.4 million and $9.9 million, respectively.

    Non-Interest Expense

    Non-interest expense for the three months ended June 30, 2025, was $38.3 million compared to $32.7 million in 2024.

    Efficiency Ratio

    The Corporation’s efficiency ratio was 59.37% for the quarter ending June 30, 2025, versus 64.56% for the same period in 2024.

    Income Taxes

    Income tax expense for the three months ended June 30, 2025, was $4.2 million versus $2.2 million for the same period in 2024. The effective tax rate for 2025 was 18.58% compared to 16.29% for 2024.

    About First Financial Corporation

    First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.

    Investor Contact:
    Rodger A. McHargue
    Chief Financial Officer
    P: 812-238-6334
    E: rmchargue@first-online.com

                                   
        Three Months Ended   Six Months Ended
        June 30,    March 31,   June 30,    June 30,    June 30, 
           2025      2025      2024      2025      2024
    END OF PERIOD BALANCES                              
    Assets   $ 5,602,969   $ 5,549,094   $ 4,891,068   $ 5,602,969   $ 4,891,068
    Deposits   $ 4,662,889   $ 4,640,003   $ 4,132,327   $ 4,662,889   $ 4,132,327
    Loans, including net deferred loan costs   $ 3,896,563   $ 3,854,020   $ 3,204,009   $ 3,896,563   $ 3,204,009
    Allowance for Credit Losses   $ 47,087   $ 46,835   $ 38,334   $ 47,087   $ 38,334
    Total Equity   $ 587,668   $ 571,945   $ 530,670   $ 587,668   $ 530,670
    Tangible Common Equity (a)   $ 470,894   $ 451,874   $ 438,569   $ 470,894   $ 438,569
                                   
    AVERAGE BALANCES                              
    Total Assets   $ 5,529,225   $ 5,508,767   $ 4,813,308   $ 5,518,996   $ 4,808,836
    Earning Assets   $ 5,213,220   $ 5,194,478   $ 4,556,839   $ 5,203,849   $ 4,561,650
    Investments   $ 1,244,208   $ 1,266,300   $ 1,279,278   $ 1,255,254   $ 1,293,800
    Loans   $ 3,877,246   $ 3,841,752   $ 3,197,695   $ 3,859,499   $ 3,188,921
    Total Deposits   $ 4,651,051   $ 4,650,883   $ 4,113,826   $ 4,650,967   $ 4,079,832
    Interest-Bearing Deposits   $ 3,843,143   $ 3,837,679   $ 3,413,752   $ 3,840,411   $ 3,369,921
    Interest-Bearing Liabilities   $ 269,338   $ 261,174   $ 152,303   $ 265,256   $ 186,864
    Total Equity   $ 576,288   $ 564,742   $ 517,890   $ 570,515   $ 520,305
                                   
    INCOME STATEMENT DATA                              
    Net Interest Income   $ 52,671   $ 51,975   $ 39,294   $ 104,646   $ 78,214
    Net Interest Income Fully Tax Equivalent (b)   $ 54,091   $ 53,373   $ 40,673   $ 107,464   $ 80,970
    Provision for Credit Losses   $ 1,950   $ 1,950   $ 2,966   $ 3,900   $ 4,766
    Non-interest Income   $ 10,381   $ 10,511   $ 9,905   $ 20,892   $ 19,336
    Non-interest Expense   $ 38,276   $ 36,759   $ 32,651   $ 75,035   $ 66,073
    Net Income   $ 18,586   $ 18,406   $ 11,369   $ 36,992   $ 22,293
                                   
    PER SHARE DATA                              
    Basic and Diluted Net Income Per Common Share   $ 1.57   $ 1.55   $ 0.96   $ 3.12   $ 1.89
    Cash Dividends Declared Per Common Share   $ 0.51   $ 0.51   $ 0.45   $ 1.02   $ 0.90
    Book Value Per Common Share   $ 49.59   $ 48.26   $ 44.92   $ 49.59   $ 44.92
    Tangible Book Value Per Common Share (c)   $ 38.78   $ 38.13   $ 36.04   $ 39.74   $ 37.12
    Basic Weighted Average Common Shares Outstanding     11,851     11,842     11,814     11,847     11,809

    ________________________
    (a)   Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
    (b)   Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
    (c)   Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.

                                   
    Key Ratios      Three Months Ended     Six Months Ended  
        June 30,         March 31,        June 30,         June 30,         June 30,   
        2025     2025     2024           2025     2024  
    Return on average assets   1.34 %   1.34 %   0.94 %   1.34 %   0.93 %
    Return on average common shareholder’s equity   12.90 %   13.04 %   8.78 %   12.97 %   8.57 %
    Efficiency ratio   59.37 %   57.54 %   64.56 %   58.46 %   65.87 %
    Average equity to average assets   10.42 %   10.25 %   10.76 %   10.34 %   10.82 %
    Net interest margin (a)   4.15 %   4.11 %   3.57 %   4.13 %   3.55 %
    Net charge-offs to average loans and leases   0.18 %   0.19 %   0.59 %   0.18 %   0.39 %
    Credit loss reserve to loans and leases   1.21 %   1.22 %   1.20 %   1.21 %   1.20 %
    Credit loss reserve to nonperforming loans   480.72 %   460.57 %   240.85 %   480.72 %   240.85 %
    Nonperforming loans to loans and leases   0.25 %   0.26 %   0.50 %   0.25 %   0.50 %
    Tier 1 leverage   10.91 %   10.63 %   12.14 %   10.91 %   12.14 %
    Risk-based capital – Tier 1   12.86 %   12.70 %   14.82 %   12.86 %   14.82 %

    ________________________
    (a)   Net interest margin is calculated on a tax equivalent basis.

                                   
    Asset Quality   Three Months Ended   Six Months Ended
           June 30,       March 31,      June 30,       June 30,       June 30, 
        2025   2025   2024   2025   2024
    Accruing loans and leases past due 30-89 days   $ 22,303   $ 17,007   $ 14,913   $ 22,303   $ 14,913
    Accruing loans and leases past due 90 days or more   $ 1,917   $ 1,109   $ 1,353   $ 1,917   $ 1,353
    Nonaccrual loans and leases   $ 7,878   $ 9,060   $ 14,563   $ 7,878   $ 14,563
    Other real estate owned   $ 383   $ 560   $ 170   $ 383   $ 170
    Nonperforming loans and other real estate owned   $ 10,178   $ 10,729   $ 16,086   $ 10,178   $ 16,086
    Total nonperforming assets   $ 13,087   $ 13,631   $ 18,978   $ 13,087   $ 18,978
    Gross charge-offs   $ 2,928   $ 3,241   $ 6,091   $ 6,169   $ 9,283
    Recoveries   $ 1,230   $ 1,394   $ 1,414   $ 2,624   $ 3,084
    Net charge-offs/(recoveries)   $ 1,698   $ 1,847   $ 4,677   $ 3,545   $ 6,199
                   
    Non-GAAP Reconciliations   Three Months Ended June 30, 
           2025      2024
    ($in thousands, except EPS)              
    Income before Income Taxes   $ 22,826     $ 13,582  
    Provision for credit losses     1,950       2,966  
    Provision for unfunded commitments     100       (300 )
    Pre-tax, Pre-provision Income   $ 24,876     $ 16,248  
                   
    Non-GAAP Reconciliations   Six Months Ended June 30, 
           2025      2024
    ($ in thousands, except EPS)              
    Income before Income Taxes   $ 46,603     $ 26,711  
    Provision for credit losses     3,900       4,766  
    Provision for unfunded commitments     100       (300 )
    Pre-tax, Pre-provision Income   $ 50,603     $ 31,177  
     
    CONSOLIDATED BALANCE SHEETS
    (Dollar amounts in thousands, except per share data)
     
           June 30,       December 31, 
        2025   2024
        (unaudited)
    ASSETS            
    Cash and due from banks   $ 97,265     $ 93,526  
    Federal funds sold     853       820  
    Securities available-for-sale     1,169,956       1,195,990  
    Loans:            
    Commercial     2,222,015       2,196,351  
    Residential     987,738       967,386  
    Consumer     681,538       668,058  
          3,891,291       3,831,795  
    (Less) plus:            
    Net deferred loan costs     5,272       5,346  
    Allowance for credit losses     (47,087 )     (46,732 )
          3,849,476       3,790,409  
    Restricted stock     17,528       17,555  
    Accrued interest receivable     25,888       26,934  
    Premises and equipment, net     79,741       81,508  
    Bank-owned life insurance     130,072       128,766  
    Goodwill     98,229       100,026  
    Other intangible assets     18,545       21,545  
    Other real estate owned     383       523  
    Other assets     115,033       102,746  
    TOTAL ASSETS   $ 5,602,969     $ 5,560,348  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Deposits:            
    Non-interest-bearing   $ 859,699     $ 859,014  
    Interest-bearing:            
    Certificates of deposit exceeding the FDIC insurance limits     143,780       144,982  
    Other interest-bearing deposits     3,659,410       3,714,918  
          4,662,889       4,718,914  
    Short-term borrowings     149,512       187,057  
    FHLB advances     122,677       28,120  
    Other liabilities     80,223       77,216  
    TOTAL LIABILITIES     5,015,301       5,011,307  
                 
    Shareholders’ equity            
    Common stock, $.125 stated value per share;            
    Authorized shares-40,000,000            
    Issued shares-16,190,157 in 2025 and 16,165,023 in 2024            
    Outstanding shares-11,850,645 in 2025 and 11,842,539 in 2024     2,020       2,018  
    Additional paid-in capital     146,391       145,927  
    Retained earnings     712,271       687,366  
    Accumulated other comprehensive income/(loss)     (118,234 )     (132,285 )
    Less: Treasury shares at cost-4,339,512 in 2025 and 4,322,484 in 2024     (154,780 )     (153,985 )
    TOTAL SHAREHOLDERS’ EQUITY     587,668       549,041  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 5,602,969     $ 5,560,348  
     
    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
    (Dollar amounts in thousands, except per share data)
     
        Three Months Ended   Six Months Ended
        June 30,    June 30, 
           2025      2024      2025      2024
                      (unaudited)
    INTEREST INCOME:                          
    Loans, including related fees   $ 64,775     $ 51,459     $ 128,387     $ 101,511  
    Securities:                           
    Taxable     5,915       5,833       11,917       11,764  
    Tax-exempt     2,622       2,601       5,226       5,204  
    Other     865       878       1,679       1,695  
    TOTAL INTEREST INCOME     74,177       60,771       147,209       120,174  
    INTEREST EXPENSE:                              
    Deposits     18,495       19,694       36,694       37,425  
    Short-term borrowings     1,398       959       3,091       1,935  
    Other borrowings     1,613       824       2,778       2,600  
    TOTAL INTEREST EXPENSE     21,506       21,477       42,563       41,960  
    NET INTEREST INCOME     52,671       39,294       104,646       78,214  
    Provision for credit losses     1,950       2,966       3,900       4,766  
    NET INTEREST INCOME AFTER PROVISION                              
    FOR LOAN LOSSES     50,721       36,328       100,746       73,448  
    NON-INTEREST INCOME:                             
    Trust and financial services     1,490       1,318       2,883       2,652  
    Service charges and fees on deposit accounts     7,554       6,730       15,139       13,437  
    Other service charges and fees     256       286       572       509  
    Securities gains (losses), net     (3 )           (3 )      
    Interchange income     180       135       394       314  
    Loan servicing fees     326       414       492       683  
    Gain on sales of mortgage loans     430       299       655       475  
    Other     148       723       760       1,266  
    TOTAL NON-INTEREST INCOME     10,381       9,905       20,892       19,336  
    NON-INTEREST EXPENSE:                              
    Salaries and employee benefits     19,689       17,380       38,937       34,710  
    Occupancy expense     2,472       2,201       5,148       4,560  
    Equipment expense     4,587       4,312       9,092       8,456  
    FDIC Expense     795       501       1,545       1,163  
    Other     10,733       8,257       20,313       17,184  
    TOTAL NON-INTEREST EXPENSE     38,276       32,651       75,035       66,073  
    INCOME BEFORE INCOME TAXES     22,826       13,582       46,603       26,711  
    Provision for income taxes     4,240       2,213       9,611       4,418  
    NET INCOME     18,586       11,369       36,992       22,293  
    OTHER COMPREHENSIVE INCOME (LOSS)                              
    Change in unrealized gains/(losses) on securities, net of reclassifications and taxes     2,946       3,535       14,046       (7,561 )
    Change in funded status of post retirement benefits, net of taxes     2       74       5       147  
    COMPREHENSIVE INCOME (LOSS)   $ 21,534     $ 14,978     $ 51,043     $ 14,879  
    PER SHARE DATA                              
    Basic and Diluted Earnings per Share   $ 1.57     $ 0.96     $ 3.12     $ 1.89  
    Weighted average number of shares outstanding (in thousands)     11,851       11,814       11,847       11,809  

    The MIL Network

  • MIL-OSI: BexBack Empowers Small Traders to Ride the Bull Market: No KYC, 100x Leverage, and 100% Deposit Bonus

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, July 22, 2025 (GLOBE NEWSWIRE) — With Bitcoin soaring to $120,000 and Ethereum approaching $3,700, the long-anticipated crypto bull market is in full swing. As traders scramble to seize the moment, BexBack is leveling the playing field for retail investors with a powerful trio of features: No KYC, up to 100x leverage, and a 100% deposit match bonus.

    Whether you’re a seasoned futures trader or just entering the market, BexBack enables you to turn small deposits into large opportunities — without compromising your privacy. Unlike traditional platforms requiring lengthy identity checks, BexBack allows users to start trading instantly with no KYC requirements.

    To celebrate the bullish momentum, BexBack has launched an exclusive promotion:

    • 100% Deposit Bonus: Double your initial capital with a matching bonus (min. 100 USDT or 0.001 BTC).
    • $50 Welcome Bonus: Get started instantly after your first qualifying deposit and trade — no strings attached.
    • 100x Leverage: Maximize your profit potential by riding every price swing.

    The platform supports over 50 major crypto assets and offers a seamless trading experience optimized for both desktop and mobile users. Advanced risk-control mechanisms and real-time order execution ensure traders stay in control — even in fast-moving markets.

    “At BexBack, we believe that financial growth should be accessible to everyone — not just whales or institutional players,” said the company’s Operations Director. “This bull run is a rare opportunity, and our platform is designed to help small traders make the most of it.”

    With zero KYC barriers, generous trading incentives, and industry-grade security, BexBack stands out as one of the most user-friendly and rewarding crypto futures platforms of the 2025 bull market.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

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    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

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    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

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    About BexBack

    BexBack is a global cryptocurrency futures exchange offering up to 100x leverage, zero KYC onboarding, and industry-leading bonuses. Headquartered in Singapore, the platform has earned the trust of users in over 200 countries and regions. BexBack is fully compliant with FinCEN MSB regulations in the United States.

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    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

    Disclaimer: This content is provided by BexBack The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3618bf87-e7b8-4196-8187-7a3e204125b9

    https://www.globenewswire.com/NewsRoom/AttachmentNg/5c4cd6bd-5af2-4d2c-8f0b-a6db55ea2646

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4f32a8f8-e052-48e3-8fa6-735a8b9645ac

    https://www.globenewswire.com/NewsRoom/AttachmentNg/898ad55a-fbe3-43aa-b908-8ba6d0dc6547

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7d81e034-8dea-46f2-ba8e-906b37fe636d

    The MIL Network

  • MIL-Evening Report: Gaza not a religious issue – it’s a massive violation of international law, say accord critics

    Asia Pacific Report

    Groups that have declined to join the government-sponsored “harmony accord” signed yesterday by some Muslim and Jewish groups, say that the proposed new council is “misaligned” with its aims.

    The signed accord was presented at Government House in Auckland.

    About 70 people attended, including representatives of the New Zealand Jewish Council, His Highness the Aga Khan Council for Australia and New Zealand and the Jewish Community Security Group, reports RNZ News.

    The initiative originated with government recognition that the consequences of Israel’s actions in Gaza are impacting on Jewish and Muslim communities in Aotearoa, as well as the wider community.

    While agreeing with that statement of purpose, other Muslim and Jewish groups have chosen to decline the invitation, said some of the disagreeing groups in a joint statement.

    They believe that the council, as formulated, is misaligned with its aims.

    “Gaza is not a religious issue, and this has never been a conflict between our faiths,” Dr Abdul Monem, a co-founder of ICONZ said.

    ‘Horrifying humanitarian consequences’
    “In Gaza we see a massive violation of international law with horrifying humanitarian consequences.

    “We place Israel’s annihilating campaign against Gaza, the complicity of states and economies at the centre of our understanding — not religion.

    “The first action to address the suffering in Gaza and ameliorate its effects here in Aotearoa must be government action. Our government needs to comply with international courts and act on this humanitarian calamity.

    “That does not require a new council.”

    The impetus for this initiative clearly linked international events with their local impacts, but the document does not mention Gaza among the council’s priorities, said the statement.

    “Signatories are not required to acknowledge universal human rights, nor the courts which have ruled so decisively and created obligations for the New Zealand government. Social distress is disconnected from its immediate cause.”

    The council was open to parties which did not recognise the role of international humanitarian law in Palestine, nor the full human and political rights of their fellow New Zealanders.

    ‘Overlooks humanitarian law’
    Marilyn Garson, co-founder of Alternative Jewish Voices said: “It has broad implications to overlook our rights and international humanitarian law.

    “As currently formulated, the council includes no direct Palestinian representation. That’s not good enough.

    “How can there be credible discussion of Aotearoa’s ethnic safety — let alone advocacy for international action — without Palestinians?

    “Law, human rights and the dignity of every person’s life are not opinions. They are human entitlements and global agreements to which Aotearoa has bound itself.

    “No person in Aotearoa should have to enter a room — especially a council created under government auspices — knowing that their fundamental rights will not be upheld. No one should have to begin by asking for that which is theirs.”

    The groups outside this new council said they wished to live in a harmonious society, but for them it was unclear why a new council of Jews and Muslims should represent the path to harmony.

    “Advocacy that comes from faith can be a powerful force. We already work with numerous interfaith community initiatives, some formed at government initiative and waiting to really find their purpose,” said Dr Muhammad Sajjad Naqvi, president of ICONZ.

    Addressing local threats
    “Those existing channels include more of the parties needed to address local threats, including Christian nationalism like that of Destiny Church.

    “Perhaps government should resource those rather than starting something new.”

    The groups who declined to join the council said they had “warm and enduring relationships” with FIANZ and Dayenu, which would take seats at this council table.

    “All of the groups share common goals, but not this path,” the statement said.

    ICONZ is a national umbrella organisation for New Zealand Shia Muslims for a unified voice. It was established by Muslims who have been born in New Zealand or born to migrants who chose New Zealand to be their home.

    Alternative Jewish Voices is a collective of Aotearoa Jews working for Jewish pluralism and anti-racism. It supports the work of Palestinians who seek liberation grounded in law and our equal human rights.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI Africa: Côte d’Ivoire: The African Development Bank’s Capital Markets Development Trust Fund (CMDTF) supports establishment of digital platform for public offerings

    Source: APO

    The Central Depository/Settlement Bank (DC/BR) has officially launched its new digital platform for public offerings (DIGIAPE), with support from the African Development Bank (www.AfDB.org).

    DIGIAPE will automate primary market subscriptions in the West African Monetary Union’s (UMOA) regional financial market, enhancing both the transparency and reliability of securities allocations while boosting competitiveness through real-time allocation of securities at the close of trading.

    The African Development Bank is providing $400,000 through the Capital Markets Development Trust Fund for technical support to support the design, installation and operationalization of the DIGIAPE platform, to build staff capacity in managing the platform, and enhance the ability of regional financial market stakeholders to use the platform.

    Ibrahim Kalil Konaté, Ivorian Minister for Digital Transition and Digitization, was present at the launch event, which was also attended by representatives of the African Development Bank, the Central Depository/Settlement Bank, the UMOA Financial Markets Authority and financial market players.

    “The African Development Bank is a key strategic partner in the development of the regional financial market – as evidenced by our having committed more than two billion euros to the financial sector in the West African Economic and Monetary Union (UEMOA) zone, through our various instruments, since 2014,” said Ahmed Attout, Director for Financial Sector Development at the African Development Bank.

    “Our intervention is a continuation of the Bank’s support for players in the West African Monetary Union regional financial market, which began in 2018,” said Akane Zoukpo Sanankoua, Manager of the Capital Markets Development Division at the African Development Bank. “Support for the establishment of the DIGIAPE platform once again demonstrates the ability of the Capital Markets Development Trust Fund to respond concretely and strategically to the needs of Africa’s changing markets,” she added.

    DIGIAPE is expected to reduce settlement times and enable real-time allocation of securities at close, creating a more attractive environment for international investors and greater flexibility for sovereign issuers.

    “Technological innovation is now a powerful lever for transforming capital markets. In a constantly changing environment, the central depository/settlement bank, like other central securities depositories, must embrace this dynamic in order to meet the growing demand for security, efficiency, transparency and inclusion,” said Birahim Diouf, Director General of the UMOA Central Depository/Settlement Bank.

    “DIGIAPE is a digital platform designed to automate and secure the entire subscription process for public offerings on the primary market. It is a concrete response to current challenges, particularly in terms of financial inclusion, the digitization of financial services and the transparency of the regional financial market,” emphasized Diouf.

    The Capital Markets Development Trust Fund was created in 2019 to contribute to the integration and competitiveness of African capital markets by supporting strategic reforms, strengthening market infrastructure, broadening investor bases and developing innovative instruments. It is supported by the Luxembourg Ministry of Finance, the Dutch Ministry of Foreign Affairs and the Swedish International Development Cooperation Agency.

    The Central Depositary/Settlement Bank is a specialized UMOA financial institution based in Abidjan, Côte d’Ivoire. It centralizes the custody of securities for its members, manages settlement/delivery operations following stock market transactions, and makes payment for securities events.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media contact:
    Romaric Ollo Hien
    Communication and External Relations Department
    African Development Bank
    media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group (AfDB) is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 34 African countries with an external office in Japan, the AfDB contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org  

    Media files

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    MIL OSI Africa

  • MIL-OSI United Kingdom: Summertime fun is child’s play with Breeze In The Park

    Source: City of Leeds

    Organised by Leeds City Council, the roadshow-style programme will see a total of 26 low-cost play days taking place in local communities over the next month.

    Each event will be held in a different park or green space and will feature interactive activities such as arts, crafts, sports and games together with Breeze’s much-loved giant inflatables.

    The programme gets under way tomorrow (Wednesday, July 23) at Belle Isle’s Coopers Field and will finish at Wortley Recreation Ground on August 21.

    In between times, events will take place in Armley, Beeston, Bramhope, Bramley, Burmantofts, Cross Gates, Drighlington, East Ardsley, East End Park, Farsley, Garforth, Harehills, Horsforth, Kirkstall, Middleton, Morley, Otley, Potternewton, Pudsey, Rothwell, Seacroft, Tinshill, Woodhouse and Yeadon.

    The visits to Armley, Beeston, Bramhope, Cross Gates, East Ardsley, East End Park, Harehills, Kirkstall, Middleton, Morley, Potternewton and Wortley will include quieter and more relaxed sessions for those with additional needs. Extra staff will be on hand to offer assistance at these sessions, with queuing kept to a minimum and designated parking provided where possible.

    A summertime staple in local parks since 2004, Breeze-themed events have become renowned over the years for their focus on fun, inclusivity and value for money.

    The wider city’s commitment to those same principles means there are no shortage of other free, low-cost or pay-as-you-can entertainment options for children and young people in Leeds during the school holidays.

    And to help families plan their to-do lists, the council’s Child Friendly Leeds team has now produced – with support from partners and stakeholders – a handy guide giving full details of what’s on and when.

    The guide covers everything from magic shows at Leeds City Museum and workshops at Leeds Discovery Centre to film screenings at Hyde Park Picture House and children’s activities at Leeds Kirkgate Market – as well, of course, as Breeze In The Park.

    Also featured is Wonderland Awaits, an immersive city centre trail of Lewis Carroll-themed installations that runs from July 26 to August 31 and will take in landmark locations such as the Corn Exchange, the Royal Armouries and the Victoria Quarter.

    The release of the guide aligns with one of the key goals of the Child Friendly Leeds ’12 Wishes’ action plan, which was developed using views gathered from 80,000 children and young people.

    Wish number seven of the 12 wishes in the plan is focused on the need to ensure that information about events, activities, groups, cultural experiences and days out is communicated and promoted as effectively as possible.

    Councillor Salma Arif, Leeds City Council’s executive member for adult social care, active lifestyles and culture, said:

    “Breeze In The Park is a much-loved part of summer for children and young people across the city and I’m sure they, like me, will be delighted that it’s back once again.

    “By making the events low-cost, taking them out into so many different communities and running sessions for those with additional needs, we aim to ensure they are as accessible and inclusive as possible.

    “My thanks go to all the organising team for their hard work in making Breeze In The Park a success year in, year out.”

    Councillor Helen Hayden, Leeds City Council’s executive member for children and families, said:

    “Our summer events guide is an excellent illustration of how Child Friendly Leeds is endeavouring to make this the best city in the country to grow up in.

    “The range of activities detailed in the guide is truly impressive and it’s our hope that it contains something for everyone.

    “This has been a really positive and collaborative project, with the support the Child Friendly Leeds team has received from partners and stakeholders being great to see.”

    All of the Breeze In The Park events will have one main session, running from midday to 4pm.

    Additional needs sessions will run from 11am to midday, with those attending them being welcome to stay on for the afternoon activities at no extra charge.

    Tickets for all sessions cost £1 each and must be bought in advance. Purchases can be made here or, for additional needs sessions, here. A full list of event dates and locations can be found on the same web pages.

    Breeze In The Park is funded with the generous support of the council’s network of local community committees.

    Breeze Pass holders get fast-track access to some of the most popular inflatable attractions. Please note, pass holders must still purchase tickets in advance.

    ENDS

    MIL OSI United Kingdom

  • MIL-OSI Europe: ASIA/SOUTH KOREA – Like a hidden treasure. Korean Catholics treasure the memory of their martyrs

    Source: Agenzia Fides – MIL OSI

    [embedded content]
    by Pascale RizkSeoul (Fides Agency) – “If we follow the example of the martyrs and believe in the word of the Lord, then we will understand the sublime freedom and joy with which they went to their death.” These were the words of Pope Francis to the Korean people during the Mass for the beatification of Paul Yun Ji-Chung and his 123 fellow martyrs, celebrated on Saturday, August 16, 2014, at Gwanghwamun Gate in Seoul, during his apostolic journey to South Korea.In a Korea that hardly resembles that of three centuries ago, the joy and freedom of the martyrs of the past continue to attract many Koreans and lead them to encounter Christ.It is the places, the descendants, and even the soil that today hold “like a treasure” the memory of those who, with simple courage and the gift of self, left everything behind so as not to be “separated from the love of Christ” (Rom 8:35).This July, the Catholic Church in Korea pauses to commemorate the centenary of the beatification of its first 79 martyrs, canonized in 1984.Pilgrimages in the footsteps of martyrsIn recent years, the emotion felt by many Koreans who visit the sites of their martyrdom seems to be growing and becoming increasingly intense.In 2011, bishops and priests responsible for places of martyrdom in various dioceses created an ideal itinerary entitled “Shrines of Catholicism in Korea,” an initiative that has become a valuable guide for pilgrims. It collects and lists 167 references to shrines dear to the memories of the Church, 69 of which are places of martyrdom. The guidebook includes a prayer to begin the pilgrimage and another to conclude it. In its revised edition published in 2019, the guide distinguishes between shrines, places of martyrdom, and places of pilgrimage.The most well-known and popular places are the itineraries proposed by the Archdiocese of Seoul as pilgrimage routes, which were also approved by the Holy See on September 14, 2018. Three itineraries, presented as the ‘ Good News Road’, ‘the Eternal Life Road’ and ‘the Unity Road’, offer visitors the chance to walk through the streets of the capital, visiting the most important monuments in the history of the Catholic Church on the peninsula, such as Gwanghuimun Gate, where the bodies of martyred Catholics were carried, hence its nickname ‘Gate of the Dead’. Other significant sites include the Jeoldusan Shrine, a rocky promontory where thousands of baptized Christians were martyred, and the Gahoe-dong Church, where the first Mass was celebrated in 1795. At other points identified along the route, such as the site of the house of John the Baptist Yi Byeok, who welcomed the first Korean Christians, only commemorative plaques remain, after centuries of destruction and reconstruction have radically altered the urban landscape.The descendants honor their ancestorsIn September, the Catholic Church in Korea commemorates its 103 saints and 124 blessed. The former were canonized by Pope John Paul II in 1984, while the latter were proclaimed blessed by Pope Francis in 2014. The relics presented to public worship a few days ago, on July 2, in Seoul, belong to four Korean saints. The relics belong to three French missionaries of the Societé des Missions Etrangères de Paris (Bishop Laurent Imbert, Priests Pierre Maubant and Jacques Chastan), together with the first Korean priest, Andrea Kim Tae-gon. The Korean Bishops’ Conference received these relics on February 19, previously kept by the Sisters of St. Benedict of Olivetano in Korea. In particular, they are a fragment of Andrew Kim’s foot bone and hair from the others. Kim was martyred at the age of 25 on September 16, 1846, while the French missionaries were beheaded on September 21, 1839, in Saenamteo, on the north bank of the Han River, in the Yongsan-gu district of Seoul. The ceremony was part of a series of commemorative events for the centenary of the holy month of the beatification of the 79 martyrs.New faces of martyrdomCurrently, the Catholic Church in Korea is pursuing the beatification process for two other groups of baptized Christians who were killed during the persecutions. The first is that of the Servant of God John Baptist Yi Byeok and his 132 lay companions killed during the Joseon dynasty between 1785 and 1879. Yi Byeok played a key role in the first Korean Christian community and his companions included Francis Xavier Kwon Il-shin and Ambrose Kwon Cheol-shin.The second group is that of Bishop Francis Borgia Hong Yeong-ho and his 80 companions who lived in modern times, some of whom died in the 1901 massacre in Jeju and others killed after the division of Korea, including 20 priests and 3 foreign missionary nuns. Among them are Sister Marie Mechtilde of the Blessed Sacrament and Sister Teresa of the Child Jesus of the Carmelite monastery in Seoul who, together with three other foreign sisters, founded the small convent in Hyehwa-dong, desired by Bishop Won Larriveau in 1940. All of them had the opportunity to flee abroad, but decided to remain with the Korean nuns: two of them were kidnapped and tortured. Eventually, during the infamous “death march” from Pyongyang to Chunggangjin on the Amnok River, they were martyred and buried in North Korea. The other three were repatriated to their country of origin, France, thanks to a prisoner exchange.The Maryknoll missionary Patrick Byrne, the first bishop of Pyongyang, who was originally from the United States, also chose to remain in Korea during the war. Refusing to denounce the United States, the United Nations, and the Vatican, he was sentenced to death by the North Koreans but managed to survive, albeit after suffering brutal treatment. He later joined other prisoners on a forced march led by a ruthless commander known as “the Tiger.” Despite his suffering and exhaustion, Byrne assisted dying soldiers, praying and giving blessings along the way. On the third day of the march, while giving general absolution to the soldiers kneeling with him in the snow-covered mountains, he fell seriously ill and died in a freezing North Korean hospital with no medicine, known to the prisoners as “the morgue.”The investigation for the beatification process was completed in June 2022 in Korea, and the relevant material was sent to the Congregation for the Causes of Saints.The hidden shrine of HantiDuring the Joseon dynasty, Catholics fled to the south of the country and sought refuge in the mountains. They tried to stay close to or at least in secret contact with their families who had been imprisoned and arrested in various places. Thus, the first Christian families arrived at the mountain called Hanti, located 600 meters above sea level, northwest of Palgongsan and north of the city of Daegu, in the province of Gyeongsang. After the persecutions of Eulhae (1815), Jeonghae (1827), and Gihae (1839), and during a period of easing tensions in the middle of the century, the presence of Catholics in the country had become significant. This is also attested to by the letter sent in 1862 to François-Antoine Albrand, Superior General of the Paris Foreign Missions Society, by Siméon-François Berneux, Vicar Apostolic of Korea (1854-1866), which reads: “I went to a very isolated village on the side of a large mountain, and about 40 Christians received Holy Communion.”With the Byeongin persecution (1866), which followed the Gyeongsin persecution (1860), the tribulations of Korean Catholics reached their peak of violence, becoming extermination: nearly 8,000 out of 10,000 were killed. Then came the Mujin persecution (1868), which struck the inhabitants of Hanti, martyred on the spot for apostasy.The first pilgrimages to the site began a hundred years later, and in 1988 six martyrs’ graves were exhumed and transferred. Present at the site, Joo-gang Thomas Aquinas, professor of anatomy at the National University of Kyeongpook’s medical school, recounts in an article in a Catholic newspaper: “The body in front of me was decapitated. The neck was bent at the waist and the lower part of the body was lying on the ground. I carefully examined the cervical vertebrae. There were no fractures and the number matched; it seemed that only the flesh had been cut with a sharp knife. Tears streamed from my eyes.“ Today, 37 tombs of the “countless unknown martyrs” rest on Hanti Hill in the metropolitan archdiocese of Daegu.The soil soaked with the blood of martyrsThere were just as many nameless martyrs in the diocese of Daejeon, 157 kilometers from Daegu. “In 2014, Father Peter Kim Dongyum oversaw the transfer of the graves of the nameless Korean martyrs, who belonged to the lowest social class and were killed in the 19th century in Deoksan, Haemi, and Hongju, cities located in the diocese. This intervention was necessary because rising water levels threatened the integrity of the graves,“ says Father Agostino Han, head of the office at the Dicastery for Evangelization. ”The graves were transferred to a plot of land adjacent to the Silli Shrine. In Silli, Saint Marie-Nicolas-Antoine Daveluy, M.E.P., fifth bishop of the Korean peninsula, secretly carried out his pastoral ministry for 21 years. During the transfer, Peter Kim felt compelled to preserve some of the soil around the graves, believing that it might contain relics of the Martyrs, who had been buried without proper funeral rites due to the harsh persecutions of the time. For this reason, he reserved a portion of that soil for the creation of ceramic crucifixes and rosary beads, incorporating the soil taken from the tombs of the Martyrs. It can therefore be assumed that these rosary beads contain soil imbued with the blood and bone fragments of those Martyrs who offered their lives in witness to their faith. It is a way of honoring them, their faith, and their memory.”(Fides Agency 22/7/25)Share:

    MIL OSI Europe News

  • MIL-OSI: MiddleGround Capital Announces Seven Promotions Across Multiple Offices

    Source: GlobeNewswire (MIL-OSI)

    LEXINGTON, Ky., July 22, 2025 (GLOBE NEWSWIRE) — MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle-market B2B industrial and specialty distribution companies, today announced that it has promoted seven of its professionals to more senior positions within the firm. The individuals serve in a range of roles across the organization, including investment, business development, operations, and accounting.

    • Shelby Hundley has been promoted to Managing Director, Chief of Staff. Based in the firm’s Lexington, KY headquarters, Shelby acts as a strategic and operational cornerstone, partnering with the Managing Partner to translate the firm’s vision into actionable goals while driving optimization and efficiency. Shelby joined MiddleGround in 2021 following her time at General Electric, where she led long-term synergies, organizational growth, and both employee and union relations for Oil & Gas and Steam Power segments. Shelby holds a master’s degree in human resource management from the University of Central Florida as well as a master’s degree in safety, security, and emergency management from Eastern Kentucky University.
    • Erica Richardson has been named Vice President. Based in MiddleGround’s headquarters in Lexington, KY, Erica works on the transaction team. She joined the firm in 2022, bringing experience from Wells Fargo, where she was an Investment Banking Analyst, and from Harbor View Advisors, where she was an Associate. Erica holds a bachelor’s degree in business administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.
    • Zachary Spencer has been named Vice President. Working out of MiddleGround’s New York office, Zachary is a member of the investment team focusing on due diligence and underwriting activities. He joined MiddleGround in 2021 after working at Wells Fargo in the Industrials group, where he concentrated on building product manufacturers. He holds a bachelor’s degree in business administration from Auburn University.
    • Taylor Hall has been named Vice President. Working from MiddleGround’s headquarters in Lexington, KY, Taylor collaborates with management teams across the portfolio to drive value creation through operational initiatives. Prior to joining MiddleGround in 2021, he held roles at GE Appliances within its financial development program. He holds a master’s in business administration from Indiana University.
    • Graham Sparks has been promoted to Senior Associate. Based in MiddleGround’s New York office, he works on deal origination as part of the firm’s Business Development team. Before joining MiddleGround in 2022, Graham worked at JP Morgan where he was a Private Banking Analyst. Graham holds a bachelor’s degree in finance and administration from the University of Kentucky.
    • Sebastian Ruff has been elevated to Senior Associate in MiddleGround’s EU location in Amsterdam. In this role, Sebastian provides the deal team with support in evaluating and executing transactions, specifically analyzing portfolio company performance and business initiatives. He was an Associate at global investment bank Harris Williams prior to coming to MiddleGround in 2023. Sebastian holds a bachelor’s degree in business administration from the University of Eichstätt-Ingolstadt and a master’s degree in management from the University of Mannheim.
    • Tyler Sebastian has been named Senior Accountant. Working from MiddleGround’s headquarters in Lexington, KY, he participates in various accounting activities for the firm, including accounts payable and prepaids, along with other financial reporting tasks. Tyler holds a bachelor’s degree in finance and a master’s degree in accounting and data from Northern Kentucky University, and first joined the firm in 2022.

    “These promotions reflect the depth of talent across our firm and the meaningful contributions each individual has made in their respective areas,” said John Stewart, Founding and Managing Partner of MiddleGround. “We’re proud to recognize their hard work spanning various business units and offices – from investment and business development to accounting and operations – and are excited to support their continued growth as we scale to meet the evolving needs of our investors and portfolio companies.”

    About MiddleGround Capital
    MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $4.1 billion of assets under management. MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com/.

    MiddleGround Capital Media Contacts
    Doug Allen/Maya Hanowitz
    Dukas Linden Public Relations
    MiddleGround@dlpr.com
    +1 (646) 722-6530

    The MIL Network

  • MIL-OSI: MiddleGround Capital Announces Seven Promotions Across Multiple Offices

    Source: GlobeNewswire (MIL-OSI)

    LEXINGTON, Ky., July 22, 2025 (GLOBE NEWSWIRE) — MiddleGround Capital (“MiddleGround”), an operationally focused private equity firm that makes control investments in North American and European headquartered middle-market B2B industrial and specialty distribution companies, today announced that it has promoted seven of its professionals to more senior positions within the firm. The individuals serve in a range of roles across the organization, including investment, business development, operations, and accounting.

    • Shelby Hundley has been promoted to Managing Director, Chief of Staff. Based in the firm’s Lexington, KY headquarters, Shelby acts as a strategic and operational cornerstone, partnering with the Managing Partner to translate the firm’s vision into actionable goals while driving optimization and efficiency. Shelby joined MiddleGround in 2021 following her time at General Electric, where she led long-term synergies, organizational growth, and both employee and union relations for Oil & Gas and Steam Power segments. Shelby holds a master’s degree in human resource management from the University of Central Florida as well as a master’s degree in safety, security, and emergency management from Eastern Kentucky University.
    • Erica Richardson has been named Vice President. Based in MiddleGround’s headquarters in Lexington, KY, Erica works on the transaction team. She joined the firm in 2022, bringing experience from Wells Fargo, where she was an Investment Banking Analyst, and from Harbor View Advisors, where she was an Associate. Erica holds a bachelor’s degree in business administration from the Kenan-Flagler Business School at the University of North Carolina at Chapel Hill.
    • Zachary Spencer has been named Vice President. Working out of MiddleGround’s New York office, Zachary is a member of the investment team focusing on due diligence and underwriting activities. He joined MiddleGround in 2021 after working at Wells Fargo in the Industrials group, where he concentrated on building product manufacturers. He holds a bachelor’s degree in business administration from Auburn University.
    • Taylor Hall has been named Vice President. Working from MiddleGround’s headquarters in Lexington, KY, Taylor collaborates with management teams across the portfolio to drive value creation through operational initiatives. Prior to joining MiddleGround in 2021, he held roles at GE Appliances within its financial development program. He holds a master’s in business administration from Indiana University.
    • Graham Sparks has been promoted to Senior Associate. Based in MiddleGround’s New York office, he works on deal origination as part of the firm’s Business Development team. Before joining MiddleGround in 2022, Graham worked at JP Morgan where he was a Private Banking Analyst. Graham holds a bachelor’s degree in finance and administration from the University of Kentucky.
    • Sebastian Ruff has been elevated to Senior Associate in MiddleGround’s EU location in Amsterdam. In this role, Sebastian provides the deal team with support in evaluating and executing transactions, specifically analyzing portfolio company performance and business initiatives. He was an Associate at global investment bank Harris Williams prior to coming to MiddleGround in 2023. Sebastian holds a bachelor’s degree in business administration from the University of Eichstätt-Ingolstadt and a master’s degree in management from the University of Mannheim.
    • Tyler Sebastian has been named Senior Accountant. Working from MiddleGround’s headquarters in Lexington, KY, he participates in various accounting activities for the firm, including accounts payable and prepaids, along with other financial reporting tasks. Tyler holds a bachelor’s degree in finance and a master’s degree in accounting and data from Northern Kentucky University, and first joined the firm in 2022.

    “These promotions reflect the depth of talent across our firm and the meaningful contributions each individual has made in their respective areas,” said John Stewart, Founding and Managing Partner of MiddleGround. “We’re proud to recognize their hard work spanning various business units and offices – from investment and business development to accounting and operations – and are excited to support their continued growth as we scale to meet the evolving needs of our investors and portfolio companies.”

    About MiddleGround Capital
    MiddleGround Capital is a private equity firm based in Lexington, Kentucky with over $4.1 billion of assets under management. MiddleGround makes control equity investments in middle market B2B industrial and specialty distribution businesses. MiddleGround works with its portfolio companies to create value through a hands-on operational approach and partners with its management teams to support long-term growth strategies. For more information, please visit: https://middleground.com/.

    MiddleGround Capital Media Contacts
    Doug Allen/Maya Hanowitz
    Dukas Linden Public Relations
    MiddleGround@dlpr.com
    +1 (646) 722-6530

    The MIL Network

  • MIL-OSI: Soitec Held Its Annual General Meeting

    Source: GlobeNewswire (MIL-OSI)

    SOITEC HELD ITS ANNUAL GENERAL MEETING

    Bernin (Grenoble), France – July 22, 2025 – Soitec (Euronext Paris) held its Annual General Meeting today, chaired by Frédéric Lissalde.

    Shareholders approved in particular the following key items:

    • the Company’s statutory and consolidated financial statements for the 2024-2025 fiscal year, as well as the appropriation of earnings;
    • the re-election of Bpifrance Participations, CEA Investissement, and Fonds Stratégique de Participations as Directors for a term of three years;
    • the compensation components paid or granted to corporate officers for the 2024-2025 fiscal year;
    • the compensation policies for corporate officers for the 2025-2026 fiscal year;
    • various financial authorizations and delegations to the Board of Directors; and
    • several by-law amendments.

    The 27th resolution, concerning the amendment to the article of the bylaws defining the thresholds above which shareholders are required to disclose their shareholding to the Company -a matter for the extraordinary general meeting- received 60.15% of the votes and was therefore not adopted.

    Following the non-renewal of Kai Seikku’s term as a Director, Soitec’s Board of Directors is now composed of 13 members, of whom 45% are women and 64% are independent (excluding the employee Directors).

    Kai Seikku is replaced on the Sustainability Committee by Françoise Chombar.

    The presentation given at the General Meeting and the detailed voting results are available on the Company’s website (www.soitec.com) in the section Investors – Shareholders & Analysts – Shareholders’ General Meetings. The summary of the meeting will be made available shortly in the same section of the Company’s website.

    *****
    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 0.9 billion Euros in fiscal year 2024-2025. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge and Cloud AI. The company relies on the talent and diversity of more than 2,200 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Nearly 4,300 patents have been registered by Soitec.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: https://www.soitec.com/en/ and follow us on LinkedIn and X: @Soitec_Official

    *****

    Media Relations: media@soitec.com

    Investor Relations: investors@soitec.com

    Attachment

    The MIL Network

  • Vadhavan Port to add 23.2 million TEUs to India’s maritime capacity

    Source: Government of India

    Source: Government of India (4)

    The Vadhavan Port, a major infrastructure initiative located on the India-Middle East-Europe Economic Corridor (IMEC), is expected to significantly boost India’s container handling capacity by 23.2 million TEUs (Twenty-foot Equivalent Unit). The development of this deep-draft port is set to strengthen India’s position as a leading global maritime hub.

    The project is not only focused on enhancing port infrastructure but is also creating avenues for skill development and livelihood generation for local communities.

    In a written reply to the Rajya Sabha, Union Minister of Ports, Shipping and Waterways, Sarbananda Sonowal shared key updates on the progress of the Vadhavan Port Project. He said that the project is not only focused on expanding maritime infrastructure but also aims to create employment opportunities through targeted skilling initiatives in the region.

    As part of these efforts, a Memorandum of Understanding has been signed between Vadhavan Port Project Ltd (VPPL) and Yashwantrao Chavan Maharashtra Open University (YCMOU) to promote education and training for local communities. Another MoU has been signed between the Jawaharlal Nehru Port Authority and the Directorate General of Shipping to provide skill development training to local residents and project-affected individuals through selected Maritime Training Institutes.

    To support rural entrepreneurship and the agricultural value chain, VPPL has also entered into a strategic partnership with Sahyadri Farms. In addition, skill training programmes for heavy vehicle driving and mechanical work are being conducted in collaboration with non-governmental organisations in the region.

    Further enhancing outreach, VPPL has launched a dedicated WhatsApp Chatbot to connect directly with the youth of Vadhavan. This platform enables interested candidates to easily access information and register for skilling programmes.

  • MIL-OSI USA: Vietnamese national dies in ICE custody

    Source: US Immigration and Customs Enforcement

    SAN ANTONIO — Tien Xuan Phan, a 55-year-old citizen of Vietnam in the custody of U.S. Immigration and Customs Enforcement, was pronounced deceased by the Methodist Hospital Northeast at 5:48 p.m. July 19. The cause of death is still under investigation.

    Phan was being detained at the Karnes County Immigration Processing Center in Karnes City. Phan was taken to Otto Kaiser Memorial Hospital on July 18 for evaluation due to seizures, vomiting and unresponsiveness, and was later airlifted to the Methodist Hospital Northeast for further evaluation. 

    ICE Enforcement and Removal Operations deportation officers arrested Phan June 2. Phan was ordered removed by an immigration judge on April 2, 2012, but failed to leave the U.S. as ordered. 

    Consistent with ICE policy, ERO notified the U.S. Department of Homeland Security, the Office of Inspector General, and the ICE Office of Professional Responsibility via the Integrity Coordination Center. ERO provided notification of the death to the Vietnam Embassy.

    ICE makes official notifications to Congress, nongovernmental organization stakeholders, and the media upon an official report of a detained illegal alien’s death and posts a news release with relevant details on the ICE public website within two business days per agency policy. This information may be accessed in the ICE.gov Newsroom. Additionally, congressional requirements described in the DHS Appropriations Bill of 2018 require ICE to make public all reports regarding an in-custody death within 90 days.

    These reports may be accessed on the Detainee Death Reporting page.

    ICE remains committed to ensuring that all those in its custody reside in safe, secure, and humane environments. Comprehensive medical care is provided from the moment individuals arrive and throughout the entirety of their stay. All people in ICE custody receive medical, dental and mental health intake screening within 12 hours of arriving at each detention facility, a full health assessment within 14 days of entering ICE custody or arrival at a facility, access to medical appointments and 24-hour emergency care. At no time during detention is a detained illegal alien denied emergent care.

    MIL OSI USA News

  • MIL-OSI: Schurz Communications Appoints John Smarrella as General Counsel

    Source: GlobeNewswire (MIL-OSI)

    MISHAWAKA, Ind., July 22, 2025 (GLOBE NEWSWIRE) — Schurz Communications, Inc. (“Schurz”) today announced that John Smarrella, Esq. has been appointed as General Counsel, effective July 28, 2025. As General Counsel, Smarrella will join the executive leadership team to manage and direct Schurz’s legal and enterprise risk management operations.

    “We are excited to welcome John to the Schurz team,” said John Reardon, President and CEO, Schurz Communications. “He brings decades of legal expertise and a wealth of knowledge of our family-owned business, having worked as outside counsel to the Company for the past decade. He is a team player who works productively with our shareholders, executives, and board to achieve successful results. John will be a valuable addition to the business as we continue to grow and expand.”

    Smarrella brings more than two decades of legal expertise as a corporate and M&A transactional attorney with a strong background of serving as outside counsel for closely held and family-owned businesses. Prior to joining Schurz Communications, he was a partner at Barnes & Thornburg, one of the 100 largest law firms in the United States. With a concentration in corporate and business law, he has deep experience in acquisitions, joint ventures, minority investments, as well as contracts, regulations, policies, and more. Smarrella earned a J.D. (magna cum laude) from the University of Notre Dame and holds a Bachelor of Science (magna cum laude) in Business and History/Political Science from Greenville University.

    “Schurz is a multi-generational family business that has stood the test of time, evolving and advancing to become a leader in connecting and empowering people through innovative technologies,” said Smarrella. “I greatly admire the entire team and am excited to join this dynamic company. I look forward to contributing to the future of the business.”

    Smarrella will be based in the Schurz Communications headquarters office in Mishawaka, Indiana.

    About Schurz Communications
    Schurz is a family-owned corporation that has been helping businesses, communities and individuals make meaningful connections for five generations. The Schurz legacy began in newspaper publishing, radio, and television, and today, the company remains committed to making information more accessible through the platforms and technology of the digital age. Schurz Communications’ recent investments include regional broadband companies and cloud managed services providers, and the company’s portfolio also includes a variety of minority investments. For more information, visit: www.schurz.com.

    The MIL Network

  • MIL-OSI Banking: Secretary General of ASEAN Delivered Remarks at the Opening Ceremony of ASEAN Regional Disaster Emergency Response Simulation Exercise 2025, in Phnom Penh, Cambodia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today delivered remarks at the Opening Ceremony of the ASEAN Regional Disaster Emergency Response Simulation Exercise 2025 (ARDEX-25), in Phnom Penh, Cambodia. In his remarks, SG Dr. Kao underscored the critical role of ARDEX as a cornerstone of ASEAN’s efforts to strengthen regional disaster resilience. He emphasised that through coordinated simulation exercises, ARDEX enables ASEAN Member States and relevant stakeholders to assess the effectiveness of existing mechanisms in responding to complex emergencies. SG Dr. Kao also highlighted that the exercise fosters a spirit of solidarity and collective responsibility among ASEAN Member States, which is essential for building a more responsive and adaptive disaster management system in the face of increasingly severe and frequent natural hazards.
     
    During the pre-ceremony engagement and equipment display visit, SG Dr. Kao was invited by the H.E. Kun Kim to inspect search and rescue equipment from Cambodia and other ASEAN Member States, showcasing technologies and capacities.
     
    Download the full remarks here.
     

    The post Secretary General of ASEAN Delivered Remarks at the Opening Ceremony of ASEAN Regional Disaster Emergency Response Simulation Exercise 2025, in Phnom Penh, Cambodia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI: Old National Bancorp Reports Second Quarter 2025 Results and Names New President and COO

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., July 22, 2025 (GLOBE NEWSWIRE) —

    Old National Bancorp (NASDAQ: ONB) reports 2Q25 net income applicable to common shares of $121.4 million, diluted EPS of $0.34; $190.9 million and $0.53 on an adjusted1basis, respectively.


    CEO COMMENTARY
    :

    “Old National’s impressive second quarter results were achieved through a strong focus on the fundamentals: Growing our balance sheet, expanding our fee-based businesses, and controlling expenses,” said Chairman and CEO Jim Ryan. “Additionally, with the successful closing of our partnership with Bremer on May 1, 2025, Old National is well-positioned for the remainder of the year, benefiting from a larger balance sheet and a stronger capital position.”

    “We are thrilled to welcome Tim Burke as Old National’s President and Chief Operating Officer,” said Chairman and CEO Jim Ryan. “Tim brings nearly 30 years of extensive banking expertise to this critical role. I am confident that his infectious energy, strong strategic vision, and collaborative leadership approach will ensure that Old National continues to exceed client expectations for years to come, while also working to strengthen the communities we serve.”


    SECOND
    QUARTER HIGHLIGHTS2:

    Net Income
    • Net income applicable to common shares of $121.4 million; adjusted net income applicable to common shares1 of $190.9 million
    • Earnings per diluted common share (“EPS”) of $0.34; adjusted EPS1 of $0.53
       
    Net Interest Income/NIM
    • Net interest income on a fully taxable equivalent basis1 of $521.9 million
    • Net interest margin on a fully taxable equivalent basis1 (“NIM”) of 3.53%, up 26 basis points (“bps”)
       
    Operating Performance
    • Pre-provision net revenue1 (“PPNR”) of $269.6 million; adjusted PPNR1 of $289.9 million
    • Noninterest expense of $384.8 million; adjusted noninterest expense1 of $343.6 million
    • Efficiency ratio1 of 55.8%; adjusted efficiency ratio1 of 50.2%
       
    Deposits and Funding
    • Period-end total deposits of $54.4 billion, up $13.3 billion; core deposits up $11.6 billion
      • Period-end core deposits up 0.8% annualized excluding deposits assumed from Bremer Financial Corporation (“Bremer”)
    • Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps
       
    Loans and Credit Quality
    • End-of-period total loans3 of $48.0 billion, up $11.5 billion
      • End-of-period loans3 up 3.7% annualized excluding loans acquired from Bremer
    • Provision for credit losses4 (“provision”) of $106.8 million; $31.2 million excluding $75.6 million of current expected credit loss (“CECL”) Day 1 non-purchased credit deteriorated (“non-PCD”) provision expense5
    • Net charge-offs of $26.5 million, or 24 bps of average loans; 21 bps excluding purchased credit deteriorated (“PCD”) loans that had an allowance at acquisition
    • 30+ day delinquencies of 0.30% and nonaccrual loans of 1.24% of total loans
     
    Return Profile & Capital
    • Return on average tangible common equity1 (“ROATCE”) of 12.0%; adjusted ROATCE1 of 18.1%
    • Preliminary regulatory Tier 1 common equity to risk-weighted assets of 10.74%, down 88 bps
       
    Notable Items
    • Closing of Bremer partnership on May 1, 2025
    • $75.6 million of pre-tax CECL Day 1 non-PCD provision expense5
    • $41.2 million of pre-tax merger-related charges
    • $21.0 million of pre-tax pension plan gain6

    Non-GAAP financial measure that management believes is useful in evaluating the financial results of the Company – refer to the Non-GAAP reconciliations contained in this release Comparisons are on a linked-quarter basis, unless otherwise noted Includes loans held-for-sale Includes the provision for unfunded commitments Refers to the initial increase in allowance for credit losses required on acquired non-PCD loans, including unfunded loan commitments, through the provision for credit losses Includes a gain associated with freezing benefits of the Bremer pension plan

    TIM BURKE TO JOIN OLD NATIONAL AS PRESIDENT AND COO
    Timothy M. Burke, Jr. will join Old National Bancorp (“Old National”) on July 22, 2025 as President and Chief Operating Officer, assuming the role previously held by Mark Sander who announced his retirement earlier this year. Mr. Burke most recently served as Executive Vice President of the Central Region and Field Enablement for the Commercial Bank for a large Midwestern super-regional bank, where he was responsible for the full range of commercial banking in 12 Midwestern markets including those in Illinois, Indiana and Michigan.

    Mr. Burke’s nearly 30-year banking career has centered on serving clients and communities in the Midwest. His prior leadership experience includes roles as Northeast Ohio Market President for the same regional institution, where he was responsible for driving collaboration across all business lines including Retail, Business Banking, Commercial, Private Banking and Mortgage.

    “I’m truly thrilled to join a team that’s so deeply committed to relationship banking and making a real impact on our communities,” said Burke. “Old National’s core values and mission strongly align with my personal values, positioning me well to jump into the role, take care of clients and deliver standout products and services consistently across all of our markets.”

    As President and COO, Burke will be responsible for guiding the success of Old National’s Commercial, Community and Wealth segments, and Credit and Marketing teams. He and his family will reside in Evansville, Ind., and he will maintain offices in Evansville and Chicago.

    RESULTS OF OPERATIONS2
    Old National Bancorp reported second quarter 2025 net income applicable to common shares of $121.4 million, or $0.34 per diluted common share.

    Included in second quarter results were $75.6 million of pre-tax CECL Day 1 non-PCD provision expense related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments), pre-tax charges of $41.2 million for merger-related expenses, and a $21.0 million pre-tax gain associated with freezing benefits of the Bremer pension plan. Excluding these items and realized debt securities losses from the current quarter, adjusted net income1 was $190.9 million, or $0.53 per diluted common share.

    DEPOSITS AND FUNDING
    Growth in core deposits driven by Bremer including public fund and business checking increases partly offset by normal seasonal outflows of retail deposits.

    • Period-end total deposits were $54.4 billion, up $13.3 billion; core deposits up $11.6 billion; includes $11.5 billion of period-end core deposits assumed in the Bremer transaction.
      • Period-end core deposits up 0.8% annualized excluding Bremer.
    • On average, total deposits for the second quarter were $49.8 billion, up $9.3 billion.
    • Granular low-cost deposit franchise; total deposit costs of 193 bps, up 2 bps.
    • A loan to deposit ratio of 88%, combined with existing funding sources, provides strong liquidity.

    LOANS
    Loan growth driven by Bremer and strong commercial loan production; pipeline increasing.

    • Period-end total loans3 were $48.0 billion, up $11.5 billion; includes $11.2 billion of period end loans acquired in the Bremer transaction.
      • Excluding loans3 acquired in the Bremer transaction, period-end total loans were up 3.7% annualized.
    • Commercial loans, excluding Bremer, grew 4.6% annualized
      • Total commercial loan production in the second quarter was $2.3 billion; period-end commercial pipeline totaled $4.8 billion, up approximately 40%.
    • Average total loans in the second quarter were $44.1 billion, an increase of $7.8 billion.

    CREDIT QUALITY
    Resilient credit quality continues to be a hallmark of Old National.

    • Provision4 expense was $106.8 million; $31.2 million excluding $75.6 million of CECL Day 1 non-PCD provision expense5 related to the allowance for credit losses established on acquired non-PCD loans (including unfunded loan commitments) in the Bremer transaction, consistent with the prior quarter.
    • Net charge-offs were $26.5 million, or 24 bps of average loans, consistent with the prior quarter.
      • Excluding PCD loans that had an allowance for credit losses established at acquisition, net charge-offs to average loans were 21 bps.
    • 30+ day delinquencies as a percentage of loans were 0.30% compared to 0.22%.
    • Nonaccrual loans as a percentage of total loans were 1.24% compared to 1.29%.
    • The allowance for credit losses, including the allowance for credit losses on unfunded loan commitments, stood at $594.7 million, or 1.24% of total loans, compared to $424.0 million, or 1.16% of total loans, reflecting $75.6 million of CECL Day 1 non-PCD provision expense5 related to acquired non-PCD loans (including unfunded loan commitments) and $90.4 million of allowance related to acquired PCD loans.

    NET INTEREST INCOME AND MARGIN
    Higher reflective of larger balance sheet and higher asset yields.

    • Net interest income on a fully taxable equivalent basis1 increased to $521.9 million compared to $393.0 million, driven by Bremer, loan growth, higher asset yields and more days in the quarter, partly offset by higher funding costs.
    • Net interest margin on a fully taxable equivalent basis1 increased 26 bps to 3.53%.
    • Cost of total deposits was 1.93%, increasing 2 bps and the cost of total interest-bearing deposits increased 6 bps to 2.52%.

    NONINTEREST INCOME
    Increase driven by Bremer and organic growth of fee-based businesses.

    • Total noninterest income was $132.5 million, $111.6 million excluding a $21.0 million pre-tax gain associated with the freezing of benefits of the Bremer pension plan, compared to $93.8 million.
    • Excluding the pension plan gain and realized debt securities losses, noninterest income was up 18.8% driven by Bremer revenue as well as higher wealth fees, mortgage fees, and capital markets revenue.

    NONINTEREST EXPENSE
    Higher reflective of Bremer, disciplined expense management drives efficiency ratio lower.

    • Noninterest expense was $384.8 million and included $41.2 million of merger-related charges.
    • Excluding merger-related charges, adjusted noninterest expense1 was $343.6 million, compared to $262.6 million, driven primarily by elevated operating costs and additional intangibles amortization, both related to the Bremer transaction.
    • The efficiency ratio1 was 55.8%, while the adjusted efficiency ratio1 was 50.2% compared to 53.7% and 51.8%, respectively.

    INCOME TAXES

    • Income tax expense was $30.3 million, resulting in an effective tax rate of 19.5% compared to 20.3%. On an adjusted fully taxable equivalent (“FTE”) basis, the effective tax rate was 24.6% compared to 22.5%.
      • The effective tax rate for the second quarter of 2025 was impacted by the Bremer transaction and the first quarter of 2025 was impacted by a $1.2 million benefit for the vesting of employee stock compensation.
    • Income tax expense included $5.8 million of tax credit benefit compared to $5.3 million.

    CAPITAL
    Capital ratios remain strong.

    • Preliminary total risk-based capital down 109 bps to 12.59% and preliminary regulatory Tier 1 capital down 103 bps to 11.20%, as strong retained earnings were more than offset by the Bremer transaction and loan growth.
    • Tangible common equity to tangible assets was 7.26%, down 6.4%.

    CONFERENCE CALL AND WEBCAST
    Old National will host a conference call and live webcast at 9:00 a.m. Central Time on Tuesday, July 22, 2025, to review second quarter financial results. The live audio webcast link and corresponding presentation slides will be available on the Company’s Investor Relations website at oldnational.com and will be archived there for 12 months. To listen to the live conference call, dial U.S. (800) 715-9871 or International (646) 307-1963, access code 9394540. A replay of the call will also be available from approximately noon Central Time on July 22, 2025 through August 5, 2025. To access the replay, dial U.S. (800) 770-2030 or International (647) 362-9199; Access code 9394540.

    ABOUT OLD NATIONAL
    Old National Bancorp (NASDAQ: ONB) is the holding company of Old National Bank. As the fifth largest commercial bank headquartered in the Midwest, Old National proudly serves clients primarily in the Midwest and Southeast. With approximately $71 billion of assets and $38 billion of assets under management, Old National ranks among the top 25 banking companies headquartered in the United States. Tracing our roots to 1834, Old National focuses on building long-term, highly valued partnerships with clients while also strengthening and supporting the communities we serve. In addition to providing extensive services in consumer and commercial banking, Old National offers comprehensive wealth management and capital markets services. For more information and financial data, please visit Investor Relations at oldnational.com. In 2025, Points of Light named Old National one of “The Civic 50” – an honor reserved for the 50 most community-minded companies in the United States.

    USE OF NON-GAAP FINANCIAL MEASURES
    The Company’s accounting and reporting policies conform to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. As a supplement to GAAP, the Company provides non-GAAP performance results, which the Company believes are useful because they assist investors in assessing the Company’s operating performance. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in the tables at the end of this release.

    The Company presents EPS, the efficiency ratio, return on average common equity, return on average tangible common equity, and net income applicable to common shares, all adjusted for certain notable items. These items include CECL Day 1 non-PCD provision expense, merger-related charges associated with completed and pending acquisitions, a pension plan gain, debt securities gains/losses, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense. Management believes excluding these items from EPS, the efficiency ratio, return on average common equity, and return on average tangible common equity may be useful in assessing the Company’s underlying operational performance since these items do not pertain to its core business operations and their exclusion may facilitate better comparability between periods. Management believes that excluding merger-related charges from these metrics may be useful to the Company, as well as analysts and investors, since these expenses can vary significantly based on the size, type, and structure of each acquisition. Additionally, management believes excluding these items from these metrics may enhance comparability for peer comparison purposes.

    Income tax expense, provision for credit losses, and the certain notable items listed above are excluded from the calculation of pre-provision net revenues, adjusted due to the fluctuation in income before income tax and the level of provision for credit losses required. Management believes adjusted pre-provision net revenues may be useful in assessing the Company’s underlying operating performance and their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The Company presents adjusted noninterest expense, which excludes merger-related charges associated with completed and pending acquisitions, separation expense, distribution of excess pension assets expense, and FDIC special assessment expense, as well as adjusted noninterest income, which excludes a pension plan gain and debt securities gains/losses. Management believes that excluding these items from noninterest expense and noninterest income may be useful in assessing the Company’s underlying operational performance as these items either do not pertain to its core business operations or their exclusion may facilitate better comparability between periods and for peer comparison purposes.

    The tax-equivalent adjustment to net interest income and net interest margin recognizes the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes.

    In management’s view, tangible common equity measures are capital adequacy metrics that may be meaningful to the Company, as well as analysts and investors, in assessing the Company’s use of equity and in facilitating comparisons with peers. These non-GAAP measures are valuable indicators of a financial institution’s capital strength since they eliminate intangible assets from stockholders’ equity and retain the effect of accumulated other comprehensive loss in stockholders’ equity.

    Although intended to enhance investors’ understanding of the Company’s business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP. In addition, these non-GAAP financial measures may differ from those used by other financial institutions to assess their business and performance. See the following reconciliations in the “Non-GAAP Reconciliations” section for details on the calculation of these measures to the extent presented herein.

    FORWARD-LOOKING STATEMENTS
    This earnings release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”), Section 27A of the Securities Act of 1933 and Rule 175 promulgated thereunder, and Section 21E of the Securities Exchange Act of 1934 and Rule 3b-6 promulgated thereunder, notwithstanding that such statements are not specifically identified as such. In addition, certain statements may be contained in our future filings with the Securities and Exchange Commission (“SEC”), in press releases, and in oral and written statements made by us that are not statements of historical fact and constitute forward‐looking statements within the meaning of the Act. These statements include, but are not limited to, descriptions of Old National’s financial condition, results of operations, asset and credit quality trends, profitability and business plans or opportunities. Forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “potential,” “predict,” “should,” “would,” and “will,” and other words of similar meaning. These forward-looking statements express management’s current expectations or forecasts of future events and, by their nature, are subject to risks and uncertainties. There are a number of factors that could cause actual results or outcomes to differ materially from those in such statements, including, but not limited to: competition; government legislation, regulations and policies, including trade and tariff policies; the ability of Old National to execute its business plan; unanticipated changes in our liquidity position, including but not limited to changes in our access to sources of liquidity and capital to address our liquidity needs; changes in economic conditions and economic and business uncertainty which could materially impact credit quality trends and the ability to generate loans and gather deposits; inflation and governmental responses to inflation, including increasing interest rates; market, economic, operational, liquidity, credit, and interest rate risks associated with our business; our ability to successfully manage our credit risk and the sufficiency of our allowance for credit losses; the expected cost savings, synergies and other financial benefits from the merger (the “Merger”) between Old National and Bremer not being realized within the expected time frames and costs or difficulties relating to integration matters being greater than expected; potential adverse reactions or changes to business or employee relationships, including those resulting from the completion of the Merger; the impact of purchase accounting with respect to the Merger, or any change in the assumptions used regarding the assets acquired and liabilities assumed to determine their fair value and credit marks; the potential impact of future business combinations on our performance and financial condition, including our ability to successfully integrate the businesses, the success of revenue-generating and cost reduction initiatives and the diversion of management’s attention from ongoing business operations and opportunities; failure or circumvention of our internal controls; operational risks or risk management failures by us or critical third parties, including without limitation with respect to data processing, information systems, cybersecurity, technological changes, vendor issues, business interruption, and fraud risks; significant changes in accounting, tax or regulatory practices or requirements; new legal obligations or liabilities; disruptive technologies in payment systems and other services traditionally provided by banks; failure or disruption of our information systems; computer hacking and other cybersecurity threats; the effects of climate change on Old National and its customers, borrowers, or service providers; the impacts of pandemics, epidemics and other infectious disease outbreaks; other matters discussed in this earnings release; and other factors identified in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. These forward-looking statements are based on assumptions and estimates, which although believed to be reasonable, may turn out to be incorrect. Old National does not undertake an obligation to update these forward-looking statements to reflect events or conditions after the date of this earnings release. You are advised to consult further disclosures we may make on related subjects in our filings with the SEC.

    CONTACTS:    
    Media: Rick Jillson   Investors: Lynell Durchholz
    (812) 465-7267   (812) 464-1366
    Rick.Jillson@oldnational.com   Lynell.Durchholz@oldnational.com
                   
    Financial Highlights (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Income Statement                
    Net interest income $ 514,790   $ 387,643   $ 394,180   $ 391,724   $ 388,421     $ 902,433   $ 744,879  
    FTE adjustment1,3   7,063     5,360     5,777     6,144     6,340       12,423     12,593  
    Net interest income – tax equivalent basis3   521,853     393,003     399,957     397,868     394,761       914,856     757,472  
    Provision for credit losses   106,835     31,403     27,017     28,497     36,214       138,238     55,105  
    Noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Noninterest expense   384,766     268,471     276,824     272,283     282,999       653,237     545,316  
    Net income available to common shareholders $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Per Common Share Data                
    Weighted average diluted shares   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Cash dividends   0.14     0.14     0.14     0.14     0.14       0.28     0.28  
    Dividend payout ratio2   41 %   32 %   30 %   32 %   38 %     36 %   36 %
    Book value $ 20.12   $ 19.71   $ 19.11   $ 19.20   $ 18.28     $ 20.12   $ 18.28  
    Stock price   21.34     21.19     21.71     18.66     17.19       21.34     17.19  
    Tangible book value3   12.60     12.54     11.91     11.97     11.05       12.60     11.05  
    Performance Ratios                
    ROAA   0.77 %   1.08 %   1.14 %   1.08 %   0.92 %     0.91 %   0.95 %
    ROAE   6.7 %   9.1 %   9.8 %   9.4 %   8.2 %     7.8 %   8.4 %
    ROATCE3   12.0 %   15.0 %   16.4 %   16.0 %   14.1 %     13.4 %   14.5 %
    NIM (FTE)3   3.53 %   3.27 %   3.30 %   3.32 %   3.33 %     3.41 %   3.31 %
    Efficiency ratio3   55.8 %   53.7 %   54.4 %   53.8 %   57.2 %     54.9 %   57.7 %
    NCOs to average loans   0.24 %   0.24 %   0.21 %   0.19 %   0.16 %     0.24 %   0.15 %
    ACL on loans to EOP loans   1.18 %   1.10 %   1.08 %   1.05 %   1.01 %     1.18 %   1.01 %
    ACL4 to EOP loans   1.24 %   1.16 %   1.14 %   1.12 %   1.08 %     1.24 %   1.08 %
    NPLs to EOP loans   1.24 %   1.29 %   1.23 %   1.22 %   0.94 %     1.24 %   0.94 %
    Balance Sheet (EOP)                
    Total loans $ 47,902,819   $ 36,413,944   $ 36,285,887   $ 36,400,643   $ 36,150,513     $ 47,902,819   $ 36,150,513  
    Total assets   70,979,805     53,877,944     53,552,272     53,602,293     53,119,645       70,979,805     53,119,645  
    Total deposits   54,357,683     41,034,572     40,823,560     40,845,746     39,999,228       54,357,683     39,999,228  
    Total borrowed funds   7,346,098     5,447,054     5,411,537     5,449,096     6,085,204       7,346,098     6,085,204  
    Total shareholders’ equity   8,126,387     6,534,654     6,340,350     6,367,298     6,075,072       8,126,387     6,075,072  
    Capital Ratios3                
    Risk-based capital ratios (EOP):                
    Tier 1 common equity   10.74 %   11.62 %   11.38 %   11.00 %   10.73 %     10.74 %   10.73 %
    Tier 1 capital   11.20 %   12.23 %   11.98 %   11.60 %   11.33 %     11.20 %   11.33 %
    Total capital   12.59 %   13.68 %   13.37 %   12.94 %   12.71 %     12.59 %   12.71 %
    Leverage ratio (average assets)   9.26 %   9.44 %   9.21 %   9.05 %   8.90 %     9.26 %   8.90 %
    Equity to assets (averages)   11.38 %   12.01 %   11.78 %   11.60 %   11.31 %     11.66 %   11.31 %
    TCE to TA   7.26 %   7.76 %   7.41 %   7.44 %   6.94 %     7.26 %   6.94 %
    Nonfinancial Data                
    Full-time equivalent employees   5,313     4,028     4,066     4,105     4,267       5,313     4,267  
    Banking centers   351     280     280     280     280       351     280  
    1 Calculated using the federal statutory tax rate in effect of 21% for all periods.          
    2 Cash dividends per common share divided by net income per common share (basic).          
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.
        June 30, 2025 capital ratios are preliminary.
         
    4 Includes the allowance for credit losses on loans and unfunded loan commitments.          
                     
    FTE – Fully taxable equivalent basis ROAA – Return on average assets ROAE – Return on average equity ROATCE – Return on average tangible common equity NCOs – Net Charge-offs ACL – Allowance for Credit Losses EOP – End of period actual balances NPLs – Non-performing Loans TCE – Tangible common equity TA – Tangible assets      
                     
    Income Statement (unaudited)
    ($ and shares in thousands, except per share data)
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Interest income $ 824,961   $ 630,399   $ 662,082   $ 679,925   $ 663,663     $ 1,455,360   $ 1,259,644  
    Less: interest expense   310,171     242,756     267,902     288,201     275,242       552,927     514,765  
    Net interest income   514,790     387,643     394,180     391,724     388,421       902,433     744,879  
    Provision for credit losses   106,835     31,403     27,017     28,497     36,214       138,238     55,105  
    Net interest income
    after provision for credit losses
      407,955     356,240     367,163     363,227     352,207       764,195     689,774  
    Wealth and investment services fees   35,817     29,648     30,012     29,117     29,358       65,465     57,662  
    Service charges on deposit accounts   23,878     21,156     20,577     20,350     19,350       45,034     37,248  
    Debit card and ATM fees   12,922     9,991     10,991     11,362     10,993       22,913     21,047  
    Mortgage banking revenue   10,032     6,879     7,026     7,669     7,064       16,911     11,542  
    Capital markets income   7,114     4,506     5,244     7,426     4,729       11,620     7,629  
    Company-owned life insurance   6,625     5,381     6,499     5,315     5,739       12,006     9,173  
    Other income   36,170     16,309     15,539     12,975     10,036       52,479     20,506  
    Debt securities gains (losses), net   (41 )   (76 )   (122 )   (76 )   2       (117 )   (14 )
    Total noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Salaries and employee benefits   202,112     148,305     146,605     147,494     159,193       350,417     308,996  
    Occupancy   30,432     29,053     29,733     27,130     26,547       59,485     53,566  
    Equipment   12,566     8,901     9,325     9,888     8,704       21,467     17,375  
    Marketing   13,759     11,940     12,653     11,036     11,284       25,699     21,918  
    Technology   31,452     22,020     21,429     23,343     24,002       53,472     44,025  
    Communication   5,014     4,134     4,176     4,681     4,480       9,148     8,480  
    Professional fees   21,931     7,919     11,055     7,278     10,552       29,850     16,958  
    FDIC assessment   13,409     9,700     11,970     11,722     9,676       23,109     20,989  
    Amortization of intangibles   19,630     6,830     7,237     7,411     7,425       26,460     12,880  
    Amortization of tax credit investments   5,815     3,424     4,556     3,277     2,747       9,239     5,496  
    Other expense   28,646     16,245     18,085     19,023     18,389       44,891     34,633  
    Total noninterest expense   384,766     268,471     276,824     272,283     282,999       653,237     545,316  
    Income before income taxes   155,706     181,563     186,105     185,082     156,479       337,269     309,251  
    Income tax expense   30,298     36,904     32,232     41,280     35,250       67,202     67,738  
    Net income $ 125,408   $ 144,659   $ 153,873   $ 143,802   $ 121,229     $ 270,067   $ 241,513  
    Preferred dividends   (4,033 )   (4,034 )   (4,034 )   (4,034 )   (4,033 )     (8,067 )   (8,067 )
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
                     
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Weighted Average Common Shares Outstanding                
    Basic   360,155     315,925     315,673     315,622     315,585       338,162     303,283  
    Diluted   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    (EOP)   391,818     319,236     318,980     318,955     318,969       391,818     318,969  
                     
                     
     
    End of Period Balance Sheet (unaudited)
    ($ in thousands)
      June 30, March 31, December 31, September 30, June 30,
        2025     2025     2024     2024     2024  
    Assets          
    Cash and due from banks $ 637,556   $ 486,061   $ 394,450   $ 498,120   $ 428,665  
    Money market and other interest-earning investments   1,171,015     753,719     833,518     693,450     804,381  
    Investments:          
    Treasury and government-sponsored agencies   2,445,733     2,364,170     2,289,903     2,335,716     2,207,004  
    Mortgage-backed securities   9,632,206     6,458,023     6,175,103     6,085,826     5,890,371  
    States and political subdivisions   1,590,272     1,589,555     1,637,379     1,665,128     1,678,597  
    Other securities   852,687     755,348     781,656     783,079     775,623  
    Total investments   14,520,898     11,167,096     10,884,041     10,869,749     10,551,595  
    Loans held-for-sale, at fair value   77,618     40,424     34,483     62,376     66,126  
    Loans:          
    Commercial   14,662,916     10,650,615     10,288,560     10,408,095     10,332,631  
    Commercial and agriculture real estate   21,879,785     16,135,327     16,307,486     16,356,216     16,016,958  
    Residential real estate   8,212,242     6,771,694     6,797,586     6,757,896     6,894,957  
    Consumer   3,147,876     2,856,308     2,892,255     2,878,436     2,905,967  
    Total loans   47,902,819     36,413,944     36,285,887     36,400,643     36,150,513  
    Allowance for credit losses on loans   (565,109 )   (401,932 )   (392,522 )   (380,840 )   (366,335 )
    Premises and equipment, net   682,539     584,664     588,970     599,528     601,945  
    Goodwill and other intangible assets   2,944,372     2,289,268     2,296,098     2,305,084     2,306,204  
    Company-owned life insurance   1,046,693     859,211     859,851     863,723     862,032  
    Accrued interest receivable and other assets   2,561,404     1,685,489     1,767,496     1,690,460     1,714,519  
    Total assets $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
               
    Liabilities and Equity          
    Noninterest-bearing demand deposits $ 12,652,556   $ 9,186,314   $ 9,399,019   $ 9,429,285   $ 9,336,042  
    Interest-bearing:          
    Checking and NOW accounts   9,194,738     7,736,014     7,538,987     7,314,245     7,680,865  
    Savings accounts   5,058,819     4,715,329     4,753,279     4,781,447     4,983,811  
    Money market accounts   16,564,125     11,638,653     11,807,228     11,601,461     10,485,491  
    Other time deposits   7,613,377     6,212,898     5,819,970     6,010,070     5,688,432  
    Total core deposits   51,083,615     39,489,208     39,318,483     39,136,508     38,174,641  
    Brokered deposits   3,274,068     1,545,364     1,505,077     1,709,238     1,824,587  
    Total deposits   54,357,683     41,034,572     40,823,560     40,845,746     39,999,228  
               
    Federal funds purchased and interbank borrowings   340,246     170     385     135,263     250,154  
    Securities sold under agreements to repurchase   297,637     290,256     268,975     244,626     240,713  
    Federal Home Loan Bank advances   5,835,918     4,514,354     4,452,559     4,471,153     4,744,560  
    Other borrowings   872,297     642,274     689,618     598,054     849,777  
    Total borrowed funds   7,346,098     5,447,054     5,411,537     5,449,096     6,085,204  
    Accrued expenses and other liabilities   1,149,637     861,664     976,825     940,153     960,141  
    Total liabilities   62,853,418     47,343,290     47,211,922     47,234,995     47,044,573  
    Preferred stock, common stock, surplus, and retained earnings   8,725,995     7,183,163     7,086,393     6,971,054     6,866,480  
    Accumulated other comprehensive income (loss), net of tax   (599,608 )   (648,509 )   (746,043 )   (603,756 )   (791,408 )
    Total shareholders’ equity   8,126,387     6,534,654     6,340,350     6,367,298     6,075,072  
    Total liabilities and shareholders’ equity $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
     
                             
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                             
                             
        Three Months Ended   Three Months Ended   Three Months Ended
        June 30, 2025   March 31, 2025   June 30, 2024
        Average Income1/ Yield/   Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 1,424,700   $ 14,791 4.16 %   $ 791,067   $ 8,815 4.52 %   $ 814,944   $ 11,311 5.58 %
    Investments:                        
    Treasury and government-sponsored agencies     2,396,691     20,820 3.47 %     2,318,869     20,019 3.45 %     2,208,935     21,531 3.90 %
    Mortgage-backed securities     8,567,318     87,734 4.10 %     6,287,825     54,523 3.47 %     5,828,225     47,904 3.29 %
    States and political subdivisions     1,596,899     13,402 3.36 %     1,610,819     13,242 3.29 %     1,686,994     14,290 3.39 %
    Other securities     970,581     15,770 6.50 %     770,839     10,512 5.45 %     788,571     12,583 6.38 %
    Total investments     13,531,489     137,726 4.07 %     10,988,352     98,296 3.58 %     10,512,725     96,308 3.66 %
    Loans:2                        
    Commercial     13,240,876     219,446 6.63 %     10,397,991     165,595 6.37 %     10,345,098     183,425 7.09 %
    Commercial and agriculture real estate     20,022,403     316,422 6.32 %     16,213,606     245,935 6.07 %     15,870,809     260,407 6.56 %
    Residential real estate loans     7,792,440     88,852 4.56 %     6,815,091     67,648 3.97 %     6,952,942     67,683 3.89 %
    Consumer     3,049,341     54,787 7.21 %     2,871,213     49,470 6.99 %     2,910,331     50,869 7.03 %
    Total loans     44,105,060     679,507 6.16 %     36,297,901     528,648 5.83 %     36,079,180     562,384 6.24 %
                             
    Total earning assets   $ 59,061,249   $ 832,024 5.64 %   $ 48,077,320   $ 635,759 5.30 %   $ 47,406,849   $ 670,003 5.66 %
                             
    Less: Allowance for credit losses on loans     (404,871 )         (398,765 )         (331,043 )    
                             
    Non-earning Assets:                        
    Cash and due from banks   $ 426,513         $ 372,428         $ 430,256      
    Other assets     6,403,239           5,394,600           5,341,022      
                             
    Total assets   $ 65,486,130         $ 53,445,583         $ 52,847,084      
                             
    Interest-Bearing Liabilities:                        
    Checking and NOW accounts   $ 8,594,591   $ 29,291 1.37 %   $ 7,526,294   $ 23,850 1.29 %   $ 8,189,454   $ 34,398 1.69 %
    Savings accounts     4,968,232     3,777 0.30 %     4,692,239     3,608 0.31 %     5,044,800     5,254 0.42 %
    Money market accounts     15,055,735     110,933 2.96 %     11,664,650     88,381 3.07 %     10,728,156     102,560 3.84 %
    Other time deposits     7,092,124     67,204 3.80 %     5,996,108     56,485 3.82 %     5,358,103     56,586 4.25 %
    Total interest-bearing core deposits     35,710,682     211,205 2.37 %     29,879,291     172,324 2.34 %     29,320,513     198,798 2.73 %
    Brokered deposits     2,530,726     28,883 4.58 %     1,546,756     18,171 4.76 %     1,244,237     17,008 5.50 %
    Total interest-bearing deposits     38,241,408     240,088 2.52 %     31,426,047     190,495 2.46 %     30,564,750     215,806 2.84 %
                             
    Federal funds purchased and interbank borrowings     88,603     953 4.31 %     148,130     1,625 4.45 %     148,835     1,986 5.37 %
    Securities sold under agreements to repurchase     295,948     636 0.86 %     272,961     551 0.82 %     249,939     639 1.03 %
    Federal Home Loan Bank advances     6,037,462     59,042 3.92 %     4,464,590     41,896 3.81 %     4,473,978     44,643 4.01 %
    Other borrowings     828,214     9,452 4.58 %     675,759     8,189 4.91 %     891,609     12,168 5.49 %
    Total borrowed funds     7,250,227     70,083 3.88 %     5,561,440     52,261 3.81 %     5,764,361     59,436 4.15 %
                             
    Total interest-bearing liabilities   $ 45,491,635   $ 310,171 2.73 %   $ 36,987,487   $ 242,756 2.66 %   $ 36,329,111   $ 275,242 3.05 %
                             
    Noninterest-Bearing Liabilities and Shareholders’ Equity                      
    Demand deposits   $ 11,568,854         $ 9,096,676         $ 9,558,675      
    Other liabilities     973,525           944,935           980,322      
    Shareholders’ equity     7,452,116           6,416,485           5,978,976      
                             
    Total liabilities and shareholders’ equity   $ 65,486,130         $ 53,445,583         $ 52,847,084      
                             
    Net interest rate spread       2.91 %       2.64 %       2.61 %
                             
    Net interest margin (GAAP)       3.49 %       3.23 %       3.28 %
                             
    Net interest margin (FTE)3       3.53 %       3.27 %       3.33 %
                             
    FTE adjustment     $ 7,063       $ 5,360       $ 6,340  
                             
    1 Interest income is reflected on a FTE basis.  
    2 Includes loans held-for-sale.  
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.  
     
                     
    Average Balance Sheet and Interest Rates (unaudited)
    ($ in thousands)
                     
                     
        Six Months Ended   Six Months Ended
        June 30, 2025   June 30, 2024
        Average Income1/ Yield/   Average Income1/ Yield/
    Earning Assets:   Balance Expense Rate   Balance Expense Rate
    Money market and other interest-earning investments   $ 1,109,634   $ 23,606 4.29 %   $ 786,094   $ 21,296 5.45 %
    Investments:                
    Treasury and government-sponsored agencies     2,357,995     40,839 3.46 %     2,285,706     44,797 3.92 %
    Mortgage-backed securities     7,433,868     142,257 3.83 %     5,592,655     86,792 3.10 %
    States and political subdivisions     1,603,821     26,644 3.32 %     1,683,585     28,266 3.36 %
    Other securities     871,262     26,282 6.03 %     779,504     24,756 6.35 %
    Total investments   $ 12,266,946   $ 236,022 3.85 %   $ 10,341,450   $ 184,611 3.57 %
    Loans:2                
    Commercial     11,827,287     385,041 6.51 %     9,942,741     350,688 7.05 %
    Commercial and agriculture real estate     18,128,526     562,357 6.20 %     15,119,590     490,493 6.49 %
    Residential real estate loans     7,306,465     156,500 4.28 %     6,823,378     130,686 3.83 %
    Consumer     2,960,769     104,257 7.10 %     2,777,711     94,463 6.84 %
    Total loans     40,223,047     1,208,155 6.01 %     34,663,420     1,066,330 6.16 %
                     
    Total earning assets   $ 53,599,627   $ 1,467,783 5.48 %   $ 45,790,964   $ 1,272,237 5.56 %
                     
    Less: Allowance for credit losses on loans     (401,835 )         (322,256 )    
                     
    Non-earning Assets:                
    Cash and due from banks   $ 399,620         $ 396,466      
    Other assets     5,901,705           5,151,308      
                     
    Total assets   $ 59,499,117         $ 51,016,482      
                     
    Interest-Bearing Liabilities:                
    Checking and NOW accounts   $ 8,063,393   $ 53,141 1.33 %   $ 7,665,327   $ 59,650 1.56 %
    Savings accounts     4,830,998     7,385 0.31 %     5,035,100     10,271 0.41 %
    Money market accounts     13,369,560     199,314 3.01 %     10,322,808     196,773 3.83 %
    Other time deposits     6,547,143     123,689 3.81 %     5,023,620     104,018 4.16 %
    Total interest-bearing core deposits     32,811,094     383,529 2.36 %     28,046,855     370,712 2.66 %
    Brokered deposits     2,041,459     47,054 4.65 %     1,145,744     30,533 5.36 %
    Total interest-bearing deposits     34,852,553     430,583 2.49 %     29,192,599     401,245 2.76 %
                     
    Federal funds purchased and interbank borrowings     118,202     2,578 4.40 %     108,962     2,947 5.44 %
    Securities sold under agreements to repurchase     284,518     1,187 0.84 %     273,088     1,556 1.15 %
    Federal Home Loan Bank advances     5,255,372     100,938 3.87 %     4,430,236     85,810 3.90 %
    Other borrowings     752,408     17,641 4.73 %     858,727     23,207 5.43 %
    Total borrowed funds     6,410,500     122,344 3.85 %     5,671,013     113,520 4.03 %
                     
    Total interest-bearing liabilities     41,263,053     552,927 2.70 %     34,863,612     514,765 2.97 %
                     
    Noninterest-Bearing Liabilities and Shareholders’ Equity              
    Demand deposits   $ 10,339,594         $ 9,408,406      
    Other liabilities     959,309           972,205      
    Shareholders’ equity     6,937,161           5,772,259      
                     
    Total liabilities and shareholders’ equity   $ 59,499,117         $ 51,016,482      
                     
    Net interest rate spread       2.78 %       2.59 %
                     
    Net interest margin (GAAP)       3.37 %       3.25 %
                     
    Net interest margin (FTE)3       3.41 %       3.31 %
                     
    FTE adjustment     $ 12,423       $ 12,593  
                     
    1 Interest income is reflected on a FTE.
    2 Includes loans held-for-sale.                
    3 Represents a non-GAAP financial measure. Refer to the “Non-GAAP Measures” table for reconciliations to GAAP financial measures.    
     
                     
    Asset Quality (EOP) (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Allowance for credit losses:                
    Beginning allowance for credit losses on loans $ 401,932   $ 392,522   $ 380,840   $ 366,335   $ 319,713     $ 392,522   $ 307,610  
    Allowance established for acquired PCD loans   90,442             2,803     23,922       90,442     23,922  
    Provision for credit losses on loans   99,263     31,026     30,417     29,176     36,745       130,289     60,598  
    Gross charge-offs   (29,954 )   (24,540 )   (21,278 )   (18,965 )   (17,041 )     (54,494 )   (31,061 )
    Gross recoveries   3,426     2,924     2,543     1,491     2,996       6,350     5,266  
    NCOs   (26,528 )   (21,616 )   (18,735 )   (17,474 )   (14,045 )     (48,144 )   (25,795 )
    Ending allowance for credit losses on loans $ 565,109   $ 401,932   $ 392,522   $ 380,840   $ 366,335     $ 565,109   $ 366,335  
    Beginning allowance for credit losses on unfunded commitments $ 22,031   $ 21,654   $ 25,054   $ 25,733   $ 26,264     $ 21,654   $ 31,226  
    Provision (release) for credit losses on unfunded commitments   7,572     377     (3,400 )   (679 )   (531 )     7,949     (5,493 )
    Ending allowance for credit losses on unfunded commitments $ 29,603   $ 22,031   $ 21,654   $ 25,054   $ 25,733     $ 29,603   $ 25,733  
    Allowance for credit losses $ 594,712   $ 423,963   $ 414,176   $ 405,894   $ 392,068     $ 594,712   $ 392,068  
    Provision for credit losses on loans $ 99,263   $ 31,026   $ 30,417   $ 29,176   $ 36,745     $ 130,289   $ 60,598  
    Provision (release) for credit losses on unfunded commitments   7,572     377     (3,400 )   (679 )   (531 )     7,949     (5,493 )
    Provision for credit losses $ 106,835   $ 31,403   $ 27,017   $ 28,497   $ 36,214     $ 138,238   $ 55,105  
    NCOs / average loans1   0.24 %   0.24 %   0.21 %   0.19 %   0.16 %     0.24 %   0.15 %
    Average loans1 $ 44,075,472   $ 36,284,059   $ 36,410,414   $ 36,299,544   $ 36,053,845     $ 40,201,289   $ 34,648,292  
    EOP loans1   47,902,819     36,413,944     36,285,887     36,400,643     36,150,513       47,902,819     36,150,513  
    ACL on loans / EOP loans1   1.18 %   1.10 %   1.08 %   1.05 %   1.01 %     1.18 %   1.01 %
    ACL / EOP loans1   1.24 %   1.16 %   1.14 %   1.12 %   1.08 %     1.24 %   1.08 %
    Underperforming Assets:                
    Loans 90 days and over (still accruing) $ 16,893   $ 6,757   $ 4,060   $ 1,177   $ 5,251     $ 16,893   $ 5,251  
    Nonaccrual loans   594,709     469,211     447,979     443,597     340,181       594,709     340,181  
    Foreclosed assets   7,986     6,301     4,294     4,077     8,290       7,986     8,290  
    Total underperforming assets $ 619,588   $ 482,269   $ 456,333   $ 448,851   $ 353,722     $ 619,588   $ 353,722  
    Classified and Criticized Assets:                
    Nonaccrual loans $ 594,709   $ 469,211   $ 447,979   $ 443,597   $ 340,181     $ 594,709   $ 340,181  
    Substandard loans (still accruing)   1,969,260     1,479,630     1,073,413     1,074,243     841,087       1,969,260     841,087  
    Loans 90 days and over (still accruing)   16,893     6,757     4,060     1,177     5,251       16,893     5,251  
    Total classified loans – “problem loans”   2,580,862     1,955,598     1,525,452     1,519,017     1,186,519       2,580,862     1,186,519  
    Other classified assets   43,495     53,239     58,954     59,485     60,772       43,495     60,772  
    Special Mention   1,008,716     828,314     908,630     837,543     967,655       1,008,716     967,655  
    Total classified and criticized assets $ 3,633,073   $ 2,837,151   $ 2,493,036   $ 2,416,045   $ 2,214,946     $ 3,633,073   $ 2,214,946  
    Loans 30-89 days past due (still accruing) $ 128,771   $ 72,517   $ 93,141   $ 91,750   $ 51,712     $ 128,771   $ 51,712  
    Nonaccrual loans / EOP loans1   1.24 %   1.29 %   1.23 %   1.22 %   0.94 %     1.24 %   0.94 %
    ACL / nonaccrual loans   100 %   90 %   92 %   92 %   115 %     100 %   115 %
    Under-performing assets/EOP loans1   1.29 %   1.32 %   1.26 %   1.23 %   0.98 %     1.29 %   0.98 %
    Under-performing assets/EOP assets   0.87 %   0.90 %   0.85 %   0.84 %   0.67 %     0.87 %   0.67 %
    30+ day delinquencies/EOP loans1   0.30 %   0.22 %   0.27 %   0.26 %   0.16 %     0.30 %   0.16 %
                     
    1 Excludes loans held-for-sale.            
                     
                     
    Non-GAAP Measures (unaudited)
    ($ and shares in thousands, except per share data)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    Earnings Per Share:                
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Adjustments:                
    CECL Day 1 non-PCD provision expense   75,604                 15,312       75,604     15,312  
    Tax effect1   (20,802 )               (3,476 )     (20,802 )   (3,476 )
    CECL Day 1 non-PCD provision expense, net   54,802                 11,836       54,802     11,836  
    Merger-related charges   41,206     5,856     8,117     6,860     19,440       47,062     22,348  
    Tax effect1   (11,337 )   (1,089 )   (2,058 )   (1,528 )   (4,413 )     (12,426 )   (5,123 )
    Merger-related charges, net   29,869     4,767     6,059     5,332     15,027       34,636     17,225  
    Pension plan gain   (21,001 )                     (21,001 )    
    Tax effect1   5,778                       5,778      
    Pension plan gain, net   (15,223 )                     (15,223 )    
    Debt securities (gains) losses   41     76     122     76     (2 )     117     14  
    Tax effect1   (11 )   (14 )   (31 )   (17 )   1       (25 )   (3 )
    Debt securities (gains) losses, net   30     62     91     59     (1 )     92     11  
    Separation expense               2,646                
    Tax effect1               (589 )              
    Separation expense, net               2,057                
    Distribution of excess pension assets                           13,318  
    Tax effect1                           (3,250 )
    Distribution excess pension assets, net                             10,068  
    FDIC special assessment                             2,994  
    Tax effect1                             (731 )
    FDIC special assessment, net                             2,263  
    Total adjustments, net   69,478     4,829     6,150     7,448     26,862       74,307     41,403  
    Net income applicable to common shares, adjusted $ 190,853   $ 145,454   $ 155,989   $ 147,216   $ 144,058     $ 336,307   $ 274,849  
    Weighted average diluted common shares outstanding   361,436     321,016     318,803     317,331     316,461       340,250     304,207  
    EPS, diluted $ 0.34   $ 0.44   $ 0.47   $ 0.44   $ 0.37     $ 0.77   $ 0.77  
    Adjusted EPS, diluted $ 0.53   $ 0.45   $ 0.49   $ 0.46   $ 0.46     $ 0.99   $ 0.90  
    NIM:                
    Net interest income $ 514,790   $ 387,643   $ 394,180   $ 391,724   $ 388,421     $ 902,433   $ 744,879  
    Add: FTE adjustment2   7,063     5,360     5,777     6,144     6,340       12,423     12,593  
    Net interest income (FTE) $ 521,853   $ 393,003   $ 399,957   $ 397,868   $ 394,761     $ 914,856   $ 757,472  
    Average earning assets $ 59,061,249   $ 48,077,320   $ 48,411,803   $ 47,905,463   $ 47,406,849     $ 53,599,627   $ 45,790,964  
    NIM (GAAP)   3.49 %   3.23 %   3.26 %   3.27 %   3.28 %     3.37 %   3.25 %
    NIM (FTE)   3.53 %   3.27 %   3.30 %   3.32 %   3.33 %     3.41 %   3.31 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    PPNR:                
    Net interest income (FTE)2 $ 521,853   $ 393,003   $ 399,957   $ 397,868   $ 394,761     $ 914,856   $ 757,472  
    Add: Noninterest income   132,517     93,794     95,766     94,138     87,271       226,311     164,793  
    Total revenue (FTE)   654,370     486,797     495,723     492,006     482,032       1,141,167     922,265  
    Less: Noninterest expense   (384,766 )   (268,471 )   (276,824 )   (272,283 )   (282,999 )     (653,237 )   (545,316 )
    PPNR $ 269,604   $ 218,326   $ 218,899   $ 219,723   $ 199,033     $ 487,930   $ 376,949  
    Adjustments:                
    Pension plan termination gain $ (21,001 ) $   $   $   $     $ (21,001 ) $  
    Debt securities (gains) losses $ 41   $ 76   $ 122   $ 76   $ (2 )   $ 117   $ 14  
    Noninterest income adjustments   (20,960 )   76     122     76     (2 )     (20,884 )   14  
    Adjusted noninterest income   111,557     93,870     95,888     94,214     87,269       205,427     164,807  
    Adjusted revenue $ 633,410   $ 486,873   $ 495,845   $ 492,082   $ 482,030     $ 1,120,283   $ 922,279  
    Adjustments:                
    Merger-related charges $ 41,206   $ 5,856   $ 8,117   $ 6,860   $ 19,440     $ 47,062   $ 22,348  
    Separation expense               2,646                
    Distribution of excess pension assets                             13,318  
    FDIC Special Assessment                             2,994  
    Noninterest expense adjustments   41,206     5,856     8,117     9,506     19,440       47,062     38,660  
    Adjusted total noninterest expense   (343,560 )   (262,615 )   (268,707 )   (262,777 )   (263,559 )     (606,175 )   (506,656 )
    Adjusted PPNR $ 289,850   $ 224,258   $ 227,138   $ 229,305   $ 218,471     $ 514,108   $ 415,623  
    Efficiency Ratio:                
    Noninterest expense $ 384,766   $ 268,471   $ 276,824   $ 272,283   $ 282,999     $ 653,237   $ 545,316  
    Less: Amortization of intangibles   (19,630 )   (6,830 )   (7,237 )   (7,411 )   (7,425 )     (26,460 )   (12,880 )
    Noninterest expense, excl. amortization of intangibles   365,136     261,641     269,587     264,872     275,574       626,777     532,436  
    Less: Amortization of tax credit investments   (5,815 )   (3,424 )   (4,556 )   (3,277 )   (2,747 )     (9,239 )   (5,496 )
    Less: Noninterest expense adjustments   (41,206 )   (5,856 )   (8,117 )   (9,506 )   (19,440 )     (47,062 )   (38,660 )
    Adjusted noninterest expense, excluding amortization $ 318,115   $ 252,361   $ 256,914   $ 252,089   $ 253,387     $ 570,476   $ 488,280  
    Total revenue (FTE)2 $ 654,370   $ 486,797   $ 495,723   $ 492,006   $ 482,032     $ 1,141,167   $ 922,265  
    Less: Debt securities (gains) losses   41     76     122     76     (2 )     117     14  
    Less: Pension plan gain   (21,001 )                     (21,001 )    
    Total adjusted revenue $ 633,410   $ 486,873   $ 495,845   $ 492,082   $ 482,030     $ 1,120,283   $ 922,279  
    Efficiency Ratio   55.8 %   53.7 %   54.4 %   53.8 %   57.2 %     54.9 %   57.7 %
    Adjusted Efficiency Ratio   50.2 %   51.8 %   51.8 %   51.2 %   52.6 %     50.9 %   52.9 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
                     
    Non-GAAP Measures (unaudited)
    ($ in thousands)
                     
      Three Months Ended   Six Months Ended
      June 30, March 31, December 31, September 30, June 30,   June 30, June 30,
        2025     2025     2024     2024     2024       2025     2024  
    ROAE and ROATCE:                
    Net income applicable to common shares $ 121,375   $ 140,625   $ 149,839   $ 139,768   $ 117,196     $ 262,000   $ 233,446  
    Amortization of intangibles   19,630     6,830     7,237     7,411     7,425       26,460     12,880  
    Tax effect1   (4,908 )   (1,708 )   (1,809 )   (1,853 )   (1,856 )     (6,615 )   (3,220 )
    Amortization of intangibles, net   14,722     5,122     5,428     5,558     5,569       19,845     9,660  
    Net income applicable to common shares, excluding intangibles amortization   136,097     145,747     155,267     145,326     122,765       281,845     243,106  
    Total adjustments, net (see pg.12)   69,478     4,829     6,150     7,448     26,862       74,307     41,403  
    Adjusted net income applicable to common shares, excluding intangibles amortization $ 205,575   $ 150,576   $ 161,417   $ 152,774   $ 149,627     $ 356,152   $ 284,509  
    Average shareholders’ equity $ 7,452,116   $ 6,416,485   $ 6,338,953   $ 6,190,071   $ 5,978,976     $ 6,937,161   $ 5,772,259  
    Less: Average preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )     (243,719 )   (243,719 )
    Average shareholders’ common equity $ 7,208,397   $ 6,172,766   $ 6,095,234   $ 5,946,352   $ 5,735,257     $ 6,693,442   $ 5,528,540  
    Average goodwill and other intangible assets   (2,670,710 )   (2,292,526 )   (2,301,177 )   (2,304,597 )   (2,245,405 )     (2,482,663 )   (2,171,872 )
    Average tangible shareholder’s common equity $ 4,537,687   $ 3,880,240   $ 3,794,057   $ 3,641,755   $ 3,489,852     $ 4,210,779   $ 3,356,668  
    ROAE   6.7 %   9.1 %   9.8 %   9.4 %   8.2 %     7.8 %   8.4 %
    ROAE, adjusted   10.6 %   9.4 %   10.2 %   9.9 %   10.0 %     10.0 %   9.9 %
    ROATCE   12.0 %   15.0 %   16.4 %   16.0 %   14.1 %     13.4 %   14.5 %
    ROATCE, adjusted   18.1 %   15.5 %   17.0 %   16.8 %   17.1 %     16.9 %   17.0 %
                     
    Refer to last page of Non-GAAP reconciliations for footnotes.            
               
    Non-GAAP Measures (unaudited)
    ($ in thousands)
               
      As of
      June 30, March 31, December 31, September 30, June 30,
        2025     2025     2024     2024     2024  
    Tangible Common Equity:          
    Shareholders’ equity $ 8,126,387   $ 6,534,654   $ 6,340,350   $ 6,367,298   $ 6,075,072  
    Less: Preferred equity   (243,719 )   (243,719 )   (243,719 )   (243,719 )   (243,719 )
    Shareholders’ common equity $ 7,882,668   $ 6,290,935   $ 6,096,631   $ 6,123,579   $ 5,831,353  
    Less: Goodwill and other intangible assets   (2,944,372 )   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )
    Tangible shareholders’ common equity $ 4,938,296   $ 4,001,667   $ 3,800,533   $ 3,818,495   $ 3,525,149  
               
    Total assets $ 70,979,805   $ 53,877,944   $ 53,552,272   $ 53,602,293   $ 53,119,645  
    Less: Goodwill and other intangible assets   (2,944,372 )   (2,289,268 )   (2,296,098 )   (2,305,084 )   (2,306,204 )
    Tangible assets $ 68,035,433   $ 51,588,676   $ 51,256,174   $ 51,297,209   $ 50,813,441  
               
    Risk-weighted assets3 $ 52,517,871   $ 40,266,670   $ 40,314,805   $ 40,584,608   $ 40,627,117  
               
    Tangible common equity to tangible assets   7.26 %   7.76 %   7.41 %   7.44 %   6.94 %
    Tangible common equity to risk-weighted assets3   9.40 %   9.94 %   9.43 %   9.41 %   8.68 %
    Tangible Common Book Value:          
    Common shares outstanding   391,818     319,236     318,980     318,955     318,969  
    Tangible common book value $ 12.60   $ 12.54   $ 11.91   $ 11.97   $ 11.05  
               
    1 Tax-effect calculations use management’s estimate of the full year FTE tax rates (federal + state).
    2 Calculated using the federal statutory tax rate in effect of 21% for all periods.
    3 June 30, 2025 figures are preliminary.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1e11c9d1-b9ea-4a5c-a250-cb6dc83091a5

    The MIL Network

  • Trump’s Golden Dome looks for alternatives to Musk’s SpaceX

    Source: Government of India

    Source: Government of India (4)

    The Trump administration is expanding its search for partners to build the Golden Dome missile defense system, courting Amazon.com’s Project Kuiper and big defense contractors as tensions with Elon Musk threaten SpaceX’s dominance in the program, according to three sources familiar with the matter.

    The shift marks a strategic pivot away from reliance on Musk’s SpaceX, whose Starlink and Starshield satellite networks have become central to U.S. military communications.

    It comes amid a deteriorating relationship between Trump and Musk, which culminated in a public falling-out on June 5. Even before the spat, officials at the Pentagon and White House had begun exploring alternatives to SpaceX, wary of over-reliance on a single partner for huge portions of the ambitious, $175 billion space-based defense shield, two of the sources said.

    Musk and SpaceX did not respond to requests for comment. After Reuters reported initially that SpaceX was a frontrunner to build parts of Golden Dome, Musk said on X that the company had “not tried to bid for any contract in this regard. Our strong preference would be to stay focused on taking humanity to Mars.”

    Due to its size, track record of launching more than 9,000 of its own Starlink satellites, and experience in government procurement, SpaceX still has the inside track to assist with major portions of the Golden Dome, especially launch contracts, sources say.

    Project Kuiper, which has launched just 78 of a planned constellation of 3,000 low-earth orbit satellites, has been approached by the Pentagon to join the effort, signaling the administration’s openness to integrating commercial tech firms into national defense infrastructure and going beyond traditional defense players.

    Jeff Bezos, Amazon’s executive chairman, told Reuters in January that Kuiper would be “primarily commercial,” but acknowledged “there will be defense uses for these [low-earth orbit] constellations, no doubt.”

    A spokesperson for Project Kuiper declined to comment for this story. The Pentagon declined to comment. The White House did not respond to requests for comment.

    Golden Dome’s ambitions mirror those of Israel’s Iron Dome – a homeland missile defense shield – but a larger, more complex layered defense system requires a vast network of orbiting satellites covering more territory.

    In the search for more vendors for the satellite layers of Golden Dome, “Kuiper is a big one,” a U.S. official said.

    While SpaceX remains a frontrunner due to its unmatched launch capabilities, its share of the program could shrink, two of the people said. Officials have reached out to new entrants like rocket companies Stoke Space and Rocket Lab RKLB.O are gaining traction and will be able to bid on individual launches as the program matures, according to the U.S. official.

    Later in the development of Golden Dome “each individual launch is going to get bid, and we have to actually give bids to other people,” besides SpaceX, the official said.

    NEED FOR SATELLITES

    There is an urgent need for more satellite production. Last year Congress gave Space Force a $13 billion mandate – up from $900 million – to buy satellite-based communication services in what was widely seen as one of many efforts to stimulate private sector satellite production.

    Amazon’s Project Kuiper, a $10 billion initiative led by former Starlink managers dismissed by Musk for slow progress, Reuters has reported, has lagged behind SpaceX in deployment. But its potential defense applications – such as communications that could aid missile tracking – have drawn renewed interest as the administration prepares to allocate the first $25 billion tranche of funding authorized under Trump’s sweeping tax and spending bill.

    Traditional defense giants Northrop Grumman, Lockheed Martin, and L3Harris are also in talks to support Golden Dome. L3Harris CFO Kenneth Bedingfield told Reuters in an interview the company has seen a surge in interest in its missile warning and tracking technologies, which are expected to play a key role in the system.

    Northrop, meanwhile, is pursuing several efforts including a space-based interceptor, a component that would enable missile strikes from orbit, Robert Flemming, the head of the company’s space business, told Reuters in an interview.

    “Lockheed Martin is ready to support Golden Dome for America as a proven mission partner,” Robert Lightfoot, president of Lockheed Martin Space, said in a statement.

    Golden Dome’s initial outreach this spring invited smaller, newer Silicon Valley firms seen as nimbler, more sophisticated and potentially less expensive alternatives to the big defense firms to the table – but that was before the Musk-Trump feud upended that calculus.

    Several with close ties to Trump aside from SpaceX, including Palantir and Anduril – were considered early frontrunners to win big pieces of the $175 billion project.

    But the Musk-Trump feud has reshaped the competitive landscape. Musk recently launched the “America Party,” a tech-centric, centrist political movement aimed at defeating Republicans who backed Trump’s tax-and-spend agenda.

    RAPID TIMEFRAME

    Trump launched the Golden Dome initiative just a week into his second term, pushing for rapid deployment. Space Force General Michael Guetlein, confirmed by the Senate on July 17, is set to lead the program with sweeping authority.

    Under a previously unreported directive from Defense Secretary Pete Hegseth, Guetlein has 30 days from confirmation to build a team, 60 days to deliver an initial system design, and 120 days to present a full implementation plan, including satellite and ground station details, two people briefed on the memo said.

    The inclusion of commercial platforms like Kuiper raises security concerns. Its satellites would need to be hardened against cyberattacks and electronic warfare, a challenge that has plagued even SpaceX’s Starlink network. In May 2024, Elon Musk said SpaceX was spending “significant resources combating Russian jamming efforts. This is a tough problem.”

    Beyond the technical and political challenges, Golden Dome could reshape global security dynamics. A fully operational space-based missile shield may prompt adversaries to develop new offensive capabilities or accelerate the militarization of space.

    (Reuters)

  • India implements world’s largest grain storage plan in cooperative sector

    Source: Government of India

    Source: Government of India (4)

    The central government is moving swiftly to implement the “World’s Largest Grain Storage Plan in the Cooperative Sector,” an ambitious initiative aimed at revolutionizing rural agri-infrastructure and empowering Primary Agricultural Credit Societies (PACS) across the country. Approved on May 31, 2023, the plan is currently being rolled out as a pilot project and is set to transform grain storage and agricultural logistics at the grassroots level.

    Minister of Cooperation, Amit Shah, shared these updates in a written reply in the Lok Sabha, emphasizing the Government’s commitment to transforming the cooperative sector into a pillar of rural economic development.

    The plan focuses on the creation of infrastructure at the PACS level, including godowns, custom hiring centers, food processing units, and Fair Price Shops. These developments are being implemented through convergence of various government schemes such as the Agriculture Infrastructure Fund (AIF), Agricultural Marketing Infrastructure Scheme (AMI), Sub-Mission on Agricultural Mechanization (SMAM), and the Pradhan Mantri Formalization of Micro Food Processing Enterprises (PMFME) scheme.

    As part of the pilot phase, construction of godowns has been completed in 11 PACS across 11 states, including Maharashtra, Uttar Pradesh, Madhya Pradesh, Gujarat, Tamil Nadu, Rajasthan, Telangana, Karnataka, Tripura, Assam, and Uttarakhand. The total storage capacity developed so far stands at 9,750 metric tonnes, with integrated facilities such as seed grading units, processing centers, and Grameen Haats also being established in some locations. More than 500 additional PACS have been identified for godown construction, with a completion target set for December 2026.

    To support the initiative’s expansion, the Government has approved a parallel plan to establish new multipurpose PACS, dairy, and fisheries cooperatives, with the aim of reaching every panchayat and village within five years. Supported by NABARD, NDDB, NFDB, and State/UT governments, this plan has already resulted in the registration of 22,933 new cooperative societies since February 15, 2023—including 5,937 multipurpose PACS. A comprehensive implementation guide, Margadarshika, was launched on September 19, 2024, to outline the timelines and responsibilities of all stakeholders.

    Additionally, in a move to digitally empower PACS, the Government has approved a ₹2,925.39 crore project for their computerization. This project will bring all functional PACS under a common ERP-based national software, ensuring integration with NABARD through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs). As of June 30, 2025, a total of 73,492 PACS across 31 States and Union Territories have been sanctioned for inclusion. Of these, 59,920 have already been onboarded onto the ERP system, with hardware delivered to 64,323 PACS.

    The project is not only streamlining agricultural operations but is also expected to improve transparency, record-keeping, and credit delivery across the cooperative sector. States like Maharashtra, Rajasthan, Tamil Nadu, Gujarat, and Uttar Pradesh are leading in the number of PACS onboarded and operationalized under the ERP system.

  • Govt pushes cooperative growth: Over 22,600 new societies registered under national plan

    Source: Government of India

    Source: Government of India (4)

    The government’s plan to strengthen the cooperative movement across rural India has made significant progress, with 22,606 new Primary Agricultural Credit Societies (PACS), dairies, and fishery cooperative societies registered across the country as of June 30, said Union Minister Amit Shah in a written reply to the Lok Sabha on Monday.

    The initiative, approved on February 15, 2023, aims to establish two lakh multipurpose cooperative societies in five years, covering every panchayat and village.

    The plan is being implemented through convergence of various central government schemes – such as the Dairy Infrastructure Development Fund (DIDF), National Programme for Dairy Development (NPDD), and PM Matsya Sampada Yojana (PMMSY) – with support from National Bank for Agriculture and Rural Development (NABARD), National Dairy Development Board (NDDB), National Fisheries Development Board (NFDB), and state governments. Importantly, the scheme uses the existing outlays of these programs and integrates them at the PACS level.

    To guide this rollout, the Ministry of Cooperation launched a standard operating procedure (Margdarshika) on September 19, 2024. This document outlines clear targets, timelines, and responsibilities for all stakeholders.

  • MIL-OSI: Hut 8 Advances Capital Strategy with DIFC License

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 22, 2025 (GLOBE NEWSWIRE) — Hut 8 Corp. (Nasdaq | TSX: HUT) (“Hut 8” or the “Company”), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing, today announced that its subsidiary, Hut 8 Investment Ltd, has secured a Commercial License in the Dubai International Financial Centre (“DIFC”). The license authorizes proprietary investments and certain non-financial commercial activity under the DIFC’s legal and regulatory framework, which is based on international standards and principles of common law.

    The DIFC license represents a structural expansion of Hut 8’s capital strategy, enhancing the Company’s ability to deploy Bitcoin held in reserve into structured derivatives strategies. The license is expected to broaden access to institutional counterparties, reduce trading friction, and lower transaction costs. In fiscal year 2024, Hut 8 generated more than $20 million in net proceeds from covered call options premiums on Bitcoin held in reserve. Through its presence in the DIFC, Hut 8 expects to unlock multiple advantages that support continued expansion of its active treasury management program, including:

    • Direct access to global derivatives markets: Enables Hut 8 to trade directly on institutional exchanges, reducing reliance on OTC intermediaries that historically introduced cost friction relative to spot pricing
    • Broader access to institutional-grade products and counterparties: Unlocks a wider set of global liquidity providers and instruments, enhancing strategic optionality
    • Greater flexibility in structured strategy design and execution: Allows Hut 8 to construct and manage advanced yield strategies that would more difficult to execute without a DIFC license
    • Supportive regulatory environment within a common law framework: Dubai offers an established legal and regulatory foundation for institutional digital asset activity, supporting enhanced enforceability, compliance certainty, and jurisdictional alignment

    “We believe that securing a DIFC license enhances our ability to drive outsized shareholder returns through our integrated capital strategy,” said Asher Genoot, CEO of Hut 8. “It allows us to execute directly on global derivatives markets, reduce trading costs, and access a broader range of institutional products. Within a regulatory environment that supports structured digital asset strategies, we believe we can manage Bitcoin held in reserve more efficiently, manage risk with greater precision, and optimize yield through disciplined, proactive management.”

    About Hut 8 

    Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases such as Bitcoin mining and high-performance computing. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management across 15 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas, five high performance computing data centers in British Columbia and Ontario, four power generation assets in Ontario, and one non-operational site in Alberta. For more information, visit www.hut8.com and follow us on X at @Hut8Corp.

    About Dubai International Financial Centre

    Dubai International Financial Centre (DIFC) is one of the world’s most advanced financial centres and a leading financial hub for the Middle East, Africa, and South Asia (MEASA). With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework. The Centre’s vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region’s most comprehensive AI, FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. For further information, please visit our website: difc.ae or follow us on LinkedIn and X at @DIFC.

    Cautionary Note Regarding Forward–Looking Information

    This press release includes “forward-looking information” and “forward-looking statements” within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, “forward-looking information”). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the Company’s use of its DIFC license to expand its capital strategy, enhance the Company’s ability to deploy Bitcoin held in reserve, broaden access to institutional counterparties, reduce trading friction, lower transaction costs, and unlock other advantages to support the expansion of the Company’s active treasury management program; the impact of the DIFC’s regulatory framework; the ability of the Company to drive outsized shareholder returns; and other such matters is forward-looking information. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “allow”, “believe”, “estimate”, “expect”, “predict”, “can”, “might”, “potential”, “predict”, “is designed to”, “likely,” or similar expressions.

    Statements containing forward-looking information are not historical facts, but instead represent management’s expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company’s filings with the U.S. Securities and Exchange Commission. In particular, see the Company’s recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company’s EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

    Hut 8 Corp. Investor Relations
    Sue Ennis
    ir@hut8.com

    Hut 8 Corp. Public Relations
    Gautier Lemyze-Young
    media@hut8.com

    The MIL Network

  • MIL-OSI Asia-Pac: Government announces implementation of elderly-friendly building design and launches Elderly-friendly Building accreditation scheme

    Source: Hong Kong Government special administrative region

    Government announces implementation of elderly-friendly building design and launches Elderly-friendly Building accreditation scheme 
    With an ageing population in Hong Kong and to encourage ageing in place, “The Chief Executive’s 2023 Policy Address” announced that the Deputy Financial Secretary would co-ordinate with relevant bureaux to put forward proposals to promote elderly-friendly building design. The Task Force announced in November last year a series of specific proposals for elderly-friendly building design and consulted the stakeholders. Stakeholders from the elderly, professional, developer and other sectors generally supported the proposals and provided valuable suggestions for refining the design proposals.
     
    Having considered the views of the stakeholders, the Task Force has refined the proposals announced earlier after balancing various factors, including the needs of the elderly and other users, as well as the practical operational considerations in application by the market and the industry. The key requirements of the proposals to be implemented are as follows:
     
    (1) promoting spatial accessibility to enhance the mobility of the elderly, e.g. provision of an automatic door at the main entrance of residential buildings, adopting wider common corridors and wider main doors of individual units, allowing the addition of lift towers to existing buildings, and using slip-resistant materials;
    (2) encouraging the adoption of adaptive design in residential units to facilitate subsequent modifications, such as widening internal corridors and doors, using sliding doors for toilets, and installing grab rails/shower seats in bathrooms, etc;
    (3) enhancing elderly well-being, e.g. providing fitness or other facilities for the elderly in recreational spaces, and providing shelters for resting facilities at communal outdoor spaces, etc; and
    (4) facilitating the adoption of gerontechnology and Internet of Things, e.g. providing high-speed Internet access in home and public spaces, supporting the installation of smart card systems, motion sensors, etc.

    ???Please refer to the summary table at the Annex for the detailed proposals.Issued at HKT 18:34

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Hong Kong Customs detects money laundering case involving about $1.15 billion

    Source: Hong Kong Government special administrative region

    Hong Kong Customs detects money laundering case involving about $1.15 billion 
    Acting upon intelligence, Customs officers earlier targeted a 37-year-old local man and a 50-year-old non-local man and initiated a financial investigation. It was revealed that the duo smuggled cash out of Hong Kong, and conducted stablecoin and fiat currency transactions with a doubtful fund source at a frequent and fast pace, which was highly incommensurate with their background and financial status. They were suspected of participating in money laundering activities.
     
    Following in-depth investigations, Customs officers this morning raided four residential premises and two companies and seized a batch of items suspected to be connected with the case, including mobile phones, tablets and bank cards. The two men, who claimed to be self-employed and unemployed respectively, were arrested for “dealing with property known or reasonably believed to represent proceeds of an indictable offence” (commonly known as money laundering) under the Organized and Serious Crimes Ordinance (OSCO).
     
    An investigation is ongoing. The two arrested persons have been released on bail pending further investigation. The likelihood of further arrests is not ruled out.
     
    Under OSCO, a person commits an offence if he or she deals with any property knowing or having reasonable grounds to believe that such property in whole or in part directly or indirectly represents any person’s proceeds of an indictable offence. The maximum penalty upon conviction is a fine of $5 million and imprisonment for 14 years while the crime proceeds are also subject to confiscation.
     
    Members of the public may report any suspected money laundering activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hkIssued at HKT 18:40

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: New functions added to iAM Smart

    Source: Hong Kong Information Services

    Using version 4.4 of the “iAM Smart” mobile app, citizens can now check the balance of water bills from the Water Supplies Department and Speedpost bills from Hongkong Post, as well as pay those bills via the Faster Payment System, the Digital Policy Office announced today.

    These features can be found under the app’s “Personal Assistant” page.

    In collaboration with the Water Supplies Department, the Digital Policy Office will also introduce additional functions in “iAM Smart” in the coming months, enabling users to check such items as “reminders to pay water bills” and the status of licence applications.

    The office added that it will continue upgrading “iAM Smart”, with the goal of providing one-stop digital services for all digital government services on the platform this year.

    MIL OSI Asia Pacific News