MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2025 First-Quarter Financial Results

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, April 28, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2025 first quarter ended March 31, 2025.

2025 First Quarter Financial and Operating Highlights
(at March 31, 2025 and on a year-over-year basis unless noted)

88 consecutive quarters of profitability
Total interest income increased 6.1% to $41.0 million, driven by a 19-basis point improvement in the yield on earning assets and a higher average loan balance
Total loans increased by $40.5 million, or 1.6% to $2.58 billion
Total assets increased by $101.2 million, or 3.1% to $3.39 billion
Total deposits increased by $78.9 million, or 3.0% to $2.70 billion
Efficiency ratio improved to 66.79%, compared to 74.08%
Pre-tax, pre-provision income increased 49.6% to $9.3 million, from $6.2 million
Net income increased 29.7% to $7.0 million, or $0.51 per basic and diluted share
Asset quality remains at historically strong levels with nonperforming loans of only $4.5 million and net charge-offs to average loans of 0.01%
Tier 1 leverage ratio was 8.44%

Lars B. Eller, President and Chief Executive Officer, stated, “2025 is off to a solid start, reflecting the positive impacts our strategic priorities are having on our financial performance. Throughout the first quarter we made progress enhancing profitability, controlling growth, driving innovation, and achieving greater operational efficiency. Most importantly, our strong first-quarter results underscore the excellent execution by our team and F&M’s ongoing commitment to delivering local, personalized financial services to our communities in Ohio, Indiana, and Michigan.”

Mr. Eller continued, “For the first quarter of 2025 our net interest margin grew 43-basis points year-over year to 3.03% and increased 19-basis points from the fourth quarter of 2024. This growth demonstrates the benefits of continued loan repricing, as well as our disciplined approach to new loan originations and strategic efforts underway to improve our cost of funds. Total revenue – defined by net interest income plus noninterest income – increased 16.7% year-over-year, while noninterest expense rose 5.2%. This favorable spread strengthened our efficiency ratio and drove a 49.6% increase in pre-tax, pre-provision income. As we continue to successfully execute against our 2025 strategic priorities, we expect continued year-over-year growth in net income.”

Income Statement
Net income for the 2025 first quarter ended March 31, 2025, was $7.0 million, compared to $5.4 million for the same period last year. Net income per basic and diluted share for the 2025 first quarter was $0.51, compared to $0.39 for the same period last year.

Deposits
At March 31, 2025, total deposits were $2.70 billion, an increase of 3.0% from March 31, 2024. The Company’s cost of interest-bearing liabilities was 2.76% for the quarter ended March 31, 2025, compared to 3.06% for the quarter ended March 31, 2024.

Mr. Eller commented, “We continue to pursue opportunities that optimize our deposit base and grow low-cost checking deposits. As a result, more expensive time-account balances have declined year-over-year by $19.5 million, while total deposits have increased by $78.9 million reflecting growth in lower cost core deposits. These trends have reduced our cost of funds, while improving our loan-to-deposit ratio.”

Loan Portfolio and Asset Quality
“Offices opened in 2023 continue to add new loans and new deposits at a faster pace than our legacy locations, which we believe demonstrates the need for the local community banking services F&M provides. Overall, we are experiencing stable demand across all of our markets, as a result of the addition of proven bankers to our team, our regional structure, new financial products, and growing commercial relationships. Positive demand trends allow us to control growth, expand our yield on loans, and maintain excellent asset quality. Our credit quality remains strong with nonperforming loans to total loans of just 0.17% at March 31, 2025 – the fourth quarter in a row this metric has remained below 0.20%,” continued Mr. Eller.

Total loans, net at March 31, 2025, increased 1.6%, or by $40.5 million to $2.58 billion, compared to $2.54 billion at March 31, 2024. The year-over-year increase was driven primarily by higher agricultural, commercial and industrial, and commercial real estate loans, partially offset primarily by lower consumer, agricultural real estate, and consumer real estate loans. Compared to the quarter ended December 31, 2024, total loans, net at March 31, 2025, increased by 0.8% or $20.0 million.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $4.5 million, or 0.17% of total loans at March 31, 2025, compared to $19.4 million, or 0.76% of total loans at March 31, 2024, and $3.1 million, or 0.12% at December 31, 2024.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at March 31, 2025. In addition, F&M’s commercial real estate office credit exposure represented 5.4% of the Company’s total loan portfolio at March 31, 2025, with a weighted average loan-to-value of approximately 63% and an average loan of approximately $965,366.

F&M’s CRE portfolio included the following categories at March 31, 2025:

CRE Category	Dollar Balance		Percent of CRE Portfolio⁽^*)	Percent of Total Loan Portfolio⁽^*)

Industrial	$	281,484	21.2%	10.9%
Multi-family		217,903	16.4%	8.4%
Retail		213,281	16.1%	8.3%
Hotels		157,139	11.8%	6.1%
Office		139,069	10.5%	5.4%
Gas Stations		70,983	5.3%	2.7%
Food Service		52,827	4.0%	2.0%
Senior Living		31,400	2.4%	1.2%
Development		29,907	2.3%	1.2%
Auto Dealers		27,294	2.1%	1.1%
Other		104,411	7.9%	4.0%
Total CRE	$	1,325,698	100.0%	51.3%

* Numbers have been rounded

At March 31, 2025, the Company’s allowance for credit losses to nonperforming loans was 586.38%, compared to 127.28% at March 31, 2024. The allowance to total loans was 1.07% at March 31, 2025, compared to 1.05% at March 31, 2024. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at March 31, 2025, compared to 1.11% at March 31, 2024.

Mr. Eller concluded, “While the near-term economic environment has become more fluid, we believe F&M is in a strong position because of the platform we have built and the strategies we are pursuing to transform our business in 2025. As a result, we continue to believe 2025 will be another good year for F&M.”

Stockholders’ Equity and Dividends
Total stockholders’ equity increased 8.5% to $344.6 million, or $25.12 per share at March 31, 2025, from $317.7 million, or $23.22 per share at March 31, 2024. The Company had a Tier 1 leverage ratio of 8.44%, compared to 8.40% at March 31, 2024.

Tangible stockholders’ equity increased to $263.0 million at March 31, 2025, compared to $256.5 million at March 31, 2024. On a per share basis, tangible stockholders’ equity at March 31, 2025, was $19.17 per share, compared to $18.75 per share at March 31, 2024.

For the three months ended March 31, 2025, the Company declared cash dividends of $0.22125 per share, representing a 0.6% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the three months ended March 31, 2025, the dividend payout ratio was 43.10% compared to 55.52% for the same period last year.

About Farmers & Merchants State Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Safe Harbor Statement
Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Non-GAAP Financial Measures
This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(Unaudited) (in thousands of dollars, except per share data)

	Three Months Ended
	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Interest Income
Loans, including fees	$	37,072		$	36,663		$	36,873		$	36,593		$	35,200
Debt securities:
U.S. Treasury and government agencies		2,097			1,882			1,467			1,148			1,045
Municipalities		382			384			387			389			394
Dividends		338			367			334			327			333
Federal funds sold		–			24			7			7			7
Other		1,113			2,531			2,833			2,702			1,675
Total interest income		41,002			41,851			41,901			41,166			38,654
Interest Expense
Deposits		13,988			15,749			16,947			16,488			15,279
Federal funds purchased and securities sold under agreements to repurchase		271			274			277			276			284
Borrowed funds		2,550			2,713			2,804			2,742			2,689
Subordinated notes		284			285			284			285			284
Total interest expense		17,093			19,021			20,312			19,791			18,536
Net Interest Income – Before Provision for Credit Losses		23,909			22,830			21,589			21,375			20,118
Provision for (Recovery of) Credit Losses – Loans		811			346			282			605			(289	)
Recovery of Credit Losses – Off Balance Sheet Exposures		(260	)		(120	)		(267	)		(18	)		(266	)
Net Interest Income After Provision for Credit Losses		23,358			22,604			21,574			20,788			20,673
Noninterest Income
Customer service fees		381			237			300			189			598
Other service charges and fees		1,124			1,176			1,155			1,085			1,057
Interchange income		1,421			1,322			1,315			1,330			1,429
Loan servicing income		762			771			710			513			539
Net gain on sale of loans		284			223			215			314			107
Increase in cash surrender value of bank owned life insurance		244			248			265			236			216
Net gain (loss) on sale of other assets owned		(54	)		22			–			49			–
Total noninterest income		4,162			3,999			3,960			3,716			3,946
Noninterest Expense
Salaries and wages		7,878			7,020			7,713			7,589			7,846
Employee benefits		2,404			2,148			2,112			2,112			2,171
Net occupancy expense		1,199			1,072			1,054			999			1,027
Furniture and equipment		1,278			1,032			1,472			1,407			1,353
Data processing		557			160			339			448			500
Franchise taxes		397			312			410			265			555
ATM expense		491			328			472			397			473
Advertising		503			498			597			519			530
FDIC assessment		465			505			516			507			580
Servicing rights amortization – net		127			244			219			187			168
Loan expense		228			236			244			251			229
Consulting fees		745			242			251			198			186
Professional fees		559			368			453			527			445
Intangible asset amortization		445			446			445			444			445
Other general and administrative		1,484			1,465			1,128			1,495			1,333
Total noninterest expense		18,760			16,076			17,425			17,345			17,841
Income Before Income Taxes		8,760			10,527			8,109			7,159			6,778
Income Taxes		1,808			2,146			1,593			1,477			1,419
Net Income		6,952			8,381			6,516			5,682			5,359
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities		6,464			(7,403	)		11,664			2,531			(1,995	)
Reclassification adjustment for realized loss on sale of available-for-sale securities		–			–			–			–			–
Net unrealized gain (loss) on available-for-sale securities		6,464			(7,403	)		11,664			2,531			(1,995	)
Tax expense (benefit)		1,358			(1,554	)		2,449			531			(418	)
Other comprehensive income (loss)		5,106			(5,849	)		9,215			2,000			(1,577	)
Comprehensive Income	$	12,058		$	2,532		$	15,731		$	7,682		$	3,782
Basic Earnings Per Share	$	0.51		$	0.61		$	0.48		$	0.42		$	0.39
Diluted Earnings Per Share	$	0.51		$	0.61		$	0.48		$	0.42		$	0.39
Dividends Declared	$	0.22125		$	0.22125		$	0.22125		$	0.22		$	0.22

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited) (in thousands of dollars, except share data)

	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
	(Unaudited)						(Unaudited)			(Unaudited)			(Unaudited)
Assets
Cash and due from banks	$	172,612		$	174,855		$	244,572		$	191,785		$	186,541
Federal funds sold		425			1,496			932			1,283			1,241
Total cash and cash equivalents		173,037			176,351			245,504			193,068			187,782

Interest-bearing time deposits		1,992			2,482			2,727			3,221			2,735
Securities – available-for-sale		438,568			426,556			404,881			365,209			347,516
Other securities, at cost		14,062			14,400			15,028			14,721			14,744
Loans held for sale		2,331			2,996			1,706			1,628			2,410
Loans, net of allowance for credit losses		2,555,552			2,536,043			2,512,852			2,534,468			2,516,687
Premises and equipment		33,163			33,828			33,779			34,507			35,007
Construction in progress		–			–			35			38			9
Goodwill		86,358			86,358			86,358			86,358			86,358
Loan servicing rights		5,805			5,656			5,644			5,504			5,555
Bank owned life insurance		35,116			34,872			34,624			34,359			34,123
Other assets		42,802			45,181			46,047			49,552			54,628

Total Assets	$	3,388,786		$	3,364,723		$	3,389,185		$	3,322,633		$	3,287,554

Liabilities and Stockholders’ Equity
Liabilities
Deposits
Noninterest-bearing	$	502,318		$	516,904		$	481,444		$	479,069		$	510,731
Interest-bearing
NOW accounts		874,881			850,462			865,617			821,145			829,236
Savings		696,635			671,818			661,565			673,284			635,430
Time		626,450			647,581			676,187			667,592			645,985
Total deposits		2,700,284			2,686,765			2,684,813			2,641,090			2,621,382

Federal funds purchased and securities
sold under agreements to repurchase		27,258			27,218			27,292			27,218			28,218
Federal Home Loan Bank (FHLB) advances		245,474			246,056			263,081			266,102			256,628
Subordinated notes, net of unamortized issuance costs		34,846			34,818			34,789			34,759			34,731
Dividend payable		2,997			2,996			2,998			2,975			2,975
Accrued expenses and other liabilities		33,326			31,659			40,832			27,825			25,930
Total liabilities		3,044,185			3,029,512			3,053,805			2,999,969			2,969,864

Commitments and Contingencies

Stockholders’ Equity
Common stock – No par value 20,000,000 shares authorized; issued
14,564,425 shares 3/31/25 and 12/31/24; outstanding 13,718,336 shares 3/31/25 and 13,699,536 shares 12/31/24		135,407			135,565			135,193			135,829			135,482
Treasury stock – 846,089 shares 3/31/25 and 864,889 shares 12/31/24		(10,768	)		(10,985	)		(10,904	)		(11,006	)		(10,851	)
Retained earnings		240,079			235,854			230,465			226,430			223,648
Accumulated other comprehensive loss		(20,117	)		(25,223	)		(19,374	)		(28,589	)		(30,589	)
Total stockholders’ equity		344,601			335,211			335,380			322,664			317,690

Total Liabilities and Stockholders’ Equity	$	3,388,786		$	3,364,723		$	3,389,185		$	3,322,633		$	3,287,554

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
SELECT FINANCIAL DATA

	For the Three Months Ended
Selected financial data	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
Return on average assets		0.85	%		0.99	%		0.78	%		0.69	%		0.66	%
Return on average equity		8.31	%		10.00	%		7.93	%		7.13	%		6.76	%
Yield on earning assets		5.19	%		5.20	%		5.27	%		5.22	%		5.00	%
Cost of interest bearing liabilities		2.76	%		3.01	%		3.21	%		3.18	%		3.06	%
Net interest spread		2.43	%		2.19	%		2.06	%		2.04	%		1.94	%
Net interest margin		3.03	%		2.84	%		2.71	%		2.71	%		2.60	%
Efficiency ratio		66.79	%		59.82	%		67.98	%		69.03	%		74.08	%
Dividend payout ratio		43.10	%		35.75	%		45.99	%		52.35	%		55.52	%
Tangible book value per share	$	17.71		$	17.74		$	17.72		$	16.79		$	16.51
Tier 1 leverage ratio		8.44	%		8.12	%		8.04	%		8.02	%		8.40	%
Average shares outstanding		13,706,003			13,699,869			13,687,119			13,681,501			13,671,166

Loans	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Dollar amounts in thousands)
Commercial real estate	$	1,325,698		$	1,310,811		$	1,301,160		$	1,303,598		$	1,304,400
Agricultural real estate		215,898			216,401			220,328			222,558			227,455
Consumer real estate		523,383			520,114			524,055			525,902			525,178
Commercial and industrial		278,254			275,152			260,732			268,426			256,051
Agricultural		153,607			152,080			137,252			142,909			127,670
Consumer		60,115			63,009			67,394			70,918			74,819
Other		24,985			24,978			25,916			26,449			26,776
Less: Net deferred loan fees, costs and other ⁽¹⁾		(36	)		(676	)		1,499			(1,022	)		(982	)
Total loans, net	$	2,581,904		$	2,561,869		$	2,538,336		$	2,559,738		$	2,541,367


Asset quality data	March 31, 2025			December 31, 2024			September 30, 2024			June 30, 2024			March 31, 2024
(Dollar amounts in thousands)
Nonaccrual loans	$	4,494		$	3,124		$	2,898		$	2,487		$	19,391
90 day past due and accruing	$	–		$	–		$	–		$	–		$	–
Nonperforming loans	$	4,494		$	3,124		$	2,898		$	2,487		$	19,391
Other real estate owned	$	–		$	–		$	–		$	–		$	–
Nonperforming assets	$	4,494		$	3,124		$	2,898		$	2,487		$	19,391


Allowance for credit losses – loans	$	26,352		$	25,826		$	25,484		$	25,270		$	24,680
Allowance for credit losses – off balance sheet credit exposures		1,281			1,541			1,661			1,928			1,946
Total allowance for credit losses	$	27,633		$	27,367		$	27,145		$	27,198		$	26,626
Total allowance for credit losses/total loans		1.07	%		1.07	%		1.07	%		1.06	%		1.05	%
Adjusted credit losses with accretable yield/total loans		1.08	%		1.08	%		1.10	%		1.10	%		1.11	%
Net charge-offs:
Quarter-to-date	$	285		$	4		$	68		$	15		$	55
Year-to-date	$	285		$	142		$	138		$	70		$	55
Net charge-offs to average loans
Quarter-to-date		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
Year-to-date		0.01	%		0.01	%		0.01	%		0.00	%		0.00	%
Nonperforming loans/total loans		0.17	%		0.12	%		0.11	%		0.10	%		0.76	%
Allowance for credit losses/nonperforming loans		586.38	%		826.70	%		879.37	%		1016.08	%		127.28	%
NPA coverage ratio		586.38	%		826.70	%		879.37	%		1016.08	%		127.28	%

⁽¹⁾Includes carrying value adjustments of $1.7 million as of March 31, 2025, $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, and $969 thousand as of March 31, 2024 related to interest rate swaps associated with fixed rate loans

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)


	For the Three Months Ended					For the Three Months Ended
	March 31, 2025					March 31, 2024
Interest Earning Assets:	Average Balance		Interest/Dividends		Annualized Yield/Rate	Average Balance		Interest/Dividends		Annualized Yield/Rate
Loans	$	2,578,531	$	37,072	5.75%	$	2,577,114	$	35,200	5.46%
Taxable investment securities		458,519		2,739	2.39%		384,928		1,686	1.75%
Tax-exempt investment securities		18,310		78	2.16%		21,109		86	2.06%
Fed funds sold & other		105,770		1,113	4.21%		110,388		1,682	6.09%
Total Interest Earning Assets		3,161,130	$	41,002	5.19%		3,093,539	$	38,654	5.00%

Nonearning Assets		166,630					159,240

Total Assets	$	3,327,760				$	3,252,779

Interest Bearing Liabilities:
Savings deposits	$	1,543,665	$	8,564	2.22%	$	1,443,530	$	9,407	2.61%
Other time deposits		627,498		5,424	3.46%		650,580		5,872	3.61%
Other borrowed money		245,734		2,550	4.15%		263,280		2,689	4.09%
Fed funds purchased & securities
sold under agreement to repurchase		27,480		271	3.94%		28,458		284	3.99%
Subordinated notes		34,828		284	3.26%		34,712		284	3.27%
Total Interest Bearing Liabilities	$	2,479,205	$	17,093	2.76%	$	2,420,560	$	18,536	3.06%

Noninterest Bearing Liabilities		509,190					514,986

Stockholders’ Equity	$	339,365				$	317,233

Net Interest Income and Interest Rate Spread			$	23,909	2.43%			$	20,118	1.94%

Net Interest Margin					3.03%					2.60%

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
(in thousands of dollars, except percentages)

	For the Three Months Ended March 31, 2025												For the Three Months Ended March 31, 2024
	As Reported				Excluding Acc/Amort				Difference				As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$		Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	37,072	5.75	%	$	36,468	5.66	%	$	604	0.09	%	$	35,200	5.46	%	$	34,525	5.36	%	$	675		0.10	%
Taxable investment securities		2,739	2.39	%		2,739	2.39	%		–	0.00	%		1,686	1.75	%		1,686	1.75	%		–		0.00	%
Tax-exempt investment securities		78	2.16	%		78	2.16	%		–	0.00	%		86	2.06	%		86	2.06	%		–		0.00	%
Fed funds sold & other		1,113	4.21	%		1,113	4.21	%		–	0.00	%		1,682	6.09	%		1,682	6.09	%		–		0.00	%
Total Interest Earning Assets		41,002	5.19	%		40,398	5.11	%		604	0.08	%		38,654	5.00	%		37,979	4.92	%		675		0.08	%

Interest Bearing Liabilities:
Savings deposits	$	8,564	2.22	%	$	8,564	2.22	%	$	–	0.00	%	$	9,407	2.61	%	$	9,407	2.61	%	$	–		0.00	%
Other time deposits		5,424	3.46	%		5,424	3.46	%		–	0.00	%		5,872	3.61	%		5,872	3.61	%		–		0.00	%
Other borrowed money		2,550	4.15	%		2,547	4.15	%		3	0.00	%		2,689	4.09	%		2,707	4.11	%		(18	)	-0.02	%
Federal funds purchased and
securities sold under agreement to
repurchase		271	3.94	%		271	3.94	%		–	0.00	%		284	3.99	%		284	3.99	%		–		0.00	%
Subordinated notes		284	3.26	%		284	3.26	%		–	0.00	%		284	3.27	%		284	3.27	%		–		0.00	%
Total Interest Bearing Liabilities		17,093	2.76	%		17,090	2.76	%		3	-0.00	%		18,536	3.06	%		18,554	3.07	%		(18	)	-0.01	%

Interest/Dividend income/yield		41,002	5.19	%		40,398	5.11	%		604	0.08	%		38,654	5.00	%		37,979	4.92	%		675		0.08	%
Interest Expense / yield		17,093	2.76	%		17,090	2.76	%		3	-0.00	%		18,536	3.06	%		18,554	3.07	%		(18	)	-0.01	%
Net Interest Spread		23,909	2.43	%		23,308	2.35	%		601	0.08	%		20,118	1.94	%		19,425	1.85	%		693		0.09	%
Net Interest Margin			3.03	%			2.95	%			0.08	%			2.60	%			2.52	%				0.08	%

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

The MIL Network –

April 29, 2025

MIL-OSI: WTT Press Conference Introduces New Concept for Competitive Trading’s Future

Source: GlobeNewswire (MIL-OSI)

KUALA LUMPUR, Malaysia, April 28, 2025 (GLOBE NEWSWIRE) — The World Trading Tournament (WTT) officially launched with a press conference and networking event at Sol 40 @ The Met, introducing an innovative concept that gamifies financial trading through an esports-inspired tournament structure.

WTT’s Vision for a Connected Trading Ecosystem

The evening began with an engaging welcome speech by Mr. Arthur, CEO of WTT, who shared the vision behind WTT: a platform designed to democratize access to trading and reimagine it as a community-driven sport. “We believe trading is more than numbers and screens. It’s strategy, discipline, and skill. Now, it’s a tournament anyone can join,” said Mr. Arthur.

A panel discussion followed, featuring industry leaders from the financial and fintech sectors:

Mr. Ariff Bunaya, Head of Official Channel (SEA Region), WikiFX
Mr. Wags Ng, CEO, The Firm Capital
Mr. Zamrim Bin Arifin, Regional Partner, AIMS Group

Business Background with WTT

The panel explored trends in financial gamification, the evolving mindset of traders, and the need for innovation in empowering both retail and professional traders. Their support further emphasized the potential of WTT to shape the future of competitive trading.

WTT’s mission is to become the world’s most influential trading ecosystem, offering transparent challenges, real rewards, and opportunities for continuous development. The platform aims to inspire and support a global trading community through fair competition and educational resources.

The event also highlighted strategic collaborations with WikiFX, The Firm Capital, and AIMS Group, which will help scale WTT’s visibility across Asia and beyond.

Following the press conference, a networking event provided attendees with an opportunity to connect over refreshments, music, and lively discussions. Three lucky draw winners received exclusive entries to the WTT main tournament.

Supported by key partners WikiFX, The Firm Capital, and AIMS Group, the World Trading Tournament is poised to reshape the competitive trading landscape. As witnessed at the event, this marks just the beginning of a new era in trading. Further announcements will follow.

Media Contact:
Clement Metz
admin@worldtradingtournament.com
World Trading Tournament

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/f3c74e6b-6d5a-4fd8-b502-35eabb848549

https://www.globenewswire.com/NewsRoom/AttachmentNg/85be50ce-1cb5-400c-8419-d201b6223ab2

The MIL Network –

April 29, 2025

MIL-OSI: Vesicor Therapeutics, Inc. and Black Hawk Acquisition Corporation Enter into a Business Combination Agreement to Create a Biotechnology Company Advancing p53-based Cancer Therapeutics Delivered Via Microvesicles

Source: GlobeNewswire (MIL-OSI)

Transaction Values Vesicor at a Pre-money Equity Value of $70 million
Business Combination is Expected to be Completed in the Fourth Quarter of 2025

DANVILLE, Calif., April 28, 2025 (GLOBE NEWSWIRE) — Black Hawk Acquisition Corp. (Nasdaq: BKHAU, BKHA, BKHAR), a special purpose acquisition company, (“Black Hawk”) announced the signing of a Business Combination Agreement (“BCA”) on April 26, 2025, with Vesicor Therapeutics, Inc. (“Vesicor”, “Vesicor Therapeutics” or “the Company”), a California-based early development stage biotechnology corporation focused on the development of p53-based cancer therapeutics delivered via precision-engineered microvesicles.

Vesicor Overview

Vesicor was founded in 2008 in San Gabriel, California by Luo Feng, Ph.D. The Company is an early development stage biotechnology company focused on the development of p53-based cancer therapeutics delivered via precision-engineered microvesicles.

The Company’s first product candidate is ecm-RV/p53. This is a genetically engineered cellular microvesicle (“ecm”) non-viral nanoparticle RNA vesicle (“RV”) that is loaded with in vitro transcribed p53 mRNA. Although Vesicor’s ecm-RV/p53 drug candidate is unapproved for use in Japan and the United States, it has been administered to multiple patients in Tokyo, Japan since 2018 under the Japan Medical Practitioner’s Act, also known as Advanced Medical Care B. This mechanism allows unapproved drugs to be used under a physician’s discretion. The Company’s drug candidate has been used in multiple patients with advanced breast, pancreatic, prostate, lung and colorectal cancer. Vesicor believes that its ecm-RV/p53 drug candidate has broad therapeutic potential across a range of solid tumors. The Company intends to begin preclinical testing in the U.S., submit an investigational new drug (“IND”) application to the FDA and then to begin clinical trials, which efforts are expected to commence in 2026.

Mr. Kent Kaufman, Chief Executive Officer of Black Hawk, stated: “Our aim is to identify a company with solid potential to disrupt an entire industry, a talented and credentialed executive team with a proven track record, and good prospects for future growth. We believe that we have found these qualities in Vesicor. We look forward to completing this transaction and working with Vesicor’s management team to help them thrive as a public company while they continue to grow.”

“Our mission is to transform the lives of cancer patients and their families. We are focused on completing preclinical testing in the United States, submitting our IND to the FDA and beginning Phase 1 clinical trials,” stated Luo Feng, Ph.D., Founder and Chief Executive Officer of Vesicor Therapeutics.

“We are excited to partner with Kent and the rest of the Black Hawk team to bring Vesicor to the public markets. We believe that this transaction, if completed, will help facilitate access to the capital markets and will accelerate the validation and deployment of our ecm-RV/p53 drug candidate,” stated Oded Levy, Board Director of Vesicor Therapeutics.

Key Transaction Terms

Under the terms of the BCA, Black Hawk’s wholly-owned subsidiary, BH Merger Sub, Inc., will merge with Vesicor, resulting in Vesicor being the wholly owned subsidiary of Black Hawk, who will continue to be the listed company on the Nasdaq Stock Market and change its name to Vesicor Therapeutics (the “Business Combination” and the transactions in connection with the Business Combination collectively, the “Transaction”). At the effective time of the Transaction, Vesicor’s shareholders and management will receive the right to receive a number of shares of Black Hawk’s common stock equal to the consideration ratio as further specified in the BCA. The shares held by certain Vesicor’s shareholders will be subject to lock-up agreements for a period of six (6) months following the closing of the Transaction, subject to certain exceptions.

The Transaction values Vesicor at a pre-money equity value of $70 million. Existing Vesicor shareholders and management will not receive any cash proceeds as part of the transaction and will roll over 100% of their equity into the combined company.

The Transaction, which has been approved unanimously by the boards of directors of both Black Hawk and Vesicor, is subject to regulatory approvals, the approvals by the shareholders of Black Hawk and Vesicor, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a Form S-4 registration statement under the Securities Act of 1933, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of the combined company. The Business Combination is expected to be completed by the fourth quarter of 2025.

The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Business Combination Agreement relating to the Business Combination and attachments thereto. A more detailed description of the Transaction and a copy of the Business Combination Agreement will be included in a Current Report on Form 8-K to be filed by Black Hawk with the SEC and will be available on the SEC’s website at www.sec.gov.

Advisors

Celine & Partners, P.L.L.C. and Ogier Global (Cayman) Limited are serving as legal advisors to Black Hawk. PW Richter PLC is serving as a legal advisor to Vesicor.

About Black Hawk Acquisition Corporation

Black Hawk Acquisition Corporation is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses.

Participants in the Solicitation

Black Hawk Acquisition Corporation, and its respective directors, executive officers, employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of Black Hawk’s common stock in respect of the proposed Transaction. Information about Black Hawk’s directors, executive officers and their ownership of Black Hawk’s common stock is currently set forth in Black Hawk’s prospectus related to its initial public offering dated March 22, 2024, as modified or supplemented by any Form 10-K, Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in a registration statement on Form S-4 (as may be amended from time to time) that will include a proxy statement and a registration statement/preliminary prospectus (the “Registration Statement”) pertaining to the proposed Transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below.

No Offer or Solicitation

This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of Black Hawk or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

Important Information about the Proposed Business Combination and Where to Find It

In connection with the Transaction, Black Hawk will file relevant materials with the SEC, including the Registration Statement. Promptly after the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all Black Hawk shareholders entitled to vote at the special meeting relating to the Transaction. Before making any voting decision, securities holders of Black Hawk are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction and the parties to the Transaction.

Contacts/Information. Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through Black Hawk through the website maintained by the SEC at www.sec.gov, or by directing a request to the contacts mentioned below.

Black Hawk Acquisition Corporation
Kent Louis Kaufman
Chief Executive Officer and Chairman
kent@bhspac.com
Tel: +1(915) 217-4482

Vesicor Therapeutics, Inc.
Luo Feng, Ph.D.
Chief Executive Officer and Founder
lfeng@vesicor.com

Forward-Looking Statements.

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Black Hawk’s and Vesicor’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, the Black Hawk’s and Vesicor’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of the Black Hawk, Vesicor and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Business Combination Agreement relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against the Black Hawk or Vesicor following the announcement of the Business Combination Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of the Black Hawk or other conditions to closing in the Business Combination Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals required to complete the transactions contemplated by the Business Combination Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Business Combination Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company’s ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that Vesicor or the combined company, i.e., PubCo, may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Registration Statement filed by PubCo (when available) relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC made by the Black Hawk and Vesicor. Black Hawk and Vesicor caution that the foregoing list of factors is not exclusive. Black Hawk and Vesicor caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither Black Hawk nor Vesicor undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

The MIL Network –

April 29, 2025

MIL-OSI United Kingdom: Youth Mobility Scheme for Uruguayan and British citizens: 2025

Source: United Kingdom – Executive Government & Departments

World news story

Youth Mobility Scheme for Uruguayan and British citizens: 2025

The Youth Mobility Scheme allows 500 visas, both for Uruguayan and British nationals, to live, study, work and travel in the UK and Uruguay respectively.

In 2025, 500 British and 500 Uruguayan nationals aged 18 to 30 years old will be able to experience life and culture in each other’s country for up to 2 years, as established in the agreement that came into effect in both countries on 31 January 2024.

Uruguayan citizens who would like to travel to the UK under this scheme need to apply for a Youth Mobility Scheme (YMS) visa. British citizens who would like to travel to Uruguay should apply for a Working Holiday temporary residency.

The scheme desires to foster close relations between British and Uruguayan nationals, intending to promote and facilitate access to opportunities that enable youth to gain a better understanding of the other participant’s culture, society, and languages through travel, work, and life experience abroad.

This is the first YMS between the UK and a South American Country. The agreement was signed in August 2023 at the Uruguayan Ministry of Foreign Affairs, during the visit of FCDO Minister for the Americas and Caribbean David Rutley MP to Uruguay.

UK has YMS agreements in place with Andorra, Australia, Canada, Republic of Korea, Hong Kong, Iceland, Japan, Monaco, New Zealand, San Marino, Taiwan and Uruguay.

Uruguay has Working Holiday programmes with Australia, France, Germany, Japan, Netherlands, New Zealand, Sweden, and United Kingdom.

Find below information about the scheme and how to apply, for British and Uruguayan nationals.

Information for British nationals

British citizens interested in applying for a Working Holiday temporary residency must attend the Uruguayan Consulate in London and submit the following documents:

valid passport in good condition, with an expiry date at least one year in the future
a medical certificate from the country of residence where it states that you do not have medical conditions that would make it impossible for you to reside in Uruguay
evidence of a Police Certificate from the country of origin and from any country that you have lived in for the past 5 years. This should be apostilled or legalised, whichever is appropriate. In the UK you can apply for this at: http://www.gov.uk/copy-of-police-records. The six must have been issued within the 6 months prior to the filing of the application
documents that demonstrate that they have sufficient financial resources to meet their needs (such as salary payslips, bank statements, pensions, etc.) issued within 30 days of the application date
declaration of the intended time they will remain in Uruguay, which will be up to 2 years
apostille or legalised birth certificate (whichever is the case, if the person was born outside the UK) and translated (by a certified Uruguayan translator, by Consul or by consular intervention, depending on the case) will be required in Uruguay in order to obtain the Uruguayan National Identity card

Once the documentation is submitted, the Consulate will inform the Ministry of Foreign Affairs’ International Migration Direction, which will notify the National Migration Office. A decision will be made within a maximum of 15 working days.

If the application is successful, the Consulate will let you will know. You will then need to enter Uruguay within 180 days from the notification day. If you need a visa, the Consulate will issue a tourist visa without consulting with the National Migration Office, referring to the temporary residency granted.

Once you are in Uruguay, you will need to go in person to the National Migration Office and the National Civil Identification Office to apply for the National Identity card and pay the required fees. If youneed more information, please contact the Uruguayan Consulate or Uruguayan Embassy: cdlondres@mrree.gub.uy or urureinounido@mree.gub.uy, or call: +44 (0)207 584 4200

Information for Uruguayan nationals:

applications to the Youth Mobility Scheme are online. You can apply from any country in the world, except from the UK
you can apply if you are a Uruguayan National aged 18-30 years old and hold a Uruguayan passport
you can spend up to 2 years in the UK, with multiple entries
you can work but it is not compulsory. You can travel, study short courses or volunteer
you do not need any language, job or skill requirements
you must apply for a visa and pay the Immigration Health Surcharge
you need to demonstrate you have the equivalent to £2,530 in a bank account for at least the past 28 days before applying
you need to get a Criminal Record Certificate. Please request it for Consulate- Ministry of Foreign Affairs, not the British Embassy
you cannot apply if you have any dependants living with you or who are financially dependent on you at the time of application
you must not have not previously taken part in the scheme

Applicants will usually get a decision on their visa within 3 weeks.

For more information, please go to Youth Mobility Scheme visa: Overview – GOV.UK or contact: public.enquiries@homeoffice.gov.uk.

Published 28 April 2025

MIL OSI United Kingdom –

April 29, 2025

MIL-OSI Russia: The IMF to Hold the Inaugural Annual Economic Research Conference on Middle East and North Africa (MENA)

Source: IMF – News in Russian

April 28, 2025

Washington, DC: Jihad Azour, Director of the Middle East and Central Asia Department and Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department of the International Monetary Fund (IMF) issued a statement today:

“Global shocks are adding to regional factors resulting in exceptionally uncertain economic environment for Middle East and North Africa (MENA) economies. Conflicts, trade tensions, volatile commodity prices, changing climate conditions, energy transitions, rapid technological advances are altering the economic landscape of the region, posing severe challenges but also presenting opportunities for bold reforms that safeguard macroeconomic stability, build resilience, and raise living standards for all. Economic research is essential to provide reliable analysis and develop workable and innovative policy responses.

“In this context, we are pleased to announce that the IMF will organize an annual Economic Research Conference on MENA, partnering with leading universities in the region. The aim is to establish a forum for dialogue on pressing economic issues, promote policy-oriented academic research tailored to the needs and unique challenges of the region. It will also provide a platform for the exchange of ideas and insights for academics, researchers, and policymakers in the MENA region and worldwide.

“The inaugural conference, Steering Macroeconomic and Structural Policies in A Shifting Global Economic Landscape, will be co-organized with Onsi Sawiris School of Business at The American University in Cairo and take place in Cairo on May 18-19, 2025. It will feature presentations and panel discussions by leading economists and policymakers. The conference details and agenda are available here.

“The IMF is a long-standing partner to countries in the MENA region in the quest for more inclusive and resilient growth. The IMF-MENA Annual Research Conference is another step forward to further strengthen that partnership and engagement with the region and its people.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Angham Al Shami

Phone: +1 202 623-7100Email: MEDIA@IMF.org

https://www.imf.org/en/News/Articles/2025/04/28/pr-25125-imf-to-hold-inaugural-ann-economic-research-conf-on-middle-east-and-north-africa

MIL OSI

MIL OSI Russia News –

April 29, 2025

MIL-OSI: Two Senior Executives Join the Diginex Team to Drive Sustainable Finance Initiatives and strategic M&A

Source: GlobeNewswire (MIL-OSI)

LONDON, April 28, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex”) (NASDAQ: DGNX), a leading impact technology company focused on solving pressing environmental, social, and governance (ESG) challenges, is thrilled to announce the appointment of two senior executives to the Diginex team. This builds off recent news of strategic alliances signed with Russell Bedford International, Forvis Mazars, and Baker Tilly Singapore, marking a significant step for Diginex to support a sustainable and innovation-driven economy.

Dan Campion was appointed as Diginex’s Global Chief Commercial Officer. With a distinguished career in strategic leadership and business development, Mr. Campion will spearhead Diginex’s efforts to expand its ESG solutions and sustainable finance offerings, reinforcing the Diginex’s commitment to creating a more responsible and resilient global economy.

Mr. Campion brings a wealth of experience to Diginex, having held senior leadership roles across multiple industries, including most recently as Global Head of “Markets” Sales at S&P Global. His expertise in navigating complex markets and delivering client-focused solutions aligns seamlessly with Diginex’s mission to empower organizations with cutting-edge tools for sustainability and ethical governance. In his new role, Mr. Campion will oversee Diginex’s global commercial strategy, help to accelerate market penetration, and strengthen Diginex’s position as a trusted partner in ESG and sustainable finance.

Lorenzo Romano was appointed as Diginex’s Lead Strategic Advisor on M&A. Mr. Romano is a seasoned banking executive with a distinguished track record in private banking, wealth management, and strategic growth advisory. Formerly Head of Private Banking at EFG Bank, Geneva, Mr. Romano spearheaded key initiatives to elevate client experience and expand the bank’s footprint. Prior to that, Mr. Romano served as Head of Switzerland, Europe, and the Middle East at Syz Bank, where he successfully led cross-border operations and business development across multiple regions. Leveraging over two decades of leadership in the financial sector, Mr. Romano will help to identify and execute accretive transactions across the Sustainability RegTech sector as the Company pursues a strategy of growth through acquisitions to complement the organic growth of its existing product lines.

“We are delighted to welcome both Dan Campion and Lorenzo Romano to the Diginex team,” said Miles Pelham, Chairman and Founder of Diginex. “Their deep understanding of commercial dynamics and passion for sustainable innovation makes them the ideal leaders to advance our Sustainable RegTech solutions. Their appointments mark an exciting step forward as we continue to support businesses worldwide in achieving their sustainability goals as well as look to grow through accretive M&A transactions.”

About Diginex Limited

Diginex Limited (Nasdaq: DGNX; ISIN KYG286871044), headquartered in London, is a sustainable RegTech business that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. The Company utilizes blockchain, AI, machine learning and data analysis technology to lead change and increase transparency in corporate regulatory reporting and sustainable finance. Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software.

The award-winning diginexESG platform supports 17 global frameworks, including GRI (the “Global Reporting Initiative”), SASB (the “Sustainability Accounting Standards Board”), and TCFD (the “Task Force on Climate-related Financial Disclosures”). Clients benefit from end-to-end support, ranging from materiality assessments and data management to stakeholder engagement, report generation and an ESG Ratings Support Service.

For more information, please visit the Company’s website: https://www.diginex.com/.

Forward-Looking Statements

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

For investor and media inquiries, please contact:

Diginex
Investor Relations
Email: ir@diginex.com

IR Contact – Europe
Anna Höffken
Phone: +49.40.609186.0
Email: diginex@kirchhoff.de

IR Contact – US
Kincade Ayers
Lambert by LLYC
Phone: +1 (616) 258-5794
Email: kincade.ayers@llyc.global

IR Contact – Asia
Shelly Cheng
Strategic Public Relations Group Ltd.
Phone: +852 2864 4857
Email: sprg_diginex@sprg.com.hk

The MIL Network –

April 29, 2025

MIL-OSI: Powell Max Limited Announces 2024 Audited Financial Results

Source: GlobeNewswire (MIL-OSI)

HONG KONG, April 28, 2025 (GLOBE NEWSWIRE) — Powell Max Limited (Nasdaq: PMAX) (the “Company” or “Powell Max”), a financial communications services provider headquartered in Hong Kong, today announced the audited financial results of the Company and its subsidiary for the financial year ended December 31, 2024.

Overview:

Revenue was HK$36.5 million (US$4.7 million) for the year ended December 31, 2024, representing a decrease of 25.7% for the year ended December 31, 2023.
Net loss was HK$18.1 million (US$2.3 million) for the year ended December 31, 2024, as compared with the profit for the year of HK$7.1 million for the year ended December 31, 2023.

Financial Results for the year ended December 31, 2024

Revenue. Revenue decreased by 25.7% from HK$49.1 million for the year ended December 31, 2023 to HK$36.5 million (US$4.7 million) for the year ended December 31, 2024, which was mainly due to the decrease in both the revenue from corporate financial communications services and IPO financial printing services.

General and administrative expenses. General and administrative expenses increased by 1.28 times from HK$10.9 million for the year ended December 31, 2023 to HK$24.9 million (US$3.2 million) for the year ended December 31, 2024, which was mainly due to the incurrence of issuance expenses (which consisted of professional fee and related expenses relating to the equity line of credit under standby equity purchase agreement entered into with YA II PN, Ltd. on November 21, 2024), an increase in professional services fees and an increase in employee benefits expense.

Selling and distribution expenses. Selling and distribution expenses increased by 55.6% from HK$4.5 million for the year ended December 31, 2023 to HK$7.0 million (US$0.9 million) for the year ended December 31, 2024, which was mainly due to an increase in the number of staff in our sales team and an increase in other expenses on business development and marketing. In light of the reduction of capital market activities in Hong Kong, we have allocated extra resources on sales and marketing with the view to maintain our market presence.

Net loss. Net loss for the year ended December 31, 2024 was HK$18.1 million (US$2.3 million), as compared with the profit for the year of HK$7.1 million for the year ended December 31, 2023.

Basic and diluted loss per share. Basic and diluted loss per share was HK$1.37 (US$0.18) per ordinary share for the year ended December 31, 2024, as compared to a basic and diluted earning per share of HK$0.56 per ordinary share for the year ended December 31, 2023.

About Powell Max Limited

Powell Max Limited is a financial communications services provider headquartered in Hong Kong. The Company engages in the provision of financial communications services that support capital market compliance and transaction needs for corporate clients and their advisors in Hong Kong. Its financial communications services cover a full range of financial printing, corporate reporting, communications and language support services from inception to completion, including typesetting, proofreading, translation, design, printing, electronic reporting, newspaper placement and distribution. The Company’s clients consist of domestic and international companies listed in Hong Kong, together with companies who are seeking to list in Hong Kong, as well as their advisors.

Exchange Rate Information

The Company is a holding company with operations conducted in Hong Kong through JAN Financial Press Limited and Miracle Media Production Limited (which was acquired after the reporting period), its direct wholly-owned operating subsidiaries. The operating subsidiaries’ reporting currency is Hong Kong dollars. Unless otherwise noted, all translations from Hong Kong dollars to United States Dollars in this press release were calculated the noon middle rate of US$1 — HK$7.7677, as published in the H.10 statistical release of the Board of Governors of the Federal Reserve System on December 31, 2024, respectively. No representation is made that the HK$ amount represents or could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate.

Forward-Looking Statements

This press release contains certain forward-looking statements. Words such as “will,” future,” “expects,” “believes,” and “intends,” or similar expressions, are intended to identify forward-looking statements. Forward-looking statements are subject to inherent uncertainties in predicting future results and conditions. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Rounding Amounts and Percentages

Certain amounts and percentages included in this press release have been rounded for ease of presentation. Percentage figures included in this press release have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding.

For investor and media inquiries, please contact:

Company Info:

Powell Max Limited
Investor Relations
ir@janfp.com
(852) 2158 2888

POWELL MAX LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

	As of December 31
	2023			2024
	HK$			HK$			US$
ASSETS
Non-current assets
Property, plant and equipment		5,819,230			4,253,686			547,612
Total non-current assets		5,819,230			4,253,686			547,612

Current assets
Trade and other receivables		13,510,032			16,096,160			2,072,191
Cash and bank balances		3,660,213			42,222,014			5,435,588
Total current assets		17,170,245			58,318,174			7,507,779

Total assets		22,989,475			62,571,860			8,055,391

LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		27,376,032			12,990,458			1,672,368
Contract liabilities		1,524,761			1,310,435			168,703
Bank borrowings		4,767,829			3,845,863			495,110
Lease liabilities		3,361,230			1,376,122			177,159
Derivative		—			6,756,516			869,822
Convertible promissory notes		—			13,860,647			1,784,395
Total current liabilities		37,029,852			40,140,041			5,167,557

Non-current liabilities
Trade and other payables		150,000			150,000			19,311
Lease liabilities		1,122,591			1,014,182			130,564
Total non-current liabilities		1,272,591			1,164,182			149,875

Total liabilities		38,302,443			41,304,223			5,317,432

Equity attributable to owners of the Company
Share capital		9,750			11,457			1,475
Accumulated losses		(15,680,728	)		(33,754,822	)		(4,345,537	)
Reserves		358,010			55,011,002			7,082,021
Total equity		(15,312,968	)		21,267,637			2,737,959

Total liabilities and equity		22,989,475			62,571,860			8,055,391

POWELL MAX LIMITED AND ITS SUBSIDIARY CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

	Year ended December 31,
	2022			2023			2024
	HK$			HK$			HK$			US$
Revenue		37,772,821			49,121,839			36,461,260			4,693,958
Cost of sales		(22,217,680	)		(25,238,821	)		(22,081,030	)		(2,842,673	)
Gross profit		15,555,141			23,883,018			14,380,230			1,851,285

Other income and gain		1,851,815			54,116			1,952,986			251,425
General and administrative expenses		(10,723,611	)		(10,862,255	)		(24,854,036	)		(3,199,665	)
Selling and distribution expenses		(5,250,421	)		(4,530,134	)		(7,049,538	)		(907,545	)
Allowance of expected credit loss – trade receivables		(841,051	)		(914,788	)		(488,640	)		(62,908	)

Profit/(Loss) from operations		591,873			7,629,957			(16,058,998	)		(2,067,408	)
Finance costs		(690,476	)		(550,714	)		(2,015,096	)		(259,418	)

(Loss)/Profit before income tax		(98,603	)		7,079,243			(18,074,094	)		(2,326,826	)
Income tax expense		—			—			—			—
(Loss)/Profit for the year		(98,603	)		7,079,243			(18,074,094	)		(2,326,826	)

Other comprehensive (loss)/income:
Exchange differences on foreign currency translations		25,138			(47,378	)		48,424			6,234
Total comprehensive (loss)/income for the year		(73,465	)		7,031,865			(18,025,670	)		(2,320,592	)

(Loss)/Earnings per share attributable to owners of the Company
Basic and diluted		(0.01	)		0.56			(1.37	)		(0.18	)

Weighted average number of ordinary shares
Basic and diluted		12,500,000			12,500,000			13,178,314			13,178,314

The MIL Network –

April 29, 2025

MIL-OSI: RBB Bancorp Reports First Quarter 2025 Earnings

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, April 28, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter ended March 31, 2025.

First Quarter 2025 Highlights

Net income totaled $2.3 million, or $0.13 diluted earnings per share
Return on average assets of 0.24%, compared to 0.44% for the quarter ended December 31, 2024
Net interest margin expanded to 2.88%, up from 2.76% for the quarter ended December 31, 2024
Net loans held for investment growth of $89.8 million, or 12% annualized
Nonperforming assets decreased $16.5 million, or 20.3%, to $64.6 million at March 31, 2025, down from $81.0 million at December 31, 2024
Book value and tangible book value per share⁽¹⁾ increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024

The Company reported net income of $2.3 million, or $0.13 diluted earnings per share, for the quarter ended March 31, 2025, compared to net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024. First quarter of 2025 net income included $6.7 million in pre-tax provision for credit losses mostly related to reducing exposure to nonperforming loans, including higher specific reserves.

“First quarter net income declined to $2.3 million, or 13 cents per share, as we took decisive action to address our nonperforming loans,” said David Morris, Chief Executive Officer of RBB Bancorp. “We reduced our net exposure to nonperforming loans to $51 million, including specific reserves, or 32% since year end. We remain focused on resolving our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital and we think our actions in the first quarter reflect this.”

“Our loan production was relatively strong during the first quarter driven by continued execution of our initiatives, which resulted in 12% annualized net loan growth. Our loan prospect pipeline continues to be healthy, and we anticipate loan growth to continue in the second quarter, albeit likely at a more moderate pace,” said Johnny Lee, President of RBB Bancorp and President and Chief Executive Officer of the Bank. “While the market environment is volatile, we have not observed significant signs of financial impact to our clients at this time.”

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Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Net Interest Income and Net Interest Margin

Net interest income was $26.2 million for the first quarter of 2025, compared to $26.0 million for the fourth quarter of 2024. The $186,000 increase was due to a $2.4 million decrease in interest expense, offset by a $2.2 million decrease in interest income. The decrease in interest income was mostly due to the impact of fewer days in the quarter of $1.2 million and lower average excess liquidity (cash and cash equivalents and investment securities) of $1.5 million. The decrease in interest expense was mostly due to the impact of lower average funding rates of $1.5 million, fewer days in the quarter of $621,000 and lower average interest-bearing liabilities of $336,000. The $1.5 million attributed to lower average funding rates included $1.8 million due to a 29 basis point decrease in the average cost of interest-bearing deposits.

The net interest margin (“NIM”) was 2.88% for the first quarter of 2025, an increase of 12 basis points from 2.76% for the fourth quarter of 2024. The NIM expansion was due to a 17 basis point decrease in the overall cost of funds, partially offset by a 3 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.76% for the first quarter of 2025 from 5.79% for the fourth quarter of 2024 due mainly to a decrease in the yield on average cash and cash equivalents of 32 basis points and average loans of 2 basis points, partially offset by the benefit of a change in the mix in average-earning assets. Average loans represented 84% of average interest-earning assets in the first quarter of 2025, as compared to 82% in the fourth quarter of 2024.

The average cost of funds decreased to 3.15% for the first quarter of 2025 from 3.32% for the fourth quarter of 2024, driven by a 29 basis point decrease in the average cost of interest-bearing deposits, partially offset by a 38 basis point increase in the average cost of borrowings. The average cost of interest-bearing deposits decreased to 3.77% for the first quarter of 2025 from 4.06% for the fourth quarter of 2024. During the first quarter of 2025, $150.0 million in Federal Home Loan Bank (“FHLB”) advances with an average cost of 1.18% matured and were largely replaced with $110.0 million in FHLB advances with various terms at an average rate of 3.88%. The overall funding mix for the first quarter of 2025 remained relatively unchanged from the fourth quarter of 2024 with total deposits representing 90% of the funding mix and average noninterest-bearing deposits representing 17% of average total deposits. The all-in average spot rate for total deposits was 3.06% at March 31, 2025.

Provision for Credit Losses

The provision for credit losses was $6.7 million for the first quarter of 2025 compared to $6.0 million for the fourth quarter of 2024. The first quarter of 2025 provision for credit losses was due to an increase in specific reserves of $2.8 million, net charge-offs of $2.6 million and an increase in general reserves of $1.3 million due mainly to net loan growth. The first quarter increase in specific reserves related mostly to two lending relationships. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming single-family residential (“SFR”) mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to other real estate owned (“OREO”) and subsequently sold. Net charge-offs on an annualized basis represented 0.35% of average loans for the first quarter of 2025 compared to 0.26% for the fourth quarter of 2024. The first quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including changes in nonperforming loans, special mention and substandard loans during the period.

Noninterest Income

Noninterest income for the first quarter of 2025 was $2.3 million, a decrease of $434,000 from $2.7 million for the fourth quarter of 2024. This decrease was mostly due to the fourth quarter of 2024 including $258,000 of income from a Bank Enterprise Award grant (included in other income) and lower net gain on sale of loans as compared to the fourth quarter of 2024.

Noninterest Expense

Noninterest expense for the first quarter of 2025 was $18.5 million, an increase of $873,000 from $17.6 million for the fourth quarter of 2024. This increase was mostly due to higher salaries and employee benefits expense of $716,000 attributed to higher payroll taxes and annual pay increases, which are typically reflected in the first quarter of the year. The annualized noninterest expenses to average assets ratio was 1.90% for the first quarter of 2025, up from 1.76% for the fourth quarter of 2024. The efficiency ratio was 65.1% for the first quarter of 2025, up from 61.5% for the fourth quarter of 2024 due mostly to higher noninterest expense.

Income Taxes

The effective tax rate was 28.2% for the first quarter of 2025 and 13.3% for the fourth quarter of 2024. The increase in the effective tax rate for the first quarter was due in part to lower tax credits combined with higher estimated pre-tax net income for the full year of 2025 as compared to the prior quarter.2

Balance Sheet

At March 31, 2025, total assets were $4.0 billion, a $16.9 million increase compared to December 31, 2024, and a $131.4 million increase compared to March 31, 2024.

Loan and Securities Portfolio

Loans held for investment (“HFI”) totaled $3.1 billion as of March 31, 2025, an increase of $89.8 million, or 12% annualized, compared to December 31, 2024 and an increase of $115.7 million, or 3.8%, compared to March 31, 2024. The first quarter of 2025 net loan growth included $201 million in new production with an average yield of 6.77%. When loan sales, charge-offs, and foreclosures totaling $28.6 million are considered, the annualized first quarter net loan growth rate was 16%. The increase from December 31, 2024 was primarily due to a $51.8 million increase in SFR mortgage loans, a $44.0 million increase in commercial real estate (“CRE”) loans, a $6.0 million increase in commercial and industrial (“C&I”) loans and a $3.4 million increase in Small Business Administration (“SBA”) loans, partially offset by a $14.4 million decrease in construction and land development (“C&D”) loans. The loan to deposit ratio was 98.4% at March 31, 2025, compared to 97.5% at December 31, 2024 and 98.6% at March 31, 2024.

As of March 31, 2025, available for sale securities totaled $378.2 million, a decrease of $42.0 million from December 31, 2024, primarily related to the net decrease in short-term commercial paper of $41.4 million due to maturity and purchase activity during the first quarter of 2025. As of March 31, 2025, net unrealized losses totaled $25.0 million, a $4.2 million decrease, when compared to net unrealized losses of $29.2 million as of December 31, 2024.

Deposits

Total deposits were $3.1 billion as of March 31, 2025, an increase of $58.8 million, or 7.7% annualized, compared to December 31, 2024 and an increase of $114.3 million, or 3.8%, compared to March 31, 2024. The increase during the first quarter of 2025 was due to a $93.6 million increase in interest-bearing deposits, while noninterest-bearing deposits decreased $34.8 million. The increase in interest-bearing deposits included increases in non-maturity deposits of $58.2 million and time deposits of $35.5 million. Wholesale deposits totaled $158.5 million at March 31, 2025, and $147.5 million at December 31, 2024. Noninterest-bearing deposits totaled $528.2 million and represented 16.8% of total deposits at March 31, 2025 compared to $563.0 million and 18.3% at December 31, 2024.

Credit Quality

Nonperforming assets totaled $64.6 million, or 1.61% of total assets, at March 31, 2025, down from $81.0 million, or 2.03% of total assets, at December 31, 2024. The $16.5 million decrease in nonperforming assets was due to sales totaling $20.0 million and payoffs or paydowns of $1.8 million, partially offset by the addition of one $5.3 million CRE loan placed on nonaccrual status in the first quarter of 2025. Nonperforming assets included one $4.2 million OREO (included in “Accrued interest and other assets”) at March 31, 2025, which was a nonaccrual loan at December 31, 2024.

Special mention loans totaled $64.3 million, or 2.05% of total loans, at March 31, 2025, down from $65.3 million, or 2.14% of total loans, at December 31, 2024. The $1.1 million decrease was primarily due to the upgrade of one $1.7 million CRE loan to a pass-rated loan, offset by the addition of one $578,000 C&I loan. All special mention loans are paying current.

Substandard loans totaled $76.4 million at March 31, 2025, down from $100.3 million at December 31, 2024. This $24.0 million decrease was primarily due to loan sales totaling $11.7 million, transfers to OREO totaling $12.8 million, of which $8.8 million was subsequently sold during the first quarter of 2025, and payoffs and paydowns totaling $5.4 million, partially offset by the downgrade of two loans totaling $6.2 million. Of the total substandard loans at March 31, 2025, there were $16.0 million on accrual status.

30-89 day delinquent loans, excluding nonperforming loans, totaled $5.9 million, or 0.19% of total loans, at March 31, 2025, down from $22.1 million, or 0.72% of total loans, at December 31, 2024. The $16.2 million decrease was mostly due to $16.3 million in loans returning to current status, $2.9 million in SFR mortgage loans included in the bulk sale of several underperforming SFR mortgage loans and $398,000 in paydowns and payoffs, offset by $3.5 million in new delinquent loans.3

As of March 31, 2025, the allowance for credit losses totaled $52.6 million and was comprised of an allowance for loan losses of $51.9 million and a reserve for unfunded commitments of $629,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $48.5 million, comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 at December 31, 2024. The $4.1 million increase in the allowance for credit losses for the first quarter of 2025 was due to a $6.7 million provision for credit losses offset by net charge-offs of $2.6 million. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming SFR mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to OREO and subsequently sold. The allowance for loan losses as a percentage of loans HFI increased to 1.65% at March 31, 2025, compared to 1.56% at December 31, 2024, due to an increase in specific reserves. The allowance for loan losses as a percentage of nonperforming loans HFI was 86% at March 31, 2025, an increase from 68% at December 31, 2024.

	For the Three Months Ended March 31, 2025
*(dollars in thousands)*	Allowance for loan losses			Reserve for unfunded loan commitments			Allowance for credit losses
Beginning balance	$	47,729		$	729		$	48,458
Provision for (reversal of) credit losses		6,846			(100	)		6,746
Less loans charged-off		(2,727	)		—			(2,727	)
Recoveries on loans charged-off		84			—			84
Ending balance	$	51,932		$	629		$	52,561

Shareholders’ Equity

At March 31, 2025, total shareholders’ equity was $510.3 million, a $2.4 million increase compared to December 31, 2024, and a $3.7 million decrease compared to March 31, 2024. The increase in shareholders’ equity for the first quarter of 2025 was due to lower net unrealized losses on available for sale securities of $3.0 million, net income of $2.3 million and equity compensation activity of $43,000, offset by common stock cash dividends paid of $2.9 million. The decrease in shareholders’ equity for the last twelve months was due to common stock repurchases of $19.2 million and dividends paid of $11.6 million on common stock, offset by net income of $20.9 million, lower net unrealized losses on available for sale securities of $3.7 million, and equity compensation activity of $2.5 million. Book value per share and tangible book value per share⁽¹⁾ increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024 and up from $27.67 and $23.68 at March 31, 2024.

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Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

Conference Call

Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, April 29, 2025, to discuss the Company’s first quarter 2025 financial results.

To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 534591, conference ID RBBQ125. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 52277, approximately one hour after the conclusion of the call and will remain available through May 13, 2025.

The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

Disclosure

This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

RBB BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollars in thousands)

	March 31,			December 31,			September 30,			June 30,			March 31,
	2025			2024			2024			2024			2024
Assets
Cash and due from banks	$	25,315		$	27,747		$	26,388		$	23,313		$	21,887
Interest-earning deposits with financial institutions		213,508			229,998			323,002			229,456			247,356
Cash and cash equivalents		238,823			257,745			349,390			252,769			269,243
Interest-earning time deposits with financial institutions		600			600			600			600			600
Investment securities available for sale		378,188			420,190			305,666			325,582			335,194
Investment securities held to maturity		5,188			5,191			5,195			5,200			5,204
Loans held for sale		655			11,250			812			3,146			3,903
Loans held for investment		3,143,063			3,053,230			3,091,896			3,047,712			3,027,361
Allowance for loan losses		(51,932	)		(47,729	)		(43,685	)		(41,741	)		(41,688	)
Net loans held for investment		3,091,131			3,005,501			3,048,211			3,005,971			2,985,673
Premises and equipment, net		24,308			24,601			24,839			25,049			25,363
Federal Home Loan Bank (FHLB) stock		15,000			15,000			15,000			15,000			15,000
Cash surrender value of bank owned life insurance		60,699			60,296			59,889			59,486			59,101
Goodwill		71,498			71,498			71,498			71,498			71,498
Servicing assets		6,766			6,985			7,256			7,545			7,794
Core deposit intangibles		1,839			2,011			2,194			2,394			2,594
Right-of-use assets		26,779			28,048			29,283			30,530			31,231
Accrued interest and other assets		87,926			83,561			70,644			63,416			65,608
Total assets	$	4,009,400		$	3,992,477		$	3,990,477		$	3,868,186		$	3,878,006
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing demand	$	528,205		$	563,012		$	543,623		$	542,971		$	539,517
Savings, NOW and money market accounts		721,216			663,034			666,089			647,770			642,840
Time deposits, $250,000 and under		1,000,106			1,007,452			1,052,462			1,014,189			1,083,898
Time deposits, greater than $250,000		893,101			850,291			830,010			818,675			762,074
Total deposits		3,142,628			3,083,789			3,092,184			3,023,605			3,028,329
FHLB advances		160,000			200,000			200,000			150,000			150,000
Long-term debt, net of issuance costs		119,624			119,529			119,433			119,338			119,243
Subordinated debentures		15,211			15,156			15,102			15,047			14,993
Lease liabilities – operating leases		28,483			29,705			30,880			32,087			32,690
Accrued interest and other liabilities		33,148			36,421			23,150			16,818			18,765
Total liabilities		3,499,094			3,484,600			3,480,749			3,356,895			3,364,020
Shareholders’ equity:
Common stock		260,284			259,957			259,280			266,160			271,645
Additional paid-in capital		3,360			3,645			3,520			3,456			3,348
Retained earnings		263,885			264,460			262,946			262,518			259,903
Non-controlling interest		72			72			72			72			72
Accumulated other comprehensive loss, net		(17,295	)		(20,257	)		(16,090	)		(20,915	)		(20,982	)
Total shareholders’ equity		510,306			507,877			509,728			511,291			513,986
Total liabilities and shareholders’ equity	$	4,009,400		$	3,992,477		$	3,990,477		$	3,868,186		$	3,878,006

RBB BANCORP AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
*(In thousands, except share and per share data)*

	For the Three Months Ended
	March 31, 2025		December 31, 2024		March 31, 2024
Interest and dividend income:
Interest and fees on loans	$	45,621	$	46,374	$	45,547
Interest on interest-earning deposits		2,014		3,641		5,040
Interest on investment securities		4,136		3,962		3,611
Dividend income on FHLB stock		330		330		331
Interest on federal funds sold and other		235		248		266
Total interest and dividend income		52,336		54,555		54,795
Interest expense:
Interest on savings deposits, NOW and money market accounts		4,468		4,671		4,478
Interest on time deposits		19,084		21,361		23,322
Interest on long-term debt and subordinated debentures		1,632		1,660		1,679
Interest on FHLB advances		989		886		439
Total interest expense		26,173		28,578		29,918
Net interest income before provision for credit losses		26,163		25,977		24,877
Provision for credit losses		6,746		6,000		—
Net interest income after provision for credit losses		19,417		19,977		24,877
Noninterest income:
Service charges and fees		1,017		988		992
Gain on sale of loans		81		376		312
Loan servicing fees, net of amortization		588		492		589
Increase in cash surrender value of life insurance		403		407		382
Gain on OREO		—		—		724
Other income		206		466		373
Total noninterest income		2,295		2,729		3,372
Noninterest expense:
Salaries and employee benefits		10,643		9,927		9,927
Occupancy and equipment expenses		2,407		2,403		2,443
Data processing		1,602		1,499		1,420
Legal and professional		1,515		1,355		880
Office expenses		408		399		356
Marketing and business promotion		197		251		172
Insurance and regulatory assessments		730		677		982
Core deposit premium		172		182		201
Other expenses		848		956		588
Total noninterest expense		18,522		17,649		16,969
Income before income taxes		3,190		5,057		11,280
Income tax expense		900		672		3,244
Net income	$	2,290	$	4,385	$	8,036

Net income per share
Basic	$	0.13	$	0.25	$	0.43
Diluted	$	0.13	$	0.25	$	0.43
Cash dividends declared per common share	$	0.16	$	0.16	$	0.16
Weighted-average common shares outstanding
Basic		17,727,712		17,704,992		18,601,277
Diluted		17,770,588		17,796,840		18,666,683

RBB BANCORP AND SUBSIDIARIES
AVERAGE BALANCE SHEET AND NET INTEREST INCOME
(Unaudited)

	For the Three Months Ended
	March 31, 2025							December 31, 2024							March 31, 2024
(tax-equivalent basis,	Average		Interest		Yield /			Average		Interest		Yield /			Average		Interest		Yield /
*dollars in thousands)*	Balance		& Fees		Rate			Balance		& Fees		Rate			Balance		& Fees		Rate
Interest-earning assets
Cash and cash equivalents ⁽¹⁾	$	194,236	$	2,249		4.70	%	$	308,455	$	3,890		5.02	%	$	364,979	$	5,306		5.85	%
FHLB Stock		15,000		330		8.92	%		15,000		330		8.75	%		15,000		331		8.88	%
Securities
Available for sale ⁽²⁾		390,178		4,113		4.28	%		361,253		3,939		4.34	%		320,015		3,589		4.51	%
Held to maturity ⁽²⁾		5,189		49		3.83	%		5,194		48		3.68	%		5,207		46		3.55	%
Total loans ⁽³⁾		3,079,224		45,621		6.01	%		3,059,786		46,374		6.03	%		3,018,423		45,547		6.07	%
Total interest-earning assets		3,683,827	$	52,362		5.76	%		3,749,688	$	54,581		5.79	%		3,723,624	$	54,819		5.92	%
Total noninterest-earning assets		260,508							244,609							246,341
Total average assets	$	3,944,335						$	3,994,297						$	3,969,965

Interest-bearing liabilities
NOW		61,222		321		2.13	%	$	53,879	$	254		1.88	%	$	58,946	$	298		2.03	%
Money market		463,443		3,625		3.17	%		463,850		3,735		3.20	%		411,751		3,526		3.44	%
Saving deposits		155,116		522		1.36	%		162,351		682		1.67	%		157,227		654		1.67	%
Time deposits, $250,000 and under		989,622		10,046		4.12	%		1,034,946		11,583		4.45	%		1,175,804		13,805		4.72	%
Time deposits, greater than $250,000		864,804		9,038		4.24	%		835,583		9,778		4.66	%		785,172		9,517		4.88	%
Total interest-bearing deposits		2,534,207		23,552		3.77	%		2,550,609		26,032		4.06	%		2,588,900		27,800		4.32	%
FHLB advances		176,833		989		2.27	%		200,000		886		1.76	%		150,000		439		1.18	%
Long-term debt		119,562		1,295		4.39	%		119,466		1,295		4.31	%		119,180		1,295		4.37	%
Subordinated debentures		15,175		337		9.01	%		15,121		365		9.60	%		14,957		384		10.33	%
Total interest-bearing liabilities		2,845,777		26,173		3.73	%		2,885,196		28,578		3.94	%		2,873,037		29,918		4.19	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		520,145							539,900							528,346
Other noninterest-bearing liabilities		66,151							56,993							55,795
Total noninterest-bearing liabilities		586,296							596,893							584,141
Shareholders’ equity		512,262							512,208							512,787
Total liabilities and shareholders’ equity	$	3,944,335						$	3,994,297						$	3,969,965
Net interest income / interest rate spreads			$	26,189		2.03	%			$	26,003		1.85	%			$	24,901		1.73	%
Net interest margin						2.88	%						2.76	%						2.69	%

Total cost of deposits	$	3,054,352	$	23,552		3.13	%	$	3,090,509	$	26,032		3.35	%	$	3,117,246	$	27,800		3.59	%
Total cost of funds	$	3,365,922	$	26,173		3.15	%	$	3,425,096	$	28,578		3.32	%	$	3,401,383	$	29,918		3.54	%

(1	)	Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2	)	Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3	)	Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)

	At or for the Three Months Ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Per share data (common stock)
Book value	$	28.77		$	28.66		$	27.67
Tangible book value ⁽¹⁾	$	24.63		$	24.51		$	23.68
Performance ratios
Return on average assets, annualized		0.24	%		0.44	%		0.81	%
Return on average shareholders’ equity, annualized		1.81	%		3.41	%		6.30	%
Return on average tangible common equity, annualized ⁽¹⁾		2.12	%		3.98	%		7.37	%
Noninterest income to average assets, annualized		0.24	%		0.27	%		0.34	%
Noninterest expense to average assets, annualized		1.90	%		1.76	%		1.72	%
Yield on average earning assets		5.76	%		5.79	%		5.92	%
Yield on average loans		6.01	%		6.03	%		6.07	%
Cost of average total deposits ⁽²⁾		3.13	%		3.35	%		3.59	%
Cost of average interest-bearing deposits		3.77	%		4.06	%		4.32	%
Cost of average interest-bearing liabilities		3.73	%		3.94	%		4.19	%
Net interest spread		2.03	%		1.85	%		1.73	%
Net interest margin		2.88	%		2.76	%		2.69	%
Efficiency ratio ⁽³⁾		65.09	%		61.48	%		60.07	%
Common stock dividend payout ratio		123.08	%		64.00	%		37.21	%

(1	)	Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
(2	)	Total deposits include non-interest bearing deposits and interest-bearing deposits.
(3	)	Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)
*(Dollars in thousands)*

	At or for the quarter ended
	March 31,			December 31,			March 31,
	2025			2024			2024
Credit Quality Data:
Special mention loans	$	64,279		$	65,329		$	20,580
Special mention loans to total loans		2.05	%		2.14	%		0.68	%
Substandard loans HFI	$	76,372		$	89,141		$	57,170
Substandard loans HFS	$	—		$	11,195		$	—
Substandard loans HFI to total loans HFI		2.43	%		2.92	%		1.89	%
Loans 30-89 days past due, excluding nonperforming loans	$	5,927		$	22,086		$	20,950
Loans 30-89 days past due, excluding nonperforming loans, to total loans		0.19	%		0.72	%		0.69	%
Nonperforming loans HFI	$	60,380		$	69,843		$	35,935
Nonperforming loans HFS	$	—		$	11,195		$	—
OREO	$	4,170		$	—		$	1,071
Nonperforming assets	$	64,550		$	81,038		$	37,006
Nonperforming loans HFI to total loans HFI		1.92	%		2.29	%		1.19	%
Nonperforming assets to total assets		1.61	%		2.03	%		0.95	%

Allowance for loan losses	$	51,932		$	47,729		$	41,688
Allowance for loan losses to total loans HFI		1.65	%		1.56	%		1.38	%
Allowance for loan losses to nonperforming loans HFI		86.01	%		68.34	%		116.01	%
Net charge-offs	$	2,643		$	2,006		$	184
Net charge-offs to average loans		0.35	%		0.26	%		0.02	%

Capital ratios ⁽¹⁾
Tangible common equity to tangible assets ⁽²⁾		11.10	%		11.08	%		11.56	%
Tier 1 leverage ratio		12.07	%		11.92	%		12.16	%
Tier 1 common capital to risk-weighted assets		17.87	%		17.94	%		19.10	%
Tier 1 capital to risk-weighted assets		18.45	%		18.52	%		19.72	%
Total capital to risk-weighted assets		24.41	%		24.49	%		25.91	%

(1	)	March 31, 2025 capital ratios are preliminary.
(2	)	Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.

RBB BANCORP AND SUBSIDIARIES
SELECTED FINANCIAL HIGHLIGHTS
(Unaudited)

Loan Portfolio Detail	As of March 31, 2025					As of December 31, 2024						As of March 31, 2024
*(dollars in thousands)*	$			%		$			%			$			%
Loans:
Commercial and industrial	$	135,538		4.3	%	$	129,585			4.2	%	$	121,441			4.0	%
SBA		50,651		1.6	%		47,263			1.5	%		54,677			1.8	%
Construction and land development		158,883		5.1	%		173,290			5.7	%		198,070			6.5	%
Commercial real estate ⁽¹⁾		1,245,402		39.6	%		1,201,420			39.3	%		1,178,498			38.9	%
Single-family residential mortgages		1,545,822		49.2	%		1,494,022			48.9	%		1,463,497			48.4	%
Other loans		6,767		0.2	%		7,650			0.4	%		11,178			0.4	%
Total loans ⁽²⁾	$	3,143,063		100.0	%	$	3,053,230			100.0	%	$	3,027,361			100.0	%
Allowance for loan losses		(51,932	)				(47,729	)					(41,688	)
Total loans, net	$	3,091,131				$	3,005,501					$	2,985,673

(1	)	Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
(2	)	Net of discounts and deferred fees and costs of $808, $488, and $474 as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.

Deposits	As of March 31, 2025				As of December 31, 2024					As of March 31, 2024
*(dollars in thousands)*	$		%		$		%			$		%
Deposits:
Noninterest-bearing demand	$	528,205	16.8	%	$	563,012		18.3	%	$	539,517		17.8	%
Savings, NOW and money market accounts		721,216	22.9	%		663,034		21.5	%		642,840		21.2	%
Time deposits, $250,000 and under		863,962	27.5	%		882,438		28.6	%		901,738		29.8	%
Time deposits, greater than $250,000		870,708	27.8	%		827,854		26.8	%		746,611		24.7	%
Wholesale deposits ⁽¹⁾		158,537	5.0	%		147,451		4.8	%		197,623		6.5	%
Total deposits	$	3,142,628	100.0	%	$	3,083,789		100.0	%	$	3,028,329		100.0	%

(1

)

Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

Non-GAAP Reconciliations

Tangible Book Value Reconciliations

Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024, and March 31, 2024.


*(dollars in thousands, except share and per share data)*	March 31, 2025			December 31, 2024			March 31, 2024
Tangible common equity:
Total shareholders’ equity	$	510,306		$	507,877		$	513,986
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(1,839	)		(2,011	)		(2,594	)
Tangible common equity	$	436,969		$	434,368		$	439,894
Tangible assets:
Total assets-GAAP	$	4,009,400		$	3,992,477		$	3,878,006
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(1,839	)		(2,011	)		(2,594	)
Tangible assets	$	3,936,063		$	3,918,968		$	3,803,914
Common shares outstanding		17,738,628			17,720,416			18,578,132
Common equity to assets ratio		12.73	%		12.72	%		13.25	%
Tangible common equity to tangible assets ratio		11.10	%		11.08	%		11.56	%
Book value per share	$	28.77		$	28.66		$	27.67
Tangible book value per share	$	24.63		$	24.51		$	23.68

Return on Average Tangible Common Equity

Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

	Three Months Ended
*(dollars in thousands)*	March 31, 2025			December 31, 2024			March 31, 2024
Net income available to common shareholders	$	2,290		$	4,385		$	8,036
Average shareholders’ equity		512,262			512,208			512,787
Adjustments:
Average goodwill		(71,498	)		(71,498	)		(71,498	)
Average core deposit intangible		(1,951	)		(2,129	)		(2,726	)
Adjusted average tangible common equity	$	438,813		$	438,581		$	438,563
Return on average common equity, annualized		1.81	%		3.41	%		6.30	%
Return on average tangible common equity, annualized		2.12	%		3.98	%		7.37	%

The MIL Network –

April 29, 2025

MIL-OSI: Trident Filed 2024 Annual Report on Form 20-F

Source: GlobeNewswire (MIL-OSI)

SINGAPORE, April 29, 2025 (GLOBE NEWSWIRE) — Trident Digital Tech Holdings Ltd (“Trident” or the “Company,” NASDAQ: TDTH), a leading catalyst for digital transformation in technology optimization services and Web 3.0 activation based in Singapore, today announced that it has filed its annual report on Form 20-F for the fiscal year ended December 31, 2024 with the Securities and Exchange Commission on April 28, 2025 Eastern Time. The annual report can be accessed on the Company’s investor relations website at https://investors.tridentity.me.

About Trident
Trident is a leading catalyst for digital transformation in digital optimization, technology services, and Web 3.0 activation worldwide, based in Singapore. The Company offers commercial and technological digital solutions designed to optimize its clients’ experience with their end-users by promoting digital adoption and self-service.

Tridentity, the Company’s flagship product, is an innovative and highly secure blockchain-based identity solution designed to provide secure single sign-on authentication capabilities to integrated third-party systems across various industries. Tridentity aims to offer unparalleled security features, ensuring the protection of sensitive information and preventing potential threats, thus promising a new secure era in the global digital landscape in general, and in South Asia etc.

Beyond Tridentity, the Company’s mission is to become the global leader in Web 3.0 activation, notably connecting businesses to a reliable and secure technological platform, with tailored and optimized customer experiences.

For Investor/Media Enquiries
Investor Relations
Robin Yang, Partner
ICR, LLC
Email: investor@tridentity.me
Phone: +1 (212) 321-0602

The MIL Network –

April 29, 2025

MIL-Evening Report: How ICE is becoming a secret police force under the Trump administration

Source: The Conversation (Au and NZ) – By Lee Morgenbesser, Associate Professor, School of Government and International Relations, Griffith University

Secret police are a quintessential feature of authoritarian regimes. From Azerbaijan’s State Security Service to Zimbabwe’s Central Intelligence Organisation, these agencies typically target political opponents and dissidents through covert surveillance, imprisonment and physical violence.

In contrast to the regular police and armed forces, secret police primarily use preemptive repression to thwart threats to the government.

In Nazi Germany, for example, Gestapo informants penetrated all levels of society, producing an atmosphere of distrust among those against Adolf Hitler. In Uganda, Idi Amin’s State Research Bureau employed sophisticated spying equipment and intercepted mail at the post office to root out supposed saboteurs.

In Syria, Bashar al-Assad relied on the General Intelligence Directorate to oversee a network of torture centres. And in Venezuela, Nicolás Maduro has used the Bolivarian National Intelligence Service (Sebin) to spy on opponents overseas, often running operations out of diplomatic missions.

Since US President Donald Trump took power in January, Immigration and Customs Enforcement (ICE) has become a far more visible and fearsome force on American streets.

Though ICE is ostensibly still bound by constitutional limits, the way it has been operating bears the hallmarks of a secret police force in the making.

As an expert on authoritarian regimes, I’ve studied historical and contemporary secret police forces extensively across Africa, Asia and Europe. They typically meet five criteria:

they’re a police force targeting political opponents and dissidents
they’re not controlled by other security agencies and answer directly to the dictator
the identity of their members and their operations are secret
they specialise in political intelligence and surveillance operations
they carry out arbitrary searches, arrests, interrogations, indefinite detentions, disappearances and torture.

How close is ICE to becoming a secret police force? Let’s consider each of these criteria.

Targeting dissidents

ICE has used the pretext of combating antisemitism to target dissidents. A branch of the agency previously used to target drug smugglers and human traffickers has reportedly been directed to scan social media for posts sympathetic to Hamas.

On March 8, ICE arrested the prominent pro-Palestinian activist Mahmoud Khalil, a legal resident. It was a similar story for Rumeysa Ozturk, a university student grabbed off the street on March 25 by ICE agents.

Trump has cited the Immigration and Nationality Act of 1952 as the legal pretext for ICE’s actions in these cases and others. The law allows the US government to deport anyone whose presence has “adverse foreign policy consequences” for the country.

Because Khalil and others are being targeted for their activism, legal scholars say the government appears to be “retaliating” against constitutionally protected free speech it disagrees with.

Directly controlled by a dictator

While ICE does not report directly to Trump, the agency is controlled by people who have shown intense loyalty to him.

ICE is part of the Department of Homeland Security, which is overseen by stalwart Trump ally Kristi Noem. She is supported by Tom Homan, a former ICE director who Trump appointed as his “border czar” in November 2024.

Despite a court order barring the deportations of alleged Venezuelan gang members to a prison in El Salvador, Homan has remained defiant:

We are not stopping. I don’t care what the judges think.

The pertinent question now is whether Noem or Homan would refuse to follow a dictate from Trump in the face of a direct court order.

Opaque operations

ICE agents are increasingly operating in secret. The individuals who took Ozturk off the street in a widely shared video claimed to be police officers, even though they were in plain clothes and face marks.

Similarly, ICE agents in plain clothes detained two men during a raid on a courthouse in Charlottesville, Virginia, on April 22. When two bystanders asked to see a warrant, they were ordered not to “impede” the agents’ lawful duties. ICE later said the two women would be prosecuted.

Also last week, ICE agents attempted to arrest a man at a Wisconsin courthouse without a warrant. After a judge intervened, she was arrested herself by the FBI and charged with two felonies.

This shroud of opacity has been accompanied by an end to local agency liaison meetings aimed at helping people seek answers to ICE’s actions.

Surveillance capabilities

ICE is organised into two distinct law enforcement components, giving it both political intelligence gathering and surveillance capabilities.

Its Homeland Security Investigations arm includes an intelligence division, while its Enforcement and Removal Operations arm uses third-party companies such as Geo Group, Giant Oak, and Palantir to conduct mass surveillance.

Most worryingly, ICE is trying to procure greater intelligence and surveillance capabilities by soliciting pitches from private companies to monitor threats across the internet.

According to a procurement document, contractors would be directed to focus on the backgrounds of social media users and use facial recognition capabilities to gather information on people. Criticisms of ICE itself would be monitored, too.

Unlawful policing

There has been a stream of reports exposing how ICE is conducting arbitrary searches, arrests, interrogations, and indefinite detentions.

Some of the most egregious reported examples include:

entering primary schools under false pretences in search of undocumented students
carrying out “collateral arrests”, that is detaining people not previously identified as targets during operations
detaining tourists and visa holders for weeks for unknown reasons
and disappearing US citizens without any meaningful process.

Since Trump’s inauguration, at least three people have died in ICE detention facilities, the latest in a string of fatalities in recent years.

Prolonged solitary confinement is reportedly widespread. UN experts say this can amount to torture.

Potentially expanded scope

Overall, the evidence shows ICE meets most of the criteria for being a secret police force. It has yet to target political opponents, which I define narrowly as members of the Democratic Party. And it is not directly controlled by Trump, although the current structure provides him with plausible deniability.

While the agency is far from resembling history’s most feared secret police forces, there have so far been few constraints on how it operates.

The worst may be yet to come. A budget bill making its way through Congress would provide ICE with up to US$175 billion (A$274 billion) in funding over the next decade. (Its current annual budget is US$9 billion, or A$14 billion.) This would supercharge its use of surveillance, imprisonment and physical violence.

When combined with a potential shift towards targeting US citizens for dissent and disobedience, ICE is fast becoming a key piece in the repressive apparatus of American authoritarianism.

Lee Morgenbesser 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. How ICE is becoming a secret police force under the Trump administration – https://theconversation.com/how-ice-is-becoming-a-secret-police-force-under-the-trump-administration-255019

MIL OSI Analysis – EveningReport.nz –

April 29, 2025

MIL-OSI Africa: African Development Bank signs $3.2 billion Exposure Exchange with Inter-American Development Bank

Source: Africa Press Organisation – English (2) – Report:

WASHINGTON D.C., United States of America, April 28, 2025/APO Group/ —

The African Development Bank Group (www.AfDB.org) has signed a $3.2 billion Exposure Exchange Agreement with the Inter-American Development Bank (IADB), renewing a prior agreement originally executed between the two institutions in 2015. The agreement was signed in Washington DC, on the sidelines of the World Bank Group and International Monetary Fund Spring meetings.

This is the fourth exposure exchange undertaken by the African Development Bank with other Multilateral Development Banks, in the continuous pursuit of innovative ways of strengthening the capital adequacy and efficiency of Multilateral Development Banks, as well as boost their development lending capacity.

Since 2015, the African Development Bank has used these agreements to diversify lending within its sovereign portfolio and deploy capital effectively while preserving a resilient financial base. The tool ensures the African Development Bank remains agile, well-capitalized, and committed to innovation in support of development in Africa.

Today’s transaction follows previous successful agreements between the African Development Bank and other Multilateral Development Banks, including the International Bank for Reconstruction and Development and Asian Development Bank.

The African Development Bank President Dr Akinwumi Adesina said, “This transaction underpins the African Development Bank’s forward-looking approach to capital and risk management.”

“We are pleased to continue our positive longstanding collaboration with Inter-American Development Bank in structuring and executing innovative financial solutions to align with the G20’s call for Multilateral Development Banks to work together as a system in expanding development impact to our member countries,” said Adesina.

Inter-American Development Bank President Ilan Goldfajn pointed to the success of the first agreement signed with the African Development Bank ten years ago. He said, “This new agreement marks yet another milestone in our strong and fruitful collaboration with the African Development Bank. Thanks to this operation we’re strengthening the financial resilience, creditworthiness, and financing capacity of both of our institutions. A win-win for all, that will benefit the people of Latin America and the Caribbean and Africa”.

Adesina added that Multilateral Development Banks should do more of such transactions because of their proven success and impact.

MIL OSI Africa –

April 29, 2025

MIL-OSI Russia: Denis Manturov took part in the main plenary session of Innoprom

Translation. Region: Russian Federal

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

First Deputy Prime Minister of the Russian Federation Denis Manturov took part in the international exhibition “Innoprom. Central Asia” and spoke at the main plenary session “Strategic Industrial Partnership in Central Asia: Integration Based on Advanced Technologies”. Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khodjaev also took part in the main session.

Opening the main session, Denis Manturov noted that today the development of industrial partnership with the Central Asian countries is one of the absolute priorities: “Today, Russian enterprises are widely represented in the region. Their share in the total number of foreign companies in Uzbekistan is about 20%, in Kyrgyzstan more than 30%, and in Kazakhstan already over 40%. The total volume of Russian investments in the economy of the Central Asian states last year alone exceeded 760 billion rubles. This allows us to increase the portfolio of joint projects in agricultural machinery, pharmaceuticals, the automotive industry, the chemical industry, metallurgy and many other industries.”

The First Deputy Prime Minister noted that, despite the high level of cooperation, the growth potential has not been exhausted, and stressed the need to expand cooperation in response to global challenges, including in the areas of green economy, infrastructure projects, retail, etc.

“If we talk about promising areas of our cooperation, they are consolidated in national projects of technological leadership. We started their implementation in Russia this year. We place special emphasis on achieving sovereignty over the means of production, including additive solutions and industrial robots. The same applies to the development of all types of transport, including on alternative fuel and with elements of autonomy. Our special focus is the development of new materials and chemicals. As well as improving technologies for medicine, energy, agriculture and expanding the range of space services,” Denis Manturov emphasized.

“It is gratifying to note that the scale of the exhibition is growing every year, attracting participants not only from Russia and Central Asian countries, but also from a number of other countries, such as Saudi Arabia, Belarus, and Afghanistan. Today we are seeing new promising and large-scale horizons for cooperation. By the end of 2024, Uzbekistan’s trade with Russia and Central Asian countries approached $20 billion. There are about 5,000 enterprises in Uzbekistan with capital from these countries. More than 650 joint projects worth $67 billion are being implemented in various sectors of our country’s economy. Despite such a rich level of relations, we all understand that this is far from the limit,” said Jamshid Khodjaev.

Denis Manturov and Zhamshid Khodjaev also took part in the ceremony of exchanging folders of signed agreements at Innoprom, aimed at developing cooperation in the trade and economic, scientific and technical, social and cultural and humanitarian spheres.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

April 29, 2025

MIL-OSI: CrpoBase Secures US MSB License, Emerges as Fully Registered Global Compliance Digital Asset Platform

Source: GlobeNewswire (MIL-OSI)

New York, NY, April 28, 2025 (GLOBE NEWSWIRE) — CrpoBase has obtained the Money Services Business (MSB) license issued by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, officially completing its compliance registration in the United States. This milestone signifies CrpoBase as one of the very few global cryptocurrency trading platforms with both U.S. domestic registration and licensing, further showcasing its compliance strength and regulatory transparency in the global digital asset industry.

Compliance has become the core competitive advantage for the platform, with CrpoBase continuously deepening its global regulatory layout.

CEO Michael Garrett of CrpoBase stated in a media interview, “We have not only established a physical entity in the United States but also chosen the ‘U.S. regulatory structure’ as the cornerstone of the exchange’s governance. This is to provide global users and institutional clients with clearer and more reliable legal and financial security.”

As of now, CrpoBase Exchange has established comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance processes, strictly adhering to the U.S. Bank Secrecy Act (BSA) and the Financial Action Task Force’s (FATF) 40 recommendations for combating money laundering. Through multi-layer verification mechanisms in registration, trading, withdrawals, custody, and other aspects, user data protection and risk screening are conducted to ensure that user assets are monitorable, auditable, and traceable throughout the entire process.

Endorsed by the MSB license, CrpoBase attracts global capital and institutional trust.

The U.S. MSB license, as one of the most authoritative financial regulatory qualifications globally, imposes strict requirements on platform asset security capabilities, risk control capabilities, anti-money laundering mechanisms, customer protection mechanisms, among others. The successful approval of CrpoBase indicates that its technical architecture, financial transparency, and compliance operations have met international financial institution standards.

According to industry experts’ analysis, against the backdrop of tightening global compliance and stricter reviews, CrpoBase’s acquisition of the MSB qualification is equivalent to obtaining a “passport to the global institutional capital market.” This will not only help the platform expand its high-net-worth and institutional client base in more European and American regions but also lay a solid foundation for future applications for licenses in Singapore (PSA), the EU (MiCA), Japan (FSA), and other countries.

CrpoBase Exchange: Establishing the cornerstone of compliant, secure, and international digital asset trading

As one of the leading global digital asset platforms, CrpoBase Exchange has consistently adhered to the core development philosophy of “compliance driving growth, security empowering the ecosystem.” Based in the United States, the platform offers diverse services including spot trading, stablecoin exchanges, DeFi aggregation gateways, institutional custody, and more. It currently serves over 15 million users globally across North America, Europe, Southeast Asia, the Middle East, and other core markets.

Looking ahead, CrpoBase will continue to expand its global compliance footprint, foster deep cooperation with international regulators, sovereign funds, major brokerage firms, and traditional financial institutions, striving to become the most trusted “compliant financial foundation” in the global Web3 infrastructure.

Media contact

Contact: Sandra C. Collins
Company Name: CrpoBase LTD
Website: https://trade.crpobasex.com
Email: Sandra(at)crpobasex.com

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

The MIL Network –

April 29, 2025

MIL-OSI: Faculty Group and Ghaf Capital Announce Strategic Merger to Launch Web3 Powerhouse, Ghaf Group

Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, April 28, 2025 (GLOBE NEWSWIRE) — In a landmark move, Faculty Group and Ghaf Capital today announced their merger to form Ghaf Group, a vertically integrated Web3 advisory business. This strategic union leverages Faculty Group’s full-stack Web3 execution capabilities alongside Ghaf Capital’s elite access to capital markets, sovereign networks, and strategic enterprise relationships across the MENA region and beyond.

With operations spanning capital allocation, product development, token advisory, liquidity management and marketing, Ghaf Group is uniquely positioned to drive the next wave of blockchain and Web3 growth. The new entity unites over 100 experts across eight subsidiaries under a single, scalable platform committed to delivering institutional-grade solutions and unlocking long-term value across the Web3 economy.

James Childs, newly appointed CEO of Ghaf Group, commented:

“This merger is not just an evolution, it’s an inflexion point. Faculty Group has always focused on high-conviction execution in Web3. Now, as Ghaf Group, we bring together global delivery capability with regional strategic access to capital, creating a new category of partner for protocols, corporates, and governments alike.”

Feras Al Sadek, Chairman of Ghaf Group, added:

“We’re combining best-in-class infrastructure with unparalleled strategic reach. Ghaf Group will be the trusted bridge between East and West, unlocking capital and capability at scale. This is a defining moment for Web3, and we’re just getting started.”

The group’s new visual identity, rooted in the symbolism of the resilient Ghaf tree native to the UAE, reflects a commitment to strength, longevity, and organic growth. Ghaf Group is already in advanced discussions with sovereign entities, institutional investors, and emerging protocols as it builds out a robust pipeline for 2025 and beyond.

Looking ahead, Ghaf Group will accelerate its footprint across MENA and Asia, explore strategic acquisitions, and begin laying the groundwork for a potential UAE-based IPO, positioning itself as a publicly accountable and globally trusted vehicle for Web3 advancement.

About Ghaf Group

Ghaf Group is a global Web3 venture platform formed through the merger of Faculty Group and Ghaf Capital. The firm provides integrated services across advisory, token design, venture capital, market-making, marketing, and blockchain development. With strong roots in the Middle East and a global vision, Ghaf Group partners with ambitious founders, forward-looking institutions, and sovereign stakeholders to catalyse the next era of decentralised innovation.

Media Contact:
Arvin Nathan
Head of PR
an@faculty.group
hello@ghaf.group

Disclaimer: This is a paid post and is provided by Ghaf Group. 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. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2754af90-6bf1-4635-b157-7bb32c691abb

The MIL Network –

April 29, 2025

MIL-OSI Video: One Month After Myanmar Earthquakes: Humanitarian Assistance Still Needed | United Nations

Source: United Nations (Video News)

One month after two powerful earthquakes struck Myanmar on 28 March 2025, millions are still grappling with the devastating impacts. Even before the disaster, nearly 20 million people across the country needed humanitarian assistance — and the earthquakes have pushed an additional 2 million into urgent need. The UN and partners are delivering critical aid and supporting communities on the long road to recovery.

https://www.youtube.com/watch?v=_zpnpMxiOXo

MIL OSI Video –

April 29, 2025

MIL-OSI Video: Non-Proliferation, Financing for Development & other topics – Daily Press Briefing | United Nations

Source: United Nations (Video News)

Noon Briefing by Stéphane Dujarric, Spokesperson for the Secretary-General.

Highlights:
Financing for Development
Deputy Secretary-General
Victims of Terrorism Associations’ Network
Trust Fund in Support of Victims of Sexual Exploitation and Abuse
International Court of Justice
Occupied Palestinian Territory
Lebanon/Israel
Yemen
Sudan
Afghanistan
Myanmar
Security Council
International Day
Resident Coordinator – Samoa
Financial Contribution
Briefings Today

FINANCING FOR DEVELOPMENT
This morning, the Secretary-General, as you heard, spoke at the Economic and Social Council Forum on Financing for Development.
He said that, as we prepare for the Fourth International Conference on Financing for Development in Sevilla in July, we are facing some harsh truths: donors are pulling the plug on aid commitments, the Sustainable Development Goals are dramatically off track and high borrowing costs are draining away public investments.
But, the more dangerous truth is that collaboration is being questioned with the ongoing trade wars. The Secretary-General said trade is a prime example of the benefits of international cooperation, and trade barriers are a clear and present danger to the global economy and sustainable development.
These are tough times, he said, but it is in difficult periods that the imperative for responsible, sustainable investment is even more critical.

DEPUTY SECRETARY-GENERAL
The Deputy Secretary-General, Amina Mohammed is in Montevideo, Uruguay. Today, she met with the President of Uruguay, Yamandú Orsi, to discuss the country’s development priorities and their alignment with the Sustainable Development Goals.
Later today, she will meet with several Government Ministers to discuss the partnership between the United Nations and Uruguay. She is also meeting youth groups, civil society, and of course the country team of the United Nations.
And over the weekend, she chaired the annual regional retreat with UN Resident Coordinators from across Latin America and the Caribbean.
Ms. Mohammed will leave Uruguay later today and will be back here tomorrow evening.

VICTIMS OF TERRORISM ASSOCIATIONS’ NETWORK
This morning, our friends at the Office of Counter-Terrorism launched the Victims of Terrorism Associations’ Network. This is an initiative that brings together victims of terrorism and victims’ associations from across the globe to drive collective action to support victims’ rights and needs.
The network aims to provide a safe space for victims and survivors of terrorism to support each other, build resilience and engage as advocates, as educators, and as peacebuilders.
The development of the network was supported by a financial contribution from Spain.
The network was launched during an event this morning – and it is already available on UN Webtv. More information on the website of the office of Counter-terrorism.

Full Highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=28%20April%202025

https://www.youtube.com/watch?v=CMJiomcK2rY

MIL OSI Video –

April 29, 2025

MIL-OSI USA: Congresswoman Ramirez Honors Vietnam Veterans at Recognition Ceremony

Source: United States House of Representatives – Representative Delia Ramirez – Illinois (3rd District)

CHICAGO, IL — Today, Congresswoman Delia C. Ramirez (IL-03), Ranking Member of the Veterans’ Affairs Oversight and Investigation Subcommittee, honored the sacrifices of Vietnam War era veterans as she commemorated the 50th anniversary of the end of the War. During the event, Congresswoman Ramirez was joined by Congressman Raja Krishnamoorthi (IL-08), Alderman Anthony Quezada, the Veterans Assistance Commission of Cook County, and Chicago’s Department of Family and Support Services in recognizing 10 Cook County veterans with a Vietnam Veteran Lapel Pin and a congressional commendation letter.

“In recognition of 50 years since the end of the Vietnam War, I commemorate the sacrifices made by our veterans who returned home carrying the weight of their experiences. As their Congresista, I am committed to honoring their service, not just with pleasantries or rituals, but with actions,” said Congresswoman Ramirez, who serves on the Veterans’ Affairs Committee. “We made a covenant to take care of veterans and their loved ones. May we never forget or break that promise.”

Ramirez added, “As we honor those who wore the uniform, served their country, and are still serving our communities, we must also remember the devastating costs of war and recommit to peace.”

“America owes our veterans a debt we can never fully repay,” Congressman Krishnamoorthi said. “I was honored to commemorate the 50th anniversary of the end of the Vietnam War by presenting local Vietnam veterans with pins recognizing their service. Their bravery and sacrifice will never be forgotten.”

For photos of the event, CLICK HERE.

BACKGROUND:

Congresswoman Delia C. Ramirez (IL-03) has championed critical legislation to address access to housing, health care, and education for veterans. In February, she reintroduced the Student Veterans Benefits Restoration Act, which passed the House in the 118th Congress. In the 118th, she also led the Servicemember Student Loan Affordability Act and co-sponsored the End Veteran Homelessness Act of 2024, to expand eligibility for HUD-VASH vouchers and pathways to permanent housing for homeless veterans. As Ranking Member of the Veterans’ Affairs Oversight and Investigation Subcommittee, Ramirez has reintroduced legislation to expand housing opportunities for veterans through the Grant Per Diem Program.

MIL OSI USA News –

April 29, 2025

MIL-OSI USA: Gillibrand, Murkowski Press Hegseth On Potential Undermining Of DoD Sexual Assault Prevention And Response

US Senate News:

Source: United States Senator for New York Kirsten Gillibrand
Today, U.S. Senator Kirsten Gillibrand (D-NY), member of the Senate Armed Services Committee, and U.S. Senator Lisa Murkowski (R-AK) sent a bipartisan letter to Secretary of Defense Pete Hegseth expressing serious concern about possible Department of Defense guidance that would significantly alter, or even terminate, the Department’s sexual assault prevention and response (SAPR) services. The senators noted that multiple reports have indicated that changes to SAPR may be coming, and raised the risk these changes pose to decades of efforts to end sexual assault and sexual harassment in the Department.
The senators wrote, “As staunch advocates for improving SAPR efforts, to include the historic and bipartisan reforms to military justice, we are writing to express our deep concern with the mere possibility of significant alterations or termination of SAPR regulations. There can be no ambiguity in the Department’s position on ending sexual misconduct across the services, and any lack of clarity risks casting a chilling effect across the services.”
The senators noted that during his confirmation process, Secretary Hegseth had publicly acknowledged that “the Department must do better to train and ingrain the fact that sexual abuse and assault is not tolerated in the force” and had also declared that “[e]very servicemember deserves the opportunity to serve their nation without fear of harassment or assault.”
For nearly a decade, Senator Gillibrand fought alongside survivors, veterans and legal experts to build a broad bipartisan coalition to fundamentally change the military justice system. Senator Murkowski was a strong ally throughout this effort. In the FY2023 defense bill, Gillibrand successfully incorporated her legislation to remove judicial functions and prosecutorial decisions from the chain of command for certain serious crimes, including sexual assault, and put them in the hands of trained, professional military prosecutors. This bipartisan reform was supported by leading veterans service organizations and advocacy groups, including VFW, IAVA, the American Legion, Vietnam Veterans of America, Protect Our Defenders, National Alliance to End Sexual Violence, SWAN, National Coalition Against Domestic Violence (NCADV), Common Defense, and Veterans Recovery Project.
The full text of the letter to Secretary of Defense Pete Hegseth is available here or below:
Dear Secretary Hegseth,
Over the last week, our offices received multiple reports of pending Department of Defense guidance that would significantly alter, or even terminate, large portions of the Department’s sexual assault prevention and response (SAPR) services. According to these reports, SAPR guidelines are included in a list recently circulated by Deputy Secretary Feinberg for review and potential cancellation. As staunch advocates for improving SAPR efforts, to include the historic and bipartisan reforms to military justice, we are writing to express our deep concern with the mere possibility of significant alterations or termination of SAPR regulations. There can be no ambiguity in the Department’s position on ending sexual misconduct across the services, and any lack of clarity risks casting a chilling effect across the services.
This topic arose during your confirmation process, and we agree with your Advanced Policy Questions (APQ) response to the Senate Armed Services Committee that “the Department must do better to train and ingrain the fact that sexual abuse and assault is not tolerated in the force.” Meaningful progress toward this goal is fundamentally incompatible with any effort to dismantle those SAPR-related programs and regulations that are already in place. Even minor reductions risk compromising decades of progress toward ending sexual abuse and harassment in the Department. Prompt action is essential to reinforcing victims’ belief in the words of their leadership.
As you have stated, “[e]very servicemember deserves the opportunity to serve their nation without fear of harassment or assault.” Yet this “fear” inevitably takes hold in environments where victims do not feel protected from their abusers or supported by their leadership. Thus, we request immediate action to eliminate any ambiguity and clarify the Department of Defense’s position. Consistent with your previous commitment to “ensuring high-level focus on this issue,” we encourage you to make public assurances that victims of sexual misconduct will be supported, that offenders will be held accountable, and that no changes will be made to reduce the Department’s SAPR services. The readiness of our forces and the security of our nation depend on a swift and unequivocal response.
Sincerely,
U.S. Senator Kirsten Gillibrand
U.S. Senator Lisa Murkowski
cc:
Mr. Jules Hurst, Performing the Duties of Under Secretary of Defense for Personnel and Readiness
The Honorable Daniel Driscoll, Secretary, Department of the Army
The Honorable John Phelan, Secretary, Department of the Navy
The Honorable Gary Ashworth, Acting Secretary, Department of the Air Force

MIL OSI USA News –

April 29, 2025

MIL-OSI Global: ‘White Lotus’ music: When talented creators strive to realize their visions, differences and chattering can erupt

Source: The Conversation – Canada – By James Deaville, Professor of Music, Carleton University

After the first two seasons of The White Lotus (set respectively in Hawaii and Sicily), the buzz in the media and on social media typically focused on the selection of the next site for the award-winning show.

Not so much in 2025, after the close of Season 3’s Thailand-based episodes. Instead, the internet and social media have been alive with chatter over the announcement by Canadian Chilean composer Cristóbal Tapia de Veer that he was quitting the mega-hit franchise to the shock and disappointment of many of the show’s fans.

Tapia de Veer revealed his intention in an interview with the New York Times published April 2, just four days before the season’s finale, which aired to a series-record viewership. His departure announcement, twinned with criticism of White Lotus writer, creator and showrunner Mike White, has highlighted issues with creative tensions behind such collaborative productions.

‘The White Lotus’ Season 3 opening theme song.

Acclaimed music

The Québec-trained composer’s 2022 and 2023 music-related White Lotus Emmy awards recognize his aural contributions to the highly awarded hit series. The music’s idiosyncratic mixture of a recognizable theme, bizarre vocalizations and site-based instrumentation has received a lot of popular attention and acclaim.

In contrast, some members of the public reacted with hostility toward this season’s theme music. This was partly because it did not use the identifiable thematic material that bound together the first seasons: a four-note theme that has been transliterated as “ooh-loo-loo-loos” and was the basis for the title theme music in the first two seasons.

The Season 3 theme nevertheless sounds familiar due to Tapia de Veer’s ongoing quirky use of the voice. Novel ways of using it have been the foundations of all the Lotus themes, and in Season 3, it imitated monkey sounds.

As White said in a statement about the show: “There’s this kind of conflict between wanting to be this spiritual creature that has an idealism and working towards something that’s some semblance of goodness, and then there’s this antic monkey side that keeps putting you in situations that are compromised.”

‘Ooh-loo-loos’ and creative differences

Still, Tapia de Veer said he knew his novel Season 3 approach was a “kind of a risk,” to the extent that he produced an extended version with the traditional “ooh-loo-loo-loos” for insertion later in the show, but White rejected the idea.

According to the composer, White wanted “more of a ‘chill, sexy vibe’” compared to Tapia de Veer’s more experimental tracks. On the Howard Stern Show, when asked what happened, White had a different perspective, saying: “I honestly don’t know what happened. Reading the interviews … I just don’t think he respected me.”

The director said he didn’t think they had fought, and expressed dismay that Tapia de Veer brought criticisms and perceived differences to the media.

To this, Tapia de Veer told the BBC he went public because White hadn’t handled the news “in a normal business manner,” and he said White’s comments on the Stern show demonstrated the director doesn’t fully appreciate the importance of the music on the show.

On his YouTube channel, Tapia de Veer has uploaded another variant of the theme (“Enlightenment”) under the track title “Full Moon Party,” as well as a 45-minute loop of the 11-note theme.

What unites the Season 3 tracks is the leaping, non-melodic theme, repeated over and over in changing synthesizer settings. The composer has said no soundtrack album for Season 3 will be forthcoming.

Scores gives unity through themes

The positions of White and Tapia de Veer equally suggest a lack of effective communication, and as named or all but named by both parties, a lack of respect. Both are crucial elements behind the interpersonal relationships required in audiovisual production.

In the traditional collaboration, the composer falls under the leadership of the director or showrunner, not least because the music is the final audiovisual element added to the mix.

‘The White Lotus’ music making, video from Cristóbal Tapia de Veer.

By the time the film text reaches the composer, the visual track and dialogue have been locked — shooting is completed — yet it lacks the decisive contribution the score makes in defining characters, establishing moods and atmospheres, and giving unity to the whole through recurring themes.

The composer may work at their own keyboard or digital audio workstation, yet customarily in collaboration with the project’s other creative forces, especially the director.

Notorious score differences

Differences between film directors or television producers and composers are not new, the most notorious being Stanley Kubrick’s rejection of Alex North’s score for 2001: A Space Odyssey. This was in favour of the music Kubrick had chosen to temporarily accompany the visual track.

In another well-known instance, Alfred Hitchcock — under pressure from executives at Universal — replaced the Torn Curtain score (1966) by long-term collaborator Bernard Herrmann with more contemporary-sounding music by John Addison, which ended the decade-long association of composer and director.

More recently, Gabriel Yared’s score for Troy (2004), directed by Wolfgang Petersen, was replaced with one by James Horner, because test audiences disapproved of Yared’s music.

Composer withdrawls rare

With The White Lotus, however, we have a composer walking away from a job in a very public way. A composer’s resignation is not without precedent, yet it remains considerably rarer than their firing. Major film scorer Dmitri Tiomkin withdrew from two early 1960s projects directed by Robert Aldrich, but because of other commitments rather than any disagreement.

In contrast, Leonard Bernstein did threaten to walk away from West Side Story in 1949 over creative tensions with writer Arthur Laurents — still, this was communicated privately.

Canadian composer Howard Shore withdrew from Peter Jackson’s King Kong (2005), but in this case, Shore said the parting was amicable and related to “differing creative aspirations.”

Future seasons?

The drama around White Lotus music is unique because both director and composer have talked with the press.

If we look beyond the specifics of the music, however, we realize that this is not just about a (new) theme song and its use (or non-use) in the series. Rather, the “differences” cut to the heart of the often fraught working relationship between highly talented creators who strive to realize their visions.

What does this mean for the music for Season 4 of The White Lotus? White has not suggested a successor, so commentators have fixated on the disagreements over Season 3 rather than speculating about a future sound. We will have to wait and listen.

James Deaville 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. ‘White Lotus’ music: When talented creators strive to realize their visions, differences and chattering can erupt – https://theconversation.com/white-lotus-music-when-talented-creators-strive-to-realize-their-visions-differences-and-chattering-can-erupt-254032

MIL OSI – Global Reports –

April 29, 2025

MIL-OSI Economics: 4 resources to enrich Asian American and Pacific Islander Heritage Month in the classroom

Source: Microsoft

Headline: 4 resources to enrich Asian American and Pacific Islander Heritage Month in the classroom

Discover engaging AAPI Heritage Month 2025 classroom activities to explore the rich histories, cultures, and contributions of AAPI communities.

In the US, we dedicate the month of May to Asian American and Pacific Islander (AAPI) Heritage Month—a time to honor and celebrate the deep histories, rich cultures, and significant contributions of these communities. Explore our list of AAPI Heritage Month classroom activities, designed to make learning impactful and engaging. Our focus remains on fostering a workplace that reflects the global communities we engage with, driving innovation and delivering meaningful outcomes for our partners and customers.

Discover four ways to celebrate AAPI Heritage Month 2025 and foster a broad perspective on the contributions and achievements of AAPI communities. These resources help inspire curiosity, support critical thinking, and connect students to the powerful stories of AAPI individuals who have shaped our world.

1. Immerse your classroom in the culture of Ngā Motu

Use Minecraft Education to explore vast worlds outside of your classroom. In Ngā Motu (The Islands), students learn about the indigenous culture of the Māori people, from language to architecture, arts, and economics. Take an immersive visit from the maunga (mountain) to the ākau (shore) and everything in between to learn about the Māori language and culture. Embark on an unforgettable adventure to Ngā Motu and discover the wonders of Māori culture!

Explore Ngā Motu

Classroom connection: Before getting started, review the supporting resources on the Ngā Motu lesson page. You’ll find a lesson plan, an introductory video, and a resource pack that includes traditional pā (settlement) and ride waka hourua (boats) to enhance the experience for students.

2. Explore AAPI topics through targeted reading practice

Reading Coach is a free, standalone Learning Accelerator that helps students develop reading fluency skills through personalized, AI-powered reading practice. When students read aloud, Reading Coach provides real-time feedback on pronunciation, syllabification accuracy, and reading progress.

Use Reading Coach to seamlessly blend AAPI topics into reading practice while supporting each student’s literacy growth. Students can use the “Add your own passage” mode to upload texts, like assigned articles, textbook excerpts, or their own writing. You can tailor practice to individual learning needs and objectives with Reading Coach, while enhancing engagement with AAPI heritage and history. Help learners discover the joy of reading with Reading Coach.

Get started with Reading Coach

Classroom connection: Browse this collection of AAPI books for inspiration and ideas on finding relevant passages for your students. Reading Coach also has built-in passages for each reading level that students can read to learn more about AAPI cultures.

3. Develop communication skills while learning AAPI heritage

Communication skills are essential for success. As students explore AAPI figures, culture, and history, they can develop multimedia presentations to showcase their findings. Use Speaker Progress and Speaker Coach, two Learning Accelerators, to help develop your students’ public speaking skills.

Use Speaker Progress to create presentation assignments and track your students’ growth at the individual, class, grade, and school levels. Then have your students use Speaker Coach to complete the assignment, while receiving real-time, AI-powered feedback on pacing, pitch, clarity and more. Discover how Speaker Progress and Speaker Coach can help build communication confidence in your classroom.

Explore Speaker Progress and Speaker Coach

Classroom connection: Have students present on influential AAPI figures like Suni Lee, Senator Tammy Duckworth, or Shohei Ohtani. They can develop their communication skills and build their confidence by independently practicing their presentation with Speaker Coach before presenting to their class or community.

4. Enhance lesson planning with Microsoft 365 Copilot Chat

Copilot Chat can help you create customized materials, activities, and lessons. Use it to design engaging content that connects students with the history and contributions of AAPI communities.

Try Copilot Chat

Streamline and innovate your lesson planning process by starting with one of these ready-to-use prompts in Copilot Chat and customizing it for your needs:

Design a STEAM lesson plan for elementary students that explores traditional AAPI art or inventions. Include hands-on activities that connect art and science, step-by-step instructions, and reflection prompts to help students connect culture to creativity and innovation.
Create a 1-week high school ELA or Humanities lesson plan where students research and analyze the impact of Asian American, Native Hawaiian, and Pacific Islander artists and writers on contemporary culture. Include learning objectives, suggested artists/authors (e.g., Ruth Asawa, Yo-Yo Ma), and key discussion questions.
Help me update an existing lesson plan to include meaningful perspectives from Asian American, Native Hawaiian, and Pacific Islander communities. I want to keep the original learning objectives intact but integrate AAPI voices, content, or activities into the texts, resources, and activities sections. [Attach a lesson plan or provide subject, grade, and learning objectives]

Try using Copilot Chat for lesson planning, brainstorming, creating images, getting quick answers to your questions, and more. Build your competency with AI and Copilot with the Copilot Chat learning module.

Start the learning module

Honor AAPI Heritage Month by exploring the remarkable people, vibrant cultures, and significant contributions that have enriched our world. Use the time to design engaging, immersive learning experiences that foster essential skills like literacy, communication, and critical thinking. Inspire a deeper understanding and appreciation both in and beyond your classroom with AAPI Heritage Month classroom activities from Microsoft Education.

The code of us

At Microsoft, we believe different perspectives lead to a brighter future. Discover stories of innovation and inspiration from Microsoft employees and artists. The Code of Us isn’t just what we create—it’s who we are. Employees, their stories, and their truths are what power Microsoft. This Heritage Month, The Code of Us is all about celebrating the vibrant culture and incredible impact of the AAPI community at Microsoft.

MIL OSI Economics –

April 29, 2025

MIL-OSI USA: PROMISES MADE, PROMISES KEPT: Border Security Achieved in Fewer Than 100 Days

US Senate News:

Source: The White House
Since President Donald J. Trump took office, he and his administration have ushered in the most secure border in modern American history — and he didn’t need legislation to do it. President Trump has made good on the promises he made on the campaign trail to usher in an unprecedented era of homeland security.
Here are a few of those promises:
PROMISE MADE: “We will close the border. We will stop the invasion of illegals into our country.” (10/12/24, Aurora, CO)
PROMISE KEPT:
Illegal border encounters are down by 95%.
Illegal immigrant “gotaways” — the top threat to public safety — are down by 99%.
Fox News correspondent Bill Melugin: “If Fox were to send me down there right now, I would have trouble finding a single migrant on camera.”
CBS immigration reporter Camilo Montoya-Galvez: “Typically, when we go to the U.S./Mexico border, we at least see one group of people who are trying to cross into the U.S. illegally. We did not see a single migrant.”
The Wall Street Journal: Border Crossings Grind to Halt as Trump’s Tough Policies Take Hold
The New York Times: How Trump’s Hard-Line Tactics Are Driving Down Migration
CBS News: Amid Trump crackdown, illegal border crossings plunge to levels not seen in decades
Axios: Border crossings plunge to lowest levels in decades: New data
New York Post: Northern border sector previously overrun by illegal migrants sees dramatic drop in crossings: ‘We haven’t seen anyone since November’
The Times: This city was a border flashpoint. Now the only migrants are quail
Reuters: Migrant arrests at US-Mexico border in March lowest ever recorded
Bloomberg: US-Bound Migration Plunges 99% Along Panama Jungle Route
The Washington Times: Under Trump, border catch-and-release has dropped 99.99% from worst Biden month
Los Angeles Times: California-Mexico border, once overwhelmed, now nearly empty
PROMISE MADE: “We will expel every single illegal alien gang member and migrant criminal operating on American soil and remove the savage gang, Tren de Aragua, from the United States.” (1/19/25, Washington, D.C.)
PROMISE KEPT:
President Trump designated Tren de Aragua, MS-13, and other vicious gangs and cartels as Foreign Terrorist Organizations.
Department of Justice: 27 Members or Associates of Tren de Aragua Charged with Racketeering, Narcotics, Sex Trafficking, Robbery and Firearms offenses
Homeland Security Secretary Kristi Noem: “Under President Trump, we have arrested over 150,000 aliens — including more than 600 members of the vicious Tren de Aragua gang.”
The Trump Administration directed the successful apprehension of a key MS-13 gang leader — an illegal immigrant living in Virginia and operating as one of the top three MS-13 leaders in the U.S.
The Trump Administration directed the successful arrests of three illegal immigrant MS-13 gang members in Florida, wanted on first-degree murder charges, and another high-ranking MS-13 member in New York, linked to 11 murders.
ICE arrested 370+ illegal immigrants as part of a major operation in Massachusetts — many of whom have serious criminal convictions and charges, including murder, child rape, fentanyl trafficking, and armed robbery.
PROMISE MADE: “On Day One … We will begin the largest deportation operation in the history of our country.” (10/21/24, Concord, NC)
PROMISE KEPT:
New York Post: Trump’s mass deportation raids result in 655% spike in arrests of terrorists roaming US — including one of India’s ‘most wanted’
Since President Trump took office, there have been 139,000 deportations.
In President Trump’s first 50 days, ICE arrested 32,809 illegal immigrants — nearly 75% of whom were accused or convicted criminals — virtually the same number of arrests over the entirety of Biden’s final year in office.

NBC News: Immigration enforcement operations ramp up in cities across the U.S.
PROMISE MADE: “I will immediately end the Biden border nightmare that traffickers are using to exploit vulnerable women and children.” (7/21/23)
PROMISE KEPT:
The number of unaccompanied illegal immigrant children reached a record low.
At its peak under Biden, 4.6% of illegal border crossings were unaccompanied minors — many of whom were victims of trafficking. In the first two weeks of March under President Trump, just 0.4% of illegal crossings were unaccompanied minors.

PROMISE MADE: “Under my leadership, we will seal it up and expand that wall until we have total control.” (3/4/23, National Harbor, MD)
PROMISE KEPT:
PROMISE MADE: “You have the gotaways. You know what the gotaways are? It’s the people that don’t want to be looked at at all. So, they’re worse than the people we’re seeing that’s why they don’t want to be looked at.” (11/3/24, Macon, GA)
PROMISE KEPT:
Border Czar Tom Homan: “Known gotaways — people we knew crossed the border … weren’t apprehended, weren’t fingerprinted, weren’t vetted. Average day under Joe Biden? More than 1,800 gotaways. Yesterday? 38 — 38 too many, but we’ll get that to zero. We went from 1,800 [per day] to 38.”
Fox News’s Bill Melugin: “Border Patrol’s nationwide recorded gotaways have plummeted to a stunningly low daily average of just 77 over the last 21 days, according to internal CBP data we’ve reviewed. President Biden averaged 1,837 gotaways per day in fiscal year 2023 at the height of the crisis, totaling 670,674 for the year.”
PROMISE MADE: “I will ban all welfare and federal benefits for illegals, and then they won’t come.” (10/29/24, Allentown, PA)
PROMISE KEPT:
President Trump signed an executive order to ensure taxpayer resources are not used to incentivize or support illegal immigration.
The Trump Administration ended food stamps for illegal immigrants.
The Trump Administration “clawed back” tens of millions paid to house illegal aliens in luxury NYC hotels and ended a $40 million contract to “improve … inclusion of sedentary migrants.”
The Department of Education revoked waivers that allowed certain colleges to divert federal funds intended for low-income students and students with disabilities to illegal immigrants.
PROMISE MADE: “I will end catch-and-release.” (10/12/24, Aurora, CO)
PROMISE KEPT:
Since taking office, the Trump Administration has arrested 150,000+ illegal immigrants, deported 139,000+ illegal immigrants, and released just nine illegal immigrants into the U.S. — a staggering 99.99% decrease over the same period last year under Biden.
New York Post: Trump orders Border Patrol to immediately stop setting illegal migrants free in the US: ‘Catch and release is ended’
The Washington Times: Under Trump, border catch-and-release has dropped 99.99% from worst Biden month
PROMISE MADE: “My administration will deliver justice for every family whose loved one has been stolen from them by migrant crime, including Laken Riley, Rachel Morin, Jocelyn Nungaray, Kayla Hamilton, and every other precious American soul that we have lost to these animals. Their memories will live in their hearts forever and our hearts forever, and we will never, ever forget them.” (1/19/25, Washington, D.C.)
PROMISE KEPT:
Fox News: Trump signs Laken Riley Act into law as first legislative victory in new administration
Newsweek: Laken Riley’s Mom Says Trump Didn’t Forget Her Daughter as Bill is Signed
The Hill: Trump signs Laken Riley Act, marking first legislative win of second term
PROMISE MADE: “I will invoke the Alien Enemies Act of 1798. Think of that. 1798, this was put there. 1798 — that’s a long time ago, right? To target and dismantle every migrant criminal network operating on American soil.” (10/12/24, Aurora, CO)
PROMISE KEPT:
The White House: Invocation of the Alien Enemies Act Regarding the Invasion of The United States by Tren De Aragua
The New York Times: Trump Invoked the Alien Enemies Act to Speed Up Deportations
PROMISE MADE: “Kamala’s app for illegals will be shut down immediately — within 24 hours.” (10/12/24, Aurora, CO)
PROMISE KEPT:
NBC News: Trump shuts down immigration app, dashing migrants’ hopes of entering U.S.
The New York Times: Trump Shuts Down Migrant Entry App, Signaling the Start of His Crackdown
Fox News: Up to 1M migrants who used Biden’s CBP One app ordered to deport by Trump admin
PROMISE MADE: “Today, I am announcing a new plan to end all sanctuary cities in North Carolina and all across our country… and we will bring down the full weight of the federal government on any jurisdiction that refuses to cooperate.” (9/21/24, Wilmington, NC)
PROMISE KEPT:
Politico: Fresh executive order targets sanctuary cities, federal aid for undocumented migrants
Reuters: Trump steps up immigration crackdown, warns city, state officials against interference
The Wall Street Journal: Trump Plans to Withhold All Federal Funding From Sanctuary Cities
Politico: Trump administration sues New York over sanctuary policies for undocumented immigrants
AP: Trump administration sues Chicago in latest crackdown on ‘sanctuary’ cities

MIL OSI USA News –

April 29, 2025

MIL-OSI Asia-Pac: Opening remarks by SCST at dinner reception (English only)

Source: Hong Kong Government special administrative region

Following are the opening remarks by the Secretary for Culture, Sports and Tourism, Miss Rosanna Law, at the dinner reception today (April 28):

Thank you, Glenn (Emcee of the dinner reception). I hope that you agree with me that the best part of Hong Kong is about the people. And we brought quite a number of people from Hong Kong tonight so that we will be in for a joyful and enjoyable evening. And again, I would like to really express our sincere gratitude. As Glenn has said, we personally were at the ATM (Arabian Travel Market) this afternoon. We saw how busy and how vibrant it was. We understand fully that each and everyone of you here at this dinner have a lot of important initiatives tonight but you choose to honour us with your presence and that makes it even more important and special for us all. From the bottom of my heart and from the bottom of the hearts of our delegation, a big, big thank you very much. Here comes the official opening statement but again it is also from the bottom of my heart.

Good evening, distinguished guests, friends from the trade, ladies and gentlemen,

It is my great pleasure to welcome you all to this special evening where I could meet key partners from the Middle East’s tourism industry, alongside distinguished travel trade leaders, industry representatives from Hong Kong, and of course, the Executive Director and Deputy Executive Director of the Hong Kong Tourism Board and their team.

I am the Secretary for Culture, Sports and Tourism of the Hong Kong Special Administrative Region Government. And I took office about five months ago. This visit marks my debut overseas visit outside of China and I am glad to have picked the Middle East as the first destination of this tour. I am truly honoured to be able to play an important role in forging stronger tourism ties between the Middle East and Hong Kong, and I indeed look forward to exchanging views with you on how we can collaborate to bring more visitors to Hong Kong.

Let me start by saying how keen we are to receive friends from the Middle East. Last year, the Chief Executive of the Hong Kong Special Administrative Region outlined the vision in his Policy Address to establish Hong Kong as a welcoming destination for the Middle East travellers. Following this, my Bureau promulgated the Development Blueprint for Hong Kong’s Tourism Industry 2.0 which sets out the roadmap for the development of Hong Kong’s tourism industry from 2025 to 2030. A key focus in this Blueprint is expanding our visitor base with the Middle East at the forefront. The Middle East is one of the fastest-growing markets globally. By 2028, it is estimated that there will be 250 million Muslim visitors worldwide, generating US$225 billion in tourism revenues. That’s why I am here to share with you that Hong Kong, as the Pearl of the Orient, and a unique fusion of the East and the West, is more than ready and happy to welcome you from the Middle East to enjoy the all-in-one experiences in the city.

But that is not all. It is not about business. It is not just about business. It is about establishing friendship between us in Hong Kong and you all in the Middle East and for those who come from Dubai locally, I enjoy the city very much and I hope that in the rest of my journey, I will be enjoying the other cities that I will be visiting as much as I do here.

Hong Kong also has its unique appeal in a wide spectrum, offering multifaceted tourism products and experiences that fit for visitors of all ages and with different interests. First, we offer a myriad of possibilities and experiences by presenting world-class tourist attractions such as the Hong Kong Disneyland Resort, which will be celebrating its 20th anniversary this year, the Ocean Park which is home for six adorable pandas, among others, the very iconic Peak Tram which brings you to the Victoria Peak to enjoy the magnificent panoramic views of Victoria Harbour and the heart of Hong Kong, or the Ngong Ping 360 cable car that takes you to the tranquil Po Lin Monastery and the famous Big Buddha. For arts and culture lovers, we have unmissable experiences at world-class landmarks like the M+ and the Hong Kong Palace Museum, which carry an exciting array of exhibitions on East and West cultural themes. Apart from attractions, we are also promoting mega events tourism, island tourism and horse-racing tourism which offer tourists unforgettable and unique experiences. Last month, we commissioned the largest state-of-the-art sports infrastructure in Hong Kong, the Kai Tak Sports Park, which marked a thrilling new era and would see lots of great sports and entertainment events being held in Hong Kong. In addition to staging our signature Hong Kong Sevens rugby matches for the first time in end March this year, the new venue, the Kai Tak Sports Park, will play host to the Hong Kong Football Festival featuring four world-renowned football clubs, including Liverpool which just secured its champion on the English Premier League for the 20th time. And also we will have Arsenal, AC Milan and Tottenham Hotspur this July. Horse racing has a history of 140 years in Hong Kong and our racecourses are well-known tourist hotspots. The new racing season of Hong Kong usually starts in September, climaxing on the Hong Kong International Races in early December with world-class jockeys and horses competing fiercely for the world championships. The magnificent green and blue from our green landscape, the beautiful beaches and outlying islands are also the hidden gems of the city awaiting you to explore.

We are indeed dedicated to making Hong Kong a welcoming home for Middle East visitors. Our 60 hotels and 170 restaurants in Hong Kong are halal-certified, and many attractions and venues provide prayer facilities and cultural training for their staff. Not only do we have strong and keen enthusiasm in joining the Arabian Travel Market and setting up a Hong Kong pavilion again to showcase the city’s novel experiences like what we did this afternoon and the coming days, we have also arranged familiarisation visits for trade partners from the Middle East to go to Hong Kong to experience our various offerings, and we also partnered with major Middle East airline and online travel agents to promote Hong Kong as an ideal tourism destination across the region.

Looking ahead, we are eager to build even closer ties with the Middle East – not just welcoming you as visitors to Hong Kong but also inspiring more Hong Kong people to explore the incredible destinations for both business and leisure in the Middle East.

So, thank you all once again for joining us tonight. May I take this opportunity to wish you all good health and many good returns. Have an enjoyable evening. And thank you again.

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: IEPFA Hosts Preparatory Meeting with Stakeholder Companies for ‘Niveshak Shivir’ Initiative

Source: Government of India

IEPFA Hosts Preparatory Meeting with Stakeholder Companies for ‘Niveshak Shivir’ Initiative

“Niveshak Shivir” is an Initiative with dedicated Company Kiosks to help Investors Claim Unclaimed Dividends

Pilot Phase of ‘Niveshak Shivir’ Will be Launched in Mumbai and Ahmedabad in May 2025, with One-Stop Helpdesks for KYC Updates and Claims Assistance

Posted On: 28 APR 2025 8:21PM by PIB Delhi

In a step forward to enhance investor services and streamline the claims process, the Investor Education and Protection Fund Authority (IEPFA), under the aegis of the Ministry of Corporate Affairs, Government of India, convened a preparatory meeting with Nodal Officers of stakeholder companies through video conference on April 28, 2025 chaired by Smt. Anita Shah Akella, Chief Executive Officer, IEPFA. This meeting was aimed at finalizing operational details for “Niveshak Shivir” – a collaborative initiative of IEPFA and the Securities and Exchange Board of India (SEBI). It was decided that Niveshak Shivir will be organised in the cities having large number of investors whose dividends are lying unclaimed with Companies for a period of six to seven years. As part of this initiative, selected companies with highest number of investors in unclaimed dividend account will be invited to set up dedicated kiosks at these events to assist investors directly.

“Niveshak Shivir” has been conceived to simplify procedures for claiming unclaimed dividends and shares, improve financial literacy among investors, and ensure direct and transparent access to investor services. By facilitating direct interaction with companies and Registrars and Transfer Agents (RTAs), and by offering immediate grievance redressal support, this initiative is set to significantly reduce investors’ dependency on intermediaries and mitigate risks of fraud and misinformation.

The strategic meeting outlined the pilot phase of the initiative, which will be launched in Mumbai and Ahmedabad in May 2025. These camps will serve as one stop comprehensive helpdesks where investors can update their KYC and nomination details, check the status of their unclaimed assets and receive guided assistance for reclaiming their investments – whether assets are still with companies or have been transferred to IEPFA.

Officials from IEPFA, SEBI, companies, and RTAs will be present on ground to assist investors, ensuring a robust and supportive framework. Pre-registration for the camps will be enabled through a QR code-linked Google Form, with additional logistic support extended by regional offices of ICAI and SEBI.

About IEPFA

The Investor Education and Protection Fund Authority (IEPFA) is committed to promoting investor awareness and protection in India through various educational initiatives and strategic collaborations, ensuring an informed and secure investing populace.

Find out more at: https://www.iepf.gov.in/content/iepf/global/master/Home/Home.html

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(Release ID: 2124987) Visitor Counter : 56

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: Aadhaar authentication surges past 2,707 crore in 2024-25; UIDAI’s face authentication gains momentum

Source: Government of India

Aadhaar authentication surges past 2,707 crore in 2024-25; UIDAI’s face authentication gains momentum

UIDAI wins Prime Minister’s Award for innovation as Aadhaar face authentication sees record adoption

Aadhaar e-KYC transactions cross 44.63 crore in March 2025, boosting ease of business across sectors

Posted On: 28 APR 2025 5:51PM by PIB Delhi

In a clear sign of its growing adoption and utility, Aadhaar number holders carried out more than 2,707 crore authentication transactions in 2024-25 including 247 crore such transactions in March alone.

Aadhaar has been an enabler of digital economy and the increasing adoption shows its growing role across sector including banking, finance, telecom, and for the smooth delivery of benefits under various government schemes and services.

The total number of authentication transactions in March 2025 (246.75 Cr) is higher than the transactions clocked during the same period last year as well as in February 2025. Since inception, the cumulative number of authentication transactions have crossed over 14,800 crore.

The AI/ML based Aadhaar Face Authentication solutions developed in house by UIDAI has been witnessing significant growth. In March more than 15 crore such transactions took place, indicative of the growing usage, adoption of this authentication modality and how it is benefiting Aadhaar number holders seamlessly. More than 100 entities both in government and private sector are using face authentication for smooth delivery of benefits and services.

On 21 April, UIDAI received the prestigious Prime Minister’s Award for Excellence in Public Administration. This was presented under the Innovation category for UIDAI’s Face Authentication modality.

Aadhaar e-KYC service continues to play a crucial role in improving customer experience and adding ease of doing business in sectors including banking and non-banking financial services.

The total number of eKYC transactions (44.63 Cr) carried out during March 2025 is over 6% more than the numbers during the same period last year. The cumulative number of e-KYC transactions has touched 2356 crore as on 31 March 2025.

Similarly, 20 lakh new Aadhaar numbers were generated in March 2025 and over 1.91 crore Aadhaars were updated successfully following submissions from Aadhaar number holders.

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Dharmendra Tewari/ Navin sreejith

(Release ID: 2124910) Visitor Counter : 92

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: Union Public Service Commission announced the result of the written part of the National Defence Academy And Naval Academy Examination (I), 2025

Source: Government of India

Posted On: 28 APR 2025 8:15PM by PIB Delhi

On the basis of the result of the written part of the National Defence Academy and Naval Academy Examination, (I) 2025 held by the Union Public Service Commission on 13th April, 2025, candidates with the under mentioned Roll Nos. have qualified for interview by the Services Selection Board (SSB) of the Ministry of Defence for Admission to Army, Navy and Air Force Wings of the National Defence Academy for the 155^th Course and for the 117^th Indian Naval Academy Course (INAC) commencing from 2^nd January, 2026. The result is also available at Commission’s website www.upsc.gov.in.

2 The candidature of all the candidates, whose Roll Nos. are shown in the list is provisional. In accordance with the conditions of their admission to the examination, “candidates are requested to register themselves online on the Indian Army Recruiting website joinindianarmy.nic.in within two weeks of announcement of written result. The successful candidates would then be allotted Selection Centers and dates, of SSB interview which shall be communicated on registered e-mail ID. Any candidate who has already registered earlier on the site will not be required to do so. In case of any query/ Login problem, e-mail be forwarded to dir-recruiting6-mod[at]nic[dot]in.”

“Candidates are also requested to submit original certificates of Age and Educational Qualification to respective Service Selection Boards (SSBs) during the SSB interview.” The candidates must not send the Original Certificates to the Union Public Service Commission. For any further information, the candidates may contact Facilitation Counter near Gate ‘C’ of the Commission, either in person or on telephone Nos. 011-23385271/011-23381125/011-23098543 between 10:00 hours and 17:00 hours on any working day. In addition for SSB/Interview related matter the candidates may contact over telephone no. 011-26175473 or joinindianarmy.nic.in for Army as first choice, 011-23010097/ Email: officer-navy[at]nic[dot]in or joinindiannavy.gov.in for Navy/ Naval Academy as first choice and 011-23010231 Extn. 7645/7646/7610 or www.careerindianairforce.cdac.in for Air Force as first choice.

3 The mark-sheets of the candidates will be put on the Commission’s website within fifteen (15) days from the date of publication of final result. (After concluding SSB Interviews) and will remain available on the website for a period of thirty (30) days.

Click here to see Result:-

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NKR/PSM

(Release ID: 2124979) Visitor Counter : 36

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: Promotion of Hindi in government work is not just the task of a few departments but a shared responsibility of the society, says Dr. Jitendra Singh

Source: Government of India

Promotion of Hindi in government work is not just the task of a few departments but a shared responsibility of the society, says Dr. Jitendra Singh

Over the last decade under Prime Minister Narendra Modi’s leadership, the government’s commitment to promoting Hindi had helped bridge many longstanding gaps;

Sustained efforts from all stakeholders essential to achieve the broader vision

Posted On: 28 APR 2025 5:25PM by PIB Delhi

In a strong call for collective responsibility, Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh today emphasized that the promotion of Hindi in government work is not just the task of a few departments but a shared responsibility of the society.

Speaking at the “Hindi Salahkar Samiti” meeting organized by the Ministry of Personnel, Public Grievances and Pensions, Dr. Jitendra Singh said that while notable progress has been made in expanding the use of Hindi, sustained efforts from all stakeholders are essential to achieve the broader vision.

Reflecting on the progress made over the last decade under Prime Minister Narendra Modi’s leadership, Dr. Jitendra Singh noted that the government’s commitment to promoting Hindi had helped bridge many longstanding gaps. He pointed out that historically, despite being the mother tongue for many, Hindi did not enjoy the formal acceptance in official communication it deserved. “Earlier, receiving or sending letters

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: PRESIDENT OF INDIA PRESENTS PADMA AWARDS 2025 AT THE CIVIL INVESTITURE CEREMONY-I

Source: Government of India

Posted On: 28 APR 2025 8:11PM by PIB Delhi

The President of India, Smt Droupadi Murmu presented Padma Vibhushan, Padma Bhushan and Padma Shri Awards for the year 2025 at the Civil Investiture Ceremony-I held at Rashtrapati Bhavan this evening (April 28, 2025). Among the dignitaries present on the occasion were Vice President of India, Prime Minister of India and Union Minister for Home Affairs.

List of Awardees of the ceremony can be viewed here

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MJPS/SR

(Release ID: 2124978) Visitor Counter : 56

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: WAVES 2025: The Ultimate Global Exhibition for Media, Entertainment, and Technology

Source: Government of India

Posted On: 28 APR 2025 5:21PM by PIB Mumbai

Mumbai, 28 April 2025

World Audio Visual and Entertainment Summit 2025 – will bring together the world’s leading media, entertainment, and technology innovators at Jio Convention Centre, Mumbai from 1st to 4th May. Spanning an extraordinary 15,000 Sqms, WAVES 2025 will serve as the ultimate platform for industry giants, creators, investors, and cutting-edge technology pioneers to converge, collaborate, and explore the future of global entertainment. With over 100 leading exhibitors — including Netflix, Amazon, Google, Meta, Sony, Reliance, Adobe, Tata, Balaji Telefilms, Dharma Productions, Saregama, and Yash Raj Films — along with next-generation innovators such as JetSynthesys, Digital Radio Mondiale (DRM), Free Stream Technologies, Neural Garage, and Fractal Picture —WAVES will be the definitive meeting point for innovation, creativity, and cross-border collaboration in the entertainment sector.

At the heart of this extraordinary summit is the Bharat Pavilion, spanning a magnificent 1,470 Sqms, celebrating India’s dynamic legacy under the theme “Kala to Code.” Visitors will embark on an immersive journey through the evolution of Indian storytelling — from ancient oral traditions and visual arts to cutting-edge technological advancements — across four experiential zones: Shruti, Kriti, Drishti, and Creator’s Leap.

In addition to the Bharat Pavilion, WAVES 2025 will feature exclusive State Pavilions, where Maharashtra, Uttar Pradesh, Goa, Gujarat, Telangana, Madhya Pradesh, and several other states will proudly showcase their cultural and creative strengths.

Furthermore, the MSME Pavilion and Start-Up Booths will provide emerging businesses and innovators in the M&E Sector with unparalleled opportunities to connect with industry leaders, investors, and key stakeholders from the global entertainment and technology sectors.

A key attraction at WAVES 2025 will be the expansive Gaming Arena, highlighting the rapid growth of the gaming and esports industries. Featuring prominent brands such as Microsoft &Xbox, Dream11, Krafton, Nazara, MPL, and JioGames. The arena will offer a glimpse into the future of interactive entertainment and demonstrate gaming’s growing influence within the global digital ecosystem.

Open for Business Days from 1st to 4th May 2025, with Public Days on 3rd and 4th May 2025, WAVES 2025 will offer exclusive networking opportunities and unparalleled insights into the entertainment, media, and technology landscapes. The exhibition will be open from 10 AM to 6 PM from 1st to 3rd May, and from 10 AM to 5 PM on 4th May 2025. With its extraordinary scale, influential exhibitors, and forward-looking vision, WAVES 2025 is set to emerge as the premier hub for global media convergence — a place where tradition and innovation come together to shape the future of storytelling, technology, and entertainment.

About WAVES

The first World Audio Visual & Entertainment Summit (WAVES), a milestone event for the Media & Entertainment (M&E) sector, will be hosted by the Government of India in Mumbai, Maharashtra, from May 1 to 4, 2025.

Whether you’re an industry professional, investor, creator, or innovator, the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

Have questions? Find answers here

Stay updated with the latest announcements from PIB Team WAVES

Come, Sail with us! Register for WAVES now.

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PIB TEAM WAVES 2025 | Sriyanka/ Darshana | 112

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(Release ID: 2124892) Visitor Counter : 53

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: Hon’ble Minister of Communications Shri Jyotiraditya M. Scindia announces the publication of Gazette Notification for ‘Gyan Post’ to Enable Affordable Delivery of Books and Study Materials through Post Offices

Source: Government of India

Hon’ble Minister of Communications Shri Jyotiraditya M. Scindia announces the publication of Gazette Notification for ‘Gyan Post’ to Enable Affordable Delivery of Books and Study Materials through Post Offices

“Gyan Post serves as a vital delivery mechanism for ensuring that education reaches every individual” – Shri. Jyotiraditya M. Scindia

Posted On: 28 APR 2025 7:36PM by PIB Delhi

Hon’ble Minister of Communications and Development of North Eastern Regions, Shri Jyotiraditya M. Scindia announced the publication of the gazette notification regarding ‘Gyan Post’, a new service to make the delivery of educational, social, cultural, and religious books more affordable across India. This service reflects India Post’s continued commitment to supporting education and reaching learners in every part of the country.

Education is the foundation of a stronger future, but access to learning resources should not depend on geography or affordability. ‘Gyan Post’ has been created with this belief at its heart to ensure that a textbook, a preparation guide, or a cultural book can travel the last mile, reaching even the most remote village or town.

Speaking on the occasion, the Hon’ble Minister of Communications and Development of North Eastern Regions, Shri Jyotiraditya M Scindia said, “Under the new education policy and syllabus, “Gyan Post” serves as a vital delivery mechanism for ensuring that education reaches every individual.”

Designed to support learning and knowledge-sharing, ‘Gyan Post’ offers affordable options for sending books and printed educational materials through India’s vast postal network. The service is priced to encourage wider access.

Books and printed educational materials sent under ‘Gyan Post’ will be trackable and transported through surface mode to ensure cost-effective delivery. The packages can be sent at highly affordable rates, starting from only ₹20 for packets up to 300 grams and maximum of ₹100 for packets up to 5 kilograms (taxes as applicable).

Only non-commercial, educational material will be eligible under ‘Gyan Post’. Publications of a business or commercial nature, or containing advertisements (other than incidental announcements or book lists), will not be accepted under this service. Each book must carry the name of the printer or publisher as per prescribed conditions.

Through ‘Gyan Post’, India Post reaffirms its enduring commitment to public service, helping bridge the education gap, one book at a time. By making learning resources more accessible and affordable, India Post continues its legacy of empowering individuals and communities across the nation.

The ‘Gyan Post’ service will be operational at all departmental post offices across India from 1st May, 2025. Further details are available at the nearest post office or online at www.indiapost.gov.in.

‘Gyan Post’ Gazette Notification announcement by the Hon’ble Union Minister for Communications and Development of North Eastern Region, Shri Jyotiraditya M. Scindia, in the esteemed presence of Ms. Vandita Kaul, Secretary (Posts), and Shri Jitendra Gupta, Director General Postal Services

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Samrat/Allen

(Release ID: 2124967) Visitor Counter : 109

MIL OSI Asia Pacific News –

April 29, 2025

MIL-OSI Asia-Pac: Towards a new approach for green hydrogen production

Source: Government of India

Posted On: 28 APR 2025 5:09PM by PIB Delhi

Researcher have developed fresh insights into proton adsorption behaviour at the surface of catalysts, which can help construct electrocatalysts useful for producing green hydrogen.

Plethora of heterostructures have been studied for green hydrogen generation with the effect of built-in electric field (BIEF). However, the metal-oxide-semiconductor (MOS) based p-n heterojunction can be considered as a promising material to have robust BIEF due to asymmetric electronic environment.

Recent research is focused on leveraging BIEFs at the interface of different electronic environments to improve hydrogen production. Therefore, analysing and correlating parameters such as the work function, BIEF, and Gibbs free energy (a thermodynamic potential that can be used to calculate the maximum amount of work) is crucial for understanding the reaction mechanism. The difference in work functions between two materials is what drives the initial charge redistribution, which in turn sets up the built-in potential across the junction. BIEF directly affects the dynamics of proton adsorption/desorption, which was evaluated by Gibbs free energy of adsorption.

Scientists of Institute of Nano Science and Technology (INST), Mohali, grew CuWO₄ (Copper tungsten oxide) nano-particles precursor over Cu (OH)2 (Copper hydroxide) and fabricated CuWO₄-CuO hetero-structure and studied its physical and electrochemical properties. They examined the Gibbs free energy profile for proton adsorption of different regiones and found that near the depletion region and along the interface, the proton adsorption energy shows contrasting behaviour as compared with bulk area. This induces a gradient in Gibbs free energy across and near the depletion region, thereby promoting an improved hydrogen adsorption and desorption.

Fig: Mechanism revealing an interplay of BIEF and Gibbs Free Energy in CuO-CuWO₄ p-n heterojunction for proton adsorption/desorption in HER.

Interestingly, Scientists from INST, an autonomous institute of the Department of Science and Technology (DST), demonstrated that the interplay between the built-in electric field (BIEF) and Gibbs free energy in the proposed catalyst gives rise to a favourable regime, where hydrogen bonding to the catalyst is optimized, facilitating efficient hydrogen evolution. They also found that along the heterojunction interface, the ∆G indicates high adsorption affinity of protons toward the CuO phase and significant desorption at the CuWO₄ phase. The CuO-CuWO₄ catalyst unveils an excellent example of ‘negative cooperativity,’ in which the binding of one molecule decreases the affinity of other binding sites for additional molecules. With more and more proton coverage, the affinity of the catalyst’s surface towards the proton adsorption decreases, and promotes alkaline Hydrogen Evolution Reaction by enhancing desorption.

This research published in Adv. Energy Mater. 2025 helped understand the typical proton adsorption behaviour at the surface of the catalyst, which can help others to design and construct similar electrocatalyst which can give robust activity to produce green hydrogen. Improving in electrocatalytic hydrogen production can lead to sustainable environment with advance green technologies.

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MIL OSI Asia Pacific News –

April 29, 2025

Category: Asia

Youth Mobility Scheme for Uruguayan and British citizens: 2025

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