Category: Banking

MIL-OSI USA: Tuberville, Banks Call for End of Taxpayer-Funded Student Loans for Terrorists

US Senate News:

Source: United States Senator for Alabama Tommy Tuberville
WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Jim Banks (R-IN) in introducing the No Loan Forgiveness for Terrorists Act. This bill prohibits students from receiving credit for Public Service Loan Forgiveness (PSLF) while working at organizations that engage in illegal activities. The legislation works to codify an Executive Order from President Trump that would end taxpayer-funded student loan forgiveness for students that participate in illegal, anti-American behavior.
“Hard-working Americans should not be footing the bill for radical students who support and embolden blatant terrorism. No one should be rewarded for wreaking havoc on college campuses. The President has ended taxpayer-funded loan forgiveness, and it is Congress’ job to make his Executive Order permanent. I look forward to working with my colleagues to move this legislation along and stop funding college for terrorists,” said Sen. Tuberville.
“Taxpayers shouldn’t be forced to pay student loans for radicals who aid terrorists, mutilate children, or promote illegal immigration. This bill codifies President Trump’s order to stop subsidizing anti-American extremism,” said Sen. Banks.
Read full text of the bill here.
BACKGROUND:
Sen. Tuberville currently serves as the Chairman of the HELP Subcommittee on Education and the American Family, where he has frequently spoken out against the antisemitism, riots, and lawlessness we are seeing on college campuses. He has expressed that people have the right to free speech in this country, but they do not have the right to riot or commit crimes. If these students – or paid activists in some cases – are breaking the law, they should go to jail.
The No Loan Forgiveness for Terrorists Act would:
Preventing students from receiving credit through the PSLF program while working at organizations that engage in the following activities:
Aiding or abetting violations of federal immigration laws
Materially supporting terrorism
Materially supporting the castration or mutilation of children
Aiding and abetting illegal discrimination
Violating State tort laws, including against trespassing and disorderly conduct
Last year, Sen. Tuberville also cosponsored the No Bailouts for Campus Criminals Act which would prevent pro-Hamas protestors convicted of a crime from having their student loans forgiven.
Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP and Aging Committees.

MIL OSI USA News –

May 27, 2025
MIL-OSI Submissions: Australia – Gen Z cuts back on healthcare with cost of living pressure – CBA

Source: Commonwealth Bank of Australia (CBA)

Gen Z and younger millennials cut back on costs while young families and retirees spending more on health.

Young Gen Z Australian adults aged between 18–24 years old increased spending on health services by 3.1 per cent over the last year, a rate below annual inflation for the Health Consumer Price Index of 4.1 per cent, representing a decline in spending in real terms amid cost of living pressures.

Over the last year, 18 to 24-year-olds wound back spending on physiotherapy, chiropractors and osteopaths (down 5 per cent on the prior year), dental and optometry (down 4 per cent) which contributed to an overall decline in health spending in real terms.

Older Gen Zs and younger millennials between 25-34 years increased their health spending by 6.4 per cent while millennials aged between 35-44 increased spending by 7.8 per cent over the last year. Gen X aged between 45-54 spent less than the older millennial group increasing spending by just 7.5 per cent. Older Australians drove spending higher with those aged between 65-74 increasing by 8.9 per cent over the same period and over 75s spending 12.6 per cent more than the previous year.

The findings were released today in the inaugural CommBank Health Insights report which uncovers trends in healthcare spending. For the first time, the report uses CommBank iQ de-identified healthcare transactions from approximately 7 million Australians, providing a comprehensive overview of how consumer spending on healthcare has evolved over the past year with Australia’s largest transactional data set.

Haseda Fazlic, Executive General Manager Commercial Banking, CBA said: “The CommBank Health Insights Report highlights the healthcare spending sacrifices that younger generations are making while showing the growing share of healthcare in household budgets for older generations in particular. Older Australians and young families are doing their best to prioritise their health, with significant increases in spending over the last year. At the same time, we can see that younger Australians are still investing in their health while aiming to minimise their spending in a challenging cost of living environment.

“The findings over the last year come ahead of the Federal Government’s additional commitments to strengthening access to health services with additional Medicare funding.”

Key findings include:

General Practitioners benefiting from more frequent visits: Almost six in ten Australians visited a GP in the past year with an average of 5.4 visits per person. Overall, spending on GP visits increased by 12.7 per cent on the previous year with an average annual spend of $523 per person, reflecting increased demand and rising costs coupled with private billing.
Pharmacies booming with ecommerce driving growth: Pharmacy grew at 9.9 per cent with an average spend of $710 per person. Online purchases were up by 28 per cent, compared to 9 per cent growth for in-store. While in-store remains more common, accounting for over 95 per cent of total sales in the last year, those buying online spent significantly more with each purchase. The average purchase size was $101 for an online basket, compared to $41 for in-store.
Specialists and allied health see strong growth:Specialists saw growth of 9.1 per cent at $846 per person. Radiology increased by 8.2 per cent with $459 annual spend while physios, chiropractors and osteopaths grew by 7 per cent with an average spend of $429 per person.
Health insurance moderating: While maintaining a large proportion of overall health spend with an average $3,088 per person, health insurance spend experienced more moderate growth than other categories at 6.5 per cent.
Dental growing through repeat visitors: While only 1 in 3 Australians regularly visit the dentist, those that do are coming back more regularly at 2.4 times per year and paying $321 on average per visit, contributing to overall growth of 5.5 per cent on the previous year. Spending growth on dental is led by older generations, with over 75s lifting by 14 per cent. 18-24 year olds were the only group to trim their dental spend, down by 4 per cent.
Vets only category to decline overall: Medical spending on furry friends increased by 2.2 per cent at an average of $873 per person, the only category to see a decline in real terms.

“It is encouraging to see Australians visiting their GPs and dentists more regularly and attending specialists and allied health appointments when needed. With an ageing population, it is becoming increasingly important that providers continue to meet the needs of older patients while ecommerce is offering greater opportunities to meet needs for pharmaceutical care for those in regional and remote communities in particular,” Ms Fazlic said.

“Understanding demographic spending patterns can help those in the health industry adapt and make more informed decisions to better meet the needs of their customers.”

About the research

All data is sourced from CommBank iQ, that uses Australia’s largest transactional dataset to evaluate spending behaviours. This includes online and in-store transactions from approximately 7 million Australians.

This analysis is based on CommBank iQ data covering spending in eight healthcare sectors from 01 April 2024 to 31 March 2025, including: general practice, dental services, medical specialists, radiology, pharmacies, Physio, Chiro and osteo, vets and pet services, and health insurance. All figures are spend per capita rather than total consumption.

MIL OSI – Submitted News –

May 27, 2025

MIL-OSI: Brompton Split Banc Corp. Renews At-the-Market Equity Program

Source: GlobeNewswire (MIL-OSI)

Not for distribution to U.S. newswire services or for dissemination in the United States.

TORONTO, May 22, 2025 (GLOBE NEWSWIRE) — (TSX: SBC, SBC.PR.A) Brompton Split Banc Corp. (the “Fund”) is pleased to announce it has renewed its at-the-market equity program (“ATM Program”) so that the Fund can issue class A and preferred shares (the “Class A Shares” and “Preferred Shares”, respectively) to the public from time to time, at the Fund’s discretion. This ATM Program replaces the prior program established in April 2023 that has terminated. Any Class A Shares or Preferred Shares sold under the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale. Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated May 22, 2025 (the “Equity Distribution Agreement”) with RBC Capital Markets (the “Agent”).

Sales of Class A Shares and Preferred Shares will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Shares and Preferred Shares in Canada. Since the Class A Shares and Preferred Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated May 22, 2025 to the Fund’s short form base shelf prospectus dated May 22, 2025. The maximum gross proceeds from the issuance of the shares will be $75 million for each of the Class A and Preferred Shares. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor or from representatives of the Agent and are available on SEDAR+ at www.sedarplus.ca.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Fund’s sole discretion. The ATM Program will be effective until June 22, 2027, unless terminated prior to such date by the Fund. The Fund intends to use the proceeds from the ATM Program in accordance with the investment objectives and investment strategies of the Fund, subject to the investment restrictions of the Fund.

The Fund invests in a portfolio (the “Portfolio”) consisting of common shares of the six largest Canadian banks: Royal Bank of Canada, The Bank of Nova Scotia, National Bank of Canada, The Toronto-Dominion Bank, Canadian Imperial Bank of Commerce and Bank of Montreal. In addition, the Fund may hold up to 10% of the total assets of the Portfolio in investments in global financial companies for the purpose of enhanced diversification and return potential.

The investment objectives for the Class A Shares are to provide holders with regular monthly cash distributions targeted to be at least $0.10 per Class A Share and to provide the opportunity for growth in the net asset value per Class A Share.

The investment objectives for the Preferred Shares are to provide holders with fixed cumulative preferential quarterly cash distributions, in the amount of $0.15625 per Preferred Share (6.25% per annum on the original $10.00 issue price), and to return the original issue price to holders of Preferred Shares on November 29, 2027.

Over the last 10 years, the Class A Shares have delivered a 12.0% per annum total return based on NAV, outperforming the S&P/TSX Composite Total Return Index by 3.7% per annum.⁽¹⁾ The Preferred Shares have returned 5.3% per annum over the last 10 years, outperforming the S&P/TSX Preferred Share Total Return Index by 1.7% per annum.⁽¹⁾

About Brompton Funds

Founded in 2000, Brompton is an experienced investment fund manager with income and growth focused investment solutions including exchange-traded funds (ETFs) and other TSX traded investment funds. For further information, please contact your investment advisor, call Brompton’s investor relations line at 416-642-6000 (toll-free at 1-866-642-6001), email info@bromptongroup.com or visit our website at www.bromptongroup.com.

(1) See Performance table below.

Brompton Split Banc Corp. Compound Annual Returns to April 30, 2025	1-Yr	3-Yr	5-Yr	10-Yr	Since Inception
Class A Shares (TSX: SBC)	33.1%	7.8%	26.4%	12.0%	11.2%
S&P/TSX Composite Total Return Index	17.9%	9.6%	14.4%	8.3%	7.6%
Preferred Shares (TSX: SBC.PR.A)	6.4%	6.1%	5.7%	5.3%	5.2%
S&P/TSX Preferred Share Total Return Index	11.7%	5.9%	9.4%	3.5%	2.9%

Returns are for the periods ended April 30, 2025, and are unaudited. Inception date November 16, 2005. The table shows the compound return on a Class A Share and Preferred Share for each period indicated compared to the S&P/TSX Composite Total Return Index (“Composite Index”), and the S&P/TSX Preferred Share Total Return Index (“Preferred Share Index”) (together the “Indices”). The Composite Index tracks the performance, on a market weight basis and total return basis, of a broad index of large-capitalization issuers listed on the TSX. The Preferred Share Index tracks the performance, on a market‑weight basis and total return basis, of a broad index of preferred shares trading on the TSX that meet the criteria relating to size, liquidity and issuer rating. The Fund is actively managed; therefore, its performance is not expected to mirror that of the Indices, which have more diversified portfolios and include a substantially larger number of companies. Furthermore, the Indices’ performance is calculated without the deduction of management fees, fund expenses and trading commissions, whereas the performance of the Fund is calculated after deducting such fees and expenses. Additionally, the performance of the Class A Shares is impacted by the leverage provided by the Preferred Shares. The performance information shown is based on the net asset value per Class A Share and the redemption price per Preferred Share and assumes that cash distributions made by the Fund during the periods shown were reinvested at net asset value per Class A Share and redemption price per Preferred Share in additional Class A Shares or Preferred Shares of the Fund. Past performance does not necessarily indicate how the Fund will perform in the future.

You will usually pay brokerage fees to your dealer if you purchase or sell shares of the Fund on the TSX or other alternative Canadian trading system (an “exchange”). If the shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the Fund and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Fund in its public filings available at www.sedarplus.ca. The indicated rates of return are the historical annual compounded total returns including changes in share value and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional charges or income tax payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Fund, to the future outlook of the Fund and anticipated events or results and may include statements regarding the future financial performance of the Fund. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

The MIL Network –

May 27, 2025

MIL-OSI Banking: Showing Children How Possibilities Open Up by Changing the Way They Think and Feel: Michiko Ogawa, Executive Officer, Pavilion Director, The Land of NOMO, Panasonic Holdings Corporation

Source: Panasonic

Headline: Showing Children How Possibilities Open Up by Changing the Way They Think and Feel: Michiko Ogawa, Executive Officer, Pavilion Director, The Land of NOMO, Panasonic Holdings Corporation

Michiko Ogawa joined Matsushita Electric Industrial Co., Ltd. (now Panasonic Holdings Corporation) in 1986. Her career has spanned R&D of audio equipment, new business development, and CSR activities. In 2015, she was appointed Executive Officer, and in 2021 she became Director in charge of EXPO Promotion. She is also the Director of the Panasonic Group’s The Land of NOMO Pavilion at Expo 2025 Osaka, Kansai, Japan.
Ogawa has also served in numerous public roles across various fields. She delivered a surprise final presentation at the General Assembly of the International Exhibitions Bureau in Paris on November 23, 2018, as part of Japan’s successful bid to host the Expo. In 2021, she was appointed Chairperson in charge of International Exchanges for the International Committee of the Kansai Economic Federation, and she also became Executive Board Member, Japan Association for the 2025 World Exposition.

MIL OSI Global Banks –

May 27, 2025
MIL-OSI Banking: The Answer Found from the Fusion of Technology and Sensibilities—Our Message for the Future Conveyed Through The Land of NOMO: Yuichiro Haraguchi

Source: Panasonic

Headline: The Answer Found from the Fusion of Technology and Sensibilities—Our Message for the Future Conveyed Through The Land of NOMO: Yuichiro Haraguchi

Yuichiro Haraguchi
General Producer of the Panasonic Group’s Pavilion The Land of NOMOEXPO Promotion ProjectPanasonic Operational Excellence Co., Ltd.
Yuichiro Haraguchi joined Panasonic in 2004 and was assigned to the Corporate eNet Business Division, where he was responsible for planning services for internet-connected home appliances. He was later transferred to the former Television Business Division, where he worked on overseas consumer marketing and global brand strategy. After promoting CSR communications in the Brand Communication Sector, he was transferred in 2014 to the former Tokyo Olympic & Paralympic Enterprise Division, where he led new business development in the field of accessibility. He has held his current position since 2022.

The Idea Behind the Panasonic Group’s Pavilion The Land of NOMO
It has already been about three years since I got involved with the Expo. Starting from scratch, we brought together the strengths of many people and have now grown our project into something we’re proud to present to everyone. It is deeply moving to finally witness this long-awaited moment.

The Land of NOMO is an experiential pavilion designed primarily for children, based on the concept “Set your heart and mind free, and the world will open up.” In the 720° cycle where human and natural activities interact and circle around each other, I hope children will feel a sense of hope that, by becoming aware of their own sensibilities and unleashing their imagination, they can change the future.
What we value most in The Land of NOMO is the opportunity for everyone to enjoy it with a free and honest heart. You don’t have to be bound by the rules. You can run around, lie down, or jump inside the pavilion. In this space, you can discover your own potential by touching various objects, having unique experiences, and playing to your heart’s content.

Mobilizing the Collective Strengths of the Panasonic Group, Grounded in Konosuke Matsushita’s Philosophy
A general producer typically begins by giving form to their own philosophy and concepts. However, the Panasonic Group has a guiding philosophy passed down from the founder Konosuke Matsushita. We are also fortunate to be in a corporate environment rich in technical expertise, sophisticated design, and partners who foster co-creation. My main role has been to connect Konosuke Matsushita’s vision with the company’s diverse technologies and ideas, and then embody them in a story.
The biggest challenge in designing the exhibition was how to incorporate and convey Konosuke Matsushita’s philosophy. Conversations with those involved in developing educational support services gave me a clue. They explained that differences in individual strengths and learning styles significantly affect the quality of learning. For example, some people prefer to work intently with their hands, while others mull things over or chat with others to move forward. Their services work as tailored approaches to teaching, thinking, and learning for each personality type, based on an analysis of extensive questionnaire results and other data. We realized that by combining this analysis with our facial expression and behavior analysis technologies—developed through years of engaging with people’s daily lives and grounded in our human insight (Japanese only) research—we could study children’s individuality and characteristics. This is how we came up with a story in which children play and explore The Land of NOMO, with different messages appearing depending on their actions. This program was made possible using the ideas of our colleagues who work with children every day. The dedicated Expo team alone could not have come up with the concept of The Land of NOMO. We were able to fully leverage our strengths and the unique quality of Panasonic as a company that has long been committed to the betterment of people’s lifestyles.

Through our activities, many people connected to Panasonic expressed their desire to be part of the Expo or try out their ideas. However, only about 10–20 percent of the ideas from nearly 1,000 people have actually been incorporated. Even still, we aim to bring more voices to life through events and other opportunities during the Expo.

What Makes a Pavilion Truly Panasonic?

Meet Matemon—playful characters created by our team and hidden throughout the pavilion as a secret surprise!

Resource circulation is an initiative that reflects the passion of many people within the Panasonic Group. Panasonic has a system of recycling resources that our colleagues have developed through the recycling of home appliances, and our pavilion maximizes this system. At first glance, using wood might seem more environmentally friendly. However, we believe our strength lies in exploring the potential of metal, which can be reshaped into new forms after just six months of use at the Expo. About 98% of the columns and beams supporting the pavilion are made from scrap iron obtained from home appliances. The trunk cables that power the various electrical features of the pavilion experience are made using copper recovered from the printed circuit boards of used home appliances. In a sense, the pavilion has been reborn from home appliances.
We have also collaborated with many partners, asking ourselves what kind of legacy we can leave to the next generation for a better future society. For example, we are conducting hydrogen pipeline demonstrations as part of a co-creation initiative with NTT. Hydrogen produced by the NTT Pavilion, using non-CO2-emitting energy sources such as solar power, is transported through an underground pipeline to a pure hydrogen fuel cell generator at the Panasonic Group Pavilion, where it is used to illuminate the pavilion after sunset. This six-month demonstration at the Expo is designed to contribute to the creation of a hydrogen society.

At the pre-opening lighting ceremony of The Land of NOMO, the illumination designed with students and children was unveiled in front of the children and their families.

I believe the Expo is a place where we will be evaluated by the real reactions of the public. As we operate the pavilion over the next six months, we want to stay mindful of how children feel and how much they enjoy their experience. There is no greater joy than offering children an opportunity, through this pavilion, to discover their hidden potential and take a step toward the future.

The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

MIL OSI Global Banks –

May 27, 2025
MIL-OSI Banking: Episode 04： Time Capsule Expo ’70

Source: Panasonic

Headline: Episode 04： Time Capsule Expo ’70

Here, we share episodes about Konosuke Matsushita, the founder of the Panasonic Group, from our company’s historical records.

The fourth installment in this series introduces the Time Capsule EXPO ’70, which was exhibited at the Japan World Exposition, Osaka 1970, and fascinated many visitors, along with Konosuke’s words.

This photo shows 2,098 objects selected from the natural sciences, social sciences, and arts from a global perspective by consulting 632 experts from 36 countries as well as seeking public entries from all over Japan.

Passing down a message to people 5,000 years ahead in the future

The first world exposition in Asia was held in Suita City, Osaka, for 183 days from March 15 to September 13, 1970. The Matsushita Group (currently Panasonic Group) exhibited the Matsushita Pavillion. The pavilion, based on an architectural design of the Tenpyo culture*1 from the Nara era, along with Japanese traditional aesthetic elements such as a bamboo grove, a pond, and a tea ceremony room, attracted large crowds, reaching as many as 7.6 million visitors in total.
＊1. A Japanese culture that flourished during the Tenpyo years (729 to 749 A.D.) of the Nara era. Numerous temples with graceful roof lines were built during these years.

The Matsushita Pavillion and 70 staff members. Their kimono uniforms, changed for the spring, early summer, and mid-summer seasons, were in perfect harmony with the pavilion’s atmosphere, and they were favorably received by many visitors.

What attracted particular attention was the Time Capsule EXPO ’70, a project prepared in collaboration with The Mainichi Newspapers. With a view to passing contemporary culture down the generations, two capsules containing 2,098 carefully selected objects were buried in the grounds of Osaka Castle Park.*2 One of them was set to be opened in 6970, 5,000 years later.*3
＊2. The site was selected because it would be less affected by future urban development, due to its designation as a historic site in Japan, and because its geological layers are stable.＊3. The documents composing all records of the project were sent to national libraries and museums not only in Japan but also abroad.
On March 15, 1971, the first anniversary of the opening of Expo 1970, Matsushita Electric (currently Panasonic Holdings) and The Mainichi Newspapers held a party at the Osaka Royal Hotel (currently RIHGA Royal Hotel Osaka) for donating the capsules to the Ministry of Education. At the end of the ceremony, Konosuke took the stage and expressed his deep appreciation to all individuals involved for their cooperation, also stating with humor, “This project should prove to be cost-effective, since the name of Matsushita Electric will remain in history 5,000 years from now.” The event concluded in a friendly atmosphere.

Left: Time Capsule created by leveraging the best techniques in Japan at the time for casting the capsule, welding the lid, and preserving the objects.Right: The stainless-steel monument marking the buried site. The capsules will continue to sleep for 5,000 years, 15 meters deep in the ground below the monument.

Passing hope on to the far future

The objects placed in the capsules included a message from Konosuke (aged 75 at the time) to the people of 5,000 years later, recorded on a pure gold disc to prevent damage. Here is part of his message.

“Today’s scientists tell us that the planet is changing year by year. Humanity’s conditions of life are also changing moment by moment. We have no way of knowing with any accuracy what the condition of the planet will be 5,000 years from now, and how humanity’s way of life will have progressed. We can only imagine various scenarios, but that in itself is part of the fascination of making this capsule.… We sincerely hope you take an interest in these contents, examine them, and enjoy imagining what life was like for the people who made this capsule and left it for you, 5,000 years ago. Thank you, and goodbye.”

Konosuke refining the text of his message (left). He spent more than five minutes recording it, with a slightly tense look.

Konosuke later stated, “This project might represent the only living history within this Expo. I am confident that it was one of the productive projects.”
The grand project will leave evidence of advances as of 1970 for the far future and deliver invaluable significance to the people living 5,000 years from then.

Konosuke cutting the opening ribbon of the Matsushita Pavilion. Isoya Yoshida, the architect who planned the new main hall of Chuguji Temple in 1968, designed the pavilion at Konosuke’s request.

Related LinksTime Capsule EXPO ’70Osaka Museum of History: The 157th special exhibition “Open the Time Capsule” (Japanese only)

The content in this website is accurate at the time of publication but may be subject to change without notice.Please note therefore that these documents may not always contain the most up-to-date information.Please note that German, French and Chinese versions are machine translations, so the quality and accuracy may vary.

MIL OSI Global Banks –

May 27, 2025
MIL-Evening Report: How should central banks respond to US tariffs? The RBA provides some clues

Source: The Conversation (Au and NZ) – By Stella Huangfu, Associate professor, University of Sydney

Lightspring/Shutterstock

With the return of Donald Trump to the White House, the United States has signalled a return to aggressive tariff policies, upending economic forecasts around the world.

This leaves central banks with a tricky dilemma: how to respond when inflation and global growth are being shaped by political decisions rather than economic fundamentals?

Tariffs lift import prices and disrupt trade, which could lead to higher inflation. But they can also dampen consumer demand and undermine business confidence, which would slow economic growth.

This leaves central banks balancing two opposing forces – do they raise interest rates to control inflation, or cut interest rates to support growth?

Three big shocks in a row

This week, Reserve Bank of Australia (RBA) Governor Michele Bullock addressed this challenge in a press conference after cutting interest rates for the second time this year.

She described the current period as one of “shifting and unusual uncertainty”.

Central banks, she noted, have faced three major shocks in succession: the global financial crisis, the COVID pandemic, and now the fallout from Trump’s trade policies.

Each, she said, is different – this latest one being political in nature and harder to categorise. Bullock stressed the difficulty of judging whether such shocks are supply-driven or demand-driven, or both, and emphasised the need to prepare for a range of outcomes.

So, the Reserve Bank took the unusual step of outlining three alternative global scenarios – trade war, trade peace, and a central baseline. Each one has distinct implications for Australian monetary policy.

It’s a clear example of how central banks can remain flexible and forward-looking in a world where the next shock may look nothing like the last.

Looking at three global scenarios

1. Trade war (escalation)

In this scenario laid out in the Reserve Bank’s quarterly statement on monetary policy, the US imposes sweeping new tariffs. That prompts retaliation and a slowdown in global trade. Supply chains are hit and business confidence falls.

Australia would feel the consequences quickly: weaker export demand, rising import prices, and a difficult mix of slower growth and temporary inflation. Here, the Reserve Bank would likely look past short-term price increases and focus on deteriorating demand. A rate cut would become more likely, despite inflation being above target in the short run.

2. Trade peace (de-escalation)

If the US backs away from new tariffs and tensions ease, global confidence improves and trade stabilises. Australia benefits from stronger global demand, a rebound in commodity exports and rising investment.

In this setting, inflation rises gradually due to higher activity – not import price shocks. The Reserve Bank might hold rates steady, or even consider hiking rates if inflation pressures build. But this scenario also carries risk: if the recovery is faster than expected, interest rates may be left low for too long.

3. Baseline scenario

In the bank’s central case, trade tensions persist but do not escalate. Global growth slows moderately and firms adjust to ongoing strain in supply chains.

Australia sees subdued but stable economic growth. Inflation remains within the 2-3% target band in the near term, and the Reserve Bank would stay open to either raising or lowering interest rates, depending on how risks evolve.

Other central banks face similar choices

Australia’s central bank is not alone in navigating these challenges.

At the Bank of England, the decision to cut rates in May showed a divided Monetary Policy Committee. While the majority supported a 0.25% cut, two members – including trade expert Swati Dhingra – called for a larger 0.5% move to better support growth. The split highlights the difficulty of gauging how aggressively to respond in an uncertain environment.

In the US, Federal Reserve Chairman Jerome Powell has warned of the risks posed by Trump’s new tariffs. Speaking in April, Powell said the impact could be “larger than expected”, threatening both growth and inflation.

With trade policy largely out of the Fed’s hands, he noted, the central bank must still monitor developments on tariffs closely because of their potential to disrupt both employment and prices.

The road ahead

The re-emergence of US tariffs adds to the complexity facing central banks. As Bullock noted, this is not just another economic shock – it’s a politically driven one, which is harder to model and forecast.

The Reserve Bank’s response offers a practical framework: map out potential scenarios, weigh their implications and stand ready to move. In an uncertain world, monetary policy must be based not just on data, but on judgement, flexibility and contingency planning.

Read more:
What are tariffs?

Stella Huangfu 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 should central banks respond to US tariffs? The RBA provides some clues – https://theconversation.com/how-should-central-banks-respond-to-us-tariffs-the-rba-provides-some-clues-257329

MIL OSI Analysis – EveningReport.nz –

May 27, 2025
MIL-OSI USA: Murphy, Warren, Merkley, Blumenthal, Liccardo, Advocates Call Out Trump’s Corrupt Meme Coin Dinner, Demand The Release Of Attendees’ Names And What Favors They’re Getting

US Senate News:

Source: United States Senator for Connecticut – Chris Murphy

May 22, 2025

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WASHINGTON—U.S. Senator Chris Murphy (D-Conn.) on Thursday led a press conference with U.S. Senators Elizabeth Warren (D-Mass.), Jeff Merkley (D-Ore.), and Richard Blumenthal (D-Conn.) and U.S. Representative Sam Liccardo (D-Calif.), Public Citizen, Citizens for Responsibility and Ethics in Washington (CREW), and End Citizens United to call out the blatant corruption behind President Trump’s meme coin dinner — a secretive, high-dollar event where anonymous crypto investors are buying direct access to Trump. The Members demanded full transparency: who’s attending, how much they paid, and what kind of influence they’re expecting in return for the millions of dollars they put in Trump’s meme coin. With no press, no disclosure, and crypto wallets tied to foreign actors, this dinner isn’t just unethical — it’s a national security risk. It’s pay-to-play politics on steroids, and Trump is cashing in. The dinner is scheduled for tonight at Trump National Golf Club in Sterling, Virginia.

“We’re here today to call on the President and the people who serve him to do something really simple: release the names of the people who are going to be there,” said Murphy. “Even if you release the names, it’s still corrupt. But at least let us see who’s going to be there. At least let the American people know who has bought access to the President. Release the names. If there’s nothing wrong, if you think that this is all above board, then what are you hiding?”

“Americans sent us to Congress to unrig the economy — not to help the President turn the White House into a crypto cash machine with private dinners for his top meme coin buyers or legislation that supercharges his stablecoin profits,” said Banking Committee Ranking Member Warren. “The GENIUS Act should be written to prohibit the president and his family from profiting—period.”

“President Trump has put a ‘for sale’ sign on the White House lawn with his cryptocurrency schemes,” said Merkley. “Congress needs to act fast to stop the massive corruption and national security threat that is Trump selling access and influence to the highest bidders. My End Crypto Corruption Act not only cracks down on this corruption but also prevents other federal officials, like Members of Congress, from betraying our ‘We The People’ government.”

“Donald Trump is selling access. He is selling out America, he is selling it to a foreign power, and he is putting our national security at risk. Trump is becoming beholden to foreign powers—the Emirates that provided $2 billion to World Liberty Financial, the Qataris that have provided him with a plane, and the unknown foreign actors that have invested in his meme coin operation. It’s not just about corruption—it is about corruption that endangers our national security by putting the president in a compromised position in relation to foreign powers,” said Blumenthal. “My hope is that the Trump Administration will give us the list of individuals attending tonight’s dinner as the Permanent Subcommittee on Investigation has asked them to provide.”

“I was not invited to dine with Donald Trump today. I’m not disappointed. But you know who should be disappointed? The 746,000 people (probably many of them Americans) who bought small amounts of that Trump coin – maybe some of them bought a little bit more – who didn’t get invited. When I introduced the MEME Act in the House it was because, to borrow from Richard Nixon, those 764,000 Americans needed to know that their president was a crook. And hopefully, we’re going to find some Republicans who have the courage and the spine to say this is corruption regardless of which party is committing it,” said Liccardo.

“America should not be for sale. With tonight’s prize dinner, our President is using his private golf course to cater to some of the world’s richest people, instead of working on behalf of working families and our country. He claims to be ‘America first,’ but really, he’s ‘Donald Trump first.’ Between his outrageous meme coin grift, his Tesla car show on the White House lawn, the jumbo jet gift from Qatar and his numerous candlelit dinners for tech bros and foreign billionaires, this President is the definition of corruption and personal profit over regular people,” said Lisa Gilbert, co-president of Public Citizen.

“The President’s corrupt dinner is yet another alarming example of foreign interests opening their wallets to him. By turning the American presidency into a money-making venture, Trump is inviting an unprecedented level of corruption—and putting our national security at risk. End Citizens United proudly stands with Senator Murphy and the other lawmakers who spoke out today to demand transparency and accountability,” said Justin Unga, Vice President of Public Affairs, End Citizens United.

Earlier this month, Murphy introduced the Modern Emoluments and Malfeasance Enforcement (MEME) Act, legislation to prevent corrupt federal officials from using their position to profit off digital assets such as meme coins. Rep. Liccardo introduced companion legislation in the U.S. House of Representatives.

MIL OSI USA News –

May 27, 2025
MIL-OSI China: Announcement on Open Market Operations No.97 [2025]

Source: Peoples Bank of China

Announcement on Open Market Operations No.97 [2025]

(Open Market Operations Office, May 23, 2025)

The People’s Bank of China conducted reverse repo operations in the amount of RMB142.5 billion through quantity bidding at a fixed interest rate on May 23, 2025.

Details of the Reverse Repo Operations

Maturity

Rate

Bidding Volume

Winning Bid Volume

7 days

1.40%

RMB142.5 billion

RMB142.5 billion

Date of last update Nov. 29 2018

2025年05月23日

MIL OSI China News –

May 27, 2025

MIL-OSI Economics: Money Market Operations as on May 22, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	6,19,034.06	5.78	1.00-6.03
I. Call Money	19,706.01	5.85	4.85-5.90
II. Triparty Repo	4,18,840.25	5.79	5.60-5.91
III. Market Repo	1,78,992.80	5.78	1.00-6.03
IV. Repo in Corporate Bond	1,495.00	5.93	5.90-6.00
B. Term Segment
I. Notice Money**	84.50	5.77	5.45-5.90
II. Term Money^@@	1,255.00	–	6.05-6.15
III. Triparty Repo	3,348.00	5.82	5.75-5.90
IV. Market Repo	695.06	5.85	5.85-5.85
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Thu, 22/05/2025	1	Fri, 23/05/2025	4,341.00	6.01
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo
(b) Reverse Repo
3. MSF^#	Thu, 22/05/2025	1	Fri, 23/05/2025	616.00	6.25
4. SDF^Δ#	Thu, 22/05/2025	1	Fri, 23/05/2025	1,38,547.00	5.75
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				-1,33,590.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
(III) Long Term Operations^{^}
(a) Repo	Thu, 17/04/2025	43	Fri, 30/05/2025	25,731.00	6.01
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				8,735.56
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				34,466.56
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				-99,123.44
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		May 22, 2025		9,62,288.12
(ii) Average daily cash reserve requirement for the fortnight ending		May 30, 2025		9,48,817.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		May 22, 2025		4,341.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		May 02, 2025		2,34,873.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
^# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
^{^} As per the Press Release No. 2025-2026/91 dated April 11, 2025.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2025-2026/391

MIL OSI Economics –

May 27, 2025

MIL-OSI Russia: Financial news: IIS-3 gaining popularity among broker clients

Translation. Region: Russian Federal

Source: Central Bank of Russia –

In January-March, the growth of brokerage IIS slowed down compared to the fourth quarter (82 thousand versus 137 thousand), but remains significantly higher than at the beginning of 2024, when this instrument first appeared on the market and investors assessed its advantages.

According to the largest market participants, a total of about 866 thousand IIS of the third type were opened (198 thousand in the first quarter of 2025). Over 90% are new accounts, the rest were converted from IIS of the first and second types.

Despite the fact that the inflow of funds to IIS has decreased slightly compared to the previous quarter, it still remains at a high level. Net client contributions and positive revaluation of securities contributed to the growth of IIS portfolios — up to 637 billion rubles. According to the largest companies, the value of assets in IIS type 3 alone amounted to 183 billion rubles (67 billion rubles per quarter).

Read more in the article “Trends in the Individual Investment Accounts Segment in Q1 2025”.

Preview photo: dotshock / Shutterstock / Fotodom

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.

Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

HTTPS: //vv. KBR.ru/Press/Event/? ID = 24619

MIL OSI Russia News –

May 27, 2025
MIL-OSI Security: Two out-of-state residents charged with stealing Alaskan identities to target local financial institutions

Source: Office of United States Attorneys

ANCHORAGE, Alaska – A federal grand jury in Alaska returned an indictment yesterday charging two out-of-state residents with conspiring to commit bank fraud by stealing identities and creating false identification documents.

According to court documents, on April 14, 2025, the Anchorage Police Department (APD) received a report that a female entered three local bank branches in Eagle River, Wasilla and Anchorage, respectively. The female presented potentially fraudulent military ID and passport cards and requested to withdraw $9,500 from accounts at each branch. The documents had the female’s picture but the name and date of birth of the account holders. The female successfully withdrew $9,500 from the Eagle River and Wasilla branches for a total of $19,000.

On April 15, 2025, Soldotna Police Department (SPD) received a report similar to the report APD received the day prior, detailing that a female entered a local credit union and presented a potentially fraudulent military ID and passport card to try and withdraw cash. Staff suspected the identification was fraudulent and attempted to contact their fraud department. While on the phone, the female left the credit union.

Later the same day, the Kenai Police Department (KPD) received the same report of a female presenting a potentially fraudulent military ID and passport card at a local bank to try and withdraw cash. Bank staff recognized the female from a recent internal fraud alert.

Staff at the Kenai bank attempted to call the police after the female suspect presented the alleged false documents, but she fled the bank in a vehicle. SPD officers located the vehicle and conducted a traffic stop. Law enforcement identified the driver as Karey McLeish, 25, of Texas and the female suspect, who was a passenger in the vehicle, as Rebekah Walker, 45, of Connecticut. Officers searched the defendants and located over $700 in cash and a plane ticket from Texas to Anchorage dated April 13, 2025. Officers also searched the vehicle and discovered over $1,600 in cash, three cell phones and key cards for a local hotel.

Court documents further explain that law enforcement searched the hotel room McLeish and Walker were staying at in Soldotna and located a bag containing men’s clothing and hygiene products, as well as 11 military ID’s and 11 U.S. passport cards. The identification documents contained different names and dates of birth for Alaska residents, but all had Walker’s picture.

McLeish and Walker were originally charged by complaints on May 16, 2025, and were arrested in Kenai on May 21, 2025.

McLeish and Walker are charged with one count of conspiracy to commit bank fraud, five counts of aggravated identity theft, five counts of forgery or false use of a passport and one count of fraud in connection with identification documents. The defendants are scheduled to make their initial court appearance on May 23, 2025, before U.S. Magistrate Judge Kyle F. Reardon of the U.S. District Court for the District of Alaska. If convicted, they face a mandatory minimum penalty of two years in prison for each aggravated identity theft count, and up to 30 years in prison for the other seven counts. A federal district judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

U.S. Attorney Michael J. Heyman for the District of Alaska and Special Agent in Charge William Chang of the U.S. Department of State Diplomatic Security Service (DSS), San Francisco Field Office made the announcement.

The DSS San Francisco Field Office, with assistance from APD, KPD and SPD, is investigating the case.

Assistant U.S. Attorney Amy Miller is prosecuting the case.

An indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

###

MIL Security OSI –

May 27, 2025
MIL-OSI Security: Rapids Theatre Owner Pleads Guilty to Defrauding COVID Relief Programs Out of More Than $1.8 Million

Source: US FBI

BUFFALO, N.Y.-U.S. Attorney Michael DiGiacomo announced today that John L. Hutchins, 71, of Lewiston, NY, pleaded guilty before Judge Meredith A. Vacca to conspiracy to commit wire fraud and bank fraud, which carry a maximum penalty of 30 years in prison and a $1,000,000 fine.

Assistant U.S. Attorneys Paul E. Bonanno and Douglas A. C. Penrose, who are handling the case, stated that between March 2020, and March 2024, Hutchins conspired with co-defendant Roberto Soliman and others to file fraudulent loan applications under the Economic Injury Disaster Loan (EIDL), the Paycheck Protection Program (PPP), and the Shuttered Venue Operators Grant (SVOG). The loans available for these programs were designed to provide emergency financial assistance pursuant to the Coronavirus Aid, Relief, and Economic Security (CARES Act). Hutchins and Soliman applied for loans under the following companies, which were owned by Hutchins:

•           Rapids Theatre Niagara Falls, USA, Inc.

•           1711 Main, LLC

•           Bear Creek Entertainment, LLC

•           Hutch Enterprises, LLC

•           The Hutchins Agency, LLC

•           CWE Entertainment, Corp. (owned by defendant Soliman)

Between March and August 2020, Hutchins and Soliman received five Economic Injury Disaster Loans totaling $779,500.00. In addition, they received SVOG loans totaling $989,905.05, a PPP loan from Bank on Buffalo totaling $74,838, and a PPP loan from Northwest Bank totaling $41,140. In support of each of the loans, Hutchins and Soliman submitted false revenue and expense figures for the businesses on the loan applications.

Charges remain pending against Roberto Soliman.

The plea is the result of an investigation by the Federal Bureau of Investigation, under the direction of Special Agent-in-Charge Matthew Miraglia, the Internal Revenue Service, Criminal Investigation Division, under the direction of Acting Special Agent-in-Charge Harry Chavis, U.S. Customs and Border Protection, under the direction of Rose Brophy, Director of Field Operations, and the New York State Office of Professional Discipline.

# # # #

MIL Security OSI –

May 27, 2025
Markets open higher; Nifty crosses 24,700 mark on broad-based buying

Source: Government of India

Source: Government of India (4)

Indian equity markets opened on a firm note on Friday, with benchmark indices trading higher amid mixed global cues and strong domestic macroeconomic fundamentals. Early gains were led by buying interest in FMCG, IT, and auto stocks.

At 9:29 AM, the BSE Sensex was up by 281.75 points, or 0.35%, at 81,233.74, while the NSE Nifty climbed 109.75 points, or 0.45%, to trade at 24,719.45.

The Nifty Bank index was also in the green, rising 69.85 points, or 0.13%, to 55,011.15. Broader markets mirrored the positive trend, with the Nifty Midcap 100 gaining 258.10 points (0.46%) to 56,582.95 and the Nifty Smallcap 100 advancing 58.30 points (0.33%) to 17,561.40.

Market experts attributed the upbeat sentiment to India’s robust economic indicators, including steady GDP growth and declining inflation and interest rates.

Top gainers in the Sensex included ITC, Adani Ports, Infosys, PowerGrid, Tech Mahindra, Tata Steel, SBI, HCL Tech, UltraTech Cement, Tata Motors, and L&T. On the flip side, Sun Pharma, M&M, NTPC, Bajaj Finance, Bharti Airtel, Maruti Suzuki, and ICICI Bank were among the major laggards.

In Asia, major markets such as China, Hong Kong, Bangkok, Seoul, Jakarta, and Japan were trading in the green, providing a supportive backdrop to Indian equities.

Overnight in the US, key indices posted a mixed close. The Dow Jones Industrial Average ended almost flat at 41,859.09, down 1.35 points. The S&P 500 slipped 2.60 points to 5,842.01, while the Nasdaq Composite rose 53.09 points to 18,925.74.

Experts noted that US equities were volatile following the retreat of Treasury yields after the passage of tax and spending legislation by the US House of Representatives.

On the institutional front, foreign institutional investors (FIIs) were net sellers to the tune of ₹5,045.36 crore on May 22, while domestic institutional investors (DIIs) bought equities worth ₹3,715.00 crore.

“Even when the market turns weak, domestic demand-driven segments like financials, telecom, and aviation remain resilient. This is evident in the strength of stocks like ICICI Bank, Bharti Airtel, and InterGlobe Aviation. The market is sending a clear signal,” said Dr. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

-IANS

May 27, 2025

MIL-OSI Economics: Result of Underwriting Auction conducted on May 23, 2025

Source: Reserve Bank of India

In the underwriting auction conducted on May 23, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

Nomenclature of the Security	Notified Amount (₹ crore)	Minimum Underwriting Commitment (MUC) Amount (₹ crore)	Additional Competitive Underwriting Amount Accepted (₹ crore)	Total Amount underwritten (₹ crore)	ACU Commission Cut-off rate (paise per ₹100)
6.75% GS 2029	15,000	7,518	7,482	15,000	0.03
7.09% GS 2054	12,000	6,006	5,994	12,000	0.19
Auction for the sale of securities will be held on May 23, 2025.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2025-2026/392

MIL OSI Economics –

May 27, 2025

MIL-OSI Security: FBI Seeking Information Related to Attempted Bank Robbery

Source: US FBI

ANCHORAGE, AK—The FBI Anchorage Field Office is seeking information regarding an attempted bank robbery that took place on Thursday, August 8, 2024, at the First National Bank Alaska branch located at 1210 W Northern Lights Boulevard in Anchorage.

At approximately 5:38 p.m., an unknown female suspect entered the bank, produced a note to one of the bank employees, and verbally demanded money. The unknown suspect then grabbed the note from the employee and fled from the area on a bicycle.

Witnesses described the suspect as a female approximately 5’0″ tall. She wore a dark-colored, cold weather coat, with a face mask and gloves.

If the public has any information concerning the attempted bank robbery, please contact the FBI Anchorage Field Office at 907-276-4441 or online at tips.fbi.gov.

MIL Security OSI –

May 27, 2025
MIL-OSI Security: Brooklyn Man Admits to Fraudulently Entering Competitor Laboratory, Destroying and Stealing Equipment

Source: US FBI

NEWARK, N.J. – A Brooklyn, New York man admitted to having entered a laboratory business on false pretenses and destroying and stealing that business’ equipment, U.S. Attorney John Giordano announced.

Eric Leykin, 33, of Brooklyn, New York, pleaded guilty before U.S. District Judge Esther Salas in Newark federal court to a one-count indictment charging him with wire fraud.

According to documents filed in this case and statements made in court:

Leykin was the CEO of a clinical reference laboratory based in New Jersey. Leykin’s laboratory competed against the victim business, another clinical reference laboratory also based in New Jersey. On June 30, 2022, Leykin bought and activated a prepaid mobile phone and called an employee of the victim business, claiming to be a technician with a vendor that the victim business used to service its laboratory equipment. On that false pretense, Leykin arranged with the victim business’ employee to come to the victim business on the following day, supposedly to service the victim business’ laboratory equipment. On July 1, 2022, the date of the supposed service appointment, Leykin went to the victim business, entered the premises fraudulently posing as a vendor technician, and proceeded to destroy a significant amount of the victim business’ laboratory and computer equipment. Leykin also stole multiple hard drives housed within the victim business’ equipment.

The wire fraud count carries a maximum potential penalty of 20 years in prison and a maximum fine of either $250,000 or twice the gain or loss from the offense, whichever is greatest. Sentencing is scheduled for July 22, 2025.

U.S. Attorney Giordano credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, with the investigation leading to the guilty plea. U.S. Attorney Giordano also thanked the Essex County Prosecutor’s Office, under the direction of Prosecutor Theodore N. Stephens II, and the Millburn Police Department, under the direction of Chief Brian Gilfedder, for substantial assistance provided to the investigation.

The government is represented by Assistant U.S. Attorneys Andrew M. Trombly, Deputy Chief of the Cybercrime Unit, and Chana Y. Zuckier of the Bank Integrity, Recovery, and Money Laundering Unit.

###

Defense counsel: Albert Dayan, Esq.; Robert DeGroot, Esq.; Oleg Nekritin, Esq.

MIL Security OSI –

May 27, 2025
MIL-Evening Report: ‘Starving’ masked Palestine protesters condemn Luxon’s Gaza ‘appeasement’
Asia Pacific Report

Protesting New Zealanders donned symbolic masks modelled on a Palestinian artist’s handiwork in Auckland’s Takutai Square today to condemn Israel’s starvation as war weapon against Gaza and the NZ prime minister’s weak response.

Coming a day after the tabling of Budget 2025 in Parliament, peaceful demonstrators wore hand-painted masks inspired by Gaza-based Palestinian artist Reem Arkan, who is fighting for her life alongside hundreds of thousands of the displaced Gazans.

The “bodies” represented more than 53,000 Palestinians killed by Israel’s brutal 19-month war on Gaza.

The protest coincided with Prime Minister Christopher Luxon addressing the Trans-Tasman Business Circle in Auckland.

The demonstrators said they chose this moment and location to “highlight the alarmingly tepid response” by the New Zealand government to what global human rights organisations — such as Amnesty International and Human Rights Watch — have branded as war crimes and acts of collective punishment amounting to genocide.

“This week, we heard yet another call for Israel to abide by international law. This is not leadership. It’s appeasement,” said a spokesperson, Olivia Coote.

“The time for statements has long passed. What we are witnessing in Gaza is a humanitarian catastrophe, and New Zealand must impose meaningful sanctions.

“Israel’s actions, including the deliberate targeting of civilian infrastructure, forced displacement, and obstruction of humanitarian aid, constitute grave breaches of the Geneva Conventions of which we are signatories.”

A self-portrait by Palestinian artist Reem Arkan who depicts the suffering of Gaza – and the beauty – in spite of the savagery of the Israel attacks. Image: Insta/@artist_reemarkan

Green Party Co-Leader Chlöe Swarbrick challenged Prime Minister Luxon in Parliament over his government’s response earlier this week, saying: “We’ve had lots of words. We need action.”

Luxon claimed that sanctions were in place — but the only measure taken has been a travel ban on 12 extremist Israeli settlers from the West Bank.

“This is an action that does nothing to protect the more than two million Palestinians in Gaza who face daily bombardment, siege, and starvation,” Coote said.

The protesters are calling on the New Zealand government to act immediately by:
- Imposing sanctions on Israel; and
- Suspending all diplomatic and trade relations with Israel until there is an end to hostilities and full compliance with international humanitarian law.
“This government must not be complicit in atrocities through silence and inaction,” Coote said. “The people of Aotearoa New Zealand demand leadership as the world watches a genocide unfold in real time.”

A street theatre protester demonstrates today against starvation as a weapon of war as deployed by Israel in its brutal war on Gaza. Image: APR
MIL OSI Analysis – EveningReport.nz –
May 27, 2025
MIL-OSI Security: CEO of CardReady LLC Sentenced to Seven Years in Prison for $19 Million Credit Card Laundering Scheme

Source: US FBI

Defendant Created Phony Merchant Accounts to Obtain Credit Card Processing for Fraudulent Telemarketing Scheme

Matthew Podolsky, the Acting United States Attorney for the Southern District of New York, announced that BRANDON BECKER, the former CEO of CardReady, LLC (“CardReady”), was sentenced today to seven years in prison for operating a credit card laundering scheme in which BECKER and his co-conspirators stole over $19 million based on false promises that they could reduce thousands of customers’ debt burdens. As part of this scheme, BECKER and his co-conspirators created dozens of sham merchant accounts and false merchant applications, defrauding a credit card processing company and federally insured bank into processing victim payments. BECKER previously pled guilty before U.S. District Judge Loretta A. Preska, who also imposed today’s sentence.

Acting U.S. Attorney Matthew Podolsky said: “Over a two-year period, Brandon Becker and his co-conspirators preyed on nearly 20,000 victims who were trying to reduce their debt burdens. Becker tasked co-conspirators at CardReady to recruit straw owners for shell companies, and deceived credit card payment processors into fraudulently processing more than $19 million in stolen funds. With today’s sentence, Becker faces the consequences of this massive fraud, sending the clear message that corporate executives who facilitate fraud will be held accountable for their crimes.”

According to the Superseding Indictment, court filings, and statements made in Court:

BECKER was the CEO of CardReady, a Los-Angeles based company acting as a sales agent in the credit card processing industry. As part of its business as a sales agent, CardReady found merchants who wanted credit card processing services, and submitted merchant applications on behalf of those merchants to an Independent Sales Organization (“ISO”), referred to in the Indictment as the “New York ISO.” The New York ISO then evaluated the merchant applications, and referred acceptable merchant accounts for processing up the chain to Payment Processor-1 and to Bank-1. Bank-1 and Payment Processor-1, in turn, processed payments to merchants for purchases by customers who had used credit cards.

In or about 2012, BECKER negotiated a deal with co-defendant STEVEN SHORT, the former head of Florida-based E.M. Systems & Services LLC and affiliated companies (collectively, “E.M. Systems”). Under this deal, CardReady would retain approximately one-third of E.M. Systems’ credit card sale transactions in exchange for providing E.M. Systems access to the credit card processing network. For roughly the next two years, SHORT and telemarketers working in boiler rooms for E.M. Systems cold-called customers and offered services, including debt consolidation and interest-rate reduction, which were prohibited by the applicable guidelines from Bank-1 and other associated processing entities (the “Guidelines”), and which – as BECKER knew – would produce chargebacks from dissatisfied customers far in excess of the number and rate of chargebacks permitted under the Guidelines.

In securing payment card processing for E.M. Systems, BECKER concealed that E.M. Systems was the true underlying merchant. Instead, BECKER and his subordinates and co-conspirators, created approximately 26 sham merchant companies, each headed by a “signer” (the “Sham Merchants” and the “Sham Merchant Accounts”). The 26 signers for the 26 Sham Merchants typically had no business of their own, and lacked knowledge of E.M. Systems’ business. In return for signing the paperwork provided to them, the signers were paid a nominal fee from CardReady.

BECKER and his co-conspirators prepared and coordinated fraudulent merchant applications for each of the Sham Merchants, through merchant applications that falsely described the Sham Merchants to make them look like legitimate independent businesses and to make it more likely that the associated Sham Merchant Account would be approved for processing by the New York ISO, Payment Processor-1, and Bank-1. The merchant application for each Sham Merchant also concealed the Sham Merchant’s true association with E.M. Systems.

By steering E.M. Systems’s payment processing through these Sham Merchant Accounts, BECKER accomplished a number of fraudulent purposes. First, the use of these Sham Merchant Accounts made it possible for E.M. Systems and other high-risk merchants to conceal their identities from Payment Processor-1 and Bank-1 and to maintain payment card processing. This was particularly relevant, as Payment Processor-1 repeatedly required CardReady to close individual Sham Merchant Accounts because of excessive chargebacks and reports of sales of prohibited services. BECKER then caused CardReady to quickly replace the closed Sham Merchant Accounts with new Sham Merchant Accounts, precluding Payment Processor-1 from shutting down its processing of E.M. Systems and other high-risk merchants. Second, the fraudulent processing scheme enabled E.M. Systems and other high-risk merchants to spread out their charges, refunds, and chargebacks across multiple Sham Merchant Accounts. This enabled them to evade chargeback monitoring programs operated by Bank-1, Payment Processor-1, and the New York ISO.

BECKER’s use of signers to deceive payment processors was not limited to the E.M. Systems scheme. BECKER and his agents and employees at CardReady systematized the recruitment of over 270 signers and the creation of over 800 Sham Merchant Accounts to be used by more than 30 high risk clients other than E.M. Systems between approximately 2012 and 2016, both before and after the E.M. Systems scheme.

* * *

BECKER, 53, of Los Angeles, California, pled guilty on August 30, 2024, to one count of conspiracy to commit wire fraud and bank fraud. In addition to the prison sentence, BECKER was sentenced to three years of supervised release and ordered to pay restitution in the amount of $1,910,600.05, and forfeiture of $11,405,964.00.

STEVEN SHORT, 48, of Tampa, Florida, pled guilty on August 16, 2022, to one count of conspiracy to commit wire fraud and bank fraud. On May 2, 2023, SHORT was sentenced to 78 months in prison and three years of supervised release and ordered to pay restitution in the amount of $1,910,600.05 and forfeiture of $8,833,889.69.

Mr. Podolsky praised the work of the Federal Bureau of Investigation and thanked the Federal Trade Commission for its assistance.

This case is being handled by the Office’s Complex Frauds and Cybercrime Unit. Assistant U.S. Attorneys Vladislav Vainberg and Timothy Capozzi are in charge of the prosecution.

MIL Security OSI –

May 27, 2025
MIL-OSI: Security Federal Announces Cash Dividend

Source: GlobeNewswire (MIL-OSI)

AIKEN, S.C., May 22, 2025 (GLOBE NEWSWIRE) — Security Federal Corporation, parent company of Security Federal Bank, is pleased to announce that a quarterly dividend of $0.15 per share will be paid on or about June 15, 2025, to shareholders of record as of May 31, 2025.

This is the one hundred thirty-eighth consecutive quarterly dividend to shareholders since the Bank’s conversion in October of 1987 from a mutual to a stock form of ownership. The dividend was declared as a result of the Bank’s continued profitability.

Security Federal Bank has nineteen full-service branch locations in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank, and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

Security Federal Corporation common stock is traded on the Over-the-Counter Bulletin Board under the symbol SFDL.

The MIL Network –

May 27, 2025
MIL-OSI United Kingdom: Markeaton Park paddling pool to open for the summer

Source: City of Derby

Derby City Council is delighted to announce that the popular paddling pool at Markeaton Park will open on Saturday 24 May.

Families will once again be able to enjoy the free facility, which is located within the popular Mundy Place Centre. The pool has been fully resurfaced to address previous deterioration in its condition.

The pool could not be opened last year due to unforseen technical issues encountered by contractors during the resurfacing process, exacerbated by prolonged wet weather.

The Council has worked closely with the contractors to ensure the pool is ready to welcome visitors for the Spring Bank Holiday weekend, marking the start of its usual summer season. It will be open daily from 10:30am until 4pm until 7 September.

Councillor Ndukwe Onuoha, Derby City Council Cabinet Member for Streetpride, Public Safety and Leisure, said:

We know how incredibly popular the paddling pool is, and we’re absolutely delighted that it will be open for its usual season this year. We shared everyone’s disappointment that the pool couldn’t open last year due to the unforeseen setbacks during the essential resurfacing work.

Our teams have worked diligently with the contractor to ensure the pool is safe and ready for everyone to enjoy this year.

To keep everyone safe, the pool’s water quality will be monitored throughout the day. If a high number of visitors affects the water, temporary fencing may be used to limit pool access until the quality is back to normal.

Markeaton Park is Derby’s most visited park and has a host of attractions to keep visitors entertained, including picturesque parkland and walking trails, sports facilities, the Tree House Trek high ropes course and the popular Craft Village and Orangery Café. During the school holidays, families can enjoy bouncy castles, electric cars, canoes, mini golf and fairground rides at Mundy Play Centre, plus the Famous Trains model railway.

The Water Play area at Chaddesden Park will also be open as usual for the summer season. It reopens on Saturday as scheduled, from midday until 5pm at weekends and during the school holidays (weather permitting), until early September. Like the paddling pool, user numbers may need to be managed during busy periods to ensure safety and water quality.

You can find out more about what’s on offer at Derby’s parks on the InDerby website.

MIL OSI United Kingdom –

May 27, 2025
MIL-OSI: Silvercrest Asset Management Group Appoints Van Martin as Head of U.S. Consultant Relations

Source: GlobeNewswire (MIL-OSI)

NEW YORK, May 22, 2025 (GLOBE NEWSWIRE) — Silvercrest Asset Management Group (NASDAQ: SAMG) is pleased to announce the appointment of Van Martin as Head of U.S. Consultant Relations. In this role, Mr. Martin will oversee the firm’s initiatives to strengthen its partnerships with new and existing institutional investors, deepen consultant relationships, and expand the growth of Silvercrest’s institutional business in the U.S.

Since joining Silvercrest in 2014, Mr. Martin has been instrumental in expanding the firm’s intermediary and institutional client base, building relationships with broker-dealers, consulting firms, and key U.S.-based institutional investors. As a Partner and Managing Director at Silvercrest, Mr. Martin brings over a decade of experience and a deep understanding of the firm’s U.S.-based investment capabilities.

Allen Gray, Global Head of Silvercrest’s Institutional Business, remarked, “We are immensely proud of Van’s contributions and his longstanding collaboration with our U.S.-focused equity investment teams over the past 11 years. We are very pleased to have Van leading our Consultant Relations efforts in the U.S. Marketplace.”

Mr. Martin is based in the firm’s headquarters in New York City and will report to Allen Gray, Global Head of Silvercrest’s Institutional Business. The team will leverage their combined experience and market knowledge to optimize consultant and client activities, ensuring the best outcomes for institutional clients both in the U.S. and around the globe.

“I am thrilled to lead Silvercrest’s U.S. institutional consultant relations efforts,” Mr. Martin commented. “I look forward to working with our clients and partners to strengthen our relationships and build upon Silvercrest’s legacy of delivering an exceptional client experience through the high-quality expertise of our talented investment teams.”

About Van Martin

Van Martin is a Managing Director and Head of U.S. Consultant & Client Relations, focusing on Silvercrest’s Institutional Asset Management business. Prior to joining Silvercrest in 2014, Mr. Martin held various roles in the Equity Capital Markets division of Sterne Agee & Leach (now Stifel Nicolaus), where he served as an Associate on the Institutional Equity Sales & Trading desk and later as the Associate Director of the newly formed Equity Product Management desk. A native of Memphis, Tennessee, Mr. Martin attended the University of Mississippi, where he graduated with a B.A. in Managerial Finance, a B.A. in Banking & Commerce, and a Minor in Real Estate Finance.

About Silvercrest Asset Management

Silvercrest was founded in April 2002 as an independent, employee-owned registered investment adviser. With offices in New York, Boston, Virginia, Atlanta, New Jersey, California, Wisconsin, and Singapore, Silvercrest provides traditional and alternative investment advisory and family office services to wealthy families and select institutional investors. As of March 31, 2025, the firm reported assets under management of $34.3 billion.

Contact:
J. Allen Gray
Managing Director, Head of Institutional Business
212-649-0765
agray@silvercrestgroup.com

The MIL Network –

May 27, 2025
MIL-OSI Europe: Frank Elderson: Nature’s bell tolls for thee, economy!

Source: European Central Bank

Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Naturalis Biodiversity Center

Leiden, 22 May 2025

Thank you for inviting me to speak at this annual biodiversity dinner. The wide range of speakers here this evening – on international biodiversity day – is testament to the relevance of biodiversity across disciplines.

Nature isn’t just the roots and shoots of biologists, macroecologists and natural scientists. Beyond its intrinsic value, nature provides vital services that are relevant for all of us – for entrepreneurs, workers, policymakers and bankers, but also for central bankers and financial supervisors.

A thriving natural environment provides vital benefits that sustain our well-being and serve as a crucial driving force for the global economy. Think of fertile soils, pollination, timber, fishing stocks, clean water and clean air.

But we are well aware of the daunting facts that confirm the dire state of ecosystem services. Intensive land use, the climate crisis, pollution, overexploitation and other human pressures are rapidly and severely damaging our natural resources.

75% of land surface ecosystems and 66% of ocean ecosystems have been damaged, degraded or modified.

We are using natural resources 1.7 times faster than ecosystems can regenerate them. Consequently, the contribution that nature can make to our economies – and our way of life – is steadily diminishing every day.

These fateful facts and figures confront us as vividly as Edvard Munch’s iconic scream. Yet, accounting for nature and the services it provides is challenging. What nature provides to the economy is typically not measured directly in statistics like GDP.

We price portfolios instead of pollinators, we monitor markets instead of mangroves and we watch wages instead of water supplies. However, the reality is that while our economies are heavily reliant on ecosystem services, the economic value of those pollinators, mangroves and water supplies is not sufficiently taken into account.

Nature is too often still wrongly seen as a free good, readily available and abundant in supply, without opportunity costs. For such a good, there is no market – and therefore no price.

So, why can’t governments intervene by pricing and creating a market for nature as has been done for emissions?

Unlike for the climate crisis – which can be quantified through carbon emissions and their direct links to rising temperatures – there is no single metric that can be used to quantify the wide range of ecosystem services.

What is the common denominator of clean air, fertile soils and coasts protected by mangrove forests? Nature is beautifully complex, but this complexity makes it harder to establish a market for nature than a market for climate, such as the carbon markets created through emissions trading systems.

For central banks to effectively fulfil their mandates, we need to enhance our capacity to measure the vital services that nature provides to our economy and identify the financial risks caused by the degradation of these services. And while this is admittedly not an easy task, it is encouraging that multiple stakeholders are making progress, including academia, firms and also the ECB. We are enhancing our tools, methodologies and data to assess the economic implications of ecosystems and their degradation. And I am pleased to be able to share some of our latest insights this evening.

I will argue that while nature services may appear to be freely available, they are in fact not abundant at all and there are substantial costs to using and losing them. Costs that we currently overlook when headlines report on GDP growth.

Accounting for nature in monetary policy and banking supervision

Nature being of vital importance for the economy and the financial system is hardly a novel insight. Besides scientists, a number of central banks and prudential supervisors have also been highlighting their interlinkages for several years now.^[1] And while the climate crisis has received most of the attention, it is encouraging that work on nature-related risks has also significantly evolved.

Moreover, the ECB has taken significant steps to account for nature-related risks in the pursuit of its mandate. For instance, we take into account the effects nature degradation can have on banks’ balance sheets. The degradation of nature could damage companies’ production processes and consequently weaken their creditworthiness, which might in turn impair loans granted by banks. In our role as the supervisor of Europe’s largest banks, we therefore aim to ensure that the banks we supervise adequately manage both climate-related and nature-related risks.^[2] Encouragingly, we are seeing a growing set of good practices among the banks we supervise in terms of identifying, quantifying and managing nature-related risks.

But are we fully aware of – and sufficiently alert to – how nature degradation could eventually hit balance sheets?

Advancing our understanding does not mean that economists and supervisors should start studying ants in Aragon, ladybirds in Lombardy or honeybees in Holland (although it is very important that entomologists do!).

Instead, central banks and supervisors need to gain a better understanding of just how vulnerable the economy and the financial system are to nature degradation.^[3]

Capturing the risks related to ecosystem degradation

An ECB study in 2023 found that nearly 75% of banks’ corporate lending goes to firms that are highly dependent on at least one ecosystem service.^[4] This finding underscores just how interconnected nature, the economy and the financial system really are.^[5] But that study does not tell us exactly how much of our economic activity is at risk, or which economic sectors and regions will be most affected.

To better understand this impact, the ECB has teamed up with the Resilient Planet Finance Lab at the University of Oxford.

The interdisciplinary team has developed systemic risk indicators that move beyond dependency analysis to a comprehensive assessment of nature-related financial risks. In essence, this indicator assesses the economic implications of the deteriorating state of ecosystems. It shows how much of the economic value added by a particular industry– what economists call “gross value added” – is at risk when ecosystem services degrade. Tomorrow we will publish a blog post showing some of the preliminary results of our work, but I can already share some findings with you this evening.

Water – the natural currency underwriting purchases, investments and trades

Our preliminary findings indicate two things. First, water – too little, too much or too dirty water that is –has been identified as posing the most significant risk to the euro area economy. Losses related to water scarcity, poor water quality and flood protection emerge as the most critical from a value added perspective. Concretely, surface water scarcity alone puts almost 15% of the euro area’s economic output at risk. This is not surprising because water is not just any resource – it is one of the most essential natural resources we possess. Second, agriculture is the most exposed sector, as it would suffer the largest proportional output losses due to a decline in surface water. But other sectors are also likely to be significantly affected.

Chart 1

Proportion of national gross value added (GVA) at risk due to surface water scarcity in Europe and globally (supply chain risks)

Water is, for instance, an indispensable resource in industry. In the Netherlands, industry alone uses over 2.6 trillion litres of fresh water a year.^[6] This water usage is more than three times the total annual water consumption of all households in the Netherlands. Water is also essential for energy production, not only in hydropower plants but also in thermal power plants – including nuclear – where it is used for cooling and steam generation. It is consumed in vast quantities for mining and mineral processing, which are crucial for the energy transition, as well as in the construction sector for producing concrete, to name just a few examples.

The risk posed by water scarcity is not hypothetical, we are already experiencing the impact today. I am sure that many of you remember when the summers of 2018, 2019 and 2020 brought severe droughts and heatwaves even to the Netherlands. In 2018 alone, economic losses in the Netherlands were up to €1.9 billion for agriculture and €155 million for shipping, with widespread but hard-to-quantify damage to ecosystems. This year’s drought is especially alarming: spring 2025 is on track to become the driest ever recorded in the Netherlands, likely surpassing the previous record set nearly 50 years ago. And droughts are only projected to increase further as the climate crisis continues to develop. Worryingly, in the driest scenario an average summer in the 2040s will be about as dry as an extremely dry summer now.

Effective water management will thus be crucial for sustaining production. However, the risk persists that during periods of drought, production might need to be scaled down. Some industrial processes may become economically unviable and might need to relocate.

For example, some have even gone as far as to point at a risk that more frequent droughts could render traditional tulip-growing regions such as the Bollenstreek unsuitable for bulb cultivation.^[7] This may compel growers to explore better-positioned locations where water is more reliably available to safeguard the iconic Dutch tulip industry.

Hence, as a consequence of water scarcity, our economies could produce less, and production costs are likely to rise during any inevitable transition phase.

Let me also point out that biodiversity is a critical – and often underestimated – factor in ensuring the availability and quality of fresh water. Ecosystems such as forests and wetlands regulate the quantity, timing and purity of water flows by stabilising soils and filtering pollutants. Maintaining healthy and diverse ecosystems will be crucial for resilient water provisioning as climate change intensifies, particularly in regions facing growing water stress.

Beyond these macroeconomic impacts, ecosystem degradation can significantly affect financial stability, for example through the loans that banks grant to households and firms. In essence, the greater the impact on firms, the higher the risk of defaults and the higher the risk on banks’ balance sheets.

For example, in our research with the University of Oxford we found that more than 34% of banks’ total outstanding nominal amount – over €1.3 trillion – is currently extended to sectors exposed to high water scarcity risk.

As the next step in our research, we will examine changes in the probability of default in the sectors most affected by dwindling ecosystems. Think about it as stress-testing the resilience of banks’ credit portfolios to nature degradation. We plan to publish these results later this year, complete with a more in-depth analysis on the topic, so stay tuned.

Multiple stakeholders are taking action

Encouragingly, our work with the University of Oxford is not an isolated case. We are in fact seeing a wide range of stakeholders taking action to better account for ecosystem services.

For instance, I hear that our host this evening – the Naturalis Biodiversity Center – has teamed up with banks to combine insights from science and finance to further develop indicators quantifying ecosystem services.

We are also seeing a growing set of good practices among the banks we supervise in terms of identifying, quantifying and managing nature-related risks. Banks typically conduct materiality assessments to understand where they are most affected. And banks also grapple with the challenge that nature-related risks are difficult to express in a single metric. Once they know where they are exposed, they then typically conduct deep dives on specific topics.

One bank, for example, has conducted a quantitative scenario analysis to understand how the profitability of its customers could be affected if a water pollution tax were to be implemented.

Other banks design customer scorecards and engage with the most vulnerable counterparties, sometimes offering small discounts or other incentives when customers meet key performance indicators that increase their resilience.

It is also encouraging that progress is being made at the international level. The Network for Greening the Financial System (NGFS) – a network of 145 central banks and supervisors from around the world – has developed a conceptual framework offering central banks and supervisors a common understanding of nature-related financial risks and a principle-based risk assessment approach.^[8]^[9] And the Financial Stability Board recently took stock of supervisory and regulatory initiatives among its members, finding that a growing number of financial authorities are considering the potential implications of nature-related risks for the financial sector.^[10]

So scientists, banks, policymakers and supervisors are in fact taking action. That’s good news. Given the high level of uncertainty regarding impacts, non-linearities, tipping points and irreversibility, continuous scientific input and engagement are essential to determine the transmission channels from nature to our economies.

Reliable and comparable data are key to managing risks and identifying opportunities

Before I conclude, let me stress a vital enabler to better measure ecosystem services: data. Closer cooperation with natural scientists can help us better understand the data they have available on the status of nature and the ecosystem services it provides. The National Hub for Biodiversity Information provided by our host tonight is an excellent example.^[11]

Moreover, continuous engagement with the scientific community can also help improve our understanding of non-linearities, tipping points and the irreversibility of the biodiversity crisis.

Similarly, the availability of reliable and comparable data from companies is essential for us to know where the risks are hiding and where opportunities can be found. Such data can, for example, provide insights into companies’ reliance on fresh water for their production processes. In this context, the reporting requirements in the EU’s sustainable finance framework are not merely a “nice to have”, they are providing indispensable information about financial risks and are a solution to the patchwork of different reporting criteria.

Does that mean that there is no room for simplification? Does it mean that there is no room to ease the reporting burden on smaller firms?

Of course not.

As the ECB noted in its recent opinion^[12] on the Commission’s omnibus package, striking the right balance is crucial – the balance between how much data firms report and how many firms are required to do so. Excluding too many firms from the Corporate Sustainability Reporting Directive may reduce the availability of vital data needed to assess climate-and nature related financial risks.

So when carefully calibrating a balanced degree of simplification, one should look at what data points we need most and make sure that sufficient companies report on precisely those data. Not only because reliable and comparable data are important for identifying economic impacts and managing financial risks, but also because such data helps identify investment opportunities to unlock a clean, green and competitive European economy.

Conclusion

Let me conclude.

Encouragingly, multiple stakeholders are making progress in better accounting for ecosystem services. That’s good news, and this work must continue. Because dwindling ecosystems are no longer peripheral – they are central to financial stability, the economy and, ultimately, our daily lives.

When you saw the title of my remarks this evening, some of you might have recognised a reference to John Donne’s poem “For Whom the Bell Tolls”. Donne beautifully expresses that we are all part of a bigger whole: “No man is an island, Entire of itself.”

Nor is our economy an island – it is not “entire of itself”, it depends on nature.

If nature’s services suffer,
And they do!
Send not to know
For whom the bell tolls.
It tolls for thee, ECOnomy!

Thank you for your attention.

MIL OSI Europe News –

May 27, 2025
MIL-OSI United Kingdom: Councillor Teresa Heritage elected as new Mayor of the City and District of St Albans

Source: St Albans City and District

Publication date: 22 May 2025

Councillor Teresa Heritage has been elected the new Mayor of the City and District of St Albans and will support two charities during her year in office.

She was made Mayor for 2025/26 at the Annual Meeting of the Council on Wednesday 21 May with Councillor Sue Griffiths becoming Deputy Mayor.

Mayor Heritage, who succeeds Cllr Jamie Day, will raise money for Community First Responders and Pancreatic Cancer UK.

She has also decided that the themes of her civic year will be encouraging volunteering and supporting small businesses.

Mayor Heritage has been a District Councillor since 2002 and represents Harpenden South ward. She is the City’s 481st Mayor with the first having been appointed in 1553.

She will chair Full Council meetings and represent the City at a variety of events, often involving voluntary and charity groups.

Mayor Heritage said:

It is an honour to be elected to this historic position and I am looking forward to an exciting year ahead.

During my time in office, I will be promoting volunteering, throwing some light on the selfless work people undertake to strengthen our communities. I will also seek to highlight our local businesses which provide so many jobs and services.

Pancreatic Cancer UK is a cause close to my heart as the illness recently took away my dear friend Brian Ellis, a former District Councillor.

Communities First Responders are volunteers, trained to attend local medical emergencies and save lives before an ambulance arrives.

I will be urging people to donate to these wonderful causes and will start my fund-raising efforts with a sponsored slim.

To charities and community groups across the District, I say please invite me to your events, so I can highlight your work in encouraging cohesion and inclusivity, so nobody feels left behind.

Mayor Teresa Heritage

Teresa has been a District Councillor for 23 years, serving on numerous Committees, and was formerly both a Town and County Councillor.

Hertfordshire born and bred, she grew up in Borehamwood and went to work for Lloyds Bank after leaving school at 18.

She later qualified as a Chartered Secretary and began a career in the City, rising to become Assistant Company Secretary and Investor Relations Manager for Lonrho.

Teresa spent 26 years with Lonrho, being involved in high-profile takeovers and other major business dealings, and later joined a consultancy.

She has also enjoyed a long career in public service, becoming a District Councillor in 2002 and a County Councillor six years later.

As a County Councillor, she served in many roles including Deputy Leader and Cabinet member for Children’s Services.

In addition, she became a Mental Health Champion, joined the Royal British Legion and chaired Hertfordshire SSAFA, the armed forces’ charity.

Teresa has been heavily involved for many years in community and charity work in Harpenden and is currently President of Harpenden Village Rotary Club.

She has been a school governor and a founding member of Harpenden Connect and Harpenden Seniors Forum.

Her husband David, a retired businessman, is a District and Town Councillor. The couple have a son and three grandchildren.

Deputy Mayor Sue Griffiths

Sue, who is a District Councillor for Harpenden North ward, was born and raised in Liverpool where she attended university before going into banking.

Work took her south and she held senior positions with the former Midland Bank, reaching the final of the Young Businesswoman of the Year in 1989.

Sue later trained as a teacher in Business Studies and gained an MA in Education from the University of Hertfordshire while teaching at Marlborough Science Academy in St Albans.

She later moved to Sir John Lawes School in Harpenden, where she has lived since 1987, and became Head of Faculty for Business and Economics

She continues to work in education at Sir John Lawes and as a business lecturer at Oaklands College.

Sue is a supporter of Young Enterprise, a national charity to equip young people for the world of work, and has received their long service award.

She also supports the Open Door homeless shelter in St Albans, cooking regular evening meals as part of a team.

Her husband Roy is a retired banker and the couple have three children and two grandchildren.

Charity contacts

You can find out more information about Communities First Responders, including opportunities for volunteering, here.

More information about Pancreatic Cancer UK is available here.

Pictures: top, the Mayor, Cllr Teresa Heritage; bottom, the Deputy Mayor, Cllr Sue Griffiths.

Contact for the Mayor’s office: Alison Orde, the Mayor’s Civic Officer, 01727 819544, mayoralty@stalbans.gov.uk.

Contact for the media: John McJannet, Principal Communications Officer, 01727-819533, john.mcjannet@stalbans.gov.uk.

MIL OSI United Kingdom –

May 27, 2025
MIL-OSI Banking: ACP Statement: House Passage of Cuts to Clean Energy Tax Credits a Threat to Economic and Energy Security

Source: American Clean Power Association (ACP)

Headline: ACP Statement: House Passage of Cuts to Clean Energy Tax Credits a Threat to Economic and Energy Security

The American Clean Power Association (ACP) is the leading voice of today’s multi-tech clean energy industry, representing energy storage, wind, utility-scale solar, clean hydrogen, and transmission companies. ACP is committed to meeting America’s energy and national security goals and building our economy with fast-growing, low-cost, and reliable domestic power.
Learn more at cleanpower.org, and follow ACP on LinkedIn, Instagram, Facebook, and X.

MIL OSI Global Banks –

May 27, 2025
MIL-OSI United Kingdom: Gary Admans appointed as Non-Executive Director of the UK Debt Management Office Advisory Board
Source: United Kingdom – Executive Government & Departments

News story

Gary Admans appointed as Non-Executive Director of the UK Debt Management Office Advisory Board

Economic Secretary to the Treasury, Emma Reynolds, has appointed Gary Admans as a Non-Executive Director of the UK Debt Management Office (DMO) Advisory Board.
Gary has extensive experience in sterling markets and audit, risk and control matters, including as Vice President Capital Markets and Banking Relations at BP Plc.

In this role Gary will support the DMO’s Chief Executive Officer and senior team and will bring considerable experience, skills and judgement to the full array of Advisory Board issues. Gary will also chair the DMO’s Audit and Risk Committee.

Gary will be appointed for a three-year term. He will replace Dr Paul Fisher OBE whose term on the DMO Advisory Board is coming to an end later this year.

Economic Secretary to the Treasury, Emma Reynolds said:

Delivering economic and fiscal stability lies at the heart of this government’s Plan for Change and is at the forefront of the work the Debt Management Office do. Therefore, I am delighted to announce the appointment of Gary Admans, his extensive knowledge, skills and experience will be invaluable to the organisation in its essential role in delivering economic stability.

I would also like to thank Paul Fisher for his excellent contribution to the work of the DMO over many years.

Dame Sue Owen, Non-Executive Chair, DMO Advisory Board said:

I am thrilled to announce that Gary Admans has been appointed to our Advisory Board as a Non-Executive Director.

Gary’s profound expertise and experience in bond markets and audit, risk and control matters will ensure he is excellently positioned to assist the DMO in achieving its vital objectives, including fulfilling the government’s financing needs to the highest standards.

Gary Admans said:

I am delighted to be appointed to the Advisory Board of the DMO and look forward to helping the organisation deliver its financing mandate and other objectives. The DMO is recognised internationally for its market expertise and I will aim to use my financial and risk experience to allow the DMO to continue to flourish in the future.

About Gary Admans

Gary Admans is an experienced financial markets professional and team leader who, after a derivatives-based career in banking, moved to BP plc where he manages a Capital Markets and Banking Relations team and is a key member of their Treasury Leadership team. On joining BP, he initially worked in the Risk Management team managing BP’s foreign exchange exposures before moving to the Capital Markets team. Gary joined the Board of Metropolitan Thames Valley Housing in June 2022 where he is the Chair of the Treasury Committee.

Gary confirmed he has not engaged in any political activity in the last five years.

About the appointment process

The DMO is an executive agency of HM Treasury which is responsible for debt and cash management for the UK Government, lending to local authorities and managing certain public sector funds.

Gary Admans has been appointed following an open recruitment process run by HM Treasury. A panel comprising Dame Sue Owen (Non-Executive Chair, DMO Advisory Board), Martin Egan (a current Non-Executive Director of the DMO), Azin Roussos (Deputy Director, HM Treasury), and an external panel member Katherine Braddick (Group Head of Strategic Policy at Barclays and senior adviser to the Barclays CEO) interviewed a number of candidates and made recommendations to the Economic Secretary to the Treasury, which informed her decision.

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Published 22 May 2025
MIL OSI United Kingdom –
May 27, 2025
Foreign Secretary Vikram Misri visits Japan to deepen strategic ties and reaffirm joint stand against terrorism

Source: Government of India

Source: Government of India (4)

In a diplomatic engagement aimed at strengthening bilateral ties, Foreign Secretary, Vikram Misri visited Japan on Wednesday. He held high-level meetings with senior Japanese officials and delivered a keynote address at the 2nd edition of the Raisina Tokyo Dialogue, reinforcing the growing strategic partnership between India and Japan.

Foreign Secretary Misri met with Japan’s Vice Foreign Minister Takehiro Funakoshi to review the full spectrum of India-Japan relations. The two sides discussed key areas of cooperation including political relations, defence and security, economic collaboration, and people-to-people exchanges. They also exchanged views on pressing regional and international developments of mutual concern.

Misri also held discussions with Japan’s National Security Advisor Masataka Okano and Senior Deputy Minister for Foreign Affairs Mr. Hiroyuki Namazu. The meetings focused on shared strategic interests in the Indo-Pacific region and the importance of maintaining peace and stability through a rules-based international order.

A highlight of the visit was Misri’s spotlight address at the Raisina Tokyo Dialogue, organized by the Observer Research Foundation, ORF America, Japan Bank for International Cooperation, and Keizai Doyukai (Japan Association of Corporate Executives). In his address, the Foreign Secretary emphasized the critical need for nations to come together in the global fight against terrorism and to dismantle the infrastructure supporting it.

The visit also served as a moment to express gratitude to the Japanese government and people for their support and solidarity with India following the April 22 terror attack in Pahalgam. India has launched a diplomatic and military response to the attack, including Operation Sindoor, which targeted terror infrastructure in Pakistan and Pakistan-occupied Jammu and Kashmir.

May 27, 2025

MIL-OSI: Best 5 No Credit Check Loans Same Day Guaranteed Approval In 2025: Top Online Loans Same Day Guaranteed Approval – RadCred

Source: GlobeNewswire (MIL-OSI)

Glendale, May 22, 2025 (GLOBE NEWSWIRE) — RadCred, a trusted online financial platform, is being spotlighted as the top choice for Americans seeking no credit check loans with same-day guaranteed approval in 2025. In an era where traditional banks often turn away those with poor credit, RadCred’s innovative lending marketplace offers a lifeline, providing quick, secure access to emergency funds without the usual hurdles.

This comprehensive report explores how RadCred has emerged as the best no credit check loan provider for fast, guaranteed approvals and what borrowers can expect when using this service.

Key Takeways

How to find the best no credit check loans with same-day guaranteed approval in 2025 – and why RadCred stands out as the #1 platform for fast, hassle-free funding.
Why RadCred has become a leading online loan marketplace for urgent borrowing, especially for consumers with bad or no credit.
The specific features that make a no credit check loan safe, fast, and accessible – from instant approvals to flexible terms – and how RadCred delivers on these criteria.
The exact steps to apply for a personal loan through RadCred’s simple, three-step system, including how the platform works and what to expect at each stage.
Real-world scenarios and customer testimonials that highlight how RadCred’s same-day loans have solved urgent financial challenges for everyday people.
A detailed look at RadCred’s eligibility criteria, pros and cons, and commitment to customer safety and data security, including how it protects borrowers from fraud.
A comparison of RadCred vs. traditional lenders, illustrating how RadCred’s no-credit-check, fast approval approach offers a superior alternative for those with less-than-perfect credit.
Important disclaimers on “guaranteed” approvals, interest rates, and responsible borrowing practices to ensure readers make informed financial decisions in 2025.

Best No Credit Check Loans Same Day Guaranteed Approval in 2025 – RadCred Tops the List.

For U.S. borrowers with poor or no credit history—over 28 million adults carry a FICO® score below 600—getting approved for a bank loan can feel impossible..This article explains why RadCred is the best solution in 2025 for no credit check loans with same-day approval, offering a fast, reliable way to obtain emergency cash when traditional lenders won’t help. We break down how

RadCred connects users with a broad network of third-party lenders for quick loans, often providing near-instant approvals and funds deposited by the next business day.

You’ll learn how RadCred’s easy online application (with no hard credit checks), flexible loan options, and robust security measures make it a standout choice for those in a financial crunch.

We also compare RadCred’s service to conventional loans from banks, outline the platform’s pros and cons, share real customer reviews, and provide tips on safe borrowing. If time is short and credit is low, here’s why RadCred is the go-to platform for fast, guaranteed-approval loans in 2025.

Low credit score holding you back? Click “Apply Now” to unlock instant, no-credit-check approvals up to $5,000.

Why Getting a Loan with Bad Credit Feels Impossible?

For millions of Americans, trying to secure a loan when you have bad credit feels like hitting a brick wall. Many people with less-than-perfect credit find themselves shut out of traditional financing, whether it’s due to unexpected medical bills, a job layoff, or an emergency expense that led to debt. Banks and credit unions typically demand high credit scores, extensive paperwork, and even collateral to approve a loan.

As a result, borrowers with poor credit scores are often left with no options or offered only predatory, high-interest products. It’s not uncommon for a bank to outright reject an application if the applicant’s FICO score doesn’t meet a strict threshold. In short, the conventional lending system hasn’t been kind to those who don’t have excellent credit.

Yet life doesn’t wait for your credit score to catch up. When urgent expenses strike car repairs, medical emergencies, rent due by tomorrow, you name it – people need a quick solution, not a drawn-out loan process.

This is exactly the situation countless Americans faced in recent years, fueling a search for alternatives that don’t rely on the traditional credit check. Enter the rise of no credit check loans, a form of lending designed to serve folks the banks turn away.

Need rent money fast? Start with RadCred and match to lenders ready to deposit cash by tonight—no collateral required.

Rise of No Credit Check Loans in 2025

No credit check loans in 2025 have moved from the fringes to the financial mainstream, thanks to digital platforms that specialize in fast approvals for people with bad credit.

These loans bypass the lengthy credit verification that banks insist upon. Instead, lenders focus on what really matters to desperate borrowers: speed, accessibility, discretion, and control. Here’s why this type of loan has surged in popularity:

Speed: Applications can take mere minutes, and some lenders are able to fund loans within 24 hours of approval. There’s no waiting weeks for an answer – decisions are often made almost instantly.
Accessibility: Most no-credit-check lenders require only basic personal and income information. There are no hard credit inquiries, meaning applying won’t ding your credit score, and even those with a rocky credit history can qualify.
Discretion: Because the process is online, borrowers avoid the embarrassment or judgment that can come with an in-person bank denial. Everything is handled privately through a secure website.
Control: Borrowers can receive multiple offers and choose the one that best fits their needs, with no obligation to accept any particular offer. You’re not at the mercy of a single bank’s decision; you have options.

Online money sites now use smart computer programs to match people with lenders fast. Even if your credit score is low, you can fill out one short form and see loan offers in minutes—no bank visit, no long wait. These sites save you time and keep your information private.

RadCred is the best of these services, giving no-credit-check loans with same-day approval. The next parts show why RadCred shines and how it can put cash in your account quickly.

Overview of RadCred – A Top Platform for Same-Day No Credit Check Loans

RadCred is a relatively new but rapidly growing player in the online lending space, and it has quickly earned a reputation as one of 2025’s best no credit check loan providers. In essence, RadCred operates as an online loan marketplace or intermediary – it is not a direct lender itself, but rather a platform that connects borrowers with a vast network of trusted third-party lenders.

This network is one of RadCred’s greatest strengths. With plenty of lenders in its system, the chances of finding a loan offer for a qualified borrower are very high, even if you have a poor credit score.What RadCred Offers: Quick Bad-Credit

Loans, $300 – $35,000

RadCred’s marketplace lets borrowers request no credit check loans as small as $300 or personal-installment loans up to $35,000—higher than most rivals. One short form reaches dozens of partner lenders, covering payday cash advances and larger debt-consolidation options.

Guaranteed Approval for Low Scores

RadCred’s partners run only a soft inquiry, so your score stays untouched. Because lenders focus on income (≥ $800 / month) instead of FICO, approval rates top 80 percent for applicants with scores under 600—far better than a single bank’s odds.

Same-Day or Next-Day Funding

Speed matters: accept an offer before noon on a weekday, and you could see money in your checking account that evening; later approvals usually fund the following morning. RadCred aims for a < 24-hour turnaround whenever banking hours allow.

Zero Platform Fees, No Hidden Costs

Applying is 100 percent free. RadCred never adds charges; any interest or fees come directly from the lender’s transparent offer. You’re free to decline and walk away.

Trusted, Secure, and Educative

With 2 million+ users and OLA membership, RadCred meets strict ethical-lending standards. The site uses 256-bit SSL encryption and publishes scam-avoidance tips, underscoring its commitment to consumer safety.

Bottom line: RadCred blends speed, access, and trust to deliver fast cash for bad-credit borrowers without the usual headaches.

Emergency medical bill? Tap “Get Started” for a quick, same-day cash advance without hurting your credit.

RadCred vs. Top Competitors

Here’s how RadCred compares to other known lenders in the market.

Platform	Credit Check Type	Approval Time	Max Loan	Funding Speed	APR Range
Radcred	Soft only to match	1–5 min	$5,000	Same day–24 h	6 %–35.99 %
MoneyMutuall	None/Soft	5 min	$5,000	24 h	60 % + (payday)
CashUSA	Soft	3 min	$10,000	24 h	5.99 %–35.99 %
BadCredit Loans	Soft	4 min	$10,000	24 h	5.99 %–35.99 %
Personal Loans	Soft-hard at funding	5 min	$35,000	1–2 days	5.99 %–35.99 %

*APR ranges compiled from lender disclosures and CFPB complaint data (2024–2025).

Self-employed and denied elsewhere? RadCred welcomes 1099 income—apply free and secure fast funding.

No Credit Check Loans: RadCred’s 3-Step Online Application for Instant Approval & Same-Day Funding

Getting money with RadCred is super easy. Forget big bank forms and long lines. Just open the RadCred site, fill out a short five-minute online loan application (no hard credit check), and hit submit. Right away, bad-credit lenders review your info and send offers.

Pick the deal you like, sign online, and cash can land in your bank often the same day. Fast, simple, and perfect when you need an online payday loan alternative without the hassle.

1. Five-Minute Online Application

Visit RadCred, hit “Apply Now,” and complete a brief form containing your name, phone number, state, monthly income, bank details, and desired amount. No uploads, faxing, or collateral. RadCred pulls only a soft inquiry, so your score is untouched while you shop for bad credit personal loan options or small payday loans online.

2. Real-Time Lender Matching

RadCred’s algorithm instantly compares your profile with 60 + lending partners that specialize in fast cash for bad credit. Within 1–3 minutes, you’ll see multiple offers displaying loan limit, APR, fees, and repayment term.

This side-by-side view lets you choose the lowest rate or most comfortable payment—no obligation, no upfront fees.

3. E-Sign & Get Same-Day Funds

Select an offer, sign electronically, and the lender initiates an ACH transfer. Many borrowers receive money the same day; late-day approvals fund the next morning. Use it for car repairs, medical bills, or any quick emergency loan need.

Because everything is digital, no branch visits, no piles of paperwork, RadCred moves you from application to cash in under 24 hours, delivering no credit check loan same day without a hard credit check.

Looking for debt relief? Consolidate high-interest balances today with one easy, no-credit-check application.

Eligibility Criteria for RadCred No Credit Check loans Same day Guaranteed Approval

One reason RadCred has become so popular among people with poor credit is that the eligibility requirements are very accessible. You do not need a perfect credit score, a high income, or any collateral to use the platform.

In fact, RadCred’s basic requirements mirror those of similar reputable bad-credit loan providers and are quite minimal. Essentially, if you meet the following basic criteria, there’s a good chance you can qualify to use RadCred and get matched with a lender:

At Least 18 Years Old: You must be a legal adult (18 or older). This is a standard requirement for any loan contract. RadCred will verify your age by asking for info like your date of birth and possibly requiring a government-issued ID during the lender’s final approval stage
U.S. Residency: RadCred’s services are available only to U.S. residents/citizens. You should be a legal citizen or permanent resident of the United States with a valid U.S. address
Steady Income Source: You don’t need to be traditionally “employed” in a 9-to-5 job, but you do need a regular source of income to show you can repay the loan. This income could be from a job, self-employment, gig work, disability, Social Security benefits, or even a pension.

RadCred’s application will ask you to report your monthly income. Generally, lenders in the network expect at least roughly $800 per month or more in income, but this can include various income types. There’s flexibility here – the key is you have some money coming in that you could use to make loan payments.

Active Checking Account: To receive your funds (and to make automated repayments), you’ll need an active checking account in your name. This is where lenders will deposit the loan money if you’re approved. It also allows for convenient electronic withdrawals for your repayments. You’ll provide your bank routing and account number during the application.
Contact Details: You should have a valid email address and phone number so lenders can reach you if needed and so RadCred can communicate updates. During the process, you may receive an email confirmation or even a phone call if a lender needs to clarify something. Accurate contact info is important to keep things moving quickly.

You don’t need a high credit score, car title, or other collateral to start with RadCred. As long as you’re an adult U.S. citizen or permanent resident, have a checking account in your name, and earn steady income, you unlock the no credit check loan application.

RadCred’s engine then filters out any lender whose rules don’t match your profile, sparing you wasted effort. Borrowers under 18, with no bank account, or without verifiable income are screened out automatically.

This simple checklist makes RadCred the best option for bad credit personal loans, welcoming self-employed workers, freelancers, part-timers, and anyone with past credit problems. Meet the basics, and you’ll see tailored offers that can lead to instant approval, same-day funding, and the fast cash traditional banks won’t provide.

Need a $1,000 boost? Fill out RadCred’s short form and get matched to real lenders—no hard inquiry, no pressure.

Pros and Cons of Using RadCred For No Credit Check Loans Guaranteed Approval

Every financial service has its advantages and drawbacks. As part of an honest review of RadCred as the best no credit check loan platform of 2025, it’s important to consider both the pros and cons. Below, we outline the key benefits that make RadCred stand out, as well as some potential limitations to be aware of.

Pros of RadCred:

High Approval for Bad Credit
This platform focuses on bad-credit personal loans, so approvals come far more often than at banks. Its large lender pool means someone almost always says yes, even with a sub-600 score.
Same-Day Funding
Thanks to an all-digital flow, many borrowers receive instant approval and cash in their accounts within 24 hours, a true lifesaver when emergencies strike.
No Hard Inquiry
The initial request triggers only a soft credit check, protecting your score while you shop multiple no credit check loan offers.
Zero Fees, No Obligation
Submitting a request is free, and you can walk away from any loan quote that doesn’t fit—risk-free comparison shopping.
Flexible Loan Sizes
Choose anything from a $300 online payday loan to a $35,000 installment product for debt consolidation or large expenses.
Transparent, Vetted Lenders
All partners follow Online Lenders Alliance guidelines; APR, fees, and terms are shown upfront—no hidden costs.
Bank-Level Security
Data moves through 256-bit SSL encryption and daily security scans, keeping personal information safe.
Responsive Support
Live agents are available weekdays, 6 a.m.-7 p.m. PT, plus email assistance 24/7, which is valuable when questions arise.
Strong User Ratings
An average 4.3-star score highlights quick approvals, an easy process, and overall customer satisfaction.

Cons of RadCred:

U.S.–Only Availability
The platform serves American borrowers exclusively. In certain states with strict rules on payday or installment products, lender options for no credit check loans may be limited or unavailable.
Intermediary, Not Lender
It acts as a marketplace, connecting you to third-party providers. Questions about APR, repayment dates, or late fees must be directed to the chosen lender, adding an extra communication step.
Higher APR for Bad Credit
Rates on bad credit loans can range roughly 6 %-35.99 %, and short-term online payday loans may cost more. Borrow only what you can comfortably repay.
Short Terms on Small Loans
Amounts under $500 often require payoff by your next payday, making monthly payments steep. Larger installment offers give multi-month terms but still demand discipline.
Possible Follow-Up Calls
Submitting a request can trigger emails or calls from competing lenders. While some welcome the extra offers, others may find the outreach inconvenient.
Bank Account and Income Required
A checking account and verifiable income- salary, gig earnings, or benefits- remain mandatory for instant-approval matching.

Overall, the pros of RadCred far outweigh the cons for the audience it serves. The platform delivers exactly what its target users need: fast and accessible loans when others say no. The drawbacks are mostly inherent to the industry (higher interest for higher-risk borrowers, etc.) or minor inconveniences.

Borrowers should be aware of the terms and only borrow amounts they can reasonably repay. RadCred provides the tools and opportunities, but it’s up to each individual to use them wisely.

Bad credit payday loan alternative. Secure funds privately—apply in minutes, repay flexibly.

Real Customer Case Studies & Testimonials

Case Study 1: Emergency Medical-Bill Loan for a Single Dad

Name: Brian K.
Location: Orlando, FL

Situation: Brian’s young son needed an unexpected outpatient procedure that required a $750 up-front payment the following morning. With a FICO score in the low 500s, Brian’s bank rejected a personal-loan request, and his credit-card cash-advance limit was only $300.

Solution: At 9 p.m. Brian completed RadCred’s five-minute form on his phone. He was matched instantly with a lender that offered an $800 short-term installment loan, no hard credit inquiry required. Funds landed in his checking account by 10 a.m., in time to cover the hospital payment.

“RadCred felt like a lifesaver. They didn’t grill me about my score, just got me the money before the doctor’s office opened.”

Case Study 2: Emergency Utility-Relief Loan for a Single Mom

Name: Jasmine L.
Location: Richmond, VA

Situation: Jasmine, a single mom, fell behind on utilities after a week of unpaid sick leave. Two traditional lenders declined her $500 request because of a 560 credit score and a recent late payment.

Solution: Through RadCred, she received three competing offers within minutes; the winning lender approved $600 without a hard pull and wired the money the next business morning. High approval odds—even after prior denials—spared her a shut-off notice and late-fee penalties.

“I’d started to think nobody would help me. RadCred connected me with a lender who said ‘yes’ when everyone else said ‘no.’”

Case Study 3: Transparent Debt-Consolidation Loan for a Gig-Worker

Name: Marco D.
Location: Albuquerque, NM

Situation: Marco juggles rideshare driving and freelance design. He wanted to consolidate two payday balances totalling $1,200, but was wary of hidden fees after past bad experiences with storefront lenders.

Solution: Marco applied via RadCred during a ride-share break. Within five minutes, he received an offer for a $1,500 six-month installment loan at a clearly stated 29.9 % APR, with no origination fee and the option to prepay without penalties. The terms he accepted matched exactly what was advertised on the offer page.

“Everything was up front. No surprises at signing or in the repayment schedule. That transparency made me comfortable going ahead.”

Key Takeaways Across Cases

RadCred Promise	Real-World Outcome
Speed	Same-day or next-day funding in all three cases
Ease	Five-minute mobile application; no collateral or paperwork uploads
High Approval Odds	Borrowers previously denied elsewhere received affirmative offers
Transparency & Trust	Loan terms delivered matched online disclosures; no bait-and-switch reports

These stories mirror RadCred’s 4.3-star average rating: borrowers consistently praise the platform for fast approvals, clear terms, and dependable support, qualities that have propelled RadCred to the forefront of no-credit-check loans lending in 2025.

Apply for a bad credit loan online—30-second form, no hard inquiry.

RadCred vs. Traditional Lenders: No Credit Check, Same-Day Loan Advantage

It’s worth comparing RadCred’s approach to lending with more traditional options (like banks or credit unions) and even other online lenders. For a consumer with bad credit, these differences are often what make RadCred such an attractive choice in 2025. Here’s a side-by-side look at how RadCred compares to conventional lenders in several key areas:

Credit Requirements

Traditional banks insist on hard pulls, high scores (600-650+), and often collateral. By contrast, this online loan marketplace uses a soft inquiry only, welcoming applicants with limited or bad credit– even those below 580.

Approval hinges on present income and repayment ability, not past mistakes, and no car title or property is needed. That makes the platform dramatically more accessible than a bank, giving everyday borrowers a realistic shot at fast cash when other doors slam shut.

Speed of Approval & Funding

Bank underwriting takes days; weekend requests stall until Monday. Here, the entire no credit check loan process runs on internet speed. Applications finish in minutes, offers appear almost instantly, and ACH deposits often arrive the same day, or the next morning for late-evening approvals.

This around-the-clock service is crucial when rent or car repairs can’t wait. Some online lenders in the network have funded users within hours, proving lifesaving during tight deadlines.

Convenience & Accessibility

Branch visits, appointments, and paper forms are still common at traditional lenders. In contrast, this platform is fully mobile-friendly: self-employed workers, gig drivers, or part-timers can apply anytime, anywhere. The user interface is straightforward, guiding applicants through each field without jargon.

Because the service operates 24 / 7, customers receive help on their own schedule, not the banker’s. It’s true on-demand financial assistance, replacing legacy bureaucracy with click-to-cash simplicity.

Loan Terms & Flexibility

Bank loans may advertise low APRs, but qualifying is tough, and minimum amounts can be rigid. The marketplace, however, offers a wide menu- small payday loan alternatives for $300 or installment loans up to $35,000 with terms reaching 73 months.

Early repayment is generally allowed, and many lenders will negotiate extensions if you hit a snag. This flexibility lets borrowers tailor the loan size and timeline to their actual needs rather than forcing a one-size-fits-all package.

Cost & Fees

Interest is higher than prime bank rates because lenders assume greater risk on bad credit personal loans. Still, marketplace offers are often cheaper than credit-card cash advances, pawn shops, or storefront payday lenders charging triple-digit APRs.

The platform itself is fee-free, has no application charge, and has no rate-shopping penalty. Competitive pressure among online lenders helps keep rates within the 6 %-35.99 % bracket for installment products, allowing cost-conscious borrowers to choose the best available deal.

Transparency & Choice

A single bank grants one yes-or-no verdict. Here, multiple vetted lenders bid for your business, promoting a competitive environment that can lower rates or fees. All offers show APR, monthly payment, and total cost upfront, no hidden fine print.

Comparative shopping tools let you sort by rate, amount, or funding speed in seconds. The result is a clear, consumer-driven experience that transforms loan hunting from opaque guesswork into an informed, side-by-side decision.

RadCred’s online marketplace beats banks on access, speed, and privacy for subprime borrowers. Their no credit check loans and bad-credit personal loans deliver near-instant approval and same-day funding, eliminating traditional lenders’ paperwork and collateral demands.

Where a bank might dismiss you, the platform matches you to receptive lenders in minutes, quietly and securely, right from your phone. That discreet, user-first model turns a once-impossible task of getting cash with a low score into a fast, dignified, and dependable solution.

Conclusion: Why RadCred is the Best Choice in 2025 for No Credit Check, Same-Day Loans

In conclusion, RadCred has earned its position as the premier destination for no credit check, same-day loans in 2025 by combining technological innovation with a human-centric understanding of borrowers’ challenges. Its platform proves that “bad credit” does not have to mean “no options.” Instead, RadCred flips the script, giving consumers a fast, safe option to obtain cash when it’s needed, all while treating them with respect and dignity.

RadCred has proven that when it comes to helping people weather life’s financial storms, it truly “has your back.” If you’re in a bind and worried that your credit score will hold you back, RadCred may well be the lifeline to get you through quickly, safely, and with your peace of mind intact.

FAQ

1. How fast can I get money from a no-credit-check loan?

Most online marketplaces return offers within minutes; accepted loans are often deposited the same or next business day, depending on bank cut-off times and lender policies.

2. Does it cost anything to apply through RadCred?

No. Submitting the online form is free; the platform is paid by participating lenders, so borrowers face no application fees or hidden platform charges.

3. Are no-credit-check loans safe to use?

They’re safe when obtained from vetted, licensed lenders using encrypted websites; avoid advance-fee demands, unsecured pages, or unsolicited offers to steer clear of common personal-loan scams.

4. What’s the typical APR on bad-credit personal loans?

Installment products on reputable networks range roughly 6 %–35.99 % APR, while short-term payday loans can exceed 200 % in permissive states—compare offers carefully before signing.

5. Who qualifies for no-credit-check loans?

Applicants must be at least 18, possess an active U.S. checking account, and show steady income; hard credit scores are not mandatory for approval.

Disclaimer: RadCred is an online loan marketplace, not a direct lender. Loan approval, terms, APRs, and funding speeds are determined by third-party lenders and state regulations. Submitting an application does not guarantee approval or specific terms. Borrow responsibly and read all lender disclosures before accepting any offer.

The MIL Network –

May 27, 2025

MIL-OSI: Final Results

Source: GlobeNewswire (MIL-OSI)

Octopus Apollo VCT plc
Final Results

Octopus Apollo VCT plc today announces the final results for the year ended 31 January 2025.

Octopus Apollo VCT plc (‘Apollo’ or the ‘Company’) is a Venture Capital Trust (VCT) which aims to provide shareholders with attractive tax-free dividends and long-term capital growth by investing in a diverse portfolio of predominantly unquoted companies.

The Company is managed by Octopus Investments Limited (‘Octopus’ or the ‘Portfolio Manager’) via its investment team, Octopus Ventures.

HIGHLIGHTS

	Year to 31 January 2025	Year to 31 January 2024
Net assets (£’000)	£482,563	£390,294
Profit/(loss) after tax (£’000)	£24,110	£(435)
Net asset value (NAV) per share¹	50.5p	50.5p
Cumulative dividends paid since launch	90.0p	87.4p
Total value per share²	140.5p	137.9p
Dividends paid in the year	2.6p	2.7p
Dividend yield³	5.1%	5.1%
Dividend declared	1.3p	1.3p
Total return per share %⁴	5.1%	0.0%

NAV per share is calculated as net assets divided by total number of shares, as described in the glossary of terms.
Total value per share is calculated by adding together NAV per share and cumulative dividends paid since launch.
Dividend yield is calculated as dividends paid in the period, divided by the NAV per share at the beginning of the period.
Total return per share % is an alternative performance measure (APM) calculated as movement in NAV per share in the period plus dividends paid in the period, divided by the NAV per share at the beginning of the period, as described in the glossary of terms.

CHAIR’S STATEMENT

Highlights

Apollo’s latest fundraise: £75 million
Total return over five years: 45.3%
Dividends paid in 2025: 2.6p

Apollo’s total return for the year to 31 January 2025 was 5.1% with the net assets at the end of the period totalling £483 million.

Performance

I am pleased to present the annual results for Apollo for the year ended 31 January 2025. The NAV plus cumulative dividends per share at 31 January 2025 was 140.5p, an increase of 2.6p per share from 31 January 2024. During the year the NAV per share remained stable at 50.5p which represents, after adding back the 2.6p of dividends paid in the year, a total return for the year of 5.1% compared to 0% in the previous year. This outcome highlights the Company’s overall resilience and positive performance, despite the uncertain macro environment. I also note several exciting new investments have been made in the period, showing that the Company is successfully growing the overall size of the portfolio.

In the twelve months to 31 January 2025, we utilised £86.1 million of our cash resources, comprising £47.1 million in new and follow-on investments, £17.8 million in dividends (net of the Dividend Reinvestment Scheme (DRIS)), £8.6 million in management fees, £9.0 million in share buybacks, and £3.6 million in other running costs such as accounting and administration services and trail commissions. The cash and liquid resources balance of £95.7 million at 31 January 2025 represented 19.8% of net assets at that date, compared to £61.3 million, which represented 15.7% at 31 January 2024. Cash and liquid resources comprises cash at bank, money market funds (MMFs) and open ended investment companies (OEICs.)

Performance incentive fees
Apollo’s performance since 31 January 2024 has given rise to a performance fee being payable to Octopus of £6.1 million. The performance fee is calculated as 20% on all gains above the High-Water Mark, the highest total return as at previous year ends, of 137.9p as at 31 January 2024.

Dividends
It is your Board’s policy to maintain a regular dividend flow where possible to take advantage of the tax-free distributions a VCT can provide, and work towards the targeted 5% annual dividend yield policy.

I am pleased to confirm that the Board declared a second interim dividend of 1.3p per share in respect of the year ended 31 January 2025. This second interim dividend, in addition to the 1.3p per share interim dividend paid in December 2024 brings the total dividends declared to 2.6p per share in respect of the year ended 31 January 2025. The dividend was paid on 8 May 2025 to shareholders on the register at 22 April 2025. Since inception, we have paid a total of 91.3p in tax-free dividends per share, comprising 90.0p in previous distributions and an additional 1.3p paid in May. Considering dividends paid during 2024 (totalling 2.6p), the total dividend yield for the year is 5.1%, therefore meeting the Company’s target.

Apollo’s DRIS was introduced in November 2014 and currently 20.7% of shareholders take advantage of it as it is an attractive scheme for investors who would prefer to benefit from additional income tax relief on their reinvested dividend. I hope that shareholders will find this scheme beneficial. During the year to 31 January 2025, 10,800,892 shares were issued under the DRIS, equating to a reinvested amount of £5.3 million.

Fundraise and share buybacks
On 19 March 2024, the Company closed its offer to raise £50 million, which led the Board to increase the offer by a further £35 million. I am pleased to report that we successfully raised the full £85 million, closing the offer on 24 September 2024.

Following on from this, on 23 October 2024, the Company launched an offer to raise a further £50 million with an over-allotment facility for a further £25 million. I am delighted to report that we raised the full £75 million, so the offer closed fully subscribed on 21 March 2025. We would like to take this opportunity to welcome all new shareholders and thank all existing shareholders for their continued support.

Apollo has continued to buy back and cancel shares as required. Subject to shareholder approval of resolution 10 at the forthcoming Annual General Meeting (AGM), this facility will remain in place to provide liquidity to investors who may wish to sell their shares, subject to the Board’s discretion. Details of the share buybacks undertaken during the year can be found in the Directors’ Report.

Dividends, whether paid in cash or reinvested under the DRIS, and share buybacks are always at the discretion of the Board, are never guaranteed and may be reviewed when necessary.

VCT sunset clause
In November 2023, a ten-year extension was announced to the ‘sunset clause’ (a retirement date for the VCT scheme), meaning VCT tax reliefs will be available until 5 April 2035. This extension passed through Parliament in February 2024 and on 3 September 2024 His Majesty’s Treasury brought the extension into effect through The Finance Act 2024.

Board of Directors
Alex Hambro, having originally been appointed to the Board of Octopus Eclipse VCT 3 and 4 PLC in 2005, and then continuing as a Director following the merger with the Octopus Apollo VCTs in 2016, has decided to retire from the Board and will not be seeking re-election at the forthcoming AGM. It has been a pleasure to work with Alex, and I would like to take this opportunity to thank him on behalf of the Board and the shareholders for his substantial contribution over the years and help in guiding Apollo through its different phases of growth.

A new Non-Executive Director will be appointed at the completion of a structured recruitment process, which is already underway. All the other Directors have indicated their willingness to remain on the Board, and both Chris Powles and Gillian Elcock will be seeking re-election at the AGM.

Alternative Investment Fund (AIF)
As announced on 30 September 2024, the Company is now classified as a full scope AIF under the European Union’s AIF Managers Directive (AIFMD). This is due to the Company’s success and continued growth in assets under management (AUM). This regulation is in place to ensure greater transparency and risk mitigation to protect investors. It is an exciting milestone for the Company, and the Board is working closely with Octopus to ensure all reporting requirements and management protocols are adopted.

Portfolio Manager
As reported in the half-yearly unaudited report, Richard Court (previously Apollo’s Lead Fund Manager), took on a new role in the period as Head of VCTs and Enterprise Investment Schemes (EIS) at Octopus Ventures. Paul Davidson, a Partner in the Octopus Ventures team, has replaced Richard as Lead Fund Manager as of September 2024. Paul brings with him eight years of experience, focusing on Apollo, and has worked closely with the Board (alongside Richard) for the last three years. The Board would like to take this opportunity to reiterate its congratulations to Paul on his new role and to again thank Richard for his contribution to the Company and wish him well in his new position. In January 2025, Erin Platts was appointed as new Chief Executive Officer (CEO) of Octopus Ventures.

AGM
The AGM will be held on 10 July 2025 at 10am. Full details of the business to be conducted at the AGM are given in the Notice of the Meeting. We will have a Portfolio Manager’s update at the AGM, supported by a filmed update from the Portfolio Manager which will be available on the website at https://octopusinvestments.com/apollovct/.

Shareholders’ views are important, and the Board encourages shareholders to vote on the resolutions by using the proxy form, or electronically at www.investorcentre.co.uk/eproxy.

The Board has carefully considered the business to be approved at the AGM and recommends shareholders vote in favour of all the resolutions being proposed.

Outlook
I am pleased with the positive performance over the last six months, especially whilst the geo-political and economic landscape has been extremely challenging for portfolio companies to navigate. The uncertain conditions which have prevailed for the last couple of years have meant we have seen portfolio companies’ growth rates slow as trading conditions have become tougher and sales cycles have become more protracted. Companies have also looked to reduce their cash burn and focus on achieving profitability due to the scarcity and higher cost of capital. Some protection against these external factors has been offered by the contracted recurring revenue models that businesses within the portfolio have.

Over the past 12 months, we have observed a recovery in the Company’s investment rate, with twice as many new investments being completed when comparing 2025/24 to 2024/23.. Market data supports this trend, showing more deals completed in the Series B and onwards space in 2024 compared to the prior year¹. The investment team is experiencing an increase in deal flow, especially in the last six months of 2024, and the current pipeline of opportunities looks very promising. In addition to the higher deal cadence, we are pleased that the Company concluded three profitable realisations, compared to one in the prior year.

VCTs have long provided a compelling opportunity for UK investors to invest in businesses in a tax-efficient way, and we look forward to Apollo continuing to do so in the coming year. I would like to conclude by thanking both the Board and the Octopus team on behalf of all shareholders for their hard work.

Murray Steele
Chair

¹ https://carta.com/uk/en/data/vc-concentration-2024/

PORTFOLIO MANAGER’S REVIEW

At Octopus our focus is on managing your investments and providing open communication. Our annual and half-year updates are designed to keep you informed about the progress of your investment.

Investment strategy
In general, we invest in technology companies in the SaaS space that have recurring revenues from a diverse base of customers. We also seek to invest in companies that will provide an opportunity for Apollo to realise its investment typically within three to seven years.

Apollo total value growth
The total value has seen a significant increase over the five years from 119.8p to 140.5p at 31 January 2025. This increase in total value of 20.7p represents a 45.3% increase on the NAV of 45.7p as at 31 January 2020. Over the last five years, a total of more than £92.4 million has also been distributed back to shareholders in the form of tax-free dividends. This includes dividends reinvested as part of the DRIS.

Focus on performance
In the year to 31 January 2025, the NAV total return (NAV plus cumulative dividends) increased to 140.5p per share, giving a total return of 5.1% for the period. We are pleased with this modest uplift in total value, considering the challenging macroeconomic backdrop that our portfolio companies continued to navigate their way through over the last 12 months.

The performance over the five years to 31 January 2025 is shown below:

Year Ended	NAV	Dividends paid in year	Cumulative dividends	NAV + cumulative dividends	Total return %
31 January 2021	49.2p	2.3p	76.4p	125.6p	12.7%
31 January 2022	50.2p	5.7p	82.1p	132.3p	13.6%
31 January 2023	53.2p	2.6p	84.7p	137.9p	11.2%
31 January 2024	50.5p	2.7p	87.4p	137.9p	0.0%
31 January 2025	50.5p	2.6p	90.0p	140.5p	5.1%

Over the year, including disposals, there have been valuation increases across 29 portfolio companies, delivering a collective increase of £62 million. These increases reflect businesses which have successfully managed to grow revenues through the period. The strongest performers have generally exhibited improving profitability levels and revenue growth from their customer base and some of the top performers include Definely, Lodgify and TRI.

Conversely, 20 companies saw a decrease in valuation, collectively totalling £23 million. The businesses that saw the most significant reductions were Edge10, Synchtank and Peak Data. Growth has decelerated or in some cases revenues have declined in several portfolio companies and they have experienced decreases in their valuation. This has mainly been due to continued challenges in selling their software products into corporates who have experienced declining software expense budgets. There have also been some company-specific performance issues impacting a small number of companies in the portfolio.

In aggregate, this resulted in a net increase in portfolio company valuations of £39 million.

As part of ongoing liquidity management, Apollo regularly invests in and withdraws from MMFs in order to meet cash requirements. During the year, an additional £35.6 million (including interest) was invested in MMFs. Apollo also holds an investment in the Sequoia Economic Infrastructure Fund (SEQI), but no further investment was made in this fund during the year. These investments, in combination with the previously held investments in SEQI and the MMFs, took the total liquid investments as at 31 January 2025 to £91.5 million (including interest earned during the year on MMF deposits).

Disposals
Three profitable disposals were completed in the year. All of these investments were made prior to the change of investment focus to B2B SaaS businesses. The first exit was Dyscova Ltd (trading as Care & Independence (C&I)) which was acquired by GBUK Group, a company which designs, develops and distributes a portfolio of own and third-party branded acute-setting medical devices. Apollo first invested in C&I in 2016 and the exit resulted in Apollo achieving a 1.7x total return on its investment.

In September 2024, we were pleased to exit our holding in Countrywide Healthcare Supplies Holdings which was acquired by Personnel Hygiene Services Ltd, a hygiene services provider. The Company first invested in 2014, and the exit resulted in a 4.4x return on our initial investment, which is an excellent outcome.

In November 2024, nCino, a cloud-based software company that provides a platform for financial institutions to manage their business, acquired FullCircl. This acquisition will enhance nCino’s data and automation capabilities and allow it to expand its reach across the UK and Europe. Apollo made its initial investment in 2011, and the disposal resulted in a positive return for the Company.

One disposal during the year resulted in a partial loss on investment when Ryte GmbH, a marketing software technology platform, was acquired by Semrush Holdings Inc. Two companies were placed into administration in the year, Rotolight and Origami Energy. However, given the underlying holding valuations of these companies at the time of them going into administration, this did not have a material impact on the Company’s performance during the year. In aggregate, the investment cost of the companies placed into administration totalled £5.3 million. The underperformance of a portfolio company is always disappointing for Apollo and shareholders alike, but it is an inevitable feature of a venture capital portfolio, and we believe that successful exits will continue to outweigh any losses that could arise over the medium to long term of managing the portfolio. In the year, all disposals, including loan repayments, collectively returned £21.7 million in cash to Apollo, with the aggregate investment cost totalling £15.4 million.

	Year ended 31 January 2021	Year ended 31 January 2022	Year ended 31 January 2023	Year ended 31 January 2024	Year ended 31 January 2025	Total
Dividends paid in the year (£’000)	7,471	28,366¹	14,323	19,165	23,097	92,423
Disposal proceeds (£’000)	3,356	53,939	3,591	18,292	21,713	100,981

¹ Dividends paid to shareholders in the year ended 31 January 2022, including a special dividend of 3.1p per share.

As illustrated in the table above, we are pleased to have paid dividends from disposal proceeds over the past five years. The nature and timing of realising investments in a venture capital portfolio means it can affect our ability to do so. The Company also tries to maximise the outcome of the underlying holdings in an exit scenario which may not always align with a specific financial period.

New and follow-on investments
During the year, in-line with the broader private capital market, the Company demonstrated increasing new investment activity with Apollo investing £34.1 million into eight new opportunities (this includes second tranches of prior year new investments) as compared to four new investments completing in the prior year, totalling £15.2 million. For follow-on investments, we also saw an increased number with £13 million being invested into nine companies compared to seven follow-on investments completing in the year to 31 January 2024 adding up to £17.8 million invested.

Apollo’s new investments were in several exciting B2B software companies operating in a variety of end-markets:

Definely £2.8 million – An AI based legal tech software company supporting legal professionals in drafting and reviewing contractual documentation.
Switchee £2.5 million – A smart thermostat hardware and software provider focused on social housing and housing associations.
Cambri £4.2 million – An insights software platform that increases the quality, speed and cost effectiveness of producing research for new product launches.
Vyntelligence £4.5 million – A video intelligence and AI-driven data capture platform addressing inefficiencies in communication, reporting, and operational workflows within large infrastructure sectors.
Semble £2.5 million – An all-in-one platform for healthcare practices, enhancing patient care and streamlining operations.
bsport £8.4 million – An all-in-one software platform designed to manage boutique fitness and wellness studios.
Threatmark £6.1 million – A fraud prevention platform that uses real-time behavioural data to accurately identify payment fraud.

Q&A
How do we think about exiting our positions?
In traditional venture capital, a relatively small number of investments generate a significant proportion of the fund’s performance. However, for Apollo we try to construct a portfolio where the majority of the portfolio delivers the majority of the Company’s performance. The investment team takes an active role to try and optimise each specific situation. This means we have certain situations where companies may be held for longer if we think it is in the best interest of investors and the Company. Conversely, there are other situations where we may seek to exit earlier if market conditions permit. This means we maintain good portfolio management discipline to make sure realised proceeds materially contribute towards financing the Company’s ongoing running costs and meeting its dividends targets.

Private markets are illiquid, and as a result, the opportunities to sell all or some of our holding in a particular company can be unpredictable and governed by prevailing market conditions. We work closely with each portfolio company to understand and optimise its growth plans, with the goal of it maintaining flexibility over exit timing with the best interests of its shareholders in mind.

Wider macroeconomic conditions often influence exits as much as company specific factors. We also recognise that timing may not always be right to exit a position, and patience can allow for greater value growth. In such cases, we will continue to support portfolio companies, stay alert to opportunities, and help create them proactively through our network.

When do we start to think about exits?
We look to understand who the likely acquirers are from the outset and throughout the holding period. This can help inform important strategic decisions which contribute to value creation for shareholders. It is healthy for our portfolio companies to maintain relationships with key potential acquirers. These can often be commercial partners before becoming acquirers, and as such this activity can be highly productive.

We know not all companies will be as successful as we hoped at the time of the initial investment. We therefore seek to realise investments in companies which are underperforming and unlikely to generate a meaningful return. It can also help to find a “soft landing” for the company’s employees where the alternative may be placing the business into administration. However, to date this has only been in a very small minority of cases. Although generally not meaningful to investor returns, our behaviour in these scenarios is important.

How do we work with portfolio company boards?
We believe that it is important to be an active and supportive investor, so we typically appoint a Non-Executive Director or observer to the board of our portfolio companies. This allows us to offer ongoing support at the top level of the business and be involved in key decisions. It also gives us the opportunity to share any expertise and insights that we may have. Even very experienced founders may only sell a business once or twice in their career, whereas as investors, we may be involved in a few such transactions each year. We therefore look to support our portfolio companies by sharing the learnings and experience gathered across our team, all with the objective of obtaining the best outcome for our investors and shareholders in the Company overall.

Valuations
The table below illustrates the distribution of valuation methodologies used across Apollo’s B2B software investments (shown as a percentage of portfolio value and number of companies). B2B software accounts for 99% of Apollo’s total fixed asset investments. Methodologies include:
• ‘External price’ includes valuations based on funding rounds that typically completed by the year end or shortly after the year end, and exits of companies where terms have been agreed or proposed with an acquirer;
• ‘Multiples’ is predominantly used for valuations that are based on a multiple of revenue or EBITDA for portfolio companies; • ‘Scenario analysis’ is utilised where there is uncertainty around the potential outcomes available to a company, so a probability-weighted scenario analysis is considered.

Having arrived at a valuation of the portfolio company, to distribute the equity value within a portfolio company’s capital structure, taking into account the priority of financial instruments and the economic rights of debt and shares Apollo holds, the Current Value Method (CVM) is typically employed. This method allocates the equity value to different equity interests as if the business were sold on the reporting date, thereby reflecting the effects of the distribution waterfall.

Valuation methodology	By value	By number of companies
Multiples	77%	64%
Scenario analysis	18%	22%
External price	5%	8%
Write-off	–	6%

Case studies
definely
definely.com
LegalTech solution helping lawyers at every pre-execution stage of the contract lifecycle

40,000 active users

top 25 of the prestigious Deloitte UK Technology Fast50
75 employees located globally

Definely, founded in 2020, is a UK LegalTech company created to make legal documents easier to read, edit and understand. Definely was founded by two former Magic Circle lawyers, one of whom is registered blind. They set out to make legal documents more accessible to those with visual impairments and soon realised that their solution solved a problem faced by all lawyers, daily. Headquartered in London, it has over 75 employees located globally.

Fuelled by investment from Apollo, the company is now focused on adding to its existing base of 40,000 active users from the largest companies and law firms in the UK, US, Canada and Australia. In 2023, the company was named in the top 25 of the prestigious Deloitte UK Technology Fast50. Customers include AO Shearman, Slaughter and May, Dentons and Deloitte.

Cambri
cambri.io
Helping brands innovate iteratively to bring successful products to market fast

80% prediction accuracy for product launch success
68% year-over-year ARR growth

Cambri is an AI consumer insights and innovation platform which addresses a major industry problem – that of the high failure rate of product launches. Traditional market research, consumer insights, and prediction models are outdated, static, and notoriously inaccurate, typically delivering just 40% prediction accuracy. This means brands waste time and resources developing and launching products that consumers don’t need. By contrast, Cambri’s proprietary AI engine predicts the likelihood of a product’s success and provides actionable insights to help improve products before launch.

Cambri’s AI models are two to three times more accurate than traditional methods, enabling its customers to regularly achieve over 80% prediction accuracy for product launch success – contributing to Cambri’s 68% year-over-year annual recurring revenue (ARR) growth. Household food and beverage brands such as Coca-Cola and Nestle already utilise the platform.

Top 10 investments by value as at 31 January 2025
Here, we set out the cost and valuation of the top ten holdings, which account for over 57% of the value of the portfolio.

	Portfolio:	Investment cost (£’000)	Fair value of investment (£’000)
1	Natterbox	£18,990	£44,419
2	Lodgify	£12,611	£33,912
3	Ubisecure	£9,075	£25,811
4	Tri	£3,800	£22,070
5	Interact	£308	£20,658
6	Sova	£12,250	£19,266
7	FableData	£8,600	£15,780
8	ValueBlue	£10,071	£15,031
9	MentionMe	£15,000	£15,000
10	FuseUniversal	£8,000	£14,394

Top 10
1
N2JB Limited (trading as Natterbox)

Natterbox is a London-based provider of business-to-business cloud telephone services that are uniquely integrated into Customer Resource Management (CRM) software platforms, most notably Salesforce.

www.natterbox.com

Investment date:	March 2018
Equity held:	9.0% (2024: 8.5%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	£177,000 (2024: £150,000)
Last submitted accounts:	31 December 2023
Consolidated turnover:	£19,289,000 (2022: £17,092,000)
Consolidated loss before tax:	£(644,000) (2022: £(2,568,000))
Consolidated net assets:	£646,000 (2022: £1,022,000)

2
Codebay Solutions Limited (trading as Lodgify)
Lodgify provides a SaaS platform for vacation rental hosts and property managers to manage their business and process their bookings.

www.lodgify.com

Investment date:	September 2022
Equity held:	15.3% (2024: 11.9%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	n/a (2024: n/a)
Last submitted accounts:	31 December 2023
Consolidated turnover:	€14,508,000 (2022: €9,315,000)
Consolidated loss before tax:	€(7,462,000) (2022: €(6,239,000))
Consolidated net assets:	€10,390,000 (2022: €16,946,000)

Ubisecure Holdings Limited
Ubisecure is a provider of customer identity access management software.

www.ubisecure.com

Investment date:	May 2018
Equity held:	73.4% (2024: 33.3%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	£179,000 (2024: £197,000)
Last submitted accounts:	31 December 2023
Consolidated turnover:	£8,674,000 (2022: £6,923,000)
Consolidated loss before tax:	£(3,091,000) (2022: £(2,135,000)
Consolidated net liabilities:	£(3,053,000) (2022: £(287,000))

4
Triumph Holdings Limited (TRI)
TRI has developed a risk based quality management and monitoring platform for the life sciences industry

www.tritrials.com

Investment date:	October 2018
Equity held:	52.0% (2024: 52.0%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	£174,000 (2023: £171,000)
Last submitted accounts:	31 December 2023
Consolidated turnover:	Not available¹ (2022: Not available¹)
Consolidated profit before tax:	Not available¹ (2022: Not available¹)
Consolidated net assets:	£2,758,000 (2021: £2,875,000)

5
Hasgrove Limited
Hasgrove is the holding company for Interact, a SaaS business which provides an intranet product which focuses on the communication and collaboration requirements of large organisations.

www.interactsoftware.com

Investment date:	December 2016
Equity held:	5.9% (2024: 5.7%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	n/a (2024: n/a)
Last submitted accounts:	31 December 2023
Consolidated turnover:	£37,032,000 (2022: £29,388,000)
Consolidated profit before tax:	£9,907,000 (2022: £8,099,000)
Consolidated net assets:	£13,344,000 (2022: £13,136,000)

6
Sova Assessment Limited
Sova Assessment is a UK based end-to-end digital candidate assessment SaaS platform targeting large blue-chip organisations conducting large volumes of hiring.

www.sovaassessment.com

Investment date:	November 2020
Equity held:	37.2% (2024: 37.2%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	£104,000 (2024: £93,000)
Last submitted accounts:	31 March 2024
Consolidated turnover:	£6,780,000 (2023: £5,611,000)
Consolidated loss before tax:	£(3,685,000) (2023: £(5,360,000))
Consolidated net liabilities:	£(5,460,000) (2023: £(3,593,000))

7
Fable Data Limited
Fable Data provides anonymised, pan-European consumer transaction data and analysis to institutional investors, businesses, governments and academics.

www.fabledata.com

Investment date:	December 2022
Equity held:	14.2% (2024: 6.2%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	n/a (2024: n/a)
Last submitted accounts:	31 December 2023
Consolidated turnover:	Not available¹ (2022: Not available¹)
Consolidated profit before tax:	Not available¹ (2022: Not available¹)
Consolidated net liabilities:	£(1,720,000) (2022: £(2,111,000))

8
Value Blue B.V.
Value Blue is a provider of enterprise architecture management software, that is growing in the UK. The product allows companies to map their existing technology architecture in a single location to easily plan, collaborate and execute both large scale transformational and everyday IT projects.

www.valueblue.com

Investment date:	January 2022
Equity held:	20.3% (2024: 20.3%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	£317,000 (2024: £19,000)
Last submitted accounts:	31 December 2023
Consolidated turnover:	Not available¹ (2022: Not available¹)
Consolidated loss before tax:	€(7,412,000) (2022: €(9,185,000))
Consolidated net liabilities:	€(6,189,000) (2022: €(4,595,000))

9
Mention Me Limited
Mention Me is a referral engineering SaaS platform that helps business to consumer (B2C) businesses acquire new customers more successfully through their referral channel.

www.mention-me.com

Investment date:	December 2021
Equity held:	19.4% (2024: 19.4%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	n/a (2024: n/a)
Last submitted accounts:	31 December 2023
Consolidated turnover:	£11,561,000 (2022: £10,244,000)
Consolidated loss before tax:	£(5,175,000) (2022: £(5,621,000))
Consolidated net assets:	£5,302,000 (2022: £10,173,000)

10
Fuse Universal Limited

Fuse is a business-to-business software provider of a cloud-based learning technology platform for corporates, founded in 2008 and based in London (with further offices in South Africa and Australia).

www.fuseuniversal.com

Investment date:	August 2019
Equity held:	0% (2024: 0%)
Valuation basis:	Revenue multiple
Income received in year to 31 January 2025:	£56,000 (2024: £100,000)
Last submitted accounts:	31 December 2023
Consolidated turnover:	£7,997,000 (2022: £9,338,000)
Consolidated loss before tax:	£(1,044,000) (2022: £(2,816,000))
Consolidated net liabilities:	£(2,468,000) (2022: £(3,682,000))

These numbers are not available per the latest public filings on Companies House or the company is non-UK.

Outlook

It has been a challenging few years for the broader technology sector, with both geopolitical and economic factors impacting the ability of portfolio companies to grow and perform as successfully as forecast. Against this backdrop, I am pleased to report a stable NAV as portfolio companies have shown great resilience in the face of these challenges. Companies have been operating more efficiently in terms of their capital requirements and in several cases we are seeing top-line revenue growth returning steadily, albeit not to the same degree as experienced prior to the beginning of this more turbulent period. The slowdown in revenue growth observed across the portfolio occurred alongside companies striving to preserve cash and move towards profitability to extend their cash runways.

The nature of the current portfolio and the characteristics of the technology-focused businesses means that several companies have had some degree of protection from the full impact of these more challenging macroeconomic conditions. This is due to recurring revenues and long-term contracts being key features of their business models.

As mentioned in the Chair’s Statement, we were delighted and grateful for the support we’ve received from the Company’s new and existing investors, with the latest fundraise closing fully subscribed, including the overallotment facility. These funds will allow the Company to continue to support the existing portfolio in their growth plans and to invest in new opportunities which have the potential to become successful and deliver great returns to shareholders in the years to come.

We were also pleased that the Company benefitted from three profitable disposals in the period, which together returned £18.9 million in proceeds to the Company. We are hopeful that this could indicate an improvement in the mergers and acquisitions (M&A) market, providing more opportunities for exits and offering the Company sustainable growth prospects.

Despite the macroeconomic climate remaining uncertain, we believe that the rapid pace of change and advancements being made with the development and adoption of AI technology will create many new businesses seeking growth capital. This provides us with a degree of optimism about the Company’s future investment prospects and for its current well-diversified portfolio, as the component companies seek to take advantage which component companies are similarly seeking to take advantage of these advancements in AI. Hence, I am confident that the Company is well-positioned to capitalise on these market opportunities as they arise and that they will be able to offer further growth potential for the Company’s continued success.

RISKS AND RISK MANAGEMENT

The Board assesses the risks faced by Apollo and, as a board, reviews the mitigating controls and actions, and monitors the effectiveness of these controls and actions.

Emerging and principal risks, and risk management

The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure that the Company has sufficient liquidity.

The Board carries out a regular review of the risk environment in which the Company operates.

Emerging risks

The Board has considered emerging risks. The Board seeks to mitigate emerging risks and those noted below by setting policy, regular review of performance and monitoring progress and compliance. In the mitigation and management of these risks, the Board applies the principles detailed in the Financial Reporting Council’s Guidance on Risk Management, Internal Control and Related Financial and Business Reporting.

The following are some of the potential emerging risks management and the Board are currently monitoring:

adverse changes in global macroeconomic environment;
artificial intelligence;
geopolitical tensions; and
climate change.

Principal risks

*Risk*	*Mitigation*	*Change*
*Investment performance*:
The focus of Apollo’s investments is in unquoted, small and medium-sized VCT qualifying companies which, by their nature, entail a higher level of risk and may have lower cash reserves than investments in larger quoted companies. Poor performance across these investments may impact Apollo’s ability to raise new funds from investors.	Octopus has significant experience and a strong track record of investing in unquoted companies, and appropriate due diligence is undertaken on every new investment. A member of the Octopus Ventures team is typically appointed to the board of a portfolio company subject to an evaluation using a risk based approach that considers the size of the company within the Apollo portfolio and the engagement levels of other investors. Regular board reports are prepared by the portfolio company’s management and examined by the Portfolio Manager. This arrangement, in conjunction with its Portfolio Talent team’s active involvement, allows Apollo to play a prominent role in a portfolio company’s ongoing development and strategy. Although investment strategy is focused on B2B software, the overall risk in the portfolio is mitigated by diversifying investment across a wide spread of holdings in terms of the underlying sub-sector served by the portfolio companies, and their financing stage, age, industry sector and business models. The Board reviews the investment portfolio with the Portfolio Manager on a regular basis. The Portfolio Manager is incentivised to make sure Apollo performs well, via a Performance Incentive Fee (charged annually) for exceeding certain performance hurdles.	Increased exposures reflected in the previous period remain unchanged due to the continuing difficult macro environment and challenging trading conditions for some portfolio companies continuing.
*Risk*	*Mitigation*	*Change*
*VCT qualifying status risk:*
Apollo is required at all times to observe the conditions for the maintenance of HMRC-approved VCT status. The loss of such approval could lead to Apollo and its investors losing access to the tax benefits associated with VCT status and, in certain circumstances, to investors being required to repay the initial income tax relief on their investment.	Prior to making an investment, the Portfolio Manager seeks assurance from Apollo’s VCT status adviser that the investment will meet the legislative requirements for VCT investments. On an ongoing basis, the Portfolio Manager monitors Apollo’s compliance with VCT regulations on a current and forecast basis to ensure ongoing compliance with VCT legislation. Regular updates are provided to the Board throughout the year. The VCT status adviser formally reviews Apollo’s compliance with VCT regulations on a bi-annual basis and reports its results to the Board.	VCT status monitoring by independent advisers continues to reduce the risk of an issue causing a loss of VCT status.
*Risk*	*Mitigation*	*Change*
*Operational – reliance on third parties*:
The Board is reliant on the Portfolio Manager to manage investments effectively, and manage the services of a number of third parties, in particular the registrar and tax advisers. A failure of the systems or controls at the Portfolio Manager or third-party providers could lead to an inability to provide accurate reporting and to ensure adherence to VCT and other regulatory rules.	The Board reviews the system of internal control, both financial and non-financial, operated by the Portfolio Manager (to the extent the latter are relevant to Apollo’s internal controls). These include controls that are designed to ensure that Apollo’s assets are safeguarded and that proper accounting records are maintained, as well as any regulatory reporting. Feedback on other third-parties is reported to the Board on at least an annual basis, including adherence to Service Level Agreements where relevant. During the year a depositary has been appointed. This increases the number of key third parties involved in the running of the Company, but also adds additional layers of oversight of the Portfolio Manager.	No overall change in risk exposure on balance.
*Risk*	*Mitigation*	*Change*
*Information security:*
A lack of suitable controls could result in a data breach and fines and/or business disruption. The Board is reliant on the Portfolio Manager and third parties to take appropriate measures to prevent a loss of confidential customer information or other malicious events.	Annual due diligence is conducted on third parties, which includes a review of their controls for information security. The Portfolio Manager has a dedicated information security team and a third party is engaged to provide continual protection in this area. A security framework is in place to help prevent malicious events. The Portfolio Manager reports to the Board on an annual basis to update it on relevant information security arrangements. Significant and relevant information security breaches are escalated to the Board when they occur.	No overall change on balance, although cyber threat remains a significant risk area faced by all service providers. The appropriateness of mitigants in place are continuously reassessed to adapt to new risk exposures, such as those posed by artificial intelligence.
*Risk*	*Mitigation*	*Change*
*Economic:*
Events such as an economic recession, movement in interest rates, fluctuations in foreign exchange rates, inflation, political instability and rising living costs could adversely affect some smaller companies’ valuations, as they may be more vulnerable to changes in trading conditions or the sectors in which they operate. This could result in a reduction in the value of Apollo’s assets.	Apollo invests in a portfolio of companies serving markets across a diverse range of sectors, which helps to mitigate against the impact of performance in any one sector. Apollo also maintains adequate liquidity to make sure that it can continue to provide follow-on investment to those portfolio companies that require it and which is supported by the individual investment case. The Portfolio Manager monitors the impact of macroeconomic conditions on an ongoing basis and provides updates to the Board at least quarterly.	Increased exposures reflected in the previous periods remain and have heightened further as economic uncertainty persists through interest rate changes, the risk of recession and other economic factors.
*Risk*	*Mitigation*	*Change*
*Legislative:*
A change to the VCT regulations could adversely impact Apollo by restricting the companies Apollo can invest in under its current strategy. Similarly, changes to VCT tax reliefs for investors could make VCTs less attractive and impact Apollo’s ability to raise further funds. Failure to adhere to other relevant legislation and regulation could result in reputational damage and/or fines. We are also pleased that the sunset clause in place for April 2025, regarding eligibility of VCTs for tax relief, has been extended to 2035.	The Portfolio Manager engages with HM Treasury and industry bodies to demonstrate the positive benefits of VCTs in terms of growing UK companies, creating jobs and increasing tax revenue, and to help shape any change to VCT legislation. The Portfolio Manager employs individuals with expertise across the legislation and regulation relevant to Apollo. Individuals receive ongoing training and external experts are engaged where required.	Risk exposure has continued to reduce since the previous period following the extension of the sunset clause to 2035 being agreed.
*Risk*	*Mitigation*	*Change*
*Liquidity:*
Apollo invests in smaller unquoted companies, which are inherently illiquid as there is no readily available market for these shares. Therefore, these may be difficult to realise for their fair market value at short notice.	The Portfolio Manager prepares cash flow forecasts to make sure cash levels are maintained in accordance with policies agreed with the Board. Apollo’s overall liquidity levels are monitored on a quarterly basis by the Board, with close monitoring of available cash resources. Apollo maintains sufficient cash and readily realisable securities, including MMFs and OEICs, which can be accessed at short notice. At 31 January 2025, 91% of current asset investments were held in MMFs, realisable within one business day, and 9% in OEICs, realisable within seven business days.	Risk exposure remains unchanged from the previous period.
*Risk*	*Mitigation*	*Change*
*Valuation:*
While investments within the portfolio are valued in accordance with International Private Equity and Venture Capital (IPEV) valuation guidelines, for smaller companies establishing a fair value can be difficult due to the lack of readily available market data for similar shares, resulting in a limited number of external reference points.	Valuations of portfolio companies are performed by appropriately experienced staff, with detailed knowledge of both the portfolio company and the market in which it operates. These valuations are then subject to review and approval by the Octopus Valuations Committee, comprised of staff who are independent of Octopus Ventures and with relevant knowledge of unquoted company valuations. The Board reviews valuations after they have been agreed by the Octopus Valuations Committee.	Risk exposure remains unchanged from the previous period due to economic uncertainty within valuation modelling.

VIABILITY STATEMENT
In accordance with provision 36 of the AIC Code of Corporate Governance, the Directors have assessed the prospects of the Company over a period of five years, consistent with the expected investment holding period of a VCT investor. Under VCT rules, subscribing investors are required to hold their investment for a five-year period in order to benefit from the associated tax reliefs. The Board regularly considers strategy, including investor demand for the Company’s shares, and a five-year period is considered to be a reasonable time horizon for this.

The Board carried out a robust assessment of the emerging and principal risks facing the Company and its current position.

This includes risks which may adversely impact its business model, future performance, solvency or liquidity, and focused on the major factors which affect the economic, regulatory and political environment. Particular consideration was given to the Company’s reliance on, and close working relationship with, the Portfolio Manager. The principal risks faced by the Company and the procedures in place to monitor and mitigate them are set out above.

The Board has carried out robust stress testing of cash flows which included assessing the resilience of portfolio companies, including the requirement for any future financial support and the ability to pay dividends and buybacks.

The Board has additionally considered the ability of the Company to comply with the ongoing conditions to make sure it maintains its VCT qualifying status under its current investment policy.

Based on the above assessment the Board confirms that it has a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the five-year period to 31 January 2030. The Board is mindful of the ongoing risks and will continue to make sure that appropriate safeguards are in place, in addition to monitoring the cash flow forecasts to make sure that the Company has sufficient liquidity.

DIRECTORS’ RESPONSIBILITIES STATEMENT

The Directors are responsible for preparing the Strategic Report, the Directors’ Report, the Directors’ Remuneration Report and the Financial Statements in accordance with applicable law and regulations. They are also responsible for ensuring that the Annual Report and Accounts include information required by the Listing Rules of the Financial Conduct Authority.

Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable laws) including FRS 102 – “The Financial Reporting Standard applicable in the UK and Republic of Ireland”. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs and profit or loss of the Company for that period.

In preparing these financial statements, the Directors are required to:

select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and
prepare a Strategic Report, a Directors’ Report and Directors’ Remuneration Report which comply with the requirements of the Companies Act 2006.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to make sure that the financial statements and the Directors’ Remuneration Report comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Insofar as each of the Directors is aware:

there is no relevant audit information of which the Company’s auditor is unaware; and

the Directors have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

The Directors are responsible for preparing the annual report in accordance with applicable law and regulations. Having taken advice from the Audit and Risk Committee, the Directors consider the annual report and the financial statements, taken as a whole, provide the information necessary to assess the Company’s position, performance, business model and strategy and is fair, balanced and understandable.

The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The Directors confirm that, to the best of their knowledge:

the financial statements, prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS 102, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and
the Annual Report and Accounts (including the Strategic Report), give a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

On behalf of the Board

Murray Steele
Chair

INCOME STATEMENT

	Year ended 31 January 2025			Year ended 31 January 2024
	Revenue £’000	Capital £’000	Total £’000	Revenue £’000	Capital £’000	Total £’000
Realised gain/(loss) on disposal of fixed asset investments	–	1,226	1,226	–	(876)	(876)
Change in fair value of fixed asset investments	–	37,666	37,666	–	9,317¹	9,317¹
Change in fair value of current asset investments	–	(574)	(574)	–	16	16
Investment income	4,082	–	4,082	2,576¹	–	2,576¹
Investment management fees	(2,147)	(6,442)	(8,589)	(1,862)	(5,587)	(7,449)
Performance fee	–	(6,139)	(6,139)	–	(14)	(14)
Other expenses	(3,555)	–	(3,555)	(4,006)	–	(4,006)
Foreign currency translation	(7)	–	(7)	1	–	1
Profit/(loss) before tax	(1,627)	25,737	24,110	(3,291)¹	2,856¹	(435)
Tax	–	–	–	–	–	–
Profit/(loss) after tax	(1,627)	25,737	24,110	(3,291)¹	2,856¹	(435)
Earnings/(loss) per share – basic and diluted	(0.2p)	3.0p	2.8p	(0.5p)¹	0.4p¹	(0.1p)

The ‘Total’ column of this statement is the profit and loss account of Apollo; the revenue return and capital return columns have been prepared under guidance published by the Association of Investment Companies.
All revenue and capital items in the above statement derive from continuing operations.
Apollo has only one class of business and derives its income from investments made in shares and securities and from money market funds.

¹ The presentation and classification of £3.5 million of accrued loan interest was updated to be part of the fair value of investments. This balance is therefore an amendment to the balance presented in the 31 January 2024 accounts. This had no impact on the overall loss for the year presented or net asset value.

Apollo has no other comprehensive income for the period.

The accompanying notes are an integral part of the financial statements.

BALANCE SHEET

	As at 31 January 2025		As at 31 January 2024
	£’000	£’000	£’000	£’000
Fixed asset investments		395,018		331,878¹
Current assets:
Investments	7,912		8,486
Money market funds	83,544		47,950
Debtors	1,424		244¹
Cash at bank	4,251		4,868
Applications cash	16,780		8,852
Total current assets	113,911		70,400¹
Current liabilities	(26,366)		(11,984)
Net current assets		87,545		58,416¹
Net assets		482,563		390,294
Share capital		956		773
Share premium		62,281		27,476
Special distributable reserve		299,284		266,132
Capital redemption reserve		191		172
Capital reserve realised		(25,949)		(15,275)
Capital reserve unrealised		153,438		117,027¹
Revenue reserve		(7,638)		(6,011)¹
Total shareholders’ funds		482,563		390,294
Net asset value per share – basic and diluted		50.5p		50.5p

¹The presentation and classification of £3.5 million of accrued loan interest was updated to be part of the fair value of investments. This balance is therefore an amendment to the balance presented in the 31 January 2024 accounts. This had no impact on the overall loss for the year presented or net asset value.

The statements were approved by the Directors and authorised for issue on 22 May 2025 and are signed on their behalf by:

Murray Steele
Chair
Company number: 05840377

The accompanying notes are an integral part of the financial statements.

STATEMENT OF CHANGES IN EQUITY

	Share capital £’000	Share premium £’000	Special distributable reserves¹ £’000		Capital redemption reserve £’000	Capital reserve realised¹ £’000	Capital reserve unrealised £’000	Revenue reserve¹ £’000	Total £’000
As at 1 February 2024	773	27,476	266,132	172		(15,275)	117,027²	(6,011) ²	390,294
Total comprehensive income for the year	–	–	–	–		(11,355)	37,092	(1,627)	24,110
Total contributions by and distributions to owners:	–	–	–	–		–	–	–	–
Repurchase and cancellation of own shares	(19)	–	(8,981)	19		–	–	–	(8,981)
Issue of shares	202	106,017	–	–		–	–	–	106,219
Share issue cost	–	(5,982)	–	–		–	–	–	(5,982)
Dividends paid	–	–	(23,097)	–		–	–	–	(23,097)
Total contributions by and distributions to owners:	183	100,035	(32,078)	19		–	–	–	68,159
Other movements:
Prior year fixed asset gains now realised	–	–	–	–		681	(681)	–	–
Cancellation of Share Premium	–	(65,230)	65,230	–		–	–	–	–
Total other movements	–	(65,230)	65,230	–		681	(681)	–	–
Balance as at 31 January 2025	956	62,281	299,284	191		(25,949)	153,438	(7,638)	482,563

¹ Included within these reserves is an amount of £265,697,000 (2024: £244,846,000) which is considered distributable to shareholders under Companies Act rules. The Income Taxes Act 2007 restricts distribution of capital from reserves created by the conversion of the share premium account into a special distributable reserve until the third anniversary of the share allotment that led to the creation of that part of the share premium account. As at 31 January 2025, £19,920,000 (2024: £34,910,000) of the special reserve is distributable under this restriction.
²The presentation and classification of £3.5 million of accrued loan interest was updated to be part of the fair value of investments. This balance is therefore an amendment to the balance presented in the 31 January 2024 accounts. This had no impact on the overall loss for the year presented or net asset value.

The accompanying notes are an integral part of the financial statements.

	Share capital £’000	Share premium £’000	Special distributable reserves¹ £’000		Capital redemption reserve £’000	Capital reserve realised¹ £’000	Capital reserve unrealised £’000	Revenue reserve¹ £’000	Total £’000
As at 1 February 2023	657	78,440	174,061	159		(20,136)	119,032	(2,720)	349,493
Total comprehensive income for the year	–	–	–	–		(6,477)	9,333²	(3,291)²	(435)
Total contributions by and distributions to owners:
Repurchase and cancellation of own shares	(13)	–	(6,743)	13		–	–	–	(6,743)
Issue of shares	129	70,927	–	–		–	–	–	71,056
Share issue cost	–	(3,912)	–	–		–	–	–	(3,912)
Dividends paid	–	–	(19,165)	–		–	–	–	(19,165)
Total contributions by and distributions to owners:	116	67,015	(25,908)	13		–	–	–	41,236
Other movements:
Prior year fixed asset losses now realised	–	–	–	–		11,338	(11,338)	–	–
Cancellation of Share Premium	–	(117,979)	117,979	–		–	–	–	–
Total other movements	–	(117,979)	117,979	–		11,338	(11,338)	–	–
Balance as at 31 January 2024	773	27,476	266,132	172		(15,275)	117,027²	(6,011)²	390,294

¹ Reserves considered distributable to shareholders per the Companies Act.
² The presentation and classification of £3.5 million of accrued loan interest was updated to be part of the fair value of investments. This balance is therefore an amendment to the balance presented in the 31 January 2024 accounts. This had no impact on the overall loss for the year presented or net asset value.

The accompanying notes are an integral part of the financial statements.

CASH FLOW STATEMENT

	Year to 31 January 2025 £’000	Year to 31 January 2024 £’000
Cash flows from operating activities
Profit/(loss) before tax	24,110	(435)
Adjustments for:
Decrease/(increase) in debtors¹	(10)¹	4,622²
(Decrease)/increase in creditors	6,454	(8,490)
(Gain)/loss on disposal of fixed asset investments	(1,226)	876
Gain on valuation of fixed asset investments	(37,666)	(9,317)²
Loss/(Gain) on valuation of current asset investments	574	(17)
Transfer of accrued loan interest receivable²	–	(1,824)²
Net cash utilised in operating activities	(7,764)	(14,585)
Cash flows from investing activities
Purchase of fixed asset investments	(47,131)	(32,975)
Proceeds on sale of fixed asset investments	21,713	18,292
Purchase of current asset investments	–	(4,499)
Net cash utilised in investing activities	(25,418)	(19,182)
Cash flows from financing activities
Movement in applications account	7,928	(409)
Purchase of own shares	(8,981)	(6,743)
Proceeds from share issues	100,951	66,543
Cost of share issues	(5,982)	(3,912)
Dividends paid (net of DRIS)	(17,829)	(14,653)
Net cash generated from financing activities	76,087	40,826
Increase in cash and cash equivalents	42,905	7,059
Opening cash and cash equivalents	61,670	54,611
Closing cash and cash equivalents	104,575	61,670
Cash and cash equivalents comprise
Cash at bank	4,251	4,868
Applications cash	16,780	8,852
Money market funds	83,544	47,950
Closing cash and cash equivalents	104,575	61,670

The accompanying notes are an integral part of the financial statements.

¹ Movement in debtors, adjusted for £1,170,000 of deferred consideration proceeds.
² The presentation and classification of £3.5 million of accrued loan interest was updated to be part of the fair value of investments. This balance is therefore an amendment to the balance presented in the 31 January 2024 accounts. This had no impact on the overall loss for the year presented or net asset value.

NOTES TO THE FINANCIAL STATEMENTS

1. Significant accounting policies

Apollo is a Public Limited Company (plc) incorporated in England and Wales and its registered office is 33 Holborn, London, EC1N 2HT.

Apollo’s principal activity is to invest in a diverse portfolio of predominantly unquoted companies with the aim of providing shareholders with attractive tax-free dividends and long-term capital growth.

Basis of preparation
The financial statements have been prepared under the historical cost convention, except for the measurement at fair value of certain financial instruments, and in accordance with UK Generally Accepted Accounting Practice (GAAP), including Financial Reporting Standard 102 – ‘The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland’ (FRS 102), and with the Companies Act 2006 and the Statement of Recommended Practice (SORP) ‘Financial Statements of Investment Trust Companies and Venture Capital Trusts (issued 2014 and updated in July 2022)’.

The significant accounting policies have remained unchanged since those set out in Apollo’s 2024 Annual Report and Accounts.

2. Investment income
Accounting policy

Fixed returns on non-equity shares and debt securities are recognised on a time apportionment basis (including time amortisation of any premium or discount to redemption), so as to reflect the effective interest rate, provided it is considered probable that payment will be received in due course. Income from fixed-interest securities and deposit interest is accounted for on an effective interest rate method. Investment income includes interest earned on MMFs. Dividend income is shown net of any related tax credit.

Dividends receivable are brought into account when Apollo’s right to receive payment is established and it is probable that payment will be received. Fixed returns on debt are recognised provided it is probable that payment will be received in due course. The nature of dividends received is assessed to establish whether they are revenue or income dividends.

Disclosure

	31 January	31 January
	2025	2024
	£’000	£’000
Loan note interest receivable¹	163	–¹
Dividends receivable MMF interest income	741 3,178	576 2,000
	4,082	2,576¹

3. Investment management and performance fees

	31 January 2025			31 January 2024
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Investment management fee	2,147	6,442	8,589	1,862	5,587	7,449
Investment performance fee	–	6,139	6,139	–	14	14
	2,147	12,581	14,728	1,862	5,601	7,463

For the purpose of the revenue and capital columns in the Income Statement, the management fee has been allocated 25% to revenue and 75% to capital, in line with the Board’s expected long-term split of returns in the form of income and capital gains respectively from Apollo’s investment portfolio. The investment performance fee, explained below, is allocated 100% to capital as it is deemed that capital appreciation on investments has primarily driven the total return of Apollo above the required hurdle rate at which the performance fee is payable. The management fee, administration and accountancy fees are calculated based on the NAV which is then multiplied by the number of shares in issue, calculated on a daily basis.

Octopus provide investment management, accounting and administration services and company secretarial services to Apollo under a management agreement which may be terminated at any time thereafter by not less than twelve months’ notice given by either party. No compensation is payable in the event of terminating the agreement by either party, if the required notice period is given. The fee payable, should insufficient notice be given, will be equal to the fee that would have been paid should continuous service be provided. The basis upon which the management fee is calculated is disclosed within the Annual Report and financial statements.

Apollo has established a performance incentive scheme whereby the Portfolio Manager is entitled to an annual performance related incentive fee in the event that certain performance criteria are met. Further details of this scheme are disclosed within the Annual Report and financial statements. As at 31 January 2025 £6,139,076 was due to the Portfolio Manager by way of an annual performance fee (2024: £14,000).

4. Other expenses
Accounting policy

All expenses are accounted for on an accruals basis. Expenses are charged wholly to revenue, apart from management fees charged 75% to capital and 25% to revenue, performance fees charged wholly to capital and transaction costs. Transaction costs incurred when purchasing or selling assets are written off to the Income Statement in the period that they occur.

Disclosure

	31 January	31 January
	2025	2024
	£’000	£’000
Accounting and administration services	1,288	1,117
Ongoing trail commission	1,130	1,011
Directors’ fees	182	140
Registrars’ fees	120	106
Audit fees	103	85
Legal fees	50	12
Bad debt provision	0	953
Other administration expenses	682	582
	3,555	4,006

The ongoing charges ratio of Apollo for the year to 31 January 2025 was 2.4% (2024: 2.4%). Total annual running costs are capped at 2.75% of average net assets (2024 cap: 2.75% of average net assets). This figure excludes any extraordinary items, adviser charges, impairment of interest and performance fees.

No non-audit services were provided by Apollo’s auditor.

5. Tax
Accounting policy

Current tax is recognised for the amount of income tax payable in respect of the taxable profit/(loss) for the current or past reporting periods using the current UK corporation tax rate. The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue return on the “marginal” basis as recommended in the SORP.

Deferred tax is recognised in respect of all timing differences at the reporting date. Timing differences are differences between taxable profits and total comprehensive income as stated in the financial statements that arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements.

Deferred tax assets are only recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Disclosure

	31 January 2025			31 January 2024
	Revenue	Capital	Total	Revenue	Capital	Total
	£’000	£’000	£’000	£’000	£’000	£’000
Profit/(loss) before tax¹	(1,627)	25,737	24,110	2,856¹	(3,290)¹	(435)
Tax at 25% (2024: 24%)¹	(407)	6,434	6,027	686¹	(791)¹	(104)
Effects of:
Non-taxable dividend income	(9)	–	(9)	(16)	–	(16)
Non-taxable capital gains on valuations and disposals¹	–	(9,579)	(9,579)	–	(2,032)¹	(2,032)¹
Expenses not deductible for tax purposes	–	12	12	–	14	14
Excess management expenses on which deferred tax not recognised¹	416	3,133	3,549	1,332¹	806¹	2,138¹

Total tax charge	–	–	–	–	–	–

Approved VCTs are exempt from tax on chargeable gains. Since the Directors intend that Apollo will continue to conduct its affairs so as to maintain its approval as a VCT, no deferred tax has been provided in respect of any capital gains or losses arising on the revaluation or disposal of investments based on a prospective tax rate of 25%. Unrelieved tax losses of £64,803,000 (2024: £51,785,000) are estimated to be carried forward at 31 January 2025 (subject to completion of Apollo’s tax return) and are available for offset against future taxable income, subject to agreement with HMRC. Apollo has not recognised the deferred tax asset of £16,201,000 (2024: £12,946,000) in respect of these tax losses because there is insufficient forecast taxable income in excess of deductible expenses to utilise these losses carried forward. There is no expiry period on these deductible expenses under the UK HMRC legislation.

6. Dividends
Accounting policy

Dividends payable are recognised as distributions in the financial statements when Apollo’s liability to make payment has been established. This liability is established on the record date, the date on which those shareholders on the share register are entitled to the dividend. Interim dividends to equity shareholders are declared by the Directors.

Disclosure

	31 January	31 January
	2025	2024
	£’000	£’000
Dividends paid in the year
Second interim dividend: 1.3p per share paid 2 May 2024 (2024: 1.3p per share) in respect of prior year	10,901	8,739
Interim dividend: 1.3p per share paid 20 December 2024 (2024: 1.4p) in respect of the current year	12,196	10,426
	23,097	19,165

	31 January	31 January
	2025	2024
	£’000	£’000
Dividends in respect of the year
Interim dividend: 1.3p per share paid 20 December 2024 (2024: 1.4p)	12,196	10,426
Second interim dividend: 1.3p paid 8 May 2025 (2024: 1.3p per share)	13,663	10,901
	25,859	21,327
The figures above include dividends elected to be reinvested through the DRIS. In the year to 31 January 2025, the net proceeds reinvested through the DRIS totalled £5,268,000 (2024: £4,513,000).

7. Earnings per share

	31 January 2025			31 January 2024
	Revenue	Capital	Total	Revenue	Capital	Total
Profit/(loss) attributable to ordinary shareholders (£’000)¹	(1,627)	25,737	24,110	(3,291)¹	2,856¹	(435)¹
Earnings per ordinary share (p)¹	(0.2p)	3.0p	2.8p	(0.5p)¹	0.4p¹	(0.1p)¹

The earnings per share is based on 867,758,701 Ordinary shares (2024: 709,769,066), being the weighted average of shares in issue during the year.

There are no potentially dilutive capital instruments in issue and, as such, the basic and diluted earnings per share are identical.

8. Net asset value per share

	31 January	31 January
	2025	2024
	Ordinary shares	Ordinary shares
Net assets (£)	482,563,000	390,294,000
Shares in issue	956,172,843	772,743,612
Net asset value per share (p)	50.5	50.5

There are no potentially dilutive capital instruments in issue and, as such, the basic and diluted NAV per share are identical.

9. Transactions with the Portfolio Manager

Apollo has employed Octopus throughout the year as the Portfolio Manager. Apollo has incurred £8,589,000 (2024: £7,449,000) in management fees due to the Portfolio Manager in the year. At 31 January 2025 there was £2,295,000 outstanding (2024: £1,989,000). The management fee is payable quarterly in arrears and is based on 2% of the NAV calculated daily from 31 January.

The Portfolio Manager is entitled to an annual performance-related incentive fee, subject to the total return (NAV plus cumulative dividends paid) per share being at least 100p at the end of the relevant period. This performance fee is equal to 20% of the amount by which the NAV plus cumulative dividends paid per share exceeds the higher of:

The highest total return in previous accounting periods. This is currently the return in the year to 31 January 2024 (137.9p).
The total return as at 1 February 2012, plus the average Bank of England interest rate to date, commencing 1 February 2012.

The Board considers that the liability becomes due at the point that the performance criteria are met, which has happened at the end of this financial year. In the year, Apollo incurred performance fees of £6,139,076 (2024: £14,000). At 31 January 2025 there were £6,139,076 of outstanding performance fees to be paid (2024: £14,000).
The Portfolio Manager also provides accounting and administrative services to Apollo, payable quarterly in arrears, for a fee of 0.3% of the NAV calculated daily. During the year £1,288,000 (2024: £1,117,000) was paid to the Portfolio Manager, of which £344,000 (2024: £298,000) was outstanding at the Balance Sheet date, for the accounting and administrative services. In addition, the Portfolio Manager also provides company secretarial services for a fee of £20,000 per annum (2024: £20,000).

Several members of the Octopus investment team hold Non-Executive Directorships as part of their monitoring roles in Apollo’s portfolio companies, but they have no controlling interests in those companies. The Portfolio Manager receives transaction fees and directors’ fees from these portfolio companies. During the year ended 31 January 2025, Directors’ fees of £788,000 attributable to the investments of Apollo were received by the Portfolio Manager (2024: £821,000).

Octopus AIF Management Limited remuneration disclosures (unaudited)
Quantitative remuneration disclosures required to be made in this annual report in accordance with the FCA Handbook FUND 3.3.5 are available on the website: https://www.octopusinvestments.com/remuneration-disclosures/.

10. Related party transactions

As at 31 January 2025, Octopus Investments Nominees Limited (OINL) held 315 shares (2024: 315) in Apollo as beneficial owner, having purchased these from shareholders to protect their interests after delays or errors with shareholder instructions and other similar administrative issues. Throughout the period to 31 January 2025 OINL purchased nil shares (2024: 315) at a cost of nil (2024: £163) and sold nil shares (2024: 173,900) for proceeds of nil (2024: £87,993). This is classed as a related party transaction as per the Listing Rules, as Octopus, the Portfolio Manager, and OINL are part of the same group of companies. Any such future transactions, where OINL takes over the legal and beneficial ownership of Company shares will be announced to the market and disclosed in annual and half-yearly reports.

11. 2025 financial information

The figures and financial information for the year ended 31 January 2025 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the year to 31 January 2025 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2025 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

12. 2024 financial information

The figures and financial information for the year ended 31 January 2024 are extracted from the Company’s annual financial statements for the period and do not constitute statutory accounts. The Company’s annual financial statements for the year to 31 January 2024 have been audited but have not yet been delivered to the Registrar of Companies. The Auditors’ report on the 2024 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under Sections 498(2) or 498(3) of the Companies Act 2006.

13. Annual Report and financial statements
The Annual Report and financial statements will be posted to shareholders in June and will be available on the Company’s website. The Notice of Annual General Meeting is contained within the Annual Report.

14. General information
Registered in England & Wales. Company No. 05840377
LEI: 213800Y3XEIQ18DP3O53

15. Directors
Murray Steele (Chair), Christopher Powles, Alex Hambro, Claire Finn and Gillian Elcock.

16. Secretary and registered office
Octopus Company Secretarial Services Limited
6^th Floor, 33 Holborn, London EC1N 2HT

The MIL Network –

May 27, 2025

MIL-OSI USA: Attorney General James Delivers Over $90,000 Worth of Baby Formula to Capital Region Families

Source: US State of New York

EW YORK – New York Attorney General Letitia James today announced the donation of more than 600 cases of baby formula worth over $90,000 from supplier Marine Park Distribution, Inc. (Marine Park) for families in the Capital Region. The donation of five pallets of baby formula is part of the $675,000 worth of formula that Attorney General James secured as a result of the Office of the Attorney General’s (OAG) investigation into Marine Park and its affiliate Formula Depot, Inc. (Formula Depot) for illegal price gouging during the nationwide formula shortage in 2022. At times, Marine Park doubled the price of a can of formula, charging its customers up to $36 for a can of formula that cost $18 before the shortage. The donation was delivered to the Regional Food Bank in Latham to be distributed to families in the Capital Region.

“Businesses cannot take advantage of an emergency to jack up prices for essential goods and rip off New Yorkers,” said Attorney General James. “Marine Park and Formula Depot’s price gouging put families at risk, and today we’re ensuring New Yorkers in need get justice. This formula will benefit families across the Capital Region, and I will continue to enforce our laws to protect New Yorkers from price gouging.”

“We are incredibly grateful to Attorney General James for this donation of baby formula,” said Michael-Aaron Poindexter, Chief Program Officer of the Regional Food Bank. “With food insecurity rates throughout our service area at 12.2 percent, this donation will provide much-needed support and peace of mind to families across our communities. It’s a powerful reminder of what we can accomplish when we come together to support our neighbors in need.”

In 2022, Abbott Laboratories closed one of its baby formula manufacturing plants and recalled formula produced there, creating significant hardship for families throughout New York and the nation as formula supplies dwindled and prices rose. Abbott produces over 40 percent of the infant formula sold in the United States, and the plant it closed was responsible for approximately one fifth of total U.S. production.

New York’s price gouging laws prohibit vendors from unconscionably increasing prices on goods that are vital to consumers’ health, safety, or welfare during market disruptions such as the 2022 formula shortage. In May 2022, Attorney General James issued warnings to more than 30 retailers across the state to stop overcharging for baby formula after consumers reported unreasonably high prices.

An OAG investigation found that Marine Park, which sells baby formula to retailers, and Formula Depot, which sells to consumers online, raised prices over 60 percent more than was allowed under the law during the shortage, generating hundreds of thousands of dollars more in revenue. One consumer, who relied on Formula Depot for formula safe for babies with milk and soy allergies, bought a case of formula for $190, only to be charged $245 for the same case just a few weeks later.

As a result of OAG’s investigation, Marine Park and Formula Depot must provide $675,000 of baby formula that Attorney General James will donate to New Yorkers in need by November 2025. In addition, the two companies are barred from future price gouging and have paid a $75,000 penalty to the state. In December 2024, Attorney General James made the first formula donation from the settlement of 3,300 cans of baby formula worth about $140,000 to Foodlink in Rochester. In March 2025, Attorney General James delivered $344,000 worth of formula to families in the Bronx.

Attorney General James is a leader in the fight to protect New York consumers and guard against price gouging. This week, Attorney General James secured the donation of over $13,500 worth of baby formula from supplier Paragon for families in Brooklyn. Earlier this month, Attorney General James secured over $13,500 worth of baby formula for Rochester families. In March 2025, Attorney General James delivered $6,300 worth of formula for families in Brooklyn. In October 2024, Attorney General James led a multistate coalition urging Congressional leaders to support a national ban on price gouging. In March and April 2024, Attorney General James distributed over 9,500 cans of baby formula in Buffalo and New York City from a settlement with Walgreens for price gouging during the formula shortage. In May 2023, Attorney General James secured a $100,000 settlement with Quality King Distributors, Inc. due to unconscionable price increases for Lysol products during the early days of the COVID-19 pandemic. In April 2021, Attorney General James delivered 1.2 million eggs to food pantries throughout the state which were secured as part of an agreement with the nation’s largest egg producers for price gouging in the early months of the pandemic.

New Yorkers should report potential concerns about price gouging to the OAG by filing a complaint online or calling 800-771-7755.

This matter was handled by Assistant Attorney General Benjamin C. Fishman, under the supervision of Bureau Chief Jane M. Azia and Deputy Bureau Chief Laura J. Levine, all of the Consumer Frauds and Protection Bureau. Former Data Scientist Jasmine McAllister also assisted in this matter, under the supervision of Director of Research and Analytics Victoria Khan, Deputy Director Gautam Sisodia, and former Director Megan Thorsfeldt. The Consumer Frauds and Protection Bureau is a part of the Division for Economic Justice, which is led by Chief Deputy Attorney General Chris D’Angelo and is overseen by First Deputy Attorney General Jennifer Levy.

MIL OSI USA News –

May 27, 2025

Maturity	Rate	Bidding Volume	Winning Bid Volume
7 days	1.40%	RMB142.5 billion	RMB142.5 billion

Category: Banking

Three big shocks in a row

Looking at three global scenarios

Other central banks face similar choices

The road ahead

Keynote speech by Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, at the Naturalis Biodiversity Center

Accounting for nature in monetary policy and banking supervision

Capturing the risks related to ecosystem degradation

Water – the natural currency underwriting purchases, investments and trades

Chart 1

Multiple stakeholders are taking action

Reliable and comparable data are key to managing risks and identifying opportunities

Conclusion

Gary Admans appointed as Non-Executive Director of the UK Debt Management Office Advisory Board

About Gary Admans

About the appointment process

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