NewzIntel.com

Category: Banking

  • MIL-OSI: River Valley Community Bank Builds Experienced Banking Team in Roseville

    Source: GlobeNewswire (MIL-OSI)

    YUBA CITY, Calif., May 15, 2025 (GLOBE NEWSWIRE) — River Valley Community Bancorp (OTC Markets: RVCB) is pleased to announce the formation of an experienced banking team for its new Roseville branch. This group of skilled banking professionals adds to an existing experienced team, all of which are ready to deliver the kind of personalized, full-service community banking that local businesses throughout Placer County deserve.

    The Roseville team embodies River Valley Community Bank’s promise of banking done differently – where relationships matter, decisions happen locally, and every action is taken with an absolute focus on client success.

    “Our approach in Roseville centers on building long-standing relationships with our clients through personalized service and tailored financial solutions,” said Steve Berry, Senior Vice President / Head of Commercial Banking. “The Roseville team has the experience and expertise to carry out that mission — and we believe that’s what community banking is all about.”

    The Roseville branch brings together exceptional talent with a passion for community banking:

    • Andrew Tagg, SVP/Market Manager covering all of Placer County, leads the team with extensive experience in relationship banking and a deep understanding of our local business landscape.
    • Kristen Holihan, VP/Relationship Manager, ensures seamless client service and operational excellence with a specialization in deposits and treasury management. Works closely with clients to optimize their cash flow and financial operations.
    • Steve Martinez, VP/Business Development Officer, brings valuable expertise in commercial lending and business development.
    • Rob Gutowski, SVP/Relationship Manager provides continuity and established knowledge of the bank’s comprehensive service offerings.
    • Kyle Petrucelli, VP/Commercial Banker, specializing in commercial and industrial lending.

    “We’ve built this team to take ownership of our clients’ needs and surpass their expectations,” said Luke Parnell, Executive Vice President / Chief Credit and Lending Officer. “Relationship banking is in our team’s DNA. And ultimately, it’s this kind of commitment to the success of our clients that has helped us grow from one branch in Yuba City to five across our region.”

    The Roseville branch, located at 2901 Douglas Blvd, Suite 140, will offer a full range of business and personal banking services when it opens in mid-2025. The location will absorb the bank’s current loan production office in Roseville and serve as a hub for the bank’s expanded presence in Placer County.

    For more information, please visit our website at: www.myrvcb.com or contact John M. Jelavich at 530-821-2469.

    Forward Looking Statements: This document may contain comments and information that constitute forward‐looking statements. Forward‐looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by such statements. Forward‐looking statements speak only as to the date they are made. The Bank does not undertake to update forward‐looking statements to reflect circumstances or events that occur after the date the forward‐looking statements are made.

    The MIL Network –

  • MIL-OSI Global: Disarming Hezbollah is key to Lebanon’s recovery − but the task is complicated by regional shifts, ceasefire violations

    Source: The Conversation – Global Perspectives – By Mireille Rebeiz, Chair of Middle East Studies and Associate Professor of Francophone and Women’s, Gender and Sexuality Studies, Dickinson College

    Slain Lebanese Hezbollah leader Hassan Nasrallah looms large in Lebanon. Anwar Amro/AFP via Getty Images

    Within a span of two weeks from late April to early May 2025, Israel launched two aerial attacks ostensibly targeting Hezbollah in Lebanon: The first, on April 27, struck a building in Beirut’s southern suburbs; the second, an assault in southern Lebanon, left one person dead and eight others injured.

    While the attacks may not be an aberration in the long history of Israel’s military action in Lebanon, the latest episodes were notable given the context: Israel and Hezbollah have been nominally locked in a truce for five months.

    As an expert on Lebanese history and culture, I believe the latest violations clearly show the fragility of that ceasefire. But more importantly, they complicate the Lebanese government’s mission of disarming Hezbollah, the paramilitary group that remains a powerful force in the country despite a series of Israeli targeted killings of its senior members. That task forms the backbone of a nearly 20-year-old United Nations resolution meant to bring lasting peace to Lebanon.

    The long road to a ceasefire

    In the aftermath of Hamas’ attack on Israel on Oct. 7, 2023, Hezbollah vowed solidarity with the Palestinian movement, resulting in a running series of tit-for-tat attacks with Israel that escalated into a full-blown war in the fall of 2024.

    On Oct. 1, 2024, Israel invaded Lebanon – the sixth time since 1978 – in order to directly confront Hezbollah. That operation led to the killing of an estimated 3,800 Lebanese people and the displacement of over 1 million civilians. The damage to Lebanon’s economy is estimated at US$14 billion, according to the World Bank.

    Hezbollah lost a lot of its fighters, arsenal and popular support as a result. More importantly, these losses discredited Hezbollah’s claim that it alone can guarantee Lebanon’s territorial integrity against Israel’s invasion.

    The United States and France brokered a ceasefire between Hezbollah and Israel on Nov. 27, 2024. The agreement was based in part on United Nations Security Council Resolution 1701, which was adopted in 2006 to end that year’s 34-day war between Israel and Hezbollah. The resolution had as a central tenet the disarmament of armed militias, including Hezbollah, and the withdrawal of Israeli forces from Lebanon.

    The 2024 ceasefire built on that resolution. It required Hezbollah’s retreat beyond the Litani River, which at its closest point is about 20 miles from northern Israel. In return, and by February 2025, Israel was to gradually withdraw from Lebanese territories in order to allow the Lebanese army to take control of areas in the south and to confiscate all unauthorized weapons – a nod to Hezbollah’s arsenal.

    Yet, Israel maintained the occupation of several posts in southern Lebanon after that deadline and continued to launch attacks on Lebanese soil, the most recent being on May 8, 2025.

    The challenge of disarming Hezbollah

    Despite these violations, large-scale war between Israel and Hezbollah has not resumed. But the next step, a lasting peace based on the laying down of Hezbollah arms, is complicated by a series of factors, not least the sectarian nature of Lebanese politics.

    Since its inception in 1920, Lebanon’s governance has been defined by a polarized and formally sectarian political system, which seeded the roots of a decades-long civil conflict that began in 1975. A series of invasions by Israel in response to attacks from Lebanese-based Palestinian groups exacerbated sectarianism and instability.

    From this mix, Hezbollah emerged and became a powerful force during the late 1980s.

    The Taif Agreement, ending Lebanon’s civil war in 1989, formally recognized the state’s right to resist the Israeli occupation of Lebanese territories – and with it Hezbollah’s presence as a force of resistance. An uneasy coexistence between the government and Hezbollah emerged, which often spilled over into violence, including assassinations of important public figures.

    More recently, Hezbollah was responsible for a two-year political vacuum as it mobilized members to repeatedly block opposition candidates for the vacant presidency in the hopes of installing a leader that would support its agenda.

    A view from the southern Lebanese district of Marjeyoun shows smoke billowing from the site of Israeli airstrikes on May 8, 2025.
    Rabih Daher/AFP via Getty Images

    In January 2025 that standoff ended when Lebanon’s parliament elected army chief Joseph Aoun, a Maronite Christian, as president.

    The acquiescence of Hezbollah and its allies was in part a sign of how much the power of the Shiite militia had been diminished by Israel during the conflict.

    But it is also the result of a widespread general understanding in Lebanon of the need to end the humanitarian crisis caused by Israel’s war. The new president has brought much-needed hope to a battered country – one that has been plagued by numerous crises, including a collapsed economy that by 2019 had pushed 80% of the population into poverty.

    But Aoun’s presidency signals the changing political environment in another key way; unlike his predecessors, Aoun has not endorsed Hezbollah as a legitimate resistance movement.

    Further, Aoun has announced his intentions to disarm the group
    and to fully implement resolution 1701.

    To this end, Aoun has made impressive gains. According to state officials, the Lebanese army had by the end of April 2025 dismantled over 90% of Hezbollah’s infrastructure south of the Litani River and taken control over these sites.

    Yet Hezbollah’s chief, Naim Kassem, doggedly rejects calls to disarm and integrate the group’s fighters into the Lebanese armed forces.

    Even in Hezbollah’s weakened position, Kassem believes only his movement, and not the Lebanese state, can guarantee Lebanon’s safety against Israel. And Israel violations of the ceasefire only play into this narrative.

    “We will not allow anyone to remove Hezbollah’s weapons,” Kassem said after one recent airstrike, vowing that the group would hand over weapons only when Israel withdrew from southern Lebanon and ended it’s air incursions.

    Can Lebanon’s new president, Joseph Aoun, untangle the Gordian knot of Lebanese politics?
    Ludovic Marin/AFP via Getty Images

    The challenge going forward

    Yet countries including the United States and Qatar – not to mention Israel – consider Hezbollah’s disarmament a prerequisite to both peace and much-needed international assistance.

    And this makes the task ahead for Aoun difficult. He will be well aware that international aid is desperately needed. But pressing too hard to accommodate either Israel’s or Hezbollah’s interests risks, respectively, exacerbating either domestic political pressures or jeopardizing future foreign investment.

    To complicate matters further, the situation in Lebanon is hardly helped by developments in neighboring Syria.

    The fall of Syrian President Bashar Assad in December 2024 has added another element of regional uncertainty and the fear in Lebanon of further sectarian violence. Although Syria’s new leader, Ahmed al-Sharaa, has vowed to protect all religious groups, he was not able to prevent the massacre of Alawite civilians in several coastal towns – an attack that triggered a fresh wave of refugees heading toward Lebanon.

    The removal of Assad was another blow for Hezbollah, a strong Assad ally that benefited from years of Syrian interference in Lebanon.

    The challenge of international relations

    For now, a return to full-scale war in Lebanon does not appear to be on the table.

    But what comes next for Lebanon and Hezbollah depends on many factors, not least the state of Israel’s ongoing war on Gaza and any spillover into Lebanon. But the actions of other regional actors, notably Saudi Arabia and Iran, matter too. Should Saudi Arabia be encouraged down the path of normalizing relations with Israel – a process interrupted by the Oct. 7 attack – then it would impact Lebanon in many ways.

    Any deal would, from the Saudi perspective, likely have to include a solution to the question of Palestinian statehood, taking away one of Hezbollah’s main grievances. It would also likely put pressure on Lebanon and Israel to find a solution to its long-standing border dispute.

    Meanwhile, Iran, too, is seemingly turning to diplomatic means to address some of its regional issues, with nascent moves to both improve ties with Saudi Arabia and forge forward with a new nuclear deal with the U.S. This could see Tehran turn away from a policy of trying to impose its influence throughout the region by arming groups aligned with Tehran – first among them, Hezbollah.

    Mireille Rebeiz is affiliated with the American Red Cross.

    – ref. Disarming Hezbollah is key to Lebanon’s recovery − but the task is complicated by regional shifts, ceasefire violations – https://theconversation.com/disarming-hezbollah-is-key-to-lebanons-recovery-but-the-task-is-complicated-by-regional-shifts-ceasefire-violations-255671

    MIL OSI – Global Reports –

  • MIL-OSI Economics: Money Market Operations as on May 15, 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) 6,00,556.18 5.67 2.00-6.00
         I. Call Money 16,780.79 5.83 4.90-5.90
         II. Triparty Repo 3,79,720.25 5.68 5.55-5.80
         III. Market Repo 2,02,433.14 5.64 2.00-5.95
         IV. Repo in Corporate Bond 1,622.00 5.89 5.86-6.00
    B. Term Segment      
         I. Notice Money** 95.00 5.76 5.45-5.85
         II. Term Money@@ 968.00 – 6.10-6.13
         III. Triparty Repo 1,673.00 5.80 5.70-5.90
         IV. Market Repo 1,140.28 5.99 2.50-6.13
         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, 15/05/2025 1 Fri, 16/05/2025 5,198.00 6.01
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Thu, 15/05/2025 1 Fri, 16/05/2025 358.00 6.25
    4. SDFΔ# Thu, 15/05/2025 1 Fri, 16/05/2025 2,62,952.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -2,57,396.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 02/05/2025 14 Fri, 16/05/2025 149.00 6.01
         (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. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       8,584.67  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     34,464.67  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -2,22,931.33  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on May 15, 2025 9,22,779.48  
         (ii) Average daily cash reserve requirement for the fortnight ending May 16, 2025 9,41,653.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ May 15, 2025 5,198.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on April 18, 2025 2,02,749.00  
    @ 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: 2025-2026/339

    MIL OSI Economics –

  • MIL-OSI Economics: Result of Underwriting Auction conducted on May 16, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on May 16, 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)
    6.79% GS 2031 11,000 5,502 5,498 11,000 0.04
    7.09% GS 2074 14,000 7,014 6,986 14,000 0.18
    Auction for the sale of securities will be held on May 16, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/340

    MIL OSI Economics –

  • Indian stock market opens lower amid mixed global cues

    Source: Government of India

    Source: Government of India (4)

    The domestic benchmark indices opened lower on Friday amid mixed global cues, with selling pressure seen in the IT, financial services, and pharma sectors during early trade.

    At around 9:29 a.m., the Sensex was trading 231.64 points, or 0.28 per cent, lower at 82,299.10, while the Nifty declined 49.95 points, or 0.20 per cent, to 25,012.15.

    The Nifty Bank index was down 52.40 points, or 0.09 per cent, at 55,303.20. Meanwhile, the Nifty Midcap 100 was trading at 56,700.05, up 169.20 points, or 0.30 per cent. The Nifty Smallcap 100 index stood at 17,318.40, having risen 78.45 points, or 0.46 per cent.

    According to analysts, from a technical perspective, the Nifty formed a strong bullish candle on the daily chart, breaking out of an inside bar pattern and closing above the crucial 25,000 level.

    Traders are advised to adopt a “buy on dips” strategy with strict risk management and avoid taking large overnight positions due to ongoing global uncertainties, he added.

    Among the Sensex constituents, Bharti Airtel, IndusInd Bank, SBI, Infosys, HCL Tech, and M&M were the top losers. On the other hand, UltraTech Cement, Bajaj Finserv, NTPC, Maruti Suzuki, and Axis Bank emerged as the top gainers.

    In the broader Asian markets, China, Hong Kong, and Japan were trading in the red, whereas Bangkok, Jakarta, and Seoul were in the green.

    In the previous trading session, the Dow Jones Industrial Average in the U.S. closed at 42,322.75, up 271.69 points, or 0.65 per cent. The S&P 500 ended with a gain of 24.35 points, or 0.41 per cent, at 5,916.93, while the Nasdaq closed at 19,112.32, down 34.49 points, or 0.18 per cent.

    April’s economic data presented a mixed picture of the U.S. economy. The Producer Price Index (PPI) unexpectedly declined by 0.5 per cent, significantly diverging from economists’ expectations of a 0.2 per cent increase. This drop suggests easing inflationary pressures at the wholesale level, according to experts.

    On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth ₹5,392.94 crore on May 15, while domestic institutional investors (DIIs) sold equities worth ₹1,668.47 crore.

    —IANS

  • MIL-OSI China: Walmart warns of price increases as tariffs pressure supply chain

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

    People shop at a Walmart store in Rosemead, California, the United States, on May 15, 2025. Walmart on Thursday reported mixed results for its fiscal first quarter ending April 30, narrowly missing revenue expectations as the retailer signaled that rising tariffs are likely to lead to higher prices for consumers. [Photo/Xinhua]

    Walmart on Thursday reported mixed results for its fiscal first quarter ending April 30, narrowly missing revenue expectations as the retailer signaled that rising tariffs are likely to lead to higher prices for consumers.

    While the company beat earnings estimates, Walmart CEO Doug McMillon warned that current tariff levels — despite a temporary reduction on Chinese imports — are “still too high” for Walmart or its suppliers to fully absorb.

    “We will do our best to keep our prices as low as possible. But given the magnitude of the tariffs, even at the reduced levels announced this week, we aren’t able to absorb all the pressure given the reality of narrow retail margins,” McMillon said Thursday on an earnings call. “The higher tariffs will result in higher prices,” he said.

    Walmart’s revenue for the quarter totaled 165.61 billion U.S. dollars, up 2.5 percent from a year ago but slightly below analysts’ expectations of 165.84 billion dollars. Adjusted earnings per share came in at 61 cents, beating the forecast of 58 cents. Net income declined to 4.49 billion from 5.10 billion dollars a year earlier.

    While Walmart achieved its first profitable quarter for its e-commerce operations both in the United States and globally, concerns about future pricing overshadowed the milestone. Tariffs on Chinese imports, particularly in categories like toys and electronics, continue to exert pressure, as do duties on products from countries like Costa Rica, Peru, and Colombia, which have affected prices for items such as coffee, bananas, avocados, and roses.

    “We’re wired for everyday low prices, but the magnitude of these increases is more than any retailer can absorb,” Walmart Chief Financial Officer John David Rainey told CNBC. “It’s more than any supplier can absorb. And so I’m concerned that consumers are going to start seeing higher prices.”

    Rainey said the impact would likely start to show toward the end of May and become more noticeable in June. Walmart is working closely with suppliers to maintain value but admitted the speed and scale of cost increases are “a little bit unprecedented.”

    Trade policy remains a significant uncertainty, with about one-third of Walmart’s U.S. merchandise imported from countries including China, Mexico, and Vietnam. While Walmart has not canceled any orders due to tariff concerns, it has scaled back the size of certain shipments to adjust for anticipated changes in consumer demand tied to higher prices. Tariffs have already driven up prices on items like mattresses, toys, and strollers, contributing to higher costs for both businesses and consumers.

    According to the Federal Reserve, tariffs have added approximately 0.3 percent to overall prices this year. In response, some companies are raising prices across their product lines, while others are targeting specific items. Many are choosing to remove high-cost products from their offerings altogether, rather than risk losing sales due to price resistance or being undercut by competitors.

    Despite these challenges, Walmart reported decent performance last quarter. Comparable store sales rose 4.5 percent, largely driven by gains in its grocery segment. The company also reported increased spending from higher-income customers. Walmart maintained its full-year guidance, projecting sales growth of 3.5 percent to 4.5 percent for the current quarter, although it did not provide updated profit forecasts due to the volatility in trade policy. The company’s shares fell slightly in Thursday trading, reflecting investor caution amid the pricing pressures.

    Bank of America analyst Robert Ohmes noted this week that Walmart is “well positioned to manage tariffs,” thanks to its strong supplier relationships and commitment to low prices. Unlike many of its competitors, Walmart sources only about 15 percent of its merchandise from China, reducing its exposure to tariff-related cost spikes. Additionally, roughly 60 percent of Walmart’s inventory consists of groceries, the majority of which are sourced domestically. 

    MIL OSI China News –

  • MIL-OSI Economics: In Zagora, blue gold is giving a new impetus to tourism

    Source: African Development Bank Group

    Climate change has made water stress increasingly acute on the African continent in recent decades. The situation is particularly challenging in North Africa, where several strategic sectors, including tourism, depend on a steady supply of water to survive and develop. Water resources will surely be a recurrent theme at the Annual Meetings of the African Development Bank, which are to be held in Abidjan from 26 to 30 May 2025 under the banner, “Making Africa’s Capital Work Better for Africa’s Development”. 

    Tourism is a vital economic resource for the ancient town of Zagora, dramatically positioned at the gateway to the desert. But tourism depends on a natural resource –water, without which there would be no hotels, no lush gardens nestled in the courtyards of the riads (traditional urban houses), no artisans, and none of the amenities and attractions that bring thousands of visitors to the town each year in search of exotic relaxation. 

    Water stress has been a growing concern for Zagora’s people and businesses. As Saïd Elberkaoui, who has managed the town’s Riad Lamane hotel for the last five years, explained: “Water is a treasure but two years ago it grew scarce. If the situation had continued and intensified, it could have affected tourism.” 

    Nestled in the heart of a palm grove, Riad Lamane offers high-quality services and must ensure that all of its amenities, from rooms to garden to restaurant, are perfectly maintained to satisfy its customers. Scarcity of water was a clear threat to the smooth operation and even the existence of the hotel: “I was fearful that tourists would stop coming and my employees would lose their jobs,” Saïd Elberkaoui says. 

    Investments that are changing the game 

    Recognising the scale of the problem, the Moroccan government has taken timely action. accelerating investments in infrastructure to secure and reinforce drinking water supplies throughout the Kingdom. 

    In the province of Zagora, the National Office for Electricity and Drinking Water (ONEE) has completed the construction of a water treatment plant and a 127-kilometre drinking water supply system. The project, with total cost of over €55 million, was financed by a loan from the African Development Bank. Combined with water conservation and optimization measures, this forward-looking policy has benefited nearly 300,000 people. The towns of Zagora, Agdez, and the surrounding villages now have adequate supplies of this most precious resource. 

    For Firdaous Allouli, a cook at Riad Lamane, a secure water supply means fewer problems in her day-to-day work. “My kitchen runs better, we are more efficient, and we can respond better to customer requests. We can do more,” she says happily. 

    Water security promises a secure future for the tourism industry and gives it the potential to grow. As Saïd Elberkaoui says: “It is an extra reason to develop the riad and perhaps to recruit staff.” 

    However, the improvements in the province of Zagora do not resolve the problem for Morocco as a whole, which continues to suffer from declining water resources. The public authorities are addressing the issue through the National Programme for Drinking Water Supply and Irrigation (PNAEPI 2020-2027), which brings together and unites the capacities of all stakeholders who can help to resolve this complex equation. 

    The African Development Bank has been working in partnership with ONEE since the late 1970s. The Bank has contributed to major infrastructure projects to strengthen and secure access to water, which have improved water systems in nearly 30 Moroccan cities, providing for the water needs of more than 15 million people. 

    The Kingdom has invested more than €1.2 billion to ensure adequate supplies of water. Achraf Hassan Tarsim, Country Manager for Morocco at the African Development Bank, expects further joint work to address remaining challenges. “The urgent need today is to take action where water is starting to run out. We have been, are and will continue to stand alongside Morocco, meeting the water challenge together with our long-standing partner, the National Office for Electricity and Drinking Water,” Mr Tarsim said. 

    MIL OSI Economics –

  • MIL-OSI Economics: Niger’s Bridges to Resilience: Building a Stronger Future

    Source: African Development Bank Group

    Under the glow of solar streetlights, Aichatou Alkassoum marvels at the Djibo Bakary Bridge in Farié, Niger. “At night, it’s like a modern Niamey street,” she says, her voice bright with pride. A leader in Delewa’s School Management Committee, she calls it “the Bridge of Renewal.”

    Previously, crossing the Niger River here meant hours waiting for a shaky ferry under a blazing sun. Since January 2021, this 640-meter bridge, part of the African Development Bank’s Trans-Saharan Road Project-TSRP, has cut travel time, linking Kourthèye and Gothèye with three km of paved roads and 180 solar lamps. Funded with $23 million from the Bank’s $125 million TSRP commitment, it’s a lifeline for trade across an enormous 9,022 km of land connecting the three countries of Niger to Algeria and Nigeria.

    The African Development Bank’s $1.2 billion project in Niger fuels this change. In Maradi, Hachimou Abou Moussam a farmerm once planned to move to Niamey to flee a constant struggle. Then the Water Mobilization Project for Food Security – PMERSA-MTZ  ($13 million since 2011) gave him two wells, pumps, and irrigation pipes. “I grow niébé year-round now,” he says. Across Maradi, Tahoua, and Zinder, PMERSA-MTZ built 47 dams, 74 wells, and 273 km of rural tracks, irrigating 18,000 hectares. Crop yields jumped 94 percent, and Hachimou’s income rose by $680 yearly, rooting him home.

    In Diffa, Arzika Assoumane, director of Kalmaharo Vocational School, credits the Vocational and Technical Education Support Project– PADEFPT, ($47 million since 2010). “We went from 300 students to over 1,000,” he beams. With 474 classrooms built nationwide, 21,000 students trained, and girls’ enrolment up from 2.2 percent to 8.4 percent by 2020, PADEFPT bridges skills to jobs. “The African Development Bank changed our lives,” Arzika says.

    Imagine the transformative power of light. The Niger Rural, Peri-Urban, and Urban Electrification Project ($68 million since 2017) project, did not only expand the Gorou Banda power plant to 100 MW, a 25% increase in available capacity, but also forging connections to 68,400 families, exceeding the ambitious targets by 150%. Now, with the Desert to Power-Project for the Development of Solar Power Plants and Improvement of Access to Electricity ($131 million, since in 2022), Niger is taking a leap towards sustainable energy, adding 30 MW of renewable capacity and bringing the life-changing power of electricity to 800,000 people.

    The Kandadji Ecosystems Program– PA-KRESMIN ($126 million since 2019) irrigates fields and powers 630,000 people. Together, these efforts, backed by $740 million disbursed, turn Niger’s land and people into strength. As Chief Amadou Boubacar notes, TSRP’s 16 classrooms and wells in Farié echo this: “Our market and health centre boost incomes.”

    The Trans-Saharan Fiber Optic Project – TSB in Niger (43 million EUR since 2016) is laying over 1,000 km of high-speed fiber optic network linking Niger with Algeria, Nigeria, Tchad, Benin, and Burkina Faso. In Agadez, where high-speed connectivity was once a luxury, young entrepreneurs will be able to run online businesses from their smartphones.

    It seems an age ago now when the internet was too slow to send a photo. Soon, farmers, small businesses, and artists from Arlit will take orders from Niamey, or even better, Algiers or Lagos. The project is transforming access to education, government services, and markets for thousands in previously disconnected regions. Beyond a cable, it is a pathway to opportunity, inclusion, and innovation in one of Africa’s growing economies.

    Yet, with a $402 billion continental gap, more is needed. Aichatou dreams of wider bridges, literally and figuratively. The African Development Bank’s smart cash builds resilience, one bridge, one harvest, one optic fiber, and one classroom at a time.

    MIL OSI Economics –

  • MIL-OSI Economics: Business Opportunities Seminar (BOS)

    Source: African Development Bank Group
    The African Development Bank Group is pleased to announce its upcoming Business Opportunities Seminar (BOS), taking place on 29 May 2025 from 8:00 am to 4:00 pm in Abidjan, Côte d’Ivoire on the sidelines of its Annual Meetings. The event will be livestreamed on the Bank’s YouTube and LinkedIn channels.

    MIL OSI Economics –

  • MIL-OSI New Zealand: Economy – RBNZ Analytical Notes: Estimating Exchange Rate Pass-through in New Zealand

    Using a range of estimation methods, we find that a 1% appreciation in the Trade Weighted Index (TWI) for the New Zealand dollar exchange rate can lead to a 0.004 to 0.01% decline in ex-fuel tradables prices within one quarter. In the long run, it can lead to a 0.05 to 0.3% decline in ex-fuel tradables prices. These estimates of incomplete pass-through are in line with estimates obtained for inflation-targeting economies in the related literature.  

    Asymmetries in exchange rate pass-through can arise in different economic environments and across time. For example, pass-through tends to be stronger when the output gap is materially positive than when it is materially negative.

    Deriving Indicators of Economic Activity from Traffic Sensor Data: (ref. https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=15ef0a1d3b&e=f3c68946f8 )
    Key findings

    We develop monthly indicators of economic activity in New Zealand from granular data measuring traffic counts for both heavy and light traffic. Our indicators are highly correlated with New Zealand’s official measure of aggregate economic activity – Gross Domestic Product.
    Our indicators can be disaggregated into regional components at a daily frequency, highlighting variation that would remain masked in aggregate measures.
    These traffic indices provide an independent check on other high-frequency economic indicators, offer better monitoring of regional disparities in economic activity, and support timely policy advice in response to economic shocks. However, the higher volatility of these traffic indices means that they require careful interpretation, and these traffic indices should be used as part of a broader suite of economic indicators.

    More Information
    Our research and analysis: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=68e4cc931d&e=f3c68946f8

    The Analytical Notes series encompasses a range of background papers prepared by Reserve Bank staff.
    Unless otherwise stated, views expressed are those of the authors, and do not necessarily represent the views of the Reserve Bank.

    Our research programme: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=eae460457c&e=f3c68946f8

    Why we conduct research

    In an ever-changing world, our research into different dimensions of the New Zealand economy is the bedrock enabling us to make well-informed policy decisions.
    The RBNZ plays a central role in the New Zealand economy, setting monetary policy to support price stability, and acting as kaitiaki (guardians) of the financial system. To achieve our mandate, we draw on a comprehensive body of research into the New Zealand economy, which asks big questions ranging from how individual firms set their prices to what the future of money will look like in Aotearoa. Our researchers use advanced statistical techniques and macroeconomic modelling to unravel the intricate relationships between businesses, financial markets, and people that shape the New Zealand economy.
    The insights from our research provide us with the understanding and confidence to make appropriate policy decisions for the benefit of New Zealanders, and also equip us to respond to future shocks.

    MIL OSI New Zealand News –

  • MIL-OSI USA: Hagerty, Colleagues Reintroduce Legislation to Block Unconstitutional Tracking of Gun Store Purchases

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—This week, United States Senator Bill Hagerty (R-TN), a member of the Senate Banking Committee, led his colleagues in reintroducing the Protecting Privacy in Purchases Act, legislation to protect gun store customers by blocking unconstitutional surveillance via Merchant Category Codes (MCCs) that unlawfully track gun store purchases. Representative Riley Moore (R-WV-03) has introduced companion legislation in the U.S. House of Representatives.

    Co-sponsors of the legislation include Senators Jim Justice (R-WV), Lindsey Graham (R-SC), Jim Risch (R-ID), Cynthia Lummis (R-WY), Bill Cassidy (R-LA), John Hoeven (R-ND), Ted Budd (R-NC), Steve Daines (R-MT), Mike Lee (R-UT), Pete Ricketts (R-NE), Kevin Cramer (R-ND), Mike Crapo (R-ID), Rick Scott (R-FL), Markwayne Mullin (R-OK), Deb Fischer (R-NE), and John Barrasso (R-WY).

    “Merchant category codes should never be used to track and surveil gun store customers,” said Senator Hagerty. “If this alarming overreach isn’t stopped, radical leftists won’t just target gun owners—they’ll weaponize the financial system against anyone who makes a purchase that doesn’t conform to their agenda. This legislation is critical to preventing the politicization of MCC codes and securing the civil liberties of law-abiding Americans and the Second Amendment.”

    “Any attempt to collect data on Americans simply exercising their God-given rights is wrong, and I won’t stand for it. I’m proud to have led this fight at the state level as West Virginia State Treasurer – where we were the first in the nation to codify this policy that protects our Second Amendment rights,” said Congressman Riley Moore. “I’m proud to be leading this fight with Reps. Hudson and Barr in the House and honored to have Senator Hagerty leading it in the Senate.”

    “Gun control proponents, including those in Congress, have already admitted the use of a firearm retailer-specific Merchant Category Code is intended to monitor and approve firearm and ammunition purchases,” said Lawrence G. Keane, NSSF Senior Vice President & General Counsel. “Senator Hagerty’s bill would prohibit the government from creating watchlists or determining when law-abiding citizens may exercise their Second Amendment rights, which starts with legally purchasing a firearm or ammunition. No American should be concerned that banks or the federal government are employing this Orwellian antigun scheme to monitor the exercise of their Second Amendment rights when they lawfully purchase firearms or ammunition products. NSSF thanks Senator Hagerty for his principled leadership to stand up for Second Amendment rights and against gun control special interest groups and big government lawmakers who want to monitor and deny lawful transactions by law-abiding Americans. Americans should worry about what’s in their wallet, not who’s in their wallet.”

    Background:

    The Protecting Privacy in Purchases Act builds upon Hagerty’s commitment to defending Americans’ constitutional rights from politicized and abusive overreach.

    In September 2022, Hagerty criticized the President and CEO of Amalgamated Bank for its efforts to use MCC codes to target gun store customers.

    In February 2024, Hagerty grilled former Treasury Secretary Janet Yellen on reports that the Department’s Financial Crimes Enforcement Network coordinated with financial institutions to monitor for “extremist indicators,” including lawful transactions at stores that sell firearms.

    Last Congress, Hagerty introduced the Protecting Privacy in Purchases Act in response to revelations that MCC Codes were used to implement unconstitutional surveillance on gun store consumers.

    Full text of the Protecting Privacy in Purchases Act can be found here.

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Joins 51 Republicans in Calling for Dismantlement of Iran’s Nuclear Program

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Pete Ricketts (R-NE) and 50 Republican colleagues in sending a letter to President Trump regarding the administration’s ongoing negotiations with Iran. The letter calls on the Trump administration to secure a deal that results in the full dismantlement of the Iranian nuclear program, including permanently ending the regime’s capacity to enrich uranium.
    Sen. Tuberville has spoken numerous times in support of President Trump’s policy approach toward Iran.
    “We write to express our strong support for your efforts to secure a deal with Iran that dismantles its nuclear program, and to reinforce the explicit warnings that you and officials in your administration have issued that the regime must permanently give up any capacity for enrichment,” wrote the Senators.
    “We cannot afford another agreement that enables Iran to play for time, as the JCPOA did. The Iranian regime should know that the administration has Congressional backing to ensure their ability to enrich uranium is permanently eliminated. As always we stand ready to provide you and your administration whatever resources you need to advance American national security interests,” the Senators continued.
    Joining Sens. Tuberville and Ricketts are Sens. Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Bill Cassidy (R-LA), Shelly Moore Capito (R-WV), Susan Collins (R-ME), Kevin Cramer (R-ND), Mike Crapo (R-ID), John Cornyn (R-TX), Tom Cotton (R-AR), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Jon Husted (R-OH), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Ashley Moody (R-FL), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Lisa Murkowski (R-AK), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Dan Sullivan (R-AK), Thom Tillis (R-NC), John Thune (R-SD), Roger Wicker (R-MS), and Todd Young (R-IN) in signing the letter.
    Read the full letter below or here. 
    “Dear Mr. Trump:
    We write to express our strong support for your efforts to secure a deal with Iran that dismantles its nuclear program, and to reinforce the explicit warnings that you and officials in your administration have issued that the regime must permanently give up any capacity for enrichment.
    During your first term you withdrew the United States from the deeply broken Joint Comprehensive Plan of Action (JCPOA) and imposed maximum pressure on the regime. As you said then, a fatal flaw of the deal was that it ‘allowed Iran to continue enriching uranium and, over time, reach the brink of a nuclear breakout.’  The JCPOA allowed Iran to sell oil, provided waivers allowing third countries to help Iran build out its nuclear program, and included the termination of United Nations sanctions on the regime. Despite critics claiming your withdrawal from the deal would allow Iran to advance its nuclear ambitions, the Iranian regime remained deterred from making substantial nuclear progress throughout your term because of your maximum pressure campaign.
    Tragically, the Biden administration systematically undid that pressure, functionally re-implementing the nuclear deal. They immediately rescinded your decision to reimpose U.N. sanctions, allowed Iran to sell oil at JCPOA-levels, and even re-issued waivers allowing Iran to build out its nuclear program. As you predicted, those policies indeed allowed Iran to reach the brink of nuclear breakout, which is where they are today. The Biden administration made those concessions without any reciprocal concessions from Iran, and Iran even ceased providing international inspectors access to significant parts of its nuclear program in the early days of the Biden administration.
    The scope and breadth of Iran’s nuclear buildout have made it impossible to verify any new deal that allows Iran to continue enriching uranium. In its most recent report, published on February 26, the International Atomic Energy Agency confirmed that because of Iran’s activities over the last four years, ‘the Agency has lost continuity of knowledge in relation to the production and current inventory of centrifuges, rotors and bellows, heavy water and UOC, which it will not be possible to restore.’
    You and your administration have therefore correctly drawn a redline against any deal that allows Iran to retain any enrichment capability. Your National Security Presidential Memorandum on Iran stated that “Iran’s nuclear program, including its enrichment- and reprocessing-related capabilities and nuclear-capable missiles, poses an existential danger to the United States and the entire civilized world,” and you recently said that only ‘full dismantlement’ of those capabilities would be acceptable. Special Presidential Envoy Steve Witkoff has made it clear in that context of negotiation that for any final arrangement to work, “Iran must stop and eliminate its nuclear enrichment and weaponization program.” 
    We cannot afford another agreement that enables Iran to play for time, as the JCPOA did. The Iranian regime should know that the administration has Congressional backing to ensure their ability to enrich uranium is permanently eliminated. 
    As always we stand ready to provide you and your administration whatever resources you need to advance American national security interests.
    Sincerely,”
    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 –

  • MIL-OSI Security: Nashville Man Charged with Conspiracy to Defraud Fresno County

    Source: Office of United States Attorneys

    FRESNO, Calif. — A federal grand jury returned a six-count indictment against Jafaar September Nyangoro, 52, of Franklin, Tennessee, and Peter Bah Acha, 45 of Berlin, Germany, charging them with conspiracy to commit wire fraud and wire fraud related to a scheme to defraud Fresno County, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, sometime before Sept. 14, 2020, Nyangoro, Acha, and others secretly gained control of an email account used by the finance director of a Fresno nonprofit to submit fraudulent invoices to Fresno County for payment through Automated Clearing House (ACH) transactions. Posing as the finance director, they fraudulently represented to the County of Fresno that the nonprofit’s bank account information had changed and that payments should be sent to an account at a different bank that Nyangoro had recently opened. The County of Fresno updated the nonprofit’s bank account information accordingly.

    According to court documents, between Sept. 24, 2020, and Oct. 13, 2020, the County of Fresno initiated several ACH transfers totaling over $1.5 million to Nyangoro’s bank account instead of the nonprofit’s bank account. At times, Nyangoro, Acha, and others communicated with each other through various means, including WhatsApp. For example, on Oct. 16, 2020, after Regions Bank reversed some of the ACH transfers for suspected fraud, Nyangoro sent a WhatsApp message: “We’re in deep s***. The last 3 transactions from County of Fresno have been reversed. Please call me ASAP!”

    This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorney David L. Gappa is prosecuting the case.

    Nyangoro was ordered detained by a magistrate judge in Nashville on May 14, 2025, and will make an appearance in Fresno at a later date.

    If convicted, Nyangoro and Acha face a maximum statutory penalty of 20 years in prison and a fine up to $250,000 for each count of conspiracy to commit wire fraud and wire fraud. Any sentence, however, would be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables. The charges are only allegations; the defendant is presumed innocent until and unless proven guilty beyond a reasonable doubt.

    MIL Security OSI –

  • MIL-OSI: Wrap Technologies, Inc. Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, May 15, 2025 (GLOBE NEWSWIRE) — Wrap Technologies, Inc, (NASDAQ: WRAP) (“Wrap” or, the “Company”), a global leader in innovative public safety technologies and non-lethal tools, today announced financial and operating results for the first quarter ended March 31, 2025.

    Q1 2025 Financial Results:

    • Cash increased to $6.2 million, up from $3.6 million in Q1 2024
    • Margins increased over 21 points from 56.6% in Q1 2024 to 77.8% in Q1 2025, with cost of revenue decreasing 73.4%, from $640 thousand to $170 thousand, respectively.
    • Operating loss improved 5.2%, from $(4.1) million in Q1 2024 to $(3.9) million in Q1 2025.
    • Q1 2025 revenue was $765 thousand.
    • Net income was $109 thousand in Q1 2025 as compared to $117 thousand in Q1 2024.

    Recent Operational Highlights:

    • The revamped training and learning management system is expected to be ready for launch.
    • Customer reports show increased BolaWrap deployments.
    • Recent shifts in policies associated with costly effects of higher uses of force.
    • Departments with dedicated Crisis Intervention Teams are reporting increased usage in the growing mental health crises and response to Medical Behavioral Emergencies.
    • Company signed and executed a sales and marketing partnership which provides the Company coverage in the U.S. public safety market and federal government.
    • The Company’s move to the VA Facility is complete and manufacturing operations are substantially ready.
    • The Company completed the acquisition of W1 Global, LLC, a preeminent managed services and consulting firm led by an executive team of former high-ranking law enforcement and U.S. Intelligence Community professionals, with deep competencies in complex international criminal investigation, regulatory matters and compliance issues.
    • Expanded Wrap’s leadership in managed services with the addition of Joseph Bonavolonta, a 27-year FBI veteran, and Rob Heuchling, with a 15-year FBI career, to scale the Company’s support offerings.
    • Appointed Stephen M. Renna, former Executive at the Export-Import Bank of the United States, to lead Wrap’s international growth and financing strategy, strengthening its global expansion efforts.

    About Wrap Technologies, Inc.
    Wrap Technologies, Inc. (Nasdaq: WRAP) is a global leader in public safety solutions, bringing together cutting-edge technology with exceptional people to address the complex, modern day challenges facing public safety organizations.

    Wrap’s BolaWrap® solution is a safer way to gain compliance—without pain. This innovative, patented device deploys light, sound, and a Kevlar® tether to safely restrain individuals from a distance, giving officers critical time and space to manage non-compliant situations before resorting to higher-force options. The BolaWrap 150 does not shoot, strike, shock, or incapacitate—instead, it helps officers operate lower on the force continuum, reducing the risk of injury to both officers and subjects. Used by over 1,000 agencies across the U.S. and in 60 countries, BolaWrap® is backed by training certified by the International Association of Directors of Law Enforcement Standards and Training (IADLEST), reinforcing Wrap’s commitment to public safety through cutting-edge technology and expert training.

    Wrap Reality™ VR is an advanced, fully immersive training simulator designed to enhance decision-making under pressure. As a comprehensive public safety training platform, it provides first responders with realistic, interactive scenarios that reflect the evolving challenges of modern law enforcement. By offering a growing library of real-world situations, Wrap Reality™ equips officers with the skills and confidence to navigate high stakes encounters effectively, leading to safer outcomes for both responders and the communities they serve.

    Wrap’s Intrensic solution is an advanced body-worn camera and evidence management system built for efficiency, security, and transparency. Designed to meet the rigorous demands of modern law enforcement, Intrensic seamlessly captures, stores, and manages digital evidence, ensuring integrity and full chain-of-custody compliance. With automated workflows, secure cloud storage, and intuitive case management tools, it streamlines operations, reduces administrative burden, and enhances courtroom credibility.

    Trademark Information
    Wrap, the Wrap logo, BolaWrap®, Wrap Reality™ and Wrap Training Academy are trademarks of Wrap Technologies, Inc., some of which are registered in the U.S. and abroad. All other trade names used herein are either trademarks or registered trademarks of the respective holders.

    Cautionary Note on Forward-Looking Statements – Safe Harbor Statement
    This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Words such as “expect,” “anticipate,” “should”, “believe”, “target”, “project”, “goals”, “estimate”, “potential”, “predict”, “may”, “will”, “could”, “intend”, and variations of these terms or the negative of these terms and similar expressions are intended to identify these forward-looking statements. Moreover, forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control. The Company’s actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including but not limited to: the expected benefits of the acquisition of W1 Global, LLC, the Company’s ability to maintain compliance with the Nasdaq Capital Market’s listing standards; the Company’s ability to successfully implement training programs for the use of its products; the Company’s ability to manufacture and produce products for its customers; the Company’s ability to develop sales for its products; the market acceptance of existing and future products; the availability of funding to continue to finance operations; the complexity, expense and time associated with sales to law enforcement and government entities; the lengthy evaluation and sales cycle for the Company’s product solutions; product defects; litigation risks from alleged product-related injuries; risks of government regulations; the business impact of health crises or outbreaks of disease, such as epidemics or pandemics; the impact resulting from geopolitical conflicts and any resulting sanctions; the ability to obtain export licenses for counties outside of the United States; the ability to obtain patents and defend intellectual property against competitors; the impact of competitive products and solutions; and the Company’s ability to maintain and enhance its brand, as well as other risk factors mentioned in the Company’s most recent annual report on Form 10-K, subsequent quarterly reports on Form 10-Q, and other Securities and Exchange Commission filings. These forward-looking statements are made as of the date of this release and were based on current expectations, estimates, forecasts, and projections as well as the beliefs and assumptions of management. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

    Investor Relations Contact:
    (800) 583-2652
    ir@wrap.com

    The MIL Network –

  • MIL-OSI USA: Thomas Day State Historic Site Debuts New Tour Schedule

    Source: US State of North Carolina

    Headline: Thomas Day State Historic Site Debuts New Tour Schedule

    Thomas Day State Historic Site Debuts New Tour Schedule
    jejohnson6

    Thomas Day State Historic Site is pleased to announce that starting May 13, the site will offer regularly scheduled walk-in tours to visitors for the first time. Previously, tours were available by advance reservation only. Acquired by the N.C. Division of State Historic Sites in 2024, the site is still under development and will continue to expand opportunities for the public to learn about the life and times of Thomas Day.

    Thomas Day State Historic Site is at 148 NC-57 in Milton, N.C.

    Guided tours will be available Tuesday-Saturday, at 10 and 11 a.m., noon, and 2 and 3 p.m. All tours will begin at the Thomas Day House. The tour fee is $2 for adults and $1 for children, seniors, and military. Groups of 10 or more who would like a tour should call or email the site in advance to schedule a visit.

    “Our staff has been working diligently behind the scenes for months to ready the site for this next stage,” said site manager DeAsia Noble. “We are thrilled that visitors to Milton can now drop in, take a tour, and learn about the remarkable life of Thomas Day.”

    About Thomas Day State Historic Site
    Thomas Day State Historic Site interprets the life and work of Thomas Day, a free Black master craftsman who was renowned for his skill and artistry in creating furniture in antebellum North Carolina. The site consists of Day’s house and workshop, as well as the Historic Milton State Bank building. The site is located at 148 NC-57 in Milton, N.C. For more information, visit https://historicsites.nc.gov/all-sites/thomas-day-state-historic-site or call (336) 592-8120.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.

    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    May 12, 2025

    MIL OSI USA News –

  • MIL-OSI Security: Two Men Sentenced for Real Estate and Tax Fraud

    Source: United States Attorneys General 1

    Two men were sentenced to prison today for a wire and tax fraud scheme to obtain title to a $1.3 million home in Roanoke County, Virginia. Herman Estes Jr. of Fieldale Virginia was sentenced to 84 months in prison; his co-conspirator Daniel Heggins of Charlotte, North Carolina was sentenced to 24 months in prison.

    The following is according to court documents and statements made in court: Herman Estes filed a false amended income tax return for 2021 claiming he was entitled to a refund of $18.3 million. In March 2023, Estes made a $1.3 million cash offer for a property on Old Mill Plantation Road in Roanoke County. To legitimize this offer, Estes provided the parties to the transaction with a proof of funds letter that Estes created using an online form. Estes also provided the real estate agent with Heggins’ contact information and claimed Heggins was his trust manager with authority to approve the cash offer. When the real estate agent contacted Heggins, Heggins purported to approve Estes’s use of his trust funds to purchase the house.

    As payment for the property, Estes tendered a fraudulent cashier’s check in the amount of $1,307,199.43 signed by him and purportedly drawn off a Federal Reserve Bank. Funds in that amount were debited to the settlement company’s trust account before the check was flagged as fraudulent.

    In March 2023, Estes filed another false tax return claiming he was entitled to a $2.9 million refund.

    In addition to the terms of imprisonment, Chief U.S. District Judge Elizabeth K. Dillon for the Western District of Virginia ordered Estes to serve three years of supervised release and Heggins to serve three years of supervised release.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Acting U.S. Attorney Zachary T. Lee for the Western District of Virginia made the announcement.

    The Bureau of Alcohol, Tobacco, Firearms and Explosives and IRS Criminal Investigation investigated the case.

    Trial Attorney Andrew Ascencio of the Tax Division and Assistant U.S. Attorney Lee Brett for the Western District of Virginia prosecuted the case. Former Assistant U.S. Attorney Kristin Johnson for the Western District of Virginia assisted in the investigation and prosecution.

    MIL Security OSI –

  • MIL-OSI USA: Casten, FSC Ranking Member Waters, and 39 Democratic Members Call out Top U.S. Financial Institutions for Abandoning Commitment to Address Growing Climate Crisis

    Source: United States House of Representatives – Representative Sean Casten (IL-06)

    May 15, 2025

    WASHINGTON, D.C. – Today, Congressman Sean Casten (D-IL), Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, and 39 other Members sent a letter to the Chief Executive Officers of leading U.S. financial institutions, including Morgan Stanley, JPMorgan Chase, Citigroup, Bank of America, Wells Fargo, Goldman Sachs, Northern Trust, BlackRock, Franklin Templeton Investments, State Street Global Advisors, PIMCO, and Invesco. The letter follows recent decisions by U.S. financial institutions and investment companies to abandon their previous commitments to combat climate change amidst growing political pressure from the Trump Administration and Congressional Republicans.

    In the letter, the lawmakers criticize the companies for withdrawing from several global coalitions of leading companies committed to combating climate change, particularly in light of our nation’s worsening climate crisis. In fact, 2024 was the hottest year on record, with natural disasters increasing in frequency and severity, causing billions in damages. The letter also highlights the past findings of key financial regulators that have repeatedly flagged climate risk as a rising threat to the economy and U.S. financial stability. For example, the Financial Stability Oversight Council identified climate risk in its 2022, 2023, and 2024 reports, urging financial institutions to manage their exposure to climate-related risks. Similarly, in 2023, the Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency reaffirmed that climate change poses a significant risk to the stability of financial institutions and the broader economy. 

    “We write to express disappointment over your company’s decision to backtrack on its climate goals in response to political pressure and the influence of fossil fuel special interests. Your organization recently withdrew from a coalition of leading global companies committed to taking significant actions to address the serious financial threats posed by climate change. Ignoring climate change’s destabilizing effects on the economy is not an option,” wrote the lawmakers. “…It bears repeating that climate risk is financial risk, a fact acknowledged by investors, asset managers, businesses, and regulators, including many of your organizations.”

    The lawmakers also underscore the negative consequences of turning a blind eye to their climate commitments which will exacerbate financial risks and as a result, directly affect how investors allocate their funds. 

    “Financial institutions contribute to the emissions of nearly every business sector, making your organization a crucial player in limiting the average global temperature rise and seizing the economic opportunities presented by the transition to a low-carbon economy. Moreover, as top financiers of fossil fuels, a failure to address financed emissions could expose banks to long-term climate impacts, including the risk of stranded assets,” added the lawmakers.

    In closing, the lawmakers emphasize the importance of climate coalitions and commitments, and request the CEOs provide detailed answers by May 29, 2025 to a series of questions, including explanations for their reversal on climate commitments, what they are currently doing to achieve previously stated net-zero carbon emissions goals, and the nature of their correspondence with the Trump Administration.

    See the letter HERE.

    Full list of signers: Representatives: Maxine Waters (D-CA), Sean Casten (D-IL), Yassamin Ansari (D-AZ), Joyce Beatty (D-OH), Donald Beyer (D-VA), Suzanne Bonamici (D-OR), Julia Brownley (D-CA), Kathy Castor (D-FL), Emanuel Cleaver (D-MO), Dwight Evans (D-PA), Cleo Fields (D-LA), Valerie Foushee (D-NC), Jesús García (D-IL), Sylvia Garcia (D-TX), Al Green (D-TX), Jared Huffman (D-CA), Pramila Jayapal (D-WA), Henry Johnson (D-GA), Ro Khanna (D-CA), Summer Lee (D-PA), Ted Lieu (D-CA), Zoe Lofgren (D-CA), Stephen Lynch (D-MA), Seth Magaziner (D-RI), Doris Matsui (D-CA), James McGovern (D-MA), Gwen Moore (D-WI), Jerrold Nadler (D-NY), Eleanor Norton (D-DC), Alexandria Ocasio-Cortez (D-NY), Ilhan Omar (D-MN), Ayanna Pressley (D-MA), Delia Ramirez (D-IL), Janice Schakowsky (D-IL), Rashida Tlaib (D-MI), Jill Tokuda (D-HI), Paul Tonko (D-NY), Juan Vargas (D-CA), Nydia Velázquez (D-NY), Bonnie Watson Coleman (D-NJ), Nikema Williams (D-GA).

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Cotton, Gillibrand Introduce Bipartisan Bill to Protect Military Installations from Unauthorized Drones

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton

    FOR IMMEDIATE RELEASE
    Contact: Caroline Tabler or Patrick McCann (202) 224-2353
    May 15, 2025

    Cotton, Gillibrand Introduce Bipartisan Bill to Protect Military Installations from Unauthorized Drones

    Washington, D.C. — Senator Tom Cotton (R-Arkansas) and Senator Kirsten Gillibrand (D-New York) today introduced the Comprehensive Operations for Unmanned-System Neutralization and Threat Elimination Response (COUNTER) Act, bipartisan legislation to enhance airspace security at military installations. 

    Senators Jim Banks (R-Indiana), Marsha Blackburn (R-Tennessee), Richard Blumenthal (D-Connecticut), John Boozman (R-Arkansas), Katie Britt (R-Alabama), Ted Budd (R-North Carolina), Shelley Moore Capito (R-West Virginia), Susan Collins (R-Maine), John Cornyn (R-Texas), Ted Cruz (R-Texas), Joni Ernst (R-Iowa), Mazie Hirono (D-Hawaii), John Hoeven (R-North Dakota), Jim Justice (R-West Virginia), Mark Kelly (D-Arizona), James Lankford (R-Oklahoma), Cynthia Lummis (R-Wyoming), Mitch McConnell (R-Kentucky), Jim Moran (R-Kansas), Markwayne Mullin (R-Oklahoma), Pete Ricketts (R-Nebraska), Jacky Rosen (D-Nevada), Rick Scott (R-Florida), Eric Schmitt (R-Missouri), Jeanne Shaheen (D-New Hampshire), Dan Sullivan (R-Alaska), Thom Tillis (R-North Carolina), and Todd Young (R-Indiana) are co-sponsoring this legislation. Representatives Chrissy Houlahan (Pennsylvania-06) and August Pfluger (Texas-11) are introducing companion legislation in the House.

    “Leaving American military facilities vulnerable to drone incursions puts our service members, the general public, and our national security at risk. Our bill will expand the Department of Defense’s authority to neutralize unauthorized drones,” said Senator Cotton. 

    “As commercial drones become more commonplace, we must ensure that they are not being used to share sensitive information with our adversaries, to conduct attacks against our service members, or otherwise pose a threat to our national security. This legislation will enable DoD to more effectively mitigate threats from drones and allow for better interagency cooperation to keep Americans safe. I am proud to be introducing this important piece of bipartisan legislation, and I look forward to working with my colleagues to get it passed,” said Senator Gillibrand. 

    “In recent years, there has been a disturbing increase in threats posed to U.S. military bases by unmanned aircraft systems, including from systems controlled by foreign adversaries. Despite this, our armed forces continue to tell us that they lack the authority to protect the skies over some of our most sensitive military installations,” said Rep. Houlahan. “Today’s introduction of the bipartisan COUNTER Act marks the next step towards delivering the expanded authorities our military needs to address the threats of unmanned aircraft systems and keep these facilities safe.”

    “Unauthorized drone activity near and over U.S. military installations has become a persistent and growing national security concern. In the past year alone, there were more than 350 drone detections at 100 different military installations,” said Rep. Pfluger. “This is why I am proud to help lead the bipartisan COUNTER Act, which gives our armed forces the clear authority they need to take down hostile drones and defend our most sensitive installations. As a fighter pilot with hundreds of hours in combat experience, I know firsthand how critical airspace security is — and how urgent this action has become.”

    Full text of the legislation may be found here.

    The COUNTER Act would:

    • Expand the definition of a “covered facility” as it is in current law, enabling more bases to apply for approval to detect, track, and, if necessary, neutralize drones.

    MIL OSI USA News –

  • MIL-OSI: Intermap Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Company reports first quarter 2025 revenue growth of 153% with 28% pro-forma adjusted EBITDA margin

    Confirms projected 2025 revenue of $30–35 million and 28% EBITDA margin

    Conference call today at 5:00 pm ET to discuss results

    DENVER, May 15, 2025 (GLOBE NEWSWIRE) — Intermap Technologies (TSX: IMP; OTCQB: ITMSF) (“Intermap” or the “Company”), a global leader in 3D geospatial services and intelligence solutions, today announced first quarter 2025 results and affirmed 2025 guidance.

    For the first quarter ending March 31, 2025

    • Total revenue of $4.3 million, compared with $1.7 million in the first quarter of 2024
    • Acquisition Services revenue of $2.4 million versus $478 thousand in the year-ago quarter
    • Value-added Data revenue of $514 thousand versus $266 thousand in the year-ago quarter
    • Software and Solutions revenue of $1.3 million, compared with $942 thousand in the first quarter of 2024
    • 28% pro-forma adjusted EBITDA margin versus 25% in the first quarter of 2024
      • Intermap invested to support permitting and pursuit costs on behalf of its partners for follow-on awards
    • Pro-forma net income of $833 thousand, compared with a net loss of $839 thousand in the first quarter of 2024
    • Total assets of $19.2 million versus $11.9 million on December 31, 2024
    • Cash, unbilled and A/R totaled $13.9 million versus $6.5 million on December 31, 2024

    “We’re seeing strong momentum across our government and commercial segments,” said Patrick A. Blott, Intermap Chairman and CEO. “With multiyear partnerships, federal contracts and a strengthened balance sheet, we’re benefiting from growing customer confidence and positioning the Company for recurring revenue with long-term growth. We are pleased to affirm our 2025 guidance.”

    Q1 Government Milestones
    In the government sector, Intermap’s team, led by CACI, was selected as a vendor for the National Geospatial-Intelligence Agency’s $200 million Luno B IDIQ contract. When combined with the previously announced Luno A award, the addressable opportunity totals $500 million. The first task orders have begun to be issued and Intermap is well positioned with superior proprietary source data and analytics located over difficult areas of the world inaccessible by optical satellites. This positions Intermap to compete for federal work over the next five years and expand its role in delivering advanced geospatial intelligence to support national security.

    Intermap continued to execute Phase 1 of Indonesia’s national mapping initiative, delivering high-resolution 3D elevation and feature data exceeding specifications in a shorter timeframe than planned. The Company is pursuing follow-on awards under Phase 2 of the $653 million World Bank–funded ILASP project, which supports land administration and spatial planning. With the Indonesian government prioritizing large-scale base maps for national development, Intermap’s Phase 1 performance positions it strongly for continued participation. The Company’s advanced technology and proven execution align with the project’s goals, including expansion into Java, Kalimantan and other key regions.

    As part of the Indonesian mapping program during the quarter, Intermap incurred charges for permitting, currency adjustment and working capital investment to support large government milestone payments, which were subsequently collected in April 2025, after the quarter end. In addition, Intermap incurred pursuit costs related to upcoming contracts. When the partner-related charges and pursuit costs are added back, pro-forma Adjusted EBITDA and earnings for the first quarter were $1.2 million and $833 thousand, respectively. To further mitigate exchange risks, Intermap entered into foreign currency hedging and arrangements with its local prime partner to pay IDR subcontractors. Going forward, currency risk and hedging costs are mitigated by World Bank funding, which will be denominated and fixed in U.S. dollars.

    During the quarter, Intermap was down-selected after a competitive process for a new U.S. Defense Advanced Research Project (DARPA) program to support priority DARPA investments targeted to leverage Intermap’s unique commercial capabilities, commercialization expertise, proprietary internal research and development and growth capital support. This program extends Intermap’s own upgrade efforts and capital with sponsored access to additional government-funded, cutting-edge applied geospatial technologies, advanced research and development, next-generation geospatial products and emerging dual-use companies on contract with DARPA. The Company is currently working with multiple customers using Intermap data and technology for real-time terrain matching to power long-range autonomous systems. More information about this important award will follow as contracting is finalized.

    Q1 Commercial Achievements
    Intermap began 2025 with strong performance in its insurance business, securing over $1.1 million in new and renewed contracts. It signed two major multiyear partnerships with a leading European bank-insurance group and PREMIUM Insurance. Both adopted Intermap’s Aquarius RMA platform, reinforcing the Company’s position as a key provider of AI-driven geospatial solutions for multi-peril and flood risk assessment.

    During the first quarter, the Company significantly expanded its partnership with a major global space infrastructure operator, which has increased its investment in the Company’s high-precision 3D elevation data with Intermap’s NEXTMap® solution. This expansion supports the operator’s use of the data for radio frequency interference modeling and optimizing site selection across diverse geographies. In 2024, the operator acquired 10 times as many projects as the previous year, driving a 6.4x increase in revenue. Early 2025 projects are nearly three times larger than the average size in 2024, with points of presence growing rapidly, reflecting the growing scale of the initiative. This rapid expansion demonstrates the operator’s growing reliance on Intermap’s best-in-class data.

    The Company also renewed its subscription partnership with a leading provider of GPS-enabled golf technology. Now entering its fourth year, the collaboration utilizes Intermap’s high-resolution 3D elevation data to map more than 40,000 golf courses globally, delivering immersive, real-time virtual experiences for golfers. This data powers advanced features such as swing metrics, ball flight analytics and detailed course visualizations—accessible from homes, backyards and practice ranges. Driven by strong user growth, the partnership is expanding to include a new generation of golf products built on Intermap’s proprietary terrain models, where Intermap is compensated alongside the customer for growing user data consumption. With 78% of core golfers using at least one golf app, Intermap’s data remains a key enabler of the evolving digital golf experience.

    Q1 Financing
    To fund growth, Intermap raised C$12 million in February. The capital strengthens the Company’s ability to execute on its expanding pipeline and scale delivery of high-value contracts.

    Outlook
    Intermap confirms projected 2025 revenue of $30–35 million and 28% EBITDA margin.

    Intermap does not provide quarterly guidance. The Company has tremendous installed capacity, providing a competitive advantage for speed of execution. Intermap’s customers are large global institutions and governments with long procurement and decision-making cycles. Intermap has the proven ability and track record to increase operational efficiency and tempo once under contract to meet aggressive timelines consistent with customer requirements.

    Intermap will continue building recurring revenue by enabling customers to consume the world’s most precise GEOINT terrain data products at global scale, as-a-service, provisioned within seconds, consuming only the points they need, when and where they need them. While penetrating deeper into its targeted markets, Intermap is also enabling new users and new use-cases, and its financial results highlight the persistent recurring revenue and high growth embedded in this attractive business model.

    Quarterly Filing
    The Company’s consolidated financial statements for the quarter ended March 31, 2025, along with management’s discussion and analysis for the corresponding period and related management certifications for the first quarter financial results, will be filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov on May 15, 2025.

    Adjusted EBITDA is a non-GAAP measure. The term earnings before interest, taxes, depreciation and amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, and depreciation. Adjusted EBITDA also excludes share-based compensation, fair value adjustments and foreign currency translation. See “Reconciliation of Non-GAAP Measures” in Company’s Management’s Discussion and Analysis filed on SEDAR+ at www.sedarplus.ca and on the SEC’s EDGAR website at SEC.gov.

    Conference Call Details
    Intermap’s CEO Patrick A. Blott and CFO Jennifer Bakken will host a live webinar today, at 5:00 pm ET to review the results, provide Company updates and answer investor questions following the presentation.

    Intermap invites shareholders, analysts, investors, media representatives and other stakeholders to attend the earnings webinar to discuss the first quarter of 2025 results.

    DATE Thursday, May 15, 2025
    TIME 5:00 pm ET
    WEBCAST Register

    Learn more about Intermap here.

    Intermap Reader Advisory 
    Certain information provided in this news release, including reference to revenue growth, EBITDA margin, future contracting, constitutes forward-looking statements. The words “anticipate”, “expect”, “project”, “estimate”, “forecast”, “will be”, “will consider”, “intends” and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap’s forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap’s Annual Information Form and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

    About Intermap Technologies 

    Founded in 1997 and headquartered in Denver, Colorado, Intermap (TSX: IMP; OTCQB: ITMSF) is a global leader in geospatial intelligence solutions, focusing on the creation and analysis of 3D terrain data to produce high-resolution thematic models. Through scientific analysis of geospatial information and patented sensors and processing technology, the Company provisions diverse, complementary, multi-source datasets to enable customers to seamlessly integrate geospatial intelligence into their workflows. Intermap’s 3D elevation data and software analytic capabilities enable global geospatial analysis through artificial intelligence and machine learning, providing customers with critical information to understand their terrain environment. By leveraging its proprietary archive of the world’s largest collection of multi-sensor global elevation data, the Company’s collection and processing capabilities provide multi-source 3D datasets and analytics at mission speed, enabling governments and companies to build and integrate geospatial foundation data with actionable insights. Applications for Intermap’s products and solutions include defense, aviation and UAV flight planning, flood and wildfire insurance, disaster mitigation, base mapping, environmental and renewable energy planning, telecommunications, engineering, critical infrastructure monitoring, hydrology, land management, oil and gas and transportation. 

    For more information, please visit www.intermap.com or contact:
    Jennifer Bakken
    Executive Vice President and CFO
    CFO@intermap.com
    +1 (303) 708-0955

    Sean Peasgood
    Investor Relations
    Sean@SophicCapital.com
    +1 (647) 260-9266

    The MIL Network –

  • MIL-OSI: Fold Holdings Inc. (NASDAQ: FLD) Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    Revenue: $7.1 million, 44% YoY increase
    Bitcoin Treasury Holdings: 1,490 BTC, ~50% increase from Q4 2024
    Launched Bitcoin Gift Card with access to network of thousands of retailers
    New accounts up over 300% YoY and platform volumes up 67% YoY

    PHOENIX, May 15, 2025 (GLOBE NEWSWIRE) — Fold Holdings, Inc. (NASDAQ: FLD) (“Fold”), the first publicly traded bitcoin financial services company, today announced financial results for the first quarter ended March 31, 2025.

    Financial Highlights

    • Revenue: $7.1 million; 44% YoY increase
    • GAAP Net Loss: ($48.9) million
    • Adjusted EBITDA (Loss) (non-GAAP): ($4.2) million
    • GAAP Loss Per Share: ($1.92) per share
    • Adjusted EBITDA (Loss) Per Share (non-GAAP): ($0.17) per share
    • Bitcoin Treasury Holdings: 1,490 bitcoin; +$150 million value as of 5/13/2025

    Key Operating Metrics

    • Total Transaction Volume: +$250 million; 67% YoY increase
    • Total Active Accounts: +600,000, added +17,000 new accounts in the quarter
    • Total Verified Accounts: +76,000, added +5,000 new verified accounts in the quarter

    CEO Commentary

    “We are pleased to report a strong first quarter, with revenues for the period increasing by 44% versus a year ago, while core KPIs such as Active Accounts and Transaction Volumes were also up”, said Fold Chairman and CEO, Will Reeves. “From Fold’s public listing in February to our recent new product announcements, we have already made meaningful progress in 2025.”

    Mr. Reeves continued, “In particular, we made significant progress on new initiatives that we believe improve the growth prospects for Fold. First, in February, we announced the launch of the Fold Bitcoin Rewards Credit Card, which currently has a waitlist of 75,000 people. We are working towards launching the card later this year and believe it can be an important growth driver of Fold’s business. Second, we are prioritizing the expansion of our Custody and Trading business by adding enhanced functionality to the platform. Our initiatives include increasing access to the platform beyond Fold cardholders to all users, supporting larger bitcoin orders through acceptance of wire deposits, and expanding the geographic reach of Fold’s suite of services. We believe these developments will allow us to open our platform to a meaningfully larger market. Our most recent announcement, the Fold Bitcoin Gift Card, is designed to allow consumers to acquire bitcoin by purchasing the Fold Bitcoin Gift Card online and at participating retail locations throughout the United States. Americans spend billions of dollars annually on gift cards and we believe the Fold Bitcoin Gift Card will allow us to capitalize on this large and meaningful market.”

    Reeves concluded, “Finally, our bitcoin treasury holdings increased by 50% during the first quarter and currently stands at 1,490 bitcoin, which represents more than $150 million of value based on recent bitcoin prices. At Fold, we remain committed believers in Bitcoin and see it as central to everything we do. Building on our first quarter of 2025, we will continue to seek opportunities to add to our bitcoin holdings and believe in the long-term value proposition of a robust bitcoin treasury strategy.”

    Strategic & Business Updates:

    • Fold Credit Card (announced in February 2025)
      • Over 75,000 applicants on the waitlist
      • 215 million credit cards users in the US
      • Expected to launch later this year
    • Fold Bitcoin Gift Card (announced May 15, 2025)
      • Partnered with Totus for a target nationwide launch later this year
      • Rollout will be in phases with initial accessibility through Fold’s website
      • Full rollout expected to include deployment to thousands of online and physical locations throughout the US
    • Custody and Trading Expansion
      • Expanding accessibility to our bitcoin exchange platform to a larger user base
      • Expanding features and making the platform accessible in additional states
    • Bitcoin Treasury
      • Expanded our bitcoin investment treasury by approximately 50% in Q1 2025
      • Currently hold 1,490 Bitcoin with a value of over $150 million

    2025 Full Year Outlook:

    • Revenue: Prior guidance of $61.6 million in 2025 remains unchanged
    • Marketing Expenses: $3 million, an approximately 10x increase from 2024

    Earnings Call and Webcast Information:

    Fold Inc. will host a conference call at 5:00 p.m. Eastern Time today, which will include a brief discussion of results followed by a question and answer period. To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

    Date: May 15, 2025
    Time: 5:00 p.m. ET
    Participant Call Links:

    • Live Webcast: Link
    • Dial-in Registration Link: Link

    A replay of the call will be archived at https://investor.foldapp.com

    About Fold Inc.:

    Fold (NASDAQ: FLD) is the first publicly traded Bitcoin financial services company, making it easy for individuals and businesses to earn, save, and use Bitcoin. With 1,490 BTC in its treasury, Fold is at the forefront of integrating Bitcoin into everyday financial experiences. Through innovative products like the Fold App, Fold Card, Fold Credit Card, and Fold Bitcoin Gift Card, the company is building the bridge between traditional finance and the Bitcoin-powered future.

    Forward-Looking Statements:

    The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the anticipated benefits of the business combination. Forward-looking statements may be identified by the use of words such as “may,” “could,” “would,” “should,” “predict,” “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include the potential benefits of the new convertible note, Fold’s treasury strategy and the potential success of Fold’s market and growth strategies. These statements are based on assumptions and on the current expectations of Fold’s management and are not predictions of actual performance. Many actual events and circumstances are beyond the control of Fold. These forward-looking statements are subject to a number of risks and uncertainties, including: (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) the failure to realize the anticipated benefits of the business combination; (iii) the effect of the consummation of the business combination on Fold’s business relationships, performance, and business generally; (iv) the ability to implement business plans and other expectations after the completion of the business combination, and identify and realize additional opportunities; (v) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive industry in which Fold operates; and (vi) those factors discussed in Fold’s filings with the Securities and Exchange Commission. If any of these risks materialize or Fold’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While Fold may elect to update these forward-looking statements at some point in the future, each specifically disclaims any obligation to do so, except as required by law.

    Fold Holdings, Inc. Condensed Balance Sheets (Unaudited)
     
        March 31,     December 31,  
        2025     2024  
    Assets            
    Current assets            
    Cash and cash equivalents   $ 11,699,552     $ 18,330,359  
    Accounts receivable, net     942,888       451,455  
    Inventories     403,595       262,813  
    Digital assets – rewards treasury     7,365,544       8,569,651  
    Prepaid expenses and other current assets     4,003,918       687,100  
    Total current assets     24,415,497       28,301,378  
    Digital assets – investment treasury     122,957,753       93,568,700  
    Capitalized software development costs, net     1,175,215       1,000,065  
    Deferred transaction costs     –       2,784,893  
    Total assets   $ 148,548,465     $ 125,655,036  
                 
    Liabilities and stockholders’ equity (deficit)            
    Current liabilities            
    Accounts payable   $ 1,486,978     $ 1,113,552  
    Accrued expenses and other current liabilities     1,898,812       71,858  
    December 2024 convertible note, net     –       11,752,905  
    Customer rewards liability     7,365,544       8,569,651  
    Deferred revenue     358,716       387,776  
    Total current liabilities     11,110,050       21,895,742  
    Deferred revenue, long-term     470,176       487,690  
    December 2024 convertible note, net     12,278,826       –  
    March 2025 convertible note – related party     52,813,643       –  
    Simple Agreements for Future Equity (“SAFEs”)     –       171,080,533  
    Total liabilities     76,672,695       193,463,965  
    Commitments and contingencies (Note 13)            
    Stockholders’ equity (deficit)            
    Preferred stock, $0.0001 par value; 20,000,000 shares authorized, 0 shares issued and outstanding at March 31, 2025 and 10,204,880 shares issued and outstanding at December 31, 2024     –       1,020  
    Common stock, $0.0001 par value; 600,000,000 shares authorized, 46,888,876 shares issued and 46,250,665 shares outstanding at March 31, 2025 and 5,836,882 shares issued and outstanding at December 31, 2024     4,625       584  
    Additional paid-in-capital     222,098,867       33,537,989  
    Accumulated deficit     (150,227,722 )     (101,348,522 )
    Total stockholders’ equity (deficit)     71,875,770       (67,808,929 )
    Total liabilities and stockholders’ equity   $ 148,548,465     $ 125,655,036  
     
    Fold Holdings, Inc. Condensed Statements of Operations (Unaudited)
     
        Three Months Ended March 31,  
        2025     2024  
    Revenues, net   $ 7,087,837     $ 4,931,211  
                 
    Operating expenses            
    Banking and payment costs     6,758,924       4,626,748  
    Custody and trading costs     45,785       21,288  
    Compensation and benefits     6,457,940       757,365  
    Marketing expenses     399,798       42,467  
    Professional fees     1,788,505       36,668  
    Amortization expense     91,071       57,353  
    (Gain) loss on customer rewards liability     (1,100,857 )     3,423,045  
    Loss (gain) on digital assets – rewards treasury     1,010,586       (3,491,889 )
    Other selling, general and administrative expenses     1,136,455       312,894  
    Total operating expenses     16,588,207       5,785,939  
    Operating loss     (9,500,370 )     (854,728 )
                 
    Other income (expense)            
    Loss on digital assets – investment treasury     (15,617,152 )     –  
    Change in fair value of SAFEs     (6,503,113 )     (95,064 )
    Change in fair value of convertible note     (6,534,143 )     –  
    Convertible note issuance costs and fees     (9,569,109 )     –  
    Interest expense     (1,271,638 )     –  
    Other income     120,303       12,855  
    Other income (expense), net     (39,374,852 )     (82,209 )
                 
    Net loss before income taxes     (48,875,222 )     (936,937 )
    Income tax expense     3,978       8,109  
    Net loss   $ (48,879,200 )   $ (945,046 )
                 
    Net loss per share attributable to common stockholders:            
    Basic and diluted   $ (1.92 )   $ (0.16 )
    Weighted average common shares outstanding:            
    Basic and diluted     25,436,398       5,836,882  
     
    Fold Holdings, Inc. Condensed Statements of Cash Flows (Unaudited)
     
        Three Months Ended March 31,  
        2025     2024  
    Cash flows from operating activities            
    Net loss   $ (48,879,200 )   $ (945,046 )
    Adjustments to reconcile net loss to net cash used in operating activities:            
    Amortization expense     91,071       57,353  
    Loss (gain) on digital assets – rewards treasury     1,010,586       (3,491,889 )
    Loss on digital assets – investment treasury     15,617,152       –  
    (Gain) loss on customer rewards liability     (1,100,857 )     3,423,045  
    Change in fair value of convertible note     6,534,143       –  
    Convertible note issuance costs and fees     9,569,109       –  
    Amortization of debt discount     525,921       –  
    Change in fair value of SAFEs     6,503,113       95,064  
    Share-based compensation expense     5,170,275       –  
    Increase (decrease) in cash resulting from changes in:            
    Accounts receivable, net     (491,433 )     (38,400 )
    Inventories     (140,782 )     (11,860 )
    Prepaid expenses and other current assets     (962,423 )     9,756  
    Accounts payable     373,426       168,239  
    Accrued expenses and other current liabilities     660,721       10,908  
    Customer reward liability     611,552       487,032  
    Deferred revenue     (46,574 )     (118,433 )
    Net cash used in operating activities     (4,954,200 )     (354,231 )
                 
    Cash flows from investing activities            
    Purchases of digital assets     (1,562,973 )     (441,467 )
    Proceeds from sales of digital assets     –       –  
    Payments for capitalized software development costs     (266,221 )     (171,134 )
    Net cash used in investing activities     (1,829,194 )     (612,601 )
                 
    Cash flows from financing activities            
    Proceeds from recapitalization     804,600       –  
    Payments of deferred IPO costs     (652,013 )     –  
    Proceeds received from SAFE financings     –       500,000  
    Net cash provided by financing activities     152,587       500,000  
                 
    Net decrease in cash and cash equivalents     (6,630,807 )     (466,832 )
    Cash and cash equivalents, beginning of period     18,330,359       1,491,544  
    Cash and cash equivalents, end of period   $ 11,699,552     $ 1,024,712  
                 
    Non-cash investing and financing activities            
    Distributions of digital assets to fulfill customer reward redemptions     714,802       1,317,262  
    Distributions of digital assets to satisfy other current liabilities     1,012       8,940  
    Recapitalization     173,019,904       –  
    Proceeds from convertible debt received in digital assets – related party     43,965,525       –  
    Distributions of digital assets for prepaid interest – related party     2,313,975       –  
     

    Non-GAAP Financial Measures

    Adjusted EBITDA

    In addition to net loss and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”) to monitor the financial health of our business. Adjusted EBITDA is defined as net loss, excluding (i) interest expense, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) share-based compensation, (v) remeasurement gains and losses such as fair value remeasurements on our digital assets, convertible notes, and SAFE notes, and (vi) impairments, restructuring charges, and business acquisition- or disposition-related expenses that we believe are not indicative of our core operating results. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies.

    The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and/or render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of core operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    The following table presents a reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net loss:

        Three Months Ended March 31,  
        2025     2024  
    Net loss   $ (48,879,200 )   $ (945,046 )
    Add:            
    Interest expense     1,271,638       –  
    Income tax expense     3,978       8,109  
    Amortization expense     91,071       57,353  
    Share-based compensation expense     5,170,275       –  
    (Gain) loss on customer rewards liability     (1,100,857 )     3,423,045  
    Loss (gain) on digital assets – rewards treasury     1,010,586       (3,491,889 )
    Loss on digital assets – investment treasury     15,617,152       –  
    Change in fair value of SAFEs     6,503,113       95,064  
    Change in fair value of convertible note     6,534,143       –  
    Convertible note issuance costs and fees     9,569,109       –  
    Adjusted EBITDA (non-GAAP)   $ (4,208,992 )   $ (853,364 )
     
        Three Months Ended March 31,  
        2025     2024  
    Adjusted EBITDA (Loss)   $ (4,208,992 )   $ (853,364 )
    Weighted-average shares used to compute basic and diluted net loss per share     25,436,398       5,836,882  
                 
    Adjusted EBITDA (Loss) per share attributable to common stockholders:            
    Basic and diluted   $ (0.17 )   $ (0.15 )
     

    For investor and media inquiries, please contact:

    Investor Relations:
    Orange Group
    Samir Jain, CFA
    FoldIR@orangegroupadvisors.com

    Media:
    Elev8 New Media
    Jessica Starman, MBA
    Media@foldapp.com

    The MIL Network –

  • MIL-OSI: BIO-key Reports Q1’25 Revenue of $1.6M and Improved Cash Position of $3.1M; Hosts Investor Call Tomorrow, Friday May 16th at 10am ET

    Source: GlobeNewswire (MIL-OSI)

    HOLMDEL, N.J., May 15, 2025 (GLOBE NEWSWIRE) — BIO-key® International, Inc. (Nasdaq: BKYI), an innovative provider of workforce and customer Identity and Access Management (IAM) solutions featuring passwordless, phoneless and tokenless Identity-Bound Biometric (IBB) authentication, announced results for its first quarter (Q1’25). BIO-key will host an investor call tomorrow, Friday, May 16th at 10:00am ET (details below).

    BIO-key CEO, Mike DePasquale commented, “Our revenue rose approximately 10% sequentially vs. Q4’24, as we continue our transition to selling high-margin BIO-key branded products in Europe, the Middle East and Africa (EMEA). Year-over-year revenue decreased 25% due to a $1.2M two-year contract with a long-term financial services customer we closed in Q1’24, as compared to $690k recorded in Q1’25 from the customer’s addition of incremental biometric capabilities. We expect revenue from this customer to increase significantly in the next two-year period commencing in 2026, due to their expanding deployment and the addition of our one-to-many fingerprint-only biometric ID system that requires no card or account number for client Identification.

    “Our gross margin remained healthy in Q1 at 83%, and we reduced our selling, general and administrative expense by 23% year-over-year. Our cash position increased substantially to $3.1M reflecting proceeds from warrant exercises early in Q1’25. Since December 31, we have also reduced the principal balance on our outstanding note payable. These balance sheet improvements provide solid footing for BIO-key as we pursue new growth opportunities.”

    Q1 Highlights

    Mr. DePasquale continued, “Moving forward, we are seeing growing traction for our identity bound biometric solutions in defense/security and financial services applications that require the highest levels of security. In these use cases, our customers are drawn to our unique ability to authenticate the individual seeking data or network access rather than alternate factors that are far more prone to being compromised. We now support secure biometric authentication for a number of national and international defense and police organizations and are working to leverage these powerful endorsements in our business development efforts.

    “We continue to build our base of government and government related customers who appreciate the flexibility, ease of use and ability to support multiple authentication factors that create a compelling return on investment profile. We see growing interest in our unique passwordless, phoneless and tokenless authentication solutions, which meet the most pressing security and usability challenges.

    “We have built a solid presence in state, local and educational (SLED) markets domestically, as we now serve over 100 institutions with over 4M end users. In Q1’25 the Wyoming Department of Education deployed PortalGuard IDaaS, adding up to 20,000 SaaS end users. Additionally, many existing higher ed customers are migrating from our on-premises solution to PortalGuard IDaaS, further expanding our base of recurring revenue.

    “Building on this, we executed a strategic partnership and Joint Purchase Agreement in Q1’25 with California’s Education Technology Joint Powers Authority (Ed Tech JPA), resulting in PortalGuard becoming an approved solution for the alliance’s 195 K-12 schools and districts, servicing over 2.6M students. Importantly, BIO-key solutions are uniquely positioned to comply with California’s Phone-Free Schools Act (AB-1326) policies limiting or prohibiting smartphone use in schools by July 2026. Most competing solutions rely on phone authenticators or hardware security keys, neither of which are practical solutions for schools.

    “From a strategic standpoint, we are excited about the revenue and margin potential in EMEA now that we have refocused our efforts on BIO-key solutions in those markets. Our transition away from Swivel Secure licensed solutions beginning in the second half of 2024 resulted in some challenging year-over-year revenue comparisons but we fully expect to return our EMEA performance to growth and enhanced margins over the remainder of 2025.

    “Based on the security, flexibility, ease of deployment and compelling ROI provided by our solutions, we feel well positioned to deliver improved top- and bottom-line results in 2025. However, given the timing of large customer orders or renewals, our financial performance is likely to fluctuate on a quarter-to-quarter basis. Given increasing interest in our biometric solutions, growing adoption of passwordless, phoneless and tokenless IAM solutions, our improved balance sheet, strong margin profile, and revenue traction in EMEA markets, we are very optimistic about our growth outlook. We also continue to seek opportunities to reduce costs and lower our breakeven level to support our path to positive cash flow and profitability.”

    Financial Results

    Total revenues decreased to $1,607,159 in Q1’25 from $2,181,203, mainly due to the impact of $1.2M in Q1’24 revenue from a 2-year renewal contract with a long-term financial services customer vs. $690k from this customer in Q1’25. License fee revenue decreased to $1,098,758 in Q1’25 from $1,950,434 a year ago, reflecting the variance in revenue from the long-term financial services customer, as well as the impact on revenue of transitioning from selling third-party Swivel Secure products and services to BIO-key products, in the EMEA region.

    Service revenues increased to $272,598 in Q1’25 from $213,122 in Q1’24, including approximately $265,000 and $193,000, respectively, of recurring maintenance and support revenue, and $8,000 and $20,000, respectively, of non-recurring custom services revenue. The recurring revenue increase of $72,000 or 37% was due to incremental support services for a large customer service agreement. Non-recurring custom services decreased due to the removal of a large Swivel Secure customer.

    Hardware sales increased to $235,803 in Q1’25 from $17,647 in Q1’24, due largely to increased purchases of fingerprint biometric scanners in support of certain customers’ expanded deployments in Q1’25.

    Gross profit decreased to $1,327,661 in Q1’25 from $1,881,560 in Q1’24, reflecting gross margins of 82.6% and 86.3%, respectively. The gross profit decline is due primarily to lower revenue in Q1’25 as well as the impact of higher levels of lower margin hardware revenue.

    BIO-key reduced its Q1’25 operating expenses by $422,195 to $1,968,299 from $2,390,494 in Q1’24, due to reductions of $410,449 in SG&A and $11,746 in research, development and engineering. Q1’25 SG&A expenses decreased 23% to $1,372,524 from $1,782,973 in Q1’24, reflecting reductions in administration, sales personnel costs, and professional service fees. The RD&E decrease was due primarily to lower rent costs.

    Reflecting lower revenues which was partially offset by lower operating costs, BIO-key’s Q1’25 net loss increased to $736,545, or ($0.16) per share, as compared to $510,285, or ($0.32) per share, in Q1’24.

    Balance Sheet

    As of March 31, 2025, BIO-key’s total current assets improved to $4.6M, including $3.1M of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and approximately $358,000 of inventory. This compares to total current assets of $1.9M at December 31, 2024, including approximately $438,000 of cash and cash equivalents, $0.8M of net accounts receivable and due from factor, and $378,000 of inventory.

    Conference Call Details

    Date / Time: Friday, May 16th at 10 a.m. ET
    Call Dial In #: 1-877-418-5460 U.S. or 1-412-717-9594 Int’l
    Live Webcast / Replay: Webcast & Replay Link – Available for 3 months.
    Audio Replay: 1-877-344-7529 U.S. or 1-412-317-0088 Int’l; code 6501265
       


    About BIO-key International, Inc.     (www.BIO-key.com)

    BIO-key is revolutionizing authentication and cybersecurity with biometric-centric, multi-factor identity and access management (IAM) software securing access for over forty million users. BIO-key allows customers to choose the right authentication factors for diverse use cases, including phoneless, tokenless, and passwordless biometric options. Its hosted or on-premise PortalGuard IAM solution provides cost-effective, easy-to-deploy, convenient, and secure access to computers, information, applications, and high-value transactions.

    BIO-key Safe Harbor Statement

    All statements contained in this press release other than statements of historical facts are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995 (the “Act”). The words “estimate,” “project,” “intends,” “expects,” “anticipates,” “believes” and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management’s beliefs, as well as assumptions made by, and information currently available to, management pursuant to the “safe-harbor” provisions of the Act. These statements are not guarantees of future performance or events and are subject to risks and uncertainties that may cause actual results to differ materially from those included within or implied by such forward-looking statements. These risks and uncertainties include, without limitation, our history of losses and limited revenue; our ability to raise additional capital to satisfy working capital needs; our ability to continue as a going concern; our ability to protect our intellectual property; changes in business conditions; changes in our sales strategy and product development plans; changes in the marketplace; continued services of our executive management team; security breaches; competition in the biometric technology and identity access management industries; market acceptance of biometric products generally and our products under development; our ability to convert sales opportunities to customer contracts; our ability to expand into Asia, Africa and other foreign markets; our ability to migrate Swivel Secure customers to BIO-key and Portal Guard offerings; our ability to execute definitive agreements with Fiber Food Systems and/or its customers to utilize our access management solutions; our ability to integrate our solutions into any of Fiber Food System’s offerings; fluctuations in foreign currency exchange rates; the duration and extent of continued hostilities in Ukraine and its impact on our European customers; the impact of tariffs and other trade barriers which may make it more costly for us to import inventory from China and Hong Kong and certain product components from South Korea; delays in the development of products, the commercial, reputational and regulatory risks to our business that may arise as a consequence of the restatement of our financial statements, including any consequences of non-compliance with Securities and Exchange Commission and Nasdaq periodic reporting requirements; our temporary loss of the use of a Registration Statement on Form S-3 to register securities in the future; any disruption to our business that may occur on a longer-term basis should we be unable to continue to maintain effective internal controls over financial reporting, and statements of assumption underlying any of the foregoing as well as other factors set forth under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, we undertake no obligation to disclose any revision to these forward-looking statements whether as a result of new information, future events, or otherwise.

    Engage with BIO-key


    Investor Contacts

    William Jones, David Collins
    Catalyst IR
    BKYI@catalyst-ir.com or 212-924-9800

    BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (Unaudited)
     
        Three Months Ended  
        March 31,  
        2025     2024  
    Revenues                
    Services   $ 272,598     $ 213,122  
    License fees     1,098,758       1,950,434  
    Hardware     235,803       17,647  
    Total revenues     1,607,159       2,181,203  
    Costs and other expenses                
    Cost of services     98,144       138,849  
    Cost of license fees     72,885       148,221  
    Cost of hardware     108,469       12,573  
    Total costs and other expenses     279,498       299,643  
    Gross profit     1,327,661       1,881,560  
                     
    Operating Expenses                
    Selling, general and administrative     1,372,524       1,782,973  
    Research, development and engineering     595,775       607,521  
    Total Operating Expenses     1,968,299       2,390,494  
    Operating loss     (640,638 )     (508,934 )
    Other income (expense)                
    Interest income     3       5  
    Loan fee amortization     (60,000 )     –  
    Interest expense     (35,910 )     (1,356 )
    Total other income (expense), net     (95,907 )     (1,351 )
                     
    Loss before provision for income tax     (736,545 )     (510,285 )
                     
    Provision for (income tax) tax benefit     –       –  
                     
    Net loss   $ (736,545 )   $ (510,285 )
                     
    Comprehensive loss:                
    Net loss   $ (736,545 )   $ (510,285 )
    Other comprehensive income (loss) – Foreign currency translation adjustment     6,803       (62,275 )
    Comprehensive loss   $ (729,742 )   $ (572,560 )
                     
    Basic and Diluted Loss per Common Share   $ (0.16 )   $ (0.32 )
                     
    Weighted Average Common Shares Outstanding:                
    Basic and diluted     4,702,421       1,615,323  
     
    BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
     
        March 31,     December 31,  
        2025     2024  
        (Unaudited)          
    ASSETS                
    Cash and cash equivalents   $ 3,133,752     $ 437,604  
    Accounts receivable, net     803,277       718,229  
    Due from factor     40,450       74,170  
    Inventory     357,842       378,307  
    Prepaid expenses and other     254,285       278,648  
    Total current assets     4,589,606       1,886,958  
    Equipment and leasehold improvements, net     122,986       140,198  
    Capitalized contract costs, net     375,705       409,426  
    Deposits and other assets     7,976       7,976  
    Operating lease right-of-use assets     67,142       73,372  
    Investments     5,000,000       5,000,000  
    Intangible assets, net     1,020,261       1,097,630  
    Total non-current assets     6,594,070       6,728,602  
    TOTAL ASSETS   $ 11,183,676     $ 8,615,560  
                     
    LIABILITIES                
    Accounts payable   $ 568,836     $ 818,187  
    Accrued liabilities     1,042,411       1,278,732  
    Note payable     762,151       1,525,977  
    Government loan – BBVA Bank, current portion     138,667       132,731  
    Deferred revenue, current     928,291       773,267  
    Operating lease liabilities, current portion     25,260       24,642  
    Total current liabilities     3,465,616       4,553,536  
    Deferred revenue, long term     136,931       196,237  
    Government loan – BBVA Bank – net of current portion     11,666       44,762  
    Operating lease liabilities, net of current portion     42,410       48,994  
    Total non-current liabilities     191,007       289,993  
    TOTAL LIABILITIES     3,656,623       4,843,529  
                     
    Commitments and Contingencies                
                     
    STOCKHOLDERS’ EQUITY                
                     
    Common stock — authorized, 170,000,000 shares; issued and outstanding; 5,814,041 and 3,715,483 of $.0001 par value at March 31, 2025 and December 31, 2024, respectively     582       372  
    Additional paid-in capital     137,514,825       133,030,271  
    Accumulated other comprehensive loss     56,093       49,290  
    Accumulated deficit     (130,044,447 )     (129,307,902 )
    TOTAL STOCKHOLDERS’ EQUITY     7,527,053       3,772,031  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 11,183,676     $ 8,615,560  
     
    BIO-KEY INTERNATIONAL, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
        Three Months Ended March 31,  
        2025     2024  
                     
    CASH FLOW FROM OPERATING ACTIVITIES:                
    Net loss   $ (736,545 )   $ (510,285 )
    Adjustments to reconcile net loss to net cash used for operating activities:                
    Depreciation     21,782       23,808  
    Amortization of intangible assets     76,245       78,005  
    Amortization of capitalized contract costs     46,545       38,665  
    Amortization of Note Payable     60,000       –  
    Interest payable on Note     35,173       –  
    Operating leases right-of-use assets     6,230       13,686  
    Share and warrant-based compensation for employees and consultants     52,488       47,790  
    Stock based directors’ fees     9,002       9,003  
    Bad debts     15,000       100,000  
    Change in assets and liabilities:                
    Accounts receivable     (85,048 )     399,749  
    Due from factor     33,720       91,070  
    Capitalized contract costs     (12,824 )     (158,005 )
    Inventory     20,465       5,545  
    Prepaid expenses and other     24,363       (63,513 )
    Accounts payable     (259,571 )     (116,012 )
    Accrued liabilities     (236,321 )     (104,257 )
    Deferred revenue     95,718       455,868  
    Operating lease liabilities     (1,734 )     (14,033 )
    Net cash used in operating activities     (835,312 )     297,084  
    CASH FLOWS FROM INVESTING ACTIVITIES:                
    Capital expenditures     (4,570 )     (1,869 )
    Net cash used in investing activities     (4,570 )     (1,869 )
    CASH FLOW FROM FINANCING ACTIVITIES:                
    Offering costs     (248,783 )     (13,470 )
    Proceeds for exercise of warrants     3,813,057       1,400  
    Receipt of cash from Employee stock purchase plan     –       –  
    Repayment of government loan     (35,047 )     (41,821 )
    Net cash used in financing activities     3,529,227       (53,891 )
                     
    Effect of exchange rate changes     6,803       (62,275 )
                     
    NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS     2,696,148       179,049  
    CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD     437,604       511,400  
    CASH AND CASH EQUIVALENTS, END OF PERIOD   $ 3,133,752     $ 690,449  

    The MIL Network –

  • MIL-OSI: United Community Banks, Inc. Announces Quarterly Cash Dividend on Common and Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., May 15, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) (“United”, the “Company”), reported that its Board of Directors approved a quarterly cash dividend of $0.24 per share on the Company’s common stock. The dividend is payable July 3, 2025 to shareholders of record as of June 15, 2025.

    The Board of Directors also approved a quarterly cash dividend of $429.6875 per share (equivalent to $0.4296875 per depositary share or 1/1000th interest per share) on the Company’s 6.875% Non-Cumulative Perpetual Preferred Stock, Series I (NYSE: UCB PRI). The dividend is payable June 13, 2025 to shareholders of record on May 29, 2025.

    About United Community Banks, Inc.
    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution committed to building stronger communities and improving the financial health and well-being of its customers. United Community offers a full range of banking, mortgage and wealth management services. As of March 31, 2025, United Community Banks, Inc. had $27.9 billion in assets and operated 200 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee. The company also manages a nationally recognized SBA lending franchise and a national equipment finance subsidiary, extending its reach to businesses across the country. United is an 11-time winner of J.D. Power’s award for highest customer satisfaction among consumer banks in the Southeast and was named the most trusted bank in the region in 2025. The company has also been recognized eight consecutive years by American Banker as one of the “Best Banks to Work For.” In commercial banking, United earned five 2025 Greenwich Best Brand awards, including national honors for middle market satisfaction. Forbes has consistently named United among the World’s Best and America’s Best Banks. Learn more at ucbi.com.

    For more information:
    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

  • MIL-OSI NGOs: “This is my home, and I will never leave”: Israel’s forced displacement of Palestinians 

    Source: Amnesty International –

    For decades Israel has been confiscating Palestinian land and demolishing Palestinian homes often to make way for the construction and expansion of illegal Israeli settlements in the occupied West Bank. 

    Since October 2023 there has been a sharp rise in the forced displacement of Palestinians in the occupied West Bank, including East Jerusalem, and in the occupied Gaza Strip, where Israel has forcibly displaced most of the population and recently threatened to permanently seize territory and subject the population to forcible transfer or deportation.  

     In January 2025, an Israeli court ordered the eviction of 27 families from their homes in Batn Al-Hawa, in the village of Silwan, in occupied East Jerusalem, after a decade-long case filed by the Israeli settler organization Ateret Cohanim who claim the land is rightfully owned by a Jewish trust.  

    15 May is Nakba Day, which commemorates when hundreds of thousands of Palestinians were expelled or forced to flee their homes in what became Israel in 1948. They continue to be denied the right to return to this day. 

    This Nakba Day Zuheir Rajabi, whose family is among those who have been ordered to evacuate Batn Al-Hawa within six months, describes his experience as a Palestinian facing displacement in Jerusalem. 

    MIL OSI NGO –

  • MIL-OSI USA: Scott, Grassley, Durbin, and Colleagues Unanimously Pass Resolution Recognizing National Police Week

    US Senate News:

    Source: United States Senator for South Carolina Tim Scott
    WASHINGTON — U.S. Senator Tim Scott (R-S.C.) joined Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa), Ranking Member Dick Durbin (D-Ill.) and 79 bipartisan senators welcomed the Senate’s unanimous passage of their resolution designating May 11 through 17 as National Police Week. The National Police Week resolution reiterates the Senate’s unwavering support for law enforcement officers across the United States. 
    “Every day, law enforcement officers encounter the most dangerous elements of society,”said Senator Scott. “Their dedication to the safety of their communities often comes at great personal sacrifice. We must be unwavering in our support of those who wear the badge.”
    “Law enforcement officers in Iowa and across the nation work tirelessly to protect and serve our communities. This week, and every week, we should give our thanks to the brave men and women in blue, who have sacrificed so much to ensure our safety,” Senator Grassley said. “As always, I’m proud to back the blue and will continue my efforts in Congress to protect and support our courageous officers.” 
    “Every day, our country’s law enforcement officers put their lives at risk to keep us safe. Officers and their families make great sacrifices in the name of service, including the tragic cases of those who have lost their lives in the line of duty. We’re grateful for their heroism, and we must make sure that officers serving with dignity and integrity have the support and resources they need to do their jobs,” Senator Durbin said. 
    Grassley and Durbin are joined by Sens. Lindsey Graham (R-S.C.), Angus King (I-Maine), Ashley Moody (R-Fla.), Catherine Cortez Masto (D-Nev.), Susan Collins (R-Maine), Ben Ray Lujan (D-N.M.), Tim Sheehy (R-Mont.), Richard Blumenthal (D-Conn.), John Kennedy (R-La.), Christopher Coons (D-Del.), Tim Scott (R-S.C.), Ruben Gallego (D-Ariz.), Jim Risch (R-Idaho), Peter Welch (D-Vt.), Mitch McConnell (R-Ky.), Tim Kaine (D-Va.), Tommy Tuberville (R-Ala.), Amy Klobuchar (D-Minn.), Rand Paul (R-Ky.), Raphael Warnock (D-Ga.), Mike Crapo (R-Idaho), Brian Schatz (D-Hawaii), Cynthia Lummis (R-Wyo.), Alex Padilla (D-Calif.), Jim Justice (R-W.Va.), John Fetterman (D-Pa.), Katie Britt (R-Ala.), Jacky Rosen (D-Nev.), Jerry Moran (R-Kan.), Sheldon Whitehouse (D-R.I.), John Barrasso (R-Wyo.), Jeanne Shaheen (D-N.H.), Shelley Moore Capito (R-W.Va.), Kirsten Gillibrand (D-N.Y.), Rick Scott (R-Fla.), Jon Ossoff (D-Ga.), Pete Ricketts (R-Neb.), Tammy Duckworth (D-Ill.), Jim Banks (R-Ind.), Mark Kelly (D-Ariz.), Kevin Cramer (R-N.D.), Andy Kim (D-N.J.), Joni Ernst (R-Iowa), Tammy Baldwin (D-Wis.), Ted Budd (R-N.C.), Gary Peters (D-Mich.), Thomas Tillis (R-N.C.), Maria Cantwell (D-Wash.), Cindy Hyde-Smith (R-Miss.), Mark Warner (D-Va.), Roger Marshall (R-Kan.), Elissa Slotkin (D-Mich.), Steve Daines (R-Mont.), Margaret Hassan (D-N.H.), Marsha Blackburn (R-Tenn.), Adam Schiff (D-Calif.), Deb Fischer (R-Neb.), Michael Bennet (D-Colo.), Lisa Murkowski (R-Alaska), Bill Hagerty (R-Tenn.), John Hoeven (R-N.D.), John Cornyn (R-Texas), Mike Lee (R-Utah), Mike Rounds (R-S.D.), John Thune (R-S.D.), Bernie Moreno (R-Ohio), Ted Cruz (R-Texas), Tom Cotton (R-Ark.), Jon Husted (R-Ohio), James Lankford (R-Okla.), Roger Wicker (R-Miss.), Eric Schmitt (R-Mo.), Markwayne Mullin (R-Okla.), Todd Young (R-Ind.), Josh Hawley (R-Mo.), Dan Sullivan (R-Alaska), Dave McCormick (R-Pa.), Cory Booker (D-N.J.), Bill Cassidy (R-La.) and John Boozman (R-Ark.).
    Read the full resolution HERE. 
    Background: 
    Every year, for more than six decades, Congress has passed a resolution in honor of law enforcement officers. During National Police Week, Americans pay special tribute to the service and sacrifice of courageous officers and their families, especially our nation’s fallen heroes.  

    MIL OSI USA News –

  • MIL-OSI Economics: Verizon’s Red Hot Deal Days are back with the season’s biggest sale: phones, watches, tablets and more, on us

    Source: Verizon

    Headline: Verizon’s Red Hot Deal Days are back with the season’s biggest sale: phones, watches, tablets and more, on us

    NEW YORK – Verizon just announced its hottest deals of the season with “Red Hot Deal Days,” from May 15 through May 28. As the first and only provider in the industry offering all new and existing myPlan and myHome customers a three-year price lock guarantee, Verizon is committed to providing its customers peace of mind and big savings.

    “We’re providing our best deals and value as a thank you for our customers,” said Sowmyanaran Sampath, Verizon Consumer CEO. “Price, value and savings are top of mind for people today – every dollar counts. That’s why we’re proud to offer these deals as an added benefit alongside our three year price lock. We’re not just meeting expectations; we’re setting a new standard for what customers should expect from their mobile and home internet provider.”

    This year for Red Hot Deal Days, new and existing mobile customers can score a smartphone, watch, and tablet with ANY myPlan, on us, plus Ray Ban Meta glasses with select Unlimited plans. So, whether you want the iPhone 16 Pro, the Samsung Galaxy S25+ or the Google Pixel 9 Pro – there’s a deal for you, ALL ON US!  AND new home internet customers can get a $400 credit on select Samsung home tech at Best Buy and more. This special event has something for everyone, featuring incredible deals on the latest tech accessories, from Father’s Day gifts to graduation gifts, to travel essentials for vacation and more. It’s the perfect lead-up to summer! 

    Savings on the hottest tech for Mobile and Home customers

    Verizon mobile customers who upgrade or add a line on ANY myPlan can enjoy one of three mobile bundles with select phone trade-in and service plan for watch and tablet, plus Ray-Ban Meta Glasses (Up to $299, for those who add a new line on Unlimited Plus or Unlimited Ultimate plans):

    • Apple: Get the iPhone 16 Pro, Watch Series 10 and iPad (A16), on us.
    • Google: Get the Pixel 9 Pro, Pixel Watch 3 and Tab S10 FE, on us.
    • Samsung: Get the Galaxy S25+, Galaxy Watch Ultra and Tab S10 FE, on us.

    New Verizon Home Internet customers who sign up for select plans can enjoy:

    • Price-lock guarantee for 3-5 years, depending on plan
    • $400 off select Samsung home tech at Best Buy
    • The YouTube Premium Perk for 6 months (then $10/mo after)
    • and Ray-Ban Meta Glasses (Up to $299), all on us.

    For families looking for wearable tech:

    • StreamTV Soundbar: Get the latest StreamTV Soundbar for only $149.99 (Save $250)
    • StreamTV: Get the Verizon StreamTV device for only $19.99 (Save $50)

    And for a limited time, save even more by getting 25% cash back as a statement credit when you use your Verizon Visa® Card on eligible electronic and accessory purchases at Verizon.

    Stay up to date and explore all the latest deals from Verizon by visiting your local Verizon retail store or verizon.com/deals/.

    Samsung Home Tech: Offer valid thru 5.28.25 for a $400 credit via promo code to be used toward the single item purchase of select Samsung home tech (eligible TVs, appliances, laptops, tablets, monitors, and speakers) with a minimum retail price of $800. Product selection may vary. Offer not valid on Samsung smartphones. For new home internet customers who install eligible Verizon Home Internet services and redeem w/in 30 days thereafter, or by no later than 7.27.25, whichever is first. Promo code must be redeemed online at bestbuy.com/verizonsamsungpromotion. Verizon reserves the right to charge back the value of the Samsung credit if eligible service is canceled w/in 180 days. One offer per eligible Verizon account, while supplies last. Samsung and related trademarks are owned by Samsung Electronics Co., Ltd. Verizon is not affiliated with Best Buy. Purchase, delivery, installation, and other charges are the subject to Best Buy’s terms & conditions.

    Ray-Ban Meta Glasses: Mobile: Offer valid through 5.28.25 for select Ray-Ban Meta glasses, with retail value up to $299, w/ purchase of eligible smartphone on device payment w/new smartphone line on postpaid Unlimited Plus or Unlimited Ultimate plan. Must maintain eligible services for 30 days and redeem offer w/in 60 days thereafter, or by no later than 09.25.25, whichever is first. Glasses redeemed on Meta.com. Verizon reserves the right to charge back the value of the Ray-Ban Meta promotional device(s) if eligible service is canceled w/in 180 days or eligibility req’s are no longer met. Limit 1 offer per Verizon account. While supplies last. Home: Offer valid through 5.28.25 for select Ray-Ban Meta glasses, with retail value up to $299. For new home internet customers who activate/install and maintain eligible 5G Home Plus, LTE Home Plus, Fios 2 Gig or Fios 1 Gig internet services in good standing for 65 days and redeem offer w/in 60 days thereafter, or by no later than 10.30.25, whichever is first. Glasses redeemed on Meta.com. Verizon reserves the right to charge back the value of the Ray-Ban Meta promotional device(s) if eligible service is canceled w/in 180 days. Limit 1 offer per Verizon account. While supplies last.

    (Apple) Phone: $999.99 (128 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Apple, Google, Motorola or Samsung; trade-in terms apply. Apple Intelligence requires iOS 18.1 or later. Apple Watch/iPad: Up to $499.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Apple Watch/iPad. Less up to $500 promo credit per device applied over 36 mos; 0% APR. All promo credits for iPhone/Apple Watch/iPad offers end if eligibility req’s per device are no longer met.

    (Google) Phone: $999.99 (128 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Google, Apple, Motorola or Samsung; trade-in terms apply. Tablet/Watch: Up to $599.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Tablet/Watch. Less up to $600 promo credit per device applied over 36 mos; 0% APR. All promo credits for Phone/Watch/Tablet offers end if eligibility req’s per device are no longer met.

    (Samsung) Phone: $999.99 (256 GB only) device payment purchase w/new or upgrade smartphone line on Unlimited Ultimate, postpaid Unlimited Plus or Unlimited Welcome plan (min. $65/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d. Less $1,000 trade-in/promo credit applied over 36 mos.; 0% APR. For upgrades, trade-in phone must be active on account for 60 days prior to new device purchase. Trade-in must be from Samsung, Apple, Google or Motorola; trade-in terms apply. Tablet/Watch: Up to $649.99 device payment purchase w/new line on eligible plan (min. $20/mo w/Auto Pay (+taxes/fees) for 36 mos) req’d per Tablet/Watch. Less up to $650 promo credit per device applied over 36 mos; 0% APR. All promo credits for Phone/Watch/Tablet offers end if eligibility req’s per device are no longer met.

    Price Guarantee: myPlan: Applies to the then-current base monthly rate charged by Verizon for your talk, text, and data; excludes taxes, fees, surcharges, additional plan discounts or promotions, and third-party services. Price guarantee is void if any of the lines are canceled or moved to an ineligible plan. Plan perks, taxes, fees, and surcharges are subject to change.

    myHome: Price guarantee for 3-5 years, depending on internet plan, for new and existing myHome customers. Applies only to the then-current base monthly rate exclusive of any other setup and additional equipment charges, discounts or promotions, plan perk and any other third-party services.

    YouTube Premium: Offer valid thru 5.28.25. Requires an eligible Verizon Home Internet (“VHI”) plan. $10/mo perk credit ends after 6 mos or if perk is canceled or line is moved to an ineligible plan during the 6-mo promo period. After 6 mos, perk bills as $10/mo unless perk is canceled or unregistered. Must be 18 years of age or older to enroll. After enrolling in the YouTube Premium perk, you will need to complete account setup to use the service. Enrolling in the YouTube Premium perk may affect existing subscriptions to YouTube Premium. Managing subscriptions may be required to avoid multiple subscriptions and corresponding charges. One offer per eligible VHI account. Subject to YouTube Terms of Service & YouTube Premium and Music Premium Terms of Use.

    Gizmo Watch: $149.99 purchase on service plan req’d. Less $75 promo credit applied over 36 mos.; promo credit ends if eligibility req’s are no longer met; 0% APR.

    Verizon Visa Card: Purchases subject to credit approval. Offer available 5/15/25 at 3 AM ET – 5/29/25 at 3 AM ET.  Excludes phones, smartwatches, tablets, laptops and gift cards. Offer is based on purchase price, excluding taxes and shipping and other fees. Offer is not combinable with the Accessories Financing Offer. Maximum purchase total of $1,000 on eligible accessories & electronics purchases at Verizon. $250 maximum statement credit during offer period. Statement credit will be applied to your Verizon Visa Card account within 1-2 billing cycles from offer end date. Verizon Visa Card account needs to be in good standing at time statement credit is applied to qualify. Statement credit cannot be used to satisfy the required monthly payment on your credit card account and may not be redeemed for cash or cash equivalent. The Verizon Visa Signature® Card is issued by Synchrony Bank, pursuant to a license from VISA USA Inc.

    MIL OSI Economics –

  • MIL-OSI Global: Birthright citizenship case at Supreme Court reveals deeper questions about judicial authority to halt unlawful policies

    Source: The Conversation – USA – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University

    The U.S. Supreme Court is considering whether a single federal judge should have the power to temporarily halt presidential policies across the entire country. Rudy Sulgan, The Image Bank/Getty Images

    When one judge blocks a president’s policies nationwide, alarm bells ring. Should a single judge wield this much power? Can they halt policies across the entire country after just a quick first look at whether they might be illegal? The Supreme Court now faces these critical questions.

    In a lively session on May 15, 2025, filled with justices’ questions that at times interrupted the attorneys appearing before them, the Supreme Court heard arguments in a case stemming from President Donald Trump’s executive order aimed at ending birthright citizenship, the provision in the Constitution’s 14th Amendment that says all children born in the United States are granted citizenship.

    While the underlying lawsuit involves birthright citizenship, the immediate question before the court was about a legal tool called a “nationwide preliminary injunction.” This allows a single federal judge to temporarily halt presidential policies across the entire country – even before fully considering whether those policies are constitutional.

    Three judges had stopped the president’s attempt to deny birthright citizenship to babies born to mothers who lack legal permanent residency in the United States. It was the Trump administration’s appeal of those injunctions that was argued before the justices on May 15, with the administration asserting that “universal injunctions compromise the Executive Branch’s ability to carry out its functions,” and that it’s unconstitutional for federal judges to issue them.

    The justices also grappled with a key question: How much should judges consider whether a policy is likely constitutional when deciding whether to issue these temporary blocks? The National Immigration Law Center, which supports the use of nationwide injunctions, wrote in its filing with the court that granting the administration’s request to bar such injunctions would “tie the hands of the judicial branch in the face of unlawful executive action.”

    What exactly are these injunctions, and why do they matter to everyday Americans?

    Immediate, irreparable harm

    When presidents try to make big changes through executive orders, they often hit a roadblock: A single federal judge, whether located in Seattle or Miami or anywhere in between, can stop these policies across the entire country.

    These court orders have increasingly become a political battleground, increasingly sought by both Republicans and Democrats to fight presidential policies they oppose.

    And while the Trump administration asked the Supreme Court to limit judges’ power to issue nationwide preliminary injunctions, Congress has also held hearings on curtailing judges’ ability to issue the injunctions.

    When the government creates a policy that might violate the Constitution or federal law, affected people can sue in federal court to stop it. While these lawsuits work their way through the courts – a process that often takes years – judges can issue what are called “preliminary injunctions” to temporarily pause the policy if they determine it might cause immediate, irreparable harm.

    A “nationwide” injunction – sometimes called a “universal” injunction – goes further by stopping the policy for everyone across the country, not just for the people who filed the lawsuit.

    Importantly, these injunctions are designed to be temporary. They merely preserve the status quo until courts can fully examine the case’s merits. But in practice, litigation proceeds so slowly that executive actions blocked by the courts often expire when successor administrations abandon the policies.

    Legislation introduced by GOP Sen. Chuck Grassley would ban judges from issuing most nationwide injunctions.
    Sen. Chuck Grassley office

    More executive orders, more injunctions

    Nationwide injunctions aren’t new, but several things have made them more contentious recently.

    First, since a closely divided and polarized Congress rarely passes major legislation anymore, presidents rely more on executive orders to get substantive things done. This creates more opportunities to challenge presidential actions in court.

    Second, lawyers who want to challenge these orders have gotten better at “judge shopping” – filing cases in districts where they’re likely to get judges who agree with their client’s views.

    Third, with growing political division, both parties aim to use these injunctions more aggressively whenever the other party controls the White House.

    Affecting real people

    These legal fights have tangible consequences for millions of Americans.

    Take DACA, the common name for the program formally called Deferred Action for Childhood Arrivals, which protects about 500,000 young immigrants from deportation. For more than 10 years, these young immigrants, known as “Dreamers,” have faced constant uncertainty.

    That’s because, when President Barack Obama created DACA in 2012 and sought to expand it via executive order in 2015, a Texas judge blocked the expansion with a nationwide injunction. When Trump tried to end DACA, judges in California, New York and Washington, D.C. blocked that move. The program, and the legal challenges to it, continued under President Joe Biden. Now, the second Trump administration faces continued legal challenges over the constitutionality of the DACA program.

    More recently, judges have used nationwide injunctions to block several Donald Trump policies.

    While much of the current debate focuses on presidential policies, nationwide injunctions have also blocked congressional legislation.

    The Corporate Transparency Act, passed in 2021 and originally scheduled to go into effect in 2024, combats financial crimes by requiring businesses to disclose their true owners to the government. A Texas judge blocked this law in 2024 after gun stores challenged it.

    In early 2025, the Supreme Court allowed the law to take effect, but the Trump administration announced it simply wouldn’t enforce it – showing how these legal battles can become political power struggles.

    A polarized Congress rarely passes major legislation anymore, so presidents – including Donald Trump – have relied on executive orders to get things done.
    Christopher Furlong/Getty Images

    Too much power or necessary protection?

    Some critics say nationwide injunctions give too much power to a single judge. If lawyers can pick which judges hear their cases, this raises serious questions about fairness.

    Supporters argue that these injunctions protect important rights. For example, without nationwide injunctions in the citizenship cases, babies born to mothers without legal permanent residency would be American citizens in some states but not others – an impossible situation.

    Congress is considering legislation to limit judges’ ability to grant nationwide injunctions.

    The Trump administration has also tried to make it expensive and difficult to challenge its policies in court. In March 2025, Trump ordered government lawyers to demand large cash deposits – called “security bonds” – from anyone seeking an injunction. Though these bonds are already part of existing court rules, judges usually set them at just a few hundred dollars or waive them entirely when people raise constitutional concerns.

    Under the new policy, critics worry that “plaintiffs who sue the government could be forced to put up enormous sums of money in order to proceed with their cases.”

    Another way to address the concerns about a single judge blocking government action would be to require a three-judge panel to hear cases involving nationwide injunctions, requiring at least two of them to agree. This is similar to how courts handled major civil rights cases in the 1950s and 1960s.

    My research on this topic suggests that three judges working together would be less likely to make partisan decisions, while still being able to protect constitutional rights when necessary. Today’s technology also makes it easier for judges in different locations to work together than it was decades ago.

    As the Supreme Court weighs in on this debate, the outcome will affect how presidents can implement policies and how much power individual judges have to stop them. Though it might seem like a technical legal issue, it will shape how government works for years to come – as well as the lives of those who live in the U.S.

    This is an updated version of a story originally published on April 3, 2025.

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

    – ref. Birthright citizenship case at Supreme Court reveals deeper questions about judicial authority to halt unlawful policies – https://theconversation.com/birthright-citizenship-case-at-supreme-court-reveals-deeper-questions-about-judicial-authority-to-halt-unlawful-policies-256726

    MIL OSI – Global Reports –

  • MIL-OSI USA: Warren, Schmitt Renew Bipartisan Fight for More Competition in Pentagon’s AI and Cloud Contracting

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    May 15, 2025

    Bicameral bill aligns with new White House guidelines on AI contracting for government agencies

    Text of Bill (PDF) | Text of One-Pager (PDF)

    Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Eric Schmitt (R-Mo.) reintroduced the bipartisan, bicameral Protecting AI and Cloud Competition in Defense Act to ensure that the Department of Defense (DoD)’s contracting for artificial intelligence (AI) and cloud computing tools prioritizes resiliency and competition. The bill reins in Big Tech monopolies and prevents them from cutting out competitors in the AI and cloud computing markets.

    Representatives Sara Jacobs (D-Calif.), Pat Fallon (R-Texas), and Chris Deluzio (D-Pa.) introduced the bill in the House of Representatives. 

    The reintroduction comes as the White House has released new guidelines on AI procurement that encourage federal agencies to avoid vendor lock-in and to ensure that government data is protected and not used to train commercial AI models. 

    The AI and cloud computing industries are highly concentrated, and a few Silicon Valley companies control the markets the DoD relies on for cloud infrastructure, foundation models, and data infrastructure. DoD has already awarded $9 billion in contracts to Google, Oracle, Microsoft, and Amazon to build its cloud computing network, and requested an additional $1.8 billion for AI programs for Fiscal Year 2025. The Protecting AI and Cloud Competition in Defense Act would ensure that DoD’s new contracts protect competition in the AI and cloud computing markets, instead of giving an unfair advantage to a few big players. The bill also encourages DoD to consider cloud computing services from multiple providers so the agency isn’t locked in by a single tech company.

    Specifically, the bill would: 

    • Require DoD — when contracting with AI and cloud computing companies that make $50 million or more with DoD annually — to hold a competitive award process, ensure that the government maintains exclusive rights to access and use of all government data, mitigate barriers to entry faced by small businesses and nontraditional contractors, and consider multi-cloud technology unless doing so is infeasible or presents a danger to national security. 
    • Require DoD’s Chief Digital and Artificial Intelligence Office (CDAO) to ensure that government data provided for the purpose of development and operation of AI products to DoD will not be disclosed or used without DoD authorization, and such government data, if stored on vendor systems, has appropriate protections.
    • Require DoD to publish a report every four years on competition, innovation, barriers to entry, and market power concentration in the AI sector, with recommendations for legislative and administrative action.

    Senators Warren and Schmitt first introduced the Protecting AI and Cloud Competition in Defense Act in December 2024. 

    “It’s a mistake to let Silicon Valley monopolize our AI and cloud computing tools because it doesn’t just stifle innovation, it increases costs and threatens our national security,” said Senator Warren. “Our bill will make sure the military can access cutting-edge tools and will keep our markets strong and our information secure.”

    “The Department of Defense’s procurement system must encourage competition instead of allowing a select group of companies to dominate the awards process. We must move away from policies that create risk concentration, and stifle innovation to instead adopt policies that create opportunities for emerging A.I. defense companies. I am proud to be leading this bill that promotes this smart policy, as well as encourage innovation so the U.S. can continue to lead A.I.,” said Senator Eric Schmitt.

    “Competition always pushes the limits of creativity, innovation, and excellence – whether in AI or any other field. That’s why the Department of Defense needs to prioritize competition in its AI and cloud computing contracts to ensure we deploy the best technologies to protect and strengthen our national security. I’m proud to help lead this bicameral legislation that will make our country safer, stronger, and more competitive on the global stage,” said Congresswoman Sara Jacobs. 

    “The Department of Defense needs to shape up its federal tech procurement process to protect data and public money from the failures of concentrated power and a lack of competition,” said Congressman Chris Deluzio. “Policies like the Protecting AI and Cloud Competition in Defense Act will promote real competition in the defense technology sector to help keep our military strong, fortified, and ready for anything.”

    “By relying on free market principles, the Department of Defense can help ensure competition and innovation when it comes to the bidding process for government AI and cloud contracts,” said Congressman Pat Fallon. “It’s our duty to ensure the DOD is picking the winners now and, in the future, to keep ahead of our competitors. Due to the varied cyber threats facing our nation today, we must also ensure that AI and cloud related data is secure when it is held exclusively by the federal government. For these reasons, the Protecting AI and Cloud Competition in Defense Act is the next step forward Congress must take in the interest of US national security.”

    The Protecting AI and Cloud Competition in Defense Act is endorsed by Economic Securities Project Action and the Open Markets Institute.

    Senator Warren has been a leader in the fight to rein in Big Tech and boost competition in the tech and defense sectors: 

    • In May 2025, Secretary of the Army, Daniel P. Driscoll announced that the Army will ensure right-to-repair provisions are included in future Army contracts, after pressure from Senator Warren. 
    • In April 2025, Senator Elizabeth Warren secured a commitment from Mr. Michael Cadenazzi, nominee to be the next Assistant Secretary of Defense for Industrial Base Policy, to support AI competition and innovation in defense contracting.
    • In April 2025, Senators Elizabeth Warren and Ron Wyden (D-Ore.) wrote to cloud service providers Google and Microsoft with concerns that their respective partnerships with AI developers Anthropic and OpenAI may violate antitrust laws, leading to fewer choices and higher prices for businesses and consumers using AI tools.
    • In January 2025, at a hearing of the Senate Armed Services Committee, a Palantir Executive agreed with Senator Elizabeth Warren that legal loopholes should not enable companies to  price-gouge the military.
    • In September 2024, Senator Warren wrote to Assistant Attorney General of the Antitrust Division at the United States Department of Justice (DOJ) Jonathan Kanter in support of the DOJ’s ongoing probe into Nvidia’s potentially anticompetitive behavior.
    • In February 2024, Senator Warren delivered the keynote address at RemedyFest, where she called out Big Tech for their anti-competitive tactics that have led to market consolidation and record profits.
    • In January 2024, at a hearing of the Committee on Banking, Housing and Urban Affairs, Senator Warren questioned Emily Kilcrease, Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security, on the national security risks posed by digital trade rules that allow tech companies to collect, sell, and store Americans’ data wherever is cheapest, including China.
    • In December 2023, Senators Warren, Amy Klobuchar (D-Minn.), and Bernie Sanders (I-Vt.), along with U.S. Representatives Mary Gay Scanlon (D-Pa.), Hank Johnson (D-Ga.), Pramila Jayapal (D-Wash.), Jan Schakowsky (D-Ill.), Lori Trahan (D-Mass.), and Rosa DeLauro (D-Conn.), sent a letter to President Biden, urging him to continue to reject any trade or policy proposals from Big Tech that would deem the European Union’s Digital Markets Act (DMA) to be discriminatory or an illegal trade barrier, in order to protect the administration’s shared pro-competition priorities with its European allies. 
    • In November 2023, Senator Warren and U.S. Representative Jan Schakowsky (D-Ill.), led 10 lawmakers in a letter to President Joe Biden, commending his administration’s actions countering Big Tech’s influence in trade negotiations, and asking him to replace “digital trade” provisions lobbied for by Big Tech in Indo-Pacific Economic Framework (IPEF) negotiations with new language to ensure regulatory agencies and Congress are able to counter Big Tech abuses and develop a new model for digital rules in trade agreements that promotes competition and protects workers, consumers, and small businesses. 
    • In July 2023, Senators Warren and Graham introduced the Bipartisan Digital Consumer Protection Commission Act which would  rein in Big Tech by establishing a new commission to regulate online platforms. The commission would have concurrent jurisdiction with FTC and DOJ, and would be responsible for enforcing the new statutory provisions in the bill and implementing rules to promote competition, protect privacy, protect consumers, and strengthen our national security.
    • In May 2023, Senator Warren released a 22-page investigative report: Big Tech’s Big Con: Rigging Digital Trade Rules to Block Antitrust Regulation. The investigation, based on a review of previously undisclosed emails, reveals that Big Tech is using its revolving door hires to gain backdoor access to key United States Trade Representative and Commerce Department officials, undermining the Biden Administration’s promises to end rigged trade deals and protect workers, consumers, and the environment. 
    • In October 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo underscoring the dangers of Big Tech’s digital trade agenda, following up on a letter the lawmakers sent to Secretary Raimondo in July 2022 requesting additional information about the revolving door between Commerce and Big Tech and its potential impact on global digital trade rules.
    • In July 2022, Senator Warren and Representative Jayapal sent a letter to Secretary Raimondo raising questions about the revolving door between the Department of Commerce and Big Tech companies, and its potential impact on global digital trade rules.

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Humanitarian aid for Gaza – E-000799/2025(ASW)

    Source: European Parliament

    In 2024, the Commission allocated EUR 237 million in humanitarian aid to address the needs of vulnerable Palestinians in Gaza and the West Bank[1]. EU humanitarian aid is delivered according to the humanitarian principles of humanity, independence, impartiality and neutrality[2]. These funds were allocated by the Commission to certified non-governmental partners and international organisations, including United Nations organisations[3].

    Humanitarian non-governmental partners are thoroughly assessed by the Commission on their capacity to observe basic principles and obligations, including respect of the relevant EU, international and national law, as well as compliance with transparency, accountability and internal controls, including risk management mechanisms[4].

    Furthermore, humanitarian partners have taken measures to secure aid delivery, such as securing warehouses, ensuring presence during distributions, and coordinating routes used for movement with Israeli security forces through the Humanitarian Notification System. The Commission is in regular contact with its partners on the ground. Despite the dramatic situation, they are doing their utmost to ensure due diligence, monitoring the situation and their activities.

    Reconstruction goes beyond humanitarian aid and requires a long-term ceasefire as well as other conditions, such as governance and security arrangements, to fall in place. With the ongoing hostilities between Israel and Hamas during 2024, the EU was not able to finance any reconstruction activities in Gaza in 2024.

    • [1] https://civil-protection-humanitarian-aid.ec.europa.eu/where/middle-east-and-northern-africa/palestine_en#how-are-we-helping .
    • [2] https://civil-protection-humanitarian-aid.ec.europa.eu/who/humanitarian-principles_en.
    • [3] Funded partners operating in Palestine in 2024 were the United Nations Children’s Fund (United States), the World Food Programme (Italy), United Nations Relief and Works Agency in the Near East (Palestine), Norwegian Refugee Council (Norway), International Federation of Red Cross and Red Crescent Societies (Switzerland), International Committee of the Red Cross (Switzerland), World Health Organisation, War Child (Netherlands), International Rescue Committee (Denmark), Relief International (France), Humanity and Inclusion (France), Action Against Hunger (Spain), Care International (Austria), Médecins du Monde (France), World Vision (Denmark), United Nations Office for the Coordination of Humanitarian Affairs (Switzerland), and International NGO Safety Organisation (Netherlands).
    • [4] https://www.dgecho-partners-helpdesk.eu/ngo/humanitarian-partnership-2021-2027/eu-humanitarian-partnership-certificate-2021-2027 .
    Last updated: 15 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Slovenia to get expressway upgrade with €120 million EIB loan to motorway operator DARS

    Source: European Investment Bank

    • EIB lends Slovenian motorway company DARS €120 million to finance a bypass project near southeastern city of Novo Mesto.
    • Planned Novo Mesto eastern bypass is to improve traffic flow, road safety and air quality in area close to Croatian border.
    • Project includes more than six kilometres of cycling paths as well as bike and pedestrian bridge across river Krka.

    The European Investment Bank (EIB) is lending €120 million to the Slovenian national motorway company DARS to build a bypass near the southeastern city of Novo Mesto. The planned Novo Mesto eastern bypass is a 9.8-kilometre expressway that will improve traffic flow, road safety and air quality in the region, which is near the border with Croatia.

    The project is expected to boost economic growth in the area by connecting to the A2 motorway, which traverses Slovenia from north to south.

    In line with the EIB’s Climate Bank Roadmap commitments, it continues to invest in road projects such as the one in Novo Mesto, which includes the creation of more than six kilometres of dedicated cycling paths as well as a bike and pedestrian bridge across the river Krka, bolstering actions to promote clean forms of transport and fight climate change.

    “This project reflects our support for sustainable infrastructure development in Slovenia,” said EIB Vice-President Kyriacos Kakouris. “It is part of our broader effort to help improve mobility and quality of life for residents in Novo Mesto and the wider region.”

    The Novo Mesto Eastern Bypass is  part of Slovenia’s plan for sustainable urban mobility and aligns with the European Union’s priorities for infrastructure development and environmental sustainability.

    “We welcome the EIB’s decision to grant DARS the credit facilities to implement this key infrastructure project. We are convinced that it will significantly contribute to the development of the municipality and the wider region, while at the same time improving road safety and traffic flow for all users,” said the President of the Board of DARS, mag. Andrej Ribi.

    The EIB’s advisory services, including technical assistance from JASPERS, helped in the project preparation by being involved in feasibility studies and environmental-impact assessments. 

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, the EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, the capital markets union and a stronger Europe in a more peaceful and prosperous world. 

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in the organisation’s Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate-change mitigation, adaptation and a healthier environment. Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB’s financing within the EU is directed towards cohesion regions, where per-capita income is lower than the EU average. 

    High-quality, up-to-date photos of the EIB Group’s headquarters for media use are available here.

    MIL OSI Europe News –

  • MIL-OSI Europe: President Calviño: EIB Group to provide €70 billion for tech firms and innovators

    Source: European Investment Bank

    EIB Group President Nadia Calviño explains how Europe can benefit from the Trump chaos, with the tech sector set to receive a massive financial boost.

    Interview by Carsten Volkery (published by Handelsblatt)

    The European Investment Bank (EIB) Group is launching a new initiative to close Europe’s investment gap with the United States, aiming to provide €70 billion in startup funding by 2027. This will encourage private investors to get on board with projects, unlocking as much as €250 billion in investment for the European tech sector.

    “This is the largest ever programme to exclusively support European innovation and technological leadership,” EIB Group President Nadia Calviño told Handelsblatt. The goal, she explained, is to finance research projects and companies “from idea to IPO.”

    This also includes supporting the exit of company founders and venture capital investors – who often sell their stakes to US investors, who can afford to buy them. In the future, the EIB could help EU firms to acquire promising startups to prevent technologies from being sold out of Europe.

    TechEU platform to launch this year

    Set to launch later this year, the EIB’s TechEU platform is designed to provide researchers and companies with a one-stop shop for all their financing needs. Calviño says that EU support will become “larger, faster and simpler.” The EIB will work closely with the European Commission, and national promotional banks such as Germany’s KfW may also participate.

    The plan still needs to be approved by the Bank’s Board of Governors, which is made up of the finance ministers of the 27 EU Member States. The EIB Group President gave her perspective to a meeting of the finance ministers in Brussels on Tuesday, and hopes for a positive decision in June.

    She also sees an opportunity in US President Donald Trump’s erratic economic policy and the uncertainty it has caused. “The current situation in the United States creates an opportunity for Europe to attract talent, to attract investment, to attract capital,” she said. “We see strong interest in Europe from international investors.”

    Brain drain warning from US researchers

    In recent weeks and months, the US administration has massively cut research funding for institutions such as the elite Harvard and Columbia universities. US researchers are already warning of brain drain as leading scientists leave the country.

    Former President of the Massachusetts Institute of Technology (MIT) Leo Rafael Reif wrote in Foreign Affairs magazine that the Trump administration seems intent on destroying one of the United States’ greatest strengths. The recent cuts to university funding, he writes, risk “draining a crucial source of new ideas for industry and the military.”

    Calviño emphasised that Europe is a “beacon of stability, clarity and confidence” in the current geopolitical environment. This is what investors are looking for. The EIB is also the only multilateral development bank whose shareholders are the EU Member States. “We are not confronted with the same sort of uncertainties that other multilateral development banks are going through,” she says. This enhances the international role of the EIB.

    The EIB’s goal is to back EU policy objectives. It catalyses private investment by offering only partial financing for projects, thereby mobilising public and private sector co-investors. It lent €89 billion last year, and plans to provide €95 billion this year.

    Europe’s largest venture capital financier

    Beyond guarantees and loans, the EIB also takes equity stakes in companies. It is Europe’s largest venture capital financier and its biggest venture debt provider. The various EU funding programmes for researchers and startups will be linked together on the new TechEU platform, meaning that each project will only need to be appraised once.

    The EIB’s prominent role in venture capital financing shows just how underdeveloped Europe’s private capital markets really are. Calviño says that this new initiative aims to nurture the private venture capital ecosystem in Europe. The hope is that, in time, European startups will no longer be obliged to go to the United States to meet their growth phase capital needs.

    However, critics accuse the EIB of being too conservative in its investment approach. In his report on EU competitiveness published last year, EU Special Advisor Mario Draghi called on the Bank to take on more risk to foster breakthrough innovation.

    EIB to take on more risk

    Calviño says that the EIB has already become more willing to take risks. It intends to continue on that track with the TechEU programme, supporting an extra 1 000 EU champions and innovators every year. At the same time, the EIB must ensure it preserves its AAA credit rating, which enables it to raise funds cheaply on the capital markets. It can then pass these funds on to companies.

    Calviño also promises to cut red tape, aiming to return decisions on venture capital financing applications within six months. “This would be a gamechanger.”

    The tech sector often complains that response times are too long. In the past, the EIB has always framed its thorough appraisal process as a hallmark of quality, as it keeps loan default rates very low. But it now seems to have been understood that speed is also a critical factor.

    Another innovation driver could be the defence sector. The EIB has recently made defence one of its core strategic priorities and now also finances purely military projects. “Security and defence investments can certainly help the technology agenda,” said Calviño.

    The Bank already has a pipeline of 22 projects in this sector, supporting drone manufacturers and space companies, for example, as well as several defence-focused venture capital funds.

    According to Calviño, Europe already has almost everything it needs to close the technology gap with the United States. “Europe has a very large market, 450 million citizens, excellent universities, excellent research centres and companies, and brilliant startup ecosystems. With deeper and larger capital markets, we can ensure that technologies and startups born in the European Union can be financed and scale up in Europe.”

    MIL OSI Europe News –