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Category: Banking

  • MIL-OSI: Fiera Capital Corporation announces $60 million bought deal offering of 7.75% Senior Subordinated Unsecured Debentures

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Fiera Capital Corporation (“Fiera Capital” or the “Company”) (TSX: FSZ) is pleased to announce that it has entered into an agreement with Scotiabank, CIBC Capital Markets, Desjardins Capital Markets and RBC Capital Markets, as joint bookrunners, on behalf of a syndicate of underwriters which also included National Bank Financial Inc., BMO Capital Markets, TD Securities Inc., Canaccord Genuity Corp., iA Private Wealth Inc. and Raymond James Ltd. (collectively, the “Underwriters”), whereby the Underwriters have agreed to purchase $60 million aggregate principal amount of senior subordinated unsecured debentures due June 30, 2030 (the “Debentures”) at a price of $1,000 per Debenture (the “Offering”). Fiera Capital has also granted the Underwriters an option to purchase up to an additional $9 million aggregate principal amount of Debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the Offering. The Offering is expected to close on or about June 3, 2025.

    The Debentures will bear interest at a rate of 7.75% per annum, payable semi-annually in arrears on June 30 and December 31 of each year, with the first interest payment on December 31, 2025. The December 31, 2025 interest payment will represent accrued interest from the closing of the Offering, to but excluding December 31, 2025. The Debentures will mature on June 30, 2030 (the “Maturity Date”).

    The Debentures will not be redeemable prior to June 30, 2028 (the “First Call Date”), except upon the occurrence of a change of control of the Company in accordance with the terms of the indenture (the “Indenture”) governing the Debentures. On and after the First Call Date and prior to June 30, 2029, the Debentures will be redeemable in whole or in part from time to time at the Company’s option at a redemption price equal to 103.875% of the principal amount of the Debentures redeemed plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. On and after June 30, 2029 and prior to the Maturity Date, the Debentures will be redeemable, in whole or in part, from time to time at the Company’s option at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The Company shall provide not more than 60 nor less than 30 days’ prior notice of redemption of the Debentures.

    The Company will have the option to satisfy its obligation to repay the principal amount of the Debentures due at redemption or maturity by issuing and delivering that number of freely tradeable Class A subordinate voting shares (the “Class A Shares”) in accordance with the terms of the Indenture.

    The Debentures will not be convertible into Class A Shares at the option of the holders at any time.

    The net proceeds of the Offering will be used to fund the redemption of the Company’s 8.25% Senior Subordinated Unsecured Debentures due December 31, 2026 (the “2026 Debentures”) that the Company intends to effect on the first call-date, December 31, 2025, and for general corporate purposes. Pending such use, the net proceeds from the Offering will temporarily be used by the Company to reduce indebtedness under the Company’s unsecured revolving credit facility. The foregoing is not a redemption notice with respect to the 2026 Debentures. Any redemption of the 2026 Debentures will be made pursuant to a notice of redemption under the indenture governing those securities.

    The Debentures will be direct, senior subordinated unsecured obligations of the Company which will rank pari passu with one another and will rank (a) effectively subordinate to any existing and future secured indebtedness of the Company but only (other than with respect to the Senior Credit Facilities (as defined in the Indenture)) to the extent of the value of the assets securing such secured indebtedness, (b) subordinate to the obligations under the current and future Senior Credit Facilities (as defined in the Indenture), (c) pari passu with the Company’s existing 2026 Debentures and 6.00% Senior Subordinated Unsecured Debentures due June 30, 2027 and, except as prescribed by law, all existing and future unsecured indebtedness (other than the Senior Credit Facilities) that by its terms is not subordinated in right of payment to the Debentures, including indebtedness to trade creditors, and (d) senior to all existing and future unsecured indebtedness that by its terms is subordinated in right of payment to the Debentures, including any convertible unsecured subordinated debentures which may be issued by the Company in the future. In addition, the Debentures will be structurally subordinated to all existing and future indebtedness and other liabilities of the Company’s subsidiaries.

    A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada. The Offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

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

    Legal advisors

    Legal advice is being provided to Fiera Capital by Fasken Martineau DuMoulin LLP. Legal advice is being provided to the Underwriters by Norton Rose Fulbright Canada LLP.

    Forward-Looking Statements

    This document may contain certain forward-looking statements relating to future events or, future performance reflecting management’s expectations or beliefs regarding future events, including, without limitation, business and economic conditions, outlook and trends, Fiera Capital’s growth, results of operations, performance, business prospects and opportunities, objectives, plans and strategic priorities, new initiatives, such as those related to sustainability and other statements that do not refer to historical facts. In particular, this press release includes forward-looking statements relating to the proposed timing of completion of the Offering and the anticipated use of the net proceeds of the Offering. Such forward-looking statements reflect management’s current beliefs and are based on information currently available to management. These forward-looking statements may typically be identified by words and expressions such as “assumption, “continue”, “estimate”, “forecast”, “goal”, “guidance”, “likely”, “plan”, “objective”, “outlook”, “potential”, “foresee”, “project”, “strategy”, “target”, and other similar words or expressions or future or conditional verbs (including in their negative form), such as “aim”, “anticipate”, “believe”, “could”, “expect”, “foresee”, “intend”, “may”, “plan”, “predict”, “seek”, “should”, “strive” and “would”.

    Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, which make it possible for actual results or events to differ materially from management’s expectations and that predictions, forecasts, projections, expectations, conclusions or statements will not prove to be accurate. As a result, Fiera Capital does not guarantee that any forward-looking statement will materialize and readers are cautioned not to place undue reliance on these forward-looking statements. These risks include, but are not limited to, the failure or delay in satisfying any of the conditions to the completion of the Offering. Additional factors include, but are not limited to, market and general economic conditions, the nature of the financial services industry, and the risks and uncertainties detailed from time to time in Fiera Capital’s interim condensed and annual consolidated financial statements, and its latest Annual Report and Annual Information Form filed on www.sedarplus.ca. These forward-looking statements are made as of the date of this document, and Fiera Capital assumes no obligation to update or revise them to reflect new events or circumstances.

    About Fiera Capital Corporation

    Fiera Capital is a leading independent asset management firm with a growing global presence. The Company delivers customized and multi-asset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia and the Middle East. Fiera Capital’s depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to our mission of being at the forefront of investment management science to create sustainable wealth for clients. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange.

    Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), Hong Kong (SAR) and Abu Dhabi (ADGM).

    Each affiliated entity (each an “Affiliate”) of Fiera Capital only provides investment advisory or investment management services or offers investment funds in the jurisdictions where the Affiliate is authorized to provide services pursuant to the relevant registrations, an exemption from such registrations and/or the relevant product is registered or exempt from registration.

    Fiera Capital does not provide investment advice to U.S. clients or offer investment advisory services in the U.S. In the U.S., asset management services are provided by Fiera Capital’s Affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult https://www.fieracapital.com/en/registrations-and-exemptions

    Additional information about Fiera Capital, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca

    SOURCE Fiera Capital Corporation

    The information contained in press releases and company news is valid as of the date indicated. You should not assume that statements remain accurate or valid after the date.

    For more information: Analysts and investors, Marie-France Guay, Senior Vice President, Treasury and Investor Relations, Fiera Capital Corporation, 514 294-5878, mguay@fieracapital.com

    The MIL Network –

  • MIL-OSI Banking: Hong Kong (China SAR) general insurance industry to reach $10.9 billion by 2029, forecasts GlobalData

    Source: GlobalData

    Hong Kong (China SAR) general insurance industry to reach $10.9 billion by 2029, forecasts GlobalData

    Posted in Insurance

    The general insurance industry in Hong Kong (China SAR) is projected to grow at a compound annual growth rate (CAGR) of 5.1% from HKD69.9 billion ($8.9 billion) in 2025 to HKD85.4 billion ($10.9 billion) by 2029, in terms of gross written premium (GWP), according to GlobalData, a leading data and analytics company.

    According to GlobalData’s Hong Kong (China SAR) Insurance Database, the general insurance market in Hong Kong (China SAR) is estimated to reach HKD69.9 billion ($8.9 billion) in 2025, reflecting an annual growth rate of 4.7%. This growth is attributed to the economic recovery, an aging population, increased demand for health insurance products, the occurrence of natural disasters due to climate change, and the increasing demand for liability insurance.

    Swarup Kumar Sahoo, Senior Insurance Analyst at GlobalData, comments: ” The growth of the general insurance industry in Hong Kong (China SAR) is supported by rising demand for personal accident and health insurance from local and non-local customers, including mainland Chinese residents, the unpredictability of climate events, and the increasing demand for cyber insurance.”

    Personal Accident and Health (PA&H) insurance is the largest line of business and is expected to account for 34.7% of the general insurance GWP in 2025. The rising demand for health and travel insurance products from non-local customers has driven the growth of PA&H. Such demand mainly comes from Mainland China, the Middle East, and Southeast Asia. Increased connectivity with the Greater Bay Area (GBA) and the issuance of policies in either Hong Kong dollars or US dollars have supported this growth.

    The Insurance Authority (IA) will issue educational materials in Arabic for Middle East clients by Q2 2025 to further support the growing non-local demand. Additionally, increased connectivity to the GBA has provided insurers with access to the affluent population in cities such as Shenzhen and Guangzhou. Easing of restrictions from the GBA on the sales and servicing of insurance products will boost premium growth during 2025-29.

    Property insurance is the second-largest line of business with an estimated 22.2% share of the general insurance GWP in 2025. Property insurance, which grew by 9.1% in 2024, is expected to register 7.5% growth in 2025.

    Sahoo adds: “The increasing incidents of natural disasters such as typhoons and floods have prompted insurers to reassess risk models and implement stricter underwriting policies. The Hong Kong Government’s investments in infrastructure projects are expected to further enhance the property insurance market as insurers adapt to climate risks and offer innovative solutions like parametric insurance.

    Liability insurance is the third-largest line of business, estimated to account for 22.1% of the general insurance GWP in 2025. This line of business is set to grow at a CAGR of 3.4% during 2025-29, driven by the demand for cyber insurance products spurred by rising digital threats. The digitalization efforts in the region will also play a crucial role in the growth of liability insurance in Hong Kong. Small and medium enterprises are increasingly investing in cyber insurance amid rising business risk and to adhere to data privacy laws.

    Other general insurance lines, such as motor, financial lines, and marine, aviation, and transit, are estimated to account for the remaining 21.6% share of the general insurance GWP in 2025.

    Sahoo concludes: “The growth of Hong Kong’s general insurance market will continue to depend on Mainland China. The country’s super-aging population will present both challenges and opportunities for the general insurance industry. Furthermore, the growing demand for property and cyber insurance will enhance market penetration in the coming years. However, the expected reciprocal tariff from the US will change the dynamics and is expected to emerge as a threat to insurers’ profitability.”

    MIL OSI Global Banks –

  • MIL-OSI Banking: Tariff-related disruptions to outweigh other oil and gas themes, says GlobalData

    Source: GlobalData

    Tariff-related disruptions to outweigh other oil and gas themes, says GlobalData

    Posted in Oil & Gas

    US tariffs and energy security are expected to remain the focal points for oil and gas trade in 2025. Tariff-induced trade tensions might exert downward pressure on the US and global economy in the near term, potentially affecting the energy demand. It is therefore important for the industry to assess the impact of macroeconomic themes of tariffs, along with geopolitics, and supply chain while charting out its growth plans, says GlobalData, a leading data and analytics company.

    GlobalData’s thematic report, “Top 20 Oil & Gas Themes – 2025,” identifies the top 20 themes that will impact the oil and gas industry in 2025. Besides macro themes, the ones enabling the transition towards clean energy, such as renewables, low-carbon hydrogen, carbon capture and storage (CCS), and electric vehicles (EV) are expected to have a potential impact on oil and gas operations in 2025 and beyond.

    Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “The US government initially imposed hefty import tariffs on most countries in line with their respective trade deficits, which were later normalized at 10% for a period of 90 days. As a result, the global economic forecast is clouded by the frequent changes in the US tariffs and the prospect of retaliatory rate increases from affected trading partners, especially China.”

    The industry has largely recovered from the geopolitical developments since 2022 that had vastly impacted global supply chains. While the global oil demand is anticipated to grow in 2025, fueled by consistent economic expansion in Asia, the stability of supply hinges on geopolitical risks and the production strategies of OPEC+ nations.

    Puranik adds: “A resolution to the conflict in Ukraine, along with incremental increases in OPEC+ output post-April 2025, could ensure adequate market supply, even in the face of stringent US sanctions on Iran and Venezuela.”

    Traditional oil and gas themes, namely LNG, shale, and integrated refineries will continue to enable companies to remain competitive in the energy market. The report also features disruptive tech themes, such as artificial intelligence (AI), blockchain, cloud computing, cybersecurity, the Internet of Things (IoT), and robotics.

    Puranik concludes: “GlobalData research shows that companies who invest in the right themes become success stories; those who miss the big themes ultimately fail. Given that so many themes are disruptive, it is very easy to be blindsided by industry outsiders invading the sector. In this scenario it is important to understand the biggest themes in the industry and the how they could help companies thrive in the rapidly changing energy dynamics.”

    MIL OSI Global Banks –

  • MIL-OSI Banking: Top EMEA banks see revenue surge in 2024 despite rate cuts and turmoil, finds GlobalData

    Source: GlobalData

    The top 20 Europe, Middle East, and Africa (EMEA) banks saw a healthy 14% increase in combined revenue from $1.4 trillion in 2023 to $1.6 trillion in 2024, despite a challenging macroeconomic landscape defined by geopolitical friction, rate normalization, and tariff uncertainties, reveals GlobalData, a leading data and analytics company.

    Murthy Grandhi, Company Profiles Analyst at GlobalData, comments: “European central banks implemented multiple rate cuts throughout 2024, reversing the aggressive hiking cycle of previous years. This easing supported lending growth, improved credit demand, and stimulated consumer and business activity. However, declining interest margins also pressured net interest income, forcing banks to rely more heavily on fee income and trading operations.”

    Ranked by revenue, HSBC Holdings led the EMEA region with $157.8 billion, followed closely by BNP Paribas ($148.6 billion) and Banco Santander ($147.2 billion). These institutions capitalized on diversified international exposure and stable credit portfolios in a year marked by both opportunities and headwinds.

    Notably, revenue growth across the board was largely positive, with all 20 banks reporting year-over-year (YoY) gains. Russia’s Sberbank Rossii and VTB Bank recorded the highest revenue growth rates at 54.0% and 48.4%, respectively. These gains likely reflect ruble depreciation effects, domestic market dominance, and a pivot toward internal financial resilience amid ongoing Western sanctions.

    Southern European banks also delivered strong results. BBVA posted a 30.3% increase in revenue, driven by robust lending activity in Latin American markets and digital transformation initiatives. Spain’s Banco Santander reported a 6.8% revenue growth and a 13.6% rise in net income, showcasing stable margins and improving

    Among French institutions, Societe Generale stood out with a 68.5% surge in net income, despite moderate revenue growth of 10.6%. The recovery in profitability is attributed to a successful cost-reduction program and a rebalancing of risk-weighted assets. Credit Agricole and BNP Paribas also performed well, underpinned by strong corporate banking and wealth management divisions.

    In the UK, HSBC and Barclays continued to benefit from diversified global operations. HSBC saw a modest 1.9% increase in net income on a 6.7% revenue gain, reflecting stable interest income and expanding operations in Asia. Barclays’ 12.0% revenue growth and 23.3% net income jump reflect efficiency gains and rising fee-based income.

    Conversely, UBS Group AG posted the sharpest decline in net income, down 81.4% despite a strong 22.3% rise in revenue. This anomaly is likely linked to the integration of Credit Suisse, involving one-time restructuring costs and asset impairments.

    German and Dutch banks experienced moderate top-line growth but faced downward pressure on earnings. Deutsche Bank’s net income fell by 29.4% despite a 12.0% revenue increase, potentially due to elevated risk provisions and a cautious lending stance amid economic uncertainty.

    Grandhi concludes: “Looking ahead, EMEA banks face a challenging 2025. The escalating tariff war between major economies, combined with continued geopolitical tensions in Eastern Europe and the Middle East, is expected to create volatility in capital markets and cross-border trade.

    “Rising operational costs, currency fluctuations, and potential regulatory shifts may compress margins. However, banks with strong digital infrastructure, diversified geographical exposure, and robust capital buffers—such as HSBC, Santander, and BNP Paribas—are better positioned to absorb shocks.

    “While revenue momentum is likely to continue in the short term, profitability may come under strain. Institutions will need to prioritize operational efficiency, credit risk management, and strategic realignment to navigate an increasingly fragmented global financial landscape.”

    MIL OSI Global Banks –

  • Indian stock markets close higher; defence sector maintains momentum

    Source: Government of India

    Source: Government of India (4)

    Indian equity markets ended Wednesday’s session on a positive note, driven by gains in metal, real estate, and technology stocks.

    Among the standout performers was the domestic defence sector, which continued its upward trajectory for the third consecutive session. The sector attracted steady buying interest, reflecting sustained investor confidence.

    Despite intra-day volatility, overall market sentiment remained optimistic, helping benchmark indices close in the green.

    At the close, the BSE Sensex rose 182 points, or 0.22 per cent, to settle at 81,330.56, while the NSE Nifty gained 88 points, or 0.36 per cent, to end at 24,666.

    According to analysts, key option data for the Nifty indicates major resistance at 25,000 and 25,500 call levels, with strong support around the 24,000 and 24,500 put levels. The put-call ratio (PCR) stood at 0.72, signaling a mildly bearish bias, noted Sundar Kewat of Ashika Institutional Equity.

    On the 30-share Sensex, Tata Steel emerged as the top gainer, climbing 3.88 per cent. It was followed by Eternal (2.18 per cent), Tech Mahindra (2.02 per cent), and Maruti Suzuki India (1.66 per cent).

    In contrast, Asian Paints was the biggest laggard, slipping 1.78 per cent to close at ₹2,283.65. Other notable losers included Tata Motors (down 1.26 per cent) and Kotak Mahindra Bank (down 1.11 per cent).

    Broader markets outperformed the frontline indices. The Nifty Midcap 100 rose 1.13 per cent, while the Nifty Smallcap 100 advanced 1.36 per cent, highlighting strong interest in mid- and small-cap stocks.

    Investor confidence was further buoyed by the latest retail inflation data, which showed price growth in April easing to its slowest pace in over six years. The decline, mainly due to lower food prices, has strengthened expectations of a potential rate cut by the Reserve Bank of India.

    Global cues also contributed to the upbeat mood, as softer-than-expected U.S. inflation data eased concerns over monetary tightening and raised hopes that the Federal Reserve may adopt a more accommodative stance.

    “The retreat in crude oil prices and the softening of the U.S. dollar served as additional tailwinds, lending support to the rupee during intra-day trading,” said Dilip Parmar of HDFC Securities.

    With both domestic and global factors currently favoring the market, analysts expect investor sentiment to remain constructive in the near term.

    —IANS

  • MIL-OSI China: China to strengthen financial support for sci-tech innovation

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

    BEIJING, May 14 — China will increase its financial support for sci-tech innovation to improve the country’s self-reliance and strength in science and technology, according to a set of guidelines issued by seven authorities on Wednesday.

    The document — issued by the Ministry of Science and Technology, the People’s Bank of China, the National Development and Reform Commission, and other authorities — proposes 15 concrete measures to promote financial services for sci-tech innovation, including those to boost venture investment, credit supply and insurance support.

    Among efforts to serve the country’s key strategies in the field of science and technology, China will scale up financial support for enterprises that undertake major national sci-tech tasks, and for sci-tech-oriented small and medium-sized enterprises, according to the guidelines.

    China will leverage the role of its national venture capital guidance fund, encourage the development of secondary-market private equity funds, and optimize structural monetary policy tools such as re-lending loans for sci-tech innovation, per the document.

    The country will take advantage of the capital market in serving sci-tech innovation, and prioritize the public offerings of enterprises that achieve breakthroughs in critical core technologies.

    In terms of enhancing fiscal policies, the guidelines call for the full use of fiscal tools such as loan interest subsidies and risk compensation to support enterprises in sci-tech innovation, and for the effective implementation of related tax policies for angel investment and venture capital.

    MIL OSI China News –

  • MIL-OSI United Kingdom: New Second Permanent Secretary to the Treasury appointed

    Source: United Kingdom – Executive Government & Departments

    News story

    New Second Permanent Secretary to the Treasury appointed

    Jim O’Neil has been appointed as a new Second Permanent Secretary to the Treasury.

    Jim brings a wealth of experience from investment banking and corporate finance to the Treasury, after a long career at Bank of America. He also has experience in the public sector, spending three years at UK Financial Investments. As Chief Executive of UKFI, he managed the government’s holdings in Royal Bank of Scotland, Lloyds Banking Group, and UK Asset Resolution. 

    His appointment is part of the government’s plan to deliver its number one mission to kickstart economic growth as part of the Plan for Change, and follows the Chancellor’s commitment to lead the most pro-growth Treasury in the country’s history.

    Jim’s experience will help the government to secure private investment, boost the economy, and ultimately put more pounds in people’s pockets. His deep knowledge of the private sector will help the government to rip out the barriers to growth, provide support for the key industries at home, and work to secure open and fair trade abroad.

    Chancellor of the Exchequer Rachel Reeves said:

    I’m very pleased to welcome Jim as our new Second Permanent Secretary, his extensive knowledge of the private sector will be vital in helping us deliver our number one mission to grow the economy. It’s fantastic to have him join the Treasury’s top team.

    Jim O’Neil said:

    I am delighted to have been appointed Second Permanent Secretary to the Treasury at this important time for our country and our economy. We are living through a time of great change globally, making the need for an economy of stability, resilience, and growth all the more important. I look forward to working with the Chancellor, her ministers, and officials across the department to deliver on these missions so the Treasury can bring positive change to the lives of people right across the country.

    Jim is expected to start in his new position in July and will work alongside the two other Second Permanent Secretaries in HM Treasury, Beth Russell who is based at the Darlington Economic Campus and Sam Beckett who is also Chief Economic Adviser. As well as overseeing tax and spending, Beth will continue to be responsible for devolution and regional growth including engagement with regional and local government and others in the north. 

    Jim was appointed through a fair and open competition and has completed all of the necessary declarations of interest.

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Africa: Invest in African Energy (IAE) 2025: Innovative Financing to Unlock Africa’s Energy Potential

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

    PARIS, France, May 14, 2025/APO Group/ —

    Africa holds immense energy potential, with more than 125 billion barrels of proven oil reserves, 620 trillion cubic feet of natural gas and 60% of the world’s best solar resources. Yet, the continent continues to struggle with attracting the capital needed to leverage these resources for transformative development. Addressing this paradox, panelists at the Invest in African Energy Forum in Paris underscored how innovative financing mechanisms can help unlock Africa’s vast energy opportunities.

    “There’s a huge amount of financing required to close the financing gap on the continent. It’s quite clear that there’s not enough capital and we need to think about innovative ways to source capital. With the right fiscal regimes, regulatory frameworks and policies, investors will come to invest in the energy sector in Africa,” stated Taiwo Okwor, Vice President: Invest Division and Natural Resources Division at development institution the Africa Finance Corporation.

    By utilizing innovative financing tools and regional cooperation mechanisms, Africa will be able to scale investments and reduce risk. Additionally, by leveraging blended finance, de-risking strategies and multilateral partnerships, countries can not only secure capital but bolster energy access at a continental scale. However, challenges will need to be addressed, including lack of investor certainty, regulatory barriers and red tape.  

    “Investors thrive on predictability,” stated Ibra Ndiaye, Partner: Energy, Industry & Services at professional services network Forvis Mazars. “According to the African Energy Chamber, 45% of investors cite uncertainty in legal frameworks in Africa as a major concern before entering new markets. This ambiguity in regulatory frameworks creates a delay in project implementation.”

    To address regulatory challenges and increase energy capacity, there is an urgent need for systemic reform in the continent’s utility companies. Stronger institutions and reforms have emerged as critical drivers for attracting private sector involvement. Panelists noted that many state-owned utilities across Africa are unable to deliver consistent and reliable energy services due to financial instability and poor infrastructure.

    “What have we done to improve the quality of utilities going forward? I think 85% of utilities across Africa are technically insolvent and cannot meet the energy needs of Africans,” stated Reginald Max, Senior Advisor for Infrastructure and Independent Power Producers for financial institution the Trade and Development Bank. Max added that until the underlying inefficiencies in energy distribution and cost recovery are addressed, investor confidence will remain weak.

    Another core issue raised was the necessity of implementing cost-reflective tariffs. Tariff policies in many countries have kept electricity prices artificially low, discouraging private investment and further burdening state utilities.

    “The key is cost-reflective tariffs,” stated Liz Williamson, Head of Energy Corporate Finance at investment banking firm Rand Merchant Bank, adding, “We need the political will to go through the pain to get to cost-reflective tariffs. This could make a big difference in terms of liability.”

    As the session concluded, the panelists emphasized that while the continent faces considerable hurdles, the combination of its resource wealth and growing investor interest presents a promising path forward – if governments and stakeholders can align on reform, innovation and regional integration.

    MIL OSI Africa –

  • MIL-OSI Security: Fatal crash on Blackfeet Indian Reservation sends Browning man to prison

    Source: Office of United States Attorneys

    GREAT FALLS – A Browning man who admitted to driving while under the influence of drugs and alcohol when he crashed into another vehicle killing the driver was sentenced today to 16 months in prison to be followed by 3 years of supervised release, U.S. Attorney Kurt Alme said.

    Chasen James Kipp, 25, pleaded guilty in December 2024 to involuntary manslaughter.

    Chief U.S. District Judge Brian M. Morris presided.

    The government alleged in court documents that on October 21, 2023, Kipp was driving his 2022 Dodge Charger near the Cut Bank airport when he crossed the center lane of traffic, collided with a sedan, and killed the driver, Jane Doe.

    When law enforcement officers arrived at the scene, they saw Kipp trying to flee. An officer described Kipp staggering and could smell alcohol on him. The officers detained Kipp, who said he had consumed two mixed drinks at the Pioneer Bar in Cut Bank and was returning to his home in Birch Creek. Kipp was arrested and consented to a blood draw, where he told the medical provider he was too drunk to remember the crash and he “came to” when the airbags deployed. He estimated he was driving 60 mph at the time of the crash.

    Paramedics pronounced Jane Doe dead at the scene. She died from blunt force trauma sustained from the crash. The Montana Highway Patrol conducted the crash investigation and determined Kipp was going 82 mph in a 65-mph zone when he crossed the center line and struck Doe’s vehicle. The toxicology report showed his blood alcohol content was .114 and he had cocaine in his system.

    The U.S. Attorney’s Office prosecuted the case. The investigation was conducted by the FBI, Blackfeet Law Enforcement Services, the Cut Bank Police Department, the Glacier County Sheriff’s Office, and the Montana Highway Patrol.

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

    XXX

    MIL Security OSI –

  • MIL-OSI Security: Troy Man Pleads Guilty to Marijuana Trafficking and Money Laundering Conspiracies

    Source: Office of United States Attorneys

    ALBANY, NEW YORK – Isiah Ti-Quan Clements, aka “Zay,” age 38, of Troy, New York, pled guilty today to marijuana trafficking and money laundering.

    United States Attorney John A. Sarcone III; Bryan Miller, Special Agent in Charge of the New York Field Division of the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF); Frank A. Tarentino III, Special Agent in Charge, U.S. Drug Enforcement Administration (DEA), New York Division; Troy Police Chief Daniel DeWolf; and Erin Keegan, Special Agent in Charge of the Buffalo Field Office of Homeland Security Investigations (HSI), made the announcement.

    United States Attorney John A. Sarcone III stated: “This prosecution of a sophisticated marijuana trafficking and money laundering organization was made possible by the close collaboration of federal, state and local law enforcement agencies on both coasts. Marijuana remains illegal under federal law and we continue to investigate and prosecute the criminal organizations profiting mightily from its illicit distribution.”

    Clements admitted to being a member of a marijuana and tetrahydrocannabinols (THC) trafficking organization that cultivated marijuana on a commercial scale in Fresno, California, and shipped thousands of kilograms of marijuana and THC from Fresno to locations throughout the United States, including the Capital Region of New York.  Clements also admitted to laundering marijuana and THC proceeds for the organization. 

    Clements admitted to receiving packages of marijuana shipped by Dwight A. Singletary, II, aka “Nutt” and “Mike Jones,” and McKenzie Merrialice Coles, aka “Kenzie,” from a shipping store in Fresno, Fast Pack & Ship, at his home and a restaurant in Troy.  Clements also arranged shipments of marijuana to his sister, LaFay Pearson, aka “Lala,” at her apartment in Troy, and coordinated the receipt of shipments of marijuana by his aunt, Consanga Harris, aka “Sondy,” at her home in Troy.  After the packages of marijuana were delivered to the defendant, Harris, and Pearson, they were picked up by or dropped off to David Singletary, aka “DB.” 

    Clements was notified of the shipments of marijuana by Coles and Dwight Singletary and was paid between $300 and $400 for each package of marijuana received.  Between June 2018 and May 2022, the defendant received and coordinated the receipt of approximately 1,102 kilograms (2,429 pounds) of marijuana. 

    Clements also laundered marijuana and THC proceeds for the organization, including by exchanging $110,200 in cash drug proceeds consisting of small bills for large bills at a bank and credit union in the Capital Region; purchasing over $127,000 in cashier’s checks with cash drug proceeds; flying from the Capital Region to Fresno with suitcases full of cash drug proceeds; depositing cash drug proceeds into business and other accounts held by Coles and Dwight Singletary; sending over $20,000 in money transfers purchased with cash drug proceeds from the Capital Region to Fresno and Modesto, California; and paying contractors working on properties in the Capital Region owned by Dwight Singletary and his company, DAS Empire, Inc., with cash drug proceeds. 

    Clements faces at least 10 years and up to life in prison on the two counts to which he pled guilty, conspiring to distribute marijuana and conspiring to commit money laundering; fines of up to $10.25 million; and a term of supervised release of between 5 years and life.  A defendant’s sentence is imposed by a judge based on the particular statutes the defendant is charged with violating, the U.S. Sentencing Guidelines and other factors.

    Clements was charged in an indictment with Dwight Singletary, David Singletary, Coles, Pearson, Harris, and 18 other people charging marijuana distribution and money laundering conspiracies, firearms offenses, and other crimes.  Dwight Singletary, David Singletary, and Coles have pled not guilty and are presumed innocent unless and until proven guilty.  The charges in the indictment are merely accusations as to them. 

    In addition to Clements, Person, and Harris, 15 other defendants – Rosemary Coles, Latrice Mumphrey, Lawrence Mumphrey, aka “L,” Sammy Olague, Victor Turner, Kristle Walker, Niara Banks, aka “Nie,” Ruby Ledesma, Lateek White, Onisha Smith, Jazell Shuler, Earnest Flood, aka “Pop,” James Tyrell Daniels, aka “Red” and “Ghost,” Alyssa June White, and Toquanda Ketchmore, aka “Quannie” – previously pled guilty. 

    The ATF, DEA, Troy Police Department and HSI are investigating the case. Assistant U.S. Attorneys Cyrus P.W. Rieck and Dustin C. Segovia are prosecuting the case.

    This prosecution is part of an Organized Crime Drug Enforcement Task Forces (OCDETF) investigation. OCDETF identifies, disrupts, and dismantles the highest-level drug traffickers, money launderers, gangs, and transnational criminal organizations that threaten the United States by using a prosecutor-led, intelligence-driven, multi-agency approach that leverages the strengths of federal, state, and local law enforcement agencies against criminal networks.

    MIL Security OSI –

  • MIL-OSI: Boralex reports net earnings of $41 million for the first quarter of 2025 and the start of production at the Limekiln wind farm, its first operational project in the United Kingdom

    Source: GlobeNewswire (MIL-OSI)

    MONTREAL, May 14, 2025 (GLOBE NEWSWIRE) — Boralex Inc. (“Boralex” or the “Corporation”) (TSX: BLX) is pleased to report its results for the first quarter of 2025.

    Highlights

    Financial results

    • Lower EBITDA(A)1, operating income and net earnings in Q1-2025
      • Production down 4% (1% on a Combined1 basis)2 from Q1-2024 and 10% (11%) below anticipated production1. Good weather conditions in Canada partially offset less favourable conditions in France.
      • EBITDA(A) of $176 million ($199 million) in Q1-2025, down $19 million ($19 million) from Q1-2024, mainly attributable to lower production and short-term power purchase agreements prices that were more favourable in Q1-2024, in France.
      • Operating income of $65 million ($99 million) in Q1-2025, down $41 million ($35 million) from Q1-2024.
      • Net earnings of $41 million in Q1-2025, down $32 million from Q1-2024.
    • Lower cash flow related to operating activities for the quarter but consistently strong balance sheet
      • Net cash flows related to operating activities of $172 million for Q1-2025 compared to $230 million for Q1-2024.
      • Discretionary cash flows1 of $74 million for Q1-2025, down $4 million from Q1-2024.
      • $388 million in cash and cash equivalents and $504 million in available cash resources and authorized financing1 as at March 31, 2025.
      • Extension of the term of the revolving credit facility to 2030 in April 2025, along with an increase in the letter-of-credit facility guaranteed by Export Development Canada from $350 million to $470 million in April.

    Update on development and construction activities

    • Start of production at the 106 MW Limekiln wind farm in Scotland
    • Progress in under-construction and ready-to-build projects in spite of supply chain and construction costs challenges
      • Ongoing construction at the Apuiat wind project in Québec (total 200 MW, Boralex’s share 100 MW), with commissioning scheduled for summer 2025.
      • Construction of the Hagersville (300 MW) and Tilbury (80 MW) storage projects in Ontario progressing on schedule, with commissioning planned for the fourth quarter of 2025.
      • Ongoing work on the Des Neiges Sud wind project in Québec (total 400 MW, Boralex’s share 133 MW), with phased commissioning scheduled for in late 2026/early 2027.
    • 129 MW added to early-stage project pipeline

    “Boralex has had a good start to 2025 with the commissioning of Limekiln, our first wind farm in Scotland, which is a major step toward achieving our growth objectives in the United Kingdom, a market with strong development potential. I am very grateful to our teams, whose dedication continue to ensure the company’s growth in our strategic markets. In a context of increasingly volatile resources, the geographic and technological diversification of our operations makes us more resilient,” said Patrick Decostre, President and Chief Executive Officer of Boralex.

    “During the quarter, our wind assets in Canada delivered a strong performance, partially offsetting lower contributions from wind farms in France, which were adversely affected by less favourable wind conditions and the impact of lower contribution from short term contracts. Our teams remain fully focused on improving the operating performance of our assets, pursuing with our cost optimization initiatives and strengthening our selling price optimization strategy. In the coming quarters, Boralex is planning to bid on multiple projects under the calls for tender to be issued this year in each of our target markets. We look forward to sharing news on our 2025-2030 strategic plan at our Investor Day, which will be held on June 17 in Toronto,” Mr. Decostre added.

    ______________________________________________
    1 EBITDA(A) is a total of segment measures. Anticipated production is an additional financial measure. “Combined,” “discretionary cash flows” and “available cash resources and authorized financing” are non-GAAP financial measures and do not have a standardized definition under IFRS. Consequently, these measures may not be comparable to similar measures used by other companies. For more details, see the Non-IFRS financial measures and other financial measures section of this press release.
    2 Figures in brackets indicate results on a Combined basis as opposed to a Consolidated basis.

    1st quarter highlights

    Three-month periods ended March 31

        Consolidated   Combined  
    (in millions of Canadian dollars, unless otherwise specified) (unaudited)   2025   2024   Change   2025   2024   Change  
                $   %           $   %  
    Power production (GWh)(1)   1,691   1,767   (76 ) (4 ) 2,334   2,355   (21 ) (1 )
    Revenues from energy sales and                                  
    feed-in premium   226   259   (33 ) (13 ) 267   291   (24 ) (8 )
    Operating income   65   106   (41 ) (39 ) 99   134   (35 ) (26 )
    EBITDA(A)   176   195   (19 ) (10 ) 199   218   (19 ) (9 )
    Net earnings   41   73   (32 ) (44 ) 41   73   (32 ) (44 )
    Net earnings attributable to                                  
    shareholders of Boralex   30   55   (25 ) (46 ) 30   55   (25 ) (46 )
    Per share – basic and diluted   $0.29   $0.53   ($0.24 ) (46 ) $0.29   $0.53   ($0.24 ) (46 )
    Net cash flows related to operating                                  
    activities   172   230   (58 ) (25 ) —   —   —   —  
    Cash flows from operations(2)   135   157   (22 ) (14 ) —   —   —   —  
    Discretionary cash flows   74   78   (4 ) (5 ) —   —   —   —  
    (1) Power production includes the production for which Boralex received financial compensation following power generation limitations as management uses this measure to evaluate the Corporation’s performance. This adjustment facilitates the correlation between power production and revenues from energy sales and feed- in premium.
    (2) The cash flows from operations is a non-GAAP financial measure and does not have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section of this press release.

    In the first quarter of 2025, Boralex produced 1,691 GWh (2,334 GWh) of electricity, 4% (1%) less than the 1,767 GWh (2,355 GWh) produced in the same quarter of 2024. The decrease was attributable mainly to unfavourable wind conditions in France and to a lesser degree to hydropower in the United States. Boralex ended the quarter with production that was 10% (11%) below anticipated production.

    Revenues from energy sales and feed-in premiums for the three-month period ended March 31, 2025, amounted to $226 million ($267 million), 13% (8%) lower than in the first quarter of 2024. The decrease was mainly attributable to the lower production and price impact in France, where Boralex had benefited from higher prices in the previous year. EBITDA(A) amounted to
    $176 million ($199 million), down 10% (9%) from the first quarter of 2024. The lower prices in France were partly offset by a decrease in the inframarginal rent contribution, which no longer applies in 2025. Operating income totalled $65 million ($99 million), compared to $106 million ($134 million) for the same quarter of 2024. Boralex posted net earnings of $41 million, down $32 million from $73 million in the same quarter of 2024.

    Outlook

    Boralex’s 2025 Strategic Plan is built around the same four strategic directions as the plan launched in 2019 – growth, diversification, customers and optimization – and six corporate targets. The details of the plan, which also sets out Boralex’s corporate social responsibility strategy, are found in the Corporation’s annual report. Highlights of the main achievements of fiscal 2024 in relation to the 2025 Strategic Plan can be found in the 2024 Annual Report, which is available in the Investors section of the Boralex website.

    In the coming quarters, Boralex will continue to work on its various initiatives under the strategic plan, including project development, analysis of acquisition targets and optimization of power sales and operating costs.

    Finally, to fuel its organic growth, the Corporation has a pipeline of projects at various stages of development defined on the basis of clearly identified criteria, totalling 8 GW of wind, solar and energy storage projects.

    Dividend declaration

    The Company’s Board of Directors has authorized and announced a quarterly dividend of $0.1650 per common share. This dividend will be paid on June 16, 2025, to shareholders of record at the close of business on May 30, 2025. Boralex designates this dividend as an “eligible dividend” pursuant to paragraph 89 (14) of the Income Tax Act (Canada) and all provincial legislation applicable to eligible dividends.

    About Boralex

    At Boralex, we have been providing affordable renewable energy accessible to everyone for over 30 years. As a leader in the Canadian market and France’s largest independent producer of onshore wind power, we also have facilities in the United States and development projects in the United Kingdom. Over the past five years, our installed capacity has increased by more than 50% to over 3.2 GW. We are developing a portfolio of projects in development and construction of more than 8 GW in wind, solar and storage projects, guided by our values and our corporate social responsibility (CSR) approach. Through profitable and sustainable growth, Boralex is actively participating in the fight against global warming. Thanks to our fearlessness, our discipline, our expertise and our diversity, we continue to be an industry leader. Boralex’s shares are listed on the Toronto Stock Exchange under the ticker symbol BLX.

    For more information, visit www.boralex.com or www.sedarplus.ca. Follow us on Facebook and LinkedIn.

    Non-IFRS measures

    Performance measures

    In order to assess the performance of its assets and reporting segments, Boralex uses various performance measures. Management believes that these measures are widely accepted financial indicators used by investors to assess the operational performance of a company and its ability to generate cash through operations. The non-IFRS and other financial measures also provide investors with insight into the Corporation’s decision making as the Corporation uses these non-IFRS financial measures to make financial, strategic and operating decisions. It is important to note that the non-IFRS financial measures should not be considered as substitutes for IFRS measures. They are primarily derived from the audited consolidated financial statements, but do not have a standardized meaning under IFRS; accordingly, they may not be comparable to similarly named measures used by other companies. In addition, these non-IFRS financial measures are not audited and have important limitations as analytical tools. Investors are therefore cautioned not to consider them in isolation or place undue reliance on ratios or percentages calculated using these non-IFRS financial measures.

    Non-IFRS financial measures
    Specific financial measure Use Composition Most directly comparable IFRS measure
    Financial data – Combined (all disclosed financial data) To assess the performance and the ability of a company to generate cash from its operations and investments in joint ventures and associates. Results from the combination of the financial information of Boralex Inc. under IFRS and the share of the financial information of the Interests.

    Interests in the Joint Ventures and associates, Share in earnings (losses) of the Joint Ventures and associates and Distributions received from the Joint Ventures and associates are then replaced with Boralex’s respective share in the financial statements of the Interests (revenues, expenses, assets, liabilities, etc.)

    		 Respective financial data – Consolidated
    Discretionary cash flows To assess the cash generated from operations and the amount available for future development or to be paid as dividends to common shareholders while preserving the long-term value of the business.

    Corporate objectives for 2025 from the strategic plan.

    		 Net cash flows related to operating activities before “change in non-cash items related to operating activities,” less:

    (i) distributions paid to non-controlling shareholders;
    (ii) additions to property, plant and equipment (maintenance of operations);
    (iii) repayments on non-current debt (projects) and repayments to tax equity investors;(iv) principal payments related to lease liabilities;
    (v) adjustments for non-operational items; plus
    (vi) development costs (from the statement of earnings).

    		 Net cash flows related to operating activities
    Cash flows from operations To assess the cash generated by the Corporation’s operations and its ability to finance its expansion from these funds. Net cash flows related to operating activities before changes in non-cash items related to operating activities. Net cash flows related to operating activities
    Available cash and cash equivalents(1) To assess the cash and cash equivalents available, as at the balance sheet date, to fund the Corporation’s growth. Represents cash and cash equivalents, as stated on the balance sheet, from which known short-term cash requirements are excluded. Cash and cash equivalents
    Available cash resources and authorized financing(1) To assess the total cash resources available, as at the balance sheet date, to fund the Corporation’s growth. Results from the combination of credit facilities available to fund growth and the available cash and cash equivalents. Cash and cash equivalents


    (1)     For more details on the reconciliation between the non-GAAP financial measure and the most directly comparable financial measure, see the Capital and liquidity – Available cash resources and authorized financing section in this report.

    Other financial measures – Total of segments measure
    Specific financial measure Most directly comparable IFRS measure
    EBITDA(A) Operating income
    Other financial measures – Supplementary Financial Measures
    Specific financial measure Composition
    Credit facilities available for growth The credit facilities available for growth include the unused tranche of the parent company’s credit facility, apart from the accordion clause, as well as the unused tranche credit facilities of subsidiaries which includes the unused tranche of the credit facility – France and the unused tranche of the construction facility.
    Anticipated production For older sites, anticipated production by the Corporation is based on adjusted historical averages, planned commissioning and shutdowns and, for all other sites, on the production studies carried out.


    Combined

    The following tables reconcile Consolidated financial data with data presented on a Combined basis:

          2025     2024
    (in millions of Canadian dollars) (unaudited) Consolidated Reconciliation(1) Combined Consolidated  Reconciliation(1) Combined
    Three-month periods ended March 31:            
    Power production (GWh)(2) 1,691 643 2,334 1,767 588 2,355
    Revenues from energy sales and feed-in            
    premium 226 41 267 259 32 291
    Operating income 65 34 99 106 28 134
    EBITDA(A) 176 23 199 195 23 218
    Net earnings 41 — 41 73 — 73
      As at March 31, 2025 As at December 31, 2024
    Total assets 7,582 924 8,506 7,604 872 8,476
    Debt – Principal balance 4,095 554 4,649 4,032 556 4,588
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS. This contribution is attributable to the North America segment’s wind farms and includes corporate expenses of $1 million under EBITDA(A) for the three-month period ended March 31, 2025 ($1 million as at March 31, 2024).
    (2) Includes compensation following electricity production limitations.


    EBITDA(A)

    EBITDA(A) is a total of segment financial measures and represents earnings before interest, taxes, depreciation and amortization, adjusted to exclude other items such as acquisition and restructuring costs, other losses (gains), net loss (gain) on financial instruments and foreign exchange loss (gain), with the last two items included under Other.

    EBITDA(A) is used to assess the performance of the Corporation’s reporting segments.

    EBITDA(A) is reconciled to the most comparable IFRS measure, namely, operating income, in the following table:

              2025           2024   Change
    2025 vs 2024
    (in millions of Canadian dollars) (unaudited) Consolidated   Reconciliation(1)   Combined   Consolidated   Reconciliation(1)   Combined   Consolidated   Combined
    Three-month periods ended March 31:                              
    EBITDA(A) 176   23   199   195   23   218   (19 ) (19)
    Amortization (74 ) (16 ) (90 ) (73 ) (15 ) (88 ) (1 ) (2)
    Impairment (6 ) —   (6 ) —   —   —   (6 ) (6)
    Other gains (losses) (4 ) —   (4 ) 4   —   4   (8 ) (8)
    Share in earnings of joint ventures                              
    and associates (28 ) 28   —   (19 ) 19   —   (9 ) —
    Change in fair value of a derivative                              
    included in the share in earnings of                              
    a joint venture 1   (1 ) —   (1 ) 1   —   2   —
    Operating income 65   34   99   106   28   134   (41 ) (35)
    (1) Includes the respective contribution of joint ventures and associates as a percentage of Boralex’s interest less adjustments to reverse recognition of these interests under IFRS.


    Cash flow from operations and discretionary cash flows

    The Corporation computes the cash flow from operations and discretionary cash flows as follows:

      Consolidated
      Three-month periods ended   Twelve-month periods ended  
      March 31   March 31   December 31  
    (in millions of Canadian dollars) (unaudited) 2025   2024   2025   2024  
    Net cash flows related to operating activities 172   230   157   215  
    Change in non-cash items relating to operating activities (37 ) (73 ) 236   200  
    Cash flows from operations 135   157   393   415  
    Repayments on non-current debt (projects)(1) (64 ) (65 ) (238 ) (240 )
    Adjustment for non-operating items(2) 5   —   11   7  
      76   92   166   182  
    Principal payments related to lease liabilities(3) (7 ) (6 ) (20 ) (19 )
    Distributions paid to non-controlling shareholders(4) (4 ) (18 ) (38 ) (52 )
    Additions to property, plant and equipment        
    (maintenance of operations) (2 ) (2 ) (10 ) (10 )
    Development costs (from statement of earnings) 11   12   56   57  
    Discretionary cash flows 74   78   154   158  
    (1) Includes repayments on non-current debt (projects) and repayments to tax equity investors, and excludes VAT bridge financing, early debt repayments and repayments under the construction facility – Boralex Energy Investments portfolio.
    (2) For the twelve-month periods ended March 31, 2025 and December 31, 2024, favourable adjustment consisting mainly of acquisition and restructuring costs.
    (3) Excludes the principal payments related to lease liabilities for projects under development and construction.
    (4) Includes distributions paid to non-controlling shareholders as well as the portion of discretionary cash flows attributable to the non-controlling shareholder of Boralex Europe Sàrl.


    Available cash resources and authorized financing

    The Corporation computes the cash flow from operations and discretionary cash flows, as well as available cash resources and authorized financing, as follows:

    (in millions of Canadian dollars) (unaudited) As at March 31,
    2025    		   As at December 31,
    2024    		  
    Available cash and cash equivalents(1)        
    Cash and cash equivalents 388   592  
    Cash and cash equivalents held by entities subject to project debt agreements and restrictions (318 ) (526 )
    Bank overdraft (13 ) (5 )
    Available cash and cash equivalents 57   61  
    Credit facilities of the parent company    
    Authorized credit facility(2) 550   550  
    Amounts drawn under the authorized credit facility(3) (178 ) (157 )
    Unused tranche of the parent company’s credit facility 372   393  
    Unused tranche of the subsidiary’s credit facilities 75   69  
    Credit facilities available for growth(4) 447   462  
    Available cash resources and authorized financing 504   523  
    (1) Available cash and cash equivalents is a non-GAAP measure and doesn’t have a standardized meaning under IFRS. Accordingly, it may not be comparable to similarly named measures used by other companies. For more details, see the Non-IFRS and other financial measures section in this report.
    (2) Excluding the accordion clause of $200 million ($150 million as at December 31, 2024).
    (3) As at March 31, 2025, this amount included $13 million in letters of credit ($33 million as at December 31, 2024).
    (4) Credit facilities available for growth is a supplementary financial measure. For more details, see the Non-IFRS and other financial measures section in this report.


    Disclaimer regarding forward-looking statements

    Certain statements contained in this release, including those related to results and performance for future periods, installed capacity targets, EBITDA(A) and discretionary cash flows, the Corporation’s strategic plan, business model and growth strategy, organic growth and growth through mergers and acquisitions, obtaining an investment grade credit rating, payment of a quarterly dividend, the Corporation’s financial targets, the projects commissioning dates, the portfolio of renewable energy projects, the Corporation’s Growth Path, the bids for new storage and solar projects and its Corporate Social Responsibility (CSR) objectives are forward-looking statements based on current forecasts, as defined by securities legislation. Positive or negative verbs such as “will,” “would,” “forecast,” “anticipate,” “expect,” “plan,” “project,” “continue,” “intend,” “assess,” “estimate” or “believe,” or expressions such as “toward,” “about,” “approximately,” “to be of the opinion,” “potential” or similar words or the negative thereof or other comparable terminology, are used to identify such statements.

    Forward-looking statements are based on major assumptions, including those about the Corporation’s return on its projects, as projected by management with respect to wind and other factors, opportunities that may be available in the various sectors targeted for growth or diversification, assumptions made about EBITDA(A) margins, assumptions made about the sector realities and general economic conditions, competition, exchange rates as well as the availability of funding and partners. While the Corporation considers these factors and assumptions to be reasonable, based on the information currently available to the Corporation, they may prove to be inaccurate.

    Boralex wishes to clarify that, by their very nature, forward-looking statements involve risks and uncertainties, and that its results, or the measures it adopts, could be significantly different from those indicated or underlying those statements, or could affect the degree to which a given forward-looking statement is achieved. The main factors that may result in any significant discrepancy between the Corporation’s actual results and the forward-looking financial information or expectations expressed in forward-looking statements include the general impact of economic conditions, fluctuations in various currencies, fluctuations in energy prices, the risk of not renewing PPAs or being unable to sign new corporate PPA, the risk of not being able to capture the US or Canadian investment tax credit, counterparty risk, the Corporation’s financing capacity, cybersecurity risks, competition, changes in general market conditions, industry regulations and amendments thereto, particularly the legislation, regulations and emergency measures that could be implemented for time to time to address high energy prices in Europe, litigation and other regulatory issues related to projects in operation or under development, as well as certain other factors considered in the sections dealing with risk factors and uncertainties appearing in Boralex’s MD&A for the fiscal year ended December 31, 2024.

    Unless otherwise specified by the Corporation, forward-looking statements do not take into account the effect that transactions, non-recurring items or other exceptional items announced or occurring after such statements have been made may have on the Corporation’s activities. There is no guarantee that the results, performance or accomplishments, as expressed or implied in the forward-looking statements, will materialize. Readers are therefore urged not to rely unduly on these forward-looking statements.

    Unless required by applicable securities legislation, Boralex’s management assumes no obligation to update or revise forward- looking statements in light of new information, future events or other changes.

    For more information:

    The MIL Network –

  • MIL-OSI United Kingdom: Alexandra Jones, Sally McInnes, Sally Sheard, James Strachan, Aruna Verma and Simon Wessely appointed to the ACNRA Board.

    Source: United Kingdom – Executive Government & Departments

    News story

    Alexandra Jones, Sally McInnes, Sally Sheard, James Strachan, Aruna Verma and Simon Wessely appointed to the ACNRA Board.

    The Secretary of State has appointed 6 Board Members to the Advisory Council on National Records and Archives for four years from 10 March 2025 to 09 March 2029.

    Alexandra Jones

    Alexandra Jones, the Director of Anti-Money Laundering at the Solicitors Regulation Authority, brings a wealth of experience in governance, compliance, and leadership to her role. At the SRA, Alexandra leads the development and implementation of AML policies, ensuring regulatory compliance across the legal sector. Her career spans diverse sectors, including finance and regulation, providing her with a unique perspective on risk management and ethical considerations.

    Before joining the SRA, Alexandra served as CEO of the Registry Trust, where she gained deep insight into legal and ethical issues related to data access, copyright, and privacy. She also held senior roles at the Financial Ombudsman Service and HSBC Bank, where she managed teams while upholding confidentiality and compliance standards. Her leadership experience is complemented by her commitment to professional development, including studying data ethics at the London School of Economics.

    Alexandra’s career reflects a dedication to promoting transparency and integrity. She is motivated by the vision of safeguarding collective heritage and leveraging it as a resource for education and public engagement.

    Sally McInnes

    Sally McInnes was formerly Head of Unique and Contemporary Content at the National Library of Wales. A professionally trained archivist, she has extensive experience in promoting, preserving and providing access to unique content of national significance, as well as policy development within the Welsh cultural sector.

    Sally has a particular interest in managing digital content, as well as improving professional competence in digital preservation, for which she has earned international recognition. As a former Director of the Digital Preservation Coalition, she worked to raise public and institutional awareness of digital preservation issues in Wales and beyond.

    She has played a leading role in a number of national and international professional networks. In recognition of her contribution to recordkeeping, she was awarded an MBE in 2024 for Services to Documentary History. She is a Fellow of the Archives and Records Association.

    Sally Sheard

    Professor Sally Sheard is Executive Dean of the Institute of Population Health at the University of Liverpool, where she also holds the Andrew Geddes and John Rankin Chair of Modern History. She is a health policy analyst and historian, with a research focus on the interface between expert advisers and policymakers. 

    Sally has extensive experience of using history in public and policy engagement, including working with national and local government organisations and health authorities. She has written for and appeared in numerous television and radio programmes. In 2018 she wrote and presented the twenty-part BBC Radio 4 series National Health Stories, to mark the seventieth anniversary of the NHS. Her books include The Passionate Economist: how Brian Abel-Smith shaped global health and social welfare (Policy Press, 2013); Making Genetics and Genomics Policy in Britain: from Personal to Population Health (co-authored with Philip Begley; Routledge, 2022) and NICE: A Contemporary History of the National Institute for Health and Care Excellence (co-authored with Paul Atkinson; Routledge, 2025).

    James Strachan

    James is Chief Executive of Eastleigh Borough Council in south Hampshire, and has been a senior leader in Hampshire local government for 16 years.  In addition to overseeing local services such as waste collection, planning, homelessness support and elections, James is ultimately responsible for information governance at the Council.  Prior to moving to Hampshire, James was Director of Public Services and Marketing at The National Archives, and served as Secretary to the official review of the 30-year rule, which was commissioned by Prime Minister Gordon Brown. 

    James has also worked at the Cabinet Office, and had a career in publishing prior to joining the civil service.  He oversaw the online launch of Encyclopaedia Britannica in Europe and was among the first employees of the mobile network ‘3’, negotiating the first ever mobile highlights deal with the Premier League.  James lives in Salisbury and serves as a magistrate on the West Hampshire Bench, based in Southampton.

    Aruna Verma

    Aruna Verma is a distinguished lawyer, associate professor, and Campus Dean at The University of Law, Moorgate. With a strong background in legal education and practice, she has played a pivotal role in shaping the next generation of legal professionals. As an academic leader, she combines her expertise in law with a passion for teaching, ensuring that students gain both theoretical knowledge and practical skills essential for success in the legal profession.

    Her career spans legal practice, academia, and educational leadership, making her a respected figure in the field. At The University of Law, she oversees academic programs, fosters student engagement, and works closely with industry professionals to bridge the gap between law school and legal practice.

    Beyond academia, Aruna is known for her contributions to legal scholarship, mentorship, and commitment to advancing diversity in the legal profession. Her leadership ensures that the Moorgate campus remains a hub for aspiring solicitors and barristers, preparing them for the challenges of the ever-evolving legal Landscape.

    With her wealth of experience and dedication to legal education, Aruna Verma continues to make a lasting impact on both students and the legal community. Aruna also sits as a Chair at The Valuation Tribunal and the Chair of Governors at a local school. Aruna is a trained mediator and online dispute resolution specialist.

    Simon Wessely

    Sir Simon Wessely FRS is the Regius Chair of Psychiatry at the Institute of Psychiatry, Psychology and Neuroscience (IOPPN), part of King’s College London (KCL), the first such chair in the United Kingdom. He is also a Consultant Liaison Psychiatrist at the Maudsley and King’s College Hospitals.

    After studying medicine and History of Art at Cambridge, he finished his medical training at Oxford. He is an active clinical academic psychiatrist with >1000 publications, a Fellow of the Academy of Medical Sciences and a Fellow of the Royal Society (FRS). He is a Past President of the Royal College of Psychiatrists and the Royal Society of Medicine. He was Dean of the IOPPN (2022-23) and is now a Non Executive Director of NHS-England.

    In 2003 he founded the King’s Centre for Military Health Research, which is now ranked 1st globally for publications on military health. He remains the Honorary Consultant Advisor in Psychiatry to the British Army, and works with several charities for Veterans. He was knighted in 2013 for services to military health and psychological medicine. He continues to have a broad interest in how people and populations react to adversity, past present and future.

    He chaired the government’s Independent Review of the Mental Health Act (2017-19), which should receive Royal Assent at Easter. He also was a member of the Judicial Appointments Commission (2017-23). His amateur interests revolve around history, and he is proud of having written some papers in “proper” history journals. Finally, if you are a follower of “Desert Island Discs” you will know his favourite occupation is arguing in Viennese cafes , perhaps reflecting the fact that his father was born in Central Europe, coming over to the UK in 1939.

    Remuneration and Governance Code

    Board Members will be remunerated at a rate of £386 per day. James Strachan requested not to be remunerated for this role. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. None of the candidates have declared any significant political activity.

    Updates to this page

    Published 14 May 2025

    MIL OSI United Kingdom –

  • MIL-OSI Banking: Recent approval of IMO’s net-zero framework for international shipping

    Source: International Marine Contractors Association – IMCA

    Headline: Recent approval of IMO’s net-zero framework for international shipping

    Members of IMCA’s Marine Policy & Regulatory Affairs (MPRA) Committee and Margaret Fitzgerald, IMCA Head of Legal & Regulatory Affairs, participated in recent discussions at the 83rd session of the International Maritime Organization’s (IMO) Marine Environment Protection Committee (MEPC 83) aimed at setting shipping on a trajectory to reach net zero by 2050.

    It was a historic moment at the IMO when, on 11 April, MEPC 83 approved the draft legal text for incorporation into annex VI of the MARPOL Convention on its net-zero framework.

    In accordance with its 2023 revised greenhouse gas (GHG) strategy, the package of measures comprises of two elements:

    1. A global fuel intensity standard (GFI) measuring how much greenhouse gas is emitted for each unit of energy used, that ships must reduce over time,
    2. An economic measure, that will require ships operating above GFI thresholds to acquire remedial units to balance their excess emissions, while those using zero or near-zero GHG fuels or technologies will be eligible for financial rewards for their lower emissions profile.

    From 2028, ships with a gross tonnage of 5,000 GT or greater will be required to calculate their GHG fuel intensity (GFI) against a reference value of 93.3 gCO₂eq/MJ (the industry average in 2008), with mandatory reduction targets across two compliance tiers over the coming years.

    In terms of the economic measure, while there was significant support for a simple GHG levy, the compromise is an approach that establishes a two-tier carbon credits system of ‘remedial units’ and ‘surplus units’ that shipowners can trade to achieve compliance.

    The proposed text will now be circulated with an accompanying resolution in anticipation of adoption by an extraordinary session of the MEPC (MEPC ES/2) in October this year. If adopted, shipping will be the first sector to implement a globally agreed GHG pricing mechanism.

    IMO Secretary-General Arsenio Dominguez reminded delegates that the package of measures approved at MEPC 83 was only one step on international shipping’s journey to 2050 and much more work is needed to get there.

    MEPC 83 has identified a raft of new guidelines that will need to be developed, as well as a list of existing guidelines that will need to be amended to support the legal text.

    It will take some time to fully unpack what the economic impact of these measures on the offshore marine contacting sector will be, but IMCA’s MPRA Committee will do so over the next few months and will publish relevant guidance for members in due course.

    IMCA’s MPRA Committee will lead a seminar on 12 November 2025 analysing the outcome of October’s extraordinary session of the MEPC – please save the date in your calendars. 

    MIL OSI Global Banks –

  • MIL-OSI: Orezone Gold Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, May 14, 2025 (GLOBE NEWSWIRE) — Orezone Gold Corporation (TSX: ORE, OTCQX: ORZCF) (“Orezone” or “Company”) is pleased to report its operational and financial results for the first quarter of 2025.   All dollar amounts are in USD unless otherwise indicated and abbreviation “M” means million.

    First Quarter 2025 Highlights

    • Gold production of 28,688 oz
    • AISC per oz sold of $1,415
    • Revenue of $82.7M from the sale of 28,943 gold oz at an average realized price of $2,851 per oz
    • Adjusted EBITDA of $44.2M, Adjusted Earnings attributable to Orezone shareholders of $18.7M, and Adjusted Earnings per Share attributable to Orezone shareholders of $0.04
    • Liquidity of $130.9M at March 31, 2025 with cash of $102.0M and undrawn senior debt of $28.9M.
    • Stage 1 of the hard rock expansion reached 45% completion and remains on track for first gold in Q4-2025
    • Advancing work towards a secondary listing on the Australian Securities Exchange (“ASX”) by mid-2025

    Patrick Downey, President and CEO, commented “The first quarter of 2025 marked another consecutive quarter of positive net earnings and free cash flow, driven by our unhedged exposure to rising gold prices. Production and costs were in line with expectations with annual guidance being maintained. Cash reached a record $102 million at March 31, 2025, providing the Company with significant financial flexibility in pursuing its strategy of expanding gold production at our Bomboré Mine.

    Construction of stage 1 of the hard rock expansion made excellent progress in Q1-2025 with project completion hitting 45%. We remain firmly on track for first gold by Q4-2025 which will scale forecasted gold production to over 170,000 oz per year.

    We are also well advanced in our ASX listing application and expect that to be completed later in mid-2025. The recent equity financing was well supported by several key Australian mining funds and by our cornerstone investor, Nioko Resources Corporation, through their pro-rata participation. These financings added over $32 million to the Company’s treasury and have provided us the opportunity to study the merits of fast-tracking stage 2 of the hard rock expansion to increase annual production to over 220,000 oz and to upsize our 2025 discovery-focus drill program. The Company expects to announce a Board-approved final investment decision on stage 2 in the coming months.”

    Highlights for the First Quarter and Significant Subsequent Events

    (All mine site figures on a 100% basis)   Q1-2025 Q1-2024
    Operating Performance      
    Gold production oz 28,688 30,139
    Gold sales oz 28,943 31,229
    Average realized gold price $/oz 2,851 2,066
    Cash costs per gold ounce sold1 $/oz 1,226 1,127
    All-in sustaining costs1 (“AISC”) per gold ounce sold $/oz 1,415 1,324
    Financial Performance      
    Revenue $000’s 82,715 64,685
    Earnings from mine operations $000’s 38,563 26,882
    Net earnings attributable to shareholders of Orezone $000’s 15,979 11,697
    Net earnings per common share attributable to shareholders of Orezone      
    Basic $ 0.03 0.03
    Diluted $ 0.03 0.03
    EBITDA1 $000’s 41,182 30,329
    Adjusted EBITDA1 $000’s 44,194 25,928
    Adjusted earnings attributable to shareholders of Orezone1 $000’s 18,690 7,736
    Adjusted earnings per share attributable to shareholders of Orezone1 $ 0.04 0.02
    Cash and Cash Flow Data      
    Operating cash flow before changes in working capital $000’s 39,986 26,485
    Operating cash flow $000’s 27,704 13,637
    Free cash flow1 $000’s 3,682 2,013
    Cash, end of period $000’s 102,016 15,597

    1 Cash costs, AISC, EBITDA, Adjusted EBITDA, Adjusted earnings, Adjusted earnings per share, and Free cash flow are non-IFRS measures. See “Non-IFRS Measures” section below for additional information.

    FIRST QUARTER HIGHLIGHTS

    • Safety Performance: Safety milestone of 20 million hours worked without a lost-time injury at the Bomboré Mine was achieved in March 2025 demonstrating the Company’s strong commitment to worker safety. In Q1-2025, 1.4M hours were worked without a lost-time injury and at a low total recordable injury frequency rate of 0.74 per million man hours. Sadly, an incident resulting in the death of one contractor employee occurred on May 8, 2025 at the hard rock expansion construction site. The Company is conducting a thorough investigation on the causes of the accident in order to further improve safety practices and procedures.
    • Improved Liquidity: Available liquidity rose to $130.9M at March 31, 2025 with $102.0M in cash and XOF 17.5 billion ($28.9M) available for drawdown on the Phase II term loan with Coris Bank International (“Coris Bank”). The Company remains well-funded to execute on its 2025 and future growth plans.   
    • Positive EBITDA, Net Earnings, and Earnings Per Share: Reported EBITDA of $41.2M, net earnings attributable to Orezone shareholders of $16.0M, and net earnings per share attributable to Orezone shareholders of $0.03 per share on a basic and diluted basis as earnings benefitted from the record rise in gold prices and unhedged gold sales in the current quarter. These earnings figures were 36%, 37%, and 5% higher, respectively, when compared against Q1-2024.
    • Free Cash Flow Generation: Generated free cash flow of $3.7M with cash flow from operating activities totalling $40.0M after deducting income taxes of $4.1M but before changes in non-cash working capital. Non-cash working capital increased by $12.3M primarily from the build-up of VAT receivables and long-term ore stockpiles. Cash flow used in investing activities totalled $24.0M reflecting a ramp-up in spending on the stage 1 of the Phase II hard rock expansion currently under construction. Strong operating cash flow funded the Company’s large capital programs and resulted in positive free cash flow for the current quarter.  
    • Stage 1 of Phase II Hard Rock Expansion – Tracking on Schedule and Budget: Project completion reached 45% at the end of Q1-2025 with total project costs at $34.3M after $19.0M was incurred in Q1-2025. The expansion continues to track towards first gold in Q4-2025 at a project budget of $90M – $95M. Once in commercial production, stage 1 of the expansion is expected to boost annual gold production of the Bomboré Mine to between 170,000 to 185,000 oz per year.
    • Debt Reduction of Phase I Financing: Principal repayments totalling XOF 3.0 billion ($4.8M) were made on the Company’s senior debt in Q1-2025. As of March 31, 2025, the principal on senior debt stood at XOF 39.5 billion ($65.2M), of which XOF 22.0 billion ($36.3M) related to Phase I.

    CORPORATE

    • Bought Deal Equity Offering: On March 13, 2025, the Company closed on a bought deal offering pursuant to which the Company issued 42,683,000 common shares at a price of C$0.82 per share for gross proceeds of C$35.0M. On March 19, 2025, the underwriter exercised its over-allotment option resulting in the Company issuing an additional 6,402,450 common shares at a price of C$0.82 per share for gross proceeds of C$5.3M. Gross proceeds from the offering totalled C$40.3M ($28.0M) with net proceeds at C$37.6M ($26.1M) after commission and other transaction costs. The Company intends to use the net proceeds from the offering towards the acceleration of stage 2 of the Phase II hard rock expansion, additional exploration, working capital, and general corporate purposes.
    • Proposed Australian Securities Exchange (“ASX”) Listing: The Company intends to pursue a secondary listing on the ASX by mid-2025, subject to market conditions and the satisfaction of ASX listing requirements as announced in its February 23, 2025 press release. The Company believes an ASX listing will improve its market trading liquidity, offer an opportunity to grow the Company’s shareholder base and research coverage, and provide a pathway for future index inclusion. Work with legal advisors and technical consultants on the ASX listing application continued to progress in Q1-2025.

    SUBSEQUENT EVENTS

    • Private placement with Nioko Resources Corporation (“Nioko”): On April 2, 2025, the Company closed a non-brokered private placement with Nioko for 10,719,659 common shares at a price of C$0.82 per share for gross proceeds of C$8.8M ($6.1M) in order to maintain its pro-rata share ownership in the Company.

    2025 GUIDANCE FOR BOMBORÉ MINE

    Bomboré Mine (100% basis) Unit FY2025 Guidance Q1-2025 Actuals
    Gold production Au oz 115,000 – 130,000 28,688
    All-In Sustaining Costs123 $/oz Au sold $1,400 – $1,500 $1,415
    Sustaining Capital12 $M $9 – $10 $3.2
    Growth capital (excluding Phase II Expansion) 12 $M $44 – $51 $7.7
    Growth capital – Stage 1 of Phase II Expansion12 $M $75 – $80 $19.0
    1. Non-IFRS measure. See “Non-IFRS Measures” section below for additional information.
    2. Foreign exchange rates used to forecast cost metrics include XOF/USD of 600 and CAD/USD of 1.35.
    3. Government royalties included in AISC guidance based on an assumed gold price of $2,600 per oz.

    Growth capital is expected to range between $119M to $131M on four major growth projects:

    No. Growth Capital Description Unit FY2025 Guidance Q1-2025 Actuals
    I Phase II Hardrock Expansion – Stage 1 $M $75 – $80 $19.0
    II Permanent Back-up Diesel Power Plant $M $22 – $24 $4.8
    III TSF Footprint Expansion – Cell 2 $M $11 – $13 $1.3
    IV Resettlement Action Plan (“RAP”) $M $11 – $14 $1.6
      Growth Capital Total $M $119 – $131 $26.7
             
      Phase II Hard Rock Expansion – Stage 2 $M No guidance provided –

    The Company has reserved guidance on 2025 expenditures for stage 2 of the Phase II hard rock expansion until the Company’s Board of Directors has issued a final investment decision to proceed with stage 2 expected later this year. Stage 2 would increase annual gold production to 220,000 – 250,000 oz.

    OPERATING HIGHLIGHTS

    Bomboré Mine, Burkina Faso (100% basis)   Q1-2025   Q1-2024
    Safety      
    Lost-time injuries frequency rate Per 1M hours 0.00   0.00
    Personnel-hours worked 000’s hours 1,357   1,410
    Mining Physicals      
    Ore tonnes mined tonnes 2,114,543   2,402,533
    Waste tonnes mined tonnes 4,018,182   3,123,099
    Total tonnes mined tonnes 6,132,725   5,525,631
    Strip ratio waste:ore 1.90   1.30
    Processing Physicals      
    Ore tonnes milled tonnes 1,511,303   1,355,619
    Head grade milled Au g/t 0.67   0.78
    Recovery rate % 87.9   89.0
    Gold produced Au oz 28,688   30,139
    Unit Cash Cost      
    Mining cost per tonne $/tonne 2.81   3.48
    Mining cost per ore tonne processed $/tonne 8.06   8.02
    Processing cost $/tonne 7.80   9.24
    Site general and admin (“G&A”) cost $/tonne 3.78   3.79
    Cash cost per ore tonne processed $/tonne 19.64   21.05
    Cash Costs and AISC Details      
    Mining cost (net of stockpile movements) $000’s 12,176   10,867
    Processing cost $000’s 11,782   12,520
    Site G&A cost $000’s 5,718   5,134
    Refining and transport cost $000’s 166   117
    Government royalty cost $000’s 6,602   5,132
    Gold inventory movements $000’s (951 ) 1,416
    Cash costs1on a sales basis $000’s 35,493   35,186
    Sustaining capital $000’s 3,199   4,018
    Sustaining leases $000’s 73   73
    Corporate G&A $000’s 2,182   2,069
    All-In Sustaining Costs1on a sales basis $000’s 40,947   41,346
    Gold sold Au oz 28,943   31,229
    Cash costs per gold ounce sold1 $/oz 1,226   1,127
    All-In Sustaining Costs per gold ounce sold1 $/oz 1,415   1,324

    1 Non-IFRS measure. See “Non-IFRS Measures” section below for additional details.

    BOMBORÉ PRODUCTION RESULTS

    Q1-2025 vs Q1-2024

    Gold production in Q1-2025 was 28,688 oz, a decrease of 5% from the 30,139 oz produced in Q1-2024. The lower gold production is attributable to a 14% decrease in head grades and 1% decrease in recovery rates partially offset by a 11% increase in plant throughput.

    Plant throughput of 1.51M tonnes in Q1-2025 continues to exceed nameplate design by 16% and was 11% higher than Q1-2024 as plant operating hours in Q1-2024 were reduced from the commissioning of grid power to site, a ball mill reline, and grid power interruptions. Hourly plant throughput was successfully improved starting in July 2024 by increasing the mill power draw and reducing residence time in the CIL circuit with only a minor loss in recovery. This higher hourly throughput has been maintained into 2025.

    The better head grades in Q1-2024 were from the sequencing of higher-grade pits in earlier periods of the mine plan and the preferential stockpiling of lower-grade ore mined.

    BOMBORÉ OPERATING COSTS

    Q1-2025 vs Q1-2024

    AISC per gold oz sold in Q1-2025 was $1,415, a 7% increase from $1,324 per oz sold in Q1-2024. The higher AISC is primarily the result of: (a) lower head grades and (b) greater per oz royalty costs from a 38% increase in the realized gold price ($2,851/oz vs $2,066/oz). This cost increase was partially offset by a reduction in power costs from the switch to lower-cost grid power in February 2024 and from a 11% increase in plant throughput resulting in economies for fixed costs. Grid utilization in Q1-2025 stood at 76%, a drop from 92% recorded in the second half of 2024, as site experienced higher occurrences of power dips from the national grid in Q1-2025, necessitating the use of back-up diesel gensets for longer periods. To avoid uncontrolled plant stoppages, Bomboré transferred power back to the grid only when stable.

    Cash cost per ore tonne processed in Q1-2025 was $19.64 per tonne, a decrease of 7% from $21.05 per tonne in Q1-2024, mainly as a result of a reduction in processing costs ($7.80/tonne vs $9.24/tonne) from the use of lower-cost grid power throughout Q1-2025 compared with only partial use in Q1-2024 as the connection to the national grid was not energized until February 2024.

    Mining cost per tonne has decreased in Q1-2025 when compared to Q1-2024 ($2.81/tonne vs $3.48/tonne) due to the greater proportion of material coming from the Siga pits which commenced mining in July 2024 resulting in less transition material and lower volume of drill-and-blast prior to excavation as softer oxide ore are mined in the upper benches of these new pits, and a shorter haul profile in comparison to ore mined from the A pits in Q1-2024. Mining unit costs in Q1-2025 also benefitted from less grade control drilling at a lower meterage cost as drilling in Q1-2024 was conducted using rented drills prior to the deployment of two new owner drills in the second half of 2024. However, the 19% decrease in unit mining cost was offset by a 46% jump in the strip ratio (1.90 vs 1.30).

    BOMBORÉ GROWTH CAPITAL PROJECTS

    Phase II Hard Rock Expansion

    First gold remains on schedule and costs are trending in line with budget. The concentrated scope of this expansion when compared to a greenfield project significantly reduces schedule and budget risks with start-up to benefit from the well-established mining, processing, and maintenance teams already on site.

    Construction of stage 1 of the Phase II hard rock expansion was officially approved by the Company’s Board in July 2024. Lycopodium Minerals Canada Ltd. was awarded the engineering and procurement contract and was chosen for their successful track record of designing and constructing numerous gold plants in West Africa, including the Company’s oxide plant which has consistently operated above nameplate design since start-up.

    Progress and milestones achieved in Q1-2025 include:

    • Project completion reached 45%, slightly ahead of schedule.
    • Engineering and drafting progress stood at 85%, ahead of the 73% planned.
    • Procurement is essentially complete with all equipment and materials ordered except for top-ups of remaining bulks such as cabling which will be placed once final quantities are determined. Order deliveries are advancing with CIL tank platework and major SAG mill components already received at site.
    • Concrete volume poured of 2,326 m3 (44% of estimated total) including SAG mill footings and start of jaw crusher wing walls.
    • Mobilization of structural/mechanical/piping (“SMP”) contractor to site including set-up of construction camp.
    • Installation of bottom plates on the 5 CIL tanks with first set of strakes on the first 4 tanks in progress.
    • Operational readiness activities have commenced with safety and recruitment plans under preparation.

    All major site installation contracts (concrete, SMP, electrical and instrumentation, and mill installation) have been signed with awards to the same contractors that successfully delivered on the Phase I oxide construction.

    As of March 31, 2025, the Company has incurred $34.3M in costs to-date against the project budget, of which $19.0M was incurred in Q1-2025.

    Permanent Back-Up Diesel Power Plant

    The installation of the standby power plant remains on track for final commissioning in October 2025. Layouts and drawings are finalized and purchase orders on all key equipment have been placed. At site, civil works are underway including initial concrete pours for the structural footings of the engine hall.

    The 18 Caterpillar diesel gensets have been packed for shipment and is currently awaiting export clearance prior to organizing transport to site.

    As of March 31, 2025, the Company has incurred $4.8M against the project budget.

    RAP Phases II and III

    BV2 resettlement site construction commenced in Q4-2024 and is divided into two distinct communities: BV2 Peuhl and BV2 Mossi. BV2 Peuhl construction and relocation was completed in Q1-2025 allowing for construction activities at BV2 Mossi to commence in the same quarter. Compensation payments to affected residents for loss of land, crops, trees, and private structures commenced in March 2025 with majority of payments expected to be completed in Q2-2025.

    As of March 31, 2025, the Company has incurred $1.6M in RAP costs for 2025.

    TSF Footprint Expansion – Cell 2

    Bush clearing and topsoil relocation of the Cell 2 basin was completed while placement and compaction of mining waste material on the eastern embankments of Cell 2 commenced in Q1-2025.

    As of March 31, 2025, the Company has incurred $1.3M in costs for 2025.

    NON-IFRS MEASURES

    The Company has included certain terms or performance measures commonly used in the mining industry that is not defined under IFRS, including “cash costs”, “AISC”, “EBITDA”, “adjusted EBITDA”, “adjusted earnings”, “adjusted earnings per share”, and “free cash flow”. Non-IFRS measures do not have any standardized meaning prescribed under IFRS, and therefore, they may not be comparable to similar measures presented by other companies. The Company uses such measures to provide additional information and they should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For a complete description of how the Company calculates such measures and reconciliation of certain measures to IFRS terms, refer to “Non-IFRS Measures” in the Management’s Discussion and Analysis for the three months ended March 31, 2025 which is incorporated by reference herein.

    CONFERENCE CALL AND WEBCAST

    The condensed interim consolidated financial statements and Management’s Discussion and Analysis are available at www.orezone.com and on the Company’s profile on SEDAR+ at www.sedarplus.ca. Orezone will host a conference call and audio webcast to discuss its first quarter 2025 results on May 14, 2025:

    Webcast
    Date:    Wednesday, May 14, 2025
    Time:    8:00 am Pacific time (11:00 am Eastern time)
    Please register for the webcast here:  Orezone Q1-2025 Conference Call and Webcast

    Conference Call
    Toll-free in U.S. and Canada: 1-800-715-9871
    International callers: +646-307-1963
    Event ID: 3969133

    QUALIFIED PERSONS

    The scientific and technical information in this news release was reviewed and approved by Mr. Rob Henderson, P. Eng, Vice-President of Technical Services and Mr. Dale Tweed, P. Eng., Vice-President of Engineering, both of whom are Qualified Persons as defined under NI 43-101 Standards of Disclosure for Mineral Projects.

    ABOUT OREZONE GOLD CORPORATION

    Orezone Gold Corporation (TSX: ORE OTCQX: ORZCF) is a West African gold producer engaged in mining, developing, and exploring its 90%-owned flagship Bomboré Gold Mine in Burkina Faso. The Bomboré mine achieved commercial production on its oxide operations on December 1, 2022, and is now focussed on its staged hard rock expansion that is expected to materially increase annual and life-of-mine gold production from the processing of hard rock mineral reserves. Orezone is led by an experienced team focused on social responsibility and sustainability with a proven track record in project construction and operations, financings, capital markets, and M&A.  

    The technical report entitled Bomboré Phase II Expansion, Definitive Feasibility Study is available on SEDAR+ and the Company’s website.

    Patrick Downey
    President and Chief Executive Officer

    Kevin MacKenzie
    Vice President, Corporate Development and Investor Relations

    Tel: 1 778 945 8977 / Toll Free: 1 888 673 0663
    info@orezone.com / www.orezone.com

    For further information please contact Orezone at +1 (778) 945-8977 or visit the Company’s website at www.orezone.com.

    The Toronto Stock Exchange neither approves nor disapproves the information contained in this news release.

    Cautionary Note Regarding Forward-Looking Statements

    This press release contains certain information that constitutes “forward-looking information” within the meaning of applicable Canadian Securities laws and “forward-looking statements” within the meaning of applicable U.S. securities laws (together, “forward-looking statements”). Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “potential”, “possible” and other similar words, or statements that certain events or conditions “may”, “will”, “could”, or “should” occur, and include, amongst other statements, the Phase II hard rock expansion will increase annual gold production and is expected to pour first gold in Q4-2025.

    All forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements including, but not limited to, terrorist or other violent attacks, the failure of parties to contracts to honour contractual commitments, unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; social or labour unrest; changes in commodity prices; unexpected failure or inadequacy of infrastructure, the possibility of project cost overruns or unanticipated costs and expenses, accidents and equipment breakdowns, political risk, unanticipated changes in key management personnel, the spread of diseases, epidemics and pandemics diseases, market or business conditions, the failure of exploration programs, including drilling programs, to deliver anticipated results and the failure of ongoing and uncertainties relating to the availability and costs of financing needed in the future, and other factors described in the Company’s most recent annual information form and management’s discussion and analysis filed on SEDAR+ on www.sedarplus.ca. Readers are cautioned not to place undue reliance on forward-looking statements.

    Forward-looking statements are based on the applicable assumptions and factors management considers reasonable as of the date hereof, based on the information available to management at such time. These assumptions and factors include, but are not limited to, assumptions and factors related to the Company’s ability to carry on current and future operations, including: development and exploration activities; the timing, extent, duration and economic viability of such operations, including any mineral resources or reserves identified thereby; the accuracy and reliability of estimates, projections, forecasts, studies and assessments; the Company’s ability to meet or achieve estimates, projections and forecasts; the availability and cost of inputs; the price and market for outputs, including gold; foreign exchange rates; taxation levels; the timely receipt of necessary approvals or permits; the ability to meet current and future obligations; the ability to obtain timely financing on reasonable terms when required; the current and future social, economic and political conditions; and other assumptions and factors generally associated with the mining industry.

    Although the forward-looking statements contained in this press release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this press release.

    The MIL Network –

  • MIL-OSI Economics: Quinvexcaptial.com: BaFin warns consumers about Quinvex Capital

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The financial supervisory authority BaFin warns offers from Quinvex Capital. According to Their findings, the company, which also operates under the name Quinvex Capital GmbH, offers share recommendations and so-called day trading via various WhatsApp groups using alleged institutional accounts in an app. The unknown operators maintain another website at www.quinvexcapital.net. Contrary to its own claims, Quinvex Capital is not supervised by BaFin. According to the current status of the investigation, there is also no connection with Quinvex Capital, Denver, Colorado, USA.

    Anyone providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation.

    The information provided by BaFin is based on section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

    BaFin urges caution against stock recommendations in WhatsApp groups.

    In the ‘Recognising financial fraud’ section, you will find the latest warnings from BaFin about unauthorised companies and find out how you can protect yourself from further scams on the financial market.

    MIL OSI Economics –

  • MIL-OSI Russia: Financial news: Citizens in 2024 became more interested in credit histories

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    The number of credit reports received by citizens in 2024 increased by 38%, and information about individual credit ratings increased by 22%.

    During this time, users of credit histories (banks, microfinance organizations and other organizations) were provided with 29% more reports than a year earlier.

    Demand for BKI services from MFIs is growing against the backdrop of an increase in the share of online loans in issuances. Over the year, services for providing them with a credit assessment (scoring) have grown by 40%.

    Information from a credit report allows lenders to reduce the volume of overdue debt in their portfolio – to issue funds to more solvent borrowers. According to the calculations of the Bank of Russia, every ruble spent on a credit report can reduce overdue debt by more than 200 rubles.

    For more detailed information, please see“Analytical review of the credit information system based on the results of 2024”.

    Preview photo: Irina Boldina / Shutterstock / Fotodom

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

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

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 24598

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: The deposit auction of the Moscow Small Business Lending Assistance Fund will take place on 14.05.2025

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

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

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

    HTTPS: //VVV. MEEX.K.M.M.

    Categories24-7, Mil-SOSI, Moscow, Moscow Stock Exchange, Russian Economy, Russian Federal, Russian Language, Russian economy

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    Date of the deposit auction 05/14/2025
    Placement currency Rub
    Maximum amount of funds placed (in placement currency) 122,000,000.00
    Placement period, days 9
    Date of deposit 05/14/2025
    Refund date 05/23/2025
    Minimum placement interest rate, % per annum 20.25
    Conditions of imprisonment, urgent or special Urgent
    Minimum amount of funds placed for one application (in placement currency) 122,000,000.00
    Maximum number of applications from one Participant, pcs. 1
    Auction form, open or closed Open
    Basis of the Treaty General Agreement
     
    Schedule (Moscow time)
    Preliminary applications from 10:30 to 10:40
    Applications in competition mode from 10:40 to 10:45
    Setting a cut-off percentage or declaring the auction invalid until 10:55
       
    Additional terms Placement of funds with the possibility of early withdrawal of the entire deposit amount and payment of interest accrued on the deposit amount at the rate established by the deposit transaction, in the event of non-compliance of the Bank with the requirements established by clause 2.1. of the Regulation “On the procedure for selecting banks for placing funds of the Moscow Small Business Lending Assistance Fund in deposits (deposits) under the GDS” (as amended on the date of the deposit transaction), early withdrawal at the “on demand” rate, payment of interest at the end of the term, without replenishment

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: Questions and answers about transfer limits for citizens, information about which is contained in the Bank of Russia database

    Translation. Region: Russian Federal

    Source: Central Bank of Russia (2) –

    Updated: 24.01.2025

    If you have not entered into a credit agreement (loan agreement) and have not provided personal data for its execution, you must:

    1) inform the bank or microfinance organization that you did not enter into an agreement and did not receive money, and also request the agreement and other documents to it from the financial organization. In addition, you have the right to directly contact the credit bureau where your credit history is stored with a statement disputing information about a credit agreement (loan agreement) that you did not enter into. In this case, the correction (cancellation) of the entry in the credit history will be possible only if the creditor is ready to confirm the inaccuracy of the disputed data after conducting an internal audit;

    2) contact law enforcement agencies with a statement about the crime committed, attaching a copy of the statement to the bank or microfinance organization and reporting all the circumstances of the situation;

    3) If after contacting a bank or microfinance organization the problem with the fraudulent loan has not been resolved, you can file a claim with the court to recognize the credit agreement (loan agreement) as invalid or not concluded and to make changes to the credit history.

    You can also consult withCenter for legal assistance to citizens in the digital environment, which provides free legal assistance in restoring violated rights in connection with the illegal processing of personal data. This can be done by phone or email, through the form on the website, or by making an appointment for a personal meeting.

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

    MIL OSI Russia News –

  • MIL-OSI Banking: Joint Summary of the Working Visit by H

    Source: ASEAN

    At the invitation of the Government of New Zealand, the Secretary-General of ASEAN, H.E. Dr. Kao Kim Hourn, paid a working visit to Wellington and Auckland, from 11 to 14 May 2025.
     
    During the visit, the Secretary-General engaged with a broad range of New Zealand Government representatives across the four themes of the ASEAN–New Zealand relationship, namely Peace, Prosperity, People and Planet, including the Right Honourable Prime Minister Christopher Luxon, the Right Honourable Deputy Prime Minister and Minister of Foreign Affairs Winston Peters, the Hon Minister of Defence Judith Collins KC, the Hon Erica Stanford Minister of Education, the Hon Minister for Pacific Peoples Dr. Shane Reti, and the Hon Minister of Climate Change Simon Watts.
     
    The Secretary-General also engaged with other Government Officials, the business community, including the ASEAN-New Zealand Business Council, student representatives, academia, think tanks and the media.
     
    Across these engagements, both sides discussed the significance of the enduring partnership between ASEAN and New Zealand over the past five decades. Both sides emphasised the importance of upholding and strengthening ASEAN Centrality in the Indo-Pacific and the rules-based regional architecture, of strengthening the East Asia Summit as the premier Leaders-led strategic forum in the region, and the importance of practical cooperation on the ASEAN Outlook on the Indo-Pacific.
     
    The working visit underscored the significance of 2025 as an important milestone in the ASEAN–New Zealand relationship, marking 50 years of dialogue relations. Both sides look forward to the ASEAN–New Zealand Commemorative Leaders’ Summit in Kuala Lumpur, in October 2025, and welcome progress towards establishing a Comprehensive Strategic Partnership this year, that is substantive, meaningful, and mutually beneficial.
     
    Finally, both sides welcomed the complete implementation of the current ASEAN–New Zealand Plan of Action and looked forward to developing a new 2026–2030 Plan of Action that contributes to the peace, stability and prosperity of our region

    The post Joint Summary of the Working Visit by H.E. Dr. Kao Kim Hourn, Secretary-General of ASEAN, to New Zealand appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Video: ECB Governing Council Press Conference – 5 June 2025

    Source: European Central Bank (video statements)

    ECB President Christine Lagarde explains the Governing Council’s monetary policy decisions and will answer questions from journalists at the Governing Council press conference to be held on 5 June 2025 at 14:45 CET in Frankfurt am Main.

    https://www.youtube.com/watch?v=pM7fMw29fYY

    MIL OSI Video –

  • MIL-OSI: Best Crypto Casinos Canada: JACKBIT Rated Top Bitcoin Online Casino For Canadian Players!

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, May 14, 2025 (GLOBE NEWSWIRE) — JACKBIT has claimed the crown as the top online casino for instant crypto rewards in 2025, dominating Canada’s competitive iGaming landscape. Celebrated as the best crypto casino in Canada, JACKBIT blends lightning-fast payouts, a no-KYC policy, and bonuses that excite without demanding hefty upfront deposits. This platform has redefined crypto gambling for Canadians with its unwavering commitment to player satisfaction.

    <<<SIGN UP NOW AND EXPERIENCE THE BEST CRYPTO CASINO OF 2025 AT JACKBIT!>>>

    “We’re thrilled to be named the best crypto casino Canada offers in 2025. Our mission is to deliver a seamless, rewarding experience rooted in trust and transparency,” said a JACKBIT spokesperson.

    For Canadian casino fans, JACKBIT provides a low-risk entry into real-money gaming with instant crypto rewards and access to over 7,000 top-tier games. Whether you’re dipping your toes into crypto or are a seasoned gambler, JACKBIT sets a new benchmark for crypto casinos Canada adores. From immersive slots and live dealer tables to a robust sportsbook, JACKBIT caters to every gaming preference, standing out in a crowded online casino market.

    JACKBIT stands out as one of the best crypto casinos in Canada for 2025, offering players a seamless gaming experience with fast Bitcoin payouts and generous bonuses. Known for its no-KYC gaming, JACKBIT ensures privacy and security while players enjoy a wide variety of slots, table games, and live dealer options.

    Whether you’re new to crypto gaming or a seasoned player, JACKBIT’s player-centric features, including instant rewards and VIP perks, make it a top choice for Canadian players seeking excitement and reliable payouts.

    Getting Started with JACKBIT

    Joining JACKBIT is a breeze, tailored for Canadians eager to explore a new crypto casino:

    1. Visit the official JACKBIT website.
    2. Click “Sign Up” in the top-right corner.
    3. Enter minimal details (email, password, preferred currency).
    4. Choose a payment method (crypto or fiat) and deposit.
    5. Claim your 30% Rakeback and 100 free spins.
    6. Dive into 7,000+ games or the sportsbook.

    JACKBIT’s streamlined process makes it the best crypto casino Canada offers for accessibility.

    Bonuses & Promotions: Rewards That Deliver

    JACKBIT’s promotional offers are a key reason it’s ranked as the best crypto casino Canada has in 2025. New players kick off with a 30% Rakeback and 100 wager-free spins, with ongoing promotions including:

    • Weekly giveaways with $10,000 and 10,000 free spins.
      • Frequent Opportunities: Regular events mean more chances to win without extra deposits.
      • Player Value: High prize pools add excitement to every week.
      • Why It’s Great: Keeps you engaged with fresh rewards.
    • VIP Rakeback up to 30%, scaling with loyalty tiers.
      • Loyalty Boost: The more you play, the bigger the cashback.
      • Tailored Perks: Higher tiers unlock exclusive benefits.
      • Why It’s Great: Rewards dedication with tangible returns.
    • Pragmatic Drops & Wins with a €2,000,000 prize pool.
      • Massive Stakes: Huge prizes elevate everyday gaming.
      • Wide Reach: Available across multiple games for broad appeal.
      • Why It’s Great: Offers a shot at life-changing wins.
    • Social media bonuses for engaging on Twitter and Telegram.
      • Community Connection: Bonuses for joining the JACKBIT conversation.
      • Easy Access: Simple tasks like retweeting unlock rewards.
      • Why It’s Great: Adds fun beyond the games.
    • Regular slot and table game tournaments with cash prizes.
      • Competitive Edge: Battle for leaderboard spots and cash.
      • Inclusive Play: Open to all skill levels.
      • Why It’s Great: Adds a thrilling competitive layer.

    These fair, high-value bonuses make JACKBIT a standout among Canadian bitcoin casinos.

    <<>>

    A Deep Dive into JACKBIT’s Excellence

    JACKBIT’s 2025 ranking as Canada’s top crypto casino stems from a rigorous evaluation of player-focused criteria:

    • Licensing and Regulation
    • Game Variety and Quality
    • Bonuses and Promotions
    • Payment Flexibility and Speed
    • Security and Fair Play
    • Mobile Gaming Experience
    • Customer Support Quality
    • Sportsbook Features
    • Responsible Gambling Tools
    • No-KYC Benefits

    JACKBIT outperformed competitors in every category, cementing its status as the best bitcoin casino Canada trusts. Let’s unpack why with added insights and details.

    Licensing: A Pillar of Trust

    JACKBIT operates under a Curacao Gaming License, a respected credential in the crypto gambling world. This license mandates adherence to fair play and security standards, with regular audits ensuring compliance. While some players may prefer licenses from Malta or Ontario’s iGaming authority, Curacao’s framework enables JACKBIT to serve a global audience, including Canadians, while maintaining transparency.

    • Global Accessibility: The Curacao license allows JACKBIT to welcome players from diverse regions, making it a versatile choice for Canadians seeking international gaming options.
    • Player Confidence: Regular audits mean your gameplay and funds are protected, letting you focus on the fun.
    • Regulatory Balance: Curacao strikes a balance between flexibility and oversight, ideal for crypto-focused platforms.

    For those searching for the best BTC casino, JACKBIT’s licensing provides a secure, reliable foundation for worry-free gaming.

    Game Variety: A World of Choices

    With over 7,000 games from 85 premier providers like NetEnt, Evolution Gaming, Microgaming, and Pragmatic Play, JACKBIT’s library is a major draw. It’s a cornerstone of why it’s hailed as the best crypto casino Canada offers. Here’s the breakdown:

    • Slots: Over 5,000 titles, from classic fruit machines to modern video slots like Gold Party and Chilli Heat. Players can explore 180+ Megaways titles and progressive jackpots with life-changing payouts.
      • Endless Themes: From adventure to mythology, slots cater to every interest, keeping sessions fresh.
      • Jackpot Appeal: Games like Mega Moolah offer million-dollar prizes, drawing thrill-seekers.
      • Why It’s Great: Variety ensures there’s always a new slot to discover.
    • Table Games: A rich selection including blackjack (Power Blackjack, Infinite Blackjack), roulette (European, Lightning), poker (Texas Hold’em), baccarat, and craps.
      • Strategic Depth: These games reward skill, appealing to players who enjoy outsmarting the house.
      • Variety Boost: Multiple variants keep classics exciting.
      • Why It’s Great: Perfect for both casual and seasoned players.
    • Live Dealer Games: Powered by Evolution Gaming, the live section features Live Blackjack, Live Roulette, Live Baccarat, and game shows like Dream Catcher and Crazy Time.
      • Real-Time Thrills: Interact with professional dealers for an authentic casino vibe.
      • Social Edge: Chat features create a community feel.
      • Why It’s Great: Brings the casino floor to your screen.
    • Sportsbook: A comprehensive platform covering 140+ sports, with 82,000+ live monthly events and 4,500+ betting types, including hockey, basketball, and e-sports.
      • Canadian Focus: Heavy emphasis on hockey aligns with national passion.
      • Live Betting: Real-time odds keep the action intense.
      • Why It’s Great: Ideal for sports fans and casual bettors alike.
    • Specialty Games: Casual options like bingo (Shamrock Bingo), scratch cards, and crypto-friendly mini-games such as Aviator and Plinko.
      • Quick Play: Low-stakes games for relaxed fun.
      • Crypto Fit: Mini-games designed for fast crypto bets.
      • Why It’s Great: Perfect for a quick gaming break.
    • Virtual Sports: 24/7 betting on simulated events like virtual football, horse racing, and greyhound racing.
      • Non-Stop Action: Bet anytime, regardless of real-world schedules.
      • Realistic Graphics: Advanced algorithms mimic live sports.
      • Why It’s Great: Keeps the excitement going around the clock.

    This vast selection ensures JACKBIT remains a top Canada bitcoin casino for players seeking variety and quality.

    <<>>

    Payment Flexibility: Fast and Secure

    JACKBIT excels as an instant payout casino, supporting over 17 cryptocurrencies, including Bitcoin, Ethereum, Tether, Solana, and Dogecoin. Crypto transactions are instant and fee-free, offering unmatched convenience. Traditional options include:

    • Visa and MasterCard: Instant deposits, withdrawals in 1-3 days.
    • Google Pay and Apple Pay: Instant mobile deposits.
    • Bank transfers: Withdrawals in 3-5 days.

    With high withdrawal limits (up to $10,000 weekly) and robust SSL encryption, JACKBIT ensures secure, flexible banking, reinforcing its position as the best bitcoin casino Canada has.

    <<>>

    Security: A Safe Haven

    Security is paramount at JACKBIT, a trusted online casino. The platform uses SSL encryption and blockchain technology to protect player data and transactions. Provably fair games and Random Number Generators (RNGs) guarantee unbiased outcomes, making JACKBIT one of the safest crypto casinos Canada offers. The no-KYC policy enhances privacy, allowing instant withdrawals without verification while maintaining trust.

    • Blockchain Transparency: Verify transactions for added peace of mind.
    • Fairness Certified: Independent audits confirm game integrity.
    • Why It’s Great: Play confidently knowing your experience is secure.

    Mobile Gaming: Play on the Go

    JACKBIT’s mobile-optimized platform delivers a seamless experience on iOS and Android without a dedicated app. Players can access the full game library, deposit instantly, and claim bonuses anywhere. The responsive design ensures smooth navigation, making JACKBIT a top choice for mobile gamblers seeking the best crypto casino Canada has.

    • Cross-Device Sync: Switch between phone and desktop without losing progress.
    • Intuitive Interface: Easy navigation on smaller screens.
    • Why It’s Great: Game wherever life takes you.

    Customer Support: Always Ready

    JACKBIT offers 24/7 live chat support in multiple languages, including English, French, and Spanish, resolving queries within minutes. Email support and a comprehensive FAQ section provide additional resources. Player feedback highlights the team’s professionalism, cementing JACKBIT’s reputation as a trusted Canada bitcoin casino.

    • Bilingual Support: French options cater to Canada’s diverse population.
    • Fast Response: Issues are handled promptly, day or night.
    • Why It’s Great: Reliable help enhances the player experience.

    Sportsbook: Betting Done Right

    JACKBIT’s sportsbook is a standout, covering 140+ sports, including hockey, basketball, tennis, and e-sports. With 82,000+ live monthly events and 4,500+ betting types, it caters to sports enthusiasts. Live streaming and competitive odds make JACKBIT the best BTC casino for Canadian sports fans.

    • Hockey Focus: Extensive NHL betting options resonate with Canadians.
    • Live Action: Real-time updates keep bets engaging.
    • Why It’s Great: A must for sports betting lovers.

    Responsible Gambling: Prioritizing Well-Being

    JACKBIT promotes player safety with tools like deposit limits, self-exclusion, reality checks, and links to organizations like GamCare and Gambling Therapy. These features ensure a fun, controlled experience, aligning with the standards of safe crypto casinos Canada trusts.

    • Proactive Measures: Tools help you set boundaries before issues arise.
    • Support Access: Resources are a click away for those needing help.
    • Why It’s Great: Keeps gaming enjoyable and responsible.

    No-KYC Benefits: Privacy First

    JACKBIT’s no-KYC policy allows anonymous play and withdrawals, a game-changer for privacy-conscious players. This feature, paired with fast crypto payouts, makes it the best crypto casino Canada offers for discreet gaming.

    • Hassle-Free: Skip ID checks and play instantly.
    • Secure Anonymity: Your data stays private without compromising safety.
    • Why It’s Great: Ideal for players valuing personal freedom.

    Crypto Gambling Trends in Canada

    Crypto gambling is booming in Canada, driven by growing cryptocurrency adoption and frustrations with traditional banking restrictions. Platforms like JACKBIT are at the forefront, offering solutions that align with these trends:

    • Increased Crypto Use: More Canadians hold Bitcoin and Ethereum, making crypto casinos a natural fit.
    • Privacy Demand: No-KYC platforms like JACKBIT cater to players seeking discretion.
    • Tech Integration: Blockchain and fast transactions enhance gameplay.
    • Why JACKBIT Leads: Its crypto-first approach makes it the best crypto casino Canada embraces.

    This alignment with market shifts positions JACKBIT as a leader in the new crypto casino space.

    Player Psychology: Why Canadians Choose JACKBIT

    Canadians are drawn to crypto casinos like JACKBIT for several psychological reasons:

    • Control and Freedom: No-KYC and instant payouts empower players to manage their gaming.
    • Risk-Reward Balance: Bonuses like Rakeback offer rewards without high stakes.
    • Community Appeal: Social media bonuses and tournaments foster a sense of belonging.
    • Why It Works: JACKBIT taps into these drivers, making it a top Canada bitcoin casino.

    Understanding these motivations highlights why JACKBIT resonates as the best online crypto casino.

    JACKBIT’s Community Initiatives

    Beyond gaming, JACKBIT builds a vibrant community:

    • Charity Drives: Partners with Canadian organizations to support local causes.
    • Player Events: Hosts virtual meetups for fans to connect.
    • Feedback Forums: Actively incorporates player suggestions for platform improvements.
    • Why It Matters: Strengthens loyalty and makes JACKBIT a crypto casino Canada loves.

    These efforts create a dynamic, inclusive environment for players.

    Regulatory Landscape for Crypto Gambling in Canada

    Canada’s gambling laws are evolving, with provinces like Ontario regulating online gaming while crypto remains a gray area. JACKBIT’s Curacao license ensures compliance with international standards, but future Canadian regulations could shape the industry:

    • Potential Licensing: Provinces may introduce crypto-specific rules.
    • Player Protections: Enhanced safeguards could boost trust.
    • JACKBIT’s Advantage: Its global license and no-KYC model keep it flexible, reinforcing its status as the best crypto casino Canada offers.

    Staying ahead of these changes ensures JACKBIT’s long-term success.

    JACKBIT’s Innovation Pipeline

    JACKBIT is poised to stay ahead with planned enhancements:

    • New Cryptos: Adding support for emerging coins like Cardano.
    • AR/VR Gaming: Testing immersive slot and live dealer experiences.
    • AI Personalization: Tailoring game suggestions based on player habits.
    • Why It’s Exciting: These innovations keep JACKBIT the best crypto casino Canada looks to in the future.

    This forward-thinking approach ensures continued leadership.

    Why JACKBIT Reigns Supreme in 2025

    JACKBIT’s blend of no-KYC freedom, instant crypto payouts, and an unmatched game library makes it the best crypto casino Canada offers. Its focus on security, player rewards, and innovation creates a gaming experience that’s hard to beat, whether you’re a casual player or a high roller.

    <<>>

    Final Words About The Best Crypto Casino Canada

    JACKBIT combines anonymous, no-KYC gameplay with lightning-fast crypto payouts and an extensive game selection, setting a new benchmark in online gaming. With generous promotions, strong security measures, and a user-first approach, it offers both excitement and peace of mind. While its Curacao license may not be the strictest, JACKBIT reinforces player trust through transparent practices and responsible gambling features.

    Despite being a newer name in the industry, JACKBIT has quickly emerged as a leader among the best online casinos Canada, delivering a seamless experience tailored to both casual players and high-stakes users.

    Contact: support@jackbit.com

    Disclaimer & Affiliate Disclosure

    This article is for informational and entertainment purposes only and does not constitute legal or financial advice. Gambling carries risks; verify information and play responsibly. You must be 19 (or 18 in some provinces) to gamble legally in Canada. Laws vary, so comply accordingly. We may earn commissions from links at no extra cost to you. Our JACKBIT review is unbiased, based on thorough research.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7840cef4-dbeb-4803-a97c-446bf76ebb69

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7f7df58a-8a1d-4354-939e-cf0308241911

    https://www.globenewswire.com/NewsRoom/AttachmentNg/4806fed5-7d61-4c01-bd3a-78d597ea26bd

    The MIL Network –

  • MIL-OSI: Best Crypto Casinos Australia: JACKBIT Picked As Top Bitcoin Casino For Aussie Gamblers!

    Source: GlobeNewswire (MIL-OSI)

    SYDNEY, May 14, 2025 (GLOBE NEWSWIRE) — Looking for the best crypto casino in Australia? Our expert team has carefully reviewed and selected the top platform for Aussie players, focusing on strict criteria and real feedback from the local gaming community. After evaluating numerous options, we’ve identified a standout that excels in game variety, bonuses, security, and user experience, delivering a top-notch crypto gambling Australia experience.

    VISIT JACKBIT NOW & CLAIM YOUR WELCOME BONUSES!

    Among the contenders, JACKBIT shines as the leading Bitcoin casino Australia for 2025, earning a stellar 4.9/5 rating. Launched in 2022, this crypto casino Australia offers a no KYC policy, lightning-fast crypto transactions, and a massive library of over 6,600 games, making it ideal for online casino real money play. In this detailed review, we’ll dive into why JACKBIT is likely the best crypto casino Australia, covering its features, bonuses, games, and more.

    JACKBIT: The Best Crypto Casino Australia

    JACKBIT ticks all the boxes for the best crypto casinos in Australia, making it our top pick for 2025. Established in 2022, JACKBIT operates under a Curacao eGaming license, ensuring it meets international standards for fairness and security.

    It’s no KYC policy lets Australian players sign up and play anonymously, a major plus for those prioritizing privacy in crypto gambling in Australia. With instant crypto withdrawals processed in seconds, JACKBIT delivers the speed expected from a high-payout Australian crypto casino, allowing players to access winnings without delay.

    The welcome bonus—a 30% rakeback, no KYC, and 100 free spins with no wagering requirements—gives new players a great start, letting them explore the platform’s vast game selection. Ongoing promotions, like VIP rakeback and exciting tournaments, keep the rewards flowing, enhancing the Bitcoin casino bonus offerings.

    Boasting over 6,600 games from 91 top providers and a robust sportsbook, JACKBIT caters to every taste, cementing its status as a premier Bitcoin casino in Australia.

    READY TO PLAY? JOIN JACKBIT CASINO AND CLAIM YOUR BONUS!

    JACKBIT – The Top Bitcoin Casino Australia for Fast Payouts

    Since its debut in 2022, JACKBIT has likely transformed the best crypto casino Australia landscape with its innovative features and player-centric design. The no KYC policy is a standout, allowing Aussie players to register and play without sharing personal details, ensuring maximum privacy.

    As a leading crypto casino in Australia, JACKBIT processes crypto transactions instantly, enabling deposits, gameplay, and withdrawals in minutes—a hallmark of new crypto casinos.

    New players enjoy a 30% rakeback, no KYC, and 100 free spins with no wagering requirements on select promotions, making it one of the most enticing Bitcoin casino bonuses available.

    Ongoing offers include a VIP Rakeback Club with up to 30% rakeback, weekly giveaways with $10,000 prize pools, and Pragmatic Play’s Drops & Wins tournaments with a €2,000,000 prize pool, adding significant value for crypto gambling Australia fans.

    JACKBIT’s game library, powered by industry giants like Pragmatic Play, Evolution Gaming, and Play’n GO, features over 6,600 titles, from high-RTP crypto slots Australia to live dealer tables and a sportsbook covering 140+ sports. Its sleek, intuitive interface, available in 10 languages including English, ensures easy navigation for Australian players. Advanced SSL encryption safeguards player data, and 24/7 customer support via live chat and email offers prompt assistance, making JACKBIT a top Australian crypto casino.

    Bonuses at JACKBIT Casino

    JACKBIT offers a range of bonuses to enhance the crypto casino Australia experience:

    • Welcome Bonus: 30% rakeback + 100 free spins with no wagering requirements, plus no KYC for crypto users.
    • VIP Rakeback Club: Up to 30% rakeback for loyal players.
    • Weekly Giveaways: $10,000 prize pools for exciting competitions.
    • Pragmatic Play Drops & Wins: €2,000,000 prize pool in tournaments.
    • 3+1 FreeBet: Place three bets, get one free in the sportsbook.
    • Bet Insurance: 10% cashback on select sports bets.
    • Social Media Bonuses: Exclusive offers via JACKBIT’s social channels.
    • NBA Playoffs Cashback: Special promotions during major sports events.

    CLAIM YOUR 30% RAKEBACK + 100 FREE SPINS AT JACKBIT!

    Always review bonus terms to ensure eligibility and maximize rewards.

    Pros and Cons of JACKBIT Casino

    Here’s a balanced look at JACKBIT as a crypto casino Australia:

    Pros:

    • No KYC policy for maximum privacy in crypto gambling Australia.
    • Instant crypto deposits and withdrawals, perfect for online Bitcoin casino play.
    • Over 6,600 games, including crypto slots Australia, live dealers, and sports betting.
    • Generous 30% rakeback + 100 free spins with no wagering requirements.
    • Supports 16+ cryptocurrencies for secure, seamless transactions.
    • 24/7 multilingual customer support via live chat and email.
    • Mobile-optimized for best crypto casino Australia gaming on the go.
    • High-payout games with competitive RTPs for online casino real money play.

    Cons:

    • Launched in 2022, it may lack the long-term reputation of older Bitcoin casinos Australia.
    • Some bonuses have specific terms that require careful review.
    • Traditional payment withdrawals (1-3 days) are slower than crypto.

    How to Join JACKBIT – The Best Crypto Casino Australia

    Joining JACKBIT, likely the best crypto casino Australia, is quick and straightforward for Aussie players:

    1. Visit JACKBIT Casino: Click Here to Head to JACKBIT Casino and click the sign-up button.
    2. Create Your Account: Enter an email and password. The no KYC policy means no personal details are needed for crypto users.
    3. Make Your First Deposit: Choose a payment method (e.g., Bitcoin, Ethereum, Visa, or PayID) and deposit at least $10 or equivalent to unlock the welcome bonus. For crypto, scan the QR code or copy the wallet address.
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    Legal Disclaimer

    This content is for informational and entertainment purposes only and does not constitute legal, financial, or gambling advice. Information is provided “as is,” with no warranties regarding accuracy or completeness. Readers must verify details and ensure compliance with Australian gambling laws. Gambling carries financial risks and potential addiction. Gamble responsibly, wagering only what you can afford to lose. Seek help from organizations like Gambling Help Online if needed. Some links may be affiliate links, earning a commission at no cost to you. JACKBIT is licensed outside Australia and may be restricted in some regions.

    Photos accompanying this announcement are available at

    https://www.globenewswire.com/NewsRoom/AttachmentNg/777c7ae6-e626-481f-9171-b0b463dd8530

    https://www.globenewswire.com/NewsRoom/AttachmentNg/f4ad0782-34b0-427b-bcb9-9e44eef71090

    The MIL Network –

  • MIL-OSI Europe: The EBA updates Report on the monitoring of the liquidity coverage ratio and net stable funding ratio in the EU

    Source: European Banking Authority

    The European Banking Authority (EBA) today published an updated Report on the monitoring of the liquidity coverage ratio (LCR) and the net stable founding ration (NSFR) in the EU. This update is necessary in light of the banking turmoil experienced in March 2023, which highlighted the need for enhanced supervision of various liquidity aspects resulting from the change in the interest rate environment and related trends in deposit behaviour and concentrations.

    In particular, this Report provides further clarification for the recognition in the LCR calculation of LCR inflows from open reverse repos without a maturity date within 30 days, following Q&A 2024_7053 (published on 3 May 2024). It builds on two approaches, the first of which builds on the occurrence of a trigger event to terminate the transaction, and the second one on historical experience. The Report also considers how recently, in some banks, operational deposits increased while excess operational deposits decreased, and how the interest rate environment changed. In this context, the Report supplements the guidance provided in the EBA’s 2019 Report on identifying operational deposits, the characteristics of the operational deposit trade cycle, and the material penalty for retail term deposits.

    Lastly, an Addendum to the EBA’s 2023 Report on interdependent assets and liabilities in the NSFR is also included. It clarifies regulatory expectations regarding indirect client clearing activities, where affiliated institutions rather than an IPS structure – which is already covered in the 2023 Report – are involved.

    Legal basis, background, and next steps

    The LCR is applicable in the EU since 1 October 2015, and its full implementation at a minimum of 100% became effective in January 2018. The NSFR is applicable in the EU at a minimum of 100% since 28 June 2021.

    Moreover, article 428f(3) of the CRR mandates the EBA to monitor the assets and liabilities treated as interdependent and to determine whether the criteria required in paragraph 1 of the same Article are met. The EBA shall report to the Commission on the results of that monitoring and shall advise the Commission on whether an amendment to the conditions set out in paragraph 1 or an amendment to the list of products and services in paragraph 2 would be necessary. Derivative client clearing activities are mentioned under Article 428f(2)(d) of the CRR.

    The EBA published Reports on the monitoring of LCR and NSFR in EU in 2019, 2021 and 2023, and a 2023 report on interdependent assets and liabilities in the NSFR.

    The EBA will continue monitoring some specific aspects of the LCR and NSFR due to current circumstances and interest rate environment to set out its observations and provide further guidance, where necessary.

    The EBA will also assess further the need to amend/complement the existing regulatory reporting on liquidity requirements. 

    MIL OSI Europe News –

  • India’s WPI inflation falls to 13-month low

    Source: Government of India

    Source: Government of India (4)

    India’s wholesale inflation fell to a 13-month low of 0.85% in April, down from 2.05% in March and 2.38% in February, according to data released by the Ministry of Commerce and Industry on Wednesday. This sharp deceleration reflects easing price pressures across key sectors.

    On a month-over-month basis, the Wholesale Price Index (WPI) declined by 0.19% in April, continuing the downward trend seen in recent months. The drop was largely driven by falling food prices and a double-digit decline in fuel prices, which pulled overall inflation into negative territory on a monthly basis.

    In parallel, retail inflation also eased. As per data released by the Ministry of Statistics on Tuesday, Consumer Price Index (CPI)-based inflation dropped to 3.16% in April, down from 3.34% in March, marking its lowest level since July 2019.

    A significant factor in this decline was the moderation in food inflation, which slowed to 1.78% in April from 2.69% in March. Given that food prices account for nearly half of the CPI basket, this has brought much-needed relief to household budgets.

    This marks the third consecutive month that retail inflation has stayed below the Reserve Bank of India’s (RBI) 4% medium-term target, providing the central bank with greater flexibility to maintain its accommodative monetary policy stance aimed at supporting economic growth.

    In its recent monetary policy review, the RBI Governor, Sanjay Malhotra noted that the inflation outlook has improved considerably. The Monetary Policy Committee (MPC) has revised its inflation forecast for 2025–26 down to 4%, from an earlier estimate of 4.2%, citing a more favourable outlook for food prices.

    The easing of uncertainties around Rabi crop production, along with the second advance estimates pointing to record wheat output and improved pulse production, are expected to further help contain food inflation. Coupled with strong Kharif arrivals, this sets the stage for a more durable softening of inflationary pressures.

    Additionally, the latest RBI survey shows a sharp decline in inflation expectations over the next three months and one year, which is likely to help anchor inflationary sentiment going forward.

    (With IANS inputs)

  • MIL-OSI Economics: Survey of market expectations 5-7 May 2025

    Source: Central Bank of Iceland

    The Central Bank of Iceland conducted a survey of market agents’ expectations over the period from 5 through 7 May 2025. A total of 39 agents in the bond market, including banks, pension funds, mutual and investment funds, securities brokers, licensed asset management firms, and insurance firms were invited to participate. Responses were received from 25 market participants, giving a response ratio of 64%.

    MIL OSI Economics –

  • MIL-OSI NGOs: MEDIA ADVISORY: JOINT PRESS BRIEFING ON GAZA’S ESCALATING HUMANITARIAN CRISIS

    Source: Oxfam –

     What

    Representatives from leading humanitarian organisations, including those who are in or just left the Gaza Strip, will brief the press on the impact of Israel’s total siege on Gaza – which has lasted now more than 70 days, and Israel’s plan to control and limit aid distribution moving forward.  

    Areas of focus:   

    • The catastrophic conditions for Palestinians in Gaza after 10 weeks of a full blockade of aid, water and medical supplies
    • The militarization of aid, including:
    • Israel’s plan to control and limit the distribution of aid, through the use of private organisations and security contractors
    • The impact of forcibly displacing hundreds of thousands of civilians into designated areas
    • Aid being withheld from people who are not registered and aid being limited to the bare minimum
    • Israel’s new rules for the registration of international NGOs amid a continued crackdown on civil society 

    When

    Wednesday, May 14, 2025 –  9am ET/2pm UK/3pm CET/4pm Gaza 

    Where

    Please register in advance for this webinar: https://us02web.zoom.us/webinar/register/WN_fsCVX0UHTY6xuBRaMsRCVA 

    After registering, you will receive a confirmation email containing information about joining the webinar. 

    Who:  

    Moderated by: Soraya Ali, Global Media Manager MEANEE, Save the Children 

    Speakers to include: 

    • Bushra Khalidi, Policy Lead, Oxfam
    • Mohammed Saleh, Director of Al-Awda Hospital in North Gaza
    • Mahmoud Isleem, General Coordinator/ Country Director, Médecins du Monde France
    • Yazdan El Amawi, Gaza Director, Anera
    • Salwa Al Tibi, Palestine/Gaza Country Director, MedGlobal
    • Amande Bazerolle, Gaza Coordinator, Médecins Sans Frontières France 

    Spokespeople’s Bios: 

    • Bushra Khalidi is the Palestinian Territory Policy Lead at Oxfam, specialising in protection, humanitarian access, and accountability. She influences decision-makers, engages with international institutions, and advocates for rights-based humanitarian action, ensuring Palestinian voices are represented. Bushra leads initiatives on ceasefire efforts, humanitarian space protection, and ending settlement trade.
    • Dr Mohammed Saleh is the current Director of Al-Awda Hospital near Jabaliya, North Gaza. When the former director, Dr. Ahmed Muhanna, was taken into custody by Israeli forces on 17 December 2023, Dr Saleh stepped in and led the hospital through the devastating four-month siege of Jabaliya of October 2024-January 2025 — the second siege faced by the hospital since the beginning of the escalation. Since his family had to flee to southern Gaza, he has had minimal contact with them, as he chose to stand by the hospital’s patients and staff.
    • Salwa Al-Tibi is Country Director for Palestine/Gaza at MedGlobal. Herself a refugee whose family has faced numerous displacements, she lives in Gaza City and specializes in community mental health. She has over 25 years of experience working with different NGOs and local organizations in Gaza, including previous senior positions at Save the Children, CARE international, and Catholic Relief Services.
    • Mahmoud Isleem is General Coordinator/ Country Director of Médecins du Monde France (MdM) in the occupied Palestinian territory. He has 20 years of humanitarian work experience in Palestine in both Gaza and the West Bank. As a Palestinian of the West Bank, he is currently based in Ramallah due to access restrictions to the Gaza Strip imposed by Israeli authorities on WB ID-holder humanitarians.
    • Amande Bazerolle is an emergency coordinator with Médecins Sans Frontières (MSF) France. After her first mission in Palestine in 2011, she has worked for MSF Asia programs, notably as a head of mission for Pakistan. Since September 2024 she has been overseeing MSF emergency response in Gaza. She has just spent four months in Gaza, coordinating the work of 900 Palestinian staff.
    • Yazdan El Amawi is the Gaza Director at Anera. He has over two decades of experience working across the humanitarian and development fields in Gaza and has managed many programs on livelihoods, health, water, sanitation, education, and emergency response. He holds an MBA from the University of Northern Virginia and a bachelor’s degree in Communications from Marquette University. 

    For more information and for interviews, please contact:

    Oxfam Media office | Media.OPTI@oxfam.org   

    Jacqui Crocoran | Oxfam Media Lead in Jerusalem, Occupied Palestinian TerritoryOxfam |  jacqui.corcoran@oxfam.org

    For real-time updates, follow us on X and Bluesky, and join our WhatsApp channel. 

    MIL OSI NGO –

  • MIL-OSI Africa: Formalizing Artisanal and Small-Scale Gold Mining (ASGM) for Growth: Mining in Motion to Unpack Ghana’s Success, Ongoing Efforts

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

    CAPE TOWN, South Africa, May 14, 2025/APO Group/ —

    The upcoming Mining in Motion Summit – Ghana’s premier gathering for mining stakeholders, scheduled for June 2 – 4, 2025 in Accra – will feature a high-level panel discussion on the country’s ongoing efforts to formalize its artisanal and small-scale gold mining (ASGM) sector.

    Titled Case Studies in ASGM Formalization: Learning from Successes and Addressing Challenges, the panel will explore regulation and programs enhancing the ASGM sector’s contribution to mining sector growth in Ghana. The panel will feature representatives from the Minerals Commission of Ghana, the World Bank and key ASGM industry players.

    ASGM plays a vital role in Ghana’s mining sector, contributing over $5 billion in gold export revenue in 2024, employing more than one million people and accounting for over 40% of national gold production. Through the recently established Ghana Gold Board, the country aims to curb gold smuggling – estimated to cost the country $2.3 billion annually – by providing a legal platform for small-scale miners to sell gold and access financing to expand their operations.

    Furthermore, the Ghana Land Restoration and Small-Scale Mining Project – launched in partnership with the World Bank – offers financial and technical assistance to ASGM operators, helping them improve sustainable land use while providing legal integration into the broader mining economy.

    The Minerals Commission of Ghana and the Ministry of Lands and Natural Resources are driving the country’s agenda to formalize the ASGM sector by simplifying licensing processes via District Mining Committees. In addition, Community Mining Schemes continue to play a critical role in combating illegal mining by organizing miners into formalized, community-based cooperatives, boosting their access to finance, technology and training.

    Mining in Motion will not only showcase Ghana’s progress but also provide a platform for ASGM stakeholders to gain valuable insights into overcoming sector challenges and scaling their operations legally and sustainably. The summit, hosted by the Ashanti Green Initiative under the leadership of Oheneba Kwaku Duah, Prince of the Ashanti Kingdom, is organized in collaboration with the World Bank and the World Gold Council.

    Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium- to large-scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting www.MiningInMotionSummit.com. For sponsorship opportunities or delegate participation, contact Sales@ashantigreeninitiative.org.

    MIL OSI Africa –

  • MIL-OSI New Zealand: Economy – Examining Māori Access to Capital – Market Failures – Reserve Bank

    Source: Reserve Bank of New Zealand – Te Pūtea Matua

    14 May 2025 – The Reserve Bank of New Zealand – Te Pūtea Matua has published a Bulletin article which discusses the barriers Māori face in accessing capital that may be associated with market failures or imperfections.

    The Bulletin highlights barriers specific to Māori, including legislative constraints that make it challenging to use Māori land as loan collateral and low trust and awareness between Māori and banks. Māori are also more likely to live in rural areas and face market failures common to rural credit markets.

    The market failures that tend to be associated with these financing gaps are all forms of information failure or asymmetry.

    Assistant Governor Simone Robbers says that Māori face persistent barriers to accessing capital, many of which stem from market failures or imperfections.

    “These barriers contribute to ongoing financial exclusion which has broader economic consequences. It can weaken the financial system’s ability to allocate capital efficiently and limit the potential of the New Zealand economy, especially given the growing significance of the Māori economy,” says Ms Robbers.

    Various initiatives have been introduced to address information gaps and improve access to capital for Māori. These include better data collection, cultural training, and financial literacy programmes. Steps have also been taken to facilitate lending on Māori land and develop tailored bank products, though uptake remains low.

    Although the Māori economy has grown significantly and business financing gaps between Māori and non-Māori appear to be narrowing, further efforts are needed to completely close the gap and unlock the full potential of the Māori economy.

    Improved data collection, innovations in the financial system, AML/CFT reforms, and further legislative changes have been identified as ways that could ease barriers and support development in a way that recognises and promotes the cultural and economic significance of Māori.

    “Identifying where market failures exist is important for informing targeted and effective public policy interventions that support more inclusive and efficient financial outcomes,” says Chief Economist Paul Conway.

    This research builds on the Reserve Bank’s 2022 “Improving Māori Access to Capital” Issues Paper. It continues our commitment to exploring and addressing structural challenges in the financial system in line with our Financial Policy Remit and 2024 Letter of Expectations.
     

    More information

    Māori Access to Capital – Market Failures – Reserve Bank of New Zealand – Te Pūtea Matua: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=2d6397b9f4&e=f3c68946f8
     
    What are market failures or imperfections? A market failure refers to a situation where a competitive market fails to allocate resources efficiently.
     
    Improving Māori Access to Capital” Issues Paper: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=f910dda49c&e=f3c68946f8
     
    Improving access to capital for Māori: https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=444f82d571&e=f3c68946f8

    MIL OSI New Zealand News –

  • MIL-OSI USA: Waller, The Role of Economic Research in Central Banking

    Source: US State of New York Federal Reserve

    Thank you for the opportunity to speak to you today.1
    I have spent most of my career conducting research and overseeing research by others, first as a professor and later as a research director in the Federal Reserve System. More recently, I have been more of a consumer than a producer of research as a member of the Federal Open Market Committee (FOMC). Eight times a year, the FOMC meets to set the appropriate stance of monetary policy to achieve the economic goals assigned to us by the U.S. Congress. We discuss where the economy stands in relation to those goals, how it is likely to evolve, and the implications for monetary policy. We examine hard statistical data, “soft” data in the form of surveys and input from business contacts, and other domestic and global factors.
    Another vital input for central bankers is economic research. Nearly all central banks have a research group to help policymakers think through the effects of monetary policy on the economy. In the Federal Reserve, the 12 regional Reserve Banks and the Board of Governors have staffs that perform a variety of research activities. First and foremost, they use research to advise the Governors and Bank presidents on the appropriate path of monetary policy given current events. Second, they provide analysis of the global, U.S., and regional economies. Third, economists at the Reserve Banks meet with businesses in their Districts to discuss economic issues and to collect information about the local economy. Finally, there are research groups around the Federal Reserve System that focus on banking, payments, financial markets, financial stability, and community development.
    The word “research” is used very loosely in everyday life. When I was a professor, my undergraduates would do “research” to write a term paper. When I go on vacation, I often do “research” on what to do or see at my destination. Analysts at financial institutions do “research” on individual firms or sectors of the economy. For today’s talk, I narrow in on the types of research done at central banks, with a focus on the Federal Reserve.
    Research at the Federal ReserveResearch is a vital input for providing state-of-the-art advice to policymakers within the Federal Reserve System. Because the Fed is accountable to the public, policymakers must be able to explain why certain actions were taken and describe the intellectual foundations underlying those decisions. Decisions are analyzed, discussed, and criticized by many, in particular by highly skilled and knowledgeable academic researchers. Top academics are on the cutting edge of research, particularly on the subject of monetary policy. Milton Friedman, Allan Meltzer, Robert Lucas, John Taylor, and Michael Woodford are just a few examples of academic scholars who challenged central bankers over the past 70 years on how monetary policy should be conducted. Central banks must be up to the challenge and be able to debate and compete with these academics in the world of theory and ideas.
    To do that requires hiring central bank economists who are trained in the academic research tradition and continue working at the research frontier. And that means pursing academic research at central banks. Our decisions will be better if we hire motivated and well-trained economists and let them work on the big questions that economics seeks to answer. The Federal Reserve tries to create a strong academic research environment to attract strong researchers to work at the Federal Reserve to give us a better foundation for the decisions we make.
    When I was research director at the Federal Reserve Bank of St. Louis, I told our board of directors that my goal was to build a department that was renowned for producing high-quality academic research. They often responded by saying, “But the Federal Reserve is not a university. Rather than doing academic research, why isn’t your staff doing research on issues that you direct them to work on that helps the president of the Bank?” This is a great question and one that should be asked at every central bank. To answer that question, I would start by explaining the difference between academic research and directed research, which I will now do today. Once I have, it will be clear that directed research relies on its grounding in academic research and is a complement to directed research in supporting policymaking.
    Academic ResearchAcademic research considers a broad range of economic matters. It often focuses on issues that are currently off the radar screens of policymakers who are focused on the near-term economic outlook. But there is value in thinking broadly. Not too long ago, trade policy and tariffs were not a major concern of policymakers. A critical aspect of academic research is that it is often “proactive”—it focuses on intellectually interesting issues often before they become relevant for monetary policy.
    Academic research conducted by Federal Reserve economists is often done with the goal of publishing it in academic journals. Papers submitted to these journals go through a rigorous vetting process by economists outside the central bank. This serves as an important check on central bank “group think.” The ideas and conclusions of the paper must be based on sound economic theory and empirical evidence. They cannot reflect dogma or outdated beliefs about how the economy operates.
    Academic research can take the form of an evaluation of major economic events, sometimes called an “economic autopsy.” This type of analysis can take years, and it’s not particularly time sensitive. To this day, economists are still researching the causes of the 2008 financial crisis and how policies undertaken at that time helped or hindered the subsequent economic recovery.
    Directed ResearchThen there is directed research. Directed research is just that—an issue or policy problem that staff economists are told to work on by their supervisors. It is not unrestricted thinking about an issue. Often, directed research addresses an emerging topic that demands attention from policymakers. As a result, directed research is usually reactive in nature. It often has the feel of firefighting—an issue flares up, and policymakers must respond. They need analysis of the problem to think about the issue and how to act. For example, the April 2 tariff announcement was larger and more extensive than nearly anyone expected. Immediately, questions were asked of staff around the Federal Reserve System such as, “What will this do to the U.S. economy? What will happen to inflation and unemployment?” The answers to these questions are obviously time sensitive.
    Directed research often involves running shocks though existing economic models or quick data analysis and it relies on existing economic research. One could call the results “quick and dirty” answers. Because this work is time sensitive, central bank researchers do not have the luxury of getting their directed research vetted by the economics profession. They simply figure out how the current issue can be incorporated into the models or analyzed with econometrics, and whatever answer comes out is the best they can do in the time they have.
    Because directed research is often reactive and time sensitive, researchers must rely on existing published research as a key input into their analysis. You cannot come up with original or innovative models on the spot to deal with an issue that suddenly appears. And, on the data front, you may not have the time to look deeply at the microdata. In these situations, existing academic research done by central bank economists and by academics outside the central bank provides the foundation for conducting the directed research. This is why I say that academic research is a complement to directed research. Good directed research requires academic research. Furthermore, postmortem analysis is not always done after directed research is completed. Once the issue goes off policymakers’ radar screens, it might not be looked at again. If the issue resurfaces at a later date, then there may be some postmortem investigation into earlier analyses to see what went right and what went wrong.
    Finally, directed research sometimes takes the form of analysis involving the gathering and organizing of facts and data to generate a simple narrative for less specialized audiences. The Beige Book—which is a survey of regional economic conditions done by the Reserve Banks—is a clear example. But it also takes other forms, such as talks by research economists to private-sector audiences, presentations to the Reserve Bank boards of directors, or writing about timely topics in short economic posts.
    History of Research at the Federal ReserveEconomic research has shaped monetary policy at the Federal Reserve from its very beginnings, but the form and use of that research has varied considerably over time. I do not have the time today to give this topic the justice it deserves. But I will touch on a few historical highlights. During the early decades of the Federal Reserve System, “research” at the Fed was largely limited to the collection of statistics, only some of which were published by the Fed and other government agencies. At the Reserve Banks, the focus was often on measuring and reporting on regional economies or sectors.2 Monetary policy decisions were made using policy frameworks that were often not tested in the rigorous and scientific ways associated with economic research today. For example, in the 1920s, the Federal Reserve adhered to the “real bills” doctrine that called for providing liquidity to businesses when it was demanded during expansions and contracting credit when demand for it fell during times of slowing growth.3 This, of course, is often exactly the opposite of what monetary policy should do to either control inflation in an overheating economy or support economic activity in a slowdown.
    Up until the 1950s, journal-oriented economic research in the Federal Reserve System was quite limited. But a big increase took place in the 1950s, when the Reserve Bank presidents became much more involved in monetary policy decisions.4 Before that, Bank presidents focused mainly on local operations and discount window policy. But once they became more involved in national-level policymaking decisions, their new responsibilities required them to have more specialized research staff who were trained in modern economic theory and data methods. The creation and development of professional research departments led to a greater debate within the Federal Reserve and among outside academics as to how monetary policy should be conducted.
    In the 1960s, Keynesian macroeconomic theory was the dominant paradigm in policymaking, and large-scale econometric models were being developed to provide quantitative analysis of monetary policy. The Board of Governors led the way by hiring Ph.D. economists from academia to develop and use these Keynesian models and econometric techniques to aid policymakers. This was an important first step in raising the skill level of research staff to match that of top academics.
    But the beauty of the Federal Reserve’s structure is that alternative macroeconomic frameworks and theories could be developed in the rest of the System. And the first example of an alternative view of monetary policy was developed by research economists at the Federal Reserve Bank of St. Louis and became a force to be reckoned with.
    In the early 1970s, after inflation failed to fall as much as expected in a slow economy, Fed Chairman Arthur Burns came to believe that inflation was very little affected by economic slack and was instead a structural problem that could only be dealt with through wage and price controls.5 Board models typically viewed the 1970s inflation as being driven by special factors that were outside the influence of monetary policy. In contrast, at the St. Louis Fed, monetarism was the dominant paradigm in thinking about monetary policy. The Bank’s researchers believed the 1970s inflation was driven by excessive monetary growth.6 This led to a vigorous debate throughout the 1970s between Board staff and St. Louis Fed economists over the sources of inflation and how to bring it back down. At the end of the 1970s, Paul Volcker became Chair of the Federal Reserve and essentially adopted the St. Louis monetarist position of halting monetary growth to bring inflation under control. He announced a fundamental change in the Fed’s policy approach, vowing to bring inflation down by adopting strict monetary growth targeting. Volcker succeeded, but at the cost of causing a severe recession.
    In the 1980s, the Federal Reserve Bank of Minneapolis became a dominant force in monetary policy research by proposing new economic theories and policy frameworks. In association with economists at the University of Minnesota and the University of Chicago, researchers at the Minneapolis Fed explored how rational expectations would affect the transmission channel of monetary policy. Up until then, Fed forecasting models assumed that individuals had adaptive expectations, meaning they were purely backward looking. This meant that the Board’s econometric models didn’t account for policy actions that were announced in advance but hadn’t taken effect yet. If households and firms did understand how current policy actions and announcements would affect future outcomes, they would react in ways that didn’t match the predictions of the Board’s forecasting models. This would lead to significant errors in the guidance that the staff provided to policymakers.
    A critical finding of all this research was that private agents’ inflation expectations were forward looking—they would adjust to promises, and failures, of central bankers to keep inflation low and stable. If people didn’t believe a central bank’s promise to keep inflation low, then the central bank lacked credibility. This would cause inflation expectations to increase, which would lead to demands for higher nominal wages, thereby feeding future inflation. It is now widely believed that this was a key problem that Volcker faced: His promises to bring inflation down were not fully credible, as they came after the Fed’s uneven efforts at fighting inflation over the previous decade. Research on monetary policy, along with the experience of the Volcker years, led to the concepts of “credibility” and “stable inflation expectations” becoming central parts of how every central bank enacts policy.
    A key innovation at the Minneapolis Fed that led to this explosion of fundamental macroeconomic research was creating strong research links between Fed researchers and academics at the University of Minnesota. Instead of being on opposite sides of the fence, the idea was to have Fed researchers and academics work together side by side. This frequent interaction led to the type of rigorous debate between academics and Fed researchers that I discussed earlier. As a result, more rigorous and sound monetary policy frameworks were developed over the next several decades. The success of this close interaction between academics and Fed researchers led most Federal Reserve Banks and the Board of Governors to adopt similar relationships that continue to this day.
    Another example of the value of economic research came with the onset of the Global Financial Crisis in 2008, the worst since the Great Depression. As it happened, the Fed Chair at the time was one of the world’s leading experts on that period, Ben Bernanke. He drew heavily on his and others’ research on the 1930s, and related work on Japan’s crisis and slow growth in the 1990s and 2000s, to help fashion new monetary policy tools to combat the downturn, including quantitative easing and extended forward guidance.7
    Does this suggest that central bank policymakers should all be Ph.D. economists and have a record of journal publications? Of course not—there are other skills and work experiences needed in the policy sphere, and the Fed has economists and non-economists among its policymakers. Before the 1990s, very few policymakers were Ph.D. economists, and those who were usually did not have academic records in research; instead, policymakers typically had backgrounds in financial markets or the law.8 In contrast, since the 1990s, key policymaking roles in central banks around the world have been filled by Ph.D. economists with an academic research background. Today, 10 of the 19 FOMC policymakers are Ph.D. economists. The experience of these economists further embeds economic research into monetary policymaking and strengthens the decisions that are made.
    In conclusion, I expect research to remain an important part of policymaking at the Fed and other central banks. I believe that the insights provided by this research can further our understanding of the economy and improve monetary policymaking.

    1. The views expressed here are my own and are not necessarily those of my colleagues on the Federal Reserve Board or the Federal Open Market Committee. Return to text
    2. The Federal Reserve Board and the Reserve Banks did have several Ph.D. economists on staff who engaged in pathbreaking research. For example, the Federal Reserve Bank of New York’s John H. Williams and Randolph Burgess and the Board’s E.A. Goldenweiser and Winfield Riefler produced numerous articles and treatises on financial markets, international monetary arrangements, and Federal Reserve policy. Return to text
    3. See Ben S. Bernanke (2013), “A Century of U.S. Central Banking: Goals, Frameworks and Accountability,” Journal of Economic Perspectives, vol. 27 (Fall), pp. 3–16. Return to text
    4. Much of the following material draws from Michael D. Bordo and Edward S. Prescott (2023), “Federal Reserve Structure and the Production of Monetary Policy Ideas,” Working Paper Series 23-29 (Cleveland: Federal Reserve Bank of Cleveland, November). Return to text
    5. See Edward Nelson (2005), “The Great Inflation of the Seventies: What Really Happened?” Advances in Macroeconomics, vol. 5 (1); and Christina D. Romer and David H. Romer (2013), “The Most Dangerous Idea in Federal Reserve History: Monetary Policy Doesn’t Matter,” American Economic Review: Papers & Proceedings, vol. 103 (May), pp. 55–60. Return to text
    6. For a discussion of the part played by the Federal Reserve Bank of St. Louis in the development of monetarism, see chapter 13 in Edward Nelson (2020), Milton Friedman and Economic Debate in the United States, 1932-1972, Volume 2 (Chicago: University of Chicago Press). Return to text
    7. See Bernanke’s discussion of the comparison between the Great Depression of the 1930s and the Great Recession of 2007–09 in Ben S. Bernanke (2023), “Nobel Lecture: Banking, Credit, and Economic Fluctuations,” American Economic Review, vol. 113 (May), pp. 1143–69. Return to text
    8. For example, Alan Greenspan, a successful Wall Street economist and chairman of President Ford’s Council of Economic Advisers, had not published much in journals when he earned his Ph.D. in economics in 1977, at age 51, 10 years before he became Fed Chair. Return to text

    MIL OSI USA News –

  • MIL-OSI New Zealand: Banking Sector – The Co-operative Bank outranks the big 5 for customer satisfaction again

    Source: The Co-operative Bank

    The Co-operative Bank says it is delighted to win the Consumer People’s Choice Award for banking.
    The Co-operative Bank has taken out the top spot in Consumer’s 2025 banking satisfaction survey, earning a score of 77% of customers who are very satisfied, which is 20% higher than New Zealand’s biggest bank and 15% higher than the average score across all banks.
    The Co-operative Bank, which is fully owned by its customers, has been voted #1 by customers in the Consumer People’s Choice Award for nine out of the past 10 years.
    Chief Executive Mark Wilkshire says the win is a testament to the bank’s commitment to putting customers first.
    “It shows that bigger is not necessarily better. The Co-operative Bank punches well above our weight because we focus relentlessly on doing better for our customers, who also own the bank.”
    “As owners of the Co-operative, our customers can expect better from us than they can from other banks. They can expect better accountability, transparency and customer experiences,” Mark Wilkshire says.
    One of the ways the Co-operative is delivering better is through competitive rates. It today announced a drop to its floating home loan interest rate from 6.20% to 5.95% p.a., which would make it the lowest rate of this type currently being offered by any bank in NZ, as well as offering competitive 1 and 2 year fixed rates at 4.99% per annum.
    “The cut to our floating rate reflects the importance of offering customers more options.
    Customers can opt for floating rates while they decide when to fix or, for some customers, having some or all of their mortgage on floating gives them flexibility,” Mark Wilkshire said.
    “We remain committed to helping our customers to bank better every day and we are actively working on more improvements to our products and services that our customers have asked for.”
    As well as being voted first overall, The Co-operative Bank was rated #1 in four categories: its mobile app, digital banking features, interest on savings and personal loan interest rates.
    The floating rate change is effective for new loans from 15 May and existing loans from 29 May.
    About The Co-operative Bank:
    The Co-operative Bank is a customer-owned co-operative that operates in retail banking and associated personal financial services across Aotearoa New Zealand. Our approach to banking is about leaving everyone better off – our customers, our people, the Co-operative, and our communities. We are here to grow together and share the gains. All profits stay in New Zealand and since 2013 The Co-operative Bank has shared $24million with eligible customer shareholders as rebates.

    MIL OSI New Zealand News –