Category: Banking

MIL-OSI: CalPrivate Bank Announces New Chief Credit Officer

Source: GlobeNewswire (MIL-OSI)

LA JOLLA, Calif., May 13, 2025 (GLOBE NEWSWIRE) — Private Bancorp of America, Inc. (OTCQX:PBAM) (“Company”), the parent company of CalPrivate Bank (“Bank”) announced the appointment of Andrew K Meitzen as the Bank’s new Executive Vice President and Chief Credit Officer. Mr. Meitzen brings impressive skills and diverse experience working in the banking industry at both community banks and the Office of the Comptroller of the Currency (OCC) with an emphasis in lending, credit, and enterprise risk management.

Rick Sowers, President and Chief Executive Officer of the Company and Bank stated, “We are excited to have Andrew join our team bringing his expertise in disciplined credit and deal structuring, along with the technical acumen to navigate the ever-evolving credit landscape of today’s economy.”

“I am honored to be joining the CalPrivate Team and excited to contribute to the ongoing success of the Bank and its Clients,” said Mr. Meitzen. “The core values of Relationships, Solutions and Trust resonate with me and are the perfect foundation for continued growth.”

About Private Bancorp of America, Inc.
Private Bancorp of America, Inc. (OTCQX: PBAM) PBAM is the holding company for CalPrivate Bank, which operates offices in Coronado, San Diego, La Jolla, Newport Beach, El Segundo, Beverly Hills, and soon Montecito, as well as through efficient digital banking services. CalPrivate Bank is driven by its core values of building client Relationships based on superior client Solutions, unparalleled Service, and mutual Trust. The Bank caters to high-net-worth individuals, professionals, closely held businesses, and real estate entrepreneurs, delivering a Distinctly Different™ personalized banking experience while leveraging cutting-edge technology to enhance our clients’ evolving needs. CalPrivate Bank is in the top tier of customer service survey ratings in the nation, scoring almost three times higher than the median domestic bank. The Bank offers comprehensive deposit and treasury services, rapid and creative loan options including various portfolio and government-guaranteed lending programs, cross border banking, and innovative, unique technologies that drive enhanced client performance. CalPrivate Bank has been recognized by Bank Director’s RankingBanking® as the 10th best bank in the country and the #1 bank in its asset class for both return on assets (ROA) and return on equity (ROE). CalPrivate Bank was also ranked in the top 5% of banks in the U.S. with assets between $2B and $10B by American Banker. Additionally, CalPrivate Bank is a Bauer Financial 5-star rated bank, an SBA Preferred Lender, and has been honored as Community Bank SBA 504 Lender of the Year by the NADCO Community Impact Awards, exemplifying excellence in the banking industry. These prestigious rankings highlight the Bank’s commitment to delivering exceptional banking services and setting new industry standards.

Learn more at www.calprivate.bank.

Investor Relations Contact
Rick Sowers
President and CEO
Private Bancorp of America, Inc.
(424) 303-4894

Safe Harbor Paragraph
This press release contains expressions of expectations, both implied and explicit, that are “forward looking statements” within the meaning of such term in the Private Securities Litigation Reform Act of 1995. We caution you that a number of important factors could cause actual results to differ materially from those in the forward-looking statements, especially given the current turmoil in the banking and financial markets. These factors include the effects of depositors withdrawing funds unexpectedly, counterparties being unable to provide liquidity sources that we believe should be available, loan losses, economic conditions and competition in the geographic and business areas in which Private Bancorp of America, Inc. operates, including competition in lending and deposit acquisition, the unpredictability of fee income from participation in SBA loan programs, the effects of bank failures, liquidations and mergers in our markets and nationally, our ability to successfully integrate and develop business through the addition of new personnel, whether our efforts to expand loan, product and service offerings will prove profitable, system failures and data security, whether we can effectively secure and implement new technology solutions, inflation, fluctuations in interest rates, legislation and governmental regulation. You should not place undue reliance on forward-looking statements, and we undertake no obligation to update those statements whether as a result of changes in underlying factors, new information, future events or otherwise. These factors could cause actual results to differ materially from what we anticipate or project. You should not place undue reliance on any such forward-looking statement, which speaks only as of the date on which it was made. Although we, in good faith, believe the assumptions and bases supporting our forward-looking statements to be reasonable there can be no assurance that those assumptions and bases will prove accurate.

The MIL Network –

May 14, 2025

MIL-OSI: Evolution Petroleum Reports Fiscal Third Quarter 2025 Results and Declares Quarterly Cash Dividend for Fiscal Fourth Quarter

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Texas, May 13, 2025 (GLOBE NEWSWIRE) — Evolution Petroleum Corporation (NYSE American: EPM) (“Evolution” or the “Company”) today announced its financial and operating results for its fiscal third quarter ended March 31, 2025. Evolution also declared its 47^th consecutive quarterly cash dividend of $0.12 per common share for the fiscal 2025 fourth quarter.

Financial & Operational Highlights

($ in thousands)	Q3 2025			Q2 2025			Q3 2024		% Change vs Q3/Q2		% Change vs Q3/Q3		2025 YTD			2024 YTD		% Change vs YTD’24
Average BOEPD	6,667			6,935				7,209	(4	)%	(8	)%	7,033				6,651		6	%
Revenues	$	22,561		$	20,275		$	23,025	11	%	(2	)%	$	64,732		$	64,650		—	%
Net Income (Loss) ⁽¹⁾	$	(2,179	)	$	(1,825	)	$	289	NM		NM		$	(1,939	)	$	2,845		NM
Adjusted Net Income (Loss) ⁽¹⁾⁽²⁾	$	806		$	(841	)	$	978	NM		(18	)%	$	701		$	3,597		(81	)%
Adjusted EBITDA⁽³⁾	$	7,421		$	5,688		$	8,476	30	%	(12	)%	$	21,234		$	22,011		(4	)%

_____________________

⁽¹⁾	^{“NM” means “Not Meaningful.”}
⁽²⁾	^{Adjusted Net Income is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.}
⁽³⁾	^{Adjusted EBITDA is Adjusted Earnings Before Interest, Taxes, Depreciation, and Amortization and is a non-GAAP financial measure; see the non-GAAP reconciliation schedules to the most comparable GAAP measures at the end of this release for more information.}

Fiscal Q3 production was 6,667 average barrels of oil equivalent per day (“BOEPD”), with oil accounting for 52% of revenue, natural gas accounting for 35%, and natural gas liquids (“NGLs”) accounting for 13% of revenue during the quarter.
Amid market volatility in fiscal Q3, the Company benefited from its diversified energy portfolio, as reflected by a 30% increase in Adjusted EBITDA⁽³⁾ versus fiscal Q2.
Fiscal Q3 revenue rose 11% versus Fiscal Q2, largely driven by the strength of natural gas revenue, which increased 34% during the quarter.
$4.1 million returned to shareholders in the form of cash dividends during fiscal Q3, and $4.0 million of principal repaid on its Senior Secured Credit Facility.
Activities subsequent to quarter end:
- Four gross new wells were brought online at the Chaveroo Field under budget, with early production rates exceeding expectations.
- Closed the highly accretive $9.0 million acquisition of non-operated oil and natural gas assets located in New Mexico, Texas, and Louisiana (the “TexMex” acquisition).
- As of today, production adds from the four new gross Chaveroo wells and TexMex are contributing more than 850 net BOEPD to production.

Kelly Loyd, President and Chief Executive Officer, commented: “We are maintaining our quarterly dividend at $0.12 per share for the twelfth consecutive quarter, underscoring our commitment to sustainable shareholder returns as well as our confidence in the strength of our asset base, even in a volatile commodity price environment.

“Our third quarter results reflect the benefits of our balanced, long-life portfolio of producing assets that are capable of both flourishing in attractive price environments and withstanding cyclical lows. Despite weather and maintenance-related downtime, which affected production, we were able to more than meet all of our capital obligations during the quarter, including ~$8.5 million in dividend and capex payments, as well as repayment of $4.0 million of principal on our Senior Secured Credit Facility.

“Subsequent to quarter end, we closed the TexMex acquisition and turned in-line our latest four Chaveroo wells. TexMex and the four new gross Chaveroo wells are currently contributing more than 850 net BOEPD to production. We also expect to benefit from recent and ongoing drilling activities in our SCOOP/STACK area. When combined with the strength in natural gas prices, these production additions are expected to meaningfully benefit our next fiscal quarter.

Mr. Loyd concluded, “In coordination with our Chaveroo partner, we have agreed to delay the start of our third development block until later into our fiscal year 2026. Our current focus is on acquiring oil-weighted, low-decline producing properties at discounted prices, or natural gas properties which can be hedged favorably for years to come, while strategically deferring development of our high-value, oil-weighted locations, preserving value for our shareholders until oil market conditions improve. Maintaining our dividend is a top priority, and we believe our resilient portfolio and strong financial position will enable us to continue with our dividend program well into the future.”

Fiscal Third Quarter 2025 Financial Results

Total revenues decreased 2% to $22.6 million compared to $23.0 million in the year-ago quarter. The decline was driven primarily by an 8% decrease in production volumes, partially offset by a 7% increase in average realized commodity prices. The decrease in production volumes was primarily due to planned maintenance at the central facility and NGL plant downtime at Delhi Field, January winter weather impacts at Barnett Shale, as well as natural production declines, partially offset by additional production from the Company’s SCOOP/STACK properties acquired in February 2024.

Lease operating costs (“LOE”) increased to $13.4 million compared to $12.6 million in the year-ago quarter. The increase was driven by CO₂ purchases at Delhi Field, which resumed in October 2024 after being suspended in February 2024, coupled with a full quarter of the Company’s SCOOP/STACK properties acquired in February 2024, increasing lease operating costs by $0.5 million compared to the year-ago quarter. On a per unit basis, total LOE increased 16% to $22.32 per BOE compared to $19.24 per BOE in the year-ago quarter.

Depletion, depreciation, and accretion expense was $5.0 million compared to $5.9 million in the year-ago period. On a per BOE basis, the Company’s current quarter depletion rate decreased to $7.68 per BOE compared to $8.43 per BOE in the year-ago period due to a decrease in its depletable base.

General and administrative (“G&A”) expenses, excluding stock-based compensation, were $1.9 million for both the current and year-ago periods. On a per BOE basis, G&A expenses increased to $3.22 compared to $2.85 in the year-ago period. The increase per unit is the result of decreased production in the current period.

The Company reported a net loss of $2.2 million or $(0.07) per share, compared to net income of $0.3 million or $0.01 per share in the year-ago period. Excluding the impact of unrealized losses, adjusted net income was $0.8 million or $0.02 per diluted share, compared to adjusted net income of $1.0 million or $0.03 per diluted share in the prior quarter.

Adjusted EBITDA was $7.4 million compared to $8.5 million in the year-ago period. The decrease was primarily due to decreased revenue as a result of lower production and higher total operating costs due to CO₂ purchases at Delhi Field, which resumed in October 2024 after being suspended in February 2024.

Production & Pricing

Average price per unit:	Q3 2025		Q3 2024		% Change vs Q3/Q3
Crude oil (BBL)	$	68.42	$	73.06		(6)	%
Natural gas (MCF)		3.87		2.77		40	%
Natural Gas Liquids (BBL)		32.28		25.26		28	%
Equivalent (BOE)		37.60		35.10		7	%

Total production for the third quarter of fiscal 2025 decreased 7.5% to 6,667 net BOEPD compared to 7,209 net BOEPD in the year-ago period. Total production for the third quarter of fiscal 2025 included 1,911 barrels per day (“BOPD”) of crude oil, 3,723 BOEPD of natural gas, and 1,033 BOEPD of NGLs. The decrease in total production was driven by planned maintenance at the central facility and NGL plant downtime at Delhi Field, January winter weather impacts at Barnett Shale, as well as natural production declines partially offset by additional production from the Company’s SCOOP/STACK properties acquired in February 2024. Total oil and natural gas liquids production generated 65% of revenue for the quarter compared to 75% in the year-ago period.

The Company’s average realized commodity price (excluding the impact of derivative contracts) increased 7% to $37.60 per BOE, compared to $35.10 per BOE in the year-ago period. These increases were primarily driven by an increase of approximately 40% in realized natural gas prices year over year.

Operations Update

At SCOOP/STACK, the Company brought online 13 gross wells fiscal year-to-date, with an additional five wells in progress.

At Chaveroo, the Company successfully completed and brought online four new gross wells in the second development block. These wells were completed on schedule and under budget. Although very early in the productive life of the wells, production rates are significantly exceeding expectations.

In the Williston Basin, oil production was up quarter over quarter as a result of deferred oil sales at the end of Q2 to Q3. Gas and NGLs increased quarter over quarter, benefiting from a full quarter of gas sales. The Williston field continues to generate solid returns.

At Delhi, production was temporarily affected by planned maintenance at the Delhi Central Facility, which resulted in a shutdown of the entire field for a few days and at the NGL Plant for approximately two weeks. At the end of the quarter, the decision was made to switch from purchasing CO₂ volumes to additional water injection. The operator will continue to inject approximately 300 MMCFPD of recycled CO₂. The Company and the operator believe this will be the most economical way to run the field and will significantly reduce operating costs while maximizing cash flow.

Jonah remained steady, with a temporary dip in volumes during February due to the impact of winter weather. However, strong winter natural gas pricing contributed positively to overall cash flow for the quarter.

Barnett Shale delivered consistent cash-flow generation, reflecting its reliability and operational stability. Despite brief downtime in January due to winter storms, production remained steady overall, with improved realized pricing for natural gas and NGLs serving as a tailwind for financial results. These favorable pricing dynamics helped offset broader commodity price weakness and underscore Barnett’s continued role as a valuable contributor to our diversified portfolio.

Balance Sheet, Liquidity, and Capital Spending

On March 31, 2025, cash and cash equivalents totaled $5.6 million, with a working capital deficit of $2.7 million primarily due to unrealized losses on current derivative contracts, which vary quarter-to-quarter based on forecasted commodity prices at the end of each quarter. Evolution had $35.5 million of borrowings outstanding under its revolving credit facility and total liquidity of $20.1 million, including cash and cash equivalents. In Fiscal Q3, Evolution paid $4.1 million in common stock dividends, $4.0 million in repayments of borrowings of its Senior Secured Credit Facility, $1.8 million in deposits for its TexMex Acquisition, and $4.4 million in capital expenditures. During the quarter ended March 31, 2025, the Company sold a total of approximately 0.2 million shares of its common stock under its At-the-Market Sales Agreement for net proceeds of approximately $1.1 million, after deducting less than $0.1 million in offering costs.

The Company has received approval from its lender, MidFirst Bank, to extend the maturity of the existing Senior Secured Credit Facility to April 2028 and increase their total commitments from $50.0 million to $55.0 million. Also, the Company expects to receive $10.0 million in additional commitments from a new lender, Prism Bank, bringing the total commitments to $65.0 million.

Cash Dividend on Common Stock

On May 12, 2025, Evolution’s Board of Directors declared a cash dividend of $0.12 per share of common stock, which will be paid on June 30, 2025, to common stockholders of record on June 13, 2025. This will be the 47^th consecutive quarterly cash dividend on the Company’s common stock since December 31, 2013. To date, Evolution has returned approximately $130.7 million, or $3.93 per share, back to stockholders in common stock dividends.

Conference Call

As previously announced, Evolution Petroleum will host a conference call on Wednesday, May 14, 2025, at 10:00 a.m. CT to review its fiscal third quarter 2025 financial and operating results. Participants can join online at https://event.choruscall.com/mediaframe/webcast.html?webcastid=ASNQRrWs or by dialing (844) 481-2813. Dial-in participants should ask to join the Evolution Petroleum Corporation call. A replay will be available through May 14, 2026, via the webcast link provided and on Evolution’s Investor Relations website at www.ir.evolutionpetroleum.com.

About Evolution Petroleum

Evolution Petroleum Corporation is an independent energy company focused on maximizing total shareholder returns through the ownership of and investment in onshore oil and natural gas properties in the U.S. The Company aims to build and maintain a diversified portfolio of long-life oil and natural gas properties through acquisitions, selective development opportunities, production enhancements, and other exploitation efforts. Visit www.evolutionpetroleum.com for more information.

Cautionary Statement

All forward-looking statements contained in this press release regarding the Company’s current and future expectations, potential results, and plans and objectives involve a wide range of risks and uncertainties. Statements herein using words such as “believe,” “expect,” “may,” “plans,” “outlook,” “should,” “will,” and words of similar meaning are forward-looking statements. Although the Company’s expectations are based on business, engineering, geological, financial, and operating assumptions that it believes to be reasonable, many factors could cause actual results to differ materially from its expectations. The Company gives no assurance that its goals will be achieved. These factors and others are detailed under the heading “Risk Factors” and elsewhere in our periodic reports filed with the Securities and Exchange Commission (“SEC”). The Company undertakes no obligation to update any forward-looking statement.

Contact
Investor Relations
(713) 935-0122
ir@evolutionpetroleum.com


Evolution Petroleum Corporation Condensed Consolidated Statements of Operations (Unaudited) (In thousands, except per share amounts)

	Three Months Ended									Nine Months Ended
	March 31,						December 31,			March 31,
	2025			2024			2024			2025			2024
Revenues
Crude oil	$	11,769		$	14,538		$	11,763		$	38,269		$	38,913
Natural gas		7,790			5,860			5,793			17,868			17,943
Natural gas liquids		3,002			2,627			2,719			8,595			7,794
Total revenues		22,561			23,025			20,275			64,732			64,650
Operating costs
Lease operating costs		13,388			12,624			12,793			37,971			36,865
Depletion, depreciation, and accretion		5,014			5,900			5,433			16,172			14,760
General and administrative expenses		2,573			2,417			2,654			7,754			7,522
Total operating costs		20,975			20,941			20,880			61,897			59,147
Income (loss) from operations		1,586			2,084			(605	)		2,835			5,503
Other income (expense)
Net gain (loss) on derivative contracts		(3,802	)		(1,183	)		(1,219	)		(3,223	)		(1,183	)
Interest and other income		55			63			52			164			283
Interest expense		(705	)		(518	)		(764	)		(2,292	)		(584	)
Income (loss) before income taxes		(2,866	)		446			(2,536	)		(2,516	)		4,019
Income tax (expense) benefit		687			(157	)		711			577			(1,174	)
Net income (loss)	$	(2,179	)	$	289		$	(1,825	)	$	(1,939	)	$	2,845
Net income (loss) per common share:
Basic	$	(0.07	)	$	0.01		$	(0.06	)	$	(0.07	)	$	0.09
Diluted	$	(0.07	)	$	0.01		$	(0.06	)	$	(0.07	)	$	0.08
Weighted average number of common shares outstanding:
Basic		33,433			32,702			32,934			33,027			32,692
Diluted		33,433			32,854			32,934			33,027			32,920

Evolution Petroleum Corporation Condensed Consolidated Balance Sheets (Unaudited) (In thousands, except share and per share amounts)

	March 31, 2025		June 30, 2024
Assets
Current assets
Cash and cash equivalents	$	5,601	$	6,446
Receivables from crude oil, natural gas, and natural gas liquids revenues		10,707		10,826
Derivative contract assets		828		596
Prepaid expenses and other current assets		2,658		3,855
Total current assets		19,794		21,723
Property and equipment, net of depletion, depreciation, and impairment
Oil and natural gas properties, net, full-cost method of accounting, of which none were excluded from amortization		133,514		139,685

Other noncurrent assets
Derivative contract assets		48		171
Other assets		3,038		1,298
Total assets	$	156,394	$	162,877
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	11,977	$	8,308
Accrued liabilities and other		7,092		6,239
Derivative contract liabilities		3,453		1,192
State and federal taxes payable		—		74
Total current liabilities		22,522		15,813
Long term liabilities
Senior secured credit facility		35,500		39,500
Deferred income taxes		4,572		6,702
Asset retirement obligations		20,398		19,209
Derivative contract liabilities		1,742		468
Operating lease liability		—		58
Total liabilities		84,734		81,750
Commitments and contingencies
Stockholders’ equity
Common stock; par value $0.001; 100,000,000 shares authorized: issued and outstanding 34,284,369 and 33,339,535 shares as of March 31, 2025 and June 30, 2024, respectively		34		33
Additional paid-in capital		45,786		41,091
Retained earnings		25,840		40,003
Total stockholders’ equity		71,660		81,127
Total liabilities and stockholders’ equity	$	156,394	$	162,877

Evolution Petroleum Corporation Condensed Consolidated Statements of Cash Flows (Unaudited) (In thousands)

	Three Months Ended									Nine Months Ended
	March 31,						December 31,			March 31,
	2025			2024			2024			2025			2024
Cash flows from operating activities:
Net income (loss)	$	(2,179	)	$	289		$	(1,825	)	$	(1,939	)	$	2,845
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation, and accretion		5,014			5,900			5,433			16,172			14,760
Stock-based compensation		642			549			659			1,860			1,585
Settlement of asset retirement obligations		(66	)		(19	)		(182	)		(346	)		(19	)
Deferred income taxes		(2,101	)		766			252			(2,130	)		124
Unrealized (gain) loss on derivative contracts		3,926			1,063			1,368			3,426			1,063
Accrued settlements on derivative contracts		(57	)		94			9			(114	)		94
Other		(4	)		(3	)		(1	)		(7	)		—
Changes in operating assets and liabilities:
Receivables from crude oil, natural gas, and natural gas liquids revenues		(26	)		(2,495	)		29			(34	)		(4,734	)
Prepaid expenses and other current assets		965			(1,151	)		(1,494	)		1,400			(1,425	)
Accounts payable, accrued liabilities, and other		1,149			(1,629	)		3,471			4,382			814
State and federal taxes payable		—			—			—			(74	)		(365	)
Net cash provided by operating activities		7,263			3,364			7,719			22,596			14,742
Cash flows from investing activities:
Acquisition deposits		(1,800	)		—			—			(1,800	)		—
Acquisition of oil and natural gas properties		(20	)		(43,788	)		(69	)		(351	)		(43,788	)
Capital expenditures for oil and natural gas properties		(4,404	)		(2,648	)		(758	)		(7,902	)		(8,353	)
Net cash used in investing activities		(6,224	)		(46,436	)		(827	)		(10,053	)		(52,141	)
Cash flows from financing activities:
Common stock dividends paid		(4,109	)		(4,003	)		(4,082	)		(12,224	)		(12,037	)
Common stock repurchases, including stock surrendered for tax withholding		(71	)		(818	)		(103	)		(262	)		(1,031	)
Borrowings under senior secured credit facility		—			42,500			—			—			42,500
Repayments of senior secured credit facility		(4,000	)		—			—			(4,000	)		—
Issuance of common stock		1,145			—			2,259			3,404			—
Offering costs		(70	)		—			(236	)		(306	)		—
Net cash provided by (used in) financing activities		(7,105	)		37,679			(2,162	)		(13,388	)		29,432
Net increase (decrease) in cash and cash equivalents		(6,066	)		(5,393	)		4,730			(845	)		(7,967	)
Cash and cash equivalents, beginning of period		11,667			8,460			6,937			6,446			11,034
Cash and cash equivalents, end of period	$	5,601		$	3,067		$	11,667		$	5,601		$	3,067

Evolution Petroleum Corporation

Non-GAAP Reconciliation – Adjusted EBITDA (Unaudited)

(In thousands)

Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures that are used as supplemental financial measures by our management and by external users of our financial statements, such as investors, commercial banks, and others, to assess our operating performance as compared to that of other companies in our industry, without regard to financing methods, capital structure, or historical costs basis. We use these measures to assess our ability to incur and service debt and fund capital expenditures. Our Adjusted EBITDA and Net income (loss) and earnings per share, excluding selected items, should not be considered alternatives to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted EBITDA and Net income (loss) and earnings per share excluding selected items in the same manner.

We define Adjusted EBITDA as net income (loss) plus interest expense, income tax expense (benefit), depreciation, depletion, and accretion (DD&A), stock-based compensation, ceiling test impairment, and other impairments, unrealized loss (gain) on change in fair value of derivatives, and other non-recurring or non-cash expense (income) items.


	Three Months Ended								Nine Months Ended
	March 31,					December 31,			March 31,
	2025			2024		2024			2025			2024
Net income (loss)	$	(2,179	)	$	289	$	(1,825	)	$	(1,939	)	$	2,845
Adjusted by:
Interest expense		705			518		764			2,292			584
Income tax expense (benefit)		(687	)		157		(711	)		(577	)		1,174
Depletion, depreciation, and accretion		5,014			5,900		5,433			16,172			14,760
Stock-based compensation		642			549		659			1,860			1,585
Unrealized loss (gain) on derivative contracts		3,926			1,063		1,368			3,426			1,063
Adjusted EBITDA	$	7,421		$	8,476	$	5,688		$	21,234		$	22,011

Evolution Petroleum Corporation Non-GAAP Reconciliation – Adjusted Net Income (Unaudited) (In thousands, except per share amounts)

	Three Months Ended									Nine Months Ended
	March 31,						December 31,			March 31,
	2025			2024			2024			2025			2024
As Reported:
Net income (loss), as reported	$	(2,179	)	$	289		$	(1,825	)	$	(1,939	)	$	2,845

Impact of Selected Items:
Unrealized loss (gain) on commodity contracts		3,926			1,063			1,368			3,426			1,063
Selected items, before income taxes	$	3,926		$	1,063		$	1,368		$	3,426		$	1,063
Income tax effect of selected items⁽¹⁾		941			374			384			786			311
Selected items, net of tax	$	2,985		$	689		$	984		$	2,640		$	752

As Adjusted:
Net income (loss), excluding selected items⁽²⁾	$	806		$	978		$	(841	)	$	701		$	3,597

Undistributed earnings allocated to unvested restricted stock		(96	)		(21	)		(100	)		(274	)		(73	)
Net income (loss), excluding selected items for earnings per share calculation	$	710		$	957		$	(941	)	$	427		$	3,524

Net income (loss) per common share — Basic, as reported	$	(0.07	)	$	0.01		$	(0.06	)	$	(0.07	)	$	0.09
Impact of selected items		0.09			0.02			0.03			0.08			0.02
Net income (loss) per common share — Basic, excluding selected items⁽²⁾	$	0.02		$	0.03		$	(0.03	)	$	0.01		$	0.11


Net income (loss) per common share — Diluted, as reported	$	(0.07	)	$	0.01		$	(0.06	)	$	(0.07	)	$	0.08
Impact of selected items		0.09			0.02			0.03			0.08			0.03
Net income (loss) per common share — Diluted, excluding selected items⁽²⁾⁽³⁾	$	0.02		$	0.03		$	(0.03	)	$	0.01		$	0.11

_____________________

⁽¹⁾	^{The tax impact for the three months ended March 31, 2025 and 2024, is represented using estimated tax rates of 24.0% and 35.2%, respectively. The tax impact for the three months ended December 31, 2024, is represented using estimated tax rates of 28.0%. The tax impact for the nine months ended March 31, 2025 and 2024 is represented using estimated tax rates of 22.9% and 29.2%, respectively.}
⁽²⁾	^{Net income (loss) and earnings per share excluding selected items are non-GAAP financial measures presented as supplemental financial measures to enable a user of the financial information to understand the impact of these items on reported results. These financial measures should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities, or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP. Our Adjusted Net Income (Loss) and earnings per share may not be comparable to similarly titled measures of another company because all companies may not calculate Adjusted Net Income (Loss) and earnings per share in the same manner.}
⁽³⁾	^{The impact of selected items for the three months ended March 31, 2025, and 2024, were each calculated based upon weighted average diluted shares of 33.6 million and 32.9 million, respectively, due to the net income (loss), excluding selected items. The impact of selected items for the three months ended December 31, 2024, was calculated based upon weighted average diluted shares of 32.9 million due to the net income (loss), excluding selected items. The impact of selected items for the nine months ended March 31, 2025, and 2024, was each calculated based upon weighted average diluted shares of 33.2 million and 32.9 million, respectively, due to the net income (loss), excluding selected items.}

Evolution Petroleum Corporation Supplemental Information on Oil and Natural Gas Operations (Unaudited) (In thousands, except per unit and per BOE amounts)

	Three Months Ended						Nine Months Ended
	March 31,				December 31,		March 31,
	2025		2024		2024		2025		2024
Revenues:
Crude oil	$	11,769	$	14,538	$	11,763	$	38,269	$	38,913
Natural gas		7,790		5,860		5,793		17,868		17,943
Natural gas liquids		3,002		2,627		2,719		8,595		7,794
Total revenues	$	22,561	$	23,025	$	20,275	$	64,732	$	64,650

Lease operating costs:
Ad valorem and production taxes	$	1,473	$	1,459	$	1,441	$	4,328	$	4,009
Gathering, transportation, and other costs		2,913		2,527		2,889		8,592		6,926
Other lease operating costs		9,002		8,638		8,463		25,051		25,930
Total lease operating costs	$	13,388	$	12,624	$	12,793	$	37,971	$	36,865

Depletion of full cost proved oil and natural gas properties	$	4,607	$	5,532	$	5,024	$	14,956	$	13,680

Production:
Crude oil (MBBL)		172		199		179		555		519
Natural gas (MMCF)		2,011		2,115		2,125		6,364		6,091
Natural gas liquids (MBBL)		93		104		105		311		295
Equivalent (MBOE)⁽¹⁾		600		656		638		1,927		1,829
Average daily production (BOEPD)⁽¹⁾		6,667		7,209		6,935		7,033		6,651

Crude oil (BBL)	$	68.42	$	73.06	$	65.72	$	68.95	$	74.98
Natural gas (MCF)		3.87		2.77		2.73		2.81		2.95
Natural Gas Liquids (BBL)		32.28		25.26		25.90		27.64		26.42
Equivalent (BOE)⁽¹⁾	$	37.60	$	35.10	$	31.78	$	33.59	$	35.35

Average cost per unit:
Ad valorem and production taxes	$	2.46	$	2.22	$	2.26	$	2.25	$	2.19
Gathering, transportation, and other costs		4.86		3.85		4.53		4.46		3.79
Other lease operating costs		15.00		13.17		13.26		13.00		14.18
Total lease operating costs	$	22.32	$	19.24	$	20.05	$	19.71	$	20.16

Depletion of full cost proved oil and natural gas properties	$	7.68	$	8.43	$	7.87	$	7.76	$	7.48

_____________________

⁽¹⁾	^{Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.}
⁽²⁾	^{Amounts exclude the impact of cash paid or received on the settlement of derivative contracts since we did not elect to apply hedge accounting.}

Evolution Petroleum Corporation Summary of Production Volumes and Average Sales Price (Unaudited)

	Three Months Ended
	March 31,								December 31,
	2025				2024				2024
	Volume		Price		Volume		Price		Volume		Price
Production:
Crude oil (MBBL)
SCOOP/STACK		28	$	71.36		30	$	78.71		35	$	70.52
Chaveroo Field		8		56.78		15		76.39		9		67.55
Jonah Field		7		67.69		8		72.25		7		64.54
Williston Basin		34		64.35		35		70.29		30		64.64
Barnett Shale		3		68.03		3		73.05		2		65.99
Hamilton Dome Field		34		58.88		35		61.21		35		57.53
Delhi Field		58		76.04		73		77.08		60		68.66
Other		—		—		—		—		1		71.61
Total		172	$	68.42		199	$	73.06		179	$	65.72
Natural gas (MMCF)
SCOOP/STACK		317	$	4.91		214	$	2.11		314	$	2.89
Chaveroo Field		—		—		7		2.29		—		—
Jonah Field		758		4.02		843		3.94		803		3.21
Williston Basin		32		3.89		20		1.36		18		1.41
Barnett Shale		904		3.39		1,031		1.98		990		2.31
Total		2,011	$	3.87		2,115	$	2.77		2,125	$	2.73
Natural gas liquids (MBBL)
SCOOP/STACK		13	$	27.84		10	$	25.14		18	$	21.34
Chaveroo Field		—		—		1		22.86		—		—
Jonah Field		8		32.14		9		31.93		9		30.08
Williston Basin		8		23.74		4		23.96		2		17.86
Barnett Shale		49		33.48		59		22.85		57		25.86
Delhi Field		15		37.20		20		30.48		19		29.13
Other		—		—		1		25.87		—		—
Total		93	$	32.28		104	$	25.26		105	$	25.90

Equivalent (MBOE)⁽¹⁾
SCOOP/STACK		94	$	41.90		76	$	40.56		105	$	35.48
Chaveroo Field		8		56.78		17		68.40		9		67.55
Jonah Field		141		26.63		158		26.72		150		22.14
Williston Basin		47		53.08		42		61.15		35		57.00
Barnett Shale		203		24.13		234		15.41		224		17.29
Hamilton Dome Field		34		58.88		35		61.21		35		57.53
Delhi Field		73		68.19		93		67.21		79		59.37
Other		—		—		1		25.87		1		71.61
Total		600	$	37.60		656	$	35.10		638	$	31.78

Average daily production (BOEPD)⁽¹⁾
SCOOP/STACK		1,044				835				1,141
Chaveroo Field		89				187				98
Jonah Field		1,567				1,736				1,630
Williston Basin		522				462				380
Barnett Shale		2,256				2,571				2,435
Hamilton Dome Field		378				385				380
Delhi Field		811				1,022				859
Other		—				11				12
Total		6,667				7,209				6,935

_____________________

⁽¹⁾	^{Equivalent oil reserves are defined as six MCF of natural gas and 42 gallons of NGLs to one barrel of oil conversion ratio, which reflects energy equivalence and not price equivalence. Natural gas prices per MCF and NGL prices per barrel often differ significantly from the equivalent amount of oil.}

Evolution Petroleum Corporation Summary of Average Production Costs (Unaudited)

	Three Months Ended
	March 31,								December 31,
	2025				2024				2024
	Amount		Price		Amount		Price		Amount		Price
Production costs (in thousands, except per BOE):
Lease operating costs
SCOOP/STACK	$	1,106	$	11.74	$	619	$	8.18	$	1,050	$	9.97
Chaveroo Field		128		15.77		161		9.12		122		12.92
Jonah Field		2,184		15.51		2,313		14.63		2,196		14.62
Williston Basin		1,476		31.45		1,413		33.69		1,190		34.12
Barnett Shale		3,739		18.47		3,767		16.07		4,030		18.03
Hamilton Dome Field		1,237		36.36		1,566		45.34		1,188		34.18
Delhi Field		3,518		48.04		2,785		30.19		3,017		38.15
Total	$	13,388	$	22.32	$	12,624	$	19.24	$	12,793	$	20.05

Evolution Petroleum Corporation

Summary of Open Derivative Contracts (Unaudited)

For more information on the Company’s hedging practices, see Note 7 to its financial statements included on Form 10-Q filed with the SEC for the quarter ended March 31, 2025.
The Company had the following open crude oil and natural gas derivative contracts as of May 12, 2025:


			Volumes in	Swap Price per		Floor Price per		Ceiling Price per
Period	Commodity	Instrument	MMBTU/BBL	MMBTU/BBL		MMBTU/BBL		MMBTU/BBL
April 2025 – June 2025	Crude Oil	Fixed-Price Swap	25,571	$	73.49
April 2025 – June 2025	Crude Oil	Collar	41,601			$	65.00	$	84.00
April 2025 – December 2025	Crude Oil	Fixed-Price Swap	32,229		72.00
July 2025 – December 2025	Crude Oil	Fixed-Price Swap	81,335		71.40
January 2026 – March 2026	Crude Oil	Collar	43,493				60.00		75.80
April 2026 – June 2026	Crude Oil	Fixed-Price Swap	17,106		60.40
April 2025 – December 2025	Natural Gas	Collar	681,271				4.00		4.95
April 2025 – December 2026	Natural Gas	Fixed-Price Swap	3,010,069		3.60
January 2026 – March 2026	Natural Gas	Collar	375,481				3.60		5.00
January 2026 – March 2026	Natural Gas	Collar	213,251				4.00		5.39
April 2025 – December 2027	Natural Gas	Fixed-Price Swap	3,729,540		3.57
April 2026 – October 2026	Natural Gas	Collar	433,428				3.50		4.55

This press release was published by a CLEAR® Verified individual.

The MIL Network –

May 14, 2025

MIL-OSI Russia: Financial News: Long-Term Savings Program Will Become Even More Accessible

Translation. Region: Russian Federal

Source: Central Bank of Russia –

From October 1, 2025, it will be possible to conclude an agreement with a non-state pension fund and become a participant in the long-term savings program through the State Services portal, which will increase the availability of this product for citizens. Such changesThe State Duma approved the legislation in the second and third readings.

The amendments also introduce a cooling-off period, when the contract can be terminated early without losing benefits. Now, if a program participant has made a contribution and then changed his mind and decided to leave it, he loses the right to receive co-financing from the state, including when concluding such contracts in the future. The same principle applies if a person has several long-term savings contracts and is going to close at least one of them.

According to the new rules, a program participant has the right to terminate a long-term savings agreement under which he did not receive co-financing, and at the same time retain the right to state support under other long-term savings agreements, if he managed to do so before April 1 of the year when funds from the state are to be received.

This rule will come into effect 10 days after the official publication of the law.

Preview photo: Jack Frog / 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: //VVV.KBR.ru/Press/Event/? ID = 24596

MIL OSI Russia News –

May 14, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with St. Kitts and Nevis

Source: IMF – News in Russian

May 13, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for St. Kitts and Nevis[1] The authorities have consented to the publication of the Staff Report prepared for this consultation.

Following the post-pandemic rebound, the economy is facing challenges. Real GDP growth moderated to 1.5 percent in 2024, reflecting lower contributions from tourism and government services, while inflation eased to 1 percent. The fiscal deficit increased to 11 percent of GDP in 2024, mainly driven by a sharp decline in Citizenship-by-Investment (CBI) revenue amid recent reforms aimed at strengthening the CBI program. The current account deficit widened due to lower CBI inflows. Meanwhile, credit growth accelerated on the back of pent-up demand, especially in mortgage loans, amid increasing competition. Groundwork is ongoing for a potentially transformative geothermal project.

In 2025, economic growth is projected to strengthen to 2 percent supported by expanding tourism, while inflation is expected to remain stable.[2] In the medium term, growth is forecast to rise to 2½ percent, benefiting from large energy projects. Nonetheless, fiscal deficits are forecasted to remain high in the medium term, driven by expectations of structurally lower CBI revenue, resulting in public debt exceeding 70 percent of GDP by 2030.

Near-term risks to growth are tilted to the downside, but progress in fostering renewable energy provides upside potential over the medium term. The uncertainty and volatility of CBI revenue pose a significant two-sided risk, but a further decline in CBI revenue would pressure fiscal accounts. Downside risks include a slowdown in key source markets for tourism, global financial instability, and commodity price volatility. The economy is highly exposed to natural disasters. On the other hand, the energy projects could foster growth and fiscal revenue in the medium term.

Executive Board Assessment[3]

Executive Directors welcomed the authorities’ commitment to prudent policy reforms and stressed that the significant challenges the economy is facing require a multipronged approach to address low growth and fiscal sustainability, while safeguarding financial stability and the external position.

Directors encouraged the authorities to implement a prompt and decisive fiscal consolidation to keep public debt below the regional debt ceiling and reduce reliance on the Citizenship‑by‑Investment Program (CBI). This would create space for capital expenditure, resilience against natural disasters, and contingent liabilities. Directors stressed that fiscal consolidation should be driven by tax revenue mobilization and reductions in current expenditures, anchored by fiscal rules. Greater diversification of funding sources would also help to lengthen debt maturities and lower financing costs. Directors supported the authorities’ plan to establish a Sovereign Wealth Fund to absorb upsides in CBI revenue and called for continuing improvements in the CBI framework, including its transparency. They also welcomed the authorities’ initiatives to implement reforms to improve the sustainability of the Social Security Fund.

Directors underscored that further progress is needed to strengthen the financial sector, including to reduce NPLs and meet the ECCB’s prudential requirements. They emphasized the importance of continuing to strengthen the balance sheet of the systemic bank and to revitalize its business model. Directors also called for reforms of the Development Bank, building on the authorities’ work in this area. They stressed the need to monitor rapid credit growth and further strengthen the regulation and oversight of credit unions. It will also be important to make additional progress in strengthening the AML/CFT framework.

Directors emphasized that structural reforms and improved preparedness for natural disasters are crucial to boost potential growth. They stressed that reforms are necessary to enhance the efficiency of government services, improve credit access, and better align labor skills with market demands. Directors noted that accelerating the energy transition would help increase competitiveness. Finally, they underscored the need to enhance the investment and the multi‑layered insurance frameworks to strengthen natural disaster preparedness.

St. Kitts and Nevis: Selected Economic Indicators 2020-26 1/
						Est.			Proj.
	2020	2021		2022	2023			2024			2025		2026
	(Annual percentage change, unless otherwise specified)
National income and prices
Real GDP (market prices) 2/	-14.6	-1.7		10.5	4.3			1.5			2.0		2.2
Real GDP (factor cost) 2/	-13.4	-1.0		8.0	5.0			4.3			0.7		0.5
Consumer prices, period average	-1.2	1.2		2.7	3.6			1.0			1.7		2.0
Real effective exchange rate appreciation (+) (end-of-period)	-1.0	-3.1		-1.4	-0.7			-2.4			…		…

Money and credit 3/
Broad money	-8.1	8.9		3.7	-1.9			2.5			13.5		8.9
Change in net foreign assets	-0.4	9.1		-7.0	-6.4			-12.8			-2.3		-2.0
Net credit to general government	-18.4	-4.8		4.9	0.3			9.3			10.3		6.6
Credit to private sector	-4.0	7.7		5.8	5.2			9.8			8.1		6.4
	(In percent of GDP)
Public sector 4/
Total revenue and grants	33.5	46.6		45.2	43.0			31.1			32.5		33.2
o/w Tax revenue	18.8	19.0		18.4	19.3			18.7			18.2		19.0
o/w CBI fees	11.3	23.4		25.3	21.7			8.1			9.0		9.0
Total expenditure and net lending	36.5	41.2		49.4	43.3			41.7			42.2		39.8
Overall balance	-3.1	5.4		-4.2	-0.3			-10.6			-9.8		-6.6
Total public debt (end-of-period)	68.0	69.1		60.2	55.9			52.2			61.4		65.6
General government deposits (percent of GDP) 5/	21.6	30.4		21.6	20.4			10.4			10.3		9.9

External sector
External current account balance	-10.8	-3.4		-11.4	-11.6			-15.1			-13.1		-12.8
Trade balance	-28.0	-24.8		-34.7	-32.8			-32.7			-32.3		-33.3
Memorandum items
Net international reserves, end-of-period
(in millions of U.S. dollars)	365.4	312.8	270.3		262.4		270.7			269.0		267.3

Nominal GDP at market prices (in millions of EC$)	2,387	2,318	2,650		2,850		3,017			3,048		3,171
Sources: St. Kitts and Nevis authorities; ECCB; UNDP; World Bank; and IMF staff estimates and projections.
1/ The staff report projections are based on the information available as of March 27, 2025. Therefore, they do not reflect the impact of trade tensions since April 2, 2025. 2/ In June 2021, the National Statistics Office revised historical GDP series.
3/ The series for monetary aggregates have been revised consistent with the 2016 Monetary and Financial Statistics Manual and Compilation Guide.
4/ Consolidated general government balances. Primary and overall balances are based on above-the-line data.
5/ Includes only central government deposits at the commercial banks.

[1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

[2] Since the issuance of the Staff Report, economic growth has been marked down, reflecting the impact of trade tensions combined with their effects on global policy uncertainty and global financial conditions, primarily through tourism and FDI (see the Supplement).

[3] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Rosa Hernandez Gomez

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

https://www.imf.org/en/News/Articles/2025/05/12/pr-25139-st-kitts-and-nevis-imf-executive-board-concludes-2025-article-iv-consultation

MIL OSI

MIL OSI Russia News –

May 14, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Costa Rica

Source: IMF – News in Russian

May 13, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) completed the Article IV Consultation for Costa Rica on May 12, 2025. ^[1]

Costa Rica has achieved remarkable economic progress due to its very strong fundamentals, policies, and policy frameworks. GDP growth has averaged above 5 percent per year since 2021, inflation is rising toward the Banco Central de Costa Rica’s (BCCR) target of 3 percent, public debt has fallen steadily to below 60 percent of GDP, international reserves are at comfortable levels, and systemic financial stability risks are contained.

Such factors are expected to support robust growth going forward notwithstanding external headwinds. This year, growth is expected to moderate to around potential (3½ percent) and the current account deficit is expected to increase slightly to 1.8 percent of GDP, while the primary surplus is expected to rise to 1¼ percent of GDP as fiscal consolidation continues. Inflation is expected to return to the BCCR’s target in 2026.

Risks to the growth outlook have tilted to the downside while those for inflation are balanced. Weaker external demand, tighter global financial conditions, and increased policy uncertainty could reduce Costa Rica’s exports, foreign direct investment (FDI) inflows, and economic activity, but the country’s strategic location, high-value exports and economic diversification could drive continued strong growth momentum. Upside risks to inflation include strong credit growth and supply-side disruptions, but there are also downside risks, especially if inflation expectations soften.

Executive Board Assessment^[2]

Executive Directors commended Costa Rica’s remarkable economic progress based on its very strong fundamentals, policies, and policy frameworks. Directors welcomed the authorities’ very strong implementation of macroeconomic policies, wide‑ranging reforms in the process of becoming an OECD member, the successful completion of IMF‑supported programs, and a strategic focus on exports and economic diversification. They praised the authorities’ commitment to continued prudent policies and structural reforms to maintain resilience amid heightened external uncertainty.

Directors welcomed the sustained decline of public debt. They stressed that the medium‑term fiscal consolidation is appropriately paced but will require spending to be kept below the ceiling permitted by the fiscal rule. Directors concurred that tax reforms should aim to increase equity, efficiency, and the revenue‑to‑GDP ratio. They stressed the importance of full implementation of the public employment law by all public institutions without delay. The disputed claim by the social security system should also be resolved comprehensively, including by clarifying the central government budget’s responsibility, coupled with improvements in the registries of beneficiaries and the system’s governance and accountability. Directors also supported reforms to debt management to increase flexibility in issuing external debt.

Directors commended BCCR’s forward‑looking data‑dependent approach to monetary policy, which has proven effective. They concurred that there is scope to cut the policy rate if the convergence of inflation to the BCCR’s target weakens in the coming months. They also underscored the importance of passing legislation to further improve the BCCR’s governance, transparency, and accountability, and to institutionalize its de facto autonomy. Directors recommended that the exchange rate should be allowed to flexibly adjust to market conditions, limiting foreign exchange intervention to addressing market volatility.

Directors stressed that indicators of financial soundness remain comfortable, yet the resolution of small non‑bank financial institutions last year highlights the importance of a very strong supervisory and crisis management framework. They underscored the importance of passing the proposed amendments to the bank resolution and deposit insurance law. Directors also called for close monitoring of risks related to the rise in FX lending.

Directors welcomed the authorities’ efforts to advance supply‑side reforms to help sustain Costa Rica’s impressive economic performance. Reducing skills mismatches, enhancing infrastructure quality, and implementing legislation on public‑private partnerships would further strengthen potential growth. Better integrating climate considerations into public investment decisions will make infrastructure more resilient against natural disasters.

Costa Rica: Selected Economic Indicators

				Projections
	2022	2023	2024	2025	2026	2027	2028

Output and Prices	(Annual percentage change)
Real GDP	4.6	5.1	4.3	3.4	3.4	3.5	3.5
GDP deflator	6.3	-0.1	0.0	3.0	3.2	3.2	3.2
Consumer prices (period average)	8.3	0.5	-0.4	2.2	3.0	3.0	3.0

Savings and Investment	(In percent of GDP, unless otherwise indicated)
Gross domestic saving	14.4	13.8	14.3	13.8	13.5	14.1	14.4
Gross domestic investment	17.7	15.3	15.7	15.6	15.4	15.7	16.0

External Sector
Current account balance	-3.3	-1.4	-1.4	-1.8	-1.9	-1.6	-1.5
Trade balance	-6.7	-3.7	-2.6	-3.4	-4.0	-3.7	-3.9
Financial account balance	-1.9	-0.7	-0.8	-1.8	-1.9	-1.6	-1.5
Foreign direct investment, net	-4.4	-4.3	-4.5	-4.1	-4.0	-4.1	-4.3
Gross international reserves (millions of U.S. dollars)	8,724	13,261	14,181	14,932	15,792	16,485	17,301
External debt	50.7	43.3	42.0	42.1	43.3	44.0	44.4

Public Finances
Central government primary balance	2.1	1.6	1.1	1.3	1.5	1.6	1.6
Central government overall balance	-2.8	-3.3	-3.8	-3.2	-2.8	-2.5	-2.3
Central government debt	63.0	61.1	59.8	59.7	59.0	57.9	56.7

Money and Credit
Credit to the private sector (percent change)	3.3	1.9	6.2	6.4	6.5	6.6	6.6
Monetary base ¹	8.0	7.9	8.3	8.3	8.3	8.2	8.2
Broad money	47.5	47.4	51.3	50.5	50.9	51.5	52.3

Memorandum Items
Nominal GDP (billions of colones)	44,810	47,059	49,116	52,307	55,830	59,647	63,720
Output gap (as percent of potential GDP)	-0.3	1.0	0.6	0.4	0.2	0.1	0.0
GDP per capita (US$)	13,240	16,390	17,909	19,095	20,036	21,057	22,138
Unemployment rate	11.7	7.3	6.9	7.5	8.0	8.5	8.5
Sources: Central Bank of Costa Rica, and Fund staff estimates.
¹ Includes currency issued and required domestic reserves.

[2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm .

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Meera Louis

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

https://www.imf.org/en/News/Articles/2025/05/13/pr25142-costa-rica-imf-executive-board-concludes-2025-article-iv-consultation

MIL OSI

MIL OSI Russia News –

May 14, 2025

MIL-OSI NGOs: Saudi Arabia: British citizen Ahmed al-Doush receives a 10 year sentence

Source: Amnesty International –

Manchester based British national Ahmed al-Doush been sentenced to 10 years in prison in Saudi Arabia

It is unknown to Ahmed’s family and UK legal team what the charges were for

He has faced multiple violations to his fair trial rights

Amnesty International has documented the Saudi authorities’ increasing crackdown on freedom of expression

Manchester based British national Ahmed al-Doush, a senior business analyst with Bank of America, has been sentenced to 10 years in prison following his arrest by Saudi authorities on 31 August 2024 on a family holiday to the country.

His domestic lawyer in Saudi Arabia has refused to share with Ahmed’s family what the sentencing was for. Five months after his arrest, Ahmed was told that charges would be issued against him for using social media to spread fake, untrue and damaging news against the Kingdom, and that he was accused of having a relationship with an individual who threatened the Kingdom’s national security.

Based on the questions asked during his extensive interrogations, his family believes these accusations may relate to a 2018 tweet he made concerning the situation in Sudan, with no mention of Saudi Arabia, which he then deleted, and that the second accusation is related to his alleged association with a Saudi critic in exile with whom he has no relationship beyond knowing his son.

Since his arrest, Ahmed has faced multiple violations to his fair trial rights. He was subjected to extensive interrogation without a lawyer present and before being informed of the charges against him. For over two months after his arrest, his family had no contact with him and received no information about his condition or the reasons for his detention, and he was also denied consular access. Since then, his contact with his family and UK based legal team has continued to be severely restricted.

His wife was pregnant at the time of his arrest and he therefore missed the birth of his fourth child.

Amnesty International has documented the Saudi authorities’ increasing crackdown on freedom of expression, targeting both citizens and foreign nationals, many of whom have been sentenced to lengthy prison terms solely for peacefully exercising their right to freedom of expression.

Commenting on the news of the sentence, Sacha Deshmukh, Chief Executive of Amnesty International UK, said:

“We strongly condemn this sentence and reiterate our urgent call on the Saudi authorities to immediately and unconditionally release Ahmed al-Doush, if he is being held solely for peacefully exercising his human rights. He must be allowed to return to his family in the UK without delay. In the meantime, Saudi authorities must uphold his fair trial rights, promptly share his court documents with him and guarantee regular access to both his family and legal counsel.

“We also urge the UK government to take all necessary steps to secure his immediate and unconditional release. The arbitrary detention of another British national abroad cannot be tolerated. Immediate and decisive action is essential.”

MIL OSI NGO –

May 14, 2025
MIL-OSI Banking: Verizon announces a $5B commitment to continue investing in America and supporting small businesses
Source: Verizon

Headline: Verizon announces a $5B commitment to continue investing in America and supporting small businesses

What you need to know:
- Verizon announces a substantial $5 billion commitment over the next five years with the launch of a new Small Business Supplier Accelerator.
- Verizon Small Business Digital Ready launched a new grant cycle where eligible small businesses can apply for $10,000 grants (open until June 30, 2025).
NEW YORK – Verizon today announced a commitment to invest $5 billion over the next five years in US small business suppliers with the launch of its new Small Business Supplier Accelerator. The program helps create a pipeline for American small businesses, many of which are owned by veterans, to work with Verizon and other large corporations. This program is designed to strengthen small businesses — the backbone of the US economy — and to help the country create a more resilient supply chain.

The Verizon Small Business Supplier Accelerator builds on the comprehensive support that Verizon has provided to small businesses and the communities they serve for years. On top of the $5B in supplier spend, the program aims to empower American small businesses to work with Verizon and other large corporations through targeted training and flexible solutions such as faster payment terms, modified insurance requirements and adjusted indemnification requirements. The goal is to make it easier for small businesses to join Verizon’s supplier network.

“Verizon recognizes that small businesses are the backbone of the American economy and a staple in our local communities,” said Hans Vestberg, CEO, Verizon. “Our long-standing commitment and investment in small businesses aims to empower local businesses and communities with financial, technology and business expertise and resources to advance economic growth and foster job creation.”

Keeping nearly 500,000 SMBs digitally ready

Verizon is further fueling small businesses through its Small Business Digital Ready program, a free online program offering small businesses nationwide the opportunity to access over 50 expert on-demand courses curated by and for small businesses; 1:1 expert coaching, online and in-person networking opportunities and access to capital.

In partnership with LISC, Verizon Small Business Digital Ready today announces another Small Business Digital Ready grant opportunity where eligible small businesses who are Digital Ready members (and complete two resources) can apply for $10,000 grants (open until June 30, 2025, at 11:59 pm PT). Since 2021, Verizon has awarded $13.5 million in grants to support small businesses.

Verizon has supported nearly half a million small businesses through Small Business Digital Ready since 2021, almost halfway to the company’s goal to equip one million small businesses with the skills and resources they need to thrive in the digital economy by 2030.

Verizon offers a comprehensive commitment to small businesses that extends beyond a financial investment, aiming to equip these vital economic drivers with the tools and resources small businesses need to grow and protect their businesses using technology.
MIL OSI Global Banks –
May 14, 2025
MIL-OSI Banking: DG Okonjo-Iweala and Japan’s Prime Minister issue joint call to strengthen trading system

Source: World Trade Organization

“The Director-General discussed with the Prime Minister and other key ministers the growing pressures facing the multilateral trading system, including rising trade tensions and risks of fragmentation,” according to a joint statement issued after the meeting.

“They shared the view that, in a time of uncertainty and disruption, the value of the multilateral trading system is unquestionable. They reiterated their shared commitment to working closely together, along with other WTO members, to manage current and future tensions in global trade, to strengthen the multilateral trading system, and to advance meaningful reform of the WTO.”

The importance of free, open and predictable trade as a key driver of growth and reinforcing the multilateral trading system with the WTO at its core were key themes that featured prominently during the meetings, the statement noted. The full statement is available here.

In addition to the Prime Minister, DG Okonjo-Iweala also met with Japanese Foreign Affairs Minister Takeshi Iwaya, Minister of Finance Katsunobu Kato, and Minister of Economy, Trade and Industry Yoji Muto during her stay in Tokyo.

The Director-General will later travel to the Republic of Korea to attend a meeting of trade ministers at the Asia-Pacific Economic Cooperation forum taking place in Jeju on 15-16 May.

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MIL OSI Global Banks –

May 14, 2025
MIL-OSI Banking: Thales launches TRAC SIGMA – an innovative multi-mission Primary Surveillance Radar for Approach and Long-Range Air Surveillance
Source: Thales Group

Headline: Thales launches TRAC SIGMA – an innovative multi-mission Primary Surveillance Radar for Approach and Long-Range Air Surveillance

13 May 2025

Share this article
- Thales unveils its new multi-mission Primary Surveillance Radar, the TRAC SIGMA with simultaneous capacity for Approach and Long-Range Air surveillance for both civil and military Air Traffic Control.
- In an increasingly congested air traffic environment, the new TRAC SIGMA L-Band radar is the only radar of its class to discriminate small aircraft at an extended range (300KM), helping ensure the 3NM distance separation over the entire airspace and not just for final approach.
- Inheriting technology from the TRAC family, the TRAC SIGMA offers higher availability, resistance to jamming and radar interferences, extended coverage, improved discrimination and accuracy, as well as full 3D air picture ensuring smoother coordination between Civil and Military missions.
SIGMA © Julien Lutt / CAPA Pictures” id=”image-03c809b7-a804-42fc-9940-94a1bc2f607d” data-id=”03c809b7-a804-42fc-9940-94a1bc2f607d” data-original=”https://cdn.uc.assets.prezly.com/03c809b7-a804-42fc-9940-94a1bc2f607d/-/inline/no/234.jpg” data-mfp-src=”https://cdn.uc.assets.prezly.com/03c809b7-a804-42fc-9940-94a1bc2f607d/-/format/auto/” alt=”TRAC SIGMA © Julien Lutt / CAPA Pictures”/>
TRAC SIGMA © Julien Lutt / CAPA Pictures

With more than 1,200 Air Traffic Control radars installed in over 100 countries, Thales is a leader in this market and today unveils TRAC SIGMA, its new Primary Surveillance Radar, helping to ensure faster coordination between military and civil operations in an ever-congested airspace.

With the increasing congestion of airspace due to the growing number of aircraft, military aircraft will need to fly at lower and higher altitudes, and the minimum distance between aircraft will become ever more crucial. In line with ICAO recommendations, it will become essential for both civil and military air traffic controllers to optimize the minimum horizontal separation between aircraft to three Nautical Miles (NM) across the entire airspace – not just during final approach.

The TRAC SIGMA, the latest product from Thales’s worldwide field proven TRAC Primary Surveillance Radar family, leverages the latest in digital technologies; bringing to the market outstanding performances with enhanced detection capabilities at an extended coverage. It is the only radar of its class to discriminate small targets with precision at an extended range (300KM), helping ensure the 3NM distance separation over the entire airspace, while also ensuring approach surveillance.

This radar inherits advanced 3D detection capabilities and unmatched discrimination of small aircraft wherever they are flying whether at high altitude, low altitude or long distance, a high availability/reliability due to full redundancy and hot swap component replacement, jamming/interference resistance, as well as compliance with international standards and regulations. The 2 in 1 radar also helps improve life-cycle costs with optimized infrastructure and resources.

Eric HUBER, Vice President Surface Radars, Thales, said, “With over 50 years’ experience in this field, Thales is continuously investing to lead the latest innovations in the Air Traffic Control radar market, helping ensure safer skies. TRAC SIGMA offers a single sensor for simultaneous approach and long-range surveillance supporting all air traffic control missions, and enables ATCOs to meet the challenges related to optimizing an increasingly congested airspace.”
MIL OSI Global Banks –
May 14, 2025
MIL-OSI Banking: Verizon to speak at MoffettNathanson conference May 15

Source: Verizon

Headline: Verizon to speak at MoffettNathanson conference May 15

NEW YORK – Sowmyanarayan Sampath, executive vice president for Verizon (NYSE, Nasdaq: VZ), and CEO for Verizon Consumer, is scheduled to speak at the MoffettNathanson Media, Internet & Communications Conference on Thursday, May 15, at 8:00 a.m. ET. His remarks will be webcast, with access instructions available on Verizon’s Investor Relations website, www.verizon.com/about/investors.

For details on Verizon’s most recent financial results, view the company’s 1Q25 earnings results here.

MIL OSI Global Banks –

May 14, 2025
MIL-OSI: Jeffersonville Bancorp Announces First Quarter Earnings of $2,718,000 or $0.64 per share; Declares Dividend of $0.15

Source: GlobeNewswire (MIL-OSI)

JEFFERSONVILLE, N.Y., May 13, 2025 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) announced today first quarter net income of $2,718,000 or $0.64 per share compared to $2,553,000 or $0.60 per share for the same quarter in 2024. The increase in quarterly net income compared to 2024 of $165,000 was primarily attributable to a decrease in interest expense of $621,000, an increase in loan interest and fees of $328,000, and an increase in non-interest income of $102,000. The increase was partially offset by a decrease in other interest income of $666,000, an increase in tax expense of $46,000, in salaries and employee benefits of $43,000, and in other non-interest expense of $33,000.

“The Company retired all wholesale funding by the end of 2024, reducing forward interest expense from already low levels.” said George W. Kinne, Jr., President and CEO, “Strong loan growth in the first quarter partially offset lower rates on funds held at the Federal Reserve and some planned runoff of securities. With economic uncertainty expected to continue in the near term, we are comfortable with our balance sheet continuing to be very liquid.”

A cash dividend in the amount of fifteen cents ($0.15) per share on the common stock of the company was declared at the May 13, 2025 meeting of the Board of Directors. The dividend is payable on June 5, 2025 to stockholders of record at the close of business on May 27, 2025.

Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.

For More Information, call: 845-482-4000

Contact: George W. Kinne, Jr., President – CEO

The MIL Network –

May 14, 2025
MIL-OSI: Oak Valley Community Bank Announces Promotion

Source: GlobeNewswire (MIL-OSI)

OAKDALE, Calif., May 13, 2025 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly-owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY), is pleased to announce the promotion of Jaime Gonzalez to Assistant Vice President, Branch Manager of the Modesto–Dale Road Branch.

Gonzalez has over 20 years of banking experience and has been with OVCB for more than eight years. He most recently served as Customer Service Manager at the Modesto–McHenry Branch. In his new role, he will oversee branch operations, manage sales efforts, and focus on business development.

“We are excited for Jaime to take on this new role,” said Julie DeHart, Executive Vice President of the Retail Banking Group. “His strong leadership and deep commitment to customer service will be instrumental in strengthening both new and existing client relationships in the Modesto region. We are confident in his continued dedication and passion for serving our clients.”

In 2019, Gonzalez was recognized as Customer Service Manager of the Year, a testament to his exemplary performance and contributions to the bank. He is an active member of St. Jude Catholic Church in Ceres and resides in Modesto with his wife, Viviana, and their two sons. Outside of work, he enjoys golfing, bike riding, coaching his sons’ baseball and soccer teams, and spending quality time with his family.

Oak Valley Bancorp operates Oak Valley Community Bank and its Eastern Sierra Community Bank Division, offering a full range of loan and deposit services to individuals and small businesses. The bank currently serves customers through 18 conveniently located branches in Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two locations in Sonora, three in Modesto, and three in the Eastern Sierra communities of Bridgeport, Mammoth Lakes, and Bishop. A 19th branch location is scheduled to open in Lodi later this year.

For more information, call 1-866-844-7500 or visit www.ovcb.com.

Contact: Chris Courtney/Rick McCarty

Phone: (209) 848-BANK (2265)

Toll Free (866) 844–7500

www.ovcb.com

The MIL Network –

May 14, 2025

MIL-OSI: Atlantic American Corporation Reports First Quarter Results for 2025

Source: GlobeNewswire (MIL-OSI)

ATLANTA, May 13, 2025 (GLOBE NEWSWIRE) — Atlantic American Corporation (Nasdaq- AAME) today reported net income of $0.8 million, or $0.03 per diluted share, in the first quarter of 2025 compared to net loss of ($2.0) million, or ($0.10) per diluted share, in the first quarter of 2024. The increase in net income for the first quarter of 2025 was primarily the result of an increase in premium revenue and favorable loss experience in the Company’s life and health operations. Premium revenue for the three month period ended March 31, 2025 increased $2.4 million, or 5.3%, to $46.9 million from $44.6 million in the three month period ended March 31, 2024.

The Company reported operating income (as defined below) of $0.3 million in the three month period ended March 31, 2025 compared to operating loss of ($2.4) million in the three month period ended March 31, 2024. The increase in operating income was primarily due to an increase in premium revenue and favorable loss experience in the Company’s life and health operations, as previously mentioned.

Commenting on the results, Hilton H. Howell, Jr., Chairman, President and Chief Executive Officer, stated, “We are pleased to report strong quarterly results, highlighted by improved profitability and solid growth in insurance premiums. New business momentum within our life and health segments remains robust, reinforcing our confidence in the Company’s long-term growth trajectory. While our property and casualty operations faced elevated losses this quarter, we expect recent rate adjustments to begin positively impacting results in the coming periods. Looking ahead, we see significant opportunities and remain confident in our outlook for the remainder of 2025.”

Atlantic American Corporation is an insurance holding company involved through its subsidiary companies in specialty markets of the life, health, and property and casualty insurance industries. Its principal insurance subsidiaries are American Southern Insurance Company, American Safety Insurance Company, Bankers Fidelity Life Insurance Company, Bankers Fidelity Assurance Company and Atlantic Capital Life Assurance Company.

Note regarding non-GAAP financial measure: Atlantic American Corporation presents its consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP). However, from time to time, the Company may present, in its public statements, press releases and filings with the Securities and Exchange Commission, non-GAAP financial measures such as operating income (loss). We define operating income (loss) as net income (loss) excluding: (i) income tax expense (benefit); (ii) realized investment (gains) losses, net; and (iii) unrealized (gains) losses on equity securities, net. Management believes operating income (loss) is a useful metric for investors, potential investors, securities analysts and others because it isolates the “core” operating results of the Company before considering certain items that are either beyond the control of management (such as income tax expense (benefit), which is subject to timing, regulatory and rate changes depending on the timing of the associated revenues and expenses) or are not expected to regularly impact the Company’s operating results (such as any realized and unrealized investment gains (losses), which are not a part of the Company’s primary operations and are, to a limited extent, subject to discretion in terms of timing of realization). The financial data attached includes a reconciliation of operating income (loss) to net income (loss), the most comparable GAAP financial measure. The Company’s definition of operating income (loss) may differ from similarly titled financial measures used by others. This non-GAAP financial measure should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

Note regarding forward-looking statements: Except for historical information contained herein, this press release contains forward-looking statements that involve a number of risks and uncertainties. Actual results could differ materially from those indicated by such forward-looking statements due to a number of factors and risks, including, among others: the effects of macroeconomic conditions and general economic uncertainty; unexpected developments in the health care or insurance industries affecting providers or individuals, including the cost or availability of services, or the tax consequences related thereto; disruption to the financial markets; unanticipated increases in the rate, number and amounts of claims outstanding; our ability to remediate the identified material weakness in our internal control over financial reporting; the level of performance of reinsurance companies under reinsurance contracts and the availability, pricing and adequacy of reinsurance to protect the Company against losses; changes in the stock markets, interest rates or other financial markets, including the potential effect on the Company’s statutory capital levels; the uncertain effect on the Company of regulatory and market-driven changes in practices relating to the payment of incentive compensation to brokers, agents and other producers; the potential impact of public health emergencies; the incidence and severity of catastrophes, both natural and man-made; the possible occurrence of terrorist attacks; stronger than anticipated competitive activity; unfavorable judicial or legislative developments; the potential effect of regulatory developments, including those which could increase the Company’s business costs and required capital levels; the Company’s ability to distribute its products through distribution channels, both current and future; the uncertain effect of emerging claim and coverage issues; the effect of assessments and other surcharges for guaranty funds and other mandatory pooling arrangements; information technology system failures or network disruptions; risks related to cybersecurity matters, such as breaches of our computer network or those of other parties or the loss of or unauthorized access to the data we maintain; and those other risks and uncertainties detailed in statements and reports that the Company files from time to time with the Securities and Exchange Commission. As a result, undue reliance should not be placed upon forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update any forward-looking statements as a result of subsequent developments, changes in underlying assumptions or facts or otherwise, except as may be required by law.

For further information contact:
J. Ross Franklin	Hilton H. Howell, Jr.
Chief Financial Officer	Chairman, President & CEO
Atlantic American Corporation	Atlantic American Corporation
404-266-5580	404-266-5505

Atlantic American Corporation Financial Data

	Three Months Ended
	March 31,
(Unaudited; In thousands, except per share data)		2025			2024
Insurance premiums
Life and health	$	28,582		$	26,674
Property and casualty		18,331			17,878
Insurance premiums, net		46,913			44,552

Net investment income		2,442			2,556
Unrealized gains (losses) on equity securities, net		767			(114	)
Other income		3			3

Total revenue		50,125			46,997

Insurance benefits and losses incurred
Life and health		17,316			19,112
Property and casualty		14,597			12,813
Insurance benefits and losses incurred, net		31,913			31,925

Commissions and underwriting expenses		11,680			12,666
Interest expense		774			855
Other expense		4,723			4,057

Total benefits and expenses		49,090			49,503

Income (loss) before income taxes		1,035			(2,506	)
Income tax expense (benefit)		233			(508	)

Net income (loss)	$	802		$	(1,998	)

Earnings (loss) per common share (basic & diluted)	$	0.03		$	(0.10	)

Reconciliation of non-GAAP financial measure

Net income (loss)	$	802		$	(1,998	)
Income tax expense (benefit)		233			(508	)
Unrealized (gains) losses on equity securities, net		(767	)		114

Non-GAAP operating income (loss)	$	268		$	(2,392	)


	March 31,			December 31,
Selected balance sheet data		2025			2024

Total cash and investments	$	268,424		$	265,696
Insurance subsidiaries		263,490			258,675
Parent and other		4,934			7,021
Total assets		388,436			393,428
Insurance reserves and policyholder funds		220,520			225,106
Debt		37,760			37,761
Total shareholders’ equity		102,385			99,613
Book value per common share		4.80			4.61
Statutory capital and surplus
Life and health		33,468			32,443
Property and casualty		47,614			47,670

The MIL Network –

May 14, 2025

MIL-OSI Banking: Publication of financial reports: Federal Office of Justice imposes disciplinary fine on VARTA AKTIENGESELLSCHAFT

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

The disciplinary fine order related to a breach of section 325 of the German Commercial Code (Handelsgesetzbuch – HGB). VARTA AKTIENGESELLSCHAFT failed to submit its consolidated accounting documents for the financial year 2023 for the purpose of disclosure to the operator of the German Federal Gazette (Bundesanzeiger) in electronic form. The legal basis for the sanction is section 335 of the HGB.

The company lodged an appeal against the Federal Office of Justice’s decision to impose a disciplinary fine.

MIL OSI Global Banks –

May 14, 2025
MIL-OSI: Chino Commercial Bank Receives Super Premier Performing Recognition

Source: GlobeNewswire (MIL-OSI)

CHINO, Calif., May 13, 2025 (GLOBE NEWSWIRE) — Chino Commercial Bank, the wholly owned subsidiary of Chino Commercial Bancorp (OTC: “CCBC”), was recently recognized by The Findley Reports on Financial Institutions by receiving Findley’s highest rating of “Super Premier Performing Bank.” The Bank, which has branches in Chino, Ontario, Rancho Cucamonga, Upland, and a new branch planned for Corona, received the recognition from Findley for its financial and operational performance during the 2024 year. The recognition by Findley was based upon multiple factors, including Profitability, Return on beginning Equity and Loan performance.

Dann H. Bowman, President and CEO, stated, “We are very pleased to receive Findley Reports’ highest rating of Super Premier Performing Bank. 2024 was a very good year for the Bank, with increased revenue, earnings and earnings per share, in addition to strong credit performance. With the Bank’s strong capital position and low loan losses, we are in a good position to expand lending to the consumers and businesses in our area.”

Contact: Dann H. Bowman, President and CEO or Melinda Milincu, Vice President and CFO, Chino Commercial Bank, N.A., 14245 Pipeline Avenue, Chino, Ca. 91710, (909) 393-8880.

The MIL Network –

May 14, 2025
MIL-OSI: U.S. Ski & Snowboard, Stifel Extend Groundbreaking Title Partnership Through 2034

Source: GlobeNewswire (MIL-OSI)

PARK CITY, Utah and ST. LOUIS, May 13, 2025 (GLOBE NEWSWIRE) — U.S. Ski & Snowboard and Stifel Financial Corp. (NYSE: SF) are proud to announce a landmark renewal of their partnership from May 2026 through April 2034. This unprecedented 8-year agreement marks the most expansive partnership in U.S. Ski & Snowboard’s history and reflects a bold, shared vision through the next three Olympic and Paralympic Winter Games.

Under the renewed agreement, Stifel will be the title partner of the Stifel U.S. Ski Team, supporting the alpine, cross country, freeski, moguls, aerials, ski jumping, nordic combined and Para alpine teams, as well as the exclusive financial services partner of U.S. Ski & Snowboard.

“As we look ahead to three Olympic and Paralympic Games, including a home Salt Lake City-Utah 2034 Games, this extended partnership with Stifel represents a generational investment in our teams and our athletes,” said Sophie Goldschmidt, President and CEO of U.S. Ski & Snowboard. “Stifel’s support has also enabled us to implement innovative new initiatives that are having a direct impact on the organization. From World Cup podiums to grassroots development, Stifel’s belief in the power of sport and our athletes has been a game-changer.”

Since launching the partnership in 2022, Stifel’s support of U.S. Ski & Snowboard has driven record-breaking performances, increased the visibility of U.S. athletes and fueled the growth of competitive skiing in the U.S. Over the initial three years of partnership, the Stifel U.S. Ski Team has achieved historic success both athletically and as an organization.

Organizationally, U.S. Ski & Snowboard has expanded its World Cup footprint in North America with the support of Stifel, bringing the total amount of World Cups from four to a record 11 in 2024-25. In the same season, the organization’s streaming and broadcast audience has doubled, earned media surpassed 30 billion impressions and social media impressions increased 70%.

2024 was also a record-breaking year for Stifel, highlighting the strength and balance of a diversified business model, achieving net revenues of $4.97 billion, the highest in the firm’s history, and delivering a 23% return on average tangible equity, with non-GAAP net earnings of $756 million, or $6.81 per share – a 46% increase from the prior year. And finally, over the year, Stifel’s share price increased 56.4%.

“The news of Stifel’s renewal as title sponsor of the Stifel U.S. Ski Team is so incredible,” said two-time Olympic champion Mikaela Shiffrin. “Ron (Kruszewski, Chairman and CEO of Stifel) and Stifel have shown amazing support for snow sports and are truly invested in the stories of our athletes and the growth of our sports, which has translated into more success on the mountain.”

“Stifel has opened up so many opportunities for us as athletes and humans looking to reach our full potential, and I am so grateful for their support and proud to be part of their team,” said Olympic champion cross country skier Jessie Diggins. “Their commitment to helping us reach the top level is incredible and makes all the difference!”

“The Stifel U.S. Ski Team partnership continuation is monumental for both parties,” said two-time Olympic medalist freeskier Alex Ferreira. “It is where success meets success. I am humbled and grateful to benefit from all sides.”

Stifel also launched innovative programs around the increased domestic World Cup events, including the Stifel HERoic Cup, designed around U.S. Ski & Snowboard’s HERoic initiative celebrating women’s sport. Stifel also invested in the Stifel Bibbo Award for the athlete who moves up the most in ranks in alpine World Cup races, and continues to support the Stifel Success Tour, development-level NorAm races in the U.S. that feed the Stifel U.S. Ski Team pipeline. Additionally, Stifel supported the Stifel Snow Show, a weekly series on CNBC, Peacock and YouTube that highlighted the achievements and stories of U.S. Ski & Snowboard athletes each week throughout the season.

The Stifel brand will remain prominently displayed on team uniforms and event signage at US events, along with a continuation of the Stifel U.S. Ski Team branding across digital and broadcast platforms. Stifel will also support a new performance bonus program for athletes and coaches based on key results during the season.

“This partnership is about helping athletes reach their full potential,” said Ron Kruszewski, Chairman and CEO of Stifel. “As the firm Where Success Meets Success, we believe in backing those who strive for excellence—and that’s exactly what these athletes do, every day. We’re proud to support them not only as champions on the podium, but as role models, teammates and leaders who inspire us all.”

QUOTES
Mikaela Shiffrin, Stifel U.S. Alpine Ski Team
The news of Stifel’s renewal as title sponsor of the Stifel U.S. Ski Team is so incredible. Ron and Stifel have shown amazing support for snow sports and truly are invested in the stories of our athletes and the growth of our sports which has translated into more success on the mountain.

Jessie Diggins, Stifel U.S. Cross Country Ski Team
Stifel has opened up so many opportunities for us as athletes and humans looking to reach our full potential, and I am so grateful for their support and proud to be part of their team. Their commitment to helping us reach the top level is incredible and makes all the difference!

Alex Ferreira, Stifel U.S. Freeski Team
The Stifel U.S. Ski Team partnership continuation is monumental for both parties. It is where success meets success. I am humbled and grateful to benefit from all sides.

Nick Page, Stifel U.S. Freestyle Ski Team
Thank you Stifel for all of your support – it means the world to have you in our corner and on our team. I’m looking forward to the future and our continued success in 2026.

Niklas Malacinski, Stifel U.S. Nordic Combined Team
Having Stifel step up as the title sponsor of the Stifel U.S. Nordic Combined Team means the world to us. It’s not just an investment in our sport but it’s a belief in our potential. Their support gives us the opportunity to focus on training and competition so we can be at our best. We’re proud to wear their name and represent the U.S. with everything we’ve got.

Andrew Kurka, Stifel U.S. Para Alpine Ski Team
Stifel has been huge supporter of the Para alpine team. Helping fund our development, pipeline and giving us the support we need to pursue our careers as athletes. Most Para sports aren’t seen as equal opportunity athletic endeavors. But the fact that Stifel stands behind us, helping to fund our team. Shows they see the big picture and treat athletes on the US Ski team as more than just philanthropic endeavors.

Tate Frantz, Stifel U.S. Ski Jumping Team
Having Stifel come on as a title sponsor is a huge boost for our team. Their support means we can keep pushing the limits and representing our country at the highest level. It’s exciting to have a partner that believes in our journey and wants to be part of the ride.

ABOUT STIFEL
Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners business division; Keefe, Bruyette & Woods, Inc.; Miller Buckfire & Co., LLC; and Stifel Independent Advisors, LLC; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com.

ABOUT U.S. SKI & SNOWBOARD
U.S. Ski & Snowboard is the Olympic and Paralympic National Governing Body of ski and snowboard sports in the USA, based in Park City, Utah. Started in 1905, the organization now represents nearly 240 elite skiers and snowboarders competing on 10 teams: alpine, cross country, freestyle moguls, freestyle aerials, snowboard, freeski, nordic combined, ski jumping, Para alpine and Para snowboard. In addition to the elite teams, U.S. Ski & Snowboard also provides leadership and direction for tens of thousands of young skiers and snowboarders across the USA, encouraging and supporting them in achieving excellence. By empowering national teams, clubs, coaches, parents, officials, volunteers and fans, U.S. Ski & Snowboard is committed to the progression of its sports, athlete success and the value of team. For more information, visit www.usskiandsnowboard.org

FOR MORE INFORMATION
Courtney Harkins
U.S. Ski & Snowboard, Director of Marketing & Communications
courtney.harkins@usskiandsnowboard.org

Rhett Geraghty
Stifel, Director, Advisor Recruiting & Brand Marketing
geraghtyr@stifel.com

The MIL Network –

May 14, 2025
MIL-OSI Banking: Universal Music Group and Apple Music announce Sound Therapy
Source: Apple

Headline: Universal Music Group and Apple Music announce Sound Therapy

May 13, 2025

UPDATE

Universal Music Group and Apple Music announce Sound Therapy

The collection leverages cognitive science and UMG’s roster of global superstars, adding subtle auditory beats to well-known curated tracks, aiming to help listeners focus, relax, and sleep

Apple Music is joining forces with Universal Music Group (UMG) to introduce Sound Therapy, an innovative audio wellness collection designed to help listeners attain clearer focus, deeper relaxation, and better sleep.¹

“For years, elevating music’s role in health and wellbeing has been a strategic priority for UMG, linked to a potentially significant commercial opportunity, as well as something that our chairman and CEO, Sir Lucian, and the entire management team are passionate about,” said Michael Nash, UMG’s executive vice president and chief digital officer. “Given Apple’s leadership at the intersection of health and technology, the launch of Sound Therapy represents an important validation of our innovative, science-led Sollos initiative. We look forward to working closely with the team at Apple to expand the ways that music can be harnessed to improve the wellness benefits for its users.”

“Every day, people around the world make Apple Music part of their daily routine, and we’ve seen incredible engagement around our personalized mood playlists and the new Apple Music Chill radio station,” said Rachel Newman, Apple Music’s co-head. “Now, with Sound Therapy, we’re proud to work alongside UMG and Sollos to bring a new listening experience to Apple Music — one that’s grounded in artistry, shaped by innovation, and designed to support wellness.”

Available exclusively on Apple Music, Sound Therapy blends songs subscribers already know and love with special sound waves designed to enhance users’ daily routines, while retaining the artist’s original vision. Backed by scientific research and powered by UMG’s proprietary audio technologies, Sound Therapy harnesses the power of sound waves, psychoacoustics, and cognitive science to help listeners relax or focus the mind.

The collection was crafted by a team of producers, scientists, and audio engineers at Sollos, a groundbreaking music-wellness venture incubated within UMG’s London offices. Sound Therapy features extended, instrumental, and reimagined versions of popular tracks from acclaimed artists such as Imagine Dragons, Katy Perry, Kacey Musgraves, Ludovico Einaudi, AURORA, Jhené Aiko, Chelsea Cutler, and Jeremy Zucker, providing a premium listening experience.

Sound Therapy features three categories: Focus, Relax, and Sleep. Songs have been enhanced with auditory beats or colored noise to help encourage specific brain responses. Gamma waves and white noise — a whoosh-like combination of every sound frequency — may help with focusing; theta waves could aid in relaxation; and delta waves and pink noise — a deeper, gentler variation akin to rain or wind — might assist in achieving better sleep. A dreamy version of Katy Perry’s “Double Rainbow,” for example, could help listeners drift off to sleep, while an Imagine Dragons track might help them tackle a to-do list. Learn more about Sound Therapy from Apple Music’s Zane Lowe.

Apple has long been committed to enabling its customers to lead healthier, more active lives through offerings like Apple Watch, HealthKit, and Apple Fitness+. The company will work closely with Sollos and UMG to further establish scientific evidence supporting music and audio for improved wellbeing, and finding inclusive ways to bring these benefits to people around the world.

Maintain Focus

The Focus category is designed to support improved cognitive performance and concentration, tapping into the power of gamma auditory beats to help listeners get in the mindset to achieve optimum focus. White noise masks distracting sounds, aiming to help listeners stay in the moment.

Time to Relax

Songs in the Relax category are made for letting go, blending and infusing in theta auditory beats to help achieve ultimate relaxation.

Made for Sleep

The Sleep category is designed to encourage deeper sleep through an infusion of delta auditory beats or pink noise, which works similarly to white noise but uses natural sounds like rainfall and ocean waves.

Sound Therapy arrives on the heels of the brand-new Apple Music Chill radio station, created to serve as a sanctuary of sound listeners can turn to throughout their day to seek refuge. The station’s programming is a continuous flow of chill highlights across genres, interspersed with mindful moments meant to remind listeners to make the time to find center and calm. Enjoy the velvety tones of discerning tastemakers like Brian Eno, Stephan Moccio, and Zane Lowe, who expertly take listeners through stories of calm and wellbeing in their own hosted shows.

About Apple Music Apple loves music. Apple revolutionized the music experience with iPod and iTunes. Today, the award-winning Apple Music celebrates musicians, songwriters, producers, and fans with a catalog of over 100 million songs, expertly curated playlists, and the best artist interviews, conversations, and global premieres with Apple Music Radio. With original content from the most respected and beloved people in music, autoplay, time-synced lyrics, lossless audio, and immersive sound powered by Spatial Audio with Dolby Atmos, Apple Music offers the world’s best listening experience, helping listeners discover new music and enjoy their favorites while empowering the global artist community. Apple Music is available in over 167 countries and regions on iPhone, iPad, Mac, Apple Watch, Apple TV, HomePod, CarPlay, Apple Vision Pro, and online at music.apple.com, plus popular smart speakers, smart TVs, and Android and Windows devices. Apple Music is ad-free and never shares consumer data with third parties. More information is available at apple.com/apple-music. About Universal Music Group At Universal Music Group, we exist to shape culture through the power of artistry. UMG is the world leader in music-based entertainment, with a broad array of businesses engaged in recorded music, music publishing, merchandising, and audiovisual content. Featuring the most comprehensive catalogue of recordings and songs across every musical genre, UMG identifies and develops artists and produces and distributes the most critically acclaimed and commercially successful music in the world. Committed to artistry, innovation, and entrepreneurship, UMG fosters the development of services, platforms, and business models in order to broaden artistic and commercial opportunities for our artists and create new experiences for fans. For more information on Universal Music Group, please visit universalmusic.com.
1. Sound Therapy is designed to support a person’s overall wellbeing. It is not intended to treat any medical condition.
Press Contacts

Jessica Bass

Apple

jessica_bass@apple.com

Cat Franich

Apple

cfranich@apple.com

Apple Media Helpline

media.help@apple.com
MIL OSI Global Banks –
May 14, 2025
MIL-OSI China: Xi unveils roadmap for deepening cooperation with LAC countries 2025-05-13 22:12:54 Chinese President Xi Jinping on Tuesday announced the launch of five programs to advance shared development and revitalization with Latin American and Caribbean (LAC) countries.

Source: People’s Republic of China – Ministry of National Defense

Chinese President Xi Jinping attends the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum and delivers a keynote speech at the China National Convention Center in Beijing, capital of China, May 13, 2025. (Xinhua/Yin Bogu)

BEIJING, May 13 (Xinhua) — Chinese President Xi Jinping on Tuesday announced the launch of five programs to advance shared development and revitalization with Latin American and Caribbean (LAC) countries.

The five programs, ranging from solidarity, development and civilization to peace and people-to-people connectivity, were announced by Xi when delivering a keynote speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing.

In 2015, Xi and LAC delegates attended the opening ceremony of the first ministerial meeting of the China-CELAC Forum in Beijing, which marked the launch of the forum.

On Solidarity Program, Xi said China is willing to strengthen solidarity with LAC countries and continue to support each other on issues concerning their core interests and major concerns, to firmly safeguard the international system with the U.N. at its core and the international order underpinned by international law, and to speak with one voice in international and regional affairs.

In the next three years, China will invite 300 members from political parties of CELAC member states every year to visit China to facilitate exchanges on national governance best practices, Xi said.

On Development Program, China is willing to work with LAC countries to implement the Global Development Initiative, resolutely uphold the multilateral trading system, ensure stable, unimpeded global industrial and supply chains, and promote an international environment of openness and cooperation, Xi said.

Noting that the two sides should foster greater synergy between their development strategies and expand high-quality Belt and Road cooperation, Xi said China will import more quality products from LAC countries and encourage Chinese enterprises to expand their investment in the region.

On Civilization Program, Xi called for joint implementation of the Global Civilization Initiative. He said both sides should uphold the vision of equality, mutual learning, dialogue, and inclusiveness between civilizations, champion humanity’s common values of peace, development, fairness, justice, democracy and freedom, and enhance China-LAC civilizational exchanges and mutual learning, including through a conference on China-LAC inter-civilizational dialogue.

On Peace Program, Xi called for joint implementation of the Global Security Initiative. He said both sides should cooperate more closely in disaster governance, cybersecurity, counterterrorism, anti-corruption, narcotics control and combating transnational organized crime so as to safeguard security and stability in the region.

On People-to-People Connectivity Program, Xi said in the next three years, China will provide CELAC member states with 3,500 government scholarships, 10,000 training opportunities in China, 500 International Chinese Language Teachers Scholarships, 300 training opportunities for poverty reduction professionals, and 1,000 funded placements through the Chinese Bridge program, initiate 300 “small and beautiful” livelihood projects, and support CELAC member states in developing Chinese language education.

China has decided to offer a visa-free policy to five LAC countries, and will expand the policy to cover more regional countries in due course, Xi said.

Gustavo Petro, president of Colombia, the CELAC rotating chair, Brazilian President Luiz Inacio Lula da Silva, Chilean President Gabriel Boric, and Dilma Rousseff, president of the New Development Bank and former Brazilian president, addressed the event respectively.

Special representative of Yamandu Orsi, president of Uruguay, the incoming CELAC rotating chair, read out the president’s congratulatory letter.

Faced with a world full of uncertainties, LAC countries and China should work together to promote continuous new progress in building a community with a shared future, they said.

Both sides should respect each other and firmly support each other in safeguarding sovereignty and choosing their own development path, they said, calling for strengthening the synergy between the development strategies of LAC countries and the Belt and Road Initiative, and promoting cooperation in trade, investment, infrastructure, agriculture, science and technology, new energy and education.

The two sides should also promote exchanges and dialogues among civilizations, safeguard the authority of the U.N., support multilateralism and free trade, and oppose unilateralism, protectionism, power politics and bullying to safeguard the common interests of the Global South, they added.

Chinese President Xi Jinping attends the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum and delivers a keynote speech at the China National Convention Center in Beijing, capital of China, May 13, 2025. (Xinhua/Yin Bogu)

Chinese President Xi Jinping poses for a group photo with guests attending the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum at the China National Convention Center in Beijing, capital of China, May 13, 2025. Xi attended the opening ceremony of the meeting and delivered a keynote speech. (Xinhua/Ding Haitao)

Chinese President Xi Jinping attends the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum and delivers a keynote speech at the China National Convention Center in Beijing, capital of China, May 13, 2025. (Xinhua/Xie Huanchi)

Chinese President Xi Jinping and guests attend the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum at the China National Convention Center in Beijing, capital of China, May 13, 2025. Xi delivered a keynote speech at the opening ceremony of the meeting. (Xinhua/Ding Haitao)

Chinese President Xi Jinping and guests attend the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum at the China National Convention Center in Beijing, capital of China, May 13, 2025. Xi delivered a keynote speech at the opening ceremony of the meeting. (Xinhua/Shen Hong)

Colombian President Gustavo Petro, also rotating president of the Community of Latin American and Caribbean States (CELAC), delivers a speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC Forum in Beijing, capital of China, May 13, 2025. (Xinhua/Shen Hong)

Brazilian President Luiz Inacio Lula da Silva delivers a speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing, capital of China, May 13, 2025. (Xinhua/Yin Bogu)

Chilean President Gabriel Boric delivers a speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing, capital of China, May 13, 2025. (Xinhua/Yin Bogu)

Dilma Rousseff, president of the New Development Bank and former Brazilian president, delivers a speech at the opening ceremony of the fourth ministerial meeting of the China-CELAC (the Community of Latin American and Caribbean States) Forum in Beijing, capital of China, May 13, 2025. (Xinhua/Yin Bogu)

MIL OSI China News –

May 14, 2025
MIL-OSI USA: King, Banks Introduce Bipartisan Bill to Make Veterans’ Benefit Claims Process Fairer

US Senate News:

Source: United States Senator for Maine Angus King

WASHINGTON, D.C. — Today, U.S. Senators Angus King (I-ME) and Jim Banks (R-ID), members of the Senate Veterans Affairs Committee, have introduced bipartisan legislation to make the veteran benefit claims process more streamlined and fair. The Review Every Veteran’s Claims Act would reform the Department of Veterans Affairs (VA) claims process, helping to ensure that veterans’ benefits claims are never denied solely because they miss a medical disability exam appointment.

Currently, many VA disability compensation claims require a medical examination to determine if a claimed disability is related to a veteran’s service. However, many veterans and veteran service organizations frequently report frustration with the exam scheduling process and veterans can be penalized for administrative mix-ups out of their control. Under the Review Every Veteran’s Claims Act, the VA would be restricted from denying a benefits claim solely on a veterans’ failure to show up to a scheduled exam.

“Our veterans gave their very best during their service to our country and they deserve access to all their earned, well-deserved benefits,” said Senator King. “No veteran should ever be denied their benefits because of bureaucracy, mistakes or unplanned schedule conflicts getting in the way. The bipartisan Review Every Veteran’s Claims Act will work to humanize the VA’s claims process and ensure we make true on our promise to take care of the brave men and women who served.”

“Veterans’ benefit claims shouldn’t be tossed aside because of red tape or poor communication,” said Senator Banks. “VA has a duty to assist veterans every step of the way, and my bill makes the claims process fairer so veterans always get the benefits they have earned.”

Representing one of the states with the highest rates of military families and veterans per capita, Senator King is a staunch advocate for America’s servicemembers and veterans. A member of the Senate Veterans’ Affairs Committee (SVAC), he works to ensure American veterans receive their earned benefits and that the VA is properly implementing various programs such as the PACT Act, the State Veterans Homes Domiciliary Care Flexibility Act, and the John Scott Hannon Act. Recently, Senator King introduced bipartisan legislation to help reduce suicides among veterans by providing free secure firearm storage to veterans. In addition, he helped pass the Veterans COLA Act, which increased benefits for 30,000 Maine veterans and their families. Senator King has also introduced bipartisan legislation to improve care coordination for veterans who rely on both VA health care and Medicare. Earlier this year, he cosponsored the bipartisan Major Richard Star Act that would provide more combat-injured veterans with their full earned benefits. Most recently, he joined Senator Jerry Moran (R-KS), Chairman of the Veterans’ Affairs Committee, in introducing bipartisan legislation to permanently authorize a program that would expand access to veteran disability claims exams.

MIL OSI USA News –

May 14, 2025
MIL-OSI Russia: Legalization of illegal income becomes more complicated – Russia restricts transfers without opening an account

Translation. Region: Russian Federal

Source: Mainfin Bank –

How will the transfer limit work?

Amendments to Federal Law No. 115 will come into effect in Russia on May 30 – the previously adopted document proposes the introduction of the following restrictions:

the limit for sending funds without opening an account, including through various money transfer systems, will be 100 thousand rubles; a similar limit will apply to wallets and accounts with simplified identification; for transfers in foreign currency, a limit equivalent to the specified amount will also be set.

There are currently no such limits for transferring funds – if a client wants to send an amount over 15 thousand rubles, he only needs to provide passport details. With smaller amounts, the situation is even more anonymous – identification is not required for sending.

Why is a new limit being introduced for transfers?

The authors of the bill, which provides for a limit on transfers without identification or opening a bank account, are confident that the measure will help in the fight against money laundering and the sponsorship of terrorist activities. It will now be more difficult for criminals to send large sums – they will have to make many small transactions, which can also attract attention from jar.

“Transfers without identification are rarely used by bona fide clients due to high fees – sending funds often requires paying 3-5%, while transactions between accounts are much more profitable,” the lawyer noted.

Russians were reminded of the possibility of sending money from one account to another or from cards to the card – restrictions will not apply to such transactions. Moreover, the commission for interbank transfers is on average up to 1%, and you can send funds via the SBP free of charge (with a commission of 0.5% when exceeding the limits).

15:00 05/13/2025

Source:

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: //Mainfin.ru/novosti/ Legalization-nezakonnaya-renewal-is sunk-in-Russia-restore-translates-bez-open-account-accounts

MIL OSI Russia News –

May 14, 2025
MIL-OSI: Pioneer Insurance Agency Inc. Accelerates CL Quoting Workflows with Epic Quotes Commercial Lines

Source: GlobeNewswire (MIL-OSI)

Chicago, IL., May 13, 2025 (GLOBE NEWSWIRE) — Applied Systems^® today announced that Pioneer Insurance Agency, Inc. a subsidiary of Pioneer Bank, National Association (“Pioneer”), has selected Epic Quotes Commercial Lines to create a faster, more connected approach to quoting new CL business. Applied Epic’s native integration of commercial lines quoting provides the agency with appetite visibility capabilities to quickly identify markets and obtain multiple quotes that can be presented to clients in a timely fashion, creating a better customer experience that will assist with cross-selling efforts.

“As a one-stop solution for our clients’ financial needs, we understand the importance of providing an innovative, seamless insurance experience, and the multi-day, email-based quoting process did not meet our client experience standards or allow for scalable growth,” said Todd Shepersky, vice president, insurance agency manager, Pioneer. “Epic Quotes Commercial Lines allows us to quote multiple markets simultaneously and present quotes to our clients quickly, delivering the near-instant service they’ve come to expect in today’s digital world and positioning our insurance business for rapid growth.”

Epic Quotes Commercial Lines is a single-entry multi-carrier comparative rating natively within Applied Epic. Supporting standard commercial lines of business and providing access to more than 35 markets, the solution allows agency staff to seamlessly remarket or quote new business without ever leaving the management system. Epic Quotes for Commercial Lines uses a single data source for the quoting and application process and leverages insight-driven workflows to initiate remarketing, simplifying the bridge-to-portal bind experience and creating a connected commercial lines experience.

“Agents traditionally spend several hours manually producing just one commercial lines quote, limiting the number of policies an agent can quote, and in turn, inhibiting commercial lines growth,” said Anupam Gupta, chief product officer, Applied Systems. “Epic Quotes Commercial Lines enables agents to collect data, compare in-appetite markets and initiate the bind process all natively embedded in one system, creating a faster commercial lines quoting experience that enhances the customer experience and propels growth.”

# # #

The Applied products and logos are trademarks of Applied Systems, Inc., registered in the U.S.

About Applied Systems
Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

About Pioneer
Pioneer is a bank holding company whose wholly owned subsidiary is Pioneer Bank, National Association. Pioneer provides diversified financial services through Pioneer Bank, National Association and its subsidiaries, with 23 [SJ1] offices in the Capital Region of New York State, and offers a broad array of deposit, lending, and other financial services to individuals, businesses, and municipalities. Pioneer Bank, National Association is a national bank whose wholly owned subsidiaries are Pioneer Commercial Bank, Pioneer Insurance Agency, Inc. and Pioneer Financial Services, Inc. For more information on Pioneer, please visit www.pioneerny.com.

The MIL Network –

May 14, 2025
MIL-OSI: Q1 2025 for the BANK of Greenland
Source: GlobeNewswire (MIL-OSI)

Q1 2025 for the BANK of Greenland

With a profit before tax of DKK 39.1 million for Q1, the BANK of Greenland made a sound start to 2025. As expected, the result is affected by the declining level of interest rates, and is also below the profit of DKK 61.8 million for the same period of 2024.

The profit before value adjustments and write-downs amounts to DKK 45.3 million, compared to DKK 61.7 million for the previous year and DKK 49.9 mill. in Q4 2024.

Lending has increased by DKK 94 million since the end of 2024, amounting to DKK 5,125 million at the end of March 2025. It was expected that Greenland’s economic development would result in positive, but more subdued growth in the Bank’s lending in 2025. Guarantees decreased by DKK 35 million from DKK 1,423 million at the end of 2024 to DKK 1,388 million at the end of March 2025.

Net interest and fee income decreased by DKK 11.7 million to DKK 108.0 million in the first three months of 2025, compared to the same period in 2024. The decrease is mainly due to the development in the level of interest rates.

Total expenses including depreciation amount to DKK 64.4 million at the end of Q1 2025, compared to DKK 59.2 million for the same period of 2024. The increase concerns staff expenses as a consequence of an increase due to collective agreement-based adjustments and continued investment in more employees, as well as other ad-ministration expenses, where the increase can be attributed primarily to IT expenses and further training of employees.

At the end of March 2025, value adjustments show a capital gain of DKK 7.2 million, compared to a capital gain of DKK 5.4 million for the same period of 2024. The new interest rate trends resulted in positive development in the Bank’s bond holdings. The Bank’s sectoral equities portfolio gave a return at the level of the previous year.

Impairment write-downs of loans and guarantees amounted to DKK 13.4 million in Q1 2025, compared to DKK 5.3 million in the same period of 2024. Despite the increase, the Bank sees continued satisfactory creditworthiness in the loan portfolio. In addition to the Bank’s individual impairment models, a management supplement of DKK 38.4 million has been allocated.

Solvency ratio of 25.5 and a capital requirement of 10.6 per cent.

In the stock exchange announcement of 11 December 2024, the forecast profit before tax for 2025 was stated as a range of DKK 150-185 million, which remains unchanged.

Attachments
- 06.Kvartalsrapport Q1 2025_UK
- 06.Kvartalsrapport Q1 2025_UK
The MIL Network –
May 14, 2025
MIL-OSI Russia: Industrial Bank of China issues 10 billion yuan worth of science and technology innovation bonds

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian –

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

BEIJING, May 13 (Xinhua) — Industrial Bank Co., Ltd. of China said it successfully issued its first batch of science and technology innovation bonds on the interbank market on Tuesday, which are designed to support lending to science and technology innovation and related enterprises.

The bond issue volume was 10 billion yuan (US$1.39 billion), the maturity period was three years, and the nominal interest rate was 1.66 percent.

The bank’s bond issue comes days after the country’s regulators unveiled support measures aimed at stimulating the issuance of sci-tech innovation bonds. The People’s Bank of China (PBOC, the central bank) and the China Securities Regulatory Commission last week announced measures to support the issuance of sci-tech innovation bonds by financial institutions, sci-tech enterprises and financial asset investment companies. -0-

MIL OSI Russia News –

May 14, 2025
MIL-OSI Russia: IMF Reaches Staff-Level Agreement with the Democratic Republic of Congo (DRC) on the First Review under the Extended Credit Facility (ECF)
Source: IMF – News in Russian

May 13, 2025

End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.
- The economy has been resilient, with economic growth reaching 6.5 percent in 2024, and projected to remain above 5 percent in 2025.
- The escalation of the armed conflict in the eastern part of the country has placed significant strain on the budget, in addition to its severe humanitarian and social impact.
- Credible revenue-enhancing measures, streamlining of non-priority spending, and accelerated reforms are critical to preserving the objectives of the ECF-supported program, which has been recalibrated to adapt to the new realities following the intensification of the conflict.
Washington, DC: A staff team from the International Monetary Fund (IMF), led by Calixte Ahokpossi, IMF Mission Chief for the DRC, visited Kinshasa from April 30 to May 13, to hold discussions on the first review of the DRC’s economic and financial program supported by the IMF under the Extended Credit Facility (ECF).

At the end of the discussions, Mr. Ahokpossi issued the following statement:

“The DRC authorities and the IMF team have reached a staff-level agreement on the first review of the DRC’s three-year economic and financial program supported by the IMF under the ECF, subject to approval by IMF management and the Executive Board. Consideration by the IMF Executive Board is tentatively scheduled for end-June 2025.

“Since the last quarter of 2024, the DRC has faced an escalation of the armed conflict in its eastern part. The intensification of hostilities has claimed thousands of lives and caused severe humanitarian, social, and economic harm, particularly in the occupied provinces of North Kivu and South Kivu.

“Economic activity remained resilient, with robust GDP growth of 6.5 percent in 2024. Growth is projected to remain above 5 percent in 2025, driven by continued dynamism in the extractive sector. External stability has strengthened, underpinned by ongoing international reserves accumulation and a narrowing current account deficit—though still below the recommended adequacy level for import coverage. The resulting exchange rate stability observed since mid-2024, coupled with appropriately tight monetary policy, has helped ease inflationary pressures. Year-on-year inflation has returned to single-digit levels in April 2025, for the first time since July 2022.

“On the fiscal side, the conflict escalation has placed significant strain on public finances. Spending overruns—driven by sharp increases in exceptional security spending, public investment, and transfers to provinces and public entities—were only partially offset by strong revenue collection. As a result, the domestic fiscal deficit exceeded its programmed ceiling at end-2024. For 2025, the closure of revenue collection offices in the occupied eastern regions, combined with the exemption of basic food products from VAT and customs duties to ease the cost of living, have led to a revenue shortfall. Budgetary strains have also intensified, as exceptional security spending remained elevated through end-April of 2025, and salaries for military and police were doubled since March to bolster troops’ morale.

“The government has reaffirmed its commitment to the objectives of ECF-supported program, which has been recalibrated to reflect the new realities following the intensification of the conflict. This will help safeguard fiscal sustainability while enabling adequate fiscal space for pressing security and humanitarian needs without crowding out priority social and investment spending, especially in light of the suspension of a significant share of external humanitarian assistance. Offsetting revenue-enhancing measures and streamlining of non-priority spending—including a reduction in operating expenses of the government—have been identified and incorporated, along with expected additional concessional financing from the World Bank, into a draft 2025 supplementary budget Law to be submitted to Parliament. Additional concessional financing from development partners would be welcome.

“Progress on the structural reform agenda is encouraging. Reforms focused on modernizing public financial management are advancing: the legal framework was strengthened to induce stricter adherence to the expenditure chain, though its implementation needs to be tightened. The authorities are making progress in meeting key milestones to operationalize the Treasury, gradually decentralizing spending authorization to line ministries, establishing a treasury single account, and transitioning to a resource-based fiscal framework aimed at shielding public spending from the volatility of extractive revenues. In addition, domestic revenue-enhancing efforts should be stepped up, including by expediting the roll-out of the standardized VAT billing system, adopting an action plan to increase domestic revenue mobilization, streamlining inefficient tax exemptions, curbing tax evasion through tighter oversight of mineral exports, and further intensifying the fight against customs fraud at the borders. Stronger spending efficiency, including through better public investment management and stricter control of payroll abuses, remains critical, along with measures in the area of governance and transparency—including in the extractive sector— to combat corruption, and improve the business environment.

“Finally, the IMF staff urged the authorities to continue laying the groundwork for the timely implementation of the reform measures (RM) underpinning the Resilience and Sustainability Facility (RSF)–supported program. These RMs, coming due starting at the next review, are expected to help strengthen the DRC’s resilience to climate shocks while consolidating its role as a “solution country” in the global transition to a low-carbon economy.

“The IMF staff would like to express its gratitude to the authorities, senior officials, technical staff, and various stakeholders—including representatives of the civil society, the private sector, and development partners—for their hospitality, continued support, and constructive discussions.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Tatiana Mossot

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/13/pr25140-democratic-republic-of-congo-imf-reaches-sla-with-drc-on-the-1st-review-under-ecf

MIL OSI
MIL OSI Russia News –
May 14, 2025
MIL-OSI Russia: Denmark: Staff Concluding Statement of the 2025 Article IV Mission
Source: IMF – News in Russian

May 13, 2025

A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

Copenhagen, Denmark:

Denmark’s strong growth has continued, primarily driven by pharmaceutical exports, while domestic demand has remained relatively sluggish. Staff expects output growth to moderate in the near term as external demand weakens. Direct impacts from U.S. tariffs are expected to be limited, but heightened trade tensions and trade policy uncertainty pose risks to the outlook. Denmark’s robust institutions, competitive and relatively diversified economic structure, strong fiscal position, and highly educated workforce all reinforce its resilience to external shocks. In this context, the policy priorities are as follows.
- Uphold fiscal sustainability amid rising defense and aging-related expenditures.
- Ensure financial stability by vigilantly monitoring risks, maintaining a prudent capital-based macroprudential policy setting, and tightening borrower-based measures.
- Further intensify structural reforms to support high levels of income and sustain the welfare state.
Economic outlook and risks
1. Staff anticipates a gradual moderation in GDP growth. Output growth is projected to decline from 3.7 percent in 2024 to 2.9 percent in 2025 and further to 1.8 percent in 2026. Export growth, including pharmaceutical exports, is expected to slow, while the full reopening of the Tyra natural gas and oil field will provide a temporary uplift. The U.S. is a key trading partner; however, exports produced in Denmark passing through customs account for only 3 percent of total exports, limiting the direct impact of U.S. tariffs on the Danish economy. Domestic demand is expected to gradually strengthen, driven by increased public expenditures and a modest recovery in private consumption due to improved consumer purchasing power. Beyond 2026, medium-term growth is projected at around 1.5 percent, reflecting a maturing pharmaceutical sector and a declining working-age population. Labor market pressures have eased, with inflation anticipated to stay around 2 percent.
2. Risks to growth are on the downside. External risks dominate the outlook. A reversal of globalization, including higher trade barriers and deepening geoeconomic fragmentation, would put the Danish economy at risk. Global uncertainty, including the intensification of regional conflicts, would dampen consumer and business confidence, weighing on domestic demand. Upside risks to growth include a faster-than-expected resolution of trade and geopolitical tensions, as well as stronger pharmaceutical exports.
Maintaining fiscal sustainability amid rising defense and aging-related spending
1. The fiscal surplus is expected to decline significantly. In February, the authorities announced a temporary rise in defense spending from 2¼ percent of GDP in 2024 to 3¼ percent in 2025 and 2026, returning to 2¼ percent by 2033. This increase adds to already planned personal income tax cuts and increased expenditures related to health, long-term care, and climate. As a result, staff projects the overall surplus to fall from 4½ percent of GDP in 2024 to 1¼ percent in 2025 and further to ½ percent of GDP in 2026. Although labor market pressures have eased, and fiscal multipliers for the planned measures are likely to be low, the resulting fiscal stimulus could be stronger than warranted by macroeconomic circumstances. Given these risks, the authorities should continue to exercise robust spending controls and save any revenue above budget forecasts for the remainder of 2025.
2. Given Denmark’s robust fiscal position, the announced temporary increase in defense spending is manageable from a public finance sustainability perspective. Denmark has long anticipated rising spending pressures from an aging population and has successfully reduced its debt-to-GDP ratio to below 30 percent, down from nearly 50 percent a decade ago. Furthermore, a significantly higher-than-expected fiscal surplus in 2024 provides additional room to accommodate the increased defense spending. In the staff’s baseline scenario, the structural balance is expected to remain above the -1 percent of GDP floor over the medium term, consistent with Denmark’s fiscal rules and a stable debt-to-GDP ratio.
3. However, significantly higher and more persistent increases in defense spending would require adjustment measures to ensure long-term fiscal sustainability. These adjustment measures should be growth-friendly while ensuring fairness to preserve the welfare state. Specifically:
- While both expenditure and revenue measures should be explored, given the already high tax burden, priority should be given to spending measures. To this end, an in-depth assessment of expenditures should be conducted to identify low-priority or inefficient spending, as well as the opportunity to enhance public administration efficiency by leveraging digitalization and AI.
- Structural reform programs should be vigorously pursued to boost labor supply and enhance productivity. In this context, further raising the retirement age in line with improved life expectancy is vital to ensure fiscal sustainability.
- The structural balance floor of -1 percent of GDP under current national fiscal rules should be respected.
Safeguarding financial stability
1. Although systemic risks have been contained, heightened global risks warrant continued vigilance in monitoring financial sector risks. Banks are well-capitalized, with strong profitability, asset quality, and liquidity. To further strengthen the resilience of the financial system, the authorities should (i) ensure that banks maintain robust provisioning practices for credit risks, including a thorough examination of International Financial Reporting Standards (IFRS) 9 modeling practices; (ii) complete the ongoing review of internal ratings-based models promptly, followed by supervisory actions based on the results, and implement the EU’s CRR III/CRD VI as planned; (iii) continue efforts to enhance resilience against cyberattacks; and (iv) ensure that the Financial Supervisory Authority is adequately staffed across a full range of skills and experiences to deliver its mandates.
2. Capital-based macroprudential policy is broadly appropriate, but borrower-based measures should be tightened to address pockets of vulnerabilities. Given heightened global risks and the fragile commercial real estate (CRE) sector, the 2.5 percent countercyclical capital buffer (CCyB) and the 7 percent sector-specific systemic risk buffer, introduced in June 2024 to mitigate risks in the CRE sector, should remain in place for now. To address pockets of vulnerabilities in mortgages, the authorities should consider lowering the maximum loan-to-value ratio below the current 95 percent. In addition, incentives for bigger mortgages should be reduced by lowering the tax deductibility of mortgage interest expenses.
3. The risks posed by non-bank financial institutions (NBFIs) should be closely monitored and assessed. The authorities have increased their focus on the NBFI sector in financial stability assessments. Given the considerable size and extensive interconnectedness of NBFIs within the financial system, as well as their susceptibility to market vulnerabilities, the authorities should continue strengthening the oversight framework for NBFIs. Key priorities include: (i) finalizing the supervisory order on the stress-testing framework for insurance and pension firms; (ii) developing a framework for systemic risk assessment that covers both banks and NBFIs; and (iii) ensuring that insurance and pension companies provide clear advice to clients about financial and longevity risks when selling non-guaranteed products.
4. Addressing outstanding recommendations in the 2020 Financial Stability Assessment Program would further strengthen financial sector oversight and crisis management. The authorities have made significant strides in implementing numerous recommendations, especially in bank and insurance supervision and systemic liquidity. Important outstanding recommendations relate to systemic risk oversight and the governance of the resolution authorities.
Pursuing structural reforms
1. Structural reforms should be further intensified to sustain high levels of income, preserve fiscal space, and sustain the welfare state. Over the past several decades, Denmark has benefited significantly from globalization, including reduced trade barriers and expanded global value chains. However, these conditions may shift due to rising geopolitical and trade tensions. An aging population would also weigh on potential growth. All these concerns underscore the pressing need for Denmark to reinforce structural reform efforts. Specifically,
- Strengthening policies to support entrepreneurship while harnessing the benefits of digitalization and Artificial Intelligence (AI). Staff welcomes the progress made in implementing a new entrepreneurship strategy launched in June 2024 to support start-ups and scale-ups. Denmark excels in digitalization and is well-positioned to leverage the benefits of AI. In this regard, the authorities should continue reviewing the legal and technical barriers to AI adoption while ensuring sound ethical principles. While Denmark’s flexicurity model is well-suited to facilitate possible labor reallocation across sectors, the implications of digital technologies on labor markets, including job displacement, should be closely monitored.
- Continuing efforts to ensure a sufficient labor supply with the right skills, such as IT, health, and long-term care professionals. The authorities’ ongoing focus on labor market reforms is appropriate, including recent initiatives to (i) reform education curricula to equip students with digitalization skills; (ii) enhance vocational education and training; and (iii) make the active labor market policy framework more cost-effective while maintaining the strengths of the Danish flexicurity model. Other policy priorities include: (i) aligning the foreign worker recruitment schemes, especially the salary requirement limit and the positive list, with labor market needs; and (ii) ensuring the effectiveness of integration programs to help foreign workers and families successfully integrate into Danish society.
1. A deeper EU single market could boost Denmark’s business dynamism and potential growth. The EU single market, Denmark’s most important trade area, is fragmented. Deepening EU integration will enhance the benefits of economies of scale and network effects, thus expanding the market for Danish businesses. Simultaneously, the authorities should make efforts to reduce domestic regulatory burdens on businesses (e.g., reporting requirements) while balancing the costs and benefits of these regulations. Denmark’s commitment to supporting multilateral and transparent trade policies that promote mutually beneficial cooperation in global trade, knowledge, and investment flows is commendable.
2. Strengthening climate adaptation will support sustainable growth. Due to its coastal location and flat topography, Denmark is particularly vulnerable to sea level rise, storm surges, and coastal erosion, necessitating a well-designed long-term adaptation plan. The government is developing National Climate Adaptation Plan II, which focuses on enhanced coastal and groundwater protection, urban flood management, and the assessment of infrastructure needs, including financing responsibilities among central and local governments and the private sector. Simultaneously, the authorities are encouraged to reform the property insurance scheme (“Storm Surge Scheme”) to make insurance premiums risk-based.
The mission thanks the authorities and private sector counterparts for their accommodative flexibility, warm hospitality, and candid and high-quality discussions. The IMF team is especially grateful to the Danmarks Nationalbank for its assistance with meeting and logistical arrangements.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Boris Balabanov

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/12/mcs-denmark-staff-concluding-statement-of-the-2025-article-iv-mission

MIL OSI
MIL OSI Russia News –
May 14, 2025
MIL-OSI Banking: Apple unveils powerful accessibility features coming later this year
Source: Apple

Headline: Apple unveils powerful accessibility features coming later this year

May 13, 2025

PRESS RELEASE

Apple unveils powerful accessibility features coming later this year

New features include Accessibility Nutrition Labels on the App Store, Magnifier for Mac, Braille Access, and Accessibility Reader; plus innovative updates to Live Listen, visionOS, Personal Voice, and more

CUPERTINO, CALIFORNIA Apple today announced new accessibility features coming later this year, including Accessibility Nutrition Labels, which will provide more detailed information for apps and games on the App Store. Users who are blind or have low vision can explore, learn, and interact using the new Magnifier app for Mac; take notes and perform calculations with the new Braille Access feature; and leverage the powerful camera system of Apple Vision Pro with new updates to visionOS. Additional announcements include Accessibility Reader, a new systemwide reading mode designed with accessibility in mind, along with updates to Live Listen, Background Sounds, Personal Voice, Vehicle Motion Cues, and more. Leveraging the power of Apple silicon — along with advances in on-device machine learning and artificial intelligence — users will experience a new level of accessibility across the Apple ecosystem.

“At Apple, accessibility is part of our DNA,” said Tim Cook, Apple’s CEO. “Making technology for everyone is a priority for all of us, and we’re proud of the innovations we’re sharing this year. That includes tools to help people access crucial information, explore the world around them, and do what they love.”

“Building on 40 years of accessibility innovation at Apple, we are dedicated to pushing forward with new accessibility features for all of our products,” said Sarah Herrlinger, Apple’s senior director of Global Accessibility Policy and Initiatives. “Powered by the Apple ecosystem, these features work seamlessly together to bring users new ways to engage with the things they care about most.”

Accessibility Nutrition Labels Come to the App Store

Accessibility Nutrition Labels bring a new section to App Store product pages that will highlight accessibility features within apps and games. These labels give users a new way to learn if an app will be accessible to them before they download it, and give developers the opportunity to better inform and educate their users on features their app supports. This includes VoiceOver, Voice Control, Larger Text, Sufficient Contrast, Reduced Motion, captions, and more. Accessibility Nutrition Labels will be available on the App Store worldwide, and developers can access more guidance on the criteria apps should meet before displaying accessibility information on their product pages.

“Accessibility Nutrition Labels are a huge step forward for accessibility,” said Eric Bridges, the American Foundation for the Blind’s president and CEO. “Consumers deserve to know if a product or service will be accessible to them from the very start, and Apple has a long-standing history of delivering tools and technologies that allow developers to build experiences for everyone. These labels will give people with disabilities a new way to easily make more informed decisions and make purchases with a new level of confidence.”

An All-New Magnifier for Mac

Since 2016, Magnifier on iPhone and iPad has given users who are blind or have low vision tools to zoom in, read text, and detect objects around them. This year, Magnifier is coming to Mac to make the physical world more accessible for users with low vision. The Magnifier app for Mac connects to a user’s camera so they can zoom in on their surroundings, such as a screen or whiteboard. Magnifier works with Continuity Camera on iPhone as well as attached USB cameras, and supports reading documents using Desk View.

With multiple live session windows, users can multitask by viewing a presentation with a webcam while simultaneously following along in a book using Desk View. With customized views, users can adjust brightness, contrast, color filters, and even perspective to make text and images easier to see. Views can also be captured, grouped, and saved to add to later on. Additionally, Magnifier for Mac is integrated with another new accessibility feature, Accessibility Reader, which transforms text from the physical world into a custom legible format.

A New Braille Experience

Braille Access is an all-new experience that turns iPhone, iPad, Mac, and Apple Vision Pro into a full-featured braille note taker that’s deeply integrated into the Apple ecosystem. With a built-in app launcher, users can easily open any app by typing with Braille Screen Input or a connected braille device. With Braille Access, users can quickly take notes in braille format and perform calculations using Nemeth Braille, a braille code often used in classrooms for math and science. Users can open Braille Ready Format (BRF) files directly from Braille Access, unlocking a wide range of books and files previously created on a braille note taking device. And an integrated form of Live Captions allows users to transcribe conversations in real time directly on braille displays.

Introducing Accessibility Reader

Accessibility Reader is a new systemwide reading mode designed to make text easier to read for users with a wide range of disabilities, such as dyslexia or low vision. Available on iPhone, iPad, Mac, and Apple Vision Pro, Accessibility Reader gives users new ways to customize text and focus on content they want to read, with extensive options for font, color, and spacing, as well as support for Spoken Content. Accessibility Reader can be launched from any app, and is built into the Magnifier app for iOS, iPadOS, and macOS, so users can interact with text in the real world, like in books or on dining menus.

Live Captions Arrive on Apple Watch

For users who are deaf or hard of hearing, Live Listen controls come to Apple Watch with a new set of features, including real-time Live Captions. Live Listen turns iPhone into a remote microphone to stream content directly to AirPods, Made for iPhone hearing aids, or Beats headphones. When a session is active on iPhone, users can view Live Captions of what their iPhone hears on a paired Apple Watch while listening along to the audio. Apple Watch serves as a remote control to start or stop Live Listen sessions, or jump back in a session to capture something that may have been missed. With Apple Watch, Live Listen sessions can be controlled from across the room, so there’s no need to get up in the middle of a meeting or during class. Live Listen can be used along with hearing health features available on AirPods Pro 2, including the first-of-its-kind clinical-grade Hearing Aid feature.

An Enhanced View with Apple Vision Pro

For users who are blind or have low vision, visionOS will expand vision accessibility features using the advanced camera system on Apple Vision Pro. With powerful updates to Zoom, users can magnify everything in view — including their surroundings — using the main camera. For VoiceOver users, Live Recognition in visionOS uses on-device machine learning to describe surroundings, find objects, read documents, and more.¹ For accessibility developers, a new API will enable approved apps to access the main camera to provide live, person-to-person assistance for visual interpretation in apps like Be My Eyes, giving users more ways to understand their surroundings hands-free.

Additional Updates
- Background Sounds becomes easier to personalize with new EQ settings, the option to stop automatically after a period of time, and new actions for automations in Shortcuts. Background Sounds can help minimize distractions to increase a sense of focus and relaxation, which some users find can help with symptoms of tinnitus.
- For users at risk of losing their ability to speak, Personal Voice becomes faster, easier, and more powerful than ever, leveraging advances in on-device machine learning and artificial intelligence to create a smoother, more natural-sounding voice in less than a minute, using only 10 recorded phrases. Personal Voice will also add support for Spanish (Mexico).²
- Vehicle Motion Cues, which can help reduce motion sickness when riding in a moving vehicle, comes to Mac, along with new ways to customize the animated onscreen dots on iPhone, iPad, and Mac.
- Eye Tracking users on iPhone and iPad will now have the option to use a switch or dwell to make selections. Keyboard typing when using Eye Tracking or Switch Control is now easier on iPhone, iPad, and Apple Vision Pro with improvements including a new keyboard dwell timer, reduced steps when typing with switches, and enabling QuickPath for iPhone and Vision Pro.
- With Head Tracking, users will be able to more easily control iPhone and iPad with head movements, similar to Eye Tracking.
- For users with severe mobility disabilities, iOS, iPadOS, and visionOS will add a new protocol to support Switch Control for Brain Computer Interfaces (BCIs), an emerging technology that allows users to control their device without physical movement.
- Assistive Access adds a new custom Apple TV app with a simplified media player. Developers will also get support in creating tailored experiences for users with intellectual and developmental disabilities using the Assistive Access API.
- Music Haptics on iPhone becomes more customizable with the option to experience haptics for a whole song or for vocals only, as well as the option to adjust the overall intensity of taps, textures, and vibrations.
- Sound Recognition adds Name Recognition, a new way for users who are deaf or hard of hearing to know when their name is being called.
- Voice Control introduces a new programming mode in Xcode for software developers with limited mobility. Voice Control also adds vocabulary syncing across devices, and will expand language support to include Korean, Arabic (Saudi Arabia), Turkish, Italian, Spanish (Latin America), Mandarin Chinese (Taiwan), English (Singapore), and Russian.
- Live Captions adds support to include English (India, Australia, UK, Singapore), Mandarin Chinese (Mainland China), Cantonese (Mainland China, Hong Kong), Spanish (Latin America, Spain), French (France, Canada), Japanese, German (Germany), and Korean.
- Updates to CarPlay include support for Large Text. With updates to Sound Recognition in CarPlay, drivers or passengers who are deaf or hard of hearing can now be notified of the sound of a crying baby, in addition to sounds outside the car such as horns and sirens.
- Share Accessibility Settings is a new way for users to quickly and temporarily share their accessibility settings with another iPhone or iPad. This is great for borrowing a friend’s device or using a public kiosk in a setting like a cafe.
Celebrate Global Accessibility Awareness Day with Apple

Apple Retail is introducing dedicated tables spotlighting accessibility features on a variety of devices in select store locations throughout the month of May. Additionally, Apple offers accessibility sessions year-round through Today at Apple for deeper learning, tips, and feature customization. Sessions can be scheduled at all Apple Store locations worldwide through Group Booking or by visiting a nearby store.

Apple Music shares the story of artist Kiddo K and the power of music haptics for users who are deaf or hard of hearing, unveils updates to its Haptics playlists, and launches a brand-new playlist featuring ASL interpretations of music videos alongside Saylists playlists.

Apple Fitness+ welcomes Chelsie Hill as a guest in a Dance workout with Fitness+ trainer Ben Allen. Hill is a professional dancer and founder of Rolettes, an L.A.-based wheelchair dance team that advocates for disability representation and women’s empowerment. The workout is available now in the Fitness+ app.

Apple TV+ shares a behind-the-scenes look at the making of the new Apple Original film Deaf President Now!, which premieres on Apple TV+ on May 16. The documentary tells the story of the greatest civil rights movement most people have never heard about, which unfolded across eight tumultuous days in 1988. At the world’s only Deaf university, four students must find a way to lead an angry mob — and change the course of history.

Apple Books, Apple Podcasts, Apple TV, and Apple News will spotlight stories of people with disabilities and those who are working to make the world more accessible for everyone.

The App Store is sharing a collection of apps and games designed to be accessible to everyone, in addition to featuring the story of Klemens Strasser, a developer guided by a philosophy of making accessible apps and games like The Art of Fauna.

The Shortcuts app adds Hold That Thought, a shortcut that prompts users to capture and recall information in a note so interruptions don’t derail their flow. The Accessibility Assistant shortcut has been added to Shortcuts on Apple Vision Pro to help recommend accessibility features based on user preferences.

New videos on the Apple Support accessibility playlist include features like Eye Tracking, Vocal Shortcuts, and Vehicle Motion Cues, as well as a library of videos to help everyone personalize their iPhone, iPad, Mac, Apple Watch, and Apple Vision Pro to work best for them.

About Apple Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, AirPods, Apple Watch, and Apple Vision Pro. Apple’s six software platforms — iOS, iPadOS, macOS, watchOS, visionOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, iCloud, and Apple TV+. Apple’s more than 150,000 employees are dedicated to making the best products on earth and to leaving the world better than we found it.
1. Live Recognition should not be relied on in high-risk or emergency situations, in circumstances where the user may be harmed or injured, or for navigation.
2. Personal Voice can only be used to create a voice that sounds like the user on device, using their own voice, and for their own personal, noncommercial use.
Press Contacts

Will Butler

Apple

willbutler@apple.com

Apple Media Helpline

media.help@apple.com
MIL OSI Global Banks –
May 14, 2025
MIL-OSI United Kingdom: Pension schemes back British growth
Source: United Kingdom – Executive Government & Departments

Press release

Pension schemes back British growth

Mansion House Accord unlocks up to £50 billion investment for the economy, with first commitments to invest in the UK.
More ambitious targets than 2023 Mansion House Compact will unlock investment into UK businesses and major infrastructure projects, including clean energy developments.

Comes ahead of Pensions Investment Review final report, which will create megafunds to drive more investment, boost pension pots and grow the economy through the Plan for Change.

Up to £50 billion of investment for UK businesses and major infrastructure projects is set to be unlocked through a new agreement with Britain’s biggest pension funds, as the Government goes further and faster to drive growth through the Plan for Change.

Seventeen workplace pension providers managing around 90 percent of active savers’ defined contribution pensions will sign the Mansion House Accord at a roundtable with the Chancellor and Minister for Pensions in the City of London today (Tuesday 13 May).

Signatories to the Accord will pledge to invest 10 percent of their workplace portfolios in assets that boost the economy such as infrastructure, property and private equity by 2030. At least 5 percent of these portfolios will be ringfenced for the UK, expected to release £25 billion directly into the UK economy by 2030.

This investment could support clean energy developments across the country, delivering greater energy security and helping to lower household bills, as well as delivering growth finance to Britain’s world-leading science and technology businesses – creating jobs, boosting businesses and putting more money into people’s pockets.

Pension savers will also benefit from the commitment to invest in private markets. Comparable Australian schemes invest significantly more in private markets and domestic companies than UK schemes, and research suggests greater investment in private markets can deliver security through diversified asset holdings and potentially drive higher returns.

The pledge follows hot on the heels of securing trade agreements with India and the US, which will add billions of pounds to the UK economy and protect thousands of steel and car manufacturing jobs, as well as a fourth interest rate cut since last Summer. This demonstrates the UK’s strength in navigating a changing world, going further and faster through our Plan for Change to drive growth and put more money into people’s pockets.

Rachel Reeves, Chancellor of the Exchequer, said:

Through our Plan for Change, we are choosing to back British businesses and British workers. I welcome this bold step by some of our biggest pension funds, which will unlock billions for major infrastructure, clean energy, and exciting startups — delivering growth, boosting pension pots, and giving working people greater security in retirement.

Torsten Bell, Minister for Pensions, said:

Pensions matter hugely, they underpin not just the retirements we all look forward to, but the investment our future prosperity depends on. I hugely welcome the pensions industry decision to invest in more productive assets, from growing companies to infrastructure. This supports better outcomes for savers and faster growth for Britain.

Today’s announcement is more ambitious than the 2023 Mansion House Compact, where eleven funds committed to the aim of investing 5 percent of their workplace defined contribution default funds – the off-the-shelf funds providers offer to the vast majority of savers – in unlisted companies by 2030. The new commitment involves the vast majority of the industry and brings more assets into scope, doubles the target from 5 percent to 10 percent, and includes a specific commitment to investing 5 percent in the UK.

Progress against the commitment will be monitored and the initiative will be reinforced by measures to be announced in the upcoming final report of the Pensions Investment Review. The final report will tackle fragmentation in the UK pension system, creating pension megafunds that take advantage of scale and consolidation like Australian and Canadian funds do, to invest in productive assets like private markets and big infrastructure projects.

Some pension funds have already indicated privately that they will go beyond the targets agreed through the Mansion House Accord, which could lead to even more direct investment in the UK economy – and is particularly welcomed by the government.

Today’s commitment comes alongside progress in the government’s efforts to help pension savers benefit from the opportunities of investing in UK growth. The British Business Bank has now received regulatory approval from the Financial Conduct Authority to deliver the British Growth Partnership – which will provide UK pension funds and other institutional investors with access to the Bank’s extensive pipeline of UK venture capital opportunities.

The government will continue working with the industry to make sure pension schemes deliver the best possible value for savers — while driving the investment needed to deliver growth and put more money into people’s pockets.

Yvonne Braun, Director of Policy, Long-Term Savings, Health and Protection at the ABI, said:

As major investors, the pensions industry already plays a vital role in driving growth in the UK and globally. The Accord formalises the industry’s ambition to invest more in private markets to diversify investments, support innovation and infrastructure, and ensure prosperity. Investments under the Accord will always be made in savers’ best interests. It is now critical that Government supports the industry’s ambition, by facilitating a pipeline of suitable investment opportunities, tackling barriers to investments, and delivering wider pension reforms effectively.

Alastair King, Lord Mayor of London, said:

The Mansion House Accord builds on the strong foundations of the Compact and signals a step change in ambition: more signatories, deeper allocations to private markets, and a clearer commitment to backing UK assets. That includes a renewed focus on revitalising the Alternative Investment Market (AIM) of the London Stock Exchange as well as the Aquis Exchange, which play a critical role in supporting high-growth companies that drive innovation, jobs and productivity. If we want those firms to scale in the UK, we must ensure they have the capital to do so. This is not just about better pension outcomes, it is about building a more dynamic, competitive investment ecosystem. Delivering long-term, sustainable growth is crucial and the City of London Corporation is delighted to have partnered with industry and Government to bring this ambition to life.

Zoe Alexander, Director of Policy and Advocacy at the PLSA, said:

UK pension schemes already invest billions in UK growth assets. This accord demonstrates the collective ambition of the DC sector to do even more, as well as its confidence that the UK will provide the right opportunities to invest, consistent with schemes’ fiduciary duty to members. The Government, in its turn, has committed to take action to ensure there is a strong pipeline of investable assets for pension schemes. With everyone playing their part, there is great potential to boost returns for savers while providing vital funding to productive growth areas.

More information

This is a voluntary expression of intent by seventeen signatories. The Mansion House Accord has been jointly led by the ABI, City of London Corporation and the Pensions and Lifetime Savings Association.

Signatories to the new commitment include: Aegon, Aon, Aviva, Legal & General, LifeSight, M&G, Mercer, Natwest Cushon, Nest, NOW: Pensions, Phoenix Group, Royal London, Smart Pension, the People’s Pension, SEI, TPT Retirement Solutions and the Universities Superannuation Scheme (USS).

The signatories to the Accord have stated that £252 billion of assets are subject to the pledge. Based on historical growth rates (which have been halved to reflect a maturing market (17% per annum)) and reflecting further consolidation in the pensions market, this could rise to around £740 billion by 2030.

The £50 billion and £25 billion cash estimates for investment unlocked are indicative and assume current private market investment levels are at 3.5%, of which 40% is UK-based. These are increased to 10% and 50% respectively by 2030 in line with the Accord.

Some providers have indicated they may exceed the private markets investment targets in the Accord, which could lead to additional investment.

Investments will support UK growth sectors, including clean energy infrastructure and innovative small businesses.

Government Actuary Department Analysis from 2024 found that a portfolio with greater exposure to private markets – including infrastructure and private equity – delivered stronger returns than a baseline portfolio comprised largely of overseas equities.

The Pensions Investment Review interim report was published at Mansion House 2024, with the final report due Spring 2025.

Pictures will be published on HMT’s Flickr following the signing event.

Stakeholder commentary:

Andy Briggs, Phoenix Group CEO, said:

This Mansion House Accord will unlock investment in UK private markets while helping deliver better long-term returns and retirements for millions of pension savers. The new commitments have the potential to strengthen the economy by fuelling the growth of British businesses and boosting investment in critical infrastructure.

Phoenix Group has already taken a lead by launching Future Growth Capital — the first private market investment manager formed to deliver the commitments made in the initial Mansion House Compact — committing £2.5bn over three years to the UK’s most exciting, innovative and fastest growing companies. The Accord is the natural next step, and we’re proud to play our part in delivering better outcomes for our customers and for the wider society.

Patrick Heath-Lay, Chief Executive Officer of People’s Partnership, provider of People’s Pension, said:

People’s Pension has a vital role to play in the exciting, shared vision for the future of the pensions’ industry, which will see bigger, stronger, value-driven schemes that will deliver better value to their members. By signing this Accord, we are reaffirming how seriously we take our commitment to delivering better outcomes, as well as helping to drive UK economic growth.

David Lane, Chief Executive of TPT Retirement Solutions, said:

By reaching an agreement with pension providers to invest in UK productive finance in a mutually beneficial way, the Government can achieve its objective and support better outcomes for scheme members. Many pension schemes already invest in productive finance, and most are open to investing more in the UK. Investment in assets such as infrastructure, transportation, housing, venture capital and private markets can play an important role in improving risk-adjusted returns for members while also contributing to economic growth.

Meeting the Government’s objectives while also maintaining fiduciary duty and ensuring strong returns for members are not mutually exclusive ambitions. However, hurdles remain around value for money considerations and the availability of suitable investment opportunities. These should be a focus for Government policy to spur more investment. The most pressing issue to deal with is that provider pricing practices leave very little room in the annual management charge for investment fees. There needs to be a shift to a value for money approach that considers the returns from an investment and not just its fees.

Jelena Croad, Head of LifeSight GB, said:

Signing up to the Mansion House Accord is a significant step for LifeSight. We believe that private market investments can increase overall returns as part of a diversified portfolio and have already begun investing in this way.

Our ability to invest in private markets, without increasing existing fee agreements, showcases our dedication to providing the best possible outcomes for our members. We are excited to be part of this initiative and look forward to contributing to the growth of the economy in which our members live.

We are pleased that the government acknowledges the need to increase the pipeline for UK private market investment opportunities. This recognition aligns with our mission to support the growth of innovative firms and sustainable infrastructure within the UK, ultimately enhancing the retirement incomes of millions of UK pension savers.

For LifeSight members, these investments are being made as part of our main default funds, ensuring that our members benefit from high-quality investment opportunities.

Steve Charlton, a member of SPP’s DC Committee and DC Managing Director at SEI, said:

Due to ongoing collaboration and open dialogue between the industry and the UK government, we have become comfortable with the proposed changes to the Mansion House reforms. This accord demonstrates our collective ambition to have a consolidated workplace pension environment that provides flexibility and choice for pension funds to invest where they see opportunity, whilst balancing their responsibility to members.

We welcome the government’s commitment to ensure a good flow of investable opportunities for pension schemes. This mitigates our previous concerns about the risks of high-priced, poor-quality investments in an environment where the originally proposed investable opportunities are scarce. It enables everyone to play their part in helping to deliver better member outcomes and drive economic growth.

Lorna Blyth, Managing Director – Investment Proposition at Aegon UK, said:

Aegon UK is proud to be a signatory of the Mansion House Accord, which aligns with our aim to deliver better long-term outcomes for our pension scheme members.

We are committed to ensuring our customers can access and share in the potential growth and success of new, innovative companies as part of diversified portfolios. Leveraging our partnership with the British Business Bank, along with our scale and expertise, we are dedicated to developing investment solutions that improve the retirement outcomes of the millions of members of the defined contribution pension schemes we support. We’ve made significant progress in becoming a DC provider fit for the future – but our journey doesn’t end here.

The Accord is a key element of the Government’s growth agenda, alongside other initiatives likely to transform the UK’s DC pensions market. It comes as the conclusions of the Pensions Investment Review are expected imminently and further fundamental changes are expected in the Pension Schemes Bill later this spring. This makes it essential that the Government adopts a pragmatic approach to implementation. Realistic timeframes and a steady supply of high-quality UK investment opportunities across all private asset classes are crucial for ensuring success. This includes collaborating with more organisations such as the British Business Bank to provide access to diverse types of private assets – from private equity to infrastructure, which are all vital for optimising member benefits and developing investment portfolios designed for long term growth.

Amanda Blanc DBE, Aviva Group Chief Executive Officer, said:

This is a major opportunity for the pension and investment industry to support UK growth while delivering improved outcomes for pension savers. As a significant investor in private markets, Aviva has recently launched a number of funds to give over four million workplace pension customers even greater opportunity to invest in UK assets, including innovative, early-stage businesses, and we want to do much more.

Jo Sharples, CIO, DC Solutions at Aon, said:

We believe that investing in private assets will benefit pension scheme members by delivering better expected returns over the long-term, ultimately resulting in higher retirement outcomes. The new Mansion House Accord is a great step forward in achieving this and is a fantastic example of how the UK pensions industry can work together to break down barriers to enable greater investment in private assets.

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Published 13 May 2025
MIL OSI United Kingdom –
May 14, 2025
Blood Money: Pakistan’s Shadow Economy and the Trade that Fuels Terrorism

Source: Government of India

Source: Government of India (4)

A Hidden Artery that Predates 9/11

Islamabad has long claimed that terrorist finance seeped in from Afghanistan only after the Twin Towers fell. Yet the sluice gates were prised open a decade earlier. In 1991, then-Prime Minister Nawaz Sharif said he received a “blueprint” from Army Chief General Aslam Beg and ISI Director-General Asad Durrani: fund covert wars by selling heroin overseas, according to NATO’s study Narco-Insecurity, Inc. Sharif maintains he rejected the proposal; the generals deny it; but the episode revealed a mindset in which narcotics were deemed an acceptable coin of statecraft—ten years before 9/11 and far from any Afghan battlefield.

The prime minister might have disowned the scheme, yet his party was deeply enmeshed in the narcotics trade. Sharif later admitted to The Washington Post in 1994 that ISI-backed drug profits financed covert operations. Through the ISI, the Pakistan Army set up narcotics routes to bankroll terror campaigns in Jammu & Kashmir and Afghanistan.

Narco-Politics: Heroin as Statecraft

Until the Taliban imposed a ban in August 2022, Afghanistan produced about 80 per cent of the world’s opium, and the cheapest road to blue water runs through Pakistan’s south-western badlands. United Nations Office on Drugs and Crime research on the “southern route” names Iran and Pakistan as key springboards for Afghan heroin bound for the Gulf and Europe, generating windfalls well into the billions. By cautious estimates, smuggling through Pakistan alone spins off more than a billion US dollars of largely untaxed cash each year. Militants who guard convoys or refine opium into export-grade heroin take their cut; so do civilians and men in uniform who provide protection.

Moreover, a United Nations report notes that despite the Taliban edict, opium cultivation in 2024 still rose by 19 per cent over the 2023 figure.

Counterfeit Nation: A War Printed Across the Border

If heroin yields a harvest within Pakistan, counterfeit rupees sow chaos next door. In May 2019 Nepalese police seized INR 76.7 million in near-perfect Fake Indian Currency Notes (FICN) from Kathmandu trafficker Yunus Ansari and three Pakistani couriers. Investigators traced the notes to Karachi presses reportedly run by Dawood Ibrahim’s crime syndicate under ISI protection.

The objective, officials say, is two-fold: finance jihadist allies such as Lashkar-e-Taiba and Jaish-e-Mohammed, and erode confidence in India’s currency—a variety of “economic jihad” achievable with little more than a printing plate and diplomatic deniability. The ISI funnels FICN through Nepal and Bangladesh via illicit networks that span their borders with India. In February 2015 a Pakistani diplomat was withdrawn from the High Commission in Dhaka after it was proved he was an ISI operative engaged in terror financing and FICN circulation.

Extortion City: Karachi’s Cash Cow

Drugs and forged money form the overture; raw fear provides the steady bass line. Bank robberies in Karachi once netted the Pakistani Taliban and allied outfits more than US $800,000 after commanders in the tribal belt ordered urban cells to abandon foreign donations and fund themselves through crime, reports the ‘Combating Terrorism Centre at West Point’ in its analysis, The Pakistani Taliban’s Karachi Network. The raids were the visible crest of a broader wave of “bhatta parchis”—monthly protection money squeezed from transporters, timber merchants and even school principals. Karachi’s takings underwrote bombs that shredded markets in Peshawar and ambushes that bled police in Khyber. The pattern never vanished; it migrated. In March 2025 the outlawed Tehreek-e-Taliban Pakistan sent letters to sugar-mill owners in Dera Ismail Khan: pay us, not the government, or watch your factories burn.

Hawala: The Invisible Artery

Moving cash is effortless when the state prefers the informal. Terrorist groups draw billions of rupees through hawala, cash couriers and black-market currency dealers; narcotics, kidnapping and extortion are core revenue streams. Hawala’s genius lies in its invisibility: one telephone call links a donor in Dubai to a broker in Lahore, and rupees materialise—unrecorded, untaxed, unseen. The same networks move political kick-backs and corporate tax evasion, ensuring institutional silence so long as every stakeholder’s share arrives on time.

Balochistan and Other Wild Frontiers

Farther west, a smuggler’s paradise of desert tracks and deep-water coves bankrolls both sides of Balochistan’s low-burn insurgency. The Baloch Liberation Army, analysts say, enjoys “well-funded support mechanism”: levies on coal trucks, tolls on diesel convoys and a system to keep the rebellion alive. Every barrel of fuel taxed on the Makran coast, every tonne of chromite shifted from a lawless quarry — deposits fresh ammunition in the rebels’ accounts—and justifies larger counter-insurgency budgets for the security establishment run by the Pakistani generals. Conflict has become profitable to the state here as well.

Who Holds the Purse-Strings?

Official spokesmen of the country blame “rogue elements” or “hostile foreign agencies” for terror finance. Yet evidence places Pakistan’s power elite at every collection point. From the 1991 heroin blueprint to the Jamaat-ud-Dawa and Lashkar-e-Taiba donation buckets in Lahore’s mosques and Jaish-e-Mohammed’s seminary in Bahawalpur, terrorism has long been treated as a strategic hedge, not an existential threat. Only when the guns turned inward did the establishment discover the lexicon of compliance.

Under international pressure, the Financial Action Task Force removed Pakistan from its grey list in October 2022. Television viewers saw frozen accounts, a few celebrity militants behind bars and choreographed press conferences about hawala raids. Yet these gestures were skin-deep. The deeper arteries still pulse: the Pahalgam terror attack traced back to Pakistan is a reminder, and the world community should move to grey-list Islamabad again.

Turning Off the Tap—or Pretending To

Pakistan’s terror economy is no single pipe to be welded shut; it is an underground river fed by narcotics, fake currency, extortion, smuggling and the state’s own cynical bargains. The generals who toyed with heroin, the politicians who wink at hawala donors and the bureaucrats who auction customs posts have all drunk from its waters. Could it end? With an economy edging towards default and a state apparatus that still wields covert terror as policy, the prospect appears bleak. Only an uncompromising audit of power can stem the blood money coursing through Pakistan’s shadow state—yet such scrutiny remains a distant chord in a pseudo-civilian order orchestrated by the army and its ISI handlers.

May 14, 2025
MIL-OSI Economics: BOBC Auctions- 13 May 2025

Source: Bank of Botswana

The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 21 May 2025. The summarised results of the auction held on 13 May 2025, are attached below:

BOBC Results 13 May 2025.pdf

MIL OSI Economics –

May 14, 2025
MIL-OSI: FTC Solar to Participate in Upcoming Investor Conferences

Source: GlobeNewswire (MIL-OSI)

AUSTIN, Texas, May 13, 2025 (GLOBE NEWSWIRE) — FTC Solar, Inc. (Nasdaq: FTCI), a leading provider of solar tracker systems, software and engineering services, today announced that members of its management team, including CEO Yann Brandt, are scheduled to participate in meetings with investors at the following upcoming conferences:

CLEANPOWER 2025 – May 20, 2025, Phoenix. The company will participate in group investor meetings with analysts from UBS, Guggenheim, and Roth Securities.

Bank of America Power, Utilities and Alternative Energy Conference – May 28, 2025, New York. The company will host in-person investor meetings. Interested investors should contact their BofA sales representative.

Roth Securities London Conference – June 25, 2025, London. The company will host in-person investor meetings. Interested investors should contact their Roth sales representative.

About FTC Solar Inc.
Founded in 2017 by a group of renewable energy industry veterans, FTC Solar is a global provider of solar tracker systems, technology, software, and engineering services. Solar trackers significantly increase energy production at solar power installations by dynamically optimizing solar panel orientation to the sun. FTC Solar’s innovative tracker designs provide compelling performance and reliability, with an industry-leading installation cost-per-watt advantage.

FTC Solar Investor Contact:
Bill Michalek
Vice President, Investor Relations
FTC Solar
T: (737) 241-8618
E: IR@FTCSolar.com

The MIL Network –

May 14, 2025

Contact:	Chris Courtney/Rick McCarty
Phone:	(209) 848-BANK (2265)
	Toll Free (866) 844–7500
	www.ovcb.com

Category: Banking

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