Category: Banking

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

Source: IMF – News in Russian

May 7, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV Consultation with Guyana.[1]

Guyana’s economic transformation is advancing strongly and broadening in scale. Rapidly expanding oil production, strong non-oil output, and large-scale public infrastructure investment supported the highest real GDP growth rate in the world, averaging 47 percent per year since 2022. Real oil GDP increased by nearly 58 percent in 2024, while real non-oil GDP expanded over 13 percent, reflecting a solid broad-based performance across sectors. Inflation reached 2.9 percent by end-2024, from 2 percent at end-2023, driven largely by higher food prices (affected by international food prices and earlier floods). The overall fiscal deficit widened from 5.1 percent of GDP (11.7 percent of non-oil GDP) in 2022 to 7.3 percent of GDP (21 percent of non-oil GDP) in 2024 reflecting a large increase in capital expenditure. Driven by higher oil exports, Guyana’s current account surplus more than doubled in 2024, reaching about 24½ percent of GDP. By end-2024, gross international reserves surpassed US$1 billion, while the Natural Resource Fund (NRF) accumulated over US$1.1 billion in 2024, reaching US$3.1 billion (over 12½ percent of GDP).

The economic outlook remains highly favorable. The economy is expected to grow on average 14 percent per year over the next five years, driven by robust oil production and strong non-oil GDP growth. Positive spillovers from the oil sector and improvements in infrastructure, productivity, and resilience are expected to boost the real non-oil GDP growth to an average of 6¾ percent over the medium term, about 3 percentage points higher than the pre-oil decade average. While inflation is projected to edge up to around 4 percent in 2025, the overall fiscal deficit and the current account surplus are expected to narrow in 2025. Over the medium term, the continued expansion of oil production will further strengthen the external position, with substantial savings accumulation in the NRF.

Risks to the outlook are broadly balanced. On the upside, additional oil discoveries and productivity-enhancing investments, including to strengthen energy resilience would further bolster Guyana’s long-term economic prospects, while expanding construction activity would support higher short-term non-oil GDP growth. Downside risks stem from overheating pressures which, if not contained, would lead to higher inflation and a real exchange rate appreciation beyond the level consistent with a balanced expansion of the economy. Commodity price volatility in a highly uncertain global environment, including from trade policy and climate shocks could also adversely affect inflation and alter the macroeconomic outlook.

Executive Board Assessment[2]

Executive Directors agreed with the thrust of the staff appraisal. They welcomed Guyana’s remarkable economic progress to attain high-income status, supported by rapidly expanding oil production and robust non-oil growth. They noted that Guyana’s economic outlook remains highly favorable with balanced risks, strong fundamentals, and a strong external position supported by substantial accumulation of oil revenue in the Natural Resource Fund. They commended the authorities’ commitment to balancing development needs with prudent policies to entrench macroeconomic and fiscal stability.

Directors concurred that the current fiscal stance is appropriate given development needs. They welcomed the authorities’ commitment to eliminate the overall fiscal deficit over the medium term and further narrow the non-oil primary deficit to levels consistent with ensuring intergenerational equity and preserving fiscal and macroeconomic sustainability. They highlighted the need for a comprehensive medium-term fiscal framework with an explicit anchor and an operational target, along with regular assessments of expenditure related to reaching development objectives. They positively noted the authorities’ continued efforts to strengthen public financial management as well as the low risk of debt distress given low public debt.

Directors considered the monetary policy stance as appropriately tight to help contain inflation, while noting the need for further tightening if inflation risks escalate. They saw merit in enhancing the monetary policy toolkit and deepening financial markets to help strengthen the effectiveness of monetary policy transmission. They emphasized the need for maintaining consistent policies to support the stabilized exchange rate arrangement, which remains appropriate, and saw merit in assessing whether transitioning to a more flexible exchange rate regime over the medium term could be beneficial as Guyana’s economy continues to transform.

Directors welcomed the authorities’ commitment to maintain financial stability and continue enhancing financial supervision, including monitoring sectoral lending exposures and related-party lending. They supported the authorities’ efforts to further strengthen risk monitoring, strengthen the macroprudential framework, broaden regulatory coverage, and enhance statistics on balance sheets and real estate prices.

Directors welcomed the authorities’ efforts to foster inclusive growth and economic diversification, improve the business environment, strengthen climate and energy resilience, and enhance labor market skills. They commended progress in strengthening governance, anti-corruption, official statistics, AML/CFT frameworks, fiscal transparency, and transparency in extractive industries, and supported the continued efforts to strengthen them in line with international standards.

It is expected that the next Article IV consultation with Guyana will be held on the standard 12-month cycle.

Table 1. Guyana: Selected Social and Economic Indicators

I. Social Indicators

Population, 2023 (thousands)	814
Life expectancy at birth (years), 2022	66
Under-five mortality rate (per 1,000 live births), 2023	14
Human Development Index rank, 2022	95
II. Economic Indicators

		Prel.	Proj.
	2023	2024	2025

	(Year-over-year percent change)

Production and Prices
Real GDP	33.8	43.6	10.3
Real non-oil GDP	12.3	13.1	12.9
Real oil GDP	46.8	57.7	9.5
Consumer prices (end of period)	2.0	2.9	4.2

	(Percent of non-oil GDP)
Central Government
Revenue	39.3	43.7	49.9
Grants	0.2	0.2	0.4
Expenditure	52.7	64.9	63.4
Current	25.1	28.9	30.5
Capital	27.7	36.0	32.9
Overall balance (after grants)	-13.3	-21.0	-13.2
Non-oil primary balance (after grants)	-26.2	-38.4	-37.5
	(Percent of GDP)
Revenue	17.0	15.3	18.6
Grants	0.1	0.1	0.1
Expenditure	22.8	22.6	23.7
Current	10.8	10.1	11.4
Capital	12.0	12.6	12.3
Overall balance (after grants)	-5.7	-7.3	-4.9

Total public sector gross debt	26.7	24.3	28.0
External	10.5	9.0	13.6
Domestic	16.2	15.2	14.4



Table 1. Guyana: Selected Social and Economic Indicators (Concluded)
		Prel.	Proj.
	2023	2024	2025

	(Year-over-year percent change)
Money and Credit
Broad money	27.6	25.3	17.7
Domestic credit of the banking system	24.1	39.7	4.9

External Sector
Current account balance (US$ million)	1,679.9	6,067.9	2,306.2
(Percent of GDP)	9.9	24.6	8.9
Gross official reserves (US$ million)	896.4	1,010.1	1,571.4
(Percent of GDP)	5.3	4.1	6.1
Crude oil production (million barrels)	142.3	225.4	246.0

Memorandum Items:
Nominal GDP (GY$ billion)	3,527.5	5,141.3	5,383.9
Nominal non-oil GDP (GY$ billion)	1,524.6	1,793.7	2,010.7
GDP per capita (US$)	21,307.2	30,962.3	32,326.3
Guyana dollar/U.S. dollar (period average)	208.5	208.5	…

Sources: Guyana’s authorities; UNDP Human Development Report; World Bank; and IMF staff calculations and projections.

[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] 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

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

https://www.imf.org/en/News/Articles/2025/05/07/pr-25132-guyana-imf-executive-board-concludes-2025-article-iv-consultation

MIL OSI

MIL OSI Russia News –

May 8, 2025

MIL-OSI USA: Cornyn, Fetterman, Lankford, Gallego Introduce SHIELD Against CCP Act

US Senate News:

Source: United States Senator for Texas John Cornyn
WASHINGTON – U.S. Senators John Cornyn (R-TX), John Fetterman (D-PA), James Lankford (R-OK), and Ruben Gallego (D-AZ) introduced the SHIELD Against CCP Act, which would create a dedicated working group at the U.S. Department of Homeland Security (DHS) to address threats posed by the Chinese Communist Party (CCP):
“To effectively counter China, the U.S. must target them from all angles and through all agencies,” said Sen. Cornyn. “This widely supported, commonsense legislation would allow the Department of Homeland Security to arm itself with the tools to protect our sovereignty against the CCP’s malign influence.”
“The CCP controls everything that happens in China and they will cheat, steal, and poison our communities if it helps them get ahead. They supply the chemicals behind the fentanyl claiming Pennsylvanian lives, rig our immigration rules, and rip off ideas from American companies. Enough is enough,” said Sen. Fetterman. “I’m teaming up with Senators Cornyn, Gallego, and Lankford on the SHIELD Against CCP Act to make sure DHS has the muscle to punch back and keep our people safe.”
“The Chinese Communist Party threatens our sovereignty—whether it’s flooding our border with illegal immigrants, launching cyberattacks, or pushing deadly fentanyl into our communities,” said Sen. Lankford. “The SHIELD Against CCP Act provides the Department of Homeland Security with the necessary tools to address these challenges directly, safeguard our borders, and protect the American people.”
“Fentanyl has devastated communities across Arizona for too long, and we need to use every tool available to stop the flow of this deadly drug into our country,” said Sen. Gallego. “This bipartisan bill will help DHS understand how the Chinese Communist Party is exploiting our border and fueling fentanyl trafficking, so we can close those gaps and keep our communities safe.”
Companion legislation, led by Congressmen Dale Strong (AL-05) and Tom Suozzi (NY-03), overwhelmingly passed the House of Representatives 409-4.
Background:
The SHIELD Against CCP Act would establish a working group within the U.S. Department of Homeland Security (DHS) to:
Examine, assess, and report on efforts by DHS to counter terrorist, cybersecurity, border and port security, and transportation security threats posed to the U.S. by the Chinese Communist Party (CCP), including:
Exploitation of the U.S. immigration system through identify theft, visa processes, unlawful border crossings, human smuggling, and human trafficking;
Predatory economic and trade practices, including trafficking of counterfeit and pirated goods, use of forced labor, customs fraud, and IP theft;
Direct or indirect support of Transnational Criminal Organizations (TCOs) trafficking fentanyl, illicit drug precursors, and other controlled substances through the US border, international mail shipments, or express consignment operations;
And support for illicit financial activity by Chinese Money Laundering Organizations.

Review information gathered by federal, state, and local law enforcement relating to threats, and disseminate such information to relevant authorities;
Submit an annual report on its activities to the Homeland Security, Finance, Judiciary, Foreign Relations, and Banking Committees;
And sunset seven years post-establishment.
The bill would also require DHS Science and Technology Directorate to research technologies and techniques to enhance DHS’s security and situational awareness related to countering threats posed to the U.S. by the CCP.
The SHIELD Against CCP Act is endorsed by the Federal Law Enforcement Officers Association (FLEOA), National Border Patrol Council, National Fusion Center Association, Major County Sheriffs of America, National Narcotics Officers’ Associations’ Coalition, and National HIDTA Director’s Association (NHDA).

MIL OSI USA News –

May 8, 2025
MIL-OSI USA: Ernst’s “Made in America” Bill Earns Support of Iowans

US Senate News:

Source: United States Senator Joni Ernst (R-IA)

WASHINGTON – U.S. Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) and House Small Business Committee Chairman Roger Williams’ (R-Texas) newly unveiled initiative to continue the domestic manufacturing explosion happening under President Trump has earned widespread praise.
Business leaders in Iowa and across the country have applauded the bipartisan Made in America Manufacturing Finance Act that doubles the loan limit for Small Business Administration (SBA) manufacturing loans to bring back “Made in America.”
What They Are Saying About the Made in America Manufacturing Finance Act:
Iowa Association of Business and Industry
“Iowa’s manufacturers are ready to grow, invest, and lead in the future of American manufacturing – but access to capital is critical,” said Nicole Crain, President. “The Made in America Manufacturing Finance Act is a commonsense solution that will empower small manufacturers to invest in the tools, technology, and facilities they need to compete globally. ABI applauds Senator Ernst and Chairman Williams for their leadership and commitment to strengthening U.S. manufacturing.”
Iowa Bankers Association
“The Iowa Bankers Association thanks Senator Joni Ernst for her leadership in proposing the Made in America Manufacturing Finance Act,” said Adam Gregg, President. “Bank leaders in Iowa have advocated for increasing the loan limits in these SBA programs with the goal of driving more investment in communities across the state of Iowa. Manufacturing is an important piece of Iowa’s economy, and Iowa banks are proud partners in helping small businesses grow and expand. This proposed legislation will make the work of our Iowa banks even more impactful.”
Cedar Rapids Metro Economic Alliance
“Manufacturing is a cornerstone of our region’s economic vitality,” said Barbra Solberg. “By increasing access to capital for small manufacturers, the Made in America Manufacturing Finance Act empowers businesses to expand, innovate and compete globally—while reinforcing our domestic supply chains. We commend Senator Ernst for her leadership as Chair of the Senate Small Business Committee and her commitment to addressing the financial needs of small manufacturers in today’s economy.”
Greater Burlington Partnership
“Increasing loan limits for small manufacturers strengthens the backbone of our local economy,” said Amy O’Brien, CEO. “This bipartisan effort will give more Iowa businesses the tools they need to expand operations, invest in new technology, and create quality jobs right here at home. As the cost of doing business continues to rise, we support the recommended increases in borrowing to accommodate our manufacturing businesses.”
Job Creators Network
“Senate Small Business Committee Chair Joni Ernst and House Small Business Committee Chairman Roger Williams are standing up for American small businesses by introducing the Made in America Manufacturing Finance Act,” said Alfredo Ortiz, CEO. “This legislation significantly expands access to credit for American manufacturers under the Small Business Administration’s 7(a) and 504 loan programs, providing American manufacturers with the funds they need to invest, expand, and create good manufacturing jobs. This legislation is especially important during this period of high interest rates and scarce access to capital. It will significantly help grow the productive economy and contribute to President Trump’s goal of reshoring critical manufacturing capacity. All legislators on both sides of the aisle should vigorously support it.”
Small Business & Entrepreneurship Council
“Increasing the SBA’s 7(a) and 504 loan program limits to $10 million for small manufacturers is a pragmatic reform that will provide entrepreneurs with a modernized level of resources needed to build, transform, or expand manufacturing facilities and capabilities in support of advanced U.S.-based manufacturing,” said Karen Kerrigan, President & CEO. “Small, entrepreneurial firms dominate U.S. manufacturing, and if our goal is to support their competitiveness, growth and innovative capacity, access to appropriate levels of capital is necessary. Leveling up these proven SBA loan programs will help to fuel manufacturing activity and innovation, which is so vital to U.S. economic growth, opportunity, and our global competitiveness. SBE Council strongly supports the Made in America Manufacturing Finance Act.”
National Small Business Association
“While the demand for broader access to capital is generalized across the entire small business ecosystem, capital-intensive industries, including manufacturing, face unique challenges,” said Todd McCracken, President & CEO. “Initial investments in these industries, as well as long term development costs and diversification are appreciably more capital intensive than other businesses, as even a small change could result in significant retooling and related costs. Commonsense changes to existing federal support programs for small manufacturers would go a long way to leveling the playing field and allowing American entrepreneurs to invest in the United States. That is why we are pleased to support the Made in America Manufacturing Finance Act of 2025, which would increase the maximum loans small manufacturing companies are eligible for under the existing 7(a) and 504 loan programs.”
National Association of Development Companies
“The time is now to increase the 504 manufacturing loan size and foster expansion opportunities for our nation’s small manufacturers,” said Rhonda Pointon, President & CEO. “The National Association of Development Companies (NADCO) and CDCs across the country strongly support the Made in America Manufacturing Finance Act (MAMFA). This legislation would raise the 504 manufacturing loan limit to $10 million – empowering small manufacturers to scale, strengthen domestic production, and create high-quality jobs.”
National Association of Government Guaranteed Lenders
“Often, manufacturers need large facilities and/or specialty equipment that can exceed the current SBA loan size limitations,” said Anthony Wilkinson, President & CEO. “Therefore, especially since it has been 15 years since the 7(a) Program maximum loan size was increased to $5 million, we believe that it would be appropriate to consider increasing that maximum to $10 million for loans to small business manufacturers as proposed in your legislation.”

MIL OSI USA News –

May 8, 2025
MIL-OSI Russia: The Central Bank of Georgia kept the monetary policy rate at 8 percent.

Translation. Region: Russian Federal

Source: People’s Republic of China in Russian – People’s Republic of China in Russian –

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

Tbilisi, May 7 /Xinhua/ — The Monetary Policy Committee of the National Bank of Georgia (NBG, Central Bank) decided at a meeting on Wednesday to once again keep the monetary policy rate (refinancing rate) unchanged at 8 percent, the Central Bank reported.

The NBG noted that inflation in Georgia remains below the target of 3 percent.

Given the relatively slow normalization of fundamental factors in the economy and continued high economic growth, the baseline scenario has revised the forecast for real GDP growth in 2025 from 5 percent to 6.7 percent. In the long term, growth is expected to stabilize at around 5 percent.

The NBG announced its intention to use all instruments to ensure price stability so that the overall level of price growth in the medium term remains close to 3%.

The Central Bank’s statement indicates that further rate changes will depend on risk analysis and updated macroeconomic forecasts based on it. –0–

MIL OSI Russia News –

May 8, 2025
MIL-OSI: Texas Capital Announces Expansion of Corporate and Investment Banking Division
Source: GlobeNewswire (MIL-OSI)

DALLAS, May 07, 2025 (GLOBE NEWSWIRE) — Texas Capital Securities, a subsidiary of Texas Capital Bancshares, Inc. (NASDAQ: TCBI), today announced a significant expansion of the services offered by its Corporate and Investment Bank. The additions to personnel and corresponding enhancements in capabilities build upon the firm’s existing industry-focused Corporate Banking expertise, with significant impact on the breadth and reach of the Investment Bank in advisory and capital markets services. With the addition of professionals across Investment Banking Coverage, Equity Sales and Trading, Equity Research and Corporate Access, Texas Capital has further solidified its status as the premier full-service financial services firm headquartered in Texas.

“We continue to build product and industry expertise on a platform that values integrity, high-quality advice and delivering tangible results for our clients,” said Rob C. Holmes, Chairman, President & CEO. “Today’s announcement reflects our dedication to serving as the ‘first call’ for business owners, executives and public company Boards of Directors seeking financial services and solutions.”

Adding to a deep bench of industry veterans and other newly hired personnel, Texas Capital’s key recent senior hires include:

Capital Markets
- Robert (Bob) Chen joined Texas Capital from Guggenheim Partners to lead the Capital Markets business, including leveraged finance, loan syndications, private capital, equity capital markets and financial sponsor coverage. He brings more than 30 years of experience leading leveraged finance teams across TMT, energy/power, consumer retail, telecom and FIG.
- Holly Smyth joined Texas Capital from B. Riley Securities to serve as Co-Head of Private Capital, advising private and public companies on debt capital structures. She brings 25 years of experience in debt capital markets and verticals including industrials, healthcare, consumer and business services.
Investment Banking Coverage
- Jon Merriman joined Texas Capital from B. Riley Securities to lead Equities. He brings more than 35 years of experience to the role, most recently serving as Chief Business Officer focused on originating and executing transactions in equity capital markets and equities trading. He is a seasoned leader with deep experience in managing fast-growing organizations, having founded, grown and sold Merriman Holdings, Inc., a boutique investment banking platform.
- Ryan Bernath joined Texas Capital from B. Riley Securities to lead Investment Banking sector coverage. He brings more than 25 years of experience to the role, most recently serving as a Senior Managing Director focused on executing a wide range of mergers and acquisitions and corporate finance transactions for large-cap, mid-cap and small-cap public companies. Prior to B. Riley, he was a senior investment banker at Barclays and Lehman Brothers.
Equity Sales, Trading & Research
- Matthew (Matt) Johnson joined Texas Capital from Performance Edge Partners to lead Equity Sales, Trading & Research. He brings more than 25 years of experience managing equity businesses for top investment banking institutions, including Barclays and Lehman Brothers. He has helped build and restructure top-tier equity businesses and led trading teams ranked number one in block trading and consistently in the top five in Institutional Investor surveys.
- Alex Rygiel joined Texas Capital from B. Riley Securities to lead Equity Research. He brings more than 30 years of experience in equity research, sales and trading with Friedman, Billings, Ramsey & Co. and Donaldson Lufkin & Jenrette.
- Deena Sullivan and Charles Moreau joined Texas Capital from Oppenheimer & Co. to co-lead Corporate Access. Each brings more than 20 years of experience facilitating impactful dialogue between public company clients and institutional investors, with prior roles encompassing sales, marketing, relationship management, corporate access, institutional equity sales and trading and equity capital markets.
To facilitate connectivity between Texas Capital clients and key financial centers in the United States, Texas Capital Securities today announced its intention to open offices in Los Angeles and Chicago and to relocate its office in New York City. Sales and trading, including corporate credit, public finance and equity underwriting and other activities, will continue to be conducted from Texas Capital’s trading floor in Dallas, Texas.

“Texas Capital is positioned to capitalize on our exceptional growth as we serve clients in Texas and beyond as a trusted advisor, intermediary and underwriter,” said Daniel Hoverman, Head of Corporate & Investment Banking. “Our ability to continue to attract market-leading talent, including to our Corporate and Investment Banking team, evidences our continued aspiration to be the dominant financial services firm in the state of Texas, while being relevant nationally and recognized internationally. The ongoing investments in our platform reflect our vision and dedication to facilitating the strategic ambitions and satisfying the increasingly sophisticated needs of our clients.”

About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ^®: TCBI), a member of the Russell 2000^® Index and the S&P MidCap 400^®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.

Trading in securities and financial instruments, strategic advisory, and other investment banking activities are performed by TCBI Securities, Inc., doing business as Texas Capital Securities. TCBI Securities, Inc. is a member of FINRA and SIPC and has registered with the SEC, MSRB, and other state securities regulators as a broker dealer. TCBI Securities, Inc. is a subsidiary of Texas Capital Bancshares, Inc., and an affiliate of Texas Capital Bank. All investing involves risks, including the loss of principal. Past performance does not guarantee future results. Securities and other investment products offered by TCBI Securities, Inc. are not FDIC insured, may lose value and are not bank guaranteed.

The MIL Network –
May 8, 2025

MIL-OSI: Fortinet Reports First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Highlights

Total revenue of $1.54 billion, up 14% year over year
Product revenue of $459 million, up 12% year over year
Billings of $1.60 billion, up 14% year over year¹
Unified SASE ARR²up 26% and Security Operations ARR²up 30%, year over year
Record first quarter GAAP operating margin of 29%
Record first quarter Non-GAAP operating margin of 34%¹
Record Cash flow from operations of $863 million
Record Free cash flow of $783 million¹

SUNNYVALE, Calif., May 07, 2025 (GLOBE NEWSWIRE) — Fortinet® (Nasdaq: FTNT), a global cybersecurity leader driving the convergence of networking and security, today announced financial results for the first quarter ended March 31, 2025.

“We are pleased to report another strong quarter as non-GAAP operating margin increased 570 basis points year over year to a first quarter record of 34%, while billings grew 14% year over year,” said Ken Xie, Founder, Chairman and Chief Executive Officer of Fortinet. “We continue to accelerate our growth strategy by investing in the rapidly expanding Unified SASE and Security Operations markets, while strengthening our leadership in Secure Networking. Leveraging our deep expertise in networking and security convergence, a strong track record of AI-driven innovation, and seamless product development and integration through our FortiOS operating system, we have established ourselves as the leader in organic innovation and will continue setting the industry standard in cybersecurity.”

Financial Highlights for the First Quarter of 2025

Revenue: Total revenue was $1.54 billion for the first quarter of 2025, an increase of 13.8% compared to $1.35 billion for the same quarter of 2024.

Product Revenue: Product revenue was $459.1 million for the first quarter of 2025, an increase of 12.3% compared to $408.9 million for the same quarter of 2024.

Service Revenue: Service revenue was $1.08 billion for the first quarter of 2025, an increase of 14.4% compared to $944.4 million for the same quarter of 2024.

Billings¹: Total billings were $1.60 billion for the first quarter of 2025, an increase of 13.5% compared to $1.41 billion for the same quarter of 2024.

Remaining performance obligations: Remaining performance obligations were $6.49 billion as of March 31, 2025, an increase of 11.7% compared to $5.81 billion as of March 31, 2024. We expect to recognize approximately $3.38 billion as revenue over the next 12 months, an increase of 15.4% compared to $2.93 billion as of March 31, 2024.

Unified SASE ARR²: Unified SASE ARR was $1.15 billion as of March 31, 2025, an increase of 25.7% compared to $914.7 million as of March 31, 2024.

Security Operations ARR²: Security Operations ARR was $434.5 million as of March 31, 2025, an increase of 30.3% compared to $333.5 million as of March 31, 2024.

GAAP Operating Income and Margin: GAAP operating income was $453.8 million for the first quarter of 2025, representing a GAAP operating margin of 29.5%. GAAP operating income was $321.2 million for the same quarter of 2024, representing a GAAP operating margin of 23.7%.

Non-GAAP Operating Income and Margin¹: Non-GAAP operating income was $526.2 million for the first quarter of 2025, representing a non-GAAP operating margin of 34.2%. Non-GAAP operating income was $386.1 million for the same quarter of 2024, representing a non-GAAP operating margin of 28.5%.

GAAP Net Income and Diluted Net Income Per Share: GAAP net income was $433.4 million for the first quarter of 2025, compared to GAAP net income of $299.3 million for the same quarter of 2024. GAAP diluted net income per share was $0.56 for the first quarter of 2025, based on 776.8 million diluted weighted-average shares outstanding, compared to GAAP diluted net income per share of $0.39 for the same quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding.

Non-GAAP Net Income and Diluted Net Income Per Share¹: Non-GAAP net income was $452.3 million for the first quarter of 2025, compared to non-GAAP net income of $333.9 million for the same quarter of 2024. Non-GAAP diluted net income per share was $0.58 for the first quarter of 2025, based on 776.8 million diluted weighted-average shares outstanding, compared to $0.43 for the same quarter of 2024, based on 770.5 million diluted weighted-average shares outstanding.

Cash Flow: Cash flow from operations was $863.3 million for the first quarter of 2025, compared to $830.4 million for the same quarter of 2024. Cash flow from operations for the first quarter of 2025 includes $14.0 million proceeds from an intellectual property matter.

Free Cash Flow¹: Free cash flow was $782.8 million for the first quarter of 2025, compared to $608.5 million for the same quarter of 2024.

Guidance

For the second quarter of 2025, Fortinet currently expects:

Revenue in the range of $1.590 billion to $1.650 billion
Billings in the range of $1.685 billion to $1.765 billion
Non-GAAP gross margin in the range of 80.0% to 81.0%
Non-GAAP operating margin in the range of 31.5% to 32.5%
Diluted non-GAAP net income per share in the range of $0.58 to $0.60, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 773 million to 777 million.

For the fiscal year 2025, Fortinet currently expects:

Revenue in the range of $6.650 billion to $6.850 billion
Service revenue in the range of $4.575 billion to $4.725 billion
Billings in the range of $7.200 billion to $7.400 billion
Non-GAAP gross margin in the range of 79.0% to 81.0%
Non-GAAP operating margin in the range of 31.5% to 33.5%
Diluted non-GAAP net income per share in the range of $2.43 to $2.49, assuming a non-GAAP effective tax rate of 18%. This assumes a diluted share count of 769 million to 779 million.

These statements are forward looking and actual results may differ materially. Refer to the Forward-Looking Statements section below for information on the factors that could cause our actual results to differ materially from these forward-looking statements.

Our guidance with respect to non-GAAP financial measures excludes stock-based compensation, amortization of acquired intangible assets, gain on intellectual property matters, gain on bargain purchase related to acquisition, gain from an equity method investment and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We have not reconciled our guidance with respect to non-GAAP financial measures to the corresponding GAAP measures because certain items that impact these measures are uncertain or out of our control, or cannot be reasonably predicted. Accordingly, a reconciliation of these non-GAAP financial measures to the corresponding GAAP measures is not available without unreasonable effort.

¹ A reconciliation of GAAP to non-GAAP measures has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading “Non-GAAP Financial Measures”.
² Annual Recurring Revenue or ARR is defined as the annualized value of renewable / recurring customer agreements as of the measurement date, assuming any contract that expires during the next 12 months is renewed at its existing value.

Conference Call Details

Fortinet will host a conference call today at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) to discuss the earnings results. A live webcast of the conference call and supplemental slides will be accessible from the Investor Relations page of Fortinet’s website at https://investor.fortinet.com and a replay will be archived and accessible at https://investor.fortinet.com/events-and-presentations.

Second Quarter 2025 Conference Participation Schedule:

J.P. Morgan Global Technology, Media and Communications Conference
May 13, 2025

Bank of America Global Technology Conference
June 3, 2025

Members of Fortinet’s management team are expected to present at these conferences and discuss the latest company strategies and initiatives. Fortinet’s conference presentations are expected to be available via webcast on the company’s website. To access the most updated information, pre-register and listen to the webcast of each event, please visit the Investor Presentation & Events page of Fortinet’s website at https://investor.fortinet.com/events-and-presentations. The schedule is subject to change.

About Fortinet (www.fortinet.com)

Fortinet (Nasdaq: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices and data everywhere, and today we deliver cybersecurity everywhere our customers need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. Collaboration with esteemed organizations from both the public and private sectors, including Computer Emergency Response Teams (“CERTs”), government entities, and academia, is a fundamental aspect of Fortinet’s commitment to enhance cyber resilience globally. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog or FortiGuard Labs.

Copyright © 2025 Fortinet, Inc. All rights reserved. The symbols ® and ™ denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiCore, FortiMail, FortiSandbox, FortiADC, FortiAgent, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAppSec, FortiAuthenticator, FortiBranchSASE, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCART, FortiCASB, FortiCentral, FortiCNP, FortiConnect, FortiController, FortiConverter, FortiCSPM, FortiCWP, FortiDAST, FortiDATA, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevice, FortiDevSec, FortiDLP, FortiEdge, FortiEDR, FortiEndpoint, FortiExplorer, FortiExtender, FortiFirewall, FortiFlex, FortiFone, FortiGSLB, FortiGuest, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMonitor, FortiNAC, FortiNDR, FortiPAM, FortiPenTest, FortiPhish, FortiPoint, FortiPoints, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiScanner, FortiSDNConnector, FortiSEC, FortiSIEM, FortiSMS, FortiSOAR, FortiSRA, FortiSwitch, FortiTelemetry, FortiTester, FortiTIP, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM, FortiXDR, Lacework FortiCNAPP, Linksys, Intelligent Mesh, Velop, Max-Stream, Performance Perfected and SECURITY FABRIC. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

FTNT-F

Forward-Looking Statements

This press release contains forward-looking statements that involve risks and uncertainties. These forward-looking statements include statements regarding any indications related to future growth and market share gains, our strategy going forward, and guidance and expectations around future financial results, including guidance and expectations for the second quarter and full year 2025, and any statements regarding our market opportunity and market size, and business momentum. Although we attempt to be accurate in making forward-looking statements, it is possible that future circumstances might differ from the assumptions on which such statements are based such that actual results are materially different from our forward-looking statements in this release. Important factors that could cause results to differ materially from the statements herein include the following: general economic risks, including those caused by economic challenges, a possible economic downturn or recession and the effects of inflation or stagflation, rising interest rates or reduced information technology spending; supply chain challenges; negative impacts from the ongoing war in Ukraine and its related macroeconomic effects and our decision to reduce operations in Russia; competitiveness in the security market; the dynamic nature of the security market and its products and services; specific economic risks worldwide and in different geographies, and among different customer segments; uncertainty regarding demand and increased business and renewals from existing customers; sales execution risks, including risks in connection with the timing and completion of large strategic deals; uncertainties around continued success in sales growth and market share gains; uncertainties in market opportunities and the market size; actual or perceived vulnerabilities in our supply chain, products or services, and any actual or perceived breach of our network or our customers’ networks; longer sales cycles, particularly for larger enterprise, service providers, government and other large organization customers; the effectiveness of our salesforce and failure to convert sales pipeline into final sales; risks associated with successful implementation of multiple integrated software products and other product functionality risks; risks associated with integrating acquisitions and changes in circumstances and plans associated therewith, including, among other risks, changes in plans related to product and services integrations, product and services plans and sales strategies; sales and marketing execution risks; execution risks around new product development and introductions and innovation; litigation and disputes and the potential cost, distraction and damage to sales and reputation caused thereby or by other factors; cybersecurity threats, breaches and other disruptions; market acceptance of new products and services; the ability to attract and retain personnel; changes in strategy; risks associated with management of growth; lengthy sales and implementation cycles, particularly in larger organizations; technological changes that make our products and services less competitive, including advances in artificial intelligence; risks associated with the adoption of, and demand for, our products and services in general and by specific customer segments, including those caused by competition and pricing pressure; excess product inventory for any reason, including those caused by the effects of increased inflation and interest rates in certain geographies and the war in Ukraine; risks associated with business disruption caused by natural disasters and health emergencies such as earthquakes, fires, power outages, typhoons, floods, health epidemics and viruses, and by manmade events such as civil unrest, labor disruption, international trade disputes, international conflicts such as the war in Ukraine or tensions between China and Taiwan, terrorism, wars, and critical infrastructure attacks; tariffs, trade disputes and other trade barriers, and negative impact on sales based on geo-political dynamics and disputes and protectionist policies, including the impact of any future shutdowns of the U.S. government; and the other risk factors set forth from time to time in our most recent Annual Report on Form 10-K, our most recent Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commission (“SEC”), copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from our investor relations department. All forward-looking statements herein reflect our opinions only as of the date of this release, and we undertake no obligation, and expressly disclaim any obligation, to update forward-looking statements herein in light of new information or future events.

Non-GAAP Financial Measures

We have provided in this release financial information that has not been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). These non-GAAP financial and liquidity measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similar measures presented by other companies. We use these non-GAAP financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to GAAP measures, in evaluating our ongoing operational performance. We believe that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with peer companies, many of which present similar non-GAAP financial measures to investors.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures provided in the financial statement tables below.

Billings (non-GAAP). We define billings as revenue recognized in accordance with GAAP plus the change in deferred revenue from the beginning to the end of the period less any deferred revenue balances acquired from business combination(s) during the period. We consider billings to be a useful metric for management and investors because billings drive current and future revenue, which is an important indicator of the health and viability of our business and cash flows. There are a number of limitations related to the use of billings instead of GAAP revenue. First, billings include amounts that have not yet been recognized as revenue and are impacted by the term of security and support agreements. Second, we may calculate billings in a manner that is different from peer companies that report similar financial measures. Management accounts for these limitations by providing specific information regarding GAAP revenue and evaluating billings together with GAAP revenue.

Free cash flow (non-GAAP). We define free cash flow as net cash provided by operating activities minus purchases of property and equipment and excluding any significant non-recurring items, such as proceeds from intellectual property matters. We believe free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that, after capital expenditures and net of proceeds from intellectual property matters, can be used for strategic opportunities, including repurchasing outstanding common stock, investing in our business, making strategic acquisitions and strengthening the balance sheet. A limitation of using free cash flow rather than the GAAP measures of cash provided by or used in operating activities, investing activities, and financing activities is that free cash flow does not represent the total increase or decrease in the cash and cash equivalents balance for the period because it excludes cash flows from significant non-recurring items, such as proceeds from intellectual property matters, investing activities other than capital expenditures and cash flows from financing activities. Management accounts for this limitation by providing information about our proceeds from intellectual property matters, our capital expenditures and other investing and financing activities on the face of the cash flow statement and under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources” in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K and by presenting cash flows from investing and financing activities in our reconciliation of free cash flow. In addition, it is important to note that other companies, including companies in our industry, may not use free cash flow, may calculate free cash flow in a different manner than we do or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure.

Non-GAAP operating income and operating margin. We define non-GAAP operating income as operating income plus stock-based compensation, amortization of acquired intangible assets, less gain on intellectual property matters and, when applicable, other significant non-recurring items in a given quarter. Non-GAAP operating margin is defined as non-GAAP operating income divided by GAAP revenue. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the items noted above so that our management and investors can compare our recurring core business operating results over multiple periods. There are a number of limitations related to the use of non-GAAP operating income instead of operating income calculated in accordance with GAAP. First, non-GAAP operating income excludes the items noted above. Second, the components of the costs that we exclude from our calculation of non-GAAP operating income may differ from the components that peer companies exclude when they report their non-GAAP results of operations. Management accounts for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP operating income and evaluating non-GAAP operating income together with operating income calculated in accordance with GAAP.

Non-GAAP net income and diluted net income per share. We define non-GAAP net income as net income plus the items noted above under non-GAAP operating income and operating margin. In addition, we adjust non-GAAP net income and diluted net income per share for a gain on bargain purchase related to acquisition, a gain from an equity method investment related to acquisition and a tax adjustment required for an effective tax rate on a non-GAAP basis, which differs from the GAAP effective tax rate. We define non-GAAP diluted net income per share as non-GAAP net income divided by the non-GAAP diluted weighted-average shares outstanding. We consider these non-GAAP financial measures to be useful metrics for management and investors for the same reasons that we use non-GAAP operating income and non-GAAP operating margin. However, in order to provide a more complete picture of our recurring core business operating results, we include in non-GAAP net income and non-GAAP diluted net income per share, the tax adjustment required resulting in an effective tax rate on a non-GAAP basis, which often differs from the GAAP tax rate. We believe the non-GAAP effective tax rates we use are reasonable estimates of normalized tax rates for our current and prior fiscal years under our global operating structure. The same limitations described above regarding our use of non-GAAP operating income and non-GAAP operating margin apply to our use of non-GAAP net income and non-GAAP diluted net income per share. We account for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income and non-GAAP diluted net income per share and evaluating non-GAAP net income and non-GAAP diluted net income per share together with net income and diluted net income per share calculated in accordance with GAAP.

FORTINET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in millions)

	March 31, 2025			December 31, 2024
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	3,596.6		$	2,875.9
Short-term investments		1,183.9			1,190.6
Accounts receivable—net		1,174.0			1,463.4
Inventory		362.7			315.5
Prepaid expenses and other current assets		125.4			126.1
Total current assets		6,442.6			5,971.5
LONG-TERM INVESTMENTS		35.2			—
PROPERTY AND EQUIPMENT—NET		1,403.8			1,349.5
DEFERRED CONTRACT COSTS		636.2			622.9
DEFERRED TAX ASSETS		1,411.6			1,335.6
GOODWILL AND OTHER INTANGIBLE ASSETS—NET		357.4			350.4
OTHER ASSETS		120.2			133.2
TOTAL ASSETS	$	10,407.0		$	9,763.1
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable	$	224.5		$	190.9
Accrued liabilities		415.0			337.9
Accrued payroll and compensation		250.2			255.7
Current portion of long-term debt		498.7			—
Deferred revenue		3,339.4			3,276.2
Total current liabilities		4,727.8			4,060.7
DEFERRED REVENUE		3,079.0			3,084.7
LONG-TERM DEBT		496.2			994.3
OTHER LIABILITIES		141.1			129.6
Total liabilities		8,444.1			8,269.3
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock		0.8			0.8
Additional paid-in capital		1,668.7			1,636.2
Accumulated other comprehensive loss		(22.9	)		(26.1	)
Retained earnings (accumulated deficit)		316.3			(117.1	)
Total stockholders’ equity		1,962.9			1,493.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	10,407.0		$	9,763.1

FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited, in millions, except per share amounts)

	Three Months Ended
	March 31, 2025			March 31, 2024
REVENUE:
Product	$	459.1		$	408.9
Service		1,080.6			944.4
Total revenue		1,539.7			1,353.3
COST OF REVENUE:
Product		149.9			182.8
Service		143.2			121.9
Total cost of revenue		293.1			304.7
GROSS PROFIT:
Product		309.2			226.1
Service		937.4			822.5
Total gross profit		1,246.6			1,048.6
OPERATING EXPENSES:
Research and development		198.6			173.0
Sales and marketing		542.7			501.1
General and administrative		57.8			54.4
Gain on intellectual property matters		(6.3	)		(1.1	)
Total operating expenses		792.8			727.4
OPERATING INCOME		453.8			321.2
INTEREST INCOME		44.3			32.2
INTEREST EXPENSE		(4.9	)		(5.1	)
OTHER INCOME (EXPENSE)—NET		26.1			(2.9	)
INCOME BEFORE INCOME TAXES AND GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS		519.3			345.4
PROVISION FOR INCOME TAXES		96.5			39.5
GAIN (LOSS) FROM EQUITY METHOD INVESTMENTS		10.6			(6.6	)
NET INCOME	$	433.4		$	299.3
Net income per share:
Basic	$	0.56		$	0.39
Diluted	$	0.56		$	0.39
Weighted-average shares outstanding:
Basic		768.3			762.4
Diluted		776.8			770.5

FORTINET, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in millions)

	Three Months Ended
	March 31, 2025			March 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	433.4		$	299.3
Adjustments to reconcile net income to net cash provided by operating activities:
Stock-based compensation		66.1			62.3
Amortization of deferred contract costs		78.0			72.0
Depreciation and amortization		35.8			28.6
Amortization of investment discounts		(10.3	)		(12.2	)
Other		(35.5	)		9.9
Changes in operating assets and liabilities, net of impact of business combinations:
Accounts receivable—net		303.9			405.6
Inventory		(34.1	)		36.5
Prepaid expenses and other current assets		3.4			(0.1	)
Deferred contract costs		(91.3	)		(66.5	)
Deferred tax assets		(30.0	)		(73.9	)
Other assets		1.5			(6.2	)
Accounts payable		24.6			(61.6	)
Accrued liabilities		63.7			105.0
Accrued payroll and compensation		(8.2	)		(27.4	)
Deferred revenue		57.0			54.8
Other liabilities		5.3			4.3
Net cash provided by operating activities		863.3			830.4
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of investments		(503.0	)		(436.1	)
Sales of investments		2.8			—
Maturities of investments		466.9			393.4
Purchases of property and equipment		(66.5	)		(221.9	)
Payments made in connection with business combinations, net of cash acquired		(11.2	)		(5.7	)
Other		0.2			—
Net cash used in investing activities		(110.8	)		(270.3	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		20.2			13.4
Taxes paid related to net share settlement of equity awards		(52.9	)		(42.9	)
Other		—			(0.8	)
Net cash used in financing activities		(32.7	)		(30.3	)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS		0.9			(1.4	)
NET INCREASE IN CASH AND CASH EQUIVALENTS		720.7			528.4
CASH AND CASH EQUIVALENTS—Beginning of period		2,875.9			1,397.9
CASH AND CASH EQUIVALENTS—End of period	$	3,596.6		$	1,926.3

Reconciliations of non-GAAP results of operations measures to the nearest comparable GAAP measures (Unaudited, in millions, except per share amounts)

Reconciliation of GAAP operating income to non-GAAP operating income, operating margin, net income and diluted net income per share

	Three Months Ended
	March 31, 2025			March 31, 2024
Reconciliation of non-GAAP operating income:
GAAP operating income	$	453.8		$	321.2
GAAP operating margin		29.5	%		23.7	%
Add back:
Stock‐based compensation		66.9			63.0
Amortization of acquired intangible assets		11.8			3.0
Gain on intellectual property matters		(6.3	)		(1.1	)
Non‐GAAP operating income	$	526.2		$	386.1
Non‐GAAP operating margin		34.2	%		28.5	%

Reconciliation of non-GAAP net income:
GAAP net income	$	433.4		$	299.3
Add back:
Stock‐based compensation		66.9			63.0
Amortization of acquired intangible assets		11.8			3.0
Gain on intellectual property matters		(6.3	)		(1.1	)
Gain on bargain purchase ^(a)		(39.9	)		—
Tax adjustment ^(b)		(2.8	)		(30.3	)
Gain from equity method investment ^(c)		(10.8	)		—
Non-GAAP net income	$	452.3		$	333.9



























Non-GAAP net income per share, diluted













Non-GAAP net income	$	452.3		$	333.9













Non-GAAP shares used in diluted net income per share calculations		776.8			770.5













Non-GAAP net income per share, diluted	$	0.58		$	0.43



























Reconciliation of non-GAAP net income per share, diluted













GAAP net income per share, diluted	$	0.56		$	0.39













Add back:













Non-GAAP adjustments to net income per share		0.02			0.04













Non-GAAP net income per share, diluted	$	0.58		$	0.43



























(a) To exclude a $39.9 million gain on bargain purchase related to our acquisition of Linksys Holdings, Inc. (“Linksys”) in the three months ended March 31, 2025.
(b) Non-GAAP financial information is adjusted to an effective tax rate of 18% and 17% in the three months ended March 31, 2025 and 2024, respectively, on a non-GAAP basis, which differs from the GAAP effective tax rate.
(c) To exclude a $10.8 million gain from equity method investment in Linksys resulted from our acquisition of Linksys in the three months ended March 31, 2025.

Reconciliation of net cash provided by operating activities to free cash flow

	Three Months Ended
	March 31, 2025			March 31, 2024
Net cash provided by operating activities	$	863.3		$	830.4
Less: Purchases of property and equipment		(66.5	)		(221.9	)
Less: Proceeds from intellectual property matter		(14.0	)		—
Free cash flow	$	782.8		$	608.5
Net cash used in investing activities	$	(110.8	)	$	(270.3	)
Net cash used in financing activities	$	(32.7	)	$	(30.3	)

Reconciliation of total revenue to total billings

	Three Months Ended
	March 31, 2025		March 31, 2024
Total revenue	$	1,539.7	$	1,353.3
Add: Change in deferred revenue		57.5		54.9
Less: Deferred revenue balance acquired in business acquisitions		—		(1.0	)
Total billings	$	1,597.2	$	1,407.2

Investor Contact:	Media Contact:

Aaron Ovadia Fortinet, Inc. 408-235-7700 investors@fortinet.com	Michelle Zimmermann Fortinet, Inc. 408-235-7700 pr@fortinet.com

The MIL Network –

May 8, 2025

MIL-OSI USA: Cassidy, Republicans Celebrate Small Businesses Driving America into the Golden Age

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Joni Ernst (R-IA), and a group of Senate Republicans introduced legislation declaring this week “National Small Business Week” to recognize the important role small businesses play in creating jobs and fueling the economy.
“We need an economy which works for small business,” said Dr. Cassidy. “Small businesses create the majority of new jobs. That is President Trump’s goal, that is my goal.”
“Main Street is roaring back under President Trump’s pro-growth policies that are ushering in a Golden Age,” said Senator Ernst. “This week, we celebrate the small businesses that mean so much more than the livelihoods they support and the jobs they create. These shops embody the American spirit and shape the culture of big cities and rural communities across America. I’m proud to recognize these entrepreneurs’ tremendous contributions and will continue to fight to ensure that they have a champion in Washington.”
Senator Cassidy introduced the THRIVE Act to level the playing field for small businesses by directing the Small Business Administration to create a program that helps small businesses lock in the cost of commodities, like gasoline or lumber, in order to protect against the future volatile price of energy and other expenses.
Cassidy and Ernst were joined by U.S. Senators Chuck Grassley (R-IA), Jon Husted (R-OH), James Lankford (R-OK), John Kennedy (R-LA), John Cornyn (R-TX), Susan Collins (R-ME), James Risch (R-ID), Ted Cruz (R-TX), Shelley Moore Capito (R-WV), Mitch McConnell (R-KY), Steve Daines (R-MT), Jim Justice (R-WV), Thom Tillis (R-NC), Mike Crapo (R-ID), Roger Marshall (R-KS), Tommy Tuberville (R-AL), Katie Britt (R-AL), Dan Sullivan (R-AK), Kevin Cramer (R-ND), John Boozman, (R-AK), Marsha Blackburn (R-TN), Josh Hawley (R-MO), John Barrasso (R-WY), John Curtis (R-UT), Jim Banks (R-IN), Deb Fischer (R-NE), Eric Schmitt (R-MO), Cynthia Lummis (R-WY), Todd Young (R-IN), John Hoeven (R-ND), Tim Scott (R-SC), Mike Rounds (R-SD), Lindsey Graham (R-SC), John Thune (R-SD), Cindy Hyde-Smith (R-MS), Rick Scott (R-FL), and Jerry Moran (R-KS),
“Small businesses are the backbone of Louisiana’s economy and create good jobs across our country,” said Senator Kennedy. “This National Small Business Week, I’m proud to recognize everything small businesses do for America and keep fighting to throw out bad regulations that hold our economy back.”
“Small businesses are the backbone of Idaho’s economy,” said Senator Risch. “During National Small Business Week, I’m proud to recognize the hard-working entrepreneurs who employ our neighbors, give back to our communities, and make the Gem State a special place to live and grow.”
“National Small Business Week holds a special place in my heart because I know all too well the pressures and joy that come with owning a business and signing the front of a paycheck,” said Senator Scott. “This week I join my colleagues in celebrating their innovation, resilience, and drive that not only creates jobs but fosters community and inspires entrepreneurship across America. As a former small business owner myself, I’m committed to supporting them and ensuring they have the resources they need to thrive and succeed.”
“As the son of a small business owner, I understand how vital small businesses are to Indiana’s economy,” said Senator Young. “I’m proud to stand with Hoosier small business owners and will continue advocating for policies that help them thrive.”
“We can’t do Made-in-America without Ohio’s hardworking small business owners, entrepreneurs and job creators,” said Senator Husted. “This week recognizes their work to fuel our economy and drive the country forward, and I’ll continue supporting pro-growth policies that make the American dream achievable.”
“We know that small businesses drive America’s innovations and economic strength,” said Senator Grassley. “Here in Iowa, they make up 99.3 percent of all businesses, and nearly half of Iowa employees work for a small business. In marking this special week, our resolution recognizes the power of small businesses and honors the men and women who work hard to keep our communities vibrant.”
“Small businesses are the backbone of Wyoming’s economy,” said Senator Barrasso. “To celebrate National Small Business week, we honor these job creators in Wyoming and across the country. Senate Republicans will continue to work with President Trump to roll back harmful regulations and taxes so America’s small businesses can continue to thrive.”
“In West Virginia, small businesses are an essential part of our economy, making up more than 98% of the businesses in our state and employing nearly half of our workforce,” said Senator Capito. “During National Small Business Week, I am proud to join my colleagues in recognizing and celebrating the critical contributions small businesses, like the female-owned Dolly’s Diner in Princeton I visited recently, make in West Virginia and across our country.”
“By designating this week as National Small Business Week, we honor the small business owners who embody the entrepreneurial spirit that makes Texas the economic powerhouse it is today,” said Senator Cornyn.
“Maine’s small businesses are the bedrock of Maine’s local economies and drive job creation throughout our state,” said Senator Collins. “As Chair of the Senate Appropriations Committee, I remain committed to championing small businesses, the job creating engines that power our nation’s economy.”
“Fighting for hardworking families, small businesses, and local Main Streets across Alabama has always been a top priority for me,” said Senator Britt. “Small businesses are the backbone of our nation’s economy, and I’m proud to recognize our incredible job creators and entrepreneurs this Small Business Week. I remain steadfastly committed to advancing policies that slash burdensome red tape, provide access to opportunities and resources, and unleash American ingenuity.”
“Small businesses are at the heart of Tennessee’s economy and a cornerstone of our communities,” said Senator Blackburn. “As we mark National Small Business Week, I’m honored to celebrate these hardworking entrepreneurs. Under President Trump’s new Golden Age for America, we are seeing small businesses start to thrive again. I’ll keep fighting in the Senate to stop the largest tax hike in history and to advance pro-growth policies that cut red tape, lower taxes, and foster an environment where small businesses across America and Tennessee can continue to grow and prosper.”
“This resolution reaffirms our commitment to supporting entrepreneurs and small business owners in the Cowboy State who demonstrate incredible resilience and determination,” said Senator Lummis. “As they pursue their American dream, they sacrifice countless hours through hard work to overcome challenges and build something meaningful for their families and communities.”
“Alaska’s small businesses are the cornerstone of our economy, keeping our communities strong and economically vibrant,” said Senator Sullivan. “Our local businesses are the first to give back—contributing to local causes, hiring people who live here, and listening to the needs of the people in our communities. I’m glad to join Senator Ernst in introducing a resolution that acknowledges the incredible work done by small businesses across the country to invest in their communities. I look forward to continuing to work with Alaska’s small businesses to support our crucial, innovative entrepreneurs.”
“Small businesses are a driving force of North Dakota’s economy, fueling growth, creating jobs and supporting strong communities,” said Senator Hoeven. “Designating this week as National Small Business Week highlights the dedication and impact of entrepreneurs and small business owners both in our state and across the country.”
“Small businesses employ over 65 percent of Montana’s workforce and represent 99 percent of all businesses in Montana, which boosts our local economies and creates new jobs in our communities,” said Senator Daines. “I’m proud to join my colleagues in celebrating National Small Business Week to recognize all the entrepreneurs and business owners whose innovation and hard work helps keep both Montana and our country a great place to live, work, and raise a family.”
“I am proud to join my colleagues in celebrating National Small Business Week. Small businesses are the backbone of America, and thanks to the leadership of President Trump our nation’s entrepreneurs are finally empowered again with the resources and support they need to see their dreams come true,” said Senator Scott. “I’ve run businesses small and large, and I know the hard work these folks put in day-in and day-out to keep their doors open and employees on payroll. This week is a time to recognize these hardworking Americans who support our economy and create jobs in their communities as they live their American dream.”
“Small businesses power our economy and represent core American values like hard work, taking risks and the pursuit of success,” said Senator Boozman. “I am pleased to join my colleagues in celebrating National Small Business week to applaud their local and regional investments that create jobs and sustain communities across Arkansas as well as nationwide. These entrepreneurs deserve our recognition and total support.”
“Small businesses are the backbone of communities across America, and they represent the heart of Mississippi’s economy and way of life,” said Senator Hyde-Smith. “National Small Business Week is a time to celebrate the American dream, the drive of our entrepreneurs, and the ingenuity that powers growth and opportunity. I’m proud to support this resolution and honor the small businesses that keep Mississippi strong and our nation thriving.”
“As a former small business owner, I fully understand the challenges that small businesses face,” said Senator Marshall. “That’s why I remain committed to prioritizing Main Street over Wall Street by cutting red tape and taxes, opening new markets, and ensuring small businesses have the capital they need to grow and thrive. This week, we proudly recognize the lifeblood of our economy by honoring the remarkable contributions of small businesses and officially designating this week as National Small Business Week.”
“Small businesses are the lifeblood of Idaho’s economy,” said Senator Crapo. “Idaho’s 200,131 small businesses have an outsized impact–making up 99.2 percent of businesses in the state and employing 56.6 percent of all Idaho employees. I applaud the owners and employees who roll up their sleeves every day, work hard and power our economy.”

MIL OSI USA News –

May 8, 2025
MIL-OSI USA: Warren Announces Senate Forum on Trump’s Attacks on Education Access, Invites Secretary McMahon to Defend Actions

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren
May 07, 2025
Spotlight forum entitled “Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.”
Text of Letter (PDF)
Washington, D.C. – Today, Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, announced that she will host a spotlight forum entitled “Stealing the American Dream: How Trump and Republicans Are Raising Education Costs for Families.” The forum is scheduled for 2:30 p.m. on Wednesday, May 14, 2025, at the Dirksen Senate Office Building in Room G11.
The latest action in Senator Warren’s Save Our Schools campaign, this forum will examine how both the Trump administration’s attacks on the Department of Education and Congressional Republicans’ legislative plans will increase education costs and limit access to higher education for America’s students and borrowers.
Senator Warren invited the following witnesses to attend the forum:
Linda McMahon, Secretary, U.S. Department of Education
Bonnie Latreille, Former Student Loan Ombudsman, U.S. Department of Education
Jonathan Glater, Professor of Law & Associate Dean of J.D. Curriculum and Teaching, UC Berkeley School of Law
Gilberto Gonzalez, Truck Driver, Prime Inc.
Tiffany Aliche, Personal Finance Creator, @thebudgetnista
In a letter to Secretary McMahon, Senator Warren wrote, “Your appearance will provide you with an opportunity to defend the Trump administration’s policies, offer context for your actions to dismantle the Department of Education, and share your vision for ensuring that the American Dream becomes more attainable for all.”
This forum follows President Trump’s signing of a March 2025 executive order seeking to abolish the Department of Education, and House Republicans advancing legislation last month to slash $351 billion in education spending.
Senator Warren has been a leader in the coordinated effort to fight back against President Trump’s attempts to abolish the Department of Education:
On April 24, 2025, Senator Warren launched a new investigation into the harms of President Trump’s attacks on the Department of Education, seeking information on the impact of the Trump administration’s actions from the members of twelve leading organizations representing schools, parents, teachers, students, borrowers, and researchers.
On April 10, 2025, following a request led by Senator Warren, the Department of Education’s Acting Inspector General agreed to open an investigation into the Trump administration’s attempts to dismantle the Department of Education.
On April 2, 2025, Senators Elizabeth Warren and Mazie Hirono, along with Senate Democratic Leader Chuck Schumer, sent a letter to Secretary of Education Linda McMahon regarding the Department of Government Efficiency’s proposed plan to replace the Department of Education’s federal student aid call centers with generative artificial intelligence chatbots.
On April 2, 2025, Senator Elizabeth Warren launched the Save Our Schools campaign to fight back against the Trump administration’s efforts to dismantle the Department of Education (ED) and highlight the consequences for every student and public school in America.
On March 27, 2025, Senator Elizabeth Warren (D-Mass.) led a letter to Acting Department of Education Inspector General (IG) René Rocque requesting that the IG conduct an investigation of the Trump Administration’s attempts to dismantle the Department of Education.
On March 20, 2025, Senators Elizabeth Warren and Bernie Sanders led a letter to Secretary of Education Linda McMahon regarding the Trump Administration’s decision to slash the capacity of Federal Student Aid to handle student aid complaints.
On February 24, 2025, in a response to Senator Warren, Secretary McMahon gave her first public admission that she “wholeheartedly” agreed with Trump’s plans to abolish the Department of Education.
On February 11, 2025, Senators Elizabeth Warren and Andy Kim sent Linda McMahon, Secretary-Designate for the U.S. Department of Education, a 12-page letter with 65 questions on McMahon’s policy views in advance of her nomination hearing.

MIL OSI USA News –

May 8, 2025
MIL-OSI Global: Tips for starting a business in Canada, according to entrepreneurs who have done it

Source: The Conversation – Canada – By Nazha Gali, Assistant Professor of Strategy and Entrepreneurship, University of Windsor

Each year, about 100,000 small businesses are created in Canada. But what does it actually take to start a business in Canada — not just on paper, but in practice?

To better understand what launching a startup in Canada truly involves, we interviewed entrepreneurs across various sectors. As experts in strategy and entrepreneurship, we combined their first-hand experiences with research findings to determine key factors that contribute to business success.

What emerged is a clearer picture of the realities of Canadian entrepreneurship that shows building a business is as much about managing relationships, risks and resilience as it is about having a novel idea.

Solving real consumer problems

Before launching a business, it’s essential to identify your target customers. Successful ventures begin by solving a real problem for a clearly defined group. Conducting market research to ensure a strong product-market fit is a critical first step in this process.

One of the most common blind spots for new entrepreneurs, according to Ariz Bhimani, founder of apparel brand BRFZY, is assuming the problem they face is universal. “Without genuine data from potential customers, you’re just guessing,” he said in an email interview.

This is where customer discovery comes in. It involves understanding customers’ situations, needs and pain points. Techniques such as user interviews and creating detailed customer personas can help founders better understand who their product is for.

This approach is crucial for both startups and established organizations looking to enter new markets.

Another vital part of the early-stage process is building a minimum viable product (MVP): a basic version of a product that includes only the core features needed to test the idea with users.

MVPs allow entrepreneurs to gather feedback and refine the product before investing significant time or money in full development.

Manage your money wisely

Once a market need is identified, securing funding is often the next major challenge. This process typically begins with creating a compelling pitch — a presentation that outlines the product or service and financial projections to attract potential investors.

This pitch is crucial to a startup’s success, Mohammad Faiyaz, founder and CEO of Wavermark, told us.

There are tools and resources available to help, such as the pitch deck developed by PayPal co-founder Peter Thiel and AI feedback tool AI Fornax.

Having a solid pitch prepared is a necessary step to attract potential investors for your business.
(Shutterstock)

But while funding is essential, managing those funds wisely is equally important. Chris Colasanti, vice president at Rocket Mortgage Canada, explained via email that one of the most common mistakes new entrepreneurs make is failing to control costs.

Many first-time founders become preoccupied with revenue growth while overlooking expenses. Colasanti argued that unless you have endless investor backing, your survival depends on lean operations. “Obsess about your costs,” he advised.

Bhimani echoed this caution. “I would budget two to three times more time and money to get a task done, especially in the ideation stage,” he wrote to us. Entrepreneurs should be prepared for unexpected costs.

Building a business plan

Many startup founders are eager to scale their businesses quickly, but doing this prematurely can increase the risk of failure by 20 to 40 per cent.

“Growth is one of the most taxing activities a company can experience,” Colasanti told us. “Fight the urge to grow. Hire when it hurts and let sales drive your growth.”

To scale successfully, companies need a strong foundation. This means having a comprehensive business plan in place. A well-structured plan outlines a company’s mission, market strategy, operations, finances and key milestones.

Beyond serving as a roadmap for internal decision-making, business plans also help communicate a company’s vision and strategy to investors and other stakeholders.

The Business Development Bank of Canada offers guides to help entrepreneurs build effective business plans.

Hire the right people for the job

Hiring the right employees for the job is crucial for startup success. “You cannot overpay for talent,” Colasanti told us. “The first 10 people you hire will make or break your business.”

Hiring decisions should go hand-in-hand with intentionally building a workplace culture. Research shows that a positive workplace culture leads to higher employee satisfaction, retention and overall productivity.

“Your business will develop a culture whether you create it or not,” he said. Many first-time founders let poor behaviours slide to avoid conflict, but this is risky.

Hiring the right employees for the job is crucial for startup success.
(Shutterstock)

Bhimani also emphasized the importance of hiring those who genuinely understand your company’s mission. “Then I know they’re invested and will put forth their best effort,” he told us.

There are important legal considerations to keep in mind. Employers must comply with federal and provincial labour laws, and entrepreneurs should seek legal advice or consult government resources when building their teams.

Seek out a knowledgeable mentor

While entrepreneurship is often seen as a solo pursuit, research and experience suggest otherwise. In reality, founders who are mentored by successful entrepreneurs are over three times more likely to be successful themselves.

Both Bhimani and Dhwani Shah, founder and CEO of Aadhya Navik Inc., highlighted the importance of mentors.

“Even if you just have an idea,” Bhimani told us via email, “you should strive to talk about it as much as possible with people in the industry who have relevant experience.”

Shah similarly attributed her growth to constant learning and expert guidance: “I have a long-term vision and actively seek advice while working on the product.”

Resources like the Business Benefits Finder and programs like Futurpreneur Canada and Startup Canada can connect early-stage founders with financing and mentorship.

Passion and persistence are key

Mindset is also a differentiating factor that sets successful entrepreneurs apart. The entrepreneurial mindset is a way of thinking that involves seeing opportunities where others see obstacles, and maintaining a strong sense of initiative and resilience.

All the entrepreneurs we interviewed said intrinsic motivation was the key to longevity. “Starting a business makes you wear multiple hats, which can be intimidating but also gives you immense satisfaction,” Shah told us. Research has also confirmed this to be true.

Read more:
Entrepreneurs know that failure is sometimes necessary – here’s what we can learn from them

Colasanti told us fear often leads founders to switch from experimentation to protection mode too early. “They stop taking big swings and start firing bullets instead of cannonballs,” he said. That mindset shift can lead to complacency and stagnation.

Successful entrepreneurs are often those who can stay agile, embrace discomfort and persist even when the stakes are high.

Make use of resources

There are a number of supports for entrepreneurs in Canada. National initiatives like Futurpreneur Canada and Startup Canada, and financial supports from Business Development Bank of Canada, are also available.

Most provinces and territories have web pages dedicated to resources for small businesses and entrepreneurs, including British Columbia, Alberta, Manitoba and Ontario.

In southern Ontario, WETech Alliance offers a model example of how regional innovation hubs can support founders. Their programs help connect entrepreneurs to expertise, capital and community.

Starting a business in Canada has never been more possible or more competitive. As the experts we spoke to remind us, success lies in execution. The journey is hard, but for those who are ready, it can also be deeply rewarding.

Bharat Maheshwari has received funding from Mitacs, the Social Sciences and Humanities Research Council of Canada, and several other organizations that regularly fund academic research in Canada.

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

– ref. Tips for starting a business in Canada, according to entrepreneurs who have done it – https://theconversation.com/tips-for-starting-a-business-in-canada-according-to-entrepreneurs-who-have-done-it-247985

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI: Dissolution of RBAZ Bancorp, Inc.

Source: GlobeNewswire (MIL-OSI)

PHOENIX, May 07, 2025 (GLOBE NEWSWIRE) — RBAZ Bancorp, Inc. (“RBAZ”), the holding company of Republic Bank of Arizona (“Republic Bank”), today announced it completed the sale of substantially all of the assets and liabilities of Republic Bank to Pima Federal Credit Union effective May 2, 2025 (the “Asset Sale”). RBAZ caused its common stock to no longer trade or be quoted on the OTC Pink Market and closed its stock transfer records at the close of market hours on May 2, 2025.

RBAZ also announced today that its Board of Directors effected a plan of dissolution for the winding up and liquidation of RBAZ. As part of the dissolution process, the Board of Directors authorized a cash distribution of $22.00 per share on a fully-diluted basis. RBAZ previously disclosed $22.00 as the estimated aggregate per share value to be distributed to shareholders. We anticipate that this distribution will be processed for payment within 30 to 45 days.

RBAZ may make a second distribution in connection with the completion of the dissolution process. However, due to a significant number of variables, RBAZ cannot determine at this time the exact amount of any future distribution or when any such distribution would be made, if at all. There is no guarantee that sufficient funds will remain following the dissolution of RBAZ and Republic Bank to make another distribution. Distributions are subject to RBAZ paying or providing for its debts, taxes, liabilities and obligations in accordance with applicable law and the plan of dissolution.

Computershare Trust Company, N.A. (“Computershare”), RBAZ’s stock transfer agent, is acting as paying agent for distributions to shareholders in the dissolution process. Computershare will process distributions as described below.

Shares Held in “Street Name.” If your shares of RBAZ common stock are held in “street name” through a broker, bank or other nominee, there is nothing you need to do to receive your distribution and you will not receive transmittal documents. Computershare will automatically process your payment in coordination with your broker, bank or nominee following RBAZ’s authorization of a distribution.

Book-Entry Shares. If your shares of RBAZ common stock are held in book entry form, which means that your ownership is recorded with Computershare electronically without paper stock certificates, there is nothing you need to do to receive your distribution and you will not receive transmittal documents. Computershare will automatically process your payment following RBAZ’s authorization of a distribution.

Certificated Shares. If your shares of RBAZ common stock are certificated, then you will be required to surrender your original stock certificate(s) and return certain transmittal documents in order to receive your distribution. In the coming weeks, you will receive transmittal documents from Computershare that will contain instructions for surrendering your stock certificate(s) and receiving your distribution.

Forward-Looking Statements

Certain statements contained in this press release may be considered “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “will,” “would,” “could,” or “intend.” Forward-looking statements, by their nature, are subject to risks and uncertainties. A number of factors – many of which are beyond the control of RBAZ – could cause actual conditions, events or results to differ materially from those anticipated, discussed, projected, expressed or implied by forward-looking statements. We caution you not to place undue reliance on the forward-looking statements contained in this press release. Factors that could cause actual results to differ materially from the expectations of RBAZ and Republic Bank include the nature and amount of the liabilities remaining at RBAZ and Republic Bank following the Asset Sale, including material federal income tax liabilities, the results of any litigation involving RBAZ and Republic Bank, and the amount of costs and expenses associated with dissolving RBAZ and Republic Bank, all of which must be satisfied or provided for before RBAZ may distribute its residual assets to its shareholders. Forward-looking statements speak only as of the date they are made. RBAZ and Republic Bank do not undertake any obligation to update publicly or revise any forward-looking statements because of new information, future events or otherwise.

Contact: Brian Ruisinger
President and Chief Executive Officer
Phone: (602) 280-9404
Email: bruisinger@republicaz.com

The MIL Network –

May 8, 2025
MIL-OSI Banking: Washington, D.C., Updates for May 2025

Source: International Association of Drilling Contractors – IADC

Headline: Washington, D.C., Updates for May 2025

New Plan May Allow Companies to Start Drilling Sooner

The Department of Interior recently announced a plan that slashes environmental reviews to one month. Leaning on President Donald Trump’s declared energy emergency, the department aims to limit fossil project reviews to 28 days. The plan drew a mix of industry praise and warnings of legal fights to come.

The move to expedite environmental reviews would only apply to certain projects, such as mining and oil and gas drilling. Wind and solar energy would be excluded, according to the Interior Department.

Interior Secretary Doug Burgum said in a statement:

“The United States cannot afford to wait, we are cutting through unnecessary delays to fast-track the development of American energy and critical minerals—resources that are essential to our economy, our military readiness, and our global competitiveness.”

The department plans to tap into emergency authorities to fast-track the completion of less-intensive environmental assessments, which can take about a year, to just 14 days. Projects requiring a full environmental impact statement are usually a two-year process that can include complex water quality analyses and a close look at the effects extraction could have on endangered species. Such projects will now be reviewed in less than a month.

Interior is planning to apply the truncated review process to projects tied to the production of crude oil, natural gas, critical minerals, uranium, lease condensates, coal, biofuels, geothermal energy, kinetic hydropower, and refined petroleum products. The department also noted it will tap into emergency authorities under existing regulations–the National Environmental Policy Act, the Endangered Species Act, and the National Historic Preservation Act–to accelerate reviews and possibly approvals.

In a letter accompanying the announcement, Interior offered companies a form letter to apply for the emergency processing, which could apply to both projects deemed unlikely to cause environmental damage and those expected to cause ecological harm. Once an applicant applies, the policy directs agencies to complete all environmental reviews “within approximately 14 days” if a project is “not likely” to cause environmental harm. For those predicted to cause damage, agencies could solicit comments from the public for approximately 10 days, followed by completing an environmental assessment within a month.

By contrast, current NEPA procedures generally offer 45-day comment periods on draft environmental impact statements followed by 30-day comment periods for final ones. The directive deletes the requirement of a draft environmental impact statement, instead telling officials to finalize their reviews within the monthlong period.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Banking: IADC’s Joseph Washington Speaks at West Texas Safety Training Center Annual Meeting

Source: International Association of Drilling Contractors – IADC

Headline: IADC’s Joseph Washington Speaks at West Texas Safety Training Center Annual Meeting

IADC Senior Coordinator Joseph Washington was the guest speaker at the 31st Annual Membership Meeting of the West Texas Safety Training Center on 28 April. The event took place at the MCM Elegante Hotel in Odessa, Texas. During the meeting, Washington discussed oilfield safety and IADC’s accreditation programs, while Kristle M. Fuentes Cruz with OSHA spoke about Worker Memorial Day. IADC appreciates the opportunity to participate in industry events such as this one.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Banking: Jackie Pavon’s Story

Source: International Association of Drilling Contractors – IADC

Headline: Jackie Pavon’s Story

The following is part of IADC’s 85th anniversary campaign, “Many Stories, One Voice,” which aims to showcase the real human stories behind the drilling industry.

Jackie Pavon – IADC H₂S Safe Accreditation Coordinator

I first heard of IADC from my kind friend and now colleague Bill Krull. It always amazed me how positively he spoke about this organization. Every time I saw him, he was refreshed, optimistic and genuinely energized about his work. In today’s world, where many see work as just a job, finding someone who truly loves what they do is rare. I remember thinking, “What kind of company could inspire such passion?” and hoping that, one day, I would also find a place where I felt the same.

My prayer was answered when IADC opened a position for an H₂S Safe Accreditation Coordinator. With my experience, a deep desire to be part of something meaningful, and the stability that IADC offers, I eagerly embraced the opportunity. Now that I’m here, I can truly say this is where I belong. The training, support and encouragement from my colleagues have been invaluable. IADC isn’t just a company; it’s a community of people who genuinely care about their work, each other and the greater mission we serve. The work I do with IADC brings me so much fulfillment that, by the time I pick up my 1-year-old daughter from school, I’m already feeling grateful. We sing our hearts out to ‘90s country as we drive home, and when I walk through the door to my loving husband, I feel a deep sense of joy. That’s the kind of happiness I cherish every single day, and it’s made possible by the meaningful work I’m lucky to be doing.

The H₂S Safe Program and this organization have become like a second home to me. I feel not only at ease but also challenged and inspired every day. I’m eager to contribute, grow and help make the program the best it can be. I have the privilege of working alongside dedicated training providers, supporting them as they reach their goals and uphold the highest safety standards. Knowing that our work directly impacts lives and promotes safety in the industry is what drives me. Because at the end of the day, safety isn’t just a priority – it’s a responsibility we all share.

Looking ahead, I see a future filled with possibility. I am excited to continue learning, growing and evolving with IADC. I look forward to building new relationships, taking on new challenges, and contributing in ways that leave a lasting impact. More than anything, I am grateful to be here, to be part of this family, and to be trusted with work that truly matters.

I’d love to raise a glass and say, “Cheers to 85 more years!” but let’s be real, by then, I’d much rather be in the Bahamas, enjoying a cold beer with my feet in the sand. So instead, I’ll say, “Cheers to many more amazing years with IADC… until I retire!”

Jackie (front row, fourth from far right) is pictured with members of the IADC HSE&T Committee following a meeting at IADC’s Houston office this year.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Banking: Bill Krull’s Story

Source: International Association of Drilling Contractors – IADC

Headline: Bill Krull’s Story

The following is part of IADC’s 85th anniversary campaign, “Many Stories, One Voice,” which aims to showcase the real human stories behind the drilling industry.

Bill Krull – IADC Global Sales Manager

Exactly 15 years ago this January, I entered the industry having very little exposure to or insight into drilling and completions. My journey began as a consultant to IADC selling advertising for Drilling Contractor magazine, the IADC Membership Directory and websites. One of many IADC mentors, Mike Killalea, was tremendous in his interest in educating me on drilling contractors and the industry in general.

I quickly noticed that many professionals in the industry and employees of IADC were willing and interested in assisting new entrants to our industry. I began attending as many conferences as possible and volunteering on various committees, not only for education but also for networking. This proved beneficial in adopting an entirely new group of contacts, many of whom I now consider friends.

After nine years contracting to IADC, I was asked to come on board full time in 2019. My role has dramatically changed over time to include managing the Incident Statistics Program, technical software development workgroups, technical resources and forms development. The Incident Statistics Program was an area completely foreign to me, and IADC gave me an opportunity to learn. For this, I’m forever grateful, as I think it’s difficult to find a home where you have such opportunities to continue to have a career evolve – particularly at this point in my career.

Many thanks to IADC colleagues, mentors and members for our wonderful industry family!

Bill (far left) and colleagues celebrating their work anniversaries during an annual IADC Service Award luncheon.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Economics: Live streaming from Reykjavík Economic Conference 2025

Source: Central Bank of Iceland

In co-operation with the Center for International Macroeconomics at Northwestern University, the Central Bank of Iceland will convene the Reykjavík Economic Conference on 8-9 May 2025.

MIL OSI Economics –

May 8, 2025
MIL-OSI Security: Serial Bank Robber Convicted by Federal Jury

Source: Office of United States Attorneys

WILMINGTON, N.C. – A federal jury convicted a Fayetteville man on Friday on one charge of bank robbery, three charges of armed bank robbery, and three charges of brandishing a firearm during and in relation to a crime of violence.

According to court records and evidence presented at trial, Karim Brown, 32, engaged in a serial bank robbery spree that spanned a month from December 2021 to January 2022. The robberies occurred in Hope Mills, Angier, Fuquay-Varina, and Fayetteville. Karim Brown was the robber who entered each of the banks and brandished a firearm in three of them. Shiheem Brown, who pled guilty to one of the armed bank robberies and a charge of brandishing a firearm during and in relation to a crime of violence, was sentenced to 18 years in federal prison on December 11, 2024.

Karim Brown began his spree by robbing the PNC Bank in Hope Mills. He entered the bank and demanded money from the teller, which totaled $4,674. On New Year’s Eve 2021, Shiheem Brown was captured on surveillance footage scouting the First Bank in Angier, before Karim Brown entered, brandished a firearm, and demanded cash. He got away with $4,611. Two weeks later, on January 14, 2022, Karim Brown robbed the PNC on Main Street in Fuquay-Varina, brandishing a firearm and getting away with $9,000. For the final act in their spree, Shiheem Brown was again captured on surveillance footage scouting the Fidelity Bank on Village Drive in Fayetteville. Karim Brown then entered the bank, brandished a firearm equipped with a laser sight, and demanded cash. During this robbery he passed a note to the teller indicating that he was willing to shoot her. A bank manager at Fidelity exited her office to see what the commotion was about, and Karim Brown pointed his firearm at her and ordered her to walk across the bank to the teller counter while the tellers placed $15,336 in a bag. Karim Brown then fled, but during the flight, Shiheem Brown took a selfie as he drove away, capturing himself driving and Karim Brown removing his disguise in the back seat. The selfie was taken approximately 7 minutes after the robbery (pictured below).

Police broke the case open when they were able to track the vehicle used in the Fuquay-Varina bobbery back to Shiheem and Karim Brown. Shiheem Brown was arrested at an apartment in Fayetteville by Fayetteville PD and the U.S. Marshals Service Task Force on January 27, 2022. During the arrest, Shiheem Brown threw a loaded firearm off the balcony of the apartment, which was recovered. The firearm matched the description of the firearm used in the robberies. Police also recovered $2,650 cash during Shiheem Brown’s arrest. Karim Brown was arrested at this residence the same day.

Karim Brown faces a mandatory minimum of 31 years’ imprisonment and a statutory maximum of life in prison when sentenced on a later date.

Daniel P. Bubar, Acting U.S. Attorney for the Eastern District of North Carolina made the announcement after Chief U.S. District Judge Richard E. Myers II accepted the verdict. The Federal Bureau of Investigations, Hope Mills PD, Angier PD, Fuquay-Varina PD, Fayetteville PD and the United States Marshals Service helped investigate the case and Assistant U.S. Attorneys Phil Aubart and Kimberly Dixon prosecuted the case.

Related court documents and information can be found on the website of the U.S. District Court for the Eastern District of North Carolina or on PACER by searching for Case No.5:23-CR-251.

###

MIL Security OSI –

May 8, 2025
MIL-OSI USA: Proposition 123 Land Banking Funds to Support New Housing Options Coloradans can Afford Across the State
Source: US State of Colorado

DENVER – Today, Gov. Jared Polis, the Colorado Office of Economic Development and International Trade (OEDIT), and Colorado Housing and Finance Authority (CHFA) announced 21 recipients of voter-approved Proposition 123 Land Banking funds. This funding is intended to support Colorado communities as they acquire and preserve land for an estimated 1,892 home ownership and multi-family rental apartments, including plans in Colorado Springs, Fort Collins, Fruita, Montrose, and Pagosa Springs.

“These funds are an important first step to create 1,892 homes people can afford across the state, helping more Coloradans live where they want to live — close to their jobs, schools, and the places they love.” said Gov. Jared Polis.

Among the recipients, the Boulder Housing Coalition plans to acquire and convert an historic Denver mansion into affordable housing supporting households with incomes 30 – 80% of the Area Median Income (AMI). A Montrose project by Community Options Inc. plans to serve neurodiverse households with incomes 40 – 60% of AMI. And the proposed Bradley Ridge Apartments in Colorado Springs will include an early childhood education center and serve households earning at or below 60% AMI.

“A strong economy includes good-paying jobs and housing for every income level. The recipients announced today will introduce new home ownership and rental opportunities in communities across the state, meeting a wide variety of needs, including those transitioning out of homelessness, neurodiverse families, and childcare opportunities. We are excited to support strong economies across the state,” said Eve Lieberman, OEDIT Executive Director.

Availability of land is considered one of the most significant barriers to affordable housing development. The Land Banking program provides grants to local and tribal governments and forgivable loans to nonprofits with a demonstrated history of providing affordable housing to support the acquisition and preservation of land for affordable for-sale and rental housing development.

“The funds awarded through the Land Banking program are an investment in a stronger Colorado, supporting communities in securing the land they need to respond to local housing needs. These efforts lay the foundation for greater housing stability and economic prosperity,” said Thomas Bryan, Executive Director and Chief Executive Officer of CHFA.

A total of $47,994,762 will be awarded to 21 recipients, who will be required to complete statutory milestones over the coming years including achieving proper zoning, finalizing development plans, and securing development funding and permits. The Area Median Incomes (AMIs) proposed by the recipients range from 20% AMI for those transitioning out of homelessness up to 100% AMI for homeownership. The awardees include:
- Boulder Housing Coalition: 19 rental units for the 1350 N Logan, Denver, $430,000 Broomfield Housing Alliance: 72 rental units for the 11795 Colmans Way,
- Broomfield, $3,500,000
- Commerce City Housing Authority: 120 rental and homeownership units for The Foundry, Commerce City, $4,750,000
- Commun Denver: 173 rental and homeownership units for the Loretto Commons, Denver, $2,500,000
- Community Options Inc.: 50 rental units for the TBD Hilltop Apartments, Montrose, $1,250,000
- Elevation Community Land Trust II: 44 homeownership units for the Miners Haus, Golden, $1,400,000
- Fairview Housing Partners Ltd: 144 rental units for the Flats at Sand Creek, Colorado Springs, $4,050,000
- Foothills Regional Housing: 220 rental units for the Ridge Road, Wheat Ridge, $2,100,000
- GES Coalition, Inc.: 60 rental and homeownership units for the Brighton Blvd-GESC, Denver, $3,571,429
- Habitat for Humanity Fort Collins: eight homeownership units for the Bloom Cottages, Fort Collins, $600,000
- Habitat for Humanity of Metro Denver, Inc.: 40 homeownership units for the Calvary Flats Affordable Homes, Golden, $1,200,000
- Habitat for Humanity St Vrain: 35 homeownership units for the Habitat 15th and Terry Street Neighborhood, Longmont, $1,558,333 Metro Caring: 139 rental units for the Metro Caring Affordable Housing, Denver, $3,485,000 Pagosa Springs Community Development Corporation: 11 rental and homeownership units for the Affordable Housing Phase 4, Bonita Dr., Pagosa Springs, $200,000 Pikes Peak Real Estate Foundation: 336 rental units for the Bradley Ridge Apartments, Colorado Springs, $4,850,000 The City of Fruita: 100 rental and homeownership units for The Fruita Commons, Fruita, $1,500,000
- The Inn Between of Longmont: 40 rental units for the 1886 Hover, Longmont, $1,750,000 The NHP Foundation: 158 rental units for the Liora, Denver, $3,850,000
- Thistle Community Housing: 48 rental and homeownership units for the Fairways Phase II, Boulder, $2,600,000
- Urban Land Conservancy II: 66 rental units for the Liberty House, Denver, $2,450,000
- West Colfax Lampstand: 9 homeownership units for the Flats at Harlan, Lakewood, $400,000
Applications were evaluated according to priorities outlined in statute, including high-density housing, mixed-income housing, and environmental sustainability. The selection process also considered accessibility to transit and walkable access to community services, readiness to proceed, financial feasibility, geographic distribution, and total number of units proposed, all priorities outlined by the Governor’s Executive Order to address Colorado’s housing supply.

The Land Banking program is part of the Affordable Housing Financing Fund, established by Proposition 123, managed by OEDIT and administered by CHFA. Ongoing updates are available by signing up to receive newsletter updates.

About the Colorado Affordable Housing Financing Fund

Passed by voters in November 2022, Proposition 123 established the State Affordable Housing Fund to advance the development and preservation of affordable housing in Colorado. The measure directs 40% of those funds to the Colorado Affordable Housing Support Fund administered by the state Department of Local Affairs (DOLA) and 60% of funds to the Colorado Affordable Housing Financing Fund managed by OEDIT. OEDIT selected Colorado Housing and Finance Authority (CHFA) to serve as the Affordable Housing Financing Fund third-party administrator. The Affordable Housing Financing Fund consists of three programs: Land Banking, Equity and Concessionary Debt.

About the Colorado Office of Economic Development and International Trade (OEDIT)

The Colorado Office of Economic Development and International Trade (OEDIT) works to empower all to thrive in Colorado’s economy. Under the leadership of the Governor and in collaboration with economic development partners across the state, we foster a thriving business environment through funding and financial programs, training, consulting and informational resources across industries and regions. We promote economic growth and long-term job creation by recruiting, retaining, and expanding Colorado businesses and providing programs that support entrepreneurs and businesses of all sizes at every stage of growth. Our goal is to protect what makes our state a great place to live, work, start a business, raise a family, visit and retire—and make it accessible to everyone. Learn more about OEDIT.

About Colorado Housing and Finance Authority (CHFA)

For more than 50 years, CHFA has strengthened Colorado by investing in affordable housing and community development. CHFA invests in affordable homeownership, the development and preservation of affordable rental housing, helps small- and medium-sized businesses access capital, offers technical assistance and financial support to strengthen local communities, and supports mission-aligned nonprofits through philanthropic investment. CHFA is not a state agency. CHFA is a self-sustaining public enterprise. For more information about CHFA, please visit chfainfo.com or call 1.800.877.chfa (2432).

MIL OSI USA News –
May 8, 2025
MIL-OSI Economics: Transforming Food Systems for the Future of Asia and the Pacific

Source: Asia Development Bank

ADB President Masato Kanda delivered the opening remarks at the event Transforming Food Systems for the Future of Asia and the Pacific held on the sidelines of the 58th Annual Meeting of the ADB Board of Governors in Milan, Italy.

MIL OSI Economics –

May 8, 2025
MIL-OSI Global: Why Trump fails to understand China’s trade war tactics, and what his negotiators should be reading

Source: The Conversation – UK – By Tom Harper, Lecturer in International Relations, University of East London

As US and Chinese representatives prepare to meet in Switzerland in an effort to ease their escalating trade war, a potential sign of Beijing’s approach has emerged in an opinion piece published in the state-owned journal Beijing Daily.

Articles in the publication are often seen as a reflection of Beijing’s official stance. The latest piece – Today, it is necessary to revisit On Protracted War – argues that the trade war is an American attempt to strangle China’s economic growth and that it is necessary to perceive the current trade tensions as a long-term development.

What’s particularly important here is that the title refers to former Chinese leader Mao Zedong’s 1938 essay On Protracted War, a piece of writing that set out Mao’s approach to combating the invading Japanese during the second Sino-Japanese war between 1937 and 1945.

This strategy was also key to the subsequent establishment of the People’s Republic of China in 1949, after the communist victory in the long-running Chinese civil war. Mao became the chairman of the Chinese Communist party from 1943 until his death in 1976 and created a set of political theories referred to as Maoism. He wrote extensively on political strategy.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences. Join The Conversation for free today.

Chinese policymakers and media figures often invoke the nation’s history to justify domestic and foreign policy. And the decision to reference Mao’s text reflects not only China’s strategy in the current trade war but also the lasting influence of his ideas.

Mao’s 1938 essay described a struggle that might seem, at first glance, a world away from the current China/US tariff conflict. His key thesis was that guerrilla warfare was a long-term affair with little chance for a quick victory.

Mao’s argument was that a war of attrition would end with a Chinese victory as it would slowly bleed the conventionally stronger Japanese forces of resources.
Such an approach has been a key feature of insurgencies throughout the modern world, with movements such as the Taliban in Afghanistan using the long war of attrition against larger or more technologically advanced foes.

By invoking On Protracted War, it would appear that Beijing perceives its economic struggles with the US as a conflict without a swift resolution, something that may come as a shock to Donald Trump who is clearly signalling that he now wants a deal.

This long view approach has also been reflected in how Beijing has been preparing for a second Trump trade war ever since its experiences in the first Trump presidency.

How US/China tariff war is affecting US markets.

In contrast to China, the US administration appears to have banked on the trade war being a comparatively brief affair that should be ended by a quick and decisive knock-out blow against Beijing. And a public relations coup for Trump. This explains the showmanship behind the “liberation day” announcements, and the speed at which Washington deployed its key moves.

But by preparing its citizens for a protracted trade war, it would appear that China’s strategy, similarly to Mao’s, is to slow down the process and grind out the best deal it can over time.

Beijing believes that Chinese consumers are more capable of “eating bitterness” (coping with hardship) than Americans. So US diplomats would be well advised to dip into On Protracted War to understand more of China’s president Xi Jinping’s intentions.

Mao’s long shadow

However, this is not the only way in which Mao’s strategies are relevant to global politics right now.

Another of Mao’s political ideas was what he termed the “people’s war”. This envisioned a slow movement where one group creates “shadow institutions” that gradually displace established ones in order to build support from the local population.

This echoes part of China’s approach to globalisation, where China has supported, or created, alternatives to US-led institutions.

Many of Beijing’s international institutions, such as the Asian Infrastructure Investment Bank, Shanghai Cooperation Organisation and the belt and the road initiative are created to be alternatives to more established international bodies, such as the IMF and the World Bank. These Beijing felt were too dominated by the US.

While China has worked on this policy for decades, it seems to chime with Trump’s lack of commitment to US involvement in international institutions, such as the IMF and Nato. In this aspect of international politics, Xi and Trump seem to have somewhat similar goals, and could open up more space for Chinese leadership of these institutions.

It’s becoming clear that the Trump administration has severely miscalculated by assuming that Beijing would quickly capitulate, showing a lack of understanding of Chinese culture and political history. The expected instant deal has failed to materialise, and US stores are now warning that shelves may soon be empty of many goods.

The trade war has become a war of attrition, and whatever moves Xi makes now are likely to be only his first in what he sees as a very long game, in the great Maoist tradition.

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

– ref. Why Trump fails to understand China’s trade war tactics, and what his negotiators should be reading – https://theconversation.com/why-trump-fails-to-understand-chinas-trade-war-tactics-and-what-his-negotiators-should-be-reading-256126

MIL OSI – Global Reports –

May 8, 2025
MIL-OSI Banking: IADC Partners with 3t Drilling Systems to Create New KREW System
Source: International Association of Drilling Contractors – IADC

Headline: IADC Partners with 3t Drilling Systems to Create New KREW System

IADC has recently announced a new project to completely rebuild its Knowledge Retention & Education for our Workforce (KREW) continuous learning system. The comprehensive overhaul is being developed in partnership with 3t Drilling Systems. This project is intended to develop completely IADC-owned content that raises the bar on retention of well control training knowledge while creating a greater level of standardized content across the industry.

According to an IADC Member involved in the project, Douglas Fenner, Senior Technical Trainer Field Training & Development & Learning Innovator with Precision Drilling:

“IADC’s revised KREW is about delivering real learning that crews can trust when they’re out there doing the work. KREW sharpens skills, builds confidence, and makes sure knowledge sticks where it matters most, in the field. It’s a stronger foundation for building a workforce ready for the future of our industry.”

Key system enhancements of the all-new KREW platform will include:
- An IADC-branded custom app and web portal with 268 eLearning modules and 11 3D models across Driller and Supervisor levels of the WellSharp accreditation program curriculum
- Direct user engagement and unique learning pathway intentions
- The ability to link simulation exercises
- WellSharp sample assessments automatically delivered to users every four months throughout the two-year recertification cycle
Originally launched to the industry in April 2021, KREW is being completely reimagined as a new-generation online learning tool designed to provide continuous learning opportunities for well control concepts to improve knowledge retention and, ultimately, to enhance critical on-the-job skills. The development of this new KREW system represents a total replacement of the previous platform with advanced functionality, expanded capabilities, and novel content that will be centrally owned by IADC for the first time. The new system is projected to be completed in the first quarter of 2026.

As another involved Member, Michael Fitzsimmons, Wells Technical Training Manager with Chevron, puts it:

“IADC has listened to industry feedback, and is working towards delivering an improved continuous education platform for well control. Year-round access to KREW content and simulator experiences will provide practitioners the opportunity to maintain competency between the traditional certification cycles, and IADC’s plans for an abbreviated recertification course with an enhanced focus on scenario based training will be a welcomed option for those requiring certification.”
MIL OSI Global Banks –
May 8, 2025
MIL-OSI Banking: IADC Accreditation Attains 19 Years of ISO Certification!

Source: International Association of Drilling Contractors – IADC

Headline: IADC Accreditation Attains 19 Years of ISO Certification!

The IADC Accreditation department has reached an impressive milestone this year, securing ISO 9001:2015 certification for the 19th consecutive year. This distinguished achievement highlights nearly two decades of unwavering commitment to excellence and quality management standards.

During this year’s rigorous two-day assessment by the International Organization for Standardization (ISO), IADC once again demonstrated exceptional compliance across all operational areas. We’re proud to report that our team successfully satisfied all 83 ISO requirements without a single non-conformity – extending our record to an impressive 10 years without findings.

This remarkable consistency is particularly noteworthy as IADC maintains its position as the drilling industry’s only accrediting body to hold this specific certification. This distinction reflects our ongoing dedication to continuous improvement and delivering superior value to our Members.

Throughout the years, our quality management approach has evolved through thoughtful integration of Member feedback and systematic process refinement. These efforts have consistently strengthened our programs, enhanced information integrity, and elevated the overall Member experience.

We extend our deepest appreciation to the entire Accreditation team for their exceptional diligence, professionalism, and commitment to quality throughout the past year. This achievement truly belongs to each team member who contributed to this outstanding record of excellence!

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Banking: Houston Chapter’s April Luncheon Explores “The Underappreciation of Oil & Gas”

Source: International Association of Drilling Contractors – IADC

Headline: Houston Chapter’s April Luncheon Explores “The Underappreciation of Oil & Gas”

On 23 April, the IADC Houston Chapter held its April Luncheon exploring the theme “Misrepresentation Matters: The Underappreciation of Oil & Gas.” David Gibson of VDoorLocksmith and Russell Stewart of Oil and Gas Global Network gave enlightening presentations, then joined a dynamic panel discussion including Jamie Elrod and Kate Heiken of Flipping the Barrel.

The discussions highlighted how our industry is often misunderstood despite its crucial role in powering global progress. The speakers emphasized the need for better storytelling and advocacy to attract new talent and change public perception.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Banking: Members Gather to Discuss New IADC Black Sea/Mediterranean Chapter

Source: International Association of Drilling Contractors – IADC

Headline: Members Gather to Discuss New IADC Black Sea/Mediterranean Chapter

On Wednesday 30 April, industry colleagues gathered in Ankara, Türkiye to discuss the formation of an IADC Black Sea/Mediterranean Chapter.

The meeting was well attended and included a presentation from IADC explaining what the Association is about, what role the Chapter would have, and how Members could benefit from the new Chapter and give back to the industry through it.

Thank you to everyone who attended! We look forward to continuing to pursue this exciting opportunity to serve the region.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Banking: Accreditation Updates for May 2025
Source: International Association of Drilling Contractors – IADC

Headline: Accreditation Updates for May 2025

IADC welcomes these 4 newly-accredited training providers who have satisfactorily completed the approval process:

DIT
- ARABIAN MACHINERY AND HEAVY EQUIPMENT COMPANY – Al Khobar, Eastern Province, Saudi Arabia
- Kuwait Drilling Company – Kuwait, Ahmadi, Kuwait
RigPass
- Capstar Drilling, Inc. – Casper, Wyoming, US
- Cazen Servicios y Suministros Integrales – Ciudad del Carmen, Campeche, Mexico
MIL OSI Global Banks –
May 8, 2025
MIL-OSI Africa: Afreximbank launches US$ 1 Billion Africa Film Fund to transform the continent’s creative industry

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

Afreximbank launches US$ 1 Billion Africa Film Fund to transform the continent’s creative industry The Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world KIGALI, Rwanda, May 7, 2025/APO Group/ — African Export-Import Bank (Afreximbank) (www.Afreximbank.com), through its development impact investment arm, the Fund for Export-Development in Africa (FEDA), has committed to spearhead the launch of the Africa Film Fund (‘the Fund’) as part of its Creative Africa Nexus Programme (CANEX). This transformative undertaking of up to US$1 billion is designed to revolutionize Global Africa’s film and creative industry. This move follows Afreximbank Group’s commitment at the CANEX Weekend (CANEX WKND 2024) in Algiers, Algeria, in October 2024, where the Bank announced plans to launch a private equity film fund through FEDA to support film production and distribution across Africa and empower African filmmakers to create globally appealing content. The Fund will play a pivotal role in promoting the production and global distribution of high-quality films and TV series, further amplifying Global Africa’s cultural influence across the world. In doing so, the Fund will be a catalyst to attract and direct crucial patient capital into Global Africa’s film and TV production industry, mobilising resources that would enable filmmakers and storytellers to produce world-class content that resonates globally. According to the UNESCO Institute for Statistics, the African film and audiovisual industry generates an estimated US$5 billion in annual revenues and employs over 5 million people across the continent. However, the film industry on the continent has long faced challenges, including limited access to production facilities and equipment, a shortage of advanced post-production resources, and a lack of sufficient exhibition infrastructure—highlighted by fewer than 2,000 cinema screens and limited access to digital platforms. Afreximbank’s interventions through FEDA seek to address some of these issues and more. Professor Benedict Oramah, President of Afreximbank and Chairman of both the Boards of Directors of Afreximbank and FEDA commented: “Film is a cornerstone of the Creative Africa Nexus (CANEX) programme and the establishment of the Africa Film Fund is timely as it will help accelerate the growth of Africa’s creative sector, which has witnessed rapid growth but continues to face significant challenges including funding, scaling and accessing global markets.” Prof. Oramah added, “Through investments in the film sector, alongside initiatives such as the CANEX Shorts Awards, Afreximbank is committed to celebrating and amplifying a diverse range of African voices and experiences, thereby catalysing the creative industry and unleashing the creative industry’s potential to drive economic growth across Africa.” Marlene Ngoyi, CEO of FEDA, emphasized the Fund’s role in driving inclusive growth, stating that: “The Africa Film Fund is not merely about financing films – it is about building a thriving ecosystem that empowers Global Africa’s creative talent, fosters cultural exchange, and catalyses economic transformation. At FEDA, we are committed to ensuring this initiative delivers tangible impact with long-term and sustainable benefits.” Kanayo Awani, Executive Vice-President of Intra-African Trade and Export Development, Afreximbank, added: “This Fund will help unlock the full potential of Africa’s creative economy by giving African storytellers the platform, resources, and visibility they deserve. It reflects our belief that culture is not just a soft power, but a strategic asset for economic growth, youth empowerment, and regional integration.” Viola Davis, co-founder of JVL Media LLC and an EGOT (Emmy, Grammy, Oscar, Tony) winning actress welcomed the initiative: “African stories are deeply human and universally powerful. This Fund is an invitation to the world to see Africa through the lens of its own creators — bold, unfiltered, and rich in truth. I am proud to be a part of this momentous step toward a more inclusive global film industry.” Boris Kodjoe, award winning actor and Managing Partner of FC Media Group, stated: “It has been a long-term dream of mine to be able to tell stories on a global scale. I am grateful and excited to partner with our friends at Afreximbank and FEDA in order to support quality content development and creation in Africa and beyond.” Distributed by APO Group on behalf of Afreximbank. Media Contact: Vincent Musumba Communications and Events Manager (Media Relations) Email: press@afreximbank.com About FEDA: The Fund for Export Development in Africa (“FEDA”) is the impact investment subsidiary of Afreximbank (www.Afreximbank.com), set up to provide equity, quasi-equity, and debt capital to finance the multi-billion-dollar funding gap (particularly in equity) needed to transform the Trade sector in Africa. FEDA pursues a multi-sector investment strategy along the intra-African trade, value-added export development, and manufacturing value chain which includes financial services, technology, consumer and retail goods, manufacturing, transport & logistics, agribusiness, as well as ancillary trade enabling infrastructure such as industrial parks. To date, FEDA has invested more than US$590 million in companies and projects across its various fund initiatives, in sectors such as manufacturing, agro-processing, financial services, healthcare and pharmaceuticals, amongst others. About Afreximbank: African Export-Import Bank (Afreximbank) is a Pan-African multilateral financial institution mandated to finance and promote intra- and extra-African trade. For over 30 years, the Bank has been deploying innovative structures to deliver financing solutions that support the transformation of the structure of Africa’s trade, accelerating industrialisation and intra-regional trade, thereby boosting economic expansion in Africa. A stalwart supporter of the African Continental Free Trade Agreement (AfCFTA), Afreximbank has launched a Pan-African Payment and Settlement System (PAPSS) that was adopted by the African Union (AU) as the payment and settlement platform to underpin the implementation of the AfCFTA. Working with the AfCFTA Secretariat and the AU, the Bank has set up a US$10 billion Adjustment Fund to support countries effectively participating in the AfCFTA. At the end of December 2024, Afreximbank’s total assets and contingencies stood at over US$40.1 billion, and its shareholder funds amounted to US$7.2 billion. Afreximbank has investment grade ratings assigned by GCR (international scale) (A), Moody’s (Baa1), China Chengxin International Credit Rating Co., Ltd (CCXI) (AAA), Japan Credit Rating Agency (JCR) (A-) and Fitch (BBB). Afreximbank has evolved into a group entity comprising the Bank, its equity impact fund subsidiary called the Fund for Export Development Africa (FEDA), and its insurance management subsidiary, AfrexInsure (together, “the Group”). The Bank is headquartered in Cairo, Egypt.

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MIL OSI Africa –

May 8, 2025
MIL-OSI: Societe Generale: shares & voting rights as of 30 April 2025
Source: GlobeNewswire (MIL-OSI)

NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 30 APRIL 2025

Regulated Information

Paris, 7 May 2025

Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations.

Date Number of shares composing current share capital Total number of
voting rights

30 April 2025 800,316,777
Gross: 888,385,614

Press contacts:

Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

Societe Generale

Societe Generale is a top tier European Bank with around 119,000 employees serving more than 26 million clients in 62 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:
- French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
- Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
- Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.
Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).

For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

Attachment
- Societe-Generale-shares-voting-rights-as-of-30-04-2025
The MIL Network –
May 8, 2025
MIL-OSI Banking: AKITA Drilling Welcomes Senator Cruz and EPA Administrator Zeldin to Permian Basin Operations

Source: International Association of Drilling Contractors – IADC

Headline: AKITA Drilling Welcomes Senator Cruz and EPA Administrator Zeldin to Permian Basin Operations

AKITA Drilling Ltd., an IADC Member company, recently hosted U.S. Senator Ted Cruz, U.S. Environmental Protection Agency Administrator Lee Zeldin, and IADC Senior Director of Government & Industry Affairs Operations Thad Dunham at AKITA Rig 801 in Midland, Texas.

Cruz and Zeldin first toured a gas operating facility before arriving at the AKITA drilling site. The visit marked Administrator Zeldin’s first experience on a drilling rig, providing him a valuable opportunity to witness safe operations firsthand, including observing a pipe connection procedure. The AKITA crew demonstrated professional excellence while engaging with their guests and showcasing the facility’s operations.

These site visits play a crucial role in educating government officials who shape industry regulations, allowing them to gain practical understanding of drilling operations and safety protocols. The AKITA visit represented just one stop during Cruz and Zeldin’s press tour throughout the region.

Following their industry tours, Senator Cruz and Administrator Zeldin held a press conference where they discussed the strategic importance of American energy, among other key policy matters.

IADC extends sincere appreciation to AKITA Drilling for their exceptional representation of the drilling industry and for fostering meaningful connections with government leadership that benefit our entire sector.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Banking: Northern Arabian Gulf Chapter Sees Great Turnout for Annual Golf Tournament

Source: International Association of Drilling Contractors – IADC

Headline: Northern Arabian Gulf Chapter Sees Great Turnout for Annual Golf Tournament

On Friday 25 April, the IADC Northern Arabian Gulf Chapter hosted its annual golf tournament at the Royal Golf Club in Bahrain. There was a fantastic turnout with 52 participating teams, the highest amount in the event’s history. The tournament was followed by dinner and a prize awarding ceremony.

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Banking: IADC Lexicon Featured Term for May 2025

Source: International Association of Drilling Contractors – IADC

Headline: IADC Lexicon Featured Term for May 2025

The IADC Lexicon is an oil and gas dictionary of upstream-related terms, which, unlike conventional glossaries, are official definitions drawn from legislation, regulation and regulatory guidance, standards (global, national and regional), IADC guidelines, and Well Control Institute. Terms often have multiple definitions from different sources.

This month’s featured term is:

Return Flow Control

MPD technique which diverts returned fluid flow away from the rig floor in order to handle any formation fluid influx, thereby avoiding closing of a BOP, with the subsequent well control steps that are customarily required. RFC is drilling with a closed annulus return system (RCD) immediately under the rig floor for complete assurance of the total diversion of any rapidly developing kick.

Source: ABS Guide for Classification and Certification of Managed Pressure Drilling Systems, September 2017. Global Standards

MIL OSI Global Banks –

May 8, 2025
MIL-OSI Russia: Statement by IMF Deputy Managing Director Nigel Clarke at the Conclusion of His Visit to Zambia

Source: IMF – News in Russian

May 7, 2025

Lusaka, Zambia: Mr. Nigel Clarke, Deputy Managing Director of the International Monetary Fund (IMF), issued the following statement at the conclusion of his visit to Zambia from May 4-6:

“I would first like to thank H.E. President Hakainde Hichilema, Minister of Finance and National Planning Situmbeko Musokotwane, and Central Bank Governor Denny H. Kalyalya for their warm hospitality and constructive discussions on my first visit to Zambia as Deputy Managing Director of the IMF.

“Progress on Zambia’s economic reform program supported by the IMF’s Extended Credit Facility has been strong, despite repeated external shocks. Since the program was approved in August 2022 and augmented in 2024 (See Press Release 24/242), it has provided critical support—both financial and policy-based—and helped to anchor Zambia’s landmark debt restructuring under the G20 Common Framework and navigate last year’s severe drought.

“Zambia’s remarkable progress has centered on restoring macroeconomic stability, including fiscal and debt sustainability, and implementing reforms. Notable reforms include the removal of fuel subsidies, strengthened debt management, and the roll-out of a reformed agricultural input subsidy—the e-voucher system—which increased competition in input delivery, reduced costs, and supported job creation.

“These achievements have been particularly impressing given the challenging external and domestic environment. In my discussions with the authorities, I also welcomed their commitment to strengthen governance and anti-corruption policies.

“Going forward, the policy environment remains challenging. As in many sub-Saharan African economies, Zambia must navigate weaker global trade, elevated uncertainty, and declining external assistance. Continued reform momentum will be essential to build resilience, mobilize domestic revenues, and create fiscal space to support inclusive growth. Structural reforms to improve productivity and support private sector activity will help boost inclusive growth, delivering the much-needed jobs for Zambia’s vibrant youth.

“I am also grateful for the opportunity to engage with University of Zambia students and faculty, representatives of the private and banking sectors, and Zambia’s development partners. I appreciated the candid discussions on the impact of recent global and domestic economic developments on Zambia and exchanged views on how we can best partner with Zambia on its journey towards a more resilient and inclusive future.

“I leave Zambia optimistic about the country’s future—encouraged by the authorities’ determination to continue on their reform path, and reassured by the Zambian people’s resilience. The IMF remains a close partner in supporting the country’s journey to lift the living standards of the Zambian people.”

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Wafa Amr

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

@IMFSpokesperson

https://www.imf.org/en/News/Articles/2025/05/07/pr-25131-zambia-statement-by-imf-deputy-managing-director-nigel-clarke-after-his-visit

MIL OSI

MIL OSI Russia News –

May 8, 2025

Date	Number of shares composing current share capital	Total number of voting rights
30 April 2025	800,316,777	Gross: 888,385,614

Category: Banking

IMF Communications Department

MEDIA RELATIONS

Solving real consumer problems

Manage your money wisely

Building a business plan

Hire the right people for the job

Seek out a knowledgeable mentor

Passion and persistence are key

Make use of resources

Mao’s long shadow

IMF Communications Department

MEDIA RELATIONS