Category: Banking

  • MIL-OSI: Medallion Financial Corp. to Report 2025 Second Quarter Results on Wednesday, July 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Medallion Financial Corp. (NASDAQ: MFIN, the “Company”), a specialty finance company that originates and services loans in various consumer and commercial industries, as well as loan products and services offered through fintech strategic partners, announced today that it will report its financial results for the quarter ended June 30, 2025, after market close on Wednesday, July 30, 2025.

    Live Conference Call and Webcast

    A conference call to discuss these financial results will be held as follows:

    A link to the live audio webcast of the conference call will also be available at the Company’s IR website.

    Replay Information

    The conference call replay will be available following the end of the call through Thursday, August 7, 2025.

    • Dial-in number: (412) 317-6671
    • Passcode: 10201134

    Additionally, the webcast replay will be available at the Company’s IR website.

    About Medallion Financial Corp.

    Medallion Financial Corp. (NASDAQ: MFIN) and its subsidiaries originate and service a growing portfolio of consumer loans and mezzanine loans in various industries, and loan products and services offered through fintech strategic partners. Key industries served include recreation (towable RVs and marine) and home improvement (replacement roofs, swimming pools, and windows). Medallion Financial Corp. is headquartered in New York City, NY, and its largest subsidiary, Medallion Bank, is headquartered in Salt Lake City, Utah. For more information, please visit www.medallion.com.

    Contacts:

    Medallion Financial Corp.
    212-328-2176
    InvestorRelations@medallion.com

    Investor Relations
    The Equity Group Inc.
    Lena Cati
    lcati@theequitygroup.com
    (212) 836-9611

    Val Ferraro
    vferraro@theequitygroup.com
    (212) 836-9633

    The MIL Network

  • MIL-OSI USA: HARRISBURG – Shapiro Administration Highlights Summer Food Program to Help Feed Kids During Summer Months

    Source: US State of Pennsylvania

    July 22, 2025Harrisburg, PA

    ADVISORY – HARRISBURG – Shapiro Administration Highlights Summer Food Program to Help Feed Kids During Summer Months

    Department of Education (PDE) Acting Secretary Dr. Carrie Rowe and Department of Human Services (DHS) Special Assistant to the Secretary Catherine Stetler will highlight how summer food programs like SUN Bucks are keeping young Pennsylvanians fed during the summer months when many aren’t able to access meals at school. As part of the event, DHS and PDE will join partners from Feeding Pennsylvania and the Central Pennsylvania Food Bank to help serve lunch at a Susquehanna Township Summer Food Service location where children can receive meals while school is on summer break.

    SUN Bucks is a federally-funded summer food program that issues households a one-time $120 benefit per eligible children that can be used to purchase fresh food and groceries at retailers across Pennsylvania.

    Now in its second year, SUN Bucks provides households with a SNAP-like benefit to purchase food during the summer months when school is not in session. Most eligible children will receive the benefit automatically and do not need to apply. For those not automatically eligible, SUN Bucks applications are open through August 31st for summer 2025 benefits. Families can use the SUN Bucks Eligibility Navigator to see if they need to complete a paper or online application.

    WHO:
    PDE Acting Secretary, Dr. Carrie Rowe
    DHS Special Assistant to the Secretary Catherine Stetler
    Central PA Food Bank President, Shila Ulrich
    Feeding PA CEO Chief Executive Officer, Julie Bancroft

    WHEN:
    Tuesday, July 22, 2025,11:00 AM

    WHERE:
    Veteran’s Park Pavilion,1955 Elmerton Ave, Harrisburg, PA 17109

    MEDIA RSVP:
    Press interested in attending must RSVP with the name of photographer/reporter to ra-pwdhspressoffice@pa.gov.

    MIL OSI USA News

  • MIL-OSI: 1st Security Bank Announces the Promotion of May-Ling Sowell, effective July 1, 2025

    Source: GlobeNewswire (MIL-OSI)

    MOUNTLAKE TERRACE, Wash., July 21, 2025 (GLOBE NEWSWIRE) — FS Bancorp, Inc. (NASDAQ: FSBW), the holding company for 1st Security Bank of Washington (“1st Security” or “Bank”) announced the promotion of May-Ling Sowell to the position of Chief Compliance Officer, SVP.

    May-Ling became 1st Security Bank’s Compliance Officer in November 2006 after previously working for the Bank as a private consultant. Her career in banking spans over three decades and in 2012 she obtained her Certified Regulatory Compliance Manager designation.

    Prior to joining the Bank, she held similar positions with several local community banks and spent two years operating her own consulting business. In her new role, May-Ling is responsible for and leads a team of employees who support the Bank’s regulatory compliance system, security, and internal compliance training.

    When not at her desk, you’ll find May-Ling reading a mystery novel or camping with her family. She also enjoys spending lots of time with her grandchildren.

    About 1st Security Bank of Washington
    1st Security Bank, member FDIC and Equal Housing Lender, provides loan and deposit services to customers at its twenty-seven branches across Washington and Oregon, with mortgage services at each branch as well as lending offices in the Pacific Northwest. For more information visit 1st Security Bank’s website at www.fsbwa.com.

    Note Regarding Forward Looking Statements
    This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which can be identified by words such as “may,” “expected,” “anticipate”, “continue,” or other comparable words. In addition, all statements other than statements of historical facts that address activities that 1st Security expects or anticipates will or may occur in the future are forward-looking statements. Readers are encouraged to review the Securities and Exchange Commission reports of FS Bancorp, particularly its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for meaningful cautionary language discussing why actual results may vary materially from those anticipated by management.

    MEDIA CONTACT
    Camberly Gilmartin
    AVP, Marketing Manager, 1st Security Bank
    camberly.gilmartin@fsbwa.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a10de675-7beb-4756-a99d-b326f5c9398a

    The MIL Network

  • MIL-OSI USA: Less Than One Week Left to Apply for FEMA Assistance Following April Flooding

    Source: US Federal Emergency Management Agency

    Headline: Less Than One Week Left to Apply for FEMA Assistance Following April Flooding

    Less Than One Week Left to Apply for FEMA Assistance Following April Flooding

    FRANKFORT, Ky

    – Kentucky homeowners and renters who experienced damage or loss caused by the April severe storms, straight-line winds, flooding, landslides and mudslides have less than one week left to apply for federal disaster assistance

     The deadline to apply is July 25

    How To Apply for FEMA AssistanceThere are several ways to apply for FEMA assistance:Online at DisasterAssistance

    gov

    Visit any Disaster Recovery Center

    To find a center close to you, visit fema

    gov/DRC, or text DRC along with your Zip Code to 43362 (Example: “DRC 29169”)

    Use the FEMA mobile app

    Call the FEMA Helpline at 800-621-3362

    Help is available in many languages

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service

    FEMA works with every household on a case-by-case basis

    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

     If insured, the policy number or the agent and/or the company name

    Survivors should keep their contact information updated with FEMA as the agency may need to call to schedule a home inspection or get additional information

     Disaster assistance is not a substitute for insurance and is not intended to compensate for all losses caused by a disaster

    The assistance is intended to meet basic needs and supplement disaster recovery efforts

     For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4864

    Follow the FEMA Region 4 X account at x

    com/femaregion4

    martyce

    allenjr
    Mon, 07/21/2025 – 14:15

    MIL OSI USA News

  • MIL-OSI Security: Tennessee Men Sentenced for Bank Robbery Spree in Tennessee, Indiana, and Kentucky

    Source: Office of United States Attorneys

    LEXINGTON, Ky. –Two Nashville, Tenn., men, Markwez Wynn, 26, and Stephen Hampton, 26, were sentenced on Friday, by U.S. District Judge Karen Caldwell to 65 months and 60 months in prison, respectively, for bank robbery by intimidation and/or aiding and abetting bank robbery by intimidation.

    According to their plea agreements, from May 2023 until May 2024, Wynn robbed four banks and Hampton participated in robbing three banks located in Tennessee, Indiana, and Kentucky. Wynn robbed one bank in Nashville alone, threatening to kill the teller if an alarm went off. In two of the robberies, while Wynn robbed the bank, Hampton acted as the getaway driver. Wynn was disguised and obtained access to the vault in each of these robberies, getting away with $81,500 and $109,500 in cash, respectively. The last of the series of robberies occurred on May 21, 2024, at a Forcht Bank in Lexington. Wynn and Hampton entered the bank in masks and demanded everyone put their hands up. They obtained access to the vault and took money both from the tellers and the vault. From this robbery, the defendants obtained $181,175 in cash.

    As part of their sentencing, Wynn was required to forfeit $84,268 in cash and Hampton had to forfeit $82,037 in cash. Additionally, Wynn was ordered to pay $376,785 in restitution and Hampton was ordered to pay $372,175 in restitution.

    Under federal law, Wynn and Hampton must serve 85 percent of their prison sentences. Upon their release from prison, they will be under the supervision of the U.S. Probation Office for three years.   

    Paul McCaffrey, Acting United States Attorney for the Eastern District of Kentucky; Olivia Olson, Acting Special Agent in Charge, FBI, Louisville Field Office; Joseph E. Carrico, Special Agent in Charge, FBI, Nashville Field Office; and Chief Lawrence Weathers, Lexington Police Department, jointly announced the sentence.

    The investigation was conducted by the FBI Louisville, FBI Nashville, and Lexington Police Department. Assistant U.S. Attorney James T. Chapman is prosecuting the case on behalf of the United States.

    – END –

    MIL Security OSI

  • MIL-OSI Banking: The Breakthroughs Powering Samsung’s Thinnest, Most Refined Foldables

    Source: Samsung

    Ever since Samsung created the foldable category by unveiling the first foldable smartphone in 2019, Samsung has pursued one goal: to give users large screens in a pocket-friendly device. Years and thousands of design and engineering advancements later, Galaxy foldable devices have again not only exceeded that goal but set a new standard for mobile foldable innovation.
    The Galaxy Z Fold7 and Z Flip7 are Samsung’s thinnest, lightest and most advanced foldables to date.
    Pocket-friendly Proportions
    Galaxy Z Flip7 slides into your pocket at just 6.5 mm thin when open and 13.7 mm when closed. An ultra-high-density circuit board makes sure there is no wasted space internally and Samsung enhanced the battery’s energy density, boosting its capacity by 300 mAh while reducing its thickness.

    Meanwhile, Galaxy Z Fold7 is nearly half the thickness of the original Fold, measuring just 8.9 mm folded and 4.2 mm unfolded. This 48% reduction combined with a wider, brighter screen and a new 21:9 bar-phone aspect ratio, delivers a foldable device that is both portable and intuitive to use.
    Stronger, Slimmer Hinges

    Galaxy Z Fold7 introduces a third-generation Armor FlexHinge that is 27% thinner and 43% lighter than its predecessor. Key upgrades include:

    Thinner critical rotating and supporting elements, resulting in a hinge that is smaller in size while maintaining strength.
    New alloy components that increase yield strength by over 14%allow the hinge to better withstand repeated folding.
    Separate supporting and rotating functions add structural stability and greater design flexibility.
    A wingplate that opens widerdelivers a flatter and cleaner screen for a more premium viewing experience.

    Galaxy Z Flip7 features Samsung’s thinnest FlexHinge yet. It’s 29% slimmer than the hinge on Galaxy Z Flip6 yet still supports full FlexMode and day-to-day toughness.
    Thinner, Stronger Displays

    The display is a cornerstone of Galaxy Z Fold7’s hardware innovations, with a focus on greater durability while ensuring the device is lighter and thinner:

    Reduced display thickness by more than 39%by completely reoptimizing the panel structure and introducing advanced materials.
    Titanium-based lattice replaces carbon fiber for 64% improved durability and better resistance.
    Achieved a slimmer profileby redesigning the panel layer to better absorb external stress and ensure consistent rigidity.
    Ultra Thin Glass (UTG) is 50% thickerthan the UTG on Galaxy Z Fold6 for a smoother, less-visible crease and improved performance.

    With Galaxy Z Flip7, Samsung maintains the Z Flip series’ iconic design but packs more power in a smaller package:
    A new edge-to-edge Infinity Cover Display removes the black notch to provide more content and cleaner visuals.

    The HID camera is precisely corner-mounted, keeping visuals clean and symmetrical.
    The display bezel shrinks from 3.94 mm to 1.25 mm, a 68% reduction that makes Galaxy Z Flip7 the world’s thinnest display bezel on a foldable.

    Pro Cameras, Optimized for Potability

    Galaxy Z Fold7 delivers an ultra-level camera experience, providing flagship technology in a sleek and light design.

    First 200 MP wide-angle camera in a foldablethat’s made possible by a new thin actuator and a complete structural redesign.
    The camera module shrunk by 18% and ran nearly 30,000 simulations, culminating in the thinnest 200 MP camera on a foldable device that doesn’t sacrifice image quality.

    On Galaxy Z Flip7, the camera module has been reengineered from the ground up, delivering flagship image quality in a slimmer housing. To achieve a thinner design while maintaining high performance, Samsung streamlined the internal structure of the entire module, incorporating a smaller actuator to ensure high-performance autofocus with less bulk.
    Tougher Materials, Lighter Feel   

    Samsung reinforced Galaxy Z Fold7’s thin profile with stronger, more advanced materials. The cover screen now features Corning® Gorilla® Glass Ceramic 21, making it 30% stronger2 in material strength than the previous generation. Additionally, the frame and hinge cover have been upgraded to Advanced Armor Aluminum3, a material that is 10% tougher4 than the Armor Aluminum previous used in Galaxy Z Fold6.

    The Bottom Line
    Every hinge, display layer and camera component inside Galaxy Z Fold7 and Z Flip7 was redesigned for one purpose: give consumers a refined foldable that feels as effortless as any premium smartphone.
    Welcome to the new era of pocket-ready power.

    1 Corning® Gorilla® Glass Ceramic 2 is applied to the front of the device and Corning® Gorilla® Glass Victus® 2 is applied to the rear.
    2 Based on Corning internal lab testing. Comparison is at the material level between Gorilla® Glass Ceramic 2 and Gorilla® Glass Victus® 2, as used on Galaxy Z Fold6.
    3 Advanced Armor Aluminum frame does not include volume and side keys, SIM tray or camera lens barrel.
    4 Based on Samsung internal testing of Advanced Armor Aluminum versus Armor Aluminum used in Galaxy Z Fold6. Improvement measured at the material level and may not reflect overall device durability.

    MIL OSI Global Banks

  • MIL-OSI Banking: Seoul Searching: How Galaxy AI Became My Travel Companion in South Korea

    Source: Samsung

    Experiencing South Korea as both a traveler and a Samsung Brand Manager was an opportunity to see how our technology could help turn my jam-packed itinerary into something seamless. From overcoming jet lag to translating conversations on the fly and even recreating meals when I got home, Galaxy AI became more than a tool – it was a true travel companion.
    Prepping for Jet Lag, AI Style

    Before I boarded the flight to South Korea, I already had a plan in place for managing jet lag, thanks to Galaxy AI1. I used the sleep coaching program2, tailored to my “Nervous Penguins” sleep style profile3 (yes, that’s a thing – find it in the Samsung Health app!), and started adjusting my routine days before I flew out.

    It was all in the simple things: going to bed at the same time each night, tweaking the temperature on my thermostat, rethinking my sleep position and – surprise! – learning I snore thanks to the Galaxy Watch. A couple of extra pillows later and I was steadily improving my Sleep Score with deep, uninterrupted rest. Thanks to the changes I made, it was the first time I arrived in a new country without feeling like I was walking through molasses.

    Language Barriers? Not So Much
    In a new country, the right tools make all the difference. I’d been practicing Korean through language learning apps for a few months prior to the trip, but getting around Seoul by myself was a little intimidating at first. Hailing a cab was easy, but pronouncing directions or street names was a challenge. Galaxy AI’s Live Translate tools, especially Listening and Conversation Mode, made communication not just possible, but genuinely connective. I even chatted with drivers about where I’m from (New York), and more than once got a “Go Yankees!” in return. It was a reminder that language should be a bridge, not a barrier.

    Capturing the Moment

    Some of the most magical moments came through the lens of my Galaxy Z Flip6. At Bukchon Hanok Village (with its postcard-perfect streets packed with visitors), I didn’t have to stress about getting the perfect photo. Instead, I captured what I could and used Object Eraser to clean up the background later by tapping the tools icon and highlighting them. The result was exactly what I wanted: clean, focused photos that captured the energy of the place without wasting time waiting for the picture perfect moment.

    Tastes Worth Tracking Down
    I’m a big foodie, so naturally, my camera roll was full of street eats – and Circle to Search4 became my secret weapon. Whether live searching in the moment or when I was craving beef KBBQ days after landing back home, I used photos from my trip to find similar recipes instantly. Pairing that with the Samsung Food+ app meant I could re-create some of those dishes – I went from “that looks delicious” to “here’s how to cook it” in minutes. AI even helped me rate the healthiness of each dish, so I didn’t feel totally off-track after the trip.

    Finding Routine on the Road

    But maybe the biggest gift Galaxy AI gave me was routine – something that’s so easy to lose when you travel. After learning that repetition is key for good sleep from the Galaxy Watch’s sleep coach, I developed easy nighttime habits. I programmed my devices to allow social media scrolling only between 8–10PM with Do Not Disturb in the background, and dark mode kicking in after. It was a small thing, but it helped me wind down, unplug and reset. Even thousands of miles away from home, I still felt grounded.

    This trip was the first time I traveled with tech that didn’t just document the journey or help make it more fun, but it truly enhanced it from beginning to well beyond the end. With Galaxy AI as my travel companion, I didn’t just navigate Seoul – I truly experienced it. And I came back with memories, habits and a camera roll full of photos that, thanks to AI, look as good as they felt in the moment.

    MIL OSI Global Banks

  • MIL-OSI Submissions: As Canada’s economy faces serious challenges, the Indigenous economy offers solutions

    Source: The Conversation – Canada – By Mylon Ollila, PhD Candidate in Indigenous Economic Policy, Université du Québec en Abitibi-Témiscamingue (UQAT)

    Canada faces economic headwinds due to geopolitical change, including a trade war with its closest economic partner, the United States.

    Canada’s policymakers are searching for new, sustainable sources of economic strength. One such source is already here and is being overlooked: the emerging Indigenous economy. It has the potential to boost Canada’s economy by more than $60 billion a year.

    But Indigenous Peoples are still largely seen as an economic liability to manage instead of an opportunity for growth. It is time for a mindset shift. For it to happen, the federal government should remove unfair economic barriers and invest in closing the employment and income gap.

    Canada’s future depends on Indigenous Peoples

    Economic growth is projected to decline over the coming years for developed nations, with Canada expected to have the lowest GDP of the 38 OECD countries by 2060. As growth stalls, living standards will decline and governments will face increased fiscal pressure.

    Compounding this challenge is Canada’s aging labour force. The number of people aged 65 and over is growing six times faster than the number of children aged 14 and under — those who will be entering the job market in the coming years. This demographic shift places additional pressure on pensions, the health-care system and the economy.




    Read more:
    Enabling better aging: The 4 things seniors need, and the 4 things that need to change


    But these gloomy projections often overlook one of Canada’s comparative advantages: a young Indigenous population, growing at a rate outpacing the non-Indigenous population. While Indigenous Peoples comprise five per cent of Canada’s population, they only contribute 2.4 per cent of the total GDP.

    A BNN Bloomberg feature about the Indigenous economy in Canada.

    If Indigenous Peoples could participate in the economy at the same rate as non-Indigenous Canadians, their GDP contribution could increase from about $55 billion to well over $100 billion annually.

    Despite this potential, Canada has largely failed to invest in Indigenous Peoples and reform the colonial structures that create inequality.

    While some progress has been made, such as the First Nations Fiscal Management Act that offers communities tools to strengthen their economies, progress is still too slow.

    Economic barriers hold back First Nations

    There are two parts to every economy: economic advantages and the institutions that make those advantages actionable. Some institutions lower the costs of doing business and encourage investment, while others do the opposite. Investment naturally flows to places that have both economic advantages and low costs of doing business.

    In Canada, strong property rights lower the costs of doing business and support the finance of business ventures. An efficient tax system creates predictability and allows governments to provide services. Business-grade infrastructure reduces logistical costs. All these institutions work together to support Canada’s economic development.

    In contrast, First Nations communities are constrained by Canadian institutions. The Indian Act limits First Nations’ authority over their own affairs, segregating them from mainstream finance mechanisms. Unclear legal jurisdiction between federal, provincial and Indigenous governments and weak property rights discourage business investments.

    Limited authority and fiscal powers mean First Nations governments cannot provide services at national standards and must depend on other governments.

    Compounding these issues is the fragmented, insufficient and culturally inappropriate nature of federal support systems. First Nations people have economic advantages and an entrepreneurial spirit, but they are burdened with unfair economic barriers, such as inadequate infrastructure, limited access to capital and administrative hurdles.

    Investing in Indigenous economies is vital

    In 1997, the Royal Bank of Canada predicted that not investing in Indigenous Peoples would widen the socioeconomic gap. As predicted, this is what happened.

    Canada has consistently chosen to manage poverty instead of investing in growth. While financial support for Indigenous Peoples more than doubled over the last decade, it only resulted in modest improvement in living standards.

    The RoadMap Project, a national initiative led by the First Nations Financial Management Board and other Indigenous organizations, proposes a pathway to economic reconciliation. Investing in the Indigenous economy means supporting Indigenous training, providing access to capital for Indigenous organizations and reforming the institutions that continue to impose systemic barriers.

    Education is one of the most effective ways to reduce poverty, improve health outcomes and drive economic development. The federal government should therefore support training programs designed to meet Indigenous needs.

    Online learning could help remote communities achieve educational goals, but its success depends on major investments in high-speed internet access, which remains lacking in many areas.

    Indigenous organizations are best positioned to understand and respond to local training needs. That is why Indigenous control over revenue transfers and program design must be central to any future investments in education. To support this, the federal government should partner with Indigenous education institutions to develop common goals and values.

    Financing and supporting Indigenous growth

    Indigenous Peoples develop new businesses at nine times the Canadian average, but only receive 0.2 per cent of available credit. Most Indigenous enterprises are small and cannot grow without viable financing options.

    Yet, individual Indigenous entrepreneurs and First Nations governments face challenges securing loans and financial support.

    Internationally, development banks have been used to fill credit gaps when the private sector is unable to meet the needs of emerging economies.

    In Canada, the First Nations Financial Management Board and other Indigenous organizations are calling for a similar solution: the creation of an Indigenous Development Finance Organization. By lending to Indigenous governments and businesses, this finance organization could bridge the gap between the financial markets and the Indigenous economy.

    While investments in capacity and development finance are urgent needs, only the dismantling of economic barriers and increased access to effective institutions can assure Indigenous development.

    Legislation such as the First Nations Fiscal Management Act and the Framework Agreement on First Nation Land Management can support Indigenous economies through taxation, budgeting, land codes and financial laws. They offer a pathway between the Indian Act framework and self-government, without waiting on lengthy negotiations.

    Growing stronger together

    Canada’s economic future will remain uncertain if short-term solutions keep being prioritized while ignoring the growth potential of the Indigenous economy. Improvements to the status quo are no longer sufficient.

    The federal government must support Indigenous-led initiatives like the RoadMap Project to foster shared growth and prosperity for Indigenous Peoples and all Canadians alike. Investments are needed to narrow the employment and income gap through new supports for capacity, access to capital and institutional reform.

    Mylon Ollila is a Senior Strategist for the First Nations Financial Management Board.

    Hugo Asselin 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. As Canada’s economy faces serious challenges, the Indigenous economy offers solutions – https://theconversation.com/as-canadas-economy-faces-serious-challenges-the-indigenous-economy-offers-solutions-261252

    MIL OSI

  • MIL-OSI United Kingdom: Foreign Secretary statement on the Middle East, 21 July 2025

    Source: United Kingdom – Executive Government & Departments

    Oral statement to Parliament

    Foreign Secretary statement on the Middle East, 21 July 2025

    The Foreign Secretary made a statement to parliament on the Middle East

    With permission, Mr Deputy Speaker, I would like to make a statement on the Middle East.

    I’ll begin on Syria.

    We have been horrified by the recent violence in the south, including civilian deaths.

    Clashes between Druze and Bedouin militias have quickly escalated into intense fighting between government forces and further Israeli strikes on the Syrian military.

    As I said directly to Foreign Minister Shaibani we want to see the fighting ended, civilians protected and the rights of all Syrians upheld.

    The violence in Suwayda must be investigated and those responsible held accountable.

    We want humanitarian access to be restored, aid delivered and Syria’s sovereignty must be respected. 

    The UK can be proud of our support to the Syrian people over many, many years.

    And a stable Syria matters to the UK’s national interest, for terrorism, for irregular migration, for regional stability.

    We must work to prevent extremism, sectarianism or lawlessness taking hold now that Assad is gone.

    That’s why we are backing a sustainable ceasefire and that is why we support an inclusive transition.

    And that’s why I visited Damascus recently to support and to press the new government to meet its commitments.

    I will now turn to the situation in the Occupied Palestinian Territories.

    It’s two and a half months since Prime Minister Netanyahu restarted offensive operations.

    The IDF has driven Palestinians out of 86 per cent of Gaza, leaving around two million people trapped in an area scarcely over twenty square miles.

    Whatever this Israeli government might claim, repeated displacement of so many civilians is not keeping them safe. In fact, it’s quite the reverse.

    Mr Deputy Speaker, the new Israeli aid system is inhumane, it’s dangerous and it deprives Gazans of human dignity.

    It contradicts long-stablished humanitarian principles. It creates disorder Hamas is exploiting with distribution points reduced from 400 to just four.

    It forces desperate civilians, children among them, to scramble unsafely for the essentials of life.

    It’s a grotesque spectacle, wreaking a terrible human cost.

    Almost 1000 civilians have been killed since May seeking aid, including 100 over this weekend alone.

    There are near daily reports of Israeli troops opening fire on people trying to access food.

    Israeli jets have hit women and children waiting for a health clinic to open.

    An Israeli drone has struck down children filling water containers which Israeli officials blamed on a ‘technical error’.

    Hamas is contributing to the chaos and taking advantage of it.

    I utterly condemn the killing of civilians seeking to meet their most basic needs.

    The Israeli government must answer:

    What possible military justification can there be for strikes that have killed desperate, starving children?

    What immediate actions are they taking to stop this litany of horrors?

    What will they do to hold those responsible to account?

    Mr Deputy Speaker, I have said before I am a steadfast supporter of Israel’s security and right to exist.

    I treasure the many connections between our peoples

    And the horrors of October 7th must never be forgotten.

    But I firmly believe the Israeli government’s actions are doing untold damage to Israel’s standing in the world and undermining Israel’s long-term security.

    Netanyahu should listen to the Israeli people, 82 per cent of whom desperately want a ceasefire.

    And to the hostages’ families because they know it offers the best chance to bring their loved ones home.

    Those hostages may be hidden in cramped tunnels under the ruins of Gaza but we will not forget them or Hamas’s despicable actions and we will continue to demand their unconditional release.

    This offensive puts them in grave danger.

    But still Netanyahu persists.

    Indeed, Minister Katz has gone further proposing to drive Gaza’s entire population into Rafah, imprisoning Palestinians, unless persuaded to emigrate.

    Mr Deputy Speaker, this is a cruel vision which must never come to pass.

    I condemn it unequivocally.

    Permanent forced displacement is a violation of international humanitarian law.

    Many Israelis themselves are appalled.

    A former Israeli Prime Minister Ehud Barak said ‘it marches us into the abyss’. He was right.

    Mr Speaker, today I joined a joint statement by 25 Foreign Ministers with a simple, urgent message:

    the war in Gaza must end now.

    There is no military solution.

    Negotiations will secure the hostages.

    Further bloodshed serves no purpose. 

    Hamas and Israel must both commit to a ceasefire now. 

    And the next ceasefire must be the last ceasefire.

    I thank the US, Qatar, and Egypt for their tireless efforts.

    And I am sure all Members share my intense frustration it has not happened.

    Until there is such a breakthrough, we must keep doing all we can to relieve suffering.

    UK aid has saved lives.

    Reaching hundreds of thousands with food, water, hygiene, and sanitation, and essential healthcare.

    And under the most appalling circumstances our aid is saving lives today.

    That includes, the almost nine million pounds the UK has provided to UK-Med, since we entered office,

    reaching half a million patients inside Gaza, 24,000 in the past fortnight alone.

    Like 3-year old Razan.

    UK-funded medics removed a bullet from her neck after nearly three hours of surgery.

    These doctors and nurses working in the most extreme conditions are true heroes.

    They deserve the thanks and admiration of the entire House.

    We are also working, of course, multilaterally.

    The 149 trucks from the World Food Programme and UNICEF entering Gaza in recent day included food supplies funded by the UK.

    And thousands more trucks laden with aid paid for by British taxpayers can enter, the moment the Israeli government lets it.

    Today, I am announcing an extra £40 million for humanitarian assistance in Gaza this year, including seven and a half million for UK-Med to sustain their vital operations in Gaza and save more lives.

    Mr Deputy Speaker, accompanying the horrors in Gaza, there is an accelerating campaign to prevent a future Palestinian state in the West Bank.

    It’s embraced by Netanyahu, it’s encouraged by his Ministers. It’s driven by an extremist ideology which wants to suffocate the two-state solution, the only route to a lasting peace and security.

    We see it in the unprecedented pace of settlement expansion.

    In the shocking levels of settler violence, even settler terrorism,

    for that is what the most egregious ideological attacks are.

    And in the deliberate attempts to squeeze the Palestinian Authority, unjustly denying it access to its own funds, and it harms Israel’s long-term interests.

    Now, the Israeli government is reintroducing plans to construct new units in the E1 area of occupied east Jerusalem.

    If built, this settlement would separate the West Bank’s north from its south and Palestinians in the West Bank from East Jerusalem.

    These plans are wholly unacceptable.

    They are illegal.

    And they must not happen.

    Mr Deputy Speaker, we are also striving to keep open the prospects of a two-state solution.

    UK assistance has been preserving the Palestinian Authority, contributing to essential Palestinian workers’ salaries and supporting them to progress critical reforms.

    Today, I can confirm we are enhancing our support, providing £7 million to strengthen the PA and Palestinian governance, implementing the agreement signed by myself and PM Mustafa earlier this year.

    And we’re delivering the reform plans President Abbas has set out.

    I can also confirm that we are providing £20 million to support UNRWA’s many services for Palestinian refugees.

    And alongside this support, we are leading diplomatic efforts to show there must be a viable peaceful pathway to a Palestinian state, involving the PA, not Hamas, in security and governance of the area.

    Hamas can have no role in the governance of Gaza nor use it as a launchpad for terrorism.

    Israeli Ministers should support the PA – not actively undermine its economy, as Ministers Ben-Gvir and Smotrich are doing.

    The UK is co-leading with Egypt the humanitarian and reconstruction track for the forthcoming Two-State Solution Conference.

    And we are pushing to agree plans for a credible next phase in Gaza with a responsible, reformed PA at their core.

    So we turn any temporary ceasefire into a lasting peace.

    Mr Deputy Speaker, in our year in office, this Labour Government has acted to address this horrendous conflict.

    We restored funding to UNRWA, after the Tories froze it.

    We suspended arms export licenses, when the Tories declined to act.

    We have provided nearly a quarter of a billion in humanitarian assistance, this year and next, getting medical treatment and food to hundreds of thousands of civilians in Gaza.

    We have stood with the hostage families at every stage.

    We’ve worked with Jordan to fly medicines into Gaza, with Egypt to treat medically evacuated civilians, with Kuwait and UNICEF to help children in Gaza.

    We’ve delivered three sanctions packages on violent settlers, suspended trade negotiations with this Israeli government and sanctioned far-right Israeli Ministers for incitement.

    We have defended the independence of international courts. We signed a landmark agreement with the Palestinian Authority, and hosted the Palestinian Prime Minister in London, pushing for the reform it needs.

    We called for…

    worked for…

    and voted for…

    an immediate ceasefire and the release of the hostages at every possible opportunity.

    And we will keep doing so until this war is over, Hamas release the hostages and we finally have a pathway to a two-state solution.

    I commend this statement to the House.

    Updates to this page

    Published 21 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Africa: In Mékro, in central Côte d’Ivoire, sustainable agriculture is giving hope to an entire community

    Source: APO

    Day breaks in Mékro, some 300 km from Abidjan, in central Côte d’Ivoire. The first rays of sun announce the start of what promises to be another sweltering day in a region known for its intense heat. Some women return from the backwaters bringing water to supply the family beehives. Others, armed with brooms made from palm leaves, begin sweeping the compounds, clearing away fallen leaves and scraps from the previous day’s meals.

    A little farther off, domestic animals gradually emerge from their pens, joining the morning hustle and bustle that breathes life back into Mékro’s daily routine. In this area of high food crop production, yams, rice and cassava are produced in abundance. Yet despite its agricultural riches, Mékro has long remained in the shadows, unlike other places.

    For years, farmers here relied on age-old techniques passed down through generations—methods that limited yields and left the population in a state of chronic vulnerability.

    That morning, Koffi Kouakou Charles, known as “KKC,” sharpened his machete, the basic tool he uses to clear his field, under the watchful eyes of his seven children. At 30 years old, he mounted his bicycle and headed to Abokouassikro, five km away, where he has cultivated yams for several years.

    In the past, Koffi grew “Kouba” yams, a popular local variety. Reflecting on those days, he recalls how traditional farming techniques learned and passed down from his ancestors, failed to reward his hard work. “Frankly, the work was exhausting. On top of that, we were using old-fashioned techniques. Despite our efforts, the harvests were poor. It was really hard,” sighs Koffi.

    Hope restored

    In the first half of 2024, his plight worsened when an epidemic known as the peste des petits ruminants (PPR) struck the village and wiped out his hens and goats. Hurting from this new financial blow, Koffi turned to the Project to Improve the Livelihoods of Smallholders and Women (PREMOPEF) (https://apo-opa.co/40ujK40) to regain hope.

    Set up by the government of Côte d’Ivoire, the project is funded by the Global Agriculture and Food Security Program (GAFSP) (https://apo-opa.co/4lEIa36) and the African Development Fund (https://apo-opa.co/4o1986y), the concessional financing window of the African Development Bank Group. Its objective is to contribute to improving first, food and nutrition security and secondly, resilience to the effects of climate change among smallholder farmers, women and young people in the N’Zi region.

    The project is focused on three agricultural crops: yams, cassava and vegetables, as well as traditional poultry farming, and aims to improve the living conditions of 60,000 vulnerable people, 50 percent of whom are women and 35 percent young people.

    At the “Farmer Training Field,” one of the project’s initiatives, Koffi and his fellow project beneficiaries were introduced to agroecological techniques for yam production and conservation. Thanks to the training, Koffi has turned his back on “Kouba” yams and old production practices in favour of new varieties called “Anader” and “Cameroun” (also known as “R3” and “C15”), which are more climate-resistant and productive. 

    A twofold increase in yield

    From his first harvest in December 2024, Koffi’s yam yield doubled—from two to four tonnes on the same plot of land. Thinking ahead, he reserved three-quarters of the harvest for his family’s consumption and seed stock for the next season. The remaining quarter was sold at the local market in Mékro, earning him 125,000 CFA francs (around USD 250)—a significant windfall in this rural region.

    “Before, I was just focused on surviving,” Koffi says. “Today, thanks to this project, I can think about my children’s future and even expand my farm.” Energized by his progress, Koffi is now determined to scale up and become one of the region’s leading yam producers. The prospect of mechanizing his work excites him. “I’m thinking of buying a ridging machine and a seed drill to make fieldwork easier and increase my yield,” he says confidently.

    “The Project to Improve the Livelihoods of Smallholders and Women is a powerful tool for reducing household vulnerability and strengthening resilience to economic and environmental shocks,” says Ceserd Waba Akpaud, the project coordinator.

    “PREMOPEF reflects our commitment to transforming rural communities through sustainable, farmer-focused solutions. By applying innovative approaches, we’re putting agriculture at the center of inclusive development,” adds Philip Boahen, GAFSP project coordinator at the African Development Bank.

    To further boost his productivity, Koffi also envisions large-scale storage facilities to cut post-harvest losses. He’s planning to diversify his activities too. After losing his livestock to PPR—a disease he attributes to a lack of proper training—he intends to relaunch his poultry business using improved, safer methods. He is now exploring livestock training courses to build the necessary skills.

    “It’s also a chance for me to make up for the schooling I missed,” he says, determined to turn past setbacks into opportunities.

    With the knowledge he’s gained and the positive impact of the project, a new horizon is opening—not just for Koffi, but for the people of Mékro and the broader economy of the N’Zi region.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media files

    .

    MIL OSI Africa

  • MIL-OSI Banking: Microsoft supports making Europe’s languages and cultures more accessible in the digital realm

    Source: Microsoft

    Headline: Microsoft supports making Europe’s languages and cultures more accessible in the digital realm

    Editor’s Note: This blog is also available in Italian, Spanish, French, and German.

    Europe is home to more than 200 languages and a rich cultural legacy that spans thousands of years, preserved in millions of cultural assets that tell the story of its people. But these languages are more than carriers of heritage and history—they support both culture and commerce by making it possible for people to connect, create, and do business.

    Yet, as the world digitizes, much of Europe’s linguistic and cultural diversity risks being left behind. The majority of online web content—the primary source of training data for today’s Large Language Models (LLMs)—is in English. Much of it reflects an American perspective. The European Commission has warned that the continent’s ambition to digitize its vast cultural corpus remains “significantly out of reach.” As Europe’s leaders have recognized, without urgent action, this imbalance is not just a cultural concern—it’s a commercial one. AI that doesn’t understand Europe’s languages, histories, and values can’t fully serve its people, its businesses, or its future.

    That’s why today in Paris, we’re deepening our commitment to Europe’s digital future with two new initiatives focused on making what’s uniquely European more open and accessible—its languages and culture. This builds on our European Digital Commitments, announced earlier this year, to expand AI and cloud infrastructure, strengthen digital resilience and data privacy protections, enhance cybersecurity, and support Europe’s digital sovereignty and broader economy.

    First, to support the development of more multilingual LLMs in Europe and for Europe, we’re basing employees from two of our innovation centers in Strasbourg, France—long a crossroads of cultures and now home to key European institutions. These centers will help expand the availability of multilingual data for AI development—leveraging Microsoft Azure, our technical expertise, and partnerships across Europe to promote more inclusive language representation in AI models. As part of this effort, we’re also issuing a call for proposals to help expand the supply of digital content for 10 European languages.

    Second, to help ensure Europe’s cultural richness is represented and accessible in the digital realm, we’re expanding Microsoft’s Culture AI initiative, which helps to safeguard languages, landmarks, and artifacts through digital replicas and data collaboration. Since 2019, Microsoft has digitally preserved heritage including Ancient Olympia in Greece, Mount St. Michel in France, St. Peter’s Basilica in Rome, and the 80th Anniversary of the Allied Beach Landings in Normandy, to name a few. Today we’re announcing that this fall, Microsoft will begin work with the French Ministry of Culture and the French firm Iconem to create a digital replica of Notre Dame—Paris’ newly restored, 862-year-old Gothic masterpiece.

    This type of support for Europe and its diversity is not new to Microsoft. These latest steps to support languages and culture are informed by our more than 40 years of experience serving countries and cultures across Europe and around the world. Early on, we learned that empowering every person on the planet requires that the technologies we offer must be available in the languages the world speaks. That is why today Windows supports over 90 languages, including all official European Union languages as well as languages including Basque, Catalan, Galician, Luxembourgish, Valencian, and more. Microsoft 365 also has a broad reach, with support through Office applications in more than 30 European languages, including all official languages of the European Union.

    The urgency of bridging the language gap

    The European Union has 24 official languages, with dozens more acknowledged at the national or regional level. Yet many of these languages—even those that are part of the official 24, like Danish, Finnish, Swedish, and Greek—represent less than 0.6% of web content. Others, such as Maltese, Irish, Estonian, Latvian, and Slovenian, are barely visible online. While only 5% of the world’s population speaks English as a first language, English text makes up half of web content, dominating the data used to train AI models.

    This digital underrepresentation has real consequences, as LLMs rely heavily on web content for training. When a language lacks sufficient online presence, it risks being excluded from future AI services. While larger, general-purpose models can handle multiple languages, they can still miss the linguistic nuance, cultural context, and regional depth needed for truly inclusive applications. LLMs trained on limited data are less accurate, have higher hallucinations and errors, struggle with vocabulary, and reflect more bias.[1]

    As an example, Llama 3.1, a popular open source model, shows a performance gap of more than 15 percentage points between answering in English and Greek and a gap of more than 25 points when comparing English to Latvian. This mean that if this model was a high school student, she would be at the top of her class in English but at the middle of her class in Greek and at the bottom in Latvian. And this disparity between languages is seen in all major performance LLM tests.[2]

    In many cases, languages with deep cultural heritage, such as Breton, Occitan, and Romansh, which UNESCO classifies as endangered, are largely unsupported in today’s mainstream AI systems.

    The economic power of language

    This lopsided development of language models has real economic consequences. When AI systems can’t understand or respond in a region’s language, they limit access to services and opportunities, undermining both local businesses and broader economic growth.

    Broad AI diffusion—adoption and use across economies—will be one of the most important drivers of innovation and productivity growth over the next decade. Like electricity and other general-purpose technologies in the past, AI represents the next stage of industrialization.

    For communities whose languages are underrepresented online, the benefits of AI risk remaining out of reach. Imagine a small business owner in Malta who speaks only Maltese. Currently, the advanced AI tools for tasks like market analysis or content generation likely don’t operate in Maltese, limiting how this entrepreneur can leverage AI. Or consider a Polish-speaking student in a town outside Warsaw who can’t find AI educational resources in his language, potentially impacting learning opportunities. And even when an AI platform nominally supports a language, the experience may be sub-par.

    European governments and institutions have recognized the importance of addressing this situation. To drive economic competitiveness in the AI era, Europe will need to break down the language barriers and spur AI diffusion across the continent. According to the European Commission, only 13.5% of EU businesses use AI. The EU AI Continent Action Plan notes that breaking down language barriers in the single market could boost intra-EU trade by up to EUR 360 billion.

    New steps to address language gaps

    To help bridge this language gap, Microsoft will collaborate with European partners to increase the availability of multilingual data. In partnership with the ICube Laboratory at the University of Strasbourg—an institution dedicated to engineering, computer science, and imaging—we will support AI training efforts by placing personnel from the Microsoft Open Innovation Center (MOIC) and our AI for Good Lab in Strasbourg, France. This team will be backed by a global internal network of more than 70 Microsoft engineers, data scientists, and policy professionals. This collaboration between the MOIC, Microsoft AI for Good Lab, and the University of Strasbourg will also fund two post-doctoral researchers and provide up to US $1 million in Azure credits.

    This team will start by tapping into Microsoft’s own store of multilingual data, making it accessible and transparent to the European public, including open source developers. This includes, for example, multilingual text data from GitHub and voice data sets. MOIC and GitHub will partner with Hugging Face, a popular collaboration platform for AI model development, to host and make the data broadly accessible. This builds on our existing relationship with Hugging Face to make a broad range of open models in the Hugging Face model collection available for 1-click deployment in the Azure Model Catalogue. This includes last week’s release of the latest contributions toward multilingual AI—the SmoILM3 model, a highly efficient 3B model parameter multi-lingual model with support for 6 languages: English, French, Spanish, German, Italian, and Portuguese.

    MOIC will also partner with Common Crawl, one of the largest free and open repositories of web crawled data. MOIC will fund work at Common Crawl, leveraging native speakers to annotate and seed European language data in the publicly available Common Crawl data set.

    In addition, the MOIC and the AI for Good Lab will issue a call for proposals to help expand the supply of digital content for 10 European languages by making their text collections available responsibly and ethically on their own terms for multilingual AI development and experiences. Applications for grants will be available on the AI for Good Lab website, beginning on 1 September 2025. In selecting recipients, the MOIC and the AI for Good Lab will focus on opportunities to unlock data in languages with relatively low representation in online content, such as Estonian, Alsatian, Slovak, Greek, and Maltese. Grants will provide recipients with Azure credits and engineering and technical support.

    While more multilingual data is essential, better technology tools and know-how can also help. For example, many languages use scripts (writing systems) that currently pose challenges for models originally designed for the Latin alphabet. Cyrillic characters, the Greek alphabet, and Arabic’s cursive script each have different properties. Off-the-shelf “tokenizers” often break these scripts in suboptimal ways. This can hurt a model’s ability to learn long-range context or accurate spelling in those languages. New advances in techniques that enable a model to handle any script uniformly can help. Better mechanisms to create synthetic data and to better process and curate that data can also help, especially when they manage privacy and sensitive data concerns effectively.

    The MOIC and the AI for Good Lab will work to facilitate the development and sharing of knowledge, tools, and capabilities to address these issues and empower European developers. The AI for Good Lab will publish a blueprint to detail how to create high-quality language datasets and train local LLMs to get more power out of the data that exists. These two groups will also support relevant research, organize convenings, co-invest in data commons projects, and ensure that knowledge, tools, and capabilities are available where they’re needed most. These teams also will continue to support efforts such as those of the Barcelona Supercomputing Center, Basque Center for Language Technology, and the University of Santiago de Compostela to release AI models trained in Spanish, Catalan, Basque, and Galician on Azure AI Foundry. This initiative empowers developers to build AI systems that operate in Spain’s official languages, fostering innovation and inclusivity.

    Finally, to advance responsible AI research and help close the language gap, Microsoft is launching two new academic collaborations in Europe at the University of Strasbourg and IE University School of Science & Technology in Spain. Microsoft’s AI for Good Lab and MOIC will partner with the University of Strasbourg to provide Azure grants to support joint AI research. At IE University School of Science & Technology, the Microsoft AI for Good Lab will provide Azure grants to support joint research targeting low resource languages, including support for related capstone projects to accelerate new solutions focused on language and AI.

    New steps to help digitally safeguard Europe’s cultural legacy

    Since 2019, Microsoft’s Culture AI initiative has focused on using artificial intelligence around the world to help preserve the languages, places, stories, and artifacts that define human history.  Powered by the AI for Good Lab and through partnerships with nonprofits, universities, governments, and cultural institutions, the initiative supports projects that digitize and protect cultural heritage—from endangered languages to iconic landmarks, including in France, Rome, and Greece. Whether it’s creating digital replicas of historic sites or making museum collections more accessible, the goal is to ensure that cultural identity and diversity are not only preserved but made more inclusive and discoverable in the digital age.

    Today we are announcing our next project, building a digital replica in partnership with the French Ministry of Culture and the French firm Iconem. The project will create a digital twin of Notre Dame in Paris, an architectural and cultural landmark shaped over centuries. Construction of Notre Dame began in 1163 and continued for nearly 200 years, resulting in a 128-meter-long Gothic masterpiece with twin towers rising 69 meters above the Seine. After a devastating fire in 2019, Notre Dame re-opened to the public at the end of 2024. The project will use the technology and methods we developed with Iconem to create a digital twin of St. Peter’s Basilica last year, which was based on more than 400,000 photos and advanced AI algorithms, in partnership with the Vatican.

    Just as last year’s project documented for the Vatican every detail of St. Peter’s, this new project will create a digital replica that will preserve permanently in digital form every detail of Notre Dame, ensuring that its structure, story, and symbolism are protected and accessible for generations to come. By combining advanced imaging with AI, we will create and donate to the French State a digital twin that can be used by preservationists and be displayed in the future Musée Notre Dame de Paris.

    In addition to the project at Notre Dame, we are also announcing today a partnership with the Bibliothèque Nationale de France and in collaboration with Iconem to digitize nearly 1,500 cinematic model sets from shows at the Opera National de Paris between 1800 and 1914. The digitized model sets will be made available through interactive, educational experiences and exhibitions and as a dataset made available on the Bibliothèque Nationale de France’s Gallica platform for cultural AI and research projects.

    Finally, we are embarking on new work with the Musée des Arts Décoratifs to make publicly accessible the detailed digital descriptions of approximately 1.5 million artifacts from the Middle Ages to the present day. This step will enable researchers in history, art history, and conservation to access this new information for study and use in their own AI-driven research.

    Looking ahead: Taking a principled approach

    We take these new steps today with humility and respect, recognizing that the preservation of Europe’s linguistic and cultural diversity is a task for Europeans to be led by Europeans. The European Union has already launched a multi-state effort to pool EU language data and digitize all types of cultural heritage. Our role is to contribute to and support these and similar efforts. None of what we are announcing today will create any proprietary data or technology for Microsoft itself.

    Ultimately, the best way to empower more people across Europe to address these needs is to equip them with the AI skills that will enable them to be successful in these fields. As the European Commission recently concluded, a deficit of digital skills in the cultural sector is inhibiting efforts to digitalize cultural heritage works across Europe. To help bridge this skills gap, the MOIC and the AI for Good Lab will share what we know and learn about how to do this critical work.

    Technology should reflect the richness of humanity—not strip it away. By taking intentional steps now, we can help ensure that AI doesn’t erase linguistic and cultural diversity but strengthens it.

    This is one of the defining equity challenges of the AI era. And if we work together—with purpose and urgency—we can close the gap and build a digital future that honors every language, every culture, and every community across Europe.

    [1] P. Rohera, C. Ginimav, G. Sawant, and R. Joshi, “Better To Ask in English? Evaluating Factual Accuracy of Multilingual LLMs in English and Low-Resource Languages,” Apr. 28, 2025, arXiv: arXiv:2504.20022. doi: 10.48550/arXiv.2504.20022.

    [2] K. Thellmann et al., “Towards Multilingual LLM Evaluation for European Languages,” Oct. 17, 2024, arXiv: arXiv:2410.08928. doi: 10.48550/arXiv.2410.08928.

    MIL OSI Global Banks

  • MIL-OSI Banking: Introducing the new Power Apps: Generative power meets enterprise-grade trust

    Source: Microsoft

    Headline: Introducing the new Power Apps: Generative power meets enterprise-grade trust

    Today, we’re taking another big leap forward in applying AI to the future of app development: you can now work with agents to generate code directly in Microsoft Power Apps. This brings the speed and flexibility of vibe coding together with the connectivity, security, and scale of a robust enterprise platform.

    We first demonstrated this new vision at Microsoft Build 2025 and have been working closely with a select group of Early Access Preview users to hone the capability. We’ve now expanded Preview access to all users across North America and will soon enable the rest of our global regions.

    This rounds out an entirely new, end-to-end app development experience that is agent-first at every step. Power Apps makers can start with a plan, collaborating with a team of agents to shape user stories, requirements, processes, data, and solution architecture. That collaboration continues as they craft and customize fully featured user experiences. Generative pages break free from the rigidity of traditional low-code tools—under the hood, they are built with code written directly by agents, based on multiple rounds of maker input and feedback.

    Agent-first app development represents a major shift. Traditional low-code tools (including the Power Apps canvas) relied on complex abstraction layers to enable drag-and-drop configuration of pre-built components. While this unlocked productivity for those who preferred not to write code, it also came with limitations on what could be customized.

    By generating pages directly in code, we unlock far greater potential for creativity and customization. By bringing this capability to the mature, enterprise-grade Power Apps platform—trusted by millions for mission-critical business apps—we’re making it practical for organizations to adopt at scale. Other tools for agent-based code generation are emerging, but while they may quickly produce visually appealing prototypes, they often lack the robustness and secure integration needed for enterprise systems.

    Power Apps brings the best of both worlds together. The market-leading enterprise low-code platform—with world-class managed governance, security, availability, and operations—now also has the speed and agility of agent-first app generation.

    AI-powered app creation with full control

    With generative pages, you can get from a simple prompt to a fully customized app experience in seconds. Just describe the app you want, optionally upload a whiteboard sketch, choose your Dataverse tables, and a production-ready, fully customized app is instantly generated with no coding required. This builds on the strengths of low-code development, ushering in a new era of app development built on Microsoft’s reliable, scalable platform.

    The agentic AI generates code for your app page that you can review, customize, and refine—keeping you in full control. Built on open standards, your apps remain portable, extensible, and future-proof.

    Generative pages brings together the best of both worlds: seamless AI-assisted app creation paired with full transparency and control over the data, logic, and security layers. This empowers both business users and pro developers to build enterprise-grade applications confidently. Whether you’re a seasoned developer or just getting started, you can move fluidly between no-code and pro-code experiences when using Power Apps:

    • No-code to pro-code: Start building by describing what you want in natural language, add elements with code, or build with drag-and-drop components if you choose to—all in the same app.
    • Full transparency: View the React code behind your app, giving you complete visibility and control.
    • Iterative design: Easily update your app by simply saying what you want—like “add a search bar,” “switch to dark mode,” or “make this mobile friendly.” You can even roll back to previous versions with a single click.

    Real customers, real impact

    Organizations are already using Power Apps to solve real business challenges. We are seeing firsthand how customers across industries are using generative pages to work in ways that are truly inspiring.

    • Time tracking, transformed: A global manufacturer finally said goodbye to manual spreadsheets. With generative pages, they quickly built a drag-and-drop time reporting app, complete with analytics and automated reporting, all in record time.
    • Modernizing the old, effortlessly: A financial services firm reimagined a 25-year-old desktop tool as a modern web app for investment simulations. No massive rewrite, just a fresh start with generative pages.
    • Student support, enhanced: At a major university, a team built an advising app to help first-year students stay on track, book appointments, and monitor their progress. It’s making a real difference for students who need it most.
    • Game day, simplified: A youth sports league used generative pages to create a team manager app. Now, the league schedules, stats, and game-day logistics are all in one place—easy for coaches, parents, and players alike.
    • Equipment tracking, streamlined: One retail chain shared how they now track equipment for stores in real time. The result? Less loss, faster audits, and a lot less hassle for their teams.

    These are just a few of the ways customers are unlocking new potential, but the common thread is clear: Teams move faster, modernize with confidence, and keep their focus on what matters most, with Power Apps.

    Enterprise-grade, AI-native

    With generative pages, we’re bringing the power of AI-native app creation to enterprises, backed by the security, governance, and global scale you expect from Microsoft. Power Apps stands apart because it was built for the enterprise from day one. Here’s how:

    • Robust security and governance: Microsoft Power Platform delivers built-in security, monitoring, and governance. Your apps inherit the same enterprise-grade protections that govern the rest of your Microsoft ecosystem. Every app has Microsoft Entra ID authentication, role-based access, monitoring, and auditing. Data loss prevention (DLP) policies, environmental boundaries, and application lifecycle management (ALM) pipelines—all functionalities used to secure scalable deployment.
    • Open, transparent code: Unlike platforms that generate opaque or proprietary code, Power Apps uses open React and TypeScript—no black boxes, no lock-in.
    • Easy Dataverse integration: Built on Microsoft Azure and trusted by enterprises around the world, Dataverse is a battle-tested platform managing petabytes of sensitive customer data with enterprise-grade security and scalability. It’s designed to handle the most demanding workloads and is deeply integrated with Microsoft 365, Microsoft Dynamics 365, and Azure—giving your apps seamless access to a rich ecosystem of data and services. You can connect to your data instantly and simply choose the tables you need—no complex data modeling required.
    • Rich, interactive user interface (UI): Generative pages support rich UI elements like drag-and-drop, file upload, charts, dark mode theming, and even text-to-speech. These features used to take days or weeks with traditional low-code tools. Now, your ideal UI is only a prompt away.

    Get started

    The future of software development is AI-assisted, agent-powered, and fast. But speed without security is a risk. Flexibility without governance? That’s chaos.

    Generative pages in preview mark a new chapter for Microsoft Power Apps and for enterprise app development. With AI-powered, native creation, open code, and built-in security and governance, every team can go from great idea to amazing app in minutes—no coding, no compromise—all backed by the trust and control of enterprise infrastructure. This is what makes Power Platform the right choice for organizations that need to move fast without breaking things.

    To get started, simply add a page in any model-driven Power App—including those created from plans—and describe what you want to build, or explore our tutorials on the Learn page.  

    Already using generative pages? We’d love to know about your experiences—your opinion is a key factor in how our team works to shape the future of AI-native app development. 

    We can’t wait to see what you build. 

    MIL OSI Global Banks

  • MIL-OSI Africa: Afreximbank Annual Meetings record project preparation deals expected to unlock about US$ 1.0 billion in investments

    Source: APO

    The 32nd Annual Meetings of African Export-Import Bank (Afreximbank) (www.Afreximbank.com), also known as AAM2025, witnessed a flurry of deal signings with four project preparation transactions signed between the Bank and various entities that are expected to unlock investments valued at about US$ 1.0 billion.

    In an agreement signed by Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, for Afreximbank, and Mrs. Temwani Simwaka, CEO, for NBS Bank Plc (NBS), Malawi, the two institutions executed a Joint Project Preparation Facility Framework Agreement under which they will pool resources to provide early project preparatory financing to progress projects in Malawi from pre-feasibility stage to bankability in a timely manner.

    As set out in the agreement, Afreximbank and NBS will support public and private sector investors by availing financing and technical support services to de-risk projects in priority sectors, including energy, transport and logistics, logistical platforms (such as special economic zones and industrial parks), manufacturing, agro-processing, hospitality and tourism, extractives, solid minerals, and services (such as ICT, healthcare, and creative economy). Embedded in the framework agreement is a capacity building programme that will empower NBS staff to undertake project preparation activities in the medium term.

    Afreximbank and NBS expect to bring onstream investments of about US$ 300 million in Malawi in the near term.

    In another transaction, Afreximbank signed a US$ 4.4-million Project Preparation Facility Agreement in favour of Med Aditus Pharmaceutical Kenya Limited. The facility will be deployed to finance the preparation of feasibility and bankability studies towards the development of a state-of-the-art fill and finish pharmaceutical manufacturing plant, with a production capacity of at least two billion tablets and capsules per annum, located in Kibos, Kisumu County, Kenya.

    The project will improve access to quality, affordable life-saving medicines across the Great Lakes region, contributing to better health outcomes in a region that contends with heavy loads of infectious and other diseases. The project will also facilitate medical and manufacturing blockchain technology transfer to Africa, supporting the long-term growth and strengthening the wider region’s health sector. The project preparation facility will bring onstream assets of about US$ 40 million.

    Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, signed the agreement on behalf of Afreximbank while Dr. Dhiren Thakker, Founder and CEO of Med Aditus Pharma, signed for his company.

    Afreximbank also signed a Heads of Terms agreement for a US$4.4-million project preparation facility in favour of Green Hybrid Power Private Limited. The facility will be deployed towards the preparation of bankability and feasibility studies and procurement of transaction advisors for a 1-Gigawatt (GW) hybrid floating solar photovoltaic power system on Lake Kariba, Zimbabwe.

    The project, to be implemented in two phases, includes a pilot phase targeting a generation capacity of 500 MW to be sold wholly to the Intensive Energy Users Group, a consortium of blue-chip industrial and mining energy users in Zimbabwe, under a “take-or-pay” 20-year power purchase agreement with a cost-reflective tariff. The project is expected to supply affordable and reliable power that will support value-addition and beneficiation of Zimbabwe’s minerals, thereby boosting the country’s foreign exchange earnings.

    The project preparation facility will unlock an investment estimated at US$ 350 million.

    Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Eddie Cross, Chairman, for Green Hybrid Power Private Limited.

    Afreximbank, in addition, signed a Project Preparation Facility Heads of Terms Agreement of US$ 4.0 million in favour of Proton Energy Limited, a Nigerian independent power producer. The facility will be deployed towards financing the preparation of feasibility studies and procurement of transaction advisory services for the development of a grid-connected gas-fired power plant with a nameplate capacity of 500 MW in Sapele, Nigeria. The project will commence with an initial generation capacity of 150 MW.

    The project will evacuate the electricity generated primarily to Eko Electricity Distribution Company under a 20-year power purchase agreement with a cost-reflective tariff.

    The facility is expected to bring on stream assets estimated at US$ 300 million.

    Signing the agreement were Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, on behalf of Afreximbank, and Mr. Oti Ikomi, Executive Vice Chairman and CEO, for Proton Energy Limited.

    AAM2025 took place from 25 to 28 June and attracted an estimated 8,000 participants, including presidents, prime ministers, ministers and business leaders, from across Africa, the Caribbean and beyond. It ended with the Annual General Meeting of Shareholders where Dr. George Elombi was appointed the next President of the Bank who succeeds Prof. Benedict Oramah whose tenure is ending after two five-year terms in the position.

    Distributed by APO Group on behalf of Afreximbank.

    Media Contact:
    Vincent Musumba
    Communications and Events Manager (Media Relations)
    Email: press@afreximbank.com

    Follow us on:
    X: https://apo-opa.co/44Siid2
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    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 (Baa2), 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.

    For more information, visit: www.Afreximbank.com

    Media files

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    MIL OSI Africa

  • MIL-OSI: Kvika banki hf.: Joint press release from Kvika and Arion

    Source: GlobeNewswire (MIL-OSI)

    Next steps in the merger process

    Kvika banki and Arion Bank announced on 6 July that the boards of directors of the companies had decided to initiate discussions on merging the companies and have signed a letter of intent to that effect. The aim of the merger is to combine the companies’ strengths and to create a robust financial institution which offers comprehensive services for its customers.

    One of the largest mergers on the Icelandic financial market

    This represents one of the largest mergers undertaken on the Icelandic financial market and the process can be expected to take some time. Regular updates on the status and progress of negotiations will be provided as and when needed.

    The first steps involve due diligence reviews and merger negotiations between the companies, a process which is already underway. The parties aim to request preliminary discussions with the Icelandic Competition Authority in August, where the aims of the merger and benefits resulting from it, both for customers and the Icelandic financial market, will be presented. The parties hope that the preliminary discussions, the finalization of contracts and the due diligence review will be completed in the next few months. Assuming that the preliminary discussions with the Icelandic Competition Authority are successful, the merger will be formally announced to the regulators and will be submitted for approval at shareholders’ meetings of both companies.

    Enhanced banking services

    If the merger between Kvika and Arion goes ahead it will strengthen and enhance the banking services provided to the customers of the merged company – retail, corporate and investors. The merger will generate opportunities for risk distribution and more diverse revenue streams, while also creating a more effective business and bringing greater efficiency to the Icelandic financial market.

    In recent years Kvika has been an active competitor on the markets, not least through its brand Auður which has had a substantial impact on the deposits market and has recently made a successful entry into the home loan market. Following the merger, the companies’ brands will continue to play a key role for customers.

    The MIL Network

  • MIL-OSI Banking: Influencers Discover Ultra Sleek Galaxy Innovation at #TeamGalaxy Connect 2025 in NYC

    Source: Samsung

    Samsung Electronics hosted the #TeamGalaxy Connect 2025 event in New York City from July 9 to 11. More than 110 #TeamGalaxy influencers from around the world — content creators active in areas including camera, gaming, health, fashion and beauty — gathered for a vibrant exchange centered on real-life use of Galaxy products. Participants were among the first to experience the new Galaxy Z Fold7, Z Flip7 and Watch8, sharing original content with global audiences.
     

     
     
    Experiencing Innovation at Galaxy Unpacked 2025
    The excitement kicked off in Brooklyn at Galaxy Unpacked 2025. As the new foldables and wearables were unveiled, #TeamGalaxy influencers captured the energy of the launch and shared first impressions in real time on YouTube, Instagram and other platforms — drawing the attention of Galaxy fans around the world.
     
    ▲ #TeamGalaxy members enjoy their first hands-on experience with the new devices. (From left: @seoulmafia, @kokeshi.karen, @francypave, @deniseteojiaqi and @catriona_gray)
     
     
    Inspiring Creativity Through Collaboration
    Following the event, participants visited Meta’s New York office for the official program launch. In collaboration with Meta, the #TeamGalaxy Connect 2025 briefing featured sessions including Meta: IG Unfiltered, led by Meta; a Galaxy Watch8 spotlight, led by Sung Chang, Executive Vice President of Brand Marketing, Mobile eXperience (MX) Business at Samsung Electronics; and a Galaxy Z Fold7 and Galaxy Z Flip7 spotlight, led by Matthew Leem, Vice President of Brand Marketing, Mobile eXperience (MX) Business at Samsung Electronics. These sessions provided deeper insight into Galaxy’s brand philosophy and technology, along with creative tips to elevate influencer content.
     
    The #TeamGalaxy influencers then split into three themed groups — health, camera and gaming — to reinterpret the new devices’ advanced hardware and Galaxy AI features in their own unique ways.
     
    ▲ Sung Chang leads a talk session with creators.

     
    Running With Galaxy RunnerzZz
    On July 10, the “Galaxy RunnerzZz in NYC” event started as part of a global challenge promoting the values of rest, rise and run — all tracked through the Galaxy Watch. More than 70 #TeamGalaxy influencers ran alongside local runners, half-marathon world record holder Jacob Kiplimo and freestyle skier Alex Hall.
     
    Participants tracked their Energy Score with the Galaxy Watch8 and captured the experience using the Galaxy Z Fold7 and Galaxy Z Flip7 before completing a 3.5- or 7.09-kilometer course.
     
    “Running as a team with people from all over the world was incredible,” said one influencer. “Thanks to the Galaxy Watch8’s pace guidance feature, I was able to finish without overexerting myself.”
     
    ▲ #TeamGalaxy influencers take a group selfie before the run, pose with Jacob Kiplimo at the photo wall and show off their medals.
     
    ▲ #TeamGalaxy influencers celebrate their finish at the after-race party.
     
     
    Collaborating Creatively With the Galaxy Z Fold7
    Meanwhile, #TeamGalaxy camera influencers teamed up with rising directors from a local film school for “The Ultra City Tales, Unfolds” project. The short film, shot entirely on the Galaxy Z Fold7, highlighted the device’s ultra-level camera capabilities and its suitability for high-quality filmmaking.
     
    At the same time, #TeamGalaxy gaming influencers visited a New York gaming café to challenge local gamers — showcasing the Galaxy Z Fold7’s immersive large-screen experience and powerful performance, even while folded.
     
    ▲ #TeamGalaxy member @clementinem_ytb shares filming tips with an aspiring director using the Galaxy Z Fold7; #TeamGalaxy member @keenanlam reviews footage shot on the Galaxy Z Fold7 with a film student; and #TeamGalaxy member @hammybanks plays with a local gamer on the Galaxy Z Fold7’s large display.
     
     
    Remembering #TeamGalaxy Connect 2025
    At the farewell dinner marking the end of the three-day experience, #TeamGalaxy influencers celebrated their content achievements and received awards for outstanding work.
     
    The event offered a meaningful opportunity to explore the Galaxy Z Fold7, Galaxy Z Flip7 and Galaxy Watch8 while creating original content that brought the Galaxy brand to life. Samsung looks forward to #TeamGalaxy influencers continuing to share the innovation and creativity of Galaxy with audiences worldwide.
     
    ▲ Winners of the Galaxy Z Fold7 and Galaxy Z Flip7 “Ultra Unfolds” and the Galaxy Watch8 “Galaxy RunnerzZz” content awards. (From left: @catriona_gray, @perrykuan, @uekan2b, @granthinds, @bilgesuisik, @drexlee @joaoalmeidac, @andymtzurita, @mikkitygram, @kovirami_fit, @lutajuci_putnik, @kim.gottwald and David Moon, Head of Influencer Marketing, Mobile eXperience (MX) Business at Samsung Electronics)
     
    ▲ #TeamGalaxy member @uekan2b compares the Galaxy Z Fold7’s sleek design to New York’s architecture (left and center). #TeamGalaxy member @granthinds reimagines the city using Audio Eraser and Generative Edit in his evocative short, Alone in New York (right). Winning entries are featured on the official Samsung Mobile Instagram.

    MIL OSI Global Banks

  • MIL-OSI Africa: Introducing Alvenco Advisory: Guiding Strategic Investment in Namibia’s Energy Future

    Source: APO

    With Namibia set to start oil production by 2029, the country is witnessing a surge in global investments across its exploration and production landscape. From global energy majors to leading independents to regional energy companies and financiers, energy firms are ramping up their investments in what is poised to become the next major African producer. As international investors navigate Namibia’s evolving energy and mining industries, the newly-launched Alvenco Advisory will support companies as they expand their presence across the southern African country.  

    Spearheaded by Namibia’s former-Minister of Mines and Energy Tom Alweendo, Alvenco Advisory represents the partner of choice for global companies seeking to make forays into Namibia. As a strategic advisory firm, Alvenco Advisory is committed to shaping investments that are profitable, inclusive and sustainable. The company will work closely with government stakeholders and global companies, aligning closely with the country’s energy goals by offering policy and regulatory support, strong alignment with national priorities, local stakeholder engagement and ESG focus as well as strategies for shared value and long-term returns. As Namibia embarks on its next chapter of energy development Alvenco Advisory has emerged as a strong partner for global investors.

    The launch of Alvenco Advisory comes as Namibia accelerates the development of offshore oil and gas discoveries made in the Orange Basin. TotalEnergies targets a final investment decision for its Venus discovery in 2026, with first oil expected in 2029. Galp is making progress with the development of the Mopane field following a string of positive results at exploration wells drilled in 2024 and 2025. The latest of these – the Mopane 3S well – revealed the presence of light oil and gas condensate. On the exploration front, Rhino Resources is making strides towards field development following a discovery at the Capricornus-1X well in April 2025 and the confirmation of a hydrocarbon reservoir at the Sagittarius-1X well in February 2025. Halliburton is set to drill two exploration wells at Block 2914 in PEL 85 while Stamper Oil & Gas Corp is also pursuing exploration projects in the Orange and Lüderitz Basins. Chevron is spearheading exploration in the Walvis Basin following its acquisition of an 80% stake in Blocks 2112B and 2212A. These investments seek to unlock a new hydrocarbon province in southern Africa.

    Namibia’s energy transformation comes not only from its oil and gas industry but its bold steps into green hydrogen. The country seeks to reach green hydrogen volumes of between 10-15 million tons per annum by 2050 and is working closely with global partners to achieve this goal. Major projects include the country’s flagship $10 billion flagship Hyphen Hydrogen Energy project – targeting 350,000 tons of green hydrogen annually – and the Daures Green Hydrogen Village – targeting 700,000 tons per annum after 2032. In addition to Hyphen, Namibia is already producing hydrogen from the Hylron Oshivela Project. The project started operations in March 2025, producing green hydrogen using 12 MW of electrolyzer capacity.  Meanwhile, a partnership between the European Union and Namibia – forged in early 2025 – is set to drive up to $12 billion in European private investments into the country in support of its green hydrogen goals. As this investment flows into Namibia, Alvenco Advisory stands ready to support companies as they navigate policy, national priorities and local stakeholder engagement.

    “Namibia is on the cusp of extraordinary change. With major oil discoveries and bold steps into green hydrogen, we have a unique opportunity and responsibility to ensure that our natural resources uplift all Namibians. Alvenco Advisory will not only support global investors in Namibia, but ensure their investments unlock tangible opportunities for the people of Namibia. At Alvenco Advisory, we are committed to driving inclusive and sustainable projects. We are here to align the goals of governments and investing companies – if you’re investing in Namibia or thinking about it let’s talk,” states Alweendo.  

    Alweendo has held various positions in Namibia, including Governor of the Bank of Namibia, Director General of the National Planning Commission and Minister in Charge of the National Planning Commission. In 2018, he was appointed Minister of Mines and Energy. His term ended in 2025. In this role, he oversaw all of the country’s major oil discoveries, and since these milestones, has maintained investor confidence through competitive policies, engagement with international operators and flexible investment structures. This laid the foundation for future growth across the market, setting the country up for continued success in the oil, gas and broader energy sectors.

    To learn more about Alvenco Advisory, visit www.AlvencoAdvisory.com.

    Distributed by APO Group on behalf of African Energy Chamber.

    Media files

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    MIL OSI Africa

  • MIL-OSI United Kingdom: UK secures £2 billion investment from major Korean bank

    Source: United Kingdom – Executive Government & Departments

    Press release

    UK secures £2 billion investment from major Korean bank

    South Korea’s oldest banking firm, Shinhan Bank, will facilitate £2 billion of investment into the UK’s financial services sector by 2030.

    • Minister for Investment Poppy Gustafsson opens the expanded UK office of Shinhan Bank, the Republic of Korea’s oldest banking firm.
    • Expansion comes as Shinhan aims to facilitate £2 billion of investment into the UK’s financial services sector by 2030, supporting the government’s Modern Industrial Strategy.
    • Announcement builds on the £460 million Shinhan has already invested in the UK, in a major vote of confidence in the economy and delivering growth as part of the Plan for Change.

    New collaboration between the UK government and a top Korean banking company will unlock £2 billion of investment into Britain, boosting economic growth and driving forward the government’s Plan for Change.

    Shinhan, the Republic of Korea’s second largest bank, aims to finance the investment over the next 5 years into energy, digital assets, infrastructure projects as well as businesses based in the UK’s thriving financial services sector.

    The bank’s expansion and investment plans follows £460 million the business has already invested in the UK since 2023. This latest vote of confidence reaffirms the UK’s position as a global investment destination.

    The plans back the government’s aim to significantly increase long-term business investment following the publication of the Modern Industrial Strategy, which marks a new era of collaboration between government and high growth industries, slashing energy bills for industry, increasing skills, and boosting investment to unlock the UK’s economic potential.

    Today [Monday 21 July], Minister for Investment Baroness Poppy Gustafsson opened the expanded office for Shinhan Bank in London and met with President and CEO of Shinhan Bank, Jung Sang Hyuk. 

    Minister for Investment Baroness Poppy Gustafsson CBE said: 

    The UK is a top investment destination, and Shinhan’s latest investment will help us make the UK the number one destination for financial services by 2035, delivering on our Plan for Change. 

    Financial Services are a UK success story, and one of the eight growth sectors we identified with the biggest potential for growth in our modern Industrial Strategy, as we look to boost the economy and put more money in people’s pockets.

    Shinhan Bank President & CEO Jung Sang Hyuk said:

    The expansion of London office is a strategic decision aimed at proactively responding to the rapidly changing financial environment and delivering greater value and higher-level services to our customers. The (Shinhan) Head Office will remain fully committed to providing strong support, enabling London office to take on an even more central role within London’s financial market and to grow together as a trusted financial partner.

    Securing foreign direct investment is key to delivering economic growth, and companies like Shinhan investing billions in the UK economy shows the government’s Plan for Change is working – creating jobs and putting more money in working people’s pockets.

    The news also builds on the positive findings from Deloitte’s latest survey which found that finance leaders see the UK as the joint-most attractive destination when it comes to investment.

    Economic growth is the Government’s central mission and unlocking new investment opportunities with South Korea is vital to achieving this, as the UK looks to build on the £21 billion record-level of investment the country has attracted from Korean businesses.

    This major investment comes just days after the Chancellor Rachel Reeves announced the Financial Services Growth and Competitiveness Strategy, which aims to position the UK as the number one destination for financial services companies by 2035.

    Today’s announcement also follows the Minister for Investment Poppy Gustafsson’s visit to South Korea earlier this month, where she met a range of investors and businesses including SeAH, Hana Bank and Korea Investment Corporation (KIC) to encourage further investment into the country.

    Notes to editors:

    • For more info on Deloitte’s latest survey of the UK’s investment attractiveness – please see here.

    Updates to this page

    Published 21 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Canada: Joint statement on behalf of 26 partners on the Occupied Palestinian Territories

    Source: Government of Canada News

    July 21, 2025 – Ottawa, Ontario – Global Affairs Canada

    The Foreign Ministers of Australia, Austria, Belgium, Canada, Denmark, Estonia, Finland, France, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, The Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the European Union Commissioner for Equality, Preparedness and Crisis Management, today issued the following statement:

    “We, the signatories listed below, come together with a simple, urgent message: the war in Gaza must end now.

    “The suffering of civilians in Gaza has reached new depths. The Israeli government’s aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity. We condemn the drip feeding of aid and the inhumane killing of civilians, including children, seeking to meet their most basic needs of water and food. It is horrifying that over 800 Palestinians have been killed while seeking aid. The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable. Israel must comply with its obligations under international humanitarian law.

    “The hostages cruelly held captive by Hamas since 7 October 2023 continue to suffer terribly. We condemn their continued detention and call for their immediate and unconditional release. A negotiated ceasefire offers the best hope of bringing them home and ending the agony of their families.

    “We call on the Israeli government to immediately lift restrictions on the flow of aid and to urgently enable the UN and humanitarian NGOs to do their life-saving work safely and effectively.

    “We call on all parties to protect civilians and uphold the obligations of international humanitarian law. Proposals to remove the Palestinian population into a “humanitarian city” are completely unacceptable. Permanent forced displacement is a violation of international humanitarian law.

    “We strongly oppose any steps towards territorial or demographic change in the Occupied Palestinian Territories. The E1 settlement plan announced by Israel’s Civil Administration, if implemented, would divide a future Palestinian state in two, marking a flagrant breach of international law, and critically undermine the two-state solution. Meanwhile, settlement building across the West Bank and East Jerusalem has accelerated while settler violence against Palestinians has soared. This must stop.

    “We urge the parties and the international community to unite in a common effort to bring this terrible conflict to an end, through an immediate, unconditional and permanent ceasefire. Further bloodshed serves no purpose.  We reaffirm our complete support to the efforts of the US, Qatar and Egypt to achieve this.

    “We are prepared to take further action to support an immediate ceasefire and a political pathway to security and peace for Israelis, Palestinians and the entire region.”

    This statement has been signed by:

    • The Foreign Ministers of Australia, Austria, Belgium, Canada, Denmark, Estonia, Finland, France, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, The Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Spain, Sweden, Switzerland and the UK
    • The EU Commissioner for Equality, Preparedness and Crisis Management

    MIL OSI Canada News

  • MIL-OSI: Maxim Group LLC Expands Equity Sales and Trading with Strategic Hire of Michael Chrisman

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 21, 2025 (GLOBE NEWSWIRE) — Maxim Group LLC, a leading full-service investment banking, securities, and wealth management firm, is pleased to announce the continued expansion of its Equity Sales and Trading division with the addition of seasoned professional, Michael Chrisman. This strategic addition enables the broadening of institutional services offered through the firm’s California branch.

    Michael Chrisman brings 28 years of experience in Institutional Sales trading. Mr. Chrisman has managed a broad array of West Coast-based mutual funds and hedge funds through trading both domestic and international securities, ETFs and programs across all sectors and market caps. Prior to joining Maxim, Mr. Chrisman served in senior positions at various firms, including ANOS Capital, Piper Jaffray, Deutsche Bank, O’Neil Securities, and The Benchmark Company.

    “We are thrilled to welcome Michael to our team as Maxim’s institutional sales trading platform continues to expand into the West Coast,” said Michael A. Cerussi, Head of Institutional Sales and Trading at Maxim Group. “With his experience in global markets, Michael adds a valuable perspective to our team. His insight will help us unlock new opportunities and strengthen the way we support clients across a wide range of regions and sectors.”

    About Maxim Group LLC
    Maxim Group LLC is a full-service investment banking, securities and wealth management firm headquartered in New York. The independent and employee-owned firm provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales & trading, equity research and prime brokerage services. Maxim Group LLC is a registered broker-dealer with the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB) and is a member of FINRA SIPC, and NASDAQ. To learn more about Maxim Group LLC, visit maximgrp.com.

    The MIL Network

  • MIL-OSI Africa: Morocco: African Development Bank approves €100 Million to empower women and youth entrepreneurs in building inclusive and sustainable agriculture

    Source: APO

    The Board of Directors of the African Development Bank Group (www.AfDB.org) has approved a €100 million loan to support Morocco’s inclusive solidarity-based agriculture program, focused on empowering women and young people.

    The project aims to generate sustainable economic opportunities for women and youth, boost food security, and strengthen the resilience of small-scale farming against climate change. It will stimulate entrepreneurship through tailored financing and incentive mechanisms and by bolstering technical and financial support systems.

    The program will also facilitate the deployment of new agricultural production and service infrastructure, helping to anchor women in local value chains, strengthen their skills, and boost their productivity. These actions will encourage the emergence of women entrepreneurs across agriculture, agro-processing and digital technologies. It will support the new roadmap for employment by promoting rural entrepreneurship.

    “Women who have the ambition to undertake and succeed in agriculture are our priority,” said Achraf Tarsim, head of the African Development Bank country office in Morocco. “Through this new operation, we will support them step by step to build a modern, inclusive and resilient agriculture, capable of revealing the full potential of those who aspire to innovate and create value and employment in their territories.”

    Aligned with Morocco’s priorities, the program will support the implementation of the Green Generation 2020-2030 Strategy, Morocco’s plan for transforming agriculture into a more inclusive, sustainable and efficient sector; the National Solidarity Agriculture Program, and the National Youth Entrepreneurship Program.

    For more than 50 years, the African Development Bank Group has supported the Kingdom in a partnership based on a shared and integrated vision of development. Over the period, the Bank invested nearly €15 billion in more than 150 high-impact projects in strategic sectors such as transport, water, energy, agriculture, social protection, governance and finance.

    Distributed by APO Group on behalf of African Development Bank Group (AfDB).

    Media contact:
    Fahd Belbachir
    Principal Communication and External Relations Officer
    media@afdb.org

    About the African Development Bank Group:
    The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). On the ground in 41 African countries with an external office in Japan, the Bank contributes to the economic development and the social progress of its 54 regional member states. For more information: www.AfDB.org

    Media files

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    MIL OSI Africa

  • MIL-OSI United Kingdom: Occupied Palestinian Territories: joint statement, 21 July 2025

    Source: United Kingdom – Executive Government & Departments 3

    News story

    Occupied Palestinian Territories: joint statement, 21 July 2025

    The UK and 25 international partners gave a joint statement on the Occupied Palestinian Territories.

    Joint statement by:

    • foreign ministers of Australia, Austria, Belgium, Canada, Denmark, Estonia, Finland, France, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, The Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Spain, Sweden, Switzerland and the UK
    • EU Commissioner for Equality, Preparedness and Crisis Management

    We, the signatories listed below, come together with a simple, urgent message: the war in Gaza must end now.

    The suffering of civilians in Gaza has reached new depths. The Israeli government’s aid delivery model is dangerous, fuels instability and deprives Gazans of human dignity. We condemn the drip feeding of aid and the inhumane killing of civilians, including children, seeking to meet their most basic needs of water and food. It is horrifying that over 800 Palestinians have been killed while seeking aid. The Israeli Government’s denial of essential humanitarian assistance to the civilian population is unacceptable. Israel must comply with its obligations under international humanitarian law.

    The hostages cruelly held captive by Hamas since 7 October 2023 continue to suffer terribly. We condemn their continued detention and call for their immediate and unconditional release. A negotiated ceasefire offers the best hope of bringing them home and ending the agony of their families.

    We call on the Israeli government to immediately lift restrictions on the flow of aid and to urgently enable the UN and humanitarian NGOs to do their life saving work safely and effectively.

    We call on all parties to protect civilians and uphold the obligations of international humanitarian law. Proposals to remove the Palestinian population into a “humanitarian city” are completely unacceptable. Permanent forced displacement is a violation of international humanitarian law.

    We strongly oppose any steps towards territorial or demographic change in the Occupied Palestinian Territories. The E1 settlement plan announced by Israel’s Civil Administration, if implemented, would divide a Palestinian state in two, marking a flagrant breach of international law and critically undermine the two-state solution. Meanwhile, settlement building across the West Bank including East Jerusalem has accelerated while settler violence against Palestinians has soared. This must stop.

    We urge the parties and the international community to unite in a common effort to bring this terrible conflict to an end, through an immediate, unconditional and permanent ceasefire. Further bloodshed serves no purpose.  We reaffirm our complete support to the efforts of the US, Qatar and Egypt to achieve this.

    We are prepared to take further action to support an immediate ceasefire and a political pathway to security and peace for Israelis, Palestinians and the entire region.

    This statement has been signed by: 

    • The Foreign Ministers of Australia, Austria, Belgium, Canada, Denmark, Estonia, Finland, France, Iceland, Ireland, Italy, Japan, Latvia, Lithuania, Luxembourg, The Netherlands, New Zealand, Norway, Poland, Portugal, Slovenia, Spain, Sweden, Switzerland and the UK 

    • The EU Commissioner for Equality, Preparedness and Crisis Management

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Email the FCDO Newsdesk (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 21 July 2025

    MIL OSI United Kingdom

  • MIL-OSI: Foresight Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WINNEBAGO, Ill., July 21, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group, Inc. (OTCQX: FGFH) reported net income of $2.99 million for the quarter ended June 30, 2025, an 8% decrease compared to the $3.27 million reported for the second quarter of 2024, and a 307% increase compared to the $734 thousand reported for the first quarter of 2025. Diluted Earnings per Share for the second quarter was $0.82 compared to $0.94 for the second quarter of 2024 and $0.20 for the quarter ended March 31, 2025. The second quarter of 2025 results include $1.56 million of charter consolidation expenses, which were partially offset by nonrecurring revenue of $1.20 million related to a debit card branding agreement. The second quarter results produced a Return on Average Equity of 7.60% and Return on Average Assets of 0.75%.

    Net income for the six months ended June 30, 2025 decreased 45% to $3.72 million compared to $6.77 million for the first half of 2024. The decrease in net income reflects a $1.33 million increase in provision for loan losses, a $1.96 million impairment charge related to other investments and $1.88 million of charter consolidation expenses. Diluted Earnings per share for the first six months of 2025 was $1.03 compared to $1.94 for the half of 2024.

    Foresight CEO Peter Q. Morrison stated, “The legal consolidation of our Company’s six banking charters occurred on May 1, 2025, and the conversions of operating systems to a single platform is on track to be completed in the third and fourth quarters of this year. The charter consolidation is expected to provide significant savings via the elimination of duplicative expenses and efficiencies gained by operating under one banking platform. These efficiencies combined with more consistent credit administration practices gained through the charter consolidation will improve credit quality, earnings, and shareholder value.”  

    Net interest income for the second quarter of 2025 increased by $588 thousand, or 5%, to $12.95 million as compared to $12.36 million for the second quarter of 2024; and increased by $685 thousand, or 6%, compared to the quarter ended March 31, 2025. The net interest margin on a fully taxable equivalent basis increased to 3.40% compared to 3.24% in the second quarter of 2024; and 3.25% for the quarter ended March 31, 2025.

    Net interest income for the six months ended June 30, 2025, increased $740 thousand, or 3%, to $25.21 million compared to $24.47 million in the first six months of 2024. The net interest margin on a fully taxable equivalent basis was 3.29% for the first six months of 2025.

    Total loans increased by $29.27 million during the quarter to $1.13 billion as of June 30, 2025 compared to $1.10 billion as of March 31, 2025; and increased $8.3 million as compared to total loans as of June 30, 2024. Total deposits decreased by $8.8 million during the second quarter to $1.38 billion as of June 30, 2025; and increased by $11.5 million as compared to total deposits as of June 30, 2024.

    The provision for loan losses for the quarter ended June 30, 2025 increased by $100 thousand to $238 thousand as compared to $138 thousand in the second quarter of the prior year; and decreased by $1.06 million compared to the first quarter of 2025. During the second quarter of 2025 loan net charge-offs totaled $2.93 million. The provision for loan losses for the six months ended June 30, 2025 was $1.54 million, a $1.33 million increase over the provision expense for the first half of 2024.

    Total non-performing assets of the Company as of June 30, 2025 were $28.29 million compared to $29.71 million the previous quarter, and $21.40 million as of June 30, 2024. The ratio of non-performing assets to total assets equaled 1.76% as of June 30, 2025 compared to 1.83% as of March 31, 2025 and 1.34% as of June 30, 2024.

    Noninterest income for the quarter ended June 30, 2025 increased $1.35 million to $3.0 million compared to $1.66 million in the second quarter of the prior year. The increase is primarily attributable to $1.2 million of non-recurring revenue received under a debit card branding agreement.

    Noninterest income for the six months ended June 30, 2025 increased by $1.61 million to $4.95 million compared to $3.33 million the first half of 2024. This increase includes the $1.2 million non-recurring revenue received under the debit card branding agreement.

    Noninterest expenses for the quarter ended June 30, 2025 totaled $11.95 million, a $2.31 million increase over $9.64 million in the second quarter of 2024; and a $234 thousand decrease from the quarter ended March 31, 2025. The increase in operating expenses over the second quarter of 2024 includes $1.56 million in charter consolidation expenses, including $57 thousand in salary and benefits, $143 thousand in outside services and $1.36 million in other expenses, which is primarily related to data system conversions.

    Noninterest expense for the six months ended June 30, 2025 increased by $5.34 million to $24.13 million compared to $18.79 million the first half of 2024. This increase in noninterest expense includes $1.88 million in charter consolidation expenses and a $1.96 million impairment charge related to a nonmarketable equity investment.

    The closing price for the Company’s stock was $31.50, as of the close of business April 16, 2025. Tangible book value per share of the Company’s common stock increased by $1.78 and $2.82 to $44.37 as of June 30, 2025, compared to $42.59 and $41.55 as of December 31, 2024 and June 30, 2024, respectively. The tangible book value per share of the Company’s common stock, excluding Accumulated Other Comprehensive Income was $52.43 as of June 30, 2025, compared to $51.79 at the end of 2024 and $51.36 as of June 30, 2024.

    About Foresight Financial Group, Inc.

    Foresight Financial Group, Inc. is a bank holding company headquartered in Winnebago County, Illinois and is the parent company of Foresight Bank, which operates in Northern Illinois under its divisional names Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, German American State Bank in German Valley, Winnebago and Pecatonica, Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.

    Forward-Looking Statements

    When used in this communication, the words “believes,” “expects,” “likely”, “would”, and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company’s markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company, or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

    Peter Morrison  Todd James
    Chief Executive Officer Chief Financial Officer
    (815) 847-7500 (815) 847-7500
           
    Foresight Financial Group, Inc. and Subsidiaries
    Consolidated Balance Sheets
    June 30, 2025 and December 31, 2024
    (Unaudited)      
      June 30,   December 31,
    Assets   2025       2024  
      (in thousands, except per share data)
    Cash and due from banks $ 28,002     $ 16,905  
    Interest-bearing deposits in banks   13,025       45,357  
    Federal funds sold   787       1,738  
    Total cash and cash equivalents   41,814       64,000  
           
    Interest-bearing deposits in banks – term deposits   2,259       4,434  
    Debt securities:      
    Debt securities available-for-sale (AFS)   361,146       369,945  
    Debt securities held-to-maturity (HTM)   3,263       3,263  
    Marketable equity securities and other investments   5,446       7,592  
    Loans held for sale   480       852  
    Loans, net of allowance for credit losses   1,116,498       1,100,657  
    Foreclosed assets and other real estate owned, net   703        
    Premises and equipment, net   16,889       17,125  
    Bank owned life insurance   24,646       24,459  
    Other assets   37,870       40,892  
    Total assets $ 1,611,014     $ 1,633,219  
           
    Liabilities and Stockholders’ Equity      
           
    Liabilities:      
    Deposits:      
    Noninterest-bearing $ 247,002     $ 249,076  
    Interest-bearing   1,136,961       1,151,627  
    Total deposits   1,383,963       1,400,703  
    Federal funds purchased         5,804  
    Securities sold under agreements to repurchase   12,466       15,017  
    Federal Home Loan Bank (FHLB) and other borrowings   39,889       40,911  
    Accrued interest payable and other liabilities   14,737       17,386  
    Total liabilities   1,451,055       1,479,821  
           
    Stockholders’ equity:      
    Preferred stock          
    Common stock   1,062       1,060  
    Additional paid-in capital   16,704       16,482  
    Retained earnings   187,237       184,961  
    Treasury stock, at cost   (16,013 )     (16,008 )
    Accumulated other comprehensive loss   (29,031 )     (33,097 )
    Total stockholders’ equity   159,959       153,398  
    Total liabilities and stockholders’ equity $ 1,611,014     $ 1,633,219  
           
    Foresight Financial Group, Inc. and Subsidiaries   
    Consolidated Statements of Income   
    (Unaudited)      
           
      Six Months Ended June 30,
        2025       2024  
      (in thousands, except per share data)
    Interest and dividend income:      
    Loans, including fees $ 34,657     $ 34,092  
    Debt securities:      
    Taxable   4,059       3,578  
    Tax-exempt   802       831  
    Interest-bearing deposits in banks and other   933       1,099  
    Federal funds sold   8       69  
    Total interest income   40,459       39,669  
    Interest expense:      
    Deposits   14,464       14,329  
    Federal funds purchased   2       28  
    Securities sold under agreements to repurchase   111       218  
    FHLB and other borrowings   669       621  
    Total interest expense   15,246       15,196  
    Net interest income   25,213       24,473  
    Provision for credit losses   1,536       202  
    Net interest and dividend income,      
    after provision for credit losses   23,677       24,271  
           
    Noninterest income:      
    Customer service fees   893       684  
    Loss on sales and calls of AFS securities, net   0       -111  
    Gain on sale of loans, net   163       287  
    Loan servicing fees, net   535       155  
    Bank owned life insurance   334       379  
    ATM / interchange fees   1,049       1,057  
    Other   1,971       882  
    Total noninterest income   4,945       3,333  
           
    Noninterest expenses:      
    Salaries and employee benefits   12,610       11,985  
    Occupancy expense of premises, net   1,398       1,225  
    Outside services   1,088       765  
    Data processing   1,936       1,432  
    Foreclosed assets and other real estate owned, net   0       6  
    Other   7,096       3,372  
    Total noninterest expenses   24,128       18,785  
           
    Income before income taxes   4,494       8,819  
    Income tax expense   772       2,045  
           
    Net income $ 3,722     $ 6,774  
           
    Earnings per common share:      
    Basic $ 1.03     $ 1.95  
    Diluted $ 1.03     $ 1.94  
    Foresight Financial Group, Inc. and Subsidiaries
    Consolidated Condensed Statements of Income
    (Unaudited)                  
                       
      For the Quarter Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Interest and dividend income:                  
    Loans, including fees $ 17,739     $ 16,918     $ 17,249     $ 17,943     $ 17,394  
    Interest on investment securities   2,394       2,467       2,269       2,183       2,236  
    Interest on fed funds sold and other deposits   285       656       818       573       625  
    Total interest income   20,418       20,041       20,336       20,699       20,255  
    Interest expense:                  
    Deposits   7,099       7,365       7,641       7,885       7,448  
    Federal funds purchased         5       7       29       8  
    Securities sold under agreements to repurchase   39       72       132       134       103  
    FHLB and other borrowings   331       335       328       365       335  
    Total interest expense   7,469       7,777       8,108       8,413       7,894  
    Net interest income   12,949       12,264       12,228       12,286       12,361  
    Provision for credit losses   238       1,298       665       185       138  
    Net interest income after provision for loan losses   12,711       10,966       11,563       12,101       12,223  
                       
    Noninterest income:                  
    Customer service fees   551       342       371       366       342  
    Net securities gains (losses)                            
    Gain on sale of loans, net   26       137       182       303       183  
    Loan servicing fees, net   226       309       192       (98 )     86  
    Bank owned life insurance   177       157       160       571       163  
    ATM / debit card revenue   555       494       539       547       550  
    Other   1,468       503       429       298       334  
    Total noninterest income   3,003       1,942       1,873       1,987       1,658  
                       
    Noninterest expenses:                  
    Salaries and employee benefits   6,408       6,202       6,383       6,302       6,230  
    Occupancy expense of premises, net   796       602       587       592       587  
    Outside services   422       666       435       411       391  
    Data processing   1,205       731       968       788       716  
    Foreclosed assets and other real estate owned, net                     6       6  
    Other   3,116       3,980       1,878       1,759       1,709  
    Total noninterest expenses   11,947       12,181       10,251       9,858       9,639  
    Income before income taxes   3,767       727       3,185       4,230       4,240  
    Income tax expense   779       (7 )     692       833       975  
    Net income $ 2,988     $ 734     $ 2,493     $ 3,397     $ 3,265  
                       
    Foresight Financial Group, Inc. and Subsidiaries         
    Consolidated Balance Sheets         
    (Unaudited)                  
      As of
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Assets                  
    Cash and due from banks $ 28,002     $ 19,996     $ 16,905     $ 30,162     $ 21,290  
    Interest-bearing deposits in banks   13,025       46,118       45,357       20,040       11,196  
    Federal funds sold   787       452       1,738       2,183       3,433  
    Total cash and cash equivalents   41,814       66,566       64,000       52,385       35,919  
                       
    Interest-bearing deposits in banks – term deposits   2,259       2,466       4,434       5,169       4,983  
    Debt securities:                  
    Debt securities available-for-sale (AFS)   361,146       380,667       369,945       368,386       359,762  
    Debt securities held-to-maturity (HTM)   3,263       3,263       3,263       3,616       3,609  
    Marketable equity securities and other investments   5,446       5,671       7,592       6,738       6,215  
    Loans held for sale   480       573       852       794       480  
    Loans, net of allowance for credit losses   1,116,498       1,084,761       1,100,657       1,102,342       1,107,199  
    Foreclosed assets and other real estate owned, net   703                         68  
    Premises and equipment, net   16,889       16,978       17,125       17,125       17,234  
    Bank owned life insurance   24,646       24,615       24,459       24,300       24,653  
    Other assets   37,870       40,519       40,892       39,350       39,550  
    Total assets $ 1,611,014     $ 1,626,079     $ 1,633,219     $ 1,620,205     $ 1,599,672  
                       
    Liabilities and Stockholders’ Equity                  
    Liabilities:                  
    Deposits:                  
    Noninterest-bearing $ 247,002     $ 250,709     $ 249,076     $ 237,685     $ 244,414  
    Interest-bearing   1,136,961       1,142,009       1,151,627       1,138,578       1,128,081  
    Total deposits   1,383,963       1,392,718       1,400,703       1,376,263       1,372,495  
    Federal funds purchased         55       5,804       4,764       6,053  
    Securities sold under agreements to repurchase   12,466       21,095       15,017       23,381       21,930  
    Federal Home Loan Bank (FHLB) and other borrowings   39,889       37,810       40,911       39,174       39,293  
    Accrued interest payable and other liabilities   14,737       16,670       17,386       16,970       16,674  
    Total liabilities   1,451,055       1,468,348       1,479,821       1,460,552       1,456,445  
    Stockholders’ equity:                  
    Preferred stock                            
    Common stock   1,062       1,060       1,060       1,060       1,022  
    Additional paid-in capital   16,704       16,482       16,482       16,445       11,660  
    Retained earnings   187,237       184,972       184,961       183,118       180,346  
    Treasury stock, at cost   (16,013 )     (16,008 )     (16,008 )     (16,008 )     (16,008 )
    Accumulated other comprehensive loss   (29,031 )     (28,775 )     (33,097 )     (24,963 )     (33,793 )
    Total stockholders’ equity   159,959       157,731       153,398       159,653       143,227  
    Total liabilities and stockholders’ equity $ 1,611,014     $ 1,626,079     $ 1,633,219     $ 1,620,205     $ 1,599,672  
                       
    KEY FINANCIAL RATIOS         
    (Unaudited)                  
      As of and for the Quarter Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
                       
    Basic earnings per common share $ 0.83     $ 0.20     $ 0.69     $ 0.97     $ 0.95  
    Diluted earnings per common share   0.82       0.20       0.69       0.97       0.94  
    Dividends per common share       0.20       0.18       0.18       0.18  
                       
    Book value per common share   44.41       43.84       42.63       44.38       41.59  
    Tangible book value per common share   44.37       43.80       42.59       44.34       41.55  
    Tangible book value, excluding AOCI, per share   52.43       51.80       51.79       51.28       51.36  
    End of period shares outstanding   3,606,087       3,598,042       3,598,042       3,597,418       3,443,937  
    Average number of shares outstanding   3,606,137       3,598,042       3,597,478       3,494,270       3,450,527  
                       
    Return on average assets   0.75%       0.21%       0.58%       0.82%       0.82%  
    Return on average equity   7.60%       2.18%       6.08%       8.83%       9.40%  
    Net interest margin, tax equivalent   3.40%       3.25%       3.14%       3.21%       3.24%  
    Efficiency ratio, tax equivalent   73.61%       83.72%       72.58       68.97       68.13  
    ASSET QUALITY DATA         
    (Unaudited) As of
    (Amounts in thousands) June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
                       
    Nonaccrual Loans   25,939       28,564       28,175       23,653       21,366  
    Accruing loans past due 90 days or more   688       185       230       680       32  
    Total non-performing loans   26,627       28,749       28,405       24,333       21,398  
    Other real estate owned and other assets   703       6       13       7        
    Impaired other investments   961       961                    
    Total non-performing Assets   28,291       29,716       28,418       24,340       21,398  
                       
    Total Loans   1,130,124       1,100,853       1,115,351       1,117,022       1,121,742  
    Allowance for credit losses   13,626       16,092       14,694       14,678       14,543  
    Loans, net of allowance for credit losses   1,116,498       1,084,761       1,100,657       1,102,344       1,107,199  
                       
    Nonperforming assets tototal assets   1.76%       1.83%       1.74%       1.50%       1.34%  
    Nonperforming loans to total loans   2.36%       2.61%       2.55%       2.18%       1.91%  
    Allowance for credit losses to total loans   1.21%       1.46%       1.32%       1.31%       1.30%  
    Allowance for credit losses to noperforming loans   51.17%       55.97%       51.73%       60.32%       67.96%  
                       

    The MIL Network

  • MIL-OSI: Foresight Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WINNEBAGO, Ill., July 21, 2025 (GLOBE NEWSWIRE) — Foresight Financial Group, Inc. (OTCQX: FGFH) reported net income of $2.99 million for the quarter ended June 30, 2025, an 8% decrease compared to the $3.27 million reported for the second quarter of 2024, and a 307% increase compared to the $734 thousand reported for the first quarter of 2025. Diluted Earnings per Share for the second quarter was $0.82 compared to $0.94 for the second quarter of 2024 and $0.20 for the quarter ended March 31, 2025. The second quarter of 2025 results include $1.56 million of charter consolidation expenses, which were partially offset by nonrecurring revenue of $1.20 million related to a debit card branding agreement. The second quarter results produced a Return on Average Equity of 7.60% and Return on Average Assets of 0.75%.

    Net income for the six months ended June 30, 2025 decreased 45% to $3.72 million compared to $6.77 million for the first half of 2024. The decrease in net income reflects a $1.33 million increase in provision for loan losses, a $1.96 million impairment charge related to other investments and $1.88 million of charter consolidation expenses. Diluted Earnings per share for the first six months of 2025 was $1.03 compared to $1.94 for the half of 2024.

    Foresight CEO Peter Q. Morrison stated, “The legal consolidation of our Company’s six banking charters occurred on May 1, 2025, and the conversions of operating systems to a single platform is on track to be completed in the third and fourth quarters of this year. The charter consolidation is expected to provide significant savings via the elimination of duplicative expenses and efficiencies gained by operating under one banking platform. These efficiencies combined with more consistent credit administration practices gained through the charter consolidation will improve credit quality, earnings, and shareholder value.”  

    Net interest income for the second quarter of 2025 increased by $588 thousand, or 5%, to $12.95 million as compared to $12.36 million for the second quarter of 2024; and increased by $685 thousand, or 6%, compared to the quarter ended March 31, 2025. The net interest margin on a fully taxable equivalent basis increased to 3.40% compared to 3.24% in the second quarter of 2024; and 3.25% for the quarter ended March 31, 2025.

    Net interest income for the six months ended June 30, 2025, increased $740 thousand, or 3%, to $25.21 million compared to $24.47 million in the first six months of 2024. The net interest margin on a fully taxable equivalent basis was 3.29% for the first six months of 2025.

    Total loans increased by $29.27 million during the quarter to $1.13 billion as of June 30, 2025 compared to $1.10 billion as of March 31, 2025; and increased $8.3 million as compared to total loans as of June 30, 2024. Total deposits decreased by $8.8 million during the second quarter to $1.38 billion as of June 30, 2025; and increased by $11.5 million as compared to total deposits as of June 30, 2024.

    The provision for loan losses for the quarter ended June 30, 2025 increased by $100 thousand to $238 thousand as compared to $138 thousand in the second quarter of the prior year; and decreased by $1.06 million compared to the first quarter of 2025. During the second quarter of 2025 loan net charge-offs totaled $2.93 million. The provision for loan losses for the six months ended June 30, 2025 was $1.54 million, a $1.33 million increase over the provision expense for the first half of 2024.

    Total non-performing assets of the Company as of June 30, 2025 were $28.29 million compared to $29.71 million the previous quarter, and $21.40 million as of June 30, 2024. The ratio of non-performing assets to total assets equaled 1.76% as of June 30, 2025 compared to 1.83% as of March 31, 2025 and 1.34% as of June 30, 2024.

    Noninterest income for the quarter ended June 30, 2025 increased $1.35 million to $3.0 million compared to $1.66 million in the second quarter of the prior year. The increase is primarily attributable to $1.2 million of non-recurring revenue received under a debit card branding agreement.

    Noninterest income for the six months ended June 30, 2025 increased by $1.61 million to $4.95 million compared to $3.33 million the first half of 2024. This increase includes the $1.2 million non-recurring revenue received under the debit card branding agreement.

    Noninterest expenses for the quarter ended June 30, 2025 totaled $11.95 million, a $2.31 million increase over $9.64 million in the second quarter of 2024; and a $234 thousand decrease from the quarter ended March 31, 2025. The increase in operating expenses over the second quarter of 2024 includes $1.56 million in charter consolidation expenses, including $57 thousand in salary and benefits, $143 thousand in outside services and $1.36 million in other expenses, which is primarily related to data system conversions.

    Noninterest expense for the six months ended June 30, 2025 increased by $5.34 million to $24.13 million compared to $18.79 million the first half of 2024. This increase in noninterest expense includes $1.88 million in charter consolidation expenses and a $1.96 million impairment charge related to a nonmarketable equity investment.

    The closing price for the Company’s stock was $31.50, as of the close of business April 16, 2025. Tangible book value per share of the Company’s common stock increased by $1.78 and $2.82 to $44.37 as of June 30, 2025, compared to $42.59 and $41.55 as of December 31, 2024 and June 30, 2024, respectively. The tangible book value per share of the Company’s common stock, excluding Accumulated Other Comprehensive Income was $52.43 as of June 30, 2025, compared to $51.79 at the end of 2024 and $51.36 as of June 30, 2024.

    About Foresight Financial Group, Inc.

    Foresight Financial Group, Inc. is a bank holding company headquartered in Winnebago County, Illinois and is the parent company of Foresight Bank, which operates in Northern Illinois under its divisional names Northwest Bank of Rockford, State Bank in Freeport, State Bank of Davis, German American State Bank in German Valley, Winnebago and Pecatonica, Lena State Bank, and the State Bank of Herscher. Foresight’s common stock is listed on the “OTCQX” market under the trading symbol FGFH.

    Forward-Looking Statements

    When used in this communication, the words “believes,” “expects,” “likely”, “would”, and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those described in the forward-looking statements. Factors which could cause such a variance to occur include, but are not limited to: heightened competition; adverse state and federal regulation; failure to obtain new or retain existing customers; ability to attract and retain key executives and personnel; changes in interest rates; unanticipated changes in industry trends; unanticipated changes in credit quality and risk factors, including general economic conditions particularly in the Company’s markets; potential deterioration in real estate values, success in gaining regulatory approvals when required; changes in the Federal Reserve Board monetary policies; unexpected outcomes of new and existing litigation in which the Company, or its subsidiaries, officers, directors or employees is named defendants; technological changes; changes in accounting principles generally accepted in the United States; changes in assumptions or conditions affecting the application of “critical accounting policies”; inability to recover previously recorded losses as anticipated, and the inability of third party vendors to perform critical services for the Company or its customers. The inclusion of forward-looking information should not be construed as a representation by the Company or any person that future events or plans contemplated by the Company will be achieved. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information or otherwise.

    Peter Morrison  Todd James
    Chief Executive Officer Chief Financial Officer
    (815) 847-7500 (815) 847-7500
           
    Foresight Financial Group, Inc. and Subsidiaries
    Consolidated Balance Sheets
    June 30, 2025 and December 31, 2024
    (Unaudited)      
      June 30,   December 31,
    Assets   2025       2024  
      (in thousands, except per share data)
    Cash and due from banks $ 28,002     $ 16,905  
    Interest-bearing deposits in banks   13,025       45,357  
    Federal funds sold   787       1,738  
    Total cash and cash equivalents   41,814       64,000  
           
    Interest-bearing deposits in banks – term deposits   2,259       4,434  
    Debt securities:      
    Debt securities available-for-sale (AFS)   361,146       369,945  
    Debt securities held-to-maturity (HTM)   3,263       3,263  
    Marketable equity securities and other investments   5,446       7,592  
    Loans held for sale   480       852  
    Loans, net of allowance for credit losses   1,116,498       1,100,657  
    Foreclosed assets and other real estate owned, net   703        
    Premises and equipment, net   16,889       17,125  
    Bank owned life insurance   24,646       24,459  
    Other assets   37,870       40,892  
    Total assets $ 1,611,014     $ 1,633,219  
           
    Liabilities and Stockholders’ Equity      
           
    Liabilities:      
    Deposits:      
    Noninterest-bearing $ 247,002     $ 249,076  
    Interest-bearing   1,136,961       1,151,627  
    Total deposits   1,383,963       1,400,703  
    Federal funds purchased         5,804  
    Securities sold under agreements to repurchase   12,466       15,017  
    Federal Home Loan Bank (FHLB) and other borrowings   39,889       40,911  
    Accrued interest payable and other liabilities   14,737       17,386  
    Total liabilities   1,451,055       1,479,821  
           
    Stockholders’ equity:      
    Preferred stock          
    Common stock   1,062       1,060  
    Additional paid-in capital   16,704       16,482  
    Retained earnings   187,237       184,961  
    Treasury stock, at cost   (16,013 )     (16,008 )
    Accumulated other comprehensive loss   (29,031 )     (33,097 )
    Total stockholders’ equity   159,959       153,398  
    Total liabilities and stockholders’ equity $ 1,611,014     $ 1,633,219  
           
    Foresight Financial Group, Inc. and Subsidiaries   
    Consolidated Statements of Income   
    (Unaudited)      
           
      Six Months Ended June 30,
        2025       2024  
      (in thousands, except per share data)
    Interest and dividend income:      
    Loans, including fees $ 34,657     $ 34,092  
    Debt securities:      
    Taxable   4,059       3,578  
    Tax-exempt   802       831  
    Interest-bearing deposits in banks and other   933       1,099  
    Federal funds sold   8       69  
    Total interest income   40,459       39,669  
    Interest expense:      
    Deposits   14,464       14,329  
    Federal funds purchased   2       28  
    Securities sold under agreements to repurchase   111       218  
    FHLB and other borrowings   669       621  
    Total interest expense   15,246       15,196  
    Net interest income   25,213       24,473  
    Provision for credit losses   1,536       202  
    Net interest and dividend income,      
    after provision for credit losses   23,677       24,271  
           
    Noninterest income:      
    Customer service fees   893       684  
    Loss on sales and calls of AFS securities, net   0       -111  
    Gain on sale of loans, net   163       287  
    Loan servicing fees, net   535       155  
    Bank owned life insurance   334       379  
    ATM / interchange fees   1,049       1,057  
    Other   1,971       882  
    Total noninterest income   4,945       3,333  
           
    Noninterest expenses:      
    Salaries and employee benefits   12,610       11,985  
    Occupancy expense of premises, net   1,398       1,225  
    Outside services   1,088       765  
    Data processing   1,936       1,432  
    Foreclosed assets and other real estate owned, net   0       6  
    Other   7,096       3,372  
    Total noninterest expenses   24,128       18,785  
           
    Income before income taxes   4,494       8,819  
    Income tax expense   772       2,045  
           
    Net income $ 3,722     $ 6,774  
           
    Earnings per common share:      
    Basic $ 1.03     $ 1.95  
    Diluted $ 1.03     $ 1.94  
    Foresight Financial Group, Inc. and Subsidiaries
    Consolidated Condensed Statements of Income
    (Unaudited)                  
                       
      For the Quarter Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Interest and dividend income:                  
    Loans, including fees $ 17,739     $ 16,918     $ 17,249     $ 17,943     $ 17,394  
    Interest on investment securities   2,394       2,467       2,269       2,183       2,236  
    Interest on fed funds sold and other deposits   285       656       818       573       625  
    Total interest income   20,418       20,041       20,336       20,699       20,255  
    Interest expense:                  
    Deposits   7,099       7,365       7,641       7,885       7,448  
    Federal funds purchased         5       7       29       8  
    Securities sold under agreements to repurchase   39       72       132       134       103  
    FHLB and other borrowings   331       335       328       365       335  
    Total interest expense   7,469       7,777       8,108       8,413       7,894  
    Net interest income   12,949       12,264       12,228       12,286       12,361  
    Provision for credit losses   238       1,298       665       185       138  
    Net interest income after provision for loan losses   12,711       10,966       11,563       12,101       12,223  
                       
    Noninterest income:                  
    Customer service fees   551       342       371       366       342  
    Net securities gains (losses)                            
    Gain on sale of loans, net   26       137       182       303       183  
    Loan servicing fees, net   226       309       192       (98 )     86  
    Bank owned life insurance   177       157       160       571       163  
    ATM / debit card revenue   555       494       539       547       550  
    Other   1,468       503       429       298       334  
    Total noninterest income   3,003       1,942       1,873       1,987       1,658  
                       
    Noninterest expenses:                  
    Salaries and employee benefits   6,408       6,202       6,383       6,302       6,230  
    Occupancy expense of premises, net   796       602       587       592       587  
    Outside services   422       666       435       411       391  
    Data processing   1,205       731       968       788       716  
    Foreclosed assets and other real estate owned, net                     6       6  
    Other   3,116       3,980       1,878       1,759       1,709  
    Total noninterest expenses   11,947       12,181       10,251       9,858       9,639  
    Income before income taxes   3,767       727       3,185       4,230       4,240  
    Income tax expense   779       (7 )     692       833       975  
    Net income $ 2,988     $ 734     $ 2,493     $ 3,397     $ 3,265  
                       
    Foresight Financial Group, Inc. and Subsidiaries         
    Consolidated Balance Sheets         
    (Unaudited)                  
      As of
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
    Assets                  
    Cash and due from banks $ 28,002     $ 19,996     $ 16,905     $ 30,162     $ 21,290  
    Interest-bearing deposits in banks   13,025       46,118       45,357       20,040       11,196  
    Federal funds sold   787       452       1,738       2,183       3,433  
    Total cash and cash equivalents   41,814       66,566       64,000       52,385       35,919  
                       
    Interest-bearing deposits in banks – term deposits   2,259       2,466       4,434       5,169       4,983  
    Debt securities:                  
    Debt securities available-for-sale (AFS)   361,146       380,667       369,945       368,386       359,762  
    Debt securities held-to-maturity (HTM)   3,263       3,263       3,263       3,616       3,609  
    Marketable equity securities and other investments   5,446       5,671       7,592       6,738       6,215  
    Loans held for sale   480       573       852       794       480  
    Loans, net of allowance for credit losses   1,116,498       1,084,761       1,100,657       1,102,342       1,107,199  
    Foreclosed assets and other real estate owned, net   703                         68  
    Premises and equipment, net   16,889       16,978       17,125       17,125       17,234  
    Bank owned life insurance   24,646       24,615       24,459       24,300       24,653  
    Other assets   37,870       40,519       40,892       39,350       39,550  
    Total assets $ 1,611,014     $ 1,626,079     $ 1,633,219     $ 1,620,205     $ 1,599,672  
                       
    Liabilities and Stockholders’ Equity                  
    Liabilities:                  
    Deposits:                  
    Noninterest-bearing $ 247,002     $ 250,709     $ 249,076     $ 237,685     $ 244,414  
    Interest-bearing   1,136,961       1,142,009       1,151,627       1,138,578       1,128,081  
    Total deposits   1,383,963       1,392,718       1,400,703       1,376,263       1,372,495  
    Federal funds purchased         55       5,804       4,764       6,053  
    Securities sold under agreements to repurchase   12,466       21,095       15,017       23,381       21,930  
    Federal Home Loan Bank (FHLB) and other borrowings   39,889       37,810       40,911       39,174       39,293  
    Accrued interest payable and other liabilities   14,737       16,670       17,386       16,970       16,674  
    Total liabilities   1,451,055       1,468,348       1,479,821       1,460,552       1,456,445  
    Stockholders’ equity:                  
    Preferred stock                            
    Common stock   1,062       1,060       1,060       1,060       1,022  
    Additional paid-in capital   16,704       16,482       16,482       16,445       11,660  
    Retained earnings   187,237       184,972       184,961       183,118       180,346  
    Treasury stock, at cost   (16,013 )     (16,008 )     (16,008 )     (16,008 )     (16,008 )
    Accumulated other comprehensive loss   (29,031 )     (28,775 )     (33,097 )     (24,963 )     (33,793 )
    Total stockholders’ equity   159,959       157,731       153,398       159,653       143,227  
    Total liabilities and stockholders’ equity $ 1,611,014     $ 1,626,079     $ 1,633,219     $ 1,620,205     $ 1,599,672  
                       
    KEY FINANCIAL RATIOS         
    (Unaudited)                  
      As of and for the Quarter Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
                       
    Basic earnings per common share $ 0.83     $ 0.20     $ 0.69     $ 0.97     $ 0.95  
    Diluted earnings per common share   0.82       0.20       0.69       0.97       0.94  
    Dividends per common share       0.20       0.18       0.18       0.18  
                       
    Book value per common share   44.41       43.84       42.63       44.38       41.59  
    Tangible book value per common share   44.37       43.80       42.59       44.34       41.55  
    Tangible book value, excluding AOCI, per share   52.43       51.80       51.79       51.28       51.36  
    End of period shares outstanding   3,606,087       3,598,042       3,598,042       3,597,418       3,443,937  
    Average number of shares outstanding   3,606,137       3,598,042       3,597,478       3,494,270       3,450,527  
                       
    Return on average assets   0.75%       0.21%       0.58%       0.82%       0.82%  
    Return on average equity   7.60%       2.18%       6.08%       8.83%       9.40%  
    Net interest margin, tax equivalent   3.40%       3.25%       3.14%       3.21%       3.24%  
    Efficiency ratio, tax equivalent   73.61%       83.72%       72.58       68.97       68.13  
    ASSET QUALITY DATA         
    (Unaudited) As of
    (Amounts in thousands) June 30,   March 31,   December 31,   September 30,   June 30,
        2025       2025       2024       2024       2024  
                       
    Nonaccrual Loans   25,939       28,564       28,175       23,653       21,366  
    Accruing loans past due 90 days or more   688       185       230       680       32  
    Total non-performing loans   26,627       28,749       28,405       24,333       21,398  
    Other real estate owned and other assets   703       6       13       7        
    Impaired other investments   961       961                    
    Total non-performing Assets   28,291       29,716       28,418       24,340       21,398  
                       
    Total Loans   1,130,124       1,100,853       1,115,351       1,117,022       1,121,742  
    Allowance for credit losses   13,626       16,092       14,694       14,678       14,543  
    Loans, net of allowance for credit losses   1,116,498       1,084,761       1,100,657       1,102,344       1,107,199  
                       
    Nonperforming assets tototal assets   1.76%       1.83%       1.74%       1.50%       1.34%  
    Nonperforming loans to total loans   2.36%       2.61%       2.55%       2.18%       1.91%  
    Allowance for credit losses to total loans   1.21%       1.46%       1.32%       1.31%       1.30%  
    Allowance for credit losses to noperforming loans   51.17%       55.97%       51.73%       60.32%       67.96%  
                       

    The MIL Network

  • MIL-OSI: Siton Mining launches cloud mining solution to help XRP enthusiasts easily earn XRP rewards

    Source: GlobeNewswire (MIL-OSI)

    Houston, Texas, July 21, 2025 (GLOBE NEWSWIRE) — The GENIUS Act was officially passed, the crypto market heated up, and XRP once again became the focus of investors. As the world’s leading cloud mining service platform, Siton Mining officially released a new cloud mining solution for XRP users, providing investors with a low-threshold, high-efficiency, zero-technical-burden participation channel, opening up a new model for easily earning XRP rewards.

    What is cloud mining?
    Cloud mining is a way for users to participate in cryptocurrency mining by renting computing power remotely without having to purchase mining machines or maintain equipment. All mining operations are completed in the data center, and users only need to select the appropriate computing power contract through the platform to enjoy daily income. This method has the advantages of low threshold, zero technical requirements, flexibility and convenience, and is suitable for novices and investors who want to obtain stable passive income.

    Break down barriers, everyone can participate
    Traditional mining relies on expensive hardware and technical barriers, which discourages ordinary users. Siton Mining provides a new solution: no need to purchase mining machines, no technical background, just register and start mining. Users only need to choose the appropriate cloud computing power contract to remotely access global green mines and obtain daily cryptocurrency income.

    Platform highlights: Why choose Siton Mining?
    ⦁Sign up and get a bonus: New users can get a random bonus of $10-$100
    ⦁Daily sign-in bonus: Daily login can get a bonus of $0.6
    ⦁Efficient mining: Global green energy mines, automatic mining, intelligent system allocation
    ⦁Security guarantee: Bank-level security protection + McAfee security protocol + cold wallet management
    ⦁Multi-currency support: supports mining and settlement of multiple crypto assets such as XRP, BTC, ETH, USDT, DOGE, SOL, LTC, etc.
    ⦁ Withdraw at any time: Withdraw when the balance reaches $100, and reinvest flexibly

    Investment contract actual profit display

    MiningEquipment Contract Amount Net income Total net profit
    Zcash Miner $100 $8 $108($100 + $8)
    ETC Miner $500 $30 $530($500 + $30)
    IceRiver AE2 $1,200 $140.40 $1,340.40
    Bitcoin Miner $3,000 $538.20 $3,538.20
    iPollo V2 $7,000 $1,839.60 $8,839.60
    VOLCMINER D1 Pro $10,000 $3,657.00 $13,657.00

    You may ask: “Can you really make money?” Here is Siton Mining’s official profit model (display):

    How to join: Just 3 steps to start your XRP passive income journey
    1. Visit the official website SitonMining.com to register an account;
    2. Select a suitable mining contract and recharge to activate;
    3. Enjoy daily income, the platform automatically settles and distributes it to the account balance.
    Daily sign-in can also get a $0.6 USD reward, continuous mining, continuous income!

    The official APP is now online, making mobile mining easier
    Download the Siton Mining App to keep track of mining trends anytime, anywhere, and check revenue records, operate contracts, and withdraw assets more conveniently.
    Applicable platforms: iOS / Android
    Download method: Click https://yunquantum.com/download/ to download now

    Conclusion: Join Siton Mining now to seize new opportunities for digital wealth
    At a critical moment when the global financial system is moving towards decentralization, Siton Mining is opening a new channel for global users to increase the value of digital assets. Whether you are a novice who has just come into contact with the world of encryption, or a veteran player seeking stable passive income, Siton Mining provides you with a safe, transparent, and low-threshold new choice.
    The rise of XRP is just a prelude, and the real opportunity belongs to those who dare to take the lead. Join now, start your cloud mining journey, and grasp the future of digital wealth!

    Siton Mining contact information
    Official website: https://Sitonmining.com
    Email: info@Sitonmining.com
    APP download: https://yunquantum.com/download/

    Attachment

    The MIL Network

  • MIL-OSI USA: From Sideline to Lifeline: Advancing Emergency Skills in Athletic Training Education

    Source: US State of Connecticut

    Athletic trainers play a key role in keeping athletes safe by providing care, including injury and illness prevention, rehabilitation, and emergency care in cases of catastrophic injury.

    Last year, the National Athletic Trainers’ Association (NATA) updated guidance on writing and adopting an Emergency Action Plan (EAP), a document indicating the preparations for and response to any type of catastrophic injury. An EAP is used to help ensure a comprehensive approach to athlete care in any serious illness or injury situation for health care team members and other stakeholders in a prehospital setting. It also accounts for the care of others involved with sports – from coaches and referees to spectators at events.

    To help athletic trainers discuss acute emergency injuries and revise their emergency action plans according to the latest evidence-based science, the UConn Institute for Sports Medicine (ISM) held a day-long workshop in Hartford at UConn’s space in the PeoplesBank Arena, formerly the XL Center, for Connecticut athletic trainers.

    “UConn ISM is committed to the health, performance, and longevity of athletes,” says Laurie Devaney, head of the Department of Kinesiology and co-director of UConn ISM. “We do that by applying our research and medical knowledge to protect athletes of any age and skill level from injury and illness. This includes life-threatening emergencies as they may occur at any time and place.”

    Faculty from UConn Health and the UConn Department of Kinesiology in the College of Agriculture, Health and Natural Resources (CAHNR) spoke on a variety of topics during morning sessions related to athlete safety, including care for concussions and loss of consciousness, orthopedics, and airway management considerations.

    “The goal of our workshop was to include a variety of emergency topics relevant to Athletic Trainers, which was complemented by engaging hands-on activities,” says Lauren Sheldon, assistant professor in residence and director of clinical outreach, community engagement, and injury prevention for the UConn Institute for Sports Medicine.

    The afternoon sessions featured rotating workshops that included hands-on demonstrations and a simulation of a medical emergency, giving athletic trainers practical advice and an opportunity to enhance their skills. It concluded with preceptor training to enhance mentoring and teaching skills to the next generation of athletic trainers.

    One athletic trainer who attended the training commented that the workshop “Exceeded my expectations. I love the new location.” Another noted the workshop was “really a blessing for a local AT.”

    “Connecting athletic trainers and the ability to collaborate with stakeholders on their individualized EAPs will improve overall response and decrease errors during an emergency when quick and comprehensive response is crucial,” says Devaney. “We’re proud to be able to offer workshops like these to improve the health and safety of athletes around the state.”

    This work relates to CAHNR’s Strategic Vision area focused on Enhancing Health and Well-Being Locally, Nationally, and Globally.

    Follow UConn CAHNR on social media

    MIL OSI USA News

  • MIL-OSI: First Community Bankshares, Inc. Announces Acquisition of Hometown Bancshares, Inc.

    Source: GlobeNewswire (MIL-OSI)

    BLUEFIELD, Va., July 21, 2025 (GLOBE NEWSWIRE) — First Community Bankshares, Inc. (“First Community”) (NASDAQ: FCBC), headquartered in Bluefield, VA, and Hometown Bancshares, Inc. (“Hometown”), headquartered in Middlebourne, WV, jointly announced today their entry into an Agreement and Plan of Merger (the “Agreement”). Pursuant to this Agreement, First Community will acquire Hometown, and First Community’s banking subsidiary, First Community Bank, will acquire Hometown’s banking subsidiary, Union Bank, Inc. As of June 30, 2025, Union Bank had total assets of approximately $402 million. Upon completion of the transaction, First Community is expected to have total consolidated assets of approximately $3.6 billion with 60 branch locations in four states.

    This merger aligns with First Community’s strategic focus on growing low-cost core deposits and positions the combined entity to expand its presence in the Parkersburg-Marietta-Vienna MSA. “First Community has a 150-year history of community banking excellence in West Virginia. Our partnership with Hometown and Union Bank is a natural expansion into West Virginia markets that are similar in size and makeup to the locations where we’ve had great success across our broader banking footprint. We look forward to bringing the two franchises together to better serve our customers and local communities” said Gary R. Mills, President and CEO of First Community Bank.

    Tim Aiken, President, CEO and Director of Hometown and Union Bank, commented, “When considering a long-term partner, we sought a community-minded bank that shares our commitment to providing top-tier banking services with that personal touch. Also, First Community Bank will bring services to our communities that Union Bank currently does not provide, such as Trust and Wealth Management services. We are confident that our combined franchise will serve our communities well and continue to create value for our customers, shareholders, and employees.”

    “We are pleased to announce our partnership with Union Bank. This collaboration will further strengthen our robust banking franchise in West Virginia. We believe First Community will benefit from Union’s strong deposit base, while Union’s customers will enjoy the advantages of increased scale, higher lending limits, and enhanced product and technology offerings from First Community,” said William (Will) P. Stafford, II, Chairman and Chief Executive Officer of First Community.

    The Agreement provides for the merger of Hometown with and into First Community, with First Community as the surviving corporation. Under the terms of the Agreement, each outstanding share of Hometown common stock will be converted into the right to receive 11.706 shares of First Community common stock, which equates to $472.10 per share of Hometown common stock and an aggregate transaction value of approximately $41.5 million based on a closing price for First Community common stock of $40.33 as of July 18, 2025. First Community expects the transaction to be minimally dilutive to tangible book value per share (non-GAAP) and to provide high-single digit accretion to earnings per share.

    The transaction, which received unanimous approval from both First Community’s and Hometown’s Boards of Directors, is subject to customary closing conditions, including the approval of Hometown’s shareholders and the receipt of all required regulatory approvals. The transaction is expected to be consummated in the first quarter of 2026. At that time, First Community anticipates welcoming Union Bank’s Chief Executive Officer, Tim Aiken, to the First Community team.

    D.A. Davidson & Co. served as financial advisor to First Community, and Bowles Rice LLP served as legal counsel. Hovde Group, LLC served as financial advisor to Hometown, and Hunton Andrews Kurth LLP served as legal counsel.

    About First Community Bankshares, Inc.

    First Community is a financial holding company headquartered in Bluefield, Virginia that provides banking products and services through its wholly owned subsidiary First Community Bank. First Community Bank operates 52 branch banking locations in Virginia, West Virginia, North Carolina, and Tennessee. The company reported consolidated assets of $3.2 billion as of March 31, 2025. The company’s common stock is listed on the NASDAQ Global Select Market under the trading symbol “FCBC.” Additional investor information is available on the company’s website at www.firstcommunitybank.com.

    About Hometown Bancshares, Inc.

    Hometown, located in Middlebourne, WV, offers banking products and services through its wholly owned subsidiary Union Bank. Union Bank operates eight locations in Northern West Virginia and has assets totaling $402 million as of June 30, 2025. Union Bank is committed to providing exceptional service to its customers while being an exemplary corporate citizen in the communities it serves.

    Investor Contacts:

    David D. Brown
    Chief Financial Officer
    First Community Bankshares, Inc.
    Phone: (276) 326-9000

    Important Information for Shareholders
    This press release shall not constitute an offer to sell, the solicitation of an offer to sell, or the solicitation of an offer to buy any securities or the solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In connection with the proposed transaction, First Community Bankshares, Inc. (“First Community or FCBC”) will file a registration statement on Form S-4 with the Securities and Exchange Commission (the “SEC”), which will contain the proxy statement of Hometown Bancshares, Inc. (“Hometown”) and a prospectus of First Community. Shareholders of Hometown are encouraged to read the registration statement, including the proxy statement/prospectus that will be part of the registration statement, because it will contain important information about the proposed transaction, Hometown, and First Community. After the registration statement is filed with the SEC, the proxy statement/prospectus and other relevant documents will be mailed to Hometown shareholders and will be available for free on the SEC’s website (www.sec.gov) and First Community’s website at https://ir.fcbresource.com under the tab “SEC Filings”. The proxy statement/prospectus will also be made available for free by contacting the Corporate Secretary of First Community at P.O. Box 989, Bluefield, Virginia 24605-0989; telephone (276) 326-9000. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

    Participants in the Transactions
    First Community, Hometown and their respective directors, executive officers and certain other members of management and employees may be deemed “participants” in the solicitation of proxies from Hometown’s shareholders in favor of the merger with First Community. Information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Hometown shareholders in connection with the proposed merger will be set forth in the proxy statement/prospectus when it is filed with the SEC.

    You can find information about the executive officers and directors of First Community in its Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on March 7, 2025, and in its definitive proxy statement filed with the SEC on March 10, 2025. You can find information about Hometown’s executive officers and directors by accessing Hometown’s website at www.hometownbanc.bank under the tab “About Union Bank” and then under the heading “About Us”. You can obtain free copies of these documents from First Community using the contact information above.

    Forward-Looking Statements
    This joint press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements, including statements regarding the intent, belief, or current expectations of First Community’s management regarding the company’s strategic direction, prospects, or future results or the benefits of the proposed transaction, are subject to numerous risks and uncertainties. These forward-looking statements are based upon the current beliefs and expectations of the respective managements of First Community and Hometown and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of First Community and Hometown. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the risk that the cost savings and revenue synergies anticipated in connection with the proposed transaction may not be realized or may take longer than anticipated to be realized, (2) disruption from the proposed transaction with customers, suppliers, or employee or other business relationships, (3) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Agreement and plan of merger, (4) the risk of successful integration of the two organizations’ businesses, (5) the failure of Hometown shareholders to approve the proposed transaction, (6) the amount of costs, fees, expenses, and charges related to the proposed transaction, (7) the ability to obtain required governmental and regulatory approvals for the proposed transaction, (8) reputational risk and the reaction of the parties’ customers to the proposed transaction, (9) the failure of the conditions to closing of the proposed transaction to be satisfied, (10) the risk that the integration of Hometown’s operations with those of First Community will be materially delayed or will be more costly or difficult than expected, (11) the possibility that the proposed transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (12) the dilution caused by First Community’s issuance of additional shares of its common stock in the proposed transaction, (13) changes in management’s plans for the future, (14) prevailing economic and political conditions, particularly in our market areas, (15) credit risk associated with our lending activities, (16) changes in interest rates, loan demand, real estate values, and competition, (17) changes in accounting principles, policies, or guidelines, (18) changes in applicable laws, rules, or regulations, and (19) other competitive, economic, political, and market factors affecting our business, operations, pricing, products, and services. Certain additional factors which could affect the forward-looking statements can be found in First Community’s annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K, in each case filed with or furnished to the SEC and available on the SEC’s website at http://www.sec.gov. First Community and Hometown caution that the foregoing list of factors is not exclusive. All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to First Community or Hometown or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. First Community and Hometown disclaim any obligation to update or revise any forward-looking statements contained in this press release, which speak only as of the date hereof, whether as a result of new information, future events, or otherwise.

    The MIL Network

  • MIL-OSI Economics: RBI imposes monetary penalty on Motiram Agrawal Jalna Merchants Co-operative Bank Limited, Jalna, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated July 16, 2025, imposed a monetary penalty of ₹6 lakh (Rupees Six Lakh only) on Motiram Agrawal Jalna Merchants Co-operative Bank Limited, Jalna, Maharashtra (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and advances to directors, relatives and firms / concerns in which they are interested’ and ‘Limits on exposure to single and group borrowers / parties and large exposures and Revision in the target for priority sector lending – UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI, with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    The bank had sanctioned:

    1. director related loans; and

    2. loans and advances to certain connected borrowers beyond the applicable group exposure limit.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/754

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on Sahyadri Sahakari Bank Ltd., Mumbai, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated July 18, 2025, imposed a monetary penalty of ₹20,000 (Rupees Twenty Thousand only) on Sahyadri Sahakari Bank Ltd., Mumbai, Maharashtra (the bank) for non-compliance with the specific directions issued by RBI under Supervisory Action Framework (SAF). This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had not reduced single borrower exposure limit, for fresh loans and advances, by 50% of the applicable regulatory limit in non-adherence to directions under SAF.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/753

    MIL OSI Economics

  • MIL-OSI Economics: RBI issues draft Master Direction – Digital Banking Channels Authorisation (Directions), 2025

    Source: Reserve Bank of India

    The Reserve Bank has released the draft Master Direction on ‘Digital Banking Channels Authorisation’. The comments on the draft Directions are invited from public/stakeholders till August 11, 2025. Comments/feedback may be submitted through the respective link under the ‘Connect 2 Regulate’ Section available on the RBI’s website or may alternatively be forwarded to:

    The Chief General Manager
    Registration and Authorisation Group
    Department of Regulation, Central Office
    Reserve Bank of India, 12th Floor,
    Shahid Bhagat Singh Marg,
    Fort Mumbai – 400 001
    Or
    by email.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/752

    MIL OSI Economics

  • MIL-OSI Economics: RBI imposes monetary penalty on The Shahada Peoples Co-operative Bank Ltd., Shahada, Maharashtra

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated July 16, 2025, imposed a monetary penalty of ₹2 lakh (Rupees Two Lakh only) on The Shahada Peoples Co-operative Bank Ltd., Shahada, Maharashtra (the bank), for non-compliance with certain directions issued by RBI on ‘Income Recognition, Asset Classification, Provisioning and Other Related Matters – UCBs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 56 of the Banking Regulation Act, 1949.

    The statutory inspection of the bank was conducted by RBI with reference to its financial position as on March 31, 2024. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had regularised certain Non-Performing Accounts (NPAs) without repayment through genuine sources.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/755

    MIL OSI Economics