Category: Business

  • MIL-OSI: Hingham Savings Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., July 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2025.

    Earnings

    Net income for the quarter ended June 30, 2025 was $9,414,000 or $4.32 per share basic and $4.28 per share diluted, as compared to $4,102,000 or $1.88 per share basic and diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2025 was 8.43%, and the annualized return on average assets was 0.85%, as compared to 3.92% and 0.38% for the same period last year. Net income per share (diluted) for the second quarter of 2025 increased by 127.7% compared to the same period in 2024.

    Core net income for the quarter ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $7,453,000 or $3.42 per share basic and $3.39 per share diluted, as compared to $2,181,000 or $1.00 per share basic and per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2025 was 6.67% and the annualized core return on average assets was 0.67%, as compared to 2.08% and 0.20% for the same period last year. Core net income per share (diluted) for the second quarter of 2025 increased by 239.0% compared to the same period in 2024.

    Net income for the six months ended June 30, 2025 was $16,538,000 or $7.58 per share basic and $7.52 per share diluted, as compared to $10,970,000 or $5.04 per share basic and $5.01 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2025 was 7.45%, and the annualized return on average assets was 0.75%, as compared to 5.27% and 0.50% for the same period in 2024. Net income per share (diluted) for the first six months of 2025 increased by 50.1% over the same period in 2024.

    Core net income for the six months ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $13,578,000 or $6.23 per share basic and $6.17 per share diluted, as compared to $4,395,000 or $2.02 per share basic and $2.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2025 was 6.12%, and the annualized core return on average assets was 0.61%, as compared to 2.11% and 0.20% for the same period in 2024. Core net income per share (diluted) for the first six months of 2025 increased by 207.0% over the same period in 2024.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first six months of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.539 billion at June 30, 2025, representing 3.7% annualized growth year-to-date and a 0.4% increase from June 30, 2024.

    Net loans increased to $3.932 billion at June 30, 2025, representing 3.0% annualized growth year-to-date and stable when compared to June 30, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits were $1.998 billion at June 30, 2025, flat year-to-date and representing 4.0% growth from June 30, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $437.6 million at June 30, 2025, representing 20.2% annualized growth year-to-date and 27.5% growth from June 30, 2024, while interest-bearing deposits fell, reflecting some specific customer business needs.

    Growth in non-interest bearing deposits in the first six months of 2025 continued to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service time deposits, were $2.052 billion at June 30, 2025 representing 6.0% annualized growth year-to-date and a 4.4% decline from June 30, 2024, as the Bank used these funds to replace certain commercial deposits in the second quarter of 2025. In the first six months of 2025, the Bank continued to manage its wholesale funding mix to lower its cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $480.1 million at June 30, 2025, representing a 6.0% annualized decline year-to-date and a 3.5% decline from June 30, 2024. Borrowings from the FHLB totaled $1.572 billion at June 30, 2025, representing 10.0% annualized growth from December 31, 2024, and a 4.7% decline from June 30, 2024. As of June 30, 2025, the Bank maintained an additional $802.8 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $360.6 million in cash and cash equivalents.

    Book value per share was $204.36 as of June 30, 2025, representing 6.4% annualized growth year-to-date and 6.8% growth from June 30, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2024.

    On June 25, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 13, 2025 to stockholders of record as of August 4, 2025. This will be the Bank’s 126th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations and share repurchases. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended June 30, 2025 increased 16 basis points to 1.66%, as compared to 1.50% in the quarter ended March 31, 2025. This was the fifth consecutive quarter of continued expansion, despite the Federal Reserve’s federal funds rate target range remaining unchanged in 2025. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 10 basis points in the second quarter of 2025, as the Bank’s retail and commercial deposits continued to reprice at lower rates, and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by 5 basis points in the second quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The net interest margin in the final month of the second quarter of 2025 was 1.72% annualized.

    Key credit and operational metrics remained acceptable in the second quarter of 2025. At June 30, 2025, non-performing assets totaled 0.70% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at June 30, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.81% at June 30, 2025, compared to 0.04% at both December 31, 2024 and June 30, 2024. The Bank did not record any charge-offs in the first six months of 2025 or 2024. In the second quarter of 2025, the Bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. This loan is secured by an entitled development site for a significant multifamily development in Washington, D.C. and has an associated conditional guarantee from a large national homebuilder and an affordable housing developer. The Bank is working actively to identify a resolution that protects the Bank’s interests. The remaining non-performing assets and loans cited above were and are residential, owner-occupant loans.

    As of June 30, 2025, the Bank only had the single above-mentioned non-performing commercial real estate loan, and no other commercial real estate delinquent loans. The Bank did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or June 30, 2024. The Bank did not own any foreclosed property at June 30, 2025, December 31, 2024 or June 30, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 41.17% for the second quarter of 2025, as compared to 45.82% in the prior quarter and 68.57% for the same period last year. Operating expenses as a percentage of average assets were 0.68% for the second quarter of 2025, as compared to 0.68% for the prior quarter and 0.67% for the same period last year. This reflects, in part, continuing investment in deposit-gathering infrastructure and relatively stable average assets from period to period. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2025 remained somewhat lower than our long-term performance expectations, although they have recovered significantly. Returns in our core business continue to improve steadily, driven by a continued expansion in the net interest margin through asset repricing, falling funding costs, and growth in non-interest bearing deposits. Our operational leverage remains critical to generating satisfactory returns and we remain focused on rigorous cost control and continuous operational improvement. Although our investment returns are likely to remain volatile in any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While this period has been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over the long-term. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about August 6, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
      2024   2025   2024   2025
    (Unaudited)                      
                           
    Key Performance Ratios                      
    Return on average assets (1) 0.38 %   0.85 %   0.50 %   0.75 %
    Return on average equity (1) 3.92     8.43     5.27     7.45  
    Core return on average assets (1) (5) 0.20     0.67     0.20     0.61  
    Core return on average equity (1) (5) 2.08     6.67     2.11     6.12  
    Interest rate spread (1) (2) 0.25     0.95     0.19     0.87  
    Net interest margin (1) (3) 0.96     1.66     0.91     1.58  
    Operating expenses to average assets (1) 0.67     0.68     0.67     0.68  
    Efficiency ratio (4) 68.57     41.17     72.63     43.36  
    Average equity to average assets 9.59     10.05     9.56     10.02  
    Average interest-earning assets to average interest-bearing liabilities 119.93     122.94     119.92     122.60  
      June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.68 %   0.69 %     0.70 %
    Allowance for credit losses/non-performing loans   1,577.28     1,775.00       86.97  
                         
    Non-performing loans/total loans   0.04     0.04       0.81  
    Non-performing loans/total assets   0.04     0.03       0.70  
    Non-performing assets/total assets   0.04     0.03       0.70  
                         
    Share Related                    
    Book value per share $ 191.34     $ 198.03     $ 204.36  
    Market value per share $ 178.88     $ 254.14     $ 248.35  
    Shares outstanding at end of period   2,180,250       2,180,250       2,181,250  
    (1)   Annualized.
         
    (2)   Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
         
    (3)   Net interest margin represents net interest income divided by average interest-earning assets.
         
    (4)   The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
         
    (5)   Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
               
    (In thousands, except share amounts) June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
    ASSETS  
                           
    Cash and due from banks $ 5,990     $ 4,183     $ 8,470  
    Federal Reserve and other short-term investments   363,151       347,647       352,144  
    Cash and cash equivalents   369,141       351,830       360,614  
                           
    CRA investment   8,722       8,769       8,928  
    Other marketable equity securities   83,860       104,575       113,761  
    Securities, at fair value   92,582       113,344       122,689  
    Securities held to maturity, at amortized cost   6,493       6,493       6,494  
    Federal Home Loan Bank stock, at cost   66,189       61,022       64,659  
    Loans, net of allowance for credit losses of $26,940 at June 30, 2024, $26,980 at December 31, 2024 and $27,730 at June 30, 2025   3,933,419       3,873,662       3,931,663  
    Bank-owned life insurance   13,805       13,980       14,143  
    Premises and equipment, net   16,676       16,397       16,180  
    Accrued interest receivable   9,082       8,774       8,962  
    Other assets   13,344       12,269       13,753  
    Total assets $ 4,520,731     $ 4,457,771     $ 4,539,157  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
                           
    Interest-bearing deposits $ 2,075,002     $ 2,094,626     $ 2,040,271  
    Non-interest-bearing deposits   343,262       397,469       437,608  
    Total deposits   2,418,264       2,492,095       2,477,879  
    Federal Home Loan Bank advances   1,648,675       1,497,000       1,572,000  
    Mortgagors’ escrow accounts   14,577       16,699       18,478  
    Accrued interest payable   12,242       8,244       12,959  
    Deferred income tax liability, net   989       3,787       4,629  
    Other liabilities   8,806       8,191       7,460  
    Total liabilities   4,103,553       4,026,016       4,093,405  
                           
    Stockholders’ equity:                      
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued                
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,180,250 shares issued and outstanding at June 30, 2024 and December 31, 2024, and 2,181,250 shares issued and outstanding at June 30, 2025   2,180       2,180       2,181  
    Additional paid-in capital   15,467       15,571       15,777  
    Undivided profits   399,531       414,004       427,794  
    Total stockholders’ equity   417,178       431,755       445,752  
    Total liabilities and stockholders’ equity $ 4,520,731     $ 4,457,771     $ 4,539,157  
                           
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
    (In thousands, except per share amounts) 2024
      2025
      2024   2025
    (Unaudited)                      
    Interest and dividend income:                            
      Loans $ 44,665     $ 46,752     $ 87,785     $ 91,973  
      Debt securities   87       97       132       192  
      Equity securities   1,551       1,365       3,001       2,816  
      Federal Reserve and other short-term investments   2,745       3,072       5,572       6,127  
        Total interest and dividend income   49,048       51,286       96,490       101,108  
    Interest expense:                              
      Deposits   22,141       17,841       43,287       36,462  
      Federal Home Loan Bank   16,539       15,406       33,751       30,571  
        Total interest expense   38,680       33,247       77,038       67,033  
        Net interest income   10,368       18,039       19,452       34,075  
    Provision for credit losses   180       450       288       750  
      Net interest income, after provision for credit losses   10,188       17,589       19,164       33,325  
    Other income:                              
      Customer service fees on deposits   138       139       275       274  
      Increase in cash surrender value of bank-owned life insurance   82       79       163       163  
      Gain on equity securities, net   2,464       2,516       8,434       3,797  
      Miscellaneous   49       73       104       122  
        Total other income   2,733       2,807       8,976       4,356  
    Operating expenses:                              
      Salaries and employee benefits   4,234       4,392       8,531       8,859  
      Occupancy and equipment   394       417       825       856  
      Data processing   738       758       1,493       1,482  
      Deposit insurance   819       784       1,629       1,532  
      Foreclosure and related   14       14       46       24  
      Marketing   187       222       276       358  
      Other general and administrative   908       959       1,721       1,905  
        Total operating expenses   7,294       7,546       14,521       15,016  
    Income before income taxes   5,627       12,850       13,619       22,665  
    Income tax provision   1,525       3,436       2,649       6,127  
        Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
                                       
    Cash dividends declared per common share $ 0.63     $ 0.63     $ 1.26     $ 1.26  
                                   
    Weighted average shares outstanding:                              
      Basic   2,180       2,181       2,175       2,181  
      Diluted   2,186       2,200       2,189       2,200  
                                       
    Earnings per share:                              
      Basic $ 1.88     $ 4.32     $ 5.04     $ 7.58  
      Diluted $ 1.88     $ 4.28     $ 5.01     $ 7.52  
                                     
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
      Three Months Ended
      June 30, 2024   March 31, 2025   June 30, 2025
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                    
    Assets                                                    
    Loans (1) (2) $ 3,980,111   $ 44,665   4.49 %   $ 3,929,828   $ 45,221   4.67 %   $ 3,952,477   $ 46,752   4.74 %
    Securities (3) (4)   119,477     1,638   5.48       130,674     1,546   4.80       135,541     1,462   4.33  
    Short-term investments (5)   202,379     2,745   5.43       278,722     3,055   4.45       277,146     3,072   4.45  
    Total interest-earning assets   4,301,967     49,048   4.56       4,339,224     49,822   4.66       4,365,164     51,286   4.71  
    Other assets   66,218                 79,209                 78,230            
    Total assets $ 4,368,185               $ 4,418,433               $ 4,443,394            
                                                         
    Liabilities and stockholders’ equity:                                                    
    Interest-bearing deposits (6) $ 2,149,753   $ 22,141   4.12 %   $ 2,141,294   $ 18,621   3.53 %   $ 2,102,662   $ 17,841   3.40 %
    Borrowed funds   1,437,335     16,539   4.60       1,407,844     15,165   4.37       1,448,078     15,406   4.27  
    Total interest-bearing liabilities   3,587,088     38,680   4.31       3,549,138     33,786   3.86       3,550,740     33,247   3.76  
    Non-interest-bearing deposits   346,663                 413,877                 429,537            
    Other liabilities   15,503                 14,464                 16,378            
    Total liabilities   3,949,254                 3,977,479                 3,996,655            
    Stockholders’ equity   418,931                 440,954                 446,739            
    Total liabilities and stockholders’ equity $ 4,368,185               $ 4,418,433               $ 4,443,394            
    Net interest income       $ 10,368               $ 16,036               $ 18,039      
                                                         
    Weighted average interest rate spread             0.25 %               0.80 %               0.95 %
                                                         
    Net interest margin (7)             0.96 %               1.50 %               1.66 %
    Average interest-earning assets to average interest-bearing liabilities (8) 119.93 %   122.26 %   122.94 %  
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
         
      Six Months Ended June 30,  
      2024     2025  
      Average
    Balance (9)
      Interest   Yield/
    Rate (10)
        Average
    Balance (9)
      Interest   Yield/
    Rate (10)
     
    (Dollars in thousands)                                  
    (Unaudited)                                  
                                       
    Loans (1) (2) $ 3,968,123   $ 87,785   4.42 %   $ 3,941,215   $ 91,973   4.71 %
    Securities (3) (4)   117,840     3,133   5.32       133,121     3,008   4.56  
    Short-term investments (5)   205,312     5,572   5.43       277,930     6,127   4.45  
    Total interest-earning assets   4,291,275     96,490   4.50       4,352,266     101,108   4.68  
    Other assets   65,126                 78,717            
    Total assets $ 4,356,401               $ 4,430,983            
                                       
    Interest-bearing deposits (6) $ 2,124,302   $ 43,287   4.08 %   $ 2,121,871   $ 36,462   3.47 %
    Borrowed funds   1,454,181     33,751   4.64       1,428,072     30,571   4.32  
    Total interest-bearing liabilities   3,578,483     77,038   4.31       3,549,943     67,033   3.81  
    Non-interest-bearing deposits   346,399                 421,750            
    Other liabilities   14,882                 15,428            
    Total liabilities   3,939,764                 3,987,121            
    Stockholders’ equity   416,637                 443,862            
    Total liabilities and stockholders’ equity $ 4,356,401               $ 4,430,983            
    Net interest income       $ 19,452               $ 34,075      
                                       
    Weighted average interest rate spread             0.19 %               0.87 %
                                       
    Net interest margin (7)             0.91 %               1.58 %
                                       
    Average interest-earning assets
    to average interest-bearing
    liabilities (8)
      119.92 %               122.60 %          
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended
      June 30,   June 30,
    (In thousands, unaudited) 2024   2025   2024   2025
                       
    Non-GAAP reconciliation:                      
    Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
    Gain on equity securities, net   (2,464 )     (2,516 )     (8,434 )     (3,797 )
    Income tax expense (1)   543       555       1,859       837  
    Core net income $ 2,181     $ 7,453     $ 4,395     $ 13,578  
    (1)   The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
         

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended  
      June 30,
      March 31,
      June 30,
      June 30,  
    (In thousands, unaudited) 2024   2025   2025   2024   2025  
                                         
    Non-U.S. GAAP efficiency ratio calculation:                                    
    Operating expenses $ 7,294       $ 7,470       $ 7,546     $ 14,521       $ 15,016    
                                         
    Net interest income $ 10,368       $ 16,036       $ 18,039     $ 19,452       $ 34,075    
    Other income   2,733         1,549         2,807       8,976         4,356    
    Gain on equity securities, net   (2,464 )       (1,281 )       (2,516 )     (8,434 )       (3,797 )  
    Total revenue $ 10,637       $ 16,304       $ 18,330     $ 19,994       $ 34,634    
                                         
    Efficiency ratio   68.57   %     45.82   %     41.17   %   72.63   %     43.36   %
                                                   

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network

  • MIL-OSI: Hingham Savings Reports Second Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    HINGHAM, Mass., July 11, 2025 (GLOBE NEWSWIRE) — HINGHAM INSTITUTION FOR SAVINGS (NASDAQ: HIFS), Hingham, Massachusetts announced results for the quarter ended June 30, 2025.

    Earnings

    Net income for the quarter ended June 30, 2025 was $9,414,000 or $4.32 per share basic and $4.28 per share diluted, as compared to $4,102,000 or $1.88 per share basic and diluted for the same period last year. The Bank’s annualized return on average equity for the second quarter of 2025 was 8.43%, and the annualized return on average assets was 0.85%, as compared to 3.92% and 0.38% for the same period last year. Net income per share (diluted) for the second quarter of 2025 increased by 127.7% compared to the same period in 2024.

    Core net income for the quarter ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $7,453,000 or $3.42 per share basic and $3.39 per share diluted, as compared to $2,181,000 or $1.00 per share basic and per share diluted for the same period last year. The Bank’s annualized core return on average equity for the second quarter of 2025 was 6.67% and the annualized core return on average assets was 0.67%, as compared to 2.08% and 0.20% for the same period last year. Core net income per share (diluted) for the second quarter of 2025 increased by 239.0% compared to the same period in 2024.

    Net income for the six months ended June 30, 2025 was $16,538,000 or $7.58 per share basic and $7.52 per share diluted, as compared to $10,970,000 or $5.04 per share basic and $5.01 per share diluted for the same period last year. The Bank’s annualized return on average equity for the first six months of 2025 was 7.45%, and the annualized return on average assets was 0.75%, as compared to 5.27% and 0.50% for the same period in 2024. Net income per share (diluted) for the first six months of 2025 increased by 50.1% over the same period in 2024.

    Core net income for the six months ended June 30, 2025, which represents net income excluding the after-tax net gain on equity securities, both realized and unrealized, was $13,578,000 or $6.23 per share basic and $6.17 per share diluted, as compared to $4,395,000 or $2.02 per share basic and $2.01 per share diluted for the same period last year. The Bank’s annualized core return on average equity for the first six months of 2025 was 6.12%, and the annualized core return on average assets was 0.61%, as compared to 2.11% and 0.20% for the same period in 2024. Core net income per share (diluted) for the first six months of 2025 increased by 207.0% over the same period in 2024.

    See Page 10 for a reconciliation between Generally Accepted Accounting Principles (“GAAP”) net income and Non-GAAP core net income. GAAP requires that gains and losses on equity securities, net of tax, realized and unrealized, be recognized in the Consolidated Statements of Income. In calculating core net income, the Bank did not make any adjustments other than those relating to the after-tax net gain on equity securities, both realized and unrealized. In the first six months of 2024, both net income and core net income were positively impacted by lower income tax expense driven by excess tax benefit associated with the exercise of stock options and the revision of state income tax estimates.

    Balance Sheet

    Total assets increased to $4.539 billion at June 30, 2025, representing 3.7% annualized growth year-to-date and a 0.4% increase from June 30, 2024.

    Net loans increased to $3.932 billion at June 30, 2025, representing 3.0% annualized growth year-to-date and stable when compared to June 30, 2024. Origination activity was concentrated in the Boston and Washington D.C. markets and remained focused on stabilized multifamily commercial real estate.

    Retail and commercial deposits were $1.998 billion at June 30, 2025, flat year-to-date and representing 4.0% growth from June 30, 2024. Non-interest-bearing deposits, included in retail and commercial deposits, were $437.6 million at June 30, 2025, representing 20.2% annualized growth year-to-date and 27.5% growth from June 30, 2024, while interest-bearing deposits fell, reflecting some specific customer business needs.

    Growth in non-interest bearing deposits in the first six months of 2025 continued to reflect the Bank’s focus on developing and deepening deposit relationships with new and existing commercial and non-profit customers. The Bank continues to invest in its Specialized Deposit Group, actively recruiting for talented relationship managers in Boston, Washington, and San Francisco, particularly as respected competitors exit these markets or merge with larger regional banks.

    The stability of the Bank’s balance sheet, as well as full and unlimited deposit insurance through the Bank’s participation in the Massachusetts Depositors Insurance Fund, continues to appeal to customers in times of uncertainty.

    Wholesale funds, which includes Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits, and Internet listing service time deposits, were $2.052 billion at June 30, 2025 representing 6.0% annualized growth year-to-date and a 4.4% decline from June 30, 2024, as the Bank used these funds to replace certain commercial deposits in the second quarter of 2025. In the first six months of 2025, the Bank continued to manage its wholesale funding mix to lower its cost of funds while taking advantage of the inverted yield curve at certain durations by adding lower rate longer term liabilities. Wholesale deposits, which include brokered and Internet listing service time deposits, were $480.1 million at June 30, 2025, representing a 6.0% annualized decline year-to-date and a 3.5% decline from June 30, 2024. Borrowings from the FHLB totaled $1.572 billion at June 30, 2025, representing 10.0% annualized growth from December 31, 2024, and a 4.7% decline from June 30, 2024. As of June 30, 2025, the Bank maintained an additional $802.8 million in immediately available borrowing capacity at the FHLB of Boston and the Federal Reserve Bank, in addition to $360.6 million in cash and cash equivalents.

    Book value per share was $204.36 as of June 30, 2025, representing 6.4% annualized growth year-to-date and 6.8% growth from June 30, 2024. In addition to the increase in book value per share, the Bank declared $2.52 in dividends per share since June 30, 2024.

    On June 25, 2025, the Bank declared a regular cash dividend of $0.63 per share. This dividend will be paid on August 13, 2025 to stockholders of record as of August 4, 2025. This will be the Bank’s 126th consecutive quarterly dividend.

    The Bank has also generally declared special cash dividends in each of the last thirty years, typically in the fourth quarter, but did not declare a special dividend in 2024 and 2023. The Bank sets the level of the special dividend based on the Bank’s capital requirements and the prospective return on other capital allocation options, particularly the incremental return on capital from new loan originations and share repurchases. This may result in special dividends, if any, significantly above or below the regular quarterly dividend. Future regular and special dividends will be considered by the Board of Directors on a quarterly basis.

    Operational Performance Metrics

    The net interest margin for the quarter ended June 30, 2025 increased 16 basis points to 1.66%, as compared to 1.50% in the quarter ended March 31, 2025. This was the fifth consecutive quarter of continued expansion, despite the Federal Reserve’s federal funds rate target range remaining unchanged in 2025. This improvement was the result of a decline in the cost of interest-bearing liabilities, combined with an increase in the yield on interest-earning assets. The cost of interest-bearing liabilities fell 10 basis points in the second quarter of 2025, as the Bank’s retail and commercial deposits continued to reprice at lower rates, and the Bank continued to take advantage of the inverted yield curve by adding lower rate FHLB advances and brokered deposits. The yield on interest-earning assets increased by 5 basis points in the second quarter of 2025, driven primarily by a higher yield on loans, as the Bank continued to originate loans at higher rates and reprice existing loans. The net interest margin in the final month of the second quarter of 2025 was 1.72% annualized.

    Key credit and operational metrics remained acceptable in the second quarter of 2025. At June 30, 2025, non-performing assets totaled 0.70% of total assets, compared to 0.03% at December 31, 2024 and 0.04% at June 30, 2024. Non-performing loans as a percentage of the total loan portfolio totaled 0.81% at June 30, 2025, compared to 0.04% at both December 31, 2024 and June 30, 2024. The Bank did not record any charge-offs in the first six months of 2025 or 2024. In the second quarter of 2025, the Bank placed a commercial real estate loan with an outstanding balance of $30.6 million on nonaccrual, after the borrower failed to make the full payment due at maturity. This loan is secured by an entitled development site for a significant multifamily development in Washington, D.C. and has an associated conditional guarantee from a large national homebuilder and an affordable housing developer. The Bank is working actively to identify a resolution that protects the Bank’s interests. The remaining non-performing assets and loans cited above were and are residential, owner-occupant loans.

    As of June 30, 2025, the Bank only had the single above-mentioned non-performing commercial real estate loan, and no other commercial real estate delinquent loans. The Bank did not have any delinquent or non-performing commercial real estate loans as of December 31, 2024 or June 30, 2024. The Bank did not own any foreclosed property at June 30, 2025, December 31, 2024 or June 30, 2024.

    The efficiency ratio, as defined on page 5 below, decreased to 41.17% for the second quarter of 2025, as compared to 45.82% in the prior quarter and 68.57% for the same period last year. Operating expenses as a percentage of average assets were 0.68% for the second quarter of 2025, as compared to 0.68% for the prior quarter and 0.67% for the same period last year. This reflects, in part, continuing investment in deposit-gathering infrastructure and relatively stable average assets from period to period. As the efficiency ratio can be significantly influenced by the level of net interest income, the Bank utilizes these paired figures together to assess its operational efficiency over time. During periods of significant net interest income volatility, the efficiency ratio in isolation may over or understate the underlying operational efficiency of the Bank. The Bank remains focused on reducing waste through an ongoing process of continuous improvement and standard work that supports operational leverage.

    Chairman Robert H. Gaughen Jr. stated, “Returns on equity and assets in the second quarter of 2025 remained somewhat lower than our long-term performance expectations, although they have recovered significantly. Returns in our core business continue to improve steadily, driven by a continued expansion in the net interest margin through asset repricing, falling funding costs, and growth in non-interest bearing deposits. Our operational leverage remains critical to generating satisfactory returns and we remain focused on rigorous cost control and continuous operational improvement. Although our investment returns are likely to remain volatile in any individual period, they continue to contribute meaningfully to growth in book value per share over time.

    While this period has been extraordinarily challenging, the Bank’s business model has been built to compound shareholder capital over the long-term. We remain focused on careful capital allocation, defensive underwriting and rigorous cost control – the building blocks for compounding shareholder capital through all stages of the economic cycle. These remain constant, regardless of the macroeconomic environment in which we operate.”

    The Bank’s quarterly financial results are summarized in this earnings release, but shareholders are encouraged to read the Bank’s quarterly report on Form 10-Q, which is generally available several weeks after the earnings release. The Bank expects to file Form 10-Q for the quarter ended June 30, 2025 with the Federal Deposit Insurance Corporation (FDIC) on or about August 6, 2025.

    Incorporated in 1834, Hingham Institution for Savings is one of America’s oldest banks. The Bank maintains offices in Boston, Nantucket, Washington, D.C., and San Francisco.

    The Bank’s shares of common stock are listed and traded on The NASDAQ Stock Market under the symbol HIFS.

     
    HINGHAM INSTITUTION FOR SAVINGS
    Selected Financial Ratios
           
      Three Months Ended
    June 30,
      Six Months Ended
    June 30,
      2024   2025   2024   2025
    (Unaudited)                      
                           
    Key Performance Ratios                      
    Return on average assets (1) 0.38 %   0.85 %   0.50 %   0.75 %
    Return on average equity (1) 3.92     8.43     5.27     7.45  
    Core return on average assets (1) (5) 0.20     0.67     0.20     0.61  
    Core return on average equity (1) (5) 2.08     6.67     2.11     6.12  
    Interest rate spread (1) (2) 0.25     0.95     0.19     0.87  
    Net interest margin (1) (3) 0.96     1.66     0.91     1.58  
    Operating expenses to average assets (1) 0.67     0.68     0.67     0.68  
    Efficiency ratio (4) 68.57     41.17     72.63     43.36  
    Average equity to average assets 9.59     10.05     9.56     10.02  
    Average interest-earning assets to average interest-bearing liabilities 119.93     122.94     119.92     122.60  
      June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
               
    Asset Quality Ratios          
    Allowance for credit losses/total loans   0.68 %   0.69 %     0.70 %
    Allowance for credit losses/non-performing loans   1,577.28     1,775.00       86.97  
                         
    Non-performing loans/total loans   0.04     0.04       0.81  
    Non-performing loans/total assets   0.04     0.03       0.70  
    Non-performing assets/total assets   0.04     0.03       0.70  
                         
    Share Related                    
    Book value per share $ 191.34     $ 198.03     $ 204.36  
    Market value per share $ 178.88     $ 254.14     $ 248.35  
    Shares outstanding at end of period   2,180,250       2,180,250       2,181,250  
    (1)   Annualized.
         
    (2)   Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
         
    (3)   Net interest margin represents net interest income divided by average interest-earning assets.
         
    (4)   The efficiency ratio is a non-GAAP measure that represents total operating expenses, divided by the sum of net interest income and total other income, excluding the net gain on equity securities, both realized and unrealized.
         
    (5)   Non-GAAP measurements that represent return on average assets and return on average equity, excluding the after-tax net gain on equity securities, both realized and unrealized.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Balance Sheets
               
    (In thousands, except share amounts) June 30,
    2024
      December 31,
    2024
      June 30,
    2025
    (Unaudited)                      
    ASSETS  
                           
    Cash and due from banks $ 5,990     $ 4,183     $ 8,470  
    Federal Reserve and other short-term investments   363,151       347,647       352,144  
    Cash and cash equivalents   369,141       351,830       360,614  
                           
    CRA investment   8,722       8,769       8,928  
    Other marketable equity securities   83,860       104,575       113,761  
    Securities, at fair value   92,582       113,344       122,689  
    Securities held to maturity, at amortized cost   6,493       6,493       6,494  
    Federal Home Loan Bank stock, at cost   66,189       61,022       64,659  
    Loans, net of allowance for credit losses of $26,940 at June 30, 2024, $26,980 at December 31, 2024 and $27,730 at June 30, 2025   3,933,419       3,873,662       3,931,663  
    Bank-owned life insurance   13,805       13,980       14,143  
    Premises and equipment, net   16,676       16,397       16,180  
    Accrued interest receivable   9,082       8,774       8,962  
    Other assets   13,344       12,269       13,753  
    Total assets $ 4,520,731     $ 4,457,771     $ 4,539,157  
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
                           
    Interest-bearing deposits $ 2,075,002     $ 2,094,626     $ 2,040,271  
    Non-interest-bearing deposits   343,262       397,469       437,608  
    Total deposits   2,418,264       2,492,095       2,477,879  
    Federal Home Loan Bank advances   1,648,675       1,497,000       1,572,000  
    Mortgagors’ escrow accounts   14,577       16,699       18,478  
    Accrued interest payable   12,242       8,244       12,959  
    Deferred income tax liability, net   989       3,787       4,629  
    Other liabilities   8,806       8,191       7,460  
    Total liabilities   4,103,553       4,026,016       4,093,405  
                           
    Stockholders’ equity:                      
    Preferred stock, $1.00 par value, 2,500,000 shares authorized, none issued                
    Common stock, $1.00 par value, 5,000,000 shares authorized; 2,180,250 shares issued and outstanding at June 30, 2024 and December 31, 2024, and 2,181,250 shares issued and outstanding at June 30, 2025   2,180       2,180       2,181  
    Additional paid-in capital   15,467       15,571       15,777  
    Undivided profits   399,531       414,004       427,794  
    Total stockholders’ equity   417,178       431,755       445,752  
    Total liabilities and stockholders’ equity $ 4,520,731     $ 4,457,771     $ 4,539,157  
                           
     
    HINGHAM INSTITUTION FOR SAVINGS
    Consolidated Statements of Income
               
          Three Months Ended   Six Months Ended
          June 30,   June 30,
    (In thousands, except per share amounts) 2024
      2025
      2024   2025
    (Unaudited)                      
    Interest and dividend income:                            
      Loans $ 44,665     $ 46,752     $ 87,785     $ 91,973  
      Debt securities   87       97       132       192  
      Equity securities   1,551       1,365       3,001       2,816  
      Federal Reserve and other short-term investments   2,745       3,072       5,572       6,127  
        Total interest and dividend income   49,048       51,286       96,490       101,108  
    Interest expense:                              
      Deposits   22,141       17,841       43,287       36,462  
      Federal Home Loan Bank   16,539       15,406       33,751       30,571  
        Total interest expense   38,680       33,247       77,038       67,033  
        Net interest income   10,368       18,039       19,452       34,075  
    Provision for credit losses   180       450       288       750  
      Net interest income, after provision for credit losses   10,188       17,589       19,164       33,325  
    Other income:                              
      Customer service fees on deposits   138       139       275       274  
      Increase in cash surrender value of bank-owned life insurance   82       79       163       163  
      Gain on equity securities, net   2,464       2,516       8,434       3,797  
      Miscellaneous   49       73       104       122  
        Total other income   2,733       2,807       8,976       4,356  
    Operating expenses:                              
      Salaries and employee benefits   4,234       4,392       8,531       8,859  
      Occupancy and equipment   394       417       825       856  
      Data processing   738       758       1,493       1,482  
      Deposit insurance   819       784       1,629       1,532  
      Foreclosure and related   14       14       46       24  
      Marketing   187       222       276       358  
      Other general and administrative   908       959       1,721       1,905  
        Total operating expenses   7,294       7,546       14,521       15,016  
    Income before income taxes   5,627       12,850       13,619       22,665  
    Income tax provision   1,525       3,436       2,649       6,127  
        Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
                                       
    Cash dividends declared per common share $ 0.63     $ 0.63     $ 1.26     $ 1.26  
                                   
    Weighted average shares outstanding:                              
      Basic   2,180       2,181       2,175       2,181  
      Diluted   2,186       2,200       2,189       2,200  
                                       
    Earnings per share:                              
      Basic $ 1.88     $ 4.32     $ 5.04     $ 7.58  
      Diluted $ 1.88     $ 4.28     $ 5.01     $ 7.52  
                                     
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
       
      Three Months Ended
      June 30, 2024   March 31, 2025   June 30, 2025
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
      Average
    Balance
    (9)
      Interest   Yield/
    Rate (10)
       
    (Dollars in thousands)  
    (Unaudited)                                                    
    Assets                                                    
    Loans (1) (2) $ 3,980,111   $ 44,665   4.49 %   $ 3,929,828   $ 45,221   4.67 %   $ 3,952,477   $ 46,752   4.74 %
    Securities (3) (4)   119,477     1,638   5.48       130,674     1,546   4.80       135,541     1,462   4.33  
    Short-term investments (5)   202,379     2,745   5.43       278,722     3,055   4.45       277,146     3,072   4.45  
    Total interest-earning assets   4,301,967     49,048   4.56       4,339,224     49,822   4.66       4,365,164     51,286   4.71  
    Other assets   66,218                 79,209                 78,230            
    Total assets $ 4,368,185               $ 4,418,433               $ 4,443,394            
                                                         
    Liabilities and stockholders’ equity:                                                    
    Interest-bearing deposits (6) $ 2,149,753   $ 22,141   4.12 %   $ 2,141,294   $ 18,621   3.53 %   $ 2,102,662   $ 17,841   3.40 %
    Borrowed funds   1,437,335     16,539   4.60       1,407,844     15,165   4.37       1,448,078     15,406   4.27  
    Total interest-bearing liabilities   3,587,088     38,680   4.31       3,549,138     33,786   3.86       3,550,740     33,247   3.76  
    Non-interest-bearing deposits   346,663                 413,877                 429,537            
    Other liabilities   15,503                 14,464                 16,378            
    Total liabilities   3,949,254                 3,977,479                 3,996,655            
    Stockholders’ equity   418,931                 440,954                 446,739            
    Total liabilities and stockholders’ equity $ 4,368,185               $ 4,418,433               $ 4,443,394            
    Net interest income       $ 10,368               $ 16,036               $ 18,039      
                                                         
    Weighted average interest rate spread             0.25 %               0.80 %               0.95 %
                                                         
    Net interest margin (7)             0.96 %               1.50 %               1.66 %
    Average interest-earning assets to average interest-bearing liabilities (8) 119.93 %   122.26 %   122.94 %  
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
    Net Interest Income Analysis
         
      Six Months Ended June 30,  
      2024     2025  
      Average
    Balance (9)
      Interest   Yield/
    Rate (10)
        Average
    Balance (9)
      Interest   Yield/
    Rate (10)
     
    (Dollars in thousands)                                  
    (Unaudited)                                  
                                       
    Loans (1) (2) $ 3,968,123   $ 87,785   4.42 %   $ 3,941,215   $ 91,973   4.71 %
    Securities (3) (4)   117,840     3,133   5.32       133,121     3,008   4.56  
    Short-term investments (5)   205,312     5,572   5.43       277,930     6,127   4.45  
    Total interest-earning assets   4,291,275     96,490   4.50       4,352,266     101,108   4.68  
    Other assets   65,126                 78,717            
    Total assets $ 4,356,401               $ 4,430,983            
                                       
    Interest-bearing deposits (6) $ 2,124,302   $ 43,287   4.08 %   $ 2,121,871   $ 36,462   3.47 %
    Borrowed funds   1,454,181     33,751   4.64       1,428,072     30,571   4.32  
    Total interest-bearing liabilities   3,578,483     77,038   4.31       3,549,943     67,033   3.81  
    Non-interest-bearing deposits   346,399                 421,750            
    Other liabilities   14,882                 15,428            
    Total liabilities   3,939,764                 3,987,121            
    Stockholders’ equity   416,637                 443,862            
    Total liabilities and stockholders’ equity $ 4,356,401               $ 4,430,983            
    Net interest income       $ 19,452               $ 34,075      
                                       
    Weighted average interest rate spread             0.19 %               0.87 %
                                       
    Net interest margin (7)             0.91 %               1.58 %
                                       
    Average interest-earning assets
    to average interest-bearing
    liabilities (8)
      119.92 %               122.60 %          
    (1)   Before allowance for credit losses.
    (2)   Includes non-accrual loans.
    (3)   Excludes the impact of the average net unrealized gain or loss on securities.
    (4)   Includes Federal Home Loan Bank stock.
    (5)   Includes cash held at the Federal Reserve Bank.
    (6)   Includes mortgagors’ escrow accounts.
    (7)   Net interest income divided by average total interest-earning assets.
    (8)   Total interest-earning assets divided by total interest-bearing liabilities.
    (9)   Average balances are calculated on a daily basis.
    (10)   Annualized based on the actual number of days in the period.
         
     
    HINGHAM INSTITUTION FOR SAVINGS
     Non-GAAP Reconciliation
     

    The Bank believes the presentation of the following non-GAAP financial measures provide useful supplemental information that is essential to an investor’s proper understanding of the results of operations and financial condition of the Bank. Management uses these measures in its analysis of the Bank’s performance. These non-GAAP measures should not be viewed as substitutes for the financial measures determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other banks.

    The table below presents the reconciliation between net income and core net income, a non-GAAP measurement that represents net income excluding the after-tax net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended
      June 30,   June 30,
    (In thousands, unaudited) 2024   2025   2024   2025
                       
    Non-GAAP reconciliation:                      
    Net income $ 4,102     $ 9,414     $ 10,970     $ 16,538  
    Gain on equity securities, net   (2,464 )     (2,516 )     (8,434 )     (3,797 )
    Income tax expense (1)   543       555       1,859       837  
    Core net income $ 2,181     $ 7,453     $ 4,395     $ 13,578  
    (1)   The equity securities are held in a tax-advantaged subsidiary corporation. The income tax effect of the gain on equity securities, net, was calculated using the effective tax rate applicable to the subsidiary.
         

    The table below presents the calculation of the efficiency ratio, a non-U.S. GAAP performance measure that management uses to assess operational efficiency which represents total operating expenses, divided by the sum of net interest income and total other income, excluding net gain on equity securities, both realized and unrealized.

      Three Months Ended   Six Months Ended  
      June 30,
      March 31,
      June 30,
      June 30,  
    (In thousands, unaudited) 2024   2025   2025   2024   2025  
                                         
    Non-U.S. GAAP efficiency ratio calculation:                                    
    Operating expenses $ 7,294       $ 7,470       $ 7,546     $ 14,521       $ 15,016    
                                         
    Net interest income $ 10,368       $ 16,036       $ 18,039     $ 19,452       $ 34,075    
    Other income   2,733         1,549         2,807       8,976         4,356    
    Gain on equity securities, net   (2,464 )       (1,281 )       (2,516 )     (8,434 )       (3,797 )  
    Total revenue $ 10,637       $ 16,304       $ 18,330     $ 19,994       $ 34,634    
                                         
    Efficiency ratio   68.57   %     45.82   %     41.17   %   72.63   %     43.36   %
                                                   

    CONTACT: Patrick R. Gaughen, President and Chief Operating Officer (781) 783-1761

    The MIL Network

  • MIL-OSI USA: SBA Opens Business Recovery Center in Kerrville to Help Businesses Impacted by July Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of an SBA Business Recovery Center (BRC) in Kerr County to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds and flooding beginning July 2.

    Beginning Friday, July 11, SBA customer service representatives will be on hand at the Business Recovery Center in Kerrville to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    KERR COUNTY

    Business Recovery Center

    The YES Center at First Presbyterian Church

    823 North St.

    Kerrville, TX  78028

    Opens at 11 a.m. Friday, July 11

    Mondays – Fridays, 9 a.m. – 6 p.m.

    Saturdays, 9 a.m. – 1 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the impacted area.

    Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Sept. 4, 2025. The deadline to return economic injury applications is April 6, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: SBA Opens Business Recovery Center in Kerrville to Help Businesses Impacted by July Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of an SBA Business Recovery Center (BRC) in Kerr County to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds and flooding beginning July 2.

    Beginning Friday, July 11, SBA customer service representatives will be on hand at the Business Recovery Center in Kerrville to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    KERR COUNTY

    Business Recovery Center

    The YES Center at First Presbyterian Church

    823 North St.

    Kerrville, TX  78028

    Opens at 11 a.m. Friday, July 11

    Mondays – Fridays, 9 a.m. – 6 p.m.

    Saturdays, 9 a.m. – 1 p.m.

    “SBA’s Business Recovery Centers have consistently proven their value to business owners following a disaster,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “Business owners can visit these centers to meet face‑to‑face with specialists who will guide them through the disaster loan application process and connect them with resources to support their recovery.”

    Businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    The SBA’s Economic Injury Disaster Loan (EIDL) program is available to small businesses, small agricultural cooperatives, nurseries, and private nonprofit organizations impacted by financial losses directly related to these disasters. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for small aquaculture enterprises.

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    SBA representatives will also provide help to business owners and residents at disaster recovery centers when they are opened in the impacted area.

    Interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA determines eligibility and sets loan amounts and terms based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The filing deadline to return applications for physical property damage is Sept. 4, 2025. The deadline to return economic injury applications is April 6, 2026.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News

  • MIL-OSI USA: Governor Newsom restructures state government to combat homelessness, boost housing and affordability

    Source: US State of California 2

    Jul 11, 2025

    What you need to know: As part of California’s strategy to combat homelessness and expand housing, Governor Gavin Newsom is reorganizing state agencies to institutionalize housing, homelessness, and affordability as long-term priorities. The reorganization creates a new California Housing and Homelessness Agency and a separate Business and Consumer Services Agency to enhance focus and accountability across these critical areas.

    SACRAMENTO – Building on the Administration’s efforts to reverse decades of inaction on housing and homelessness, Governor Gavin Newsom today announced the reorganization proposal went into effect last week, authorizing the state to move forward and create the California Housing and Homelessness Agency and the Business and Consumer Services Agency. As a result, the state will move forward with the formation of the two new agencies to institutionalize these policy priorities for years to come: The California Housing and Homelessness Agency (CHHA) focused on housing, homelessness, and civil rights, and the Business and Consumer Services Agency (BCSA) is dedicated to business regulation and consumer protection.  

    “Housing and homelessness are complex and multifaceted issues — deserving of full and prioritized attention — something we have established within this administration. I am grateful that the legislature recognized the need for a new standalone agency dedicated to addressing these vexing issues that continue to face our state and nation, so that these issues will never fall into the shadows again. We have a moral imperative to continue this work and to ensure every Californian has a safe place to call home.”

    Governor Gavin Newsom

    Since taking office in 2019, Governor Newsom has created unprecedented policy and structural changes in state government to help California better address its housing and homelessness crises, including additional and unprecedented support for local governments, stronger accountability and enforcement, transformational changes to mental health services, and groundbreaking reforms — including a recently signed housing and infrastructure package that delivers foundational reforms to break down systemic barriers and help ensure California can meet the housing needs of current and future generations. These changes have helped connect hundreds of thousands of people at risk of or experiencing homelessness with vital supports.

    Today’s announcement continues the administration’s ongoing work to increase housing, reduce homelessness, and improve affordability. Establishing a standalone agency provides the alignment needed to speed up the construction and financing of housing under California’s affordable housing programs. This approach aims to reduce, prevent, and ultimately end homelessness, while safeguarding civil rights and reinforcing California’s leadership in consumer protections. The new structure will also create a new housing continuum system to better align housing programs and financing and provide a more streamlined process with an all-of-government approach.

    Creating long-term solutions

    By creating a dedicated housing agency and streamlining consumer oversight, the Newsom Administration is ensuring California remains focused on long-term, scalable solutions that serve current and future generations.

    “This bold plan shows we are being more aggressive in prioritizing change for the better,” said Tomiquia Moss, Secretary of the Business, Consumer Services, and Housing Agency. “This will enable us to better reach our goal of 2.5 million new homes by 2030, with one million of them being affordable housing. I’m extremely pleased the Governor is cementing his legacy by taking the Administration’s accomplishments to the next level, providing the structure to make lasting and sustainable change.”

    The California Housing and Homelessness Agency (CHHA) will concentrate on coordinating efforts across government to tackle housing and homelessness challenges, as well as protecting Californians’ civil rights. In this all-of-government approach, CHHA will utilize resources and expertise within government to address these important issues. It includes the following departments:

    • The Housing Development and Finance Committee (HDFC)
    • Department of Housing and Community Development (HCD) 
    • California Interagency Council on Homelessness (Cal ICH) 
    • California Housing Finance Agency (CalHFA)
    • Civil Rights Department (CRD) 

    The Business and Consumer Services Agency (BCSA) will strengthen the state’s ability to protect consumers by providing focused leadership and oversight across a wide range of industries, such as occupational licensing, alcohol regulation, cannabis regulation, and financial protection, fostering a proactive approach to addressing emerging risks and needs. It includes the following departments:

    • Department of Alcoholic Beverage Control (ABC) 
    • Alcoholic Beverage Control Appeals Board (ABC AB) 
    • Department of Cannabis Control (DCC) 
    • Cannabis Control Appeals Panel (CCAP) 
    • California Horse Racing Board (CHRB) 
    • Department of Consumer Affairs (DCA) 
    • Department of Real Estate (DRE) 
    • Department of Financial Protection and Innovation (DFPI) 

    The new California Housing and Homelessness Agency and the Business Consumer Services Agency will become effective July 1, 2026, at which time the current Business Consumer Services and Housing Agency will be dissolved. 

    Reversing decades of inaction

    The Newsom administration is making significant progress in reversing decades of inaction on homelessness. Between 2014 and 2019—before Governor Newsom took office—unsheltered homelessness in California rose by approximately 37,000 people. Since then, under this Administration, California has significantly slowed that growth, even as many other states have seen worsening trends

    In 2024, while homelessness increased nationally by over 18%, California limited its overall increase to just 3%—a lower rate than in 40 other states. The state also held the growth of unsheltered homelessness to just 0.45%, compared to a national increase of nearly 7%. States like Florida, Texas, New York, and Illinois saw larger increases both in percentage and absolute numbers. California also achieved the nation’s largest reduction in veteran homelessness and made meaningful progress in reducing youth homelessness.

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    MIL OSI USA News

  • MIL-OSI Africa: ConocoPhillips’ Frederic Phipps Joins African Energy Week (AEW) 2025 Amid Equatorial Guinea Expansion

    Source: APO

    Frederic Phipps, President: Equatorial Guinea at global exploration and production company ConocoPhillips, has joined the African Energy Week (AEW): Invest in African Energies conference as a speaker. Taking place September 29 to October 3, 2025, in Cape Town, the event is the premier meeting place for the continent’s oil, gas and broader energy sectors. With various stages of oil and gas exploration, development and production activities in Equatorial Guinea, ConocoPhillips is an instrumental player in the country. As such, Phipps is well-positioned to discuss strategies for enhancing LNG production and exports at a time when Equatorial Guinea is consolidating its position as a major gas hub. 

    Aligned with a goal to expand its global portfolio, ConocoPhillips has committed to positioning itself as a key player in Equatorial Guinea’s gas market. The company transported its inaugural LNG cargo from the country in June 2025. The ConocoPhillips-marketed cargo was loaded from the country’s EG LNG terminal at the Punta Europa facility on June 9, forming part of the broader Gas Mega Hub initiative – which seeks to leverage existing infrastructure to create a regional gas industry. During AEW: Invest in African Energies 2025, Phipps is expected to share insights into ConocoPhillips’ strategy in Equatorial Guinea, from LNG production to exploration plans to future exports and investments.

    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit www.AECWeek.com for more information about this exciting event.

    ConocoPhillips plays an instrumental part in developing and producing oil and gas resources in Equatorial Guinea. The country operates in both the Alba and Block D production sharing contracts that form the Alba Unit, located offshore Equatorial Guinea. In 2024, the company further enhanced its presence in Equatorial Guinea with the acquisition of independent oil and gas company Marathon Oil. The acquisition – which saw Marathon Oil become a subsidiary of ConocoPhillips – adds to the company’s deep, durable and diverse portfolio. Marathon Oil supports the development of the country’s Gas Mega Hub, with a five-year agreement in place with natural resource company Glencore for its equity natural gas from the Alba field. The agreement optimizes gas operations by redirecting partial volumes from the methanol plant to the LNG facility. The first LNG cargo represents a key step forward in this agreement.

    ConocoPhillips operations in Equatorial Guinea form part of a global strategy which seeks to position the company as a key player in Africa’s energy landscape. Beyond West Africa, the company is strengthening its presence in North Africa, with key investments in Libya. As a long-term partner in the country, ConocoPhillips is targeting increased production through upgrades to existing facilities and investments in underdeveloped reserves. Currently, the company has been gradually increasing production at the Waha concession, which presently produces around 375,000 barrels per day (bpd). Targeting between 600,000 and 700,000 bpd, ConocoPhillips is leveraging collaborations, new workover programs and pipeline integrity to bolster output.

    As the company seeks to strengthen its footprint in North and West Africa, AEW: Invest in African Energies 2025 offers a vital platform for enhanced collaboration and industry engagement. Uniting stakeholders from both the global and African energy landscapes, the event seeks to drive investment into African energy by providing a platform for engagement and dealmaking. Phipps’ participation underscores ConocoPhillips’ commitment to investing in oil and gas production in Africa and is poised to unlock new opportunities for industry growth in Africa.

    “ConocoPhillips continues to play a major role in increasing African oil and gas production. Through strategic investments in Libya and an expanded presence in Equatorial Guinea, the company is creating greater value from the continent’s oil and gas resources. Looking ahead, these investments are expected to fuel the next era of industry development as Africa seeks to make energy poverty history through accelerated hydrocarbon production,” states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber.

    Distributed by APO Group on behalf of African Energy Chamber.

    Media files

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    MIL OSI Africa

  • MIL-OSI Africa: Gabon’s Minister of Universal Access to Water and Energy Joins African Energy Week (AEW) 2025 Amid Power Expansion

    Source: APO


    .

    Philippe Tonangoye, Minister of Universal Access to Water and Energy of Gabon, will participate at the African energy Week (AEW): Invest in African Energies conference – taking place September 29 to October 3, 2025. His participation comes as Gabon implements an aggressive strategy to enhance access to water and energy, with strategic investments and partnerships in infrastructure, power and local businesses. His insights will support future investments as project developers, financiers and global partners convene in Cape Town to discuss strategies for making energy poverty history.

    For Gabon, natural gas has emerged as a cornerstone of the country’s petroleum and power development. The country aims to utilize its offshore resources to drive economic growth, leveraging investments in gas-to-power and floating power generation solutions to enhance energy access country-wide. The country’s long-awaited Orinko gas-to-power plant is on track to start construction soon, with a Shareholders’ Agreement signed in May 2025 to advance the project. The project is expected to play a vital role in expanding Gabonese power access, as it will boost the country’s generation capacity by 50%. Developed by Orinko SPV – comprising the state-owned Gabon Power Company in partnership with Wärtsilä, Africa 50, FGIS and Melec PowerGen – the project will be constructed under a build-own-operate-transfer IPP model. Otinko will utilize offshore gas resources as feedstock to produce electricity, laying the foundation for greater generating capacity in Gabon. At present, gas power plants operated by independent oil and gas company Perenco account for 70% of the power in Libreville and 100% of the power in Port-Gentil. With the Orinko facility, Gabon will be well-positioned to significantly enhance access.

    Beyond natural gas, Gabon is spearheading a pipeline of renewable energy developments, seeking to enhance access to both grid-connected and off-grid power in pursuit of universal access by 2030. The Orinko milestone follows the start of operations at energy company Karpowership’s floating power plants in Gabon in February 2025. The plants provide electricity to the capital city of Libreville and other regions, thereby boosting the power grid while offering a clean source of power to underserves communities. Karpowership signed a contract in 2024 with Gabon to provide 250 MW of electricity to the country for a period of five years. The company has been supplying 25% of the country’s total electricity via two powership situated at different locations. These solutions represent a flexible and scalable option for Gabon as it strives to enhance access to electricity through modernized infrastructure solutions. Meanwhile, Gabon is investing in new hydropower projects. Currently approximately half of the power consumed in the country is derived from hydro, largely from the Grand Poubara Hydroelectric Dam (160 MW) and Kinguele Aval Hydroelectric Dam (70 MW). However, to achieve its energy goals, much more investment is needed across the power market.

    To further support project development, Gabon established a National Fund for Energy and Water (FNEE) in 2025, aimed at mobilizing capital for energy and water projects. The FNEE will address power outages by implementing short-term measures, driving key infrastructure investments and boosting regional energy cooperation. The fund also seeks to revive delayed power projects, including the 125 MW Owendo thermal power station – planned for 2027 -, the Ngoulmendjim and L’impératrice Eugénie hydroelectric plants. The fund falls under the country’s broader National Development Plan for Transition, with the three projects alone requiring an estimated $453 million to develop. This highlights a strategic opportunity for investors and projects developers seeking to make impactful investments in Africa.

    “Gabon’s strategy to achieve universal access to electricity is expected to unlock a wealth of economic and development opportunities for the country. By utilizing a variety of different power generation solutions – from gas-to-power to floating facilities to hydroelectric projects and renewables – the country is diversifying and strengthening its portfolio of power facilities. This approach not only creates greater opportunities for energy access but opens up the market to a variety of investors and project developers,” states Ore Onagbesan, Program Director, AEW: Invest in African Energies.

    Distributed by APO Group on behalf of African Energy Chamber.

    About AEW: Invest in African Energies:
    AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit https://AECWeek.com for more information about this exciting event.

    MIL OSI Africa

  • MIL-OSI Economics: Members address trade concerns, current trade tensions at Goods Council meeting

    Source: World Trade Organization

    Trade concerns

    The CTG reviewed 36 trade concerns, with a new concern raised by Australia regarding India’s certification process for cotton bales (Quality Control Order) 2023. It also considered, under other business, a request by the Republic of Korea to discuss the United Kingdom’s safeguard measure on certain steel products.  

    Trade concerns previously raised in the CTG have covered a wide range of measures relating to trade in goods across the WTO membership, including non-tariff barriers, environmental policies, import taxes, import/export restrictions, national security measures, halal certification, subsidy schemes, export controls, sanitary and phytosanitary (SPS) measures, discriminatory domestic taxes, administrative procedures and reciprocal tariffs.

    They have also encompassed a wide range of sectors, including agriculture, semi-conductors and semi-conductor-manufacturing equipment, shipbuilding and food products as well as specific products, such as critical minerals, electric vehicles, electric batteries, liquors, air conditioners, apples and pears, cheese, pulses, cosmetics and tyres.

    Current trade tensions

    The United States made a statement in response to the notifications by the European Union, India, Japan and the United Kingdom proposing to suspend concessions under Article 8.2 of the WTO’s Agreement on Safeguards in response to US tariff measures (G/C/W/863, G/C/W/864, G/C/W/865, G/C/W/866).

    The United States said the tariffs imposed by President Trump were taken under Section 232, a national security statute, and the US was maintaining these actions pursuant to the essential security exception in Article XXI of the General Agreement on Tariffs and Trade (GATT) 1994. As these actions are not safeguard measures, the US said, the suspension of concessions under the Agreement on Safeguards was not applicable.

    The EU, India, Japan and the United Kingdom took the floor to explain that they considered the characteristics of the measures as those of safeguards and thus had reserved their rights to suspend concessions under the Safeguards Agreement, without prejudice to ongoing negotiations.

    Canada, the European Union and Norway made statements regarding the fragmentation of global trade through tariffs and the resulting global costs. They said the recent tariffs announced or implemented by the United States continued to severely disrupt global trade and undermine predictability in the international trading system, with rising economic costs across the globe for consumers and companies. They also voiced their support for the multilateral trading system, with the WTO at its core, but also recognized the need for reform of the organization and its rules to reflect today’s economic realities.

    Thirteen other WTO members took the floor to comment on the item, including the United States, which considered that the trading system had been unable to address trade imbalances and non-market policies and practices.  The US called for WTO reform, based on fairness and reciprocity.

    Improving the functioning of the Council for Trade in Goods

    The Chair of the CTG, Ambassador Gustavo Nerio Lunazzi (Argentina), reported on his consultations with members on improving the functioning of the CTG. Recommendations from members included enhancing the value of trade concerns discussions by focusing on their political aspects, avoiding repetition on technical issues raised at subsidiary bodies, and encouraging bilateral engagement. Members also proposed improving transparency through better use of digital tools, more effective notification processes and regular reporting on thematic sessions.

    The Chair recommended continuing discussions in an informal meeting in September to further explore these ideas and foster inclusive, member-driven engagement. Ten members made statements under this agenda item, supporting the Chair’s report and suggestions.

    Following on from discussions that took place earlier in the year, the CTG adopted a decision on the recording of the resolution of trade concerns, which takes into account the practices of the WTO’s Committees on Sanitary and Phytosanitary (SPS) Measures and Technical Barriers to Trade (TBT). Three members took the floor to express their support for the draft as a positive symbol and move towards the Council’s further efficiency. 

    Caribbean Basin Economic Recovery Act

    Members considered a request from the United States for a waiver from WTO rules for trade preferences provided under the Caribbean Basin Recovery Act.  The United States noted the waiver is similar to the one the CTG approved in 2019, except for programmes related to Haiti that have yet to receive the necessary legislative re-authorization. The initiative creates opportunities to expand trade between the United States and the Caribbean, thus promoting economic opportunity and growth in the region, the US added.

    Several Caribbean members took the floor, encouraging members to favourably consider the request.  The CTG agreed to forward the draft decision to the General Council so it can be considered at its upcoming meeting.

    Next meeting

    The next formal meeting of the Council for Trade in Goods will take place on 27-28 November, and the next informal meeting is scheduled for 24 September.

    Share

    MIL OSI Economics

  • MIL-OSI: Geothermal Radar Releases Global Interactive Maps and Model

    Source: GlobeNewswire (MIL-OSI)

    TULSA, Okla., July 11, 2025 (GLOBE NEWSWIRE) — Geothermal Radar, an early-stage startup that expedites the development of geothermal energy, today announced an exclusive global thermal model that enables users to exploit geothermal gradients across areas of interest. The global model pinpoints existing geothermal project locations to reveal the vast untapped potential for the clean, abundant, and reliable energy the energy source offers globally. Geothermal Radar is part of the EIC Rose Rock platform.

    “The next energy revolution isn’t in the air or on the water; it’s underfoot. We’re excited to make geothermal energy more accessible,” said Philip J. Ball, Co-Founder and Partner at Geothermal Radar. “Our aggressive development plan allows us to continuously iterate Geothermal Radar’s capabilities to align with the evolving needs of all geothermal project stakeholders.”

    Geothermal Radar’s platform empowers governments to build national geothermal strategies, providing a reliable standard for awarding new geothermal licensing rounds. It also offers a single platform that energy companies, geothermal developers, and industrial partners can use to decarbonize facilities and buildings including data centers and oil and gas production facilities as well as LNG, ammonia, hydrogen, coal, steel, cement and carbon capture operations. It’s the only platform that supports the exploration of economic decarbonization on a global scale.

    Geothermal Radar features over 40 geospatial models to guide the presented geothermal maps and gradients. It supports engineered “closed loop” geothermal (CLG), engineered “open loop” (EGS), natural hydrothermal systems (NHS) and superhot rock (SHR) geothermal projects with temperatures starting at 374 degrees Celsius.

    Users can leverage the thermal meta-model aggregating information from all integrated isotherm models and data, and use Geothermal Radar’s global lithostatic pressure module to further rank locations. Geothermal Radar’s global thermal and pressure model connects to a techno-economic engine that allows users to assess and compare engineered open loop (FERVO-style) and closed loop (EAVOR-style) projects over the lifetime of a proposed project.

    The platform’s freeware offers a low-resolution global model while high-resolution models, maps, and region-specific data from wells to stacked financial and regulatory incentives are available in premium and enterprise versions. Additionally, the enterprise option allows workflow customization, proprietary data integration and the ability to be installed behind firewalls for ultimate data security.

    For more information, visit www.geothermalradar.com.

    About Geothermal Radar

    Tulsa-based Geothermal Radar offers the first B2B SaaS end-to-end geothermal modelling platform. It connects subsurface and industry data with interactive modelling and simulation. Geothermal Radar offers seamless, comprehensive functionality for all stakeholders — geothermal operators, oil and gas companies, investors and public authorities. It enables real-time simulation, prospecting, valuation, feasibility and reserves assessment.  The platform is provided free of charge to non-profit, academic and selected public organizations.

    For more information, visit www.geothermalradar.com.

    About EIC Rose Rock

    EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders, and the premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock provides early-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance the operational efficiency of existing oil and gas assets. To learn more, visit www.eicroserock.com.

    The MIL Network

  • MIL-OSI: Geothermal Radar Releases Global Interactive Maps and Model

    Source: GlobeNewswire (MIL-OSI)

    TULSA, Okla., July 11, 2025 (GLOBE NEWSWIRE) — Geothermal Radar, an early-stage startup that expedites the development of geothermal energy, today announced an exclusive global thermal model that enables users to exploit geothermal gradients across areas of interest. The global model pinpoints existing geothermal project locations to reveal the vast untapped potential for the clean, abundant, and reliable energy the energy source offers globally. Geothermal Radar is part of the EIC Rose Rock platform.

    “The next energy revolution isn’t in the air or on the water; it’s underfoot. We’re excited to make geothermal energy more accessible,” said Philip J. Ball, Co-Founder and Partner at Geothermal Radar. “Our aggressive development plan allows us to continuously iterate Geothermal Radar’s capabilities to align with the evolving needs of all geothermal project stakeholders.”

    Geothermal Radar’s platform empowers governments to build national geothermal strategies, providing a reliable standard for awarding new geothermal licensing rounds. It also offers a single platform that energy companies, geothermal developers, and industrial partners can use to decarbonize facilities and buildings including data centers and oil and gas production facilities as well as LNG, ammonia, hydrogen, coal, steel, cement and carbon capture operations. It’s the only platform that supports the exploration of economic decarbonization on a global scale.

    Geothermal Radar features over 40 geospatial models to guide the presented geothermal maps and gradients. It supports engineered “closed loop” geothermal (CLG), engineered “open loop” (EGS), natural hydrothermal systems (NHS) and superhot rock (SHR) geothermal projects with temperatures starting at 374 degrees Celsius.

    Users can leverage the thermal meta-model aggregating information from all integrated isotherm models and data, and use Geothermal Radar’s global lithostatic pressure module to further rank locations. Geothermal Radar’s global thermal and pressure model connects to a techno-economic engine that allows users to assess and compare engineered open loop (FERVO-style) and closed loop (EAVOR-style) projects over the lifetime of a proposed project.

    The platform’s freeware offers a low-resolution global model while high-resolution models, maps, and region-specific data from wells to stacked financial and regulatory incentives are available in premium and enterprise versions. Additionally, the enterprise option allows workflow customization, proprietary data integration and the ability to be installed behind firewalls for ultimate data security.

    For more information, visit www.geothermalradar.com.

    About Geothermal Radar

    Tulsa-based Geothermal Radar offers the first B2B SaaS end-to-end geothermal modelling platform. It connects subsurface and industry data with interactive modelling and simulation. Geothermal Radar offers seamless, comprehensive functionality for all stakeholders — geothermal operators, oil and gas companies, investors and public authorities. It enables real-time simulation, prospecting, valuation, feasibility and reserves assessment.  The platform is provided free of charge to non-profit, academic and selected public organizations.

    For more information, visit www.geothermalradar.com.

    About EIC Rose Rock

    EIC Rose Rock is a unique long-term partnership between George Kaiser Family Foundation’s tech-focused development arm, multiple Fortune 500 energy leaders, and the premier venture capital fund, Energy Innovation Capital (EIC). EIC Rose Rock provides early-stage funding for visionary entrepreneurs developing energy technologies that advance energy diversification, improve sustainability and enhance the operational efficiency of existing oil and gas assets. To learn more, visit www.eicroserock.com.

    The MIL Network

  • MIL-OSI USA: NASA to Provide Coverage of Axiom Mission 4 Departure from Station

    Source: NASA

    NASA will provide live coverage of the undocking and departure of the Axiom Mission 4 private astronaut mission from the International Space Station.
    The four-member astronaut crew is scheduled to undock from the space-facing port of the station’s Harmony module aboard the SpaceX Dragon spacecraft at approximately 7:05 a.m. EDT Monday, July 14, pending weather, to begin their return to Earth and splashdown off the coast of California.
    Coverage of departure operations will begin with hatch closing at 4:30 a.m. on NASA+. Learn how to watch NASA content through a variety of platforms, including social media.
    Peggy Whitson, former NASA astronaut and director of human spaceflight at Axiom Space, ISRO (Indian Space Research Organization) astronaut Shubhanshu Shukla, ESA (European Space Agency) project astronaut Sławosz Uznański-Wiśniewski of Poland, and HUNOR (Hungarian to Orbit) astronaut Tibor Kapu of Hungary, will have spent about two weeks in space at the conclusion of their mission.
    The Dragon spacecraft will return with more than 580 pounds of cargo, including NASA hardware and data from over 60 experiments conducted throughout the mission.
    NASA’s coverage is as follows (all times Eastern and subject to change based on real-time operations):
    Monday, July 14
    4:30 a.m. – Hatch closing coverage begins on NASA+.
    4:55 a.m. – Crew enters spacecraft followed by hatch closing.
    6:45 a.m. – Undocking coverage begins on NASA+, Axiom Space, and SpaceX channels.
    7:05 a.m. – Undocking
    NASA’s coverage ends approximately 30 minutes after undocking when space station joint operations with Axiom Space and SpaceX conclude. Axiom Space will resume coverage of Dragon’s re-entry and splashdown on the company’s website.
    A collaboration between NASA and ISRO allowed Axiom Mission 4 to deliver on a commitment highlighted by President Trump and Indian Prime Minister Narendra Modi to send the first ISRO astronaut to the station. The space agencies participated in five joint science investigations and two in-orbit science, technology, engineering, and mathematics demonstrations. NASA and ISRO have a long-standing relationship built on a shared vision to advance scientific knowledge and expand space collaboration.
    The private mission also carried the first astronauts from Poland and Hungary to stay aboard the space station.
    The International Space Station is a springboard for developing a low Earth orbit economy. NASA’s goal is to achieve a strong economy off the Earth where the agency can purchase services as one of many customers to meet its science and research objectives in microgravity. NASA’s commercial strategy for low Earth orbit provides the government with reliable and safe services at a lower cost, enabling the agency to focus on Artemis missions to the Moon in preparation for Mars while also continuing to use low Earth orbit as a training and proving ground for those deep space missions.
    Learn more about NASA’s commercial space strategy at:
    https://www.nasa.gov/commercial-space
    -end-
    Claire O’SheaHeadquarters, Washington202-358-1100claire.a.o’shea@nasa.gov
    Anna SchneiderJohnson Space Center, Houston281-483-5111anna.c.schneider@nasa.gov

    MIL OSI USA News

  • MIL-OSI USA: S. 1582, GENIUS Act

    Source: US Congressional Budget Office

    Legislation Summary

    S. 1582 would define payment stablecoin to mean a digital asset issued for a payment or settlement that is pegged to a reference asset, such as the U.S. dollar, and redeemable at a fixed amount. The act also would establish a regulatory framework for stablecoin issuers. Nonbank entities or subsidiaries of insured depository institutions could apply to become issuers; within three years of enactment only those approved issuers would be authorized to offer stablecoin. Once approved, an issuer would be subject to supervision by appropriate federal or state regulators and would be required to hold at least one dollar of permitted reserves for every dollar issued in stablecoin.

    Under S. 1582, the responsible federal financial regulators would be the Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), and the Federal Reserve.

    S. 1582 would permit nonbank entities with less than $10 billion in issuance to opt in to a state regulatory system, provided that the state’s system is substantially similar to its federal counterpart; state regulators could choose to cede their authority to the Federal Reserve. The act would require federal and state regulators to issue specific capital, liquidity, and risk management rules for federal and state stablecoin issuers and to report on stablecoins. The Financial Crimes Enforcement Network (FinCEN) would be required to issue anti-money-laundering rules for stablecoin issuers.

    Estimated Federal Cost

    The estimated budgetary effect of S. 1582 is shown in Table 1. The costs of the legislation fall within budget functions 370 (commerce and housing credit) and 750 (administration of justice).

    Basis of Estimate

    Enacting S. 1582 would impose additional administrative costs on the federal financial regulators, CBO estimates. We expect that during the two years after enactment, the regulatory agencies would conduct rulemaking, develop industry and examiner guidance, train examiners, and establish processes for state and federal regulation of small issuers of stablecoins. After that, the agencies would incur additional administrative costs for examinations, risk monitoring, enforcement, and certifying state regulators. Using information from the affected agencies, CBO estimates that, on average, the annual cost in 2025 of employing a financial regulatory staff member at the FDIC, NCUA, OCC, and Federal Reserve is $270,000. Costs in later years are adjusted to account for anticipated inflation.

    Table 1.

    Estimated Budgetary Effects of S. 1582

     

    By Fiscal Year, Millions of Dollars

       
     

    2025

    2026

    2027

    2028

    2029

    2030

    2031

    2032

    2033

    2034

    2035

    2025-2030

    2025-2035

     

    Increases in Direct Spending

       

    Estimated Budget Authority

    *

    2

    3

    5

    4

    5

    5

    5

    6

    6

    6

    19

    47

    Estimated Outlays

    *

    2

    3

    5

    4

    5

    5

    5

    6

    6

    6

    19

    47

     

    Decreases in Revenues

       

    Estimated Revenues

    0

    -1

    -1

    -2

    -1

    -29

    -7

    -8

    -8

    -8

    -8

    -34

    -73

     

    Net Increase in the Deficit

    From Changes in Direct Spending and Revenues

       

    Effect on the Deficit

    *

    3

    4

    7

    5

    34

    12

    13

    14

    14

    14

    53

    120

    Direct Spending

    The administrative costs of the FDIC, NCUA, and OCC are classified in the federal budget as direct spending. Using information from those agencies, CBO estimates that enacting the legislation would increase gross direct spending by $77 million over the 2025-2035 period. However, OCC and NCUA collect fees from financial institutions to offset their costs; those fees are treated as reductions in direct spending. Thus, CBO estimates that, on net, enacting the legislation would increase direct spending by $47 million over the same period.

    Revenues

    Costs incurred by the Federal Reserve reduce remittances to the Treasury, which are recorded in the budget as revenues. CBO estimates that enacting S. 1582 would decrease revenues by $73 million over the 2025-2035 period. Changes in costs for the Federal Reserve banks have historically resulted in changes to remittances during the same year. However, since fiscal year 2023, the central bank has recorded a deferred asset to account for accrued net losses from expenses in excess of income. As a result, remittances largely have been suspended. In CBO’s projections, remittances from the Federal Reserve will generally be suspended until 2030, and until they resume, most changes in costs incurred by the system will not be recorded as changes in remittances.

    Spending Subject to Appropriation

    S. 1582 would require FinCEN to write anti-money-laundering rules for stablecoin issuers. That agency’s administrative costs are funded through annual appropriations. CBO estimates that implementing the provision would cost less than $500,000 over the 2025-2030 period; any related spending would be subject to the availability of appropriated funds.

    Uncertainty

    Chief, Finance, Housing, and Education Cost Estimates Unit

    Joshua Shakin
    Chief, Revenue Projections Unit

    Kathleen FitzGerald 
    Chief, Public and Private Mandates Unit

    H. Samuel Papenfuss 
    Deputy Director of Budget Analysis

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News

  • MIL-OSI USA: S. 306, Fire Ready Nation Act of 2025

    Source: US Congressional Budget Office

    S. 306 would authorize the appropriation of specific amounts for each fiscal years from 2026 through 2030 for the National Oceanic and Atmospheric Administration (NOAA) to establish a fire weather services program to support wildfire forecasting, responsiveness, and local collaborations.

    Under the bill, NOAA would be required to:

    • Develop modeling and data systems for fire weather predictions,
    • Maintain a public website to promote the program’s services and data,
    • Award grants to non-federal entities for program development,
    • Conduct pilot projects and research on unmanned systems for fire weather observations,
    • Establish an Incident Meteorologist Service within the National Weather Service, and
    • Report to the Congress on the program’s implementation.

    The costs of the legislation, detailed in Table 1, fall within budget function 300 (natural resources and environment).

    Table 1.

    Estimated Increases in Spending Subject to Appropriation Under S. 306

     

    By Fiscal Year, Millions of Dollars

     
     

    2025

    2026

    2027

    2028

    2029

    2030

    2025-2030

    Authorization

    0

    15

    20

    27

    36

    50

    148

    Estimated Outlays

    0

    4

    12

    18

    26

    35

    95

    Enacting the bill would increase direct spending by less than $500,000 over the 2025-2035 period.

    CBO assumes that the bill will be enacted in 2025 and that the authorized amounts will be provided in each year. Based on historical spending patterns, CBO estimates that implementing the bill would cost $95 million over the 2025-2030 period and $51 million after 2030.

    The bill also would authorize additional premium pay in calendar year 2025 for Department of Commerce employees involved in emergency wildfire suppression and whose earnings, including premium pay, exceed a specified threshold. Under current law, employees can earn premium pay only to the extent that their combined base and premium pay does not exceed the greater of the GS-15 maximum or Executive Schedule Level V salary level. Because the additional pay would apply to work already completed, that spending is treated as direct spending. Using information from the Forest Service, CBO estimates that enacting S. 306 would increase direct spending by less than $500,000 over the 2025-2030 period.

    The CBO staff contact for this estimate is Kelly Durand. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News

  • MIL-OSI Europe: EIB Group moves forward to strengthen transparency, accountability and workplace well-being

    Source: European Investment Bank

    The European Investment Bank (EIB) Group has been taking decisive steps to strengthen transparency, accountability, and workplace well-being. These include a 14-point Action Plan, launched in July 2024, developed with staff representatives to address priority areas identified through staff surveys.

    To date, the Group has delivered several concrete measures as part of this change:

    • Appointment of an independent Ombudsperson that will join the EIB Group on 1 October to serve as a neutral resource and support confidential conflict resolution.
    • Completion of a 360° feedback exercise for senior and middle managers, with the participation of over 3 000 staff members to improve the working atmosphere and foster leadership excellence.
    • Performance objectives for managers have incorporated the need to ensure a safe working environment, promote a speak-up culture, and support the development, performance and well-being of staff.
    • Compulsory trainings have been rolled out covering the EIB Group Code of Conduct, Whistleblowing Policy and the prevention and detection of workplace harassment for all staff and management.
    • Concrete measures are being taken to promote horizontal mobility and inclusion throughout the Group.
    • Procedures are being streamlined and processes digitalised to reduce red tape, increase efficiency and improve the working experience. The time to market (from first contact to signature of a deal) has been reduced by 20% and reporting by more than 30%, with a further material reduction expected in 2025.
    • A working group, which includes staff representatives, has been established to enhance career development opportunities for support staff. Also, engagement sessions and a survey have been launched to modernise the non-salary welfare benefits system, in view of making it more flexible and fairer to respond to individual needs and situations. The findings from these initiatives will inform the working group’s discussions in autumn.
    • Recruitment processes have become more efficient and management appointments are communicated in a more transparent manner. Feedback is given to non-successful candidates with a view to improving opportunities for career development within an efficient organization with a modern governance structure.
    • A talent review is ongoing to modernise Human Resources policies and accompany all staff in their career development.
    • A revision of the Dignity at Work Policy is ongoing to increase efficiency and speed of decision-making and action.
    • Mediation is promoted as a constructive approach to resolving workplace conflicts and issues.
    • A “Work Well Together Week” has been organised in September 2024, along with an interinstitutional Ethics Day October 2024 to reinforce shared values and a senior management away day.

    In May and June 2025, a new staff survey has been carried out. Designed and run by an external independent firm and following consultation with all relevant stakeholders, the survey achieved a record 78% participation rate with responses from over 3 900 colleagues.

    The survey identifies strengths and improvements in key areas, as well as opportunities for improvement in areas where action is already taken to strengthen the work culture and atmosphere at the EIB group. The staff survey provides valuable insights to steer next steps.

    Survey results show strong alignment with the Group’s mission and values, high appreciation for managers, and a supportive working atmosphere among colleagues. Staff also reported a strong commitment to delivering high-quality work and outcomes and demonstrated good knowledge of the EIB Group Staff Code of Conduct.

    Compared to the 2022 survey, there is considerable improvement in perceptions of leadership setting an ethical example, as well as significant improvement in views of the Group’s commitment to creating a diverse and inclusive work environment and recognising support from other teams.

    Areas identified for further improvement include decision-making speed, removing barriers to more efficient working, and improving mobility and promotion processes.

    These areas had already been identified as priorities, and the EIB Group is stepping up action to improve the working experience for everyone. Feedback from the survey will be discussed with staff representatives to follow up on the findings and continue strengthening the work environment for all EIB Group employees.

    MIL OSI Europe News

  • MIL-OSI Europe: EIB Group moves forward to strengthen transparency, accountability and workplace well-being

    Source: European Investment Bank

    The European Investment Bank (EIB) Group has been taking decisive steps to strengthen transparency, accountability, and workplace well-being. These include a 14-point Action Plan, launched in July 2024, developed with staff representatives to address priority areas identified through staff surveys.

    To date, the Group has delivered several concrete measures as part of this change:

    • Appointment of an independent Ombudsperson that will join the EIB Group on 1 October to serve as a neutral resource and support confidential conflict resolution.
    • Completion of a 360° feedback exercise for senior and middle managers, with the participation of over 3 000 staff members to improve the working atmosphere and foster leadership excellence.
    • Performance objectives for managers have incorporated the need to ensure a safe working environment, promote a speak-up culture, and support the development, performance and well-being of staff.
    • Compulsory trainings have been rolled out covering the EIB Group Code of Conduct, Whistleblowing Policy and the prevention and detection of workplace harassment for all staff and management.
    • Concrete measures are being taken to promote horizontal mobility and inclusion throughout the Group.
    • Procedures are being streamlined and processes digitalised to reduce red tape, increase efficiency and improve the working experience. The time to market (from first contact to signature of a deal) has been reduced by 20% and reporting by more than 30%, with a further material reduction expected in 2025.
    • A working group, which includes staff representatives, has been established to enhance career development opportunities for support staff. Also, engagement sessions and a survey have been launched to modernise the non-salary welfare benefits system, in view of making it more flexible and fairer to respond to individual needs and situations. The findings from these initiatives will inform the working group’s discussions in autumn.
    • Recruitment processes have become more efficient and management appointments are communicated in a more transparent manner. Feedback is given to non-successful candidates with a view to improving opportunities for career development within an efficient organization with a modern governance structure.
    • A talent review is ongoing to modernise Human Resources policies and accompany all staff in their career development.
    • A revision of the Dignity at Work Policy is ongoing to increase efficiency and speed of decision-making and action.
    • Mediation is promoted as a constructive approach to resolving workplace conflicts and issues.
    • A “Work Well Together Week” has been organised in September 2024, along with an interinstitutional Ethics Day October 2024 to reinforce shared values and a senior management away day.

    In May and June 2025, a new staff survey has been carried out. Designed and run by an external independent firm and following consultation with all relevant stakeholders, the survey achieved a record 78% participation rate with responses from over 3 900 colleagues.

    The survey identifies strengths and improvements in key areas, as well as opportunities for improvement in areas where action is already taken to strengthen the work culture and atmosphere at the EIB group. The staff survey provides valuable insights to steer next steps.

    Survey results show strong alignment with the Group’s mission and values, high appreciation for managers, and a supportive working atmosphere among colleagues. Staff also reported a strong commitment to delivering high-quality work and outcomes and demonstrated good knowledge of the EIB Group Staff Code of Conduct.

    Compared to the 2022 survey, there is considerable improvement in perceptions of leadership setting an ethical example, as well as significant improvement in views of the Group’s commitment to creating a diverse and inclusive work environment and recognising support from other teams.

    Areas identified for further improvement include decision-making speed, removing barriers to more efficient working, and improving mobility and promotion processes.

    These areas had already been identified as priorities, and the EIB Group is stepping up action to improve the working experience for everyone. Feedback from the survey will be discussed with staff representatives to follow up on the findings and continue strengthening the work environment for all EIB Group employees.

    MIL OSI Europe News

  • MIL-OSI Europe: Answer to a written question – Use of NextGenerationEU funds in the bullfighting lobby – E-002066/2025(ASW)

    Source: European Parliament

    In accordance with Regulation (EU) 2021/241 of the European Parliament and of the Council establishing the Recovery and Resilience Facility[1], the Commission disburses payments to Spain following a positive assessment of completion of the milestones and targets specified in the Council Implementing Decision (CID) of its recovery and resilience plan[2].

    The Spanish authorities are responsible for the completion of milestones and targets and request payments to the Commission as they are completed. The Commission then assesses their implementation exclusively against the specific requirements set out in the CID.

    In this specific case, the association at stake is a beneficiary of EUR 6 000 under the Digital Toolkit Program. This grant-based program aims to boost the digitalisation of small and medium enterprises, micro-enterprises and self-employed, in any sector of economic activity, raising their level of digital maturity.

    It contributes to the completion of measure C13.I3 (‘Digitalisation and Innovation’).

    Target 200 (‘Budget committed to the Digital Toolkit Program’, assessed as satisfactorily fulfilled as part of the fourth payment request)[3], and targets 204 and 208 (which require actual support to companies and have not been assessed by the Commission yet) are part of this measure.

    • [1] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32021R0241.
    • [2] https://data.consilium.europa.eu/doc/document/ST-13695-2023-ADD-1-REV-1/en/pdf.
    • [3] https://commission.europa.eu/document/download/e8b93743-5a80-4c10-9caa-4dabedc95728_en?filename=C_2024_4171_1_EN_annexe_acte_autonome_nlw_part1_v2_1.pdf, page 204.
    Last updated: 11 July 2025

    MIL OSI Europe News

  • MIL-OSI Europe: Text adopted – 2023 and 2024 reports on North Macedonia – P10_TA(2025)0157 – Wednesday, 9 July 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to the Stabilisation and Association Agreement between the European Communities and their Member States, of the one part, and the Republic of North Macedonia, of the other part(1),

    –  having regard to North Macedonia’s application for membership of the European Union, submitted on 22 March 2004,

    –  having regard to the European Council decision of 16 December 2005 to grant North Macedonia EU candidate country status,

    –  having regard to the European Council conclusions of 19-20 June 2003, including the annex thereto entitled ‘The Thessaloniki agenda for the Western Balkans: Moving towards European integration’,

    –  having regard to Regulation (EU) 2021/1529 of the European Parliament and of the Council of 15 September 2021 establishing the Instrument for Pre-Accession assistance (IPA III)(2),

    –  having regard to Regulation (EU) 2024/1449 of the European Parliament and of the Council of 14 May 2024 on establishing the Reform and Growth Facility for the Western Balkans(3),

    –  having regard to the Commission communication of 5 February 2020 entitled ‘Enhancing the accession process – A credible EU perspective for the Western Balkans’ (COM(2020)0057),

    –  having regard to the Commission communication of 8 November 2023 entitled ‘2023 Communication on EU Enlargement Policy’ (COM(2023)0690), accompanied by the Commission staff working document entitled ‘North Macedonia 2023 Report’ (SWD(2023)0693),

    –  having regard to the Commission communication of 8 November 2023 entitled ‘New growth plan for the Western Balkans’ (COM(2023)0691),

    –  having regard to the Commission communication of 20 March 2024 on pre-enlargement reforms and policy reviews (COM(2024)0146),

    –  having regard to the Commission communication of 24 July 2024 entitled ‘2024 Rule of Law Report’ (COM(2024)0800), accompanied by the Commission staff working document entitled ‘2024 Rule of Law Report – Country Chapter on the rule of law situation in North Macedonia’ (SWD(2024)0830),

    –  having regard to the Commission communication of 30 October 2024 entitled ‘2024 Communication on EU enlargement policy’ (COM(2024)0690), accompanied by the Commission staff working document entitled ‘North Macedonia 2024 Report’ (SWD(2024)0693),

    –  having regard to the Reform Agenda of North Macedonia as approved by the Commission under the Reform and Growth Facility on 23 October 2024,

    –  having regard to the declarations of the EU-Western Balkans summits of 13 December 2023 and of 18 December 2024 in Brussels as well as the declarations of the EU-Western Balkans summits held in Sofia, Zagreb and Brdo pri Kranju in 2018, 2020 and 2021 respectively, and the Declaration on the Common Regional Market and the Declaration on the Green Agenda for the Western Balkans agreed on 10 November 2020 at the Sofia Summit within the Berlin Process,

    –  having regard to the Council conclusions of 18 July 2022 on Enlargement – North Macedonia and Albania and the Council conclusions on Enlargement of 17 December 2024,

    –  having regard to the final report of 23 September 2024 of the Organization for Security and Co-operation in Europe (OSCE) Office for Democratic Institutions and Human Rights (ODIHR) Election Observation Mission on North Macedonia’s presidential election on 24 April 2024 and parliamentary elections on 8 May 2024,

    –  having regard to the Berlin Process launched on 28 August 2014,

    –  having regard to the Treaty of friendship, good neighbourliness and cooperation between Bulgaria and North Macedonia, signed on 1 August 2017 and ratified in January 2018;

    –  having regard to the Final Agreement for the settlement of the differences as described in the United Nations Security Council resolutions 817 (1993) and 845 (1993), the termination of the Interim Accord of 1995, and the establishment of a strategic partnership between Greece and North Macedonia, agreed on 17 June 2018, also known as the Prespa Agreement,

    –  having regard to the joint staff working document entitled ‘Objectives and Indicators to frame the implementation of the Gender Action Plan III (2021-25)’ (SWD(2020)0284) accompanying the joint communication of the Commission and the High Representative of the Union for Foreign Affairs and Security Policy of 25 November 2020 entitled ’EU Gender Action Plan (GAP) III – An ambitions vision for gender equality and women’s empowerment in EU external action (JOIN(2020)0017), as well as the Country Level Implementation Plan (CLIP) for North Macedonia,

    –  having regard to the 2023 European Commission against Racism and Intolerance (ECRI) Report on North Macedonia, adopted on 29 June 2023 and published on 20 September 2023,

    –  having regard to the declaration and joint recommendations adopted at the 23rd meeting of the EU-North Macedonia Joint Parliamentary Committee, held on 27 and 28 February 2025 in Skopje,

    –  having regard to its previous resolutions on North Macedonia, and in particular its resolution of 24 October 2019 on opening accession negotiations with North Macedonia and Albania(4),

    –  having regard to Rule 55 of its Rules of Procedure,

    –  having regard to the report of the Committee on Foreign Affairs (A10-0118/2025),

    A.  whereas North Macedonia has held EU candidate country status since 2005 and successfully completed the screening process in December 2023;

    B.  whereas the aspirations of citizens of North Macedonia to become part of the EU have led to progress in terms of democracy and socio-economic reforms, while the EU accession process continues to experience regrettable delays for various reasons;

    C.  whereas the EU has mobilised approximately EUR 210 million in macro-financial assistance loans since 2020, aimed at stabilising the Macedonian economy, aiding its recovery from the COVID-19 pandemic and accelerating its reform progress;

    D.  whereas North Macedonia is a partner that is aligned with the EU’s common foreign and security policy in the vast majority of cases and has played a constructive role in the region; whereas North Macedonia’s recent abstention from United Nations General Assembly Resolution ES-11/7 of 24 February 2025 on Ukraine and its co-sponsorship of an alternative resolution led by the United States indicates an unexpected and regrettable shift in its foreign policy alignment;

    E.  whereas North Macedonia participates in EU military crisis management operations, including EUFOR Althea in Bosnia and Herzegovina;

    F.  whereas the Council reached new conclusions in July 2022 which mean that North Macedonia needs to adopt the outstanding constitutional changes, in line with its commitments, so that the opening phase of accession negotiations can be completed immediately;

    G.  whereas the geopolitical changes, the war in Ukraine, disinformation and misinformation have a strong impact on all European countries, both politically and economically;

    H.  whereas North Macedonia remains a target of foreign malign influence operations, including efforts to fracture the country’s social fabric and weaponise anti-EU sentiment, notably via Serbian-language tabloids and media outlets, which function as regional amplifiers of Kremlin narratives and enjoy considerable influence; whereas North Macedonia expelled 13 Russian diplomats between 2018 and 2023 for activities incompatible with their diplomatic status, suggesting an ongoing presence of covert influence networks; whereas China has sought to expand its influence through information control, investment diplomacy and coercive clauses in infrastructure loan agreements;

    I.  whereas North Macedonia’s authorities have proposed solutions for constitutional change that did not meet the conditions of the July 2022 Council conclusions;

    J.  whereas any accession country is expected to respect democratic values, the rule of law and human rights, and to abide by EU law;

    K.  whereas the Council has not excluded unequivocally the adoption of further new conditions for the starting of accession negotiations;

    1.  Reiterates its full support for North Macedonia’s continued and persistent commitment to join the EU and for the necessary transformative changes that are required to fulfil the accession criteria; commends the country’s commitment to European integration and encourages continued efforts in advancing EU-aligned reforms, despite the challenges and setbacks that have tested the patience and trust of the Macedonian society;

    2.  Underlines that EU accession remains a matter of political will in fulfilling the criteria and implementing the commitments undertaken, in terms of both making the necessary reforms and adopting the necessary constitutional amendments;

    3.  Recalls the need to maintain the momentum and credibility of the EU integration process; notes that North Macedonia continues to demonstrate commitment to EU integration and alignment with EU policies; calls for the swift advancement of accession negotiations, while noting the importance of adopting the constitutional amendments; urges the European Council to signal, publicly and unequivocally, that the Council intends to swiftly and unconditionally take the positive decision to enter into the next phase of accession negotiations with North Macedonia once the conditions of its conclusions of 18 July 2022 have been fulfilled; encourages all political parties in North Macedonia to engage in constructive dialogue to achieve the necessary consensus on these amendments, which would strengthen the country’s multi-ethnic character and accelerate its progress towards EU membership; believes that strengthening the links between the multiple ethnicities is essential for improving social cohesion and ensuring more effective governance; calls on the Member States, the Council and the Commission to safeguard the predictability and credibility of the accession process, also with a view to maintaining popular support for accession in enlargement countries;

    4.  Welcomes the successful completion of the screening process for North Macedonia at the end of 2023; encourages North Macedonia to adopt the constitutional amendments that the country committed to making and implementing, as required by the Council, in order for the accession negotiation process to proceed;

    5.  Commends the commitment of the Macedonian people to EU integration and the support they show to this project two decades on from starting the process; urges the Commission to do the utmost to help the authorities of North Macedonia accomplish the necessary steps before entering into the next negotiation phase as well as further along the negotiation process, to help deliver on the expectations of citizens and the country and to explore all measures for gradual integration into the EU structures, thus increasing trust in the EU and its democratic values;

    6.  Recalls that the accession process should not be used to settle bilateral disputes, obstruct merit-based progress on the European path or outweigh the broader strategic interests of the Union, but that such disputes must rather be addressed through open dialogue and genuine cooperation; underlines that accession negotiations should follow a clear path, guided by objective criteria and solely based on merit and the fulfilment of the accession criteria (Copenhagen criteria), which require in-depth reforms across fundamental areas, as well as the presence of stable institutions that guarantee democracy, the rule of law, human rights and respect for and the protection of minorities;

    7.  Reaffirms that the respect for linguistic, cultural and national identity is a fundamental component of the EU accession process and a cornerstone of democratic societies which will be further affirmed with the accession to the family of European nations;

    8.  Repeats its calls for the EU’s capacity to act to be enhanced through a reform of its decision-making, including through the introduction of qualified majority voting on the intermediate steps in the accession process, in particular at the start of negotiations and the opening and closing of individual negotiating clusters and chapters;

    9.  Welcomes the new Reform and Growth Facility for the Western Balkans which will provide EUR 750 million in grants and loans to North Macedonia when it meets the conditions set out in its Reform Agenda; welcomes, in this context, the excellent and ambitious Reform Agenda, which sets clear, transparent goals and targets, and calls on the authorities to focus on its rigorous implementation; underlines the need to focus on incentivising reforms and reinforcing economic stability as well as on public administration, governance, the rule of law and the fight against corruption, decarbonisation and the green transition, digitalisation, connectivity and human capital development, while addressing social challenges;

    10.  Notes the funds being received by North Macedonia from individual Member States and the good cooperation between them; warns however about strengthening alliances with illiberal regimes;

    11.  Commends North Macedonia on its continued commitment to the EU integration process and regrets the delays in the accession process; welcomes the stability of and encourages continued efforts to secure interethnic relations and the implementation of the Ohrid Framework Agreement;

    12.  Encourages North Macedonia to achieve tangible results in complying with the EU’s expectations under the negotiating framework and the Council conclusions of July 2022, including relevant constitutional changes, in line with the country’s commitments;

    13.  Urges North Macedonia to intensify efforts to strengthen the rule of law and judicial independence, including in judicial appointments and the functioning of the Judicial Council, to counter corruption, reform its public administration and improve the transparency and concentration of media ownership; encourages further implementation of systemic measures to ensure transparency and efficiency in governance;

    14.  Expresses its profound sorrow and heartfelt solidarity following the tragic Kočani nightclub fire that led to the death of more than 50 young people and injuries to more than 150 others and offers its condolences to the victims and their families; commends the rapid use of the EU Civil Protection Mechanism and the help provided by the Member States to save as many lives as possible; commends neighbouring and EU countries, in particular Greece and Bulgaria, for the immediate support and solidarity they showed and the medical treatment they provided to victims;

    Functioning of democratic institutions

    15.  Notes that, while democratic institutions in North Macedonia function satisfactorily, political polarisation remains a major stumbling block to necessary reforms; calls on the political parties represented in the country’s parliament to work together to reach an agreement on those reforms;

    16.  Welcomes the adoption of new rules of procedure by the Assembly of the Republic of North Macedonia (Sobranie), facilitated by the European Parliament within the framework of the Jean Monnet Dialogue; stresses, however, that persistent political polarisation continues to delay important reforms and appointments; emphasises that cross-party collaboration and an improved political climate remain vital to accelerate the implementation of EU-related reforms and strengthen democratic institutions;

    17.  Notes with concern that about half of all laws enacted by the Sobranie in 2023 were approved through shortened procedures; calls on the Sobranie to improve its legislative planning, coordination and quality through proper consultation procedures and parliamentary oversight, in particular with a view to the conclusions of the Jean Monnet Dialogue and to avoid fast-track procedures;

    18.  Stresses that, while the 2024 parliamentary and presidential elections were competitive, and democratic and amendments to the Electoral Code have been made, comprehensive electoral reform is still needed; calls strongly for the implementation of the outstanding recommendations made by the OSCE/ODIHR and the Venice Commission through an inclusive revision of the Electoral Code, while underlining the importance of insulating future electoral processes from malign foreign interference and information manipulation, including through the adoption of robust cybersecurity and online campaign transparency rules;

    19.  Calls for improved regulation of the financing of political parties and campaigns, including measures to increase transparency regarding the funds and expenses of political parties; urges a revision of the rules on state advertising in commercial media and paid political advertisement; emphasises the need for functioning oversight mechanisms to ensure integrity in party financing and for equal and adequate media access for political parties and independent candidates;

    20.  Calls for the continued modernisation of a merit-based public administration, addressing systemic challenges of politicisation, strengthening transparent recruitment processes, and reforming local self-government to provide better social services for citizens and to develop tailor-made local and regional development strategies; urges the authorities to step up their efforts and adopt and implement the necessary legislation with a view to improving public trust in the administration and fostering a resilient and capable public service that can effectively respond to contemporary challenges and serve the needs of the community; commends the 2023-2030 public administration strategy and the related action plan for 2023-2026 adopted in July 2023; acknowledges that they cover all relevant reform areas and set out a clear baseline, objectives and targets, thus identifying crucial policy challenges; regrets, however that the implementation rate remains low;

    21.  Calls for further steps to ensure the systemic accountability of public institutions through meaningful and public stakeholder consultations, including with regard to the implementation of the Reform Agenda, and to provide feedback from the consultations conducted; commends the law on general administrative procedures that is providing for simplification, but strongly recommends that it be implemented systematically across the administration;

    22.  Urges the authorities of North Macedonia to refrain from opaque, politicised dismissals from, and appointments to, positions within independent bodies and agencies, as well as to ensure that the institutions are adequately funded and that decisions and recommendations are implemented consistently; notes with regret the continued lack of progress in strengthening the office of the Ombudsman;

    Media and civil society

    23.  Welcomes North Macedonia’s steady progress in assuring media freedom; recalls however, the need for continued reforms to ensure an independent and resilient media landscape, including reforming the legal framework governing online and offline media to align fully with the European Media Freedom Act(5), addressing persistent challenges in media ownership transparency, digital media disclosure and media concentration; underlines the need for media reform that prioritises anti-concentration measures to safeguard journalistic integrity; emphasises the urgent need to counter malign foreign influence in the media landscape, including disinformation disseminated by actors linked to Russia and China;

    24.  Calls on the authorities to adopt a legal framework that effectively protects journalists, human rights defenders, environmental activists and other stakeholders from strategic lawsuits against public participation (SLAPPs), and to implement the provisions of the EU Anti-SLAPP Directive(6);

    25.  Urges the authorities to ensure full transparency and unimpeded access to information for citizens;

    26.  Notes with concern the reinstatement of government advertising in commercial media in North Macedonia; stresses the heightened risk of this measure opening the media market to disruption and undue political influence, thus endangering media independence and media pluralism; reiterates its calls for the comprehensive reform of the rules governing state financing and political party advertising in the media, noting the lack of transparency, the ongoing misuse of state funds for political advertising, and the continued risk of compromising media independence through opaque funding mechanisms; calls strongly for these reforms to be adopted and implemented before the local elections planned for autumn 2025;

    27.  Underlines the need to strengthen the independence and capacity of the media regulator, the public service broadcaster and the regulator of electronic communication;

    28.  Encourages action to enhance the editorial and financial independence, impartiality and professionalism of public service broadcasters and media regulators, while noting the continued delay in appointing key oversight bodies and the need for comprehensive modernisation efforts; calls for stricter transparency and ownership rules to expose covert influence, including foreign-sponsored media content, and for the establishment of mechanisms to identify and disrupt coordinated foreign disinformation networks;

    29.  Notes that certain Chinese diplomatic entities have financed paid content and opinion pieces in Macedonian media outlets without clear labelling; recalls that a 2023 analysis found that Russian state-affiliated actors had used Serbian media proxies to disseminate narratives hostile to NATO and to claim that the EU is pressuring North Macedonia to ‘abandon its identity’;

    30.  Expresses concern over the ongoing threats and attacks against independent journalists and media professionals, including misogynistic online harassment targeting women journalists, often targeting those reporting on the rule of law, corruption and justice; welcomes the assignment of a dedicated prosecutor to monitor these attacks on journalists and oversee the establishment of cyberbullying reporting mechanisms; calls for stronger measures to protect media professionals from physical and non-physical threats, harassment and the inappropriate use of language by public figures;

    31.  Encourages North Macedonia to continue the efforts to combat hate speech in all of its forms and targeting all groups, to proactively prevent and thoroughly investigate all instances of hate speech, hate crimes and intimidation, systematically prosecute related attacks, with a view to achieving convictions and ensuring the safety and security of their targets, such as journalists, people belonging to minorities, communities such as Bulgarians, and other vulnerable groups;

    32.  Expresses concern about the rise in hate speech and growing threats from disinformation in online media, over which the national Agency for Audio and Audiovisual Media Services has no regulatory authority; calls for strengthened measures to support investigative journalism, fact-checking capabilities and media literacy and to improve the legal framework and interinstitutional capacity in order to combat hate speech, disinformation and foreign interference; is concerned by widespread disinformation campaigns which call into question democratic values and the country’s goal of EU membership; calls, in this regard, for the support of the EU institutions to help the country mitigate these malicious effects; welcomes civil society initiatives promoting media fact-checking, digital literacy in schools and the combating of the spread of hate speech, and notes that nearly 50 % of the citizens of North Macedonia have adopted false narratives about international events, particularly regarding the war in Ukraine, underscoring the urgency of reinforcing societal resilience against malign information manipulation;

    33.  Underlines that civil society is vital in fostering democracy and pluralism and promoting good governance and social progress; welcomes the country’s vibrant and constructive civil society, which plays a very crucial and positive role in the reform process, and recalls that further efforts are needed to ensure inclusive, timely and meaningful consultation and transparency, as well as formal mechanisms for cooperation; welcomes, against this backdrop, the recent initiation of the process for re-establishing the Council for Cooperation with and Development of the Civil Society Sector and calls for enhanced cooperation between the government and civil society, especially in mitigating the implications for civil society of the recent ‘freeze’ of US Agency for International Development (USAID) funds; notes that, while civil society organisations operate in an overall enabling environment, legal and financial frameworks need to be implemented to ensure that their public funding is increased and that public funding mechanisms are transparent; is concerned about reports of an increase in hostile statements towards civil society and encourages the Ministry of Internal Affairs to work with civil society organisations to develop a security protocol for human rights defenders to ensure their protection against threats from non-state actors; calls strongly for further enhancement of the role of civil society by ensuring that it continues to be meaningfully included in the decision-making process and by consulting the Venice Commission before adopting future legislation related to non-governmental organisations (NGOs);

    Fundamental rights

    34.  Commends North Macedonia for ratifying most international human rights instruments; expresses concern, however, about the level of implementation, the lack of progress in gender equality, the rise of anti-gender movements and the increase in their influence, which have a negative impact on legislative and policymaking processes; urges the government to fully implement the Istanbul Convention; calls on the authorities to adopt the new Law on Gender Equality and to strengthen formal government structures designed to promote gender equality and improve the status and rights of women at all levels, as well as to ensure the effective implementation of the gender equality strategy and the national action plan, notably by ensuring adequate funding, enhancing interinstitutional coordination and aligning national policies with the EU acquis;

    35.  Urges the authorities to ensure the full and effective implementation of the existing legal framework for the protection of victims of gender-based and domestic violence, by allocating sufficient budgetary resources for prevention, and by improving access to support services, protection mechanisms and the enforcement of legally guaranteed social and economic rights of survivors; notes, against this background, the adoption in 2023 of the Law on Payment of Monetary Compensation to Victims of Violent Crimes, which integrates the standards of the Istanbul Convention to provide better protection for victims of gender-based violence; urges the authorities, furthermore, to strengthen their efforts to reduce and mitigate gender-based violence and domestic violence, and to increase shelter capacity and personnel, as well as the number of well-trained and gender-sensitive law enforcement officers, judges, medical personnel and social workers;

    36.  Notes, with concern, the dire situation of young women in prison, including juvenile girls aged between 14 and 16, who lack education and job skills training and are often overmedicated, with insufficient healthcare; urges the authorities of North Macedonia to take urgent measures to improve the detention conditions for all inmates, to reduce corruption and stop inhuman treatment, and to enhance the probation and reintegration of ex-prisoners into society;

    37.  Urges North Macedonia to fully implement the recommendations outlined in the 2023 ECRI report on North Macedonia in order to effectively address the human rights violations identified;

    38.  Welcomes the fact that interethnic relations remain stable and the Ohrid Framework Agreement continues to be implemented; commends North Macedonia’s efforts in strengthening minority rights protections, while encouraging further financial support; calls for adequate funding and staffing for institutions protecting the rights of non-majority communities; calls on political representatives of minority communities to avoid promoting divisive ethnic narratives echoing policies that caused profound suffering and wars in the region’s recent past; urges North Macedonia to fully implement the recommendations of the Advisory Committee on the Framework Convention for the Protection of National Minorities as regards the ‘One society for all and interculturalism’ strategy; calls on North Macedonia to provide sufficient funding and staff for the Language Implementation Agency and the Agency for Community Rights Realization; regrets that North Macedonia did not ratify the European Charter for Regional or Minority Languages; awaits a final decision on the contested Law on the Use of Languages, which may have an impact on interethnic relations;

    39.  Welcomes the progress the country has achieved in aligning its legislative and institutional framework for the rights of the child with the EU acquis and international human rights standards; notes the progress in implementing the strategy for deinstitutionalisation and welcomes the successful relocation of children from institutions to foster care or small group homes; notes with concern, however, the continued instances of child violence and discrimination, including against Roma children; calls, therefore, for the country to set up a national body responsible for coordinating all policies relating to the implementation of the UN Convention on the Rights of the Child and the optional protocols thereto;

    40.  Encourages North Macedonia to take meaningful steps toward recognising and incorporating national minorities and communities into its constitution, fostering inclusivity, protecting diversity, fighting discrimination and strengthening social cohesion in line with European values and democratic principles; calls on North Macedonia to fully guarantee equal rights and opportunities for all ethnic communities in the country;

    41.  Notes that persons with disabilities continue to face significant barriers as the country’s legislation is still not aligned with the UN Convention on the Rights of Persons with Disabilities; welcomes the national strategy for the rights of persons with disabilities for 2023-2030 and calls strongly for its proper implementation, including in regard to ensuring a sufficient number of educational assistants, in order to effectively and smoothly include children with disabilities in the education process;

    42.  Welcomes the first court ruling on hate speech against the LGBTIQ+ community, but calls strongly for the systematic prosecution of all instances of hate speech, hate crimes and intimidation, as well as for the inclusion of hate speech in the Criminal Code and for the state institutions responsible to keep adequate statistics on cases of hate speech and hate crimes;

    43.  Notes with concern the widespread hate speech on social media, particularly towards Roma, LGBTIQ+ persons and other marginalised groups; urges all political actors to amend the Law on Civil Registry and ensure swift and unimpeded legal gender recognition on the basis of self-determination, to uphold human rights, ensure dignity, and establish a clear and accessible legal process in line with international standards; recommends that the new Law on Primary Education maintain explicit protection against discrimination based on gender, sexual orientation and gender identity, ensuring alignment with national and international commitments; encourages the Assembly of North Macedonia to promptly (re-)establish an active interparliamentary LGBTIQ+ group to support and advance LGBTIQ+ rights;

    44.  Calls on North Macedonia to strengthen migration management, improve alignment with the EU acquis and address persistent challenges in handling regular and irregular migration while upholding fundamental human rights; welcomes enhanced cooperation on border management and the strengthening of the country’s capacity to manage migration flows and combat migrant smuggling, human trafficking and other organised crime; encourages the continued development of asylum procedures and integration policies and the improvement of reception conditions, in alignment with EU migration frameworks; stresses the importance of regional cooperation in migration management and urges the EU to provide further support in terms of resources, technical assistance and capacity-building in order to address migration challenges effectively;

    45.  Calls on North Macedonia to step up its efforts in the fight against human trafficking, notably by further aligning the Criminal Code with the EU acquis and its legislation on drugs;

    Rule of law

    46.  Notes, with serious concern, that the country’s track record in fighting corruption, including high-level corruption, has worsened, as also evidenced by its decline in Transparency International’s Corruption Perceptions Index, particularly owing to Criminal Code amendments that have weakened the legal framework, resulting in the termination of many ongoing cases; reiterates that this decline underscores the urgent need for comprehensive reforms; calls strongly for the anti-corruption framework to be strengthened and for effective accountability to be ensured, in particular in high-level corruption cases, through proper investigation, prosecution and convictions; urges a review of recent amendments to the Criminal Code in relation to sentencing standards and the statute of limitations, in order to ensure that the prosecution of corruption, especially of complex and high-level cases, is not negatively affected;

    47.  Recalls that sufficient financial and human resources are needed to ensure effective and consistent application of dissuasion, prevention, detection, investigation and sanction mechanisms for public office holders through broad measures covering conflicts of interest, lobbying, codes of ethics and whistle-blower protection;

    48.  Notes that the perceived level of trust in the judiciary remains very low and that further efforts are needed to prevent undue influence and intimidation; underlines the lack of progress in the implementation of the 2020 strategies for human resources management in the courts and in the public prosecutor’s office; calls strongly for the critical shortage of judges and prosecutors, which impacts the quality and efficiency of justice, to be addressed; calls for the independence and transparency of judicial bodies to be strengthened and for the funds necessary for their effective functioning to be allocated;

    49.  Calls for the strengthening of the Judicial Council and the Council of Prosecutors and for the allocation of necessary funds, while ensuring their independence; strongly urges political actors to cease interfering in judicial institutions;

    50.  Notes, with concern, the lack of progress in preventing and fighting corruption, and that financial investigations remain problematic; underlines how corruption continues to severely affect crucial policy areas; calls for the operational capacity and cooperation of agencies responsible for fighting organised crime and financial crime to be significantly strengthened, including through ensuring the necessary financial resources; encourages the country to improve its fight against organised and economic crime and cybercrime through a strengthened partnership with Europol, the European Cybercrime Centre and Eurojust; calls on North Macedonia to enhance its efforts to combat money laundering;

    51.  Calls for all necessary measures to be put in place to effectively counter organised crime; urges the authorities to improve coordination through the National Coordination Centre for the Fight Against Organised Crime as well as to allocate the necessary funds and staffing to the Office of the Basic Public Prosecutor for Organised Crime and Corruption; underlines the need to direct particular attention and resources towards uncovering money-laundering schemes;

    52.  Notes, with concern, North Macedonia’s partial alignment with the EU acquis in the fight against organised crime; reiterates its call for further alignment with the EU acquis and for systematic financial investigations, stepping up the freezing, confiscation, management and disposal of illegally acquired assets;

    53.  Calls for a thorough and transparent investigation of the Kočani nightclub fire on 16 March 2025, to bring to justice the persons responsible, and also for the legislation to be updated and thoroughly implemented to prevent similar tragedies and ensure better public safety and regulatory compliance to protect citizens;

    54.  Calls for the swift implementation of the ongoing reforms in the security and intelligence sectors, and for the independence of security and intelligence bodies to be strengthened through the establishment of appropriate regulatory frameworks, while also enhancing democratic oversight mechanisms; notes, with concern, that the National Security Agency is still located on the premises of the Ministry of Internal Affairs, calling into question its status as an independent state administration body;

    55.  Commends North Macedonia’s strong determination to counter hybrid threats; welcomes the government’s initiative to create a national strategic framework to counter disinformation as well as the adoption of the national cybersecurity strategy 2025-2028; calls for further efforts to build resilience against foreign interference and information manipulation; underlines the need to work on a national strategy to build resilience against disinformation as a security threat to the state, including through enhanced cybersecurity measures and strategic communication as well as education and media literacy; calls for the full operationalisation of EU mechanisms, such as the rapid alert system, to detect malign foreign influence in real time during key democratic processes, including elections;

    56.  Is deeply concerned that North Macedonia and other EU accession countries in the Western Balkans are being particularly hard hit by foreign interference and disinformation campaigns, including hybrid threats, strategic corruption, opaque financial flows and coercive investment practices, notably originating in Russia and China; is alarmed by the roles of the Hungarian and Serbian Governments in advancing China’s and Russia’s geopolitical objectives; notes, in this context, the risk of dependence on China caused by asymmetrical loan agreements, as well as the recent loan from the Hungarian bank Eximbank, which appears to be sourced from China;

    Socio-economic reforms

    57.  Recommends that North Macedonia continue to pursue steps to improve the business climate and infrastructure, strengthen education and digital infrastructure, and enhance social protection systems and their connection to employment initiatives; welcomes the inclusion of human capital-related reforms in the Growth Plan Reform Agenda and calls on North Macedonia to dedicate sufficient effort to implementing these reforms to achieve sustainable results in the development of human capital for children and young people, as the foundation of resilient societies and sustainable growth;

    58.  Welcomes the adoption of the Reform Agenda and the multiannual work programme under the Reform and Growth Facility for North Macedonia, which will provide support for small and medium-sized enterprises, cut red tape and digitalise the public system, and welcomes the steps provided for in the Reform Agenda regarding the digital infrastructure roll-out and the new Law on Electronic Communications, aligning the national legislation with the relevant EU acquis and keeping up with the digital transition worldwide;

    59.  Encourages labour market activation strategies for young people, the long-term unemployed, and low-skilled individuals, as well as for women, persons with disabilities and Roma, and calls for these measures to be properly evaluated; takes note of the long-term improvement in unemployment rates, notes, however, that this must be accompanied by a rise in real wages, the improvement of working conditions and the protection of workers’ rights, including trade union rights; calls for the full implementation of the Law on the Peaceful Settlement of Labour Disputes;

    60.  Encourages North Macedonia to advance its digital transformation, particularly by improving the digital skills of all citizens and by providing online access to public services; recognises the demographic challenges faced by North Macedonia, including population decline, the emigration of young professionals, and an ageing workforce, and underlines the need to address the brain drain, especially in the medical, technological and educational fields; calls for the implementation of targeted policies to reverse the brain drain, enhance family-friendly social policies and attract return migration; encourages cooperation with the EU on demographic resilience strategies, including labour market incentives, housing support for young families, and investment in education and skills development to align with future job market needs; calls for increased support for innovation and competitiveness;

    61.  Welcomes the positive effects of the Youth Guarantee on the reduction of youth unemployment; calls on North Macedonia to intensify its efforts to reduce the unemployment rate of young people aged between 15 and 24, which remains high at 29.3 %; underlines the need to address social challenges, ensure quality employment policies, foster upward social cohesion and convergence towards EU standards and support progress on the principles of the European Pillar of Social Rights;

    62.  Welcomes the efforts to amend the labour law; urges full alignment of the Law on Working Relations with EU directives to effectively guarantee the right to equal pay for equal work, ensure pay transparency and enhance protection against discrimination based on pregnancy and maternity; insists on the need to strengthen the competencies and capacities of the State Labour Inspectorate to ensure effective protection of workers’ rights, including safeguards against labour discrimination;

    63.  Commends North Macedonia for joining the single euro payments area (SEPA), recognising this as an important step toward deeper financial integration with the European market and the facilitation of faster, more efficient cross-border transactions; urges North Macedonia to introduce structural reforms to strengthen the economy and secure the country’s debt sustainability;

    64.  Welcomes the calls for the prompt integration of all of the Western Balkans into the EU’s digital single market at the earliest opportunity, which would crucially benefit the creation of a digitally safe environment;

    65.  Urges the authorities to fully implement existing legal provisions to ensure access to primary healthcare services, with a particular focus on sexual and reproductive health for women, mothers and children, and eliminate barriers related to geography, finances or other hardships; calls for targeted measures to support vulnerable groups of women in accessing healthcare, including Roma women, rural women and those living in poverty;

    66.  Welcomes the progress made in the implementation of the Strategy for Inclusion of Roma 2022-2030; regrets, however, that the strategy lacks a clear approach to participation, empowerment and capacity building; calls on the authorities to implement the respective action plans, ensuring proper monitoring and meaningful and transparent participation of civil society organisations, notably from the Roma community;

    Environment, biodiversity, energy and transport

    67.  Welcomes the adoption of the Energy Law in 2025 and underscores its importance for guaranteeing a safe, secure and high-quality supply of energy as well as for creating an efficient, competitive and financially sustainable energy sector; encourages the authorities to continue on this ambitious path and recalls that additional efforts are needed to fully meet the targets for energy efficiency, renewable energy, security of supply and emissions reductions; urges the country’s authorities to align their environment and climate change legislation with the EU acquis and to ensure its enforcement; notes, with concern, the lack of progress on climate action and the pending adoption of key legislation; stresses the need to integrate gender equality and social inclusion into climate action planning so that women, low-income households and marginalised communities are actively consulted and benefit equitably from the transition;

    68.  Welcomes the European Investment Bank’s continued financial and technical support in North Macedonia, including strategic infrastructure projects such as the Rail Corridors VIII and X, the Skopje wastewater treatment plant, and municipal water infrastructure development; calls for an inclusive and just transition which protects the socially vulnerable, by mobilising public and private financing for the green transition, fully operationalising dedicated funding mechanisms and leveraging EU and international support; stresses the need to address the problems of a lack of specialised staff and weak institutional and administrative capacity, which undermine quality control and the adequate performance of environmental impact assessments;

    69.  Notes, with concern, that air and water quality and wastewater management remain particularly challenging issues for the country; urges the central government and local authorities to step up their efforts in order to improve air quality and reduce potentially lethal pollution; recalls that the situation is particularly alarming in Skopje, which has consistently been one of the most polluted cities in Europe;

    70.  Recognises North Macedonia’s great potential as a regional hub with regard to the use of renewable energy sources; urges North Macedonia to fully align its environmental impact assessment with the EU acquis, with a particular focus on secondary legislation concerning small hydropower projects;

    71.  Stresses the urgent need to prioritise environmental protection; strongly urges the authorities to adopt the necessary legislation and to step up measures on biodiversity, water, air and climate action, and regional waste management, including through comprehensive impact assessments, rigorous prosecution of environmental crime and proper public consultation that allows for the meaningful and transparent involvement of local communities, NGOs and scientific institutions;

    72.  Calls on North Macedonia to establish legal protections for Emerald Sites designated under the Convention on the Conservation of European Wildlife and Natural Habitats (the Bern Convention) to safeguard them from environmentally harmful projects; encourages the country to expand its protected areas, with a view to fulfilling the Kunming-Montreal Global Biodiversity Framework targets; reiterates the urgent need to adopt the law on the re-proclamation of Mavrovo National Park to ensure the continuation and completion of its essential conservation efforts; encourages North Macedonia to include Jablanica on its list of protected areas, thus ensuring the conservation of habitats that are critical to the survival of species;

    73.  Encourages the authorities of North Macedonia to implement stricter protection and management strategies for the habitats of endangered species, as well as for the species themselves, particularly the Balkan lynx, including rigorous enforcement of laws against wildlife crimes, specifically illegal killing and poaching, to safeguard biodiversity;

    74.  Welcomes North Macedonia’s continued cooperation with Kosovo and Albania regarding the transboundary Sharr Mountains National Park; encourages North Macedonia to intensify and speed up collaborative efforts with its neighbouring countries to designate transboundary protected areas and establish coherent transboundary management plans;

    75.  Stresses the need to tackle financial challenges faced by national parks to improve various aspects, including human resources and overall management, with the aim of strengthening their role in biodiversity conservation, providing recreational opportunities and supporting local economies;

    76.  Welcomes the progress made in the construction of Corridors VIII and X of the Trans-European Transport Network (TEN-T) and commends the completion of the Kriva Palanka–Dlabochica–Stracin expressway; urges, however, the authorities of North Macedonia to step up their efforts to prioritise sustainable transport and upgrade energy infrastructure work towards integration in European networks and regional connectivity as well as to address persistent delays in the development of critical infrastructure, including through bilateral negotiations; calls on the Commission to assist in these efforts where needed;

    77.  Calls for additional efforts to accelerate progress on all priority sections of the core network for both rail and road, including by increasing the number of border crossings wherever possible; notes the strategic importance of Corridor VIII for the EU’s and NATO’s geostrategic autonomy, serving as a key logistics route along NATO’s southern flank;

    Regional cooperation and foreign policy

    78.  Welcomes North Macedonia’s valuable and significant contributions to regional cooperation and stability via its engagement in regional economic and diplomatic initiatives such as the Berlin Process, the Growth Plan for the Western Balkans, and the implementation of common regional market agreements, underlining the importance of their inclusiveness;

    79.  Welcomes the country’s commitment to nurturing good neighbourly relations and acknowledges its role as a model for the peaceful resolution of bilateral disputes through dialogue and mutual understanding; emphasises, in this regard, the importance of full implementation of international agreements with tangible results in good faith by all sides, including the Prespa Agreement with Greece and the Treaty of friendship, good neighbourliness and cooperation with Bulgaria; calls for consistent commitment to dialogue and cooperation with neighbouring countries to strengthen regional stability and foster mutual trust; calls for the further promotion of people-to-people contacts across south-eastern Europe;

    80.  Expresses concern about the so-called ‘Serbian world’ project and that some representatives of the Government of North Macedonia have been advocating and promoting this concept; condemns the participation in meetings that attempt to establish a sphere of influence undermining the sovereignty of other countries and the stability of the region;

    81.  Recalls the need to open up Yugoslav secret service archives (UDBA and KOS), kept in both North Macedonia and Serbia; emphasises the need to open these archives region-wide to deal with the totalitarian past in a transparent way, with a view to strengthening democracy, accountability and institutions in the Western Balkans;

    82.  Welcomes North Macedonia’s continued commitment to Euro-Atlantic security; commends North Macedonia’s active role in the OSCE, in particular its chairmanship of the OSCE in 2023 in a complex geopolitical environment, and substantial contributions to EU crisis management missions and military operations; commends the country’s alignment with the EU’s foreign, security and defence policy, including its clear-cut response to Russia’s war of aggression in Ukraine by aligning with the EU’s restrictive measures against Russia and Belarus and providing support to Ukraine; welcomes the signing of a security and defence partnership with the EU in 2024;

    83.  Regrets, however, that North Macedonia, was the only country in the Western Balkans to abstain on the European resolution on Ukraine in the UN General Assembly in February 2025 and instead co-sponsored the US resolution, alongside countries such as Georgia and Hungary, representing a negative signal regarding North Macedonia’s alignment with the EU’s common foreign and security policy and with the collective European commitment to upholding peace, international law and democratic principles;

    84.  Acknowledges North Macedonia’s NATO membership as a significant geostrategic contribution to regional security and Euro-Atlantic stability, including through the country’s active participation in NATO missions and operations and its strategic role in fostering peace and cooperation in the Western Balkans, as well as through the ongoing modernisation of its armed forces and reforms in the fields of crisis management, critical infrastructure and cyber defence; highlights the fact that NATO membership strengthens North Macedonia’s defence capabilities, enhances security coordination with EU and NATO allies, and serves as a deterrent against external destabilisation efforts; encourages North Macedonia to deepen cooperation with the EU and NATO on countering hybrid threats, including through cybersecurity coordination, joint disinformation tracking and resilience-building, and to pursue its efforts to deter external destabilisation attempts; encourages North Macedonia to continue its investment in defence modernisation and alignment with NATO strategic priorities in order to further solidify its role as a reliable security partner;

    85.  Welcomes the agreement concluded at the EU-Western Balkans summit in Tirana on reduced roaming costs; calls, in this respect, on the authorities, private actors and all stakeholders to facilitate achieving the agreed targets of a substantial reduction of data roaming charges between the Western Balkans and the EU and further reductions leading to prices close to the domestic prices by 2027; welcomes the entering into force of the first phase of implementation of the roadmap for roaming between the Western Balkans and the EU;

    o
    o   o

    86.  Instructs its President to forward this resolution to the President of the European Council, the Council, the Commission, the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the governments and parliaments of the Member States, and the President, Government and Assembly of the Republic of North Macedonia.

    (1) OJ L 84, 20.3.2004, p. 13, ELI: http://data.europa.eu/eli/agree_internation/2004/239(2)/oj.
    (2) OJ L 330, 20.9.2021, p. 1, ELI: http://data.europa.eu/eli/reg/2021/1529/oj.
    (3) OJ L, 2024/1449, 24.5.2024, ELI: http://data.europa.eu/eli/reg/2024/1449/oj.
    (4) OJ C 202, 28.5.2021, p. 86.
    (5) Regulation (EU) 2024/1083 of the European Parliament and of the Council of 11 April 2024 establishing a common framework for media services in the internal market and amending Directive 2010/13/EU (European Media Freedom Act) (OJ L, 2024/1083, 17.4.2024, ELI: http://data.europa.eu/eli/reg/2024/1083/oj).
    (6) Directive (EU) 2024/1069 of the European Parliament and of the Council of 11 April 2024 on protecting persons who engage in public participation from manifestly unfounded claims or abusive court proceedings (‘Strategic lawsuits against public participation’) (OJ L, 2024/1069, 16.4.2024, ELI: http://data.europa.eu/eli/dir/2024/1069/oj).

    MIL OSI Europe News

  • MIL-OSI Banking: BSTDB Forum “Armenia – Accelerating Regional Success” Held in Yerevan

    Source: Black Sea Trade and Development Bank

    Event | 10-Jul-2025

    Advancing Regional Integration and Economic Resilience through High-Level Dialogue

    Regional cooperation and economic resilience took center stage in Yerevan as the Black Sea Trade and Development Bank (BSTDB) hosted the high-level Business Forum “Armenia – Accelerating Regional Success” under the High Patronage of the President of the Republic of Armenia, H.E. Mr. Vahagn Khachaturyan.

    Bringing together senior government officials, business leaders, and international financial institutions, the Forum offered a platform to explore how targeted investment, cross-border collaboration, and multilateral partnerships can strengthen the growth prospects of smaller economies in the Black Sea Region.

    Held in the margins of BSTDB’s Annual Meeting, the Forum opened with a welcome address by Ambassador-at-Large Artur Javadyan, Chairman of the Board of the Centre for Economic Perspectives Foundation and BSTDB Govenor for Armenia. In his inaugural remarks, President Vahagn Khachaturyan emphasized Armenia’s commitment to inclusive and sustainable development, positioning the country as a vital player in advancing regional cooperation. Dr. Serhat Köksal, President of BSTDB, followed with an opening statement highlighting the Bank’s growing footprint in Armenia and its role in unlocking economic potential across the region.

    The first panel discussion, titled “Supporting Resilience: International Synergies for Smaller Economies,” was moderated by Panayotis Gavras, Director for Policy and Strategy at BSTDB. The conversation brought together Martin Galstyan, Governor of the Central Bank of Armenia, and Avag Avanesyan, Deputy Minister of Finance of Armenia, who shared insights into the country’s financial landscape and policy priorities. They were joined by Ambassador Lazar Comanescu, Secretary General of the Organization of the Black Sea Economic Cooperation, who spoke on the role of regional institutions in fostering economic stability, and Koba Gvenetadze, the IMF’s Resident Representative in Uzbekistan, who contributed an international perspective on resilience-building in smaller economies.

    The second session, “Partnering with BSTDB: Insights and Experiences,” was moderated by David Nahapetyan, Board Member of the Central Bank of Armenia. The panel featured Edmond Vardumyan, CEO of the National Mortgage Company, who spoke about BSTDB’s innovative solutions for advancing Armenia’s housing sector. Leonid Sidorenko, BSTDB’s Director for General Industries, and Larisa Manastirli, the Bank’s Director for Financial Institutions, offered perspectives from within the Bank, focusing on how BSTDB tailors its financing to meet diverse partner needs. Daniel Azatyan, Chairman of the Union of Banks of Armenia, emphasized the importance of long-term collaboration between BSTDB and the Armenian banking sector.

    The Forum concluded with a series of signing ceremonies, with local clients, namely ARMECONOMBANK, DICA, Inecobank and SAS Group, reinforcing BSTDB’s strong partnership with Armenia and its broader commitment to accelerating economic success in the region.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact: Haroula Christodoulou

    : @BSTDB

    MIL OSI Global Banks

  • MIL-OSI Analysis: How citizenship chaos was averted, for now, by a class action injunction against Trump’s birthright citizenship order

    Source: The Conversation – USA – By Julie Novkov, Professor of Political Science and Women’s, Gender and Sexuality Studies, University at Albany, State University of New York

    Protesters support birthright citizenship on May 15, 2025, outside of the Supreme Court in Washington. AP Photo/Jacquelyn Martin

    Legal battles over President Donald Trump’s executive order to end birthright citizenship continued on July 10, 2025, after a New Hampshire federal district judge issued a preliminary injunction that will, if it’s not reversed, prevent federal officials from enforcing the order nationally.

    The ruling by U.S. District Judge Joseph Laplante, a George W. Bush appointee, asserts that this policy of “highly questionable constitutionality … constitutes irreparable harm.”

    In its ruling in late June, the Supreme Court allowed the Trump administration to deny citizenship to infants born to undocumented parents in many parts of the nation where individuals or states had not successfully sued to prevent implementation – including a number of mid-Atlantic, Midwest and Southern states.

    Trump’s executive order limits U.S. citizenship by birth to those who have at least one parent who is a U.S. citizen or legal permanent resident. It denies citizenship to those born to undocumented people within the U.S. and to the children of those on student, work, tourist and certain other types of visas.

    The preliminary injunction is on hold for seven days to allow the Trump administration to appeal.

    The June 27 Supreme Court decision on birthright citizenship limited the ability of lower-court judges to issue universal injunctions to block such executive orders nationwide.

    Laplante was able to avoid that limit on issuing a nationwide injunction by certifying the case as a class action lawsuit encompassing all children affected by the birthright order, following a pathway suggested by the Supreme Court’s ruling.

    Pathways beyond universal injunctions

    In its recent birthright citizenship ruling, Trump v. CASA, the Supreme Court noted that plaintiffs could still seek broad relief by filing such class action lawsuits that would join together large groups of individuals facing the same injury from the law they were challenging.

    And that’s what happened.

    Litigants filed suit in New Hampshire’s district court the same day that the Supreme Court decided CASA. They asked the court to certify a class consisting of infants born on or after Feb. 20, 2025, who would be covered by the order and their parents or prospective parents. The court allowed the suit to proceed as a class action for these infants.

    President Donald Trump takes questions on June 27, 2025, in Washington, D.C., after the Supreme Court ruled on the birthright citizenship case.
    Joe Raedle/Getty Images

    What if this injunction doesn’t stick?

    If the U.S. Court of Appeals for the 1st Circuit or the Supreme Court invalidates the New Hampshire court’s newest national injunction and another injunction is not issued in a different venue, the order will then go into effect anywhere it is not currently barred from doing so. Implementation could begin in as many as 28 states where state attorneys general have not challenged the Trump birthright citizenship policy if no other individuals or groups secure relief.

    As political science scholars who study race and immigration policy, we believe that, if implemented piecemeal, Trump’s birthright citizenship order would create administrative chaos for states determining the citizenship status of infants born in the United States. And it could lead to the first instances since the 1860s of infants being born in the U.S. being denied citizenship categorically.

    States’ role in establishing citizenship

    Almost all U.S.-born children are issued birth certificates by the state in which they are born.

    The federal government’s standardized form, the U.S. standard certificate of live birth, collects data on parents’ birthplaces and their Social Security numbers, if available, and provides the information states need to issue birth certificates.

    But it does not ask questions about their citizenship or immigration status. And no national standard exists for the format for state birth certificates, which traditionally have been the simplest way for people born in the U.S. to establish citizenship.

    If Trump’s executive order goes into effect, birth certificates issued by local hospitals would be insufficient evidence of eligibility for federal government documents acknowledging citizenship. The order would require new efforts, including identification of parents’ citizenship status, before authorizing the issuance of any federal document acknowledging citizenship.

    Since states control the process of issuing birth certificates, they will respond differently to implementation efforts. Several states filed a lawsuit on Jan. 21 to block the birthright citizenship order. And they will likely pursue an arsenal of strategies to resist, delay and complicate implementation.

    While the Supreme Court has not yet confirmed that these states have standing to challenge the order, successful litigation could bar implementation in up to 18 states and the District of Columbia if injunctions are narrowly framed, or nationally if lawyers can persuade judges that disentangling the effects on a state-by-state basis will be too difficult.

    Other states will likely collaborate with the administration to deny citizenship to some infants. Some, like Texas, had earlier attempted to make it particularly hard for undocumented parents to obtain birth certificates for their children.

    People demonstrate outside the Supreme Court of the United States on May 15, 2025, in Washington, D.C.
    Matt McClain/The Washington Post via Getty Images

    Potential for chaos

    If the Supreme Court rejects attempts to block the executive order nationally again, implementation will be complicated.

    That’s because it would operate in some places and toward some individuals while being legally blocked in other places and toward others, as Justice Sonia Sotomayor warned in her Trump v. CASA dissent.

    Children born to plaintiffs anywhere in the nation who have successfully sued would have access to citizenship, while other children possibly born in the same hospitals – but not among the groups named in the suits – would not.

    Babies born in the days before implementation would have substantially different rights than those born the day after. Parents’ ethnicity and countries of origin would likely influence which infants are ultimately granted or denied citizenship.

    That’s because some infants and parents would be more likely to generate scrutiny from hospital employees and officials than others, including Hispanics, women giving birth near the border, and women giving birth in states such as Florida where officials are likely to collaborate enthusiastically with enforcement.

    The consequences could be profound.

    Some infants would become stateless, having no right to citizenship in another nation. Many people born in the U.S. would be denied government benefits, Social Security numbers and the ability to work legally in the U.S.

    With the constitutionality of the executive order still unresolved, it’s unclear when, if ever, some infants born in the U.S. will be the first in the modern era to be denied citizenship.

    The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. How citizenship chaos was averted, for now, by a class action injunction against Trump’s birthright citizenship order – https://theconversation.com/how-citizenship-chaos-was-averted-for-now-by-a-class-action-injunction-against-trumps-birthright-citizenship-order-260175

    MIL OSI Analysis

  • MIL-OSI USA: Kaine Applauds Committee Passage of Fiscal Year 2026 National Defense Bill

    US Senate News:

    Source: United States Senator for Virginia Tim Kaine

    WASHINGTON, D.C. – Today, U.S. Senator Tim Kaine (D-VA), a member of the Senate Armed Services Committee (SASC) and Ranking Member of the SASC Subcommittee on Seapower, applauded committee passage of the Fiscal Year 2026 National Defense Authorization Act (NDAA), which includes key provisions Kaine secured to advance U.S. national security, support servicemembers and their families, boost Virginia’s defense industry, and strengthen relations with allies and partners:

    “I’m proud to have worked with my colleagues on the Senate Armed Services Committee to pass out of committee this year’s defense authorization bill. The bill includes several provisions I secured to strengthen our national security, support Virginia’s military installations and defense community, invest in our nation’s shipbuilding programs, and most importantly, improve quality of life among servicemembers and their families. I’m especially glad the bill includes a provision I pushed for to require Defense Department aircraft that operate near commercial airports to have broadcast positioning technology following the deadly collision between an Army Black Hawk helicopter and a regional commercial jet that took 67 lives in January. I urge the full Senate to take it up as soon as possible.”

    Kaine successfully secured the following provisions:

    Pay Raises, Allowances, and Workforce Recruitment:

    • Authorizes a 3.8 percent pay raise for military personnel.
    • Directs the Secretary of Defense to ensure that pay statements for military servicemembers include clear descriptions for each type of pay, allowance, and deduction.
    • Directs the Secretary of Defense to assess how current salaries of Department of Defense civilian employees are calculated under the locality pay system.
    • Provides the Secretary of Defense with direct hiring authority for up to 60 graduates of the Defense Civilian Training Corps (DCTC) every calendar year and requires a report to Congress on the use of this hiring authority. The DCTC is a pilot program that recruits and trains college students for careers as Department of Defense civilians.

    Shipbuilding Investments:

    • Authorizes investments and procurement of naval ships, including Columbia-class submarines and Medium Landing Ships.
    • Directs the Secretary of the Navy to provide a report to Congress on the Navy’s progress since 2015 in implementing the 90 recommendations made by the Government Accountability Office (GAO) to improve naval shipbuilding.
    • Requires the Secretary of the Navy to expedite the investigation, qualification, and integration of 23 advanced technologies and processes into Navy surface ship maintenance to improve readiness, reduce costs, and address delays.
    • Directs the Secretary of the Navy to provide a report to Congress on the status of the recommendations made by the GAO to ensure the Marine Corps has a fleet of 31 operational ships.
    • Requires the Secretary of the Navy to move leadership for surface ship maintenance at private shipyards to Type Commanders and directs a new contracting strategy that emphasizes workforce stability and collaborative planning.

    Aviation Safety: Requires that all aircraft of the Department of Defense that operate near commercial airports be equipped with broadcast positioning technology. Requires that the Department of Defense improve how it shares aviation safety data with the Federal Aviation Administration. This comes in response to the January 29, 2025 collision between an Army Black Hawk helicopter and American Airlines flight 5342 near Ronald Reagan Washington National Airport (DCA) that took the lives of 67 people.

    Army Futures Command and Training and Doctrine Command: Requires a report on the Army’s proposed plan to integrate Army Futures Command and Training and Doctrine Command.

    Military Construction: Authorizes $993,660,000 for military construction (MILCON) in Virginia.

    • $380,000,000 for Public-Private Venture (PPV) unaccompanied housing at Naval Station Norfolk 
    • $188,000,000 for Dry Dock 3 modernization at Norfolk Naval Shipyard
    • $93,300,000 for Electric Distribution System upgrades at Naval Station Norfolk 
    • $85,000,000 for operations center at the Pentagon
    • $71,700,000 for weapons magazines at Naval Weapons Station Yorktown 
    • $63,500,000 for a Water Treatment Plant at Marine Corps Base Quantico
    • $49,000,000 for fuel system maintenance dock at Joint Base Langley-Eustis
    • $20,400,000 for MQ-25 facilities at Naval Station Norfolk 
    • $15,500,000 for an Aircraft Maintenance Hangar at Virginia Army National Guard’s Army Aviation Support Facility in Sandston 
    • $12,360,000 for a Child Development Center at Joint Expeditionary Base Little Creek-Fort Story
    • $11,700,000 for a Child Development Center at Naval Station Norfolk 
    • $3,200,000 for the planning and design of a new headquarters for the 192nd Wing at Langley Air Force Base

    Military Housing:

    • Authorizes increased funding to construct, repair, and improve enlisted barracks across the services.
    • Requires the Secretary of Defense to publish a clear, accessible document that explains how Basic Allowance for Housing (BAH) rates are determined.
    • Requires the Secretary of Defense to develop an alternative methodology for calculating BAH based on the typical cost of housing units by number of bedrooms, conduct a pilot program using the new methodology, and brief Congress on the findings.
    • Requires the Secretary of Defense to include additional oversight mechanisms for any renegotiation of the contract under the Global Household Goods Contract or negotiation of a new contract under the Global Household Goods Contract of any successor program or contract.

    Health Care:

    • Directs the Comptroller General of the United States to conduct a study on the impact of behavioral and mental health staffing shortfalls at military treatment facilities.
    • Requires a briefing on the Department of Defense’s implementation of the self-initiated referral process for mental health care.
    • Requires the establishment of a demonstration program to expand partnerships between the Department of Defense and Department of Veterans Affairs medical facilities for the purpose of increasing case volume for graduate medical education programs.
    • Requires Department of Defense to review its policies for credentialing health care workers to remove barriers to accessing mental health care.
    • Requires the Department of Defense to better define its criteria for reimbursing children’s hospitals.

    Military Families:

    • Requires the Secretary of Defense to improve staffing of special education teachers and staff and improve special education offerings at Department of Defense Education Activity (DODEA) schools.
    • Requires an update to existing DODEA regulations on the student use of portable electronic mobile devices in DODEA schools to prohibit disruption in the learning environment.
    • Authorizes funding for Impact Aid, including funding to support military children with severe disabilities. Impact Aid reimburses school districts for the cost of educating children who reside on military installations or have a parent that works on a military installation or federal property. Because military families may not pay certain state or local taxes where they are stationed, Impact Aid helps offset these costs to support schools.

    European Security, NATO, and Ukraine:

    • Prohibits a reduction in U.S. military posture in Europe or relinquishment of U.S. command of the Supreme Allied Commander Europe position until the Secretary of Defense assesses the impact on U.S. and NATO and certifies to Congress that such action is in the national interest.
    • Authorizes funding for the NATO Security Investment Program.
    • Extends and authorizes funding for the Ukraine Security Assistance Initiative.
    • Requires the Secretary of Defense to deliver a report on acceleration options for the JUMPSTART initiative, which allows European partners to purchase weapons for Ukraine from U.S. defense companies.
    • Requires the Secretary of Defense to work with Ukraine to create a depot-level maintenance plan to ensure that western-transferred military equipment can be sustained and provide the plan to Congress.
    • Requires the Secretary of Defense to continue to provide intelligence support, including information, intelligence, and imagery collection to the Government of Ukraine.

    Australia-U.K-U.S. (AUKUS) Partnership: Directs further collaboration between the AUKUS countries on IT infrastructure and directs the DoD to provide an update on who it has assigned to be the senior civilian defense official to lead the U.S. work on this agreement and continue the updates required by the Fiscal Year 2024 NDAA.

    Taiwan: Authorizes funding for the Taiwan Security Cooperation Initiative and directs the Department of Defense to engage with Taiwan to develop a joint program to codevelop and coproduce uncrewed and counter-uncrewed capabilities.

    U.S. Posture in Indo-Pacific:

    • Authorizes funding for the Pacific Deterrence Initiative (PDI), which enhances U.S. force posture, infrastructure, readiness, capacity, and capabilities in the Indo-Pacific.
    • Prohibits a reduction in U.S. military posture on the Korean Peninsula or a change in wartime operational control over the Combined Forces Command until the Secretary of Defense certifies to Congress that such action is in the national interest.
    • Directs an initiative to strengthen security cooperation across the respective defense industrial bases of U.S. allies and partners in the Indo-Pacific.

    Uncrewed Aircraft Systems:

    • Requires the Department of Defense to develop a roadmap for the small, unmanned aircraft system (sUAS) industrial base to support existing sUAS programs.
    • Requires a briefing on the plan for installation commanders to engage UAS on U.S. military installations by both kinetic and non-kinetic means.

    MIL OSI USA News

  • MIL-OSI: Hyperscale Data Announces 36 Consecutive Months of Cash Dividend Payments Timely Paid for Series D Cumulative Redeemable Perpetual Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, July 11, 2025 (GLOBE NEWSWIRE) — Hyperscale Data, Inc. (NYSE American: GPUS), a diversified holding company (“Hyperscale Data” or the “Company”), today announced that it has successfully paid 36 consecutive monthly cash dividends for its 13.00% Series D Cumulative Redeemable Perpetual Preferred Stock (the “Series D Preferred Stock”). Dividends on the Series D Preferred Stock are cumulative and are payable out of amounts legally available therefor at a rate equal to 13.00% per annum per $25.00 of stated liquidation preference per share, or $0.2708333 per share of Series D Preferred Stock per month.

    Milton “Todd” Ault III, Founder and Executive Chairman of the Company, stated, “We are very proud of the Company’s track record relating to the Series D Preferred Stock and recognize that reaching the three year mark is monumental. We want to emphasize to our stockholders that the Company remains committed to the long term nature of the monthly dividend.”

    For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data’s public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

    About Hyperscale Data, Inc.

    Through its wholly owned subsidiary Sentinum, Inc., Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging artificial intelligence (“AI”) ecosystems and other industries. Hyperscale Data’s other wholly owned subsidiary, Ault Capital Group, Inc. (“ACG”), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

    Hyperscale Data expects to divest itself of ACG on or about December 31, 2025 (the “Divestiture”). Upon the occurrence of the Divestiture, the Company would solely be an owner and operator of data centers to support high-performance computing services, though it may at that time continue to mine Bitcoin. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data’s headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

    On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the “Series F Preferred Stock”) to all common stockholders and holders of the Series C Convertible Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the “ACG Shares”). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be stockholders of ACG upon the occurrence of the Divestiture.

    Forward-Looking Statements

    This 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. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

    Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at hyperscaledata.com.

    Hyperscale Data Investor Contact:
    IR@hyperscaledata.com or 1-888-753-2235

    The MIL Network

  • MIL-OSI: Ethereum-Based Little Pepe Hits New Heights With $5,000,000 Raised in Presale

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, July 11, 2025 (GLOBE NEWSWIRE) — Little Pepe (LILPEPE) continues its upward momentum, officially wrapping up Stage 4 of its presale with over $5 million raised. As the token price increases to $0.0014 in Stage 5, investor interest has reached new highs, positioning the project as a standout in the meme coin market. This new milestone demonstrates not just the growing popularity of meme coins in 2025 but also highlights the strength of projects that pair meme energy with real utility.

    Unlike traditional meme tokens that depend upon hype alone, Little Pepe has carved out its niche by imparting something more—a strong Layer 2 blockchain that enhances speed, scalability, and price performance. With every new funding milestone, the project isn’t simply growing in numbers however additionally in legitimacy as a next-gen crypto asset with the power to lead a new wave of network-based tokens.

    What Sets Little Pepe Apart

    At the core of Little Pepe’s offering is the Little Pepe Chain—an Ethereum-compatible Layer 2 protocol designed specifically for high-throughput, low-fee transactions. Built to solve congestion and scaling issues typically associated with Ethereum’s mainnet, this EVM-compatible chain delivers the speed and flexibility modern users demand.

    This technical foundation makes Little Pepe more than a meme. It positions $LILPEPE as a scalable, efficient token that can support future DeFi, and broader Web3 integrations, all while keeping the community-first ethos that makes meme coins so attractive. The chain isn’t just about moving fast—it’s about building something sustainable.

    Stage 5 Launches with Increased Demand

    Following the sold-out Stage 4 presale, the project wasted no time transitioning into Stage 5. With a new token price of $0.0014, the fifth phase is already seeing heightened activity. Many investors who watched earlier stages quickly fill are now rushing to get in before future price increases.

    This growing interest has been fueled by consistent development updates, community engagement across platforms like Telegram and X, and a clear roadmap that outlines what lies ahead for $LILPEPE holders. The project’s transparency and the community’s enthusiasm are proving to be powerful drivers.

    A Strong and Growing Community

    One of the most compelling components of Little Pepe’s rise is its community support. The project has cultivated an international network that resonates with both its meme aesthetic and critical infrastructure. Thousands of users are actively promoting and discussing the coin, fueling viral growth that no advertising price range ought to purchase.

    The conversation isn’t just hype—it’s backed by data. From impressive presale milestones to growing wallet counts, there are strong indicators that Little Pepe’s momentum is both organic and sustainable. This is a meme coin that people believe in, and they’re backing that belief with real capital.

    Why Stage 5 Matters Now More Than Ever

    Every presale stage has brought with it a price increase, and Stage 5 is no exception. Now priced at $0.0014, the token is still early in its lifecycle but has already demonstrated substantial growth potential. For many, this stage represents the perfect entry point before the token makes its way to public exchange listings.

    There’s also a psychological factor at play. The $5 million milestone adds legitimacy and builds FOMO (fear of missing out) among investors who were previously on the fence. The clock is ticking, and those who wait too long may find themselves entering at a significantly higher price point. The team behind Little Pepe has not only managed to deliver a strong presale campaign but has also laid the groundwork for what’s to come. Future updates promise increased functionality, ecosystem growth, and potential partnerships aimed at maximizing utility and adoption.

    With each new stage, Little Pepe is proving it’s more than a viral trend—it’s a long-term project in the evolving world of meme finance. From a custom-built Layer 2 solution to a thriving community and well-executed presale strategy, all signs point toward continued success.

    Little Pepe’s explosive rise past $5 million in presale funding isn’t just a number—it’s a statement. It signals that investors are looking for more from meme coins in 2025: real technology, real communities, and real roadmaps. With Stage 5 now active at $0.0014, $LILPEPE is inviting both early believers and new entrants to be part of what may be one of the year’s most promising crypto stories.

    About Little Pepe

    Little Pepe is a next-gen Layer 2 blockchain designed to merge meme culture with high-speed, low-cost decentralized infrastructure. Built for scalability, security, and accessibility, Little Pepe supports EVM-compatible applications and is powered by means of the $LILPEPE token. The project’s mission is to create a meme coin environment wherein utility meets virality, empowering users through cutting-edge technology and lightning-fast transactions.

    For more information:
    Website: https://littlepepe.com/
    Telegram: https://t.me/littlepepetoken
    Twitter: https://x.com/littlepepetoken

    Contact Details: COO- James Stephen Email: media@littlepepe.com

    Disclaimer: This content is provided by Little Pepe. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice. Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed. Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility. Globenewswire does not endorse any content on this page.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/630abf3b-ce71-4991-9a26-61716c3bdf3f

    The MIL Network

  • MIL-OSI: Cancer Antibody Drug Conjugates Treatment Market Size Clinical Trials FDA Approved Report

    Source: GlobeNewswire (MIL-OSI)

    Delhi, July 11, 2025 (GLOBE NEWSWIRE) — Global Cancer Antibody Drug Conjugates Market Size, Drugs Approval, Price, Sales and Clinical Trials Insight 2030 Report Finding & Inclusions:

    • Global Cancer Antibody Drug Conjugates Market: 2020 – 2030
    • Global Cancer Antibody Drug Conjugates Market Opportunity > US$ 50 Billion By 2030
    • Approved Cancer Antibody Drug Conjugates: 16 Drugs
    • Approved Cancer Antibody Drug Conjugates Sales Insights, Patent, Dosage and Price Analysis
    • Cancer Antibody Drug Conjugates In Clinical Trials: > 500 Drugs
    • Cancer Antibody Drug Conjugates Clinical Trials Insight By Company, Country, Indication and Phase
    • Insight On Commercially Approved Antibody Drug Conjugates By Brand Name, Company and Indication

    Download Report: https://www.kuickresearch.com/report-cancer-drug-conjugates-market-size

    The global cancer antibody-drug conjugate (ADC) market represents one of the most dynamic and rapidly advancing areas in oncologic therapy. ADCs combine the precision targeting of monoclonal antibodies with potent cytotoxic agents, delivering effective treatment directly to cancer cells while sparing healthy tissue. As of July 2025, nineteen ADCs have been approved worldwide, underscoring both clinical acceptance and regulatory momentum.

    Key approved ADCs include Enhertu (trastuzumab deruxtecan), which generated over US$ 3.75 billion in 2024 sales, led by its strong performance in HER2-positive cancers. Kadcyla (trastuzumab emtansine) also continues to deliver blockbuster revenue, with approximately US$ 2.3 billion in sales in 2024. Other top-performing ADCs include Adcetris (US$ 1.91 billion), Padcev (US$ 1.59 billion), Trodelvy (US$ 1.32 billion), and Polivy (US$ 1.30 billion). The commercial success of these therapies reflects their differentiated clinical value and growing adoption across multiple oncology indications.

    The market outlook remains strong, with forecasts projecting the ADC segment to surpass US$ 50 billion by 2030, driven by indication expansion, global market penetration, and sustained innovation. The clinical pipeline features over 500 ADC candidates utilizing diverse payloads, bispecific constructs, and next-generation linker technologies. Trials are being conducted globally, with leadership from US and European pharmaceutical companies and rising activity across the Asia-Pacific region—particularly in China, where domestic ADCs such as Aidixi (disitamab vedotin) have gained approval.

    Approved ADCs have demonstrated significant impact across different tumor targets. Enhertu and Kadcyla underscore the potential of HER2-directed therapy, while agents like Trodelvy (Trop-2), Polivy (CD79b), and Padcev (Nectin-4) exemplify ADC effectiveness in other solid and hematologic malignancies. Patent protection varies across the field, with many agents maintaining extended market exclusivity through novel payload-linker innovations and optimized delivery mechanisms.

    The ADC clinical pipeline reveals deep innovation. Over 500 molecules are in development, with trials mapped by company, geography, indication, and phase. This breadth enables stakeholders to track development trends across solid and hematologic cancers, with indications expanding into lung, urothelial, ovarian, and beyond. Company-level insights spotlight R&D activity, with several early-stage ADCs progressing into pivotal trials.

    Commercially approved ADC brands are profiled thoroughly in our report. Enhertu, Kadcyla, Adcetris, Padcev, Polivy, Trodelvy, and newer agents such as Datroway (datopotamab deruxtecan) and Zynlonta (loncastuximab tesirine) are explored in-depth, analyzing mechanisms, development history, regulatory milestones, and indication-specific adoption. This provides a tactical overview of competitive positioning and licensing trends—especially in Asia-Pacific, where local players are launching biosimilar or region-specific ADCs.

    Our Global Cancer ADC Market Report delivers a comprehensive, data-driven foundation for stakeholders. It includes sales performance and patent analysis for 19 approved ADCs, pricing strategy insights and dosage regimens, pipeline tracking of 500+ clinical ADCs by indication and trial phase, and brand-by-brand commercial intelligence. This resource empowers pharmaceutical executives, biotech investors, and clinical researchers with the insights needed to navigate a sector poised for exponential growth. As ADC therapy evolves, our report is the strategic compass for development prioritization, portfolio building, and market entry planning—at the frontline of oncology innovation.

    The MIL Network

  • MIL-OSI Russia: Dmitry Patrushev: Agricultural lands will be protected from unjustified withdrawal from circulation

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    Deputy Prime Minister Dmitry Patrushev held a meeting of the Government Commission on Agro-Industrial, Fishing Complexes and Sustainable Development of Rural Territories. The meeting was attended by the management of relevant departments and companies. The main topic was measures aimed at increasing the efficiency of agricultural production.

    Dmitry Patrushev noted that in the first months of this year, agricultural production grew by 1.5% compared to the same period in 2024. To support the agro-industrial and fisheries complexes, as well as the development of rural areas, the Government has already allocated more than 560 billion rubles in 2025.

    “Right now, one of the most important stages of the year for the industry is the harvesting campaign. Work has started in 22 regions. The Russian Ministry of Agriculture maintains its forecast expectations for the main crops, including plans to harvest about 135 million tons of grain,” the Deputy Prime Minister said.

    Dmitry Patrushev emphasized that the development of agricultural production relies largely on the rational use of land resources. For this purpose, the relevant mechanisms are systematically improved.

    “A separate state program of the Ministry of Agriculture of Russia is aimed at involving agricultural lands into circulation and increasing their fertility. Thanks to its activities, more than 2 million hectares have been brought into use in three years. Together with the Federal Assembly, we are developing the regulatory framework. Since 2022, six federal laws have been adopted for this purpose. This year, the so-called law on two keys was approved, which assumes that the opinion of the Ministry of Agriculture is taken into account when making decisions on transferring agricultural lands to other categories. The inclusion of agricultural lands in the boundaries of populated areas must also be agreed upon with the Ministry of Agriculture. Thus, the most valuable lands will be protected from unjustified disposal,” said Dmitry Patrushev.

    The law will come into force in March 2026. The Deputy Prime Minister instructed the Ministry of Agriculture to promptly complete the preparation of legal acts for its implementation.

    In crop production, an important tool for increasing efficiency is the use of modern agricultural machinery. The meeting discussed the implementation of the preferential leasing program. Dmitry Patrushev noted that this is one of the most popular support measures, allowing the fleet to be updated.

    In 2024, Rosagroleasing delivered almost 19 thousand units of agricultural machinery and equipment to farmers – this is a record since the launch of the instrument in 2019. This year, the volume of subsidies for preferential leasing has increased by more than 40%.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: MTPL: key facts.

    Translation. Region: Russian Federal

    Source: Central Bank of Russia –

    An important disclaimer is at the bottom of this article.

    Performance indicators of insurers based on the Report on the structure of financial results by insurers

    Feedback

    Due to changes in the methodology for generating reporting indicators in Form 0420162 “Information on the insurer’s activities”, the amount of insurance premiums, starting with data for the first quarter of 2023, may not be fully comparable with the indicators for the comparative periods of the previous year. For a correct comparison of the volume of insurance premiums for reporting periods with similar periods of the previous year, information has been published on form 0420158 “Report on the structure of financial results by accounting groups”.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Russia: The SCO countries agreed to cooperate in the creative economy.

    Translation. Region: Russian Federal

    Source: Ministry of Economic Development (Russia) – Ministry of Economic Development (Russia) –

    An important disclaimer is at the bottom of this article.

    The meeting of the Commission of Senior Officials of the Ministries and Departments of the Member States of the Shanghai Cooperation Organization (SCO) responsible for foreign economic and foreign trade activities took place on July 10. The event was held under the auspices of Russia’s chairmanship of the Council of Heads of Government (Prime Ministers) of the SCO Member States. The meeting was attended by Nikita Kondratyev, Director of the Department of Multilateral Economic Cooperation and Special Projects.

    “For Russia, as well as for other SCO countries, the development of a creative economy is not just a strategic choice, but a natural path. Our countries have a rich cultural heritage, the necessary educational base and technologies, and most importantly, significant human capital,” said Nikita Kondratyev.

    During the event, the Russian side presented its partners with initiatives to develop the creative economy within the SCO. The meeting participants outlined further steps to implement targeted support measures for businesses engaged in creative industries, stimulate the implementation of joint projects for the production of animation content, and develop advanced digital solutions, video games, and software.

    “Russian creative industries are ready to enter friendly foreign markets. We have already formed a pool of Russian creative products and technological solutions aimed at export to the SCO countries. As a result of the chairmanship, we plan to present to partners the trade and investment potential of domestic creativity and create a basis for scaling our creative industries to the markets of the SCO countries,” added Nikita Kondratyev.

    In the context of the “SCO Year of Sustainable Development,” the Russian side put forward an initiative to create the SCO Sustainable Development Council, a specialized platform for dialogue between business and academic circles.

    “Today, business is the most important partner in solving sustainable development problems. Russian companies are actively implementing ESG strategies, investing in green technologies, and forming new models of responsible business management. We are ready to share best practices in developing effective management tools to achieve sustainable development goals (SDGs), attracting sustainable financing, and improving mechanisms for monitoring the achievement of goals at the enterprise level,” said Nikita Kondratyev.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI Russia: Alexander Novak made a working visit to the Republic of Tatarstan.

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – Government of the Russian Federation –

    An important disclaimer is at the bottom of this article.

    Deputy Prime Minister Alexander Novak made a working visit to the Republic of Tatarstan. He held a meeting with the head of Tatarstan Rustam Minnikhanov, spoke at the Oil Summit, visited the republic’s infrastructure and educational facilities, and met with participants in regional industry competitions and school Olympiads.

    Alexander Novak visited the Tatneft scientific and educational center, the Higher School of Oil, where he met with schoolchildren who won the Sustainable Development Goals competition, the environmental Olympiad, and the leaders of the School Biolaboratories program. “New industries require engineers and scientists of a new format, for whom imaginative thinking, research skills, and the ability to make effective decisions come to the fore. Therefore, in addition to the specialized knowledge that you receive here, it is important that you learn to communicate, be a leader, and work in a team. All the necessary conditions are in place for this – modern laboratories, comfortable classrooms, and experienced teachers,” said Alexander Novak.

    He visited the exhibition of oil and gas equipment as part of the Oil Summit, and also spoke at the panel session “Tatneft – 75 years of technological leadership and contribution to the development of the Russian fuel and energy complex: a look into a sustainable future.” The Deputy Prime Minister spoke about the implementation of tasks to achieve technological sovereignty. “As part of the energy strategy until 2050, in order to achieve technological sovereignty and ensure technological leadership, it is proposed to form an ecosystem that will allow developing economic incentives for investment in technology and equipment while removing administrative barriers, and create a domestic pool of serial technologies for the fuel and energy complex. Also key elements are the digital transformation of the industry, attracting and retaining qualified personnel, ensuring professional development of personnel,” said Alexander Novak.

    Answering a question about the future of oil and gas production over the next 20-30 years, he said that global demand for oil is expected to grow at least until 2035 amid the growing number of cars in the Asia-Pacific region, Latin America and Africa. “The key factors in the dynamics of demand will be an increase in transportation and a change in the structure of the vehicle fleet towards electric transport and increased efficiency of internal combustion engines. A significant increase in demand will be observed in petrochemistry. At the same time, competition in the global oil market will increase. As a result, although the share of oil in the global energy balance will decrease from 37 to 33% by 2050, the volume of demand for oil in absolute figures will increase from 102 to 114 million barrels per day,” the Deputy Prime Minister emphasized.

    Alexander Novak awarded the representatives of the Tatneft team with the Order “For Valiant Labor” for their great contribution to the development of the oil and gas industry and their labor successes. The Deputy Prime Minister thanked the veterans and employees of the company for their effective work for the benefit of the country’s fuel and energy complex.

    The Deputy Prime Minister held a working meeting with the Head of the Republic of Tatarstan Rustam Minnikhanov. The parties discussed the socio-economic development of the republic, as well as updating the conditions for the modernization of the Naberezhnye Chelny TPP. The implementation of the project is an effective solution for covering the growing demand for electricity and ensuring reliable heat supply to a city with a population of over 500 thousand people.

    The Deputy Prime Minister took part in the opening ceremony of the XI Republican Open Field Olympiad of Young Geologists, which is held for schoolchildren from Russian regions and friendly countries. “The children’s geological movement, which has existed in Tatarstan for over 40 years, is an example of how to effectively contribute to the achievement of national goals at the regional level, to prepare personnel for the country’s economy from the school bench. The movement covers about 1.5 thousand children. I am sure that similar projects should be implemented in other regions. Such initiatives are in line with the national goal of the President to realize the potential of each person, develop their talents, and educate a patriotic and socially responsible person,” said Alexander Novak.

    During the trip, the Deputy Prime Minister visited Tatneft’s Taneko oil refining complex, familiarized himself with its operations, and launched the second hydrocracking unit.

    “With the launch of the new unit, the Tatneft Taneko oil refining complex will become the only refinery in Russia that has two hydrocracking units in its configuration. This will further increase the depth of raw material processing and the volume of production of the most valuable oil products, including high-quality Euro-6 fuels. It is important that domestic equipment and Russian catalysts were used as much as possible during the project’s implementation,” emphasized Alexander Novak.

    Please note: This information is raw content obtained directly from the source of the information. It is an accurate report of what the source claims and does not necessarily reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News

  • MIL-OSI USA: Kaptur, Doggett, & Sorensen Lead Call for Urgent Federal Action After Deadly Texas Flood

    Source: United States House of Representatives – Congresswoman Marcy Kaptur (OH-09)

    Washington, DC — Congresswoman Marcy Kaptur (OH-09) Ranking Member of the House Appropriations Energy and Water Subcommittee, joined by Congressman Lloyd Doggett (TX-37) Dean of the Texas Congressional Delegation, and Congressman Eric Sorensen (IL-17) the only meteorologist serving in Congress, today led a forceful letter to federal agencies calling for immediate action following the catastrophic flash flooding in Kerr County, Texas, that claimed over 100 lives. The letter — sent to President Donald J. Trump, NOAA leadership, and the US Army Corps of Engineers — demands an urgent review of staffing shortages, stalled forecasting improvements, and insufficient flood preparedness that contributed to the disaster.

    The lawmakers point to dangerous gaps in public warning coordination and a 15% reduction in National Weather Service (NWS) staffing since January as critical failures that must be addressed before the next extreme weather event. Accurate weather forecasts are not enough. It is imperative that these warnings are adequately communicated to members of the public and in a way that prompts the appropriate lifesaving action by emergency managers, first responders, and the public at-large.  

    “This flood was not just a natural disaster but a failure of foresight and leadership,” said Congresswoman Marcy Kaptur (OH-09). “A changing climate is rewriting the rules of weather, and our federal agencies must keep pace. The American people deserve a weather warning system that does more than sound the alarm. It must be fully staffed and ready to act to ensure that everyone in harms way receives it. This letter is a demand for accountability, but more importantly, it’s a demand for lives to be protected anywhere severe weather strikes.”

    “As Texans in my state are faced with much pain and uncertainty, we cannot wait to ask the hard questions,” said Congressman Lloyd Doggett (TX-37). “Effective oversight saves lives. That is why we need a full account of the ways in which the Trump administration’s recent actions have undermined the federal response, both before and after this catastrophe. Learning from these failures and recognizing that weather intensification driven by climate change increasingly endangers lives will help prevent more tragedies.”

    “As someone who has reported on dangerous floods for my neighbors as a meteorologist in my local community, I know how critical it is for NWS meteorologists, local media, and emergency management coordinators to work together seamlessly and quickly to share urgent warnings,” said Congressman Eric Sorensen (IL-17). “The deadly toll of the flash floods that hit Texas last week beg the question of what went wrong with the warning systems in place and what more could have been done to prevent this tragedy. The Trump Administration’s cuts to NOAA and the NWS are already having a real impact on the accuracy of our nation’s weather forecasting, creating cause for major concern. That is why I am calling on President Trump, NOAA, and the Army Corps of Engineers to undertake a full-scale investigation into what went wrong and what can be done to prevent catastrophes like this in the future.” 

    This tragedy echoes a troubling national pattern of accelerating flash flood disasters that have claimed lives in recent years: 46 lives in the greater New York City area in September 2021, 45 lives in Kentucky in July 2022, 20 lives in Tennessee in August 2021, and 250 lives across the Southeast in September 2024.  These events are not anomalies — they are harbingers of a climate-disrupted future.

    Kaptur, Doggett, and Sorensen request a response within 30 days and underscore that federal weather services must not be the weak link in the nation’s climate resilience.

    A full copy of the letter can be found by clicking here or reading below: 

    July 11, 2025

    Honorable Donald J. Trump 
    President of the United States
    The White House

    1600 Pennsylvania Ave NW 
    Washington, DC 20500

    Laura Grimm
    Chief of Staff, performing the duties of Undersecretary for Commerce of Oceans and Atmosphere and Administrator, National Oceanic and Atmospheric Administration 
    1401 Constitution Ave NW

    Washington, DC 20230

    Lieutenant General William H. Graham Jr. 
    Commanding General and 56th Chief of Engineers
    U.S. Army Corps of Engineers 

    441 G St NW

    Washington DC, 20314 

     

    Dear Mr. President, Ms. Grimm, and General Graham:

    We write with deep concern about the recent flooding in Kerr County, Texas, by both the severity of this event and the structural shortcomings at the federal, state, and local levels that contributed to the tragic loss of life. On July 4, 2025, Kerr County was struck by a flash flood of devastating impact. The Guadalupe River rose by more than 20 feet in less than two hours,[1] engulfing homes and campsites, and leaving over a hundred dead in its wake.[2] This tragedy echoes a troubling national pattern of accelerating flash flood disasters that have claimed lives: 46 lives in the greater New York City area in September 2021,[3] 45 lives in Kentucky in July 2022, 20 lives in Tennessee in August 2021, and 250 lives across the Southeast in September 2024.[4]  These events are not anomalies—they are harbingers of a climate-disrupted future.

    Atmospheric scientists have long warned that warmer air holds more water vapor and thus latent energy produces heavier rainfall. In 1989, the Director of NASA’s Goddard Institute for Space Studies, James Hansen, wrote presciently that “the greenhouse effect enhances both ends of the hydrologic cycle…, there is an increased frequency of extreme wet situations, as well as increased drought. Model results are shown to imply that increased greenhouse warming will lead to more intense thunderstorms, that is, deeper thunderstorms with greater rainfall.”[5]

    While the National Weather Service (NWS) forecast may have been accurate, accurate weather forecasts are not enough. It is imperative that these warnings are adequately communicated to members of the public and in a way that prompts the appropriate lifesaving action by emergency managers, first responders, and the public at-large.  We are concerned that there seems to have been a breakdown at this stage starting with the first flash flood watches issued on Thursday afternoon.

    Following a series of catastrophic tornadoes in the spring of 2011 that culminated in the worst tornado in a generation in Joplin, Missouri, NWS acknowledged that accurate forecasts were not enough to protect life and property, and thereby elevated the importance of properly communicating to the public about life-threatening weather events.  As a result, NWS developed the Weather Ready Nation initiative to ensure that Americans knew how to appropriately respond to dangerous weather conditions when alerted by NWS or the private weather enterprise. In support of this effort, Congress codified the position of Warning Coordination Meteorologist in every weather forecast office (WFO) around the country in the 2017 Weather Act.

    While staffing across NWS has long been a bipartisan concern, the staffing reductions mandated by the Department of Government Efficiency has greatly magnified the issue, with NWS losing nearly 15% of its staff nationwide since January.  The forecast accuracy and timeliness during this event in Texas was a testament to the dedication of the local NWS staff who flexed their schedules to ensure adequate coverage during such a high-impact event. That is not a sustainable solution, nor is it reliable enough for the increasing incidence of dangerous weather events.

    In particular, the loss of the Warning Coordination Meteorologist at the San Antonio weather forecast office (WFO) and the reduced number of forecasters put the people of Texas at risk. Lacking a full staff complement requires the team to focus only on issuing the forecasts and warnings. Outreach and coordination, a key responsibility of the Warning Coordination Meteorologist, do not occur. Also, we understand that the funding supporting travel to the community for outreach and coordination, including meeting with emergency managers and elected officials, has been suspended. Having the Warning Coordination Meteorologist position and the vacancies filled may have been critical to saving more lives by connecting with as many local community leaders as possible in the hours between the 1 a.m. NWS warning and 4 a.m. when the most dangerous conditions began impacting residents.[6]  

    Given these concerns, we intend to work quickly to enact the Weather Staffing Improvement Act, which will streamline the hiring of federal weather forecasters. Meanwhile, we request that NWS expedites the backfilling of vacancies at all WFOs and the National Centers for Environmental Prediction. Further, we request that, despite proposed cuts to programs in the fiscal year 2026 budget request, no other reductions in funding or staffing occur without the explicit direction of Congress to programs that support precipitation prediction and decision support or the improvement of those services, including, but not limited to the work of the Office of Oceanic and Atmospheric Research.

    NWS Director Ken Graham has also laid out strategic priorities to transform NWS’ staffing models and organizational effectiveness, known as “Ken’s 10”.[7] We applaud his thoughtful proposals, though we urge NOAA to provide more detailed information for Congress to consider prior to wholesale implementation.  Further, we urge that any adoption and implementation be done in a measured way so as to prevent any failures in the current system during the transition.   

    We ask that your agencies please provide the following information:

    1. Staffing Cuts: Provide a breakdown of NWS staffing levels since 2017 at WFOs and the National Centers for Environmental Protection.  Identify how many WFOs, and for how long each, has lacked each of the following positions over that time: Meteorologist in Charge, a Science Operations Officer, and a Warning Coordination Meteorologist? What performance impacts have resulted?
    2. Communication Gaps: How did the absence of a Warning Coordination Meteorologist and reduced staffing affect warning distribution, communication and coordination in Kerr County and other nearby jurisdictions? What is the standard operating procedure for such a role in such critical weather events?
    3. Precipitation Prediction: Atlas-15 will provide detailed estimates of maximum probable precipitation rates for any location in the U.S., critical information for planning for severe weather events.  Please explain any reasons for the current delays in Atlas-15’s national release.  Are sufficient funds available for the completion of this tool?  Have any funds been redirected away from this purpose?
    4. Status of PPGC: The Precipitation Prediction Grand Challenge (PPGC), an initiative to dramatically improve the accuracy of forecasting when, where, and how much precipitation will occur has been chronically underfunded.  Please provide an update on the current efforts to date and the requirements to make significant progress over the next 5 years.
    5. Adopting Graham’s Priorities: Which of Ken Graham’s ten transformation proposals have been implemented? Provide projected costs and timelines.
    6. Corps Flood Control Improvements: This event also highlights the need for improvements from the U.S. Army Corps of Engineers (Corps) who is tasked with flood control across the country. How has the Corps updated its standard operating procedures to recognize the increased risk of extreme precipitation?  What is the status of the adoption of the Forecast-Informed Reservoir Operations (FIRO) to reduce flooding risk and maximize water availability? What additional research and monitoring is necessary, and on what timeline, to incorporate FIRO into the Corps’ standard procedures?
    7. Interagency Collaboration: What NOAA and Corps coordination mechanisms are in place to improve rural flood-warning infrastructure and emergency preparedness, including hydrology modeling and flood response planning?
    8. Future Preparedness Plan: Describe plans to adapt federal weather services to the growing frequency of extreme precipitation events attributable to climate change.

    Across America, we are entering a perilous new era of extreme precipitation. The science is clear: a warming world means heavier rains, more frequent flash floods, and rising stakes. Failure to learn from this disaster will only exacerbate future risk. Now is the moment to prioritize investments—restoring NOAA staffing and accelerating research and coordinating flood preparedness across the Federal Government. We respectfully ask for your prompt attention and response within 30 days to ensure federal weather infrastructure is not the weak link in our national resilience.  We further request a quick response to the July 8, 2025 letter from Rep. Doggett, the Dean of the Texas Congressional Delegation.

     

    Sincerely,

    # # #
     

    MIL OSI USA News

  • MIL-OSI: Check Point Software Technologies Named a Leader in Zero Trust Platforms, Q3 2025 Evaluation

    Source: GlobeNewswire (MIL-OSI)

    REDWOOD CITY, Calif., July 11, 2025 (GLOBE NEWSWIRE) — Check Point® Software Technologies Ltd. (NASDAQ: CHKP), a pioneer and global leader of cyber security solutions, today announced it has been recognized as a Leader in The Forrester Wave™: Zero Trust Platforms, Q3 2025. The independent analyst report evaluated the 10 most significant Zero Trust platform providers and cited Check Point for delivering a unified, prevention-first security platform that covers network, cloud, and endpoint controls across hybrid environments.

    Check Point received the highest possible scores (5 out of 5) in four critical criteria within the current offering category: centralized management and usability, least-privileged-access enforcement, segmentation and control, and deployment. The company also received 5/5 scores in the roadmap and supporting services and offerings criteria within the strategy category, which Check Point believes reinforces its strong vision and customer-centric approach.

    “This recognition by Forrester affirms, for us, Check Point’s leadership in delivering consistent Zero Trust security that is comprehensive, intuitive, and built for the AI-driven, hyperconnected world,” said Nataly Kremer, Chief Product Officer at Check Point Software. “Our AI-powered Infinity Platform is purpose-built to help organizations secure users, assets, and data — wherever they reside — through centralized management, intelligent policy enforcement, and flexible deployment across cloud, on-prem, and hybrid environments.”

    Check Point’s highlights from the report include:

    • Centralized Management
    • Least-Privileged Access Enforcement
    • Segmentation and control
    • Deployment
    • Roadmap
    • Supporting services and offerings

    Forrester also noted that organizations looking for a centralized, easy-to-manage, and holistic network security platform for local networks should include Check Point on their shortlist.

    For Check Point, this position as a leader reinforces the company’s commitment to a prevention-first strategy, helping enterprises proactively secure their infrastructure against modern threats while accelerating their Zero Trust adoption.

    Learn more on our blog and access a complimentary copy of The Forrester Wave™: Zero Trust Platforms, Q3 2025 here.

    Forrester does not endorse any company, product, brand, or service included in its research publications and does not advise any person to select the products or services of any company or brand based on the ratings included in such publications. Information is based on the best available resources. Opinions reflect judgment at the time and are subject to change. For more information, read about Forrester’s objectivity here.

    Follow Check Point via:
    X (Formerly known as Twitter): https://www.twitter.com/checkpointsw
    Facebook: https://www.facebook.com/checkpointsoftware
    Blog: https://blog.checkpoint.com
    YouTube: https://www.youtube.com/user/CPGlobal
    LinkedIn: https://www.linkedin.com/company/check-point-software-technologies

    About Check Point Software Technologies Ltd. 
    Check Point Software Technologies Ltd. (www.checkpoint.com) is a leading protector of digital trust, utilizing AI-powered cyber security solutions to safeguard over 100,000 organizations globally. Through its Infinity Platform and an open garden ecosystem, Check Point’s prevention-first approach delivers industry-leading security efficacy while reducing risk. Employing a hybrid mesh network architecture with SASE at its core, the Infinity Platform unifies the management of on-premises, cloud, and workspace environments to offer flexibility, simplicity and scale for enterprises and service providers.

    Legal Notice Regarding Forward-Looking Statements
    This press release contains forward-looking statements. Forward-looking statements generally relate to future events or our future financial or operating performance. Forward-looking statements in this press release include, but are not limited to, statements related to our expectations regarding future growth, the expansion of Check Point’s industry leadership, the enhancement of shareholder value and the delivery of an industry-leading cyber security platform to customers worldwide. Our expectations and beliefs regarding these matters may not materialize, and actual results or events in the future are subject to risks and uncertainties that could cause actual results or events to differ materially from those projected. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in our filings with the Securities and Exchange Commission, including our Annual Report on Form 20-F filed with the Securities and Exchange Commission on April 2, 2024. The forward-looking statements in this press release are based on information available to Check Point as of the date hereof, and Check Point disclaims any obligation to update any forward-looking statements, except as required by law.

    The MIL Network

  • MIL-OSI: Bispecific Antibody Drug Conjugates Clinical Trials FDA Approval Market Trends Report

    Source: GlobeNewswire (MIL-OSI)

    Delhi, July 11, 2025 (GLOBE NEWSWIRE) — Global Bispecific Antibody Drug Conjugates Clinical Trials, Regulatory Approvals and Future Market Opportunity Outlook 2029 Report:

    • Report Answers Question On Why There Exist Need For Bispecific Antibody Drug Conjugates
    • First Bispecific Antibody Drug Conjugates Commercial Approval Expected By 2029
    • Insight On Bispecific Antibody Drug Conjugates In Clinical Trials : > 60 Drug Conjugates
    • China Dominating Bispecific Antibody Drug Conjugates Clinical Trials: > 35 Drug Conjugates
    • Majority Of Bispecific Antibody Drug Conjugates For Breast Cancer
    • Bispecific Antibody Drug Conjugates Clinical Trials Insight By Company, Country, Indication and Phase
    • Bispecific Antibody Drug Conjugates In Combination Therapy By Indication and Clinical Phase
    • Key Companies Involved In Development Of Bispecific Antibody Drug Conjugates

    Download Report: https://www.kuickresearch.com/report-bispecific-antibody-drug-conjugates

    The global bispecific antibody drug conjugates (bispecific ADCs) market is emerging as one of the most promising frontiers in next generation targeted therapies. By combining the tumor-targeting precision of bispecific antibodies with the potent cell-killing payloads of ADCs, this modality offers the potential to overcome resistance mechanisms and deliver superior efficacy compared to traditional single-target ADCs or bispecific antibodies alone. As cancer biology becomes increasingly understood, bispecific ADCs are positioned to transform the therapeutic landscape across solid tumors and hematologic malignancies. The first commercial approval of a bispecific ADC is anticipated by 2029, marking a major inflection point for the modality’s clinical and commercial potential.

    Currently, more than 60 bispecific ADCs are under clinical investigation globally, with China leading the research landscape. Over 35 of these bispecific ADCs are being evaluated in Chinese clinical trials, demonstrating the country’s rapidly advancing capabilities in next-generation biologics and targeted oncology therapeutics. This dominance is driven by a strong innovation ecosystem, regulatory support for accelerated oncology development, and a growing number of homegrown companies pioneering the space. While the US and Europe also have active pipelines, the sheer scale of China’s development efforts provides a competitive edge in candidate volume and trial diversity.

    Breast cancer remains the primary indication of interest, accounting for the majority of bispecific ADC clinical trials. The focus on breast cancer stems from the availability of well-defined molecular targets such as HER2, HER3, and TROP2, as well as a large patient population with significant unmet clinical needs. Many of these trials are evaluating monotherapy and combination therapy strategies, including checkpoint inhibitors, chemotherapy, and other ADCs, to enhance response rates and prolong survival. Clinical development insights reveal a distribution across early and mid-stage trials, with several assets now progressing from Phase I to Phase II.

    Our report offers detailed insight into the ongoing clinical trials by company, country, indication, and phase. The July 2025 initiation of Avenzo Therapeutics’ first-in-human trial of AVZO-1418/DB-1418 represents a major milestone. Developed in collaboration with DualityBio, this novel EGFR/HER3-targeted bispecific ADC is positioned as a potential best-in-class therapy for advanced solid tumors. The trial underscores growing interest in dual-receptor targeting to overcome tumor heterogeneity and improve therapeutic precision.

    Another significant update is the July 2025 partnership between Adagene and ConjugateBio. Under this collaboration, Adagene will supply a proprietary antibody for ConjugateBio’s bispecific ADC programs, while retaining non-ADC rights. This reflects a growing trend of strategic alliances between antibody innovators and ADC technology companies aimed at accelerating clinical development and enhancing commercial scalability.

    The competitive landscape is rich and evolving, with companies such as DualityBio, Debiopharm, Adagene, Innovent Biologics, and others at the forefront. Each of these players is leveraging proprietary antibody engineering platforms, novel linker technologies, and high-potency payloads to develop differentiated assets with improved safety and efficacy profiles. The industry is also witnessing increased interest from large pharma companies seeking to co-develop or license bispecific ADC assets to strengthen their oncology portfolios.

    Our report delivers a comprehensive and strategic analysis of this high-potential market segment. It provides detailed insights into clinical development pipelines, regional dynamics, company-level strategies, technology platforms, and indication-wise trends. With the first approval expected by 2029 and an expanding portfolio of novel assets, the global bispecific antibody-drug conjugate market is poised to play a transformative role in precision oncology.

    The MIL Network