Category: Business

MIL-OSI: Financial Institutions, Inc. Announces Second Quarter 2025 Results

Source: GlobeNewswire (MIL-OSI)

WARSAW, N.Y., July 24, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the second quarter ended June 30, 2025.

The Company reported net income of $17.5 million in the second quarter of 2025, compared to $16.9 million in the first quarter of 2025 and $25.6 million in the second quarter of 2024. After preferred dividends, net income available to common shareholders was $17.2 million, or $0.85 per diluted share, in the second quarter of 2025, compared to $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, and $25.3 million, or $1.62 per diluted share, in the second quarter of 2024. The Company recorded a provision for credit losses of $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter.

Second Quarter 2025 Highlights:

Net interest margin of 3.49% for second quarter of 2025 was up 14 and 62 basis points from the linked and year-ago quarters, respectively, while net interest income of $49.1 million for second quarter of 2025 increased $2.3 million, or 4.8%, from the first quarter of 2025 and $7.9 million, or 19.2%, from the second quarter of 2024.
Noninterest income was $10.6 million in the second quarter of 2025, compared to $10.4 million in the linked quarter and $24.0 million in the year-ago quarter, when results benefited from a $13.5 million pre-tax gain associated with the sale of the Company’s insurance business.
Total loans were $4.54 billion at June 30, 2025, reflecting a decrease of $17.3 million, or 0.4%, from March 31, 2025, driven by a decrease in our consumer indirect lending portfolio as pay-downs exceeded originations, and an increase of $74.5 million, or 1.7%, from one year prior.
Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, driven by both seasonal public deposit outflows and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering, and relatively flat compared to one year prior.
Nonperforming assets to total assets were 0.53% at June 30, 2025, down from 0.63% at the linked quarter-end and up from 0.41% one year prior.

“Second quarter 2025 financial results were highlighted by continued margin expansion, increased net interest income and durable noninterest revenues, which allowed us to deliver 4% growth in net income available to common shareholders from the linked first quarter,” said President and Chief Executive Officer Martin K. Birmingham. “Profitability continues to be a paramount focus, and we were pleased to maintain an efficiency ratio below 60% and report solid annualized return on average assets and return on average equity of 1.13% and 11.78%, respectively, for the most recent quarter.

“Deposit balances reflect typical seasonality within our public deposit portfolio and total loans were relatively flat with the end of the first quarter, as commercial business lending growth was more than offset by a reduction in consumer indirect balances. Given our strong first quarter loan production and existing pipelines, we continue to expect low single-digit full year loan growth that aligns with our credit-disciplined philosophy.”

Chief Financial Officer and Treasurer W. Jack Plants II added, “Our results continue to benefit from our team’s focus on prudent balance sheet stewardship through redeployment of cash flows into higher yielding assets, active investment portfolio management and our ability to effectively reprice deposits, supporting a six basis point reduction in our overall cost of funds. Expenses in the second quarter were somewhat elevated, in part reflecting timing of certain expenses and some higher costs that we expect to be nonrecurring, and we will remain intently focused on expense management through the coming quarters to support positive operating leverage in 2025.”

Net Interest Income and Net Interest Margin

Net interest income was $49.1 million for the second quarter of 2025, an increase of $2.3 million from the first quarter of 2025, and an increase of $7.9 million from the second quarter of 2024.

Average interest-earning assets for the current quarter of $5.65 billion were flat with the first quarter of 2025, as a $46.9 million increase in average loans was offset by a $32.7 million decrease in the average balance of Federal Reserve interest-earning cash and a $14.0 million decrease in the average balance of investment securities. Average interest-earning assets decreased $114.5 million from the second quarter of 2024, as a $123.2 million decrease in the average balance of investment securities and a $95.1 million decrease in the average balance of Federal Reserve interest-earning cash were partially offset by a $103.8 million increase in average loans.

Average interest-bearing liabilities for the current quarter were $4.52 billion, reflecting an increase of $11.6 million from the linked quarter and a decrease of $29.8 million from the year-ago quarter. The increase from the first quarter of 2025 was primarily due to a $66.4 million increase in average time deposits that was partially offset by a $23.1 million decrease in average savings and money market deposits, a $14.2 million decrease in average interest-bearing demand deposits, a $9.1 million decrease in average short-term borrowings, and an $8.4 million decrease in average long-term borrowings. The year-over-year decrease was due to an $83.4 million decrease in average savings and money market deposits, a $54.0 million decrease in average short-term borrowings, a $10.0 million decrease in average interest-bearing demand deposits, and an $8.2 million decrease in average long-term borrowings, partially offset by a $125.7 million increase in average time deposits. The continued outflow of BaaS-related deposits, following the Company’s September 2024 announcement that it would wind-down its BaaS platform, was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

Net interest margin was 3.49% in the current quarter as compared to 3.35% in the first quarter of 2025, and 2.87% in the second quarter of 2024. Expansion from the linked quarter was due to increases in the average yields of both investment securities and loans, as well as lower average cost of interest-bearing liabilities, reflecting repricing of non-public and reciprocal deposits. Year-over-year margin expansion was driven by an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale securities portfolio in December 2024, which supported an increase in the average yield on interest-earning assets.

Noninterest Income

The Company reported noninterest income of $10.6 million for the second quarter of 2025, compared to $10.4 million in the first quarter of 2025 and $24.0 million in the second quarter of 2024.

The Company’s sale of its former insurance subsidiary generated a net gain of $13.5 million in the second quarter of 2024.
Investment advisory income of $2.9 million was $148 thousand higher than the first quarter of 2025 and up $106 thousand from the second quarter of 2024.
Income from company-owned life insurance (“COLI”) of $3.0 million was $188 thousand higher than the first quarter of 2025 and $1.6 million higher than the second quarter of 2024, due to the previously disclosed restructuring of a portion of the Company’s COLI portfolio into higher-yielding separate account policies in January 2025.
Income from investments in limited partnerships of $307 thousand was $108 thousand lower than the first quarter of 2025 and $496 thousand lower than the second quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
Other noninterest income of $1.3 million was $292 thousand lower than the linked quarter and $227 thousand lower than the year-ago quarter.

Noninterest Expense

Noninterest expense was $35.7 million in the second quarter of 2025, compared to $33.7 million in the first quarter of 2025, and $33.0 million in the second quarter of 2024.

Salaries and employee benefits expense of $18.1 million was $1.2 million higher than the first quarter of 2025 and $2.3 million higher than the second quarter of 2024, reflecting an increase in health insurance benefits due to higher medical claims than in the linked quarter, while the increase from the prior year quarter was primarily due to annual merit increases.
Occupancy and equipment expense of $4.0 million reflects increases of $392 thousand and $534 thousand from the linked and year-ago quarters, respectively. The linked quarter increase was due in part to timing given a change in facilities maintenance service vendors, as well as costs associated with an ongoing ATM conversion, while the year-over-year variance was due in part to the ATM conversion and upgrade project.
Professional services expenses of $1.5 million were $240 thousand lower than the first quarter of 2025 and $343 thousand lower than the second quarter of 2024. The linked quarter variance was primarily due to the timing of audit related expenses, while the year-over-year variance was primarily attributable to legal expenses incurred in the second quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
Computer and data processing expense of $5.9 million was $392 thousand higher than the first quarter of 2025 and $537 thousand higher than the second quarter of 2024. Both the linked quarter and year-over-year increases were driven by the timing of expenses for in-process technology enhancement and upgrade initiatives.
The Company recorded deposit-related charged-off items of $233 thousand for the current quarter, compared to charged-off recoveries of $294 thousand in the first quarter of 2025 and charged-off items of $398 thousand in the second quarter of 2024, with the linked quarter variance primarily driven by insurance proceeds received in the first quarter of 2025 related to a past commercial deposit charged-off item.
Other expense of $3.6 million was down $179 thousand from the linked quarter and down $381 thousand from the year-ago quarter, with the year-over-year variance primarily due to higher interest rate swap collateral charges in the second quarter of 2024.

Income Taxes

Income tax expense was $4.0 million for the second quarter of 2025, compared to $3.7 million in the first quarter of 2025 and $4.5 million in the second quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the second quarter of 2025, first quarter of 2025, and second quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.1 million, and $1.3 million, respectively.

The effective tax rate was 18.4% for the second quarter of 2025, 18.2% for the first quarter of 2025, and 15.0% for the second quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI, the tax impact of the COLI repositioning, and the impact of tax credit investments.

Balance Sheet and Capital Management

Total assets were $6.14 billion at June 30, 2025, down $196.7 million from March 31, 2025, and flat with June 30, 2024.

Investment securities were $1.01 billion at June 30, 2025, down $31.8 million from March 31, 2025, and flat with June 30, 2024.

Total loans were $4.54 billion at June 30, 2025, a decrease of $17.3 million, or 0.4%, from March 31, 2025, and an increase of $74.5 million, or 1.7%, from June 30, 2024.

Commercial business loans totaled $726.2 million, up $17.1 million, or 2.4%, from March 31, 2025, and up $12.3 million, or 1.7%, from June 30, 2024.
Commercial mortgage loans totaled $2.22 billion, a decline of $13.1 million, or 0.6%, from March 31, 2025, and an increase of $129.3 million, or 6.2%, from June 30, 2024.
Residential real estate loans totaled $647.2 million, up $3.2 million, or 0.5%, from March 31, 2025, and down $470 thousand, or 0.1%, from June 30, 2024.
Consumer indirect loans totaled $833.5 million, down $19.7 million, or 2.3%, from March 31, 2025, and down $61.1 million, or 6.8%, from June 30, 2024.

Total deposits were $5.16 billion at June 30, 2025, down $216.9 million, or 4.0%, from March 31, 2025, and up $22.7 million, or 0.4%, from June 30, 2024. The decrease from March 31, 2025 was primarily due to seasonally lower public deposit balances in addition to the outflow of BaaS-related deposits. The modest increase from June 30, 2024 reflected a higher level of brokered deposits, which were utilized to offset the anticipated reduction in BaaS-related deposits, as well as lower reciprocal deposit balances. The Company had approximately $7 million in BaaS-related deposits at June 30, 2025, compared to approximately $55 million at March 31, 2025 and approximately $108 million at June 30, 2024. Public deposit balances represented 21% of total deposits at June 30, 2025, 24% at March 31, 2025, and 20% at June 30, 2024.

Short-term borrowings were $101.0 million at June 30, 2025, compared to $55.0 million at March 31, 2025, and $202.0 million at June 30, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

Shareholders’ equity was $601.7 million at June 30, 2025, compared to $589.9 million at March 31, 2025, and $467.7 million at June 30, 2024. The linked quarter period-end increase was due to net income, net of dividends, retained, while the year-over-year period end increase was primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and a decrease in accumulated other comprehensive loss between period ends following the investment securities restructuring in the fourth quarter of 2024.

Common book value per share was $29.03 at June 30, 2025, an increase of $0.55, or 1.9%, from $28.48 at March 31, 2025, and a decrease of $0.08, or 0.3%, from $29.11 at June 30, 2024. Tangible common book value per share⁽¹⁾ was $26.02 at June 30, 2025, an increase of $0.56, or 2.2%, from $25.46 at March 31, 2025, and an increase of $0.85, or 3.4%, from $25.17 at June 30, 2024. The common equity to assets ratio was 9.51% at June 30, 2025, compared to 9.03% at March 31, 2025, and 7.34% at June 30, 2024. Tangible common equity to tangible assets⁽¹⁾, or the TCE ratio, was 8.61%, 8.15% and 6.41% at June 30, 2025, March 31, 2025, and June 30, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter of 2024 and the decrease in accumulated other comprehensive loss as a result of the investment securities restructuring in the fourth quarter of 2024.

During the second quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, consistent with the linked quarter and reflecting an increase of $0.01, or 3.3%, over the year-ago quarter. The dividend returned more than 36% of second quarter net income to common shareholders.

The Company’s regulatory capital ratios at June 30, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

Leverage Ratio was 9.45% compared to 9.24% and 8.61% at March 31, 2025, and June 30, 2024, respectively.
Common Equity Tier 1 Capital Ratio was 10.84% compared to 10.38% and 10.03% at March 31, 2025, and June 30, 2024, respectively.
Tier 1 Capital Ratio was 11.17% compared to 10.71% and 10.36% at March 31, 2025, and June 30, 2024, respectively.
Total Risk-Based Capital Ratio was 13.27% compared to 13.09% and 12.65% at March 31, 2025, and June 30, 2024, respectively.

As previously disclosed, in April 2025, the Company called $10.0 million of its $40.0 million of fixed-to-floating subordinated debt that was originally issued in April 2015. These notes initially bore interest at a fixed rate of 6.00% and began repricing on a quarterly basis at a rate equal to the then-current three-month term SOFR plus 4.20561% after the April 2025 call date. The Company currently expects to retain the remaining $30.0 million of April 2015 notes, as well as the separate $35.0 million of fixed-to-floating rate subordinated notes that were issued in October 2020, which currently bear interest at a fixed rate of 4.375%, and are set to reprice at a rate of the then-current three-month term SOFR plus 4.265% beginning in October 2025. The April 2015 notes are callable on a quarterly basis going forward and the October 2020 notes become callable beginning in October 2025. The Company will continue to evaluate options relative to its outstanding subordinated debt, which may include redemption in part or in full, as well as replacing or refinancing the facilities.

Credit Quality

Non-performing loans were $32.4 million, or 0.72% of total loans, at June 30, 2025, as compared to $40.0 million, or 0.88% of total loans, at March 31, 2025, and $25.2 million, or 0.57% of total loans, at June 30, 2024. The decrease from March 31, 2025 reflects a reduction of approximately $3.7 million in non-performing loans associated with the foreclosure of a participated loan secured by real estate, as well as a $1.9 million partial charge-off of a credit facility for which a specific reserve was in place. Both the aforementioned foreclosed participated loan and the partially charged-off credit facility relate to a previously disclosed commercial business relationship that was placed on nonaccrual status in the fourth quarter of 2023. The increase in non-performing loans from June 30, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual status during the third quarter of 2024. Net charge-offs were $4.1 million, representing 0.36% of average loans on an annualized basis, for the current quarter, as compared to $2.4 million, or an annualized 0.21% of average loans, in the first quarter of 2025 and $1.1 million, or an annualized 0.10%, in the second quarter of 2024.

At June 30, 2025, the allowance for credit losses on loans to total loans ratio was 1.04%, compared to 1.08% at March 31, 2025 and 0.99% at June 30, 2024.

Provision for credit losses was $2.6 million in the current quarter, compared to $2.9 million in the linked quarter and $2.0 million in the prior year quarter. Provision for credit losses on loans was $2.4 million in the current quarter, compared to $3.3 million in the first quarter of 2025, and $2.0 million in the second quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled $179 thousand in the second quarter of 2025, $364 thousand in the first quarter of 2025, and $43 thousand in the second quarter of 2024. The provision for credit losses for the second quarter of 2025 was driven by a combination of factors, including improvement in the forecasted loss rate for pooled loans and a reduction in specific reserves, partly offset by higher net charge-offs.

The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 146% at June 30, 2025, 122% at March 31, 2025, and 174% at June 30, 2024, with the improvement from the end of the linked quarter reflective of the decrease in nonperforming loans reported at June 30, 2025.

Subsequent Events

The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended June 30, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2025, and will adjust amounts preliminarily reported, if necessary.

Conference Call

The Company will host an earnings conference call and audio webcast on July 25, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 652423. The webcast replay will be available on the Company’s website for at least 30 days.

About Financial Institutions, Inc.

Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.1 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

Non-GAAP Financial Information

In addition to results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.

The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

Safe Harbor Statement

This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; fraudulent deposit activity; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

⁽¹⁾ See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

For additional information contact:
Kate Croft
Director of Investor Relations and Corporate Communications
(716) 817-5159
klcroft@five-starbank.com

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)

	2025						2024
SELECTED BALANCE SHEET DATA:	June 30,			March 31,			December 31,			September 30,			June 30,
Cash and cash equivalents	$	93,034		$	167,352		$	87,321		$	249,569		$	146,347
Investment securities:
Available for sale		916,149			926,992			911,105			886,816			871,635
Held-to-maturity, net		92,121			113,105			116,001			121,279			128,271
Total investment securities		1,008,270			1,040,097			1,027,106			1,008,095			999,906
Loans held for sale		2,356			387			2,280			2,495			2,099
Loans:
Commercial business		726,218			709,101			665,321			654,519			713,947
Commercial mortgage–construction		536,552			566,359			582,619			533,506			518,013
Commercial mortgage–multifamily		496,223			475,867			470,954			467,527			463,171
Commercial mortgage–non-owner occupied		873,207			899,679			857,987			814,392			814,953
Commercial mortgage–owner occupied		309,171			286,391			288,036			290,216			289,733
Residential real estate loans		647,205			643,983			650,206			648,241			647,675
Residential real estate lines		75,675			74,769			75,552			76,203			75,510
Consumer indirect		833,452			853,176			845,772			874,651			894,596
Other consumer		38,299			43,953			42,757			43,734			43,870
Total loans		4,536,002			4,553,278			4,479,204			4,402,989			4,461,468
Allowance for credit losses – loans		47,291			48,964			48,041			44,678			43,952
Total loans, net		4,488,711			4,504,314			4,431,163			4,358,311			4,417,516
Total interest-earning assets		5,614,008			5,733,743			5,602,570			5,666,972			5,709,148
Goodwill and other intangible assets, net		60,564			60,651			60,758			60,867			60,979
Total assets		6,143,766			6,340,492			6,117,085			6,156,317			6,131,772
Deposits:
Noninterest-bearing demand		940,341			945,182			950,351			978,660			939,346
Interest-bearing demand		704,871			773,475			705,195			793,996			711,580
Savings and money market		1,898,302			2,033,323			1,904,013			2,027,181			2,007,256
Time deposits		1,612,500			1,620,930			1,545,172			1,506,764			1,475,139
Total deposits		5,156,014			5,372,910			5,104,731			5,306,601			5,133,321
Short-term borrowings		101,000			55,000			99,000			55,000			202,000
Long-term borrowings, net		114,960			124,917			124,842			124,765			124,687
Total interest-bearing liabilities		4,431,633			4,607,645			4,405,912			4,507,706			4,520,662
Shareholders’ equity		601,668			589,928			568,984			500,342			467,667
Common shareholders’ equity		584,383			572,643			551,699			483,050			450,375
Tangible common equity⁽¹⁾		523,838			511,992			490,941			422,183			389,396
Accumulated other comprehensive loss	$	(42,214	)	$	(41,995	)	$	(52,604	)	$	(102,029	)	$	(125,774	)

Common shares outstanding		20,128			20,110			20,077			15,474			15,472
Treasury shares		572			590			623			625			627
CAPITAL RATIOS AND PER SHARE DATA:
Leverage ratio		9.45	%		9.24	%		9.15	%		8.98	%		8.61	%
Common equity Tier 1 capital ratio		10.84	%		10.38	%		10.54	%		10.28	%		10.03	%
Tier 1 capital ratio		11.17	%		10.71	%		10.87	%		10.62	%		10.36	%
Total risk-based capital ratio		13.27	%		13.09	%		13.25	%		12.95	%		12.65	%
Common equity to assets		9.51	%		9.03	%		9.02	%		7.85	%		7.34	%
Tangible common equity to tangible assets⁽¹⁾		8.61	%		8.15	%		8.11	%		6.93	%		6.41	%

Common book value per share	$	29.03		$	28.48		$	27.48		$	31.22		$	29.11
Tangible common book value per share⁽¹⁾	$	26.02		$	25.46		$	24.45		$	27.28		$	25.17

See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands, except per share amounts)

	Six Months Ended						2025						2024
	June 30,						Second			First			Fourth			Third			Second
SELECTED STATEMENT OF OPERATIONS DATA:	2025			2024			Quarter			Quarter			Quarter			Quarter			Quarter
Interest income	$	163,918		$	157,201		$	82,867		$	81,051		$	78,119		$	77,911		$	78,788
Interest expense		67,932			75,926			33,745			34,187			36,486			37,230			37,595
Net interest income		95,986			81,275			49,122			46,864			41,633			40,681			41,193
Provision (benefit) for credit losses		5,490			(3,415	)		2,562			2,928			6,461			3,104			2,041
Net interest income after provision (benefit) for credit losses		90,496			84,690			46,560			43,936			35,172			37,577			39,152
Noninterest income:
Service charges on deposits		2,141			2,056			1,089			1,052			1,074			1,103			979
Insurance income		6			2,138			3			3			3			3			4
Card interchange income		3,777			3,910			1,937			1,840			2,045			1,900			2,008
Investment advisory		5,622			5,361			2,885			2,737			2,555			2,797			2,779
Company owned life insurance		5,742			2,658			2,965			2,777			1,425			1,404			1,360
Investments in limited partnerships		722			1,145			307			415			837			400			803
Loan servicing		303			333			180			123			295			88			158
Income (loss) from derivative instruments, net		589			551			339			250			(37	)		212			377
Net gain on sale of loans held for sale		257			212			140			117			186			220			124
Net loss on investment securities		3			–			3			–			(100,055	)		–			–
Net gain (loss) on the sale of other assets		–			13,495			–			–			(19	)		138			13,508
Net (loss) gain on tax credit investments		(1,026	)		31			(512	)		(514	)		(636	)		(170	)		406
Other		2,854			3,025			1,281			1,573			1,291			1,345			1,508
Total noninterest income (loss)		20,990			34,915			10,617			10,373			(91,036	)		9,440			24,014
Noninterest expense:
Salaries and employee benefits		34,968			33,088			18,070			16,898			17,159			15,879			15,748
Occupancy and equipment		7,572			7,200			3,982			3,590			3,791			3,370			3,448
Professional services		3,142			4,166			1,451			1,691			1,571			1,965			1,794
Computer and data processing		11,366			10,728			5,879			5,487			6,608			5,353			5,342
Supplies and postage		1,081			912			503			578			504			519			437
FDIC assessments		2,859			2,641			1,392			1,467			1,551			1,092			1,346
Advertising and promotions		837			737			495			342			465			371			440
Amortization of intangibles		212			331			105			107			109			112			114
Provision for litigation settlement		–			–			–			–			23,022			–			–
Deposit-related charged-off items (recoveries) expense		(61	)		19,577			233			(294	)		354			410			398
Restructuring charges		68			–			–			68			35			–			–
Other		7,323			7,653			3,572			3,751			4,235			3,398			3,953
Total noninterest expense		69,367			87,033			35,682			33,685			59,404			32,469			33,020
Income (loss) before income taxes		42,119			32,572			21,495			20,624			(115,268	)		14,548			30,146
Income tax expense (benefit)		7,709			4,873			3,963			3,746			(32,457	)		1,082			4,517
Net income (loss)		34,410			27,699			17,532			16,878			(82,811	)		13,466			25,629
Preferred stock dividends		729			729			364			365			365			365			364
Net income (loss) available to common shareholders	$	33,681		$	26,970		$	17,168		$	16,513		$	(83,176	)	$	13,101		$	25,265
FINANCIAL RATIOS:
Earnings (loss) per share – basic	$	1.68		$	1.75		$	0.85		$	0.82		$	(5.07	)	$	0.85		$	1.64
Earnings (loss) per share – diluted	$	1.66		$	1.73		$	0.85		$	0.81		$	(5.07	)	$	0.84		$	1.62
Cash dividends declared on common stock	$	0.62		$	0.60		$	0.31		$	0.31		$	0.30		$	0.30		$	0.30
Common dividend payout ratio		36.90	%		34.29	%		36.47	%		37.80	%		-5.92	%		35.29	%		18.29	%
Dividend yield (annualized)		4.87	%		6.25	%		4.86	%		5.05	%		4.37	%		4.69	%		6.25	%
Return on average assets (annualized)		1.12	%		0.90	%		1.13	%		1.10	%		-5.38	%		0.89	%		1.68	%
Return on average equity (annualized)		11.80	%		12.32	%		11.78	%		11.82	%		-63.70	%		11.08	%		22.93	%
Return on average common equity (annualized)		11.90	%		12.47	%		11.88	%		11.92	%		-66.19	%		11.18	%		23.51	%
Return on average tangible common equity (annualized)⁽¹⁾		13.31	%		14.77	%		13.27	%		13.36	%		-75.36	%		12.87	%		27.51	%
Efficiency ratio⁽²⁾		59.24	%		74.80	%		59.68	%		58.79	%		117.13	%		64.70	%		50.58	%
Effective tax rate		18.3	%		15.0	%		18.4	%		18.2	%		28.2	%		7.4	%		15.0	%

See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands)

	Six Months Ended						2025						2024
	June 30,						Second			First			Fourth			Third			Second
SELECTED AVERAGE BALANCES:	2025			2024			Quarter			Quarter			Quarter			Quarter			Quarter
Federal funds sold and interest-earning deposits	$	55,306		$	146,099		$	39,027		$	71,767		$	121,530		$	49,476		$	134,123
Investment securities⁽¹⁾		1,078,600			1,188,901			1,071,628			1,085,649			1,159,863			1,147,052			1,194,808
Loans:
Commercial business		699,141			713,496			720,347			677,700			658,038			673,830			704,272
Commercial mortgage		2,212,786			2,044,612			2,221,576			2,203,899			2,148,427			2,092,905			2,059,382
Residential real estate loans		646,001			648,510			645,007			647,005			649,549			647,844			648,099
Residential real estate lines		74,860			75,986			75,010			74,709			76,164			75,671			75,575
Consumer indirect		843,763			919,718			839,294			848,282			858,854			881,133			905,056
Other consumer		40,850			48,043			39,485			42,230			43,333			43,789			44,552
Total loans		4,517,401			4,450,365			4,540,719			4,493,825			4,434,365			4,415,172			4,436,936
Total interest-earning assets		5,651,307			5,785,365			5,651,374			5,651,241			5,715,758			5,611,700			5,765,867
Goodwill and other intangible assets, net		60,663			67,651			60,610			60,717			60,824			60,936			62,893
Total assets		6,218,412			6,189,594			6,216,657			6,220,187			6,121,449			6,018,390			6,153,429
Interest-bearing liabilities:
Interest-bearing demand		738,055			745,259			730,979			745,210			757,221			691,412			741,006
Savings and money market		1,964,884			2,059,294			1,953,412			1,976,483			1,992,059			1,938,935			2,036,772
Time deposits		1,598,381			1,492,399			1,631,407			1,564,987			1,545,071			1,515,745			1,505,665
Short-term borrowings		90,636			159,929			86,099			95,223			56,513			129,130			140,110
Long-term borrowings, net		120,648			124,601			116,473			124,871			124,795			124,717			124,640
Total interest-bearing liabilities		4,512,604			4,581,482			4,518,370			4,506,774			4,475,659			4,399,939			4,548,193
Noninterest-bearing demand deposits		925,043			956,670			923,409			926,696			947,428			952,970			950,819
Total deposits		5,226,363			5,253,622			5,239,207			5,213,376			5,241,779			5,099,062			5,234,262
Total liabilities		5,630,349			5,737,327			5,619,834			5,640,981			5,604,249			5,535,112			5,703,929
Shareholders’ equity		588,063			452,267			596,823			579,206			517,200			483,278			449,500
Common equity		570,778			434,975			579,538			561,921			499,910			465,986			432,208
Tangible common equity⁽²⁾		510,115			367,324			518,928			501,204			439,086			405,050			369,315
Common shares outstanding:
Basic		20,090			15,424			20,107			20,073			16,415			15,464			15,444
Diluted		20,291			15,551			20,294			20,285			16,415			15,636			15,556
SELECTED AVERAGE YIELDS: *(Tax equivalent basis)*
Investment securities⁽³⁾		4.30	%		2.13	%		4.34	%		4.25	%		2.38	%		2.14	%		2.17	%
Loans		6.23	%		6.37	%		6.26	%		6.20	%		6.28	%		6.42	%		6.40	%
Total interest-earning assets		5.84	%		5.47	%		5.88	%		5.80	%		5.45	%		5.53	%		5.50	%
Interest-bearing demand		1.18	%		1.15	%		1.21	%		1.15	%		1.34	%		1.05	%		1.18	%
Savings and money market		2.71	%		3.04	%		2.67	%		2.75	%		2.94	%		3.07	%		3.01	%
Time deposits		4.19	%		4.70	%		4.08	%		4.31	%		4.53	%		4.72	%		4.72	%
Short-term borrowings		1.95	%		3.13	%		1.80	%		2.09	%		0.15	%		2.64	%		2.75	%
Long-term borrowings, net		5.17	%		5.02	%		5.35	%		5.00	%		5.03	%		5.03	%		5.02	%
Total interest-bearing liabilities		3.03	%		3.33	%		3.00	%		3.07	%		3.24	%		3.37	%		3.32	%
Net interest rate spread		2.81	%		2.14	%		2.88	%		2.73	%		2.21	%		2.16	%		2.18	%
Net interest margin		3.42	%		2.83	%		3.49	%		3.35	%		2.91	%		2.89	%		2.87	%

Includes investment securities at adjusted amortized cost.
See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.

FINANCIAL INSTITUTIONS, INC.
Selected Financial Information (Unaudited)
(Amounts in thousands)

	Six Months Ended						2025						2024
	June 30,						Second			First			Fourth			Third			Second
ASSET QUALITY DATA:	2025			2024			Quarter			Quarter			Quarter			Quarter			Quarter
Allowance for Credit Losses – Loans
Beginning balance	$	48,041		$	51,082		$	48,964		$	48,041		$	44,678		$	43,952		$	43,075
Net loan charge-offs (recoveries):
Commercial business		1,960			(30	)		1,903			57			131			(3	)		7
Commercial mortgage–construction		–			–			–			–			–			–			–
Commercial mortgage–multifamily					–			–			–			–			13			–
Commercial mortgage–non-owner occupied		595			(2	)		596			(1	)		(5	)		(1	)		(1	)
Commercial mortgage–owner occupied		(2	)		(2	)		(1	)		(1	)		(1	)		(2	)		(2	)
Residential real estate loans		133			100			92			41			(4	)		(1	)		96
Residential real estate lines		27			–			27			–			–			–			–
Consumer indirect		3,091			3,817			942			2,149			2,557			1,553			844
Other consumer		615			360			491			124			100			106			178
Total net charge-offs (recoveries)		6,419			4,243			4,050			2,369			2,778			1,665			1,122
Provision (benefit) for credit losses – loans		5,669			(2,887	)		2,377			3,292			6,141			2,391			1,999
Ending balance	$	47,291		$	43,952		$	47,291		$	48,964		$	48,041		$	44,678		$	43,952

Net charge-offs (recoveries) to average loans (annualized):
Commercial business		0.57	%		-0.01	%		1.06	%		0.03	%		0.80	%		0.00	%		0.00	%
Commercial mortgage–construction		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Commercial mortgage–multifamily		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.01	%		0.00	%
Commercial mortgage–non-owner occupied		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Commercial mortgage–owner occupied		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
Residential real estate loans		0.04	%		0.03	%		0.06	%		0.03	%		0.00	%		0.00	%		0.06	%
Residential real estate lines		0.07	%		0.00	%		0.14	%		0.00	%		0.00	%		0.00	%		0.00	%
Consumer indirect		0.74	%		0.83	%		0.45	%		1.03	%		1.18	%		0.70	%		0.38	%
Other consumer		3.04	%		1.51	%		4.99	%		1.19	%		0.91	%		0.95	%		1.62	%
Total loans		0.29	%		0.19	%		0.36	%		0.21	%		0.25	%		0.15	%		0.10	%

Supplemental information ⁽¹⁾
Non-performing loans:
Commercial business	$	3,671		$	5,680		$	3,671		$	5,672		$	5,609		$	5,752		$	5,680
Commercial mortgage–construction		19,621			4,970			19,621			19,684			20,280			20,280			4,970
Commercial mortgage–multifamily		–			183			–			–			–			71			183
Commercial mortgage–non-owner occupied		164			4,919			164			4,766			4,773			4,903			4,919
Commercial mortgage–owner occupied		–			380			–			349			354			366			380
Residential real estate loans		5,885			5,961			5,885			6,035			6,918			5,790			5,961
Residential real estate lines		299			183			299			316			253			232			183
Consumer indirect		2,571			2,897			2,571			2,917			3,157			3,291			2,897
Other consumer		225			36			225			279			62			57			36
Total non-performing loans		32,436			25,209			32,436			40,018			41,406			40,742			25,209
Foreclosed assets		142			63			142			196			60			109			63
Total non-performing assets	$	32,578		$	25,272		$	32,578		$	40,214		$	41,466		$	40,851		$	25,272

Total non-performing loans to total loans		0.72	%		0.57	%		0.72	%		0.88	%		0.92	%		0.93	%		0.57	%
Total non-performing assets to total assets		0.53	%		0.41	%		0.53	%		0.63	%		0.68	%		0.66	%		0.41	%
Allowance for credit losses – loans to total loans		1.04	%		0.99	%		1.04	%		1.08	%		1.07	%		1.01	%		0.99	%
Allowance for credit losses – loans to non-performing loans		146	%		174	%		146	%		122	%		116	%		110	%		174	%

At period end.

FINANCIAL INSTITUTIONS, INC.
Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
(In thousands, except per share amounts)

	Six Months Ended						2025						2024
	June 30,						Second			First			Fourth			Third			Second
	2025			2024			Quarter			Quarter			Quarter			Quarter			Quarter
Ending tangible assets:
Total assets							$	6,143,766		$	6,340,492		$	6,117,085		$	6,156,317		$	6,131,772
Less: Goodwill and other intangible assets, net								60,564			60,651			60,758			60,867			60,979
Tangible assets							$	6,083,202		$	6,279,841		$	6,056,327		$	6,095,450		$	6,070,793

Ending tangible common equity:
Common shareholders’ equity							$	584,383		$	572,643		$	551,699		$	483,050		$	450,375
Less: Goodwill and other intangible assets, net								60,564			60,651			60,758			60,867			60,979
Tangible common equity							$	523,819		$	511,992		$	490,941		$	422,183		$	389,396

Tangible common equity to tangible assets⁽¹⁾								8.61	%		8.15	%		8.11	%		6.93	%		6.41	%

Common shares outstanding								20,128			20,110			20,077			15,474			15,472
Tangible common book value per share⁽²⁾							$	26.02		$	25.46		$	24.45		$	27.28		$	25.17

Average tangible assets:
Average assets	$	6,218,412		$	6,189,594		$	6,216,657		$	6,220,187		$	6,121,449		$	6,018,390		$	6,153,429
Less: Average goodwill and other intangible assets, net		60,663			67,651			60,610			60,717			60,824			60,936			62,893
Average tangible assets	$	6,157,749		$	6,121,943		$	6,156,047		$	6,159,470		$	6,060,625		$	5,957,454		$	6,090,536

Average tangible common equity:
Average common equity	$	570,778		$	434,975		$	579,538		$	561,921		$	499,910		$	465,986		$	432,208
Less: Average goodwill and other intangible assets, net		60,663			67,651			60,610			60,717			60,824			60,936			62,893
Average tangible common equity	$	510,115		$	367,324		$	518,928		$	501,204		$	439,086		$	405,050		$	369,315

Net income (loss) available to common shareholders	$	33,681		$	26,970		$	17,168		$	16,513		$	(83,176	)	$	13,101		$	25,265
Return on average tangible common equity⁽³⁾		13.31	%		14.77	%		13.27	%		13.36	%		-75.36	%		12.87	%		27.51	%

Tangible common equity divided by tangible assets.
Tangible common equity divided by common shares outstanding.
Net income available to common shareholders (annualized) divided by average tangible common equity.

The MIL Network –

July 25, 2025

MIL-OSI: AMSC to Report First Quarter Fiscal Year 2025 Financial Results on July 30, 2025

Source: GlobeNewswire (MIL-OSI)

AYER, Mass., July 24, 2025 (GLOBE NEWSWIRE) — AMSC^® (NASDAQ: AMSC), a leading system provider of megawatt-scale power resiliency solutions that orchestrate the rhythm and harmony of power on the grid™ and protect and expand the capability of our Navy’s fleet, announced today that it plans to release its first quarter fiscal year 2025 financial results after the market close on Wednesday, July 30, 2025. In conjunction with this announcement, AMSC management will participate in a conference call with investors and covering analysts beginning at 10:00 a.m. Eastern Time on Thursday, July 31, 2025. On this call, management will discuss the Company’s recent accomplishments, financial results, and business outlook.

Those who wish to listen to the live or archived conference call webcast should visit the “Investors” section of the Company’s website at https://ir.amsc.com. The live call can be accessed 15 minutes prior to the scheduled start time by dialing 1-844-481-2802 or 1-412-317-0675 and asking to join the AMSC call.

A replay of the call may be accessed 2 hours following the call by dialing 1-877-344-7529 and using conference passcode 4291224.

About AMSC (Nasdaq: AMSC)
AMSC generates the ideas, technologies and solutions that meet the world’s demand for smarter, cleaner … better energy™. Through its Gridtec™ Solutions, AMSC provides the engineering planning services and advanced grid systems that optimize network reliability, efficiency and performance. Through its Marinetec™ Solutions, AMSC provides ship protection systems and is developing propulsion and power management solutions designed to help fleets increase system efficiencies, enhance power quality and boost operational safety. Through its Windtec™ Solutions, AMSC provides wind turbine electronic controls and systems, designs and engineering services that reduce the cost of wind energy. The Company’s solutions are enhancing the performance and reliability of power networks, increasing the operational safety of navy fleets, and powering gigawatts of renewable energy globally. Founded in 1987, AMSC is headquartered near Boston, Massachusetts with operations in Asia, Australia, Europe and North America. For more information, please visit www.amsc.com.

©2025 AMSC. AMSC, American Superconductor, NEPSI, Neeltran, NWL, D-VAR, D-VAR VVO, Amperium, Gridtec, Marinetec, Windtec, Orchestrate the Rhythm and Harmony of Power on the Grid and Smarter, Cleaner … Better Energy are trademarks or registered trademarks of American Superconductor Corporation. All other brand names, product names, trademarks, or service marks belong to their respective holders.


AMSC Contacts
AMSC Director of Communications:	Investor Relations Contact:
Nicol Golez	LHA Investor Relations
Phone: 978-399-8344	Carolyn Capaccio, CFA
Nicol.Golez@amsc.com	Phone: 212-838-3777
	amscIR@allianceadvisors.com

The MIL Network –

July 25, 2025

MIL-OSI Europe: Written question – Concerns over Portugal’s waste fee increases and compliance with Article 8a of the Waste Framework Directive – E-002906/2025
Source: European Parliament
Question for written answer E-002906/2025
to the Commission
Rule 144
Ana Vasconcelos (Renew), João Cotrim De Figueiredo (Renew)

The Portuguese Government has decided to almost double the fees that companies must pay to municipalities – from EUR 125 million in 2024 to EUR 235 million in 2025 – without proper consultation, clear performance goals or the infrastructure needed to improve recycling outcomes. This comes at a time when Portugal is already off track to meet its 2025 EU recycling targets.

This decision risks undermining the principles of Article 8a of the Waste Framework Directive (WFD)[1], which require extended producer responsibility (EPR) schemes to ensure fair cost allocation, efficient use of funds and clearly defined roles for public and private actors. Instead of reforming a dysfunctional system, the government has simply increased the financial burden on companies.

The Commission flagged Portugal’s underperformance in its 2023 early warning report and has now opened an infringement procedure (INFR(2024)2145).

1.What steps will it take to ensure Portugal complies with Article 8a of the WFD?

2.Does the Commission consider Portugal’s brutal fee increases to be compatible with EU law and can Portugal collect a waste management fee without clearly linking it to actions supporting EU recycling targets?

3.What action will it take if Portugal continues to miss its recycling targets and fails to address structural shortcomings?

Submitted: 16.7.2025

[1] Directive 2008/98/EC of the European Parliament and of the Council of 19 November 2008 on waste and repealing certain Directives, ELI: http://data.europa.eu/eli/dir/2008/98/2024-02-18.
Last updated: 24 July 2025
MIL OSI Europe News –
July 25, 2025
MIL-OSI Europe: Written question – Irish initiative to boycott trade with Israel and its violation of EU trade competence – E-002928/2025
Source: European Parliament
Question for written answer E-002928/2025
to the Commission
Rule 144
Bert-Jan Ruissen (ECR)

In recent months, Ireland has revived the so-called Occupied Territories Bill[1], which aims to restrict or fully prohibit the importation to Ireland of any goods produced in Israeli settlements, including those in the West Bank and East Jerusalem. However, according to Article 3(1)(e) and Article 207 of the Treaty on the Functioning of the European Union (TFEU), only the EU institutions may adopt trade restrictions or embargoes. Individual Member States are therefore not allowed to impose unilateral trade restrictions. Moreover, previous Commission statements[2] on an earlier version of the bill mentioned how it would be in breach of EU trade rules.

1.Is the Commission aware of the renewed debate on the Occupied Territories Bill in the Houses of the Oireachtas (the Irish Parliament)?

2.Does the Commission consider these developments compatible with EU trade competence under Article 207 TFEU, and if not, in what way do they constitute a breach?

3.Will the Commission take legal action against Ireland if the adoption of this law breaches EU trade rules, and what form might such actions take?

Submitted: 16.7.2025

[1] Leahy, P. ‘Foreign affairs committee begins discussions on contentious Occupied Territories Bill’, Irish Times, 1 July 2025, https://www.irishtimes.com/politics/2025/07/01/foreign-affairs-committee-begins-discussions-on-contentious-occupied-territories-bill/.

[2] European Parliament, ‘Answer given by Vice-President Mogherini on behalf of the European Commission [to Written Question P-000081-2019]’, 14 February 2019, https://www.europarl.europa.eu/doceo/document/P-8-2019-000081-ASW_EN.html.
Last updated: 24 July 2025
MIL OSI Europe News –
July 25, 2025
MIL-OSI Europe: Missions – FISC mission to Nicosia (Cyprus) – 16-09-2025 – Subcommittee on Tax Matters

Source: European Parliament

FISC Mission to Nicosia (Cyprus) © Image used under the license from Adobe Stock

Members of the FISC Subcommittee will travel to Nicosia (Cyprus) from 15 to 17 September 2025. The delegation, led by the Chair, Mr Pasquale Tridico, will meet with representatives of key institutions, such as the Ministry of Finance, the Tax Department and the Standing Committee on Financial and Budgetary Affairs of the House of Representatives, as well as stakeholders from the private sector, trade unions, experts and civil society.

The discussions will focus on topical international tax issues and challenges, such as the implementation of the OECD’s two-pillar tax reform, the implementation of key EU laws in the area of taxation, including on exchange of tax information and anti-tax abuse measures, the simplification of tax systems and improving competitiveness through tax measures, tax incentives, and energy taxation.

MIL OSI Europe News –

July 25, 2025
MIL-OSI: MoonBull Launches Presale Whitelist as Community Interest Surges — Turbo Sees Volume Dip, Coq Inu Rallies

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — MoonBull, a meme coin built on Ethereum, has officially launched its presale whitelist, marking a key milestone ahead of its Stage One offering. With strong early interest from the crypto community, the MoonBull whitelist is now open for participants seeking early access to the project’s token allocation and exclusive rewards.

At the same time, trading activity around established meme coins like Turbo (TURBO) and Coq Inu (COQ) is also drawing attention — with Turbo facing a downturn in volume while Coq Inu posts weekly gains despite daily volatility.

MoonBull Launches Whitelist for Early Supporters Ahead of Stage One

MoonBull ($MOBU) has opened its whitelist registration as part of preparations for its upcoming token presale. The project, built for meme coin enthusiasts and Ethereum-native traders, has attracted early interest due to its limited whitelist capacity and built-in reward structure.

According to MoonBull, users who join the whitelist gain early access to Stage One of the presale along with incentives such as entry at initial pricing tiers, eligibility for staking rewards, bonus token allocations, and private roadmap disclosures.

The registration process involves submitting an email address via the official MoonBull website. Whitelisted users will be notified in advance of the presale launch date and time, giving them preferred access ahead of the public offering.

“This launch is about building a committed early community,” said a representative from the MoonBull team. “We’ve created a reward structure that prioritizes our earliest supporters while maintaining transparency around tokenomics and project goals.”

Turbo Faces Headwinds as Trading Volume Declines

Turbo (TURBO), an ERC-20 token created by digital artist Rhett Mankind in 2023, has experienced a recent drop in trading activity. Priced at $0.004846 at the time of writing, Turbo is down 11.15% over the last 24 hours and 14.16% over the week. Its trading volume has also declined by more than 11%, signaling a cautious market stance.

Despite this, Turbo continues to emphasize its community-first vision and open governance model. Market participants remain alert to whether trading volume will rebound amid broader market shifts.

Coq Inu Sees Weekly Gains Despite Daily Dip

Coq Inu (COQ), a meme token on the Avalanche blockchain, is trading at $0.0000006603 with a 12.41% drop over the past 24 hours. Still, the coin has gained 10.01% over the past week. This performance, amid a 14.37% drop in trading volume, underscores the coin’s continued appeal among its social media-driven community.

Known for its humorous branding and active online presence, Coq Inu continues to grow as a cultural meme asset rather than a tech-first blockchain project.

About MoonBull

MoonBull is a new meme coin project built on the Ethereum network, designed to engage degen traders and meme culture fans through community-first incentives, limited early access programs, and on-chain transparency. The MoonBull presale is divided into multiple stages, with the whitelist phase now underway.

For More Information
Website: https://www.moonbull.io/
Telegram: https://t.me/MoonBullCoin
Twitter: https://x.com/MoonBullX

Contact:
Ayra
support@moonbull.io

Disclaimer: This content is provided by MoonBull. 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.

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The MIL Network –

July 25, 2025
MIL-OSI: Brag House Announces $15 Million Private Placement

Source: GlobeNewswire (MIL-OSI)

NEW YORK, July 24, 2025 (GLOBE NEWSWIRE) — Brag House Holdings, Inc. (NASDAQ: TBH) (“Brag House” or the “Company”) the Gen Z engagement platform operating at the intersection of gaming, college sports, and digital media, announces today that it has entered into a securities purchase agreement with an institutional investor for a private investment in public equity (“PIPE”) financing that is expected to result in gross proceeds to the Company of approximately $15 million, before deducting placement agent fees and offering expenses.

The Company intends to use the net proceeds from the offering for general corporate purposes, including working capital.

Pursuant to the terms of the securities purchase agreement, the Company is selling an aggregate of 15,000 shares of its Series B Convertible Preferred Stock convertible into 15,923,567 shares of common stock, at a conversion price of $0.942 per share of Series B Convertible Stock and an aggregate of 15,923,567 warrants to acquire up to 15,923,567 shares of common stock. The purchase price for one unit (consisting of one share of Series B Convertible Preferred Stock convertible into approximately 1,061 shares and the same number of warrants) was $1,000. The warrants issued in the offering are exercisable immediately upon issuance at an exercise price of $0.817 per share and will expire five years from the date of issuance.

Revere Securities LLC acted as the sole placement agent for the PIPE financing.

The securities being offered and sold by the Company in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or state securities laws and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission (the “SEC”) or an applicable exemption from such registration requirements. The securities were offered only to accredited investors. The Company has agreed to file one or more registration statements with the SEC covering the resale of the unregistered shares issuable upon the conversion of the Series B Preferred Stock and the shares issuable upon exercise of the unregistered warrants.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Brag House Holdings, Inc.

Brag House is a leading media technology platform dedicated to transforming casual college gaming into a vibrant, community-driven experience. By merging gaming, social interaction, and collegiate culture, Brag House enables brands to authentically connect with the influential Gen Z demographic through gamified experiences, live-streaming content, and scalable data insights. For more information, visit www.braghouse.com.

Caution Regarding Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC. Additional factors are discussed in the Company’s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.

Investor Relations Contact
Adele Carey
VP, Investor Relations
ir@thebraghouse.com

Media Contact
Fatema Bhabrawala
Director of Media Relations
fbhabrawala@allianceadvisors.com

The MIL Network –

July 25, 2025
MIL-OSI Africa: Liberia salutes African Development Bank President Adesina in landmark Government session
Source: APO – Report:
- I want you to know that your legacy in Liberia is strong and enduring, President Boakai tells Adesina
- “With your vast natural resources, Liberia has no business being poor.” — Adesina
Liberian President Joseph Nyuma Boakai convened the full spectrum of his government leadership to hear from African Development Bank President Dr. Akinwumi Adesina (www.AfDB.org), whom he lauded for a transformative decade at the helm of Africa’s premier development finance institution.

The expanded cabinet meeting, held Tuesday 22 July at the Ellen Johnson Sirleaf Ministerial Complex in Monrovia, brought together all three branches of the Liberian government: executive ministers, legislative leaders, the Chief Justice, and heads of state-owned enterprises. The event served as both a celebration of partnership and a platform for Adesina to share leadership insights as he nears the end of his term in August 2025.

“You have shown the world that bold ideas, when combined with clear vision and determination, can produce extraordinary results,” President Boakai declared. “Through your leadership, the African Development Bank has invested in real solutions that touch lives every day.”

Underscoring the gravity of the occasion, the Liberian president added: “The fact that all three branches of our government are represented speaks volumes about the value we place on your visit and the respect we have for your leadership and contributions.”

In his rousing keynote address titled “Liberia: Arise, and Shine!”, Dr. Adesina reflected on the Bank’s enduring partnership with Liberia, which has resulted in $1.02 billion in investments across 72 projects since 1967.

Key achievements include nearly 2,500 km of electricity transmission lines connecting Liberia with Côte d’Ivoire, Sierra Leone, and Guinea; the Liberia Energy Efficiency and Access Project, which delivered nearly 40,000 new grid connections; and 177 km of new roads including the transformational Fish Town-Harper and Karloken to Fish Town corridors.

A central highlight of the event was the launch of the Liberia Youth Entrepreneurship Investment Bank (YEIB), a flagship $17 million initiative under the African Development Bank’s Youth in Africa strategy. Liberia becomes the first African country to establish the dedicated youth-focused financial institution, aimed at equipping young Liberians aged 18-35 with the tools and capital to drive national development through entrepreneurship.

President Boakai described the Bank’s portfolio as “more than numbers on paper.”

“They are roads that connect our communities, energy that lights homes and businesses, and agriculture projects that strengthen food security and create income for our farmers,” he said.

Drawing from his experience as Nigeria’s former Minister of Agriculture, and his decade-long leadership of the Bank, Adesina offered the Liberian cabinet a 7-point framework for transformational governance: setting clear and ambitious goals, ensuring measurable results, promoting teamwork and accountability and reforming institutions, especially the civil service and judiciary.

“Don’t just blow the whistle, use your yellow card or red card. There is no need for rules in a soccer game if the referee never uses the yellow card or the red card,” Adesina said. “You cannot spend time baby-sitting poor performers. The public is eager for results and time is not on your side. So, be firm. Reward performers. Dispense with non-performers.”

He recommended the adoption of a “One Government approach”, as well as the establishment of a presidential awards program to “recognize and incentivize inter-agency collaboration”; drawing from similar models at the African Development Bank.

The Bank Group President urged the country to unlock greater value from its abundant resources. “With your vast natural resources, Liberia has no business being poor,” he stated. “The export of raw materials is the door to poverty. The export of value-added products is the highway to wealth.”

During a Q&A session, Adesina emphasized the importance of technical and vocational training, citing that 60 percent of Liberia’s population is under the age of 35. He was responding to Education Minister Jarso Maley Jallah who inquired about strengthening entrepreneurship through the education system.

Responding to a question from the Minister of Information, Cultural Affairs and Tourism, Jerolinmek Piah on achieving fiscal targets, Adesina urged the government to plug revenue leakages, noting that Africa loses $88 billion annually to illicit financial flows. “Make your country investable: invest in transparency, rule of law, create the right environment, provide incentives,” he added.

Sannah Ziama, a local investor, praised Adesina’s visionary leadership and called for sustained investments in solar power to unlock Liberia’s industrial potential.

As a low-income country and transition State, Liberia continues to benefit from the African Development Fund, the Bank’s concessional lending arm, as well as the Transition Support Facility, and the Nigeria Trust Fund.

Liberia is also part of the inaugural group of countries that have developed energy compacts under the Mission 300 program, a joint initiative of the African Development Bank and the World Bank to deliver electricity to 300 million Africans by 2030.

In recognition of his exceptional contributions, President Boakai presented Adesina with a Presidential Pin of Honour. Adesina had previously received Liberia’s highest national honour – the Order of the Star of Africa, Grade of Grand Band – in 2018.

“Dr. Adesina, as you prepare to move on from this chapter, I want you to know that your legacy in Liberia is strong and enduring, President Boakai said. “The programs you have championed will continue to make an impact for years to come. Thank you for your faith in Liberia’s potential, and thank you for investing in our people, especially our youth.”

Adesina was accompanied by the Bank’s Director General for West Africa, Lamin Barrow; Bank Executive Director for Liberia, Sierra Leone, The Gambia, Ghana and Sudan, Rufus Darkortey; and Acting Country Manager, Foday Yusuf Bob.

Liberia’s historical connection with the African Development Bank dates back to the institution’s founding, when Liberian official Romeo Alexander Horton served as the pioneer Chairman of the Committee of Nine that established the Bank in 1964.

Read Dr. Adesina’s address here (https://apo-opa.co/4maNUla).

– on behalf of African Development Bank Group (AfDB).

Media Contacts:
Natalie Nkembuh and Tolu Ogunlesi
Communication and External Relations
media@afdb.org

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

Media files

.

MIL OSI Africa –
July 25, 2025
MIL-OSI USA: Unlocking the Development Potential of Diaspora Communities and Helping Reduce Reliance on Foreign Aid
Source: United States House of Representatives – Representative Jonathan Jackson – Illinois (1st District)

FOR IMMEDIATE RELEASE

WASHINGTON, D.C. – Today, Rep. Sheila Cherfilus-McCormick (D-FL) and Rep. Jonathan J. Jackson (D-IL) introduced the African Diaspora Investment and Development Act (AIDA), groundbreaking legislation that harnesses the economic power of African and Caribbean diaspora communities to advance sustainable development, reduce remittance costs, and align U.S. foreign policy with grassroots investment.

Millions of Americans with heritage in Africa and the Caribbean send billions of dollars annually to support loved ones and communities in their countries of origin. Yet, they often face high transaction fees, limited investment tools, and few incentives to grow their impact. AIDA addresses these barriers head-on.

As highlighted in Realizing Africa’s Potential: A Journey to Prosperity by Professor Landry Signé, published by the Brookings Institution, the diaspora can be a powerful driver of development in their home countries—not just through remittances, but by fostering trade, investment, research, innovation, and the transfer of knowledge and technology. This dynamic strengthens U.S. interests by empowering African and Caribbean diaspora communities, who are an integral part of the American fabric, to spur economic growth and innovation both abroad and at home, reinforcing U.S. global partnerships and domestic prosperity.

The African Diaspora Investment and Development Act:
- Reduces the cost of remittances by promoting transparency, competition, and innovation in money transfers.
- Creates tax incentives for diaspora investments that drive sustainable economic development in African and Caribbean countries.
- Encourages financial inclusion through fintech and diaspora-owned money transfer platforms.
- Supports diaspora-led investments with U.S. financial backing.
- Advances U.S. development goals by strengthening diaspora engagement in entrepreneurship, infrastructure, and community development projects abroad.
“The African and Caribbean diasporas are economic engines that deserve recognition and support,” said Rep. Sheila Cherfilus-McCormick (D-FL). “This bill creates smart incentives that empower families, foster sustainable development, and reflect our values in U.S. foreign policy. AIDA is about unlocking diaspora investment potential. By empowering these communities, we can reduce reliance on foreign aid and embrace a model based on investment, dignity, and shared prosperity.”

“This bill is timely and vital, especially at a time when US policy towards Africa and the Diaspora is shifting from aid to trade,” said Rep. Jonathan L. Jackson (D-IL). “Remittances ($90 billion inflow to Africa in 2023) have surpassed both foreign assistance and direct investment in many countries in Africa and the Caribbean; a source for development and economic growth. AIDA strengthens the Diaspora contributions in GPD growth through investments and family support – food, housing, education, health care, etc.”

“Reducing remittance costs and eliminating taxes on remittances are critical measures that ensure every dollar sent goes further, directly benefiting health, education, small businesses, and local infrastructure,” said President of the Nigerian Physicians Advocacy Group, Susan Edionwe. “These changes will empower organizations like ours, whose work relies heavily on diaspora contributions, to expand our impact and better serve the people of Nigeria and beyond.”

“The proposed AIDA bill is a fundamental recognition that as a nation of immigrants, the USA holds the ultimate power of transformation in the contributions of its diaspora to the rest of the world,” said Founder and CEO of Hamstrings, Inc., Eric V. Guichard. “AIDA is about leveraging these diaspora resources for good. It is a paradigm shift in development finance whose time has come.”

“Remittances from family and friends in the U.S. to these regions primarily address basic necessities for recipients, including housing, food, education, services, small business support, and humanitarian assistance,” said Haiti Renewal Alliance. “A framework for partnerships with the U.S. DFC and diasporas via the AIDA Act to channel remittances for coordinated and robust investments with people on the ground in African and Caribbean countries, ushers the U.S. leading the next generation of successful global development for inclusive growth, peace, stability and opportunity, appreciating diaspora from Africa and Caribbean as key contributors.”

During a time when development assistance from the United States in Africa and in the Caribbean is being drastically curtailed or even eliminated, African and Caribbean countries will need to increasingly rely on remittances coming from the Diaspora to meet basic needs and to get by,” said President of Constituency for Africa (CFA), Melvin Foote. “The proposed AIDA legislation, if passed, would certainly be a huge step in the right direction.”

The legislation has received early praise from diaspora organizations, development experts, and financial inclusion advocates.

###

MIL OSI USA News –
July 25, 2025
MIL-OSI United Kingdom: The Isle of Canna opens the doors to its brand new visitor hub
Source: Scotland – Highland Council

Issued by The National Trust for Scotland
- A major project to create a visitor hub on the Isle of Canna is now complete and open to visitors.
- The £771,000 project, operated and managed by the Isle of Canna Community Development Trust and led by the National Trust for Scotland, was funded by the Scottish Government, VisitScotland, The Highland Council, Highlands and Islands Enterprise, and the Trust.
- Facilities include toilets and showers, public laundry facilities, a room for NHS health workers and other professionals, and a base for the Trust Ranger.
The Isle of Canna Community Development Trust (IoCCDT) has celebrated the opening of the new Canna Visitor Hub, where a range of facilities are now available for visitors.

The need for accessible visitor facilities was recognised as the island continues to welcome an increasing number of visitors each year. The Canna Visitor Hub now boasts a range of amenities, including toilets and showers, public laundry facilities, a base for the National Trust for Scotland Ranger, as well as a dedicated room for NHS health workers and other professionals for community use.

The building was designed with its surrounding landscape in mind and was constructed using environmentally conscious materials. It runs on the island’s renewable energy infrastructure, utilising solar panels, to align with the island’s vision for environmental sustainability. Through archaeological surveys, the project was approached sensitively, and the Canna Visitor Hub now sits naturally within its surroundings and serves as a focal point for visitors as they arrive at the harbour.

Spey Building & Joinery Ltd, which was responsible for building the Canna Visitor Hub, was also awarded the Scotland Commercial or Public Sector Project award by the Federation of Master Builders this year for its team’s exceptional work on the Canna Visitor Hub. The project was delivered by the Canna Partnership, through which the IoCCDT and the National Trust for Scotland work together to preserve the landscape and culture for future generations.

Isebail MacKinnon, Director of the Isle of Canna Community Development Trust, said: “The new Canna Visitor Hub supports our vision for the sustainability of the island and community-owned tourism, and to provide a good experience for visitors. By providing facilities at the visitor hub, we hope to encourage people to stay on the island for longer, moving away from short visits and towards longer stays, and more engaged visitors.

“We are very grateful for the support and funding received from those who made this project happen and are very excited for the Canna Visitor Hub to be part of the island infrastructure for many years to come. Thank you to Scottish Government, VisitScotland, The Highland Council, Highlands and Islands Enterprise, and the National Trust for Scotland for their support.”

Managed by VisitScotland on behalf of the Scottish Government, the Rural Tourism Infrastructure Fund (RTIF) was created to improve the quality of the visitor experience in rural parts of Scotland that have faced pressure on their infrastructure due to an increase in visitor numbers. In Highland mainland and islands (excluding Shetland and Orkney) there have been a total of 36 RTIF-supported approved projects with a total RTIF investment of £7,937,883.

Chris Taylor, Destination Development Manager at Visit Scotland, said: “The fantastic new visitor facilities on Canna are a core part of the tourism offer on the island.

“Along with investment by the National Trust for Scotland in Canna House, proposals for a new high-quality bunkhouse by the community and ongoing hard work of small island businesses, this makes for a unique visitor experience and promises a very exciting future.

“A healthy visitor economy is crucial and is at the heart of the community’s plan in Canna for a thriving, sustainable island – it attracts and retains people and generates jobs and incomes.”

Chair of The Highland Council’s Economy and Infrastructure Committee, Cllr Ken Gowans, said: “The Highland Council is proud to have supported the Isle of Canna Visitor Facilities through VisitScotland’s Rural Tourism Infrastructure Fund, the Place Based Investment Programme, and the Islands Infrastructure Fund. This project represents a vital investment in sustainable tourism and community resilience on one of Highland’s unique and remote islands.

“By delivering modern, accessible welfare facilities and a dedicated visitor hub, the project is not only enhancing the visitor experience but also helping to protect Canna’s fragile environment and support its long-term regeneration. This development will enable the local community to manage tourism more effectively, create new opportunities, and ensure that Canna remains a welcoming and sustainable destination for generations to come.”

The £771,000 project is operated and managed by the Isle of Canna Community Development Trust and led by the National Trust for Scotland, and was funded by the Scottish Government, VisitScotland, The Highland Council, Highlands and Islands Enterprise, and the Trust. An official opening event for the Canna Visitor Hub was hosted by the IoCCDT this month to celebrate this new milestone for the community and its visitors.

The Canna Visitor Hub runs on an honesty basis, and donations from visitors are welcome for the use of the facilities. For more information about the Canna Visitor Hub and all that the Isle of Canna has to offer, visit the Isle of Canna Community Development Trust website.
MIL OSI United Kingdom –
July 25, 2025
MIL-OSI USA: Estes Delivers Keynote Speech at International Tax Cooperation and Competition: A Reset

Source: United States House of Representatives – Congressman Ron Estes (R-Kansas)

U.S. Congressman Ron Estes (R-Kansas) delivered the keynote address at International Tax Cooperation and Competition: A Reset hosted by American Enterprise Institute (AEI). Congressman Estes discussed the latest developments in international tax policy. See below for highlights and watch

.

On driving economic growth through tax policy reform:

“It’s great to be able to talk about things that are going on in the world, and particularly things that are going on as we relate to tax policy and good economic policy, which drives good economic growth. A lot of you probably heard several of these conversations from me a lot over the last several months, as we’ve gone through this whole process to talk through what we should do, from a tax code policy within the United States and what we want to do moving forward.

“It’s great as we are at this point now where we’re wanting to focus on, how do we make sure that we have good policy that makes good economic growth for companies to do business in America and benefit American workers and an American economy. And ultimately raises money for tax revenue to have to fund the government and activities that we do here as well. And that’s kind of been my focus since I’ve been on Ways and Means now six years . . . I came on shortly after the Tax Cuts and Jobs Act (TCJA) in 2017 was passed into law. That was my first term in Congress and so the guiding principles, even back then, we’re looking at, how do we make [the] U.S. more competitive in the activities that we do?

On the history of crafting the Tax Cuts & Jobs Act:

“And I go back and talk a little bit about 2017 and then translate to some degree, how our efforts with TCJA in 2017 tied in with the efforts in the One Big, Beautiful Bill this year, and then how that’s also connected to the OECD discussions on Pillar One and Pillar Two. I like to go back and do a little bit of review of history when we talk about TCJA. Because we think back to 2017, the state of the economy at that point in time was, everybody was talking about this new normal, that we should just expect low 1-1.5% economic growth, and that should be the standard that we should expect in the United States.

“The United States had the fourth-highest corporate tax rate in the world, and highest of any developed country. And so it was always putting our industry at a competitive disadvantage as we sort through activities. We had stagnant wage growth for two or three decades in terms of the average taxpayers was in the mid to high 30s was what the income level was for the individuals across the country. We also had inversions. It was the topic of the day. Whether you were a Republican president or a Democrat president, it was a problem that you were trying to address, where, because of our high tax rate, it was profitable for foreign-based businesses to come buy a valuable U.S. entity and convert it into headquarters being overseas and actually partially pay for that through the lower tax savings just by getting out of the U.S. tax burden.

“And then the other component that doesn’t get talked about a lot is the amount of money that was tracked overseas. I mean, literally, it was in the four to four and a half trillion dollars, where subsidiaries of U.S.-based businesses had operations in foreign countries, and because of the existing tax rate, they paid taxes in that country, the territory where they were operating in, but the U.S. tax code said, well, we want to double dip and tax you to bring that money back. So, that money was being left overseas was actually being invested and helping grow the economies over there, which wasn’t what you want from a U.S.-based business or entity.

“And so those were some of the big issues that we wanted to address with TCJA. It kind of drove a lot of our thought process as we went into that, and what we were starting with, just driving the corporate tax rate down down to 21% and even at that, we weren’t going to be the lowest tax rate. We didn’t want that. By the time you combine the 21% corporate rate with state and local taxes, we’re just above the midpoint of OECD countries around the world. But we think that’s appropriate. I think we’ll still be competitive, just because the innovation with U.S. businesses and the activities that we’ll focus on going forward.

On incentivizing investment:

“In addition to the corporate rate, we also want to make sure that we looked at, how do we, how do we incentivize investment, investment in research and development, investment in capital expenditures, investment in in our workers’ workforce, and being able to deduct the interest deductibility used for that investment. And so we structured different provisions around that. Some of those end up being temporary. And so we’ve had an actually good field experiment the last eight years where we’ve seen the results of 2017 going forward to now, and selling the economic growth that came out of that.

On provisions of the OBBB:

“Now we’re at the point of where we were working on with the One Big, Beautiful Bill to extend those provisions that had been temporary, and in the best case scenario, make as many of them as we could, permanent. We also got caught up in a lot of the campaign promises from last election, particularly from the presidential race and some of the new provisions that came in, No Tax on Tips, No Tax on Overtime. 88% of people won’t pay tax on their Social Security because of the credits, enhanced senior credits they’ll get. Those are new items that we hadn’t talked about previously.

On securing permanent tax provisions to drive investment:

“What we really wanted to do with the One Big, Beautiful Bill is how we make sure that our economy gets back to growth mode and that we continue to have good economic growth and wealth creation for not just businesses, but individuals as well as funding the Treasury.

“I can go down several instances in the Treasury where we actually have more receipts now than we had on things like royalty tax payments, because we had the incentive for research and development being done in the United States. Companies either brought the research and development back or started it new in the United States, and therefore our royalty income is hundreds of billions of dollars higher than it was.

“But even what we’ve seen is, through 2024, actual revenue was increased over what had been projected prior to TCJA. So even the discussion that there was going to be a loss to the Treasury, with the Tax Cuts and Jobs Act, that did not happen through 2024. Now as we look forward with OECD or the One Big, Beautiful Bill, and rolling out those provisions, so many of them, that we’re able to get permanent to move forward, [are] going to be so beneficial for us in an operation side.

On addressing global taxation:

“I talked about a lot of the domestic value for economic growth, and how do we make things happen? Obviously, as part of that, we also need to talk through from an international piece and the issues there. When we were finishing up, again I go back to the little history ,we were finishing up TCJA.

“Part of the last things done were figuring out, how do we fit in and address the growing concern about the race to the bottom on global taxation? Obviously there’s a concern on everybody’s part that you don’t necessarily want to lose your business to a company or country that is taxing less just because they’re taxing less. But what we did was, we implemented within TCJA provisions, like GILTI and BEAT, in order to help address that, to help offset that temptation that somebody would go look and base their operations somewhere to get advantage, just purely for tax purposes.

On how Digital Services Taxes led to Pillar One discussions:

“At about that same time, there were discussions going on in the world around, both from the same concern as well as a concern of raising revenue in individual countries. So six years ago, seven years ago or so when I got on Ways and Means, one of the first things that I got engaged in was talking about Digital Services Taxes, the DSTs. That was becoming the hot topic at that point in time, because multiple countries were promoting this idea of having a Digital Services Tax and looking at it in a way, basically for revenue. What I became an advocate for, along with a lot of others, was, let’s utilize OECD and come up with a consistent approach, instead of having a patchwork quilt of different codes and tax systems across the world. So that was the basis to start the discussion on what ultimately became Pillar One.

On how what led to Pillar Two discussions:

“About the same time that we finished the TCJA provision, then it also turned in that other countries started talking about, ‘How can we address the lower tax rates?’ And making sure that we are actually being fairly competitive in that, which led up into the discussions on Pillar Two.

“This is kind of starting at the end of the Trump administration, the first Trump administration. As the discussion with Philippines started up, it was more focused on a thought process along the lines of what we put into the Tax Cuts and Jobs Act. In terms of how you look at provisions, like GILTI or BEAT or FDII, and craft something that works for your respective country, whether you’re European-based, or Asia or Africa, that actually accomplishes the same goal or a similar goal, to help incentivize companies to operate within your country and not look to run to some country that maybe dangles a particular foreign rate below rate in front of them.

On the Biden administration’s pivot on Pillar One:

“The problem that happened after we had a change of administration, and the Biden administration was moving into discussion, was the discussion on Pillar One kind of just got put to the wayside. So the Digital Services Taxes weren’t being addressed at all from a global OECD standpoint. It was kind of allowed to wither and decline and just pause there. At the same time, there was a completely different focus on the Pillar Two piece to look at, instead of, how do we make tax competitiveness? Look at, how do we do subsidized business and operations?

“So it really turned into a really bad pivot from that standpoint, in terms of what the impact was going to be around the world. As the material was prepared, a lot of what was done, as drafts were coming out, there really wasn’t public awareness of that shift happened, until the final draft came out early two years ago.

“At that point in time, it really became apparent what had been structured was something that was going to be very discriminatory towards the United States. And the businesses working in the United States, impact them in terms of amount of tax they pay, impact them in terms of amount of processing and how they go through the administrative costs to calculate that. And the net effect on the U.S. Treasury was going to be very detrimental to that, because of the way the U.S. Treasury focused on, or even looked at the tax codes for a long period of time is, how do we come up with, in a lot of cases, non refundable credits?

“Basically, the incentive is that you should make a decision that results in income and tax burden for you, and then that decision, whether it’s investment in R&D or investment in capital expenditure, is what you deduct off of. Whereas a lot of other countries around the world go into more of a subsidized approach. How do they incentivize through the subsidies? Obviously that put U.S. companies at a disadvantage because our approach wasn’t being included and theirs was allowed, in terms of calculating what would be a minimum tax.

On working with Chairman Jason Smith on addressing tax policy inadequacies:

“That’s where we really got heavily engaged in this is not the appropriate worldwide process to follow. It throws a lot of decades-old tax treaties on its head. What we needed to do was go back and and let’s finalize the Pillar One piece so the DSTs are addressed and and do over the process on UTPRs, that were the central piece of the Pillar Two activity.

“As we were working through One Big, Beautiful Bill, myself and [U.S. Congressman] Jason Smith, we had a couple of different pieces of legislation, primarily to look at, how do we protect the U.S. tax base if countries were going to go proceed down the route and implement the Pillar Two process? The Chairman’s bill was [the] Defending American Jobs and Investments Act, which would have had increased withholding tax under national companies. I had a bill titled The Unfair Tax Prevention Act or UTPA. . . But basically it . . . was going to disallow certain credits and have a similar impact on foreign-based companies operating in the United States, if they came from a country that was using those discriminatory Pillar Two pieces on U.S. business.

“And I’ll say this … I think Chairman Smith will say it as well, we really didn’t want a world where we would have to be drafting bills like this to offset bad bills coming from somewhere else. That wasn’t the best way to do trade. It wasn’t the best way to do tax policy that we should continue down, having this hybrid territorial tax process that has been working and will continue to work into the future.

“When the Trump administration came back in, a lot of comments and support from President Trump, some [from] Secretary Bessent and a host of a crew in the Treasury staff, agreed with this issue, and we’re focusing on this was a problem for America, and what we should do here.

On Section 899 and reaching the G7 Agreement:

“As the One Big, Beautiful Bill was being written, we crafted just one small section that combined Jason’s and my bill together, and all of a sudden, I think it was like two months ago today, that hit the hot button and it became the hot item going into the final discussions on, the infamous Section 899 that became a hot topic out there to talk about. What it did, I think, was highlighted that, there’s a lot of concern on the part of Congress that we need to make sure that we have good tax code that works for countries across the world, but also through the negotiations that have happened, primarily with Treasury, but also with engagement with us in Congress, and how we could move forward.

“The agreement that was brought forth between Treasury and the G7 to actually pull the Section 899 out of the One Big, Beautiful Bill as it was sitting in the Senate, with the expectation that the G7 and OECD countries would would also pull back on their Pillar Two language that they either had already started or they would have started implementing. . . I liked that approach.

“I do think what we have to do and continue forward is … the trust but verify. We took the first step to pull out the 899. Now we got to continue the process follow through the G7 and OECD countries through that. At same time, [we] need to go and continue to work on the DST issue, because that wasn’t resolved, and that wasn’t as much a part of the agreement as the Pillar Two piece was. So we’ve gotta continue that work as we move forward there.

On finishing the One Big, Beautiful Bill and work to come on the tax code:

“I’ve kind of gone through a lot of different topics, going back multiple years on different things. And through this process, we’re going to continue to keep focusing on, how do we implement and talk about all the things that are in the bill, we just passed the One Big, Beautiful Bill. But also going through and, like I said, trust but verify that all of the follow on countries are following through with their provisions to change the tax code and then also continue to the work to get the DSTs addressed so that there is a global solution for that as well.

“I’m looking for us getting back into an arena where we actually have more competitive worldwide economies. I think that U.S.-based businesses will be successful. I think a lot of foreign-based businesses will also be successful just because of the way our global economy works. I’m looking forward to taxes not slowing down good, successful economic growth.”

MIL OSI USA News –

July 25, 2025
MIL-OSI Asia-Pac: SEE visits Shenzhen to learn more about charging infrastructure (with photos)

Source: Hong Kong Government special administrative region – 4

The Secretary for Environment and Ecology, Mr Tse Chin-wan, and officials of the Environment and Ecology Bureau visited Shenzhen today (July 24) to learn more about its charging infrastructure.

     Mr Tse first visited Huawei Digital Power Technologies Co, Ltd to learn more about the company’s latest developments on supercharging, energy storage, automatic charging for electric vehicles (EV), and the latest carbon reduction solutions offered to the market.

     Mr Tse then visited the Development and Reform Commission of Shenzhen Municipality to exchange views with officials of the Commission and representatives of new energy enterprises to better understand the latest developments of charging infrastructure in Shenzhen. Mr Tse expressed that Shenzhen’s latest developments and successful experiences in EV charging facilities provide valuable references for Hong Kong and inspire new ideas for the future development of Hong Kong’s charging facilities. He also expressed the hope that Hong Kong and Shenzhen will continue to strengthen exchanges and co-operation to jointly promote ecological civilisation construction and regional green and low-carbon development in the Greater Bay Area.

     In the afternoon, Mr Tse visited the Lianhuashan Supercharging Station. This site integrates photovoltaic storage supercharging and vehicle-to-grid technology in one public supercharging demonstration station, with a maximum charging power of up to 600 kilowatts and supports high-power reverse discharge back to the grid.

     Mr Tse also visited the government car park at the Futian District Committee Compound. The project is a demonstration point that combines solar power generation, power storage and supercharging services. Integrating intelligent low-carbon technology, high-energy efficiency and architectural aesthetics, it is equipped with a liquid-cooled supercharging system and an intelligent energy storage system, generating an annual average solar power output of 500 000 kilowatt hours.
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Mr Tse returned to Hong Kong this evening.



MIL OSI Asia Pacific News –

July 25, 2025
MIL-OSI USA: Louisiana Nurse Practitioner Convicted of $12M Medicare Fraud Scheme

Source: US State of North Dakota

A federal jury convicted a Louisiana nurse practitioner today for her role in an over $12.1 million health care fraud scheme to defraud Medicare by ordering medically unnecessary cancer genetic tests for hundreds of patients she never met or examined.

According to court documents and evidence presented at trial, Scharmaine Lawson Baker, 58, of Richmond, Texas, served as a nurse practitioner and was an enrolled Medicare provider. She held herself out as an expert in Medicare regulations – authoring publications on medical necessity and patient-provider relationships – while actively violating those very standards.

“Scharmaine Lawson Baker shamelessly exploited her medical license and the trust of vulnerable patients to enrich herself through a multimillion-dollar genetic testing fraud,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “The defendant peddled false promises of free cancer screenings while pocketing kickbacks for medically unnecessary tests. The Criminal Division remains relentless in uncovering and prosecuting fraud against government programs and those who prey on victims for personal gain.”

“This conviction signals the end of a challenging and labor-intensive prosecution,” said Acting U.S. Attorney Michael M. Simpson for the Eastern District of Louisiana. “Medicare fraud schemes such as these, profoundly impact our society, not only because of the monetary loss sustained by our Medicare program, and the damages suffered by those who were victimized by the fraud, but also by the erosion of public trust in our institutions. The successful prosecution of this case exemplifies our commitment to seek justice for all victims of fraud as well as to preserve taxpayer confidence in our nation’s medical institutions as a whole.”

“This defendant brazenly exploited the federal health care system for personal profit. Her scheme to peddle millions of dollars of medically unnecessary genetic tests was not a mistake — it was a calculated crime. She preyed on vulnerable patients, siphoned taxpayer dollars, and turned health care into a tool for fraud. Her actions represent a deliberate betrayal of public trust and a flagrant abuse of those she was entrusted to serve,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG, in coordination with our federal and state partners, will continue to apply every available resource to detect and disrupt fraud schemes that seek to abuse the Medicare program and enrollees.”

From 2018 to 2019, Lawson Baker worked as an independent contractor for a company that claimed to provide telehealth services. In her role, the defendant signed hundreds of orders for medically unnecessary cancer genetic testing after brief phone calls – typically lasting less than 60 seconds – and without conducting any physical exams of patients. Lawson Baker falsely diagnosed patients to justify the unnecessary tests, such as diagnosing male patients with cervical cancer that they did not have. Lawson Baker never reviewed any of the test results, including when the results showed that patients actually had variants predisposing them to certain cancers.

In furtherance of the scheme, Lawson Baker participated in phone calls misleading patients into believing they were being screened for cancer at no cost, despite the tests ordered not actually diagnosing patients with existing cancer. In doing so, she exploited the trust placed in licensed health care professionals and manipulated vulnerable patients.

In total, Lawson Baker caused over $12.1 million in fraudulent Medicare claims and the labs involved in the scheme received over $1.5 million in reimbursements for unnecessary testing. In exchange for signing these orders, Lawson Baker accepted kickbacks and bribes from the telehealth company – payments she later failed to disclose in her bankruptcy petition.

Lawson Baker was convicted of six counts of health care fraud. She is scheduled to be sentenced on Nov. 19 and faces a maximum penalty of 10 years in prison on each count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

HHS-OIG and FBI investigated the case.

Trial Attorneys Samantha Usher and Gary A. Crosby II of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Nicholas D. Moses for the Eastern District of Louisiana are prosecuting the case. Trial Attorney Kelly Z. Walters of the Criminal Division’s Fraud Section assisted in the prosecution.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of 9 strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

MIL OSI USA News –

July 25, 2025
MIL-OSI USA: California Certified Public Accountant Indicted for Filing False Tax Returns and Mail Fraud Scheme

Source: US State of North Dakota

A federal grand jury in San Francisco returned a superseding indictment yesterday charging a California man with filing false tax returns, mail fraud, and money laundering. Gilbert was previously charged with filing false tax returns earlier this year.

The following is according to the superseding indictment: Michael M. Gilbert, of San Rafael, filed false tax returns for himself and two business entities he controlled. Gilbert, a certified public accountant since 1985, allegedly underreported the total income his accounting and tax return preparation business, M.M. Gilbert & Company Inc., received during the years 2017 through 2020.

The superseding indictment further alleges that Gilbert solicited payments from clients of M.M. Gilbert for “tax strategies” and “donations,” among other things, which the clients paid to White Mountain Properties Inc., another entity Gilbert controlled. Gilbert allegedly did not report these payments as income on the company’s 2017 through 2021 business tax returns. These payments to White Mountain were allegedly proceeds from Gilbert’s scheme to defraud his clients through the promise of some tax benefit. In fact, the White Mountain funds did not create a tax benefit for Gilbert’s clients, and Gilbert allegedly instead diverted the payments for his own personal enrichment. In 2020-2021, Gilbert is alleged to have transferred more than $5 million from White Mountain to himself and then failed to report that income on his individual tax returns.

If convicted, Gilbert faces a maximum penalty of 20 years in prison for each count of mail fraud, a maximum penalty of 10 years in prison for each count money laundering, and a maximum penalty of three years in prison for each count of filing a false tax return. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen Kelly of the Justice Department’s Tax Division and U.S. Attorney Craig H. Missakian for the Northern District of California made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorneys Julia M. Rugg and Patrick Burns of the Tax Division and Assistant U.S. Attorney Sara E. Henderson for the Northern District of California are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL OSI USA News –

July 25, 2025
MIL-OSI Security: Louisiana Nurse Practitioner Convicted of $12M Medicare Fraud Scheme

Source: United States Attorneys General

A federal jury convicted a Louisiana nurse practitioner today for her role in an over $12.1 million health care fraud scheme to defraud Medicare by ordering medically unnecessary cancer genetic tests for hundreds of patients she never met or examined.

According to court documents and evidence presented at trial, Scharmaine Lawson Baker, 58, of Richmond, Texas, served as a nurse practitioner and was an enrolled Medicare provider. She held herself out as an expert in Medicare regulations – authoring publications on medical necessity and patient-provider relationships – while actively violating those very standards.

“Scharmaine Lawson Baker shamelessly exploited her medical license and the trust of vulnerable patients to enrich herself through a multimillion-dollar genetic testing fraud,” said Acting Assistant Attorney General Matthew R. Galeotti of the Justice Department’s Criminal Division. “The defendant peddled false promises of free cancer screenings while pocketing kickbacks for medically unnecessary tests. The Criminal Division remains relentless in uncovering and prosecuting fraud against government programs and those who prey on victims for personal gain.”

“This conviction signals the end of a challenging and labor-intensive prosecution,” said Acting U.S. Attorney Michael M. Simpson for the Eastern District of Louisiana. “Medicare fraud schemes such as these, profoundly impact our society, not only because of the monetary loss sustained by our Medicare program, and the damages suffered by those who were victimized by the fraud, but also by the erosion of public trust in our institutions. The successful prosecution of this case exemplifies our commitment to seek justice for all victims of fraud as well as to preserve taxpayer confidence in our nation’s medical institutions as a whole.”

“This defendant brazenly exploited the federal health care system for personal profit. Her scheme to peddle millions of dollars of medically unnecessary genetic tests was not a mistake — it was a calculated crime. She preyed on vulnerable patients, siphoned taxpayer dollars, and turned health care into a tool for fraud. Her actions represent a deliberate betrayal of public trust and a flagrant abuse of those she was entrusted to serve,” said Deputy Inspector General for Investigations Christian J. Schrank of the U.S. Department of Health and Human Services Office of Inspector General (HHS-OIG). “HHS-OIG, in coordination with our federal and state partners, will continue to apply every available resource to detect and disrupt fraud schemes that seek to abuse the Medicare program and enrollees.”

From 2018 to 2019, Lawson Baker worked as an independent contractor for a company that claimed to provide telehealth services. In her role, the defendant signed hundreds of orders for medically unnecessary cancer genetic testing after brief phone calls – typically lasting less than 60 seconds – and without conducting any physical exams of patients. Lawson Baker falsely diagnosed patients to justify the unnecessary tests, such as diagnosing male patients with cervical cancer that they did not have. Lawson Baker never reviewed any of the test results, including when the results showed that patients actually had variants predisposing them to certain cancers.

In furtherance of the scheme, Lawson Baker participated in phone calls misleading patients into believing they were being screened for cancer at no cost, despite the tests ordered not actually diagnosing patients with existing cancer. In doing so, she exploited the trust placed in licensed health care professionals and manipulated vulnerable patients.

In total, Lawson Baker caused over $12.1 million in fraudulent Medicare claims and the labs involved in the scheme received over $1.5 million in reimbursements for unnecessary testing. In exchange for signing these orders, Lawson Baker accepted kickbacks and bribes from the telehealth company – payments she later failed to disclose in her bankruptcy petition.

Lawson Baker was convicted of six counts of health care fraud. She is scheduled to be sentenced on Nov. 19 and faces a maximum penalty of 10 years in prison on each count. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

HHS-OIG and FBI investigated the case.

Trial Attorneys Samantha Usher and Gary A. Crosby II of the Criminal Division’s Fraud Section and Assistant U.S. Attorney Nicholas D. Moses for the Eastern District of Louisiana are prosecuting the case. Trial Attorney Kelly Z. Walters of the Criminal Division’s Fraud Section assisted in the prosecution.

The Fraud Section leads the Criminal Division’s efforts to combat health care fraud through the Health Care Fraud Strike Force Program. Since March 2007, this program, currently comprised of 9 strike forces operating in 27 federal districts, has charged more than 5,800 defendants who collectively have billed federal health care programs and private insurers more than $30 billion. In addition, the Centers for Medicare & Medicaid Services, working in conjunction with HHS-OIG, are taking steps to hold providers accountable for their involvement in health care fraud schemes. More information can be found at www.justice.gov/criminal-fraud/health-care-fraud-unit.

MIL Security OSI –

July 25, 2025
MIL-OSI Security: California Certified Public Accountant Indicted for Filing False Tax Returns and Mail Fraud Scheme

Source: United States Attorneys General

A federal grand jury in San Francisco returned a superseding indictment yesterday charging a California man with filing false tax returns, mail fraud, and money laundering. Gilbert was previously charged with filing false tax returns earlier this year.

The following is according to the superseding indictment: Michael M. Gilbert, of San Rafael, filed false tax returns for himself and two business entities he controlled. Gilbert, a certified public accountant since 1985, allegedly underreported the total income his accounting and tax return preparation business, M.M. Gilbert & Company Inc., received during the years 2017 through 2020.

The superseding indictment further alleges that Gilbert solicited payments from clients of M.M. Gilbert for “tax strategies” and “donations,” among other things, which the clients paid to White Mountain Properties Inc., another entity Gilbert controlled. Gilbert allegedly did not report these payments as income on the company’s 2017 through 2021 business tax returns. These payments to White Mountain were allegedly proceeds from Gilbert’s scheme to defraud his clients through the promise of some tax benefit. In fact, the White Mountain funds did not create a tax benefit for Gilbert’s clients, and Gilbert allegedly instead diverted the payments for his own personal enrichment. In 2020-2021, Gilbert is alleged to have transferred more than $5 million from White Mountain to himself and then failed to report that income on his individual tax returns.

If convicted, Gilbert faces a maximum penalty of 20 years in prison for each count of mail fraud, a maximum penalty of 10 years in prison for each count money laundering, and a maximum penalty of three years in prison for each count of filing a false tax return. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

Acting Deputy Assistant Attorney General Karen Kelly of the Justice Department’s Tax Division and U.S. Attorney Craig H. Missakian for the Northern District of California made the announcement.

IRS Criminal Investigation is investigating the case.

Trial Attorneys Julia M. Rugg and Patrick Burns of the Tax Division and Assistant U.S. Attorney Sara E. Henderson for the Northern District of California are prosecuting the case.

An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

MIL Security OSI –

July 25, 2025
MIL-OSI: Dreamland Limited Announces Closing of Initial Public Offering

Source: GlobeNewswire (MIL-OSI)

HONG KONG, July 24, 2025 (GLOBE NEWSWIRE) — Dreamland Limited (Nasdaq: TDIC) (the “Company” or “Dreamland”), a Hong Kong-based event management service provider, today announced the closing of its initial public offering (the “Offering”) of 2,000,000 Class A ordinary shares, 1,340,000 of which were offered by the Company and 660,000 by an existing shareholder (the “Selling Shareholder”), at a public offering price of US$4.00 per Class A ordinary share. The Company also filed a resale prospectus concurrent with the Offering for the resale of 5,416,740 Class A ordinary shares held by Prime Crest Holdings Limited, Fuji Holdings Limited, Yield Rights Group Limited and Allied Target Limited (the “Resale Shareholders”). The Class A ordinary shares began trading on the Nasdaq Capital Market on July 23, 2025 under the ticker symbol “TDIC.”

The Company received aggregate gross proceeds of US$5,360,000 from the Offering, before deducting underwriting discounts and other related expenses. The Company did not receive any proceeds from the sale of Class A ordinary shares offered by the Selling Shareholder or the Resale Shareholders in the Offering.

Net proceeds from the Offering due to the Company will be used for: (i) acquiring multi-territorial IP licenses; (ii) setting up the Company’s own ticketing platform; (iii) possible strategic acquisitions; (iv) expanding the Company’s marketing department and financing and administration department; (v) upgrading the Company’s enterprise resource planning system; (vi) repaying loans made by a director in connection with the payment of costs and expenses in connection with the Offering and obtaining a listing of the Company’s Class A ordinary shares on the Nasdaq Capital Market; and (vii) working capital and other general corporate purposes.

The Offering was conducted on a firm commitment basis. Bancroft Capital, LLC acted as the sole managing underwriter for the Offering (the “Underwriter”). Nelson Mullins Riley & Scarborough LLP acted as U.S. counsel to the Underwriter, led by W. David Mannheim, Kathryn Simons and Ashley Wu, in connection with the Offering.

A registration statement on Form F-1 relating to the Offering was filed with the U.S. Securities and Exchange Commission (the “SEC”) (File No.: 333-286471), as amended, and was declared effective by the SEC on June 30, 2025. The Offering was made only by means of a prospectus, forming a part of the registration statement. Copies of the final prospectus relating to the Offering may be obtained from Bancroft Capital, LLC by email at investmentbanking@bancroft4vets.com, by standard mail to 501 Office Center Drive, Suite 130, Fort Washington, PA 19034, or by telephone at +1 (484) 546-8000. In addition, copies of the final prospectus relating to the Offering may be obtained via the SEC’s website at www.sec.gov.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy any of the Company’s securities, nor shall such securities be offered or sold in the United States absent registration or an applicable exemption from registration, nor shall there be any offer, solicitation or sale of any of the Company’s securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

About Dreamland Limited

Dreamland Limited is a Hong Kong-based event management service provider. The Company specializes in organizing, planning, promoting and managing themed touring walk-through experience events for intellectual property owners of characters in well-publicized animated cartoons and/or live action theatrical motion pictures. Dreamland’s mission is to help customers organize, plan, promote and manage events to effectively connect with their target audiences, both in Hong Kong and in overseas markets. For more information, please visit the Company’s website: http://www.trendicint.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as “believe”, “plan”, “expect”, “intend”, “should”, “seek”, “estimate”, “will”, “would”, “may”. “could”, “will”, “aim” and “anticipate” or other similar expressions in the prospectus. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

For more information, please contact:

Dreamland Limited
Ms. Seto Wai Yue
Email: frances.seto@trendicint.com

The MIL Network –

July 25, 2025
UK FTA finalised after two decades, credit goes to PM Modi: Piyush Goyal

Source: Government of India

Source: Government of India (4)

Union Commerce Minister Piyush Goyal on Thursday said it took over two decades to finalise the historic Free Trade Agreement (FTA) with the United Kingdom, crediting Prime Minister Narendra Modi for bringing the deal back into focus and driving it to conclusion.

Speaking to IANS on the sidelines of the India-UK talks, Goyal said, “This is historic in itself. It took over two decades to finalise this FTA. But when Prime Minister Narendra Modi gave it momentum in 2021, brought it back into focus, and committed to getting it done, India started working on it consistently—and today, we are seeing the positive results.”

He pointed out that while several governments came and went in the UK, the discussions continued without interruption. “I believe this agreement will open immense opportunities in India, especially for our farmers, MSMEs, and small entrepreneurs,” he said.

Goyal congratulated Prime Minister Modi, UK Prime Minister Keir Starmer, and the people of both countries on the signing of the landmark India-UK Comprehensive Economic and Trade Agreement (CETA).

“Duty-free access for about 99 per cent of Indian exports unlocks nearly $23 billion in opportunities for labour-intensive sectors, marking a new era of inclusive and gender-equitable growth,” the minister said.

Calling the agreement a “win-win” for flagship initiatives like ‘Make in India’ and ‘Vocal for Local,’ Goyal noted that the deal would drive job creation and enhance India’s strategic position in global trade.

The FTA was signed by Goyal and UK Secretary of State for Business and Trade Jonathan Reynolds, following the conclusion of negotiations earlier this year.

“This deal will transform the lives of artisans, weavers, and daily-wage earners employed in sectors such as textiles, leather, footwear, gems and jewellery, toys, and marine products,” he added.

-IANS

July 25, 2025

MIL-OSI USA: SCHUMER: TARIFFS UP, TOURISM DOWN – AND UPSTATE NY IS PAYING THE PRICE; NEW DATA SHOWS CANADIAN BORDER CROSSINGS CONTINUE TO PLUMMET AS TRUMP THREATENS TO FURTHER INCREASE TARIFFS NEXT WEEK, CROSSINGS…

US Senate News:

Source: United States Senator for New York Charles E Schumer

Trump Is Threatening AGAIN To Raise Tariffs On Canada Up To 35% Next Week, And New Data Shows It Is Upstate New Yorkers’ Wallets & Small Businesses Paying The Price For These Threats & Insulting Comments To Our Neighbors To The North

Schumer Reveals New Data That Shows 376,000 Fewer Canadian Border Crossings Last Month Compared To Last Year’s Summer Tourism Season, Putting Billions For NY’s Main Streets And Local Jobs At Risk – Says We Must End This Ill-Conceived Trade War And Demands NY House Republicans Stand Up For Upstate NY

Schumer: Trump’s Tariff War Is Cratering Upstate NY’s Summer Tourism Economy, This Must Stop

As Trump proposes increasing tariffs on Canadian goods up to 35% next week, with the chaos from his ill-conceived and irregularly implemented trade war continuing, U.S. Senator Chuck Schumer revealed new data showing border crossings continue to plummet at all major land ports of entry in New York. New data shows approximately 376,000 fewer travelers crossed the Upstate NY-Canada border via land in June 2025 compared to June 2024, according to CBP, a more than 21% decrease.

“Across Upstate NY, tariffs are up and raising prices for families, and tourism is way down thanks to Trump’s impulsive, ill-conceived trade war. This new data shows how Trump’s tariffs and insults are driving our closest ally and key trading partner Canada away. Hurting Upstate NY’s summer tourism industry and leaving emptier Main Streets and stores paying the price,” said Senator Schumer. “Meanwhile, Trump is threatening to throw even more fuel on this fire, threatening to raise tariffs on Canada to a whopping 35% next week, which could burn Upstate NY’s tourism industry to the ground. From Buffalo to the Thousand Islands to Plattsburgh, and everywhere in between, Upstate NY can’t afford for Trump’s tariff chaos to continue. I am fighting back to give Upstate NY businesses the relief they need, and NY House Republicans should get off the sidelines and stand up for our Main Street shops, restaurants, and small businesses before it’s too late.”

According to new data from CBP, Upstate NY and Canada saw approximately 1.4 million border crossings in June 2025, compared to 1.75 million during the same month in 2024, a 21.5% decrease across land (both road and bridge) crossings frequented by tourists. This follows a months-long trend since Trump took office of Canadian border crossings plummeting, meaning fewer tourists at NY’s hotels, shops, & restaurants. Nationally, border crossings have decreased from approximately 5 million to 3.9 million over the same period.

A breakdown bridge-by-bridge from the Bridge and Tunnel Operators Association of June 2025 crossings shows just how steeply tourism is declining across all the major bridge ports of entry between Upstate NY and Canada:

NY-Canada Bridge	Region	June 2024 Auto Crossings	June 2025 Auto Crossings	Percentage Decline
Peace Bridge	Western NY	450,836	382,448	-15.17%
Rainbow Bridge	Western NY	222,654	165,135	-25.83%
Lewiston-Queenstown Bridge	Western NY	254,200	238,694	-6.10%
Whirlpool Rapids Bridge	Western NY	38,378	27,252	-28.99%
Ogdensburg-Prescott International Bridge	North Country	51,083	37,378	-26.83%
Thousand Islands Bridge	North Country	192,476	165,057	-14.25%
Seaway Bridge	North Country	226,409	224,655	-0.77%

Since taking office in January, Trump has damaged the United States’ relationship with Canada by threatening to annex Canada and levying 25% tariffs on Canadian goods, and is now threatening even higher tariffs at 35%. Schumer said Canadians are canceling trips to the United States because of Trump’s tariff war and threats to annex Canada as the 51^st state, hurting Main Street businesses that rely on a busy summer tourism season and are already slammed by higher prices.

Trump’s tariffs are raising costs for families, with households with lower incomes hit hardest because they tend to buy more goods in industries being tariffed. According to the Budget Lab at Yale, Trump’s tariffs are expected to cost families more than $2,700 every year. Americans are already seeing higher prices; In June 2025, prices increased by 2.7% compared to the previous year. With Trump’s threats of even higher tariffs, that means even higher costs for Upstate NY families and small businesses. In addition, with the threat of costs increasing even more, many families feel pressure to make big purchases this year, when prices are lower, but they are less financially prepared, and in some cases, taking on debt to do so.

Schumer continues to be one of the leading advocates in Congress to end this unnecessary, damaging trade war with Canada that is decimating Upstate NY’s economy, tourism, small businesses, and local jobs.

Earlier this year, the Senate passed a bipartisan resolution to end tariffs on Canada, and Schumer said now more than ever, this new data should be a wake-up call to House Republicans and show the urgency to take up and pass it as well.
Schumer and Senate Democrats have introduced legislation exempting small businesses from tariffs.
Schumer has co-led amicus briefs in a lawsuit challenging Trump’s authority to levy tariffs.

Schumer said ending this costly trade war is key to protecting American families from price increases and job losses as a result of tariffs on Canada.

MIL OSI USA News –

July 25, 2025

MIL-OSI USA: Budd Votes to Advance Senate’s Intelligence Authorization, Highlights Wins for Privacy and National Security
US Senate News:
Source: United States Senator Ted Budd (R-North Carolina)

Washington, D.C. — U.S. Senator Ted Budd (R-N.C.), Member of the Senate Select Committee on Intelligence,released the following statement after the release of the Intelligence Authorization Act for Fiscal Year 2026 (IAA).

“I was proud to support the Intelligence Authorization Act, my first since joining the Intelligence Committee earlier this year,” said Sen. Budd. “This important legislation ensures our Intelligence Community has the resources and flexibility needed to keep Americans safe from foreign threats. I am especially proud of the reforms made to the Office of the Director of National Intelligence to improve the agency’s efficiency by reducing its increasingly bloated bureaucracy. The Intelligence Authorization Act also supports policy priorities in my work on the Commerce and Armed Services Committees, including preserving key spectrum bands used by the Intelligence Community, improving access to artificial intelligence, protecting Americans’ privacy, and ensuring key facilities are protected from emerging technological threats.”

The Intelligence Authorization Act includes several policy priorities Sen. Budd has championed in his new role on the Intelligence Committee, including:
- Reducing bureaucratic red tape to return the Office of the Director of National Intelligence (ODNI) to its original size, scope, and mission.
- Improving the Intelligence Community’s AI capabilities by establishing new guidelines for procuring and using AI.
- Preserving spectrum bands used by the Intelligence Community by clarifying agencies’ eligibility under the Spectrum Relocation Fund.
- Protecting Americans’ personal privacy by requiring new procedures for sharing information about U.S. identities and preventing the Department of Homeland Security’s Office of Intelligence and Analysis from collecting intelligence on American citizens.
- Creating additional review processes for foreign purchases of U.S. land near facilities used by Intelligence Communities to protect against potential hostile drone attacks.
Learn more about the Intelligence Authorization Act for Fiscal Year 2026 HERE.
MIL OSI USA News –
July 25, 2025
MIL-OSI USA: Pressley Condemns GOP Gutting of Dodd-Frank & CFPB, Affirms Need for Strong Consumer Protections

Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

“2008 was an avoidable economic crisis – a direct result of greed, reckless speculation, and weak regulation. That’s why Dodd-Frank was essential.”

“If we, as members of Congress, forget the visceral harm that families across the country suffered from in 2008, then we risk rolling back the very regulations and defunding the very agencies that could prevent the next financial crash.”

Video (YouTube)

WASHINGTON – In a House Financial Services Committee hearing, Congresswoman Ayanna Pressley (MA-07) made plain the vital role of the Consumer Financial Protection Bureau (CFPB), which was created by the Dodd-Frank Act following the 2008 financial crisis, in protecting consumers from predatory lenders and big banks, and preventing a future financial crash.

Rep. Pressley condemned Republicans’ rollbacks of Dodd-Frank and the Trump Administration’s dismantling of the CFPB, which will put Wall Street profits before the financial recovery and wellbeing of everyday people.

A full transcript of her remarks as delivered is available below, and the full video is available here.

Transcript: Pressley Condemns GOP Gutting of Dodd-Frank and CFPB, Affirms Need for Strong Consumer Protections

House of Representatives

July 15, 2025

REP. PRESSLEY: Thank you to our witnesses for joining us today.

In 2008, families across this country lost everything during the Great Recession. It was an economic catastrophe. Millions of people lost homes, lost jobs, and lost hard-earned savings.

Now, the majority of Gen Z who will see this hearing later were just babies 17 years ago, so I can’t fault them that they are completely unaware of the foreclosures and the pink slips.

But I know my Republican colleagues and I certainly do remember.

Republicans remember the heartache and pain that our country went through. It is estimated there were more than 5,000 suicides as a result of the financial crisis.

2008 was an avoidable economic crisis – a direct result of greed, reckless speculation, and weak regulation.

That’s why Dodd-Frank was essential. I do want to acknowledge the good work of our very own Massachusetts Congressman Barney Frank in this drafting of this seminal piece of legislation.

It created basic guardrails: stronger capital requirements so banks couldn’t gamble with our livelihoods. The CFPB – the only agency dedicated solely to protecting consumers. Regular stress tests for banks so we would never be caught off guard again.

But just ten years later, in 2018, while 65% of families still hadn’t financially recovered from the crash, Republicans rolled back key parts of Dodd-Frank. They sent a clear message to their constituents: Wall Street’s profits margins matter more than your recovery and well-being.

Now they’re at it again by dismantling the CFPB.

Just look at how Townstone, a mortgage lender, would repeatedly disparage Black neighborhoods in Chicago with racist comments. The CFPB rightly held them accountable for discrimination in housing in a case that was settled last November.

And when the Trump administration tried to reverse CFPB’s win, a federal judge denied that outrageous request, affirming the critical role of the CFPB in stopping racial discrimination in mortgage lending.

This is just one example of how Republicans’ dismantling the CFPB has real-world consequences, like letting mortgage lenders off the hook for illegal redlining.

To all of our witnesses, loud and proud, yes or no – do you support mortgage lenders getting away with breaking the law discriminating against Black people? Just for the record.

KEN BENTSEN: I do not.

TOM QUAADMAN: We don’t represent mortgage lenders, but personally, I don’t.

PAUL KUPIEC: Not my area of expertise. I don’t want them to discriminate against anybody but –

REP. PRESSLEY: I had a colleague across the aisle a moment ago, who said that it’s just a matter of following the rule of law, basic law. So, this is not even a controversial thing.

Racial discrimination is illegal. So, this is not, this is not a, you know, a trick question. So really quickly, loud and proud, yes or no –

PAUL KUPIEC: I think people should follow the law.

REP. PRESSLEY: Okay, I’ll take that as a no.

DENNIS KELLEHER: I agree.

REP. PRESSLEY: All right, good.

So, [since] its creation in Dodd-Frank, the CFPB, has returned $21 billion to more than 205 million consumers – who were exploited by predatory lenders and big banks.

But today, Trump has fired nearly 90% of CFPB staff, and the agency under his administration has withdrawn over 60 guidance documents, dropped enforcement cases and brought the agency to a halt – leaving hard working Americans vulnerable to exploitation.

To all my witnesses, yes or no – do you agree with the CFPB returning $21 billion to 205 million victims of deceptive and predatory financial practices? Yes or no?

KEN BENTSEN: We don’t engage with the CFPB. So I can’t really comment, because I don’t have a background in the case that you’re citing. So I apologize.

LINDSEY JOHNSON: When a company breaks the law and consumers are harmed, they should have redress. But I have to say – the CFPB’s use of penalties has got to have some parameters. I can tell you firsthand that there are multiple times when they go after salacious headlines and outlandish sums of money, when the company either didn’t break the law or they claimed a U-debt violation on something that was –

REP. PRESSLEY: Okay. So, I’ll take that as a no. Reclaiming my time, because I got to get everyone else on the record here.

Okay, yes or no – do you agree with the CFPB returning $21 billion to 205 million victims of deceptive and predatory financial practices?

TOM QUAADMAN: ICI’s members aren’t regulated by the CFPB,

PAUL KUPIEC: Not my area. No comment.

DENNIS KELLEHER: My only disagreement is it should have been higher.

REP. PRESSLEY: If we, as members of Congress, forget the visceral harm that families across the country suffered from in 2008, then we risk rolling back the very regulations and defunding the very agencies that could prevent the next financial crash.

Thank you and I yield back.

###

MIL OSI USA News –

July 25, 2025
MIL-OSI USA: Pressley, Schakowsky, Fletcher, Matsui Introduce Safer Beauty Bill Package
Source: United States House of Representatives – Congresswoman Ayanna Pressley (MA-07)

Package Contains Pressley Bill to Protect Black Women, Girls, and Salon Professionals from Toxic Chemicals in Cosmetic Products

Bill Information

WASHINGTON – Congresswoman Ayanna Pressley (MA-07) joined Congresswomen Jan Schakowsky (IL-09), Lizzie Fletcher (TX-07), and Doris Matsui (CA-07) in reintroducing the Safer Beauty Bill Package, which includes four separate bills that offer progressive updates to an increasingly outdated set of federal cosmetics laws. As part of the package, Rep. Pressley is co-leading the Cosmetic Safety Protections for Communities of Color and Salon Workers Act, which will develop safer alternatives and improve regulations for cosmetic products to protect the health of Black women and salon professionals who are disproportionately exposed to toxic chemicals in products marketed to them or that they commonly use.

The Safer Beauty Bill Package in its entirety builds upon the Modernization of Cosmetics Regulation Act (MoCRA), which passed under President Joe Biden and expanded FDA oversight to include the regulation of the cosmetics industry, including mandatory recall authority, adverse event reporting, and requiring facility registration, and more.

“For decades, the beauty products marketed to Black women and girls and found in our salons have contained toxic, unregulated chemicals – leaving us to disproportionately suffer from increased incidences of cancer, respiratory issues, and adverse reproductive outcomes,” said Rep. Ayanna Pressley. “This isn’t a coincidence – this is exploitation. Black women, girls, and salon workers should be able to show up everyday as our beautiful, authentic selves, without fear for our health and safety. It’s past time that we regulate these hazardous products and affirm our right to safer alternatives, and I am proud to co-lead the Cosmetic Safety Protections for Communities of Color and Salon Workers Act and partner with my colleagues and dedicated advocates on the Safer Beauty Bill Package to do exactly that.”

“Safe, accessible beauty cannot wait. After more than 80 years of inaction, the United States finally updated its cosmetics laws in 2022. President Biden was able to sign into law the Modernization of Cosmetics Regulation Act, which now gives authority to the Food and Drug Administration to recall beauty and personal care products that are harming human health. While this was an important first step, our work is not done,” said Congresswoman Jan Schakowsky. “I am proud to reintroduce the Safer Beauty Bill Package with my colleagues, Reps. Lizzie Fletcher, Doris Matsui, and Ayanna Pressley, which would protect consumers from toxic chemicals linked to hormone disruption, cancer and other health problems; require full ingredient transparency for consumers and manufacturers; and protect the health of women of color and salon workers, who are among the most highly exposed to toxic chemicals because of the products marketed to them or commonly found in their workplaces. We must pass the Safer Beauty Bill Package now!”

“Many people assume that the personal care and beauty items they use are safe, but with minimal oversight, many of the care, beauty, and salon products sold across the country actually contain toxic chemicals,” said Congresswoman Lizzie Fletcher. “I am glad to partner with Congresswoman Schakowsky to reintroduce the Toxic-Free Beauty Act to protect the health and safety of people across the country by banning chemicals known to cause significant harm in beauty products.”

“Americans deserve the comfort of knowing the products they use every day are safe and properly labeled,” said Congresswoman Doris Matsui. “That’s why I am proud to join Congresswoman Schakowsky in announcing the Cosmetic Hazardous Ingredient Right to Know Act, which will introduce much needed transparency and accountability to the cosmetics industry. This is a commonsense step toward protecting consumers and our public health. Whether it’s a parent buying shampoo for their child or a professional exposed to dozens of products daily, every person should have clear, honest information about what they’re putting on their bodies.”

The Cosmetic Safety Protections for Communities of Color and Salon Workers Act (H.R. 4436), co-led by Rep. Pressley and Rep. Schakowsky, funds research, resource materials, education and outreach, and the development of safer chemicals to protect the health of women of color and salon workers, two vulnerable populations who are among the most highly exposed to toxic chemicals because of the cosmetic products marketed to them or commonly found in their workplaces. This bill also requires the FDA to regulate the safety of synthetic braids, which can contain toxic chemicals.

The Cosmetic Safety Protections for Communities of Color and Salon Workers Act is one of four bills in the Safer Beauty Bill Package. Together, the four bills cover almost every aspect of personal care product safety. In addition to the Cosmetic Safety Protections for Communities of Color and Salon Workers Act are:
- H.R. 4433 – The Toxic-Free Beauty Act (Reps. Schakowsky and Fletcher): Bans 18 of the most toxic chemicals and two whole classes of chemicals (phthalates and formaldehyde releasing preservatives) that have been banned by the European Union and a number of states including California, Maryland, Oregon, Washington, and Vermont.
- H.R. 4434 – Cosmetic Supply Chain Transparency Act (Rep. Schakowsky): Requires suppliers of raw materials, ingredients, and private label products to provide full ingredient disclosure and safety data to cosmetic companies so they can make safer products.
- H.R. 4435 – Cosmetic Hazardous Ingredient Right to Know Act (Reps. Schakowsky and Matsui): Requires product label and website disclosure of secret, unlabeled, and often toxic chemicals in our personal care products. Last Congress, this bill only required transparency for fragrance and flavor ingredients and has been expanded to cover all ingredients that can pose a health risk to consumers.
The average American adult uses about 12 personal care products a day, resulting in exposure to an average of 168 unique chemicals. Children are also exposed to products containing risky chemicals during critical stages of childhood development. As these products range from toothpaste to makeup, it is easy for companies to conceal harmful chemicals that risk American livelihoods. Chemicals in beauty and personal care products have been linked to cancer, infertility, poor infant and maternal health outcomes, asthma, and many other serious health concerns. Black women are disproportionately exposed to these harmful chemicals due to workplace conditions.

Joining Reps. Schakowsky, Fletcher, Matsui, and Pressley as original cosponsors of the Safer Beauty Bill Package are Reps. Dingell, Khanna, Norton, and Tlaib.

The bill has been endorsed by a coalition of over 150 organizations and safe cosmetics companies. Find a full list of endorsements here.

“Thank you, Rep. Schakowsky, for your steadfast advocacy on behalf of cosmetic safety and for introducing the 2025 Safer Beauty Bill Package which will protect everyone regardless of where they live, shop or work” said Janet Nudelman, Director of Breast Cancer Prevention Partner’s Campaign for Safe Cosmetics. “This important suite of bills will match the new high bar for ingredient safety set by laws recently enacted in CA, MD, OR, WA, VT, and NY; create long overdue protections for women of color and professional salon workers; and set a new industry standard for ingredient and supply chain transparency.”

Congresswoman Pressley has been steadfast in her advocacy for Black women’s health, ending race-based hair discrimination, and introducing policies that affirm the right of Black women to show up in the world as their full, authentic selves.
- Rep. Pressley is a lead co-sponsor of the Creating a Respectful and Open World for Natural Hair (CROWN) Act, legislation with Reps. Bonnie Watson Coleman (NJ-12), Gwen Moore (WI-04), Barbara Lee (CA-13) and Ilhan Omar (MN-05) that would ban discrimination based on hair textures and hairstyles that are commonly associated with a particular race or national origin.
- In April 2025, in a House Oversight hearing, Rep. Pressley underscored the urgent need for a formaldehyde ban to protect public health and advance racial justice.
- In April 2025, Reps. Pressley, Nydia M. Velázquez (D-NY) and Shontel Brown (D-OH) sent a letter to the Food and Drug Administration (FDA), further demanding answers on the continued delay in implementing a ban on formaldehyde in hair products.
- In August 2024, Reps. Pressley, Nydia M. Velázquez (D-NY) and Shontel Brown (D-OH) sent a letter to the Food and Drug Administration (FDA) requesting an update on delays in implementation of a rule to ban formaldehyde and other formaldehyde-releasing chemicals in hair products.
- In June 2024, Rep. Pressley and Rep. Jim McGovern (MA-02) led their colleagues in re-introducing the Wigs as Durable Medical Equipment Act, legislation to help individuals affected by Alopecia Areata and patients with cancer who are undergoing chemotherapy by allowing medical wigs and other head coverings to be covered under the Medicare program.
- In May 2024, Rep. Pressley, Rep. Bonnie Watson Coleman (NJ-12), and Rep. Jennifer McClellan (VA-04) introduced the Recognition of Traction Alopecia in Service Women Act of 2023 to support servicemembers with traction alopecia.
- In April 2024, Rep. Pressley reintroduced the Anti-Racism in Public Health Act, a bicameral bill to declare structural racism a public health crisis and confront its public health impacts through two bold new programs within the Centers for Disease Control and Prevention (CDC). Rep. Pressley originally introduced the bill in September 2020.
- In 2020, the House passed an amendment introduced by Congresswoman Pressley to provide $5 million dollars for the National Institutes of Health’s National Institute of Arthritis and Musculoskeletal and Skin Diseases to fund research on the causes, impacts, and possible treatments of Alopecia areata.
- In December 2019, Rep. Pressley and her colleagues sent a letter to Johnson & Johnson Chairman and CEO Alex Gorsky seeking information on the targeted marketing and sale of the company’s talc-based baby powder and its potential to cause harm, particularly to women, teenage girls, and people of color, due to asbestos contamination.
###

MIL OSI USA News –
July 25, 2025
MIL-OSI: Garden Stage Limited Announces $4.2 Million Registered Direct Offering

Source: GlobeNewswire (MIL-OSI)

HONG KONG, July 24, 2025 (GLOBE NEWSWIRE) — Garden Stage Limited (NASDAQ: GSIW) (“GSIW” or the “Company”), today announced that it has entered into a definitive agreement with several investors for the purchase and sale of an aggregate of 38,406,345 of the Company’s ordinary share, par value $0.0001 per share (the “Shares”) (or pre-funded warrants in lieu thereof) at a purchase price of $.11 per share in a registered direct offering. The purchase price for the pre-funded warrants is identical to the purchase price for Shares, less the exercise price of $0.001 per share.

The aggregate gross proceeds to the Company of this offering are expected to be approximately $4.2 million. The transaction is expected to close on or about July 25, 2025, subject to the satisfaction of customary closing conditions.

Univest Securities, LLC is acting as the sole placement agent.

The registered direct offering is being made pursuant to a shelf registration statement on Form F-3 (File No. 333-283618) previously filed by the Company and declared effective by the U.S. Securities and Exchange Commission (“SEC”) on March 10, 2025. A final prospectus supplement and accompanying prospectus describing the terms of the proposed offering will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus supplement and the accompanying prospectus may be obtained, when available, by contacting Univest Securities, LLC at info@univest.us, or by calling +1 (212) 343-8888.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sales of such securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying base prospectus will be filed by the Company and, upon filing, can be obtained at the SEC’s website at www.sec.gov.

About Garden Stage Limited

GSIW, through our Operating Subsidiaries, are a Hong Kong-based financial services provider principally engaged in the provision of (i) placing and underwriting services; (ii) securities dealing and brokerage services; (iii) asset management services; and (iv) investment advisory services. Our operation is carried out through our wholly-owned Operating Subsidiaries: a) I Win Securities Limited, which is licensed to conduct Type 1 (dealing in securities) regulated activities under the SFO in Hong Kong, and b) I Win Asset Management Limited, which is licensed to conduct Type 4 (advising on securities) and Type 9 (asset management) regulated activities under the SFO in Hong Kong. I Win Securities Limited is the Stock Exchange Participant and holds one Stock Exchange Trading Right. I Win Securities Limited is a participant of the HKSCC.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

Garden Stage Limited

Chan Sze Ho
Chief Executive Officer
Email: rickychan@iwinsec.com
Tel: (852) 2688 6333

The MIL Network –

July 25, 2025
MIL-OSI: Remittix Announces Ethereum and Solana Compatible Wallet Beta Launch Date – Presale Soars to $17M
Source: GlobeNewswire (MIL-OSI)

KOŠICE, Slovakia, July 24, 2025 (GLOBE NEWSWIRE) — Remittix, the new DeFi and low-gas-fee crypto innovation powerhouse, is unveiling the beta release timeline of its highly anticipated multi-chain crypto wallet, which will roll out in Q3 2025, in an exciting race to transform cross-border transactions.

In terms of accessibility, speed, and cost reductions for users worldwide, the Remittix Wallet will facilitate smooth interoperability with Ethereum, Solana, and other EVM chains – a significant advancement.

As the launch looms, enthusiasm among investors is sky high. Remittix token presale now stands at a remarkable $17 million, with over 563 million tokens sold to date. This momentum positions Remittix in the pole position for the next crypto breakout of 2025.

Seamless Multi-Chain Wallet Solution

The Beta Remittix Wallet has only one objective: easy global crypto transactions. From transferring stablecoins on Ethereum to staking SOL, and even token management between networks, the wallet presents industry-leading performance with very low gas fees.

Remittix Wallet beta release will allow early customers to:
- Store, send, and receive tokens on Ethereum and Solana
- Use the early Remittix staking pool functionality
- Participate in the $250,000 Remittix Giveaway
- Accrue a 50% token bonus in presale
- Easily engage with dApps on compatible chains
This wallet is just part of Remittix’s broader ecosystem, hoping to disrupt the old remittance paradigm with fast, low-cost transactions that legacy platforms still can’t get right.

As more and more hype is building up for Cardano, Solana, and other higher-layer protocols, Remittix is moving in its own direction as a cross-chain DeFi utility with a laser-sharp focus on building markets. Its momentum is copying the early-stage signs of breakout tokens like ADA and SOL.

Bridging Crypto and Fiat in Real-World Economies

Beyond wallet capabilities, Remittix is building out infrastructure to connect the realm of decentralized finance to real-world economies on the planet with seamless fiat-to-crypto solutions.

While not included in the beta release, future versions of the Remittix Wallet will be built to allow users—especially in high-fee remittance regions—to exchange crypto directly into local currency.

This will enable users to:
- Send USDT or other stablecoins cross-border
- Have recipients cash them out with local partners
- Reduce transaction fees on top of legacy banking infrastructure
- Use real-world utility for daily spending and commercial use
The long-term vision is to give underbanked users in Africa, Southeast Asia, and Latin America access to fast, low-cost financial services without relying on outdated intermediaries.

How to Join the Remittix Presale

Crypto enthusiasts, traders, and DeFi supporters are not left out; they can all join the ongoing Remittix presale by visiting the official website. All participants get to enjoy early access to wallet features, bonus token redemption and a chance at the $250,000 Giveaway – a feature headline draw that gains thousands of users daily.

About Remittix

Remittix is a decentralized finance platform with a particular focus on low-gas-fee crypto cross-border payments, staking, and remittances. Through its utility token and multi-chain wallet infrastructure, Remittix seeks to make crypto faster, more inclusive, and more accessible to users all over the world.

For media inquiries:
Visit Remittix Whitepaper & Presale Info
Follow Remittix on X for official updates

Contact:
Andy Černý
andy@remittix.io

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The MIL Network –
July 25, 2025
MIL-OSI: TransFi Announces Global Stablecoin Payment Infrastructure to Drive Real-World Adoption
Source: GlobeNewswire (MIL-OSI)

NEW DELHI, India, July 24, 2025 (GLOBE NEWSWIRE) — TransFi, a leading global payments infrastructure company, announces the expansion of its platform designed to power real-world adoption of stablecoins by enabling fast, secure, and compliant cross-border transactions. Operating in over 100 countries with support for more than 250 local payment methods and 40 currencies, TransFi bridges the gap between digital assets and everyday financial utility.

As emerging markets increasingly seek stable currency alternatives, the demand for dollar-backed stablecoins is accelerating. According to a recent study by the Centre for Economics and Business Research (Cebr), users in 17 countries are willing to pay an average premium of 4.7% for access to stable digital currencies, with this figure reaching as high as 30% in inflation-affected economies like Argentina. This growing demand is projected to amount to $25.4 billion in annual premium payments by 2027.

TransFi’s AI-powered smart routing engine optimizes the payment experience by identifying the fastest and most cost-efficient rails across both fiat and stablecoin networks. This innovation reduces settlement times from days to seconds, unlocking an estimated $2.9 billion in annual efficiency gains and addressing the $11.6 billion typically trapped in slow settlement systems.

“Our platform is built to meet the needs of a rapidly evolving financial landscape by combining speed, security, and compliance with the benefits of stablecoins,” said Rahul Sahni, COO & CPO of TransFi. “We’re proud to provide businesses and consumers with infrastructure that turns digital assets into practical financial tools.”

TransFi offers an enterprise-ready, regulation-compliant platform with built-in KYC and AML processes. Its key services include:
- BizPay: Streamlined business payments with fast onboarding and low fees
- Wallet: Multi-currency storage and conversion
- Ramp: Instant crypto on/off-ramps via 250+ payment methods
- Single API & Widget: Easy platform integration for businesses
- Payouts & Collections: Comprehensive global payment infrastructure
The company’s solutions support a wide range of use cases, including remittances, payroll, digital banking, Web3, and iGaming, enabling businesses to scale with stablecoin-powered efficiency.

About TransFi
TransFi is a global payments infrastructure company dedicated to bridging digital assets with real-world financial systems. With operations in over 100 countries, TransFi provides secure, compliant, and fast cross-border payment solutions, supporting 250+ local payment methods and 40+ currencies. Its AI-driven platform empowers businesses and individuals to seamlessly transact using both fiat and digital currencies.

Media Contact:

Farhan Ahmed
farhan@transfi.com

Company Website: https://www.transfi.com

Disclaimer: This content is provided by TransFi. 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.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/7aa46009-5aaf-42c0-994c-ee95cab75bbc

The MIL Network –
July 25, 2025
MIL-OSI: Victor Ciardelli and Rate Introduce ‘Train Like a Champ,’ a Wellness Series Inspired by Champions and Built for Life’s Biggest Goals
Source: GlobeNewswire (MIL-OSI)

CHICAGO, July 24, 2025 (GLOBE NEWSWIRE) — Rate, a leading fintech company, today announced the launch of Train Like a Champ, a new in-app wellness initiative featuring professional athletes to inspire users to tackle life’s most significant milestones with the same confidence, discipline, and resilience found in professional sports. This campaign marks the next step in Rate’s evolution, expanding beyond home lending into personal and financial wellness to better support its community’s journey to a better life.

Available exclusively in the Rate App, Train Like a Champ features guided video content from athletes such as UFC champion Julianna Peña, NFL quarterback Jameis Winston, and, coming soon, pickleball pro Grayson Goldin. Topics include strength training, mindfulness, goal-setting, and sleep routines. Each collection is designed to help users develop habits that support not only physical and mental health but also long-term goals, such as financial stability and homeownership.

“Buying a home is one of the biggest goals in a person’s life, and it takes more than just financial readiness. It takes mental focus, emotional resilience, and a clear sense of purpose. That’s what Train Like a Champ delivers: the same mindset and discipline professional athletes use to succeed at the highest level,” said Victor Ciardelli, CEO of Rate. “For us, this is personal. It’s about helping people get to a better place physically, financially, and emotionally, so they can live their best life.”

With a deep focus on all things wellness, Train Like a Champ offers a unique, holistic approach that connects everyday well-being with the broader life goals that matter most. Each athlete’s series is structured like a mini-masterclass, combining personal stories with guided routines to build lasting habits. The content is free and available only inside the Rate App.

To celebrate the launch, the first 100 users who download the app through select athlete referral links will be eligible for exclusive giveaways, including Rate merchandise and signed memorabilia.

Recent survey data from Rate shows:
- 78% of homebuyers describe the homebuying process as overwhelming.
- 64% feel unprepared to manage its complexities.
- 66% report losing sleep due to homebuying stress.
Train Like a Champ was created in direct response to these insights, offering credible coaching and guidance to help users navigate life’s challenges, reduce stress, and live happier, more productive lives.

Content highlights include:
- Julianna Peña: Mental preparation, breathwork, and power routines
- Jameis Winston: Endurance, strength training, agility, and gratitude
- (Coming soon) Grayson Goldin: Performance planning and his quest to break the world record for fastest pickleball serve
All athlete content will be featured in the Train Like a Champ hub inside the Rate app. New videos, tips, and behind-the-scenes reels will continue to launch throughout the summer and fall 2025.

To download the Rate app, visit https://www.rate.com/rate-app.

About Rate
Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington, D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans, refinances, and home equity loans. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Recent honors and awards include: a Best Mortgage Lender of 2025 by Fortune; Best Mortgage Lender of 2025 for First-Time Homebuyers by Forbes; a Best Mortgage Lender of 2025 for FHA Loans, Home Equity Loans, and Lower Credit Scores by NerdWallet; Best Mortgage Lender of 2025 for Digital Experience and Down Payment Assistance by Motley Fool; Chicago Agent Magazine’s Lender of the Year for seven consecutive years. Visit rate.com for more information.

Media Contact
press@rate.com

The MIL Network –
July 25, 2025
MIL-OSI NGOs: Fossil Fuel Polluters Want You To Clean Up Their Mess. We Can Stop Them.
Source: Greenpeace Statement –

A team of Greenpeace USA activists hold up a “Make Polluters Pay” banner outside the California State Capitol Building. © Andri Tambunan / Greenpeace

The climate crisis is here, and we are already paying for it. You. Me. Everyone.

The past two years were the hottest ever recorded in the modern era. The city of Phoenix, AZ suffered through 100 straight days of greater than 100°F weather in 2024. Hurricane Helene sent catastrophic floods tearing through parts of Tennessee and North Carolina. California’s wildfire “season” continues to expand into a year-round phenomenon, extending into the winter months. In January of this year, devastating fires near Los Angeles destroyed 16,000 structures and killed 29 people.

The human impact of these events alone is unfathomable. The economic price tag in the aftermath is growing ever larger. In 2024 alone, NOAA documented 27 weather or climate disaster events with losses exceeding $1 billion, leading to $184.8 billion in total damages and 568 deaths.

© NOAA

While climate disasters are costing us billions we don’t have, the oil and gas industry is comfortably earning trillions. In 2023, the industry earned an estimated $2.7 trillion in income globally.

Corporate and political elites across the world have foolishly wasted decades on inaction, delay and expensive propaganda. In truth, delaying the necessary reductions in planet warming pollution is similar to refusing to pay your credit card when it is due. Before too long, the penalties and interest charges start piling up, and you can find yourself in a real mess.

Our climate bill is overdue, but the fossil fuel industry is doing everything they can to avoid paying. They want to avoid any liability for their actions, all the while pushing the rising costs off on to taxpayers; or energy ratepayers; or just ordinary families stuck with higher bills, an unhealthy environment, looming climate hazards, and a failing insurance market.

This is unjust and unacceptable. We have to make the polluters pay.

All The Ways that Fossil Fuels Take Money Out of Your Pocket

Over and over, the media and politicians have conditioned us to think that protecting the environment is a “luxury” that sadly we just can’t afford – as if a healthy biosphere that sustains life could ever be separated from “the economy.” The reality is just the opposite: saving the planet is a bargain compared to the insanely expensive climate crisis.

Fossil fuels and climate change are forcing us to spend top-dollar in multiple ways.
- Direct Climate Impacts. Climate science has established that climate change is driving numerous impacts both in the U.S. and around the globe – from sea-level rise to heat waves to a melting Arctic. A 2023 report from the U.S. Treasury focused on three impacts that could harm the household finances of Americans in certain parts of the county: flooding, wildfire, and exposure to high heat.
© U.S. Global Change Research Program (USCGRP)

The Treasury report found that these climate hazards can destroy property and public infrastructure, close businesses and eliminate jobs, spike gas and energy prices, interfere with banking and emergency services, and send people to the hospital. Public polling shows that more than one-third of U.S. adults say they have been affected by an extreme weather event in the past 2 years.

To top it all off, it is becoming increasingly clear that climate change is driving the insurance market toward collapse.

Insurance Collapse

Donald Trump may not believe in climate change, but your insurance company sure does. Insurance companies can’t afford to be blinded by climate denier propaganda, which is why real, physical climate damages are now being reflected in insurance premiums and decisions about coverage.

Data from the insurance industry suggests that from 2002 to 2022, over one-third of insurance losses (or $600 billion) were attributed to climate change, and that those losses were increasing. One recent study predicts that climate change could reduce American home values by a staggering $1.47 trillion over the next 30 years – with the losses concentrated in places with the largest climate impacts. As climate impacts expand, even places that were once dubbed “climate havens” are no longer safe from harm.

In December 2024, the Senate Budget Committee released a report showing that climate risk is already increasing insurance “non-renewal rates” across the United States. Analysis of the data shows that areas with higher risk of fire and hurricanes had higher rates of insurance non-renewal.

© Kenny Stancil / Revolving Door Project and Jay Bowen / GIS developer

Industry insiders are warning that if temperatures continue to rise, the insurance industry will simply be unable to offer coverage for many risks, which would then spread through other parts of the economy. For example, if you cannot get insurance on a house, you probably can’t get a mortgage either. This could lead to “a systemic risk that threatens the very foundation of the financial sector” in the words of one expert. Such a scenario could also lead to large migration of people away from the uninsurable parts of the country.

We are already seeing parts of this dynamic play out in California. The January 2025 California fires will likely be the most expensive disaster in American history, with insured losses costing as much as $75 billion and total losses potentially greater than $250 billion. As a result, insurers have requested large rate hikes or have left the state entirely, leaving the state-run FAIR plan as the only option for many.

Good News, We’ve Found the Culprits

We don’t have to scour the planet to figure out who is to blame for these mounting crises. Independent researcher Rick Heede and colleagues have created a database ranking which coal, oil and gas corporations and state-owned companies are responsible for the majority of historic carbon emissions. Topping the list are the former U.S.S.R. and China’s coal production, but the corporations Saudi Aramco, Chevron and ExxonMobil take the #3, #4 and #5 spots on the list.

Peer-reviewed studies have taken the next step to actually attribute certain climate impacts to specific climate polluters. Studies have linked these corporate polluters to a rise in CO2 and surface temperature, sea-level rise, ocean acidification, wildfire risk, and more. A recent study has even outlined a methodology to establish “an ‘end-to-end’ attribution that links fossil fuel producers to specific damages from warming.”

With this data in hand, citizens, cities, states, and nations have turned to the courts to hold these corporate polluters accountable for the damages from their products. Some lawsuits have focused on investigations showing that Exxon and other oil companies had long known about the risks of climate change but acted to halt climate action. Other lawsuits are more focused on recouping the costs of local climate damages. In May, the daughter of a woman who died from extreme heat during a climate-amplified heat wave sued seven oil and gas companies for wrongful death.

At the federal level, the Trump administration is busy firing scientists, illegally ending grants, halting data collection, and reversing what progress we have made on fighting climate pollution. But even while the federal government refuses to show true climate leadership, states and local governments have an opportunity to keep hope alive for climate sanity. States such as Vermont and New York have begun passing laws to make polluters pay directly. Sometimes called “climate superfund” laws, the idea is to impose a fee, or a climate damage tax, on fossil fuel companies in order to fund needed climate adaptation programs. Other states like California, New Jersey, and Oregon have similar pieces of legislation moving through their State Congresses.

No Polluter Pardons

These lawsuits and state laws are gaining momentum, so naturally, these corporate cronies are doing everything they can to shirk their responsibilities. The fossil fuel industry may attempt to slip some form of “immunity” from liability into must-pass legislation, similar to the shield law that protects gun manufacturers.

People in positions of power, like President Trump, are even going a step further and doing what they can to shield polluters from scrutiny. Trump issued an Executive Order to protect fossil fuels against state overreach, and even directed the DOJ to try to block these lawsuits and laws in court. And infuriatingly, Trump recently eliminated NOAA’s database of climate disasters, depriving us of even basic information about the crisis. Moves like these can try to obscure the consequences of climate chaos, but they cannot erase real pain and suffering felt by communities experiencing these disasters.

It’s time we stand together, hold these brazen culprits accountable and demand they pay for the damage they’ve caused. Take action with us and sign the Polluters Pay Pact today.
MIL OSI NGO –
July 25, 2025
MIL-OSI Submissions: We tracked illegal fishing in marine protected areas – satellites and AI show most bans are respected, and could help enforce future ones
Source: The Conversation – USA (2) – By Jennifer Raynor, Assistant Professor of Natural Resource Economics, University of Wisconsin-Madison

A school of bigeye trevally swims near Bikar Atoll. Enric Sala/National Geographic Pristine Seas

Marine protected areas cover more than 8% of the world’s oceans today, but they can get a bad rap as being protected on paper only.

While the name invokes safe havens for fish, whales and other sea life, these areas can be hard to monitor. High-profile violations, such as recent fishing fleet incursions near the Galapagos Islands and ships that “go dark” by turning off their tracking devices, have fueled concerns about just how much poaching is going undetected.

But some protected areas are successfully keeping illegal fishing out.

In a new global study using satellite technology that can track large ships even if they turn off their tracking systems, my colleagues and I found that marine protected areas where industrial fishing is fully banned are largely succeeding at preventing poaching.

What marine protected areas aim to save

Picture a sea turtle gliding by as striped butterfly fish weave through coral branches. Or the deep blue of the open ocean, where tuna flash like silver and seabirds wheel overhead.

These habitats, where fish and other marine life breed and feed, are the treasures that marine protected areas aim to protect.

The value of marine protected areas for people and nature.

A major threat to these ecosystems is industrial fishing.

These vessels can operate worldwide and stay at sea for years at a time with visits from refrigerated cargo ships that ferry their catch to port. China has an extensive global fleet of ships that operate as far away as the coast of South America and other regions.

The global industrial fishing fleet – nearly half a million vessels – hauls in about 100 million metric tons of seafood each year. That’s about a fivefold increase since 1950, though it has been close to flat for the past 30 years. Today, more than one-third of commercial fish species are overfished, exceeding what population growth can replenish.

Large fleets of fishing boats, supported by refrigerator ships to ferry their catch to shore, can stay at sea for months at a time.
VCG/VCG via Getty Images

When well designed and enforced, marine protected areas can help to restore fish populations and marine habitats. My previous work shows they can even benefit nearby fisheries because the fish spill over into surrounding areas.

That’s why expanding marine protected areas is a cornerstone of international conservation policy. Nearly every country has pledged to protect 30% of the ocean by 2030.

Big promises – and big doubts

But what “protection” means can vary.

Some marine protected areas ban industrial fishing. These are the gold standard for conservation, and research shows they can be effective ways to increase the amount of sea life and diversity of species.

However, most marine protected areas don’t meet that standard. While governments report that more than 8% of the global ocean is protected, only about 3% is actually covered by industrial fishing bans. Many “protected” areas even allow bottom trawling, one of the most destructive fishing practices, although regulations are slowly changing.

Grey reef sharks at Bokak Pass, in the Marshall Islands’ first marine protected area, created in January 2025.
Manu San Félix, National Geographic Pristine Seas

The plentiful fish in better-protected areas can also attract poachers. In one high-profile case, a Chinese vessel was caught inside the Galápagos Marine Reserve with 300 tons of marine life, including 6,000 dead sharks, in 2017. This crew faced heavy fines and prison time. But how many others go unseen?

Shining a light on the ‘dark fleet’

Much of what the world knows about global industrial fishing comes from the automatic identification system, or AIS, which many ships are required to use. This system broadcasts their location every few seconds, primarily to reduce the risk of collisions at sea. Using artificial intelligence, researchers can analyze movement patterns in these messages to estimate when and where fishing is happening.

But AIS has blind spots. Captains can turn it off, tamper with data or avoid using it entirely. Coverage is also spotty in busy areas, such as Southeast Asia.

New satellite technologies are helping to see into those blind spots. Synthetic aperture radar can detect vessels even when they’re not transmitting AIS. It works by sending radar pulses to the ocean surface and measuring what bounces back. Paired with artificial intelligence, it reveals previously invisible activity.

Synthetic aperture radar still has limits – primarily difficulty detecting small boats and less frequent coverage than AIS – but it’s still a leap forward. In one study of coastal areas using both technologies, we found in about 75% of instances fishing vessels detected by synthetic aperture radar were not being tracked by AIS.

New global analysis shows what really happens

Two studies published in the journal Science on July 24, 2025, use these satellite datasets to track industrial fishing activity in marine protected areas.

Our study looked just at those marine protected areas where all industrial fishing is explicitly banned by law.

We combined AIS vessel tracking, synthetic aperture radar satellite imagery, official marine protected area rules, and implementation dates showing exactly when those bans took effect. The analysis covers nearly 1,400 marine protected areas spanning about 3 million square miles (7.9 million square kilometers) where industrial fishing is explicitly prohibited.

AIS transponder signals over 2017-2021 (top) and synthetic aperture radar data (bottom) both show industrial fishing activity (yellow) mostly avoiding Carrington Point State Marine Reserve, a protected area off California’s Santa Rosa Island.
Jennifer Raynor, Sara Orofino and Gavin McDonald

The results were striking:
- Most of these protected areas showed little to no signs of industrial fishing.
- We detected about five fishing vessels per 100,000 square kilometers on average in these areas, compared to 42 on average in unprotected coastal areas.
- 96% had less than one day per year of alleged illegal fishing effort.
The second study uses the same AIS and synthetic aperture radar data to examine a broader set of marine protected areas – including many that explicitly allow fishing. They document substantial fishing activity in these areas, with about eight times more detections than in the protected areas that ban industrial fishing.

Combined, these two studies lead to a clear conclusion: Marine protected areas with weak regulations see substantial industrial fishing, but where bans are in place, they’re largely respected.

We can’t tell whether these fishing bans are effective because they’re well enforced or simply because they were placed where little fishing happened anyway. Still, when violations do occur, this system offers a way for enforcement agencies to detect them.

A reason for optimism

These technological advances in vessel tracking have the potential to reshape marine law enforcement by significantly reducing the costs of monitoring.

Agencies such as national navies and coast guards no longer need to rely solely on costly physical patrols over huge areas. With tools such as the Global Fishing Watch map, which makes vessel tracking data freely available to the public, they can monitor activity remotely and focus patrol efforts where they’re needed most.

A French navy officer documents a fishing boat’s location in February 2024. Satellites make it easier to monitor activity on the ocean.
Loic Venance/AFP via Getty Images

That can also have a deterrent effect. In Costa Rica’s Cocos Island National Park, evidence of illegal fishing activity decreased substantially after the rollout of satellite and radar-based vessel tracking. Similar efforts are strengthening enforcement in the Galapagos Islands and Mexico’s Revillagigedo National Park.

Beyond marine protected areas, these technologies also have the potential to support tracking a broad range of human activities, such as oil slicks and deep-sea mining, making companies more accountable in how they use the ocean.

Jennifer Raynor receives funding from National Geographic Pristine Seas. She is a trustee at Global Fishing Watch, one of the primary data providers for this study.

– ref. We tracked illegal fishing in marine protected areas – satellites and AI show most bans are respected, and could help enforce future ones – https://theconversation.com/we-tracked-illegal-fishing-in-marine-protected-areas-satellites-and-ai-show-most-bans-are-respected-and-could-help-enforce-future-ones-252800
MIL OSI –
July 25, 2025
MIL-OSI USA: Following Passage of Republican Tax Bill, Cortez Masto Fights to Restore CFPB Funding, Protect Consumers from Scams

US Senate News:

Source: United States Senator for Nevada Cortez Masto

Washington, D.C. – Today, U.S. Senator Catherine Cortez Masto (D-Nev.) introduced the Stop the Scammers Act to restore critical Consumer Financial Protection Bureau (CFPB) funding and authorize the CFPB to reward whistleblowers who report wrongdoing. This legislation follows the passage of the Republican tax bill, which slashed CFPB funding in half and removed vital protections for victims of scams and fraud and people experiencing unfair, deceptive, and abusive practices from financial institutions.

“The CFPB has proven to be a champion for everyday Americans, protecting them from scammers and predatory business practices,” said Senator Cortez Masto. “Slashing the CFPB’s funding is a short-sighted decision that will have long-lasting effects on working families and our financial markets. It’s important that we not only restore this funding but also give them more tools to keep us safe from scams.”

The Stop the Scammers Act wouldencourage whistleblowers to come forward by allowing the CFPB to reward whistleblowers with financial compensation from the Civil Penalty Fund. The money for this fund comes directly from monetary penalties imposed on companies and individuals who violate federal consumer financial protection laws. The legislation would also allow whistleblowers to retain independent counsel and protect a whistleblower’s identity. The bill also restores CFPB funding to 12 percent of the Federal Reserve’s operating budget, ensuring the Bureau can carry out its mission and properly protect Americans.

Read the full bill here. The Stop the Scammers Act has been cosponsored by Senate Democratic Leader Chuck Schumer (D-N.Y.), Banking Committee Ranking Member Elizabeth Warren (D-Mass.) and Senators Angela Alsobrooks (D-Md.), Richard Blumenthal (D-Conn.), Cory Booker (D-N.J.), Dick Durbin (D-Ill.), John Fetterman (D-Pa.), Ruben Gallego (D-Ariz.), Kirsten Gillibrand (D-N.Y.), John Hickenlooper (D-Colo.), Andy Kim (D-N.J.), Amy Klobuchar (D-Minn.), Ben Ray Luján (D-N.M.), Jeff Merkley (D-Ore.), Jack Reed (D-R.I.), Jacky Rosen (D-Nev.), Bernie Sanders (I-Vt.),Tina Smith (D-Minn.), Chris Van Hollen (D-Md.), Peter Welch (D-Vt.), and Sheldon Whitehouse (D-R.I.).

As the former top law enforcement official in Nevada, Senator Cortez Masto has been a leading voice fight fraud throughout her career. She sounded the alarm on increasing check fraud scams, which cost consumers millions of dollars each year. The Senator’s bipartisan legislation to deter disruptive and potentially harmful phone calls and texts was signed into law in 2020. Most recently, she called out the Trump Administration’s Internal Revenue Service Commissioner for his involvement in a tax fraud scheme in which he encouraged people to claim a fake Tribal tax credit.

MIL OSI USA News –

July 25, 2025
MIL-OSI USA: Schatz: National Housing Shortage Is A Problem The Government Has Created; We Can Fix It

US Senate News:

Source: United States Senator for Hawaii Brian Schatz

WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i) spoke on the Senate floor today about the national housing shortage in the United States and the urgent need to cut onerous regulations that stand in the way of building more housing. Schatz introduced three bipartisan housing bills this week, including the Build More Housing Near Transit Act and the YIMBY Act. The Build More Housing Near Transit Act incentivizes local governments to build housing near federally-funded transit projects. The YIMBY Act encourages localities to cut regulations and adopt pro-housing policies.

“When it comes to one of the most basic necessities in life for people – housing – both political parties have failed,” said Senator Schatz. “This crisis was not inevitable. It is a problem that the government has created. There is not enough housing in this country because we have made it virtually impossible to build housing. But the good news is this if the government got us into this mess in the first place, it can help to get us out. And mainly that means getting out of our own way and not preventing the very things that we say that we like.

Senator Schatz added, “We can and we do disagree about almost everything. But on this we should all be able to agree: in the richest country in the history of the world, people should not have to worry about having a roof over their heads. We can fix this, and we must.”

A transcript of Senator Schatz’s remarks is below. Video is available here.

When it comes to one of the most basic necessities in life for people – housing – both political parties have failed. Housing costs more than ever today, with the median home costing five times as much as the median income for your average American. First time home buyers are fewer and older than ever. 1 in 4 renters are being forced to spend more than half of their income on rent, and homelessness is plaguing more people than ever before.

This crisis was not inevitable. It is a problem that the government has created. There is not enough housing in this country because we have made it virtually impossible to build housing. Ask anyone who has tried to build anything a shed, a patio, or an accessory dwelling unit for their in-laws. They will tell you that the moment you try to do something, there are endless procedural hurdles and regulatory barriers that immediately get in the way. Exclusionary zoning. Minimum lot sizes. Height restrictions. Requirements for multiple staircases, environmental reviews, dozens of public meetings where the grouchiest people in your neighborhood can stop the most virtuous project in your neighborhood. Extensive permitting paperwork. Yearslong battles with community organizations and boards. And if you want to expedite your permit. You can pay a permit expediter. If you’ve got ten grand, they’ll put your thing on the top of the pile.

Nobody should like this system. I cannot think of something so essential to American life: housing. Whether you rent or you want to own, so essential to American life, where the government has created the shortage on purpose. And then it strokes its chin, confused as to why there is a shortage there is a shortage. There is a shortage because of the government itself, making it hard to construct the thing that we all say we want.

But the good news is this if the government got us into this mess in the first place, it can help to get us out. And mainly that means getting out of our own way and not preventing the very things that we say that we like. A lot of progressives in my own party like to say we’re for housing, we’re for clean energy, we’re for transit and infrastructure. But you can’t be for something if you don’t want it near you. If you’re for housing, you’ve got to see the housing. If you’re for clean energy, you’re going to see a windmill or a wind farm or a nuclear power plant somewhere. As we envision a just and sustainable and wealthy country, we have to actually make the things that make us more sustainable and wealthy.

There is nothing progressive about preventing a nurse, or a firefighter, or a teacher, or a small business owner from actually living in the community in which they work. There is nothing progressive about making people drive an hour to work or in Hawaii, forcing people to leave the state. Lawn sizes and building heights don’t make neighborhoods – people do.

And yet, you’ll often hear people who oppose new housing say things like, ‘Well, we want to preserve the unique character of the neighborhood.’ And this is something that I’m embarrassed to say I didn’t know until I came to the United States Senate. Understand what those words mean and where they came from. They are echoing a dark time in American history: the Jim Crow era. It was a time when communities specifically codified into law language that prohibited Black people and other racial minorities from moving into certain neighborhoods. The racial covenants would literally say, “No lot covered by this indenture, or any part thereof, shall ever be sold, resold, conveyed, granted, devised, leased or rented to or occupied by, or in any way used by, any person or persons not of the Caucasian Race.” That’s from a covenant in St. Louis from 1949. And there were contracts just like that one in neighborhoods all across the country.

And then racial covenants were outlawed. But their legacy continues today, because what happened was the racists, after this was outlawed, figured out a proxy for race. Figured out a way to keep people separated and figured out a way to keep people out of their neighborhoods. Figured out a way to make housing more constrained. And that’s exclusionary zoning. That’s minimum lot sizes. That means you need interior staircases. All of these things that sound virtuous: safety, sanitation, environmental review, historic preservation – all of those things actually matter. But understand that they are being weaponized against the working class.

And I’m not sure if this is permissible under the rules, but I’m looking at a bunch of Senate pages, all 16 years old, trying to figure out: ‘Where am I going to live when I get a job? Do I have to live with my folks? And for how long? Am I going to be able to move to a suburb, or a city, or stay in my hometown? Where am I going to live?’

So how do we fix it? First of all, government has a role that is not just getting out of the way. On the financing side, on the public housing stock side, on vouchers, on Section 8, on HUD-VASH – there are lots of programs that work. A lot of government – things that we do – that have helped and can help more.

But the truth is that the throughput capacity of the system is being constrained by the government itself. We could allocate $3 trillion to affordable housing. And if it’s still hard to build a house in an individual neighborhood, all that money would get stuck. Actually, the state of California tried that. They allocated an enormous amount of money to housing, and they didn’t get very much built. The County of Maui many years ago said no new housing unless it’s affordable. Which kind of lands on the ears in a wonderful way, right? No new housing unless it’s affordable. You know what happened? There was no new housing at all for a full decade.

The reason I care about this is because I think it is the single most impactful economic policy that we can implement to make it easier to build housing for working people, for students, for the disabled, for the elderly, for the entrepreneurs, for cities, for towns, for rural neighborhoods. This is important because I care about that. Now, if you are a conservative, the basic principle is almost even more simple, which is it’s your damn property. You should be permitted to do what you want with your property, within certain safety boundaries and all the rest of it. But if it’s your property and if you’ve got a quarter of an acre and you want to build an accessory dwelling unit for your kids because they’re adults and they just had a baby, you should be allowed to do pretty much whatever you want with your property.

But we have inverted the presumption so that it’s your neighbors that get to decide what you get to do with your property. So if you’re a private property rights person, you should love the idea of deregulating the housing market. And if you are a progressive and you see how much people are struggling right now, you should love the idea of deregulating the housing market. We need to reform land use laws for upzoning to allow higher density, reduce minimum lot sizes, deploy manufactured homes, enable single room occupancy development wherever multifamily housing is allowed. And we know all of this works because it’s working in certain places.

It’s hard to keep any issue out of the partisan crossfire, where everyone retreats to their own corner and starts talking past each other and trying to light the algorithm on fire. Our ability to come together, use common sense, and find a way forward will affect how people live and succeed for generations to come. Just this week, Senator Banks and I introduced legislation to incentivize local governments to build more housing near federally funded transit projects. Senator Young and I introduced the YIMBY Act – the Yes in My Backyard Act – which encourages localities to cut onerous regulations and adopt pro-housing policies.

We can and we do disagree about almost everything. But on this we should all be able to agree: in the richest country in the history of the world, people should not have to worry about having a roof over their heads. We can fix this, and we must.

MIL OSI USA News –

July 25, 2025

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