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  • MIL-OSI: Brookline Bancorp Announces Second Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    Net Income of $22.0 million, EPS of $0.25

    Quarterly Dividend of $0.135

    BOSTON, July 23, 2025 (GLOBE NEWSWIRE) — Brookline Bancorp, Inc. (NASDAQ: BRKL) (the “Company”) today announced net income of $22.0 million, or $0.25 per basic and diluted share, for the second quarter of 2025, compared to net income of $19.1 million, or $0.21 per basic and diluted share, for the first quarter of 2025, and $16.4 million, or $0.18 per basic and diluted share, for the second quarter of 2024. The Company reported operating earnings after tax (non-GAAP) of $22.4 million, or $0.25 per basic and diluted share, for the second quarter of 2025, compared to operating earnings after tax (non-GAAP) of $20.0 million, or $0.22 per basic and diluted share, for the first quarter of 2025, and $17.0 million, or $0.19 per basic and diluted share, for the second quarter of 2024.

    Commenting on the second quarter’s performance, Mr. Perrault stated, “We are pleased to report solid earnings for the second quarter of the year led by growth in our C&I portfolio and deposits. Our dedicated team of bankers continue to provide exceptional service to the communities we serve. As a result of these efforts, our net interest margin expanded again this quarter despite intentional contraction in our commercial real estate portfolio.”

    BALANCE SHEET

    Total assets at June 30, 2025 were $11.6 billion, representing an increase of $48.9 million from $11.5 billion at March 31, 2025, primarily driven by an increase in cash and cash equivalents partially offset by a reduction of loans and leases. Total assets decreased $66.5 million from June 30, 2024.

    At June 30, 2025, total loans and leases were $9.6 billion, representing a decrease of $60.3 million from March 31, 2025, and a decrease of $138.8 million from June 30, 2024.

    Total investment securities at June 30, 2025 decreased $15.7 million to $866.7 million from $882.4 million at March 31, 2025, and increased $10.3 million from $856.4 million at June 30, 2024. Total cash and cash equivalents at June 30, 2025 increased $149.2 million to $506.7 million from $357.5 million at March 31, 2025, and increased $163.6 million from $343.1 million at June 30, 2024. As of June 30, 2025, total investment securities and total cash and cash equivalents represented 11.9 percent of total assets, compared to 10.8 percent and 10.3 percent as of March 31, 2025 and June 30, 2024, respectively.

    Total deposits at June 30, 2025 increased $49.8 million to $9.0 billion from March 31, 2025, primarily driven by an increase of $58.3 million in customer deposits partially offset by a decline of $8.5 million in brokered deposits. Total deposits increased $224.2 million from $8.7 billion at June 30, 2024, primarily driven by an increase of $391.2 million in customer deposits partially offset by a decline of $167.0 million in brokered deposits.

    Total borrowed funds at June 30, 2025 remained flat at $1.2 billion compared to March 31, 2025, and decreased $274.4 million from $1.4 billion at June 30, 2024.

    The ratio of stockholders’ equity to total assets was 10.84 percent at June 30, 2025, as compared to 10.77 percent at March 31, 2025, and 10.30 percent at June 30, 2024. The ratio of tangible stockholders’ equity to tangible assets (non-GAAP) was 8.82 percent at June 30, 2025, as compared to 8.73 percent at March 31, 2025, and 8.23 percent at June 30, 2024. Tangible book value per common share (non-GAAP) increased $0.17 from $11.03 at March 31, 2025 to $11.20 at June 30, 2025, and increased $0.67 from $10.53 at June 30, 2024.

    NET INTEREST INCOME

    Net interest income increased $2.9 million to $88.7 million during the second quarter of 2025 from $85.8 million for the quarter ended March 31, 2025. The net interest margin increased 10 basis points to 3.32 percent for the three months ended June 30, 2025 from 3.22 percent for the three months ended March 31, 2025, primarily driven by lower funding costs and higher yields on loans and leases.

    NON-INTEREST INCOME

    Total non-interest income for the quarter ended June 30, 2025 increased $0.3 million to $6.0 million from $5.7 million for the quarter ended March 31, 2025. The increase was primarily driven by an increase of $0.2 million in gain on sales of loans and leases.

    PROVISION FOR CREDIT LOSSES

    The Company recorded a provision for credit losses of $7.0 million for the quarter ended June 30, 2025, compared to $6.0 million for the quarter ended March 31, 2025. The increase in provision was driven by a combination of continued stress in the Boston office sector as well as additional specific reserves on two large Eastern Funding credits.

    Total net charge-offs for the second quarter of 2025 were $5.1 million, compared to $7.6 million in the first quarter of 2025. The $5.1 million in net charge-offs was driven by two commercial real estate loans that were sold during the quarter resulting in a combined $3.5 million in net charge-offs. The ratio of net loan and lease charge-offs to average loans and leases on an annualized basis decreased to 21 basis points for the second quarter of 2025 from 31 basis points for the first quarter of 2025.

    The allowance for loan and lease losses represented 1.32 percent of total loans and leases at June 30, 2025, compared to 1.29 percent at March 31, 2025, and 1.25 percent at June 30, 2024.

    ASSET QUALITY

    The ratio of nonperforming loans and leases to total loans and leases was 0.65 percent at June 30, 2025, flat compared to March 31, 2025. Total nonaccrual loans and leases decreased $0.8 million to $62.3 million at June 30, 2025 from $63.1 million at March 31, 2025, driven by the sale of two commercial real estate loans. The ratio of nonperforming assets to total assets was 0.55 percent at June 30, 2025, a decrease from 0.56 percent at March 31, 2025. Total nonperforming assets decreased $0.4 million to $63.6 million at June 30, 2025 from $64.0 million at March 31, 2025.

    NON-INTEREST EXPENSE

    Non-interest expense for the quarter ended June 30, 2025 decreased $1.9 million to $58.1 million from $60.0 million for the quarter ended March 31, 2025. The decrease was primarily driven by decreases of $0.7 million in compensation and employee benefits expense, $0.5 million in merger and acquisition expense related to the previously announced proposed merger of the Company with Berkshire Hills Bancorp, Inc. (“Berkshire”), and $0.4 million in occupancy expense, partially offset by an increase of $0.5 million in advertising and marketing expense.

    PROVISION FOR INCOME TAXES

    The effective tax rate was 25.6 percent and 25.3 percent for the three and six months ended June 30, 2025 compared to 25.0 percent for the three months ended March 31, 2025 and 24.4 percent and 24.5 percent for the three and six months ended June 30, 2024.

    RETURNS ON AVERAGE ASSETS AND AVERAGE EQUITY

    The annualized return on average assets increased to 0.77 percent during the second quarter 2025 from 0.66 percent for the first quarter of 2025.

    The annualized return on average stockholders’ equity increased to 7.04 percent during the second quarter of 2025 from 6.19 percent for the first quarter of 2025. The annualized return on average tangible stockholders’ equity (non-GAAP) increased to 8.85 percent for the second quarter of 2025 from 7.82 percent for the first quarter of 2025.

    DIVIDEND DECLARED

    The Company’s Board of Directors approved a dividend of $0.135 per share for the quarter ended June 30, 2025. The dividend will be paid on August 22, 2025 to stockholders of record on August 8, 2025.

    CONFERENCE CALL

    The Company will conduct a conference call/webcast at 1:30 PM Eastern Time on Thursday, July 24, 2025 to discuss the results for the quarter, business highlights and outlook. A copy of the Earnings Presentation is available on the Company’s website, www.brooklinebancorp.com. To listen to the call and view the Company’s Earnings Presentation, please join the call via https://events.q4inc.com/attendee/149362707. To listen to the call without access to the slides, interested parties may dial 833-470-1428 (United States) or 404-975-4839 (internationally) and ask for the Brookline Bancorp, Inc. conference call (Access Code 673409). A recorded playback of the call will be available for one week following the call on the Company’s website under “Investor Relations” or by dialing 866-813-9403 (United States) or 929-458-6194 (internationally) and entering the passcode: 916742.

    ABOUT BROOKLINE BANCORP, INC.

    Brookline Bancorp, Inc., a bank holding company with $11.6 billion in assets and branch locations in Massachusetts, Rhode Island, and the Lower Hudson Valley of New York State, is headquartered in Boston, Massachusetts and operates as the holding company for Brookline Bank, Bank Rhode Island, and PCSB Bank (the “banks”). The Company provides commercial and retail banking services, cash management and investment services to customers throughout Central New England and the Lower Hudson Valley of New York State. More information about Brookline Bancorp, Inc. and its banks can be found at the following websites: www.brooklinebank.com, www.bankri.com and www.pcsb.com.

    FORWARD-LOOKING STATEMENTS

    Certain statements contained in this press release that are not historical facts may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the Securities and Exchange Commission (“SEC”), in our annual reports to shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters, including statements regarding the Company’s business, credit quality, financial condition, liquidity and results of operations. Forward-looking statements may differ, possibly materially, from what is included in this press release due to factors and future developments that are uncertain and beyond the scope of the Company’s control. These include, but are not limited to, the occurrence of any event, change or other circumstances that could give rise to the right of the Company or Berkshire to terminate the merger agreement; the outcome of any legal proceedings that may be instituted against Berkshire or Company; delays in completing the proposed transaction with Berkshire; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the proposed transaction), or to satisfy any of the other conditions to the proposed transaction on a timely basis or at all, including the ability of Berkshire and the Company to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the impact of certain restrictions during the pendency of the proposed transaction on the parties’ ability to pursue certain business opportunities and strategic transactions; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the proposed transaction; changes in interest rates; general economic conditions (including the impact of actual or threatened tariffs imposed by the U.S. and foreign governments, inflation, and concerns about liquidity) on a national basis or in the local markets in which the Company operates; ongoing turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in consumer behavior due to changing political, business and economic conditions, or legislative or regulatory initiatives; changes in the value of securities and other assets in the Company’s investment portfolio; increases in loan and lease default and charge-off rates; the adequacy of allowances for loan and lease losses; decreases in deposit levels that necessitate increases in borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity incidents, fraud, natural disasters, and future pandemics; changes in regulation; the possibility that future credit losses may be higher than currently expected due to changes in economic assumptions and adverse economic developments; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; and changes in assumptions used in making such forward-looking statements. Forward-looking statements involve risks and uncertainties which are difficult to predict. The Company’s actual results could differ materially from those projected in the forward-looking statements as a result of, among others, the risks outlined in the Company’s Annual Report on Form 10-K, as updated by its Quarterly Reports on Form 10-Q and other filings submitted to the SEC. The Company does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    BASIS OF PRESENTATION

    The Company’s consolidated financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) as set forth by the Financial Accounting Standards Board in its Accounting Standards Codification and through the rules and interpretive releases of the SEC under the authority of federal securities laws. Certain amounts previously reported have been reclassified to conform to the current period’s presentation.

    NON-GAAP FINANCIAL MEASURES

    The Company uses certain non-GAAP financial measures, such as operating earnings after tax, operating earnings per common share, operating return on average assets, operating return on average tangible assets, operating return on average stockholders’ equity, operating return on average tangible stockholders’ equity, tangible book value per common share, tangible stockholders’ equity to tangible assets, return on average tangible assets (annualized) and return on average tangible stockholders’ equity (annualized). These non-GAAP financial measures provide information for investors to effectively analyze financial trends of ongoing business activities, and to enhance comparability with peers across the financial services sector. A detailed reconciliation table of the Company’s GAAP to the non-GAAP measures is attached.

    INVESTOR RELATIONS:

    Contact: Carl M. Carlson
      Brookline Bancorp, Inc.
      Co-President and Chief Financial and Strategy Officer
      (617) 425-5331
      carl.carlson@brkl.com
    BROOKLINE BANCORP, INC AND SUBSIDIARIES
    Selected Financial Highlights (Unaudited)
      At and for the Three Months Ended
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
      (Dollars in Thousands Except per Share Data)
    Earnings Data:                            
    Net interest income $ 88,685     $ 85,830     $ 84,988     $ 83,008     $ 80,001  
    Provision for credit losses on loans 6,997     5,974     4,141     4,832     5,607  
    Provision (recovery) of credit losses on investments 3     12     (104)     (172)     (39)  
    Non-interest income 5,970     5,660     6,587     6,348     6,396  
    Non-interest expense 58,061     60,022     63,719     57,948     59,184  
    Income before provision for income taxes 29,594     25,482     23,819     26,748     21,645  
    Net income 22,026     19,100     17,536     20,142     16,372  
                                 
    Performance Ratios:                            
    Net interest margin (1) 3.32 %   3.22 %   3.12 %   3.07 %   3.00 %
    Interest-rate spread (1) 2.57 %   2.38 %   2.35 %   2.26 %   2.14 %
    Return on average assets (annualized) 0.77 %   0.66 %   0.61 %   0.70 %   0.57 %
    Return on average tangible assets (annualized) (non-GAAP) 0.79 %   0.68 %   0.62 %   0.72 %   0.59 %
    Return on average stockholders’ equity (annualized) 7.04 %   6.19 %   5.69 %   6.63 %   5.49 %
    Return on average tangible stockholders’ equity (annualized) (non-GAAP) 8.85 %   7.82 %   7.21 %   8.44 %   7.04 %
    Efficiency ratio (2) 61.34 %   65.60 %   69.58 %   64.85 %   68.50 %
                                 
    Per Common Share Data:                            
    Net income — Basic $ 0.25     $ 0.21     $ 0.20     $ 0.23     $ 0.18  
    Net income — Diluted 0.25     0.21     0.20     0.23     0.18  
    Cash dividends declared 0.135     0.135     0.135     0.135     0.135  
    Book value per share (end of period) 14.08     13.92     13.71     13.81     13.48  
    Tangible book value per share (end of period) (non-GAAP) 11.20     11.03     10.81     10.89     10.53  
    Stock price (end of period) 10.55     10.90     11.80     10.09     8.35  
                                 
    Balance Sheet:                            
    Total assets $ 11,568,745     $ 11,519,869     $ 11,905,326     $ 11,676,721     $ 11,635,292  
    Total loans and leases 9,582,374     9,642,722     9,779,288     9,755,236     9,721,137  
    Total deposits 8,961,202     8,911,452     8,901,644     8,732,271     8,737,036  
    Total stockholders’ equity 1,254,171     1,240,182     1,221,939     1,230,362     1,198,480  
                                 
    Asset Quality:                            
    Nonperforming assets $ 63,596     $ 64,021     $ 70,452     $ 72,821     $ 62,683  
    Nonperforming assets as a percentage of total assets 0.55 %   0.56 %   0.59 %   0.62 %   0.54 %
    Allowance for loan and lease losses $ 126,725     $ 124,145     $ 125,083     $ 127,316     $ 121,750  
    Allowance for loan and lease losses as a percentage of total loans and leases 1.32 %   1.29 %   1.28 %   1.31 %   1.25 %
    Net loan and lease charge-offs $ 5,127     $ 7,597     $ 7,252     $ 3,808     $ 8,387  
    Net loan and lease charge-offs as a percentage of average loans and leases (annualized) 0.21 %   0.31 %   0.30 %   0.16 %   0.35 %
                                 
    Capital Ratios:                            
    Stockholders’ equity to total assets 10.84 %   10.77 %   10.26 %   10.54 %   10.30 %
    Tangible stockholders’ equity to tangible assets (non-GAAP) 8.82 %   8.73 %   8.27 %   8.50 %   8.23 %
                                 
    (1) Calculated on a fully tax-equivalent basis.                            
    (2) Calculated as non-interest expense as a percentage of net interest income plus non-interest income.                            
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Balance Sheets (Unaudited)
               
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		  
    ASSETS (In Thousands Except Share Data)
    Cash and due from banks $ 87,386     $ 78,741     $ 64,673     $ 82,168     $ 60,067  
    Short-term investments   419,362       278,805       478,997       325,721       283,017  
    Total cash and cash equivalents   506,748       357,546       543,670       407,889       343,084  
    Investment securities available-for-sale   866,684       882,353       895,034       855,391       856,439  
    Total investment securities   866,684       882,353       895,034       855,391       856,439  
    Allowance for investment security losses   (97 )     (94 )     (82 )     (186 )     (359 )
    Net investment securities   866,587       882,259       894,952       855,205       856,080  
    Loans and leases:          
    Commercial real estate loans   5,485,546       5,580,982       5,716,114       5,779,290       5,782,111  
    Commercial loans and leases   2,520,347       2,512,912       2,506,664       2,453,038       2,443,530  
    Consumer loans   1,576,481       1,548,828       1,556,510       1,522,908       1,495,496  
    Total loans and leases   9,582,374       9,642,722       9,779,288       9,755,236       9,721,137  
    Allowance for loan and lease losses   (126,725 )     (124,145 )     (125,083 )     (127,316 )     (121,750 )
    Net loans and leases   9,455,649       9,518,577       9,654,205       9,627,920       9,599,387  
    Restricted equity securities   66,481       67,537       83,155       82,675       78,963  
    Premises and equipment, net of accumulated depreciation   83,963       84,439       86,781       86,925       88,378  
    Right-of-use asset operating leases   42,415       44,144       43,527       41,934       35,691  
    Deferred tax asset   52,325       52,176       56,620       50,827       60,032  
    Goodwill   241,222       241,222       241,222       241,222       241,222  
    Identified intangible assets, net of accumulated amortization   14,600       16,030       17,461       19,162       20,830  
    Other real estate owned and repossessed assets   1,288       917       1,103       1,579       1,974  
    Other assets   237,467       255,022       282,630       261,383       309,651  
    Total assets $ 11,568,745     $ 11,519,869     $ 11,905,326     $ 11,676,721     $ 11,635,292  
    LIABILITIES AND STOCKHOLDERS’ EQUITY          
    Deposits:          
    Demand checking accounts $ 1,726,933     $ 1,664,629     $ 1,692,394     $ 1,681,858     $ 1,638,378  
    NOW accounts   650,707       625,492       617,246       637,374       647,370  
    Savings accounts   1,795,761       1,793,852       1,721,247       1,736,989       1,735,857  
    Money market accounts   2,153,709       2,183,855       2,116,360       2,041,185       2,073,557  
    Certificate of deposit accounts   1,877,661       1,878,665       1,885,444       1,819,353       1,718,414  
    Brokered deposit accounts   756,431       764,959       868,953       815,512       923,460  
    Total deposits   8,961,202       8,911,452       8,901,644       8,732,271       8,737,036  
    Borrowed funds:          
    Advances from the FHLB   934,669       957,848       1,355,926       1,345,003       1,265,079  
    Subordinated debentures and notes   84,397       84,362       84,328       84,293       84,258  
    Other borrowed funds   135,985       113,617       79,592       68,251       80,125  
    Total borrowed funds   1,155,051       1,155,827       1,519,846       1,497,547       1,429,462  
    Operating lease liabilities   43,528       45,330       44,785       43,266       37,102  
    Mortgagors’ escrow accounts   15,289       15,264       15,875       14,456       17,117  
    Reserve for unfunded credits   4,586       5,296       5,981       6,859       11,400  
    Accrued expenses and other liabilities   134,918       146,518       195,256       151,960       204,695  
    Total liabilities   10,314,574       10,279,687       10,683,387       10,446,359       10,436,812  
    Stockholders’ equity:          
    Common stock, $0.01 par value; 200,000,000 shares authorized; 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, 96,998,075 shares issued, and 96,998,075 shares issued, respectively   970       970       970       970       970  
    Additional paid-in capital   904,697       903,696       902,584       901,562       904,775  
    Retained earnings   475,781       465,898       458,943       453,555       445,560  
    Accumulated other comprehensive income   (39,378 )     (42,498 )     (52,882 )     (38,081 )     (61,693 )
    Treasury stock, at cost;          
    7,039,136, 7,037,610, 7,019,384, 7,015,843, and 7,373,009 shares, respectively   (87,899 )     (87,884 )     (87,676 )     (87,644 )     (91,132 )
    Total stockholders’ equity   1,254,171       1,240,182       1,221,939       1,230,362       1,198,480  
    Total liabilities and stockholders’ equity $ 11,568,745     $ 11,519,869     $ 11,905,326     $ 11,676,721     $ 11,635,292  
               
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Income (Unaudited)
      Three Months Ended
      June 30,
    2025    		   March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
      (In Thousands Except Share Data)
    Interest and dividend income:          
    Loans and leases $ 143,933     $ 143,309     $ 147,436     $ 149,643     $ 145,585  
    Debt securities   6,691       6,765       6,421       6,473       6,480  
    Restricted equity securities   1,062       1,203       1,460       1,458       1,376  
    Short-term investments   2,386       2,451       2,830       1,986       1,914  
    Total interest and dividend income   154,072       153,728       158,147       159,560       155,355  
    Interest expense:          
    Deposits   52,682       53,478       56,562       59,796       59,721  
    Borrowed funds   12,705       14,420       16,597       16,756       15,633  
    Total interest expense   65,387       67,898       73,159       76,552       75,354  
    Net interest income   88,685       85,830       84,988       83,008       80,001  
    Provision for credit losses on loans   6,997       5,974       4,141       4,832       5,607  
    Provision (recovery) of credit losses on investments   3       12       (104 )     (172 )     (39 )
    Net interest income after provision for credit losses   81,685       79,844       80,951       78,348       74,433  
    Non-interest income:          
    Deposit fees   2,472       2,361       2,297       2,353       3,001  
    Loan fees   472       393       439       464       702  
    Loan level derivative income (loss)   (4 )     70       1,115       —       106  
    Gain on sales of loans and leases held-for-sale   264       24       406       415       130  
    Other   2,766       2,812       2,330       3,116       2,457  
    Total non-interest income   5,970       5,660       6,587       6,348       6,396  
    Non-interest expense:          
    Compensation and employee benefits   35,147       35,853       37,202       35,130       34,762  
    Occupancy   5,349       5,721       5,393       5,343       5,551  
    Equipment and data processing   6,841       7,012       6,780       6,831       6,732  
    Professional services   1,471       1,726       1,345       2,143       1,745  
    FDIC insurance   1,880       2,037       2,017       2,118       2,025  
    Advertising and marketing   1,371       868       1,303       859       1,504  
    Amortization of identified intangible assets   1,431       1,430       1,701       1,668       1,669  
    Merger and restructuring expense   439       971       3,378       —       823  
    Other   4,132       4,404       4,600       3,856       4,373  
    Total non-interest expense   58,061       60,022       63,719       57,948       59,184  
    Income before provision for income taxes   29,594       25,482       23,819       26,748       21,645  
    Provision for income taxes   7,568       6,382       6,283       6,606       5,273  
    Net income $ 22,026     $ 19,100     $ 17,536     $ 20,142     $ 16,372  
    Earnings per common share:          
    Basic $ 0.25     $ 0.21     $ 0.20     $ 0.23     $ 0.18  
    Diluted $ 0.25     $ 0.21     $ 0.20     $ 0.23     $ 0.18  
    Weighted average common shares outstanding during the period:        
    Basic   89,104,605       89,103,510       89,098,443       89,033,463       88,904,692  
    Diluted   89,612,781       89,567,747       89,483,964       89,319,611       89,222,315  
    Dividends paid per common share $ 0.135     $ 0.135     $ 0.135     $ 0.135     $ 0.135  
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Consolidated Statements of Income (Unaudited)
       
      Six Months Ended June 30,
        2025       2024  
      (In Thousands Except Share Data)
    Interest and dividend income:    
    Loans and leases $ 287,242     $ 290,850  
    Debt securities   13,456       13,358  
    Restricted equity securities   2,265       2,868  
    Short-term investments   4,837       3,738  
    Total interest and dividend income   307,800       310,814  
    Interest expense:    
    Deposits   106,160       116,605  
    Borrowed funds   27,125       32,620  
    Total interest expense   133,285       149,225  
    Net interest income   174,515       161,589  
    Provision for credit losses on loans   12,971       13,030  
    Provision (credit) for credit losses on investments   15       (83 )
    Net interest income after provision for credit losses   161,529       148,642  
    Non-interest income:    
    Deposit Fees   4,833       5,898  
    Loan Fees   865       1,491  
    Loan level derivative income, net   66       543  
    Gain on sales of loans and leases held-for-sale   288       130  
    Other   5,578       4,618  
    Total non-interest income   11,630       12,680  
    Non-interest expense:    
    Compensation and employee benefits   71,000       71,391  
    Occupancy   11,070       11,320  
    Equipment and data processing   13,853       13,763  
    Professional services   3,197       3,645  
    FDIC insurance   3,917       3,909  
    Advertising and marketing   2,239       3,078  
    Amortization of identified intangible assets   2,861       3,377  
    Merger and restructuring expense   1,410       823  
    Other   8,536       8,892  
    Total non-interest expense   118,083       120,198  
    Income before provision for income taxes   55,076       41,124  
    Provision for income taxes   13,950       10,087  
    Net income $ 41,126     $ 31,037  
    Earnings per common share:    
    Basic $ 0.46     $ 0.35  
    Diluted $ 0.46     $ 0.35  
    Weighted average common shares outstanding during the period:  
    Basic   89,104,060       88,899,635  
    Diluted   89,590,267       89,201,912  
    Dividends paid per common share $ 0.270     $ 0.270  
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Asset Quality Analysis (Unaudited)
      At and for the Three Months Ended
        June 30,
    2025    		       March 31,
    2025    		       December 31,
    2024    		       September 30,
    2024    		       June 30,
    2024    		  
      (Dollars in Thousands)
    NONPERFORMING ASSETS:          
    Loans and leases accounted for on a nonaccrual basis:          
    Commercial real estate mortgage $ 987     $ 10,842     $ 11,525     $ 11,595     $ 11,659  
    Multi-family mortgage   1,433       6,576       6,596       1,751       —  
    Total commercial real estate loans   2,420       17,418       18,121       13,346       11,659  
               
    Commercial   8,687       7,415       14,676       15,734       16,636  
    Equipment financing   46,067       32,975       31,509       37,223       27,128  
    Total commercial loans and leases   54,754       40,390       46,185       52,957       43,764  
               
    Residential mortgage   3,572       3,962       3,999       3,862       4,495  
    Home equity   1,561       1,333       1,043       1,076       790  
    Other consumer   1       1       1       1       1  
    Total consumer loans   5,134       5,296       5,043       4,939       5,286  
               
    Total nonaccrual loans and leases   62,308       63,104       69,349       71,242       60,709  
               
    Other real estate owned   700       700       700       780       780  
    Other repossessed assets   588       217       403       799       1,194  
    Total nonperforming assets $ 63,596     $ 64,021     $ 70,452     $ 72,821     $ 62,683  
               
    Loans and leases past due greater than 90 days and still accruing $ 24,899     $ 3,009     $ 811     $ 16,091     $ 4,994  
               
    Nonperforming loans and leases as a percentage of total loans and leases   0.65 %     0.65 %     0.71 %     0.73 %     0.62 %
    Nonperforming assets as a percentage of total assets   0.55 %     0.56 %     0.59 %     0.62 %     0.54 %
               
    PROVISION AND ALLOWANCE FOR LOAN AND LEASE LOSSES:      
    Allowance for loan and lease losses at beginning of period $ 124,145     $ 125,083     $ 127,316     $ 121,750     $ 120,124  
    Charge-offs   (5,601 )     (9,073 )     (8,414 )     (4,183 )     (8,823 )
    Recoveries   474       1,476       1,162       375       436  
    Net charge-offs   (5,127 )     (7,597 )     (7,252 )     (3,808 )     (8,387 )
    Provision for loan and lease losses excluding unfunded commitments *   7,707       6,659       5,019       9,374       10,013  
    Allowance for loan and lease losses at end of period $ 126,725     $ 124,145     $ 125,083     $ 127,316     $ 121,750  
               
    Allowance for loan and lease losses as a percentage of total loans and leases   1.32 %     1.29 %     1.28 %     1.31 %     1.25 %
               
    NET CHARGE-OFFS:          
    Commercial real estate loans $ 3,524     $ —     $ —     $ —     $ 3,819  
    Commercial loans and leases   1,640       7,647       7,257       3,797       4,571  
    Consumer loans   (37 )     (50 )     (5 )     11       (3 )
    Total net charge-offs $ 5,127     $ 7,597     $ 7,252     $ 3,808     $ 8,387  
               
    Net loan and lease charge-offs as a percentage of average loans and leases (annualized)   0.21 %     0.31 %     0.30 %     0.16 %     0.35 %
               
    *Provision for loan and lease losses does not include (credit) provision of $(0.7 million), $(0.7 million), $(0.9 million), $(4.5 million), and $(4.4 million) for credit losses on unfunded commitments during the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively.          
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Average Yields / Costs (Unaudited)
      Three Months Ended
      June 30,
    2025
    		   March 31,
    2025    		   June 30,
    2024
      Average Balance   Interest (1)   Average Yield/ Cost   Average Balance   Interest (1)   Average Yield/ Cost
    		   Average Balance   Interest (1)   Average Yield/ Cost
      (Dollars in Thousands)
    Assets:                                                                      
    Interest-earning assets:                                                                      
    Investments:                                                                      
    Debt securities (2) $ 874,212     $ 6,752       3.09 %   $ 888,913     $ 6,814       3.07 %   $ 846,469     $ 6,510       3.08 %
    Restricted equity securities (2)   65,724       1,062       6.46 %     69,784       1,204       6.90 %     71,696       1,375       7.67 %
    Short-term investments   215,982       2,386       4.42 %     202,953       2,451       4.83 %     143,800       1,914       5.33 %
    Total investments   1,155,918       10,200       3.53 %     1,161,650       10,469       3.60 %     1,061,965       9,799       3.69 %
    Loans and Leases:                            
    Commercial real estate loans (3)   5,533,208       77,136       5.51 %     5,651,390       77,243       5.47 %     5,754,901       81,565       5.61 %
    Commercial loans (3)   1,286,908       20,757       6.38 %     1,237,078       19,698       6.37 %     1,069,154       17,672       6.54 %
    Equipment financing (3)   1,240,128       25,069       8.09 %     1,281,425       25,965       8.11 %     1,374,217       26,255       7.64 %
    Consumer loans (3)   1,556,254       21,437       5.51 %     1,548,973       20,861       5.41 %     1,488,587       20,291       5.46 %
    Total loans and leases   9,616,498       144,399       6.01 %     9,718,866       143,767       5.92 %     9,686,859       145,783       6.02 %
    Total interest-earning assets   10,772,416       154,599       5.74 %     10,880,516       154,236       5.67 %     10,748,824       155,582       5.79 %
    Non-interest-earning assets   630,518               662,814             704,570          
    Total assets $ 11,402,934             $ 11,543,330           $ 11,453,394          
                                 
    Liabilities and Stockholders’ Equity:                            
    Interest-bearing liabilities:                            
    Deposits:                            
    NOW accounts $ 637,786       1,034       0.65 %   $ 628,346       1,005       0.65 %   $ 659,351       1,111       0.68 %
    Savings accounts   1,780,838       10,692       2.41 %     1,743,688       10,173       2.37 %     1,731,388       11,874       2.76 %
    Money market accounts   2,189,373       13,990       2.56 %     2,187,581       13,587       2.52 %     2,026,780       15,520       3.08 %
    Certificates of deposit   1,879,749       18,437       3.93 %     1,886,386       19,593       4.21 %     1,699,510       18,717       4.43 %
    Brokered deposit accounts   748,205       8,529       4.57 %     767,275       9,120       4.82 %     958,146       12,499       5.25 %
    Total interest-bearing deposits   7,235,951       52,682       2.92 %     7,213,276       53,478       3.01 %     7,075,175       59,721       3.39 %
    Borrowings                            
    Advances from the FHLB   904,399       10,422       4.56 %     1,007,508       11,847       4.70 %     1,049,609       12,894       4.86 %
    Subordinated debentures and notes   84,380       1,718       8.14 %     84,345       1,701       8.07 %     84,241       1,375       6.53 %
    Other borrowed funds   46,086       565       4.93 %     71,462       872       4.95 %     103,753       1,364       5.29 %
    Total borrowings   1,034,865       12,705       4.86 %     1,163,315       14,420       4.96 %     1,237,603       15,633       5.00 %
    Total interest-bearing liabilities   8,270,816       65,387       3.17 %     8,376,591       67,898       3.29 %     8,312,778       75,354       3.65 %
    Non-interest-bearing liabilities:                            
    Demand checking accounts   1,654,594               1,680,527             1,646,869          
    Other non-interest-bearing liabilities   225,469               251,011             300,362          
    Total liabilities   10,150,879               10,308,129             10,260,009          
    Stockholders’ equity   1,252,055               1,235,201             1,193,385          
    Total liabilities and equity $ 11,402,934             $ 11,543,330           $ 11,453,394          
    Net interest income (tax-equivalent basis) /Interest-rate spread (4)       89,212       2.57 %       86,338       2.38 %       80,228       2.14 %
    Less adjustment of tax-exempt income       527             508           227      
    Net interest income     $ 88,685           $ 85,830         $ 80,001      
    Net interest margin (5)           3.32 %           3.22 %           3.00 %
                                 
    (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
    (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
    (3) Loans on nonaccrual status are included in the average balances.
    (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Average Yields / Costs (Unaudited)
      Six Months Ended
      June 30, 2025   June 30, 2024
      Average
    Balance    		   Interest (1)   Average Yield/
    Cost
    		   Average
    Balance    		   Interest (1)   Average Yield/
    Cost          
      (Dollars in Thousands)
    Assets:                                              
    Interest-earning assets:                                              
    Investments:                                              
    Debt securities (2) $ 881,522     $ 13,566       3.08 %   $ 869,848     $ 13,437       3.09 %
    Restricted equity securities (2)   67,743       2,266       6.69 %     74,015       2,868       7.75 %
    Short-term investments   209,503       4,837       4.62 %     137,284       3,738       5.45 %
    Total investments   1,158,768       20,669       3.57 %     1,081,147       20,043       3.71 %
    Loans and Leases:                  
    Commercial real estate loans (3)   5,591,973       154,379       5.49 %     5,758,318       162,614       5.59 %
    Commercial loans (3)   1,262,130       40,455       6.38 %     1,047,810       35,179       6.64 %
    Equipment financing (3)   1,260,663       51,034       8.10 %     1,374,322       53,150       7.73 %
    Consumer loans (3)   1,552,633       42,298       5.46 %     1,485,702       40,269       5.43 %
    Total loans and leases   9,667,399       288,166       5.96 %     9,666,152       291,212       6.03 %
    Total interest-earning assets   10,826,167       308,835       5.71 %     10,747,299       311,255       5.79 %
    Non-interest-earning assets   646,577             684,343        
    Total assets $ 11,472,744           $ 11,431,642        
                       
    Liabilities and Stockholders’ Equity:                  
    Interest-bearing liabilities:                  
    Deposits:                  
    NOW accounts $ 633,092       2,039       0.65 %   $ 665,632       2,372       0.72 %
    Savings accounts   1,762,366       20,865       2.39 %     1,712,804       23,226       2.73 %
    Money market accounts   2,188,482       27,577       2.54 %     2,051,542       31,474       3.09 %
    Certificates of deposit   1,883,049       38,030       4.07 %     1,661,814       35,389       4.28 %
    Brokered deposit accounts   757,687       17,649       4.70 %     927,465       24,144       5.23 %
    Total interest-bearing deposits   7,224,676       106,160       2.96 %     7,019,257       116,605       3.34 %
    Borrowings                  
    Advances from the FHLB   955,669       22,269       4.63 %     1,107,071       27,527       4.92 %
    Subordinated debentures and notes   84,363       3,419       8.11 %     84,223       2,752       6.54 %
    Other borrowed funds   58,704       1,437       4.94 %     98,406       2,341       4.78 %
    Total borrowings   1,098,736       27,125       4.91 %     1,289,700       32,620       5.00 %
    Total interest-bearing liabilities   8,323,412       133,285       3.23 %     8,308,957       149,225       3.61 %
    Non-interest-bearing liabilities:                  
        Demand checking accounts   1,667,489             1,635,690        
        Other non-interest-bearing liabilities   238,169             289,351        
    Total liabilities   10,229,070             10,233,998        
    Stockholders’ equity   1,243,674             1,197,644        
    Total liabilities and equity $ 11,472,744           $ 11,431,642        
    Net interest income (tax-equivalent basis) /Interest-rate spread (4)       175,550       2.48 %         162,030       2.18 %
    Less adjustment of tax-exempt income       1,035             441    
    Net interest income     $ 174,515           $ 161,589    
    Net interest margin (5)           3.27 %             3.03 %
                       
    (1) Tax-exempt income on debt securities, equity securities and revenue bonds included in commercial real estate loans is included on a tax-equivalent basis.
    (2) Average balances include unrealized gains (losses) on investment securities. Dividend payments may not be consistent and average yield on equity securities may vary from month to month.
    (3) Loans on nonaccrual status are included in the average balances.
    (4) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (5) Net interest margin represents net interest income (tax-equivalent basis) divided by average interest-earning assets on an actual/actual basis.
    BROOKLINE BANCORP, INC. AND SUBSIDIARIES
    Non-GAAP Financial Information (Unaudited)
      At and for the Three Months Ended
    March 31,    		   At and for the Six Months Ended
    June 30,
        2025       2024       2025       2024  
    Reconciliation Table – Non-GAAP Financial Information (Dollars in Thousands Except Share Data)   (Dollars in Thousands Except Share Data)
                   
    Reported Pretax Income $ 29,594     $ 21,645     $ 55,076     $ 41,124  
    Add:              
    Merger and restructuring expense   439       823       1,410       823  
    Operating Pretax Income $ 30,033     $ 22,468     $ 56,486     $ 41,947  
    Effective tax rate   25.3 %     24.4 %     24.8 %     24.5 %
    Provision for income taxes   7,590       5,473       14,008       10,289  
    Operating earnings after tax $ 22,443     $ 16,995     $ 42,478     $ 31,658  
                   
    Operating earnings per common share:              
    Basic $ 0.25     $ 0.19     $ 0.48     $ 0.36  
    Diluted $ 0.25     $ 0.19     $ 0.47     $ 0.35  
                   
    Weighted average common shares outstanding during the period:              
    Basic   89,104,605       88,904,692       89,104,060       88,899,635  
    Diluted   89,612,781       89,222,315       89,590,267       89,201,912  
                   
    Return on average assets *   0.77 %     0.57 %     0.72 %     0.54 %
    Add:              
    Merger and restructuring expense (after-tax) *   0.01 %     0.02 %     0.02 %     0.01 %
    Operating return on average assets *   0.78 %     0.59 %     0.74 %     0.55 %
                   
    Return on average tangible assets *   0.79 %     0.59 %     0.73 %     0.56 %
    Add:              
    Merger and restructuring expense (after-tax) *   0.01 %     0.02 %     0.02 %     0.01 %
    Operating return on average tangible assets *   0.80 %     0.61 %     0.75 %     0.57 %
                   
                   
    Return on average stockholders’ equity *   7.04 %     5.49 %     6.61 %     5.18 %
    Add:              
    Merger and restructuring expense (after-tax) *   0.10 %     0.21 %     0.17 %     0.10 %
    Operating return on average stockholders’ equity *   7.14 %     5.70 %     6.78 %     5.28 %
                   
                   
    Return on average tangible stockholders’ equity *   8.85 %     7.04 %     8.34 %     6.65 %
    Add:              
    Merger and restructuring expense (after-tax) *   0.13 %     0.27 %     0.21 %     0.13 %
    Operating return on average tangible stockholders’ equity *   8.98 %     7.31 %     8.55 %     6.78 %
                   
    * Ratios at and for the three months and six months ended are annualized.              
      At and for the Three Months Ended
      June 30,
    2025    		 March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024
      (Dollars in Thousands)
                     
    Net income, as reported $ 22,026   $ 19,100     $ 17,536     $ 20,142     $ 16,372  
                     
    Average total assets $ 11,402,934   $ 11,543,330     $ 11,580,572     $ 11,451,338     $ 11,453,394  
    Less: Average goodwill and average identified intangible assets, net   256,508     257,941       259,496       261,188       262,859  
    Average tangible assets $ 11,146,426   $ 11,285,389     $ 11,321,076     $ 11,190,150     $ 11,190,535  
                     
    Return on average tangible assets (annualized)   0.79 %   0.68 %     0.62 %     0.72 %     0.59 %
                     
    Average total stockholders’ equity $ 1,252,055   $ 1,235,201     $ 1,232,527     $ 1,216,037     $ 1,193,385  
    Less: Average goodwill and average identified intangible assets, net   256,508     257,941       259,496       261,188       262,859  
    Average tangible stockholders’ equity $ 995,547   $ 977,260     $ 973,031     $ 954,849     $ 930,526  
                     
    Return on average tangible stockholders’ equity (annualized)   8.85 %   7.82 %     7.21 %     8.44 %     7.04 %
                     
    Total stockholders’ equity $ 1,254,171   $ 1,240,182     $ 1,221,939     $ 1,230,362     $ 1,198,480  
    Less:                
    Goodwill   241,222     241,222       241,222       241,222       241,222  
    Identified intangible assets, net   14,600     16,030       17,461       19,162       20,830  
    Tangible stockholders’ equity $ 998,349   $ 982,930     $ 963,256     $ 969,978     $ 936,428  
                     
    Total assets $ 11,568,745   $ 11,519,869     $ 11,905,326     $ 11,676,721     $ 11,635,292  
    Less:                
    Goodwill   241,222     241,222       241,222       241,222       241,222  
    Identified intangible assets, net   14,600     16,030       17,461       19,162       20,830  
    Tangible assets $ 11,312,923   $ 11,262,617     $ 11,646,643     $ 11,416,337     $ 11,373,240  
                     
    Tangible stockholders’ equity to tangible assets   8.82 %   8.73 %     8.27 %     8.50 %     8.23 %
                     
    Tangible stockholders’ equity $ 998,349   $ 982,930     $ 963,256     $ 969,978     $ 936,428  
                     
    Number of common shares issued   96,998,075     96,998,075       96,998,075       96,998,075       96,998,075  
    Less:                
    Treasury shares   7,039,136     7,037,610       7,019,384       7,015,843       7,373,009  
    Unvested restricted shares   854,334     855,860       880,248       883,789       713,443  
    Number of common shares outstanding   89,104,605     89,104,605       89,098,443       89,098,443       88,911,623  
                     
    Tangible book value per common share $ 11.20   $ 11.03     $ 10.81     $ 10.89     $ 10.53  

    PDF available: http://ml.globenewswire.com/Resource/Download/713b7b8a-a804-4b26-a467-f10b0d266b1b 

    The MIL Network –

  • MIL-OSI: ARKO to Report Second Quarter 2025 Financial Results on August 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., July 23, 2025 (GLOBE NEWSWIRE) — ARKO Corp. (Nasdaq: ARKO) (the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced that the Company will host a conference call on Wednesday, August 6, 2025 at 5:00 p.m. Eastern Time to discuss its financial results for the second quarter ended June 30, 2025.

    ARKO Corp.’s management team will host the conference call, followed by a question-and-answer period. The Company will provide its financial results in a press release prior to the call.

    Date: Wednesday, August 6, 2025
    Time: 5:00 p.m. Eastern Time
    Toll-free dial-in number: (877) 605-1792
    International dial-in number: (201) 689-8728
    Webcast: ARKO’s Q2 2025 Earnings Call

    A telephonic replay will be available approximately three hours after the call concludes through Friday, September 5, 2025.

    Toll-free replay number: (877) 660-6853
    International replay number: (201) 612-7415
    Replay ID: 13754740

    A link to the live webcast and replay will also be available at https://www.arkocorp.com/news-events/ir-calendar. We encourage all participants to register at least 15 minutes prior to the 5:00 p.m. ET start time. If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    About ARKO Corp.

    ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable Family of Community Brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

    Company Contact
    Jordan Mann
    ARKO Corp.
    investors@gpminvestments.com

    Investor Contact
    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    ARKO@elevate-ir.com

    The MIL Network –

  • MIL-OSI: ARKO to Report Second Quarter 2025 Financial Results on August 6, 2025

    Source: GlobeNewswire (MIL-OSI)

    RICHMOND, Va., July 23, 2025 (GLOBE NEWSWIRE) — ARKO Corp. (Nasdaq: ARKO) (the “Company”), a Fortune 500 company and one of the largest convenience store operators in the United States, today announced that the Company will host a conference call on Wednesday, August 6, 2025 at 5:00 p.m. Eastern Time to discuss its financial results for the second quarter ended June 30, 2025.

    ARKO Corp.’s management team will host the conference call, followed by a question-and-answer period. The Company will provide its financial results in a press release prior to the call.

    Date: Wednesday, August 6, 2025
    Time: 5:00 p.m. Eastern Time
    Toll-free dial-in number: (877) 605-1792
    International dial-in number: (201) 689-8728
    Webcast: ARKO’s Q2 2025 Earnings Call

    A telephonic replay will be available approximately three hours after the call concludes through Friday, September 5, 2025.

    Toll-free replay number: (877) 660-6853
    International replay number: (201) 612-7415
    Replay ID: 13754740

    A link to the live webcast and replay will also be available at https://www.arkocorp.com/news-events/ir-calendar. We encourage all participants to register at least 15 minutes prior to the 5:00 p.m. ET start time. If you have any difficulty registering or connecting with the conference call, please contact Elevate IR at (720) 330-2829.

    About ARKO Corp.

    ARKO Corp. (Nasdaq: ARKO) is a Fortune 500 company that owns 100% of GPM Investments, LLC and is one of the largest operators of convenience stores and wholesalers of fuel in the United States. Based in Richmond, VA, our highly recognizable Family of Community Brands offers delicious, prepared foods, beer, snacks, candy, hot and cold beverages, and multiple popular quick serve restaurant brands. We operate in four reportable segments: retail, which includes convenience stores selling merchandise and fuel products to retail customers; wholesale, which supplies fuel to independent dealers and consignment agents; fleet fueling, which includes the operation of proprietary and third-party cardlock locations and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites; and GPM Petroleum, which sells and supplies fuel to our retail and wholesale sites and charges a fixed fee, primarily to our fleet fueling sites. To learn more about GPM stores, visit: www.gpminvestments.com. To learn more about ARKO, visit: www.arkocorp.com.

    Company Contact
    Jordan Mann
    ARKO Corp.
    investors@gpminvestments.com

    Investor Contact
    Sean Mansouri, CFA
    Elevate IR
    (720) 330-2829
    ARKO@elevate-ir.com

    The MIL Network –

  • MIL-OSI: PennantPark Investment Corporation’s Unconsolidated Joint Venture, PennantPark Senior Loan Fund, LLC Completes the Partial Refinancing of its $300 Million Securitization, Lowering the Cost of Financing

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 23, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (the “Company”) (NYSE: PNNT) today announced that PennantPark Senior Loan Fund, LLC (“PSLF”) through PSLF’s wholly-owned and consolidated subsidiary, PennantPark CLO VII, LLC (“CLO VII”) has closed the partial refinancing of its $300 million debt securitization.

    The partial refinancing of this securitization (the “Debt”) impacted the following tranches:

    Class Par Amount
    ($ in millions)    		 Coupon Expected Rating
    (S&P)    		 Issuance Price
    B-R Loans $21,000,000 3 Mo SOFR + 1.95% AA 100.0%
    C-R Loans 24,000,000 3 Mo SOFR + 2.30% A 100.0%
    D-R Loans 18,000,000 3 Mo SOFR + 3.35% BBB- 100.0%
             

    “The partial refinancing of this PSLF securitization is a continued testament to the strength of the Company’s platform, and highlights our ability to take advantage of an attractive market to reprice our liabilities lower,” said Arthur Penn, Chief Executive Officer. “The partial refinancing of CLO VII is expected to result in a significant reduction in the Company’s and PSLF’s cost of capital, which should allow PSLF to continue to achieve attractive returns on invested capital. PennantPark currently manages approximately $4.0 billion in middle market assets in securitizations, and we look forward to continued growth.”

    PSLF will continue to retain the Subordinated Notes through a consolidated subsidiary. In addition, PSLF continues to act as retention holder in the transaction to retain exposure to the performance of the securitized assets. BNP Paribas acted as lead placement agent on the CLO transaction.

    The Debt offered as part of this securitization have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by PSLF. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the Debt 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 PENNANTPARK INVESTMENT CORPORATION

    PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

    ABOUT PENNANTPARK SENIOR LOAN FUND, LLC

    PennantPark Senior Loan Fund, LLC, is a joint venture between PennantPark Investment Corporation and Pantheon Ventures (UK), LLP and primarily invests in U.S. middle market companies whose debt is rated below investment grade.

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC (“PennantPark”) is a leading middle market credit platform, managing approximately $10 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark is headquartered in Miami, and has offices in New York, Chicago, Houston, Los Angeles Amsterdam and Zurich.

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act.  All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

    CONTACT:
    Richard T. Allorto, Jr.
    PennantPark Investment Corporation
    (212) 905-1000
    www.pennantpark.com

    The MIL Network –

  • MIL-OSI: PennantPark Investment Corporation’s Unconsolidated Joint Venture, PennantPark Senior Loan Fund, LLC Completes the Partial Refinancing of its $300 Million Securitization, Lowering the Cost of Financing

    Source: GlobeNewswire (MIL-OSI)

    MIAMI, July 23, 2025 (GLOBE NEWSWIRE) — PennantPark Investment Corporation (the “Company”) (NYSE: PNNT) today announced that PennantPark Senior Loan Fund, LLC (“PSLF”) through PSLF’s wholly-owned and consolidated subsidiary, PennantPark CLO VII, LLC (“CLO VII”) has closed the partial refinancing of its $300 million debt securitization.

    The partial refinancing of this securitization (the “Debt”) impacted the following tranches:

    Class Par Amount
    ($ in millions)    		 Coupon Expected Rating
    (S&P)    		 Issuance Price
    B-R Loans $21,000,000 3 Mo SOFR + 1.95% AA 100.0%
    C-R Loans 24,000,000 3 Mo SOFR + 2.30% A 100.0%
    D-R Loans 18,000,000 3 Mo SOFR + 3.35% BBB- 100.0%
             

    “The partial refinancing of this PSLF securitization is a continued testament to the strength of the Company’s platform, and highlights our ability to take advantage of an attractive market to reprice our liabilities lower,” said Arthur Penn, Chief Executive Officer. “The partial refinancing of CLO VII is expected to result in a significant reduction in the Company’s and PSLF’s cost of capital, which should allow PSLF to continue to achieve attractive returns on invested capital. PennantPark currently manages approximately $4.0 billion in middle market assets in securitizations, and we look forward to continued growth.”

    PSLF will continue to retain the Subordinated Notes through a consolidated subsidiary. In addition, PSLF continues to act as retention holder in the transaction to retain exposure to the performance of the securitized assets. BNP Paribas acted as lead placement agent on the CLO transaction.

    The Debt offered as part of this securitization have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state “blue sky” laws, and may not be offered or sold in the United States absent registration under Section 5 of the Securities Act or an applicable exemption from such registration requirements. The CLO is a form of secured financing incurred and consolidated by PSLF. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the Debt 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 PENNANTPARK INVESTMENT CORPORATION

    PennantPark Investment Corporation is a business development company which primarily invests in U.S. middle market private companies in the form of first lien secured debt, second lien secured debt, subordinated debt and equity investments. PennantPark Investment Corporation is managed by PennantPark Investment Advisers, LLC.

    ABOUT PENNANTPARK SENIOR LOAN FUND, LLC

    PennantPark Senior Loan Fund, LLC, is a joint venture between PennantPark Investment Corporation and Pantheon Ventures (UK), LLP and primarily invests in U.S. middle market companies whose debt is rated below investment grade.

    ABOUT PENNANTPARK INVESTMENT ADVISERS, LLC

    PennantPark Investment Advisers, LLC (“PennantPark”) is a leading middle market credit platform, managing approximately $10 billion of investable capital, including available leverage. Since its inception in 2007, PennantPark has provided investors access to middle market credit by offering private equity firms and their portfolio companies as well as other middle market borrowers a comprehensive range of creative and flexible financing solutions. PennantPark is headquartered in Miami, and has offices in New York, Chicago, Houston, Los Angeles Amsterdam and Zurich.

    FORWARD-LOOKING STATEMENTS

    This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You should understand that under Section 27A(b)(2)(B) of the Securities Act and Section 21E(b)(2)(B) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 do not apply to forward-looking statements made in periodic reports PennantPark Investment Corporation files under the Exchange Act.  All statements other than statements of historical facts included in this press release are forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the Securities and Exchange Commission. PennantPark Investment Corporation undertakes no duty to update any forward-looking statement made herein. You should not place undue influence on such forward-looking statements as such statements speak only as of the date on which they are made.

    CONTACT:
    Richard T. Allorto, Jr.
    PennantPark Investment Corporation
    (212) 905-1000
    www.pennantpark.com

    The MIL Network –

  • MIL-OSI Banking: Facilitator cites “strong engagement” in initial WTO reform consultations

    Source: WTO

    Headline: Facilitator cites “strong engagement” in initial WTO reform consultations

    Ambassador Ølberg, who was appointed by General Council Chair Ambassador Saqer Abdullah Almoqbel (Kingdom of Saudi Arabia) in early June to serve as facilitator for the reform discussions, noted that he has conducted two rounds of consultation involving nearly 100 members, with the discussion structured around three indicative tracks:

    governance (institutional issues)
    fairness (level playing field and balanced trade)
    “issues of our time”

    “What is already clear is this: across all three tracks, there is strong engagement, serious thinking, and a shared sense that reform is both necessary and urgent — even if views differ on the details,” the facilitator said.
    The “next phase of our work is about focus, discipline, and delivery,” he added. “From the consultations so far, one thing is clear — we have a wide range of perspectives … Our goal is not to solve every issue now. It’s to identify where ministers can add the guidance needed to move forward decisively after MC14.”
    At their 12th Ministerial Conference in 2022, WTO members agreed to undertake a comprehensive review of the WTO’s functions in order to ensure the organization is capable of responding more effectively to both the challenges facing the multilateral trading system and the opportunities provided by contemporary developments in global trade.
    Speaking after more than 60 members took the floor to react to the facilitator’s report, Director-General Ngozi Okonjo-Iweala said she was “encouraged with what I’m hearing.”
    “I agree with those who say that it’s somewhat existential for the organization to seize the opportunity to do this reform,” she said.  “It’s not unusual that views are initially divergent … that being said, there seems to be an unmistakable momentum.”
    A number of members noted the importance of dispute settlement reform, which is being addressed on a separate track. Addressing the General Council, Ambassador Almoqbel referred to his communication to members in early June stating that he and the Dispute Settlement Body (DSB) Chair, Ambassador Clare Kelly (New Zealand), would be closely monitoring the situation on dispute settlement reform and would revert to members at the appropriate time.
    Since that communication, the DSB Chair has been holding “low-key” conversations with members to “check the temperature,” Ambassador Almoqbel said, and these conversations are ongoing.
    Report of the Director-General
    Reporting to the General Council in her capacity as Chair of the Trade Negotiations Committee, Director-General Ngozi Okonjo-Iweala welcomed the submission of Argentina’s instrument of acceptance for the Agreement on Fisheries Subsidies. She noted that only five more acceptances are needed for the Agreement to enter into force, with several already in the pipeline.  She also noted the possibility of convening a special General Council meeting after the summer break to formally receive the additional instruments and mark the Agreement’s entry into force. 
    Regarding the negotiations on additional provisions to the Agreement, DG Okonjo-Iweala said she was encouraged by the strong support expressed by many members to move forward and conclude the negotiations. However, there was value in using the summer break to reflect on how best to advance the discussions, she said.
    The Director-General also invited members to use the summer break to reflect on how to collectively ensure movement on “the negotiating files”, including joint initiatives such as the Investment Facilitation for Development (IFD) Agreement.
    “We cannot have a jam on multilateral negotiations moving forward and a jam on plurilaterals,” DG Okonjo-Iweala said. Otherwise, members risk ending the year with nothing credible to take to the 14th Ministerial Conference (MC14) for consideration, she added. The world is “looking to the WTO, not as a source of stagnation or lack of action, but as a source of stability, predictability, a source of revitalization.”
    Twenty-four members took the floor after the Director-General’s intervention, some speaking on behalf of groups of members, highlighting their issues of interest. 
    Investment facilitation for development
    On the IFD initiative, members were once again unable to reach consensus on the request supported by 127 members to incorporate the IFD Agreement under Annex 4 of the Marrakesh Agreement establishing the WTO. This marked the ninth time the proposal has been submitted to members for adoption.
    Speaking on behalf of the 127 co-sponsors, the Republic of Korea underlined the urgent need to incorporate the Agreement into the WTO framework in order to help members attract investment, in particular for developing and least developed country members. The outlook for global foreign direct investment (FDI) in 2025 remains negative due to escalating trade tensions, geopolitical fragmentation and economic volatility, the Republic of Korea said. The IFD member parties believe that incorporating the Agreement into the WTO will reinforce the credibility and relevance of the organization.
    Three members reiterated their objections to incorporating the IFD Agreement into the WTO multilateral framework. They reiterated their openness to further discussions on the matter.
    Current trade tensions
    China once again introduced a proposal on supporting the multilateral trading system in the current situation. The proposal further elaborates on its “Stability, Development and Reform” (SDR) approach for the WTO, which calls for stability as the cornerstone, development as the priority, and reform as the pathway to support the multilateral trading system as it faces heightened trade turbulence. China said it stands ready to work with all members pragmatically and constructively to collectively safeguard and strengthen the rules-based multilateral trading system.
    Five members took the floor to respond to China’s intervention.
    Brazil introduced an agenda item on respecting the rules-based multilateral trading system. Brazil said the world was witnessing an unprecedented attack on the system and on the credibility of the WTO, with arbitrary tariffs disrupting global value chains and posing risks to the world economy. 
    Even more concerning is a dangerous shift towards the use of tariffs as a tool to interfere in the domestic affairs of third countries, Brazil said. It is essential that the WTO recover its role as a place where all countries can settle disputes and affirm legitimate interests through dialogue and negotiation, Brazil added.
    Fifteen members took the floor to react to Brazil’s statement. DG Okonjo-Iweala said the interventions underlined the importance of WTO reform and responding to the concerns expressed by members.
    Work Programme on Electronic Commerce – Report by the facilitator
    Ambassador Richard Brown (Jamaica), the facilitator for the WTO’s Work Programme on E-Commerce, reported on his recent consultations with members. He said that, overall, members overwhelmingly consider the work programme as an important aspect of the WTO engagement on e-commerce. They would like to see it preserved and made more effective, he added. 
    Ambassador Brown also noted that the “vast majority” of members support the extension of the WTO’s customs duties moratorium on electronic transmissions, with some preferring either longer periods for the moratorium or a permanent decision. At the same time, a few delegations continue to raise concerns related to revenue losses and policy space limitations, he added.
    Ministers at the 13th Ministerial Conference in 2024 agreed to maintain the moratorium until MC14 or 31 March 2026, whichever is earlier. Both the moratorium and the Work Programme are set to expire on that date. MC14 is scheduled for 26-29 March 2026.
    Transition support measures in favour of countries graduated from the LDC category
    Gambia, on behalf of the Group of Least Developed Countries (LDCs), introduced the group’s latest proposal regarding additional transition measures in favour of countries graduated from the LDC category. The measures are in recognition that the phasing-out of international support measures associated with LDC status can present challenges for graduating LDCs as they seek to integrate more fully into the global economy.
    Next meeting
    The next regular meeting of the General Council is tentatively scheduled for 6-7 October.

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    MIL OSI Global Banks –

  • MIL-OSI Banking: Verizon Delivers a one-two punch with Best Wireless Network Performance results:

    Source: Verizon

    Headline: Verizon Delivers a one-two punch with Best Wireless Network Performance results:

    NEW YORK – Another day, another set of network victories for the wireless provider serving the most mobility and broadband customers in the U.S.¹ In back-to-back benchmarking reports, Verizon continues its award-winning momentum as J.D. Power – the global leader in consumer insights, advisory services and data and analytics – names Verizon America’s Most Awarded Brand for Network Quality, 35 times in a row in the J.D. Power 2025 U.S. Wireless Network Quality Study – Volume 2. Meanwhile, the industry-leading wireless provider dominates the 1H 2025 RootMetrics study, claiming top spots for Best 5G Network; Fastest 5G Network; and Most Reliable 5G Network.

    “When you’re named the Most Awarded Brand for Network Quality, 35 Times in a Row by the gold standard for customer satisfaction and service quality ratings, it explains why more customers, businesses, sports leagues and everyone in between choose Verizon,” said Joe Russo, EVP & President, Global Network and Technology, Verizon. “This recognition just reinforces what we- and our customers- have always known: Verizon delivers unmatched quality, unwavering reliability and innovative connectivity that people count on whenever and wherever it matters most.”

    Verizon’s latest recognition underscores its ongoing streak of industry leadership and network excellence.  As 5G reshapes the wireless landscape, Verizon continues to set the standard with a durable, high-performing network that delivers for millions of customers nationwide.  This momentum reflects the company’s relentless investment and forward-thinking strategy, ensuring that Verizon remains at the forefront of connectivity and innovation.

    A true differentiator in the industry, Verizon stands apart through the depth and versatility of its network offerings, delivering exceptional value for customers, including:

    • Unmatched reliability and coverage: Verizon’s awarding-winning 5G and 4G LTE networks deliver coast-to-coast coverage, keeping customers connected in bustling cities and remote communities alike.  The networks’ proven performance means fewer dropped calls and dependable service when it matters most and to complement Verizon’s industry leading network coverage, its satellite services remain free of charge to Verizon customers.
    • 5G leadership that sets the pace: Verizon’s 5G Ultra Wideband continues to raise the bar, offering blazing-fast speeds and ultra-low latency for streaming, gaming and remote work.  With dedicated mmWave and C-band spectrum now reaching more than 280 million people, and expanding.
    • Consistent speed, even in high-traffic moments: Verizon’s ongoing network investments enable fast, reliable connections—even in crowded stadiums, busy downtowns and during peak hours.
    • Powering innovation for critical sectors: From utilities and transportation to public safety, Verizon’s advanced network delivers secure, low-latency solutions that drive smart grid technology, IoT deployments and private networks.  The Verizon Frontline Innovation Program continues to deliver next-generation tools for first responders and essential services.
    • Security at every level: Verizon prioritizes network security, employing robust measures to protect customer data and communications.  This is especially important for government agencies and critical infrastructure, where advanced cybersecurity safeguards sensitive information.

    Verizon keeps raising the bar for what’s possible in connectivity, powering experiences that make lives better. As the model of excellence for network quality and 5G performance, Verizon delivers exceptional value to its customers by combining its industry-leading network, compelling customer offerings, and AI-powered customer experience innovations that set a new standard for what customers can expect.  The  Verizon team isn’t just leading today– they are shaping the future of how people live, work and play. 

    MIL OSI Global Banks –

  • MIL-Evening Report: Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics has hurt the famous women traders

    Source: The Conversation (Au and NZ) – By Fidele B. Ebia, Postdoctoral fellow, Duke Africa Initiative, Duke University

    The manufacturing of African print textiles has shifted to China in the 21st century. While they are widely consumed in African countries – and symbolic of the continent – the rise of “made in China” has undermined the African women traders who have long shaped the retail and distribution of this cloth.

    For many decades Vlisco, the Dutch textile group which traces its origins to 1846 and whose products had been supplied to west Africa by European trading houses since the late 19th century, dominated manufacture of the cloth. But in the last 25 years dozens of factories in China have begun to supply African print textiles to west African markets. Qingdao Phoenix Hitarget Ltd, Sanhe Linqing Textile Group and Waxhaux Ltd are among the best known.

    We conducted research to establish how the rise of Chinese-made cloth has affected the African print textiles trade. We focused on Togo. Though it’s a tiny country with a population of only 9.7 million, the capital city, Lomé, is the trading hub in west Africa for the textiles.

    We conducted over 100 interviews with traders, street sellers, port agents or brokers, government officials and representatives of manufacturing companies to learn about how their activities have changed.

    “Made in China” African print textiles are substantially cheaper and more accessible to a wider population than Vlisco fabric. Our market observations in Lomé’s famous Assigamé market found that Chinese African print textiles cost about 9,000 CFA (US$16) for six yards – one complete outfit. Wax Hollandais (50,000 CFA or US$87) cost over five times more.

    Data is hard to come by, but our estimates suggest that 90% of imports of these textiles to Lomé port in 2019 came from China.

    One Togolese trader summed up the attraction:

    Who could resist a cloth that looked similar, but that cost much less than real Vlisco?

    Our research shows how the rise of China manufactured cloth has undermined Vlisco’s once dominant market share as well as the monopoly on the trade of Dutch African print textiles that Togolese traders once enjoyed.

    The traders, known as Nana-Benz because of the expensive cars they drove, once enjoyed an economic and political significance disproportionate to their small numbers. Their political influence was such that they were key backers of Togo’s first president, Sylvanus Olympio – himself a former director of the United Africa Company, which distributed Dutch cloth.

    In turn, Olympio and long-term leader General Gnassingbé Eyadéma provided policy favours – such as low taxes – to support trading activity. In the 1970s, African print textile trade was considered as significant as the phosphate industry – the country’s primary export.

    Nana-Benz have since been displaced – their numbers falling from 50 to about 20. Newer Togolese traders – known as Nanettes or “little Nanas” – have taken their place. While they have carved out a niche in mediating the textiles trade with China, they have lower economic and political stature. In turn, they too are increasingly threatened by Chinese competition, more recently within trading and distribution as well.

    China displaces the Dutch

    Dating back to the colonial period, African women traders have played essential roles in the wholesale and distribution of Dutch cloth in west African markets. As many countries in the region attained independence from the 1950s onwards, Grand Marché – or Assigamé – in Lomé became the hub for African print textile trade.

    While neighbouring countries such as Ghana limited imports as part of efforts to promote domestic industrialisation, Togolese traders secured favourable conditions. These included low taxes and use of the port.

    Togolese women traders knew the taste of predominantly female, west African customers better than their mostly male, Dutch designers. The Nana-Benz were brought into the African print textile production and design process, selecting patterns and giving names to designs they knew would sell.

    They acquired such wealth from this trade that they earned the Nana-Benz nickname from the cars they purchased and which they used to collect and move merchandise.

    Nana-Benz exclusivity of trading and retailing of African print textiles cloth in west African markets has been disrupted. As Vlisco has responded to falling revenues – over 30% in the first five years of the 21st century – due to its Chinese competition, Togolese traders’ role in the supply chain of Dutch cloth has been downgraded.

    In response to the flood of Chinese imports, the Dutch manufacturer re-positioned itself as a luxury fashion brand and placed greater focus on the marketing and distribution of the textiles.

    Vlisco has opened several boutique stores in west and central Africa, starting with Cotonou (2008), Lomé (2008) and Abidjan (2009). The surviving Nana-Benz – an estimated 20 of the original 50 – operate under contract as retailers rather than traders and must follow strict rules of sale and pricing.

    While newer Togolese traders known as Nanettes are involved in the sourcing of textiles from China, they have lower economic and political stature. Up to 60 are involved in the trade.

    Former street sellers of textiles and other petty commodities, Nanettes began travelling to China in the early to mid-2000s to source African print textiles. They are involved in commissioning and advising on the manufacturing of African print textiles in China and the distribution in Africa.

    While many Nanettes order the common Chinese brands, some own and market their own. These include what are now well-known designs in Lomé and west Africa such as “Femme de Caractère”, “Binta”, “Prestige”, “Rebecca Wax”, “GMG” and “Homeland”.

    Compared to their Nana-Benz predecessors, the Nanettes carve out their business from the smaller pie available from the sale of cheaper Chinese cloth. Though the volumes traded are large, the margins are smaller due to the much lower final retail price compared to Dutch cloth.

    After procuring African print textiles from China, Nanettes sell wholesale to independent local traders or “sellers” as well as traders from neighbouring countries. These sellers in turn break down the bulk they have purchased and sell it in smaller quantities to independent street vendors.

    All African print textiles from China arrive in west Africa as an incomplete product – as six-yard or 12-yard segments of cloth, not as finished garments. Local tailors and seamstresses then make clothes according to consumer taste. Some fashion designers have also opened shops where they sell prêt-à-porter (ready-to-wear) garments made from bolts of African print and tailored to local taste. Thus, even though the monopoly of the Nana-Benz has been eroded, value is still added and captured locally.

    Since the COVID-19 pandemic, Chinese actors have become more involved in trading activity – and not just manufacturing. The further evolution of Chinese presence risks an even greater marginalisation of locals, already excluded from manufacturing, from the trading and distribution end of the value chain. Maintaining their role – tailoring products to local culture and trends and linking the formal and informal economy – is vital not just for Togolese traders, but also the wider economy.

    Rory Horner receives funding from the British Academy Mid-Career Fellowship. He is also a Research Associate at the Department of Geography, Environmental Management and Energy Studies at the University of Johannesburg.

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

    – ref. Togo’s ‘Nana-Benz’: how cheap Chinese imports of African fabrics has hurt the famous women traders – https://theconversation.com/togos-nana-benz-how-cheap-chinese-imports-of-african-fabrics-has-hurt-the-famous-women-traders-260924

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: 4.48 Psychosis revival: the play’s window into a mind on the edge is as brutal as ever

    Source: The Conversation (Au and NZ) – By Leah Sidi, Associate Professor of Health Humanities, UCL

    Under bright lights, the audience looks at a bare stage on two planes. Below, a small stage is white and empty, occupied only by a table and two chairs. Above, a huge, slanted mirror reflects a bird’s-eye view of the stage to the audience. Three middle-aged figures enter the stage without looking at each other. One lies down, staring into the mirror. One stands and one sits. For the next 70 minutes, they will never hold one another’s gaze.

    This is the revival of Sarah Kane’s play 4.48 Psychosis. The production takes place 25 years after the original work, bringing the original cast and creative team back to the Royal Court where the play was first staged – now transferred to The Other Place, a small theatre run by the Royal Shakespeare Company.

    It replicates the staging of the original with precision. The same faces are on the same set, making the same gestures. Even the projections of the street outside show cars from the 1990s. And yet, because this is theatre, there are inevitable differences.

    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

    The play is a revival and a commemoration. Kane wrote 4.48 Psychosis in the year leading up to her death by suicide in 1999 and completed it during her final stay in a psychiatric hospital. It stages the experience of a suicidal and psychotic mind breaking down.

    About a week after sending the play to her agent, Kane ended her own life. A year later, the original production was staged at the Royal Court, directed by her long-term collaborator James Macdonald and starring three young actors: Daniel Evans, Madeleine Potter and Jo McInnes. All three have returned for this revival.

    4.48 Psychosis is a highly experimental play. It contains dialogue between doctor and patient, poetry, seemingly psychotic speech, lists and quotations from literature and medical documents. In her aims for the play, Kane was both very open and very specific. She described the play in an interview at Royal Holloway University as an attempt to stage the experience of a mind breaking down:

    I’m writing a play called 4:48 Psychosis … It’s about a psychotic breakdown and what happens in a person’s mind when the barriers which distinguish between reality and different forms of imagination completely disappear … you no longer know where you stop and the world starts.

    What’s more, through an experimental style, Kane hoped to make her audience experience some of the distress experienced by the mental collapse being staged. She described this as “making form and content one”.

    How this strange work was to be staged was to be left up to future creatives. She didn’t specify how many actors should perform the work, or provide references to their age or gender. Kane believed that as a playwright, her job was to write the work, and then let directors figure it out.

    The result was that the first performance split the experience of breakdown across three actors. At times, they take on more specific roles such as a patient, a doctor, and a lover or bystander. At others, they all seem to occupy a shared mental reverie.

    Since the original production, 4.48 Psychosis has been staged in multiple ways around the world. French actor Isabelle Huppert performed the first French production largely as a monologue in 2005, with occasional lines delivered by Gérard Watkins as a psychiatrist. Recently in the UK it has been transformed into a successful opera in which a six-person ensemble and full orchestra performed the play’s “hive mind”, and has been performed in a plastic box in British Sign Language.

    When it was first performed in 2000, a year after Kane’s death, the play left a profound impression on its audiences. It was arguably one of the most brutal, head-on representations of mental illness that had ever been seen in British theatre. Reviews from that first production discuss anxieties about whether the play should be viewed as a “suicide note” – a disturbingly “real” reference to Kane’s death.

    Today, such anxieties may seem less relevant. After all, over two decades have passed since Kane’s death, and we are in a very different world when it comes to how we view disclosure of personal struggle. In a culture of mental health awareness campaigns and social media oversharing, the closeness of Kane’s suffering to her work seems less scandalous, and perhaps less unsettling.

    At times, this revival feels a bit more like a repetition, or archival reconstruction than a fresh performance. There are moments that feel dated – for example, the use of pixelated projections.

    The most compelling moments were where something original was introduced due to the more advanced ages of the actors. In my experience, the play is typically performed by a younger cast, as a rageful, energetic cry of despair. It hits differently with a cast in their fifties.

    Madeleine Potter’s resigned, ironic complaints about being mistreated by “Dr This and Dr That” gave the impression of a woman with a lifetime’s experience of inadequate mental health services. And Jo McInnes’s desperate monologue about lost love could be referencing an estranged or dead child, as much as a lover.

    These moments inserted something new into Kane’s iconic last work and underlined that mental suffering is far from being the privilege of the young. More of a slow burn than an explosive cry of anger, this return to 4.48 Psychosis explores mental torment that can persist over a lifetime, revealing it to be as relevant as ever.

    4.48 Psychosis is at The Other Place until July 27.

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

    – ref. 4.48 Psychosis revival: the play’s window into a mind on the edge is as brutal as ever – https://theconversation.com/4-48-psychosis-revival-the-plays-window-into-a-mind-on-the-edge-is-as-brutal-as-ever-261430

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Immigration courts hiding the names of ICE lawyers goes against centuries of precedent and legal ethics requiring transparency in courts

    Source: The Conversation (Au and NZ) – By Cassandra Burke Robertson, Professor of Law and Director of the Center for Professional Ethics, Case Western Reserve University

    Some immigration courts have allowed ICE attorneys to conceal their names during proceedings. Jacob Wackerhausen/iStock via Getty Images

    Something unusual is happening in U.S. immigration courts. Government lawyers are refusing to give their names during public hearings.

    In June 2025, Immigration Judge ShaSha Xu in New York City reportedly told lawyers in her courtroom: “We’re not really doing names publicly.” Only the government lawyers’ names were hidden – the immigrants’ attorneys had to give their names as usual. Xu cited privacy concerns, saying, “Things lately have changed.”

    When one immigration lawyer objected that the court record would be incomplete without the government attorney’s name, Xu reportedly refused to provide it. In another case, New York immigration Judge James McCarthy in July referred to the U.S. Immigration and Customs Enforcement, or ICE, attorney as merely “Department” throughout the hearing.

    New York immigration Judge Shirley Lazare-Raphael told The Intercept that some ICE attorneys believe it is “dangerous to state their names publicly.” This follows a broader pattern of ICE agents wearing masks during arrests to hide their identities.

    This secrecy violates a fundamental principle that has protected Americans for centuries: open courts. Here’s how those courts operate and why the principle governing them matters.

    Hiding of ICE attorneys’ names in court fits a broader pattern seen here outside a New York immigration courtroom of ICE agents wearing masks.
    AP Photo/Olga Fedorova

    ‘Presumption of openness’

    The U.S. legal system is built on openness, with multiple layers of legal protection that guarantee public access to court proceedings.

    This tradition of open courts developed as a direct rejection of secret judicial proceedings that had been used to abuse power in England. The notorious Star Chamber operated in secret from the 15th to 17th centuries, initially trying people “too powerful to be brought before ordinary common-law courts.”

    But the Star Chamber eventually became a tool of oppression, using torture to obtain confessions and punishing jurors who ruled against the Crown. Parliament abolished it in 1641 after widespread abuses.

    By the time American colonial courts were established, the reaction against the Star Chamber had already shaped English legal thinking toward openness. American courts adopted this principle of transparency from the beginning, rejecting the secretive proceedings that had enabled abuse.

    Today, the term “star chamber” refers to any secret court proceeding that seems grossly unfair or is used to persecute individuals.

    In the U.S., courts have repeatedly emphasized that “justice faces its gravest threat when courts dispense it secretly.” The First Amendment gives the public a right to observe judicial proceedings. The Supreme Court has ruled that “a presumption of openness inheres in the very nature of a criminal trial under our system of justice.”

    Every federal appeals court has recognized that this constitutional right extends to civil cases too, with some exceptions such as protecting “the parties’ privacy, confidential business information, or trade secrets.” Federal court rules require that trials be “conducted in open court” and that witness testimony be “taken in open court unless otherwise provided.”

    Many state constitutions also guarantee open courts – such as Oregon’s mandate that “no court shall be secret.”

    While there’s no explicit law requiring attorneys to be publicly named, there’s also no policy allowing their names to be kept secret. The presumption is always toward openness.

    In response to these recent developments, law professor Elissa Steglich said that she’d “never heard of someone in open court not being identified,” and that failing to identify an attorney could impair accountability “if there are unethical or professional concerns.”

    Rules for anonymity

    Courts sometimes allow anonymity, but only in specific circumstances.

    Juries can be anonymous when there’s “substantial danger of harm or undue influence,” as legal expert Michael Crowell writes – like in high-profile organized crime cases or when defendants have tried to intimidate witnesses before. Even then, the lawyers still know the jurors’ names.

    Similarly, parties to a lawsuit can sometimes use pseudonyms like “Jane Doe” when the case involves highly sensitive matters such as sexual abuse, or when there’s a real risk of physical retaliation.

    But these rare exceptions require careful court review.

    What’s happening with ICE attorneys is different. There’s no formal court ruling allowing it, no specific safety findings and no established legal process.

    Immigration courts have fewer protections

    Immigration courts operate differently from regular federal courts. They are so-called “administrative courts” that are part of the executive branch, not the judicial branch.

    These courts decide claims involving an individual’s right to stay in the U.S., either when the government seeks to remove someone from the country for violating immigration law or when an individual seeks to stay in the country through the asylum process.

    Immigration judges lack the lifetime job protections that regular federal judges have. As executive branch government employees, they can be hired and fired, just like other Department of Justice employees.

    People in immigration court also have fewer procedural protections than criminal defendants. They have no right to court-appointed counsel and must represent themselves unless they can afford to hire an attorney. The majority of immigrants appear without an attorney. Outcomes are better for those who can afford to hire counsel.

    Immigration court records are also less accessible to the public than other federal court proceedings.

    For years, the Board of Immigration Appeals, the nation’s highest immigration court, made less than 1% of its opinions publicly available. A federal court ruled that public disclosure was required; the Board of Immigration Appeals now posts its decisions online.

    However, lower immigration court decisions are rarely made public.

    Because immigration courts operate with less oversight than regular federal courts, public observation becomes more critical.

    Open courts aren’t just about legal procedure – they’re about democracy itself. When the public can observe how justice is administered, it builds confidence that the system is fair.

    Federal agents patrol the halls of immigration court at the Jacob K. Javitz Federal Building on July 21, 2025, in New York City.
    Michael M. Santiago/Getty Images

    Court watching protects transparency

    Court watching has become an important way for citizens to ensure due process is honored, especially in immigration cases.

    Observers can monitor whether proper legal procedures are being followed. They can watch for signs that attorneys are prepared, treating people respectfully and following court rules – regardless of whether those attorneys identify themselves.

    Observers help track trends such as lack of legal representation, language barriers or procedural unfairness that can inform advocacy for reforms. This kind of public oversight is especially important in immigration court, where people often don’t have lawyers and may not understand their rights.

    When community members bear witness to these proceedings, it helps ensure the system operates fairly and transparently.

    Professional ethics and accountability

    As a law professor who runs a law school’s Center for Professional Ethics, I can say that while there’s no specific law forcing ICE attorneys to identify themselves, they are still bound by rules of professional conduct that require accountability and transparency.

    State bar associations have clear standards about attorney conduct in court proceedings. The American Bar Association’s Model Rules of Professional Conduct emphasize that lawyers are “officers of the legal system” with duties to uphold its integrity.

    Immigration judges, despite being government employees rather than lifetime-tenured federal judges, are also bound by judicial conduct codes that require them to uphold public confidence in the justice system. When judges allow or encourage anonymity without formal procedures or safety findings, they risk violating these ethical obligations.

    Bar associations can investigate professional conduct violations and impose sanctions ranging from reprimands to suspension or disbarment. While enforcement against federal government lawyers has historically been uncommon, sustained documentation by court observers can provide the evidence needed for formal complaints.

    While government attorneys, judges and other court personnel may face real safety concerns, hiding their identities in open court is unprecedented and breaks with centuries of legal tradition that requires accountability and transparency in our justice system.

    As pressure mounts to process immigration cases quickly, courts are ethically and legally bound to ensure that speed doesn’t come at the expense of fundamental fairness and transparency.

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

    – ref. Immigration courts hiding the names of ICE lawyers goes against centuries of precedent and legal ethics requiring transparency in courts – https://theconversation.com/immigration-courts-hiding-the-names-of-ice-lawyers-goes-against-centuries-of-precedent-and-legal-ethics-requiring-transparency-in-courts-261452

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Almost a third of NZ households face energy hardship – reform has to go beyond cheaper off-peak power

    Source: The Conversation (Au and NZ) – By Kimberley O’Sullivan, Senior Research Fellow, He Kainga Oranga – Housing and Health Research Programme, University of Otago

    Igor Suka/Getty Images

    The spotlight is again on New Zealand’s energy sector, with a group of industry bodies and independent retailers pushing for a market overhaul, saying the sector was “broken” and “driving up the cost of living”.

    The Commerce Commission and the Electricity Authority has already established a joint task force, after prices peaked in 2024, to investigate ways to improve the performance of the electricity market.

    The Authority recently announced new rules requiring larger electricity retailers to offer lower off-peak power prices from next year. The government is also expected to make further announcements on the sector.

    But the question is whether these changes will do enough to help New Zealanders live affordably in dry and warm homes.

    Some 30% of households face energy hardship. This means they struggle to afford or access sufficient energy to meet their daily needs.

    Caused by a combination of poor housing quality, high energy costs and the specific needs of vulnerable residents, energy hardship can lead to serious health issues and high hospital admission costs.

    We know from our own research over the past 18 years that having power disconnected can negatively affect health and wellbeing.

    People have told us that not being able to afford enough power to keep warm made them more likely to get sick and exacerbated existing health conditions. They described mental distress from unaffordable electricity and the threat of disconnection.

    Research participants used words such as “stressed”, “anxious” or “depressed”. They also spoke about having to choose between food and power bills.

    If power is disconnected, there can be additional costs from losing food in the fridge and freezer, as well as the problem of paying disconnection and reconnection fees when people already can’t afford the bill.

    What’s driving up power bills?

    In 2024, a “dry year” that increased the value of hydro generation, combined with lower-than-usual wind and declining supply of gas, resulted in wholesale electricity price spikes. But these winter shortages aren’t the only factor pushing up power bills.

    Electricity bills reflect several costs along the supply chain from generation to getting the electricity to the sockets in our homes. A new regulatory period for lines charges from April 2025 increased bills by $10 to $25 per month, depending on where you live.

    At the same time, low fixed daily charges are being phased out. This means the cost of being connected to the grid is the same no matter how much power is used.

    It is the poorest New Zealanders who are being hardest hit. The lowest income households spend a bigger proportion of their income on power compared to higher income households. Having electricity prices increase faster than inflation will put even more families at risk.

    The average household electricity bill was up 8.7% in May 2025 compared to June 2024. According to a recent Consumer NZ survey, 20% of respondents said they struggled to pay their power bill in the past year.

    Tackling hardship

    The new Consumer Care Obligations might help reduce some of the risks. Power companies must now comply with these obligations when working with households struggling to pay their bills, are facing disconnection or have someone in the home who is medically dependent on electricity.

    If households feel their power company is not meeting these obligations, they can contact Utilities Disputes, a free independent electricity and gas complaint resolution service, or the Electricity Authority.

    But multiple changes are needed to address the different parts of the energy hardship problem. Improving home energy efficiency through schemes like Warmer Kiwi Homes is crucial.

    Introducing an Energy Performance Rating for houses would make it easier for home buyers and renters to know how much it will cost to power a home before they move in. This would also help target energy hardship support.

    The government can also make electricity more affordable by supporting not-for-profit power companies. Another good move would be to help more households to install rooftop solar by providing access to long-term low-interest finance.

    Lower prices during off-peak hours are a good start. But it is clear the sheer size and complexity of the problems mean government action, with community and industry collaboration, needs to go beyond slightly cheaper electricity when there is less demand.

    Kimberley O’Sullivan receives funding from a Rutherford Discovery Fellowship administered by the Royal Society Te Apārangi, the Health Research Council, the Ministry of Business, Employment, and Innovation, and Lotteries Health Research.

    – ref. Almost a third of NZ households face energy hardship – reform has to go beyond cheaper off-peak power – https://theconversation.com/almost-a-third-of-nz-households-face-energy-hardship-reform-has-to-go-beyond-cheaper-off-peak-power-259140

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI USA News: Small Business Sentiment Surges as the One Big Beautiful Bill Takes Effect

    Source: US Whitehouse

    “Small business owners are matching the market with increased confidence,” CNBC reports in their latest Small Business Survey — which shows a renewed sense of economic optimism as President Donald J. Trump’s policies deliver results and as the landmark One Big Beautiful Bill takes effect.

    Here’s what you need to know:

    MIL OSI USA News –

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Secures Unprecedented U.S.–Japan Strategic Trade and Investment Agreement

    Source: US Whitehouse

    A HISTORIC TRADE AND INVESTMENT AGREEMENT WITH JAPAN: Yesterday, President Donald J. Trump announced a landmark economic agreement with Japan—one of America’s closest allies and most important trading partners.

    • This historic deal reflects the strength of the U.S.–Japan relationship and Japan’s recognition of the United States as the most attractive and secure destination for strategic investment in the world.
    • The agreement reaffirms the shared commitment of both nations to economic prosperity, industrial leadership, and long-term security. It delivers a powerful signal that the U.S.–Japan alliance is not only a cornerstone of peace in the Indo-Pacific, but also a driver of global growth and innovation.
    • With over $550 billion in a new Japanese/USA investment vehicle and enhanced access for American exports, this agreement marks a new chapter in bilateral cooperation—one that will unleash the full potential of the U.S. economy, strengthen vital supply chains, and support American workers, communities, and businesses for decades to come.

    RESTORING AMERICAN INDUSTRIAL POWER: Japan will invest $550 billion directed by the United States to rebuild and expand core American industries.

    • This is the single largest foreign investment commitment ever secured by any country and will generate hundreds of thousands of U.S. jobs, expand domestic manufacturing, and secure American prosperity for generations.
    • At President Trump’s direction, these funds will be targeted toward the revitalization of America’s strategic industrial base, including:
      • Energy infrastructure and production, including LNG, advanced fuels, and grid modernization;
      • Semiconductor manufacturing and research, rebuilding U.S. capacity from design to fabrication;
      • Critical minerals mining, processing, and refining, ensuring access to essential inputs;
      • Pharmaceutical and medical production, ending U.S. dependence on foreign-made medicines and supplies;
      • Commercial and defense shipbuilding, including new yards and modernization of existing facilities.
    • The United States will retain 90% of the profits from this investment—ensuring that American workers, taxpayers, and communities reap the overwhelming share of the benefit.
    • This capital surge, combined with the trillions already secured under President Trump’s leadership, will be a key component of a once-in-a-century industrial revival.

    ENSURING BALANCED TRADE THROUGH A PREDICTABLE TARIFF FRAMEWORK: As part of this agreement, imports from Japan will be subject to a baseline 15% tariff rate.

    • In addition to raising billions in revenue, this new tariff framework, combined with expanded U.S. exports and investment-driven production, will help narrow the trade deficit with Japan and restore greater balance to the overall U.S. trade position.
    • This approach reflects the United States’ broader effort to establish a consistent, transparent, and enforceable trade environment—one in which American workers and producers are no longer disadvantaged by outdated or one-sided trade rules.
    • By aligning with this framework, Japan affirms the strength and mutual respect of the U.S.–Japan economic relationship and recognizes the importance of durable trade grounded in fairness.

    SECURING INCREASED MARKET ACCESS FOR AMERICAN PRODUCERS: For decades, U.S. companies have faced barriers when seeking access to Japan’s market. This agreement delivers breakthrough openings across key sectors:

    • Agriculture and Food:
      • Japan will immediately increase imports of U.S. rice by 75%, with a major expansion of import quotas;
      • Japan will purchase $8 billion in U.S. goods, including corn, soybeans, fertilizer, bioethanol, and sustainable aviation fuel.
    • Energy:
      • Major expansion of U.S. energy exports to Japan;
      • The US and Japan are exploring a new offtake agreement for Alaskan liquefied natural gas (LNG).
    • Manufacturing and Aerospace:
      • Japan has committed to purchase U.S.-made commercial aircraft, including an agreement to buy 100 Boeing aircraft;
      • Additional billions of dollars annually of purchases of U.S. defense equipment, enhancing interoperability and alliance security in the Indo-Pacific.
    • Automobiles and Industrial Goods:
      • Longstanding restrictions on U.S. cars and trucks will be lifted, granting U.S. automakers access to the Japanese consumer market; U.S. Automotive standards will be approved in Japan for the first time ever.
      • Broader openings for a range of industrial and consumer goods, leveling the playing field for American producers.

    A GENERATIONAL SHIFT IN U.S.-JAPAN ECONOMIC RELATIONS: This agreement is not merely a trade deal—it is a strategic realignment of the U.S.-Japan economic relationship delivering for the American people.

    • For the first time, the terms of engagement place American industry, innovation, and labor at the center.
    • By securing historic investment and breaking open long-closed markets, President Trump has once again delivered a deal that no one else could deliver—a deal that will help to rebuild the American economy, strengthen our industrial foundation, and safeguard our national strength for decades to come.
    • President Trump is proving that when the United States leads from strength, the world follows—and America wins.

    SECURING LONG-TERM ECONOMIC PARTNERSHIP: This agreement reflects the strong and enduring relationship between the United States and Japan, and it advances the mutual interests of both nations.

    • By aligning on economic and national security, energy reliability, and reciprocal trade, the agreement establishes a foundation for shared prosperity, industrial resilience, and technological leadership.
    • President Trump has once again delivered a transformative outcome for the American people—ensuring that our workers, producers, and innovators are rewarded, respected, and empowered in the global economy.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Tests 5G-Based Aviation Network to Boost Air Taxi Connectivity

    Source: NASA

    NASA engineers are exploring how the technology used in existing cellphone networks could support the next generation of aviation.
    In April and May, researchers at NASA’s Glenn Research Center in Cleveland built two specialized radio systems to study how well fifth-generation cellular network technology, known as 5G, can handle the demands of air taxi communications.
    “The goal of this research is to understand how wireless cellphone networks could be leveraged by the aviation industry to enable new frontiers of aviation operations,” said Casey Bakula, lead researcher for the project, who is based at Glenn. “The findings of this work could serve as a blueprint for future aviation communication network providers, like satellite navigation providers and telecommunications companies, and help guide the Federal Aviation Administration’s plan for future advanced air mobility network requirements in cities.”
    Instead of developing entirely new standards for air taxi communications, NASA is looking to see if the aviation industry could leverage the expertise, experience, and investments made by the cellular industry towards the development of reliable, secure, and scalable aviation networks. If 5G networks could provide an “80% solution” to the challenge, researchers can focus on identifying the remaining 20% that would need to be adapted to meet the needs of the air taxi industry.

    5G networks can manage a lot of data at once and have very low signal transmission delay compared to satellite systems, which could make them ideal for providing location data between aircraft in busy city skies. Ground antennas and networks in cities can help air taxis stay connected as they fly over buildings, making urban flights safer.
    To conduct their tests, NASA researchers set up a system that meets current 5G standards and would allow for future improvements in performance. They placed one radio in the agency’s Pilatus PC-12 aircraft and set up another radio on the roof of Glenn’s Aerospace Communications Facility building. With an experimental license from the Federal Aviation Administration (FAA) to conduct flights, the team tested signal transmissions using a radio frequency band the Federal Communications Commission dedicated for the safe testing of drones and other uncrewed aircraft systems.
    During testing, NASA’s PC-12 flew various flight patterns near Glenn. The team used some of the flight patterns to measure how the signal could weaken as the aircraft moved away from the ground station. Other patterns focused on identifying areas where nearby buildings might block signals, potentially causing interference or dead zones. The team also studied how the aircraft’s angle and position relative to the ground station affected the quality of the connection.
    These initial tests provided the NASA team an opportunity to integrate its new C-Band radio testbed onto the aircraft, verify its basic functionality, and the operation of the corresponding ground station, as well as refine the team’s test procedures. The successful completion of these activities allows the team to begin research on how 5G standards and technologies could be utilized in existing aviation bands to provide air-to-ground and aircraft-to-aircraft communications services. 

    In addition to meeting these initial test objectives, the team also recorded and verified the presence of propeller modulation. This is a form of signal degradation caused by the propeller blades of the aircraft partially blocking radio signals as they rotate. The effect becomes more significant as aircraft fly at the lower altitudes air taxis are expected to operate. The airframe configuration and number of propellers on some of the new air taxi models may cause increased propeller modulation effects, so NASA researchers will study this further.   
    NASA research will provide baseline performance data that the agency will share with the FAA and the advanced air mobility sector of the aviation industry, which explores new air transportation options. Future research looking into cellular network usage will focus on issues such as maximum data speeds, signal-to-noise ratios, and synchronization between aircraft and ground systems. Researchers will be able to use NASA’s baseline data to measure the potential of new changes or features to communications systems.
    Future aircraft will need to carry essential communications systems for command and control, passenger safety, and coordination with other aircraft to avoid collisions. Reliable wireless networks offer the possibility for safe operations of air taxis, particular in cities and other crowded areas.
    This work is led by NASAs Air Mobility Pathfinders project under the Airspace Operations and Safety Program in support of NASA’s Advanced Air Mobility mission.

    MIL OSI USA News –

  • MIL-OSI USA: NASA Tests Mixed Reality Pilot Simulation in Vertical Motion Simulator

    Source: NASA

    Commercial companies and government agencies are increasingly pursuing a more immersive and affordable alternative to conventional displays currently used in flight simulators. A NASA research project is working on ways to make this technology available for use faster. 
    Mixed reality systems where users interact with physical simulators while wearing virtual reality headsets offer a promising path forward for pilot training. But currently, only limited standards exist for allowing their use, as regulators have little to no data on how these systems perform. To address this, NASA’s Ames Research Center in California’s Silicon Valley invited a dozen pilots to participate in a study to test how a mixed-reality flight simulation would perform in the world’s largest flight simulator. 
    “For the first time, we’re collecting real data on how this type of mixed reality simulation performs in the highest-fidelity vertical motion simulator,” said Peter Zaal, a principal systems architect at Ames.  “The more we understand about how these systems affect pilot performance, the closer we are to providing a safer, cost-effective training tool to the aviation community that could benefit everyone from commercial airlines to future air taxi operators.” 

    Mixed reality blends physical and digital worlds, allowing users to see physical items while viewing a desired simulated environment. Flight simulators employing this technology through headset or a similar setup could offer pilots training for operating next-generation aircraft at a reduced cost and within a smaller footprint compared to more traditional flight simulators. This is because pilots could rely more heavily on the visuals provided through the headset instead of large embedded visual displays in a physical motion simulator. 
    During the testing – which ran May 23-30 – pilots donned a headset through which they could see the physical displays and control sticks inside the Vertical Motion Simulator (VMS) cab along with a virtual cockpit overlay of an electric vertical take-off and landing vehicle through the head-mounted display. When the pilots looked toward their windscreens, they saw a virtual view of San Francisco and the surrounding area. 
    Pilots performed three typical flight maneuvers under four sets of motion conditions. Afterward, they were asked to provide feedback on their level of motion sickness while using the head-mounted display and how well the simulator replicated the same movements the aircraft would make during a real flight. 
    An initial analysis of the study shows pilots reported lower ratings of motion sickness than NASA researchers expected. Many shared that the mixed-reality setup inside the VMS felt more realistic and fluid than previous simulator setups they had tested.  
    As part of the test, Ames hosted members of the Federal Aviation Administration Civil Aerospace Medical Institute, which studies factors that influence human performance in aerospace. Pilots from the National Test Pilot School attended a portion of the testing and, independent from the study, evaluated the head-mounted display’s “usable cue environment,” or representation of the visual cues pilots rely on to control an aircraft.  

    NASA will make the test results available to the public and the aviation community early next year. This first-of-its-kind testing – funded by an Ames Innovation Fair Grant and managed by the center’s Aviation Systems Division – paves the way for potential use of this technology in the VMS for future aviation and space missions. 

    MIL OSI USA News –

  • MIL-OSI USA: Travis County Disaster Outreach Center to Extend Days of Operation

    Source: US Federal Emergency Management Agency

    Headline: Travis County Disaster Outreach Center to Extend Days of Operation

    Travis County Disaster Outreach Center to Extend Days of Operation

    AUSTIN, Texas – The Travis County FEMA Disaster Outreach Center will remain open until Friday, July 25, to help survivors of the July storms and flooding

     The center, which opened July 16 and has been serving survivors daily, is located at:Round Mountain Baptist Church 14500 Round Mountain Road Leander, TX 78641Hours: 8 a

    m

    to 8 p

    m

    dailyDates: Monday, July 21, to Friday, July 25Survivors can get face time with representatives from FEMA and the U

    S

    Small Business Administration to answer their questions, help with their disaster applications and review their case file

    The SBA provides disaster loans to homeowners, renters, businesses of all sizes and nonprofit organizations including houses of worship

     For the latest information about the Texas recovery, visit fema

    gov/disaster/4879

    Follow FEMA Region 6 on social media at x

    com/FEMARegion6 and at facebook

    com/FEMARegion6
    toan

    nguyen
    Wed, 07/23/2025 – 14:27

    MIL OSI USA News –

  • MIL-OSI USA: NASA Seeks Industry Concepts on Moon, Mars Communications

    Source: NASA

    NASA is seeking proposals from U.S. companies about innovative Moon and Mars proximity relay communication and navigation capabilities as the agency aims to use private industry satellite communications services for emerging missions.
    On July 7, NASA issued a Request for Proposals, soliciting advanced industry concepts to establish high-bandwidth, high-reliability communications infrastructure between the lunar surface and an Earth-based operations control center, along with concepts that establish a critical communications relay on the Martian surface and transfer data between Mars and the Earth.
    “These partnerships foster important advancements in communications and navigation,” said Greg Heckler, deputy program manager for capability development within NASA’s SCaN (Space Communications and Navigation) Program. “It allows our astronauts, our rovers, our spacecraft – all NASA missions – to expand humanity’s exploration of the Moon, Mars, and beyond.”
    NASA’s request directly supports the agency’s long-term vision of an interoperable space communication and navigation infrastructure that enables science, exploration, and economic development in space. NASA, as one of many customers, will establish a marketplace that supports cost-effective commercial services involving communication needs on and around the Moon and Mars.
    Responses are due by 5 p.m. EDT, Wednesday, Aug. 13.
    NASA’s SCaN Program serves as the management office for the agency’s space communications and navigation. More than 100 NASA and non-NASA missions rely on SCaN’s two networks, the Near Space Network and the Deep Space Network, to support astronauts aboard the International Space Station and future Artemis missions, monitor Earth’s weather, support lunar exploration, and uncover the solar system and beyond.
    Learn more about NASA’s SCaN Program at:
    https://www.nasa.gov/scan
    News Media Contact:Claire O’SheaHeadquarters, Washington202-358-1100claire.a.o’shea@nasa.gov

    MIL OSI USA News –

  • MIL-OSI: Federal Home Loan Bank of New York Announces Second Quarter 2025 Operating Highlights

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended June 30, 2025.   

    “Throughout the first half of 2025, the Federal Home Loan Bank of New York has continued to provide stable, reliable and low-cost funding to our members in support of their lending activities across our region and beyond,” said Randolph C. Snook, president and CEO of the FHLBNY. “Our second quarter results reflect our ongoing dedication to executing on this foundational purpose. Providing members with on-demand access to our liquidity helps extend credit to and reduce borrowing costs for the consumer and supports the creation of attainable homeownership opportunities. This is our mission, on which we have continued to deliver this year.”

    Highlights from the second quarter of 2025 include:

    • Net income for the quarter was $153.1 million, a decrease of $28.2 million, or 15.6%, from net income of $181.3 million for the second quarter of 2024. Net interest income for the quarter was $214.5 million, a decrease of $33.2 million, or 13.4%, from $247.7 million in the second quarter of last year. The decrease in net interest income was driven by a decrease in market interest rates and a decrease in average advances balances from the prior year period. Non-interest income increased by $2.1 million, or 12.3%, to $19.4 million from the second quarter of 2024.
    • Return on average equity (“ROE”) for the quarter was 7.20% (annualized), compared to ROE of 8.54% for the second quarter of 2024.
    • As of June 30, 2025, total assets were $167.8 billion, an increase of $7.5 billion, or 4.7%, from total assets of $160.3 billion at December 31, 2024. As of June 30, 2025, advances (par amount) were $104.9 billion, a decrease of $1.6 billion, or 1.5%, from $106.5 billion at December 31, 2024.
    • Total capital was $8.4 billion as of both June 30, 2025 and December 31, 2024, as a decrease in capital stock, aligned with the decrease in advances balances, was offset by an increase in retained earnings. The FHLBNY’s retained earnings were $2.6 billion as of June 30, 2025; $1.3 billion of the retained earnings were unrestricted and $1.3 billion were restricted. At June 30, 2025, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.
    • The FHLBNY allocated $17.0 million from its second quarter 2025 earnings for its Affordable Housing Program. The FHLBNY set aside an additional $4.2 million from the quarter’s earnings for voluntary contributions to affordable housing and community development initiatives.

    The FHLBNY expects to file its Form 10-Q for the second quarter of 2025 with the U.S. Securities and Exchange Commission on or before August 7, 2025.

                           
    Selected Balance Sheet Items (dollars in millions)
      June 30,   December 31,    
      2025   2024   Change
                           
    Advances $ 104,720     $ 105,838     $ (1,118)  
    Mortgage loans held for portfolio   2,459       2,345       114  
    Mortgage-backed securities   19,961       19,397       564  
    Liquidity assets   38,143       30,344       7,799  
    Total assets $ 167,779     $ 160,300     $ 7,479  
                           
    Consolidated obligations $ 154,520     $ 148,411     $ 6,109  
    Capital stock   5,962       6,014       (52)  
    Unrestricted retained earnings   1,280       1,286       (6)  
    Restricted retained earnings   1,271       1,209       62  
    Accumulated other comprehensive income (loss)   (88)       (100)       12  
    Total capital $ 8,424     $ 8,410     $ 14  
                           
    Capital-to-assets ratio (GAAP)   5.02   %   5.25   %      
    Capital-to-assets ratio (Regulatory)   5.08   %   5.31   %      
                           
    Operating Results (dollars in millions)
      Three Months Ended June 30,       Six Months Ended June 30,    
      2025   2024 Change   2025   2024 Change
                                                   
    Total interest income $ 1,895.8     $ 2,283.4     $ (387.6)     $ 3,717.3     $ 4,599.4     $ (882.1)  
    Total interest expense   1,681.3       2,035.7       (354.4)       3,287.8       4,086.7       (798.9)  
    Net interest income   214.5       247.7       (33.2)       429.5       512.7       (83.2)  
    Provision (Reversal) for credit losses   (0.1)       (0.3)       0.2       0.1       (0.8)       0.8  
    Net interest income after provision for credit losses   214.6       248.0       (33.4)       429.4       513.5       (84.0)  
    Non-interest income (loss)   19.4       17.3       2.1       40.1       53.1       (13.0)  
    Non-interest expense   63.9       63.8       0.1       126.4       120.1       6.3  
    Affordable Housing Program assessments   17.0       20.2       (3.2)       34.4       44.7       (10.4)  
    Net income $ 153.1     $ 181.3     $ (28.2)     $ 308.7     $ 401.8     $ (92.9)  
                                                   
    Return on average equity   7.20   %   8.54   %           7.39   %   9.55   %      
    Return on average assets   0.36   %   0.43   %           0.38   %   0.48   %      
    Net interest margin   0.51   %   0.60   %           0.53   %   0.61   %      
                                                   

    Federal Home Loan Bank of New York
    The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2025, the FHLBNY serves 334 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
    This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

    CONTACT:  Brian Finnegan
    (212) 441-6877
    brian.finnegan@fhlbny.com

    The MIL Network –

  • MIL-OSI: Federal Home Loan Bank of New York Announces Second Quarter 2025 Operating Highlights

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) — The Federal Home Loan Bank of New York (“FHLBNY”) today released its unaudited financial highlights for the quarter ended June 30, 2025.   

    “Throughout the first half of 2025, the Federal Home Loan Bank of New York has continued to provide stable, reliable and low-cost funding to our members in support of their lending activities across our region and beyond,” said Randolph C. Snook, president and CEO of the FHLBNY. “Our second quarter results reflect our ongoing dedication to executing on this foundational purpose. Providing members with on-demand access to our liquidity helps extend credit to and reduce borrowing costs for the consumer and supports the creation of attainable homeownership opportunities. This is our mission, on which we have continued to deliver this year.”

    Highlights from the second quarter of 2025 include:

    • Net income for the quarter was $153.1 million, a decrease of $28.2 million, or 15.6%, from net income of $181.3 million for the second quarter of 2024. Net interest income for the quarter was $214.5 million, a decrease of $33.2 million, or 13.4%, from $247.7 million in the second quarter of last year. The decrease in net interest income was driven by a decrease in market interest rates and a decrease in average advances balances from the prior year period. Non-interest income increased by $2.1 million, or 12.3%, to $19.4 million from the second quarter of 2024.
    • Return on average equity (“ROE”) for the quarter was 7.20% (annualized), compared to ROE of 8.54% for the second quarter of 2024.
    • As of June 30, 2025, total assets were $167.8 billion, an increase of $7.5 billion, or 4.7%, from total assets of $160.3 billion at December 31, 2024. As of June 30, 2025, advances (par amount) were $104.9 billion, a decrease of $1.6 billion, or 1.5%, from $106.5 billion at December 31, 2024.
    • Total capital was $8.4 billion as of both June 30, 2025 and December 31, 2024, as a decrease in capital stock, aligned with the decrease in advances balances, was offset by an increase in retained earnings. The FHLBNY’s retained earnings were $2.6 billion as of June 30, 2025; $1.3 billion of the retained earnings were unrestricted and $1.3 billion were restricted. At June 30, 2025, the FHLBNY was in compliance with its regulatory capital ratios and liquidity requirements.
    • The FHLBNY allocated $17.0 million from its second quarter 2025 earnings for its Affordable Housing Program. The FHLBNY set aside an additional $4.2 million from the quarter’s earnings for voluntary contributions to affordable housing and community development initiatives.

    The FHLBNY expects to file its Form 10-Q for the second quarter of 2025 with the U.S. Securities and Exchange Commission on or before August 7, 2025.

                           
    Selected Balance Sheet Items (dollars in millions)
      June 30,   December 31,    
      2025   2024   Change
                           
    Advances $ 104,720     $ 105,838     $ (1,118)  
    Mortgage loans held for portfolio   2,459       2,345       114  
    Mortgage-backed securities   19,961       19,397       564  
    Liquidity assets   38,143       30,344       7,799  
    Total assets $ 167,779     $ 160,300     $ 7,479  
                           
    Consolidated obligations $ 154,520     $ 148,411     $ 6,109  
    Capital stock   5,962       6,014       (52)  
    Unrestricted retained earnings   1,280       1,286       (6)  
    Restricted retained earnings   1,271       1,209       62  
    Accumulated other comprehensive income (loss)   (88)       (100)       12  
    Total capital $ 8,424     $ 8,410     $ 14  
                           
    Capital-to-assets ratio (GAAP)   5.02   %   5.25   %      
    Capital-to-assets ratio (Regulatory)   5.08   %   5.31   %      
                           
    Operating Results (dollars in millions)
      Three Months Ended June 30,       Six Months Ended June 30,    
      2025   2024 Change   2025   2024 Change
                                                   
    Total interest income $ 1,895.8     $ 2,283.4     $ (387.6)     $ 3,717.3     $ 4,599.4     $ (882.1)  
    Total interest expense   1,681.3       2,035.7       (354.4)       3,287.8       4,086.7       (798.9)  
    Net interest income   214.5       247.7       (33.2)       429.5       512.7       (83.2)  
    Provision (Reversal) for credit losses   (0.1)       (0.3)       0.2       0.1       (0.8)       0.8  
    Net interest income after provision for credit losses   214.6       248.0       (33.4)       429.4       513.5       (84.0)  
    Non-interest income (loss)   19.4       17.3       2.1       40.1       53.1       (13.0)  
    Non-interest expense   63.9       63.8       0.1       126.4       120.1       6.3  
    Affordable Housing Program assessments   17.0       20.2       (3.2)       34.4       44.7       (10.4)  
    Net income $ 153.1     $ 181.3     $ (28.2)     $ 308.7     $ 401.8     $ (92.9)  
                                                   
    Return on average equity   7.20   %   8.54   %           7.39   %   9.55   %      
    Return on average assets   0.36   %   0.43   %           0.38   %   0.48   %      
    Net interest margin   0.51   %   0.60   %           0.53   %   0.61   %      
                                                   

    Federal Home Loan Bank of New York
    The Federal Home Loan Bank of New York is a Congressionally chartered, wholesale Bank. It is part of the Federal Home Loan Bank System, a national wholesale banking network of 11 regional, stockholder-owned banks. As of June 30, 2025, the FHLBNY serves 334 financial institutions in New Jersey, New York, Puerto Rico, and the U.S. Virgin Islands. The mission of the FHLBNY is to provide members with reliable liquidity in support of housing and local community development.

    Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995
    This report may contain forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These statements are based upon our current expectations and speak only as of the date hereof. These statements may use forward-looking terms, such as “projected,” “expects,” “may,” or their negatives or other variations on these terms. The Bank cautions that, by their nature, forward-looking statements involve risk or uncertainty and that actual results could differ materially from those expressed or implied in these forward-looking statements or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. These forward-looking statements involve risks and uncertainties including, but not limited to, the Risk Factors set forth in our Annual Reports on Form 10-K and our Quarterly Reports on Form 10-Q filed with the SEC, as well as regulatory and accounting rule adjustments or requirements, changes in interest rates, changes in projected business volumes, changes in prepayment speeds on mortgage assets, the cost of our funding, changes in our membership profile, the withdrawal of one or more large members, competitive pressures, shifts in demand for our products, and general economic conditions. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to revise or update publicly any forward-looking statements for any reason.

    CONTACT:  Brian Finnegan
    (212) 441-6877
    brian.finnegan@fhlbny.com

    The MIL Network –

  • MIL-OSI NGOs: Global: International Court of Justice’s landmark opinion bolsters fight for climate justice and accountability  

    Source: Amnesty International –

    Reacting to the International Court of Justice’s (ICJ) first Advisory Opinion clarifying the obligations of states in respect of climate change, Mandi Mudarikwa, Head of Strategic Litigation at Amnesty International, said: 

    “Today’s opinion is a landmark moment for climate justice and accountability. The ICJ made clear that the full enjoyment of human rights cannot be ensured without protection of the climate system and other parts of the environment. The world’s highest court stressed that states have a duty to act now, regulate the activities of private actors and cooperate to protect current and future generations and ecosystems from the worsening impacts of human induced climate change. This unprecedented opinion will bolster the hundreds of ongoing and upcoming climate litigation cases around the world, where people seek justice for the livelihoods that have been snatched away and the damage caused by major polluters.  

    Today’s opinion is a landmark moment for climate justice and accountability. The ICJ made clear that the full enjoyment of human rights cannot be ensured without protection of the climate system and other parts of the environment.

    Mandi Mudarikwa, Head of Strategic Litigation, Amnesty International

    Candy Ofime, Researcher and Legal Advisor in the Climate Justice Team at Amnesty International, said: 

    “In light of the polluters pay principle, the ICJ established that states’ failure to take action to protect the climate system— including through continued fossil fuel production, licencing or the provision of subsidies to fossil fuel companies—may constitute an internationally wrongful act. Despite big polluters’ suggestion to the contrary, the ICJ recognized that it is scientifically possible to determine each state’s contribution to the climate crisis, taking into account current and cumulative emissions. States, particularly historically high greenhouse gas emitters, must take responsibility and repair the climate harms they have caused and provide guarantees of non-repetition.”  

    Following in the footsteps of the Inter-American Court of Human Rights, the ICJ reaffirmed that climate change can lead to the forced displacement of people seeking safety, including across borders, emphasizing that in such circumstances, non-refoulement protections applies. 

    The ICJ recognized that climate change constitutes “an existential problem of planetary proportions that imperils all forms of life and the very health of our planet”. It stressed that a complete solution to this “life-daunting” and “self-inflicted” crisis does not only require contribution of all fields of knowledge but also “human will, at individual, social and political levels to change our current way of life to secure a future for ourselves and those who are yet to come.” Delivering a message to the climate justice movement worldwide, the ICJ expressed “hope that its conclusions would inform and guide social and political action to address the ongoing climate crisis.”  

    Amnesty International expresses the utmost gratitude to the Pacific Islands students whose innovative and inspiring global advocacy was critical in making today a reality.   

    MIL OSI NGO –

  • MIL-OSI NGOs: Wales: Welsh government accused of funding companies exporting arms to Israel despite public assurances

    Source: Amnesty International –

    FOI reveals £500,000 grant to weapons supplier  

    Weapons components supplied for F-35s and Apache gunships 

    ‘Public money must never help fuel war crimes’ – Glenn Page 

    Amnesty International has condemned the Welsh Government for awarding public funds to a weapons manufacturer that exports military equipment to Israel – despite First Minister claims to the contrary.  

    In December 2024, the First Minister told the Senedd: “No Welsh Government financial support has been provided to companies in Wales who export arms to Israel since the 7 October attacks.” 

    But Freedom of Information requests submitted by Amnesty reveal that the Welsh Government awarded £500,000 in grant funding to SENIOR, a company that exports military equipment directly to Israel, including component parts for F-35 fighter jets and Apache gunships. 

    Glenn Page, Amnesty International’s Government and Political Relations Manager in Wales, said: 

    “The Welsh Government has quietly funded a company supplying weapons to Israel – despite mounting evidence of war crimes and genocide being committed by Israel against Palestinian people in Gaza.  

    “This directly contradicts what the First Minister told the public. It’s deeply concerning that we only know this because of FOI requests – not because of transparency from the Welsh Government. 

    “Public money must never help fuel war crimes. There must be full transparency and accountability, beginning with an urgent, long-overdue review of public funding and investment, and the immediate introduction of a robust framework for human rights due diligence.”

    Further FOI requests by Amnesty exposed that the Welsh Government does not conduct human rights due diligence checks before awarding public money to private companies. This means there are no guarantees that public money isn’t supporting weapons used in potential breaches of international law.  

    Earlier this year, the Senedd reiterated its support for a permanent ceasefire in Gaza and urged the Welsh Government to “review public sector procurement and investments to ensure that ethical standards are upheld.” Despite supporting this call, no review has taken place. 

    Amnesty International is calling for the Welsh Government to: 

    • Support an end to arms exports to Israel  
    • Conduct an urgent and transparent review of all public funding, procurement, and investment policies. 
    • Introduce mandatory human rights due diligence checks for any company receiving public money. 

    MIL OSI NGO –

  • MIL-OSI USA: VIDEO: Senator Baldwin Unveils Package of Bills to Lower Costs for Wisconsin Families

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin
    WASHINGTON, D.C. – As costs for working families rise under the Trump Administration, U.S. Senator Tammy Baldwin (D-WI) introduced a package of bills to address the ongoing affordability crisis in Wisconsin. Baldwin’s affordability agenda will lower the cost of purchasing a home for first-time homebuyers, ensure families can find and afford high-quality child care, and crack down on big corporations’ price gouging.
    “President Trump promised to lower costs for Wisconsinites, and instead he’s launching a trade war, kicking hundreds of thousands of Wisconsinites off their health insurance, and making life more expensive for hard-working families,” said Senator Baldwin. “Wisconsin families deserve some breathing room and deserve an agenda that works for them – not just for those in power, the wealthy, or well-connected. That’s why I’m pushing a package of commonsense bills that will help lower the costs of some of the biggest expenses in families’ budgets each month – housing, child care, and household goods.”
    Below are the bills that Senator Baldwin and her colleagues introduced:
    First-Time Homebuyer Tax Credit Act
    The First-Time Homebuyer Tax Credit Act would lower the cost of purchasing a home for first-time buyers by establishing a refundable tax credit worth up to 10 percent of a home’s purchase price – up to a maximum of $15,000 – for first-time homebuyers. Under the First-Time Homebuyer Tax Credit Act, taxpayers would have the option of receiving the credit at the time of purchase by working with their mortgage issuer. Alternatively, taxpayers could elect to treat the purchase of their home as occurring in the prior taxable year to receive the credit before tax season if they are unable to qualify for the credit at the point of sale.
    The median sales price of homes in Wisconsin increased by more than half (53.3%) in just five years. During those years, the state’s median household income increased by only 19.7%. The National Association of Home Builders has estimated that the material costs to build a new home might increase by as much as $10,000 due to Trump’s tariffs.
    Price Gouging Prevention Act of 2025
    The Price Gouging Prevention Act of 2025 would prohibit corporate price gouging by authorizing the Federal Trade Commission (FTC) and state attorneys general to enforce a federal ban against grossly excessive price increases, regardless of a seller’s position in a supply chain. The bill would help enforcers establish when price gouging is occurring during a significant shift in the market and outline a standard of what a violation is. It would also create an affirmative defense to protect small businesses that raise prices in good faith to earn a profit, while establishing presumptions against dominant companies that brag about exploiting American consumers or exercise unfair leverage to get ahead. Additionally, the bill would strengthen requirements for public companies to disclose changes in pricing strategies during market shocks in their filings with the Securities and Exchange Commission (SEC).
    Child Care for Working Families Act
    The Child Care for Working Families Act would tackle the child care crisis head-on: ensuring families can afford the child care they need, expanding access to more high-quality options, stabilizing the child care sector, and helping ensure child care workers taking care of our nation’s kids are paid livable wages. The legislation will also dramatically expand access to pre-K, and support full-day, full-year Head Start programs and increased wages for Head Start workers. Under the legislation, the typical family in America will pay no more than $15 a day for child care—with many families paying nothing at all—and no eligible family will pay more than 7 percent of their income on child care. The bill would also address child care deserts by providing grants to help open new child care providers in underserved communities and to cover start-up and licensing costs to help establish new providers. Additionally, the legislation would ensure child care workers are paid a living wage and achieve parity with elementary school teachers who have similar credentials and experience. On average, Wisconsin child care for an infant costs $12,567 annually, or $1,047 per month.
    Bill text for the Price Gouging Prevention Act can be found HERE and a one-pager HERE.
    Bill text for the First-Time Homebuyer Tax Credit Act can be found HERE.
    Bill text for the Child Care for Working Families Act can be found HERE and a pager HERE.
    A full video from Senator Baldwin’s press conference is available HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Chairman Capito Opening Statement at Hearing to Consider Scarlett, Hall Nominations

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito

    [embedded content]

    To watch Chairman Capito’s opening statement, click here or the image above.

    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), Chairman of the Senate Environment and Public Works (EPW) Committee, led a hearing on the nominations of Katherine Scarlett to be a Member of the Council on Environmental Quality (CEQ) and Jeffrey Hall to be an Assistant Administrator of the Environmental Protection Agency (EPA).

    Below is the opening statement of Chairman Shelley Moore Capito (R-W.Va.) as delivered.

    “At this hearing, we will consider the President’s nominations of Katherine Scarlett to serve as Chairman of the Council on Environmental Quality and Jeffrey Hall to serve as Assistant Administrator for the Office of Enforcement and Compliance Assurance at the Environmental Protection Agency. So, thank you both for your willingness to serve. I want to give a special welcome to Katherine’s family…her husband Brian and her parents are here today, so thank you for joining us. And I know Jeffery has his parents and his wife here with him today, so thank you all for coming and being supportive.

    “Established by the National Environmental Policy Act, also known as NEPA, the Council on Environmental Quality or CEQ as we call it, is part of the Executive Office of the President. The agency is primarily responsible for advising federal agencies on the implementation of NEPA, as well as developing and recommending environmental policies to the President.

    “Katherine is very well-qualified to lead CEQ. In her current role as CEQ’s chief of staff, Katherine has supported the efforts of federal agencies to implement the bipartisan Fiscal Responsibility Act and ensure compliance with recent court decisions as agencies update their individual NEPA regulations and procedures.

    “She also led efforts to modernize environmental review and permitting processes through President Trump’s Permitting Technology Action Plan, recently launching the ‘CE Explorer’ which allows for easy identification of the more than 2,000 categorical exclusions established by federal agencies.

    “During the time of the first Trump Administration, Katherine served in senior roles at CEQ and also at the Federal Permitting Improvement Steering Council. In the four years between her service in the executive branch, Katherine served on my staff here at EPW, playing a key role in shaping bipartisan provisions in the Infrastructure Investment and Jobs Act, Economic Development Reauthorization Act, and the America’s Conservation Enhancement Reauthorization Act, so thank you for that.

    “As my colleagues know, Ranking Member Whitehouse and I are diligently working on bipartisan legislation to reform the environmental review and permitting processes for all projects. I am hopeful that we can get a bill to the President’s desk for his signature. And when we do, I am confident that it will be implemented faithfully under Katherine’s leadership of CEQ.

    “Today, we will also hear from Jeffrey Hall, thank you Jeffery for being here, President Trump’s nominee to lead the EPA’s Office of Enforcement and Compliance Assurance. OECA works with EPA regional offices, in partnership with state governments, tribal governments, and other federal agencies to promote regulatory compliance and enforce the nation’s environmental laws and regulations.

    “The office targets the most serious water, air, and chemical pollution violations under laws such as the Clean Water Act, the Clean Air Act, CERCLA, and the Toxic Substances Control Act. In carrying out the EPA’s statutory authority, OECA must operate within the confines of our federal environmental laws, not invent novel violations to penalize regulated entities.

    “The previous administration placed an outsized emphasis on penalizing regulated entities, rather than working with good faith actors in the regulated community to ensure compliance. Mr. Hall will be tasked with striking the right balance between the agency’s efforts to encourage compliance with our environmental laws, and targeting the entities flaunting those laws to ensure Americans have clean air, clean water, and clean land.

    “Mr. Hall’s professional experience gives him the expertise to effectively lead this office. He has worked as a litigator, prosecutor, and legal advisor representing federal agencies, corporations, and individuals in a wide variety of litigation and in both civil and criminal enforcement procedures.

    “I look forward to hearing how Mr. Hall will navigate the Agency’s enforcement and compliance priorities today.”

    MIL OSI USA News –

  • MIL-OSI USA: Cotton, Colleagues Introduce Legislation to Combat Chinese Drone Market Dominance

    US Senate News:

    Source: United States Senator for Arkansas Tom Cotton

    FOR IMMEDIATE RELEASE
    Contact: Caroline Tabler or Patrick McCann (202) 224-2353
    July 23, 2025

    Cotton, Colleagues Introduce Legislation to Combat Chinese Drone Market Dominance

    Washington, DC — Senators Tom Cotton (R-Arkansas), Chris Coons (D-Delaware), and John Cornyn (R-Texas) today introduced the Leading Exports of Aerial Drones Act, or LEAD Act, legislation that would make it easier for American companies to sell unmanned aerial systems (UAS) to American allies and partners.

    “The current restrictions on UAS sales to allies and partners are outdated and put American companies at a disadvantage, all while ceding the market to Communist China. This bill will spur American business and innovation while decreasing global dependence on Chinese military technology,” said Senator Cotton.

    “Drones aren’t just the future of warfare—as we’re seeing in Ukraine, they’re its present, too. Against the backdrop of increasing alignment between Russia, China, Iran, and North Korea, we must ensure that the United States and our allies and partner have the weapons systems and munitions we need to defend ourselves. This bill is a first step towards the objective of greater military production, integration, and deterrence for the United States and our allies in an increasingly dangerous world,” said Senator Coons.

    “This commonsense legislation would cut red tape to make drone technology more accessible and foster greater strategic defense cooperation with our allies, and I’m glad to support it,” said Senator Cornyn.

    Bill text is here.

    The LEAD Act would:

    • Direct changes to the Arms Control Act, the United States Munitions List, and the Missile Technology Control Regime to require UAS be treated as manned aircraft and separately from missile technology for the purposes of defense transfers.

    MIL OSI USA News –

  • MIL-OSI USA: NEWS: Senate Committee to Hold Hearing on Employee Ownership Highlighting Success of Vermont’s King Arthur Baking Company

    US Senate News:

    Source: United States Senator for Vermont – Bernie Sanders
    WASHINGTON, July 23 — Sen. Bernie Sanders (I-Vt.), Ranking Member of the Senate Committee on Health, Education, Labor, and Pensions (HELP), announced that tomorrow at 10 a.m., the HELP Committee will hold a bipartisan hearing on the need to expand employee ownership in Vermont and throughout the country. Testifying at the hearing will be Brock Barton, the Chief Financial Officer of King Arthur Baking Company, a world famous employee-owned business headquartered in Norwich, Vermont, whom Sanders invited to testify.
    “I am delighted that Brock Barton with King Arthur Baking Company will be testifying in the HELP Committee to highlight the benefits of employee ownership at his company and the need to expand this concept throughout the country,” Sanders said. “King Arthur is not only an enormously successful baking company. What makes it so special is that it is directly owned by its employees, not some multi-billionaire on Wall Street. In my view, we should expand King Arthur’s worker-owned business model throughout the country. At a time of massive income and wealth inequality, when millions of workers are working longer hours for lower wages, we need to expand economic models that broadly benefit the working class, not just the top 1%. Employee ownership is one of those models. That is why I am proud to be introducing legislation to provide the financial resources workers need to purchase their own businesses through Employee Stock Ownership Plans (ESOPs) and worker-owned cooperatives.”
    At the hearing, Sanders will be introducing the Employee Ownership Financing Act, a sweeping legislative proposal that would help American workers buy the companies they work for — giving them a real stake in the profits they help create and a voice in decisions that impact their lives.
    Sanders’ legislation would expand broad-based employee ownership through ESOPs and worker cooperatives that are majority-owned by employees. Studies show that these businesses provide higher wages, better benefits, stronger job retention, and a more secure retirement. They are six times less likely to lay off employees, and companies that include some level of employee ownership are 20% less likely to go out of business than their non-ESOP counterparts. They also help reduce gender and racial wealth disparities — with one recent study finding that employee ownership could quadruple the share of wealth held by the bottom 50% of Americans.
    Despite these clear benefits, growth in employee ownership has stagnated — due in large part to workers’ lack of access to capital. Sanders’ bill would address that directly by creating a $500 million loan program at the Labor Department (DOL) to help workers finance the purchase of their companies.
    The Employee Ownership Financing Act would:
    Establish a $500 million loan fund to help workers purchase companies through ESOPs or worker cooperatives that are more than 51% employee-owned.
    Create a new Office of Employee Ownership at the DOL to administer the loan program and expand education about worker ownership nationwide.
    Amend the WARN Act to give employees the right of first refusal to buy closing business facilities, preventing mass layoffs and keeping jobs in local communities.
    Establish an Employee Ownership Advisory Council to support implementation and oversight.
    Ensure workplace democracy, diversified retirement investment options, fair company valuations, and independence from private equity ownership for all loan recipients.
    Vermont has one of the highest densities of employee-owned businesses in the country, including the most worker cooperatives in America. There are currently more than 40 employee-owned companies in Vermont that employ over 5,000 workers across the state.
    Nationally, there are more than 6,500 ESOPs across the United States, employing nearly 15 million Americans. The plans hold $1.8 trillion in assets. Yet as large corporations continue to outsource jobs and shut down plants, too many workers are left behind. Under Sanders’ proposal, workers would be empowered to purchase profitable facilities slated for closure and preserve good-paying, local jobs.
    “This is not a radical idea,” Sanders said. “It’s common sense. When workers own their companies, everybody wins. Productivity goes up, morale improves, communities stay strong, and economic inequality goes down. It’s time for us to give working people the tools they need to take back some control over their economic lives.”
    The bill builds on the bipartisan WORK Act, which Sanders helped lead to educate retiring small business owners and workers on the benefits of employee ownership. By codifying and expanding that work, the Employee Ownership Financing Act would mark the most significant federal investment in worker ownership in decades.
    Read the bill text here.
    Read a summary of the bill here.

    MIL OSI USA News –

  • MIL-OSI USA: Hawley Wins Cancelation of Grain Belt Express

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Wednesday, July 23, 2025

    U.S. Senator Josh Hawley (R-Mo.) succeeded today in securing the cancelation of a Biden-era Green New Deal loan in Missouri. Following Senator Hawley’s request, the Department of Energy canceled $5 billion in taxpayer funding to the “Grain Belt Express,” a green transmission project that has taken the land of numerous Missouri farmers across eight counties while padding the corporate profits of parent company Invenergy.

    The Grain Belt Express boondoggle loan has been CANCELLED
    — Josh Hawley (@HawleyMO) July 23, 2025
    The cancelation of the federal loan guarantee comes after Senator Hawley secured a pledge from Department of Energy (DOE) Secretary Chris Wright to halt the project. Senator Hawley sent a letter to the DOE in March urging the department to cancel the loan, as well as a follow-up letter in June. 
    Senator Hawley worked for years to prevent federal confiscation of Missourians’ property and will continue to do so. 

    MIL OSI USA News –

  • MIL-OSI Russia: Chinese team wins RoboCup Humanoid League AdultSize for the first time

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    BEIJING, July 23 (Xinhua) — A team from China’s Tsinghua University has won first place in the AdultSize category of the Humanoid League of the RoboCup World Robot Football Championship, marking the first time China has won the top prize at the competition.

    RoboCup, which has been held since 1997, is one of the most prestigious global robotics competitions. This year, the championship was held in Brazil, with more than 20 teams from 12 countries taking part, including China, the United States, Germany, the Republic of Korea and France.

    The Tsinghua team, with its Chinese-developed Booster T1 robots, dominated the competition, winning convincingly against several opponents, including the University of Texas. In the all-Chinese final, Tsinghua University defeated China Agricultural University, giving the Chinese teams first and second place, a triumph for them.

    As one of the executives at Booster Robotics, the company that developed the T1 robots, noted, participating in the competition requires not only a lightweight, maneuverable, and impact-resistant design, but also complex functions such as real-time environmental perception, cognitive decision-making, advanced motion control, and interaction between multiple intelligent agents. This means that the championship is a comprehensive test of the full range of robot capabilities.

    Industry analysts said the outstanding performance of Chinese robots at the international championship once again demonstrated China’s strong potential in the development and practical application of robotics. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI United Nations: UN official reiterates call for Gaza ceasefire as ‘nightmare of historic proportions’ unfolds

    Source: United Nations 2

    Khaled Khiari, Assistant Secretary-General for the Middle East, told ministers and ambassadors that ongoing talks must lead to a permanent end to hostilities, the release of all hostages, unimpeded entry of humanitarian aid, and for recovery and reconstruction to begin.

    He painted a grim picture of conditions on the ground, citing expanded Israeli military operations, particularly in Deir Al-Balah, which have led to further mass displacement.

    UN premises were also struck, hampering humanitarian operations and exacerbating the already dire situation.

    ASG Khiari briefs the Security Council.

    Humanitarian toll deepens

    At least 1,891 Palestinians have been killed in Gaza since 30 June, according to figures from Gazan health authorities, including 294 people reportedly killed while attempting to collect aid near militarised distribution points.  

    Evacuation orders continue to force repeated displacement, while food insecurity and malnutrition are worsening despite a limited uptick in the entry of humanitarian supplies.

    On the Israeli side, 13 soldiers have been killed in the same period. Palestinian armed groups have continued sporadic rocket attacks into Israel. According to Israeli sources, 50 hostages – including 28 believed to be dead – are still being held by Hamas and other groups.

    “The Secretary-General has repeatedly condemned the continued holding of hostages by Hamas and other armed groups,” Mr. Khiari stressed. “Hostages must be released immediately and unconditionally.”

    Places of worship struck

    The briefing also highlighted growing concerns about civilian casualties and attacks on protected sites.  

    Mr. Khiari condemned a 17 July strike on the Catholic Church of the Holy Family in Gaza City, which killed three and injured several others. The strike forced the evacuation of roughly 600 Palestinians, including children and persons with special needs, who had been sheltering there.

    The Israeli Prime Minister’s Office expressed regret, describing the strike as the result of “stray ammunition,” and said an investigation was underway, Mr. Khiari reported.

    © UN Women/Samar Abu Elouf

    A woman and child walk through the heavily bombed town of Khuza’a in the Gaza Strip.

    Dire fuel shortages

    Since 9 July, Israel has allowed limited fuel deliveries through the Kerem Shalom/Karim Abu Salem crossing, after 130 days of a full blockade.

    However, the amount is “a fraction of what is required to run essential life-saving services in Gaza, where nearly every aspect of life depends on fuel,” Mr. Khiari warned.

    Occupied West Bank

    Turning to the occupied West Bank, Mr. Khiari reported high levels of violence, including deadly Israeli military operations, attacks by settlers on Palestinians and retaliatory attacks by Palestinians against Israelis.

    He noted that the Palestinian Authority (PA) is facing a severe fiscal crisis, with $2.7 billion in withheld clearance revenues, crippling its ability to pay salaries and provide basic services.

    “Unless urgently addressed, the deterioration of the PA’s fiscal and institutional situation could have catastrophic consequences, undermining the significant progress made over many years to build up Palestinian institutions,” he warned, urging immediate international support.

    UN Photo/Loey Felipe

    A wide view of the Security Council meeting on the situation in the Middle East, including the Palestinian question.

    Tensions in the wider region

    Mr. Khiari also highlighted continued tensions along the Blue Line between Lebanon and Israel, as well as renewed violence in Syria’s Sweida region and Israeli airstrikes on Syrian territory.

    He urged both Israel and Syria to adhere to the 1974 Disengagement Agreement and to avoid any actions that risk escalating the conflict.

    Call for a political horizon

    Mr. Khiari concluded by reiterating that only a revived political process towards the two-State solution can deliver a sustainable solution.

    “Our goal is clear: realizing the vision of two States – Israel and a viable and sovereign Palestinian State of which Gaza is an integral part – living side by side in peace and security within secure and recognized borders, on the basis of the pre-1967 lines, with Jerusalem as the capital of both States,” he said.

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: Immigration Department smashes a cross-boundary syndicate using false instruments to apply entry permits (with photos)

    Source: Hong Kong Government special administrative region – 4

    The Outside Investigation Section of the Immigration Department (ImmD) mounted an operation codenamed “ShadowNet” since April this year and successfully neutralized a cross-boundary syndicate using false instruments to apply entry permits under the Top Talent Pass Scheme (TTPS). A total of 18 persons were arrested, including the syndicate mastermind and its members.
     
    After in-depth investigation and intelligence analysis, the ImmD discovered Mainlanders who were suspected to use false instruments to apply entry permits under the TTPS, and afterwards a cross-boundary syndicate was successfully identified. The syndicate was suspected to arrange Mainlanders to obtain Hong Kong entry permits using false instruments including forged academic qualifications, employment proof, foreign visas and immigration stamps. The syndicate attempted to charge the applicants and their dependants by continuously offering follow-up services, such as producing false local employment and salary records, after they had arrived Hong Kong.
     
    Since April this year, five Hong Kong residents were arrested, including the mastermind and syndicate members, comprising four men and one woman, aged 42 to 56. In addition, 13 Mainlanders were arrested, including seven male and six female, aged from 27 to 47. The Mainlanders were suspected to have applied TTPS through the syndicate using false instruments. The syndicate mastermind and its core members were charged of “aiding, abetting, counselling or procuring the making of a false statement for the purpose of obtaining an entry permit”, while the arrested Mainlanders were charged of “causing to be made a false statement for the purpose of obtaining an entry permit”. 
     
    The syndicate had arranged at least 22 TTPS applications. For each application, including the initial fee and follow-up services, the syndicate could charge up to $2.5 million. The estimated transaction amount involved in the cases is about $55 million. The syndicate members were suspected to have used their personal and company bank accounts to carry out multiple dubious transactions. They were suspected to have committed the offence of “dealing with property known or believed to represent proceeds of an indictable offence” (commonly known as money laundering). The investigation is still ongoing, and more persons involved in the case may be arrested.
     
    The ImmD will continue to closely scrutinize every visa and entry permit applications and stepping up inspections. The ImmD will continue to take resolute enforcement action to relevant offences on using false instruments to obtain entry permits. Any applications suspected of violating the Immigration Ordinance will be referred for further investigation. Since June 2024, the ImmD requires all applicants of Categories B and C under the TTPS and the Quality Migrant Admission Scheme to submit verification proof of academic qualifications issued by designated third-party credential verification organisations or the awarding institutions.
     
    Under the laws of Hong Kong, any person who makes or causes to be made a false statement to an Immigration officer commits an offence. Offenders are liable to prosecution and to a maximum fine of $150,000 and imprisonment for 14 years. Furthermore, it is an offence to make, possess or use false instruments. Upon conviction, offenders are liable to a maximum penalty of 14 years’ imprisonment.
     
    ImmD reiterates that should any person be found to have obtained their entry permit or residence status in Hong Kong by fraudulent means, such an entry permit or residence status will be declared invalid according to the laws of Hong Kong and they will be subject to criminal liability. They will also be subject to removal back to their place of origin.
     
    ImmD reminds members of the public that money laundering is a serious offence. A person commits the offence of money laundering if he deals with any property, including money, which he knows or has reasonable grounds to believe to be proceeds of indictable offence. Offenders are liable upon conviction to the maximum penalty of a $5 million fine and 14-year imprisonment.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Hearings – Tax implications of the Trump administration’s policies – 23-09-2025 – Subcommittee on Tax Matters

    Source: European Parliament

    On Tuesday, 23 September 2025, from 15:45 to 17:00, the FISC Subcommittee will hold a public hearing on “Tax implications of the Trump administration’s policies”. In light of recent shifts in U.S. tax policy under the Trump II administration, the hearing will assess its potential implications on EU businesses and the broader transatlantic tax landscape.

    The discussion will focus on how recent U.S. measures may affect the competitiveness of European companies, particularly in relation to international tax frameworks such as the OECD’s Pillar Two and the possible application of digital services taxes (DSTs) in the EU. Experts will explore the broader consequences of these developments for international tax cooperation, as well as possible policy responses at EU level to ensure a fair and balanced global tax environment. The hearing will provide a platform to reflect on the evolving dynamics of EU-U.S. tax relations and consider how the EU can safeguard its interests in a rapidly changing global context.

    MIL OSI Europe News –