NewzIntel.com

Category: Business

  • MIL-OSI Europe: Briefing – Energy dimension of the Clean Industrial Deal – 08-05-2025

    Source: European Parliament

    On 26 February 2025, the European Commission presented the Clean Industrial Deal, a new EU plan to support competitiveness and decarbonisation of EU industry. The Deal focuses mainly on energy-intensive industries and clean technologies (clean tech). Both sectors face high energy prices, intense global competition and complex regulations. The Clean Industrial Deal includes several solutions to address this situation. It aims to bring energy costs down, boost demand for clean products, reduce EU dependency on raw materials, improve circularity and restore domestic manufacturing. Planned legislative initiatives in the energy field include a new electricity grids package, revisions of the energy security framework and Energy Union governance, as well as an Industrial Decarbonisation Accelerator Act and a delegated act on low-carbon hydrogen. Recommendations and guidance documents are also planned, for instance on network charges, energy taxation and the design of long-term instruments for electricity supply. In the short term, the Clean Industrial Deal aims to mobilise over €100 billion through boosting EU-level funding, leveraging private investments and enhancing State aid. The key EU funding sources will be the Innovation Fund, Horizon Europe, InvestEU and a new Industrial Decarbonisation Bank. In the next long-term EU budget, the Competitiveness Fund will support EU investments in research and innovation, industrial deployment and scale-up, manufacturing, clean tech and industrial decarbonisation. The European Parliament is currently working on a resolution on the Clean Industrial Deal. The vote in the Committee on Industry, Research and Energy (ITRE) is expected in June 2025, while the plenary vote is planned for July 2025.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Supporting the development of a strong and competitive European nuclear energy sector – E-001746/2025

    Source: European Parliament

    Question for written answer  E-001746/2025
    to the Commission
    Rule 144
    Dan-Ştefan Motreanu (PPE)

    Fourteen national business organisations from across Europe have recently formed an alliance to promote the development of nuclear energy, signing a joint declaration in Paris. The declaration calls on the European institutions and the Member States to accelerate the industrialisation of the nuclear sector, to strengthen skills development and to ensure a clear and supportive institutional framework, removing barriers and fully applying the principle of technological neutrality.

    The alliance also calls for secure access to both public and private financing, stressing the importance of allowing nuclear energy and related low-carbon solutions to fully benefit from European funding mechanisms, including State aid, funding for Important Projects of Common European Interest, the European Investment Bank, the Innovation Fund and the European Hydrogen Bank.

    Given the strategic importance of nuclear energy for Europe’s decarbonisation, energy sovereignty and industrial competitiveness, what measures does the Commission intend to propose to facilitate the full integration of nuclear energy into EU funding programmes and to create a favourable framework for the development of a strong, secure and competitive European nuclear industry?

    Submitted: 30.4.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Mario Draghi’s report – conclusions on implementation in the context of financing – E-003047/2024(ASW)

    Source: European Parliament

    The Commission adopted the Competitiveness Compass[1] on 29 January 2025. The Compass builds on the Draghi Report[2] by setting out measures to close the innovation gap, a joint roadmap for decarbonisation and competitiveness, and reducing excessive dependencies and increasing security.

    It furthermore sets out horizontal enablers of EU competitiveness. The Competitiveness Compass identifies flagship actions and initiatives such as the Clean Industrial Deal[3] that will further implement the priorities set out in the Compass.

    Private financing and a refocused EU budget are needed to mobilise investments for competitiveness. On 19 March 2025, the Commission adopted a communication on the Savings and Investments Union[4], a key initiative to improve the way the EU financial system channels savings to productive investments.

    In 2025, the Commission will present a new approach for a modern and reinforced EU budget, which will be simpler, with fewer programmes and a plan for each country linking reforms with investments. The European Competitiveness Fund will make investment in strategic technologies and de-risk private investment.

    Energy prices are central to the competitiveness of EU companies. The Commission adopted an Action Plan for Affordable Energy[5] to bring down energy prices for industry and households.

    The action plan sets out measures to pass on the lower generation cost of fossil-free electricity to consumers, make the energy system more resilient, and unlock investment.

    This is part of the wider Clean Industrial Deal initiative which was adopted on the same day to support two closely linked sectors in the transition to meet the EU’s agreed decarbonisation goals, namely the energy intensive industries and the clean-tech sector.

    • [1] A Competitiveness Compass for the EU, COM(2025) 30 final.
    • [2] https://commission.europa.eu/topics/eu-competitiveness/draghi-report_en
    • [3] https://commission.europa.eu/topics/eu-competitiveness/clean-industrial-deal_en
    • [4] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:52025DC0124
    • [5] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex:52025DC0079
    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Israel’s policy of water deprivation in the West Bank – is the EU funding water apartheid policy in the occupied Palestinian territories (oPts)? – E-001734/2025

    Source: European Parliament

    Question for written answer  E-001734/2025
    to the Commission
    Rule 144
    Matjaž Nemec (S&D), Cecilia Strada (S&D), Irena Joveva (Renew), Mimmo Lucano (The Left), Tineke Strik (Verts/ALE), Catarina Vieira (Verts/ALE), Marc Botenga (The Left), Aodhán Ó Ríordáin (S&D), Vladimir Prebilič (Verts/ALE), Thomas Bajada (S&D), Hana Jalloul Muro (S&D), Rudi Kennes (The Left), Ana Miranda Paz (Verts/ALE), Daniel Attard (S&D), Jaume Asens Llodrà (Verts/ALE), Mounir Satouri (Verts/ALE), Chloé Ridel (S&D), Carola Rackete (The Left), Catarina Martins (The Left), Robert Biedroń (S&D), Majdouline Sbai (Verts/ALE), Hanna Gedin (The Left), Jonas Sjöstedt (The Left), Jussi Saramo (The Left), Marco Tarquinio (S&D), Lynn Boylan (The Left), João Oliveira (The Left), Villy Søvndal (Verts/ALE), Alex Agius Saliba (S&D), Marit Maij (S&D), Li Andersson (The Left), Brando Benifei (S&D), Rima Hassan (The Left), Per Clausen (The Left), Saskia Bricmont (Verts/ALE), Barry Andrews (Renew), Benedetta Scuderi (Verts/ALE)

    Israel’s policy of water deprivation in the West Bank has long affected many Palestinians and is well-documented by numerous civil society organisations.

    The Israeli company Mekorot, Israel’s national water company and the country’s top agency for water management, has been implementing an apartheid policy in water management in the occupied Palestinian territories (oPts), illegally restricting access to water, depriving Palestinians of a sufficient water supply, and violating World Health Organization recommendations. In addition, Mekorot operates approximately 42 wells in the West Bank, mainly in the Jordan Valley region, which primarily supply Israeli settlements.

    The EU previously funded Mekorot’s technological capacity. During the 7th Framework Programme cycle, Mekorot received EUR 474.394.36 in funding, and during the Horizon 2020 cycle, the EU financed three projects with a total EU contribution of EUR 866.300.

    We therefore ask the Commission the following:

    • 1.Does the EU still provide funding to Mekorot?
    • 2.How is the Commission monitoring and ensuring that EU funds are not used to finance the water apartheid policy in the oPts?

    Submitted: 30.4.2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Apollo Vredestein workers fall victim to inadequate State aid rules – P-001790/2025

    Source: European Parliament

    Priority question for written answer  P-001790/2025
    to the Commission
    Rule 144
    Tom Berendsen (PPE)

    Just over a year from now, the Apollo Vredestein tyre factory in Enschede will close its doors and around 500 employees will lose their jobs[1]. The Indian parent company intends to move production primarily to the plant in Hungary.

    With this, the worst-case scenario has unfortuantely become reality. Like many companies in the manufacturing industry, Vredestein is suffering from higher costs, especially energy costs. At the same time, this decision seems to have been facilitated by the State aid the company received for its plant in Hungary. Concerns about this have been around for quite some time, as evidenced, inter alia, by the questions I and other colleagues have already raised about this with the Commission[2].

    The closure of Apollo Vredestein has a major impact on the 500 employees, their families and the Twente region more generally. Moreover, such developments undermine the level playing field in the Union and thus public support for European cooperation. Accordingly:

    • 1.Does the Commission still believe that all those involved in this case acted in accordance with the spirit and letter of the current State aid rules?
    • 2.Does the Commission share my view that the State aid rules should be revised so that similar situations can be avoided in the future?
    • 3.What can the Commission do to help the affected workers and the Twente region cope with this economic blow?

    Submitted: 2.5.2025

    • [1] https://www.tubantia.nl/enschede/zwarte-dag-voor-twente-vredestein-sluit-volledige-fabriek-500-medewerkers-op-straat~a4fafae3/.
    • [2] Questions for written answer E-001536/2020, P-003353/2020, E-004663/2020, E-006949/2020, E-003607/2021 and E-005190/2021.
    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Assigning collection of self-employed and small professionals’ insurance debts to private collection companies – E-001761/2025

    Source: European Parliament

    Question for written answer  E-001761/2025
    to the Commission
    Rule 144
    Kostas Papadakis (NI)

    Law 5193/2025 on the ‘Strengthening of the Capital Market and other provisions’, led the New Democracy Government – inter alia – to assign the management and collection of the overdue debts that professionals and self-employed persons had with the National Social Security Agency [EFKA]/Social Security Debt Collection Centre [KEAO] to private debt management companies. Specifically, it invokes the objective of improving the ‘management’ and ‘collectibility’ of due insurance contributions.

    Assigning the collection of insurance debts to private companies aligns Greek legislation with EU guidelines, the memorandum obligations and directives of the ECB and the European Commission, with the stated aim of reducing bad loans. Subsequently, with the European Directive (EU) 2021/2167 on credit servicers and credit purchasers, the operation of servicers has been institutionalised at EU level.

    The transfer of insurance debts – especially the individual insurance debts of self-employed persons – to private managers will mean the intensification of extortionate collection practices, the threat of auctions and reinforced insecurity for thousands of small professionals.

    In view of this:

    • 1.What is the Commission’s position on the fact that EU guidelines and directives are shaping a legal framework that will lead hundreds of thousands of freelancers to become prey to the claws of debt collectors, funds and servicers, facing the risk of auctions and evictions from their workplaces?
    • 2.What is the Commission’s position on the fact that state social security services are being transformed into a field of activity for business groups and that registers of insured persons are being handed over to all kinds of exploitation by private individuals, with all that this entails for personal data?

    Submitted: 30.4.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – The EU directive that in practice undermines the signing of collective agreements – E-001731/2025

    Source: European Parliament

    Question for written answer  E-001731/2025
    to the Commission
    Rule 144
    Lefteris Nikolaou-Alavanos (NI), Kostas Papadakis (NI)

    The Nea Dimokratia Government in Greece appears to acknowledge ‘the need to meet the target of 80% coverage of workers by collective agreements’ and invokes Directive (EU) 2022/2041 on adequate minimum wages in the European Union.

    The directive, which is falsely represented as a means of ‘strengthening collective bargaining’, does not lay down any obligation to draw up collective agreements. Its only ‘obligation’ is for governments to draw up ‘action plans’. Moreover, it states that nothing in the directive may be construed as imposing an obligation on any Member State to declare any collective agreement universally applicable.

    In light of the above, can the Commission answer the following:

    • 1.What view does it take of the fact that Law 5163/2024 of the Greek Government, which fully transposes Directive (EU) 2022/2041, has led to poverty-level minimum wages and at the same time increased employer arbitrariness and organised planning by large employers to refuse to sign collective agreements or to avoid being bound by existing collective agreements through various arrangements (e.g. a refusal to set up employers’ organisations or to integrate them into employers’ organisations, etc.)?
    • 2.What view does it take of the fact that the target of ‘80% coverage of workers by collective agreements’, supposedly pursued by the directive, is not a binding objective, since the directive does not require that collective agreements are universally applicable, nor does it oblige employers to sign and implement them, and nor does it provide any monitoring or sanction mechanism for countries or companies that infringe workers’ rights, including the right to collective bargaining with employers?

    Submitted: 30.4.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Illegal trafficking of pesticides – E-001736/2025

    Source: European Parliament

    Question for written answer  E-001736/2025
    to the Commission
    Rule 144
    Benoit Cassart (Renew), Olivier Chastel (Renew), Hilde Vautmans (Renew)

    In June 2024, Europol, supported by Italian, Romanian, Spanish and Portuguese authorities, conducted two major operations to combat the trafficking of illegal pesticides in the EU. The first investigation focused on a company importing counterfeit pesticides from China, while the second investigation targeted a Spanish company illegally importing Portuguese pesticides banned in Spain under the cover of fake denomination of the products.

    The EU Serious and Organised Crime Threat Assessment report entitled ‘The changing DNA of serious and organised crime’ underlines the growing concerns over the trade in counterfeit and illicit pesticides produced in and imported from Asia to the EU, but also highlights EU-based production networks with advanced equipment operating within the EU.

    What actions does the Commission intend to take to combat the illegal trafficking of pesticides, mitigate the negative impact on the environment and ensure the protection of European consumers?

    Submitted: 30.4.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Potential fraudulent exploitation of Erasmus+ funds – E-001738/2025

    Source: European Parliament

    Question for written answer  E-001738/2025
    to the Commission
    Rule 144
    Danuše Nerudová (PPE)

    Media reports have highlighted that certain organisations, including the Turkish organisation Zift, may be potentially misusing the Erasmus+ programme. A recurring scheme reportedly involves the recruitment of individuals – often students – to establish non-governmental organisations or so-called informal youth groups in their names. Such entities are then allegedly used to apply for grants, while actual control and financial management remain with the recruiting organisations. Reports suggest that these actors have submitted inflated budgets, misrepresented expenses and diverted funds through affiliated companies, often without providing the intended educational or cultural activities. When these projects collapse, the students – who are listed as legal representatives – are said to be left financially and legally liable.

    • 1.What measures is the Commission taking to strengthen financial oversight and prevent the potential exploitation of Erasmus+ funds by fraudulent organisations?
    • 2.Is the Commission considering reforms to enhance auditing, accountability and enforcement mechanisms within Erasmus+, particularly to address the risks posed by intermediary actors involved in such schemes?

    Submitted: 30.4.2025

    Last updated: 8 May 2025

    MIL OSI Europe News –

  • MIL-Evening Report: Kiwi kids once led the world in reading – this 1950s primary school syllabus still has lessons for today

    Source: The Conversation (Au and NZ) – By Ruth Boyask, Director of LitPlus, AUT School of Education, Auckland University of Technology

    Getty Images

    There is a well-known whakatauki (Māori proverb) that goes: “Ka mua, ka muri” – “walking backwards into the future”. It applies to many areas of life, but in education the idea of looking to the past to inform our way forward seems more relevant than ever.

    New Zealand was once a world leader in reading. In the early 1970s, as leading literacy educationalist Warwick Elley reminds us, Kiwi teenagers performed best of all countries participating in the International Association for the Evaluation of Educational Achievement.

    New Zealand students remained good readers throughout the 1990s, earning the top results for reading out of 32 participating countries in the first Programme for International Student Assessment survey in 2000.

    Overall, New Zealand children are still above average. But while many children learn to read successfully, significant numbers do not. And concern about reading capability has led to a recent curriculum overhaul.

    The reforms focus on raising reading standards and regular testing. But the lessons of the past suggest we performed better with less focus on raising test scores. In fact, it was a more flexible, balanced approach to English education that provided a strong foundation for literacy.

    Some clues to why this was possible can be found in the 1953 Primary School Reading Syllabus from the old Department of Education. It was among the first of many research-based reading initiatives in the mid-20th century, along with Ready to Read books in the 1960s, and the Reading Recovery program developed by Marie Clay in the 1970s.

    Given New Zealand was a conservative postwar society that was yet to grapple meaningfully with colonial history and Treaty rights, the document is surprisingly less rigid than one might expect.

    In fact, it is largely compatible with contemporary ideas about teaching and learning. In some areas, the 1953 syllabus seems more progressive than the current curriculum, with clear views on inclusiveness and designing teaching to meet individual needs.

    Ironically, many of today’s parents and grandparents – some of whom support a “back to basics” school system – were educated using this flexible and purpose-driven approach.

    New Zealand in 1953

    According to the New Zealand Official Yearbook for 1953, the country was enjoying postwar prosperity with 72% of its exports going to other Commonwealth countries.

    England was still the “mother country” and the young Queen Elizabeth’s post-coronation visit – also in 1953 – fuelled intense royal fervour. Edmund Hillary conquered Everest, and a highly publicised air race from London to Christchurch helped popularise plane travel.

    Society was far more egalitarian. In a population of just over two million, only 15 people received an unemployment benefit (there were a variety of other welfare payments such as war pensions).

    At the same time, New Zealand did not view itself as bicultural in the way it does today. For many Pākehā, Māori culture was little more than a curiosity or a tourist attraction.

    School was already compulsory from ages seven to 15, and roughly 17% of the population were enrolled in primary schools. These were the children taught to read according to the 1953 syllabus.

    A brief A5-sized booklet of just 13 pages, it recognises reading as a central component of a rich and full life – and that it can be used for “useful, harmless or nefarious” purposes.

    Competing with other temptations such as “the exploits of Superman and Mighty Mouse”, as well as cinema and radio, is one of its concerns. But its main aim is to “teach the child to read […] in ways that will encourage him (sic) to use his skill freely and naturally”.

    Postwar prosperity and a royal tour too: schoolchildren wave Union Jack flags at the Duke of Edinburgh during in early 1954.
    Getty Images

    Avoiding a standardised approach

    The syllabus outlines ideal components of a classroom reading programme: reading to self (silently) and peers (aloud), listening to story and verse, participating in dramatisation, word study and study skills.

    Word study should include learning about phonics. But the syllabus tempers this with the advice that “there can be no doubt that too early a preoccupation with phonics may serve to kill interest in reading”.

    This might have been written today by those concerned that structured approaches to literacy will crowd out other important parts of early reading education.

    The 1953 syllabus says reading material should encompass fiction (including local authors), non-fiction, plays and poetry. While competent reading by all is the goal, the syllabus also states: “A uniform standard of achievement […] is a mistaken aim.”

    This recognition of variable individual capability is something critics say is missing from today’s curriculum. Expectations are set for each year at school, with teachers strongly encouraged to teach to the year level.

    The fear is that some students will fall behind as their class moves on, while progress for others will be restricted if they are ahead of those expectations.

    The 1953 syllabus cautions that the “results of standardised tests should be weighed against the teacher’s own observation […] and modified accordingly”.

    Encouraging teacher autonomy

    By comparison, the new English curriculum is long at 108 pages, complex and prescriptive. It includes a range of aims clustered under the headings “Understand”, “Know” and “Do”.

    The first encompasses five big ideas learners are expected to develop during their schooling. The second covers the knowledge required in English to become literate. The third outlines the practical steps learners will take in the different phases of their schooling.

    To be fair, the new curriculum aims to make all children feel good about reading. It encourages using different kinds of texts, focuses on assessment activities that build on one another, and supports teachers to adapt for student differences.

    And, given its contemporary context, there is an awareness of the important role of culture and the unique place of Māori in New Zealand that is entirely missing in the 1953 document.

    But the new curriculum also contains directives the 1953 syllabus warned teachers against – namely a preoccupation with teaching phonics, and teaching linked to prescriptive progress measurement and outcomes.

    Although brief, the 1953 document is arguably broader in scope and requires teachers to have greater skills. A strength of the old syllabus is that it encouraged teacher professionalism, autonomy and judgement in deciding the best next steps for each learner.

    Overall, the 2025 curriculum seems the more constrictive document. The 1953 syllabus presents a view of reading that prioritises the human experience – reading as an aesthetic experience as well as a practical skill.

    This article is based on original work by Jayne Jackson, senior lecturer and educational researcher at Manukau Institute of Technology, with the help of AUT’s LitPlus research group.

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

    – ref. Kiwi kids once led the world in reading – this 1950s primary school syllabus still has lessons for today – https://theconversation.com/kiwi-kids-once-led-the-world-in-reading-this-1950s-primary-school-syllabus-still-has-lessons-for-today-253719

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: How the word ‘incel’ got away from us

    Source: The Conversation (Au and NZ) – By Farid Zaid, Senior Lecturer, Psychology, Monash University

    Javier Bermudez Zayas/Shutterstock

    Imagine a young man whose voice has been worn down by years of feeling invisible. Plain, numb and bitter, the “incel” tries to explain the kind of hopelessness most of us would rather not confront:

    I believed I was unlovable, so who the hell is gonna love me? I won’t get a good job, and if I don’t get a good job, I won’t be able to live the kind of life I want. I’ll be lonely and depressed, and what’s the point of living?

    You start seeing life not as something to look forward to, but as something you just have to survive.

    The pain it describes is far more common than we care to admit.

    Today, the word “incel” conjures images of angry online forums, misogyny and even mass violence.

    But it didn’t start that way. Incel began as a term for the ache of not being chosen – an ache that, for many young men, has become defining.



    Read more:
    ‘Looksmaxxing’ is the disturbing TikTok trend turning young men into incels

    The birth of ‘incel’

    In the late 1990s, a Canadian woman known only as Alana created “Alana’s Involuntary Celibacy Project”, a support group for people of all genders struggling to form romantic or sexual relationships.

    There was no ideology, just stories of heartbreak, confusion and the quiet sadness of feeling left behind.

    She coined the term “invcel”, later shortened to incel. It was a label for isolation, not anger.

    But as it often does, the internet repurposed it and angry subcultures took root.

    The term hardened: incel began to describe a threat.

    Today, it refers to a loosely connected online subculture of young men who see themselves as romantically excluded, blame women or society for their condition, and often express their resentment through misogynistic language, fatalism and at times, violent rhetoric.

    How did a word born in solidarity become shorthand for male radicalisation and resentment?

    Incel evolution

    By the mid-2000s, forums such as 4chan, Reddit and obscure message boards had begun to distort the term.

    This new banner of incel identity was encompassed by grievance, rage and rejection.

    The digital architecture of these spaces didn’t just permit this shift, it accelerated it. Anonymous avatars, endless algorithms and upvote economies rewarded extremity.

    Pain was no longer expressed, it was curated, memed and weaponised.

    Incel communities developed their own jargon: “Chads” (attractive, socially successful men), “Stacys” (the women who desire them), and “blackpill theory” (a fatalistic belief that one’s romantic or sexual failure is biologically determined and irreversible).

    This crude mythology was used to explain why some men supposedly get everything and others get nothing.

    As these forums grew, many also became incubators for dehumanising language and open hostility towards women.

    Some of the most active subreddits and boards were eventually banned for promoting violent content or glorifying attacks on women.

    Law enforcement agencies in several countries have since begun monitoring incel spaces as potential sites of radicalisation.



    Read more:
    We research online ‘misogynist radicalisation’. Here’s what parents of boys should know

    Loneliness and isolation

    While these online communities became more extreme, they also came to dominate the cultural narrative – distracting us from a quieter, more pervasive truth: most young men who feel unwanted or invisible aren’t in these online spaces at all.

    They’re not angry or radicalised. They’re just trying to make sense of a life that feels increasingly empty – the very men the word incel was once meant to describe.

    That emptiness is part of a growing epidemic of loneliness, particularly among young men.

    As social ties fray and emotional isolation deepens, many find themselves without the friendships, intimacy or sense of belonging that once buffered against despair.

    One in four Australian men say they have no close friends they can confide in.

    These young men are also struggling with the language to name what they feel.

    Being single often makes these men feel irrelevant and worthless. Disconnected and ashamed, many go silent. Or they go online in search of community.

    What can be done?

    The first step is resisting the urge to caricature and dismiss.

    Most of these young men are not ticking time bombs – they are simply struggling with disconnection. We need more places where that pain can be acknowledged without shame or fear of ridicule.

    It starts with how we talk to, and about, young men. That means fostering emotional literacy in ways that feel authentic and supporting initiatives that build connection without moralising.

    This can be done through mentorships and community groups that allow for real relationships to form.

    We need more male-friendly mental health services and more male psychologists, too: there are more than four women for every man in this field.

    Mental health services that reflect men’s lived realities – through tone, approach and practitioner experience – are more likely to break down the barriers that keep many men away.

    Policy can help, too: civic infrastructure that fosters belonging – such as community sports clubs, trade apprenticeships and structured volunteering opportunities – play a critical role. These are the spaces where purpose grows roots and where men in particular often find meaning and community outside formal support systems.

    Time for a change?

    While the threat from radicalised men online remains, maybe it’s time to retire the word incel.

    What began as a label for loneliness has become a painful slur for many men – a shortcut for contempt.

    When we lose the language to describe the pain, we can lose the people too.

    Farid Zaid 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. How the word ‘incel’ got away from us – https://theconversation.com/how-the-word-incel-got-away-from-us-255109

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: As Filipinos prepare to vote, ex-strongman Rodrigo Duterte’s arrest is dividing families – all the way to the president

    Source: The Conversation (Au and NZ) – By Noel Morada, Visiting Professor, Nelson Mandela Centre, Chulalongkorn University; and Research Fellow, Asia Pacific Centre for the Responsibility to Protect, Chulalongkorn University

    It’s been two months since former Philippines President Rodrigo Duterte was arrested and handed over to the International Criminal Court (ICC) to face potential prosecution for crimes against humanity.

    Duterte’s arrest has angered his supporters and caused polarisation to worsen in the lead-up to important parliamentary elections on May 12.

    The election could be a referendum on the current president, Ferdinand Marcos Jr., whose approval rating fell to 25% in March after Duterte’s arrest. It had been 42% a month earlier.

    Duterte’s daughter, Vice President Sara Duterte, meanwhile, has seen her approval rating increase to 59%, despite the fact she was impeached by the House of Representatives earlier this year for threatening to assassinate Marcos.

    Some of Marcos’ former allies are now drifting towards Sara Duterte, potentially setting her up for a successful run for the presidency herself in 2028.

    Family feuding

    Marcos is not only dealing with the resentment of some segments of the public, he’s also facing a challenge from his own sister, Imee Marcos, a senator.

    Imee Marcos conducted several hearings in the Senate to probe into the procedures followed by the national police and other government agencies in implementing Duterte’s arrest warrant, which had been issued through Interpol.

    Right from the start, she denounced Duterte’s surrender to the ICC as a violation of the Philippine constitution and the country’s sovereignty. She asserted the court did not have jurisdiction over the Philippines after it withdrew from the Rome Statute in 2019.

    In a press conference on April 29, Imee Marcos announced a Senate committee is recommending the filing of criminal charges against the head of the Department of Justice and other officials who arrested and turned him over to the ICC. On May 7, the ombudsman asked these officials to respond to the Senate committee complaint within 10 days.

    Imee Marcos has political motivations of her own for acting in this way. She is seeking another term herself and has been trailing in public opinion polls.

    To make the political machinations even more complex, Sara Duterte has now endorsed Imee Marcos’ bid for re-election. Some of Duterte’s supporters, however, have been sceptical about Marcos’ motives in conducting the hearings.

    Controlling the narrative

    Though Duterte’s arrest has dominated the headlines in the Philippines, it’s unclear whether Marcos’ declining popularity as president is tied solely to this incident.

    Many Filipinos supported Duterte’s arrest, according to one poll in March. And Marcos’ government has also been criticised for the state of the economy.

    But at least one observer has pointed to the Duterte family’s effective use of Tiktok to control the narrative around his arrest, portraying it as a kidnapping. Sara Duterte has recently claimed her name is on the ICC prosecutor’s list of those who will be arrested next.

    It is also important to note Duterte’s supporters have resorted to the dissemination of fake news and disinformation against the Marcos administration. His supporters have also aimed their attacks on the ICC pre-trial judges, as well as victims of the drugs war during Duterte’s time in office.

    The 2028 presidential race

    The outcome of the elections in the Philippines next week will no doubt have short- and medium-term implications for the country’s politics.

    First, if all nine of the Senate candidates backed by the Marcos administration win, they would expand his bloc of supporters in the chamber. This bloc may then vote to convict Sara Duterte when her impeachment case moves to a Senate trial.

    If she’s convicted, she would be banned from running for president in 2028. But it’s uncertain if two-thirds of senators would vote to convict – the threshold necessary for impeachment. Some pro-Marcos and independent senators may be wary of antagonising loyal Duterte supporters.

    If Sara Duterte is acquitted, this would likely only boost her bid for the presidency.

    The ICC’s pre-trial chamber will hold a hearing in September that will be watched closely by pro- and anti-Duterte forces in the Philippines. On May 8, the chamber rejected a petition filed by Duterte’s defence team to excuse two judges over alleged bias.

    His loyal supporters will likely increase their attacks against the ICC, the victims of Duterte’s drugs war, and the Marcos administration through the use of fake news and disinformation as the trial progresses.

    If Duterte is convicted by the court prior to the 2028 election, it will certainly be used as a campaign issue by both sides, too. And this will only further worsen polarisation in the Philippines.

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

    – ref. As Filipinos prepare to vote, ex-strongman Rodrigo Duterte’s arrest is dividing families – all the way to the president – https://theconversation.com/as-filipinos-prepare-to-vote-ex-strongman-rodrigo-dutertes-arrest-is-dividing-families-all-the-way-to-the-president-255600

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Speech to India New Zealand Business Council

    Source: NZ Music Month takes to the streets

    Kia ora and good morning, everyone.

    This is a great time to hold a Summit focused on the India-New Zealand relationship. It comes seven weeks after I returned from India following one of New Zealand’s largest ever Prime Ministerial missions.

    I was joined by 40 business representatives, 15 community leaders, three Cabinet Ministers, four MPs, a Kapa Haka group, and a range of senior government officials all laser-focused on our relationship with India. 

    We visited New Delhi and Mumbai for a packed programme that covered every facet of our broad-based relationship with India – political connections, trade and economics, defence and security, people, culture and, of course, cricket. 

    As was the case on my previous visits to India when I was in the private sector with Unilever, I was struck by the remarkable energy, dynamism, and innovation that I encountered. 

    I concluded the mission more convinced than ever that India is a country of enormous consequence for New Zealand and for the world.

    So, I want to spend some time reflecting on the mission and talking about some of the outcomes in three key areas. First, economic opportunities; second, defence and security; and third, in terms of people and culture. 

    I then want to set out what I see as the next steps in the relationship.

    Economic opportunities

    First, I want to talk about the economic opportunities we saw in India, and what we are doing to capitalise on them. 

    I’m sure everyone here is familiar with India’s amazing growth story. The fastest GDP growth rate in the G20, with India on track to become the world’s third-largest economy in the next few years, and the Indian middle class now numbers 445 million. 

    When I met with Prime Minister Modi, I had a chance to discuss with him India’s extraordinary transformation. Over the past decade, 250 million Indians have been lifted out of poverty; the number of airports in India has more than doubled to 157, with many more planned in the coming years; and India’s government estimates that it has built 95,000 kilometres of highway. To put this last one in perspective, that would be enough highway to drive between New Zealand and India eight times.  

    Globally, India is a consequential and influential voice, successfully hosting the G20 in 2023, and a space power, becoming the first country to land a spacecraft on the moon’s South Pole two years ago.

    While in India, I had discussions with business leaders who are running companies doing incredible things. Innovators like Nadir Godrej, responsible for one of India’s biggest, oldest and best-known industrial groups, and Natarajan Chandrasekaran who chairs Tata, a conglomerate with a presence in dozens of countries around the world. It was inspiring to hear of their plans and, importantly, to pitch to them on the value of closer connections with New Zealand.

    For New Zealand, the economic opportunities in India are immense. Despite India’s growth and scale, it still only accounts for 1.5 per cent of our exports. We are working hard to change that. That was why I took so many business leaders with me to India. That’s why we worked so hard while in New Delhi and Mumbai to ensure New Zealand’s primary products, our technology, our education exports and our tourism offering were front and centre.  

    It is Kiwi and Indian businesses, including all of those in this room today, that are the engines of growth, creating new opportunities, lifting trade, and helping transform the relationship between our countries. And for all your ongoing effort and leadership in this regard, I thank you. 

    Part of my Government’s job is to improve the environment in which our great Kiwi businesses operate in their dealings with India. On that front, I am pleased to report that, during the mission to India, the Government made real progress. 

    First and foremost, I was delighted that Todd McClay and his Indian counterpart, Piyush Goyal, announced the launch of negotiations towards a Free Trade Agreement. The launch of negotiations is a breakthrough in the economic relationship between India and New Zealand. 

    Prime Minister Modi and I have instructed our negotiators to work quickly to reach a comprehensive and mutually beneficial agreement, one that promises to play a major role in doubling New Zealand’s exports by value over the next ten years.

    My Government is focused on growing our economy and lifting incomes, and the launch of negotiations presents an opportunity to do exactly that.

    On top of that, 33 MoUs and other commercial outcomes were progressed on the mission, reflecting the growing partnerships between New Zealand and Indian businesses. 

    Among those was an MoU between Air New Zealand and Air India to establish a new codeshare partnership on 16 routes between India, Singapore, Australia and New Zealand. The MoU will also see these two great airlines explore the introduction of a direct service between India and New Zealand by the end of 2028. 

    This is a fantastic opportunity that promises to make it easier to fly between our countries and further boost our tourism and education sectors.

    Defence and security

    But there is so much more to our relationship with India than our economic ties. Which brings me to the second major theme of my visit, defence and security. 

    New Zealand is invested in supporting stability and prosperity in the Indo-Pacific region. 

    In an increasingly multipolar world, India is a major geopolitical power and a significant global and regional security actor.

    Prime Minister Modi and I agreed that our defence forces should build greater strategic trust with one another, including undertaking more exchanges and training together. 

    I was pleased to witness the signing of a new Defence Cooperation Arrangement with India. This arrangement enhances defence dialogue and connections and adds an important new dimension to our strategic engagement.

    One of the reasons why we want to build greater trust is so that we can have candid conversations at challenging times. On 22 April, India suffered a devastating terrorist attack in Jammu and Kashmir. New Zealand condemns terrorism, and we sent our heartfelt condolences to the families of the victims of the attack.

    Since then, we have seen an escalation in tension and military activity. We encourage both India and Pakistan to show restraint at this difficult moment and try to de-escalate the situation.

    The situation in Jammu and Kashmir reminds us that we face an increasingly difficult and uncertain strategic outlook, including in the Indo‑Pacific region that India and New Zealand share.

    While I was in India, I had the great opportunity to share New Zealand’s perspective on the region as the Chief Guest at the Raisina Dialogue, which, as this audience will know, is India’s – and one of the world’s – premier defence and security events. 

    My message at Raisina was simple: There can be no prosperity without security.

    That is why it’s vitally important that New Zealand works closely with India and other partners in support of a region where countries are free to choose their own path free from interference, and where all countries respect foundational rules.  

    People-to-people links

    The third major theme of my mission centred on the links between our people. 

    New Zealand’s Indian community was a key feature of many of my discussions in India, including with Prime Minister Modi. 

    Prime Minister Modi praised New Zealand’s Indian diaspora, referring to it as a “living bridge” between our countries. Prime Minister Modi and I formally recognised the contribution of the diaspora in the joint statement released during my visit. 

    As this audience will be well aware, the 300,000-strong Indian community is the third largest ethnic group in New Zealand. India is our largest source of skilled migrants and our second-largest source of international students. 

    A point I made to Prime Minister Modi was that Kiwi-Indians are on average younger, better educated, and have greater earnings than the general New Zealand population. 

    In short, Indian-Kiwis are making a massive contribution to New Zealand. This is why I chose to take with me to India a senior delegation of community leaders.

    I made sure that my programme in India reflected and respected the deep cultural links between our countries. I paid my respects at a place sacred to many Kiwi-Hindus – the BAPS Swaminarayan Akshardham Temple. And I visited Gurdwara Rakab Ganj Sahib, a place of profound faith and history to Kiwi-Sikhs. 

    Of course, another indispensable element of our partnership with India is cricket. It was very special to visit Wankhede Stadium with Mumbai-born Ajaz Patel, who took the third-best bowling figures in Test history on that ground. 

    But our sporting links go beyond cricket. Prime Minister Modi and I also discussed his plans to diversify and enhance India’s prowess across multiple sports. India is particularly interested in Olympic sports as it looks to bolster Ahmedabad’s bid to host the 2036 Olympic Games. Given our high-performance sports ecosystem and our outstanding record at the Olympics, this is an area where New Zealand is well positioned to work with India.

    I was particularly pleased to witness the signing of a Sports Memorandum of Cooperation between New Zealand and India. This arrangement allows us to develop new ways to collaborate across high-performance sports, and exchange programmes, skills, technology and innovation, research, and people.

    It should boost sports performance in each country and facilitate exchanges in areas such as community sports and health. 

    Cooperation in sports is particularly significant at a time when, next year, New Zealand and India will celebrate 100 years of sporting ties. We look forward to celebrating this milestone, including with a visit by the Indian men’s cricket team in late 2026.

    Next steps for government, business and community

    So, across people, culture, sport, defence and security, trade and economics – my mission to India left the relationship in a stronger position. But there is still a lot of work to do.

    I now want to take a few minutes to reflect on the next steps for this important relationship, and the respective roles of government, business and community. 

    I want to be clear that the mission to India was not the end goal. Rather, it was a springboard to help take our relationship to new heights. We now have an extensive work programme across every facet of the relationship. I will touch on just a couple of examples. 

    First, we have moved quickly to begin negotiations on the Free Trade Agreement, with the first round of talks already having taken place. 

    Second, our Government will be continuing a steady tempo of political-level engagements with our Indian counterparts. There is no substitute for face-to-face relationships with the key decision-makers, which is why I’m so pleased Minister Margherita has joined us today. During my meeting with Prime Minister Modi, I offered to reciprocate his warm and generous hospitality by inviting him to visit New Zealand when his schedule allows.

    Third, to give effect to the various areas of new co-operation, our Government has confirmed that we will need more people on the ground in India. New Zealand will increase our diplomatic footprint in India by more than 60 per cent, underscoring our commitment to the relationship and our ambition to see it grow further.

    The Government will be working hard to maintain the momentum, and continue building a broad, deep, and enduring strategic relationship with India. 

    But our relationship with India is far too important to be left to Government alone. There is a crucial role for two other actors in our society, business and community. 

    Our relationship with India is so significant that I want to see an ‘all of New Zealand’ effort with government, business and community all moving in the same direction. 

    The opportunities presented by India are immense. Many of you are already active in the market and have been for some years. But I want to see more New Zealand exporters building relationships in the market and putting together your own strategies for tapping into India’s enormous potential. 

    The wider Kiwi-Indian community also has a very important role as – in Prime Minister Modi’s words – the “living bridge” between New Zealand and India. 

    We will stay in touch with the senior delegation of community leaders that accompanied me to India. I encourage the Indian community in New Zealand to continue to share with the Government your insights into our relationship with India and ideas for how we can continue moving forward.

    Thank you for the opportunity to speak to you about the vital partnership between New Zealand and India.

    The INZBC have put together an excellent programme for today, featuring a range of speakers who are all committed to bringing New Zealand and India much closer together.

    The bottom line is we are two countries that can and should be doing much more together, and we will.

    Thank you.

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: NITI Frontier Tech Hub Organizes a Workshop for States on Accelerating AI Datacentre Investments

    Source: Government of India

    Posted On: 08 MAY 2025 5:46PM by PIB Delhi

    Recognizing the critical role of AI infrastructure in shaping India’s economic future, the NITI Aayog Frontier Tech Hub hosted a high-level workshop on May 8, 2025, focused on accelerating investments in AI-ready datacentres across Indian states. The workshop brought together senior officials from key state governments, central ministries and industry leaders to chart a strategic roadmap for positioning India as a global hub for AI infrastructure.

     The deliberations spotlighted the widening gap between India’s digital ambitions and its current compute capabilities. Although India generates nearly 20% of the world’s data, it accounts for just 3% of global datacentre capacity. With AI adoption surging across sectors, the need for reliable, scalable, and sustainable AI infrastructure has never been more urgent.

     The workshop urged states to move beyond land- and real estate-centric models and embrace a new paradigm anchored in access to clean energy, high-performance computing, and streamlined policy environments. Key themes included:

    • The projected doubling of global electricity demand from datacentres and AI by 2026
    • India’s unique advantages in renewable energy, deep engineering talent, and rapidly growing digital economy
    • The need for coordinated reforms in power, policy, and regulation to attract hyperscale and sovereign AI investments

     Participants discussed the six critical pillars essential for AI datacentre readiness—land, power, network, compute, talent, and enabling policies. The conversation highlighted the urgency for states to think not just competitively within India, but globally, as countries like Vietnam, UAE, and Indonesia aggressively pursue AI investments.

     Speaking at the workshop, Shri B.V.R. Subrahmanyam, CEO of NITI Aayog, said:

     “India has a once-in-a-generation opportunity to become a global AI datacentre hub. With our clean energy leadership, unmatched tech talent, and strong policy momentum, we are well-positioned to deliver the world’s greenest and most cost-effective AI compute. But the competition is global. States must stop thinking only in terms of land and start thinking in terms of AI ecosystems — anchored in energy, innovation, and execution.”

     The workshop was organized in partnership with Deloitte, the Knowledge Partner, and featured participation from ten states and representatives from defense, ministries of MNRE, Finance, DoT and Power. Distinguished attendees included Shri Rajiv Gauba, Member, NITI Aayog; Shri B.V.R. Subrahmanyam, CEO of NITI Aayog; Ms. Debjani Ghosh, Distinguished Fellow, NITI Aayog; and Mr. Romal Shetty, CEO, Deloitte South Asia.

     A strategic report titled “Accelerating AI Infrastructure Investments in India”, providing a comprehensive blueprint to unlock national-scale AI infrastructure investments was also launched in the workshop.

     This workshop is part of the NITI Frontier Tech Hub’s ongoing efforts to drive frontier technology awareness, readiness, and policy innovation across states and ministries—strengthening India’s journey to becoming a global leader in the AI-powered intelligence economy.

    *****

    MJPS/SR

    (Release ID: 2127731) Visitor Counter : 2

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: General Terms for the United States of America and the United Kingdom of Great Britain and Northern Ireland Economic Prosperity Deal

    US Senate News:

    Source: The White House
    Context and ObjectivesPresident Donald J. Trump and Prime Minister Sir Keir Starmer committed to deliver shared prosperity for American and British citizens alike. Our governments have a unique opportunity to enhance our economic partnership through the U.S.-UK Economic Prosperity Deal (EPD).
    A first of its kind, the United States and the United Kingdom expect the EPD to address three core objectives, based on fairness and reciprocity:
    To grow the quality and volume of mutually beneficial trade between the United States and the United Kingdom, creating good, high-paying jobs and growth in both countries;
    To remove barriers to make it easier for American and British businesses to operate, invest and trade in both countries; and
    To ensure that the Special Relationship is rooted in an enduring economic partnership that is fair, reciprocal, future-facing, and built on a shared vision of the challenges that face our economies.
    This document serves to define the general terms for the EPD that set forth the shared desires of the United States and the United Kingdom to make bilateral trade fairer, easier, and more substantial. Alongside this document covering our trading relationship, we are continuing discussions toward a transformative technology partnership between our countries.
    The United States and United Kingdom are immediately beginning negotiations of the EPD to develop and formalize the proposals made in this document. Once the initial proposals have been formalized and implemented, the United States and United Kingdom understand that the EPD can further be expanded over time to cover additional areas. Each country intends to continue to improve market access under the EPD.
    Both the United States and the United Kingdom recognize that this document does not constitute a legally binding agreement.
    Addressing Tariffs(a) Following a reasonable period of negotiation: (i) the United Kingdom intends to reduce its applied tariff rates on a preferential basis on a range of originating goods of the United States in sectors of importance to the United States; and (ii) the United States intends to reduce its applied tariff rates on a preferential basis on a range of originating goods of the United Kingdom in sectors of importance to the United Kingdom. The countries intend to coordinate the timing of their respective tariff reductions to be as soon as practicable, taking into consideration their respective domestic processes. On request of the United Kingdom, the United States will consider reducing its applied tariff rates for a UK territory or territories for whose international relations the United Kingdom is responsible on a preferential basis.(b) U.S. beef exports to the United Kingdom are currently subject to a 20 percent tariff within a quota of 1,000 metric tons (mt). The United Kingdom will remove the 20 percent tariff. Additionally, the United Kingdom will create a preferential duty-free quota of 13,000 mt for U.S. beef. In return, the United States will reallocate to the United Kingdom 13,000 mt of its existing “Other Countries” tariff rate quota (TRQ) for beef. Additionally, the United Kingdom will offer a preferential duty-free TRQ of 1.4 billion liters for U.S. ethanol.(c) The United States intends to provide certain key UK imports with modified reciprocal tariff treatment, based on our balanced trading relationship and shared national security priorities. Any such modifications will be consistent with those shared national security priorities, including priorities identified in future U.S. Section 232 investigations.(i) The United States will create a quota of 100,000 vehicles for UK automotive imports at a 10 percent tariff rate, and an accompanying arrangement for attendant auto parts for such autos.(ii) The United Kingdom will work to promptly meet U.S. requirements on the security of the supply chains of steel and aluminum products intended for export to the United States and on the nature of ownership of relevant production facilities. Understanding the United Kingdom will meet these requirements, the United States will promptly construct a quota at most favored nation (MFN) rates for UK steel and aluminum and certain derivative steel and aluminum products.(iii) Contingent on the findings of the U.S. Section 232 investigation on pharmaceuticals and pharmaceutical ingredients, and consistent with the United Kingdom’s compliance with the supply chains security requirements described in subparagraph (ii), the United States and the United Kingdom intend to promptly negotiate significantly preferential treatment outcomes on pharmaceuticals and pharmaceutical ingredients. The United Kingdom confirms that it will endeavor to improve the overall environment for pharmaceutical companies operating in the United Kingdom.(iv) In addition to products already addressed in this document, the United States and the United Kingdom intend to adopt a structured, negotiated approach to othersectors that may be subject to Section 232 investigations or other tariff measures with a view to a significantly preferential outcome. Any such approach is contingent on the United Kingdom ensuring the security of supply chains, using appropriate measures, of products intended for export to the United States and on the findings of related U.S. investigations of, or other tariff measures related to, such sectors.(d) To ensure U.S. and UK firms can benefit from these changes in practice, both countries intend to apply rules of origin that maximize bilateral trade and prevent non-participants from using our bilateral arrangement to circumvent tariffs. The United States affirms that it intends to take into consideration during the negotiations of the EPD the United Kingdom’s request that the United States continues to work to lower tariffs on UK goods imposed by U.S. executive authority as well as those subject to Congressional approval.
    Addressing Non-Tariff Barriers(a) The United Kingdom and the United States plan to work constructively in an effort to enhance agricultural market access. Further, both countries positively support future discussions to strengthen bilateral agricultural trade. The United Kingdom and the United States affirm that imported food and agricultural goods must comply with the importing country’s sanitary and phytosanitary (SPS) standards and other mutually agreed standards. The United Kingdom and the United States commit to working together to improve market access for agricultural products, to highlight concerns, and to increase agricultural cooperation on areas such as certain export verification programs to facilitate greater trade, and more formal bilateral engagement through international standard setting bodies.(b) The United Kingdom and the United States each confirms its intent to accord to conformity assessment bodies of the other treatment no less favorable than that it accords to conformity assessment bodies located in its own territory. Treatment under this paragraph includes procedures, criteria, fees, and other conditions relating to accrediting, approving, licensing, or otherwise recognizing conformity assessment bodies.(c) Both countries intend to build on an existing set of Mutual Recognition Agreements (MRAs) by negotiating additional agreements, as appropriate, across certain industrial goods and advance toward an agreement on services domestic regulation.(d) The United Kingdom and United States intend to discuss the principles and criteria used in order to recognize a standard as an international standard. The United Kingdom and the United States will further commit to discuss respective applicable standards for mutually agreed sectors of interest and, within those specified sectors, to agree which of the other’s relevant domiciled standards development organizations (SDOs) currently meet recognized international principles.
    Increasing Digital Trade(a) Both countries confirm that they will negotiate an ambitious set of digital trade provisions that will include within its scope services, including financial services.(b) Both countries confirm that they will negotiate provisions on paperless trade, pre-arrival processing, and digitalized procedures for the movement of goods between our countries.
    Strengthening Alignment and Collaboration on Economic Security(a) Both countries intend to strengthen cooperation on economic security, including by coordinating to address non-market policies of third countries.(b) Both countries intend to cooperate on the effective use of investment security measures, export controls, and ICT vendor security, building on the current levels of close alignment on trade and investment security measures.(c) In order to ensure more competitive, reciprocal, and secure access to our procurement markets, both countries reaffirm their procurement commitments under the Agreement on Government Procurement (GPA) and their respective free trade agreements, and intend to discuss the implementation of our respective procurement commitments, including through the United Kingdom’s new National Security Unit for Procurement and the United Kingdom’s new powers under the Procurement Act 2023, which provides that non-“treaty states” are not guaranteed non-discriminatory treatment in procurement.(d) Both countries confirm that they will negotiate as part of the EPD provisions on duty evasion customs cooperation to combat evasion schemes and the illegal transshipment of goods from countries subject to antidumping, countervailing duties, safeguards, etc., which undermine economic security.
    Commercial Considerations and OpportunitiesBoth countries commit to continuing to identify mutually beneficial goods, services, investment opportunities and commercial transactions that serve to increase economic integration in critical industries and defense preparedness, leveraging government policies, licenses, and programs and private-sector participation to facilitate such transactions.
    Other Matters(a) Both countries confirm that they intend to discuss high-standard commitments related to intellectual property rights protection and enforcement, labor practices (including addressing forced labor in supply chains), and environmental policies and practices.(b) The United Kingdom will consider the interests of those UK territories for whose international relations it is responsible.(c) The United Kingdom and the United States recognize that the purpose of this arrangement is to deepen our trade relationship based on mutual trust and a shared commitment to fair and reciprocal trade. On request of either country, the United Kingdom and the United States will consult with a view to considering any changes that may need to be made to this arrangement to ensure that it remains mutually beneficial.(d) The United States or the United Kingdom may terminate this arrangement by giving written notice to the other. The United Kingdom and the United States further plan to discuss procedures for review and termination as part of the negotiations of the EPD.
    This document becomes operative on May 8, 2025.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Budget 2025 invests in care system and improving redress for survivors of abuse in state care

    Source: NZ Music Month takes to the streets

    The Government will strengthen the care system and improve redress for survivors in Budget 2025 in response to the Royal Commission of Inquiry into Abuse in Care.
    The Royal Commission of Inquiry into Abuse in Care was conducted over six years and found widespread abuse and neglect across many state and faith-based organisations. The final report made 138 recommendations.
    “We know there is nothing we can do to take away the pain of survivors, but the Government has committed a significant investment of $774 million in Budget 2025 to improve the redress system and strengthen the care system to prevent, identify, and respond to abuse in the future,” says Ms Stanford.
    Improvements to the redress system over this year will include:

    Increasing the average redress payments for new claims from $19,180 to $30,000;
    Providing for higher payments for the survivors who experienced the most egregious abuse;
    Providing “top up” payments of 50% to survivors who have already settled claims to ensure consistency with increased payments for new claims;
    Introducing a common payments framework so that survivors receive the same financial redress for similar experiences of abuse, regardless of where in state care that abuse occurred;
    Increase system capacity to process claims from 1,350 to 2,150 per year from 2027 to reduce wait times for current claimants;
    Implementing a seamless service so that survivors with claims with multiple agencies have those claims managed by one point of contact;
    Introducing a single-entry point for survivors wanting to register new claims;
    Introducing an independent review for people who are unhappy with their redress offer; and
    Funding for redress agencies to provide survivors with access to supports and services.

    “I acknowledge that a key recommendation of both the Royal Commission and the Redress Design Group was for a new independent redress entity. 
    “The Government was faced with a difficult choice: do we spend more time and money on setting up a new scheme, or do we provide more to survivors now through the current redress process?
    “For Budget 25 we have prioritised improving the current system as quickly as possible for survivors and investing in changes that have a direct impact for them,” Ms Stanford says.
    Investments in the wider care system over the next four years include: 
    ·      Up to $71.5 million to build a capable and safe care workforce for children and vulnerable adults;
    ·      Over $50 million to make mental health inpatient units safer and improve privacy and dignity for patients;
    ·      $25 million towards funding initiatives with evidence of an ability to prevent the entry of children and vulnerable adults into care;  
    ·      $16 million for Oranga Tamariki for improvements to safeguarding to reduce abuse and harm to children and young people in remand homes and in the care of individual caregivers;
    ·      $9.4 million to bolster oversight of compulsory mental health and addiction care by increasing the capacity, expertise, and availability of independent statutory roles including District Inspectors and Review Tribunals; and
    ·      Almost $9 million for Disability Support Services to strengthen processes that recognise and respond to instances of abuse in care, by introducing additional audits on the quality of services delivered by contracted care providers and improving the systems that support the management of critical incidents and complaints.
    There is also funding for the continuation of the Survivor Experiences Service who provide an important survivor-led service, better record keeping and access to records, and for an independent review of the changes to the redress system in 2027. 
    Cabinet has also decided that for new claims from survivors who are also serious sexual and/or violent offenders who have been sentenced to five years or more in prison a new process will apply. Modelled on similar approaches in Australia and Scotland, this will involve an independent decision maker who will need to assure themselves that a redress payment would not bring the scheme into disrepute. Legislation establishing this will be introduced later this year. 
    The Government will also establish a Ministerial Advisory Group of survivors and advocates in the coming months to provide relevant Ministers with advice on the Government’s response, including implementation of these changes and the next phase of the wider response. 
    Redress decisions, at this point, do not include claims that currently sit with school boards, faith-based organisations, or other non-state providers. The Government will be receiving further advice on this later this year. 
    “The wider work on the Crown response to the Royal Commission’s recommendations continues to be a priority. I expect to release our full response plan in the coming weeks,” Ms Stanford says.Note to editors: 

    On average, previous payments from the Ministry of Health were significantly lower than other agencies for similar types of abuse (excluding the Lake Alice Child and Adolescent Unit). “Top up” payments to these previous claimants will also account for this disparity.
    Survivors with a settled claim can register for a top-up payment from today. To register visit: www.abuseincaretopups.govt.nz  

    MIL OSI New Zealand News –

  • MIL-OSI Asia-Pac: SECL Organizes First ‘Sneh Milan Mela to Build Stronger Community Relations

    Source: Government of India

    SECL Organizes First ‘Sneh Milan Mela to Build Stronger Community Relations

    Initiative Aims to Foster Local Cooperation for Smoother Land Acquisition and Accelerated Development in Mining Areas

    Employment Letters Issued to 86 Local Youths as Part of Inclusive Growth Efforts

    Posted On: 08 MAY 2025 6:46PM by PIB Delhi

    In a novel initiative to foster goodwill and deeper engagement with local communities, South Eastern Coalfields Limited (SECL) recently organized its first-ever ‘Sneh Milan Mela’ in Surajpur district of Chhattisgarh under its Bhatgaon Area.

    The event, which brought together SECL employees, their families, and nearby villagers, is part of SECL’s broader approach to build trust and cooperation essential for smooth land acquisition to facilitate the expansion of mining operations.

    The vibrant gathering featured cultural performances, including songs, dances, and a highlight puppet act with the social message of drug de-addiction. Women employees and local participants set up food stalls offering traditional cuisines, enhancing the festive atmosphere. Over 600 attendees including SECL employees, and members of nearby communities joined the celebration, which emphasized unity and shared progress.

    The Mela aligns with the vision of Union Minister of Coal and Mines, Shri G. Kishan Reddy who during his recent visit to SECL reached out to people on ground zero, had lunch with coal miners and underscored the importance of grassroots engagement and worker welfare.

    As part of its ongoing rehabilitation efforts, SECL also distributed employment letters to 86 local youths affected by land acquisition for the Mahamaya Open Cast Project in Bhatgaon Area.

    The appointment letters were presented at a formal event graced by Smt. Lakshmi Rajwade, Minister for Women and Child Development, Government of Chhattisgarh. She praised SECL’s initiatives to empower affected families and called on youth to contribute to the region’s growth.

    SECL is actively working to expand its operations, particularly in its three flagship mega projects Gevra, Dipka, and Kusmunda which together contribute over 70% of the company’s coal production. Facilitating community cooperation is key to these expansions.

    In FY 2024–25 alone, SECL provided employment to 807 people in lieu of land acquisition, the highest such figure in the company’s history underscoring its commitment to inclusive, sustainable growth.

    SECL CMD Shri Harish Duhan said, “At SECL, our mission goes beyond mining. We are deeply committed to improving the lives of people in our operational areas through sustained employment and community engagement. Events like Sneh Milan Mela reflect our holistic approach to development where building trust with communities is as vital as operational efficiency in driving long-term progress.”

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    Shuhaib T

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Text of the Vice-President’s interaction with Kautilya Fellows from Indian Foundation, New Delhi (Excerpts)

    Source: Government of India

    Posted On: 08 MAY 2025 6:27PM by PIB Delhi

    Good afternoon,  
     
    Shri Ram Madhav,  Director, India Foundation. His public life has been dotted with contributions all throughout for larger public welfare but he can legitimately be counted as authentic part of Indian intelligentsia.
     
    Distinguished guests from abroad, and Distinguished members of this group.
     
    Greetings to our foreign guests to Bharat, home to one-sixth of humanity, Global epicenter of culture. We legitimately take pride in being a civilization of thousands of years old and we are unique in several ways, you would have already got some inkling of it. My very distinguished predecessor Venkaiah Naidu ji, a tall figure in Indian politics set very high benchmark as Chairman, Rajya Sabha. He started a bond as he has the good fortune to host two cohorts. Anything done by him carries sublimity and  worth. I am delighted to continue this bond which will be enduring, and it is the fifth one. I am particularly fascinated by the name Kautilya fellowship program and more fascinated by the demographic upper sealing it has for 35 years. 35 years would mean all of you can qualify in the right age to be member of Lok Sabha, 25 years is the age. 

    At 30 you can be a member of the upper house. Unfortunately, you can’t contest the election to be the President. There you have to be more than 35 years of age. You are in a land which basically believes in universal brotherhood–Vasudhaiva Kutumbakam. When India hosted and set very high benchmark for G20, the G20 motto was One Earth, One family, One future. This has been exemplified by us over thousands of years, and also in contemporaneous times. At the moment we have global turbulence, Global disturbance.  There are global conflagrations, nations are getting ambitious, they are getting in expansion mode and therefore Kautilya’s words of wisdom have great relevance.

     
    Wisdom of Kautilya stands out not as ancient relic but as living guidance. I am sure you must have all studied on Kautilya and his thought process. His philosophy, his Arthashastra remains unmatched in its precision on governance, revealing a mind that understood powers essential in nature and while never forgetting its purpose.  Power is defined by limitations. Democracy is nurtured ever mindful of the limitations of power.  If you will go deep into Kautilya’s philosophy you will find all this converges only to one essence- nectar of governance, welfare of the people.  Kautilya declared, “The happiness of the King lies in the happiness of his people”
     
    If you look at Constitutions of any country that are democratic, you will find this philosophy is the underlying spirit and essence of Democratic governance and democratic values. This people centric foundation reminds us that legitimacy flows not on account of being elected to governance, not on account of being in seat of power but it flows when you get involved passionately in mission mode with deep commitment to execution and public welfare activities.
     
    Democracy is nurtured best when expression and dialogue complement each other, this distinguishes democracy from any other form of governance and in India democracy did not start with our constitution coming into force or we getting Independence from foreign rule. We have been a democratic nation in spirit for thousands of years and this expression and dialogue, complementary mechanism, अभिव्यक्ति, वाद-विवाद has been known in Vedic culture as Anantvad. I am therefore extremely optimistic, brimming with confidence that a world that I described is so torn. If young minds can get together from several countries,  get to know each other and that too in Land of Civilization, cradle of Civilization, crucible of innovation  where the only thought process resonating over the years is welfare of all.
     
    You would have felt by now, Atithi Devo Bhava. Guest for us is God. You would have felt it on any part of the country.  The format will be different, mechanism will be different but the spirit will be the same.  I therefore beseech you to look at Bharat, what it was, lost way somewhere in between.  There was a time when India contributed to the extent of one third of the global economy,  there was a time when India was global destination for knowledge & wisdom. Our educational institutions – Nalanda, Takshashila to name only two, were glorified but about 1300 years ago Nalanda was put in flames. Precious library was lost, Marauders came, they made an effort to revenge our culture, tyrannical, barbaric in their approach but the land survived.

    You see recent decades, we were a fragile economy counted or stigmatized as being part of fragile five. Now we are the fourth largest global economy on way to becoming the third.  You have to understand Bharat at the moment. No nation in the world has grown so exponentially in last decade as Bharat. Among the larger economies, our pace of growth, our economic upsurge has been at the front. This has converted Bharat into the most aspirational nation in the world at the moment. And primarily because of the segment you represent. Bharat’s demographic dividend is envy of the world. You all are stakeholders in governance in future of the world more than us. You have to drive the growth engine for larger prosperity of the world. Today you see a Bharat at the moment where developmental impact is being felt in the villages.

    Imagine all village households having access to minimum 4G internet technology. Imagine a nation which contributes more than 50% of global technological transactions. Imagine a country of 1.4 billion which just a decade ago did not have all households connected to electricity, to pipe water, had no toilet facility, no gas connection. Now they have. 

    This transformation has brought about equality. This transformation has cut into inequities. Bharat is a growth story accoladed by the world. To be emulated by many nations and they have expressed desire. Global institutions, the World Bank, the IMF, they have recognised this spinal strength of human genius of Bharat. Strength and resilience of its economy. And that is why IMF declared India that is the Bharat as a global shining centre of investment and opportunity.

    Boys and girls you are in this land. Our Prime Minister, a great visionary believes in big scale. He believes in massive transformation. He believes in the transformation of the world and after a decade of governance the results are writing on the wall. It is after a long gap of several decades, that we have a Prime Minister continually in the third term and that is making all the difference. And this is what Prime Minister Narendra Modi said, “Democracy is in our DNA”

    Why in our DNA? Because from ancient Vedic Sabhas and Samitis to our contemporary electoral system. Boys and girls examine. This is the only country in the world that has constitutionally prescribed democratic system at the village level, at the district level, at the state level, at the national level.

    This was brought in effect in our country about three and a half decades ago. We started initially with electoral system, democratic process for Parliament and state legislatures but now it has permeated and all this is Constitutionally prescribed. A stable, robust constitutional mechanism has to ensure governance at the village level, at taluk level, at district level. Let me indicate some statistics that will buttress my point. Our electoral process stands as a marvel of scale and inclusion.

    The number of registered voters is 990 million. We will be touching a billion. And in the last election in 2024, 642 million people cast votes. This is twice the size of the population of United States. Globally in democratic process there is a declining trend of participation but Bharat defeats this trend. Participatory democracy is blossoming in Bharat and the turnout is rising. It is currently close to 65 percent. Our commitment to gender equity is now constitutionally codified. Women reservation in legislature and Parliament is to the extent of one third now. This is a facet of empowerment of women.

    Humanity cannot grow equitably without a fair share of participation by women. But what you need to learn more particularly is reservation to the extent of one third in Lok Sabha and State legislatures is not the upper limit. In the other two third category women can participate. So their number will be more than two third, more than one third, but a striking feature of this reservation is it is horizontal and vertical. Marginalised sections, scheduled castes, scheduled tribes, they will have reservation in themselves but there will be reservation for women in that category also.

     So boys and girls, this is epochal development. This will be game changing and this will impact this country in a manner that we will regain our past glory as Vishwaguru. Bharat is not a nation with potential. It is a nation on the rise. The rise is unstoppable. The rise is incremental. Making India a developed nation at 2047 when we complete centenary of our independence is not a dream.
     
    It is our destination. Everyone in the country is confident we will achieve it in 2047 if not earlier. In doing all this, our Prime Minister has exemplified in action Kautilyan philosophy. Kautilya’s thought process is a treatise in governance virtually encyclopedic for every facet of governance, state craft, security, role of the king, now those elected. In our multipolar world, we are shifting alliances; you know more than I do. We had a concept, fly by night concept. Same can be seen with alliances. But Kautilya imagined then that this will be our shifting.

     

    Let me quote Kautilya, “Neighbouring state is an enemy and the enemy’s enemy is a friend”, which country knows better than Bharat. We always believe in global peace, global fraternity, global welfare and that is why I said our motto for G20 reflected that 100%. We must go by results. How many people have been hand held to lead a life of dignity, to come out of poverty and that is decided by certain indicators. The number is 248 million. This has been done by a multi pronged strategy. They have been hand held and they have come out. The number will keep on growing. I do not wish to take more time but indicate to you that perhaps what is your median age? 28, around. I say so because this is median age of our demographic dividend. This will take us to our destination.

    I will conclude by giving you one illustration, How Prime Minister Modi followed Chanakya Kautilya. When the world faced a non-discriminatory challenge in the shape of COVID, the challenge was much bigger for a nation of 1.4 billion people, and this is what Narendra Modi did. His first step was people’s curfew. People were amazed. Why India’s Prime Minister is thinking of people’s curfew? It was not state sponsored, not administration enforced. He appealed to the people.
    Not a soul was on the street. There was near 100% compliance. This motivated the people. This gave strength to a leadership that had vision. Determined to fight COVID at a time when there was no vaccine. No immediate solution in sight.

    I know it because then I was boys and girls, Governor of the State of West Bengal. I was looking at the problem that was staring us. I had the good fortune to see in city of joy, Kolkata, curfew being 100% by the people but the underlying spirit of the Prime Minister was it is for the people. It is for the benefit of the people. Can there be greater awareness of the problem than this? This one step by visionary Prime Minister enlightened everyone about the gigantic scale of the problem. Secondly, lighting of candles. I as governor did it. And that was symbolising hope that there may be darkness of COVID, but there will be light. We have Indian tradition when there is some happiness lie when a child is born, how do you light a candle? How would the villagers know? So the house that is honoured by arrival of a newborn, they will take a thali, a metal plate and do it, we did that. At that time, some people did not see the underlying rationale of the Prime Minister. In retrospect they know the man was present Kautilya. He was present, Chanakya. Same about economy. Economy of this country has risen like a plateau. He realised, as Kautilya instructed in Arthashastra, if the last mile people do not rise, economy cannot get quantum jump. 

    Just imagine, and I will urge all of you to study, the impact of Mudra Loan. How it has converted 50% beneficiaries who are women into entrepreneurs. How it has led women and others to self-economic independence. I am extremely delighted to be amongst you because you constitute the intellectual capital of the world. This convergence is motivated by not welfare of one nation, one race, one caste, one creed, one religion. It is meant in the true spirit of ‘Vasudhaiva Kutumbakam’, the world is one family. We aspire for welfare of the entire world.

     
    Kautilya had one great emphasis. Democracy has to be participatory. Development equally has to be participatory. He laid great emphasis on individuals contributing for national welfare. A nation is defined by decorum, discipline that is individualistic in nature. Similarly, I quote Kautilya, “Just as one wheel alone does not move a cart,” those were the days only of cart, not of automobiles.

    Administration cannot be accomplished single-handedly. This nation has an administration which is innovative. In the country we had some districts that were lagging behind. Bureaucrats did not venture into those areas. Prime Minister Modi created a nomenclature for those districts. ‘Aspirational Districts’ and now those ‘Aspirational Districts’ have turned out to be leader districts in development.

    Prime Minister Modi certainly thought that people are going to metros. Tier 2, Tier 3 cities must also be hub of economic activity. He devised a mechanism of smart cities. Smart cities were not in the context of infrastructure or beauty. It was in the context of facilities being available for entrepreneurs, for students, so that they do not have to go to metros.

    There was a time when in this country for security purposes we used to call our villages on the border as the last village. He changed it. He changed it into first village, a vibrant village. So boys and girls, make most of your time while you are here and I am sure you will carry fond memories. Nurture the bonds you create here. These bonds will help you all your lives, trust me. Do you have an alumni culture of your cohorts? Develop that. I am extremely privileged to be part of this discourse. I will say three things and conclude. One — it is for the first time in G20, India took the initiative to make African Union a member of G20. It is for the first time that Prime Minister Modi took the initiative to put the consensus of the Global South on international radar. And last, while you were battling COVID, this country helped 100 other countries with COVID vaccine.
     
    Thank you so much

    ****

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  • MIL-OSI Asia-Pac: Operation Sindoor was successfully executed because our formidable & professionally-trained Armed Forces were equipped with high-quality equipment, says Raksha Mantri at National Quality Conclave 2025

    Source: Government of India

    Operation Sindoor was successfully executed because our formidable & professionally-trained Armed Forces were equipped with high-quality equipment, says Raksha Mantri at National Quality Conclave 2025

    “India has always played the role of a responsible nation, but if anyone tries to take advantage of its restraint, they will face ‘quality action’”

    No limit will become an obstacle in protecting India’s sovereignty, fully prepared for responsible responses in the future: Shri Rajnath Singh

    “Expanding defence industrial ecosystem is providing an unprecedented strength to India”

    “Need to develop global trust in our equipment to make India a developed nation & largest defence exporter by 2047”

    Posted On: 08 MAY 2025 5:53PM by PIB Delhi

    “Operation Sindoor was successfully executed because our formidable & professionally-trained Armed Forces were equipped with high-quality equipment,” said Raksha Mantri Shri Rajnath Singh while addressing the National Quality Conclave in New Delhi on May 08, 2025. Raksha Mantri commended the precision with which the Armed Forces executed the operation without harming any innocent person and with minimum collateral damage, terming it as unimaginable and a matter of great pride for the nation.

    “In Operation Sindoor, nine terror camps were destroyed in Pakistan & PoK, and a good number of terrorists were killed. It shows the crucial role ‘quality’ plays in securing national interests,” said Shri Rajnath Singh.

    Raksha Mantri asserted that India has always played the role of a responsible nation exercising great restraint and it believes in resolving issues through dialogue, however, if anyone tries to take advantage of this restraint, they will face ‘quality action’. He assured the nation that no limit will become an obstacle for the Government in protecting India’s sovereignty. “We are fully prepared for such responsible responses in the future as well,” he said.

    Sharing his views on the theme of the conclave ‘Fast-tracking of Quality Assurance through Integrated Approach and Technology Enabled Processes’, Shri Rajnath Singh stated that fast-tracking quality assessment is the need of the hour in view of the disruptive changes and new transformations being witnessed in the defence sector across the globe.

    Raksha Mantri voiced the Government’s emphasis on the empowerment of the defence production sector since 2014, based on Prime Minister Shri Narendra Modi’s philosophy of Defence Sovereignty. He said: “Defence Sovereignty means that until a country is capable and self-reliant in its defence needs, its independence cannot be considered complete. If we buy weapons and other defence equipment from abroad, we are outsourcing our security and leaving it at the mercy of someone else. Our government thought over it seriously and took a decisive step to achieve self-reliance. The expanding defence industrial ecosystem is providing an unprecedented strength to India”.

    Shri Rajnath Singh added that equal emphasis is being laid on quality and quantity in defence production with many revolutionary steps being taken in that direction, including corporatisation of Ordnance Factory Board (OFB). He termed Quality as the Government’s priority Reform Agenda, highlighting that since the corporatisation of OFB, DPSUs have become internationally competitive and export-oriented, with efforts being made to advance quality production.

    Raksha Mantri pointed out that one of the objectives behind the progress of the public sector has been to develop a Healthy Competitive Private Defence Ecosystem, which will strengthen India’s security through quality. “In today’s world, a strong brand value is important than just a product. The brand, which assures consistent quality and reliability, succeeds,” he said.

    Shri Rajnath Singh appealed to the Armed Forces, Government QA agencies, DPSUs, private industry, research institutions, academia, and MSME representatives present on the occasion to build a world-leading state-of-the-art Brand India.  “Brand India means if an Indian company has promised something, it will definitely happen. ‘Whenever in doubt, go for India’ should be our USP,” he said.

    On the major changes being witnessed in the global order, Raksha Mantri stated that when developed countries move towards re-armament, the demand for arms & equipment will increase. He cited the report of Stockholm International Peace Research Institute which said that the world military expenditure has reached $ 2,718 billion in 2024. He expressed hope that with coordinated efforts, the Indian defence manufacturing sector can make its mark globally with the Brand India philosophy. “Defence exports crossed the record figure of about Rs 24,000 crore in Financial Year 2024-25. Our aim is to increase the figure to Rs 50,000 crore by 2029. The target is to make India a developed nation and the world’s largest defence exporter by 2047. To achieve the goal, we must develop global trust regarding the quality of our defence equipment,” he said.

    While Shri Rajnath Singh acknowledged the efforts being made towards quality improvement, he stressed on the need to focus on using tools such as artificial intelligence, internet of things, and machine learning for real-time quality monitoring in today’s technology-driven era. He also called for updating standards and testing protocols to align with evolving global technologies. We need to focus on time-bound quality assurance clearances so that unwanted delays do not take place, he said.

    Raksha Mantri added that quality assessment agencies should always keep an eye on their deficiencies and work on overcoming them through modernisation and development of testing infrastructure. Continuous gap analysis in the field of niche technology will be an essential step, he said.

    Organised by the Directorate General of Quality Assurance (DGQA) under the aegis of Department of Defence Production, the conclave underscored the need to transition from legacy QA models to predictive, data-driven, and automated systems. Experts called for seamless collaboration across stakeholders to accelerate certification timelines, streamline inspections, and embed real-time quality oversight into defence production.

    Secretary (Defence Production) Shri Sanjeev Kumar spotlighted the role of innovation and industry collaboration in making India a leading defence exporter. In a transparent and interactive Open House session, he addressed queries from defence industry representatives and user agencies, reinforcing the Ministry’s resolve to simplify, digitalise, and modernise QA systems.

    Key Highlights & Announcements

    • A landmark session introduced the Industry 4.0/QA 4.0 Roadmap, developed jointly by DGQA and industry partners. It includes deployment of smart technologies like Internet of Things-enabled test benches, automated data capture, digital dashboards, and AI-powered analytics—aimed at reducing human error, enhancing efficiency, and enabling continuous quality monitoring across defence product life-cycles.
    • The Draft Indian Military Airworthiness Bill was formally presented for final inputs. The Bill, crafted through an inclusive process involving multiple stakeholders, including MoD, DRDO, Services, DPSUs, and industry, proposes a statutory framework for the certification of military aircraft and airborne systems. A dedicated interactive session captured final feedback from user representatives and industry forums.
    • A dedicated session explored strategies to boost the indigenous development of Explosives and Ordnance (E&O) stores. Experts examined the role of emerging technologies – AI/ML, Big Data, Additive Manufacturing, Silicon Photonics, Semiconductors, and Advanced Materials—in modernising E&O production, safety validation, and certification. The session reinforced the need for technological self-reliance in critical munitions and precision systems.

     

    The National Quality Conclave 2025 concluded with a united commitment from all stakeholders to redefine defence QA as a strategic enabler, not just of compliance, but of national security, export capability, and indigenous innovation. The outcomes of the conclave are expected to catalyse India’s transformation into a global benchmark for defence quality assurance.

    DG, DGQA Shri N Manoharan emphasised that the conclave had significantly strengthened the partnership between industry and defence stakeholders, while also advancing efforts toward standardisation and innovation in quality assurance.

    Director General of Naval Armament Inspection Rear Admiral Rupak Barua, Director General of Aeronautical Quality Assurance Shri Sanjay Chawla, CMDs of DPSUs, senior MoD officers were also present on the occasion.

    *****

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  • MIL-OSI: Atlanticus Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    First Quarter 2025 net margin growth of 26.4% over prior year, with 3.8 million accounts served (1)

    ATLANTA, May 08, 2025 (GLOBE NEWSWIRE) — Atlanticus Holdings Corporation (NASDAQ: ATLC) (Atlanticus, the Company, we, our or us), a financial technology company that enables its bank, retail and healthcare partners to offer more inclusive financial services to millions of everyday Americans, today announced its financial results for the first quarter ended March 31, 2025. An accompanying earnings presentation is available in the Investors section of the Company’s website at www.atlanticus.com or by clicking here.

    Financial and Operating Highlights

    First Quarter 2025 Highlights (all comparisons to the First Quarter 2024)

    • Managed receivables2 increased 16.7% to $2.7 billion
    • Total operating revenue and other income increased 18.9% to $344.9 million
    • Return on average equity of 22.0 %3
    • Purchase volume of $661.0 million
    • Over 415,000 new accounts served during the quarter, 3.8 million total accounts served1
    • Net income attributable to common shareholders of $27.9 million, or $1.49 per diluted common share

    1)In our calculation of total accounts served, we include all accounts with account activity and accounts that have open lines of credit at the end of the referenced period. 
    2) Managed receivables is a non-GAAP financial measure and excludes the results of our Auto Finance receivables. SeeCalculationofNon-GAAP Financial Measures for important additional information. 
    3)Return on average equity is calculated using Netincome attributable to common shareholders as the numerator and the average of Total equityasofMarch31,2025andDecember 31,2024as the denominator, annualized.

    Management Commentary

    Jeff Howard, President and Chief Executive Officer at Atlanticus stated, “We are pleased to start the year with prudent growth and achieving our profitability targets while adding over 400,000 new customers served. This quarter’s performance continues to highlight our priorities of providing an invaluable service to the consumers we serve, unit level profitability, and finally, growth. On behalf of our bank partners, we now facilitate access to everyday needs through credit to nearly 4 million consumers. The largest purchase volumes on our general-purpose credit card solutions are for food and gas, indicative of the role the services we provide play in the daily lives of everyday Americans. We are proud to partner with these consumers on their financial journey.

    “We have built a diversified, tech-enabled, credit-as-a-service platform that brings together banks, retail and health-care partners, to meet their customers where they are. This diversified platform capability provides us with significant opportunities for long-term, sustained growth as we work to offer financial solutions to the almost 100 million everyday Americans looking to build or improve their credit. Our analytics, technology, and access to ample capital allow us to offer a best-in-class solution to our partners and their customers. It is this opportunity that leads to our belief that we can deliver above market rates of growth while achieving our targeted return on capital.”

    Financial Results   For the Three Months Ended March 31,    
    ($ in thousands, except per share data)     2025       2024     % Change
    Total operating revenue and other income   $ 344,873     $ 290,174     18.9%  
    Other non-operating income     293       532     nm  
    Total revenue and other income     345,166       290,706     18.7%  
    Interest expense     (47,530)       (35,063)     35.6%  
    Provision for credit losses     (1,068)       (2,944)     nm  
    Changes in fair value of loans     (178,345)       (159,171)     12.0%  
    Net margin   $ 118,223     $ 93,528     26.4%  
    Total operating expenses   $ 77,355     $ 60,707     27.4%  
    Net income   $ 31,122     $ 25,819     20.5%  
    Net income attributable to controlling interests   $ 31,520     $ 26,170     20.4%  
    Preferred stock and preferred unit dividends and discount accretion   $ (3,574)     $ (6,292)     (43.2%)  
    Net income attributable to common shareholders   $ 27,946     $ 19,878     40.6%  
    Net income attributable to common shareholders per common share—basic   $ 1.85     $ 1.35     37.0%  
    Net income attributable to common shareholders per common share—diluted   $ 1.49     $ 1.09     36.7%  

    *nm = not meaningful

    Managed Receivables

    Managed receivables increased 16.7% to $2.7 billion with over $388.7 million in net receivables growth from March 31, 2024 driven by growth both in the private label credit and general purpose credit card products offered by our bank partners. Total accounts served increased 8.1% to 3.8 million. The addition of large private label credit retail partners and ongoing purchases of receivables arising in accounts issued by our bank partners to customers of our existing retail partners helped grow our private label credit receivables by $345.8 million in the twelve months ended March 31, 2025. Our general purpose credit card receivables grew by $42.8 million during the twelve months ended March 31, 2025. While some of our merchant partners continue to face year-over-year growth challenges, others are benefiting from continued consumer spending and a growing economy and have expanded their relationship with us. We expect continued growth in 2025 in our managed receivables when compared to prior periods in 2024.

    Total Operating Revenue and Other Income

    Total operating revenue and other income consists of: 1) interest income, finance charges and late fees on consumer loans, 2) other fees on credit products including annual and merchant fees and 3) interchange and servicing income on loan portfolios and other customer related fees. 

    We are currently experiencing continued period-over-period growth in private label credit and general purpose credit card receivables — growth that we expect to result in net period-over-period growth in our total interest income and related fees for these operations throughout 2025. During 2024 we experienced higher growth rates for our private label credit receivables than for our general purpose credit card receivables. We expect growth in our private label credit receivables to exceed growth in our general purpose receivables through the second quarter of 2025. Future periods’ growth is dependent on the addition of new retail partners to expand the reach of private label credit operations as well as growth within existing partnerships and the level of marketing investment for the general purpose credit card operations.

    During the quarter ended March 31, 2025, total operating revenue and other income increased 18.9% to $344.9 million. General purpose credit card receivables tend to have higher total yields than private label credit receivables (and corresponding higher charge off rates). As a result, in periods where we have declines in rates of growth of these general purpose credit card receivables, as was noted in 2024 (relative to growth in private label credit card receivables), we expect to have slightly lower total managed yield ratios. We currently expect increases in the rates of acquisition of our general purpose credit card receivables relative to private label credit receivables in the third and fourth quarters of 2025 and correspondingly higher period-over-period operating revenue and other income for all periods in 2025. This growth includes an expected seasonal shift in our mix of acquired private label receivables to higher FICO receivables that have lower gross yields (and correspondingly lower charge-off expectations) in the third quarter each year, which may result in marginally lower managed yield ratios when compared to the corresponding periods in 2024.

    Interest Expense

    Interest expense was $47.5 million for the quarter ended March 31, 2025, compared to $35.1 million for the quarter ended March 31, 2024. The higher expenses were primarily driven by the increases in outstanding debt in proportion to growth in our receivables coupled with increases in the cost of borrowing.

    Outstanding notes payable, net of unamortized debt issuance costs and discounts, associated with our private label credit and general purpose credit card platform increased to $2,137.6 million as of March 31, 2025 from $1,795.4 million as of March 31, 2024. The majority of this increase in outstanding debt relates to the addition of multiple credit facilities in 2024 and 2025 coupled with the issuance of our 9.25% Senior Notes due 2029. Recent increases in the effective interest rates on debt have increased our interest expense as we have raised additional capital (or replaced existing facilities) over the last two years. We anticipate additional debt financing over the next few quarters as we continue to grow coupled with higher effective interest rates on new debt compared to rates on maturing debt. As such, we expect our quarterly interest expense for these operations to increase compared to prior periods.

    Changes in Fair Value of Loans

    Changes in fair value of loans increased to $178.3 million for the quarter ended March 31, 2025 compared to $159.2 million for the quarter ended March 31, 2024. This increase was largely driven by growth in our acquisition and relative mix of receivables, offset by improvements in the fair value assessment for receivables due to improvements in the underlying performance in the form of improved delinquencies and improved net returns.

    We include asset performance degradation in our forecasts to reflect both changes in assumed asset level economics and the possibility of delinquency rates increasing in the near term (and the corresponding increase in charge-offs and decrease in payments) above the level that current trends would suggest. Based on observed asset stabilization, implementation of product, policy, and pricing changes and general improvements in U.S. economic expectations due to the improved inflation environment, some expected degradation has been removed in recent periods. Tightened underwriting standards  have resulted in improved overall credit performance of our acquired receivables. When coupled with those existing assets negatively impacted by inflation gradually becoming a smaller percentage of the outstanding portfolio, we expect to see overall improvements in the measured fair value of our portfolios of acquired receivables.

    Total Operating Expenses

    Total operating expenses increased 27.4% in the quarter when compared to the same period in 2024, driven primarily by increases in variable servicing costs associated with growth in our receivables and costs associated with the implementation of product, policy and pricing changes. In addition, we experienced growth in both the number of employees and inflationary compensation pressure, partially offset by decreases in certain other nonrecurring accounting and legal expenditures as compared to the first quarter of 2024.

    We expect some continued increase in salaries and benefits in 2025 compared to corresponding periods in 2024 as we continue to add resources across our business and as a result we expect to increase our number of employees.

    We expect increased levels of expenditures associated with anticipated growth in private label credit and general purpose credit card operations. These expenses will primarily relate to the variable costs of marketing efforts and card and loan servicing expenses associated with new receivable acquisitions. Offsetting a portion of this increase are significant reductions in our servicing costs per account, resulting from the realization of greater economies of scale and increased use of automation as our receivables have grown.

    In addition, as we continue to adjust our underwriting standards to reflect changes in fee and finance assumptions on new receivables, and allow for overall increases in the cost to successfully market to consumers, we expect period over period marketing costs for 2025 to increase relative to those experienced in 2024, although the frequency and timing of increased marketing efforts could vary and are dependent on macroeconomic factors such as national unemployment rates and federal funds rates.

    Net Income Attributable to Common Shareholders

    Net income attributable to common shareholders increased 40.6% to $27.9 million, or $1.49 per diluted share for the quarter ended March 31, 2025.

    Share Repurchases

    We repurchased and retired 27,252 shares of our common stock at an aggregate cost of $1.25 million, in the quarter ended March 31, 2025.

    We will continue to evaluate the best use of our capital to increase shareholder value over time.

    About Atlanticus Holdings Corporation

    Empowering Better Financial Outcomes for Everyday Americans

    Atlanticus™ technology enables bank, retail, and healthcare partners to offer more inclusive financial services to everyday Americans through the use of proprietary technology and analytics. We apply the experience gained and infrastructure built from servicing over 20 million customers and $43 billion in consumer loans over more than 25 years of operating history to support lenders that originate a range of consumer loan products. These products include retail and healthcare private label credit and general purpose credit cards marketed through our omnichannel platform, including retail point-of-sale, healthcare point-of-care, direct mail solicitation, internet-based marketing, and partnerships with third parties. Additionally, through our Auto Finance subsidiary, Atlanticus serves the individual needs of automotive dealers and automotive non-prime financial organizations with multiple financing and service programs.

    Forward-Looking Statements

    This press release contains forward-looking statements that reflect the Company’s current views with respect to, among other things, its business, long-term growth plans and opportunities, operations, return on capital, financial performance, revenue and other income, amount and pace of growth of managed receivables, mix of receivables, underwriting approach, total interest income and related fees and charges, managed yield ratio, debt financing, liquidity, interest rates, interest expense, operating expense, marketing efforts and fair value of receivables. You generally can identify these statements by the use of words such as outlook, potential, continue, may, seek, approximately, predict, believe, expect, plan, intend, estimate or anticipate and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as will, should, would, likely and could. These statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements. These risks and uncertainties include those risks described in the Company’s filings with the Securities and Exchange Commission and include, but are not limited to, bank partners, merchant partners, consumers, loan demand, the capital markets, labor availability, supply chains and the economy in general; the Company’s ability to retain existing, and attract new, merchant partners and funding sources; changes in market interest rates; increases in loan delinquencies; its ability to operate successfully in a highly regulated industry; the outcome of litigation and regulatory matters; the effect of management changes; cyberattacks and security vulnerabilities in its products and services; and the Company’s ability to compete successfully in highly competitive markets. The forward-looking statements speak only as of the date on which they are made, and, except to the extent required by federal securities laws, the Company disclaims any obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. In light of these risks and uncertainties, there is no assurance that the events or results suggested by the forward-looking statements will in fact occur, and you should not place undue reliance on these forward-looking statements.

    Contact:
    Investor Relations
    (770) 828-2000
    investors@atlanticus.com

    Atlanticus Holdings Corporation and Subsidiaries
    Condensed Consolidated Balance Sheets (Unaudited)
    (Dollars in thousands)
     
        March 31,   December 31,
          2025       2024  
    Assets        
    Unrestricted cash and cash equivalents (including $164.3 million and $140.2 million associated with variable interest entities at March 31, 2025 and December 31, 2024, respectively)   $350,390     $375,416  
    Restricted cash and cash equivalents (including $86.9 million and $98.8 million associated with variable interest entities at March 31, 2025 and December 31, 2024, respectively)     111,059       124,220  
    Loans at fair value (including $2,622.4 million and $2,542.9 million associated with variable interest entities at March 31, 2025 and December 31, 2024, respectively)     2,668,503       2,630,274  
    Loans at amortized cost, net (including $4.8 million and $4.9 million of allowance for credit losses at March 31, 2025 and December 31, 2024, respectively; and $20.1 million and $19.8 million of deferred revenue at March 31, 2025 and December 31, 2024, respectively)     81,238       84,332  
    Property at cost, net of depreciation     12,401       10,519  
    Operating lease right-of-use assets     13,844       13,878  
    Prepaid expenses and other assets     34,730       32,068  
    Total assets   $3,272,165     $3,270,707  
             
    Liabilities        
    Accounts payable and accrued expenses   $81,108     $72,088  
    Operating lease liabilities     24,145       24,188  
    Notes payable, net (including $2,137.6 million and $2,128.0 million associated with variable interest entities at March 31, 2025 and December 31, 2024, respectively)     2,174,632       2,199,448  
    Senior notes, net     299,656       281,552  
    Income tax liability     123,775       114,068  
    Total liabilities     2,703,316       2,691,344  
             
    Commitments and contingencies        
    Preferred stock, no par value, 10,000,000 shares authorized:        
    Series A preferred stock, 400,000 shares issued and outstanding (liquidation preference – $40.0 million) at March 31, 2025 and December 31, 2024(1)     40,000       40,000  
    Class B preferred units issued to noncontrolling interests     –       50,000  
             
    Shareholders’ Equity        
    Series B preferred stock, no par value, 3,314,840 shares issued and outstanding at March 31, 2025 (liquidation preference – $82.9 million); 3,301,179 shares issued and outstanding at December 31, 2024 (liquidation preference – $82.5 million) (1)     –       –  
    Common stock, no par value, 150,000,000 shares authorized: 15,097,243 and 14,904,192 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively     –       –  
    Paid-in capital     110,138       98,278  
    Retained earnings     422,574       394,628  
    Total shareholders’ equity attributable to Atlanticus Holdings Corporation     532,712       492,906  
    Noncontrolling interests     (3,863)       (3,543)  
    Total equity     528,849       489,363  
    Total liabilities, shareholders’ equity and temporary equity   $3,272,165     $3,270,707  
             
    (1) Both the Series A preferred stock and the Series B preferred stock have no par value and are part of the same aggregate 10,000,000 shares authorized.
    Atlanticus Holdings Corporation and Subsidiaries
    Condensed Consolidated Statements of Income (Unaudited)
    (Dollars in thousands, except per share data)
     
        For the Three Months Ended
    March 31,
          2025       2024  
    Revenue and other income:        
    Consumer loans, including past due fees   $247,655     $230,374  
    Fees and related income on earning assets     78,341       47,905  
    Other revenue     18,877       11,895  
    Total operating revenue and other income     344,873       290,174  
    Other non-operating income     293       532  
    Total revenue and other income     345,166       290,706  
             
    Interest expense     (47,530)       (35,063)  
    Provision for credit losses     (1,068)       (2,944)  
    Changes in fair value of loans     (178,345)       (159,171)  
    Net margin     118,223       93,528  
             
    Operating expenses:        
    Salaries and benefits     (15,503)       (13,312)  
    Card and loan servicing     (32,152)       (26,822)  
    Marketing and solicitation     (20,334)       (10,428)  
    Depreciation     (797)       (654)  
    Other     (8,569)       (9,491)  
    Total operating expenses     (77,355)       (60,707)  
    Income before income taxes     40,868       32,821  
    Income tax expense     (9,746)       (7,002)  
    Net income     31,122       25,819  
    Net loss attributable to noncontrolling interests     398       351  
    Net income attributable to controlling interests     31,520       26,170  
    Preferred stock and preferred unit dividends and discount accretion   (3,574)       (6,292)  
    Net income attributable to common shareholders   $27,946     $19,878  
             
    Net income attributable to common shareholders per common share—basic $1.85     $1.35  
    Net income attributable to common shareholders per common share—diluted $1.49     $1.09  
               

    Additional Information

    Additional trends and data with respect to our private label credit and general purpose credit card receivables can be found in our latest Form 10-Q filing with the Securities and Exchange Commission under Management’s Discussion and Analysis of Financial Condition and Results of Operations.

    Calculation of Non-GAAP Financial Measures

    This press release presents information about managed receivables, which is a non-GAAP financial measure provided as a supplement to the results provided in accordance with accounting principles generally accepted in the United States of America (GAAP). In addition to financial measures presented in accordance with GAAP, we present managed receivables, total managed yield, combined principal net charge-offs, and fair value to total managed receivables ratio, all of which are non-GAAP financial measures. These non-GAAP financial measures aid in the evaluation of the performance of our credit portfolios, including our risk management, servicing and collection activities and our valuation of purchased receivables. The credit performance of our managed receivables provides information concerning the quality of loan originations and the related credit risks inherent with the portfolios. Management relies heavily upon financial data and results prepared on the managed basis in order to manage our business, make planning decisions, evaluate our performance and allocate resources.

    These non-GAAP financial measures are presented for supplemental informational purposes only. These non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation from, or as a substitute for, GAAP financial measures. These non-GAAP financial measures may differ from the non-GAAP financial measures used by other companies. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures or the calculation of the non-GAAP financial measures are provided below for each of the fiscal periods indicated.

    These non-GAAP financial measures include only the performance of those receivables underlying consolidated subsidiaries (for receivables carried at amortized cost basis and fair value) and exclude the performance of receivables held by our former equity method investee. As the receivables underlying our former equity method investee reflect a small and diminishing portion of our overall receivables base, we do not believe their inclusion or exclusion in the overall results is material. Additionally, we calculate average managed receivables based on the quarter-end balances.

    The comparison of non-GAAP managed receivables to our GAAP financial statements requires an understanding that managed receivables reflect the face value of loans, interest and fees receivable without any consideration for potential loan losses or other adjustments to reflect fair value.

    A reconciliation of Loans at fair value to Total managed receivables is as follows:

        At or for the Three Months Ended
          2025     2024     2023  
    (in Millions)   Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30
                       
    Loans at fair value   $2,668.5   $2,630.3   $2,511.6   $2,277.4   $2,150.6   $2,173.8   $2,050.0   $1,916.1  
    Fair value mark against receivable (1)     37.8     94.5     142.5     137.7     167.5     237.5     265.2     257.9  
    Total managed receivables (2)   $2,706.3   $2,724.8   $2,654.1   $2,415.1   $2,318.1   $2,411.3   $2,315.2   $2,174.0  
                       
    Fair value to Total managed receivables ratio (3)     98.6%     96.5%     94.6%     94.3%     92.8%     90.2%     88.5%     88.1%  
    (1) The Fair value mark against receivables reflects the difference between the face value of a receivable and the net present value of the expected cash flows associated with that receivable.
    (2) Total managed receivables are equal to the aggregate unpaid gross balance of loans carried at fair value.
    (3) The Fair value to Total managed receivables ratio is calculated using Loans at fair value as the numerator, and Total managed receivables as the denominator.
     

    A reconciliation of our operating revenues, net of finance and fee charge-offs, to comparable amounts used in our calculation of Total managed yield is as follows:

      At or for the Three Months Ended
          2025     2024     2023  
    (in Millions)   Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30
    Consumer loans, including past due fees   $238.5   $242.1   $245.3   $232.1   $220.0   $214.6   $214.6   $210.3  
    Fees and related income on earning assets     78.3     83.8     78.5     59.5     47.9     71.7     59.8     62.9  
    Other revenue     18.7     17.5     16.8     13.6     11.7     12.0     10.2     7.6  
    Total operating revenue and other income – CaaS Segment     335.5     343.4     340.6     305.2     279.6     298.3     284.6     280.8  
    Adjustments due to acceleration of merchant fee discount amortization under fair value accounting     0.1     0.7     (15.1)     (12.6)     4.0     6.5     (6.8)     (10.6)  
    Adjustments due to acceleration of annual fees recognition under fair value accounting     (4.2)     (10.5)     (8.0)     1.1     10.1     (12.6)     (3.1)     (9.8)  
    Removal of finance charge-offs     (70.0)     (64.9)     (60.6)     (62.9)     (63.7)     (59.5)     (47.1)     (54.2)  
    Total managed yield   $261.4   $268.7   $256.9   $230.8   $230.0   $232.7   $227.6   $206.2  
                                       

    The calculation of Combined principal net charge-offs is as follows:

        At or for the Three Months Ended
          2025     2024     2023  
    (in Millions)   Mar. 31 Dec. 31 Sep. 30 Jun. 30 Mar. 31 Dec. 31 Sep. 30 Jun. 30
    Charge-offs on loans at fair value   $233.5   $213.1   $201.5   $217.0   $231.7   $215.2   $173.5   $180.0  
    Finance charge-offs (1)     (70.0)     (64.9)     (60.6)     (62.9)     (63.7)     (59.5)     (47.1)     (54.2)  
    Combined principal net charge-offs   $163.5   $148.2   $140.9   $154.1   $168.0   $155.7   $126.4   $125.8  
                                       

    (1) Finance charge-offs are included as a component of our Changes in fair value of loans in the condensed consolidated statements of income.

    The MIL Network –

  • MIL-OSI: Magnetic North Acquisition Corp. Announces Delay in Filing of Annual Financial Statements and Application for Management Cease Trade Order

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta and TORONTO, May 08, 2025 (GLOBE NEWSWIRE) — Magnetic North Acquisition Corp. (TSXV: MNC; MNC.PR.A) (“Magnetic North” or the “Company”) announces that it did not meet the filing date of April 30th for filing of the following continuous disclosure documents (collectively, the “Annual Filings”):

    • the Company’s Annual Audited Financial Statements for the year ended December 31, 2024, as required by section 4.2 of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”);
    • the Company’s Management Discussion & Analysis for the year ended December 31, 2024, as required by section 5.1(2) of NI 51-102; and
    • the Company’s CEO and CFO certifications of annual filings relating to the Annual ‎Financial ‎Statements, as required by ‎National Instrument 52-109 – Certification of ‎Disclosure in ‎Issuers’ Annual and Interim Filings.

    The delay is due ‎to the continuing challenges the Company has encountered and has been working through with respect to completing a financing transaction to provide additional working capital to the Company. These challenges have now been addressed‎‎.The Company expects to complete an initial financing within five (5) to seven (7) business days and is currently completing the necessary documentation to facilitate the Closing. Accordingly, the Company has applied to the Alberta Securities Commission for a Management Cease Trade Order that will prohibit the management of the Company from trading in the securities of the Company until such time as the Annual Filings are filed. No decision has yet been made by the Alberta Securities Commission on this application. The Alberta Securities Commission may grant the application and issue the Management Cease Trade Order, or it may impose an issuer cease trade order if the Annual Filings are not filed in a timely fashion.

    The Company continues to work to complete the Annual Filings. The 2024 audit is anticipated to commence in the last week of May. The Company expects to file the Annual Filings by June 30, 2025 and will issue a news release once the Annual ‎Filings have been filed‎. During the period of default and until filing of the Annual Filings, the Company intends to satisfy the provisions of the alternative information guidelines as required by National Policy 12-203 – Management Cease Trade Orders. The guidelines, among other things, require the Company to issue bi-weekly default status ‎reports, in the form of news releases, for so long as the Annual Filings have not been filed‎.

    Until the Company has filed the Annual Filings, members of the Company’s management and other insiders are subject to an insider trading black-out policy as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 – Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company confirms that, other than as disclosed in prior press releases and material change reports, there have been no material business developments since the filing on November 28, 2024 of the Company’s latest interim financial reports for the period ended September 30, 2024. There are no insolvency proceedings involving the Company. ‎

    About Magnetic North Acquisition Corp.

    Magnetic North invests and manages businesses on behalf of its shareholders and believes that capital alone does not always lead to success. With offices in Calgary and Toronto, our experienced management team applies its considerable management, operations and capital markets expertise to ensure its investee companies are as successful as possible for shareholders. Magnetic North common shares and preferred shares trade on the TSX Venture Exchange under the stock symbol MNC and MNC.PR.A, respectively. The TSX Venture recently announced that Magnetic North is a “2021 TSX Venture 50” recipient. For more information about Magnetic North, visit its website at www.magneticnac.com. Magnetic North’s securities filings can also be accessed at www.sedar.com.

    For further information, please contact:

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

    CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION

    Certain statements in this news release are “forward-looking statements”, which reflect current ‎expectations of the ‎management of Magnetic North regarding future events or Magnetic North’s ‎future performance. All statements other than ‎statements of historical fact contained in this news ‎release may be forward-looking statements. In particular, ‎forward-looking information and ‎statements herein include, but are not limited to, the filing of the Annual Filings, including the timing for the filing of the Annual Filings and the issuance of a Management Cease Trade Order in respect of the Company. Such forward-looking ‎‎statements involve known and unknown risks, uncertainties and other factors that may cause ‎actual results or ‎events to differ materially from those anticipated in the forward-looking ‎statements. Magnetic North believes that the ‎expectations reflected in such forward-looking ‎statements are reasonable, but no assurance can be given that these ‎expectations will prove to ‎be correct and such forward-looking statements should not be unduly relied upon. The ‎forward-‎looking statements are expressly qualified in their entirety by this cautionary statement. The ‎forward-‎looking statements are made as of the date of this news release and Magnetic North ‎assumes no obligation to update or ‎revise them to reflect new events or circumstances, except ‎as expressly required by applicable securities law. ‎Further information regarding risks and ‎uncertainties relating to Magnetic North and its securities can be found in the ‎disclosure ‎documents filed by Magnetic North with the securities regulatory authorities, available at ‎www.sedar.com.‎

    The MIL Network –

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – PLYA, AZEK, TURN, ICAD

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, May 08, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm in the 2024 ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Playa Hotels & Resorts N.V. (NASDAQ: PLYA), relating to the proposed merger with Hyatt Hotels Corporation. Under the terms of the agreement, Hyatt will acquire all outstanding shares of Playa for $13.50 per share in cash.

    ACT NOW. The Tender Offer expires on May 23, 2025.

    Click here for more https://monteverdelaw.com/case/playa-hotels-resorts-n-v-plya/ It is free and there is no cost or obligation to you.

    • The AZEK Company Inc. (NYSE: AZEK), relating to the proposed merger with James Hardie Industries plc. Under the terms of the agreement, AZEK shareholders will receive $26.45 in cash and 1.0340 ordinary shares of James Hardie per share of AZEK common stock owned.

    Click here for more https://monteverdelaw.com/case/the-azek-company-inc-azek/. It is free and there is no cost or obligation to you.

    • 180 Degree Capital Corp. (NASDAQ: TURN), relating to the proposed merger with Mount Logan Capital Inc. Under the terms of the agreement, the estimated post-merger shareholder ownership would be approximately 40% for current 180 Degree Capital shareholders.

    Click here for more https://monteverdelaw.com/case/180-degree-capital-corp-turn/. It is free and there is no cost or obligation to you.

    • iCAD, Inc. (NASDAQ: ICAD), relating to the proposed merger with RadNet, Inc. Under the terms of the agreement, iCAD stockholders will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock held at the closing of the merger.

    Click here for more https://monteverdelaw.com/case/icad-inc-icad/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2025 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network –

  • MIL-OSI: Pieridae Announces Voting Results From Annual and Special Meeting of Shareholders and Approval of Name Change to Cavvy Energy Ltd.

    Source: GlobeNewswire (MIL-OSI)

    NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR
    DISSEMINATION IN UNITED STATES

    CALGARY, Alberta, May 08, 2025 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSX: PEA) today announced the voting results from its Annual and Special Meeting of Shareholders (the “Meeting”) held on May 8, 2025. Each of the matters voted upon at the Meeting is described below and additional information on such matters is set out in the 2025 Notice of Annual and Special Meeting of Shareholders and Management Information Circular dated March 27, 2025 (the “Circular”), a copy of which is available on the Company’s SEDAR+ profile at www.sedarplus.ca. All resolutions brought forward at the Meeting were approved by shareholders, including to change the Company’s name to Cavvy Energy Ltd.

    The Company expects to effect the name change on May 9, 2025 and to begin trading its common shares under the stock symbol “CVVY” on the Toronto Stock Exchange (the “TSX”) within three business days of the completion of the name change, subject to receipt of final regulatory approvals. The Company also intends to launch its new website at www.cavvyenergy.com following completion of the name change.

    At the Meeting, shareholders also approved the continuance of the Company out of the federal jurisdiction of Canada under the Canada Business Corporations Act (the “CBCA”) and into the provincial jurisdiction of Alberta under the Business Corporations Act (Alberta) (the “ABCA”). The Company expects to effect the continuance immediately following the name change on May 9, 2025.

    Charles Boulanger, Gail Harding, and Richard Couillard did not seek re-election to the Company’s board of directors (the “Board”) at the Meeting. The Board and management team would like to thank them for their valued contributions and guidance to the Company over the years and wish them well in their future endeavours. The Board and management team would also like to welcome the Company’s two new directors, Michael Backus and Harvey Doerr, to the Board.

    The Company had 290,483,281 common shares outstanding and eligible to vote at the Meeting, of which 205,689,497 (70.81%) were voted.

    VOTING RESULTS

    1. Number of Directors: By ordinary resolution, the number of directors of the Company to be elected at the Meeting was fixed at seven. The results of the vote were as follows:

    Votes For Votes Against
    Number Percent Number Percent
    202,833,661 98.612% 2,855,836 1.388%

    2. Election of Directors: Each of the following seven nominees were elected as a director of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. The results of the vote were as follows:

    Nominee Votes For Votes Against
      Number Percent Number Percent
    Michael Backus 188,069,901 92.418% 15,429,072 7.582%
    Harvey Doerr 200,365,870 98.460% 3,133,103 1.540%
    Doug Dreisinger 180,729,122 88.811% 22,769,851 11.189%
    Andrew Judson 187,854,912 92.312% 15,644,061 7.688%
    Patricia McLeod 188,384,113 92.573% 15,114,860 7.427%
    Darcy Reding 200,753,750 98.651% 2,745,223 1.349%
    Kiren Singh 168,669,540 82.885% 34,829,433 17.115%

    A biography of each director is available in the Circular.

    3. Appointment of Auditor: By ordinary resolution, Ernst & Young LLP was appointed as the auditor of the Company to hold office until close of the next annual meeting of shareholders of the Company. The results of the vote were as follows:

    Votes For Votes Withheld
    Number Percent Number Percent
    205,559,438 99.938% 127,891 0.062%

    4. Executive Compensation:   By non-binding ordinary resolution, the advisory vote on executive compensation, also known as “say on pay”, as described in the Circular, was approved. The results of the vote were as follows:

    Votes For Votes Against
    Number Percent Number Percent
    177,804,106 87.373% 25,694,867 12.627%

    5. Ratification of Options: By ordinary resolution, the ratification and approval of all stock options granted after May 27, 2024 and approval of all unallocated options under the stock option plan, as described Circular, was approved. The results of the vote were as follows:

    Votes For Votes Against
    Number Percent Number Percent
    165,379,341 81.268% 38,119,632 18.732%

    6. Name Change: By special resolution, the amendment to the Company’s articles to change its name to “Cavvy Energy Ltd.” was approved. The results of the vote were as follows:

    Votes For Votes Against
    Number Percent Number Percent
    192,942,421 93.803% 12,747,076 6.197%

    7. Continuance: By special resolution, the continuance of the Company out of the federal jurisdiction of Canada under the CBCA and into the provincial jurisdiction of Alberta under the ABCA, as described in the Circular, was approved. The results of the vote were as follows:

    Votes For Votes Against
    Number Percent Number Percent
    183,699,320 90.270% 19,799,653 9.730%

    ABOUT PIERIDAE

    Pieridae is a Canadian energy company headquartered in Calgary, Alberta. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from western Canada. Pieridae’s vision is to provide responsible, affordable natural gas and derived products to meet society’s energy security needs.

    For further information, visit www.pieridaeenergy.com or please contact:

    Darcy Reding, President & Chief Executive Officer Adam Gray, Chief Financial Officer
    Telephone: (403) 261-5900 Telephone: (403) 261-5900
       
    Investor Relations  
    investors@pieridaeenergy.com  
       

    Forward-Looking Statements 
    Certain of the statements contained herein may constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws (collectively “forward-looking statements”), including, without limitation: the Company’s intention to change its name from “Pieridae Energy Limited” to “Cavvy Energy Ltd.”, including the anticipated timing thereof; the Company’s intention to begin trading its common shares under the stock symbol “CVVY” on the TSX and the anticipated timing thereof; the receipt of the required regulatory approval in respect of the name change and the new stock symbol; [the Company’s intention to continue under the ABCA;] and the Company’s strategy and vision. Words such as “will”, “intend”, “expect”, “vision”, “strategy” and similar expressions may be used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management.

    Forward-looking statements are based on a number of factors and assumptions which have been used to develop such forward-looking statements, but which may prove to be incorrect. Although Pieridae believes that the expectations reflected in such forward-looking statements are reasonable, undue reliance should not be placed on forward-looking statements because Pieridae can give no assurance that such expectations will prove to be correct. A number of risk factors could cause actual results to differ materially from those anticipated, expressed or implied by the forward-looking statements contained herein. For more information about the assumptions and risks associated with the forward-looking statements contained herein, see “Forward Looking Information” and “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2024 and “Cautionary Note Regarding Forward-Looking Information” in the Company’s Management’s Discussion and Analysis for the year ended December 31, 2024, each of which can be accessed through the Company’s SEDAR+ profile at www.sedarplus.ca.

    Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and Pieridae assumes no obligation to update or review them to reflect new events or circumstances except as required by applicable securities laws.

    Neither the TSX nor its Regulation Services Provider (as that term is defined in policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

    The MIL Network –

  • MIL-OSI: Oak Ridge Financial Services, Inc. Announces First Quarter 2025 Results and 17% Increase in Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    OAK RIDGE, N.C., May 08, 2025 (GLOBE NEWSWIRE) — Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the first three months of 2025 and an increase of $0.02, or 17%, in its quarterly cash dividend to $0.14 per common share.

    First Quarter 2025 Highlights

    • Earnings per share were $0.57, up from $0.56 in the fourth quarter of 2024 and $0.50 in the first quarter of 2024.
    • Return on equity of 10.04%, compared to 9.63% for the prior quarter and 9.31% for the first quarter of 2024.
    • Net Income was $1.6 million, up from $1.5 million in the fourth quarter of 2024 and $1.4 million in the first quarter of 2024.
    • Tangible book value per common share of $23.50 as of period end, compared to $23.02 at the end of the prior quarter, and $21.80 at the end of the first quarter of 2024.
    • Dividends declared per common share of $0.14, up 17% from $0.12 for the prior quarter and the first quarter of 2024.
    • Net interest margin was 3.97%, increasing from 3.92% in the fourth quarter of 2024 and from 3.79% in the first quarter of 2024, representing a sequential increase of 5 basis points and a year-over-year increase of 18 basis points.
    • Efficiency ratio of 66.8%, compared to 64.6% for the prior quarter and 68.3% for the first quarter of 2024.
    • Loans receivable of $528.5 million at quarter end, up 11.7% (annualized) from $514.3 million as of the prior quarter end, up 10.7% from $477.4 million at the end of the first quarter of 2024.
    • Nonperforming assets to total assets of 0.67% at quarter end, compared to 0.44% as of the prior quarter end and 0.07% at the end of the first quarter of 2024.
    • Nonperforming assets were $4.6 million at quarter end, compared to $3.5 million as of the prior quarter-end and $461,000 as of the prior year quarter end. $4.0 million of the $4.1 million increase in nonperforming assets from the prior year quarter-end to the current quarter end is due to the guaranteed and nonguaranteed balances of eight Small Business Administration (“SBA”) 7(a) loans that moved to nonaccrual status during the third and fourth quarters of 2024, and the first quarter of 2025. The balances as of March 31, 2025, of SBA nonperforming loans guaranteed and unguaranteed by the SBA were $3.1 million and $858,000, respectively.
    • Securities available-for-sale and held-to maturity of $98.9 million at quarter end, representing an annualized decrease of 21.1% from $104.4 million at the prior quarter end, and a decrease of 8.3% from $107.8 million at the end of the first quarter of 2024.
    • Total deposits of $542.5 million at quarter end, representing annualized growth of 8.6% from $531.3 million at the prior quarter end, and an increase of 9.2% from $496.9 million at the end of the first quarter of 2024.
    • Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of $59.7 million at quarter end, representing an annualized increase of 10.5% from $58.2 million at the prior quarter end, and a decrease of 7.0% from $64.2 million at the end of the first quarter of 2024.
    • Total stockholders’ equity of $64.3 million at quarter end, up 8.6% (annualized) from $63.0 million as of the prior quarter end, up 8.0% from $59.6 million at the end of the first quarter of 2024.
    • On March 31, 2025, the Bank’s Community Bank Leverage Ratio (CBLR) was 11.1%, up slightly from 11.0% on December 31, 2024. A bank or savings institution electing to use the CBLR will generally be considered well-capitalized and to have met the risk-based and leverage capital requirements of the capital regulations if it has a leverage ratio greater than 9.0%.

    We are pleased to report a strong start to 2025, marked by solid financial performance and a significant 17% increase in our quarterly cash dividend to $0.14 per share. Our first quarter earnings demonstrated positive momentum, showing improvement both sequentially from the fourth quarter of 2024 and year-over-year. We continued to experience healthy loan growth, achieving a double-digit annualized rate, supported by a robust deposit base and strategic use of borrowings. While we noted a manageable increase in nonperforming assets predominantly related to specific SBA loans, our overall asset quality remains sound, and our net interest margin strengthened during the quarter. Our capital and liquidity positions remain robust, providing a strong foundation for continued growth and the ability to deliver enhanced value to our shareholders. At Oak Ridge, our commitment to building strong client relationships through tailored financial solutions remains paramount, and we appreciate the dedication of our team in consistently serving our customers and managing the Bank effectively.

    The $0.02, or 17% increase in the Company’s quarterly cash dividend to $0.14 per share of common stock will be paid on June 9, 2025, to stockholders of record as of the close of business on May 23, 2025. “We are proud of our record of regularly increasing our quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.”

    For the three months ending March 31, 2025 and 2024, net interest income was $6.3 million and $5.6 million, respectively. For the three months ending March 31, 2025, the net interest margin increased 18 basis points to 3.97%, compared to 3.79% for the three months ending March 31, 2024.

    For the three months ending March 31, 2025, the Company recorded a provision for credit losses of $304,000, compared to a provision for credit losses of $264,000 in the same period in 2024. The allowance for credit losses as a percentage of total loans was 1.05% and 1.03% on March 31, 2025 and 2024, respectively. As highlighted earlier, nonperforming assets increased during the quarter and represented 0.67% of total assets on March 31, 2025, compared to 0.07% on March 31, 2024. The recorded balances of nonperforming loans were $4.6 million on March 31, 2025, compared to $461,000 on March 31, 2024. The $4.1 million increase in nonperforming loans from March 31, 2024 to March 31, 2025, was primarily attributable to eight SBA 7(a) loans totaling $4.0 million moving to nonaccrual status during the third and fourth quarters of 2024, and the first quarter of 2025, of which $3.1 million is guaranteed by the SBA. The SBA loans are also secured by real estate and personal guarantees.

    Noninterest income experienced a decrease from $918,000 for the three months ended March 31, 2024, to $784,000 for the comparable period in 2025. This net decrease of $134,000 was driven by offsetting trends within its components. A significant increase was observed in service charges on deposit accounts, which rose from $628,000 in the first quarter of 2024 to $836,000 in the first quarter of 2025, primarily due to the implementation of a new deposit account fee in 2024. Conversely, income from Small Business Investment Company (SBIC) investments decreased. The Company recorded $209,000 in income from these investments during the three months ended March 31, 2024, but recognized no comparable income in the same period of 2025 due to no income distributions received.

    Noninterest expense increased from $4.3 million for the three months ended March 31, 2024, to $4.7 million for the three months ended March 31, 2025, representing a net increase of $400,000. Several categories contributed significantly to this rise. Salaries increased by $188,000 to $2.4 million in the first quarter of 2025, up from $2.2 million in the first quarter of 2024, primarily due to higher salaries and incentive payments. Employee benefits also saw an increase of $100,000, rising to $370,000 in the first quarter of 2025 from $270,000 in the corresponding 2024 period, mainly due to increased expenses related to the Bank’s employee stock ownership plan and overall employee benefits. Occupancy expenses rose by $47,000 to $321,000 in the three months ended March 31, 2025, compared to $274,000 in 2024, largely due to higher property maintenance costs. Partially offsetting these increases was a decrease in equipment expense of $80,000, falling to $134,000 in the first quarter of 2025 from $214,000 in the same period of 2024, primarily due to lower equipment depreciation expense. Data and items processing expense also increased by $108,000 to $602,000 in the three months ended March 31, 2025, up from $494,000 in 2024, mainly due to higher software licensing fees paid to the Bank’s core processing vendor.

    About Oak Ridge Financial Services, Inc., and Bank of Oak Ridge
    At Bank of Oak Ridge, we pride ourselves on knowing your name when you walk through our door. Whether in-person or through our digital offerings, managing your financial well-being is easy, safe, and convenient. We are the longest-running employee-owned community bank in the Triad and have served community members, local businesses, and non-profit organizations since 2000. Learn more about what makes Bank of Oak Ridge the Triad’s community bank by visiting one of our convenient locations in Greensboro, High Point, Summerfield, and Oak Ridge.

    Oak Ridge Financial Services, Inc. (OTC Pink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender.

    Awards & Recognitions | Best Bank in the Triad | Triad’s Top Workplace Finalist | 2016 Better Business Bureau Torch Award for Business Ethics | Triad’s Healthiest Employer Winner

    Banking for Business & Personal | Mobile & Online Banking | Worldwide ATM | Debit, Credit + Rewards | Checking, Savings & Money Market | Loans + SBA | Mortgage | Insurance | Wealth Management

    Let’s Talk | 336.644.9944 | www.BankofOakRidge.com | Extended Interactive Teller Machine Hours at all Triad Locations

    Forward-looking Information This earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of the words “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements.

     
    OAK RIDGE FINANCIAL SERVICES, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data)
             
        March 31,   December 31,
    		   March 31,
          2025       2024       2024  
    ASSETS   (unaudited)   (audited)   (unaudited)
    Cash and due from banks   $ 10,641     $ 8,075     $ 6,688  
    Interest-bearing deposits with banks     14,614       13,102       16,862  
    Total cash and cash equivalents     25,255       21,177       23,550  
    Securities available-for-sale     80,291       85,714       89,132  
    Securities held-to-maturity, net of allowance for credit losses     18,653       18,662       18,690  
    Restricted stock, at cost     3,616       3,439       2,692  
    Loans receivable     528,521       514,292       477,448  
    Allowance for credit losses     (5,558 )     (5,388 )     (4,941 )
    Net loans receivable     522,963       508,904       472,507  
    Property and equipment, net     8,740       8,664       8,596  
    Accrued interest receivable     3,478       3,135       2,841  
    Bank owned life insurance     6,290       6,268       6,200  
    Right-of-use assets – operating leases     2,165       2,166       2,393  
    Other assets     5,218       5,553       5,010  
    Total assets   $ 676,669     $ 663,682     $ 631,611  
    LIABILITIES        
    Noninterest-bearing deposits   $ 124,274     $ 119,851     $ 99,666  
    Interest-bearing deposits     418,245       411,464       397,220  
    Total deposits     542,519       531,315       496,886  
    Short-term borrowings     41,500       18,000       34,000  
    Long-term borrowings     –       22,000       12,000  
    Junior subordinated notes – trust preferred securities     8,248       8,248       8,248  
    Subordinated debentures, net of discount     9,993       9,983       9,953  
    Lease liabilities – operating leases     2,165       2,166       2,393  
    Accrued interest payable     956       709       1,729  
    Other liabilities     6,970       6,546       6,848  
    Total liabilities     612,351       600,692       572,057  
    STOCKHOLDERS’ EQUITY        
    Common stock     26,881       26,733       26,854  
    Retained earnings     38,562       37,771       34,458  
    Net unrealized loss on debt securities, net of tax     (1,118 )     (1,771 )     (1,942 )
    Net unrealized loss on hedging derivative instruments, net of tax     (7 )     257       184  
    Total accumulated other comprehensive loss     (1,125 )     (1,514 )     (1,758 )
    Total stockholders’ equity     64,318       62,990       59,554  
    Total liabilities and stockholders’ equity   $ 676,669     $ 663,682     $ 631,611  
    Common shares outstanding     2,747,920       2,736,770       2,761,870  
    Common shares authorized     50,000,000       50,000,000       50,000,000  
             
             
    OAK RIDGE FINANCIAL SERVICES, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share data)
             
        Three Months Ended
        March 31,
    		   December 31,   March 31,
          2025       2024       2024  
    Interest and dividend income:        
    Loans and fees on loans   $ 8,276     $ 8,212     $ 7,230  
    Interest on deposits in banks     166       217       151  
    Restricted stock dividends     49       64       45  
    Interest on investment securities     1,282       1,279       1,445  
    Total interest and dividend income     9,773       9,772       8,871  
    Interest expense        
    Deposits     2,714       2,700       2,351  
    Short-term and long-term debt     767       786       899  
    Total interest expense     3,481       3,486       3,250  
    Net interest income     6,292       6,286       5,621  
    Provision for credit losses     304       514       264  
    Net interest income after provision for credit losses     5,988       5,772       5,357  
    Noninterest income:        
    Service charges on deposit accounts     227       234       172  
    Gain (loss) on sale of securities     –       19       –  
    Insurance commissions     150       125       135  
    Gain on sale of Small Business Administration loans     –       –       –  
    Debit and credit card interchange income     272       285       288  
    Income from Small Business Investment Company     –       –       78  
    Income earned on bank owned life insurance     22       23       22  
    Other Service Charges and Fees     88       98       98  
    Total noninterest income     759       784       793  
    Noninterest expenses:        
    Salaries     2,354       2,198       2,166  
    Employee Benefits     335       370       312  
    Occupancy     300       321       296  
    Equipment     164       134       163  
    Data and Item Processing     615       602       520  
    Professional & Advertising     219       298       314  
    Stationary and Supplies     31       21       32  
    Telecommunications     80       65       80  
    FDIC Assessment     120       118       114  
    Other expense     491       441       383  
    Total noninterest expenses     4,709       4,568       4,380  
    Income before income taxes     2,038       1,988       1,770  
    Income tax expense     469       461       403  
    Net income and income available to common shareholders   $ 1,569     $ 1,527     $ 1,367  
    Basic income per common share   $ 0.57     $ 0.56     $ 0.50  
    Diluted income per common share   $ 0.57     $ 0.56     $ 0.50  
    Basic weighted average shares outstanding     2,761,870       2,744,609       2,743,611  
    Diluted weighted average shares outstanding     2,761,870       2,744,609       2,743,611  
    OAK RIDGE FINANCIAL SERVICES, INC.
    Selected Financial Data
                 
        As Of Or For The Three Months Ended,
        March 31,   December 31,   September 30,   June 30,   March 31,
          2025       2024       2024       2024       2024  
    Return on average common stockholders’ equity1     10.04 %     9.63 %     9.56 %     8.57 %     9.31 %
    Tangible book value per share   $ 23.41     $ 23.02     $ 22.78     $ 21.95     $ 21.56  
    Return on average assets1     0.95 %     0.91 %     0.91 %     0.80 %     0.88 %
    Net interest margin1     3.97 %     3.92 %     3.81 %     3.81 %     3.79 %
    Efficiency ratio     66.8 %     64.6 %     67.9 %     70.0 %     68.3 %
    Nonperforming assets to total assets     0.67 %     0.53 %     0.45 %     0.08 %     0.06 %
    Allowance for credit losses to total loans     1.05 %     1.05 %     1.06 %     1.06 %     1.03 %
    1Annualized            

    Contact: Skylar Mearing, Marketing Director
    Phone: 336.662.4840

    The MIL Network –

  • MIL-OSI USA: Ernst Spotlights Outstanding Iowa Small Businesses

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    WASHINGTON – During National Small Business Week, U.S. Senator Joni Ernst (R-Iowa) is highlighting some of the Iowa entrepreneurs that she has visited.
    Ernst recognizes local businesses as her “Small Business of the Week” in all 99 counties to honor their impact on communities and the families who run them.
    “It is an honor to travel River to River and meet with the incredible folks running Iowa’s favorite local spots,” said Ernst. “These shops mean so much more than the livelihoods they support and the jobs they create, they embody the American spirit and shape the culture of our great state. This week, and every week, I am proud to support small businesses in Iowa and be their champion in Washington!”
    “Being selected as Senator Ernst’s Business of the Week is an incredible honor for our family and our team,” said Theresa Hildreth, CFO of Martin Hildreth Company, Inc. “As a three-generation business operating for more than 70 years, we take great pride in serving our rural community. This recognition highlights the essential role small businesses play in sustaining local economies and enriching the lives of our neighbors and friends. At Martin Hildreth Company, we’re proud to meet our region’s essential underground utility needs and contribute to the infrastructure that keeps our communities running.”
    “The Brown Family and The Browns Century Theater, extend our heartfelt gratitude for Senator Ernst’s dedication and advocacy for small businesses,” said Michaela Brown, owner of The Browns Century Theater. “Her support empowers local entrepreneurs, strengthens our community, and helps brings dreams to life! We are honored to be among the Small Business of the Week recipients!”
    “Thank you, Senator Ernst for fighting for small business that are the backbone of America’s small and large cities alike,” said Mike Goetz, owner of Family Foods. “Get ready for the Golden Age of America.”
    Here are some of the entrepreneurs across Iowa that Ernst has recognized:
    Tillies Quilts
    Tillies Quilts in Webster County provides a gathering place and welcoming atmosphere for folks of all ages and skill levels to practice the time-honored tradition of quilting.
    Wells Hometown Drug
    Mylo Wells and the entire team at Wells Hometown Drug give back to their community and ensure folks across Davis County receive the pharmacy services they need.
    Martin Hildreth Company
    For 70 years, the Martin Hildreth Company has provided essential excavation services in Calhoun County and worked hard to give back to their community and our nation’s veterans.
    Dutchland Foods
    For over 32 years and four generations, the Van Wyhe family has supplied gourmet baked goods to customers around the country while honoring their small-town beginnings in Lyon County.
    Tristate Curls
    Tristate Curls in Osceola County blows their clients away with specialized care for curly and wavy hair that is a cut above the rest.
    Geater Machining
    Over 61 years, three generations, and a great deal of hard work, the Geater family has built Geater Machining and Manufacturing into a remarkable small business with a global reach.
    Penn Drug
    Penn Drug combines the nostalgia of Iowa traditions with a dedication to providing essential rural health care services to create a renowned southwest Iowa business.
    Family Foods
    For 59 years and three generations, the Goetz family and the entire team at Family Foods has provided Cedar County with fresh groceries and a convenient shopping experience.
    Hawkeye Molding
    With over 45 years of history, Hawkeye Molding of Story County is a leader in plastic injection product manufacturing that many industries, from agriculture to furniture manufacturing, rely on.
    Barn Wired
    In just a few years, Barn Wired evolved from a small home decor business to a multifunctional community hub where customers can shop, enjoy lunch, or find a good cup of coffee.
    Browns Century Theatre
    It’s clear a passion for the performing arts runs in the Brown family, and they’ve channeled their love for music into a successful small business that entertains Plymouth County.
    Black Sheep Coffee Baa
    They’ve never been sheepish about the coffee and food they serve, and now, Black Sheep Coffee Baa has become a community hub that provides catering services and rental space for the Greene community.

    MIL OSI USA News –

  • MIL-OSI USA: VIDEO: Capito Discusses Clarksburg FBI Center, Drug Cartels with FBI Director

    US Senate News:

    Source: United States Senator for West Virginia Shelley Moore Capito
    [embedded content]
    Click here or the image above to watch Senator Capito’s questions.
    WASHINGTON, D.C. – Today, U.S. Senator Shelley Moore Capito (R-W.Va.), a member of the Senate Appropriations Subcommittee on Commerce, Justice, Science, and Related Agencies, questioned Federal Bureau of Investigation (FBI) Director Kash Patel during a hearing to consider the president’s Fiscal Year 2026 budget request, as well as the many priorities of the bureau.
    HIGHLIGHTS:
    ON THE CRIMINAL JUSTICE INFORMATION SYSTEM (CJIS) FACILITY IN CLARKSBURG 
    SENATOR CAPITO: “I know on April 17th, you traveled to West Virginia to visit the CJIS facility…for those of you are unaware, this is where all the background checks, but also the fingerprints for purchase of firearms. And the numbers are quite staggering when you see how many applications are processed every month. I think it’s amazing the work that they do out there. The employees out there really appreciated your visit. You’ve already mentioned that maybe some of the diffusing of some of the D.C. FBI would be going to hopefully into the Clarksburg facility. What was your impression when you were there, or did they have the resources to do everything they need to do? There’s a DOD facility right next door where they share information. What was your general impression, and how can we get the resources there that they might need through this budget?” 
    DIRECTOR PATEL: “My general impression aligns with yours. I was wildly impressed with the work that’s done out there. It’s the unsexy work that the FBI does on a daily basis, whether it’s gun background checks, national criminal information background checks. State and local law enforcement relies on us, and every time they have a traffic stop, they’re calling and adjudicate the individual they’re confronting or when they’re going to get a search warrant. We have about 1,000 acres out there, it’s a beautiful property. It is available for expansion. We are almost maxed out when it comes to how many people we can currently put there. We are putting some more folks there throughout this reorientation program. But you can never have enough computer data being ingested. And what I’m working on specifically to improve CJIS, which will improve the work that happens in every single state, is the reporting in data cycle from state and local authorities, because without that, CJIS doesn’t work. It only works as well as with our state and local law enforcement. So, I’m working on that to move to some of those folks and make sure they are reporting in but we would love to continue to expand the footprint there.” 
    SENATOR CAPITO: “Well, anything we can do there, I think the work they do is phenomenal.” 
    ON COMBATTING DRUG CARTELS  
    SENATOR CAPITO: “I would encourage you to do everything – and you are – to prevent the drug smuggling and working against the transnational criminal organizations.”

    MIL OSI USA News –

  • MIL-OSI USA: Q&A: National Nurses Week

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley
    Q: What is National Nurses Week?
    A: Efforts to honor and celebrate nurses in the United States first got underway during the Eisenhower administration. In 1974, President Nixon issued a proclamation to honor the expanding role nurses were taking on in the health care system, such as nurse practitioners and those specializing in pediatric, cardiac, oncology and geriatric care. In 1982, President Reagan signed a proclamation to mark “National Recognition Day for Nurses” that observed the indispensable role nurses have in patient care, from intensive care in trauma and burn units to community health and home care, nursing homes and schools. Since then, grassroots-led efforts expanded the observance to National Nurses Week that continues today during the week of Florence Nightingale’s birthday, who is celebrated as the founder of modern nursing. Since 1991, I’ve supported an annual joint resolution of Congress to reflect on the important contributions nurses make in our society. With an estimated 4.7 million registered nurses in the United States, nurses are on the front lines treating sick and injured patients, including during natural disasters and public health emergencies. During the COVID-19 pandemic, nurses put their own lives on the line to care for the sickest among us. The nursing profession continues to meet the moment in scientific inquiry, medical research and team-based delivery of care. With limited faculty and spots available for prospective nursing students across the country, I support efforts to strengthen workforce development and academic training programs. I value the feedback I get from Iowans to solve problems and improve the delivery of health care in communities across our state. I’m pleased the University of Northern Iowa last year launched a new Bachelor of Science in Nursing program that will help address the nursing shortage across the state, particularly in rural and underserved areas.
    Q: How do Iowa nursing professionals inform your work at the policymaking table?
    A: As former chairman of the Senate Finance Committee, I led efforts to ensure fairness for Medicare reimbursements that directly impact providers delivering essential health care in communities across our state. For example, requiring Medicare to directly reimburse nurse practitioners and other specialists is an important tool in rural areas to expand access to health care services. More recently, I’m pushing to improve advanced practice nurses and clinical nurse reimbursement for nurse practitioners in their diagnosis and treatment for diabetic patients. I’m also spearheading bipartisan efforts to provide rural hospitals with financial stability. My Rural Hospital Support Act would help prevent rural hospital closures by extending and modernizing critical Medicare programs for rural hospitals. Specifically, my bill would permanently extend the Medicare-Dependent Hospital (MDH) and the Low-Volume Hospital (LVH) programs. For many hospitals located in rural areas, costs often outpace their revenue. If hospitals can’t pay their bills and are forced to close their doors, nurses are out of work and patients would have to travel further for life-saving care. I’ve also led efforts to improve maternal and infant health across our state. At a roundtable discussion in Bettendorf in 2022, I heard first-hand accounts from health care professionals about the Maternal, Infant and Early Childhood Home Visiting Program. Home visits from a nurse and other health care professionals provide important support and resources to improve health outcomes for at-risk pregnant moms and families with children from birth to kindergarten. My advocacy for this home visiting program reflects my longstanding support for health care professionals in our communities who provide evidence-based services to improve childhood development, reduce post-partum depression and help families thrive.
    During National Nurses Week, I applaud the labor of love and patient-centered care that legions of nursing professionals provide around-the-clock, year-round to loved ones of all ages and all walks of life. Nurses are ranked among the most honest and ethical professions in society. I thank nurses for their tireless commitment to their vocation and encourage Iowans to celebrate those in your lives who have answered the call to this noble profession.
    National Nurses Week is May 6-12, 2025.

    MIL OSI USA News –

  • MIL-OSI USA: Durbin, Smith, Schneider, Stevens Introduce Bill To Address Teaching Shortages In High-Need Schools

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    May 08, 2025
    The Retaining Educators Takes Added Investment Now (RETAIN) Act would create a fully refundable tax credit for educators
    WASHINGTON – During Teacher Appreciation Week, U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Representative Brad Schneider (D-IL-10), along with U.S. Senator Tina Smith (D-MN) and U.S. Representative Haley Stevens (D-MI-11), today introduced bicameral legislation, the RETAIN Act, that would address the severe nationwide shortage of early childhood and K-12 teachers that disproportionately impacts students from low-income backgrounds, students of color, and students from rural communities.  Exacerbated by low pay, school leadership instability, and poor teaching conditions, schools in low-income communities struggle to retain experienced, qualified education professionals.  On average, teachers are paid 23.5 percent less than other college graduates working in nonteaching fields, and teachers in low-income schools are paid less than teachers in more affluent schools. 
    The RETAIN Act creates a fully refundable tax credit for teachers, paraprofessionals, school-based mental health providers, and school leaders in Title I schools, as well as for educators, program providers, and program directors in early childhood education programs funded by Head Start, Early Head Start, and Child Care and Development Block Grants.  The tax credit increases at key points in a teacher’s career to incentivize retention. 
    “Each day, teachers are shaping the minds of the next generation, but they are not paid enough for the valuable work they’re doing.  Hoping to make ends meet for their families, high-quality and experienced teachers are incentivized to move to more affluent, higher paying districts.  The impact on Black and Brown students and low-income and rural communities is particularly drastic, with many students in the greatest need having the least resources available to them,” Durbin said. “This Teacher Appreciation Week, I’m introducing the RETAIN Act to help address teaching disparities by incentivizing teachers and other educational professionals to make careers in areas with the most need.”
    “Schools across the nation are facing teacher shortages that need to be met with decisive action. We must invest in those who teach our kids and attract the talent that will provide high quality education for future generations. I’m proud to join Sen. Durbin and Rep. Stevens in uplifting educators, enriching classrooms, and fostering a thriving school system that empowers teachers and students alike,” said Schneider.
    “Every student should have access to a quality K-12 public education and part of that is paying teachers more,” said Smith. “Teachers rise to the challenge, working hard to meet the academic and emotional needs of their students, but they remain largely underpaid. This contributes to teacher shortages, which disproportionately affect students from low-income backgrounds. That is just wrong. The RETAIN Act will help raise teacher pay, help schools overcome these shortages and ultimately help ensure students get the best education possible.”
    “Across my home state of Michigan, we have felt the devastating effects of teacher shortages,” said Stevens. “Low-income schools in particular struggle to retain and recruit the teaching talent that their students so desperately need.  I am proud to be a part of this bicameral effort to support and retain teachers and other professional in our Title I schools.”
    Educators increasingly are unwilling to teach in difficult working conditions at current compensation levels.  Across the nation, the average teacher salary in 2023-2024 was $72,030—though this average masks variation in pay across regions and the income level of the school district.  In 2023-2024, the average salary for a first-year teacher was $46,526, and in 2024, early childhood educators made $37,120—barely above the federal poverty line for a family of four.  While federal data shows inflation-adjusted teacher pay has been stagnant since 1990, the inflation-adjusted cost of college has nearly doubled, leaving teachers with large amounts of student loan debt and low pay. 
    To receive modest increases, teachers must obtain expensive graduate degrees—adding student loan debt that dwarfs the accompanying pay raise.  Further, schools consistently struggle to attract and retain effective teachers who reflect the diversity of students, particularly with respect to teachers of color. 
    A one-pager on the bill is available here.
    The RETAIN Act has earned the endorsement of Advance CTE; Association for Career and Technical Education; All4Ed; American Federation of Teachers; American Association of School Personnel Administrators; American School Counselor Association; Association of Educational Service Agencies; Council of Administrators of Special Education; Council of the Great City Schools; Deans for Impact; Education Leaders of Color; Educators for Excellence; First Five Years Fund; Illinois Associate for the Education of Young Children; Illinois Education Association; Illinois Federation of Teachers; Illinois Head Start; Illinois Principals Association; Learning Forward; National Association of Elementary School Principals; National Association of School Psychologists; National Council for Languages and International Studies; Joint National Committee for Languages; National Education Association; National Parent Teacher Association; Save the Children; AASA, The School Superintendents Association; Teach For America; and Teach Plus.
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    MIL OSI USA News –

  • MIL-OSI Banking: Samsung Galaxy S25 Edge Features New Corning® Gorilla® Glass Ceramic 2 for Enhanced Durability

    Source: Samsung

    Samsung Electronics Co., Ltd. and Corning Incorporated (NYSE: GLW) today announced that the upcoming Galaxy S25 Edge will feature Corning® Gorilla® Glass Ceramic 21, a new glass ceramic offering that delivers advanced protection in a new, remarkably thin device form factor. Driven by a shared visi toughness that Corning® Gorilla® Glass is known for. Combining Corning’s advanced glass technology with Samsung’s proprietary processing and reinforcement technologies, the Gorilla Glass Ceramic 2 cover on Galaxy S25 Edge delivers a sleek yet strong design.
    “Galaxy S25 Edge will set a new standard for craftsmanship and performance as our slimmest Galaxy S series device yet,” said Kwangjin Bae, EVP and Head of the Mechanical R&D Team of Mobile eXperience Business(MX) at Samsung Electronics. “To support this breakthrough design, it was essential to develop a display material that was both exceptionally thin and reliably strong — a challenge that brought Corning and Samsung together, united by a shared vision for purposeful engineering anon to push the boundaries of mobile engineering, Samsung and Corning joined forces to ensure the premium S series experience balances elegance with resilience.
    Gorilla Glass Ceramic 2 further extends the legendaryd user-centric innovation. That vision is embedded in every detail of Galaxy S25 Edge.”

    Gorilla Glass Ceramic 2 features crystals intricately embedded within its glass matrix, enhancing the durability and crack deflection capabilities of the display cover. The synergy between the glass and crystal components is engineered to provide improved toughness while retaining high optical transparency. As a key component in enhancing damage-resistance, Corning’s ion exchange process further fortifies the glass ceramic material and improves retained strength of the display cover.

    “With Gorilla Glass Ceramic 2, we’ve achieved a remarkable combination of thinness and strength, giving consumers the best of both worlds — exceptional durability in a modern, sleek and premium design,” said Andrew Beck, Vice President and General Manager, Corning® Gorilla® Glass. “The craftsmanship of Galaxy S25 Edge with Gorilla Glass Ceramic 2 underscores Corning and Samsung’s commitment to meeting the evolving needs of consumers worldwide.”
    For more information and details about the highly anticipated Galaxy S25 Edge, tune into the launch event to be livestreamed on Samsung’s YouTube channel on May 12 at 8 p.m EDT and 5 p.m. PDT.
    Reserve now and get a $50 Samsung credit towards your next Galaxy device.2

    MIL OSI Global Banks –

  • MIL-OSI Banking: APEC Confronts AI Challenges and Labor Gaps in Jeju Jeju, Republic of Korea | 08 May 2025 Issued by the APEC Human Resources Development Working Group APEC economies opened a four-day meeting today in Jeju to address a growing set of challenges facing the region’s workforce, including the impacts of artificial intelligence, aging populations and persistent gaps in education and employment systems.

    Source: APEC – Asia Pacific Economic Cooperation

    APEC economies convened for a four-day meeting in Jeju to address a growing set of challenges facing the region’s workforce, including the impacts of artificial intelligence, aging populations and persistent gaps in education and employment systems.

    Speaking at the opening plenary of the APEC Human Resources Development Working Group on Wednesday, Seok-Hwan Oh, Vice Minister of Korea’s Ministry of Education, emphasized the urgent need to reform education systems to keep pace with technological disruption.

    “We are at a turning point,” Vice Minister Oh said. “Education must go beyond transmitting knowledge. It must connect learners, encourage critical thinking and promote adaptability.”

    He highlighted Korea’s initiative to introduce AI-powered digital textbooks designed to personalize learning and equip students with problem-solving skills.

    “The starting point of change is in the classroom,” he said. “We are supporting teacher-led innovation and expanding digital access to ensure no student is left behind.”

    Throughout the day, delegates examined how APEC member economies can update education and employment strategies to remain relevant in the face of rapid change. A key theme was the growing mismatch between what schools teach and what labor markets need.

    Chang-june Kwon, Korea’s Deputy Minister of Employment and Labor, addressed the structural changes sweeping through global labor markets. “The spread of artificial intelligence, low birth rates, and an aging population are reshaping how economies grow, how people work and what skills are needed,” he said.

    Deputy Minister Kwon outlined policy reforms Korea is pursuing, including flexible labor systems, stronger support for lifelong learning and better integration of women and older adults into the workforce. “We must reduce rigidities in wage and working-hour structures and create a fairer labor ecosystem that supports job transitions and reduces disparities,” he added.

    He also called for better protections for vulnerable workers, particularly those in non-standard employment such as platform and freelance jobs. “We must build an employment safety net without blind spots,” Kwon said.

    The meeting includes representatives from all 21 APEC economies and serves as a lead-up to two ministerial-level discussions on education and workforce development next week. Sessions this week will focus on disability inclusion, digital skills, regional policy coordination and ways to engage younger generations in emerging job sectors.

    “The human element of economic growth is too often overlooked. This working group is vital to making sure our people are prepared for the future, not just our markets.” said Eduardo Pedrosa, Executive Director of the APEC Secretariat.

    Pedrosa pointed to APEC’s long history of focusing on human capacity building, including projects that promote digital literacy, inclusive employment and future-oriented education policies. “We need stronger stakeholder engagement and open dialogue to turn our shared challenges into shared progress,” he said.

    The agenda for the week includes updates on regional policy frameworks and new proposals for regional collaboration. One proposal introduced by Korea calls for the creation of a new regional fund focused on supporting future generations, which would invest in policies that address education gaps, youth employment and digital transition.

    Officials are also reviewing current initiatives on disability employment, digital employment trends and cross-sector coordination. Including sessions that focus on case studies from across the region, as well as discussions with other APEC groups working on transport, services and small business development.

    Zhao Li, Chair of the Human Resources Development Working Group, said the group’s work is focused on finding practical solutions that enable private sector job growth.

    “In this landmark 50th plenary, we are not just marking a milestone. We are building a bridge between what APEC has achieved in workforce policy and what it must now do to stay ahead,” Li said.

    “Our focus is to fuel the economic growth of the region through human resources development, helping employers find the workers with the right skills and supporting the creation of private sector jobs,” Li added. “This meeting allows us to align approaches that can inform ministerial-level action.”

    The working group will conclude on 10 May with presentations of key recommendations and outcomes from its thematic networks. Discussions will help shape APEC’s broader agenda for sustainable and inclusive growth through people-centered development.

    The outcomes of the Jeju meeting will directly inform the upcoming Human Resources Development Ministerial Meeting and APEC Education Ministerial Meeting, both scheduled to take place later this week. Ministers are expected to consider the policy proposals and collaborative models developed during this working-level dialogue as they chart the region’s next steps in building a resilient, inclusive and future-ready workforce.

    For further information or media inquiries, please contact:
    [email protected]

    MIL OSI Global Banks –