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Category: Business

  • MIL-OSI: Steadyhand Announces Update Regarding Special Meetings of Unitholders

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, April 28, 2025 (GLOBE NEWSWIRE) — Steadyhand Investment Management Ltd. (“Steadyhand”) has discovered that an error was made in connection with the control numbers that were included in the forms of proxy (the “Proxies”) which were mailed to the registered holders of Series A units (the “Unitholders”) of Steadyhand Savings Fund, Steadyhand Income Fund, Steadyhand Founders Fund, Steadyhand Builders Fund, Steadyhand Equity Fund, Steadyhand Global Equity Fund, Steadyhand Small-Cap Equity Fund and Steadyhand Global Small-Cap Equity Fund (collectively, the “Funds”) in connection with the special meetings of Unitholders of the Funds to be held on May 9, 2025 (the “Meetings”).

    Steadyhand has arranged for TSX Trust Company, as proxy agent and scrutineer in connection with the Meetings, to mail corrected Proxies to each Unitholder of the Funds. Unitholders are asked to discard the Proxies previously received with the joint management information circular in respect of the Meetings (the “Circular”) and to use the corrected Proxies, once received, to vote at the Meetings. Unitholders that previously voted online using the Proxies received with the Circular are asked to resubmit their vote using the corrected Proxies which will be mailed to Unitholders on April 28, 2025.

    In light of the above, the proxy agent has extended the cut-off time for submission of Proxies to 10:00 a.m. (Vancouver time) on May 8, 2025.

    About Steadyhand

    Steadyhand is a low-fee investment firm with a mission of providing Canadians with a better investing outcome and a simpler, more personalized experience. It offers clear-cut advice, customized plans, and most importantly, a steady hand, to help investors achieve their financial goals. The firm has approximately $1.3 billion of assets under management with offices in Vancouver and Toronto.

    For further information, please contact:

    David Toyne
    Chief Development Officer
    Steadyhand Investment Funds Inc.
    1-888-888-3147

    The MIL Network –

  • MIL-OSI: Gabelli Global Utility & Income Trust Announces Additional Put Dates for Series B Preferred Shares

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — The Board of Trustees of the Gabelli Global Utility & Income Trust (NYSE American: GLU) (the “Fund”) has approved additional put dates for the Series B Cumulative Puttable and Callable Preferred Shareholders (the “Series B Preferred”). The annual dividend rate of the Series B Preferred is 5.20%.

    Each Series B Preferred shareholder now has the right to put their shares to the Fund in each of the 60-day periods ending June 26, 2025, December 26, 2025, June 26, 2026, December 26, 2026 and June 26, 2027 after which the Series B preferred becomes perpetual.

    The Series B preferred shares are callable, after proper notification is given, at the liquidation value of $50.00 per share plus accrued dividends.

    As background, the Series B Preferred Shares, which trade on the NYSE American under the symbol “GLU Pr B”, were issued on December 19, 2018, at $50.00 per share.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of the Fund before investing. More information regarding this and other information about the Fund is available by calling 800-GABELLI (800-422-3554), visiting www.gabelli.com, or emailing ClosedEnd@gabelli.com.

    About The Gabelli Global Utility & Income Trust
    The Gabelli Global Utility & Income Trust is a diversified, closed-end management investment company with $122 million in total net assets whose primary investment objective is to seek a consistent level of after-tax total return for its investors with an emphasis on tax-advantaged dividend income under current tax law. The Fund is managed by Gabelli Funds, LLC, a subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).

    NYSE American – GLU PrB
    CUSIP – 36242L303

    For information:
    Adam Tokar
    (914) 457-1079

    Investor Relations Contact:
    Adam Tokar
    (914) 457-1079
    atokar@gabelli.com

    The MIL Network –

  • MIL-OSI: Crane Harbor Acquisition Corp. Completes $220 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    PHILADELPHIA, PA, April 28, 2025 (GLOBE NEWSWIRE) — Crane Harbor Acquisition Corp. (NASDAQ:CHACU) (the “Company”) today announced the closing of its initial public offering of 22,000,000 units, which includes 2,000,000 units issued pursuant to the exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $220,000,000. Of the proceeds received from the consummation of the initial public offering (including the exercise of the over-allotment option) and a simultaneous private placement of units, $220,000,000 was placed in the Company’s trust account for the benefit of the Company’s public shareholders.

    The Company’s units began trading on the Nasdaq Global Market (“Nasdaq”) on April 25, 2025 under the ticker symbol “CHACU.” Each unit consists of one Class A ordinary share of the Company and one right to receive one tenth (1/10) of a Class A ordinary share upon the consummation of the Company’s initial business combination. Once the securities constituting the units begin separate trading, the Class A ordinary shares and rights are expected to be listed on Nasdaq under the symbols “CHAC” and “CHACR,” respectively.

    The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. The Company may pursue an acquisition opportunity in any business or industry or at any stage of its corporate evolution. The Company’s primary focus, however, will be to identify companies in the technology, real assets, and energy sectors. The Company’s management team is led by Jonathan Z. Cohen, its Chairman of the Board of Directors, Edward E. Cohen, Vice Chairman, William Fradin, Chief Executive Officer, Tom Elliott, Chief Financial Officer, and Jeffrey Brotman, Chief Legal Officer and Chief Operating Officer.

    Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, acted as the sole lead book-running manager for the offering. JonesTrading Institutional Services LLC acted as joint book-running manager. Stevens & Lee, P.C. served as legal counsel to the Company, and Kirkland & Ellis LLP served as legal counsel to the underwriters.

    A registration statement relating to the securities was declared effective by the U.S. Securities and Exchange Commission on April 24, 2025. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    Contact Information:

    Crane Harbor Acquisition Corp.
    craneharbor@hepcollc.com

    The MIL Network –

  • MIL-OSI: Plantro Ltd. Announces Extension of Tender Offer to Acquire up to 15% of Class A Limited Voting Shares of Information Services Corporation

    Source: GlobeNewswire (MIL-OSI)

    BRIDGETOWN, Barbados, April 28, 2025 (GLOBE NEWSWIRE) — Plantro Ltd. (“Plantro”) today announced that it is extending its ongoing all-cash tender offer (the “Tender Offer”) to acquire up to 2,777,242 class A limited voting shares (the “Class A Shares”) in the capital of Information Services Corporation (TSX: ISC) (“ISC” or the “Company”).

    Pursuant to the extension, the terms of which are set out in a notice of variation and extension dated April 28, 2025 (the “Notice of Variation and Extension”), Plantro has extended the expiry date of the Tender Offer to 5:00pm (Eastern Time) on May 5, 2025, unless further varied, extended, or withdrawn in accordance with the terms of the Tender Offer (the “Expiry Time”).

    Shareholders of ISC who have already validly deposited and not withdrawn their Class A Shares are not required to take any further action to accept the Tender Offer. No Class A Shares will be taken up and paid for by Plantro pursuant to the Tender Offer until after the Expiry Time.

    All other terms of the Tender Offer remain unchanged. Details of the Tender Offer, including instructions for tendering Class A Shares, are included in the amended and restated offer dated April 14, 2025 (the “Offer Document”), as amended by the Notice of Variation and Extension (the Notice of Variation and Extension together with the Offer Document and the amended and restated letter of transmittal dated April 14, 2025, the “Offer Documents”). The Notice of Variation and Extension will be filed and made available on ISC’s SEDAR+ profile at www.sedarplus.ca. Shareholders of ISC should carefully read the Offer Documents prior to making a decision with respect to the Tender Offer.

    About Plantro
    Plantro is a privately held company, with an established track record of making successful investments in undervalued and high quality legal, financial, and information services businesses.

    Shareholder Questions
    Shareholders of ISC who have questions with respect to the Tender Offer, or who need assistance in depositing their Class A Shares, please contact the depositary or the information agent for the Tender Offer at the contact details below:

    Depositary: Odyssey Trust Company
    Toll Free (US & Canada): 1-888-290-1175
    Calls (All Regions): 587-885-0960
    Email: corp.actions@odysseytrust.com

    Information Agent: Carson Proxy
    North America Toll Free: 1-800-530-5189
    Local and Text: 416-751-2066
    Email: info@carsonproxy.com

    Information in Support of Public Broadcast Exemption Under Canadian Law
    Plantro is relying on the exemption under section 9.2(4) of National Instrument 51-102 – Continuous Disclosure Obligations to make this public broadcast solicitation. The following information is provided in accordance with corporate and securities laws applicable to public broadcast solicitations.

    This solicitation is being made by Plantro, and not by or on behalf of management of ISC. The information agent will receive a fee of up to $250,000 for its services as information agent under the Tender Offer, plus ancillary payments and disbursements. Based upon publicly available information, ISC’s registered and head office is located at 300 – 10 Research Drive, Regina, Saskatchewan, S4S 7J7, Canada. Plantro is soliciting proxies in reliance upon the public broadcast exemption to the solicitation requirements under applicable Canadian corporate and securities laws, conveyed by way of public broadcast, including press release, speech or publication, and by any other manner permitted under applicable Canadian securities laws. In addition, this solicitation may be made by mail, telephone, facsimile, email or other electronic means as well as by newspaper or other media advertising and in person by representatives of Plantro. All costs incurred for such solicitation will be borne by Plantro.

    Subject to the terms of the Offer Documents, a registered shareholder who has given a proxy under the terms of the amended and restated letter of transmittal may, prior to its Class A Shares being taken up and paid for under the Tender Offer, revoke the proxy by instrument in writing, including a proxy bearing a later date. The instrument revoking the proxy must be deposited at the registered office of ISC at least 48 hours, exclusive of Saturdays, Sundays, and holidays, preceding the date of the meeting or an adjournment or postponement thereof, or with the Chair of the meeting on the day of the meeting, or in any other manner permitted by law, provided that, in each circumstance, a copy of such revocation has been delivered to the depositary, at its principal office in Toronto, Ontario, Canada prior to the Class A Shares relating to such proxy having been taken up and paid for under the Tender Offer.

    Subject to the terms of the Offer Documents, a non-registered shareholder may revoke a form of proxy or voting instruction form given to an intermediary at any time by written notice to the intermediary in accordance with the instructions given to the non-registered shareholder by its intermediary. Non-registered shareholders should contact their broker for assistance in ensuring that forms of proxies or voting instructions previously given to an intermediary are properly revoked.

    None of Plantro nor, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect, in any transaction since the commencement of ISC’s most recently completed financial year, or in any proposed transaction which has materially affected or will materially affect ISC or any of its subsidiaries. None of Plantro nor, to its knowledge, any of its associates or affiliates, has any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, in any matter to be acted upon at any upcoming shareholders’ meeting, other than as set out herein and in the Offer Documents.

    Cautionary Statement Regarding Forward-Looking Information
    This press release may contain forward-looking information and forward-looking statements within the meaning of applicable securities laws. Specifically, certain statements contained in this press release, including without limitation statements regarding the Tender Offer, taking up and paying for Class A Shares deposited under the Tender Offer, and the expiry of the Tender Offer, contain “forward-looking information” and are prospective in nature. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements.

    Statements containing forward-looking information are not based on historical facts, but rather on current expectations and projections about future events and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future outcomes expressed or implied by the statements containing forward-looking information.

    Although Plantro believes that the expectations reflected in statements containing forward-looking information herein made by it (and not, for greater certainty, any forward-looking statements attributable to the Company) are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Material factors or assumptions that were applied in formulating the forward-looking information contained herein include the assumption that the business and economic conditions affecting the Company’s operations will continue substantially in the current state, including, without limitation, with respect to industry conditions, general levels of economic activity, continuity and availability of personnel, local and international laws and regulations, foreign currency exchange rates and interest rates, inflation, taxes, that there will be no unplanned material changes to the Company’s operations, and that the Company’s public disclosure record is accurate in all material respects and is not misleading (including by omission).

    Plantro cautions that the foregoing list of material factors and assumptions is not exhaustive. While these factors and assumptions are considered by Plantro to be appropriate and reasonable in the circumstances as of the date of this press release, they are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information. Many of these assumptions are based on factors and events that are not within the control of Plantro and there is no assurance that they will prove correct.

    Important facts that could cause outcomes to differ materially from those expressed or implied by such forward-looking information include, among other things, actions taken by the Company in respect of the Tender Offer, the content of subsequent public disclosures by the Company, the failure to satisfy the conditions to the Tender Offer, general economic conditions, legislative or regulatory changes and changes in capital or securities markets. If any of these risks or uncertainties materialize, or if the opinions, estimates or assumptions underlying the forward-looking information prove incorrect, actual results or future events might vary materially from those anticipated in the forward-looking information. Although Plantro has attempted to identify important risk factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other risk factors not presently known to Plantro or that Plantro presently believes are not material that could also cause actual results or future events to differ materially from those expressed in such forward-looking information.

    Statements containing forward-looking information in this press release are based on Plantro’s beliefs and opinions at the time the statements are made, and there should be no expectation that such forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and Plantro disclaims any obligation to do so, except as required by applicable law. All of the forward-looking information contained in this press release is expressly qualified by the foregoing cautionary statements.

    The MIL Network –

  • MIL-OSI: Capital Southwest Announces Regular Dividend of $0.58 per share and Supplemental Dividend of $0.06 per share for the Quarter Ending June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, April 28, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, is pleased to announce that its Board of Directors has declared a regular dividend of $0.58 per share and a supplemental dividend of $0.06 per share for the quarter ending June 30, 2025.

    The Company’s dividends will be payable as follows:

    Regular Dividend
    Amount Per Share: $0.58
    Ex-Dividend Date: June 13, 2025
    Record Date: June 13, 2025
    Payment Date: June 30, 2025
       
    Supplemental Dividend
    Amount Per Share: $0.06
    Ex-Dividend Date: June 13, 2025
    Record Date: June 13, 2025
    Payment Date: June 30, 2025
       

    When declaring dividends, the Board of Directors reviews estimates of taxable income available for distribution, which may differ from net investment income under generally accepted accounting principles. The final determination of taxable income for each year, as well as the tax attributes for dividends in such year, will be made after the close of the tax year.

    Capital Southwest maintains a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest’s transfer agent and registrar, Equiniti Trust Company. Under the DRIP, if the Company declares a dividend, registered stockholders who have opted in to the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Capital Southwest’s common stock.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien, and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Investor Relations Contact:

    Michael S. Sarner, President and Chief Executive Officer
    214-884-3829

    The MIL Network –

  • MIL-OSI: Skyward Specialty Announces Time Change for First Quarter Earnings Call on Friday, May 2, 2025

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, April 28, 2025 (GLOBE NEWSWIRE) — Skyward Specialty Insurance Group, Inc.™ (NASDAQ: SKWD) (“Skyward Specialty” or “the Company”) today announced a time change of its previously announced first quarter earnings call. The conference call and webcast will be held on Friday, May 2 at 9:30 a.m. EDT.

    Skyward Specialty will issue its first quarter 2025 earnings results after the market closes on Thursday, May 1. The earnings results will be available on the Company website at investors.skywardinsurance.com/ under Quarterly Results.

    Investors may access the live audio webcast via the link on the Company’s investor site at investors.skywardinsurance.com/ under Events & Presentations. Additionally, investors can access the earnings call via conference call by registering via the conference link. Users will receive dial-in information and a unique PIN to join the call upon registering.

    A webcast replay will be available two hours following the call in the same location on the Company’s investor website.

    About Skyward Specialty

    Skyward Specialty is a rapidly growing and innovative specialty insurance company, delivering commercial property and casualty products and solutions on a non-admitted and admitted basis. The Company operates through nine underwriting divisions – Accident & Health, Agriculture and Credit (Re)insurance, Captives, Construction & Energy Solutions, Global Property, Professional Lines, Specialty Programs, Surety and Transactional E&S. SKWD stock is traded on the Nasdaq Global Select Market, which represents the top fourth of all Nasdaq listed companies.

    Skyward Specialty’s subsidiary insurance companies consist of Great Midwest Insurance Company, Houston Specialty Insurance Company, Imperium Insurance Company, and Oklahoma Specialty Insurance Company. These insurance companies are rated A (Excellent) with stable outlook by A.M. Best Company. Additional information about Skyward Specialty can be found on our website at www.skywardinsurance.com.

    For investor relations information contact:

    Natalie Schoolcraft
    nschoolcraft@skywardinsurance.com
    614-494-4988

    The MIL Network –

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

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the first quarter ended March 31, 2025.

    The Company reported net income of $16.9 million in the first quarter of 2025, compared to a net loss of $82.8 million in the fourth quarter of 2024 and net income of $2.1 million in the first quarter of 2024. After preferred dividends, net income available to common shareholders was $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, compared to net loss of $83.2 million, or $(5.07) per diluted share, in the fourth quarter of 2024, and net income of $1.7 million, or $0.11 per diluted share, in the first quarter of 2024. The Company recorded a provision for credit losses of $2.9 million in the current quarter, compared to a provision of $6.5 million in the linked quarter and a benefit of $5.5 million in the prior year quarter.

    First Quarter 2025 Key Results:

    • Net interest margin and net interest income expanded meaningfully in the first quarter of 2025, primarily reflecting the impact of the investment portfolio restructuring that was executed at the end of 2024. Net interest margin of 3.35% for first quarter of 2025 was up 44 and 57 basis points from the linked and year-ago quarters, respectively, while net interest income of $46.9 million for first quarter of 2025 increased $5.2 million, or 12.6%, and $6.8 million, or 16.9%, from the linked and year-ago quarters, respectively.
    • Noninterest income was $10.4 million in the first quarter of 2025, compared to noninterest loss of $91.0 million in the linked quarter, which reflected the previously disclosed investment securities loss, and noninterest income of $10.9 million in the year-ago quarter, when the Company’s results included income from its former insurance subsidiary. First quarter 2025 noninterest income benefited from higher income from company owned life insurance (“COLI”) as a result of a surrender and redeploy strategy initiated in January 2025, in addition to higher swap fees and investment advisory income relative to comparable prior periods.
    • Noninterest expense in the first quarter of 2025 totaled $33.7 million, compared to noninterest expense including non-operating items in the linked and year-ago quarters of $59.4 million and $54.0 million, respectively.
    • Total loans were $4.55 billion at March 31, 2025, reflecting an increase of $74.1 million, or 1.7%, during the quarter, and an increase of $111.2 million, or 2.5%, from one year prior, driven by both commercial business and commercial mortgage lending.
    • Total deposits were $5.37 billion at March 31, 2025, up $268.2 million, or 5.3%, from December 31, 2024, driven by seasonal public deposit inflows as well as an increase in brokered deposits, and down $23.8 million, or 0.4%, from one year prior, due in part to lower reciprocal deposits and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering.
    • The Company reported improved credit quality metrics, as measured by quarterly net charge-offs to average loans of 0.21% for the first quarter of 2025, down from both the linked and year-ago quarters.
    • In February, the Company’s Board of Directors approved a 3.3% increase in its quarterly cash dividend to $0.31 per common share, a reflection of both its ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy.

    “Our first quarter results were highlighted by improved earnings and profitability metrics, and reflected the full benefit of the strategic investment securities restructuring we undertook in December, as well as our team’s ability to meet the banking, credit and investment advisory needs of our customers amid a challenging environment,” said President and Chief Executive Officer Martin K. Birmingham. “Our focus on performance resulted in a more than 12% increase in net interest income from the linked quarter, as well as a 44-basis-point expansion of net interest margin, an efficiency ratio below 60% and solid return on average assets of 1.10% and return on average equity of 11.82%.

    “Our pipelines carried momentum with credit-disciplined lending heading into 2025 and supported a 1.7% quarterly increase in total loans, with stable-to-improved credit metrics for the first quarter. Amid the uncertain economic landscape, coupled with our current pipelines and discussions with customers, we believe that loan growth will be concentrated in the first half of the year.”

    Chief Financial Officer and Treasurer W. Jack Plants II added, “Our successful fourth quarter public equity offering not only allowed us to restructure our investment securities portfolio to drive stronger earnings potential, evident in our first quarter results, but also provided additional dry powder that we have sought to thoughtfully deploy. To that end, earlier this month we called $10 million of fixed-to-floating sub-debt that was issued in April 2015. We also took steps to enhance noninterest revenue by restructuring a portion of our COLI portfolio into a higher-yielding credit fund, which contributed to higher COLI income in the first quarter. We continue to remain confident that our stronger capital position and improved earnings outlook position us well to drive sustainable and profitable growth, as we seek to support our customers amid a challenging operating environment and prudently manage expenses.”

    Net Interest Income and Net Interest Margin

    Net interest income was $46.9 million for the first quarter of 2025, an increase of $5.2 million from the fourth quarter of 2024, and an increase of $6.8 million from the first quarter of 2024.

    Average interest-earning assets for the current quarter were $5.65 billion, reflecting decreases of $64.5 million from the fourth quarter of 2024 and $153.6 million from the first quarter of 2024. The linked quarter decrease was due to a $74.2 million decrease in the average balance of investment securities and a $49.8 million decrease in the average balance of Federal Reserve interest-earning cash, partially offset by a $59.5 million increase in average loans. The year-over-year decrease in average interest-earning assets was due to a $97.3 million decrease in the average balance of investment securities and an $86.3 million decrease in the average balance of Federal Reserve interest-earning cash, partially offset by a $30.0 million increase in average loans.

    Average interest-bearing liabilities for the current quarter were $4.51 billion, reflecting an increase of $31.1 million from the linked quarter and a decrease of $108.0 million from the year-ago quarter. The increase from the fourth quarter of 2024 was primarily due to a $38.7 million increase in average short-term borrowings and a $19.9 million increase in average time deposits, partially offset by a $15.6 million decrease in average savings and money market deposits and a $12.0 million decrease in average interest-bearing demand deposits. The year-over-year decrease was due to a $105.3 million decrease in average savings and money market deposits, along with an $84.2 million decrease in average borrowings and a $4.3 million decrease in average interest-bearing demand deposits, partially offset by a $85.9 million increase in average time deposits. The outflow of BaaS-related deposits following the Company’s September 2024 announcement that it would wind-down its BaaS platform by mid-2025 was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

    Net interest margin was 3.35% in the current quarter as compared to 2.91% in the fourth quarter of 2024, and 2.78% in the first quarter of 2024. Expansion from both the linked and prior year quarters was primarily due to an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale portfolio, which supported an increase in the average yield on interest-earning assets. Margin expansion was also supported by lower cost of interest-bearing liabilities, driven by the repricing across public, non-public and reciprocal deposits.

    Noninterest Income (Loss)

    The Company reported noninterest income of $10.4 million for the first quarter of 2025, compared to noninterest loss of $91.0 million in the fourth quarter of 2024, and noninterest income of $10.9 million in the first quarter of 2024.

    • A net loss on investment securities of $100.1 million was recognized in the fourth quarter of 2024 related to the previously disclosed securities portfolio restructuring.
    • Noninterest income no longer includes contributions from the Company’s insurance agency, which generated first quarter 2024 insurance income of $2.1 million prior to its sale on April 1, 2024.
    • Investment advisory income of $2.7 million was $182 thousand higher than the fourth quarter of 2024 and up $155 thousand from the first quarter of 2024.
    • Income from COLI of $2.8 million was $1.4 million higher than the fourth quarter of 2024 and $1.5 million higher than the first quarter of 2024, due to the previously mentioned surrender and redeploy strategy initiated in January 2025.
    • Income from investments in limited partnerships of $415 thousand was $422 thousand lower than the fourth quarter of 2024 and $73 thousand higher than the first quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
    • Income from derivative instruments, net was $250 thousand in the current quarter, compared to a loss of $37 thousand in the fourth quarter of 2024, and income of $174 thousand in the first quarter of 2024. Income from derivative instruments, net is based on the number and value of interest rate swap transactions executed during the quarter combined with the impact of changes in the fair value of borrower-facing trades.

    Noninterest Expense

    Noninterest expense was $33.7 million in the first quarter of 2025, compared to $59.4 million in the fourth quarter of 2024, and $54.0 million in the first quarter of 2024.

    • Salaries and employee benefits expense of $16.9 million was $261 thousand lower than the fourth quarter of 2024 and $442 thousand lower than the first quarter of 2024. The decrease from the linked quarter was primarily due to a $1.3 million nonrecurring settlement accounting adjustment in the Company’s pension plan recorded in the fourth quarter of 2024, while the year-over-year decrease was primarily due to the timing of the insurance subsidiary asset sale.
    • Professional services expenses of $1.7 million were $120 thousand higher than the fourth quarter of 2024 and $681 thousand lower than the first quarter of 2024, with the year-over-year variance primarily attributable to legal expenses incurred in the first quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
    • Computer and data processing expense of $5.5 million was $1.1 million lower than the fourth quarter of 2024 and $101 thousand higher than the first quarter of 2024. The linked quarter variance was primarily due to nonrecurring project related expenses incurred in the fourth quarter of 2024.
    • As previously disclosed, the Company recorded a $23.0 million provision for litigation settlement in its fourth quarter 2024 financial results related to a long-standing auto lending litigation.
    • The Company recorded deposit-related recoveries of $294 thousand, primarily driven by insurance proceeds related to a past commercial deposit charged-off item, compared to charged-off items of $354 thousand in the fourth quarter of 2024 and $19.2 million in the first quarter of 2024, the majority of which related to the Company’s previously disclosed deposit-related fraud event.
    • Other expense of $3.8 million was down $484 thousand from the linked quarter, due in part to the timing of both New York State capital base tax and charitable contributions impacting the fourth quarter of 2024, while year-over-year other expense was relatively flat.

    Income Taxes

    Income tax expense was $3.7 million for the first quarter of 2025, compared to a benefit of $32.5 million in the fourth quarter of 2024, reflective of the net loss reported in that period, and expense of $356 thousand in the first quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the first quarter of 2025, fourth quarter of 2024, and first quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.2 million, and $785 thousand, respectively.

    The effective tax rate was 18.2% for the first quarter of 2025, -28.2% for the fourth quarter of 2024, and 18.7% for the first quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax (loss) earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI and the impact of tax credit investments.

    Balance Sheet and Capital Management

    Total assets were $6.34 billion at March 31, 2025, up $223.4 million from December 31, 2024, and up $41.9 million from March 31, 2024.

    Investment securities were $1.04 billion at March 31, 2025, up $13.0 million from December 31, 2024, and down $27.4 million from March 31, 2024.

    Total loans were $4.55 billion at March 31, 2025, an increase of $74.1 million, or 1.7%, from December 31, 2024, and an increase of $111.2 million, or 2.5%, from March 31, 2024.

    • Commercial business loans totaled $709.1 million, up $43.8 million, or 6.6%, from December 31, 2024, and up $1.5 million, or 0.2%, from March 31, 2024.
    • Commercial mortgage loans totaled $2.23 billion, up $28.7 million, or 1.3%, from December 31, 2024, and up $183.2 million, or 9.0%, from March 31, 2024.
    • Residential real estate loans totaled $644.0 million, down $6.2 million, or 1.0%, from December 31, 2024, and down $4.2 million, or 0.6%, from March 31, 2024.
    • Consumer indirect loans totaled $853.2 million, up $7.4 million, or 0.9%, from December 31, 2024, and down $67.3 million, or 7.3%, from March 31, 2024.

    Total deposits were $5.37 billion at March 31, 2025, up $268.2 million, or 5.3%, from December 31, 2024, and down $23.8 million, or 0.4%, from March 31, 2024. The increase from December 31, 2024 was primarily due to seasonally higher public deposit balances in addition to an increase in brokered deposits between period ends. The decrease from March 31, 2024 was driven in part by reductions in BaaS-related and reciprocal deposits. Public deposit balances represented 23% of total deposits at March 31, 2025, 20% at December 31, 2024, and 22% at March 31, 2024.

    Short-term borrowings were $55.0 million at March 31, 2025, compared to $99.0 million at December 31, 2024, and $133.0 million at March 31, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

    Shareholders’ equity was $589.9 million at March 31, 2025, compared to $569.0 million at December 31, 2024, and $445.7 million at March 31, 2024. Both the linked quarter and year-over-year period end increases were primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and decreases in accumulated other comprehensive loss between period ends following the investment securities restructuring.

    Common book value per share was $28.48 at March 31, 2025, an increase of $1.00, or 3.6%, from $27.48 at December 31, 2024, and an increase of $0.74, or 2.7%, from $27.74 at March 31, 2024. Tangible common book value per share(1) was $25.46 at March 31, 2025, an increase of $1.01, or 4.1%, from $24.45 at December 31, 2024, and an increase of $2.40, or 10.4%, from $23.06 at March 31, 2024. The common equity to assets ratio was 9.03% at March 31, 2025, compared to 9.02% at December 31, 2024, and 6.80% at March 31, 2024. Tangible common equity to tangible assets(1), or the TCE ratio, was 8.15%, 8.11% and 5.72% at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter and the decrease in accumulated other comprehensive loss.

    During the first quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, an increase of $0.01, or 3.3%, over the linked and year-ago quarters. The dividend returned more than 37% of first quarter net income to common shareholders.

    The Company’s regulatory capital ratios at March 31, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

    • Leverage Ratio was 9.24% compared to 9.15% and 8.03% at December 31, 2024, and March 31, 2024, respectively.
    • Common Equity Tier 1 Capital Ratio was 10.38% compared to 10.54% and 9.43% at December 31, 2024, and March 31, 2024, respectively.
    • Tier 1 Capital Ratio was 10.71% compared to 10.87% and 9.76% at December 31, 2024, and March 31, 2024, respectively.
    • Total Risk-Based Capital Ratio was 13.09% compared to 13.25% and 12.04% at December 31, 2024, and March 31, 2024, respectively.

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

    Credit Quality

    Non-performing loans were $40.0 million, or 0.88% of total loans, at March 31, 2025, as compared to $41.4 million, or 0.92% of total loans, at December 31, 2024, and $26.7 million, or 0.60% of total loans, at March 31, 2024. The increase in non-performing loans from March 31, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual during the third quarter of 2024. Net charge-offs were $2.4 million, representing 0.21% of average loans on an annualized basis, for the current quarter, as compared to $2.8 million, or an annualized 0.25% of average loans, in the fourth quarter of 2024 and $3.1 million, or an annualized 0.28%, in the first quarter of 2024.

    At March 31, 2025, the allowance for credit losses on loans to total loans ratio was 1.08%, compared to 1.07% at December 31, 2024 and 0.97% at March 31, 2024.

    Provision for credit losses was $2.9 million in the current quarter, compared to a provision of $6.5 million in the linked quarter and a benefit of $5.5 million in the prior year quarter. Provision for credit losses on loans was $3.3 million in the current quarter, compared to a provision of $6.1 million in the fourth quarter of 2024, and a benefit of $4.9 million in the first quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled a provision of $364 thousand in the first quarter of 2025, a provision of $321 thousand in the fourth quarter of 2024, and a credit of $570 thousand in the first quarter of 2024. The provision for credit losses for the first quarter of 2025 was driven by a combination of factors, including the impact of loan growth and an increase in specific reserves, partially offset by modest improvement in forecasted losses and qualitative factors, primarily reflecting a reduction in consumer indirect delinquencies. Specific reserves increased by $932,000 for the first quarter, primarily driven by a $1.3 million specific reserve related to the Bank’s participation in a non-owner occupied commercial mortgage loan, which it moved to nonaccrual in the fourth quarter of 2023.

    The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 122% at March 31, 2025, 116% at December 31, 2024, and 161% at March 31, 2024, with the year-over-year decrease reflective of the higher level of nonperforming loans reported at March 31, 2025.

    Subsequent Events

    The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended March 31, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2025, and will adjust amounts preliminarily reported, if necessary.

    Conference Call

    The Company will host an earnings conference call and audio webcast on April 29, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 737945. The webcast replay will be available on the Company’s website for at least 30 days.

    About Financial Institutions, Inc.

    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.3 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Non-GAAP Financial Information

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

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

    Safe Harbor Statement

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

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

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


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

        2025     2024  
    SELECTED BALANCE SHEET DATA:   March 31,     December 31,     September 30,     June 30,     March 31,  
    Cash and cash equivalents   $ 167,352     $ 87,321     $ 249,569     $ 146,347     $ 237,038  
    Investment securities:                              
    Available for sale     926,992       911,105       886,816       871,635       923,761  
    Held-to-maturity, net     113,105       116,001       121,279       128,271       143,714  
    Total investment securities     1,040,097       1,027,106       1,008,095       999,906       1,067,475  
    Loans held for sale     387       2,280       2,495       2,099       504  
    Loans:                              
    Commercial business     709,101       665,321       654,519       713,947       707,564  
    Commercial mortgage–construction     566,359       582,619       533,506       518,013       528,694  
    Commercial mortgage–multifamily     475,867       470,954       467,527       463,171       453,027  
    Commercial mortgage–non-owner occupied     899,679       857,987       814,392       814,953       798,637  
    Commercial mortgage–owner occupied     286,391       288,036       290,216       289,733       264,698  
    Residential real estate loans     643,983       650,206       648,241       647,675       648,160  
    Residential real estate lines     74,769       75,552       76,203       75,510       75,668  
    Consumer indirect     853,176       845,772       874,651       894,596       920,428  
    Other consumer     43,953       42,757       43,734       43,870       45,170  
    Total loans     4,553,278       4,479,204       4,402,989       4,461,468       4,442,046  
    Allowance for credit losses – loans     48,964       48,041       44,678       43,952       43,075  
    Total loans, net     4,504,314       4,431,163       4,358,311       4,417,516       4,398,971  
    Total interest-earning assets     5,733,743       5,602,570       5,666,972       5,709,148       5,857,616  
    Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Total assets     6,340,492       6,117,085       6,156,317       6,131,772       6,298,598  
    Deposits:                              
    Noninterest-bearing demand     945,182       950,351       978,660       939,346       972,801  
    Interest-bearing demand     773,475       705,195       793,996       711,580       798,831  
    Savings and money market     2,033,323       1,904,013       2,027,181       2,007,256       2,064,539  
    Time deposits     1,620,930       1,545,172       1,506,764       1,475,139       1,560,586  
    Total deposits     5,372,910       5,104,731       5,306,601       5,133,321       5,396,757  
    Short-term borrowings     55,000       99,000       55,000       202,000       133,000  
    Long-term borrowings, net     124,917       124,842       124,765       124,687       124,610  
    Total interest-bearing liabilities     4,607,645       4,405,912       4,507,706       4,520,662       4,681,566  
    Shareholders’ equity     589,928       568,984       500,342       467,667       445,734  
    Common shareholders’ equity     572,643       551,699       483,050       450,375       428,442  
    Tangible common equity (1)     511,992       490,941       422,183       389,396       356,155  
    Accumulated other comprehensive loss   $ (41,995 )   $ (52,604 )   $ (102,029 )   $ (125,774 )   $ (126,264 )
                                   
    Common shares outstanding     20,110       20,077       15,474       15,472       15,447  
    Treasury shares     590       623       625       627       653  
    CAPITAL RATIOS AND PER SHARE DATA:                              
    Leverage ratio     9.24 %     9.15 %     8.98 %     8.61 %     8.03 %
    Common equity Tier 1 capital ratio     10.38 %     10.54 %     10.28 %     10.03 %     9.43 %
    Tier 1 capital ratio     10.71 %     10.87 %     10.62 %     10.36 %     9.76 %
    Total risk-based capital ratio     13.09 %     13.25 %     12.95 %     12.65 %     12.04 %
    Common equity to assets     9.03 %     9.02 %     7.85 %     7.34 %     6.80 %
    Tangible common equity to tangible assets (1)     8.15 %     8.11 %     6.93 %     6.41 %     5.72 %
                                   
    Common book value per share   $ 28.48     $ 27.48     $ 31.22     $ 29.11     $ 27.74  
    Tangible common book value per share (1)   $ 25.46     $ 24.45     $ 27.28     $ 25.17     $ 23.06  

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


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

        2025     2024  
        First     Fourth     Third     Second     First  
    SELECTED STATEMENT OF OPERATIONS DATA:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Interest income   $ 81,051     $ 78,119     $ 77,911     $ 78,788     $ 78,413  
    Interest expense     34,187       36,486       37,230       37,595       38,331  
    Net interest income     46,864       41,633       40,681       41,193       40,082  
    Provision (benefit) for credit losses     2,928       6,461       3,104       2,041       (5,456 )
    Net interest income after provision (benefit) for credit losses     43,936       35,172       37,577       39,152       45,538  
    Noninterest income:                              
    Service charges on deposits     1,052       1,074       1,103       979       1,077  
    Insurance income     3       3       3       4       2,134  
    Card interchange income     1,840       2,045       1,900       2,008       1,902  
    Investment advisory     2,737       2,555       2,797       2,779       2,582  
    Company owned life insurance     2,777       1,425       1,404       1,360       1,298  
    Investments in limited partnerships     415       837       400       803       342  
    Loan servicing     123       295       88       158       175  
    Income (loss) from derivative instruments, net     250       (37 )     212       377       174  
    Net gain on sale of loans held for sale     117       186       220       124       88  
    Net loss on investment securities     –       (100,055 )     –       –       –  
    Net (loss) gain on other assets     –       (19 )     138       13,508       (13 )
    Net (loss) gain on tax credit investments     (514 )     (636 )     (170 )     406       (375 )
    Other     1,573       1,291       1,345       1,508       1,517  
    Total noninterest income (loss)     10,373       (91,036 )     9,440       24,014       10,901  
    Noninterest expense:                              
    Salaries and employee benefits     16,898       17,159       15,879       15,748       17,340  
    Occupancy and equipment     3,590       3,791       3,370       3,448       3,752  
    Professional services     1,691       1,571       1,965       1,794       2,372  
    Computer and data processing     5,487       6,608       5,353       5,342       5,386  
    Supplies and postage     578       504       519       437       475  
    FDIC assessments     1,467       1,551       1,092       1,346       1,295  
    Advertising and promotions     342       465       371       440       297  
    Amortization of intangibles     107       109       112       114       217  
    Provision for litigation settlement     –       23,022       –       –       –  
    Deposit-related charged-off items (recoveries) expense     (294 )     354       410       398       19,179  
    Restructuring charges     68       35       –       –       –  
    Other     3,751       4,235       3,398       3,953       3,700  
    Total noninterest expense     33,685       59,404       32,469       33,020       54,013  
    Income (loss) before income taxes     20,624       (115,268 )     14,548       30,146       2,426  
    Income tax expense (benefit)     3,746       (32,457 )     1,082       4,517       356  
    Net income (loss)     16,878       (82,811 )     13,466       25,629       2,070  
    Preferred stock dividends     365       365       365       364       365  
    Net income (loss) available to common shareholders   $ 16,513     $ (83,176 )   $ 13,101     $ 25,265     $ 1,705  
    FINANCIAL RATIOS:                              
    Earnings (loss) per share – basic   $ 0.82     $ (5.07 )   $ 0.85     $ 1.64     $ 0.11  
    Earnings (loss) per share – diluted   $ 0.81     $ (5.07 )   $ 0.84     $ 1.62     $ 0.11  
    Cash dividends declared on common stock   $ 0.31     $ 0.30     $ 0.30     $ 0.30     $ 0.30  
    Common dividend payout ratio     37.80 %     -5.92 %     35.29 %     18.29 %     272.73 %
    Dividend yield (annualized)     5.05 %     4.37 %     4.69 %     6.25 %     6.41 %
    Return on average assets (annualized)     1.10 %     -5.38 %     0.89 %     1.68 %     0.13 %
    Return on average equity (annualized)     11.82 %     -63.70 %     11.08 %     22.93 %     1.83 %
    Return on average common equity (annualized)     11.92 %     -66.19 %     11.18 %     23.51 %     1.57 %
    Return on average tangible common equity (annualized) (1)     13.36 %     -75.36 %     12.87 %     27.51 %     1.88 %
    Efficiency ratio (2)     58.79 %     117.13 %     64.70 %     50.58 %     105.77 %
    Effective tax rate     18.2 %     -28.2 %     7.4 %     15.0 %     18.7 %

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


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

        2025     2024  
        First     Fourth     Third     Second     First  
    SELECTED AVERAGE BALANCES:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Federal funds sold and interest-earning deposits   $ 71,767     $ 121,530     $ 49,476     $ 134,123     $ 158,075  
    Investment securities(1)     1,085,649       1,159,863       1,147,052       1,194,808       1,182,993  
    Loans:                              
    Commercial business     677,700       658,038       673,830       704,272       722,720  
    Commercial mortgage–construction     562,724       558,200       513,768       495,177       470,115  
    Commercial mortgage–multifamily     475,262       458,691       467,801       466,501       468,028  
    Commercial mortgage–non-owner occupied     879,387       843,034       826,275       837,209       843,526  
    Commercial mortgage–owner occupied     286,526       288,502       285,061       260,495       248,172  
    Residential real estate loans     647,005       649,549       647,844       648,099       648,921  
    Residential real estate lines     74,709       76,164       75,671       75,575       76,396  
    Consumer indirect     848,282       858,854       881,133       905,056       934,380  
    Other consumer     42,230       43,333       43,789       44,552       51,535  
    Total loans     4,493,825       4,434,365       4,415,172       4,436,936       4,463,793  
    Total interest-earning assets     5,651,241       5,715,758       5,611,700       5,765,867       5,804,861  
    Goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Total assets     6,220,187       6,121,449       6,018,390       6,153,429       6,225,760  
    Interest-bearing liabilities:                              
    Interest-bearing demand     745,210       757,221       691,412       741,006       749,512  
    Savings and money market     1,976,483       1,992,059       1,938,935       2,036,772       2,081,815  
    Time deposits     1,564,987       1,545,071       1,515,745       1,505,665       1,479,133  
    Short-term borrowings     95,223       56,513       129,130       140,110       179,747  
    Long-term borrowings, net     124,871       124,795       124,717       124,640       124,562  
    Total interest-bearing liabilities     4,506,774       4,475,659       4,399,939       4,548,193       4,614,769  
    Noninterest-bearing demand deposits     926,696       947,428       952,970       950,819       962,522  
    Total deposits     5,213,376       5,241,779       5,099,062       5,234,262       5,272,982  
    Total liabilities     5,640,981       5,604,249       5,535,112       5,703,929       5,770,725  
    Shareholders’ equity     579,206       517,200       483,278       449,500       455,035  
    Common equity     561,921       499,910       465,986       432,208       437,743  
    Tangible common equity(2)     501,204       439,086       405,050       369,315       365,334  
    Common shares outstanding:                              
    Basic     20,073       16,415       15,464       15,444       15,403  
    Diluted     20,285       16,415       15,636       15,556       15,543  
    SELECTED AVERAGE YIELDS:
    (Tax equivalent basis)    		                              
    Investment securities     4.25 %     2.38 %     2.14 %     2.17 %     2.09 %
    Loans     6.20 %     6.28 %     6.42 %     6.40 %     6.33 %
    Total interest-earning assets     5.80 %     5.45 %     5.53 %     5.50 %     5.43 %
    Interest-bearing demand     1.15 %     1.34 %     1.05 %     1.18 %     1.11 %
    Savings and money market     2.75 %     2.94 %     3.07 %     3.01 %     3.08 %
    Time deposits     4.31 %     4.53 %     4.72 %     4.72 %     4.68 %
    Short-term borrowings     2.09 %     0.15 %     2.64 %     2.75 %     3.42 %
    Long-term borrowings, net     5.00 %     5.03 %     5.03 %     5.02 %     5.02 %
    Total interest-bearing liabilities     3.07 %     3.24 %     3.37 %     3.32 %     3.34 %
    Net interest rate spread     2.73 %     2.21 %     2.16 %     2.18 %     2.09 %
    Net interest margin     3.35 %     2.91 %     2.89 %     2.87 %     2.78 %

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


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

        2025     2024  
        First     Fourth     Third     Second     First  
    ASSET QUALITY DATA:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Allowance for Credit Losses – Loans                              
    Beginning balance   $ 48,041     $ 44,678     $ 43,952     $ 43,075     $ 51,082  
    Net loan charge-offs (recoveries):                              
    Commercial business     57       131       (3 )     7       (37 )
    Commercial mortgage–construction     –       –       –       –       –  
    Commercial mortgage–multifamily     –       –       13       –       –  
    Commercial mortgage–non-owner occupied     (1 )     (5 )     (1 )     (1 )     (1 )
    Commercial mortgage–owner occupied     (1 )     (1 )     (2 )     (2 )     –  
    Residential real estate loans     41       (4 )     (1 )     96       4  
    Residential real estate lines     –       –       –       –       –  
    Consumer indirect     2,149       2,557       1,553       844       2,973  
    Other consumer     124       100       106       178       182  
    Total net charge-offs (recoveries)     2,369       2,778       1,665       1,122       3,121  
    Provision (benefit) for credit losses – loans     3,292       6,141       2,391       1,999       (4,886 )
    Ending balance   $ 48,964     $ 48,041     $ 44,678     $ 43,952     $ 43,075  
                                   
    Net charge-offs (recoveries) to average loans (annualized):                              
    Commercial business     0.03 %     0.80 %     0.00 %     0.00 %     -0.02 %
    Commercial mortgage–construction     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–multifamily     0.00 %     0.00 %     0.01 %     0.00 %     0.00 %
    Commercial mortgage–non-owner occupied     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–owner occupied     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Residential real estate loans     0.03 %     0.00 %     0.00 %     0.06 %     0.00 %
    Residential real estate lines     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Consumer indirect     1.03 %     1.18 %     0.70 %     0.38 %     1.28 %
    Other consumer     1.19 %     0.91 %     0.95 %     1.62 %     1.41 %
    Total loans     0.21 %     0.25 %     0.15 %     0.10 %     0.28 %
                                   
    Supplemental information(1)                              
    Non-performing loans:                              
    Commercial business   $ 5,672     $ 5,609     $ 5,752     $ 5,680     $ 5,956  
    Commercial mortgage–construction     19,684       20,280       20,280       4,970       5,320  
    Commercial mortgage–multifamily     –       –       71       183       185  
    Commercial mortgage–non-owner occupied     4,766       4,773       4,903       4,919       4,929  
    Commercial mortgage–owner occupied     349       354       366       380       392  
    Residential real estate loans     6,035       6,918       5,790       5,961       6,797  
    Residential real estate lines     316       253       232       183       235  
    Consumer indirect     2,917       3,157       3,291       2,897       2,880  
    Other consumer     279       62       57       36       36  
    Total non-performing loans     40,018       41,406       40,742       25,209       26,730  
    Foreclosed assets     196       60       109       63       140  
    Total non-performing assets   $ 40,214     $ 41,466     $ 40,851     $ 25,272     $ 26,870  
                                   
    Total non-performing loans to total loans     0.88 %     0.92 %     0.93 %     0.57 %     0.60 %
    Total non-performing assets to total assets     0.63 %     0.68 %     0.66 %     0.41 %     0.43 %
    Allowance for credit losses – loans to total loans     1.08 %     1.07 %     1.01 %     0.99 %     0.97 %
    Allowance for credit losses – loans to non-performing loans     122 %     116 %     110 %     174 %     161 %

    1. At period end.


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

        2025     2024  
        First     Fourth     Third     Second     First  
        Quarter     Quarter     Quarter     Quarter     Quarter  
    Ending tangible assets:                              
    Total assets   $ 6,340,492     $ 6,117,085     $ 6,156,317     $ 6,131,772     $ 6,298,598  
    Less: Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Tangible assets   $ 6,279,841     $ 6,056,327     $ 6,095,450     $ 6,070,793     $ 6,226,311  
                                   
    Ending tangible common equity:                              
    Common shareholders’ equity   $ 572,643     $ 551,699     $ 483,050     $ 450,375     $ 428,442  
    Less: Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Tangible common equity   $ 511,992     $ 490,941     $ 422,183     $ 389,396     $ 356,155  
                                   
    Tangible common equity to tangible assets (1)     8.15 %     8.11 %     6.93 %     6.41 %     5.72 %
                                   
    Common shares outstanding     20,110       20,077       15,474       15,472       15,447  
    Tangible common book value per share (2)   $ 25.46     $ 24.45     $ 27.28     $ 25.17     $ 23.06  
                                   
    Average tangible assets:                              
    Average assets   $ 6,220,187     $ 6,121,449     $ 6,018,390     $ 6,153,429     $ 6,225,760  
    Less: Average goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Average tangible assets   $ 6,159,470     $ 6,060,625     $ 5,957,454     $ 6,090,536     $ 6,153,351  
                                   
    Average tangible common equity:                              
    Average common equity   $ 561,921     $ 499,910     $ 465,986     $ 432,208     $ 437,743  
    Less: Average goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Average tangible common equity   $ 501,204     $ 439,086     $ 405,050     $ 369,315     $ 365,334  
                                   
    Net income (loss) available to common shareholders   $ 16,513     $ (83,176 )   $ 13,101     $ 25,265     $ 1,705  
    Return on average tangible common equity (3)     13.36 %     -75.36 %     12.87 %     27.51 %     1.88 %

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

    The MIL Network –

  • MIL-OSI: EZCORP Reports Second Quarter Fiscal 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    AUSTIN, Texas, April 28, 2025 (GLOBE NEWSWIRE) — EZCORP, Inc. (NASDAQ: EZPW), a leading provider of pawn transactions in the United States and Latin America, today announced results for its second quarter ended March 31, 2025.

    Unless otherwise noted, all amounts in this release are in conformity with U.S. generally accepted accounting principles (“GAAP”) and comparisons shown are to the same period in the prior year.

    SECOND QUARTER HIGHLIGHTS

    • Pawn loans outstanding (PLO) up 11% to $261.8 million.
    • Net income increased 18% to $25.4 million. On an adjusted basis1, net income increased 25% to $26.1 million.
    • Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.
    • Adjusted EBITDA increased 23% to $45.1 million.
    • Total revenues increased 7% to $306.3 million, while gross profit increased 6% to $178.5 million.
    • Completed a $300.0 million private offering of senior notes due 2032.

    CEO COMMENTARY AND OUTLOOK
    Lachie Given, Chief Executive Officer, stated, “Our team delivered another impressive quarter of operational and financial performance, highlighted by record Q2 PLO, which drove strong growth in revenue and pawn service charges. Persistent inflation and economic pressure continue to impact value-conscious consumers who are increasingly turning to us for short-term cash and secondhand goods. Our strengthened operating model and best-in-class customer service also fueled the bottom line, driving a material increase in adjusted EBITDA to $45.1 million, up 23%.

    “Our consistent performance across geographies reflects our company-wide commitment to our core values of People, Pawn and Passion. In the U.S., PLO and adjusted EBITDA increased 15%, reflecting strong loan demand, increased average loan size and disciplined cost management. In Latin America, PLO increased 17% on a constant currency basis, and adjusted EBITDA grew 36%, propelled by robust demand for loans and secondhand goods and our strong operational execution.

    “Our disciplined capital allocation strategy prioritizes substantial liquidity to drive strong organic growth, pursue value-enhancing acquisitions and investments and meet near-term debt maturities. In March, we completed a $300.0 million private offering of senior notes, the Company’s largest financing transaction to date, expanding our financial flexibility for continued growth and meaningfully enhancing our capital structure, as we retire our 2025 convertible notes maturing on May 1.

    “It was another outstanding quarter for EZCORP, and I thank the team for their unwavering commitment to operational excellence as we continue to drive significantly enhanced value for our shareholders.”

    CONSOLIDATED RESULTS

    Three Months Ended March 31 As Reported   Adjusted1
    in millions, except per share amounts 2025
    		   2024
    		   2025
    		   2024
                   
    Total revenues $ 306.3     $ 285.6     $ 318.9     $ 285.6  
    Gross profit $ 178.5     $ 167.6     $ 185.0     $ 167.6  
    Income before tax $ 34.4     $ 28.7     $ 35.4     $ 28.0  
    Net income $ 25.4     $ 21.5     $ 26.1     $ 21.0  
    Diluted earnings per share $ 0.33     $ 0.29     $ 0.34     $ 0.28  
    EBITDA (non-GAAP measure) $ 43.8     $ 37.4     $ 45.1     $ 36.7  
                                   
    • PLO increased 11% to $261.8 million, up $26.1 million. On a same-store2 basis, PLO increased 11% due to increase in average loan size, continued strong pawn demand and improved operational performance.
    • Total revenues increased 7% and gross profit increased 6%, reflecting improved pawn service charge (PSC) revenues due to higher average PLO.
    • PSC increased 8% as a result of higher average PLO.
    • Merchandise sales gross margin at 34%, down from 35%. Aged general merchandise was 2.4% of total general merchandise inventory, up 14 basis points.
    • Net inventory increased 27%, as a result of the increase in PLO and decrease in inventory turnover to 2.5x, from 2.9x.
    • Store expenses increased 2% and were flat on a same-store basis.
    • General and administrative expenses increased 8%, primarily due to labor and a gain on a corporate lease termination in the prior year.
    • Income before taxes was $34.4 million, up 20% from $28.7 million, and adjusted EBITDA increased 23% to $45.1 million.
    • Diluted earnings per share increased 14% to $0.33. On an adjusted basis, diluted earnings per share increased 21% to $0.34.
    • Cash and cash equivalents at the end of the quarter was $505.2 million, up from $170.5 million as of September 30, 2024. The increase was primarily due to $300.0 million (less issuance costs) from the issuance of the Senior Notes due 2032 and cash from operating activities.

    SEGMENT RESULTS
    U.S. Pawn

    • PLO ended the quarter at $199.4 million, up 15% on a total and same-store basis due to increase in average loan size, increased loan demand and improved operational performance.
    • Total revenues increased 7% and gross profit increased 8%, reflecting higher PSC.
    • PSC increased 9% as a result of higher average PLO, partially offset by lower PLO yield.
    • Merchandise sales increased 2%, and gross margin decreased to 36% from 37%. Aged general merchandise decreased by 14 basis points to 2.8%, or $1.3 million of total general merchandise inventory. Excluding our three Max Pawn luxury stores in Las Vegas, aged general merchandise was 1.5%.
    • Net inventory increased 29%, due to increase in PLO, increase in customer layaways and a decrease in inventory turnover to 2.3x, from 2.6x.
    • Store expenses increased 3% (2% on a same-store basis) primarily due to labor, the majority of which was offset by a decrease in expenses related to our loyalty program.
    • Segment contribution increased 16% to $47.1 million.
    • Segment store count remained at 542.

    Latin America Pawn

    • PLO improved to $62.4 million, up 1% (17% on constant currency basis). On a same-store basis, PLO decreased 2% (14% increase on a constant currency basis). The constant currency increase was due to improved operational performance and increased loan demand.
    • Total revenues were up 9% (25% on constant currency basis), and gross profit increased 3% (18% on a constant currency basis), mainly due to increased PSC.
    • PSC increased to $28.3 million, up 4% (19% on a constant currency basis) as a result of higher average PLO.
    • Merchandise sales increased 5% (21% on constant currency basis) and merchandise sales gross margin decreased to 30% from 33%. Aged general merchandise increased to 1.9% from 1.4% of total general merchandise inventory.
    • Net inventory increased 23% (44% on a constant currency basis) due to increase in PLO and decrease in inventory turnover to 3.2x, from 3.6x.
    • Store expenses decreased 2% (13% increase on a constant currency basis) and decreased 4% on a same-store basis (11% increase on a constant currency basis). The constant currency increase was primarily due to increased labor, in line with store activity and minimum wage increases, offset by a decrease in expenses related to our loyalty program.
    • Segment contribution increased 30% to $10.6 million (43% on a constant currency basis). On an adjusted basis, segment contribution was up 42% to $11.6 million.
    • Segment store count increased by one to 742 due to the addition of nine de novo stores, the acquisition of one store, and the consolidation of nine stores.

    FORM 10-Q
    EZCORP’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 has been filed with the Securities and Exchange Commission. The report is available in the Investor Relations section of the Company’s website at http://investors.ezcorp.com. EZCORP shareholders may obtain a paper copy of the report, free of charge, by sending a request to the investor relations contact below.

    CONFERENCE CALL
    EZCORP will host a conference call on Tuesday, April 29, 2025, at 8:00 am Central Time to discuss Second Quarter Fiscal 2025 results. Analysts and institutional investors may participate on the conference call by registering online at https://registrations.events/direct/NTM1088399. Once registered you will receive the dial-in details with a unique PIN to join the call. The conference call will be webcast simultaneously to the public through this link: https://edge.media-server.com/mmc/p/hqptihjy. A replay of the conference call will be available online at http://investors.ezcorp.com shortly after the end of the call. 

    ABOUT EZCORP
    Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index. 

    Follow us on social media:
    Facebook EZPAWN Official https://www.facebook.com/EZPAWN/
    EZCORP Instagram Official https://www.instagram.com/ezcorp_official/
    EZPAWN Instagram Official https://www.instagram.com/ezpawnofficial/
    EZCORP LinkedIn https://www.linkedin.com/company/ezcorp/

    FORWARD LOOKING STATEMENTS
    This announcement contains certain forward-looking statements regarding the Company’s strategy, initiatives and expected performance. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the Company’s strategy, initiatives and future performance, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates, will, should or may occur in the future, including future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors, current or future litigation and risks associated with the COVID-19 pandemic. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

    Contact:
    Email: Investor_Relations@ezcorp.com
    Phone: (512) 314-2220

           
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
           
      Three Months Ended
    March 31,    		   Six Months Ended
    March 31,
    (in thousands, except per share amounts) 2025   2024   2025   2024
    Revenues:              
    Merchandise sales $ 169,467     $ 164,687     $ 355,810     $ 344,090  
    Jewelry scrapping sales   20,938       13,714       37,670       27,796  
    Pawn service charges   115,871       107,163       232,923       213,612  
    Other revenues   40       75       83       132  
    Total revenues   306,316       285,639       626,486       585,630  
    Merchandise cost of goods sold   111,555       106,259       233,379       221,469  
    Jewelry scrapping cost of goods sold   16,309       11,788       29,251       23,996  
    Gross profit   178,452       167,592       363,856       340,165  
    Operating expenses:              
    Store expenses   116,527       114,582       232,978       225,137  
    General and administrative   19,640       18,266       38,309       34,809  
    Depreciation and amortization   8,020       8,219       16,355       16,784  
    Loss (gain) on sale or disposal of assets and other   17       3       25       (169 )
    Other income   —       (765 )     —       (765 )
    Total operating expenses   144,204       140,305       287,667       275,796  
    Operating income   34,248       27,287       76,189       64,369  
    Interest expense   3,281       3,402       6,428       6,842  
    Interest income   (1,875 )     (2,882 )     (3,968 )     (5,521 )
    Equity in net income of unconsolidated affiliates   (1,505 )     (1,719 )     (2,980 )     (2,872 )
    Other (income) expense   (65 )     (165 )     913       (436 )
    Income before income taxes   34,412       28,651       75,796       66,356  
    Income tax expense   9,022       7,172       19,390       16,407  
    Net income $ 25,390     $ 21,479     $ 56,406     $ 49,949  
                   
    Basic earnings per share $ 0.46     $ 0.39     $ 1.03     $ 0.91  
    Diluted earnings per share $ 0.33     $ 0.29     $ 0.74     $ 0.65  
                   
    Weighted-average basic shares outstanding   54,965       55,093       54,895       55,084  
    Weighted-average diluted shares outstanding   83,140       83,045       83,247       84,948  
                                   
    EZCORP, Inc.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
               
    (in thousands, except share and per share amounts) March 31,
    2025    		   March 31,
    2024    		   September 30,
    2024
               
    Assets:          
    Current assets:          
    Cash and cash equivalents $ 505,239     $ 229,111     $ 170,513  
    Restricted cash   9,499       8,581       9,294  
    Pawn loans   261,830       235,773       274,084  
    Pawn service charges receivable, net   42,323       38,268       44,013  
    Inventory, net   207,783       163,429       191,923  
    Prepaid expenses and other current assets   40,283       47,142       39,171  
    Total current assets   1,066,957       722,304       728,998  
    Investments in unconsolidated affiliates   13,967       13,162       13,329  
    Other investments   51,903       51,220       51,900  
    Property and equipment, net   64,150       63,306       65,973  
    Right-of-use assets, net   229,878       243,752       226,602  
    Goodwill   305,239       310,658       306,478  
    Intangible assets, net   57,079       61,714       58,451  
    Deferred tax asset, net   25,090       26,247       25,362  
    Other assets, net   15,365       15,779       16,144  
    Total assets $ 1,829,628     $ 1,508,142     $ 1,493,237  
               
    Liabilities and equity:          
    Current liabilities:          
    Current maturities of long-term debt, net $ 103,325     $ 34,347     $ 103,072  
    Accounts payable, accrued expenses and other current liabilities   70,843       62,838       85,737  
    Customer layaway deposits   31,016       20,352       21,570  
    Operating lease liabilities, current   58,855       55,658       58,998  
    Total current liabilities   264,039       173,195       269,377  
    Long-term debt, net   517,188       326,573       224,256  
    Deferred tax liability, net   1,818       465       2,080  
    Operating lease liabilities   182,873       197,285       180,616  
    Other long-term liabilities   12,135       10,228       12,337  
    Total liabilities   978,053       707,746       688,666  
    Commitments and contingencies          
    Stockholders’ equity:          
    Class A Non-voting Common Stock, par value $0.01 per share; shares authorized: 100 million; issued and outstanding: 52,043,599 as of March 31, 2025; 52,057,309 as of March 31, 2024; and 51,582,698 as of September 30, 2024   520       521       516  
    Class B Voting Common Stock, convertible, par value $0.01 per share; shares authorized: 3 million; issued and outstanding: 2,970,171   30       30       30  
    Additional paid-in capital   347,796       345,174       348,366  
    Retained earnings   561,211       477,683       507,206  
    Accumulated other comprehensive loss   (57,982 )     (23,012 )     (51,547 )
    Total equity   851,575       800,396       804,571  
    Total liabilities and equity $ 1,829,628     $ 1,508,142     $ 1,493,237  
                           
    EZCORP, Inc.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
       
      Six Months Ended
    March 31,
    (in thousands) 2025   2024
       
    Operating activities:      
    Net income $ 56,406     $ 49,949  
    Adjustments to reconcile net income to net cash provided by operating activities:      
    Depreciation and amortization   16,355       16,784  
    Amortization of deferred financing costs   725       807  
    Non-cash lease expense   28,943       29,514  
    Deferred income taxes   10       515  
    Other adjustments   (1,241 )     (1,429 )
    Provision for inventory reserve   39       183  
    Stock compensation expense   5,001       4,844  
    Equity in net income from investment in unconsolidated affiliates   (2,980 )     (2,872 )
    Changes in operating assets and liabilities, net of business acquisitions:      
    Pawn service charges receivable   1,547       1,071  
    Inventory   (5,390 )     1,617  
    Prepaid expenses, other current assets and other assets   444       (8,699 )
    Accounts payable, accrued expenses and other liabilities   (45,490 )     (57,531 )
    Customer layaway deposits   9,640       886  
    Income taxes   (1,081 )     909  
    Net cash provided by operating activities   62,928       36,548  
    Investing activities:      
    Loans made   (484,611 )     (433,194 )
    Loans repaid   284,095       262,970  
    Recovery of pawn loan principal through sale of forfeited collateral   198,387       188,351  
    Capital expenditures, net   (13,966 )     (13,654 )
    Acquisitions, net of cash acquired   (79 )     (8,610 )
    Investment in unconsolidated affiliate   (509 )     (850 )
    Investment in other investments   —       (15,000 )
    Dividends from unconsolidated affiliates   1,902       1,745  
    Net cash used in investing activities   (14,781 )     (18,242 )
    Financing activities:      
    Taxes paid related to net share settlement of equity awards   (3,971 )     (3,253 )
    Proceeds from borrowings   300,000       —  
    Debt issuance cost   (5,310 )     —  
    Purchase and retirement of treasury stock   (3,997 )     (6,010 )
    Payments of finance leases   (266 )     (276 )
    Net cash provided by (used in) financing activities   286,456       (9,539 )
    Effect of exchange rate changes on cash and cash equivalents and restricted cash   328       (43 )
    Net increase in cash, cash equivalents and restricted cash   334,931       8,724  
    Cash and cash equivalents and restricted cash at beginning of period   179,807       228,968  
    Cash and cash equivalents and restricted cash at end of period $ 514,738     $ 237,692  
           
    EZCORP, Inc.
    OPERATING SEGMENT RESULTS
       
      Three Months Ended March 31, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America
    Pawn    		   Other
    Investments    		   Total Segments   Corporate
    Items    		   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 116,915     $ 52,552     $ —     $ 169,467     $ —     $ 169,467  
    Jewelry scrapping sales   16,898       4,040       —       20,938       —       20,938  
    Pawn service charges   87,548       28,323       —       115,871       —       115,871  
    Other revenues   24       16       —       40       —       40  
    Total revenues   221,385       84,931       —       306,316       —       306,316  
    Merchandise cost of goods sold   74,772       36,783       —       111,555       —       111,555  
    Jewelry scrapping cost of goods sold   13,235       3,074       —       16,309       —       16,309  
    Gross profit   133,378       45,074       —       178,452       —       178,452  
    Segment and corporate expenses (income):                      
    Store expenses   83,532       32,995       —       116,527       —       116,527  
    General and administrative   —       —       —       —       19,640       19,640  
    Depreciation and amortization   2,682       1,989       —       4,671       3,349       8,020  
    Loss on sale or disposal of assets and other   17       —       —       17       —       17  
    Interest expense   —       —       —       —       3,281       3,281  
    Interest income   —       (337 )     (605 )     (942 )     (933 )     (1,875 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (1,866 )     (1,866 )     361       (1,505 )
    Other expense (income)   4       (137 )     —       (133 )     68       (65 )
    Segment contribution $ 47,143     $ 10,564     $ 2,471     $ 60,178          
    Income (loss) before income taxes             $ 60,178     $ (25,766 )   $ 34,412  
                                       
      Three Months Ended March 31, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America
    Pawn    		   Other
    Investments    		   Total Segments   Corporate
    Items    		   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 114,849     $ 49,838     $ —     $ 164,687     $ —     $ 164,687  
    Jewelry scrapping sales   12,686       1,028       —       13,714       —       13,714  
    Pawn service charges   80,010       27,153       —       107,163       —       107,163  
    Other revenues   29       15       31       75       —       75  
    Total revenues   207,574       78,034       31       285,639       —       285,639  
    Merchandise cost of goods sold   72,798       33,461       —       106,259       —       106,259  
    Jewelry scrapping cost of goods sold   10,794       994       —       11,788       —       11,788  
    Gross profit   123,982       43,579       31       167,592       —       167,592  
    Segment and corporate expenses (income):                      
    Store expenses   80,840       33,742       —       114,582       —       114,582  
    General and administrative   —       —       —       —       18,266       18,266  
    Depreciation and amortization   2,516       2,392       —       4,908       3,311       8,219  
    (Gain) loss on sale or disposal of assets and other   (30 )     (66 )     —       (96 )     99       3  
    Other income   —       —       —       —       (765 )     (765 )
    Interest expense   —       —       —       —       3,402       3,402  
    Interest income   —       (608 )     (633 )     (1,241 )     (1,641 )     (2,882 )
    Equity in net income of unconsolidated affiliates   —       —       (1,719 )     (1,719 )     —       (1,719 )
    Other expense (income)   —       1       14       15       (180 )     (165 )
    Segment contribution $ 40,656     $ 8,118     $ 2,369     $ 51,143          
    Income (loss) before income taxes             $ 51,143     $ (22,492 )   $ 28,651  
                                       
      Six Months Ended March 31, 2025
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America
    Pawn    		   Other
    Investments    		   Total Segments   Corporate
    Items    		   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 245,715     $ 110,095     $ —     $ 355,810     $ —     $ 355,810  
    Jewelry scrapping sales   32,396       5,274       —       37,670       —       37,670  
    Pawn service charges   175,424       57,499       —       232,923       —       232,923  
    Other revenues   51       32       —       83       —       83  
    Total revenues   453,586       172,900       —       626,486       —       626,486  
    Merchandise cost of goods sold   156,328       77,051       —       233,379       —       233,379  
    Jewelry scrapping cost of goods sold   25,203       4,048       —       29,251       —       29,251  
    Gross profit   272,055       91,801       —       363,856       —       363,856  
    Segment and corporate expenses (income):                      
    Store expenses   166,621       66,357       —       232,978       —       232,978  
    General and administrative   —       —       —       —       38,309       38,309  
    Depreciation and amortization   5,399       4,035       —       9,434       6,921       16,355  
    Loss on sale or disposal of assets and other   17       8       —       25       —       25  
    Interest expense   —       —       —       —       6,428       6,428  
    Interest income   —       (539 )     (1,199 )     (1,738 )     (2,230 )     (3,968 )
    Equity in net (income) loss of unconsolidated affiliates   —       —       (3,489 )     (3,489 )     509       (2,980 )
    Other (income) loss   (7 )     (208 )     —       (215 )     1,128       913  
    Segment contribution   100,025       22,148     $ 4,688     $ 126,861          
    Income (loss) before income taxes             $ 126,861     $ (51,065 )   $ 75,796  
                                       
      Six Months Ended March 31, 2024
    (Unaudited)
    (in thousands) U.S. Pawn   Latin America
    Pawn    		   Other
    Investments    		   Total Segments   Corporate
    Items    		   Consolidated
                           
    Revenues:                      
    Merchandise sales $ 240,362     $ 103,728     $ —     $ 344,090     $ —     $ 344,090  
    Jewelry scrapping sales   25,501       2,295       —       27,796       —       27,796  
    Pawn service charges   159,083       54,529       —       213,612       —       213,612  
    Other revenues   66       31       35       132       —       132  
    Total revenues   425,012       160,583       35       585,630       —       585,630  
    Merchandise cost of goods sold   151,507       69,962       —       221,469       —       221,469  
    Jewelry scrapping cost of goods sold   22,078       1,918       —       23,996       —       23,996  
    Gross profit   251,427       88,703       35       340,165       —       340,165  
    Segment and corporate expenses (income):                      
    Store expenses   158,095       67,042       —       225,137       —       225,137  
    General and administrative   —       —       —       —       34,809       34,809  
    Depreciation and amortization   5,140       4,731       —       9,871       6,913       16,784  
    (Gain) loss on sale or disposal of assets and other   (4 )     (262 )     —       (266 )     97       (169 )
    Other income   —       —       —       —       (765 )     (765 )
    Interest expense   —       —       —       —       6,842       6,842  
    Interest income   —       (1,028 )     (1,206 )     (2,234 )     (3,287 )     (5,521 )
    Equity in net income of unconsolidated affiliates   —       —       (2,872 )     (2,872 )     —       (2,872 )
    Other (income) expense   —       (47 )     15       (32 )     (404 )     (436 )
    Segment contribution $ 88,196     $ 18,267     $ 4,098     $ 110,561          
    Income (loss) before income taxes             $ 110,561     $ (44,205 )   $ 66,356  
                                       
    EZCORP, Inc.
    STORE COUNT ACTIVITY
    (Unaudited)
       
      Three Months Ended March 31, 2025
      U.S. Pawn
    		   Latin America
    Pawn    		   Consolidated
                   
    As of December 31, 2024   542       741       1,283  
    New locations opened   —       9       9  
    Locations acquired   —       1       1  
    Locations combined or closed   —       (9 )     (9 )
    As of March 31, 2025   542       742       1,284  
                           
      Three Months Ended March 31, 2024
      U.S. Pawn   Latin America
    Pawn    		   Consolidated
               
    As of December 31, 2023   530       707       1,237  
    New locations opened   —       9       9  
    Locations acquired   6       —       6  
    Locations combined or closed   (1 )     (5 )     (6 )
    As of March 31, 2024   535       711       1,246  
                           
      Six Months Ended March 31, 2025
      U.S. Pawn
    		   Latin America
    Pawn    		   Consolidated
                   
    As of September 30, 2024   542       737       1,279  
    New locations opened   —       13       13  
    Locations acquired   —       1       1  
    Locations combined or closed   —       (9 )     (9 )
    As of March 31, 2025   542       742       1,284  
                           
      Six Months Ended March 31, 2024
      U.S. Pawn   Latin America
    Pawn    		   Consolidated
               
    As of September 30, 2023   529       702       1,231  
    New locations opened   —       14       14  
    Locations acquired   7       —       7  
    Locations combined or closed   (1 )     (5 )     (6 )
    As of March 31, 2024   535       711       1,246  
                           

    Non-GAAP Financial Information (Unaudited)
    In addition to the financial information prepared in conformity with accounting U.S. generally accepted accounting principles (“GAAP”), we provide certain other non-GAAP financial information on a constant currency (“constant currency”) and adjusted basis. We use constant currency results to evaluate our Latin America Pawn operations, which are denominated primarily in Mexican pesos, Guatemalan quetzales and other Latin American currencies. We believe that presentation of constant currency and adjusted results is meaningful and useful in understanding the activities and business metrics of our operations and reflects an additional way of viewing aspects of our business that, when viewed with GAAP results, provides a more complete understanding of factors and trends affecting our business. We provide non-GAAP financial information for informational purposes and to enhance understanding of our GAAP consolidated financial statements. We use this non-GAAP financial information primarily to evaluate and compare operating results across accounting periods.

    Readers should consider the information in addition to, but not instead of or superior to, our financial statements prepared in accordance with GAAP. This non-GAAP financial information may be determined or calculated differently by other companies, limiting the usefulness of those measures for comparative purposes.

    Constant currency results reported herein are calculated by translating consolidated balance sheet and consolidated statement of operations items denominated in local currency to U.S. dollars using the exchange rate from the prior-year comparable period, as opposed to the current period, in order to exclude the effects of foreign currency rate fluctuations. In addition, we have an equity method investment that is denominated in Australian dollars and is translated into U.S. dollars. We used the end-of-period rate for balance sheet items and the average closing daily exchange rate on a monthly basis during the appropriate period for statement of operations items. The end-of-period and approximate average exchange rates for each applicable currency as compared to U.S. dollars as of and for the three and six months ended March 31, 2025 and 2024 were as follows:

      March 31,   Three Months Ended
    March 31,    		   Six Months Ended
    March 31,
      2025
    		   2024
    		   2025
    		   2024
    		   2025
    		   2024
                                                   
    Mexican peso   20.4       16.6       20.4       17.0       20.3       17.3  
    Guatemalan quetzal   7.6       7.6       7.6       7.6       7.5       7.6  
    Honduran lempira   25.2       24.4       25.2       24.4       25.0       24.4  
    Australian dollar   1.6       1.5       1.6       1.5       1.6       1.5  
                                                   

    Our statement of operations constant currency results reflect the monthly exchange rate fluctuations and so are not directly calculable from the above rates. Constant currency results, where presented, also exclude the foreign currency gain or loss.

    Miscellaneous Non-GAAP Financial Measures

      Three Months Ended
    March 31,
    (in millions) 2025   2024
           
    Net income $ 25.4     $ 21.5  
    Interest expense   3.3       3.4  
    Interest income   (1.9 )     (2.9 )
    Income tax expense   9.0       7.2  
    Depreciation and amortization   8.0       8.2  
    EBITDA $ 43.8     $ 37.4  
                   
      Total
    Revenues    		   Gross
    Profit    		   Income
    Before Tax    		   Tax Effect   Net
    Income    		   Diluted EPS   EBITDA
                               
    2025 Q2 Reported $ 306.3     $ 178.5     $ 34.4     $ 9.0     $ 25.4     $ 0.33     $ 43.8  
    FX Impact   —       —       0.1       —       0.1       —       0.1  
    Constant Currency   12.6       6.5       0.9       0.3       0.6       0.01       1.2  
    2025 Q2 Adjusted $ 318.9     $ 185.0     $ 35.4     $ 9.3     $ 26.1     $ 0.34     $ 45.1  
                                                           
      Total
    Revenues    		   Gross
    Profit    		   Income
    Before Tax    		   Tax Effect   Net
    Income    		   Diluted EPS   EBITDA
                               
    2024 Q2 Reported $ 285.6     $ 167.6     $ 28.7     $ 7.2     $ 21.5     $ 0.29     $ 37.4  
    Corporate Lease Termination   —       —       (0.8 )     (0.2 )     (0.6 )     (0.01 )     (0.8 )
    FX Impact   —       —       0.1       —       0.1       —       0.1  
    2024 Q2 Adjusted $ 285.6     $ 167.6     $ 28.0     $ 7.0     $ 21.0     $ 0.28     $ 36.7  
                                                           
      Three Months Ended
    March 31, 2025    		   Six Months Ended
    March 31, 2025
    (in millions) U.S. Dollar
    Amount    		   Percentage
    Change YOY    		   U.S. Dollar
    Amount    		   Percentage
    Change YOY
                   
    Consolidated revenues $ 306.3       7 %   $ 626.5       7 %
    Currency exchange rate fluctuations   12.6           22.0      
    Constant currency consolidated revenues $ 318.9       12 %   $ 648.5       11 %
                   
    Consolidated gross profit $ 178.5       6 %   $ 363.9       7 %
    Currency exchange rate fluctuations   6.5           11.3      
    Constant currency consolidated gross profit $ 185.0       10 %   $ 375.2       10 %
                   
    Consolidated net inventory $ 207.8       27 %   $ 207.8       27 %
    Currency exchange rate fluctuations   8.7           8.7      
    Constant currency consolidated net inventory $ 216.5       32 %   $ 216.5       32 %
                   
    Latin America Pawn gross profit $ 45.1       3 %   $ 91.8       3 %
    Currency exchange rate fluctuations   6.5           11.3      
    Constant currency Latin America Pawn gross profit $ 51.6       18 %   $ 103.1       16 %
                   
    Latin America Pawn PLO $ 62.4       1 %   $ 62.4       1 %
    Currency exchange rate fluctuations   10.0           10.0      
    Constant currency Latin America Pawn PLO $ 72.4       17 %   $ 72.4       17 %
                   
    Latin America Pawn PSC revenues $ 28.3       4 %   $ 57.5       5 %
    Currency exchange rate fluctuations   3.9           6.7      
    Constant currency Latin America Pawn PSC revenues $ 32.2       19 %   $ 64.2       18 %
                   
    Latin America Pawn merchandise sales $ 52.6       5 %   $ 110.1       6 %
    Currency exchange rate fluctuations   7.9           14.5      
    Constant currency Latin America Pawn merchandise sales $ 60.5       21 %   $ 124.6       20 %
                   
    Latin America Pawn segment profit before tax $ 10.6       30 %   $ 22.2       21 %
    Currency exchange rate fluctuations   1.0           2.0      
    Constant currency Latin America Pawn segment profit before tax $ 11.6       43 %   $ 24.2       32 %
                                   

    The MIL Network –

  • MIL-OSI Global: Juggling dynamite? At 100 days in office, Donald Trump is no Franklin D. Roosevelt

    Source: The Conversation – Canada – By Ronald W. Pruessen, Emeritus Professor of History, University of Toronto

    Watching United States President Donald Trump weave and chainsaw his way through the first 100 days of his second term in office, I’ve been reminded of what Anthony Eden, the United Kingdom’s foreign secretary in the 1930s and later its prime minister, once said about Franklin D. Roosevelt.

    FDR, Eden recalled in his memoirs, was “too like a conjurer, skilfully juggling balls of dynamite, whose nature he failed to understand.”

    The image fits the 47th president much better than the 32nd.

    The dynamite-wielding Trump

    Dynamite has certainly been exploding regularly since Trump took office in January. His actions include:



    Read more:
    How Project 2025 became the blueprint for Donald Trump’s second term

    For non-MAGA enthusiasts, it is easy to surmise — similar to Eden’s remarks on FDR — that Trump does not understand the potential damage of the dynamite he is not just juggling, but hurling.

    A case might be made that some lobs align with Trump’s personal penchant for retribution, or that the chainsaw is being wielded to make room in the federal budget for new tax cuts for the one per cent.

    But such calculations disregard deeply rooted American values like respect for the rule of law and the separation of powers.

    Trump’s actions could suggest a lust for mayhem apparently aimed at dismantling a century of efforts to shape a government that serves global security while also meeting the economic, social and health care needs of American citizens, including safety net provisions for senior citizens, children, farmers, veterans and others.

    Threats today, damage tomorrow

    His apparent fondness for dynamite is already having negative consequences, with seemingly little grasp of the likelihood of worse to come: today, he’s upending the lives of civil servants; tomorrow’s disruptions will likely include an attack on the services provided by agencies like the Social Security Administration and disruption of the flow of funds to many poor school districts.

    Today, the U.S. is struggling with a measles outbreak. But the personal beliefs of Health and Human Services Director Robert F. Kennedy, Jr., a notorious vaccination and public health skeptic, doesn’t bode well for a fight against a rapidly evolving avian flu threat on the near horizon.

    Today’s stock and bond market volatility creates the possibility of a trade war catastrophe and damage to economic stability as the U.S. appears poised to disregard its longtime status as the world economy’s “safe haven.”

    The current tensions in what were once ironclad partnerships with allies that include Canada, the European Union and Ukraine — along with the whiplash reversal of American-Russian dynamics — are reminiscent of the global disruption in the 1930s that featured the Great Depression and the eruption of the Second World War.

    How FDR coped with explosions around him

    If Eden’s image of FDR as a dangerous juggler of dynamite might also apply to Trump, it fails to capture the essential attributes of the 32nd president’s White House career. Eden’s ego seems to have undercut his appraisal of FDR — compounded by his own failure to understand the historical developments that profoundly weakened the British Empire and brought his own career to an end.

    There’s no question dynamite was exploding in 1933, the start of FDR’s 12 years in the White House. But the Depression and its evolving consequences, not FDR’s personal impulses and misconceptions, created a tinderbox decade.

    One of Roosevelt’s great strengths, in fact, was his ability to recognize the acute dangers emanating from a fearful cortege of flaming fuses. Another was his success in turning insights into meaningful actions.

    Roosevelt knew — far better than his predecessor, Herbert Hoover — that the onset of the Depression would require dramatic actions and fundamental reforms.

    His New Deal expanded the government’s role in stimulating the economy (for example, the Public Works Administration), regulation (the Securities Exchange Commission), social welfare initiatives (the Social Security program) and infrastructure development (for example, the Tennessee Valley Authority).

    The Depression wasn’t fully eradicated — that didn’t happen until after war broke out — but the lives of millions of Americans still improved significantly.

    Of equal importance, FDR’s creative thinking and government transformations created building blocks for further post-war reforms, including Lyndon Johnson’s Great Society efforts three decades later.



    Read more:
    The Great Society: the forgotten reform movement

    Roosevelt also knew that the devastation of the Depression and the unparalleled destruction of the Second World War required a transformation of the global arena. He believed technology — air power especially — had created an integrated world. In his January 1943 State of the Union address, he said:

    “Wars grow in size, in death and destruction, and in the inevitability of engulfing all nations, in inverse ratio to the shrinking size of the world as a result of the conquest of the air.”

    Sharing responsibilities

    FDR believed the world he worked to create would be safer and more prosperous because multilateral organizations would encourage greater emphasis on shared resources and responsibilities. The United Nations, the International Monetary Fund and the World Bank took shape during FDR’s presidency — as did long-term plans for decolonization and human rights initiatives.

    Roosevelt knew too — better than many of his White House successors — that the U.S. needed to share leadership responsibilities. He believed emphatically in multilateralism, recognizing the limits of American resources and power, and the pragmatism of compromising with the priorities of others, whether they were powerful states or colonial peoples.

    His “Four Policemen” approach to maintaining peace — comprising the U.S., the U.K., the Soviet Union and China — would sometimes create unpalatable situations. He was criticized harshly, for example, for naively opening the door to Soviet domination of eastern Europe via the Yalta agreement. Nonetheless, FDR focused on efforts he believed would avert another destructive cataclysm.

    FDR was an imperfect leader in various ways — in not appreciating, for example, how global leadership could result in arrogance. He did, however, understand the explosive domestic and international developments of the 20th century and sought constructive solutions to grave challenges.

    Trump, on the contrary, is seemingly prioritizing destruction over construction. Propelled by a “move fast and break things” mantra, there’s little evidence that he understands its pain nor the damaging consequences of his impulses.

    Ronald W. Pruessen has received funding from the Social Sciences and Humanities Research Council of Canada.

    – ref. Juggling dynamite? At 100 days in office, Donald Trump is no Franklin D. Roosevelt – https://theconversation.com/juggling-dynamite-at-100-days-in-office-donald-trump-is-no-franklin-d-roosevelt-254773

    MIL OSI – Global Reports –

  • MIL-OSI USA: Dingell, Fitzpatrick, Wasserman Schultz Reintroduce Bipartisan Legislation to Increase Access to Breast Cancer Diagnostic Tests

    Source: United States House of Representatives – Congresswoman Debbie Dingell (12th District of Michigan)

    Today, Representatives Debbie Dingell (D-MI), Debbie Wasserman Schultz (D-FL), and Brian Fitzpatrick (R-PA), co-chairs of the House Cancer Caucus, reintroduced bipartisan legislation to make breast cancer diagnostic tests more affordable and accessible to women by eliminating copays and additional out-of-pocket expenses. The Access to Breast Cancer Diagnosis Act requires insurance companies to cover diagnostic and supplemental breast examinations without cost-sharing.

    “We know that early diagnosis saves lives, so no one should be unable to access critical testing because they can’t afford it,” said Dingell. “One in eight women will develop breast cancer in her lifetime, and this bipartisan legislation would eliminate financial barriers that prevent too many women from getting the diagnostic imaging tests they need.”

    “Access to life-saving diagnostic testing should never depend on a person’s ability to pay. When it comes to breast cancer, early diagnosis is critical — and financial barriers can be deadly,” said Fitzpatrick. “The Access to Breast Cancer Diagnosis Act ensures that no woman is left behind simply because she cannot afford the care she needs. As Co-Chair of the House Cancer Caucus, this legislation is part of my ongoing mission to deliver bipartisan solutions that expand access, strengthen early detection, and save lives.”

    “As a breast cancer survivor who was diagnosed early, at age 41, I know firsthand how critical early detection is to survival. It helped save my life, but cost should never be a barrier that delays women from getting screenings,” said Wasserman Schultz. “At a time when breast cancer is affecting more and more women, especially younger women, I am proud to collaborate with my colleagues on this important, bipartisan legislation, to eliminate copays and additional out-of-pocket expenses that create breast cancer diagnostic testing hurdles. We cannot allow financial status to limit access to essential services, like screenings and preventive care. Too many lives depend on it.”

    “For far too many, needed breast imaging and access to a timely diagnosis are still out of reach due to high out-of-pocket expenses, leaving patients forced to decide between their health and their finances,” said Molly Guthrie, Vice President of Policy and Advocacy at Susan G. Komen. “The Access to Breast Cancer Diagnosis Act will remove the financial barrier to diagnostic and supplemental breast imaging so that individuals can get the care they need without having to endure undue financial burden. We grateful to Senators Jeanne Shaheen and Katie Britt and Representatives Debbie Dingell, Debbie Wasserman Schultz, and Brian Fitzpatrick for their leadership on this vital legislation.”

    Under current law, insurance companies are required to cover preventive health care like breast cancer screenings without copays, but not diagnostic testing. If a breast cancer screening shows that a woman may have breast cancer, a diagnostic test like an MRI or ultrasound is required to determine whether cancer is present. Since diagnosis is a separate process from screening, this disparity in coverage can result in additional costs for patients for required diagnostic tests.

    Text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI Africa: African Development Bank signs $3.2 billion Exposure Exchange with Inter-American Development Bank

    Source: Africa Press Organisation – English (2) – Report:

    WASHINGTON D.C., United States of America, April 28, 2025/APO Group/ —

    The African Development Bank Group (www.AfDB.org) has signed a $3.2 billion Exposure Exchange Agreement with the Inter-American Development Bank (IADB), renewing a prior agreement originally executed between the two institutions in 2015. The agreement was signed in Washington DC, on the sidelines of the World Bank Group and International Monetary Fund Spring meetings.

    This is the fourth exposure exchange undertaken by the African Development Bank with other Multilateral Development Banks, in the continuous pursuit of innovative ways of strengthening the capital adequacy and efficiency of Multilateral Development Banks, as well as boost their development lending capacity.

    Since 2015, the African Development Bank has used these agreements to diversify lending within its sovereign portfolio and deploy capital effectively while preserving a resilient financial base. The tool ensures the African Development Bank remains agile, well-capitalized, and committed to innovation in support of development in Africa.

    Today’s transaction follows previous successful agreements between the African Development Bank and other Multilateral Development Banks, including the International Bank for Reconstruction and Development and Asian Development Bank. 

    The African Development Bank President Dr Akinwumi Adesina said, “This transaction underpins the African Development Bank’s forward-looking approach to capital and risk management.”

    “We are pleased to continue our positive longstanding collaboration with Inter-American Development Bank in structuring and executing innovative financial solutions to align with the G20’s call for Multilateral Development Banks to work together as a system in expanding development impact to our member countries,” said Adesina. 

    Inter-American Development Bank President Ilan Goldfajn pointed to the success of the first agreement signed with the African Development Bank ten years ago. He said, “This new agreement marks yet another milestone in our strong and fruitful collaboration with the African Development Bank. Thanks to this operation we’re strengthening the financial resilience, creditworthiness, and financing capacity of both of our institutions. A win-win for all, that will benefit the people of Latin America and the Caribbean and Africa”.

    Adesina added that Multilateral Development Banks should do more of such transactions because of their proven success and impact. 

    MIL OSI Africa –

  • MIL-OSI Russia: Financial News: Discrete auction held for VTBR securities

    Translation. Region: Russian Federal

    Source: Moscow Exchange – Moscow Exchange –

    Vtbr

    VTB JSC

    As of 14:05:00 the current price was 106.98 rubles. (Deviation – 22.97%).

    There was an increase of 20.00% or more within 10 consecutive minutes of the current share price from the closing price of the previous trading day (87 rubles).

    In the Main Trading Mode T, a discrete auction (DA) will be held from 14:09:00.

    In other non-addressed trading modes during the DA period, trading is conducted in accordance with the established regulations.

    End of DA and resumption of trading at 14:39:00.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Denis Manturov took part in the main plenary session of Innoprom

    Translation. Region: Russian Federal

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    First Deputy Prime Minister of the Russian Federation Denis Manturov took part in the international exhibition “Innoprom. Central Asia” and spoke at the main plenary session “Strategic Industrial Partnership in Central Asia: Integration Based on Advanced Technologies”. Deputy Prime Minister of the Republic of Uzbekistan Jamshid Khodjaev also took part in the main session.

    Opening the main session, Denis Manturov noted that today the development of industrial partnership with the Central Asian countries is one of the absolute priorities: “Today, Russian enterprises are widely represented in the region. Their share in the total number of foreign companies in Uzbekistan is about 20%, in Kyrgyzstan more than 30%, and in Kazakhstan already over 40%. The total volume of Russian investments in the economy of the Central Asian states last year alone exceeded 760 billion rubles. This allows us to increase the portfolio of joint projects in agricultural machinery, pharmaceuticals, the automotive industry, the chemical industry, metallurgy and many other industries.”

    The First Deputy Prime Minister noted that, despite the high level of cooperation, the growth potential has not been exhausted, and stressed the need to expand cooperation in response to global challenges, including in the areas of green economy, infrastructure projects, retail, etc.

    “If we talk about promising areas of our cooperation, they are consolidated in national projects of technological leadership. We started their implementation in Russia this year. We place special emphasis on achieving sovereignty over the means of production, including additive solutions and industrial robots. The same applies to the development of all types of transport, including on alternative fuel and with elements of autonomy. Our special focus is the development of new materials and chemicals. As well as improving technologies for medicine, energy, agriculture and expanding the range of space services,” Denis Manturov emphasized.

    “It is gratifying to note that the scale of the exhibition is growing every year, attracting participants not only from Russia and Central Asian countries, but also from a number of other countries, such as Saudi Arabia, Belarus, and Afghanistan. Today we are seeing new promising and large-scale horizons for cooperation. By the end of 2024, Uzbekistan’s trade with Russia and Central Asian countries approached $20 billion. There are about 5,000 enterprises in Uzbekistan with capital from these countries. More than 650 joint projects worth $67 billion are being implemented in various sectors of our country’s economy. Despite such a rich level of relations, we all understand that this is far from the limit,” said Jamshid Khodjaev.

    Denis Manturov and Zhamshid Khodjaev also took part in the ceremony of exchanging folders of signed agreements at Innoprom, aimed at developing cooperation in the trade and economic, scientific and technical, social and cultural and humanitarian spheres.

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Africa: Afreximbank launches US$3 Billion Revolving Intra-African Oil Import Financing Programme

    Source: Africa Press Organisation – English (2) – Report:

    CAIRO, Egypt, April 28, 2025/APO Group/ —

    To address Africa’s persistent reliance on imported refined petroleum products, which accounted for an amount of US$30billion annually in petroleum import costs due to inadequate refining, African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has launched a US$3 Billion Revolving Intra-African Oil Trade Financing Programme to finance the purchase of refined petroleum products by African and Caribbean oil buyers.

    As a revolving facility, we expect it to finance about US$10 billion to US$14 billion of Intra-African petroleum imports. This programme seeks to leverage the growing refining capacity that Afreximbank has helped establish across the continent, while aligning with the objectives of the African Continental Free Trade Area (AfCFTA) agreement, which includes facilitating intra-African trade, promoting industrialisation, and creating jobs on the continent.

    By deploying innovative trade finance and supply chain solutions tailored to key stakeholders’ needs in terms of tenure, price format and logistics requirements, this initiative supports Afreximbank’s strategic goals of advancing energy security, strengthening regional value chains, and fostering economic resilience within the continent and the Caribbean.

    Afreximbank is the largest financier of the Dangote refinery which commenced operations in January 2024 and is also supporting the financing of the 200,000 bpd Lobito Refinery development, building on the progress made on the 60,000 bpd Cabinda Refinery, which it also supported. In addition, the Bank has financed the refurbishment of the 210,000 bpd Port Harcourt Refinery, and recently approved financing in support of the development of Bua Refinery and Azikel Refinery, all in Nigeria. Through these investments, and the continual trade finance support for Société Ivoirienne de Raffinage (SIR), Cote d’Ivoire, Afreximbank is on its way to creating over 1.3 million bpd refining capacity and helping to convert the Gulf of Guinea from an exporter of crude oil into an important refining hub for the continent and the world.

    Key products to be traded under the programme are refined petroleum products including but not limited to Premium Motor Spirit (PMS), Automotive Gas Oil (AGO), Heavy Fuel Oil (HFO), Jet Fuel, and Kerosene. The eligible exporters are refineries operating in Africa.

    The US$3 billion Revolving Intra-African Oil Import Financing Programme is intended to mainly provide critical trade finance to oil traders (both African and international), banks, and Governments – represented by their Ministry of Finance or Ministry of Petroleum Resources/Energy – and state-owned enterprises mandated to import refined petroleum products, who seek to source refined products from African Refineries for onward consumption within the continent and export opportunities as may be applicable. Afreximbank, affiliated trading entity ATDC Minerals (ATMIN) will also participate actively in the trading and financing activities of the leading African oil trading companies with long term relationship with Afreximbank who are also expected to support this effort.

    An approved applicant will be able to request utilization under the Global Limit within allocated sub-limits upon KYC clearance and satisfactory completion of conditions precedent as follows:

    • Issuance/Confirmation of Letters of Credit or any acceptable trade instrument with refineries in Africa as beneficiaries
    • Discounting of Letters of Credit or any acceptable trade instrument to the benefit of refineries in Africa
    • Prepayment and direct advances to eligible refineries in Africa

    Commenting on the launch, Professor Benedict Oramah, President and Chairman of the Board of Directors, Afreximbank, said that the programme “would galvanise efforts towards making the Gulf of Guinea a key refining hub. Whilst the programme will have a direct impact on the volume of the refined petroleum products produced and consumed in Africa, it will also have a multiplier effect on the downstream petroleum value chain as it will catalyse critical investments in shipping and marine logistics for intra and extra African trade of crude oil and refined products. The multiplier effect will also be seen in marine cargo insurance and other ancillary businesses within the sector. We want to see an increased proportion of the about 4 mbpd of crude oil produced in the Gulf of Guinea refined in Africa.”

    Also commenting on the initiative, His Excellency Dr. Lazarus Chakwera, President of the Republic of Malawi, said:

    “This programme is a clear demonstration of Africa’s resolve to take charge of its own energy future. We commend Afreximbank for this timely intervention, which stands to benefit African countries like Malawi by reducing import dependency, strengthening regional supply chains, and keeping more value within the continent. Most importantly, it will deliver real impact to our citizens by ensuring more stable and affordable access to refined petroleum products, which are essential to Malawians’ daily life and economic productivity.”

    MIL OSI Africa –

  • MIL-OSI Africa: Afreximbank announces specialized African Continental Free Trade Area (AfCFTA) training to empower African businesses

    Source: Africa Press Organisation – English (2) – Report:

    CAIRO, Egypt, April 28, 2025/APO Group/ —

    To enable African businesses to fully capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has announced a specialized training program designed to equip enterprises with a deep understanding of the agreement’s commercial implications and transformative potential.

    Scheduled to take place in Abuja, Nigeria, from June 30 to July 2, 2025, the training program is designed to provide businesses with practical policy-relevant insights into the AfCFTA’s evolving regulatory and institutional landscape. It will help participants interpret key treaty instruments, ensuring compliance with new trade rules while enhancing their knowledge of regional integration and operational mechanisms. Additionally, the program will serve as a crucial platform for guiding both prospective and existing exporters on new trade developments, equipping them with the tools to navigate tariff and non-tariff barriers across the continent.

    Conceived and implemented by Afreximbank in collaboration with the American University in Cairo (AUC) and the AfCFTA Secretariat, the training is expected to attract a diverse range of participants, including African corporates engaged in import and export activities, Trade Support Institutions such as Trade Promotion Organizations and Chambers of Commerce, Investment Promotion Agencies, Export Trading Companies, Financial Institutions, and the broader foreign trade community.

    Participants will also benefit from tailored presentations on key Afreximbank products and initiatives that support the AfCFTA’s implementation, including the Pan-African Payment and Settlement System (PAPSS), Africa Trade Gateway (ATG), and various trade finance solutions.

    Addressing critical knowledge gaps to unlock AfCFTA’s potential

    Reflecting on the significance of the program, Dr. Yemi Kale, Group Chief Economist & Managing Director of Research at Afreximbank, emphasized that while the AfCFTA holds immense potential for Africa’s economic growth, its success hinges on the ability of businesses to fully understand and operationalize its provisions. However, limited understanding of its technical and operational aspects has prevented many businesses from fully leveraging its benefits.

    “The AfCFTA is not just a policy framework—it is a catalyst for a structural shift in Africa’s economic landscape,” said Dr. Kale. “However, many African businesses are still grappling with limited awareness of the agreement’s technical provisions, trade protocols, and strategic benefits. This knowledge deficit has constrained their ability to compete effectively, expand their market reach, and optimize value chains across the continent.”

    He further explained that without a solid grasp of the AfCFTA’s tariff schedules, rules of origin, customs cooperation, and dispute resolution mechanisms, even the most competitive enterprises risk missing out on critical growth opportunities.

    “This training is about more than compliance; it is about empowerment. It equips participants not only to meet regulatory requirements but also to develop export strategies, diversify markets, and improve competitiveness.”

    Tsotetsi Makong, Director Coordination and Programmes at the AfCFTA Secretariat, reinforced this point, stating:

    “This training program will help African businesses seeking export opportunities overcome key challenges, including understanding African markets in depth, navigating market rules and compliance requirements, and optimizing cross-border product transportation. To fully harness the AfCFTA’s potential, it is essential to address these barriers and build the capacity of African companies to transition from local production for domestic consumption to a model that supports exports across the continent and beyond.”

    He further highlighted Afreximbank’s commitment to the AfCFTA’s full implementation, stressing that by developing the necessary competencies and industrial capacity, all African nations can maximize the benefits of a single market. He called on both public and private sector stakeholders to deepen their understanding of the agreement’s operationalization to drive sustainable economic growth.

    Afreximbank’s role in advancing the AfCFTA

    As a key partner to the African Union in the implementation of the AfCFTA, Afreximbank has spearheaded multiple initiatives that enhance intra- and extra-African trade and investment. Leveraging the expertise of its Trade Intelligence Solutions Unit and Human Resources and Learning Department, the Bank serves as the anchor institution for the AfCFTA Training Program, ensuring that African businesses are well-equipped to thrive in the new trade environment. The upcoming training is the second edition and will also mark a milestone as one of the first major events hosted at the recently launched Afreximbank African Trade Centre (AATC) in Abuja. Purposely designed as a strategic hub for trade facilitation, investment promotion, and business collaboration, the AATC features state-of-the-art conference facilities, premium hospitality services, and a dynamic environment conducive to learning and networking .

    By equipping African businesses with the knowledge and tools needed to navigate the AfCFTA, Afreximbank continues to play a pivotal role in unlocking Africa’s vast trade potential and driving economic transformation across the continent.

    MIL OSI Africa –

  • MIL-OSI USA: Cornyn Meets with DEA Administrator Nominee Terry Cole

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senator John Cornyn (R-TX), who serves as chair of the U.S. Senate Caucus on International Narcotics Control for the 119th Congress, made the following remarks to media after meeting with Terry Cole, whom President Trump has nominated to serve as Administrator of the Drug Enforcement Administration (DEA):
    “The single biggest challenge DEA faces is the flood of fentanyl and other synthetic opioids across the border.”
    “I look forward to visiting with him and our new ambassador down in Mexico City in the coming weeks to try to figure out what we can do more to try to help deal with this challenge, which has taken the lives of so many Americans here on this on this side of the border.”
    “I’m the Chairman of the International Narcotics Caucus this session, and we will be holding a variety of hearings about policy changes that we can do – additional resources, better authorities – to not only go after the threat and to stop it before it gets to our neighborhoods and communities across Texas and across the country.”
    “I look forward to introducing the nominee and supporting his confirmation.”

    This image is in the public domain, but those wishing to do so may credit the Office of U.S. Senator John Cornyn.
    Senator John Cornyn, a Republican from Texas, is a member of the Senate Finance, Judiciary, Intelligence, Foreign Relations, and Budget Committees.

    MIL OSI USA News –

  • MIL-OSI: CrpoBase Secures US MSB License, Emerges as Fully Registered Global Compliance Digital Asset Platform

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, April 28, 2025 (GLOBE NEWSWIRE) — CrpoBase has obtained the Money Services Business (MSB) license issued by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, officially completing its compliance registration in the United States. This milestone signifies CrpoBase as one of the very few global cryptocurrency trading platforms with both U.S. domestic registration and licensing, further showcasing its compliance strength and regulatory transparency in the global digital asset industry.

    Compliance has become the core competitive advantage for the platform, with CrpoBase continuously deepening its global regulatory layout.

    CEO Michael Garrett of CrpoBase stated in a media interview, “We have not only established a physical entity in the United States but also chosen the ‘U.S. regulatory structure’ as the cornerstone of the exchange’s governance. This is to provide global users and institutional clients with clearer and more reliable legal and financial security.”

    As of now, CrpoBase Exchange has established comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance processes, strictly adhering to the U.S. Bank Secrecy Act (BSA) and the Financial Action Task Force’s (FATF) 40 recommendations for combating money laundering. Through multi-layer verification mechanisms in registration, trading, withdrawals, custody, and other aspects, user data protection and risk screening are conducted to ensure that user assets are monitorable, auditable, and traceable throughout the entire process.

    Endorsed by the MSB license, CrpoBase attracts global capital and institutional trust.

    The U.S. MSB license, as one of the most authoritative financial regulatory qualifications globally, imposes strict requirements on platform asset security capabilities, risk control capabilities, anti-money laundering mechanisms, customer protection mechanisms, among others. The successful approval of CrpoBase indicates that its technical architecture, financial transparency, and compliance operations have met international financial institution standards.

    According to industry experts’ analysis, against the backdrop of tightening global compliance and stricter reviews, CrpoBase’s acquisition of the MSB qualification is equivalent to obtaining a “passport to the global institutional capital market.” This will not only help the platform expand its high-net-worth and institutional client base in more European and American regions but also lay a solid foundation for future applications for licenses in Singapore (PSA), the EU (MiCA), Japan (FSA), and other countries.

    CrpoBase Exchange: Establishing the cornerstone of compliant, secure, and international digital asset trading

    As one of the leading global digital asset platforms, CrpoBase Exchange has consistently adhered to the core development philosophy of “compliance driving growth, security empowering the ecosystem.” Based in the United States, the platform offers diverse services including spot trading, stablecoin exchanges, DeFi aggregation gateways, institutional custody, and more. It currently serves over 15 million users globally across North America, Europe, Southeast Asia, the Middle East, and other core markets.

    Looking ahead, CrpoBase will continue to expand its global compliance footprint, foster deep cooperation with international regulators, sovereign funds, major brokerage firms, and traditional financial institutions, striving to become the most trusted “compliant financial foundation” in the global Web3 infrastructure.

    Media contact 

    Contact: Sandra C. Collins 
    Company Name: CrpoBase LTD
    Website: https://trade.crpobasex.com
    Email: Sandra(at)crpobasex.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI: JA MINING: BTC & XRP Enthusiasts Explore Potential Rewards Through Bitcoin Mining

    Source: GlobeNewswire (MIL-OSI)

    London, UK, April 28, 2025 (GLOBE NEWSWIRE) — Bitcoin (BTC) and Ripple (XRP) have both shown strong momentum in the past 24 hours. BTC prices stabilized above $94,000, 24-hour trading volume exceeded $20.5 billion, and net inflows of spot ETF funds hit a new high this year, demonstrating the continued favor of institutional investors for crypto assets. At the same time, XRP benefited from the stabilization of the US regulatory situation and the boost of market optimism, and its price performance stabilized and is expected to usher in a new round of breakthroughs.

    As Bitcoin established an upward trend and XRP was ready to go, global investors’ interest in the cryptocurrency market has rapidly heated up. Faced with the growing market heat, cloud computing power mining has become an ideal choice for low-threshold layout of the Bitcoin network. As an industry-leading cloud mining platform, JA Mining helps users easily participate in mining without purchasing equipment with its advantages of green energy mines, daily income settlement, and flexible investment plans, and seize the golden window of digital asset value growth.

    Recently, JA MINING announced its latest development plan in the field of mineral resources, aiming to push the mining industry to new heights through technological innovation and sustainable development strategies. Users can achieve a potential income on the JA MINING platform. As a leading company dedicated to the development of global mineral resources, JA MINING has always been known for its efficient, safe and environmentally friendly operating model.

    Advantages of the JA MINING platform
    ● Hands-free operation: No professional knowledge and expensive mining machines are required, just purchase a cloud mining contract package with one click and start mining immediately!
    ● Daily settlements: Returns are distributed automatically each day.
    ● Safe and reliable: regulated by FCA, funds are safe, and mining income is settled daily.                                                                                                                                             
    ● Flexible and convenient: Supports a variety of mainstream currencies (BTC, ETH, USDC, DOGE, XRP, etc.), and you can choose a variety of cryptocurrencies to deposit and withdraw freely at any time.

    How to start free cloud mining with JA MINING 
    1. Register now to get a $100 bonus 
    2. Choose a contract: After successfully registering, the next step is to choose a mining contract that suits your goals and budget. JAMining offers a variety of contracts to meet different needs, whether you are a beginner or an experienced miner. 
    Choose the contract that suits your investment strategy:

    How to potentially make more money with JA MINING 
    The JA MINING platform has the affiliates function. Users can make money on JA MINING by inviting your friends.Every time the user you recommend purchases a contract, you can get the corresponding promotion reward.
    For more details, please check the platform for more information

    Summary of JA MINING 
    JA MINING  is a leading platform focused on Bitcoin cloud mining, known for its superior AI technology, global mining pool network and user-friendly mobile applications. The platform is committed to providing users with high-yield, low-risk investment opportunities while ensuring financial security and quality services.

    JA MINING is your trusted cryptocurrency cloud mining partner! Join now to seize the opportunity and earn passive income! For more details, please visit:

    Company website: https://jamining.com/
    Company email: info@jamining.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. Cryptocurrency mining and staking involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI USA: Don’t wait! Today is the last day for West Virginians to apply for FEMA disaster assistance

    Source: US Federal Emergency Management Agency

    Headline: Don’t wait! Today is the last day for West Virginians to apply for FEMA disaster assistance

    Don’t wait! Today is the last day for West Virginians to apply for FEMA disaster assistance

    CHARLESTON, W

    Va

     – Today is the last day for West Virginia residents to apply for FEMA Assistance if they had damages from the Feb

    15-18, 2025, floods

    THE DEADLINE TO APPLY IS 11:59 P

    M

    TODAY, APRIL 28, 2025

    FEMA assistance for individuals and families in Logan, McDowell, Mercer, Mingo, Raleigh, Wayne and Wyoming counties affected by the flooding can cover home repairs, personal property losses and other disaster-related needs not covered by insurance

    Survivors can visit the Disaster Recovery Center (DRC) to apply and talk face-to-face with FEMA staff

    Disaster Recovery Centers are open in McDowell, Mingo, Raleigh, and Wyoming counties

    You can visit a center to talk face-to-face with FEMA staff, apply for assistance, check the status of your application, and learn about recovery resources

     McDowell County Disaster (Bradshaw) Recovery Center Mingo County Disaster Recovery CenterBradshaw Town Hall10002 Marshall HwyBradshaw, WV 24817 Hours of operation:Monday to Friday: 8 a

    m

    to 6 p

    m

    Closed weekendsWilliamson Campus1601 Armory DriveWilliamson, WV 25661 Hours of operation:Monday to Friday: 8 a

    m

    to 6 p

    m

    Closed weekendsRaleigh County Disaster Recovery CenterWyoming County Disaster Recovery CenterBeckley-Raleigh County Emergency Services1224 Airport RoadBeaver WV 25813 Hours of operation:Monday to Friday: 8 a

    m

    to 6 p

    m

    Closed weekendsWyoming Court House24 Main AvePineville, WV 24874 Hours of operation:Monday to Friday: 8 a

    m

    to 6 p

    m

    Closed weekendsDRCs are accessible to all, including survivors with mobility issues, impaired vision, and those who are who are Deaf or Hard of Hearing

    Residents who live in one of the seven designated counties can register at any Disaster Recovery Center, regardless of the county it is in

     PLEASE NOTE: While the deadline to apply for FEMA assistance is April 28, centers will stay open past that date to allow residents to visit and check on their cases, add needed documents or appeal decisions

    Even after the DRCs are closed at 6 p

    m

    , an easy way to apply for FEMA assistance is by phone at 800-621-3362

    The toll-free telephone line operates from 7 a

    m

    to 11 p

    m

    If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service

     Residents can apply online until 11:59 p

    m

    today at DisasterAssistance

    gov or download the FEMA app to their smartphone or tablet

    Monday, April 28, 2025, is also the final deadline for homeowners, renters and business owners to apply for a U

    S

    Small Business Administration physical disaster loan

    Applicants can apply online at sba

    gov/disaster, call SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba

    gov for more information on SBA disaster assistance

    For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay service

    For more information on West Virginia’s disaster recovery, visit emd

    wv

    gov, West Virginia Emergency Management Division Facebook page, www

    fema

    gov/disaster/4861 and www

    facebook

    com/FEMA

    ###FEMA’s mission is helping people before, during and after disasters

    Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account

    Also, follow on X FEMA_Cam

    For preparedness information follow the Ready Campaign on X at @Ready

    gov, on Instagram @Ready

    gov or on the Ready Facebook page

    lianza

    yap
    Mon, 04/28/2025 – 17:53

    MIL OSI USA News –

  • MIL-OSI USA: FEMA to Host Housing Resource Fair May 3 in Jeff Davis County

    Source: US Federal Emergency Management Agency

    Headline: FEMA to Host Housing Resource Fair May 3 in Jeff Davis County

    FEMA to Host Housing Resource Fair May 3 in Jeff Davis County

    FEMA is hosting a Housing Resource Fair from 9 a

    m

    to 5 p

    m

    , Saturday, May 3, in Jeff Davis County at the following location:Jeff Davis Public Library189 E

    Jarman St

     Hazlehurst, GA 31539The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene

     The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery

    Survivors will get information on available rental properties, the HEARTS Georgia Sheltering Program, and U

    S

    Small Business Administration (SBA) loans

    The Housing Resource Fair is an opportunity for survivors to: Explore affordable housing options and rental assistance programs

    Gain access to resources for displaced individuals and families

    Learn from community partners about educational funding resources

     For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair is opportunity to give survivors a one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said

     “We will walk them through their options to ensure they are aware of the resources that are available to fit their need

    ”Anyone affected by Tropical Storm Debby or Hurricane Helene, whether they have applied for FEMA assistance or not, is welcome to attend

    julia

    hendersonkobin
    Mon, 04/28/2025 – 12:54

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Hardin County

    Source: US Federal Emergency Management Agency 2

    strong>FRANKFORT, Ky. –A Disaster Recovery Center has opened in Hardin County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides. The new Disaster Recovery Center in Hardin County is located at:
     
    Kentucky State Police Post #4, 954 Cameron Ponder Drive, Elizabethtown, KY 42701 
    Working hours are 9 a.m. to 7 p.m. Eastern Time, Monday through Saturday and 1 – 7 p.m. Eastern Time, Sunday.
    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will also be available at the recovery centers to assist survivors.
    Click here to find centers that are already open in Kentucky. You can visit any open center to meet with representatives of FEMA, the Commonwealth of Kentucky and the U.S. Small Business Administration. No appointment is needed. 
    To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362. 
    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible. 
    If you are unable to visit a center, there are other ways to apply: online at DisasterAssistance.gov, use the FEMA app for mobile devices or call 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.
    When you apply, you will need to provide:

    A current phone number where you can be contacted.
    Your address at the time of the disaster and the address where you are now staying.
    Your Social Security Number.
    A general list of damage and losses.
    Banking information if you choose direct deposit.
    If insured, the policy number or the agent and/or the company name.

    Apply Separately for Each Disaster

    When two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits. Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster. 
    When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number.

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7. Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible. The deadline to apply under DR-4860-KY is May 25.
    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing. Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible. Survivors have 60 days from the date of the presidential major disaster declaration to apply for individual assistance under DR-4864-KY. 

    Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY. If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications.
    For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860 and www.fema.gov/disaster/4864. Follow the FEMA Region 4 X account at x.com/femaregion4.

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Hopkins County

    Source: US Federal Emergency Management Agency 2

    strong>FRANKFORT, Ky. –A Disaster Recovery Center has opened in Hopkins County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides. The new Disaster Recovery Center in Hopkins County is located at:
     
    Hopkins County Fairground, 605 E. Arch St., Madisonville, KY 42431 
    Working hours are 9 a.m. to 7 p.m. Central Time, Monday through Saturday and 1 – 7 p.m. Central Time, Sunday.
    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will also be available at the recovery centers to assist survivors.
    Click here to find centers that are already open in Kentucky. You can visit any open center to meet with representatives of FEMA, the Commonwealth of Kentucky and the U.S. Small Business Administration. No appointment is needed. 
    To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362. 
    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible. 
    If you are unable to visit a center, there are other ways to apply: online at DisasterAssistance.gov, use the FEMA app for mobile devices or call 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.
    When you apply, you will need to provide:

    A current phone number where you can be contacted.
    Your address at the time of the disaster and the address where you are now staying.
    Your Social Security Number.
    A general list of damage and losses.
    Banking information if you choose direct deposit.
    If insured, the policy number or the agent and/or the company name.

    Apply Separately for Each Disaster

    When two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits. Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster. 
    When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number.

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7. Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible. The deadline to apply under DR-4860-KY is May 25.
    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing. Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible. Survivors have 60 days from the date of the presidential major disaster declaration to apply for individual assistance under DR-4864-KY. 

    Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY. If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications.
    For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860 and www.fema.gov/disaster/4864. Follow the FEMA Region 4 X account at x.com/femaregion4.

    MIL OSI USA News –

  • MIL-OSI: Faculty Group and Ghaf Capital Announce Strategic Merger to Launch Web3 Powerhouse, Ghaf Group

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, April 28, 2025 (GLOBE NEWSWIRE) — In a landmark move, Faculty Group and Ghaf Capital today announced their merger to form Ghaf Group, a vertically integrated Web3 advisory business. This strategic union leverages Faculty Group’s full-stack Web3 execution capabilities alongside Ghaf Capital’s elite access to capital markets, sovereign networks, and strategic enterprise relationships across the MENA region and beyond.

    With operations spanning capital allocation, product development, token advisory, liquidity management and marketing, Ghaf Group is uniquely positioned to drive the next wave of blockchain and Web3 growth. The new entity unites over 100 experts across eight subsidiaries under a single, scalable platform committed to delivering institutional-grade solutions and unlocking long-term value across the Web3 economy.

    James Childs, newly appointed CEO of Ghaf Group, commented:

    “This merger is not just an evolution, it’s an inflexion point. Faculty Group has always focused on high-conviction execution in Web3. Now, as Ghaf Group, we bring together global delivery capability with regional strategic access to capital, creating a new category of partner for protocols, corporates, and governments alike.”

    Feras Al Sadek, Chairman of Ghaf Group, added:

    “We’re combining best-in-class infrastructure with unparalleled strategic reach. Ghaf Group will be the trusted bridge between East and West, unlocking capital and capability at scale. This is a defining moment for Web3, and we’re just getting started.”

    The group’s new visual identity, rooted in the symbolism of the resilient Ghaf tree native to the UAE, reflects a commitment to strength, longevity, and organic growth. Ghaf Group is already in advanced discussions with sovereign entities, institutional investors, and emerging protocols as it builds out a robust pipeline for 2025 and beyond.

    Looking ahead, Ghaf Group will accelerate its footprint across MENA and Asia, explore strategic acquisitions, and begin laying the groundwork for a potential UAE-based IPO, positioning itself as a publicly accountable and globally trusted vehicle for Web3 advancement.

    About Ghaf Group

    Ghaf Group is a global Web3 venture platform formed through the merger of Faculty Group and Ghaf Capital. The firm provides integrated services across advisory, token design, venture capital, market-making, marketing, and blockchain development. With strong roots in the Middle East and a global vision, Ghaf Group partners with ambitious founders, forward-looking institutions, and sovereign stakeholders to catalyse the next era of decentralised innovation.

    Media Contact:
    Arvin Nathan
    Head of PR
    an@faculty.group
    hello@ghaf.group

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

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

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2754af90-6bf1-4635-b157-7bb32c691abb

    The MIL Network –

  • MIL-OSI Economics: Luis de Guindos: Presentation of the ECB Annual Report 2024 to the Committee on Economic and Monetary Affairs of the European Parliament

    Source: European Central Bank

    Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament

    Brussels, 28 April 2025

    It is a pleasure to present the ECB’s Annual Report for 2024 to this esteemed Committee. Concurrently, we are also publishing our response to the European Parliament’s resolution on our previous Annual Report. These elements – our Annual Report, today’s discussion and our response to your resolution – are central to the ECB’s accountability to the European Parliament and highlight the open dialogue between our institutions.

    In my remarks today, I will discuss the economic and financial stability landscape and consider the challenges that lie ahead. I will share the ECB’s assessment and underline the need to invest in measures to enhance Europe’s resilience amid a volatile external environment and an uncertain outlook.

    Economic developments and monetary policy

    As highlighted in the Annual Report, economic activity in the euro area began to recover gradually in 2024. Incoming data suggest modest growth in the first quarter of 2025. However, risks have intensified amid exceptional uncertainty, largely related to trade. Euro area exporters are now facing new barriers, and tensions in financial markets and geopolitical uncertainty will likely weigh on business investment. In this environment, consumers may become cautious about the future and hold back spending.

    In the medium term, a resilient labour market, higher real incomes and the impact of our monetary policy easing should support spending. Moreover, recent policy initiatives focused on defence spending and infrastructure investment at both national and EU levels are expected to positively affect activity and strengthen long-term growth.

    Turning to inflation, headline figures fell further towards the ECB’s 2% target in 2024, supported by our then restrictive monetary policy. Looking ahead, inflation is expected to hover around our target. However, global trade disruptions are adding uncertainty to the inflation outlook. Declining energy prices, further wage moderation and a stronger euro could dampen inflation, potentially amplified by weaker demand for euro area exports and a re-routing of other countries’ exports into the euro area. Conversely, a fragmentation of global supply chains could raise import prices and hence inflation.

    Following a period of holding interest rates steady in early 2024, the ECB started reducing its key interest rates in June. So far, we have lowered the rate on the deposit facility by 175 basis points to 2.25%, in view of the disinflation process being well on track. We are determined to ensure that inflation stabilises sustainably at our 2% medium-term target. Especially given current uncertainty, we will continue to follow a data-dependent and meeting-by-meeting approach to setting the appropriate monetary policy stance, and we are not pre-committing to a particular rate path.

    Maintaining financial stability

    Let me also say a few words on financial stability in the light of recent developments.

    The recent trade policy upheaval has triggered the most significant financial market turmoil since the pandemic. While euro area banks’ valuations have also been affected, their fundamentals remain robust and they are well positioned to withstand potential shocks thanks to their sizeable capital and liquidity buffers.

    But despite the resilience of our financial sector, these developments warrant careful monitoring. Sharp adjustments in financial markets could become disorderly, particularly if they are amplified by the growing size and influence of non-bank financial institutions. In addition, trade conflicts could pose challenges for both households and corporates, translating into rising credit risk for banks and non-banks alike. Finally, a combination of weaker growth and heightened spending needs could increase pressures on government finances.

    To ensure our banking system remains resilient in this environment, we need a regulatory framework that is fit for purpose. Decisive action is required to move us closer to completing the banking union. This includes an effective crisis management and deposit insurance framework that extends to small and medium-sized banks, and progress on a European deposit insurance scheme. The recent financial market turmoil also highlights that non-banks must be subject to robust rules, and that gaps in the regulatory framework need to be closed so they are not treated differently to regular banks.

    The ECB supports efforts to simplify the regulatory framework. However, this should not be confused with deregulation. The resilience of our financial system can largely be attributed to the rules established since the global financial crisis. Financial stability is a global public good – it is in everybody’s interest and must remain the long-term goal.

    Europe’s future policy priorities

    A strong and resilient financial sector will also play a crucial role – alongside the public sector – in financing Europe’s key policy priorities as we confront a series of generational challenges.

    The defence investments foreseen in the EU will have an impact on national public finances. By spending jointly through EU-level initiatives, we can achieve greater scale, reduce costs and strengthen our strategic autonomy – all while supporting long-term growth and fiscal sustainability.

    In addition to the pressing security challenges, investing in the green transition and digital innovation remains vital to boosting Europe’s competitiveness and closing the productivity gap with our global peers.

    Finally, the evolving global landscape underscores the need to strengthen trade within the EU’s Single Market, as emphasised by the European Commission.[1] A more integrated and deeper Single Market is essential if we are to achieve the scale required for European firms to thrive and expand, thereby enhancing our resilience against external shocks. We also need to ensure that innovative firms can access the financing they need in order to grow. In this context, completing the savings and investment union is both urgent and essential.

    Conclusion

    Faced with a complex and uncertain landscape, the ECB remains firmly committed to its primary mandate of maintaining price stability. This is the most important contribution we can make towards fostering a strong and prosperous Europe.

    I know that both our institutions are united by our commitment to serve the people of Europe, within our respective mandates. Our dialogue today is testament to this.

    I now look forward to your questions.

    MIL OSI Economics –

  • MIL-OSI USA: Following Hinson’s Advocacy, Trump Administration Grants Summer E15 Waiver

    Source: United States House of Representatives – Congresswoman Ashley Hinson (IA-01)

    Washington, D.C. – Congresswoman Ashley Hinson (IA-02) released the below statement following the Environmental Protection Agency (EPA)’s emergency waiver to allow the uninterrupted sale of E15 this summer nationwide. 

    “I want to extend a huge thank you to the Trump Administration for following through on its commitments to Iowa farmers & biofuels producers by allowing the sale of E15 this summer nationwide.

    “I recently led a letter urging the administration to ensure E15 could be sold across the country this summer, and I’m thrilled to see them take this crucial step. I will continue working with the administration to expand the use of biofuels to achieve American energy dominance and get a permanent solution across the finish line for the benefit of producers and consumers alike.” – Congresswoman Ashley Hinson

    Background:  
    In Congress, Rep. Hinson has been a leading advocate for expanded access to higher blends of ethanol, including E15. EPA’s announcement follows a letter led by Representatives Hinson, Adrian Smith, Angie Craig, and Mark Pocan urging the president to permit the nationwide sale of E15 during the 2025 summer driving season. This Congress, Rep. Hinson has also joined several efforts to promote the use of biofuels and pursue American energy dominance, including:

    • Sending a letter to EPA Administrator Lee Zeldin urging support for the Renewable Fuel Standard and the elimination of regulatory barriers to the growth of the American biofuels industry.
    • Helping introduce the Nationwide Consumer and Fuel Retailer Choice Act to make E15 available year-round, nationwide.

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Miller-Meeks Delivers Summer E15 Victory for Iowa, Pushes for Year-Round Access

    Source: United States House of Representatives – Representative Mariannette Miller-Meeks’ (IA-02)

    Washington, D.C. — Rep. Mariannette Miller-Meeks (R-IA) today praised President Trump, EPA Administrator Lee Zeldin, and Agriculture Secretary Brooke Rollins for granting an emergency waiver allowing E15 sales this summer, helping lower costs for Iowa families and strengthening America’s biofuels industry.

    “I’m proud to have worked with President Trump, Administrator Zeldin, and Secretary Rollins to deliver summer E15 for Iowa,” said Miller-Meeks. “But Iowans deserve permanent, year-round access to E15. That’s why I introduced the Nationwide Consumer and Fuel Retailer Choice Act to guarantee affordable, homegrown energy at the pump—strengthening our farmers, lowering prices, and unlocking America’s energy future.”

    Background:

    Rep. Mariannette Miller-Meeks has been a leadingadvocate for the year-round, nationwide sale of E15, a fuel blend containing 15% ethanol. In February, she introduced the Nationwide Consumer and Fuel Retailer Choice Act with a bipartisan group of lawmakers to permanently extend the Reid Vapor Pressure (RVP) waiver and eliminate seasonal restrictions on E15 sales. This legislation would lower costs at the pump, strengthen rural economies, reduce dependence on foreign oil, and support Iowa’s farmers. Companion legislation was introduced in the Senate by Sens. Deb Fischer (R-NE) and Tammy Duckworth (D-IL).

    ###

    MIL OSI USA News –

  • MIL-OSI USA: ALLEGHENY COUNTY – Shapiro Administration Highlights Recruitment and Retention Efforts of Volunteer Fire Company

    Source: US State of Pennsylvania

    April 29, 2025 – Pittsburgh, PA

    ADVISORY – ALLEGHENY COUNTY – Shapiro Administration Highlights Recruitment and Retention Efforts of Volunteer Fire Company

    Lieutenant Governor Austin Davis and Pennsylvania State Fire Commissioner Thomas Cook will visit the Berkeley Hills Fire Company to tour their facility and learn about the measures they are taking to address their recruitment and retention needs, including their live-in program where participants are offered housing and training in exchange for a commitment to volunteer.

    Governor Josh Shapiro’s 2025-26 proposed budget aims to strengthen fire companies throughout the Commonwealth, including a new $30 million competitive grant program aimed at helping fire companies make transformational changes, including investments in recruitment and retention.

    WHO:
    Lieutenant Governor Austin Davis
    State Fire Commissioner Thomas Cook
    Berkeley Hills Fire Company Chief Dillon Coleman

    WHEN:
    Tuesday, April 29, 2025, at 2:00 PM

    WHERE:
    Berkeley Hills Fire Company, Station 247
    235 Siebert Rd.
    Pittsburgh, PA 15237

    RSVP:
    Press attending should RSVP to Jeff Jumper, jejumper@pa.gov

    MIL OSI USA News –

  • MIL-OSI: Secret Benefits Review [2025] Is SecretBenefits.com the Best Sugar Daddy Site?

    Source: GlobeNewswire (MIL-OSI)

    New York City, April 28, 2025 (GLOBE NEWSWIRE) — Secret Benefits is a popular sugar daddy website that connects wealthy benefactors with attractive, goal-driven partners. Known for its user-friendly design, privacy features, and verified profiles, SecretBenefits.com makes sugar dating simple and secure in 2025.

    SecretBenefits continues to offer a safe and respectful environment for everyone who is navigating the sugar dating landscape. The platform has mutual benefits for both the sugar babies and sugar daddies. With upgraded features and security measures that promote the authenticity and trust of its users, Secret Benefits has shattered all the doubts about whether it is a sugar dating website or just a scam. 

    ⇒ Why Wait? Join The Best Sugar Dating Site for Free!

    SecretBenefits.com is praised for its transparent and flexible credit system, real people verified profiles, and a login process that’s easy, fast, and reliable, and with the Secret Benefits app coming soon, mobile convenience is also going to become an integral part of this sugar dating website.

    These announcements follow months of monitoring and analyzing the causes of common sugar dating scams and frauds, followed by proactive safety measures that help the users of Secret Benefits avoid sugar daddy scams. As this method of modern dating gains traction, Secret Benefits offers real users, real profiles, and real boundaries, making it the only platform you can trust for your sugar dating experience. 

    ⇒  Sign Up on Secret Benefits – Discreet & Secure

    Why SecretBenefits.com Is a Secure and Trustworthy Sugar Dating Site in 2025

    Secret Benefits creates a trusted network between individuals who want to build meaningful and mutually beneficial sugar-dating relationships. 

    However, since the sugar dating landscape is heavily dependent on online platforms, it is often plagued by scams, fake profiles, and unclear intentions, and one of the reasons behind them is scam websites. SecretBenefits.com stands out as a 100% reliable and transparent platform for those individuals who want to engage in sugar dating.

    This 2025 report marks a turning point for the sugar dating niche.

    With SecretBenefits, users can now benefit from its safe and secure features, such as enhanced identity verification protocols, search filters, and a modern user dashboard that makes this website very easy to use.

    ⇒  Join Secret Benefits Today and Start Connecting

    Let’s break down what makes Secret Benefits the top most reliable sugar dating site in 2025.

    1. Transparent and Flexible Credit System

    A flexible credit system allows users of Secret Benefits to have complete freedom in tailoring their sugar dating course in a way they wish. It is very different from traditional subscription-based models that charge recurring fees. SecretBenefits.com accommodates the wants and needs of sugar daddies and sugar babies by offering a credit-based system. This allows users to pay only for the features they use, providing more freedom and control.

    The Key Benefits of the Flexible Credit System Are:

    • No monthly subscriptions – alter your profile as you progress in time
    • No hidden costs – spend only when you initiate a conversation
    • Transparent usage – the credit activity will be tracked very clearly in your account

    The flexible credit system is an attractive feature for users who are tired of overpriced dating websites and their memberships.

    2. Real People, Verified Profiles

    One of the best features of SecretBenefits.com that makes it a legit and secure sugar dating website, as emphasized in its 2025 report, is that it has 100% verified profiles. Secret Benefits has implemented multiple layers of security and is moving towards a multi-step verification process for users, merging simple verification methods like email checks and phones with photo validation and biometric matching. All of these measures solidify the authenticity of Secret Benefits and ensure that users are real people seeking genuine sugar relationships and arrangements.

    The Secret Benefits verification tools include:

    • Photo validation processes
    • Manually approved profiles
    • In-house monitoring team to review reported users

    By verifying both the identities of sugar daddies and sugar babies, Secret Benefits ensures that only real and verified users are allowed to join.

    Users feel safe knowing that Secret Benefits will keep fraudsters off the app, creating a trustworthy platform for the sugar dating community.

    ⇒ Start Your Sugar Dating Journey on Secret Benefits

    3. SecretBenefits Login: Easy, Fast, and Secure

    Logging into SecretBenefits.com is as simple as it is secure. 

    The login credentials used by Secret Benefits identifies each profile separately, such as by username and password. These enable users to verify their identity if they want to log in to their online accounts.

    New users can sign up within minutes, and returning members enjoy the security of their accounts and passwords from multi-device compatibility and smart authentication layers. Secret Benefits is an online platform that includes the personal data of the sugar dating community, which is why there is a dire need for secure login credentials.

    Digital profiles exist for sugar babies as well as sugar daddies, and they hold sensitive information like their names, date of birth, mailing addresses, email addresses, and banking details.

    Secret Benefits offers an easy, fast, and secure login experience via:

    • Two-factor authentication
    • Password reset protocols
    • Secure browsing with HTTPS encryption

    SecretBenefits.com protects all of its accounts with a streamlined interface so that logging in, exploring profiles, and communicating is as enjoyable as it is secure.

    4. Design and User Interface: Sleek and User-Centric 

    SecretBenefits.com’s new design update in 2025 has made the site even more modern. User-centric design is very important as it directly influences the credibility and reliability of the sugar dating website. Websites that prioritize user needs create a platform that is not just intuitive but also functional.

    So, whether you’re accessing SecretBenefits.com from a desktop or mobile, the interface will always appear to be responsive and clean. SecretBenefits places its users at the center of its website design and development. By combining strategic processes, Secret Benefits ensures that the users never feel overwhelmed and that every design element, from the dashboard to the profile grid and messaging features, is optimized for their ease of use.

    ⇒  Find a Mutually Beneficial Relationship with Secret Benefits

    5. Secret Benefits App: Coming Soon

    While Secret Benefits is fully accessible via a mobile browser and offers a better reach with its website, it is also a versatile platform. Those members of the sugar dating community who want personalized experiences will benefit from the mobile app that will help them customize their experience as per their needs. 

    However, it has been confirmed in the 2025 report that a Secret Benefits App is in the development phase and expected to launch later this year.

    The features that you can expect from the SecretBenefits.com app are:

    • Swipe-style browsing
    • Push notifications for messages
    • Integrated video calling
    • Biometric login support

    This highly anticipated app will work even faster than the website and perform actions quicker than the website SecretBenefits.com. It is expected to improve on-the-go connectivity and convenience for both sugar daddies and sugar babies.

    ⇒ Join Thousands Using Secret Benefits for Sugar Dating

    User Reviews: What SecretBenefits Members Are Saying in 2025

    Secret Benefits reviews have continuously shown a strong satisfaction rate from sugar babies and sugar daddies. Here are some testimonials received by SecretsBenefits in 2025:

    “I had high expectations from the beginning. Joined SecretBenefits in January 2025 and I wasn’t surprised to see how real most of the profiles are. I connected with someone in less two weeks!” – Rebecca from Atlanta.

    “I travel very often, and one platform isn’t enough to connect with sugar dating community members from all over the world. But that’s not the case with SecretBenefits.com! It gives me amazing access to people all over the world and it is also reliable and safe.” – Sarah from Los Angeles.

    “Compared to other sites I’ve used, SecretBenefits.com is worth every credit. You really do meet real sugar daddies here.” – Claire from Chicago.

    Of course, every website has occasional critiques, and SecretBenefits.com was no exception.

    Some users noted that the regional availability was limited and that there were delays in customer support. However, SecretBenefits has promptly addressed all of these issues in its new report, and hence, all the users of the sugar community are now promised more efficient responses and a better and more modern user experience. SecretBenefits.com is also expanding its reach into new markets to add versatility and more features to the website for the sugar dating community.

    ⇒ Explore Verified Sugar Daddy Matches on Secret Benefits

    Is SecretBenefits.com a Trustworthy Sugar Dating Website or a Scam? 

    After reading about the countless sugar daddy scams that revolve around Instagram, Snapchat, and other platforms on the internet, it’s natural to wonder if you can ever actually find a real sugar daddy online, and if so, where?

    There is only one answer to that: secretbenefits.com!

    SecretBenefits.com has eradicated all the possibilities of sketchy DMs from strangers on social media, thus bypassing fake sugar daddies and protecting its users from their scams. SecretBenefits.com is a legitimate and dedicated sugar dating platform that builds genuine connections between consenting adults. The reason why SecretBenefits.com is such an authentic and reliable website in the sugar dating world is that it clearly outlines terms of use, ensures profile verification, and reinforces messaging systems built into the platform to provide a safer, much more reliable, and structured environment, which is very much professional and different as compared to random apps or messaging platforms.

    So, is SecretBenefits.com a scam? Absolutely not!

    It’s a trusted website used by thousands of real sugar babies and sugar daddies who want a transparent approach to mutually beneficial relationships.

    ⇒ Meet Real Sugar Daddies and Babies on Secret Benefits

    What Makes SecretBenefits Different from Sugar Daddy Scams?

    Secretbenefits.com never lets its users wander to third-party apps to communicate. The website encourages communication through its internal messaging system, thus reducing the need to switch to WhatsApp or Telegram. This is because these messaging apps are often a breeding ground for scammers in the sugar dating world. SecretBenefits.com also has a photo verification process, which helps you steer clear of catfishers who commonly use stock photos or stolen identities, just like they do on social media platforms.

    Most importantly, secretbenefits applies the same rules of discrimination on itself just like it does with the rest of the users. SecretBenefits.com will never ask for your banking information, nor will it facilitate payments between users. If someone on the site is asking you for money, you must immediately block and report them, as SecretBenefits.com has all the mechanisms necessary to deal with such cases promptly.

    ⇒ Get Instant Access to Secret Benefits – Sign Up Free

    Real Users. Real Profiles. Real Boundaries.

    Another reason why so many users in the sugar dating world rely on SecretBenefits.com is that the entire platform is built on boundaries and mutual respect. 

    Sugar dating isn’t for everyone, but SecretBenefits.com makes this kind of relationship easier, even for amateurs. Those who join secret benefits are very clear about what they’re seeking, and the platforms allow them to showcase their needs and requirements on their own terms. This reduces confusion and friction between the users and cuts through the awkward small talk.

    Sugar babies can boost their profiles with detailed bios, preference filters, and a safe and secure management system that gives them the power to initiate conversations without any threat of scams or phishing. Sugar daddies, on the other hand, also benefit from a respectful environment where they can find companions who will have as much value for authenticity as they have.

    ⇒ Unlock Exclusive Connections on Secret Benefits

    Can You Trust SecretBenefits?

    Yes. SecretBenefits.com is a 100% trustworthy sugar dating website.

    If you’re serious about sugar dating, SecretBenefits.com is one of the safest places to start. 

    It is true that no platform can eliminate scams and risk 100%. However, SecretBenefits.com has taken multiple steps to eliminate the risks of fraud or scams and to build a reputable community.

    Still doubtful? Explore secretbenefits.com yourself. It is easy to get started. Just create a free profile, browse anonymously, and take your time navigating the safe and secure environment of sugar dating.

    SecretBenefits.com Demographics and User Insights

    Secret Benefits has achieved significant growth in both user base and engagement rates. According to internal analytics released in the report, 70% of users created profiles as sugar babies, 30% created profiles as sugar daddies, and every month, there are 17 000 000 visits per month, and over 2 million messages are exchanged monthly.

    The reason why SecretBenefits.com is growing at such an appreciable rate is because it is a safe and simple platform that brings authenticity and reliability to the sugar dating experience.

    ⇒ Browse Verified Profiles on Secret Benefits Now

    Secret Benefits Login, Support, and Help Desk

    If you ever face login problems, SecretBenefits offers fast support. The help desk now operates 24/7. So whenever you have any password resets, account recovery, or profile visibility concerns, reach out to the team, and your concerns will be addressed within hours.

    The most common login-related concerns that users of SecretBenefits.com face include the following:

    • Forgotten password retrieval
    • Email verification delays
    • Account review/approval timelines.

    However, the website platform and user experience have been dramatically improved, and in 2025, the login support at SecretBenefits.com will be more straightforward than ever.

    ⇒ Create Your Free Secret Benefits Profile Now

    How SecretBenefits.com Works

    Secret Benefits connects sugar daddies and sugar babies via a safe, secure, user-friendly platform. Both sugar daddies and sugar babies can explore each other’s profiles. The platform operates as a credit-based platform and is available throughout the US, UK, Australia, and Canada. Here is how to get started;

    1. Sign up by verifying your email.
    2. Create a profile and upload your photos.
    3. If you are a sugar daddy, purchase credits ($0.29-0.59 each) to unlock messaging and photo features.
    4. After that you can initiate conversations and enjoy other features using credits.
    5. Chat, set expectations, and meet IRL if both parties are comfortable.

    ⇒ Message Attractive Members on Secret Benefits Today

    How SecretBenefits.com Protects Your Privacy

    In 2025, online privacy is more important than ever. But it is compromised in more than one way in the sugar dating world when scammers enter the field.

    Secret Benefits has adopted many high-standard privacy practices that eradicate any chances of scams or fraud and guarantee complete protection to its online sugar dating users. Here is what is included in the privacy practices.

    • No public display of sensitive information
    • Users can choose what images are shown (public vs. private galleries)
    • Location-hiding features are available
    • No third-party data sharing.

    Is SecretBenefits.com Legit in 2025?

    Yes. Secret Benefits is a real sugar dating website that has millions of users worldwide. It is 100% legit and authentic.

    According to recent reviews and user feedback, Secret Benefits has come out to be a safe and reliable online platform where sugar daddies and sugar babies chat and get to know each other. After the initial conversation takes place and they are both comfortable with each other’s company, both parties can meet in real life based on mutual consent and respect.

    ⇒ Find a Successful Partner on Secret Benefits

    Final Thoughts: Is SecretBenefits Worth It in 2025?

    The 2025 report solidifies the fact that SecretBenefits.com is the most premium and trustworthy sugar dating platform. Its credit system is fair. Its user base trusts the platform 100%. And its security features are top-tier and foolproof.

    For anyone looking to explore sugar dating in a safe and secure environment, SecretBenefits is the best place to start.

    Media Contact

    Company: Secret Benefits

    Email: support@secretbenefits.com

    Address: 3711 Taylor Street, New York, NY 10011

    URL: https:/secretbenefits.com

    Phone: +1 9146236465

    Content Accuracy Disclaimer
    Every effort has been made to ensure the accuracy of the information presented in this article. However, due to the dynamic nature of product formulations, promotions, and availability, details may change without notice. The publisher makes no warranties or representations as to the current completeness or accuracy of any content, including product claims, pricing, or ingredient lists.
    It is the responsibility of the reader to verify product information directly through the official website or manufacturer prior to making a purchasing decision. Any reliance placed on the information in this article is done strictly at your own risk.
    Affiliate Disclosure
    This article may contain affiliate links. If you purchase a product or service through these links, the publisher may earn a commission at no additional cost to you. These commissions help support the creation of in-depth reviews and educational wellness content.
    The publisher only promotes products that have been independently evaluated and deemed potentially beneficial to readers. However, this compensation may influence the content, topics, or products discussed in this article. The views and opinions expressed are those of the author and do not necessarily reflect the official policy or position of any affiliate partner or product provider.
    All product reviews and descriptions reflect the author’s honest opinion based on available public data, user feedback, and scientific references at the time of writing. The inclusion of affiliate links does not influence the objectivity or integrity of the content. However, readers are encouraged to independently verify product information and consult with healthcare professionals prior to purchase or use.
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    The MIL Network –

  • MIL-OSI Global: ‘White Lotus’ music: When talented creators strive to realize their visions, differences and chattering can erupt

    Source: The Conversation – Canada – By James Deaville, Professor of Music, Carleton University

    After the first two seasons of The White Lotus (set respectively in Hawaii and Sicily), the buzz in the media and on social media typically focused on the selection of the next site for the award-winning show.

    Not so much in 2025, after the close of Season 3’s Thailand-based episodes. Instead, the internet and social media have been alive with chatter over the announcement by Canadian Chilean composer Cristóbal Tapia de Veer that he was quitting the mega-hit franchise to the shock and disappointment of many of the show’s fans.

    Tapia de Veer revealed his intention in an interview with the New York Times published April 2, just four days before the season’s finale, which aired to a series-record viewership. His departure announcement, twinned with criticism of White Lotus writer, creator and showrunner Mike White, has highlighted issues with creative tensions behind such collaborative productions.

    ‘The White Lotus’ Season 3 opening theme song.

    Acclaimed music

    The Québec-trained composer’s 2022 and 2023 music-related White Lotus Emmy awards recognize his aural contributions to the highly awarded hit series. The music’s idiosyncratic mixture of a recognizable theme, bizarre vocalizations and site-based instrumentation has received a lot of popular attention and acclaim.



    Read more:
    HBO’s ‘The White Lotus’: Eerie music heightens drama of rich people’s bad behaviour and emotional dysfunction

    In contrast, some members of the public reacted with hostility toward this season’s theme music. This was partly because it did not use the identifiable thematic material that bound together the first seasons: a four-note theme that has been transliterated as “ooh-loo-loo-loos” and was the basis for the title theme music in the first two seasons.

    The Season 3 theme nevertheless sounds familiar due to Tapia de Veer’s ongoing quirky use of the voice. Novel ways of using it have been the foundations of all the Lotus themes, and in Season 3, it imitated monkey sounds.

    As White said in a statement about the show: “There’s this kind of conflict between wanting to be this spiritual creature that has an idealism and working towards something that’s some semblance of goodness, and then there’s this antic monkey side that keeps putting you in situations that are compromised.”

    ‘Ooh-loo-loos’ and creative differences

    Still, Tapia de Veer said he knew his novel Season 3 approach was a “kind of a risk,” to the extent that he produced an extended version with the traditional “ooh-loo-loo-loos” for insertion later in the show, but White rejected the idea.

    According to the composer, White wanted “more of a ‘chill, sexy vibe’” compared to Tapia de Veer’s more experimental tracks. On the Howard Stern Show, when asked what happened, White had a different perspective, saying: “I honestly don’t know what happened. Reading the interviews … I just don’t think he respected me.”

    The director said he didn’t think they had fought, and expressed dismay that Tapia de Veer brought criticisms and perceived differences to the media.

    To this, Tapia de Veer told the BBC he went public because White hadn’t handled the news “in a normal business manner,” and he said White’s comments on the Stern show demonstrated the director doesn’t fully appreciate the importance of the music on the show.

    On his YouTube channel, Tapia de Veer has uploaded another variant of the theme (“Enlightenment”) under the track title “Full Moon Party,” as well as a 45-minute loop of the 11-note theme.

    What unites the Season 3 tracks is the leaping, non-melodic theme, repeated over and over in changing synthesizer settings. The composer has said no soundtrack album for Season 3 will be forthcoming.



    Read more:
    HBO’s ‘The White Lotus’: Eerie music heightens drama of rich people’s bad behaviour and emotional dysfunction

    Scores gives unity through themes

    The positions of White and Tapia de Veer equally suggest a lack of effective communication, and as named or all but named by both parties, a lack of respect. Both are crucial elements behind the interpersonal relationships required in audiovisual production.

    In the traditional collaboration, the composer falls under the leadership of the director or showrunner, not least because the music is the final audiovisual element added to the mix.

    ‘The White Lotus’ music making, video from Cristóbal Tapia de Veer.

    By the time the film text reaches the composer, the visual track and dialogue have been locked — shooting is completed — yet it lacks the decisive contribution the score makes in defining characters, establishing moods and atmospheres, and giving unity to the whole through recurring themes.

    The composer may work at their own keyboard or digital audio workstation, yet customarily in collaboration with the project’s other creative forces, especially the director.

    Notorious score differences

    Differences between film directors or television producers and composers are not new, the most notorious being Stanley Kubrick’s rejection of Alex North’s score for 2001: A Space Odyssey. This was in favour of the music Kubrick had chosen to temporarily accompany the visual track.

    In another well-known instance, Alfred Hitchcock — under pressure from executives at Universal — replaced the Torn Curtain score (1966) by long-term collaborator Bernard Herrmann with more contemporary-sounding music by John Addison, which ended the decade-long association of composer and director.

    More recently, Gabriel Yared’s score for Troy (2004), directed by Wolfgang Petersen, was replaced with one by James Horner, because test audiences disapproved of Yared’s music.

    Composer withdrawls rare

    With The White Lotus, however, we have a composer walking away from a job in a very public way. A composer’s resignation is not without precedent, yet it remains considerably rarer than their firing. Major film scorer Dmitri Tiomkin withdrew from two early 1960s projects directed by Robert Aldrich, but because of other commitments rather than any disagreement.

    In contrast, Leonard Bernstein did threaten to walk away from West Side Story in 1949 over creative tensions with writer Arthur Laurents — still, this was communicated privately.

    Canadian composer Howard Shore withdrew from Peter Jackson’s King Kong (2005), but in this case, Shore said the parting was amicable and related to “differing creative aspirations.”

    Future seasons?

    The drama around White Lotus music is unique because both director and composer have talked with the press.

    If we look beyond the specifics of the music, however, we realize that this is not just about a (new) theme song and its use (or non-use) in the series. Rather, the “differences” cut to the heart of the often fraught working relationship between highly talented creators who strive to realize their visions.

    What does this mean for the music for Season 4 of The White Lotus? White has not suggested a successor, so commentators have fixated on the disagreements over Season 3 rather than speculating about a future sound. We will have to wait and listen.

    James Deaville 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. ‘White Lotus’ music: When talented creators strive to realize their visions, differences and chattering can erupt – https://theconversation.com/white-lotus-music-when-talented-creators-strive-to-realize-their-visions-differences-and-chattering-can-erupt-254032

    MIL OSI – Global Reports –

  • MIL-OSI Europe: Answer to a written question – Borrowers of loans in Swiss francs – E-000367/2025(ASW)

    Source: European Parliament

    Directive 93/13/EEC[1] requires Member States to ensure that consumers are not bound by unfair contract terms. I t applies to all contracts on the purchase of goods and services[2] including financial services .

    Under Directive 93 /13/EEC as interpreted by the Court of Justice of the European Union , i t is for Greek authorities and courts to assess, based on the circumstances of each case, whether Greek banks comply with their obligations regarding the fairness and transparency of contract terms such as those exposing the borrower to a foreign exchange risk[3], and draw conclusions in each case .

    In particular, contracts continue to be binding without the unfair terms[4] unless this is impossible under national law. The practical consequences of the invalidity of a mortgage loan contract on account of unfair terms are also governed by national law, provided that it allows to restore the situation which the consumer would have been in without the contract[5].

    Finally, remedies enabling consumers to rely on the unfairness of contract terms must be available under conditions which do not hamper the obtention of the protection sought, including through interim measures[6].

    The Commission does not have powers to intervene in individual consumer disputes, to review decisions of national authorities and courts or to order the suspension of property auctioning.

    Regarding Directive 2014/17/EU[7], it introduced specific rules to protect consumers where the credit is dominated in a foreign currency (e.g. explanations for the implications to consumers, right to convert the credit agreement into an alternative currency).

    The directive only applies to mortgage credit contracts concluded as from March 2016, not offering protection for contracts prior to this date.

    • [1] Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, OJ L 95, 21.4.1993, p. 29-34.
    • [2] See Section 5 of Commission Notice — Guidance on the interpretation and application of Council Directive 93/13/EEC of 5 April 1993 on unfair terms in consumer contracts, OJ C 323, 27.9.2019, p. 4-92, COM(2019) 5325 final. However, pursuant to Article 1(2) of Directive 93/13/EEC, the directive does not apply to contract terms that reflect national mandatory statutory provisions, which are applicable independently of the parties’ choice or which are supplementary and apply in the absence of other arrangements between the parties; see for example the judgment of the Court of Justice of the European Union of 21 December 2021 in Case C-243 /20 Trapeza Peiraios AE.
    • [3] See for example the judgment of the Court of Justice of the European Union of 10 June 2021 in Joined Cases C-776/19 to C-782/19 BNP Paribas Personal Finance SA.
    • [4] Article 6(1) of Directive 93/13/EEC.
    • [5] See for example the judgment of the Court of Justice of the European Union of 15 June 2023 in Case C-520/21 Bank M.
    • [6] See for example the judgment of the Court of Justice of the European Union of 10 September 2014 in Case C-34/13 Kušionová.
    • [7] Directive 2014/17/EU of the European Parliament and of the Council of 4 February 2014 on credit agreements for consumers relating to residential immovable property and amending Directives 2008/48/EC and 2013/36/EU and Regulation (EU) No 1093/2010 Text with EEA relevance, OJ L 60, 28.2.2014, p. 34-85.

    MIL OSI Europe News –