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Category: China

  • MIL-OSI USA: Governor Polis Hosts Colorado-Mexico Friendship Day to Celebrate State’s Strong Trade, Tourism & Cultural Partnership

    Source: US State of Colorado

    Mexico is one of Colorado’s biggest trade partners

    DENVER – While President Trump’s tariffs barrels the U.S. toward a recession and raises costs on hardworking Coloradans, Colorado Governor Jared Polis seeks to strengthen economic prosperity  with Mexico and Canada, Colorado’s largest trading partners, and has been outspoken against the national tariffs and about the important partnerships that Colorado has with both countries. That’s why Governor Polis today hosted Colorado-Mexico Friendship Day alongside Mexican Consul General Pavel Meléndez Cruz. This comes after the Governor hosted Colorado Canada Friendship Day in March alongside Sylvain Fabi, Consul General of Canada in Denver.

    “Trump’s tariff tax increase is raising costs on hardworking people, businesses, housing, agriculture, manufacturing, and creating uncertainty for businesses. I hope our state and country do not fall into a recession because of the economic uncertainty caused by these reckless tariffs. In Colorado, we are doing everything we can to help ensure our economy, jobs, and our future are not destroyed by President Trump’s tariff tax. Republicans and Democrats in Congress can and must stop these federal tariffs,” said Governor Polis. “Colorado-Mexico Friendship Day is a great opportunity for businesses and Coloradans to celebrate the strong trade partnerships with our allies.”

    Mexico and Canada are significant economic partners for Colorado, representing 38.5% and 31% of the state’s imports and exports in 2024. Mexico was the top export destination for Colorado goods, valued at $1.7 billion, or 17% of total exports, followed by Canada at $1.6 billion. Combined, the two countries also account for 46% of Colorado’s international visitation, with Mexico leading at over 250,000 visitors, followed by Canada at 183,000 visitors. The economic impact of international travel from these two countries in 2024 was over $265 million.

    The President’s tariff tax has created uncertainty for Colorado’s thriving industries, from agriculture to manufacturing and small businesses. People in Colorado are deeply concerned about how the President’s tariff tax will increase the costs of everyday life, from gas to groceries. Much of the fruit sold in Colorado grocery stores is imported from Mexico and could see a price spike.

    Governor Polis has taken strong steps to support Colorado’s farmers and ranchers accessing new markets across the world. For instance, Governor Polis helped open exports into Mexico for Colorado’s potato growers. The Trump tariffs could threaten the livelihoods of our farmers in places like the San Luis Valley if Mexico imposes retaliatory tariffs. We have already seen damaging retaliatory tariffs put in place that hit other commodities as well as agricultural equipment. This is another way the Trump tariffs will continue raising the costs of doing business for our nation’s farmers and ranchers.

    “Recently announced widespread tariffs will harm agriculture. History tells us that farmers and ranchers will bear the burden because they rely on imports on inputs and retaliatory tariffs by other countries will lower commodity prices. Higher input costs and lower market prices are going to cause the loss of more family farms and ranches, which will further hurt our rural communities and our country. We call on the administration to use a more thoughtful and less widespread approach to trade policy,” said Chad Franke, Farmer and President of the Rocky Mountain Farmers Union.

    “The tariffs will increase expenses and cut revenues for America’s agricultural producers. The most vulnerable producers are the younger folks, who already face a huge challenge in gaining a foothold in this industry. We have already been losing producers and rural businesses for many years.  I believe if the administration continues to institute these policies this will lead to the need for them to institute a massive government bail-out program to mitigate the economic damage they are inflicting on the agricultural community and rural America. The average American consumer will also feel the pain of these tariffs through their continually increasing grocery bill,” said Kent Peppler, Former Colorado State Director for the Farm Services Agency and former President of Rocky Mountain Farmers Union.

    Colorado is 5th in the nation for beef exports. Beef is among Colorado’s largest exports and is a top driver of Colorado’s agricultural economy. In 2024, the U.S. exported a total of $10.45 billion in beef and beef products around the world. Colorado’s top export countries for beef are Mexico, Canada, South Korea, Japan, China, all countries now facing Trump’s on-again off-again tariffs. Colorado’s other largest agricultural commodities, including dairy, wheat, and corn, all rely on export markets to do business.

    In 2024, Colorado exported a record $10.5 billion of goods to the world and imported $16.8 B in goods. Colorado’s top export partners are Mexico ($1.7B), Canada ($1.6B), China ($0.8B)  South Korea ($0.6B), and Malaysia ($0.6 B), accounting for half of all Colorado exports in 2024. Top export commodities include meat (17%); nuclear reactors, boilers, machinery (15%); electric machinery (13%); optic, photo, medical or surgical instruments (11%); and aircraft, spacecraft, and related parts (5%). In 2022, exports from Colorado supported an estimated 40 thousand jobs.

    An estimated 820,200 jobs in Colorado are supported by international trade, representing 20.8% of all jobs in the state.

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    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Building a cultural bridge

    Source: Hong Kong Information Services

    Hong Kong has been hosting the two-day Asia Cultural Co-operation Forum+ 2025 this week, under the theme “Connect, Create, Engage: Bridging Cultures for All.” Cultural ministers and senior officials from 17 countries participated in the forum’s key session, the Ministerial Panel, held yesterday.

    Secretary for Culture, Sports & Tourism Rosanna Law gave an opening address at the session, while Vice Minister of Culture & Tourism Gao Zheng also delivered a speech.

    Under Secretary for Culture, Sports & Tourism Raistlin Lau highlighted the forum’s significance since its launch in 2003, describing it as a vital platform for cultural interaction. He noted that this year marks a record high in terms of participating regions.

    “For the first time in the forum’s history, we have added a plus sign to the 2025 edition, by inviting countries beyond Asia to participate,” he said. “We hope that with broader participation, we can gain more insights, not only from Asian economies but also from other parts of the world.”

    Mr Lau also outlined the forum’s role in promoting global cultural developments and exploring opportunities for collaboration, adding that guided tours were arranged for delegates to experience Hong Kong’s vibrant cultural landscape.

    “We hope they can become ambassadors for promoting the culture of Hong Kong, and also China, to the rest of the world.”

    One of the participants, Minister of Culture of the Slovak Republic Martina Šimkovičová, was optimistic about forging new connections while in Hong Kong.

    “My expectation is to see your culture, which is completely different from the culture of Slovakia, and I would like to show Slovak culture.”

    Ms Šimkovičová also invited Hong Kong residents to visit her country for longer stays to explore its historical buildings and rich nature.

    “Hong Kong’s culture is exciting for me. It is a mix of old and new together, and I love the energy of your arts and the beauty of your heritage,” she added. “It shows deep respect for tradition, which is very important to me.”

    Dongguan Bureau of Culture, Radio, Television, Tourism & Sports Deputy Director Wu Shaowen expressed hope for leveraging the strong relationship between Dongguan and Hong Kong to keep up with global cultural developments.

    Acting Chief Executive Chan Kwok-ki hosted a gala dinner for the delegates, who enjoyed performances by local musicians showcasing a blend of Chinese and Western traditional and contemporary music, offering a glimpse into Hong Kong’s vibrant and diverse arts and culture scene.

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: IMF World Economic Outlook: economic uncertainty is now higher than it ever was during COVID

    Source: The Conversation – Global Perspectives – By Sergi Basco, Profesor Agregado de Economia, Universitat de Barcelona

    Skorzewiak/Shutterstock

    The International Monetary Fund (IMF) has just published its World Economic Outlook, and it does not take an expert to deduce that, even among some of the world’s top economic minds, confident predictions are currently hard to come by.

    Every spring the IMF and World Bank hold their Spring Meetings in Washington DC: a week of seminars, briefings and press conferences focusing on the global economy, international development and world financial markets. At both the Spring Meetings and the Annual Meeting, held each autumn, the IMF publishes its global economic growth forecasts.

    For its 2025 Spring Meeting the IMF has published a baseline forecast, as well as an addendum analysing the tariff events that took place between 9 and 14 April. According to the Fund’s report, world GDP will grow by 2.8% in 2025 and 3.0% in 2026. For the euro area, growth will be 0.8% and 1.2% for 2025 and 2026 respectively.

    These forecasts represent a substantial downward revision from IMF figures published just three months ago. Globally, growth in 2025 is down by 0.5% compared to the Fund’s January update, with a reduction of 0.2% for the euro area.

    One major shift is key to understanding the most recent IMF report and its pessimistic predictions: we live in a much more uncertain world than we did three months ago.

    Trump, tariffs and uncertainty

    If one had to sum up the new US tariff policy in a word, “unpredictable” would suffice, as the so-called “Liberation Day” of 2 April 2025 represented the largest tariff increase in modern history.

    Just one week later, the US president then made two further announcements. First, a 90-day freeze on tariff hikes, apparently in search of bilateral agreements with the countries to which he had applied tariffs above 10%. Second, that China would be excluded from this exception, with tariffs on its products being raised to 145%.

    This freeze means that until July EU goods being sold to the US will have a 10% tariff instead of the 20% that was announced on 2 April. However, the 10% applied by the new US administration is still much higher than the average tariff of 1.34% that was in force before 5 April.

    But what will the tariff be after these 90 days? What about in December? What about in 2 years’ time? What goods will be exempted? How far will the trade war between China and the US go? The answer to all of these questions is: nobody knows. This uncertainty is evident in of the IMF’s spring forecast.

    Uncertainty is off the charts

    The IMF’s world trade uncertainty index is currently 7 times higher than it was in October 2024, much higher than in the pandemic.

    As far as the economy is concerned, this uncertainty is far worse than a high but definitive tariff. With a tariff, companies can at least reorganise their production chain, and consumers can look for alternative products. There is a cost, but at least businesses and consumers can plan for it.

    However, nobody can calculate these costs today because nobody knows how tariffs will evolve. An American company may decide today to buy a particular product from the EU thinking that the tariff will be 10%, but upon the product’s arrival in the US it turns out the tariff has risen to 100% because a presidential advisor said it would be good for the US economy to raise tariffs on that product.

    Unbelievable though it may sound, this appears to be how the tariffs are being decided and enacted. According to one account, the US Treasury and Commerce Secretaries were only able to persuade Trump to freeze recent tariff hikes because Peter Navarro – the president’s economic advisor and tariff ideologue – was in another room at the time.

    The end result of this unpredictability is that the best course of action, for consumers and businesses alike, is inaction.



    Leer más:
    Trump tariff chaos: radical uncertainty will likely make companies delay investments

    Fear and volatility

    It is no surprise that these constant changes of plans are causing great instability in financial markets. Although Trump may have triumphantly celebrated rising stock prices immediately after the tariff freeze was announced, financial markets are now subject to levels of uncertainty and fear similar to those seen during COVID-19.

    Five years ago, volatility was associated with increased demand for US government debt due to the “flight to safety” effect: investors selling higher risk investments and buying safer assets, such as gold and government bonds, in times of uncertainty.

    Now we are seeing the exact opposite. The price of US bonds has fallen since “Liberation Day”, and this means that investors are selling them. In other words, markets no longer believe that US government debt is a safe asset. Given the role of the dollar and US debt in international markets, this paradigm shift may generate even more financial instability down the line.

    Supply chains are breaking (again)

    COVID-19, the last major global economic crisis, has one thing in common with the current situation: disruption of global supply chains. During the pandemic it was confinement that forced production to stop. Today, it is the imposition of tariffs.

    However, there is another major difference. During COVID people knew it was a matter of time before vaccines became available and normality returned. Today, instability in financial markets comes not from any virus, but from President Trump’s own advisors selling him all manner of plans to protect US economic interests.

    Sergi Basco no recibe salario, ni ejerce labores de consultoría, ni posee acciones, ni recibe financiación de ninguna compañía u organización que pueda obtener beneficio de este artículo, y ha declarado carecer de vínculos relevantes más allá del cargo académico citado.

    – ref. IMF World Economic Outlook: economic uncertainty is now higher than it ever was during COVID – https://theconversation.com/imf-world-economic-outlook-economic-uncertainty-is-now-higher-than-it-ever-was-during-covid-255055

    MIL OSI – Global Reports –

  • MIL-OSI Global: Developments in AI need to be properly regulated as the world scrambles for advantage

    Source: The Conversation – UK – By Nisreen Ameen, Senior Lecturer (Associate Professor) in Digital Marketing, Royal Holloway University of London

    AlinStock/Shutterstock

    Artificial intelligence (AI) is often hailed as the defining technology of the 21st century, shaping everything from economic growth to national security. But as global investment in AI accelerates, many experts are beginning to ask whether the world has embarked on an AI “arms race”.

    With China, the US, UK and the European Union each pledging billions to advance AI, competition in research, infrastructure and industrial applications for the new technology is intensifying. But, at the same time, regulation is struggling to keep pace with rapid development in some regions. This is raising concerns about ethical risks, economic inequality and global AI governance.

    There have been rapid advances in AI in the past few years. Companies such as America’s Accenture and China’s DeepSeek have developed large-scale generative AI systems – which can learn from existing content to generate new material such as text, images, music, or videos.

    The UK government recently announced its intention to “shape the AI revolution rather than wait to see how it shapes us” through its AI Opportunities Action Plan. This will have a strong focus on regulation, skills and ethical governance.

    If the UK and continental Europe are prioritising regulation, China is using its sheer size and appetite for innovation to develop rapidly into what has been described as an “AI super market”, and the US is balancing innovation with national security concerns.

    China recently released details of new regulations, which come into force in September, that will require explicit labelling of AI-generated content and providing metadata to link such content to the service provider that generated it. The onus will be on platforms that feature AI generated content to provide such information.

    But the different approaches highlight the growing geopolitical dimension of AI development which risks divergence of standards. While competition can drive innovation, without international cooperation on safety, ethics and governance, the global AI race could lead to regulatory gaps and fragmented oversight.

    Many analysts fear this would bring significant downsides. Most worryingly there is the prospect of unchecked AI-generated disinformation undermining elections and democratic institutions.

    Why does this matter?

    AI is more than just another technological breakthrough – it’s a strategic driver of economic power and influence. The countries leading in AI today will play an important role in shaping the future of automation, digital economies and international regulatory frameworks.

    AI’s global expansion is driven by several key motivations. It has the potential to massively boost productivity and creativity. It can create new business models and transform entire industries. Governments investing in AI aim to secure long-term economic advantages, particularly in sectors such as finance, healthcare and advanced manufacturing.

    Meanwhile AI is increasingly integrated into defence, cybersecurity and intelligence. Governments are exploring ways to use AI for strategic advantage, while also ensuring resilience against AI-enabled threats.

    But as AI investment surges it is increasingly important to ensure that the challenges the new technology will bring are not overlooked in the rush.

    Risks of rapid AI investment

    As AI advances, ethical issues become more pressing. AI-powered surveillance systems raise privacy concerns. Deepfake technology, meanwhile, which is capable of generating hyper-realistic video and audio, is already being used for disinformation. Without clear regulatory oversight this could seriously undermine trust and security and threaten democratic institutions.

    At the same time, we are already seeing inequality baked into AI development. Many AI-driven innovations cater to wealthy markets and corporations. Meanwhile, marginalised communities face barriers to accessing AI-enhanced education, healthcare and job opportunities – the latter was demonstrated as long ago as 2018 when Amazon reportedly withdrew a recruitment tool that was shown to discriminate against women.

    One AI application was withdraws after it was found to discriminate against women.
    metamorworks/Shutterstock

    Ensuring that AI development benefits society as a whole will require a strategic approach to skills, education and governance. I have conducted studies into how AI tools are being harnessed with a great deal of success in the UK and US and also in China. The research showed how AI capabilities can be combined with strategic agility to drive product and service innovation in many contexts.

    But the AI race is not just about economic progress, it also has geopolitical implications. Restrictions on AI-related exports, particularly in semiconductor technology, highlight growing concerns over technological dependencies and national security. Without greater international cooperation, uncoordinated AI policies could lead to economic fragmentation, regulatory inconsistencies across borders and the inevitable risks those bring.

    Although some nations are advocating for global AI agreements, these discussions remain in their early stages, so enforcement mechanisms remain limited.

    The way forward

    This will require multilateral governance, similar to global frameworks on cybersecurity and climate change. Existing discussions by the United Nations as well as the G7 and the Organisation for Economic Cooperation and Development (OECD) need to incorporate stronger AI-specific enforcement mechanisms that guide development responsibly.

    There are signs of progress. The G7’s Hiroshima AI Process has resulted in shared guiding principles and a voluntary code of conduct for advanced AI systems. The OECD’s AI Policy Observatory, meanwhile, is helping coordinate best practices across member states. But binding international enforcement mechanisms are still in their infancy.

    Individual countries, meanwhile, need to develop flexible regulatory frameworks that balance innovation with accountability. The EU’s AI Act, the first major attempt to comprehensively regulate AI, classifies AI systems by risk and imposes obligations on developers accordingly.

    This has included bans on certain high-risk applications, such as social scoring – which ranks individuals based on behaviour and can lead to discrimination. It’s a step in the right direction, but broader cooperation is still needed to ensure coherent global AI standards.

    An enforceable set of rules governing AI development is needed – and quickly. AI could pose more risks than opportunities if left unchecked.

    Nisreen Ameen 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. Developments in AI need to be properly regulated as the world scrambles for advantage – https://theconversation.com/developments-in-ai-need-to-be-properly-regulated-as-the-world-scrambles-for-advantage-248404

    MIL OSI – Global Reports –

  • MIL-OSI Video: “We’re going to have a country that you can be proud of, not a laughingstock all over the world.”

    Source: United States of America – The White House (video statements)

    #PresidentTrump #Trump #WhiteHouse #tariffs #China #trade #goldenage

    https://www.youtube.com/watch?v=WGqAMPXPek0

    MIL OSI Video –

  • MIL-OSI Asia-Pac: Cultural co-operation panel a success

    Source: Hong Kong Information Services

    The Asia Cultural Co-operation Forum+ 2025 successfully concluded today, gathering cultural ministers and senior officials from a record-high 17 countries to exchange views on strategies in promoting arts and cultural development.

    Five of the countries, including Belt & Road countries outside of Asia, for the first time, partcipated in the forum organised by the Culture, Sports & Tourism Bureau, fully demonstrating Hong Kong’s role as a super-connector and East-meets-West centre for cultural exchange.

    This morning, participating delegations at the forum joined the plenary session to discuss the topics “From Connect to Create: Platform for Synergy” and “From Create to Engage: Arts for Everyone”.

    With the experience sharing and real case studies of local speakers and delegations, participants were encouraged to discuss how the establishment of platforms and promotion of community engagement facilitate the development of the arts and cultural scene and ecology, the benefits of wider public engagement in arts and cultural activities, as well as the possible directions and measures to make this happen.

    At the panel yesterday, Secretary for Culture, Sports & Tourism Rosanna Law, and Vice Minister of Culture & Tourism Gao Zheng shared their vision, policies and strategic directions on the ways to promote development of arts, culture and creative industries, nurture talent for the industries, drive innovative collaborations as well as advocate cultural integrations.

    Over 20 bilateral meetings were conducted at the forum. Miss Law, Permanent Secretary for Culture, Sports & Tourism Vivian Sum, and Under Secretary for Culture, Sports & Tourism Raistlin Lau held bilateral meetings on cultural co-operation with representatives from participating countries.

    The delegations visited the Hong Kong Palace Museum at the West Kowloon Cultural District (WKCD) this afternoon to gain first-hand knowledge of the WKCD’s latest developments and toured the special exhibition “The Forbidden City & The Palace of Versailles: China-France Cultural Encounters in the 17th & 18th Centuries”.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Lo Chung-mau meets SZ official

    Source: Hong Kong Information Services

    Secretary for Health Prof Lo Chung-mau today met Shenzhen Development & Reform Commission Director Guo Ziping to have an in-depth exchange on areas such as the development of Chinese and Western medicine as well as medical devices in the two places. 

    At the meeting, Prof Lo said the Resolution of the Central Committee of the Communist Party of China (CPC Central Committee) on Further Deepening Reform Comprehensively to Advance Chinese Modernization, adopted by the Third Plenary Session of the 20th CPC Central Committee, pointed out the need of further reforming the medical and healthcare systems, and improving the mechanisms for supporting the development of innovative drugs and medical equipment.

    Prof Lo said the Hong Kong Special Administrative Region Government strenuously works in line with the national objective of further reforming the medical and healthcare systems, and will promote Hong Kong’s development into an international health and medical innovation hub by complementing technological innovation with institutional innovation.

    Hong Kong will fully utilise the institutional advantages of “one country, two systems” and the city’s professional strengths in the healthcare sector, thereby enabling the innovative medical technologies to go global and attract foreign investment, and develop new quality productive forces in biomedicine, he noted.

    To achieve this goal, the Hong Kong SAR Government will expedite the reform of the approval mechanism for drugs and medical devices and enhance the translation of innovative biomedical research results into clinical applications.

    At the same time, the Hong Kong SAR Government is also committed to developing the city into a national bridgehead for the internationalisation of Chinese medicine, and will also encourage the Chinese medicine sector to make good use of policies benefitting Hong Kong.

    Prof Lo emphasised that the Hong Kong SAR Government will continue to push forward co-operation with Guangdong Province and the Shenzhen Municipality in areas such as cross-boundary healthcare services, training of healthcare staff, medical technology exchanges and Chinese medicine development under the principles of complementarity and mutual benefits.

    The ultimate aim is to build a “Healthy Bay Area” and further contribute to the overall development of the nation through joint endeavours, he added.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Radware Finds 57% of Online Shopping Traffic Now Bots, Not Buyers

    Source: GlobeNewswire (MIL-OSI)

    MAHWAH, N.J., April 23, 2025 (GLOBE NEWSWIRE) —  Radware® (NASDAQ: RDWR), a global leader in application security and delivery solutions for multi-cloud environments, today released its “2025 E-commerce Bot Threat Report.” The report found that automated bots—good and bad bots—accounted for 57% of e-commerce website traffic during the 2024 holiday season. It marks the first time that automated, non-DDoS generating bots drove more traffic than human shoppers, signaling a critical shift in the cybersecurity landscape for e-commerce providers and online retailers.

    “Bad bots are no longer just based on simple scripts—they’re sophisticated, AI-enhanced agents capable of outsmarting traditional defenses,” said Ron Meyran, vice president of cyber threat intelligence at Radware. “E-commerce providers and online retailers that rely on conventional security measures will find themselves increasingly exposed, not just during the holidays but year-round.”

    The report highlights major bot attack trends and real-world attack data observed during the 2024 online holiday shopping season. In addition, it offers insights into the distributed, multi-vector attacks e-commerce providers and retailers can expect to battle this year.

    Key findings and insights

    • AI-generated bots with human-like behavior gain dominance: According to the report, bad bots made up 31% of total internet traffic during the last holiday season. Nearly 60% of the malicious traffic employed advanced behavioral techniques to evade traditional, signature-based detection. Combating these bots requires accurate AI-powered detection of attack patterns, including rotating IPs and identities, distributed attacks, CAPTCHA farm services, and other advanced anomalies, without causing false positives.
    • Mobile-focused attacks surge: Malicious bot traffic directed at mobile platforms rose 160% between the 2023 and 2024 holiday shopping seasons, representing a fundamental shift in attacker focus. Security strategies need to be shored up and tailored for vulnerable mobile platforms and attackers using more sophisticated techniques, including mobile emulators, mobile-specific proxies, and headless browsers with mobile user-agent strings.
    • Attacks leveraging distributed infrastructures and residential proxy networks increase: The proportion of holiday attack traffic originating from and blending in with ISP networks increased 32% between 2023 and 2024. Attackers are leveraging wider network and residential proxy services to evade rate-limiting, geo-based, and IP-based blocking mechanisms, creating even greater mitigation challenges for security teams working without advanced, multi-layered protections.
    • Coordinated multi-vector attack campaigns escalate: To maximize their success, attackers are targeting applications by combining bot attacks with web application vulnerability exploits, business logic attacks, and API-focused attacks. Protecting already burdened security systems requires an integrated application security strategy that uses the latest threat intelligence and cross-correlates security threats across security modules.

    Radware will be addressing the new report and advanced protection strategies during the RSA 2025 Conference at the Moscone Center in San Francisco (booth #S-1227). The event takes place April 28–May 1, 2025.

    Radware’s complete bot report can be downloaded here.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, and YouTube.

    ©2025 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    THIS PRESS RELEASE AND 2025 E-COMMERCE BOT THREAT REPORT ARE PROVIDED FOR INFORMATIONAL PURPOSES ONLY. THESE MATERIALS ARE NOT INTENDED TO BE AN INDICATOR OF RADWARE’S BUSINESS PERFORMANCE OR OPERATING RESULTS FOR ANY PRIOR, CURRENT, OR FUTURE PERIOD.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    Safe Harbor Statement
    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” For example, when we say in this press release that e-commerce providers and online retailers that rely on conventional security measures will find themselves increasingly exposed, not just during the holidays but year-round, we are using forward-looking statements. Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, tensions between China and Taiwan, financial and credit market fluctuations (including elevated interest rates), impacts from tariffs or other trade restrictions, inflation, and the potential for regional or global recessions; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cybersecurity and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, or if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors or by a critical system failure; our use of AI technologies that present regulatory, litigation, and reputational risks; risks related to the fact that our products must interoperate with operating systems, software applications and hardware that are developed by others;  outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns; our net losses in the past and the possibility that we may incur losses in the future; a slowdown in the growth of the cybersecurity and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; complications with the design or implementation of our new enterprise resource planning (“ERP”) system; our reliance on information technology systems; our ESG disclosures and initiatives; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    The MIL Network –

  • MIL-Evening Report: Albanese government announces $1.2 billion plan to purchase critical minerals

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    A re-elected Albanese government will take the unprecedented step of buying or obtaining options over key critical minerals to protect Australia’s national interest and boost its economic resilience.

    The move follows US President Donald Trump’s ordering a review into American reliance on imported processed critical minerals and Australia’s discussions with the United States about a possible agreement on these minerals as part of negotiations to get a better deal on US tariffs.

    Australia has major deposits of critical minerals and rare earths. But almost all the processing of critical minerals is done by China, which uses this as leverage in disputes with other countries. As part of its tariff dispute with the US, China this month suspended exports of a wide range of critical minerals and magnets.

    Critical minerals are vital in the production of many items, including defence equipment, batteries, electronics, fibre optic cables, electric vehicles, magnets and wind turbines.

    Prime Minister Anthony Albanese flagged recently that Australia would establish a critical minerals reserve and the government has now released details of its plan.

    The government investment in critical minerals would come through two new mechanisms:

    • national offtake agreements

    • selective stockpiling

    The government would acquire, through voluntary contracts, agreed volumes of critical minerals from commercial projects, or establish an option to purchase them at a given price.

    It would also establish a government stockpile of key minerals produced under offtake agreements.

    “The primary consideration for entering into offtake agreements will be securing priority critical minerals for strategic reasons,” the government said in a statement.

    Minerals held by the reserve would be made available to domestic industry and key international partners.

    This would cover a deal with the US, if that can be reached.

    “The Reserve will be focused on a subset of critical minerals that are most important for Australia’s national security and the security of our key partners, including rare earths,” the statement said.

    As its holdings matured, the reserve would generate cash-flow from sales of offtake on global markets and to key partners, the statement said.

    “The Strategic Reserve will also accumulate stockpiles of priority minerals when warranted by market conditions and strategic considerations, but it is anticipated that these will be modest and time-limited in most cases.”

    The government would make an initial investment of $1.2 billion in the reserve, including through a $1 billion increase in the existing Critical Minerals Facility. This would take the government’s investment in the facility to $5 billion.

    The facility, established in 2021, provides financing to selected projects that are aligned with the government’s critical minerals strategy.

    The government plans to consult with states and companies on the scope and design on the Strategic Reserve, which it would aim to have operating in the second half of next year.

    ALbanese said: “In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience.

    “The Strategic Reserve will mean the government has the power to purchase, own and sell critical minerals found here in Australia.

    “It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand.”

    Resources Minister Madeleine King said: “Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners.

    “While we will continue to supply the world with critical minerals, it’s also important that Australia has access to the critical minerals and rare earths we need for a Future Made in Australia.”

    Michelle Grattan 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. Albanese government announces $1.2 billion plan to purchase critical minerals – https://theconversation.com/albanese-government-announces-1-2-billion-plan-to-purchase-critical-minerals-254994

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Nations: Secretary-General’s Press Encounter on Climate

    Source: United Nations secretary general

    Ladies and gentlemen of the media, may I first express to the Government and people of Türkiye my full solidarity in this difficult moment. 

    President Lula of Brazil and I just concluded a unique meeting with a cross-section of world leaders focused on climate action and a just transition.

    The gathering included 17 participants at level of heads of state and government representing some of the world’s largest economies — including China and the European Union — and some of the world’s most climate vulnerable countries.

    We also had leaders currently chairing important regional partnerships — the African Union, ASEAN, and the Alliance of Small Island States and CARICOM, along with many others.   

    It was among the most diverse meetings of heads of state focused exclusively on climate in some time.

    Yet I heard a unifying message.

    Yes, our world faces massive headwinds and a multitude of crises.

    But we cannot allow climate commitments to be blown off course.

    We must keep building momentum for action at COP30 in Brazil — and today was an important part of that effort. 

    We don’t have a moment to lose.

    No region is being spared from the ravages of accelerating climate catastrophes.   

    And the crisis is deepening poverty, displacing communities, and fuelling conflict and instability.

    At the same time, countries are waking up to a clear fact: 

    Renewables are the economic opportunity of the century.

    Dissenters and fossil fuel interests may try to stand in the way.  

    But as we heard today, the world is moving forward.  Full-speed ahead.

    No group or government can stop the clean energy revolution.  

    Science is on our side — and economics have shifted.

    Prices for renewables have plummeted and the sector is booming — creating jobs and boosting competitiveness and growth worldwide.

    The pathway out of climate hell is paved by renewables.

    They offer the surest route to energy sovereignty and security, and ending dependence on volatile and expensive fossil fuel imports.

    We also know collective climate action works. 

    Since the adoption of the Paris Agreement, the projected global warming-curve has been bent down — from over four degrees of temperature rise within this century, to 2.6 degrees if current national climate action plans are fully implemented.

    But that is catastrophic so we must go further and faster. 

    Today, I urged leaders to take action on two fronts.  

    First — to step up efforts to submit the strongest possible national climate plans well ahead of COP30.

    And leaders today committed to put forward ambitious and robust plans as soon as possible what was a strong message of hope.  

    These new climate plans offer a unique opportunity to lay out a bold vision for a just green transition over the next decade.

    They should align with 1.5 degrees and set emissions-reduction targets that cover all greenhouse gases and the whole economy as several today mentioned clearly.

    Most importantly, they should help speed-up a just transition away from fossil fuels to renewables… 

    Link national energy and development strategies with climate goals…

    And signal to policymakers and investors alike a total commitment to achieving global net-zero carbon emissions by 2050.

    Second — as leaders turbocharge their own transitions, I urged them to scale-up support for developing countries.

    Those least responsible for climate change are suffering from its worst effects.

    Africa and other parts of the developing world are experiencing faster warming —and the Pacific islands are seeing faster sea-level rise — even while the global average itself is accelerating. 

    Meanwhile, despite being home to 60 per cent of the world’s best solar resources, Africa has only around 1.5 per cent of installed solar capacity – and receives just two per cent of global investment into renewables.

    We need to change this — fast.

    At COP30, leaders must deliver a credible roadmap to mobilize $1.3 trillion a year for developing countries by 2035.

    Developed countries must honour their promise to double adaptation finance to at least $40 billion a year, by this year.

    And we need significantly increased contributions and innovative sources of finance to support the Fund for responding to Loss and Damage.

    Across all these fronts, we will keep up the push — including at a special event in September in the final weeks to COP30.

    As today’s meeting made clear, we cannot, must not, and will not let up on climate action.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI Asia-Pac: MOFA response to false claims regarding Taiwan in joint statement between PRC and Vietnam

    Source: Republic of China Taiwan

    MOFA response to false claims regarding Taiwan in joint statement between PRC and Vietnam

    April 16, 2025 

    During a visit to Vietnam from April 14 to 15, Chinese leader Xi Jinping met with General Secretary of the Central Committee of the Communist Party of Vietnam To Lam. Following the meeting, the two sides issued a joint statement on continuing to deepen their comprehensive strategic cooperative partnership. Among other spurious content, the statement falsely claimed Taiwan to be an inseparable part of Chinese territory. The Ministry of Foreign Affairs (MOFA) solemnly condemns the authoritarian CCP government’s continued dissemination of false narratives aimed at undermining Taiwan’s sovereignty. 

    MOFA reaffirms that Taiwan remains staunchly committed to safeguarding its national sovereignty; that the Republic of China (Taiwan) is an independent, sovereign country; that neither the ROC (Taiwan) nor the People’s Republic of China is subordinate to the other; that the CCP regime has never governed Taiwan; and that no narratives distorting Taiwan’s sovereign status can change the internationally recognized status quo across the Taiwan Strait.

    MOFA stresses that Taiwan will continue to develop deep and enduring cooperation and exchanges with other countries through integrated diplomacy. It calls on nations worldwide to jointly counter China’s false narratives and not to condone China’s malicious attempts to mislead the international community and downgrade Taiwan’s sovereignty. MOFA also urges nations to work together to contribute to regional peace and stability and advance economic security and prosperity across the globe.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA response to Dutch House of Representatives passing four Taiwan-friendly motions

    Source: Republic of China Taiwan

    MOFA response to Dutch House of Representatives passing four Taiwan-friendly motions

    April 16, 2025  

    The House of Representatives of the Netherlands on April 15 adopted four Taiwan-friendly motions, urging the Dutch government to oppose China’s escalation of tensions, strengthen trade relations with Taiwan, send a high-level official delegation to Taiwan, and support Taiwan’s meaningful participation in the World Health Organization. The motions were proposed by House members from different parties, including Representative Jan Paternotte of Democrats 66, who is also cochair of the Inter-Parliamentary Alliance on China for the Netherlands. The Ministry of Foreign Affairs (MOFA) sincerely welcomes and appreciates the high level of consensus that Dutch parliamentarians have shown in their support for Taiwan.

    The Dutch House of Representatives simultaneously passed four motions calling on the Dutch government to take a number of concrete actions to support Taiwan. It encouraged the government to oppose China’s launch of large-scale military exercises around Taiwan; attach great importance to cross-strait peace and send another warship through the Taiwan Strait; assist Taiwan in responding to the United States’ tariff policy and enhance economic and trade exchanges with Taiwan; promote high-level official visits between Taiwan and the Netherlands; and explicitly voice support for Taiwan’s participation in the World Health Assembly and other events. These motions concern Taiwan’s core interests and are therefore of great significance.

    Minister of Foreign Affairs Lin Chia-lung recognizes that Taiwan and the Netherlands have forged an increasingly close relationship, that support for Taiwan in the Dutch parliament has grown steadily year after year, and that the Netherlands is an important partner in the promotion of President Lai Ching-te’s Five Trusted Industry Sectors. Taiwan looks forward to engaging in further cooperation with the Netherlands in such critical domains as strengthening resilience of the semiconductor supply chain, security control and information security, and next-generation communications.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA response to false claims regarding Taiwan in joint statement between PRC and Malaysia

    Source: Republic of China Taiwan

    MOFA response to false claims regarding Taiwan in joint statement between PRC and Malaysia

    April 17, 2025 

    Chinese leader Xi Jinping visited Malaysia from April 15 to 17. Following a meeting with Malaysian Prime Minister Anwar Ibrahim on April 16, the two sides issued a joint statement on building a high-level strategic community with a shared future. Among other spurious content, the statement falsely claimed that Taiwan was an inalienable part of Chinese territory. The Ministry of Foreign Affairs (MOFA) strongly condemns China for continuing to pressure other countries to issue false narratives aimed at undermining Taiwan’s sovereignty. It expresses deep regret over the content of the statement and related developments. 

    MOFA reaffirms that the Republic of China (Taiwan) is an independent, sovereign country and that neither the ROC (Taiwan) nor the People’s Republic of China is subordinate to the other. Taiwan remains staunchly committed to safeguarding its national sovereignty and will not concede to Chinese coercion. No claims by China that Taiwan is part of its territory can change the reality that Taiwan is a sovereign nation. 

    MOFA calls on nations worldwide to jointly counter China’s false narratives and not to condone China’s malicious attempts to mislead the international community. It hopes that nations will cherish their existing cooperative relations with Taiwan. Taiwan will continue to work with other countries through integrated diplomacy to advance global economic security and prosperity and contribute to regional peace and stability.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Foreign Minister Lin and Tuvaluan Deputy Prime Minister Nelesone witness signing of agreements on labor cooperation and seafarer training and certification

    Source: Republic of China Taiwan

    Foreign Minister Lin and Tuvaluan Deputy Prime Minister Nelesone witness signing of agreements on labor cooperation and seafarer training and certification

    Date：2025-04-16
    Data Source：Department of East Asian and Pacific Affairs

    April 16, 2025  
    No. 097  

    Minister of Foreign Affairs Lin Chia-lung met with a Tuvaluan delegation led by Deputy Prime Minister and Minister of Finance and Economic Development Panapasi Nelesone and his wife, Madame Corinna Laafai, at the Taipei Guest House on April 15. Together, they witnessed the signing of two bilateral agreements—one on labor cooperation and another on the recognition of training and certification of seafarers. These agreements, which were signed respectively by Minister of Labor Hung Sun-han and Minister of Transportation and Communications Chen Shih-kai for Taiwan and by Minister of Foreign Affairs, Labour and Trade Paulson Panapa for Tuvalu, aim to deepen bilateral exchanges and cooperation in such domains as labor affairs, fisheries, and seafarer certification. 

    Following the signing ceremony, Minister Lin hosted a banquet for the delegation at the Taipei Guest House. In his speech, he warmly welcomed them and thanked the government of Tuvalu for its long-standing and unwavering support of Taiwan’s international participation, including speaking up for Taiwan at major international events. Minister Lin expressed special appreciation to the Ministry of Labor (MOL) and the Ministry of Transportation and Communications (MOTC) for coordinating with the Ministry of Foreign Affairs (MOFA) to facilitate the signing of the two agreements. He indicated that they bolstered Taiwan-Tuvalu cooperation and marked the concrete implementation of the Diplomatic Allies Prosperity Project under the policy of integrated diplomacy. He also noted that they aligned with the concept of every ministry serving as a foreign ministry and every citizen as a diplomat. Minister Lin emphasized that MOFA had actively consolidated the diverse capabilities of government agencies and civil society, leveraging overall national strength to enhance cooperation between Taiwan and its diplomatic allies. Moving forward, he pledged to work hand in hand with the government of Tuvalu to expand exchanges across a variety of domains to promote economic prosperity and the well-being of the peoples of both countries. 

    Speaking at the banquet, Deputy Prime Minister Nelesone stated that in 46 years as diplomatic allies, Taiwan and Tuvalu had jointly responded to numerous challenges and created myriad opportunities for close cooperation in such areas as health care, agriculture, education, and basic infrastructure. He affirmed that the two nations had built a diplomatic alliance founded on freedom and democracy, adding that they shared strong bonds and were like family. On behalf of the government and people of Tuvalu, he sincerely thanked Taiwan for its long-term support of his nation’s development and reaffirmed Tuvalu’s staunch commitment to backing Taiwan’s international participation. He expressed the hope that both countries would continue working together to advance their diplomatic partnership, setting an example for the world.

    Guests at the banquet included Deputy Minister of Health and Welfare Lin Ching-yi; Acting Director General of the MOL Workforce Development Agency Chen Shih-chang; Deputy Director General of the Ministry of Agriculture Fisheries Agency Lin Ding-rong; Director General of the MOTC Maritime and Port Bureau Yeh Hsieh-lung; Secretary General of the International Cooperation and Development Fund Huang Yu-lin; and representatives from the business sector. Participants exchanged views on a wide range of issues, including health care, climate change adaptation, and agricultural and fisheries cooperation. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA thanks Saint Christopher and Nevis National Assembly for passing resolution endorsing Taiwan’s participation in international organizations

    Source: Republic of China Taiwan

    MOFA thanks Saint Christopher and Nevis National Assembly for passing resolution endorsing Taiwan’s participation in international organizations

    Date：2025-04-18
    Data Source：Department of Latin American and Caribbean Affairs

    April 18, 2025  
    No. 101  

    The National Assembly of Saint Christopher and Nevis on April 17 adopted a resolution proposed by Prime Minister Terrance Drew that endorsed Taiwan’s participation in the United Nations, the World Health Organization, the United Nations Framework Convention on Climate Change, the International Criminal Police Organization, and the International Civil Aviation Organization. The Ministry of Foreign Affairs (MOFA) sincerely appreciates the staunch and unwavering support and friendship that parliamentarians from governing and opposition parties of Saint Christopher and Nevis have shown toward Taiwan through concrete action. 
     
    The resolution pointed out that Saint Christopher and Nevis parliamentarians, as members of the Formosa Club, cherished their country’s diplomatic ties with Taiwan. It stated that over the years the two nations had built a robust friendship based on shared values of democracy, human rights, and the rule of law. The resolution lauded Taiwan for its contributions to global public health and recognized Taiwan’s efforts and actions in such fields as renewable energy, climate change adaptation, disaster warning systems, the fight against transnational crime, and the development of international civil aviation. It urged all sectors to support Taiwan’s professional, pragmatic, and constructive participation in the United Nations and other international organizations. 
     
    This marks the third consecutive year that the National Assembly of Saint Christopher and Nevis has passed a Taiwan-friendly resolution, underscoring the close and friendly diplomatic alliance between the two countries. Taiwan will continue to work with Saint Christopher and Nevis and other allies and like-minded nations to make even greater contributions to peace, security, and sustainable development across the globe. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA response to false claims regarding Taiwan in joint statement between PRC and Cambodia

    Source: Republic of China Taiwan

    MOFA response to false claims regarding Taiwan in joint statement between PRC and Cambodia

    Date：2025-04-19
    Data Source：Department of East Asian and Pacific Affairs

    April 19, 2025  

    Chinese leader Xi Jinping met with Cambodian Prime Minister Hun Manet during a visit to Cambodia from April 17 to 18. The two sides issued a joint statement on April 18 falsely claiming that the authority of United Nations General Assembly Resolution 2758 “brooks no question or challenge.” It also said that Cambodia “recognizes that there is but one China in the world and emphasizes that the government of the People’s Republic of China is the sole legal government representing the whole of China, and Taiwan is an inalienable part of China’s territory.” These statements could not be further from the truth.
     
    The Ministry of Foreign Affairs (MOFA) solemnly protests and condemns the Chinese government’s repeated dissemination of preposterous narratives aimed at undermining Taiwan’s sovereignty. It also expresses deep regret over the Cambodian government’s subservience to China, whose actions are designed to downgrade Taiwan’s sovereignty. 
     
    MOFA emphasizes that UNGA Resolution 2758 merely established China’s representation in the United Nations. It makes absolutely no mention of Taiwan, nor does it authorize the PRC to represent Taiwan in any international organization.
                                 
    MOFA reaffirms that the Republic of China (Taiwan) is an independent, sovereign country; that neither the ROC (Taiwan) nor the PRC is subordinate to the other; and that the Chinese communist regime has never governed Taiwan. It also reiterates that narratives aimed at distorting Taiwan’s sovereign status run contrary to reality and cannot change the internationally recognized status quo across the Taiwan Strait. MOFA strongly denounces the Chinese government for repeatedly claiming that Taiwan is an internal issue at international events and attempting to downgrade Taiwan’s sovereignty. 
     
    MOFA calls on the global community to be aware of China’s efforts to use lawfare to misrepresent UNGA Resolution 2758, mischaracterize Taiwan as an internal matter, and block international support for Taiwan. MOFA urges nations worldwide to continue to take concrete action to counter and explicitly oppose China’s relentless misrepresentation of the resolution and China’s malicious endeavors to change the cross-strait status quo, thereby jointly safeguarding peace, stability, and prosperity across the Taiwan Strait and the Indo-Pacific region.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA welcomes pragmatic step by the Philippine government to promote closer bilateral interactions

    Source: Republic of China Taiwan

    MOFA welcomes pragmatic step by the Philippine government to promote closer bilateral interactions

    Date：2025-04-21
    Data Source：Department of East Asian and Pacific Affairs

    April 21, 2025  
    No. 108  

    The government of the Philippines issued Memorandum Circular No. 82 on April 21. The document, signed by Executive Secretary Lucas Bersamin, declared that the Philippine government would relax certain restrictions on interactions with Taiwan to promote economic, trade, and investment relations between the two countries. 

    Minister of Foreign Affairs Lin Chia-lung affirms the Philippine government’s pragmatic step to promote bilateral relations, expressing his belief that new regulations will help Taiwan continue to deepen substantive cooperation with the Philippines under the policy of integrated diplomacy.

    The Ministry of Foreign Affairs stresses that Taiwan is the Philippines’ eighth-largest export market, ninth-largest trading partner, and 10th-largest source of imports. As Philippine President Ferdinand Marcos Jr. has emphasized repeatedly, peace and stability across the Taiwan Strait are a priority, while peace, security, and stability are the concern of all nations. Moving forward, Taiwan will continue to work with democratic allies such as the Philippines to jointly contribute to regional prosperity, peace, and stability. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA sincerely thanks Saint Christopher and Nevis government for supporting peace and stability across Taiwan Strait

    Source: Republic of China Taiwan

    MOFA sincerely thanks Saint Christopher and Nevis government for supporting peace and stability across Taiwan Strait

    Date：2025-04-21
    Data Source：Department of Latin American and Caribbean Affairs

    April 21, 2025  
    No. 106  

    In a statement published on April 18, the government of Saint Christopher and Nevis said it observed with profound and growing concern the recent escalation of tensions in the Taiwan Strait. It said it held the conviction that all societies, regardless of size or geopolitical influence, should be allowed to advance their development without fear of aggression, intimidation, or the threat of conflict. In addition, it emphasized the need for constructive diplomacy to ensure lasting peace and security across the Taiwan Strait. 
     
    The Ministry of Foreign Affairs (MOFA) extends its sincere gratitude to the government of Saint Christopher and Nevis for taking concrete action to convey staunch support for peace and stability across the Taiwan Strait.
     
    This statement by the government of Saint Christopher and Nevis, which follows the adoption of a resolution by the country’s National Assembly on April 17 endorsing Taiwan’s international participation, fully demonstrates the close and cordial diplomatic bond between Taiwan and Saint Christopher and Nevis. As a responsible member of the international community, Taiwan will continue to work with the global democratic camp to jointly safeguard stable and prosperous development globally and throughout the Asia-Pacific region. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MOFA expresses condolences at passing of Pope Francis

    Source: Republic of China Taiwan

    MOFA expresses condolences at passing of Pope Francis

    Date：2025-04-21
    Data Source：Department of European Affairs

    April 21, 2025  
    No. 105

    Following the announcement by the Press Office of the Holy See of the passing of His Holiness Pope Francis on April 21, President Lai Ching-te immediately instructed the Embassy of the Republic of China (Taiwan) to the Holy See to transmit a message of condolences expressing the profound sympathies of the people and government of Taiwan. 
     
    In addition, Minister of Foreign Affairs Lin Chia-lung immediately conveyed Taiwan’s condolences to Reverend Monsignor Stefano Mazzotti, Chargé d’Affaires a.i. of the Apostolic Nunciature in Taiwan. The Ministry of Foreign Affairs (MOFA) also expressed its condolences to Bishop John Lee Keh-Mien, President of the Chinese Regional Bishops’ Conference of Taiwan. Given the profound diplomatic bond between Taiwan and the Holy See and in order to extend the deepest sympathies of the Taiwanese people, Taiwan’s Catholic parishioners, and the government of Taiwan, high-level officials will be dispatched to serve as special envoys in attending Pope Francis’s funeral, while senior government officials will also attend a memorial mass convened by the Apostolic Nunciature in Taiwan.
     
    During his pontificate from 2013 to 2025, Pope Francis voiced sympathy for those injured during the major earthquake that struck Hualien and prayed for the victims of the disaster. He cared deeply for the Catholic Church in Taiwan and appointed several bishops of ROC (Taiwan) nationality. In addition to receiving a number of special presidential envoys who visited the Holy See to attend important ceremonial events, Pope Francis also maintained cordial interactions and exchanges with interfaith groups in Taiwan. His humility and concern for all humanity, and especially his active calls for world peace, will remain forever in the hearts of the people and government of Taiwan. In this moment of sorrow, the Taiwanese people, Taiwan’s Catholic parishioners, and the government of Taiwan grieve together.
     
    Moving forward, Taiwan will continue to promote cooperation with the Holy See and the Catholic Church in the field of humanitarian care. It will do its utmost to advance world peace and demonstrate the democratic values of humankind, further deepening its long-standing diplomatic partnership with the Holy See based on common ideals. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Could Trump be leading the world into recession?

    Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London

    Carolyn Franks/Shutterstock

    Growth forecasts for the US and other advanced economies have been sharply downgraded by the International Monetary Fund (IMF) in the wake of dramatic swings in US president Donald Trump’s economic policy. But could the uncertainty and the turmoil in financial markets eventually be enough to push the world into a recession?

    The IMF says that global growth has already been hit by the decline in business and consumer confidence as “major policy shifts” by the US unfold. These are leading to less spending and less investment.

    It also predicts further damage from the disruption in global supply chains and inflation caused by tariff increases.

    But while the IMF forecasts a sharp reduction in world economic growth in 2025 and 2026, it is not projecting a recession – for now. However, it says the chances of a global recession have risen sharply from 17% to 30%. And there is now a 40% chance of a recession in the US.

    The head of the IMF, Kristalina Georgieva, has blamed the slowdown on the ongoing “reboot of the global trading system” by the US. She said this is leading to downgrades in growth estimates, while volatility in financial markets is “up” and trade policy uncertainty is “literally off the charts”.

    As part of the IMF forecasts, growth projections for the world’s richest countries in 2025 have been sharply reduced. In the US it is down 0.5% to just 1.8%, while growth in the euro area is projected to be just 0.8%. Japan will be growing by even less at 0.6%. Germany – the EU’s largest economy – is projected to have no growth at all.

    And for the UK, growth has been cut by 0.5%, to a very weak 1.1%, which is in line with forecasts from March. This is well below the 2% projected at the time of the last budget in the autumn. And despite the adjustments made in the UK’s spring statement, the downgrade is likely to mean more tax increases, spending cuts, or both.

    Some developing countries are doing much better, with India projected to have one of the highest annual GDP growth rates at 6.2% in 2025. Meanwhile, China’s growth forecast has been cut sharply due to the effect of US tariffs. It is now projected by the IMF to be down by 1.3% to just 4%.

    Other poorer developing countries will also be negatively affected, but most will continue to grow at a faster pace than major industrial nations.

    What the forecast underscores is that the era of rapid globalisation, spurred by trade and integration of financial markets, seems to be coming to an end.

    Its rapid spread since the 1950s, which accelerated in the 1980s, led to a huge expansion of the world economy. But it created winners and losers, both between nations and within them.

    The Trump administration’s answer to this is massive tariff increases
    hitting countries that stand accused of “ripping off America”. The tariffs have several contradictory objectives, including raising money pay for tax cuts; acting as a bargaining chip to open foreign markets to American goods; and encouraging manufacturers to relocate to the US.

    Trump has swung between these objectives, and backed down when market reaction became too fierce. These swings have destabilised trade and investment, as well as business and consumer confidence.



    Read more:
    Trump has shown he will backtrack on tariffs. What does that say about how to wage a trade war?

    Tariffs do not change the fact that many countries can produce the goods Americans want, more cheaply and often more efficiently. And the looming trade war could mean US exporters are hit with retaliatory tariffs, making it even harder to sell American goods abroad.

    The inflationary effect of tariffs – raising the price of imported goods – could reverse the recent successes of central banks in taming inflation. It could even force them to raise interest rates – something Trump is fiercely against.

    A more immediate effect of Trump’s erratic policy-making has been turmoil in financial markets. The US stock market has fallen sharply since Trump announced his tariff plan, currently down by nearly 15% (a loss of more than US$4 trillion (£2.99 trillion) for shareholders).

    This matters for the US economy, as most Americans depend on their stock market holdings to pay for their defined-contribution pensions. But even more worrying is the effect on the US Treasury bond market, which has been a safe haven in times of trouble. Foreign investors are now shunning US bonds, driving up interest rates for US government debt and unsettling financial institutions.

    Added to the problem is the sharp drop in the value of the US dollar. Trump says he wants a weaker dollar, presumably to make US exports cheaper. But it also raises the price of imported goods and could fuel inflation. Ultimately, it could threaten the role of the US dollar as the world’s reserve currency.

    Potentially, big swings in normally steady financial markets can presage some of the same wobbles that led to the global financial crisis of 2008. That crisis threatened the solvency of the global financial system – although we have not reached that point yet.

    Winners and losers

    So what is the most likely outcome of the trade war, and the loss of a single hegemonic economic power? One example is what happened when Britain lost its dominant role in manufacturing and finance after the first world war.

    Attempts at rebuilding a global economic order failed, and other major countries (led by Germany and the US) reverted to autarky, stepping back from the international trading system and worsening the Depression of the 1930s.

    Just as Trump is trying to do, countries reverted to competitive devaluations. Each tried to make its exports cheaper than those of its rivals, ultimately to no avail. The world was divided into rival trading blocs, and it is conceivable that the US, the EU and China could form three such blocs in future.

    The last financial crisis, in 2008, was mitigated by prompt and cooperative action
    by central banks and governments. They injected trillions to stabilise the financial sector, but even now the damaging effects of this crisis on national growth rates is plain to see.

    The IMF has made it clear that it is not just the detail of the tariffs, but erratic US economic policy, that is the main culprit for the potential recession. The rising cost of servicing US debt as investors lose confidence is also raising the cost of the large public debts of other advanced economies, including the UK. This puts more pressure on public spending.

    Let’s hope that whatever the turmoil, we will not be repeating the mistakes of the past.

    Steve Schifferes 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. Could Trump be leading the world into recession? – https://theconversation.com/could-trump-be-leading-the-world-into-recession-255081

    MIL OSI – Global Reports –

  • MIL-OSI China: China steps up management of ozone-depleting substances, HFCs to tackle climate change

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

    China steps up management of ozone-depleting substances, HFCs to tackle climate change

    BEIJING, April 23 — China has unveiled a plan to comprehensively strengthen its management of ozone-depleting substances and hydrofluorocarbons (HFCs) in order to address ozone layer depletion and climate change, the Ministry of Ecology and Environment announced on Wednesday.

    According to the national implementation plan on fulfilling the Montreal Protocol on Substances that Deplete the Ozone Layer during the 2025-2030 period, China will regulate nine categories of substances, including HFCs. Notably, eight categories are ozone-depleting substances, while HFCs do not harm the ozone layer but are potent synthetic greenhouse gases that have the potential to contribute to global warming.

    The plan puts forward 11 specific tasks in the areas of source control, process management, end-of-pipe treatment, and import and export regulation.

    For example, to strengthen management of the use of controlled substances, the production of refrigerators and freezers using HFCs as refrigerants will be banned in China’s home appliance sector starting Jan. 1, 2026.

    Since joining the Montreal Protocol on Substances that Deplete the Ozone Layer in 1991, China has faithfully fulfilled its international obligations, phasing out about 628,000 tonnes of ozone-depleting substances, accounting for more than half of the total phased out by developing countries, the ministry revealed.

    MIL OSI China News –

  • MIL-Evening Report: Albanese government announces $1.2 billion in plan to purchase critical minerals

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    A re-elected Albanese government will take the unprecedented step of buying or obtaining options over key critical minerals to protect Australia’s national interest and boost its economic resilience.

    The move follows US President Donald Trump’s ordering a review into American reliance on imported processed critical minerals and Australia’s discussions with the United States about a possible agreement on these minerals as part of negotiations to get a better deal on US tariffs.

    Australia has major deposits of critical minerals and rare earths. But almost all the processing of critical minerals is done by China, which uses this as leverage in disputes with other countries. As part of its tariff dispute with the US, China this month suspended exports of a wide range of critical minerals and magnets.

    Critical minerals are vital in the production of many items, including defence equipment, batteries, electronics, fibre optic cables, electric vehicles, magnets and wind turbines.

    Prime Minister Anthony Albanese flagged recently that Australia would establish a critical minerals reserve and the government has now released details of its plan.

    The government investment in critical minerals would come through two new mechanisms:

    • national offtake agreements

    • selective stockpiling

    The government would acquire, through voluntary contracts, agreed volumes of critical minerals from commercial projects, or establish an option to purchase them at a given price.

    It would also establish a government stockpile of key minerals produced under offtake agreements.

    “The primary consideration for entering into offtake agreements will be securing priority critical minerals for strategic reasons,” the government said in a statement.

    Minerals held by the reserve would be made available to domestic industry and key international partners.

    This would cover a deal with the US, if that can be reached.

    “The Reserve will be focused on a subset of critical minerals that are most important for Australia’s national security and the security of our key partners, including rare earths,” the statement said.

    As its holdings matured, the reserve would generate cash-flow from sales of offtake on global markets and to key partners, the statement said.

    “The Strategic Reserve will also accumulate stockpiles of priority minerals when warranted by market conditions and strategic considerations, but it is anticipated that these will be modest and time-limited in most cases.”

    The government would make an initial investment of $1.2 billion in the reserve, including through a $1 billion increase in the existing Critical Minerals Facility. This would take the government’s investment in the facility to $5 billion.

    The facility, established in 2021, provides financing to selected projects that are aligned with the government’s critical minerals strategy.

    The government plans to consult with states and companies on the scope and design on the Strategic Reserve, which it would aim to have operating in the second half of next year.

    ALbanese said: “In a time of global uncertainty, Australia will be stronger and safer by developing our critical national assets to create economic opportunity and resilience.

    “The Strategic Reserve will mean the government has the power to purchase, own and sell critical minerals found here in Australia.

    “It will mean we can deal with trade and market disruptions from a position of strength. Because Australia will be able to call on an internationally-significant quantity of resources in global demand.”

    Resources Minister Madeleine King said: “Critical minerals and rare earths and essential not only to reducing emissions but also for our security and the security of our key partners.

    “While we will continue to supply the world with critical minerals, it’s also important that Australia has access to the critical minerals and rare earths we need for a Future Made in Australia.”

    Michelle Grattan 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. Albanese government announces $1.2 billion in plan to purchase critical minerals – https://theconversation.com/albanese-government-announces-1-2-billion-in-plan-to-purchase-critical-minerals-254994

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Global: Harvard is suing the White House: here’s what Trump hopes to achieve by targeting universities

    Source: The Conversation – UK – By Thomas Gift, Associate Professor and Director of the Centre on US Politics, UCL

    A few days ago, in a move that attracted international attention, the White House threatened to strip Harvard University of US$2 billion (£1.5 billion) in federal funding, potentially revoke its tax-exempt status and even prevent it from enrolling international students if it didn’t capitulate to a new list of demands.

    The five-page ultimatum reads like a political ransom note. It calls on Harvard to make major “governance reform” including enforcing “viewpoint diversity” in admissions and hiring, squashing diversity, equity and inclusion (DEI) initiatives, and more screening of foreign student applicants for their beliefs and reporting those who commit “conduct violations” to authorities.

    Now, the White House says it was all a big misunderstanding – that the letter was “unauthorized” and that it was Harvard’s fault for not recognising the mistake. Instead of “pick[ing] up the phone … Harvard went on a victimhood campaign,” said a senior policy strategist for Trump in the New York Times. Never mind, as Harvard noted, that the letter was signed by three federal officials and printed on official letterhead.

    But the war between the White House and Harvard is far from over. Trump is likely to be in it for the long game and have many more plays to make.

    On Monday, Harvard announced it was suing the Trump administration for its prior threat to axe the school’s funding – a move Harvard said would have “severe and long-lasting” effects.

    Harvard’s huge US$50 billion endowment gives it the ability to absorb federal spending cuts in a way that even other wealthy US universities can’t. Yet the university’s leadership still says that it would need to make draconian slashes to its research and student programming if federal cuts happened.

    “We are going to choke off the money to schools that aid the Marxist assault on our American heritage and on Western civilization itself,” Trump has previously stated, hinting at his wider project to wield power over universities and significantly change the way they operate.

    Part of a bigger plan

    It’s not just Harvard that’s facing the heat — although as the nation’s most prestigious and high-profile university, its decisions will set the tone for the rest of the sector. More than 40 universities across the US are under investigation by the Trump administration, including for alleged illicit actions by DEI offices and charges of tolerating anti-semitism.

    Another Ivy League university, Columbia in New York, for example, has caved to Trump’s demands as a precondition for restoring US$400 million in federal grants, with one group alleging that the cuts constitute an existential “gun to the head”. Johns Hopkins University, in Maryland, has seen at least US$800 million in federal spending cut, forcing the school to slash more than 2,000 jobs.

    J.D. Vance outlines his views on US universities.

    It’s hard to overstate the backlash. Princeton president Christopher Eisgruber has called Trump’s latest moves “the greatest threat to American universities since the Red Scare of the 1950s”. Political analyst Fareed Zakaria believes that the Trump White House is waging a version of Mao Zedong’s Cultural Revolution, when the Chinese leader took control of China’s leading universities.

    “No government — regardless of which party is in power — should dictate what private universities can teach, whom they can admit and hire, and which areas of study and inquiry they can pursue,” said Harvard president Alan Garber.

    Trump’s attacks on universities follow a blueprint: identify institutions seen as elite, liberal and out of touch, and undercut their legitimacy relentlessly.

    The current crackdown fits a broader pattern, which includes the dismantling of the US Agency for International Development, seen as a soft target when many Americans think the country spends too much on foreign aid, and swipes at some of the nation’s top law firms, cast by Trump as part of an out-of-control, “rigged” legal system.

    Perhaps the only question is why the Trump administration didn’t come after universities sooner. As CNN’s Stephen Collinson has noted: “Harvard University is such a perfect foil for Trumpism that it’s a wonder it avoided the MAGA maelstrom for so long.”

    Recent campus unrest and rising concerns over anti-semitism — spotlighted by a trio of controversial congressional testimonies by the presidents of Harvard, MIT, and the University of Pennsylvania in 2023 — have provided a convenient political opening for Maga crusaders. However, Trump’s latest tirade almost certainly has less to do with principle than political opportunity.

    Recent polling from Gallup shows that trust in higher education has plummeted since roughly the first time Trump ran for president. In 2015, 57% of Americans possessed “a great deal” or “quite a lot” of confidence in higher education. Today, that number is just 36%. For Republicans, those numbers have dropped even more sharply, from 56% to 20%.

    There’s plenty of speculation about what’s driving these figures, but most are inextricably linked to partisan politics. Harvard Law School’s Jack Goldsmith and Adrian Vermeuele say that elite colleges have made it easy for conservatives to dislike them, and should reflect on why.

    Critiques of academia include accusations that faculties and student bodies tilt far to the left. At Harvard, for example, just 3% of professors identify as conservative, and 13% of recent graduates.

    These charges coincide with allegations of illiberal student “mobs” who shout down and heckle speakers and refuse to allow dissenting opinions. According to the Foundation for Individual Rights and Expression, for instance, Harvard is at the bottom of the table – scoring zero out of 100 – in its annual college free speech ranking.

    Adding to the controversy are claims that DEI offices have gone “too far” in inculcating a “oppressor-oppressed” mentality on campuses. The Trump administration views universities as ground-zero of the broader DEI trend that proliferated in the public and private sector during the Biden years.

    Declining trust in universities has doubtlessly been exacerbated by Maga rhetoric. Before being elected, Vice-President J.D. Vance announced that “the professors are the enemy”. Marc Lampkin, a longtime Republican strategist, said that “Republicans believe that … universities are the training ground for left, progressive camps”.

    That Harvard sits on a US$50 billion endowment, even as it takes advantage of tax benefits as a nonprofit, strikes many in the Trump camp as unfair.

    The clash between Harvard and the White House is laying the groundwork for a high-stakes showdown, pitting academia’s defenders against the Magaverse. Yet it’s possible to believe two things at once: that universities do suffer from some, even many, of the ailments that Trump has alleged; and that Trump’s onslaught against higher education is strategically misguided, politically motivated and aimed at putting universities under the president’s thumb.

    Thomas Gift teaches an annual course in the Harvard Summer School, and worked full-time at the Harvard Kennedy School in 2015-16.

    – ref. Harvard is suing the White House: here’s what Trump hopes to achieve by targeting universities – https://theconversation.com/harvard-is-suing-the-white-house-heres-what-trump-hopes-to-achieve-by-targeting-universities-254850

    MIL OSI – Global Reports –

  • MIL-OSI: Volta Finance Limited – Net Asset Value(s) as at 31 March 2025

    Source: GlobeNewswire (MIL-OSI)

    Volta Finance Limited (VTA / VTAS)
    March 2025 monthly report

    NOT FOR RELEASE, DISTRIBUTION, OR PUBLICATION, IN WHOLE OR PART, IN OR INTO THE UNITED STATES

    Guernsey, April 23rd, 2025

    AXA IM has published the Volta Finance Limited (the “Company” or “Volta Finance” or “Volta”) monthly report for March 2025. The full report is attached to this release and will be available on Volta’s website shortly (www.voltafinance.com).

    Performance and Portfolio Activity

    Dear Investors,

    Volta Finance’s net performance for the month of March was negative -2.9%, taking the Aug 2024-to-date performance at +9.7%. Both our investments in CLO Debt and CLO Equity were impacted by the broader volatility and risk repricing across global markets. In line with its dividend policy, Volta declared a 15.5c quarterly dividend through the month.

    CLO markets exhibited classic cyclical patterns characterized by spread tightening in January followed by some widening towards the end of the Quarter. However, market movements in March extended beyond typical seasonal dynamics as geopolitical tensions and uncertainties surrounding President Trump’s trade policies had a significant impact. The announcement of tariffs targeting Canada, Mexico and increased levies on China in February shook Equity markets across the globe and triggered a general repricing of risk. March saw additional tariff threats hinting towards a total revamp of US trade agreements in the making. Major Equity indices sold off, with pressures on technology, automotive and consumer discretionary sectors notably. These announcements overshadowed positive news on the inflation front (cooling PCE), while the Fed maintained its key rate on March 19. Lower GDP growth projections were on everybody’s mind, while markets were left in limbo ahead of the tariff announcements of the US administration due to take place on April 2nd.

    It was no surprise to see Credit markets repricing in March as well: the European High Yield index (Xover) closed around 40bps wider at 328bps. In the loan market, Euro Loans dropped c. 1pt to about 97.80px (Morningstar European Leveraged Loan Index) while US Loans felt by 85cts down to 96.30px. The primary CLO market remained active as many transactions were executed, although levels moved wider across the capital structure, notably BBs towards +600bps (from +475bps context). In terms of performance, BBs had a total return of -1.5%, US High Yield returned -1.07% and Euro High Yield were down by -1%.

    Looking at Volta Finance’s cashflow, the portfolio generated c. €28m equivalent of interests and coupons over the last six months, representing c.21% of February’s NAV on an annualized basis. Over the month, Volta’s CLO Equity tranches returned -4.3%** while CLO Debt tranches returned -0.5% performance**, cash representing c. 10% of the NAV.

    Volta is around 21% exposed to USD, the March currency moves having a meaningful impact on the overall funds’ performance (-0.94%).

    As of end of March 2025, Volta’s NAV was €269.6m, i.e. €7.37 per share.

    *It should be noted that approximately 0.29% of Volta’s GAV comprises investments for which the relevant NAVs as at the month-end date are normally available only after Volta’s NAV has already been published. Volta’s policy is to publish its NAV on as timely a basis as possible to provide shareholders with Volta’s appropriately up-to-date NAV information. Consequently, such investments are valued using the most recently available NAV for each fund or quoted price for such subordinated notes. The most recently available fund NAV or quoted price was 0.18% as at 28 February 2025, 0.11% as at 30 September 2024.

    ** “performances” of asset classes are calculated as the Dietz-performance of the assets in each bucket, taking into account the Mark-to-Market of the assets at period ends, payments received from the assets over the period, and ignoring changes in cross-currency rates. Nevertheless, some residual currency effects could impact the aggregate value of the portfolio when aggregating each bucket.

    CONTACTS

    For the Investment Manager
    AXA Investment Managers Paris
    François Touati
    francois.touati@axa-im.com
    +33 (0) 1 44 45 80 22

    Olivier Pons
    Olivier.pons@axa-im.com
    +33 (0) 1 44 45 87 30

    Company Secretary and Administrator
    BNP Paribas S.A, Guernsey Branch
    guernsey.bp2s.volta.cosec@bnpparibas.com 
    +44 (0) 1481 750 853

    Corporate Broker
    Cavendish Securities plc
    Andrew Worne
    Daniel Balabanoff
    +44 (0) 20 7397 8900

    *****
    ABOUT VOLTA FINANCE LIMITED

    Volta Finance Limited is incorporated in Guernsey under The Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange’s Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

    Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

    *****

    ABOUT AXA INVESTMENT MANAGERS
    AXA Investment Managers (AXA IM) is a multi-expert asset management company within the AXA Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with 2,800 professionals and €859 billion in assets under management as of the end of June 2024.  

    *****

    This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the “Volta Finance”) whose portfolio is managed by AXA IM.

    This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

    *****

    This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

    *****
    This press release contains statements that are, or may deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “believes”, “anticipated”, “expects”, “intends”, “is/are expected”, “may”, “will” or “should”. They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance’s investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance’s actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

    Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

    The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

    The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

    Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide – 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

    *****

    Attachment

    The MIL Network –

  • MIL-OSI China: MOFA response to false claims regarding Taiwan in joint statement between PRC and Vietnam

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    MOFA response to false claims regarding Taiwan in joint statement between PRC and Vietnam

    • Date：2025-04-16
    • Data Source：Department of East Asian and Pacific Affairs

    April 16, 2025 

    During a visit to Vietnam from April 14 to 15, Chinese leader Xi Jinping met with General Secretary of the Central Committee of the Communist Party of Vietnam To Lam. Following the meeting, the two sides issued a joint statement on continuing to deepen their comprehensive strategic cooperative partnership. Among other spurious content, the statement falsely claimed Taiwan to be an inseparable part of Chinese territory. The Ministry of Foreign Affairs (MOFA) solemnly condemns the authoritarian CCP government’s continued dissemination of false narratives aimed at undermining Taiwan’s sovereignty. 

    MOFA reaffirms that Taiwan remains staunchly committed to safeguarding its national sovereignty; that the Republic of China (Taiwan) is an independent, sovereign country; that neither the ROC (Taiwan) nor the People’s Republic of China is subordinate to the other; that the CCP regime has never governed Taiwan; and that no narratives distorting Taiwan’s sovereign status can change the internationally recognized status quo across the Taiwan Strait.

    MOFA stresses that Taiwan will continue to develop deep and enduring cooperation and exchanges with other countries through integrated diplomacy. It calls on nations worldwide to jointly counter China’s false narratives and not to condone China’s malicious attempts to mislead the international community and downgrade Taiwan’s sovereignty. MOFA also urges nations to work together to contribute to regional peace and stability and advance economic security and prosperity across the globe.

    MIL OSI China News –

  • MIL-OSI China: Foreign Minister Lin and Tuvaluan Deputy Prime Minister Nelesone witness signing of agreements on labor cooperation and seafarer training and certification

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    Foreign Minister Lin and Tuvaluan Deputy Prime Minister Nelesone witness signing of agreements on labor cooperation and seafarer training and certification

    • Date：2025-04-16
    • Data Source：Department of East Asian and Pacific Affairs

    April 16, 2025  

    No. 097  

    Minister of Foreign Affairs Lin Chia-lung met with a Tuvaluan delegation led by Deputy Prime Minister and Minister of Finance and Economic Development Panapasi Nelesone and his wife, Madame Corinna Laafai, at the Taipei Guest House on April 15. Together, they witnessed the signing of two bilateral agreements—one on labor cooperation and another on the recognition of training and certification of seafarers. These agreements, which were signed respectively by Minister of Labor Hung Sun-han and Minister of Transportation and Communications Chen Shih-kai for Taiwan and by Minister of Foreign Affairs, Labour and Trade Paulson Panapa for Tuvalu, aim to deepen bilateral exchanges and cooperation in such domains as labor affairs, fisheries, and seafarer certification. 

    Following the signing ceremony, Minister Lin hosted a banquet for the delegation at the Taipei Guest House. In his speech, he warmly welcomed them and thanked the government of Tuvalu for its long-standing and unwavering support of Taiwan’s international participation, including speaking up for Taiwan at major international events. Minister Lin expressed special appreciation to the Ministry of Labor (MOL) and the Ministry of Transportation and Communications (MOTC) for coordinating with the Ministry of Foreign Affairs (MOFA) to facilitate the signing of the two agreements. He indicated that they bolstered Taiwan-Tuvalu cooperation and marked the concrete implementation of the Diplomatic Allies Prosperity Project under the policy of integrated diplomacy. He also noted that they aligned with the concept of every ministry serving as a foreign ministry and every citizen as a diplomat. Minister Lin emphasized that MOFA had actively consolidated the diverse capabilities of government agencies and civil society, leveraging overall national strength to enhance cooperation between Taiwan and its diplomatic allies. Moving forward, he pledged to work hand in hand with the government of Tuvalu to expand exchanges across a variety of domains to promote economic prosperity and the well-being of the peoples of both countries. 

    Speaking at the banquet, Deputy Prime Minister Nelesone stated that in 46 years as diplomatic allies, Taiwan and Tuvalu had jointly responded to numerous challenges and created myriad opportunities for close cooperation in such areas as health care, agriculture, education, and basic infrastructure. He affirmed that the two nations had built a diplomatic alliance founded on freedom and democracy, adding that they shared strong bonds and were like family. On behalf of the government and people of Tuvalu, he sincerely thanked Taiwan for its long-term support of his nation’s development and reaffirmed Tuvalu’s staunch commitment to backing Taiwan’s international participation. He expressed the hope that both countries would continue working together to advance their diplomatic partnership, setting an example for the world.

    Guests at the banquet included Deputy Minister of Health and Welfare Lin Ching-yi; Acting Director General of the MOL Workforce Development Agency Chen Shih-chang; Deputy Director General of the Ministry of Agriculture Fisheries Agency Lin Ding-rong; Director General of the MOTC Maritime and Port Bureau Yeh Hsieh-lung; Secretary General of the International Cooperation and Development Fund Huang Yu-lin; and representatives from the business sector. Participants exchanged views on a wide range of issues, including health care, climate change adaptation, and agricultural and fisheries cooperation. (E)

    MIL OSI China News –

  • MIL-OSI China: MOFA response to Dutch House of Representatives passing four Taiwan-friendly motions

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    MOFA response to Dutch House of Representatives passing four Taiwan-friendly motions

    • Date：2025-04-16
    • Data Source：Department of European Affairs

    April 16, 2025  

    The House of Representatives of the Netherlands on April 15 adopted four Taiwan-friendly motions, urging the Dutch government to oppose China’s escalation of tensions, strengthen trade relations with Taiwan, send a high-level official delegation to Taiwan, and support Taiwan’s meaningful participation in the World Health Organization. The motions were proposed by House members from different parties, including Representative Jan Paternotte of Democrats 66, who is also cochair of the Inter-Parliamentary Alliance on China for the Netherlands. The Ministry of Foreign Affairs (MOFA) sincerely welcomes and appreciates the high level of consensus that Dutch parliamentarians have shown in their support for Taiwan.

    The Dutch House of Representatives simultaneously passed four motions calling on the Dutch government to take a number of concrete actions to support Taiwan. It encouraged the government to oppose China’s launch of large-scale military exercises around Taiwan; attach great importance to cross-strait peace and send another warship through the Taiwan Strait; assist Taiwan in responding to the United States’ tariff policy and enhance economic and trade exchanges with Taiwan; promote high-level official visits between Taiwan and the Netherlands; and explicitly voice support for Taiwan’s participation in the World Health Assembly and other events. These motions concern Taiwan’s core interests and are therefore of great significance.

    Minister of Foreign Affairs Lin Chia-lung recognizes that Taiwan and the Netherlands have forged an increasingly close relationship, that support for Taiwan in the Dutch parliament has grown steadily year after year, and that the Netherlands is an important partner in the promotion of President Lai Ching-te’s Five Trusted Industry Sectors. Taiwan looks forward to engaging in further cooperation with the Netherlands in such critical domains as strengthening resilience of the semiconductor supply chain, security control and information security, and next-generation communications.

    MIL OSI China News –

  • MIL-OSI China: Chinese vice premier meets Iranian FM

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

    BEIJING, April 23 — Chinese Vice Premier Ding Xuexiang met with Iran’s Foreign Minister Seyed Abbas Araghchi in Beijing on Wednesday.

    Ding, also a member of the Standing Committee of the Political Bureau of the Communist Party of China Central Committee, underscored the traditional friendship between the two countries and abundant results from their cooperation in multiple fields.

    Ding said China is willing to work with Iran to deliver on the common understandings between the two heads of state, deepen high-level exchanges, and consolidate political mutual trust.

    The two countries should also expand pragmatic cooperation, strengthen coordination in international and regional affairs, and promote the steady and long-term progress of the China-Iran comprehensive strategic partnership that benefits the two countries and their peoples, Ding said.

    Araghchi said that Iran attaches great importance to the comprehensive strategic partnership, and is willing to deepen mutually beneficial cooperation, enhance multilateral coordination, and safeguard their common interests.

    MIL OSI China News –

  • MIL-OSI China: Shanghai makes steady progress in international financial center construction: official

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

    Shanghai makes steady progress in international financial center construction: official

    BEIJING, April 23 — Shanghai’s international financial center construction process is progressing soundly and features notable achievements, particularly through pioneering reforms in cross-border financial services, a central bank official said on Wednesday.

    These endeavors have generated a set of replicable “Shanghai experiences” that can be applied elsewhere, Lu Lei, deputy governor of the People’s Bank of China, told a press conference.

    In 2024, Shanghai’s cross-border RMB receipts and payments totaled 29.8 trillion yuan (about 4.1 trillion U.S. dollars), a year-on-year increase of 30 percent, accounting for 47 percent of the national total.

    Lu also said that China will implement 18 key measures to further facilitate cross-border financial services in Shanghai.

    These measures include enhancing cross-border settlement efficiency, optimizing the hedging of foreign exchange risks, and strengthening financing services, according to the latest action plan to further facilitate cross-border financial services in Shanghai by leveraging its role as an international financial center.

    The action plan will enhance the facilitation of global asset management, and support eligible Qualified Domestic Limited Partner pilot enterprises in reasonably improving the efficiency of fund utilization under regulatory compliance, allowing them to invest in short-term cash management products in China, including low-risk monetary funds, cash management products and time deposits, as well as subscribing to certain overseas cash management products.

    The plan will also encourage financial institutions to enhance their capacity to provide digital services and support them to improve services for enterprises to expand abroad by leveraging technologies such as blockchain.

    Efforts will be made to enhance the functionality and global coverage of the Cross-Border Interbank Payment System and encourage more banks to participate in the system, the action plan stated.

    MIL OSI China News –

  • MIL-OSI: Hanover Bancorp, Inc. Reports First Quarter 2025 Results Highlighted by Accelerated Margin Expansion, Improved Credit Quality Metrics & Successful Core Banking System Conversion

    Source: GlobeNewswire (MIL-OSI)

    First Quarter Performance Highlights

    • Net Income: Net income for the quarter ended March 31, 2025 totaled $1.5 million or $0.20 per diluted share (including Series A preferred shares). Adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) increased to $4.1 million or $0.55 per diluted share for the quarter ended March 31, 2025.
    • Net Interest Income: Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $0.8 million or 5.95% from the quarter ended December 31, 2024 and $1.7 million, or 13.10% from the quarter ended March 31, 2024.
    • Net Interest Margin Expansion: The Company’s net interest margin during the quarter ended March 31, 2025 increased to 2.68% from 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024.
    • Strong Liquidity Position: At March 31, 2025, undrawn liquidity sources, which include cash and unencumbered securities and secured and unsecured funding capacity, totaled $679.0 million, or approximately 322% of uninsured deposit balances. Insured and collateralized deposits, which include municipal deposits, accounted for approximately 89% of total deposits at March 31, 2025.
    • Demand Deposits: Demand deposits increased $12.6 million or 6.23% from March 31, 2024 and $3.9 million or 1.85% from December 31, 2024.
    • Loan Diversification Strategy: The Company continues to actively manage its Multi-Family and Commercial Real Estate portfolios which resulted in a reduction in the commercial real estate concentration ratio to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024. The Company continues to focus loan growth primarily in residential loan products originated for sale to specific buyers in the secondary market, C&I and SBA loans. The Company will selectively explore Commercial Real Estate opportunities with an emphasis on relationship based Commercial Real Estate lending.
    • Asset Quality: At March 31, 2025, the Bank’s asset quality improved with non-performing loans decreasing 28.5% to $11.7 million, representing 0.60% of the total loan portfolio, while the allowance for credit losses increased to 1.17% of total loans.
    • Tangible Book Value Per Share: Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.
    • Technology & Rebranding: The Company completed its core processing system conversion to FIS Horizon in February 2025. This conversion, coupled with our recently revealed refreshed corporate logo, exemplifies our momentum towards a more technologically advanced, modern and digitally forward-thinking bank.
    • Quarterly Cash Dividend: The Company’s Board of Directors approved a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.

    MINEOLA, N.Y., April 23, 2025 (GLOBE NEWSWIRE) — Hanover Bancorp, Inc. (“Hanover” or “the Company” – NASDAQ: HNVR), the holding company for Hanover Community Bank (“the Bank”), today reported results for the quarter ended March 31, 2025 and the declaration of a $0.10 per share cash dividend on both common and Series A preferred shares payable on May 14, 2025 to stockholders of record on May 7, 2025.

    Earnings Summary for the Quarter Ended March 31, 2025

    The Company reported net income for the quarter ended March 31, 2025 of $1.5 million or $0.20 per diluted share (including Series A preferred shares), versus $4.1 million or $0.55 per diluted share (including Series A preferred shares) in the quarter ended March 31, 2024. The Company recorded adjusted (non-GAAP) net income (excluding core system conversion expenses of $2.6 million, net of tax) of $4.1 million or $0.55 per diluted share in the quarter ended March 31, 2025, versus net income of $4.1 million or $0.55 per diluted share in the comparable 2024 quarter (which included no adjustments). Returns on average assets, average stockholders’ equity and average tangible equity were 0.27%, 3.11% and 3.45%, respectively, for the quarter ended March 31, 2025, versus 0.74%, 8.70% and 9.71%, respectively, for the comparable quarter of 2024. Adjusted (non-GAAP) returns, exclusive of core system conversion expenses on average assets, average stockholders’ equity and average tangible equity were 0.73%, 8.36% and 9.27%, respectively, in the quarter ended March 31, 2025, versus 0.74%, 8.70% and 9.71%, respectively, in the comparable quarter of 2024.

    While net interest income and non-interest income increased during the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024, these were partially offset by increases in provision for credit losses and non-interest expenses, particularly compensation and benefits and the one-time core system conversion expenses. The increase in compensation and benefits expense in the first quarter of 2025 versus the comparable 2024 quarter was primarily related to lower deferred loan origination costs partially offset by lower incentive compensation expense resulting from reduced lending activity. The Company’s effective tax rate decreased to 13.8% in the first quarter of 2025 from 24.9% both in the linked quarter and the comparable 2024 quarter due to the tax impact of the windfall benefit from expiring stock options that were exercised and vested restricted stock. We expect a normalized run rate of 25.0% for the remainder of the year.

    Net interest income was $14.6 million for the quarter ended March 31, 2025, an increase of $1.7 million, or 13.10% from the comparable 2024 quarter due to improvement of the Company’s net interest margin to 2.68% in the 2025 quarter from 2.41% in the comparable 2024 quarter. The yield on interest earning assets decreased to 6.01% in the 2025 quarter from 6.03% in the comparable 2024 quarter, a decrease of 2 basis points that was partially offset by a 32 basis point decrease in the cost of interest-bearing liabilities to 4.01% in 2025 from 4.33% in the first quarter of 2024. Net interest income on a linked quarter basis increased $0.8 million or 5.95%, due to a 15 basis point increase in net interest margin resulting from a 23 basis point decrease in cost of interest-bearing liabilities, partially offset by a 5 basis point decrease on yield on interest earning assets. The increase in the net interest margin was a result of the late 2024 reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    Michael P. Puorro, Chairman and Chief Executive Officer, commented on the Company’s quarterly results: “We are pleased with our first quarter performance which reflected sizable improvements in Net Interest Income and Net Interest Margin that drove stronger adjusted ROTE and ROA for the period. Specifically, NII increased from $13.8 million to $14.6 million and NIM from 2.53% to 2.68%, resulting in adjusted ROTE of 9.27% and ROA of 0.73%, confirming a trend away from the restrictive environment of the last couple of years. Building on this positive momentum were improved credit metrics and the completion of our core banking system conversion, a significant achievement that is expected to deliver tangible operational efficiencies and customer benefits while enhancing our commitment to digital banking. In addition to the core banking system conversion, we recently announced our new logo which is representative of our focus on innovation and a digital forward strategy. Moving forward, we remain committed to disciplined development of our core business verticals which include niche residential, SBA and C&I lending. Further, we look forward to a more favorable banking environment and the upcoming potential qualification for the Russell 2000, which should increase institutional ownership and enhance the liquidity of our stock.”

    Balance Sheet Highlights

    Total assets at March 31, 2025 were $2.29 billion versus $2.31 billion at December 31, 2024. Total securities available for sale at March 31, 2025 were $93.2 million, an increase of $9.4 million from December 31, 2024, primarily driven by growth in collateralized mortgage obligations, collateralized loan obligations and corporate bonds.

    Total deposits at March 31, 2025 were $1.94 billion, a decrease of $17.8 million or 0.91%, compared to $1.95 billion at December 31, 2024. Total deposits increased $19.2 million or 1.00% from March 31, 2024. Demand deposits increased $12.6 million or 6.23% from March 31, 2024. Our loan to deposit ratio improved to 101% at March 31, 2025 from 102% at December 31, 2024.

    The Company had $517.1 million in total municipal deposits at March 31, 2025, at a weighted average rate of 3.71% versus $509.3 million at a weighted average rate of 3.72% at December 31, 2024 and $576.3 million at a weighted average rate of 4.65% at March 31, 2024. The Company’s municipal deposit program is built on long-standing relationships developed in the local marketplace. This core deposit business will continue to provide a stable source of funding for the Company’s lending products at costs lower than those of consumer deposits and market-based borrowings. The Company continues to broaden its municipal deposit base and currently services 40 customer relationships.

    Total borrowings at March 31, 2025 were $107.8 million, with a weighted average rate and term of 4.11% and 20 months, respectively. At March 31, 2025 and December 31, 2024, the Company had $107.8 million of term FHLB advances outstanding. The Company had no FHLB overnight borrowings outstanding at March 31, 2025 and December 31, 2024. The Company had no borrowings outstanding under lines of credit with correspondent banks at March 31, 2025 and December 31, 2024.

    Stockholders’ equity was $196.6 million at both March 31, 2025 and December 31, 2024. Retained earnings increased by $0.8 million due primarily to net income of $1.5 million for the quarter ended March 31, 2025, which was offset by $0.7 million of dividends declared. The accumulated other comprehensive loss at March 31, 2025 was 0.71% of total equity and was comprised of a $0.9 million after tax net unrealized loss on the investment portfolio and a $0.5 million after tax net unrealized loss on derivatives. Tangible book value per share (including Series A preferred shares) was $23.62 at March 31, 2025 (inclusive of one-time core system conversion expenses of $2.6 million, net of tax, or $0.34 per share) compared to $23.86 at December 31, 2024.

    Loan Portfolio

    For the three months ended March 31, 2025, the Bank’s loan portfolio decreased $24.9 million to $1.96 billion from December 31, 2024. The decrease resulted primarily from the ongoing management of our commercial real estate and multifamily loan concentrations. At March 31, 2025, the Company’s residential loan portfolio (including home equity) amounted to $733.6 million, with an average loan balance of $486 thousand and a weighted average loan-to-value ratio of 57%. Commercial real estate (including construction) and multifamily loans totaled $1.06 billion at March 31, 2025, with an average loan balance of $1.5 million and a weighted average loan-to-value ratio of 59%. As will be discussed below, approximately 37% of the multifamily portfolio is subject to rent regulation. The Company’s commercial real estate concentration ratio continues to improve, decreasing to 369% of capital at March 31, 2025 from 385% at December 31, 2024 and 416% at March 31, 2024, with loans secured by office space accounting for 2.23% of the total loan portfolio and totaling $43.8 million at March 31, 2025. The Company’s loan pipeline with executed term sheets at March 31, 2025 is approximately $255.0 million, with approximately 92% being niche-residential, conventional C&I and SBA lending opportunities.

    The Bank remains focused on expanding its core verticals and continues to originate loans for its portfolio and for sale in the secondary market under its residential flow origination program. Of the $48.8 million in closed residential loans originated in the quarter ended March 31, 2025, $27.6 million were originated for the Bank’s portfolio and reflected a weighted average yield of 6.64% before origination and other fees, which average 50-100 bps per loan, and a weighted average LTV of 58%. The remaining $21.2 million of closed loans were originated for sale in the secondary market. During the quarter ended March 31, 2025, the Company sold $18.3 million of residential loans under its flow origination program and recorded gains on sale of loans held-for-sale of $0.4 million with a premium of 2.38%.

    During the quarters ended March 31, 2025 and 2024, the Company sold approximately $23.4 million and $26.7 million, respectively, in government guaranteed SBA loans and recorded gains on sale of loans held-for-sale of $1.9 million and $2.5 million, respectively. SBA loan originations and gains on sale were lower due to a combination of factors, including: lower than expected loan sale premiums due, we believe, to first quarter market turmoil; delays in loan closings resulting from the impact of administrative changes to SBA Standard Operating Procedures; and the inability of certain loans to close because of delays by state regulatory agencies in issuing permit approvals to certain borrowers. As we enter the second quarter of 2025, we expect to navigate these factors and to increase the volume of origination and loan sale activity throughout the year. The Bank concluded the first quarter of 2025 with C&I loan originations of approximately $16.8 million. Based on its existing pipeline, the Bank expects C&I lending and deposit activity to grow as the year progresses.

    Commercial Real Estate Statistics

    A significant portion of the Bank’s commercial real estate portfolio consists of loans secured by Multi-Family and CRE-Investor owned real estate that are predominantly subject to fixed interest rates for an initial period of 5 years. The Bank’s exposure to Land/Construction loans is minor at $8.0 million, all at floating interest rates. As shown below, 31% of the loan balances in these combined portfolios will either have a rate reset or mature in 2025 and 2026, with another 56% with rate resets or maturing in 2027.

    Multi-Family Market Rent Portfolio Fixed Rate Reset/Maturity Schedule   Multi-Family Stabilized Rent Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate   Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate
                                                     
    2025   10   $ 16,321   $ 1,632   4.45 %   2025   10   $ 17,025   $ 1,703   5.03 %
    2026   36     117,886     3,275   3.66 %   2026   20     42,549     2,127   3.67 %
    2027   70     174,601     2,494   4.29 %   2027   53     123,668     2,333   4.22 %
    2028   16     21,382     1,336   6.20 %   2028   13     10,914     839   7.17 %
    2029   6     4,929     821   7.70 %   2029   4     4,328     1,082   6.38 %
    2030+   2     171     85   6.00 %   2030+   4     1,129     282   6.02 %
    Fixed Rate   140     335,290     2,395   4.61 %   Fixed Rate   104     199,613     1,919   4.39 %
    Floating Rate   2     749     375   9.50 %   Floating Rate   —     —     —   — %
    Total   142   $ 336,039   $ 2,366   4.26 %   Total   104   $ 199,613   $ 1,919   4.39 %
    CRE Investor Portfolio Fixed Rate Reset/Maturity Schedule
    Calendar Period   # Loans   Total O/S ($000’s omitted)   Avg O/S ($000’s omitted)   Avg Interest Rate
                           
    2025   29   $ 23,092   $ 796   6.13 %
    2026   33     41,668     1,263   4.84 %
    2027   90     162,557     1,806   5.03 %
    2028   30     31,763     1,059   6.64 %
    2029   4     2,353     588   7.03 %
    2030+   13     7,967     613   6.49 %
    Fixed Rate   199     269,400     1,354   5.35 %
    Floating Rate   5     19,074     3,815   8.73 %
    Total CRE-Inv.   204   $ 288,474   $ 1,414   5.57 %

    Rental breakdown of Multi-Family portfolio

    The table below segments our portfolio of loans secured by Multi-Family properties based on rental terms and location. As shown below, 63% of the combined portfolio is secured by properties subject to free market rental terms, which is the dominant tenant type. Both the Market Rent and Stabilized Rent segments of our portfolio present very similar average borrower profiles. The portfolio is primarily located in the New York City boroughs of Brooklyn, the Bronx and Queens.

    Multi-Family Loan Portfolio – Loans by Rent Type
    Rent Type   # of Notes   Outstanding Loan Balance   % of Total Multi-Family   Avg Loan Size   LTV   Current DSCR   Avg # of Units  
            ($000’s omitted)         ($000’s omitted)                
                                           
    Market   142   $ 336,039   63 % $ 2,366   61.5 % 1.41   11  
    Location                                      
    Manhattan   7   $ 10,299   2 % $ 1,471   49.6 % 1.88   14  
    Other NYC   93   $ 244,552   46 % $ 2,630   61.2 % 1.40   9  
    Outside NYC   42   $ 81,188   15 % $ 1,933   64.2 % 1.36   13  
                                           
    Stabilized   104   $ 199,613   37 % $ 1,919   62.1 % 1.42   12  
    Location                                      
    Manhattan   6   $ 8,843   2 % $ 1,474   44.2 % 1.58   17  
    Other NYC   86   $ 171,852   32 % $ 1,998   62.8 % 1.41   11  
    Outside NYC   12   $ 18,918   3 % $ 1,576   64.1 % 1.49   16  


    Office Property Exposure

    The Bank’s exposure to the Office market is minor. Loans secured by office space accounted for 2.23% of the total loan portfolio with a total balance of $43.8 million, of which less than 1% is located in Manhattan. The pool has a 2.32x weighted average DSCR, a 53% weighted average LTV and less than $353,000 of exposure in Manhattan.

    Asset Quality and Allowance for Credit Losses

    At March 31, 2025, the Bank’s asset quality metrics improved with non-performing loans totaling $11.7 million compared to non-performing loans of $16.4 million at December 31, 2024, a decrease of $4.7 million. This decrease resulted primarily from the contracted sale of non-performing loans totaling $5.0 million, net of a $0.3 million charge-off, during the quarter. At March 31, 2025 non-performing loans were 0.60% of total loans outstanding versus 0.82% at December 31, 2024.

    During the first quarter of 2025, the Bank recorded a provision for credit losses expense of $0.6 million. The March 31, 2025 allowance for credit losses was $22.9 million versus $22.8 million at December 31, 2024. The allowance for credit losses as a percentage of total loans was 1.17% at March 31, 2025 and 1.15% at December 31, 2024.

    Net Interest Margin

    The Bank’s net interest margin increased to 2.68% for the quarter ended March 31, 2025 compared to 2.53% in the quarter ended December 31, 2024 and 2.41% in the quarter ended March 31, 2024 due to the recent reductions in the Fed Funds effective rate and the liability sensitive nature of the Bank’s balance sheet.

    About Hanover Community Bank and Hanover Bancorp, Inc.

    Hanover Bancorp, Inc. (NASDAQ: HNVR), is the bank holding company for Hanover Community Bank, a community commercial bank focusing on highly personalized and efficient services and products responsive to client needs. Management and the Board of Directors are comprised of a select group of successful local businesspeople who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, Hanover offers a full range of financial services. Hanover offers a complete suite of consumer, commercial, and municipal banking products and services, including multi-family and commercial mortgages, residential loans, business loans and lines of credit. Hanover also offers its customers access to 24-hour ATM service with no fees attached, free checking with interest, telephone banking, advanced technologies in mobile and internet banking for our consumer and business customers, safe deposit boxes and much more. The Company’s corporate administrative office is located in Mineola, New York where it also operates a full-service branch office along with additional branch locations in Garden City Park, Hauppauge, Forest Hills, Flushing, Sunset Park, Rockefeller Center and Chinatown, New York, and Freehold, New Jersey, with a new branch opening in Port Jefferson, New York in mid 2025.

    Hanover Community Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call (516) 548-8500 or visit the Bank’s website at www.hanoverbank.com.

    Non-GAAP Disclosure

    This discussion, including the financial statements attached thereto, includes non-GAAP financial measures which include the Company’s adjusted net income, adjusted basic and diluted earnings per share, adjusted return on average assets, adjusted return on average equity, tangible common equity (“TCE”) ratio, TCE, tangible assets, tangible book value per share, return on average tangible equity and efficiency ratio. A non-GAAP financial measure is a numerical measure of historical or future performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes that the presentation of non-GAAP financial measures provides both management and investors with a greater understanding of the Company’s operating results and trends in addition to the results measured in accordance with GAAP, and provides greater comparability across time periods. While management uses non-GAAP financial measures in its analysis of the Company’s performance, this information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP. The Company’s non-GAAP financial measures may not be comparable to similarly titled measures used by other financial institutions.

    With respect to the calculations of and reconciliations of adjusted net income, TCE, tangible assets, TCE ratio and tangible book value per share, reconciliations to the most comparable U.S. GAAP measures are provided in the tables that follow.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of Hanover Bancorp, Inc. Any or all of the forward-looking statements in this release and in any other public statements made by Hanover Bancorp, Inc. may turn out to be incorrect. They can be affected by inaccurate assumptions that Hanover Bancorp, Inc. might make or by known or unknown risks and uncertainties, including those discussed in our Annual Report on Form 10-K under Item 1A – Risk Factors, as updated by our subsequent filings with the Securities and Exchange Commission. Further, the adverse effect of health emergencies or natural disasters on the Company, its customers, and the communities where it operates may adversely affect the Company’s business, results of operations and financial condition for an indefinite period of time. Consequently, no forward-looking statement can be guaranteed. Hanover Bancorp, Inc. does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

    Investor and Press Contact:
    Lance P. Burke
    Chief Financial Officer
    (516) 548-8500

                 
    HANOVER BANCORP, INC.            
    STATEMENTS OF CONDITION (unaudited)            
    (dollars in thousands)            
                   
                   
        March 31,   December 31,   March 31,  
          2025       2024       2024    
    Assets              
    Cash and cash equivalents $ 160,234     $ 162,857     $ 136,481    
    Securities-available for sale, at fair value   93,197       83,755       92,709    
    Investments-held to maturity   3,671       3,758       3,973    
    Loans held for sale   16,306       12,404       7,641    
                   
    Loans, net of deferred loan fees and costs   1,960,674       1,985,524       2,005,515    
    Less: allowance for credit losses   (22,925 )     (22,779 )     (19,873 )  
    Loans, net   1,937,749       1,962,745       1,985,642    
                   
    Goodwill     19,168       19,168       19,168    
    Premises & fixed assets   14,511       15,337       15,648    
    Operating lease assets   8,484       8,337       9,336    
    Other assets   38,207       43,749       36,910    
      Assets $ 2,291,527     $ 2,312,110     $ 2,307,508    
                   
    Liabilities and stockholders’ equity            
    Core deposits $ 1,418,209     $ 1,456,513     $ 1,453,035    
    Time deposits   518,229       497,770       464,227    
    Total deposits   1,936,438       1,954,283       1,917,262    
                   
    Borrowings   107,805       107,805       148,953    
    Subordinated debentures   24,702       24,689       24,648    
    Operating lease liabilities   9,144       9,025       10,039    
    Other liabilities   16,795       19,670       17,063    
      Liabilities   2,094,884       2,115,472       2,117,965    
                   
    Stockholders’ equity   196,643       196,638       189,543    
      Liabilities and stockholders’ equity $ 2,291,527     $ 2,312,110     $ 2,307,508    
                   
             
    HANOVER BANCORP, INC.        
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)      
    (dollars in thousands, except per share data)        
             
      Three Months Ended  
      3/31/2025   3/31/2024  
             
    Interest income $ 32,837   $ 32,432  
    Interest expense   18,208     19,497  
    Net interest income   14,629     12,935  
    Provision for credit losses   600     300  
    Net interest income after provision for credit losses   14,029     12,635  
             
    Loan servicing and fee income   1,081     913  
    Service charges on deposit accounts   117     96  
    Gain on sale of loans held-for-sale   2,352     2,506  
    Other operating income   182     61  
    Non-interest income   3,732     3,576  
             
    Compensation and benefits   7,232     5,562  
    Conversion expenses   3,180     –  
    Occupancy and equipment   1,836     1,770  
    Data processing   593     518  
    Professional fees   787     818  
    Federal deposit insurance premiums   337     318  
    Other operating expenses   2,031     1,818  
    Non-interest expense   15,996     10,804  
             
    Income before income taxes   1,765     5,407  
    Income tax expense   244     1,346  
             
    Net income $ 1,521   $ 4,061  
             
    Earnings per share (“EPS”):(1)        
    Basic $ 0.20   $ 0.55  
    Diluted $ 0.20   $ 0.55  
             
    Average shares outstanding for basic EPS (1)(2)   7,463,537     7,376,227  
    Average shares outstanding for diluted EPS (1)(2)   7,469,489     7,420,926  
             
    (1) Calculation includes common stock and Series A preferred stock.      
    (2) Average shares outstanding before subtracting participating securities.      
             
                         
    HANOVER BANCORP, INC.                    
    CONSOLIDATED STATEMENTS OF INCOME (unaudited)                  
    QUARTERLY TREND                    
    (dollars in thousands, except per share data)                    
                         
      Three Months Ended  
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  
                         
    Interest income $ 32,837   $ 33,057   $ 34,113   $ 33,420   $ 32,432  
    Interest expense   18,208     19,249     21,011     20,173     19,497  
    Net interest income   14,629     13,808     13,102     13,247     12,935  
    Provision for credit losses   600     400     200     4,040     300  
    Net interest income after provision for credit losses   14,029     13,408     12,902     9,207     12,635  
                         
    Loan servicing and fee income   1,081     981     960     836     913  
    Service charges on deposit accounts   117     136     123     114     96  
    Gain on sale of loans held-for-sale   2,352     3,014     2,834     2,586     2,506  
    Gain on sale of investments   –     27     –     4     –  
    Other operating income   182     29     37     82     61  
    Non-interest income   3,732     4,187     3,954     3,622     3,576  
                         
    Compensation and benefits   7,232     6,699     6,840     6,499     5,562  
    Conversion expenses   3,180     –     –     –     –  
    Occupancy and equipment   1,836     1,810     1,799     1,843     1,770  
    Data processing   593     536     547     495     518  
    Professional fees   787     782     762     717     818  
    Federal deposit insurance premiums   337     375     360     365     318  
    Other operating expenses   2,031     2,198     1,930     1,751     1,818  
    Non-interest expense   15,996     12,400     12,238     11,670     10,804  
                         
    Income before income taxes   1,765     5,195     4,618     1,159     5,407  
    Income tax expense   244     1,293     1,079     315     1,346  
                         
    Net income $ 1,521   $ 3,902   $ 3,539   $ 844   $ 4,061  
                         
    Earnings per share (“EPS”):(1)                    
    Basic $ 0.20   $ 0.53   $ 0.48   $ 0.11   $ 0.55  
    Diluted $ 0.20   $ 0.52   $ 0.48   $ 0.11   $ 0.55  
                         
    Average shares outstanding for basic EPS (1)(2)   7,463,537     7,427,583     7,411,064     7,399,816     7,376,227  
    Average shares outstanding for diluted EPS (1)(2)   7,469,489     7,456,471     7,436,068     7,449,110     7,420,926  
                         
    (1) Calculation includes common stock and Series A preferred stock.
    (2) Average shares outstanding before subtracting participating securities.
                         
             
    HANOVER BANCORP, INC.        
    CONSOLIDATED NON-GAAP FINANCIAL INFORMATION (1)(unaudited)  
    (dollars in thousands, except per share data)        
             
      Three Months Ended  
      3/31/2025   3/31/2024  
             
    ADJUSTED NET INCOME:        
    Net income, as reported $ 1,521     $ 4,061    
    Adjustments:        
    Conversion expenses   3,180       –    
    Total adjustments, before income taxes   3,180       –    
    Adjustment for reported effective income tax rate   608       –    
    Total adjustments, after income taxes   2,572       –    
    Adjusted net income $ 4,093     $ 4,061    
    Basic earnings per share – adjusted $ 0.55     $ 0.55    
    Diluted earnings per share – adjusted $ 0.55     $ 0.55    
             
    ADJUSTED OPERATING EFFICIENCY RATIO:        
    Operating efficiency ratio, as reported   87.12 %     65.44 %  
    Adjustments:        
    Conversion expenses   -17.32 %     0.00 %  
    Adjusted operating efficiency ratio   69.80 %     65.44 %  
             
    ADJUSTED RETURN ON AVERAGE ASSETS   0.73 %     0.74 %  
    ADJUSTED RETURN ON AVERAGE EQUITY   8.36 %     8.70 %  
    ADJUSTED RETURN ON AVERAGE TANGIBLE EQUITY   9.27 %     9.71 %  
             
    (1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.
             
             
    HANOVER BANCORP, INC.        
    SELECTED FINANCIAL DATA (unaudited)      
    (dollars in thousands)        
             
             
      Three Months Ended  
      3/31/2025   3/31/2024  
    Profitability:        
    Return on average assets   0.27 %     0.74 %  
    Return on average equity (1)   3.11 %     8.70 %  
    Return on average tangible equity (1)   3.45 %     9.71 %  
    Pre-provision net revenue to average assets   0.42 %     1.03 %  
    Yield on average interest-earning assets   6.01 %     6.03 %  
    Cost of average interest-bearing liabilities   4.01 %     4.33 %  
    Net interest rate spread (2)   2.00 %     1.70 %  
    Net interest margin (3)   2.68 %     2.41 %  
    Non-interest expense to average assets   2.85 %     1.96 %  
    Operating efficiency ratio (4)   87.12 %     65.44 %  
             
    Average balances:        
    Interest-earning assets $ 2,217,107     $ 2,162,835    
    Interest-bearing liabilities   1,842,073       1,810,397    
    Loans   1,989,796       1,984,075    
    Deposits   1,919,436       1,842,642    
    Borrowings   133,665       162,427    
             
             
    (1) Includes common stock and Series A preferred stock.      
    (2) Represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
    (3) Represents net interest income divided by average interest-earning assets.  
    (4) Represents non-interest expense divided by the sum of net interest income and non-interest income.
             
    HANOVER BANCORP, INC.                  
    SELECTED FINANCIAL DATA (unaudited)                  
    (dollars in thousands, except share and per share data)                
                       
      At or For the Three Months Ended    
      3/31/2025   12/31/2024   9/30/2024   6/30/2024    
    Asset quality:                  
    Provision for credit losses – loans (1) $ 600   $ 400   $ 200   $ 3,850    
    Net (charge-offs)/recoveries   (454 )    (1,027 )    (438 )    (79 )   
    Allowance for credit losses   22,925     22,779     23,406     23,644    
    Allowance for credit losses to total loans (2)   1.17 %     1.15 %     1.17 %     1.17 %    
    Non-performing loans $ 11,697   $ 16,368   $ 15,365   $ 15,828    
    Non-performing loans/total loans   0.60 %     0.82 %     0.77 %     0.79 %    
    Non-performing loans/total assets   0.51 %     0.71 %     0.66 %     0.68 %    
    Allowance for credit losses/non-performing loans   195.99 %     139.17 %     152.33 %     149.38 %    
                       
    Capital (Bank only):                  
    Tier 1 Capital $ 201,925   $ 201,744   $ 198,196   $ 195,703    
    Tier 1 leverage ratio   8.95 %     9.13 %     8.85 %     8.89 %    
    Common equity tier 1 capital ratio   13.37 %     13.32 %     12.99 %     12.78 %    
    Tier 1 risk based capital ratio   13.37 %     13.32 %     12.99 %     12.78 %    
    Total risk based capital ratio   14.62 %     14.58 %     14.24 %     14.21 %    
                       
    Equity data:                  
    Shares outstanding (3)   7,503,731     7,427,127     7,428,366     7,402,163    
    Stockholders’ equity $ 196,643   $ 196,638   $ 192,339   $ 190,072    
    Book value per share (3)   26.21     26.48     25.89     25.68    
    Tangible common equity (3)   177,239     177,220     172,906     170,625    
    Tangible book value per share (3)   23.62     23.86     23.28     23.05    
    Tangible common equity (“TCE”) ratio (3)   7.80 %     7.73 %     7.49 %     7.38 %    
                       
    (1) Excludes $0, $0, $0 and $190 thousand provision for credit losses on unfunded commitments for the quarters ended 3/31/25, 12/31/24, 9/30/24 and 6/30/24, respectively.  
    (2) Calculation excludes loans held for sale.    
    (3) Includes common stock and Series A preferred stock.    
                       
                     
    HANOVER BANCORP, INC.                
    STATISTICAL SUMMARY                
    QUARTERLY TREND                
    (unaudited, dollars in thousands, except share data)              
                       
        3/31/2025   12/31/2024   9/30/2024   6/30/2024  
                       
    Loan distribution (1):                
    Residential mortgages $ 708,649     $ 702,832     $ 719,037     $ 733,040    
    Multifamily     535,429       550,570       557,634       562,503    
    Commercial real estate   520,808       536,288       529,948       549,725    
    Commercial & industrial   170,442       168,909       171,899       139,209    
    Home equity   24,914       26,422       26,825       27,992    
    Consumer     432       503       470       485    
                       
    Total loans $ 1,960,674     $ 1,985,524     $ 2,005,813     $ 2,012,954    
                       
    Sequential quarter growth rate   -1.25 %     -1.01 %     -0.35 %     0.37 %  
                       
    CRE concentration ratio   369 %     385 %     397 %     403 %  
                       
    Loans sold during the quarter $ 46,649     $ 53,499     $ 43,537     $ 35,302    
                       
    Funding distribution:                
    Demand   $ 215,569     $ 211,656     $ 206,327     $ 199,835    
    N.O.W.     698,297       692,890       621,880       661,998    
    Savings     46,275       48,885       53,024       44,821    
    Money market   458,068       503,082       572,213       571,170    
    Total core deposits   1,418,209       1,456,513       1,453,444       1,477,824    
    Time     518,229       497,770       504,100       464,105    
    Total deposits   1,936,438       1,954,283       1,957,544       1,941,929    
    Borrowings   107,805       107,805       125,805       148,953    
    Subordinated debentures   24,702       24,689       24,675       24,662    
                       
    Total funding sources $ 2,068,945     $ 2,086,777     $ 2,108,024     $ 2,115,544    
                       
    Sequential quarter growth rate – total deposits   -0.91 %     -0.17 %     0.80 %     1.29 %  
                       
    Period-end core deposits/total deposits ratio   73.24 %     74.53 %     74.25 %     76.10 %  
                       
    Period-end demand deposits/total deposits ratio   11.13 %     10.83 %     10.54 %     10.29 %  
                       
    (1) Excluding loans held for sale                
                       
                         
    HANOVER BANCORP, INC.                    
    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (1)(unaudited)          
    (dollars in thousands, except share and per share amounts)              
                         
                         
      3/31/2025   12/31/2024   9/30/2024   6/30/2024   3/31/2024  
    Tangible common equity                    
    Total equity (2) $ 196,643     $ 196,638     $ 192,339     $ 190,072     $ 189,543    
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )  
    Less: core deposit intangible   (236 )     (250 )     (265 )     (279 )     (295 )  
    Tangible common equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
                         
    Tangible common equity (“TCE”) ratio                  
    Tangible common equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
    Total assets   2,291,527       2,312,110       2,327,814       2,331,098       2,307,508    
    Less: goodwill   (19,168 )     (19,168 )     (19,168 )     (19,168 )     (19,168 )  
    Less: core deposit intangible   (236 )     (250 )     (265 )     (279 )     (295 )  
    Tangible assets $ 2,272,123     $ 2,292,692     $ 2,308,381     $ 2,311,651     $ 2,288,045    
    TCE ratio (2)   7.80 %     7.73 %     7.49 %     7.38 %     7.43 %  
                         
    Tangible book value per share                    
    Tangible equity (2) $ 177,239     $ 177,220     $ 172,906     $ 170,625     $ 170,080    
    Shares outstanding (2)   7,503,731       7,427,127       7,428,366       7,402,163       7,392,412    
    Tangible book value per share (2) $ 23.62     $ 23.86     $ 23.28     $ 23.05     $ 23.01    
                         
    (1) A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). The Company’s management believes the presentation of non-GAAP financial measures provide investors with a greater understanding of the Company’s operating results in addition to the results measured in accordance with U.S. GAAP. While management uses non-GAAP measures in its analysis of the Company’s performance, this information should not be viewed as a substitute for financial results determined in accordance with U.S. GAAP or considered to be more important than financial results determined in accordance with U.S. GAAP.  
                         
    (2) Includes common stock and Series A preferred stock.  
       
                             
    HANOVER BANCORP, INC.      
    NET INTEREST INCOME ANALYSIS      
    For the Three Months Ended March 31, 2025 and 2024      
    (unaudited, dollars in thousands)      
                             
                             
        2025       2024    
      Average       Average   Average       Average  
      Balance   Interest   Yield/Cost Balance   Interest   Yield/Cost  
                             
    Assets:                        
    Interest-earning assets:                        
    Loans $ 1,989,796   $ 29,984   6.11 %   $ 1,984,075   $ 29,737   6.03 %  
    Investment securities   85,839     1,186   5.60 %     94,845     1,457   6.18 %  
    Interest-earning cash   133,458     1,482   4.50 %     74,672     1,014   5.46 %  
    FHLB stock and other investments   8,014     185   9.36 %     9,243     224   9.75 %  
    Total interest-earning assets   2,217,107     32,837   6.01 %     2,162,835     32,432   6.03 %  
    Non interest-earning assets:                        
    Cash and due from banks   9,504             7,945          
    Other assets   49,695             49,941          
    Total assets $ 2,276,306           $ 2,220,721          
                             
    Liabilities and stockholders’ equity:                        
    Interest-bearing liabilities:                        
    Savings, N.O.W. and money market deposits $ 1,217,429   $ 11,455   3.82 %   $ 1,161,191   $ 12,933   4.48 %  
    Time deposits   490,979     5,320   4.39 %     486,779     4,962   4.10 %  
    Total savings and time deposits   1,708,408     16,775   3.98 %     1,647,970     17,895   4.37 %  
    Borrowings   108,972     1,107   4.12 %     137,788     1,276   3.72 %  
    Subordinated debentures   24,693     326   5.35 %     24,639     326   5.32 %  
    Total interest-bearing liabilities   1,842,073     18,208   4.01 %     1,810,397     19,497   4.33 %  
    Demand deposits   211,028             194,672          
    Other liabilities   24,726             27,959          
    Total liabilities   2,077,827             2,033,028          
    Stockholders’ equity   198,479             187,693          
    Total liabilities & stockholders’ equity $ 2,276,306           $ 2,220,721          
    Net interest rate spread         2.00 %           1.70 %  
    Net interest income/margin     $ 14,629   2.68 %       $ 12,935   2.41 %  
                             

    The MIL Network –