NewzIntel.com

Category: Commerce

  • MIL-OSI Analysis: Cuban government scrambling to deal with outrage about country’s economic crisis

    Source: The Conversation – UK – By Emily Morris, Research Associate, Institute of the Americas, UCL

    Cuba doesn’t have any beggars, according to the country’s minister of labour, Marta Elena Feitó Cabrera. In a speech to the national assembly on July 15, she denied the existence of destitution in the communist country, claiming the problem was actually people “disguised as beggars”.

    Her words were greeted by public outcry on social media. They also prompted a swift rebuke from her peers and the president, Miguel Díaz-Canel, who said leadership could not “act with condescension”. The next day, the Cuban government published an official note saying Feitó Cabrera had resigned.

    The political vulnerability of the Cuban government explains the urgent need to respond to missteps such as Feitó Cabrera’s. The country is enduring an acute economic crisis, which has seen living standards plummet and over 1 million Cubans leave the country since 2020.

    Cubans are leaving en masse:

    A severe economic crisis in Cuba has prompted a mass exodus from the island.
    Oficina Nacional de Estadísticas e Información

    The recession has severely strained the system of social protection that the government points to as one of its main achievements since taking power more than 60 years ago. Despite food subsidies and the efforts of welfare services, a growing number of people are now going hungry.

    Public confidence in the government has been severely weakened as a result, particularly among young Cubans. The risk of escalating popular protest is magnified by the proliferation of social media channels, emanating from inside and outside the country.

    These channels air the many complaints about daily frustrations in Cuba and highlight any failings or signs of hypocrisy on the part of officials. So when Feitó Cabrera’s speech went viral, it was met with inevitable public outrage.

    Díaz-Canel’s reaction can be seen as urgent damage limitation. But it is also consistent with his broader approach to managing the crisis facing his country. He has worked tirelessly to try and defuse anger through engagement, touring Cuba for local meetings to search for solutions.

    In his comments after Feitó Cabrera’s speech, he insisted that officials should acknowledge the scale of hardship being suffered, and “help, support and show solidarity” with the disadvantaged and most vulnerable.

    This need to reach out was all the more important given the grim tone of the national assembly meeting where Feitó Cabrera made her remarks. Ministers appeared one after the other to present dismal reports on the state of almost all sectors of the Cuban economy.

    The electricity system remains plagued by breakdowns caused by chronic underinvestment as well as difficulties in obtaining fuel and spare parts. The resulting daily power outages ensure that the sense of crisis is ever-present and frustrate all efforts to boost production.

    Doubting official data

    While full official national income data for 2024 has not yet been released, Cuba’s economy ministry estimates that real national income contracted by 1.1% in 2024. This leaves it more than 10% below its pre-pandemic level, and 2025 is not expected to show much improvement.

    The decline in real disposable income for Cuban households since 2021 has, in reality, been far greater. The official inflation rate indicates that consumer prices have risen fourfold over the past five years. At this rate, living costs would have increased broadly in line with salaries.

    Consumer prices have risen fourfold since 2020:

    Official inflation data for Cuba. The spike in early 2021 was the result of a monetary reform, which involved a big jump in wages in December 2020 followed by a currency reform in January 2021.
    Oficina Nacional de Estadísticas e Información

    But official figures systematically understate the actual increase in prices faced by Cuban households, due to the weightings used. In 2021, for example, research estimated the inflation rate to be between 174% and 700% – well above the government’s estimate (77.3%).

    The rising market prices have put many essential goods beyond the reach of most people who depend on state incomes. This has forced many households to depend on remittances or the informal economy to survive.

    Thanks to tight fiscal restraint, the official annual rate of inflation eased to 15% in June. But the wide gap between the increase in the actual cost of living and official inflation index continues to compound distrust of the government and the perception that the country’s leaders are out of touch.

    A lack of transparency and long delays in the publication of economic data, together with restrictions on the scope for private enterprise, are widely attributed to the government’s incompetence and reluctance to enact liberalising reforms.

    Recovery blocked by US sanctions

    For these reasons, the government’s insistence that US sanctions are to blame for limiting the possibilities for economic recovery is increasingly regarded with scepticism. However, the constraint on economic growth imposed by US measures is real and severe.

    It is also the deliberate aim of US policy. The unilateral sanctions not only block trade, as well as financial and international travel between the US and Cuba. They also severely hamper all kinds of transactions between Cuba and the rest of the world.

    Every branch of the Cuban economy has been affected, including the health service, social safety nets, agriculture and industry. And the lack of hard currency has, in turn, limited the scope for the investments and reforms needed for economic recovery.

    The easing inflation rate, together with some new investments in renewable energy, an improved fiscal balance and a recent small increase in pensions, may signal that the end of the economic downturn may be approaching. But neither the government nor the population have any confidence that the crisis will come to an end this year.

    No one is expecting US sanctions to be lifted while Donald Trump is president. Before Trump first stood for the presidency he hadn’t given Cuba his attention, but as president he has aligned himself firmly with hardliners.

    In his first term, Trump reversed the opening with Cuba initiated by Barack Obama. And his current secretary of state, Marco Rubio, is one of the architects and leading proponents of economic sanctions against Cuba. Trade and investment will thus remain depressed, while shortages, power cuts, a lack of transport and crumbling public services will persist.

    But by demanding the resignation of the minister of labour, perhaps Díaz-Canel hopes to demonstrate that his government understands what that the economic asphyxiation means for a majority of Cubans struggling to survive.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Emily Morris 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. Cuban government scrambling to deal with outrage about country’s economic crisis – https://theconversation.com/cuban-government-scrambling-to-deal-with-outrage-about-countrys-economic-crisis-261702

    MIL OSI Analysis –

  • MIL-OSI Analysis: As the UK reviews the pension age again, could more time off when you’re young compensate for later retirement?

    Source: The Conversation – UK – By Malte Jauch, Lecturer in Management and Marketing, University of Essex

    The retirement age keeps creeping up. In the UK, the state pension is currently paid to people at 66, but that’s set to rise to 67 in the next couple of years, and a move to 68 might come sooner than previously planned after the government launched a review.

    Gradually increasing the working lifespan is never going to be popular. But one way of making this policy more palatable could be to give people early access to some of the free time that retirement promises.

    After all, sometimes that promise fails to deliver, because many people die before they reach retirement age.

    Globally, about 27% of men and 18% women die before the age of 65 (although this proportion also includes deaths before working age). In wealthy countries, the number of people who die prematurely is lower than the global average, but still significant. In the EU, 16% of men and 8% of women die before 65.

    For these people, the promise of free time and leisure in old age never materialises. There will also be many whose physical and mental health will have deteriorated by the time they retire, so that they are less capable of enjoying their free time.

    So perhaps slogging away until retirement is not an ideal arrangement.

    But what if you could transfer some of the time off that retirement promises to an earlier stage of your life, when everything is a rush, crammed with the demands of work and domestic responsibilities?

    Luckily, the stark contrast between a time-poor middle age and a time-rich old age is not unavoidable. Governments can choose different approaches that directly affect how free time is distributed across our life stages.

    Japan, for example, is a country which has opted to focus on delaying leisure time, and encourages workers to postpone that enjoyment of free time until old age. It does this in part by rewarding workers with wage increases – known as “seniority-based pay” – if they don’t take career breaks.

    Japanese employment law also permits companies to force employees to retire at the age 60. As a result, on average, Japanese workers work 1,680 hours per year and retire at 63.

    In the Netherlands by contrast, people work less (1,433 hours per year) and retire later – at 67. Labour laws make it easier for employees to decrease their hours, by going part time, for example.

    Discrimination between workers based on work hours is prohibited, so that those who opt for part-time work are guaranteed equal treatment with regard to wages and other benefits. But the high legal age of retirement discourages Dutch workers from early retirement.

    So how should we assess these different approaches?

    Time on your side?

    One way to look at retirement is that it compensates us for our previous hard work. The prospect of compensation might lead us to adopt a relaxed attitude toward long work hours. Once we’ve stopped work, we’ll be rewarded with a large chunk of leisure.

    But for those who don’t make it to retirement, this promise of a life of leisure turns out to be a cruel joke. Early deaths are also more prominent among those who have already suffered from poverty and other disadvantages.

    The right time for time off?
    Monkey Business Images/Shutterstock

    The same is true for ill health. The disadvantaged are much more likely to suffer from a variety of conditions that prevent them from being able to fully enjoy retirement.

    Another risk for those who are healthy when they retire is that relatives or friends may have died. This reduces the value of the retirees’ free time because the loved ones they hoped to share that time with are no longer around.

    So perhaps some of that free time could be better used when workers are younger. Raising a family, for example, is extremely time consuming, and there can’t be many parents of young children who don’t wish for a few extra hours a week to call their own.

    Even devoting time to hobbies when we’re younger might be considered more efficient than waiting until we have retired. After all, if you learn a new language or how to paint when you’re in your 40s, you may have much more time to enjoy your new skill over the ensuing decades.

    My research suggests that for all these reasons, the state should help people take some of their retirement early.

    None of us knows how long we will live, or how healthy we will be in the future. Faced with this uncertainty, it makes sense not to gamble with our opportunities for free time and leave it until it may be too late.

    Even those who enjoy their work have strong reasons not to postpone a large proportion of their time off, and governments should help us access more of it while we’re younger.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. As the UK reviews the pension age again, could more time off when you’re young compensate for later retirement? – https://theconversation.com/as-the-uk-reviews-the-pension-age-again-could-more-time-off-when-youre-young-compensate-for-later-retirement-259464

    MIL OSI Analysis –

  • MIL-OSI Submissions: Cuban government scrambling to deal with outrage about country’s economic crisis

    Source: The Conversation – UK – By Emily Morris, Research Associate, Institute of the Americas, UCL

    Cuba doesn’t have any beggars, according to the country’s minister of labour, Marta Elena Feitó Cabrera. In a speech to the national assembly on July 15, she denied the existence of destitution in the communist country, claiming the problem was actually people “disguised as beggars”.

    Her words were greeted by public outcry on social media. They also prompted a swift rebuke from her peers and the president, Miguel Díaz-Canel, who said leadership could not “act with condescension”. The next day, the Cuban government published an official note saying Feitó Cabrera had resigned.

    The political vulnerability of the Cuban government explains the urgent need to respond to missteps such as Feitó Cabrera’s. The country is enduring an acute economic crisis, which has seen living standards plummet and over 1 million Cubans leave the country since 2020.

    Cubans are leaving en masse:

    A severe economic crisis in Cuba has prompted a mass exodus from the island.
    Oficina Nacional de Estadísticas e Información

    The recession has severely strained the system of social protection that the government points to as one of its main achievements since taking power more than 60 years ago. Despite food subsidies and the efforts of welfare services, a growing number of people are now going hungry.

    Public confidence in the government has been severely weakened as a result, particularly among young Cubans. The risk of escalating popular protest is magnified by the proliferation of social media channels, emanating from inside and outside the country.

    These channels air the many complaints about daily frustrations in Cuba and highlight any failings or signs of hypocrisy on the part of officials. So when Feitó Cabrera’s speech went viral, it was met with inevitable public outrage.

    Díaz-Canel’s reaction can be seen as urgent damage limitation. But it is also consistent with his broader approach to managing the crisis facing his country. He has worked tirelessly to try and defuse anger through engagement, touring Cuba for local meetings to search for solutions.

    In his comments after Feitó Cabrera’s speech, he insisted that officials should acknowledge the scale of hardship being suffered, and “help, support and show solidarity” with the disadvantaged and most vulnerable.

    This need to reach out was all the more important given the grim tone of the national assembly meeting where Feitó Cabrera made her remarks. Ministers appeared one after the other to present dismal reports on the state of almost all sectors of the Cuban economy.

    The electricity system remains plagued by breakdowns caused by chronic underinvestment as well as difficulties in obtaining fuel and spare parts. The resulting daily power outages ensure that the sense of crisis is ever-present and frustrate all efforts to boost production.

    Doubting official data

    While full official national income data for 2024 has not yet been released, Cuba’s economy ministry estimates that real national income contracted by 1.1% in 2024. This leaves it more than 10% below its pre-pandemic level, and 2025 is not expected to show much improvement.

    The decline in real disposable income for Cuban households since 2021 has, in reality, been far greater. The official inflation rate indicates that consumer prices have risen fourfold over the past five years. At this rate, living costs would have increased broadly in line with salaries.

    Consumer prices have risen fourfold since 2020:

    Official inflation data for Cuba. The spike in early 2021 was the result of a monetary reform, which involved a big jump in wages in December 2020 followed by a currency reform in January 2021.
    Oficina Nacional de Estadísticas e Información

    But official figures systematically understate the actual increase in prices faced by Cuban households, due to the weightings used. In 2021, for example, research estimated the inflation rate to be between 174% and 700% – well above the government’s estimate (77.3%).

    The rising market prices have put many essential goods beyond the reach of most people who depend on state incomes. This has forced many households to depend on remittances or the informal economy to survive.

    Thanks to tight fiscal restraint, the official annual rate of inflation eased to 15% in June. But the wide gap between the increase in the actual cost of living and official inflation index continues to compound distrust of the government and the perception that the country’s leaders are out of touch.

    A lack of transparency and long delays in the publication of economic data, together with restrictions on the scope for private enterprise, are widely attributed to the government’s incompetence and reluctance to enact liberalising reforms.

    Recovery blocked by US sanctions

    For these reasons, the government’s insistence that US sanctions are to blame for limiting the possibilities for economic recovery is increasingly regarded with scepticism. However, the constraint on economic growth imposed by US measures is real and severe.

    It is also the deliberate aim of US policy. The unilateral sanctions not only block trade, as well as financial and international travel between the US and Cuba. They also severely hamper all kinds of transactions between Cuba and the rest of the world.

    Every branch of the Cuban economy has been affected, including the health service, social safety nets, agriculture and industry. And the lack of hard currency has, in turn, limited the scope for the investments and reforms needed for economic recovery.

    The easing inflation rate, together with some new investments in renewable energy, an improved fiscal balance and a recent small increase in pensions, may signal that the end of the economic downturn may be approaching. But neither the government nor the population have any confidence that the crisis will come to an end this year.

    No one is expecting US sanctions to be lifted while Donald Trump is president. Before Trump first stood for the presidency he hadn’t given Cuba his attention, but as president he has aligned himself firmly with hardliners.

    In his first term, Trump reversed the opening with Cuba initiated by Barack Obama. And his current secretary of state, Marco Rubio, is one of the architects and leading proponents of economic sanctions against Cuba. Trade and investment will thus remain depressed, while shortages, power cuts, a lack of transport and crumbling public services will persist.

    But by demanding the resignation of the minister of labour, perhaps Díaz-Canel hopes to demonstrate that his government understands what that the economic asphyxiation means for a majority of Cubans struggling to survive.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

    Emily Morris 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. Cuban government scrambling to deal with outrage about country’s economic crisis – https://theconversation.com/cuban-government-scrambling-to-deal-with-outrage-about-countrys-economic-crisis-261702

    MIL OSI –

  • MIL-OSI Submissions: As the UK reviews the pension age again, could more time off when you’re young compensate for later retirement?

    Source: The Conversation – UK – By Malte Jauch, Lecturer in Management and Marketing, University of Essex

    The retirement age keeps creeping up. In the UK, the state pension is currently paid to people at 66, but that’s set to rise to 67 in the next couple of years, and a move to 68 might come sooner than previously planned after the government launched a review.

    Gradually increasing the working lifespan is never going to be popular. But one way of making this policy more palatable could be to give people early access to some of the free time that retirement promises.

    After all, sometimes that promise fails to deliver, because many people die before they reach retirement age.

    Globally, about 27% of men and 18% women die before the age of 65 (although this proportion also includes deaths before working age). In wealthy countries, the number of people who die prematurely is lower than the global average, but still significant. In the EU, 16% of men and 8% of women die before 65.

    For these people, the promise of free time and leisure in old age never materialises. There will also be many whose physical and mental health will have deteriorated by the time they retire, so that they are less capable of enjoying their free time.

    So perhaps slogging away until retirement is not an ideal arrangement.

    But what if you could transfer some of the time off that retirement promises to an earlier stage of your life, when everything is a rush, crammed with the demands of work and domestic responsibilities?

    Luckily, the stark contrast between a time-poor middle age and a time-rich old age is not unavoidable. Governments can choose different approaches that directly affect how free time is distributed across our life stages.

    Japan, for example, is a country which has opted to focus on delaying leisure time, and encourages workers to postpone that enjoyment of free time until old age. It does this in part by rewarding workers with wage increases – known as “seniority-based pay” – if they don’t take career breaks.

    Japanese employment law also permits companies to force employees to retire at the age 60. As a result, on average, Japanese workers work 1,680 hours per year and retire at 63.

    In the Netherlands by contrast, people work less (1,433 hours per year) and retire later – at 67. Labour laws make it easier for employees to decrease their hours, by going part time, for example.

    Discrimination between workers based on work hours is prohibited, so that those who opt for part-time work are guaranteed equal treatment with regard to wages and other benefits. But the high legal age of retirement discourages Dutch workers from early retirement.

    So how should we assess these different approaches?

    Time on your side?

    One way to look at retirement is that it compensates us for our previous hard work. The prospect of compensation might lead us to adopt a relaxed attitude toward long work hours. Once we’ve stopped work, we’ll be rewarded with a large chunk of leisure.

    But for those who don’t make it to retirement, this promise of a life of leisure turns out to be a cruel joke. Early deaths are also more prominent among those who have already suffered from poverty and other disadvantages.

    The right time for time off?
    Monkey Business Images/Shutterstock

    The same is true for ill health. The disadvantaged are much more likely to suffer from a variety of conditions that prevent them from being able to fully enjoy retirement.

    Another risk for those who are healthy when they retire is that relatives or friends may have died. This reduces the value of the retirees’ free time because the loved ones they hoped to share that time with are no longer around.

    So perhaps some of that free time could be better used when workers are younger. Raising a family, for example, is extremely time consuming, and there can’t be many parents of young children who don’t wish for a few extra hours a week to call their own.

    Even devoting time to hobbies when we’re younger might be considered more efficient than waiting until we have retired. After all, if you learn a new language or how to paint when you’re in your 40s, you may have much more time to enjoy your new skill over the ensuing decades.

    My research suggests that for all these reasons, the state should help people take some of their retirement early.

    None of us knows how long we will live, or how healthy we will be in the future. Faced with this uncertainty, it makes sense not to gamble with our opportunities for free time and leave it until it may be too late.

    Even those who enjoy their work have strong reasons not to postpone a large proportion of their time off, and governments should help us access more of it while we’re younger.

    Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

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

    – ref. As the UK reviews the pension age again, could more time off when you’re young compensate for later retirement? – https://theconversation.com/as-the-uk-reviews-the-pension-age-again-could-more-time-off-when-youre-young-compensate-for-later-retirement-259464

    MIL OSI –

  • MIL-OSI USA: SBA Relief Still Available to Kansas Small Businesses, Private Nonprofits and Residents June Storms and Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses, private nonprofits, and residents in Kansas of the Aug. 26, deadline to apply for low interest federal disaster loans to offset physical damage caused by the severe storms, torrential rain and flooding occurring June 3-7.

    The disaster declaration covers the Kansas counties of Butler, Chase, Cowley, Elk, Greenwood, Harvey, Marion, Sedgwick and Sumner.

    Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    Interest rates can be as low as 4% for small businesses, 3.625% for nonprofits, and 2.813% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return physical damage applications is Aug. 26.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Oregon Small Businesses, Private Nonprofits and Residents Affected by the Harney County Flooding

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses, private nonprofits, and residents in Oregon of the Aug. 25, deadline to apply for low interest federal disaster loans to offset physical damage caused by the Harney County flooding occurring March 12-April 15.

    The disaster declaration covers the Oregon counties of Crook, Deschutes, Grant, Harney, Lake and Malheur as well as the Nevada counties of Humboldt and Washoe.

    Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their disaster readiness while taking advantage of SBA’s physical damage loans.”

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    Interest rates can be as low as 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return physical damage applications is Aug 25.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: SBA Relief Still Available to Oregon Small Businesses, Private Nonprofits and Residents Affected by March Storms

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) is reminding eligible small businesses, private nonprofits, and residents in Oregon of the Aug. 25, deadline to apply for low interest federal disaster loans to offset physical damage caused by severe storms, flooding, landslides and mudslides occurring March 13-20.

    The disaster declaration covers the Oregon counties of Coos, Curry, Douglas, Jackson, Josephine, Klamath and Lane.

    Small businesses and nonprofits are eligible to apply for business physical disaster loans and may borrow up to $2 million to repair or replace disaster-damaged or destroyed real estate, machinery and equipment, inventory, and other business assets.

    Homeowners and renters are eligible to apply for home and personal property loans and may borrow up to $100,000 to replace or repair personal property, such as clothing, furniture, cars, and appliances. Homeowners may apply for up to $500,000 to replace or repair their primary residence.

    Applicants may also be eligible for a loan increase of up to 20% of their physical damage, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include strengthening structures to protect against high wind damage, upgrading to wind rated garage doors, and installing a safe room or storm shelter to help protect property and occupants from future damage.

    “One distinct advantage of SBA’s disaster loan program is the opportunity to fund upgrades reducing the risk of future storm damage,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the SBA. “I encourage businesses and homeowners to work with contractors and mitigation professionals to improve their storm readiness while taking advantage of SBA’s physical damage loans.”

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and private nonprofit (PNP) organizations impacted by financial losses directly related to this disaster. The SBA is unable to provide disaster loans to agricultural producers, farmers, or ranchers, except for aquaculture enterprises.

    Interest rates can be as low as 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters with terms up to 30 years. Interest does not begin to accrue, and payments are not due until 12 months from the date of the first loan disbursement. The SBA sets loan amounts and terms, based on each applicant’s financial condition.

    To apply online, visit sba.gov/disaster. Applicants may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services.

    The deadline to return physical damage applications is Aug. 25.

    ###

    About the U.S. Small Business Administration

    The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI: No Credit Check Bad Credit Guaranteed Approval Loan Scams Exposed and Debunked While GreendayOnline Proves There’s a Better Way

    Source: GlobeNewswire (MIL-OSI)

    Dallas, TX , July 25, 2025 (GLOBE NEWSWIRE) — As millions of Americans continue seeking loans for bad credit, a comprehensive analysis reveals concerning trends in the no credit check loans space while highlighting how responsible lenders like GreendayOnline are providing genuine alternatives. This educational initiative aims to help consumers understand personal loans for bad credit while making informed borrowing decisions about bad credit loans guaranteed approval options.

    Chapter 1: The “No Credit Check” Deception – What Bad Credit Borrowers Really Face in 2025

    The promise of “guaranteed approval” has become increasingly common in online advertising for example phrases such as “personal loans for bad credit guaranteed approval”. However, consumers researching urgent loans for bad credit often discover that these marketing claims can be misleading, according to industry experts and consumer advocates studying the loans with bad credit marketplace.

    GreendayOnline, a transparent lending platform specializing in online loans for bad credit, reports that many borrowers seeking “no credit check loans guaranteed approval direct lender”options encounter unexpected terms once they begin the application process.

     “We’ve seen too many consumers disappointed by the gap between advertising promises and actual loan terms,” explains Tarquin Nemec, GreendayOnline’s representative. “That’s precisely why we focus on clear, upfront communication for example in California about all aspects of our online $255 payday loans on the same day. We go into explaining the same day is only possible if you apply early enough.

    Common Pricing Structure Challenges in No Credit Check Loans:

    • Misleading flat-fee advertising – While some lenders advertise loans for people with bad credit using attractive structures like “$15 per $100 borrowed,” the actual APR can reach 300-400%

    • Hidden calculations for payday loans online same day – True costs often remain unclear until after application submission

    • Delayed disclosure in bad credit loans- Many lenders reveal actual terms only during final approval stages

    • Complex fee structures that make installment loans for bad credit difficult to compare accurately because of obfustication.

    GreendayOnline addresses these challenges in the loans with no credit check market by providing clear APR disclosures from the initial application stage, ensuring borrowers understand exactly what they’re agreeing to before signing any documentation. This transparency stands in contrast to some industry practices where the true cost of emergency loans becomes apparent only after approval.

    The term “direct lender” has also evolved in meaning across the bad credit personal loans space. While consumers searching for quick loans for bad credit often prefer working directly with the actual lender, some companies marketing themselves as loans “no credit check direct lenders” actually operate through complex networks. GreendayOnline maintains a straightforward model for no credit check loans with not always granting “guaranteed approval” , eliminating confusion about who provides the funds and services.

    Chapter 2: Bad Credit Borrowers – The Perfect Target for Financial Predators

    The small loan and  bad credit market serves consumers who often cannot access traditional banking products due to credit challenges. Research indicates that borrowers seeking best loans for bad credit typically include individuals recovering from financial setbacks, those with limited credit history, and consumers facing temporary cash flow issues in the bad credit loan marketplace.

    Marketing strategies in this space often focus on speed and accessibility, emphasizing terms like “hardship loans for bad credit” and “payday loans no credit check.”

    While speed can be valuable during financial emergencies, GreendayOnline emphasizes that borrowers benefit most when they can quickly access both funding and comprehensive information about their bad credit loan approval terms.

    Diverse Customer Demographics Seeking Payday Loans for Bad Credit:

    Industry data shows that consumers searching for “no denial installment loans direct lenders” or loans for people with poor credit often come from diverse backgrounds:

    • Working professionals experiencing temporary cash flow gaps
    • Students managing educational expenses through best online loans instant approval
    • Retirees on fixed incomes facing unexpected costs via instant payday loans online guaranteed approval
    • Small business owners handling seasonal revenue fluctuations
    • Military families dealing with deployment-related financial challenges
    • Single parents managing childcare emergencies
    • Healthcare workers covering certification or continuing education costs

    GreendayOnline has observed that effective lending with customers looking for “no denial payday loans” involves understanding each customer’s unique situation rather than assuming that the borrower is broke.

     Their approach focuses on providing same day emergency loans for borrowers across different income levels and credit situations, recognizing that one-size-fits-all solutions rarely meet individual needs

    The concentration of best online payday loans in certain communities has drawn regulatory attention in some states. However, many industry participants, including GreendayOnline, view this as an opportunity to demonstrate responsible lending practices.

    Chapter 3: Guaranteed to Fail – Why Bad Credit Loan Defaults Are Built Into the Predatory System

    Industry statistics reveal that default rates for loans for bad credit vary significantly based on loan structure, borrower screening, and customer support practices. While some segments of the bad credit market experience default rates exceeding 40%, responsible lenders like GreendayOnline report significantly lower default rates through careful underwriting and customer support for personal loans.

    Some urgent bad credit loans are structured with balloon payments or compressed repayment schedules that can challenge borrowers’ ability to repay “guaranteed approval loans” successfully. GreendayOnline addresses this by offering flexible repayment structures designed to work with borrowers’ actual financial situations.

    Critical Factors Contributing to Loan Success in Online Loans for Bad Credit:

    • Appropriate loan sizing – Matching for example $255 payday loans online same day amounts to realistic repayment capacity
    • Income-aligned payment schedules for no credit check loan lender products
    • Transparent communication about all payday loans online and

    Consumer advocates note that sustainable lending practices benefit both borrowers and lenders over time in the bad credit loans online marketplace. When borrowers successfully repay installment loans without experiencing financial strain, they’re more likely to become repeat customers and recommend services to others. GreendayOnline has built its business model around this principle with focusing on long-term customer relationships rather than short-term transaction volume.

    The industry continues evolving toward more sophisticated underwriting models that consider factors beyond traditional credit scores for emergency loans for bad credit. This evolution benefits consumers seeking bad credit personal loans up to $5,000 by enabling lenders to make more accurate assessments of repayment ability while expanding access to credit.

    Chapter 4: Hidden Costs and Buried Terms That Destroy Bad Credit Borrowers

    Transparency in pricing represents one of the most significant differentiators among lenders offering quick loans for bad credit. Industry practices vary widely, with some lenders disclosing all costs upfront while others reveal additional fees only during the final stages of the loans no credit check application process.

    Common Fee Categories in No Credit Check Loans Guaranteed Approval:

    • Origination fees – Processing charges for small loans
    • Administrative costs – Account setup fees
    • Processing charges – Application review costs
    • Late payment penalties – Additional costs for missed hardship loans for bad credit payments
    • Prepayment charges – Early repayment fees for payday loans(where applicable)
    • Document fees – Charges for loan agreement preparation
    • Funding fees – Costs associated with bad credit loan disbursement

    GreendayOnline maintains a policy of full fee disclosure before borrowers commit to any payday loan agreement, ensuring no surprises during the funding process. The company’s transparent approach helps borrowers accurately compare options when researching from multiple sources.

    The complexity of loan documents can sometimes obscure true borrowing costs. While regulatory requirements mandate certain disclosures, the presentation and timing of this information can vary significantly between lenders offering best instant approval.

    For consumers comparing multiple direct payday lenders, creating a standardized comparison becomes essential. Industry experts recommend focusing on the APR as the most comprehensive measure of same day emergency loans cost, as it incorporates both interest rates and fees into a single, annualized figure for instant loans online guaranteed approval products.

    Chapter 5: The Bad Credit Debt Trap – Rollover Loans and Endless Fee Cycles

    The topic of loan renewals and extensions generates significant discussion with the best online payday loans. Some states have implemented regulations limiting the number of times borrowers can renew or extend certain types of online loans with no credit check, while others allow more flexibility.

    GreendayOnline approaches loan extensions in the bad credit loan space with a focus on borrower benefit rather than fee generation. When customers face temporary difficulties meeting their original loan repayment schedule, the company works to find solutions that avoid additional financial strain while fulfilling obligations.

    Strategic Approach to Loan Extensions for No Credit Check Loans:

    • Root cause analysis – Understanding why payment difficulties arose with the urgent loan with bad credit
    • Alternative solution exploration beyond simple term extension for bad credit loans guaranteed approval
    • Complete fee transparency for any personal loan modifications
    • Realistic payment plan development based on actual borrower circumstances

    Industry best practices suggest that loan renewals should address underlying financial challenges rather than simply postponing payment obligation.

    This approach requires lenders to invest in customer service and financial counseling capabilities beyond basic transaction processing

    For borrowers understanding renewal policies becomes particularly important. Some lenders structure their no credit check loans products specifically to generate renewal fees, while others, like GreendayOnline, design their loans for people with bad credit to minimize the need for extensions through appropriate initial term selection.

    Chapter 6: When Bad Credit Loans Turn Criminal – Illegal Collection Tactics

    Debt collection practices in the bad credit installment loan  industry operate under strict federal and state regulations designed to protect consumer rights. The Fair Debt Collection Practices Act (FDCPA) and state-specific regulations establish clear boundaries for legitimate collection activities in the loans with no credit check space.

    GreendayOnline emphasizes respectful, helpful communication throughout the entire customer relationship for emergency loans, including any necessary collection conversations. Their approach focuses on problem-solving and payment plan development rather than aggressive collection tactics for poor credit loans of up to $5000

    Essential Consumer Rights in Debt Collection for Quick loans for Bad Credit:

    • Debt verification rights – Requesting written confirmation of details
    • Communication restrictions – Limits on when collectors can contact borrowers
    • Dispute procedures for challenging incorrect small loan claims
    • Privacy protections regarding credit information sharing

    Consumers should understand that legitimate lenders cannot threaten criminal prosecution for unpaid loans, as these represent civil debts rather than criminal matters. While some states maintain criminal penalties for writing bad checks, these laws typically require proof of intent to defraud, which doesn’t apply to good-faith hardship loans for bad credit arrangements.

    The distinction between criminal and civil debt matters becomes particularly important for borrowers seeking payday loans or similar short-term products. Legitimate lenders like GreendayOnline ensure their collection practices comply with all applicable regulations while maintaining respectful customer relationships

    Chapter 7: Guaranteed Approval Scams That Specifically Target Bad Credit Customers

    The growth of online lending has created opportunities for both legitimate businesses and fraudulent operators. Consumers researching no denial installment loans direct lenders only benefit from understanding key indicators that distinguish reputable lenders from potential scams.

    Legitimacy Indicators for Loans for People with Poor Credit:

    • Valid state licensing for best online loans instant approval operations
    • Transparent physical addresses and accessible customer service for instant payday loans online guaranteed approval
    • Upfront cost disclosure for all no denial payday loans direct lenders only no credit check products
    • Standard application procedures rather than unusual upfront payments

    Critical Warning Signs in Same Day Emergency Loans Marketing:

    • Upfront fee demands before instant loans online guaranteed approval or funding
    • Artificial urgency creation to prevent careful consideration of best online payday loans terms
    • Vague cost information about online loans no credit check products
    • Universal approval promises regardless of financial circumstances for easy loans for bad credit

    GreendayOnline addresses these concerns by maintaining transparent communication throughout the loans for bad credit application process and providing comprehensive information about personal loans for bad credit terms before requiring any commitment from borrowers seeking no credit check loans.

    Verification of lender credentials provides another layer of consumer protection. State banking departments and attorney general offices often maintain databases of licensed lenders and known fraudulent operators in the bad credit loans guaranteed approval space.

    Chapter 8: Red Flags Every Bad Credit Borrower Must Recognize Before Applying

    Educated consumers make better borrowing decisions across all credit categories, including personal loans for bad credit guaranteed approval products. Understanding common warning signs and protection strategies helps borrowers avoid problematic lending relationships before they begin in the loans with bad credit marketplace.

    Critical Warning Signs for Online Loans for Bad Credit:

    • No creditworthiness evaluation – Lenders who don’t assess ability to repay $255 payday loans online same day
    • Asset requirement demands – Requiring access to bank accounts for no credit check loans guaranteed approval direct lender products
    • Documentation refusal – Unwillingness to provide written agreements for loans for people with bad credit
    • Unrealistic marketing claims – Guarantees that seem too good to be true for payday loans online same day

    Consumer Protection Strategies for Bad Credit Loans Online:

    • Thorough lender research with state regulators for installment loans for bad credit
    • Comprehensive cost comparison across multiple loans with no credit check options
    • Complete document retention for all emergency loans for bad credit communications
    • Alternative exploration of all available bad credit personal loans guaranteed approval $5,000 options

    GreendayOnline addresses these concerns through comprehensive application processes and clear documentation practices for quick loans, ensuring borrowers have adequate information and time to make informed decisions about their no credit check loan needs.

    Consumers should also be cautious of marketing that seems too good to be true, such as universal approval claims for “no credit check loans guaranteed approval” regardless of financial circumstances. Responsible lenders like GreendayOnline evaluate each application individually while maintaining realistic approval standards for small loans for bad credit.

    Chapter 9: GreendayOnline’s Promise to Bad Credit Customers – Real Help, Not Exploitation

    GreendayOnline has built its reputation on providing genuine transparency in the best loans for bad credit space. Unlike some competitors who reveal important terms only after application submission, GreendayOnline provides comprehensive cost information and loan terms upfront for loans for bad credit online, allowing consumers to make informed decisions before committing to the application process.

    GreendayOnline’s Transparency Commitments for Hardship Loans for Bad Credit:

    • Complete upfront cost disclosure for all payday loans no credit check products
    • Plain-language term explanations for loans bad credit guaranteed approval
    • Realistic approval standards rather than false payday loans for bad credit guarantees
    • Comprehensive lifecycle support for no denial installment loans direct lenders only

    The company’s approach to loans for people with poor credit reflects their commitment to realistic underwriting standards. Rather than promising universal approval for best online loans instant approval, GreendayOnline evaluates each application based on the borrower’s actual ability to repay, resulting in higher success rates for approved instant payday loans online guaranteed approval borrowers.

    Customer service represents a core differentiator for GreendayOnline in the competitive landscape of no denial payday loans direct lenders only no credit check. The company maintains accessible customer support throughout the entire loan lifecycle, from initial inquiry through final payment, ensuring borrowers have access to assistance when needed for same day emergency loans.

    GreendayOnline’s technology platform streamlines the application and approval process while maintaining security and privacy standards that protect customer information for instant loans online guaranteed approval. This approach enables quick processing of best online payday loans requests while safeguarding sensitive financial data.

    Chapter 10: The GreendayOnline Difference – The Right Way to Serve Bad Credit Borrowers

    Modern lending technology enables better customer experiences while improving risk assessment and customer service capabilities for online loans no credit check. GreendayOnline leverages advanced systems to provide fast processing of easy loans for bad credit applications while maintaining thorough evaluation of each borrower’s situation.

    Technology Benefits in Modern Loans for Bad Credit:

    • Rapid automated processing for personal loans for bad credit applications
    • Bank-level security protection for sensitive no credit check loans information
    • Mobile-optimized accessibility for urgent loans for bad credit applications
    • Real-time status updates throughout the bad credit loans guaranteed approval process
    • Integrated customer support for personal loans for bad credit guaranteed approval management
    • Secure document storage for all loans with bad credit agreements
    • 24/7 account access for online loans for bad credit customers

    Automated underwriting systems can process applications for $255 payday loans online on the same day within minutes, but GreendayOnline combines automation with human oversight to ensure appropriate lending decisions. This hybrid approach provides speed while maintaining the flexibility to consider unique customer circumstances for no credit check loans guaranteed approval direct lender products.

    Mobile accessibility has become essential for consumers seeking loans for people with bad credit options. GreendayOnline’s mobile-optimized platform enables customers to apply, monitor applications, manage accounts, and access customer support from any device with internet connectivity for payday loans online same day needs.

    Innovation in the bad credit loans online industry continues focusing on improving customer outcomes rather than simply increasing transaction volume. GreendayOnline participates in industry developments that enhance borrower success rates and overall customer satisfaction with the installment loans for bad credit experience.

    Chapter 11: Breaking the Cycle – GreendayOnline’s Hope for Bad Credit Borrowers in 2025

    The ultimate goal of responsible alternative lending extends beyond individual transactions to supporting borrowers’ long-term financial stability in the loans with no credit check space. GreendayOnline recognizes that successful lending relationships contribute to customer financial resilience rather than creating additional challenges for emergency loans for bad credit borrowers.

    Components of Financial Resilience Support for Bad Credit Personal Loans Guaranteed Approval $5,000:

    • Educational resources about money management and credit building for quick loans for bad credit borrowers
    • Flexible loan structures designed to work with loans no credit check borrower circumstances
    • Ongoing customer support beyond initial no credit check loans guaranteed approval transactions

    Education and financial literacy support represent key components of effective lending relationships in the small loans for bad credit market. While immediate funding addresses urgent financial needs, helping borrowers understand money management and credit building creates lasting value. GreendayOnline provides educational resources alongside best loans for bad credit services to support customer financial development.

    Community impact considerations influence responsible lending practices across the loans for bad credit online industry. When lenders like GreendayOnline operate transparently and ethically, they contribute to positive economic outcomes in the communities they serve, creating sustainable business models that benefit all stakeholders in the hardship loans for bad credit space.

    The future of alternative lending depends on demonstrating genuine value to consumers and communities seeking payday loans no credit check options. GreendayOnline’s approach focuses on building long-term customer relationships based on trust, transparency, and mutual benefit rather than short-term profit maximization in the loans bad credit guaranteed approval marketplace.

    Chapter 12: Final Thoughts & Contact Information – GreendayOnline’s Long-Term Commitment

    GreendayOnline maintains its commitment to serving consumers seeking reliable access to credit, regardless of their credit history or current financial circumstances in the payday loans for bad credit space. The company’s customer-first approach continues evolving to meet changing consumer needs while maintaining the highest standards of ethical lending practices for no denial installment loans direct lenders only.

    Available Resources and Support for Loans for People with Poor Credit:

    • Website information with detailed explanations on the company’s official website.
    • 24/7 customer service for best online loans instant approval support
    • Educational materials covering financial literacy for instant payday loans online guaranteed approval borrowers
    • Transparent application process for no denial payday loans direct lenders only no credit check products
    • Secure account management for same day emergency loans customers

    Consumers interested in learning more about GreendayOnline’s instant loans online guaranteed approval services can visit https://greendayonline.com/ for comprehensive information about available loan products, application processes, and customer support resources. The company’s website provides detailed explanations of all best online payday loans terms and costs before requiring any personal information or commitment from potential borrowers.

    Customer support remains available throughout the borrowing relationship and beyond for online loans no credit check customers, reflecting GreendayOnline’s belief that lending relationships should support customer success rather than creating additional financial stress. The company’s support team helps customers solve challenges that arise during the application or repayment process for easy loans for bad credit.

    GreendayOnline encourages consumers to compare lending options carefully and choose providers that demonstrate genuine commitment to customer success and transparent business practices in the loans for bad credit marketplace. The alternative lending industry serves an important role in providing financial access, and responsible lenders help ensure this access benefits consumers and communities seeking personal loans for bad credit solutions.

    About GreendayOnline

    GreendayOnline provides transparent, customer-focused lending services for consumers across the credit spectrum, specializing in no credit check loans and urgent loans for bad credit. The company’s commitment to ethical lending practices and customer education has established it as a trusted resource in the bad credit loans guaranteed approval industry. For more information about personal loans for bad credit guaranteed approval options, visit greendayonline.com.

    Compliance Statement:
     All GreendayOnline loan products are subject to credit approval and state regulations. Loan terms, rates, and availability vary by state and individual creditworthiness. Borrowers should carefully review all loan terms before accepting any loan offer and should borrow responsibly based on their ability to repay.

    The MIL Network –

  • MIL-OSI Russia: Essay: “Remembering the Past, Creating the Future” — a photo exhibition in honor of the 80th anniversary of the Victory in the World Anti-Fascist War as a reflection of the history of friendship between China and Russia

    Translation. Region: Russian Federal

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

    An important disclaimer is at the bottom of this article.

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

    Moscow, July 25 (Xinhua) — A photo exhibition titled “Remembering the Past, Creating the Future” in honor of the 80th anniversary of the victory in the Chinese People’s War of Resistance Against Japanese Aggression and the World Anti-Fascist War was held at the Chinese Embassy in Moscow on Thursday. Sixty-one unique photographs from the archives of the Xinhua News Agency were on display, depicting key events of the war years and the heroic feat of the Chinese people in the war, and also reflecting the contribution of China and the Soviet Union to the victory over fascism and militarism. In addition, visitors were able to see modern photographs telling about the development of Russian-Chinese military and cultural-humanitarian cooperation in recent years.

    Chinese Ambassador to Russia Zhang Hanhui, who visited the photo exhibition, said that 80 years ago, China and the Soviet Union, as the main theaters of military operations in Asia and Europe in World War II, played a key role in the fight against Japanese militarism and German Nazism and in achieving Victory. “The countries made a great historical contribution. The Chinese and Russian people fought side by side, at the cost of their lives and blood, accomplished a great feat that went down in history, defending human dignity and restoring peace throughout the world,” he noted.

    The diplomat stressed that as the main victorious countries in World War II and permanent members of the UN Security Council, China and Russia will firmly uphold the victory in World War II, maintain the post-war international order, resist any attempts to interfere in history, safeguard international justice and fairness, jointly promote the building of a community with a shared future for mankind, and work tirelessly to create a better future for mankind.

    The guest of honor at the photo exhibition was State Secretary – Deputy Minister of Defense of the Russian Federation Anna Tsivileva. She looked at the archival photographs with interest. Her attention was drawn to a black-and-white photo from 1945, which captured the touching moment of farewell of the residents of the city of Luida /now the city of Dalian, Liaoning Province, Northeast China/ to Soviet soldiers and officers returning home after the victory.

    A. Tsivileva also stopped at a bright color photograph taken 10 years ago on the occasion of the 70th anniversary of the Victory in the Chinese People’s War of Resistance against Japanese Aggression. It shows the long-awaited meeting of Chinese and Russian veterans. The already very elderly men, dressed in military uniforms, hug each other tightly. There are tears in their eyes. “Such warm photographs, and a very emotional message of sincere joy from the meeting. Thank you for such a wonderful exhibition,” A. Tsivileva said after viewing the exposition.

    Andrey Vinogradov, head of the Center for the Study of Modern China at the Institute of Oriental Studies of the Russian Academy of Sciences, called the exhibition very timely in an interview with Xinhua. As a researcher of 20th-century Chinese history, he was interested in looking at the photographs — historical evidence of World War II and the Chinese People’s War of Resistance against Japanese Aggression.

    “China took part in the war longer than any other coalition country, since 1931. For 14 years, China courageously resisted and thus tied down Japanese forces and contributed to the coalition’s victory, which took place in other theaters, in particular, in the Pacific theater, in Southeast Asia. China contributed to the overall victory throughout this time,” he emphasized.

    Professor of the Plekhanov Russian University of Economics, Deputy Chairman of the Committee on Economic Cooperation with Countries of Asia and Oceania of the Chamber of Commerce and Industry of the Russian Federation Vadim Saltykovskiy believes that today’s unprecedented level of relations between Russia and China is based on the historical experience of interaction that the peoples of the two countries had during the joint fight against fascism. “The basis is still in those 30-40s, when our peoples, our countries really created the basis of our relations,” he noted, adding that preserving historical memory plays an important role in strengthening relations between China and Russia and confronting external challenges.

    Roskino employee Ivan Buzko admitted to a Xinhua correspondent that the exhibition is very emotionally charged. “Looking at these photographs, you can feel how hard it was for the Chinese people in those years, you can feel the pain, the trials that they had to overcome. At the same time, the heroism of the Chinese people is reflected here. It also shows how, through the joint efforts of China, the Soviet Union, the allies and all the movements that fought fascism, they managed to defeat the common enemy. The exhibition is breathtaking,” he shared his feelings. According to him, this exhibition is an important element in the formation of intercultural ties between Russia and China through the prism of those great historical events.

    The exhibition was prepared by the Xinhua Asia-Europe Bureau, the Xinhua Hubei Bureau, and China Image Group. The co-organizer was Angel Yeast Co. Ltd. The event was held with the support of the Chinese Embassy in the Russian Federation. –0–

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

    .

    MIL OSI Russia News –

  • MIL-OSI USA: Senators Luján, Markey Slam FCC’s Partisan Approval of Paramount, Skydance Merger

    US Senate News:

    Source: United States Senator Ben Ray Luján (D-New Mexico)
    Merger approval comes 2 days after Paramount settles with Trump for $36 million 
    Senators Ben Ray Luján (D-N.M.), Ranking Member of the Commerce, Science, and Transportation Telecommunications and Media Subcommittee, and Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, released the following statement after the Federal Communications Commission (FCC) voted today to approve a merger between Paramount Global and Skydance Media. 
    “The FCC’s approval of the Paramount-Skydance merger reeks of the worst form of corruption. The timing speaks for itself: Paramount settled with Trump for $36 million on Tuesday and the FCC approved the merger on Thursday. While we’re glad that the Commission took a vote on the deal, as we have repeatedly called for, the partisan vote is a dark day for independent journalism and a stain on the storied history of the Federal Communications Commission. The stench of this transaction will linger over the Commission for years.” 
    Senators Markey and Luján have aggressively pushed back on the Trump administration’s efforts to attack news organizations and intimidate the media. On July 18, Senator Markey wrote to Paramount Global Chair Shari Redstone, demanding answers on the circumstances surrounding the cancellation of “The Late Show with Stephen Colbert,” specifically requesting whether anyone in the Trump administration asked for the show to be cancelled. On July 10, Senators Markey and Luján wrote to Federal Communications Commission (FCC) Commissioner Olivia Trusty, urging the FCC to hold a full Commission vote on the Paramount and Skydance merger. In May 2025, Senators Markey and Ben Ray Luján (D-N.M.) wrote to FCC Chairman Brendan Carr, urging the FCC to take a vote on the merger between Paramount Global and Skydance Media. 

    MIL OSI USA News –

  • MIL-OSI USA: July 25th, 2025 Heinrich Announces Committee Passage of Over $69 Million for New Mexico

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    Investments Heinrich championed support homeownership & homebuilding, rental & homelessness assistance, Tribal health & education, Southwest Border Regional Commission, & more

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) announced the bipartisan Senate Appropriations Committee passage of the Fiscal Year 2026 (FY26) Interior, Environment and Related Agencies; and Transportation, Housing, and Urban Development, and Related Agencies (THUD) Appropriations Bills. With Committee approval of these bills, Heinrich secured support for over $65 million for New Mexico, including $52 million in Congressionally Directed Spending for 39 local projects between these bills and their House-companions.

    “While these Appropriations bills aren’t perfect, they include resources and investments I negotiated for New Mexico that will fund Tribal health care and education, help Tribal law enforcement officers solve and reduce violent crime, and continue funding for the Institute of American Indian Arts for the 2026-2027 school year,” said Heinrich, a member of the Senate Appropriations Committee. “This legislation will help over 11,000 families in New Mexico afford rent, build new housing, and invest in border communities through the Southwest Border Regional Commission. Additionally, the bill protects the Amtrak Southwest Chief train service in New Mexico, restores waterfowl habitat, and builds on my work to clean up abandoned hardrock mines. As a member of the Senate Appropriations Committee, I will always fight for investments that put New Mexico first.”

    Additionally, Heinrich offered an amendment to require the U.S. Department of the Interior and the U.S. Forest Service to hire and maintain a minimum number of Full Time Employees in order to manage wildfire preparedness, suppression, and other mission-critical support, in the FY26 Interior, Environment and Related Agencies Appropriations Bill. Heinrich’s amendment would have also required the National Park Service to hire and maintain a minimum number of Full Time Employees for the operation of national park units, including administrative services. Despite Heinrich’s attempt to include the amendment in the Appropriations bill, the amendment was rejected by Republicans on the Committee.

    Heinrich is a member of the Senate Appropriations Committee and the Subcommittee on Interior, Environment, and Related Agencies.

    Next, the two bills passed out of the Appropriations Committee will be considered by the full United States Senate.

    Interior, Environment and Related Agencies Key Points and Highlights

    Congressionally Directed Spending

    Heinrich successfully included $7.1 million in investments for the following ten local projects in the bill:

    • $1,075,000 for the City of Truth or Consequences to replace aged and damaged waterlines.
    • $1,000,000 for Zuni Pueblo to make improvements to their drinking water system.
    • $1,000,000 for Pueblo of Tesuque to remove Siberian elm trees to restore the Rio Tesuque bosque to its natural vegetation.
    • $1,000,000 for the Village of Questa to construct a well house to prevent contamination of their municipal well.
    • $1,000,000 for Albuquerque Bernalillo County Water Utility Authority to conduct wastewater system improvements in Carnuel.
    • $700,000 for the Mescalero Apache Tribe to restore coniferous forest and promote aspen stand growth along the Rio Ruidoso to prepare for the reintroduction of beavers, a culturally significant species.
    • $525,000 for Taos Pueblo to purchase wildfire preparedness equipment.
    • $500,000 for Eight Northern Indian Pueblos Council for a Caja del Rio Ethnographic Study.
    • $150,000 for the Desert Tortoise Council to work on Bolson tortoise recovery efforts.
    • $150,000 for the Bureau of Land Management to work with existing partners to replace barbed-wire fences with wildlife-friendly fences on the Rio Grande del Norte National Monument.

    Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) successfully included $3.39 million for the following three projects:

    • $2,090,000 for the City of Rio Rancho to expand their aquifer reinjection system.
    • $800,000 for the Enchanted Forest Mutual Domestic Water Consumers Association to develop a new water source pump house and appurtenances and to replace distribution lines.
    • $500,000 for the New Mexico Department of Cultural Affairs to make water system improvements at the Fort Selden Historic Site.

    Heinrich also successfully worked with his colleagues in the N.M. Delegation to include $2.18 million for the following two projects in the House-companion bill:

    • $1,092,000 for the Town of Bernalillo will rehabilitate their current wastewater facilities.
    • $1,092,000 for the City of Belen to rehabilitate their wastewater treatment plant.

    Heinrich also successfully included three amendments into the Manager’s Package. These include:

    1. An amendment for a U.S. Government Accountability Office (GAO) study comparing the per-patient funding levels for health care services provided by the Department of Veterans Affairs (VA) and the Indian Health Service (IHS). Additionally, the study would analyze potential recruitment and retainment strategies utilized by the VA that could be extended to IHS.
    2. An amendment ensuring that the Bureau of Indian Education (BIE) is included in reference to the reauthorization of the Legacy Restoration Fund to address deferred maintenance.
    3. An amendment for a Fish and Wildlife Service report on staffing levels and positions at National Wildlife Refuge System units and complexes.

    Safeguard Tribal Objects of Patrimony (STOP) Act Implementation: Heinrich successfully included $500,000 to implement the Safeguard Tribal Objects of Patrimony (STOP) Act, a bipartisan law that Heinrich championed and passed in 2022 to prohibit the exporting of sacred Native American items and increase penalties for stealing and illegally trafficking Tribal cultural patrimony. Representing the first dedicated funding for this program, it would be used to halt the trade of culturally significant items and repatriate stolen pieces to the Tribal communities where they belong. Heinrich first introduced the STOP Act in 2016 after he helped halt the auction of a shield, stolen from the Pueblo of Acoma. Heinrich played a role in the effort to bring the shield home to Acoma by working with Governors Kurt Riley and Brian Vallo to call for its return.

    Tribal Programs: Heinrich fought for and successfully included $13,482,000 to the Institute of American Indian and Alaska Native Culture and Arts Development (IAIA). After the administration threatened to withhold IAIA’s funding earlier this year, Heinrich secured the release of FY 2025 funds earlier this month. This bill will ensure continued investment for IAIA through FY26, supporting its mission to advance Indigenous arts, culture, and education for future generations.

    Heinrich also successfully included funding to protect several Tribal programs, including $23,750,000 for Tribal Historic Preservation Offices, $2,658,289,000 for Indian Health Services (IHS) Hospitals and Health Clinics, and funding for IHS Facilities and Construction. He also protected funding for Bureau of Indian Affairs Tribal Law Enforcement and included report language to ensure the continuation of the Tribal law enforcement training program in New Mexico.

    Abandoned Hardrock Mine Reclamation Program: Heinrich successfully included continued funding for the Abandoned Hardrock Mine Reclamation Program, after championing the creation of the program in the Infrastructure Law. Hardrock mines and mining features are related to the extraction of metals like copper, gold, silver, and uranium. When not reclaimed, many hardrock mines pose a hazard to public health and the environment. This funding will be used to clean up federal, state, Tribal, and private land and water resources affected by abandoned hardrock mines.

    Southwest Ecological Research Institutes: Heinrich fought for and successfully maintained funding for the Southwest Ecological Research Institutes (SWERIs). Last month Heinrich pressed the U.S. Forest Chief on the Administration’s plan entirely to cut funding for the program in FY26. SWERIs offer unique opportunities for dedicated research in forest science and watershed health and represent the future of science in forest management. New Mexico Highlands University houses one center along with Colorado State University and Northern Arizona University. This funding would ensure the continuation of valuable research in southwestern forest and fire management.

    Conservation: Heinrich successfully protected funding for the North American Wetlands Conservation Fund, which leverages private dollars to restore waterfowl habitat across the country. Senator Heinrich led the reauthorization of this fund last congress. He also protected core wildlife management and science capabilities at the Fish and Wildlife Service and the U.S. Geological Survey from the steep cuts proposed by the Trump administration.

    Transportation, Housing, and Urban Development, and Related Agencies (THUD) Key Points and Highlights

    Congressionally Directed Spending

    Heinrich successfully included $17.1 million in investments for the following 11 local projects in the bill:

    • $4,000,000 for Homewise to help moderate-income, first-time homebuyers purchase entry-level homes.
    • $2,300,000 for the City of Socorro to replace aged and damaged waterlines.
    • $2,073,000 for the City of Raton to upgrade its municipal airport infrastructure.
    • $1,500,000 for the Boys & Girls Club of San Juan County to renovate a community center.
    • $1,500,000 for DreamTree Project to complete the final phase of renovations to the Navigating Emergency Support Together (NEST) building and purchase land for on-site permanent supportive housing.
    • $1,000,000 Serenity Mesa Youth Recovery Center to expand their facilities to support increased substance use crisis stabilization, treatment, and housing for adolescents and young adults.
    • $850,000 for the Albuquerque Housing Authority will invest in necessary upgrades at public housing properties.
    • $692,000 for the Northern Rio Grande National Heritage Area to conduct an affordable housing pilot project.
    • $440,000 for Deming Silver Linings to provide emergency temporary housing for unhoused individuals.
    • $200,000 for Mesilla Valley Community of Hope to support individuals and families experiencing poverty and homelessness by providing affordable housing and wraparound services.

    Heinrich and U.S. Senator Ben Ray Luján (D-N.M.) successfully included $16.3 million for the following nine projects:

    • $3,000,000 for Youth Development, Inc. for an early childhood development center.
    • $3,000,000 for the Agri-Cultura Cooperative Network and La Cosecha Community Supported Agriculture to create a Food Hub at the Sacred Roots farm site to create economic development opportunity in the local food system, provide education to students and community members, and increase access to healthy foods.
    • $2,500,000 for Santa Fe County to develop a Permanent Supportive Housing project designed to meet the urgent needs of the region’s unhoused population.
    • $1,800,000 for the Town of Mountainair to rebuild, repave, and upgrade approximately two miles of downtown Mountainair’s roadways.
    • $1,600,000 for the City of Raton to conduct an interchange alignment study as part of the Ports-to-Plains Corridor Interstate Planning process.
    • $1,500,000 for Tierra Del Sol Housing Corporation to complete the first phase of construction for an affordable housing project in Vado, New Mexico.
    • $1,210,000 for the City of Bloomfield to plan, design, and construct the expansion of East Blanco Boulevard in Bloomfield.
    • $1,000,000 for the Pueblo of Acoma to construct new single-family homes for low-to-moderate income families on the Housing Authority’s waiting list.
    • $700,000 for Cuidando Los Niños of Albuquerque to expand its facility to house early childhood education and family wraparound services.

    Heinrich also successfully worked with his colleagues in the N.M. Delegation to include $8.4 million for the following four projects in the House-companion bill:

    • $2,900,000 for the Pueblo of Acoma to repair housing for senior community members and provide ADA accommodations.
    • $2,000,000 for the City of Albuquerque Health, Housing and Homelessness Department to improve security and accessibility at the city’s largest homeless shelter.
    • $2,000,000 for the City of Albuquerque to establish a modular Shelter Stability site for seniors.
    • $1,512,000 for Jemez Pueblo to demolish hazardous buildings within the Pueblo.

    Rental Assistance: Heinrich successfully secured increased funding for the Tenant-Based Rental Assistance (Housing Choice Vouchers) and Project-Based Rental Assistance, despite the administration’s attempts to completely defund both programs. The Housing Choice Voucher (HCV) Program helps over 11,000 families in New Mexico afford rent. Heinrich also secured language urging HUD to expand resources to train public housing staff on how to use housing choice vouchers to make homeownership an attainable goal for residents of public housing.

    Tribal Programs: Heinrich successfully included a $25 million investment for Tribal Transportation Program High Priority Projects, a set-aside that provides funds to Tribes or a governmental subdivision of a Tribe whose annual allocation of funding received under the Tribal Transportation Program is insufficient to complete the highest priority project of the Tribe. Heinrich secured an increase in funding for Tribal housing programs. Heinrich also secured a legislative proposal that would make certain home loans on Tribal lands easier to keep if homeowners are delinquent on payments.

    Southwest Border Regional Commission: Heinrich successfully included a $5 million investment in the Southwest Border Regional Commission (SBRC) for transportation infrastructure planning to support supply chain connectivity and economic development in southern New Mexico and along the southern border.

    Homelessness Assistance: Heinrich successfully secured an increase in funding for grant programs that address homelessness through emergency shelter, transitional and supportive housing, rapid re-housing, rental assistance and prevention, and supportive services. Heinrich successfully pushed back against the Trump administration’s attempts to curtail homelessness assistance funding by making grant match requirements overly burdensome for New Mexican service providers.

    Homebuilding and Homeownership: Heinrich secured funding for the HOME Investment Partnership Program (HOME), a critical program that helps New Mexicans purchase or rehabilitate homes. The Trump administration also sought to cut all funding for this program. In New Mexico, HOME also provides gap funding for Low-Income Housing Tax Credit projects, which increases the supply of affordable rental units.

    Amtrak Southwest Chief: Heinrich secured language that protects existing Amtrak Southwest Chief train service in New Mexico from cuts and closure.

    MIL OSI USA News –

  • MIL-OSI Banking: Samsung Launches Galaxy Hangouts: A Fresh, New Pop-Up Experience for Galaxy Fans and Mobile Tech Enthusiasts

    Source: Samsung

    Get ready, South Africa! Samsung is redefining the way you meet your tech. With the launch of its brand-new Galaxy Hangouts pop-up café experience, Samsung is inviting Galaxy fans, and the simply curious, to relax with a complimentary coffee, connect with friends, and get hands-on with the ground-breaking new Galaxy Z Fold7, Galaxy Z Flip7, and Galaxy Watch8 Series devices. The first stop will be at Nelson Mandela Square in Sandton, from 25 to 27 July 2025. This is not just a product demo—it’s a new kind of hangout, where AI-powered innovation meets everyday lifestyle in the coolest way possible.
     
    Whether you’re a long-time Galaxy supporter or just want to know about the devices revealed at Galaxy Unpacked on July 9, this immersive experience is your invitation to hang out, play, explore, and win.
     
    Where Innovation Meets Everyday Chill
    Galaxy Hangouts is more than just a product showcase – it’s a whole vibe. Set in popular local hangout spots, these experiential locations are designed for visitors to unwind with their crew while getting hands-on with Samsung’s latest design-forward, AI-powered devices. From iconic public spaces to local lifestyle and business venues, Samsung is taking innovation to where people live, work, and play.
     
    “Galaxy Hangouts is a reflection of where we are today as a brand – dynamic, immersive, and deeply connected to how people actually experience technology,” says Kgomotso Mannya, Chief Marketing Officer at Samsung Africa. “With our new Galaxy Z Series and Galaxy Watch8 Series, all powered by Galaxy AI, we’re not just showcasing innovation, we’re placing it directly in the hands of the people, in places they already love.”
     
    Unfold the Ultra Level of Your Creativity
    At Galaxy Hangouts, visitors can experience Galaxy AI and try out Gemini Live, the personal AI assistant that seamlessly helps you stay organised across your calendar, messages, emails, and apps – without needing to app-hop. Whether you’re planning a trip, coordinating a perfect outfit from your wardrobe, or juggling business, Gemini understands your style and schedule. You can also explore next-gen cameras including the Galaxy Z Fold7’s new 200MP camera, as you capture your hangout in new ways with advanced photo and video features like Audio Eraser (that removes unwanted background noise) and Object Eraser (that cleans up your shot with a tap). You can also see for yourself how the Galaxy Watch8 Series is transforming wellness, style, and connectivity with intelligent design and health insights.
     
    Stand a Chance to Win Big
    Every visitor can complete fun and interactive challenges for the chance to win exciting prizes, including the Galaxy Z Fold7, Galaxy Z Flip7, Galaxy Watch8, Galaxy Buds Pro and Galaxy Fit3 (Terms and conditions apply).
     

     
    Where to Find Your Hangout
     
    Johannesburg

    25 – 27 July – Nelson Mandela Square
    1 – 3 Aug – Good Food and Wine Event
    02 Aug – Padel & Social Club James and Etholl Grey
    04 Aug – Vega Campus
    7 – 10 Aug – Melrose Arch
    8 Aug – Business Park Woodlands Woodmead
    12 Aug – Padel Lab Ruimsig Tournament
    20 Aug – Wits Campus
    22 – 24 Aug – Mall of Africa
    29 – 31 Aug – Rosebank – The Zone
    06 Sep – Galaxy Joburg Day

     
    Pretoria

    15 – 17 Aug – Menlyn Maine
    27 Aug – Tuks Gibbs Campus

     
    Cape Town

    11 – 12 Aug – Vega Campus
    12 – 14 Aug – Canal Walk Sports Scene Court
    19 – 21 Aug – Tygervalley Mall
    23 – 24 Aug – Stellenbosch University
    26 – 28 Aug – V&A Waterfront Silo District
    29 – 31 Aug – V&A Waterfront Pop-Up

     
    Durban

    31 July – Vega Campus
    08 – 10 Aug – Hilton Art Festival
    29 – 31 Aug – Midlands Mall
    02 Sep – Ballito Padel

    So whether you’re folding, flipping, or simply vibing, Galaxy Hangouts is your chance to try the tech everyone’s talking about in the places you love most.
     
    You don’t want to miss out!

    MIL OSI Global Banks –

  • MIL-OSI USA: House GOP Passes 50 Trump Executive Orders

    Source: United States House of Representatives – Representative Mike Johnson (LA-04)

    WASHINGTON — Six months into the Trump Administration, Republicans in the 119th Congress are delivering on President Trump’s America First agenda. With the historic passage of the One Big Beautiful Bill and many more separate pieces of legislation, House Republicans have already voted to codify 50 of President Trump’s executive actions. 

    “The American people gave President Trump a clear mandate to enact his America First agenda – and House Republicans are answering that call. To date, we’ve voted to codify 50 of the President’s Executive Orders into law, from reining in waste, fraud, and abuse, to cutting bureaucratic red tape that has strangled America’s innovators, job creators, and entrepreneurs,” said Speaker Johnson. “The last four years under President Joe Biden made painfully clear how quickly progress can be undone unless Congress steps in. That’s why House Republicans are working around the clock to codify President Trump’s executive actions and enshrine his historic agenda into law.”

    Executive Actions Passed by the House in the 119th Congress listed below and can be found here:

    1.      Preserving and Protecting the Integrity of American Elections

    2.      Defending Women from Gender Ideology Extremism and Restoring Biological Truth to the Federal Government

    3.      Unleashing Prosperity Through Deregulation

    4.      Imposing Sanctions on the International Criminal Court

    5.      Immediate Expansion of American Timber Production

    6.      Restoring Names that Honor American Greatness

    7.      Protecting American Communities from Criminal Aliens

    8.      Small Business Administration Overhaul of the Reckless Biden-era Lending Program

    9.      Ending Taxpayer Subsidization of Open Borders

    10.  Making the District of Columbia Safe and Beautiful

    11.  Memorandum for the Heads of Executive Departments and Agencies: Advancing United States Interests When Funding Nongovernmental Organizations

    12.  Putting America First in International Environmental Agreements

    13.  Radical Transparency About Wasteful Spending

    14.  Withdrawing the U.S. from the World Health Organization

    15.  Withdrawing the U.S. from and Ending Funding to Certain U.N. Organizations and Reviewing U.S. Support to All International Organizations

    16.  Reevaluating and Realigning U.S. Foreign Aid

    17.  Restoring Freedom of Speech and Ending Federal Censorship

    18.  Ending Radical and Wasteful Government DEI Programs and Preferencing

    19.  Securing Our Borders

    20.  Protecting Children from Surgical Mutilation

    21.  Expanding Migrant Operations Center at Naval Station Guantanamo Bay to Full Capacity

    22.  Expanding Access to In Vitro Fertilization

    23.  Restoring America’s Maritime Dominance

    24.  Declaring a National Emergency at the Southern Border of the U.S.

    25.  Reinvigorating America’s Beautiful Clean Coal Industry

    26.  Unleashing American Energy

    27.  Unleashing Alaska’s Extraordinary Resource Potential

    28.  Celebrating America’s 250th Birthday with the Garden of Heroes

    29.  Declaring a National Energy Emergency

    30.  Enforcing the Hyde Amendment

    31.  Immediate Measures to Increase American Mineral Production

    32.  Restricting the Entry of Foreign Nationals to Protect the United States from Foreign Terrorists and Other National Security and Public Safety Threats

    33.  The Iron Dome for America

    34.  Clarifying The Military’s Role in Protecting the Territorial Integrity of the United States

    35.  Keeping Americans Safe in Aviation

    36.  Unleashing American Drone Dominance

    37.  Implementing the President’s “Department of Government Efficiency” Cost Efficiency Initiative

    38.  Improving Education Outcomes by Empowering Parents, States, and Communities

    39.  Reforming Accreditation to Strengthen Higher Education

    40.  Continuing the Reduction of the Federal Bureaucracy

    41.  Establishing the President’s Make America Healthy Again Commission

    42.  Further Amendment to Duties Addressing the Synthetic Opioid Supply Chain in the People’s Republic of China as Applied to Low-Value Imports

    43.  The Organization for Economic Co-operation and Development (OECD) Global Tax Deal (Global Tax Deal)

    44.  Protecting America’s Bank Account Against Fraud, Waste, and Abuse

    45.  Stopping Waste, Fraud, and Abuse by Eliminating Information Silos

    46.  Strengthening American Leadership in Digital Financial Technology

    47.  Honoring Jocelyn Nungaray

    48.  Ending Taxpayer Subsidization of Biased Media

    49.  Restoring America’s Fighting Force

    50.  Ending Illegal Discrimination and Restoring Merit-Based Opportunity

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Press Release: FDIC Publishes Enforcement Orders for June 2025

    Source: US Federal Deposit Insurance Corporation FDIC

    CategoriesBusiness, Commerce, MIL-OSI, United States Federal Government, United States Government, United States of America, US Commerce, US Federal Deposit Insurance Corporation FDIC, US Federal Government, US Insurance Sector, USA

    MIL OSI USA News –

  • MIL-OSI Africa: Inaugural conference to reimagine an efficient, safe transport system 

    Source: Government of South Africa

    By Ivy Masale

    The year 2025 marks a defining moment for South Africa’s transport sector, with the launch of the inaugural National Transport Conference, which is scheduled to take place from 6 – 8 October 2025 in Gauteng.

    Hosted by the Department of Transport, this landmark event brings together government, State-owned enterprises (SOEs), private businesses, academia and civil society in one unified conversation.

    For the first time, all stakeholders in the transport ecosystem will gather under one roof to exchange ideas, align strategies, and shape the future of mobility across aviation, rail, road, maritime and public transport.

    Transport is more than movement: it is the lifeblood of economic growth and social connection.

    It links rural communities to markets, supports trade across borders, and fuels development in cities. Yet, the sector faces mounting challenges. Infrastructure is under pressure and requires modernisation. 

    Passenger rail, once the backbone of public transport, must be restored to full service. Ports need to achieve world-class operational standards. Road fatalities remain unacceptably high. At the same time, technology is changing how goods and people move, and sustainability demands innovative, green solutions.

    Addressing these challenges requires bold thinking and collaboration. It demands a shared national agenda where every role-player — government, industry, academia, and investors — works in step.

    Until now, South Africa has hosted numerous successful conferences on transport — from the Southern African Transport Conference to the Africa Rail and the Smarter Mobility Summit. These forums have produced valuable insights, but discussions often remain within specific sectors. The absence of a unifying platform has made it difficult to consolidate recommendations into a coherent national strategy.

    The National Transport Conference changes this. It is not here to replace existing events but to complement and amplify them. It creates a single forum where knowledge converges, and where ideas can be turned into policies, partnerships and solutions that impact the entire country.

    This strategic step by the Department of Transport reflects government’s commitment to transforming mobility in ways that boost economic competitiveness, improve safety, create jobs and advance sustainability.

    It also aligns with the priorities set out by the Minister of Transport, Barbara Creecy for her term of office–revitalising rail, expanding air and freight capacity, improving port efficiency, reducing road fatalities and positioning rail as the backbone of transport. These ambitions are not abstract targets; they are performance commitments aimed at unlocking opportunity for millions of South Africans.

    Delegates can look forward to a dynamic programme that includes high-level keynote sessions from government leaders, industry executives, including global transport experts.

    Discussions will explore critical themes such as restoring passenger rail services and expanding freight volumes to reduce road congestion and support economic growth, leveraging digital innovation and intelligent transport systems, unlocking investment through public-private partnerships, improving road safety in line with global targets and implementing low-emission transport solutions to reduce environmental impact.

    Breakaway sessions will give participants a chance to engage deeply with specific challenges. Researchers can share findings that inform policy, while practitioners can explore practical solutions to accelerate implementation. Exhibitions will showcase innovative transport technologies–from electric buses and smart ticketing systems to logistics optimisation tools and green aviation solutions.

    The future of transport 

    This conference is for everyone who has a stake in South Africa’s transport future. Researchers will gain a platform to present studies that influence national policy. Businesses will discover opportunities to partner on infrastructure projects or introduce new technologies.

    Transport operators will access critical insights on regulations, funding models, and innovation. Academics will find networks for collaboration. Policymakers and officials will strengthen ties with global thought leaders and learn from best practices.

    Beyond the professional value, the conference offers unparalleled networking opportunities. It is a chance to meet decision-makers, investors, and innovators–all under one roof–discussing how to build a transport system that works for the economy and for people.

    This is not just a dialogue; it is a platform for action. The conference will adopt a National Transport Agenda — a strategic framework that sets out key priorities for the year ahead and aligns with government’s developmental objectives.

    Delegates will contribute to a formal declaration and an actionable roadmap to ensure follow-through on commitments. These outcomes will also inform the October Transport Month campaign, linking dialogue to implementation timelines.

    Capacity-building workshops will provide training opportunities to strengthen skills across the sector. Knowledge-sharing sessions will highlight global best practices that can be adapted to local realities. Public-private partnerships will be fostered to unlock investment and resources for large-scale projects.
    The ultimate goal is a transport system that is integrated, efficient and sustainable. One that supports economic growth, connects people to opportunities, and enhances safety and accessibility for all.

    The launch of the National Transport Conference signals a new era of partnership and progress.

    It is an opportunity to move beyond fragmented conversations and towards a shared vision for mobility. For government, it is a platform to lead transformation. For industry, it is a chance to invest in growth. For citizens, it promises a future where transport is safe, affordable and reliable.

    South Africa stands at a pivotal point in its journey to reimagine mobility. The question now is not whether change will come–but how fast and how well we can make it happen. The National Transport Conference is where that future begins.

    MIL OSI Africa –

  • MIL-OSI Banking: Phillips 66 Reports Second-Quarter Results

    Source: Phillips

    Reported second-quarter earnings of $877 million or $2.15 per share; adjusted earnings of $973 million or $2.38 per share; including $239 million of pre-tax accelerated depreciation on Los Angeles Refinery
    Operated at 98% capacity utilization in Refining with 86% clean product yield
    Completed Midstream acquisition of EPIC NGL, now renamed Coastal Bend
    Announced sale of 65% interest in our Germany and Austria retail marketing business
    Generated $845 million of net operating cash flow, $1.9 billion excluding working capital
    Returned $906 million to shareholders through dividends and share repurchases

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) announced second-quarter earnings.
    “Phillips 66 delivered strong financial and operating results across our integrated value chain, reflecting the continued execution of our strategy. During the quarter, Refining ran at the highest utilization since 2018, achieved its lowest cost per barrel since 2021, strong market capture and record year-to-date clean product yield. Our results were made possible through disciplined execution and investment,” said Mark Lashier, chairman and CEO of Phillips 66.
    “We also continued our strong growth trajectory in Midstream, which generated approximately $1 billion of adjusted EBITDA following the acquisition of Coastal Bend. The Dos Picos II gas processing plant in the Midland Basin recently came online ahead of schedule and on budget. These assets further our stable earnings growth, enhance returns and increase shareholder value as we progress our wellhead-to-market strategy. Looking ahead, we are focused on organic Midstream growth as we advance toward our 2027 targets.”
    Financial Results Summary (in millions of dollars, except as indicated)

     

     

    2Q 2025

    1Q 2025

    Earnings

    $

    877

    487

    Adjusted Earnings (Loss)1

     

    973

    (368)

    Adjusted EBITDA1

     

    2,501

    736

    Earnings (Loss) Per Share

     

     

    Earnings Per Share – Diluted

     

    2.15

    1.18

    Adjusted Earnings (Loss) Per Share – Diluted1

     

    2.38

    (0.90)

    Cash Flow From Operations

     

    845

    187

    Cash Flow From Operations, Excluding Working Capital1

     

    1,920

    259

    Capital Expenditures & Investments

     

    587

    423

    Acquisitions, net of cash acquired

     

    2,220

    —

    Return of Capital to Shareholders

     

    906

    716

    Repurchases of common stock

     

    419

    247

    Dividends paid on common stock

     

    487

    469

    Cash and Cash Equivalents, including cash classified within Assets held for sale2

     

    1,144

    1,489

    Debt

     

    20,935

    18,803

    Debt-to-capital ratio

     

    42%

    40%

    Net debt-to-capital ratio1

     

    41%

    38%

    1 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

    2 Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

     

    Segment Financial and Operating Highlights (Millions of dollars, except as indicated)

     

     

    2Q 2025

    1Q 2025

    Change

    Earnings (Loss)1

    $

    877

    487

    390

    Midstream

     

    731

    751

    (20)

    Chemicals

     

    20

    113

    (93)

    Refining

     

    359

    (937)

    1,296

    Marketing and Specialties

     

    571

    1,282

    (711)

    Renewable Fuels

     

    (133)

    (185)

    52

    Corporate and Other

     

    (428)

    (376)

    (52)

    Income tax (expense) benefit

     

    (212)

    (122)

    (90)

    Noncontrolling interests

     

    (31)

    (39)

    8

     

     

     

     

    Adjusted Earnings (Loss)1,2

    $

    973

    (368)

    1,341

    Midstream

     

    731

    683

    48

    Chemicals

     

    20

    113

    (93)

    Refining

     

    392

    (937)

    1,329

    Marketing and Specialties

     

    660

    265

    395

    Renewable Fuels

     

    (133)

    (185)

    52

    Corporate and Other

     

    (383)

    (355)

    (28)

    Income tax (expense) benefit

     

    (283)

    78

    (361)

    Noncontrolling interests

     

    (31)

    (30)

    (1)

     

     

     

     

    Adjusted EBITDA2

    $

    2,501

    736

    1,765

    Midstream

     

    972

    885

    87

    Chemicals

     

    148

    244

    (96)

    Refining

     

    867

    (452)

    1,319

    Marketing and Specialties

     

    718

    315

    403

    Renewable Fuels

     

    (110)

    (162)

    52

    Corporate and Other

     

    (94)

    (94)

    —

     

     

     

     

    Operating Highlights

     

     

     

    Pipeline Throughput – Y-Grade to Market (MB/D)3

     

    956

    704

    252

    Chemicals Global O&P Capacity Utilization

     

    92%

    100%

    (8%)

    Refining

     

     

     

    Turnaround Expense4

     

    53

    270

    (217)

    Realized Margin ($/BBL)2

     

    11.25

    6.81

    4.44

    Crude Capacity Utilization

     

    98%

    80%

    18%

    Clean Product Yield

     

    86%

    87%

    (1%)

    Renewable Fuels Produced (MB/D)

     

    40

    44

    (4)

    1 Segment reporting is pre-tax.

     

     

     

    2 Represents a non-GAAP financial measure. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

    3 Represents volumes delivered to fractionation hubs, including Mont Belvieu, Sweeny and Conway. Includes 100% of DCP Midstream Class A Segment and Phillips 66’s direct interest in DCP Sand Hills Pipeline, LLC and DCP Southern Hills Pipeline, LLC.

    4 Excludes turnaround expense of all equity affiliates.

     

     

     

    Second-Quarter 2025 Financial Results
    Reported earnings were $877 million for the second quarter of 2025 versus $487 million in the first quarter of 2025. Second-quarter earnings included pre-tax special item adjustments of $(89) million in the Marketing and Specialties segment, $(45) million impacting Corporate and Other and $(33) million in the Refining segment. Adjusted earnings for the second quarter were $973 million versus an adjusted loss of $368 million in the first quarter.

    Midstream second-quarter 2025 adjusted pre-tax income increased compared with the first quarter mainly due to higher volumes, largely driven by the acquisition of Coastal Bend, partially offset by seasonal maintenance expense and property taxes.

    Chemicals adjusted pre-tax income decreased mainly due to lower margins driven by lower sales prices.

    Refining adjusted pre-tax results increased mainly due to higher realized margins resulting from improved market crack spreads, as well as higher volumes and lower costs.

    Marketing and Specialties adjusted pre-tax income increased primarily due to higher margins and volumes.

    Renewable Fuels pre-tax results improved primarily due to higher realized margins including inventory impacts, as well as increased credits.

    Corporate and Other adjusted pre-tax loss increased mainly due to higher net interest expense, partially offset by impacts from our investment in NOVONIX.

    As of June 30, 2025, the company had $1.1 billion of cash and cash equivalents and $3.7 billion of committed capacity available under credit facilities.
    Business Highlights and Strategic Priorities Progress

    Advanced NGL wellhead-to-market strategy by acquiring Coastal Bend and nearing completion of a related pipeline expansion project, expected to increase capacity from 175 MBD to 225 MBD

    Expanded natural gas gathering and processing capacity with the startup of Dos Picos II, a 220 MMCF/D plant in the Midland Basin

    Maintained disciplined operations in Refining and achieved $5.46 per barrel in Refining Adjusted Controllable Costs 1, excluding adjusted turnaround expense in the second quarter and $6.17 per barrel year-to-date

    Achieved a record year-to-date clean product yield of 87%, reflecting a 2% increase from the same period in 2024

    On track to cease operations at the Los Angeles Refinery, as well as complete the Germany and Austria transaction by year-end.

    1 Represents a non-GAAP financial measure. Reconciliations of non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.

    Investor Webcast
    Members of Phillips 66 executive management will host a webcast at noon ET to provide an update on the company’s strategic initiatives and discuss the company’s second-quarter performance. To access the webcast and view related presentation materials, go to phillips66.com/investors and click on “Events & Presentations.” For detailed supplemental information, go to phillips66.com/supplemental.
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    Use of Non-GAAP Financial Information—This news release includes the terms “adjusted earnings (loss),” “adjusted pre-tax income (loss),” “adjusted EBITDA,” “adjusted earnings (loss) per share,” “adjusted controllable cost,” “cash from operations, excluding working capital,” “net debt-to-capital ratio,” and “realized refining margin per barrel.” These are non-GAAP financial measures that are included to help facilitate comparisons of operating performance across periods, to help facilitate comparisons with other companies in our industry and to help facilitate determination of enterprise value. Where applicable, these measures exclude items that do not reflect the core operating results of our businesses in the current period or other adjustments to reflect how management analyzes results. Reconciliations of these non-GAAP financial measures to the most comparable GAAP financial measure are included within this release.
    References in the release to earnings refer to net income attributable to Phillips 66.
    Basis of Presentation— Effective April 1, 2024, we changed the internal financial information reviewed by our chief executive officer to evaluate performance and allocate resources to our operating segments. This included changes in the composition of our operating segments, as well as measurement changes for certain activities between our operating segments. The primary effects of this realignment included establishment of a Renewable Fuels operating segment, which includes renewable fuels activities and assets historically reported in our Refining, Marketing and Specialties (M&S), and Midstream segments; change in method of allocating results for certain Gulf Coast distillate export activities from our M&S segment to our Refining segment; reclassification of certain crude oil and international clean products trading activities between our M&S segment and our Refining segment; and change in reporting of our investment in NOVONIX from our Midstream segment to Corporate and Other. Accordingly, prior period results have been recast for comparability.
    In the third quarter of 2024, we began presenting the line item “Capital expenditures and investments” on our consolidated statement of cash flows exclusive of acquisitions, net of cash acquired. Accordingly, prior period information has been reclassified for comparability.
    Cautionary Statement for the Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995—This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations, strategy and performance. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum or renewable fuels products pricing, regulation or taxation, including exports; our ability to timely obtain or maintain permits, including those necessary for capital projects; fluctuations in NGL, crude oil, refined petroleum products, renewable fuels, renewable feedstocks and natural gas prices, and refined product, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for our products; changes to government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; liability resulting from pending or future litigation or other legal proceedings; liability for remedial actions, including removal and reclamation obligations under environmental regulations; unexpected changes in costs or technical requirements for constructing, modifying or operating our facilities or transporting our products; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition, shutdown or conversion that we may pursue, including receipt of any necessary regulatory approvals or permits related thereto; unexpected technological or commercial difficulties in manufacturing, refining or transporting our products, including chemical products; the level and success of producers’ drilling plans and the amount and quality of production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; changes in the cost or availability of adequate and reliable transportation for our NGL, crude oil, natural gas and refined petroleum and renewable fuels products; failure to complete definitive agreements and feasibility studies for, and to complete construction of, announced and future capital projects on time or within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to our credit profile or illiquidity or uncertainty in the domestic or international financial markets; damage to our facilities due to accidents, weather and climate events, civil unrest, insurrections, political events, terrorism or cyberattacks; domestic and international economic and political developments including armed hostilities, such as the war in Eastern Europe, instability in the financial services and banking sector, excess inflation, expropriation of assets and changes in fiscal policy, including interest rates; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and properties, plants and equipment and/or strategic decisions or other developments with respect to our asset portfolio that cause impairment charges; substantial investments required, or reduced demand for products, as a result of existing or future environmental rules and regulations, including greenhouse gas emissions reductions and reduced consumer demand for refined petroleum products; changes in tax, environmental and other laws and regulations (including alternative energy mandates) applicable to our business; political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of our joint ventures that we do not control; the potential impact of activist shareholder actions or tactics; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

    Earnings (Loss)

     

     

     

     

     

     

     

    Millions of Dollars

     

    2025

     

    2024

     

    2Q

    1Q

    Jun YTD

     

    2Q

    Jun YTD

    Midstream

    $

    731

     

    751

     

    1,482

     

     

    767

     

    1,321

     

    Chemicals

     

    20

     

    113

     

    133

     

     

    222

     

    427

     

    Refining

     

    359

     

    (937

    )

    (578

    )

     

    302

     

    518

     

    Marketing and Specialties

     

    571

     

    1,282

     

    1,853

     

     

    415

     

    781

     

    Renewable Fuels

     

    (133

    )

    (185

    )

    (318

    )

     

    (55

    )

    (110

    )

    Corporate and Other

     

    (428

    )

    (376

    )

    (804

    )

     

    (340

    )

    (662

    )

    Pre-Tax Income (Loss)

     

    1,120

     

    648

     

    1,768

     

     

    1,311

     

    2,275

     

    Less: Income tax expense (benefit)

     

    212

     

    122

     

    334

     

     

    291

     

    494

     

    Less: Noncontrolling interests

     

    31

     

    39

     

    70

     

     

    5

     

    18

     

    Phillips 66

    $

    877

     

    487

     

    1,364

     

     

    1,015

     

    1,763

     

     

     

     

     

     

     

     

    Adjusted Earnings (Loss)

     

     

     

     

     

     

     

    Millions of Dollars

     

    2025

     

    2024

     

    2Q

    1Q

    Jun YTD

     

    2Q

    Jun YTD

    Midstream

    $

    731

     

    683

     

    1,414

     

     

    753

     

    1,366

     

    Chemicals

     

    20

     

    113

     

    133

     

     

    222

     

    427

     

    Refining

     

    392

     

    (937

    )

    (545

    )

     

    302

     

    615

     

    Marketing and Specialties

     

    660

     

    265

     

    925

     

     

    415

     

    722

     

    Renewable Fuels

     

    (133

    )

    (185

    )

    (318

    )

     

    (55

    )

    (110

    )

    Corporate and Other

     

    (383

    )

    (355

    )

    (738

    )

     

    (340

    )

    (662

    )

    Pre-Tax Income (Loss)

     

    1,287

     

    (416

    )

    871

     

     

    1,297

     

    2,358

     

    Less: Income tax expense (benefit)

     

    283

     

    (78

    )

    205

     

     

    278

     

    504

     

    Less: Noncontrolling interests

     

    31

     

    30

     

    61

     

     

    35

     

    48

     

    Phillips 66

    $

    973

     

    (368

    )

    605

     

     

    984

     

    1,806

     

     

     

     

     

     

     

     

     

    Millions of Dollars

     

    Except as Indicated

     

    2025

     

    2024

     

    2Q

    1Q

    Jun YTD

     

    2Q

    Jun YTD

    Reconciliation of Consolidated Earnings to Adjusted Earnings (Loss)

     

     

     

     

     

     

    Consolidated Earnings

    $

    877

     

    487

     

    1,364

     

     

    1,015

     

    1,763

     

    Pre-tax adjustments:

     

     

     

     

     

     

    Impairments

     

    —

     

    21

     

    21

     

     

    224

     

    387

     

    Net (gain) loss on asset dispositions1

     

    89

     

    (1,085

    )

    (996

    )

     

    (238

    )

    (238

    )

    Legal accrual

     

    33

     

    —

     

    33

     

     

    —

     

    —

     

    Legal settlement

     

    —

     

    —

     

    —

     

     

    —

     

    (66

    )

    Professional advisory fees

     

    45

     

    —

     

    45

     

     

    —

     

    —

     

    Tax impact of adjustments2

     

    (40

    )

    200

     

    160

     

     

    13

     

    (10

    )

    Other tax impacts

     

    (31

    )

    —

     

    (31

    )

     

    —

     

    —

     

    Noncontrolling interests

     

    —

     

    9

     

    9

     

     

    (30

    )

    (30

    )

    Adjusted earnings (loss)

    $

    973

     

    (368

    )

    605

     

     

    984

     

    1,806

     

    Earnings per share of common stock (dollars)

    $

    2.15

     

    1.18

     

    3.32

     

     

    2.38

     

    4.10

     

    Adjusted earnings (loss) per share of common stock (dollars)

    $

    2.38

     

    (0.90

    )

    1.47

     

     

    2.31

     

    4.21

     

    Adjusted Weighted-Average Diluted Common Shares Outstanding (thousands)

     

    407,934

     

    409,182

     

    409,012

     

     

    425,734

     

    429,003

     

     

     

     

     

     

     

     

    Reconciliation of Segment Pre-Tax Income (Loss) to Adjusted Pre-Tax Income (Loss)

     

     

     

     

     

     

    Midstream Pre-Tax Income

    $

    731

     

    751

     

    1,482

     

     

    767

     

    1,321

     

    Pre-tax adjustments:

     

     

     

     

     

     

    Impairments

     

    —

     

    —

     

    —

     

     

    224

     

    283

     

    Net gain on asset dispositions1

     

    —

     

    (68

    )

    (68

    )

     

    (238

    )

    (238

    )

    Adjusted pre-tax income

    $

    731

     

    683

     

    1,414

     

     

    753

     

    1,366

     

    Chemicals Pre-Tax Income

    $

    20

     

    113

     

    133

     

     

    222

     

    427

     

    Pre-tax adjustments:

     

     

     

     

     

     

    None

     

    —

     

    —

     

    —

     

     

    —

     

    —

     

    Adjusted pre-tax income

    $

    20

     

    113

     

    133

     

     

    222

     

    427

     

    Refining Pre-Tax Income (Loss)

    $

    359

     

    (937

    )

    (578

    )

     

    302

     

    518

     

    Pre-tax adjustments:

     

     

     

     

     

     

    Impairments

     

    —

     

    —

     

    —

     

     

    —

     

    104

     

    Legal settlement

     

    —

     

    —

     

    —

     

     

    —

     

    (7

    )

    Legal accrual

     

    33

     

    —

     

    33

     

     

    —

     

    —

     

    Adjusted pre-tax income (loss)

    $

    392

     

    (937

    )

    (545

    )

     

    (302

    )

    (615

    )

    Marketing and Specialties Pre-Tax Income

    $

    571

     

    1,282

     

    1,853

     

     

    415

     

    781

     

    Pre-tax adjustments:

     

     

     

     

     

     

    Net (gain) loss on asset dispositions1

     

    89

     

    (1,017

    )

    (928

    )

     

    —

     

    —

     

    Legal settlement

     

    —

     

    —

     

    —

     

     

    —

     

    (59

    )

    Adjusted pre-tax income

    $

    660

     

    265

     

    925

     

     

    415

     

    722

     

    Renewable Fuels Pre-Tax Loss

    $

    (133

    )

    (185

    )

    (318

    )

     

    (55

    )

    (110

    )

    Pre-tax adjustments:

     

     

     

     

     

     

    None

     

    —

     

    —

     

    —

     

     

    —

     

    —

     

    Adjusted pre-tax loss

    $

    (133

    )

    (185

    )

    (318

    )

     

    (55

    )

    (110

    )

    Corporate and Other Pre-Tax Loss

    $

    (428

    )

    (376

    )

    (804

    )

     

    (340

    )

    (662

    )

    Pre-tax adjustments:

     

     

     

     

     

     

    Impairments

     

    —

     

    21

     

    21

     

     

    —

     

    —

     

    Professional advisory fees

     

    45

     

    —

     

    45

     

     

    —

     

    —

     

    Adjusted pre-tax loss

    $

    (383

    )

    (355

    )

    (738

    )

     

    (340

    )

    (662

    )

     

     

     

     

     

     

     

    1. Gain on disposition of our 49% non-operated equity interest in Coop Mineraloel AG in 1Q 2025. In connection with our pending disposition of our Germany and Austria retail marketing business, in the second quarter of 2025 we recognized a before-tax unrealized loss from foreign currency derivatives.

    2. We generally tax effect taxable U.S.-based special items using a combined federal and state annual statutory income tax rate of approximately 24%. Taxable special items attributable to foreign locations likewise generally use a local statutory income tax rate. Nontaxable events reflect zero income tax. These events include, but are not limited to, most goodwill impairments, transactions legislatively exempt from income tax, transactions related to entities for which we have made an assertion that the undistributed earnings are permanently reinvested, or transactions occurring in jurisdictions with a valuation allowance.

     

    Millions of Dollars

     

    Except as Indicated

     

    2025

     

    2Q

    1Q

    Reconciliation of Consolidated Net Income to Adjusted EBITDA Attributable to Phillips 66

     

     

    Net Income

    $

    908

     

    526

     

    Plus:

     

     

    Income tax expense

     

    212

     

    122

     

    Net interest expense

     

    230

     

    187

     

    Depreciation and amortization

     

    816

     

    791

     

    Phillips 66 EBITDA

    $

    2,166

     

    1,626

     

    Special Item Adjustments (pre-tax):

     

     

    Impairments

     

    —

     

    21

     

    Net (gain) loss on asset dispositions

     

    89

     

    (1,085

    )

    Legal accrual

     

    33

     

    —

     

    Professional advisory fees

     

    45

     

    —

     

    Total Special Item Adjustments (pre-tax)

     

    167

     

    (1,064

    )

    Change in Fair Value of NOVONIX Investment

     

    2

     

    15

     

    Phillips 66 EBITDA, Adjusted for Special Items and Change in Fair Value of NOVONIX Investment

    $

    2,335

     

    577

     

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    17

     

    18

     

    Proportional share of selected equity affiliates net interest

     

    15

     

    14

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    184

     

    187

     

    Adjusted EBITDA attributable to noncontrolling interests

     

    (50

    )

    (60

    )

    Phillips 66 Adjusted EBITDA

    $

    2,501

     

    736

     

     

     

     

    Reconciliation of Segment Income before Income Taxes to Adjusted EBITDA

     

     

    Midstream Income before income taxes

    $

    731

     

    751

     

    Plus:

     

     

    Depreciation and amortization

     

    260

     

    233

     

    Midstream EBITDA

    $

    991

     

    984

     

    Special Item Adjustments (pre-tax):

     

     

    Net gain on asset dispositions

     

    —

     

    (68

    )

    Midstream EBITDA, Adjusted for Special Items

    $

    991

     

    916

     

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    4

     

    3

     

    Proportional share of selected equity affiliates net interest

     

    3

     

    3

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    24

     

    23

     

    Adjusted EBITDA attributable to noncontrolling interests

     

    (50

    )

    (60

    )

    Midstream Adjusted EBITDA

    $

    972

     

    885

     

    Chemicals Income before income taxes

    $

    20

     

    113

     

    Plus:

     

     

    None

     

    —

     

    —

     

    Chemicals EBITDA

    $

    20

     

    113

     

    Special Item Adjustments (pre-tax):

     

     

    None

    —

     

    —

     

    Chemicals EBITDA, Adjusted for Special Items

    $

    20

     

    113

     

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    13

     

    13

     

    Proportional share of selected equity affiliates net interest

     

    (1

    )

    (1

    )

    Proportional share of selected equity affiliates depreciation and amortization

     

    116

     

    119

     

    Chemicals Adjusted EBITDA

    $

    148

     

    244

     

    Refining Income (loss) before income taxes

    $

    359

     

    (937

    )

    Plus:

     

     

    Depreciation and amortization

     

    443

     

    456

     

    Refining EBITDA

    $

    802

     

    (481

    )

    Special Item Adjustments (pre-tax):

     

     

    Legal accrual

     

    33

     

    —

     

    Refining EBITDA, Adjusted for Special Items

    $

    835

     

    (481

    )

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    —

     

    —

     

    Proportional share of selected equity affiliates net interest

     

    3

     

    2

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    29

     

    27

     

    Refining Adjusted EBITDA

    $

    867

     

    (452

    )

    Marketing and Specialties Income before income taxes

    $

    571

     

    1,282

     

    Plus:

     

     

    Depreciation and amortization

     

    33

     

    20

     

    Marketing and Specialties EBITDA

    $

    604

     

    1,302

     

    Special Item Adjustments (pre-tax):

     

     

    Net gain on asset disposition

     

    89

     

    (1,017

    )

    Marketing and Specialties EBITDA, Adjusted for Special Items

    $

    693

     

    285

     

    Other Adjustments (pre-tax):

     

     

    Proportional share of selected equity affiliates income taxes

     

    —

     

    2

     

    Proportional share of selected equity affiliates net interest

     

    10

     

    10

     

    Proportional share of selected equity affiliates depreciation and amortization

     

    15

     

    18

     

    Marketing and Specialties Adjusted EBITDA

    $

    718

     

    315

     

    Renewable Fuels Loss before income taxes

    $

    (133

    )

    (185

    )

    Plus:

     

     

    Depreciation and amortization

     

    23

     

    23

     

    Renewable Fuels EBITDA

    $

    (110

    )

    (162

    )

    Special Item Adjustments (pre-tax):

     

     

    None

     

    —

     

    —

     

    Renewable Fuels EBITDA, Adjusted for Special Items

    $

    (110

    )

    (162

    )

    Corporate and Other Loss before income taxes

    $

    (428

    )

    (376

    )

    Plus:

     

     

    Net interest expense

     

    230

     

    187

     

    Depreciation and amortization

     

    57

     

    59

     

    Corporate and Other EBITDA

    $

    (141

    )

    (130

    )

    Special Item Adjustments (pre-tax):

     

     

    Impairments

     

    —

     

    21

     

    Professional advisory fees

     

    45

     

    —

     

    Total Special Item Adjustments (pre-tax)

     

    45

     

    21

     

    Change in Fair Value of NOVONIX Investment

     

    2

     

    15

     

    Corporate EBITDA, Adjusted for Special Items and Change in
    Fair Value of NOVONIX Investment

    $

    (94

    )

    (94

    )

     

     

     

     

     

     

     

    Millions of Dollars
    Except as Indicated

     

    June 30, 2025

    March 31, 2025

    Debt-to-Capital Ratio

     

     

    Total Debt

    $

    20,935

     

    18,803

     

    Total Equity

     

    28,626

     

     

    28,353

     

    Debt-to-Capital Ratio

     

    42

    %

     

    40

    %

    Cash and Cash Equivalents, including cash classified within Assets held for sale1

     

    1,144

     

     

    1,489

     

    Net Debt-to-Capital Ratio

     

    41

    %

     

    38

    %

    1. Includes cash and cash equivalents of $92 million classified within Assets held for sale at June 30, 2025.

     

    Millions of Dollars

     

    Except as Indicated

     

    2025

     

    2Q

    1Q

    Reconciliation of Refining Income (Loss) Before Income Taxes to Realized Refining Margins

     

     

    Income (loss) before income taxes

    $

    359

     

    (937

    )

    Plus:

     

     

    Taxes other than income taxes

     

    94

     

    110

     

    Depreciation, amortization and impairments

     

    446

     

    457

     

    Selling, general and administrative expenses

     

    32

     

    46

     

    Operating expenses

     

    848

     

    1,074

     

    Equity in earnings of affiliates

     

    2

     

    105

     

    Other segment expense, net

     

    (47

    )

    (5

    )

    Proportional share of refining gross margins contributed by equity affiliates

     

    234

     

    141

     

    Special items:

     

     

    None

     

    —

     

    —

     

    Realized refining margins

    $

    1,968

     

    991

     

    Total processed inputs (thousands of barrels)

     

    152,005

     

    124,453

     

    Adjusted total processed inputs (thousands of barrels)*

     

    174,772

     

    145,559

     

    Income (loss) before income taxes (dollars per barrel)**

    $

    2.36

     

    (7.53

    )

    Realized refining margins (dollars per barrel)***

    $

    11.25

     

    6.81

     

    *Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

    **Income (loss) before income taxes divided by total processed inputs.

    ***Realized refining margins per barrel, as presented, are calculated using the underlying realized refining margin amounts, in dollars, divided by adjusted total processed inputs, in barrels. As such, recalculated per barrel amounts using the rounded margins and barrels presented may differ from the presented per barrel amounts.

     

    Millions of Dollars

     

    Except as Indicated

     

    2025

     

    2Q

    1Q

    June YTD

    Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs

     

     

     

    Turnaround expenses

    $

    53

     

    270

    323

     

    Other operating expenses

     

    795

     

    804

    1,599

     

    Total operating expenses

     

    848

     

    1,074

    1,922

     

    Selling, general and administrative expenses

     

    32

     

    46

    78

     

    Refining Controllable Costs

     

    880

     

    1,120

    2,000

     

    Plus:

     

     

     

    Proportional share of equity affiliate turnaround expenses1

     

    24

     

    27

    51

     

    Proportional share of equity affiliate other operating and SG&A expenses1

     

    161

     

    173

    334

     

    Total proportional share of equity affiliate operating and SG&A expenses1

     

    185

     

    200

    385

     

    Special item adjustments (pre-tax):

     

     

     

    Legal accrual

     

    (33

    )

    —

    (33

    )

    Refining Adjusted Controllable Costs

     

    1,032

     

    1,320

    2,352

     

     

     

     

     

    Total processed inputs (MB)

     

    152,005

     

    124,453

    276,458

     

    Adjusted total processed inputs (MB)2

     

    174,772

     

    145,559

    320,331

     

     

     

     

     

    Refining turnaround expense ($/BBL)3

     

    0.35

     

    2.17

    1.17

     

    Refining controllable costs, excluding turnaround expense ($/BBL)3

     

    5.44

     

    6.83

    6.07

     

    Refining Controllable Costs per Barrel ($/BBL)3

     

    5.79

     

    9.00

    7.24

     

     

     

     

     

    Refining adjusted turnaround expense ($/BBL)4

     

    0.44

     

    2.04

    1.17

     

    Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4

     

    5.46

     

    7.03

    6.17

     

    Refining Adjusted Controllable Costs ($/BBL)4

     

    5.90

     

    9.07

    7.34

     

     

     

     

     

    1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.

    2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

    3. Denominator is total processed inputs.

    4. Denominator is adjusted total processed inputs.

     

    Millions of Dollars

     

    Except as Indicated

     

    2024

    2023

    2022

    2021

    Reconciliation of Refining Operating and SG&A Expenses to Refining Adjusted Controllable Costs

     

     

     

     

    Turnaround expenses

    $

    484

     

    538

     

    772

     

    497

     

    Other operating expenses

     

    3,243

     

    3,707

     

    3,958

     

    3,663

     

    Total operating expenses

     

    3,727

     

    4,245

     

    4,730

     

    4,160

     

    Selling, general and administrative expenses

     

    209

     

    169

     

    152

     

    131

     

    Refining Controllable Costs

     

    3,936

     

    4,414

     

    4,882

     

    4,291

     

    Plus:

     

     

     

     

    Proportional share of equity affiliate turnaround expenses1

     

    68

     

    93

     

    118

     

    118

     

    Proportional share of equity affiliate other operating and SG&A expenses1

     

    626

     

    641

     

    721

     

    619

     

    Total proportional share of equity affiliate operating and SG&A expenses1

     

    694

     

    734

     

    839

     

    737

     

    Special item adjustments (pre-tax):

     

     

     

     

    Hurricane-related (costs) recovery

     

    —

     

    —

     

    21

     

    (40

    )

    Winter-storm-related costs

     

    —

     

    —

     

    —

     

    (17

    )

    Alliance shutdown-related costs

     

    —

     

    —

     

    (20

    )

    (32

    )

    Legal accrual

     

    (22

    )

    (30

    )

    —

     

    —

     

    Los Angeles Refinery cessation costs

     

    (44

    )

    —

     

    —

     

    —

     

    Refining Adjusted Controllable Costs

     

    4,564

     

    5,118

     

    5,722

     

    4,939

     

     

     

     

     

     

    Total processed inputs (MB)

     

    588,316

     

    607,958

     

    612,741

     

    638,145

     

    Adjusted total processed inputs (MB)2

     

    680,043

     

    685,435

     

    691,855

     

    715,780

     

     

     

     

     

     

    Refining turnaround expense ($/BBL)3

     

    0.82

     

    0.88

     

    1.26

     

    0.78

     

    Refining controllable costs, excluding turnaround expense ($/BBL)3

     

    5.87

     

    6.38

     

    6.71

     

    5.95

     

    Refining Controllable Costs per Barrel ($/BBL)3

     

    6.69

     

    7.26

     

    7.97

     

    6.72

     

     

     

     

     

     

    Refining adjusted turnaround expense ($/BBL)4

     

    0.81

     

    0.92

     

    1.29

     

    0.86

     

    Refining adjusted controllable costs, excluding adjusted turnaround expense ($/BBL)4

     

    5.90

     

    6.55

     

    6.98

     

    6.04

     

    Refining Adjusted Controllable Costs ($/BBL)4

     

    6.71

     

    7.47

     

    8.27

     

    6.90

     

     

     

     

     

     

    1. Represents proportional share of operating and SG&A of equity affiliates for our Refining segment that are reflected as a component of equity in earnings of affiliates on our consolidated statement of income.

    2. Adjusted total processed inputs include our proportional share of processed inputs of an equity affiliate.

    3. Denominator is total processed inputs.

    4. Denominator is adjusted total processed inputs.

    Source: Phillips 66

    MIL OSI Global Banks –

  • MIL-OSI Africa: Women producers in Togo to join international markets

    Source: APO – Report:

    .

    Togo took a bold step toward inclusive trade. One hundred women entrepreneurs from across the country gathered in Lomé for a series of intensive trainings that aimed to do more than just transfer skills. The goal? To equip women entrepreneurs with the tools, confidence, and networks needed to enter and compete in international markets.

    As part of GIZ’s PROCOMP initiative, the AMI COMMERCE Togo project, led by the International Trade Centre (ITC), brought together more than 100 women entrepreneurs with one goal: to expand their businesses beyond national borders.

    PROCOMP promotes competitiveness across Togo’s private sector, and with the support of ITC’s SheTrades Initiative, women were placed at the centre of this economic transformation. The collaboration ensured that as Togo strengthens its export capacity, women-led businesses are not only included but also empowered.

    Practical, tailored training

    Held throughout June, the trainings targeted the real needs of women-led mico, small and medium-sized enterprises (MSMEs), many of whom operate informally or have limited access to capital and market information. Sessions were adapted to participants’ digital and export readiness.

    For women less familiar with digital tools, the training focused on using WhatsApp Business, social media, and low-cost platforms to reach more customers. Export-ready participants explored EU buyer requirements, documentation, and trade fair preparation. Additional sessions supported those in agri-food and fresh produce, covering export logistics and sanitary and phytosanitary standards.

    Building skills, confidence and collaboration

    The trainings combined technical knowledge with interactive methods—roleplays, group work, and mock buyer meetings brought concepts to life. Participants reflected on their business models, shared challenges, and developed solutions together.

    Importantly, the sessions strengthened market-related soft skills like communication and negotiation, critical for pitching products, responding to buyer inquiries, and navigating trade fairs. Many women gained more confidence to formalize their businesses and expand their reach.

    Beyond skills-building, the sessions created a supportive environment for connection and collaboration. For many, it was the first time being in a space fully dedicated to their growth as entrepreneurs. Participants left not only with strategies but with new networks and a sense of community.

    Toward inclusive economic growth

    As Togo deepens its regional integration and export potential, women entrepreneurs are vital to achieving inclusive, resilient growth. With targeted support, they are now better equipped to enter international markets—not as a distant dream, but as a tangible opportunity.

    In parallel, the project also strengthened key national trade facilitation mechanisms. The Mécanisme d’Alerte aux Obstacles au Commerce (MAOC) was relaunched with institutional backing and regional outreach, enabling businesses to report and resolve trade barriers more effectively. 

    In addition, the Togo Trade Portal was developed as a digital one-stop shop for import-export procedures, offering transparency and easier access to essential trade information, including for products commonly traded by women entrepreneurs.

    – on behalf of International Trade Centre.

    MIL OSI Africa –

  • MIL-OSI Banking: Results of the ECB Survey of Professional Forecasters for the third quarter of 2025

    Source: European Central Bank

    25 July 2025

    • Headline inflation expectations revised down for 2025-26 but unchanged for 2027 and the longer term; expectations for HICP inflation excluding energy and food revised down slightly for 2026 and 2027 to 2.0%
    • Tariffs expected to have a small downward impact on inflation in the nearer term (-0.06 percentage points in both 2025 and 2026), but to be broadly neutral on balance in 2027 and the longer term (2030)
    • Real GDP growth expectations revised up by 0.2 percentage points for 2025 and down by 0.1 percentage points for 2026; growth expectations for 2027 and the longer term unchanged
    • Unemployment rate expectations broadly unchanged

    Respondents’ expectations for headline inflation, as measured by the Harmonised Index of Consumer Prices (HICP), were 2.0% for 2025, 1.8% for 2026 and 2.0% for 2027. Expectations were revised down by 0.2 percentage points for 2025 and 2026 compared with the previous survey (conducted in the second quarter of 2025) but were unchanged for 2027. Expectations for core HICP inflation, which excludes energy and food, were revised down slightly for 2026 and 2027. Longer-term expectations for both headline inflation and core HICP inflation were unchanged at 2.0%.

    Respondents expected real GDP growth of 1.1% in 2025 and 2026 and 1.4% in 2027. Compared with the previous survey, expectations were revised up by 0.2 percentage points for 2025 but down by 0.1 percentage points for 2026. Growth expectations for 2027 and for the longer term remained unchanged at 1.4% and 1.3% respectively.

    The expected trajectory of the unemployment rate was broadly unchanged. The unemployment rate is expected to average 6.3% in 2025 and 2026 and then to fall to 6.2% in 2027, where it is expected to remain in the longer term (expectations for 2027 were revised marginally down by 0.1 percentage points).

    MIL OSI Global Banks –

  • MIL-OSI: Lakeland Financial Reports Record Second Quarter Performance; Net Income Grows by 20% to $27.0 Million, as Net Interest Income Expands by 14%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., July 25, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported record second quarter net income of $27.0 million for the three months ended June 30, 2025, which represents an increase of $4.4 million, or 20%, compared with net income of $22.5 million for the three months ended June 30, 2024. Diluted earnings per share were $1.04 for the second quarter of 2025 and increased $0.17, or 20%, compared to $0.87 for the second quarter of 2024. On a linked quarter basis, net income increased $6.9 million, or 34%, from $20.1 million. Diluted earnings per share increased $0.26, or 33%, from $0.78 on a linked quarter basis.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $35.9 million for the three months ended June 30, 2025, an increase of $528,000, or 1%, compared to $35.4 million for the three months ended June 30, 2024. Adjusted core operational profitability, a non-GAAP measure that excludes the impact of certain non-routine operating events that occurred during 2024, improved by $7.8 million, or 41%, from $19.2 million to $27.0 million for the three months ended June 30, 2024 and 2025, respectively.

    The company further reported net income of $47.1 million for the six months ended June 30, 2025, versus $46.0 million for the comparable period of 2024, an increase of $1.1 million, or 2%. Diluted earnings per share also increased 2% to $1.82 for the six months ended June 30, 2025, versus $1.78 for the comparable period of 2024. Pretax pre-provision earnings were $67.0 million for the six months ended June 30, 2025, an increase of $2.2 million, or 3%, compared to $64.7 million for the six months ended June 30, 2024. Adjusted core operational profitability improved by $5.2 million, or 12%, from $41.8 million to $47.1 million for the six months ended June 30, 2024 and 2025, respectively.

    “We are pleased to report strong earnings momentum for the second quarter of 2025, which has benefited from double digit growth of net interest income and contributed to good overall performance in the first half of 2025,” observed David M. Findlay, Chairman and CEO. “Importantly, our Lake City Bank Team continues to generate healthy loan and deposit growth. It’s been a rewarding first six months of 2025 with this strong financial performance, healthy balance sheet growth and continued success on the business development front for all of our revenue producing teams.”

    Quarterly Financial Performance

    Second Quarter 2025 versus Second Quarter 2024 highlights:

    • Return on average equity of 15.52%, compared to 14.19%
    • Return on average assets of 1.57%, compared to 1.37%
    • Tangible book value per share grew by $2.14, or 8%, to $27.48
    • Average loans grew by $194.8 million, or 4%, to $5.23 billion
    • Core deposits grew by $423.9 million, or 8%, to $6.03 billion
    • Net interest margin improved 25 basis points to 3.42% versus 3.17%
    • Net interest income increased by $6.6 million, or 14%
    • Provision expense of $3.0 million, compared to $8.5 million
    • Watch list loans as a percentage of total loans improved to 3.67% from 5.31%
    • Nonaccrual loans declined 46% to $30.6 million compared to $57.1 million
    • Common equity tier 1 capital ratio improved to 14.73%, compared to 14.28%
    • Total risk-based capital ratio improved to 15.86%, compared to 15.53%
    • Tangible capital ratio improved to 10.15%, compared to 9.91%
    • Average equity increased by $58.0 million, or 9%

    Second Quarter 2025 versus First Quarter 2025 highlights:

    • Return on average equity of 15.52%, compared to 11.70%
    • Return on average assets of 1.57%, compared to 1.20%
    • Average loans grew by $43.7 million, or 1%, to $5.23 billion
    • Core deposits grew by $191.6 million, or 3%, to $6.03 billion
    • Net interest margin improved 2 basis points to 3.42% versus 3.40%
    • Net interest income increased by $2.0 million, or 4%
    • Pretax, pre-provision earnings increased $4.9 million, or 16%
    • Provision expense of $3.0 million, compared to $6.8 million
    • Nonaccrual loans declined 47% to $30.6 million compared to $57.4 million
    • Watch list loans as a percentage of total loans improved to 3.67% from 4.13%
    • Common equity tier 1 capital ratio of 14.73%, compared to 14.51%
    • Total risk-based capital ratio of 15.86%, compared to 15.77%
    • Tangible capital ratio of 10.15%, compared to 10.09%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.86% at June 30, 2025, compared to 15.53% at June 30, 2024 and 15.77% at March 31, 2025. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.15% at June 30, 2025, compared to 9.91% at June 30, 2024 and 10.09% at March 31, 2025. Unrealized losses from available-for-sale investment securities were $185.3 million at June 30, 2025, compared to $194.9 million at June 30, 2024 and $188.3 million at March 31, 2025. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, was 12.17% at June 30, 2025, compared to 12.18% at June 30, 2024, and 12.19% at March 31, 2025.

    As announced on July 8, 2025, the board of directors approved a cash dividend for the second quarter of $0.50 per share, payable on August 5, 2025, to shareholders of record as of July 25, 2025. The second quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the second quarter of 2024.

    The company utilized its share repurchase program during the second quarter of 2025 and repurchased 30,300 shares of its common stock for $1.7 million at a weighted average price per share of $55.94. The company has $28.3 million of remaining availability under the board-approved share repurchase program.

    “Our capital position is strong and provides capacity for continued organic growth of our balance sheet as well as continued growth of our common stock dividend to shareholders,” stated Kristin L. Pruitt, President. “While we did utilize our share repurchase program during the second quarter, our priority for capital is to continue capital retention to support loan growth in our Indiana markets and provide for continued balance sheet growth opportunities.”

    Loan Portfolio

    Average total loans of $5.23 billion in the second quarter of 2025 increased $194.8 million, or 4%, from $5.03 billion for the second quarter of 2024 and increased $43.7 million, or 1%, from $5.19 billion for the first quarter of 2025. Average total loans for the six months ended June 30, 2025 were $5.21 billion, an increase of $205.0 million, or 4%, from $5.00 billion for the six months ended June 30, 2024.

    Total loans, excluding deferred fees and costs, increased by $173.8 million, or 3%, from $5.06 billion as of June 30, 2024, to $5.23 billion as of June 30, 2025. The increase in loans occurred across much of the portfolio, with our commercial real estate and multi-family residential loan portfolio growing by $177.0 million, or 7%, our consumer 1-4 family mortgage loan portfolio growing by $46.2 million, or 10%, and our other consumer loan portfolio growing by $6.0 million, or 6%. These increases were offset by contractions to our commercial and industrial loan portfolio of $32.5 million, or 2%, and our agri-business and agricultural loan portfolio of $21.6 million, or 6%. On a linked quarter basis, total loans, excluding deferred fees and costs, increased by $3.4 million, or less than 1%, from $5.23 billion at March 31, 2025. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $59.6 million, or 2%, and growth in total consumer loans of $17.5 million, or 3%. This growth was offset by contractions in total agri-business and agricultural loans of $44.3 million, or 12%, and total commercial and industrial loans of $29.8 million, or 2%.

    Commercial loan originations for the second quarter included approximately $390.0 million in loan originations, offset by approximately $404.0 million in commercial loan pay downs. Line of credit usage increased to 44% as of June 30, 2025, compared to 41% at June 30, 2024 and 43% as of March 31, 2025. Total available lines of credit contracted by $48.0 million, or 1%, as compared to a year ago, and line usage increased by $100.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $106.9 million for this sector represented 2% of total loans at June 30, 2025, an increase of $6.4 million, or 6%, from March 31, 2025. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 221% of total risk-based capital at June 30, 2025.

    “We are pleased that commercial line utilization continues to improve with a utilization rate of 44% at the end of the second quarter 2025,” added Findlay. “This marks the highest line utilization rate since 2020, and we are encouraged that borrower demand for working lines of capital has increased. During the second quarter, construction loans migrated as planned to the CRE multi-family segment. In addition, loan payoffs received during the second quarter impacted the owner occupied CRE and Agriculture segments.”

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year-over-year basis and on a linked quarter basis.

    (in thousands) June 30, 2025   March 31, 2025   June 30, 2024
    Retail $ 1,755,750   28.4 %   $ 1,787,992   30.0 %   $ 1,724,777   29.9 %
    Commercial   2,256,620   36.6       2,336,910   39.2       2,150,127   37.3  
    Public funds   2,014,047   32.6       1,709,883   28.7       1,727,593   30.0  
    Core deposits   6,026,417   97.6       5,834,785   97.9       5,602,497   97.2  
    Brokered deposits   150,416   2.4       125,409   2.1       161,040   2.8  
    Total $ 6,176,833   100.0 %   $ 5,960,194   100.0 %   $ 5,763,537   100.0 %
     

    Total deposits increased $413.3 million, or 7%, from $5.76 billion as of June 30, 2024, to $6.18 billion as of June 30, 2025. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $423.9 million, or 8%. Total core deposits at June 30, 2025 were $6.03 billion and represented 98% of total deposits, as compared to $5.60 billion and 97% of total deposits at June 30, 2024.

    The increase in core deposits since June 30, 2024, reflects growth in all three core deposit segments. Public funds deposits grew annually by $286.5 million, or 17%, to $2.01 billion. Public funds deposits as a percentage of total deposits were 33%, up from 30% a year ago. Growth in public funds was positively impacted by the addition of new public funds customers in the Lake City Bank footprint, including their operating accounts. Commercial deposits grew annually by $106.5 million, or 5%, to $2.26 billion and remained at 37% as a percentage of total deposits. Retail deposits grew by $31.0 million, or 2%, to $1.76 billion. Retail deposits as a percentage of total deposits was 28% of total deposits, down from 30% a year ago.

    On a linked quarter basis, total deposits increased $216.6 million, or 4%, from $5.96 billion at March 31, 2025, to $6.18 billion at June 30, 2025. Core deposits increased by $191.6 million, or 3%, while brokered deposits increased by $25.0 million, or 20%. The linked quarter growth in core deposits, was positively impacted by the addition of new public funds customers. Offsetting this increase was a decrease in commercial deposits of $80.3 million, or 3%, and a decrease in retail deposits of $32.2 million, or 2%.

    Average total deposits were $6.10 billion for the second quarter of 2025, an increase of $276.5 million, or 5%, from $5.82 billion for the second quarter of 2024. Average interest-bearing deposits drove the increase in average total deposits and increased by $263.4 million, or 6%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $492.4 million, or 15%. Offsetting this increase was a reduction in average time deposits of $225.9 million, or 22%, and a decrease to average savings deposits of $3.2 million, or 1%. Average noninterest-bearing demand deposits increased by $13.2 million, or 1% to $1.2 billion.

    On a linked quarter basis, average total deposits increased by $221.8 million, or 4%, from $5.87 billion for the first quarter of 2025 to $6.10 billion for the second quarter of 2025. Average interest bearing deposits drove the increase to total average deposits, which increased by $236.1 million, or 5%. Average interest bearing checking accounts were responsible for the increase, growing by $281.5 million, or 8%. Offsetting this increase were decreases to total average time deposits of $47.4 million, or 6%, and average noninterest bearing demand deposits decreased by $14.3 million, or 1%.

    Checking account trends as of June 30, 2025 compared to June 30, 2024 include growth of $352.1 million, or 23%, in aggregate public fund checking account balances, growth of $93.4 million, or 5%, in aggregate commercial checking account balances, and growth of $52.2 million, or 6%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 9% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during the prior twelve months.

    “Deposit growth is strong in many measurable ways. All deposit segments have grown on a year over year basis, and the bank continues to add new public fund customers and their operating accounts,” commented Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 59% as of June 30, 2025, compared to 57% at March 31, 2025, and 58% at June 30, 2024, reflecting growth in public fund deposits over those periods. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund, which insures public funds deposits in Indiana, were 27% of total deposits at June 30, 2025, compared to 29% at March 31, 2025, and 29% at June 30, 2024. At June 30, 2025, 98% of deposit accounts had deposit balances less than $250,000.

    Net Interest Margin

    Net interest margin was 3.42% for the second quarter of 2025, representing a 25 basis point increase from 3.17% for the second quarter of 2024. This improvement was driven by a reduction in the company’s funding costs, with interest expense as a percentage of average earning assets falling by 49 basis points from 2.90% for the second quarter of 2024 to 2.41% for the second quarter of 2025. Offsetting the decrease in funding costs was a decrease to earning asset yields of 24 basis points from 6.07% for the second quarter of 2024 to 5.83% for the second quarter of 2025. During the second quarter of 2025, the company recorded a prepayment fee of $541,000 from the early payment of a fixed rate commercial loan, which was recorded as part of interest income. The prepayment fee benefited net interest margin by 3 basis points for the second quarter. Excluding the impact of the prepayment penalty, net interest margin improved by 22 basis points. The easing of monetary policy by the Federal Reserve Bank, which began in September of 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing as compared to the prior year quarter.

    Net interest margin expanded by 2 basis points to 3.42% for the second quarter of 2025, compared to 3.40% for the linked first quarter of 2025. Average earning asset yields increased by 6 basis points from 5.77% to 5.83% on a linked quarter basis and interest expense as a percentage of average earning assets increased 4 basis points from 2.37% to 2.41%. Excluding the impact of the prepayment penalty, net interest margin contracted by 1 basis point compared to the linked first quarter.

    The cumulative loan beta for the current rate-easing cycle that began in September 2024 is 29% compared to the deposit beta of 50% and has resulted in net interest margin expansion which has benefited net interest income. Net interest income was $54.9 million for the second quarter of 2025, representing an increase of $6.6 million, or 14%, as compared to $48.3 million for the second quarter of 2024. On a linked quarter basis, net interest income increased $2.0 million, or 4%, from $52.9 million for the first quarter of 2025. Net interest income increased by $12.0 million, or 13%, from $95.7 million for the six months ended June 30, 2024, to $107.8 million for the six months ended June 30, 2025.

    O’Neill noted, “We are pleased to report healthy net interest margin expansion of 25 basis points as compared to a year ago. In this higher-for-longer interest rate environment, we continue to benefit from fixed rate loan repricing and new loan origination activity. In addition, we are pleased that our core deposits represent 98% of our total funding needs compared to 97% a year ago. Core deposit growth has outpaced our loan growth in 2025, which has strengthened our liquidity position. We have begun to reinvest some maturing investment securities into higher yielding investment securities with short duration, which is also benefiting net interest margin.”

    Asset Quality

    The company recorded a provision for credit losses of $3.0 million in the second quarter of 2025, a decrease of $5.5 million as compared to $8.5 million in the second quarter of 2024. On a linked quarter basis, the provision expense decreased by $3.8 million, from $6.8 million for the first quarter of 2025. Provision expense for the second quarter and for the six months ended June 30, 2025, was primarily driven by an increase in the specific allocation for a previously disclosed $43.3 million nonperforming credit for an industrial company in Northern Indiana as well as loan growth. During the second quarter of 2025, the non-performing borrower reached an agreement to sell and liquidate the business to two unrelated entities. The transactions are expected to close in the third quarter of 2025. As a result of the pending sale and liquidation, the company recognized a charge off of $28.6 million during the second quarter, which was fully allocated at the time of the charge off. The company expects to collect the remainder of the outstanding principal balance from sale and liquidation proceeds and proceeds from the personal guarantee from the borrower.

    The ratio of allowance for credit losses to total loans was 1.27% at June 30, 2025, down from 1.60% at June 30, 2024, and 1.77% at March 31, 2025. The decrease in the allowance coverage was due to a significant reduction of 46%, or $26.5 million, in nonaccrual loans, which were $30.6 million at June 30, 2025 versus $57.1 million at June 30, 2024. Net charge offs in the second quarter of 2025 were $28.9 million, compared to $949,000 in the second quarter of 2024 and $327,000 during the linked first quarter of 2025. Annualized net charge offs to average loans were 2.22% for the second quarter of 2025, compared to 0.08% for the second quarter of 2024 and 0.03% for the linked first quarter of 2025. Annualized net charge offs to average loans were 1.13% for the six months ended June 30, 2025 compared to 0.05% for the six months ended June 30, 2024.

    Nonperforming assets decreased $26.5 million, or 46%, to $31.1 million as of June 30, 2025, versus $57.6 million as of June 30, 2024. On a linked quarter basis, nonperforming assets decreased $26.8 million, or 46%, compared to $57.9 million as of March 31, 2025. The ratio of nonperforming assets to total assets at June 30, 2025 decreased to 0.45% from 0.88% at June 30, 2024, and decreased from 0.84% at March 31, 2025.

    Total individually analyzed and watch list loans decreased by $76.6 million, or 29%, to $191.6 million as of June 30, 2025, versus $268.3 million as of June 30, 2024. On a linked quarter basis, total individually analyzed and watch list loans decreased by $23.9 million, or 11%, from $215.6 million at March 31, 2025. Watch list loans as a percentage of total loans were 3.67% at June 30, 2025, a decrease of 164 basis points compared to 5.31% at June 30, 2024, and 46 basis points from 4.13% at March 31, 2025.

    “We are pleased to have reached a resolution on the nonperforming loan that we have been working through for the past several quarters,” stated Findlay. “Importantly, our semi-annual loan portfolio reviews with all loan officers of the bank affirmed that asset quality is stable and that economic conditions in our footprint are contributing to new business development opportunities. We continue to monitor the impact of tariffs on our borrowers. It is too early to quantify the impact of U.S. trade policy on our borrowers’ businesses, although there appears to be less concern on the impact of tariffs that we heard from borrowing clients previously.”

    Investment Portfolio Overview

    Total investment securities were $1.13 billion at June 30, 2025, reflecting an increase of $5.5 million, or less than 1%, as compared to $1.12 billion at June 30, 2024. Investment securities represented 16% of total assets on June 30, 2025, as compared to 17% and June 30, 2024 and March 31, 2025. The company anticipates receiving principal and interest cash flows of approximately $54.5 million during the remainder of 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth as well as to fund reinvestments to the investment securities portfolio. Tax equivalent adjusted effective duration for the investment portfolio was 5.9 years at June 30, 2025, compared to 6.5 years at June 30, 2024 and unchanged from 5.9 years at March 31, 2025.

    Noninterest Income

    The company’s noninterest income decreased $9.0 million, or 44%, to $11.5 million for the second quarter of 2025, compared to $20.4 million for the second quarter of 2024. Noninterest income was elevated during the second quarter of 2024 as compared to the second quarter of 2025 as a result of the net gain on Visa shares of $9.0 million that was recorded in the second quarter of 2024. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effect of the net gain on Visa shares and an insurance recovery, increased $58,000, or less than 1%, from $11.4 million during the second quarter of 2024. Bank owned life insurance income increased $150,000, or 17%, primarily as a result of increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Mortgage banking income increased $101,000 due to growth in the company’s mortgage pipeline, which favorably impacted secondary market loan sale gains and mortgage rate lock income. Wealth advisory fees increased $70,000, or 3%, driven by continued growth in customers and assets under management. Investment brokerage fees increased $72,000, or 15%, due to increased volume and product mix. Offsetting these increases was a decrease to other income of $296,000, or 43%, primarily driven by reduced limited partnership investment income.

    Noninterest income for the second quarter of 2025 increased by $558,000, or 5%, on a linked quarter basis from $10.9 million during the first quarter of 2025. Bank owned life insurance income increased $718,000, or 223%, primarily as a result of improved market performance of the bank’s variable owned life insurance policies and increased general account bank owned life insurance income from the purchase of insurance policies during the second quarter of 2025. Loan and service fee income increased $122,000, or 4%, from increased interchange fee income. Mortgage banking income increased $175,000, as a result of income derived from secondary mortgage sales and pipeline growth. Investment brokerage fees income increased $98,000, or 22%. Offsetting these increases was a decrease to other income of $460,000, or 54%, primarily a result of reduced limited partnership investment income. Wealth advisory fees, which benefited in the linked first quarter of 2025 from significant estate settlement fee income decreased $200,000, or 7%.

    “The linked quarter improvement of noninterest income of 5% is encouraging as we continue to focus on growing our fee-based businesses,” noted Findlay. “We are particularly pleased with the continued growth of our Wealth Advisory Management area, which has recently added revenue generating employees in our footprint with a focus in Indianapolis. Assets under management in this area have reached nearly $3.0 billion at quarter end.”

    Noninterest income decreased by $10.6 million, or 32%, to $22.4 million for the six months ended June 30, 2025, compared to $33.1 million for the prior year six-month period. Noninterest income was elevated during the first six months of 2024 as compared to the comparable period of 2025 primarily because of the net gain on Visa shares of $9.0 million and a $1.0 million insurance recovery. Adjusted core noninterest income, a non-GAAP financial measure that excludes the impact of these non-routine events, declined $626,000, or 3%, from $23.0 million for the six months ended June 30, 2024. Other income decreased $1.6 million, or 56%, as other income during the first six months of 2024 benefited from the $1.0 million insurance recovery. Reduced limited partnership investment income further contributed to the decline between the periods. Bank owned life insurance income decreased $564,000, or 29%, primarily as a result of reduced market performance from the bank’s variable bank owned life insurance policies, which correlate to returns in the equities markets. Offsetting these decreases were increases to wealth advisory fees of $482,000, or 10%, and service charges on deposit accounts of $104,000, or 2%. The increase in wealth advisory fees was primarily driven by continued growth in customers and assets under management.

    Noninterest Expense

    Noninterest expense decreased $2.9 million, or 9%, to $30.4 million for the second quarter of 2025, compared to $33.3 million during the second quarter of 2024. Noninterest expense was elevated during the second quarter of 2024 as compared to 2025 due to a $4.5 million accrual that was recorded from the resolution of a legal matter. Adjusted core noninterest expense, which excludes the impact of the legal accrual, increased $1.6 million, or 6%, from $28.8 million for the second quarter of 2024. Salaries and benefits expense increased by $938,000, or 6%. The primary drivers for the increase to salaries and benefits expense were increased salaries expense of $756,000 and increased health insurance expense of $127,000. Additionally, data processing fees and supplies expense increased $340,000, or 9%, from continued investment in customer-facing and operational technology solutions. Offsetting these increases were decreases to other expense of $3.8 million, or 62%, professional fees of $417,000, or 20%, and corporate and business development expense of $105,000, or 8%. The decrease to other expense was driven by the legal accrual recorded during the second quarter of 2024. The decrease to professional fees was primarily driven by reduced technology implementation consulting fees and swap collateral fees. Corporate and business development expense decreased primarily as a result of lower advertising expense.

    On a linked quarter basis, noninterest expense decreased by $2.3 million, or 7%, from $32.8 million during the first quarter of 2025. The primary drivers for the decrease to noninterest expense was a decrease to salaries and employee benefits of $806,000, or 5%, due to a reduction in HSA contributions expense of $441,000, resulting from the timing of the annual employer contribution to employee accounts, and a reduction in performance-based compensation accruals. Professional fees decreased $674,000, or 28%, and were primarily driven by reduced technology implementation consulting fees and swap collateral interest expense. Other expense decreased $353,000, or 13%, as other expense was elevated in the linked first quarter of 2025 from the timing of semiannual director share awards. Corporate and business development expense decreased by $246,000, or 18%, due to reduced advertising expense, primarily driven by the timing of when advertisement television spots were purchased and utilized. Net occupancy expense decreased $233,000, or 12%, due to reductions in seasonal expenses. Data processing fees and supplies expense decreased $113,000, or 3%.

    Noninterest expense decreased by $843,000, or 1%, for the six months ended June 30, 2025 to $63.2 million compared to $64.0 million for the six months ended June 30, 2024. Adjusted core noninterest expense, which excludes the impact of the $4.5 million legal accrual, increased $3.7 million, or 6%, from $59.5 million for the six months ended June 30, 2024. Salaries and benefits expense increased by $2.0 million, or 6%. Data processing fees and supplies and expense increased $766,000, or 10%. Net occupancy expense increased $289,000, or 8%, as a result of increased occupancy expense from the continued expansion of the company’s branch network and improvements to existing facilities. Offsetting these increases were decreases to other expense of $3.4 million, or 41%, and professional fees of $500,000, or 11%.

    The company’s efficiency ratio was 45.9% for the second quarter of 2025, compared to 48.5% for the second quarter of 2024 and 51.4% for the linked first quarter of 2025. The company’s adjusted core efficiency ratio, a non-GAAP financial measure, was 48.2% for the second quarter of 2024.

    The company’s efficiency ratio was 48.6% for the six months ended June 30, 2025, compared to 49.7% for the comparable period in 2024. The company’s adjusted core efficiency ratio was 50.1% for the six months ended June 30, 2024.

    Findlay added, “We are pleased with the improvement in our efficiency ratio, which has benefited from strong core revenue growth of 10% on a year-over-year basis. Our growth in noninterest expense is focused on continued investments in human capital, technology solutions and organic expansion of our banking footprint, particularly in Indianapolis.”

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $7.0 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental trade, monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

     

    LAKELAND FINANCIAL CORPORATION
    SECOND QUARTER 2025 FINANCIAL HIGHLIGHTS
     
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30,
    END OF PERIOD BALANCES   2025       2025       2024       2025       2024  
    Assets $ 6,964,301     $ 6,851,178     $ 6,568,807     $ 6,964,301     $ 6,568,807  
    Investments   1,129,346       1,132,854       1,123,803       1,129,346       1,123,803  
    Loans   5,226,827       5,223,221       5,052,341       5,226,827       5,052,341  
    Allowance for Credit Losses   66,552       92,433       80,711       66,552       80,711  
    Deposits   6,176,833       5,960,194       5,763,537       6,176,833       5,763,537  
    Brokered Deposits   150,416       125,409       161,040       150,416       161,040  
    Core Deposits (1)   6,026,417       5,834,785       5,602,497       6,026,417       5,602,497  
    Total Equity   709,987       694,509       654,590       709,987       654,590  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   706,184       690,706       650,787       706,184       650,787  
    Adjusted Tangible Common
    Equity (2)    		   866,758       854,585       820,534       866,758       820,534  
    AVERAGE BALANCES                  
    Total Assets $ 6,904,681     $ 6,762,970     $ 6,642,954     $ 6,834,217     $ 6,598,711  
    Earning Assets   6,570,607       6,430,804       6,295,281       6,501,092       6,256,105  
    Investments   1,125,597       1,136,404       1,118,776       1,130,970       1,138,639  
    Loans   5,229,646       5,185,918       5,034,851       5,207,903       5,002,935  
    Total Deposits   6,096,504       5,874,725       5,819,962       5,986,227       5,725,196  
    Interest Bearing Deposits   4,852,446       4,616,381       4,589,059       4,735,066       4,472,693  
    Interest Bearing Liabilities   4,886,943       4,716,465       4,666,136       4,802,175       4,599,136  
    Total Equity   696,976       696,053       638,999       696,517       642,003  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 54,876     $ 52,875     $ 48,296     $ 107,751     $ 95,712  
    Net Interest Income-Fully Tax Equivalent   55,986       53,983       49,493       109,970       98,176  
    Provision for Credit Losses   3,000       6,800       8,480       9,800       10,000  
    Noninterest Income   11,486       10,928       20,439       22,414       33,051  
    Noninterest Expense   30,432       32,763       33,333       63,195       64,038  
    Net Income   26,966       20,085       22,549       47,051       45,950  
    Pretax Pre-Provision Earnings (2)   35,930       31,040       35,402       66,970       64,725  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 1.05     $ 0.78     $ 0.88     $ 1.83     $ 1.79  
    Diluted Net Income Per
    Common Share    		   1.04       0.78       0.87       1.82       1.78  
    Cash Dividends Declared Per Common Share   0.50       0.50       0.48       1.00       0.96  
    Dividend Payout   48.08 %     64.10 %     55.17 %     54.95 %     53.93 %
    Book Value Per Common Share (equity per share issued) $ 27.63     $ 26.99     $ 25.49     $ 27.63     $ 25.49  
    Tangible Book Value Per Common Share (2)   27.48       26.85       25.34       27.48       25.34  
    Market Value – High $ 62.39     $ 71.77     $ 66.62     $ 71.77     $ 73.22  
    Market Value – Low   50.00       58.24       57.59       50.00       57.59  
                       
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30,
    KEY RATIOS   2025       2025       2024       2025       2024  
    Basic Weighted Average Common Shares Outstanding   25,707,233       25,714,818       25,678,231       25,711,004       25,667,647  
    Diluted Weighted Average Common Shares Outstanding   25,776,205       25,802,865       25,742,871       25,782,817       25,746,773  
    Return on Average Assets   1.57 %     1.20 %     1.37 %     1.39 %     1.40 %
    Return on Average Total Equity   15.52       11.70       14.19       13.62       14.39  
    Average Equity to Average Assets   10.09       10.29       9.62       10.19       9.73  
    Net Interest Margin   3.42       3.40       3.17       3.41       3.16  
    Efficiency (Noninterest Expense/Net Interest Income
    plus Noninterest Income)    		   45.86       51.35       48.49       48.55       49.73  
    Loans to Deposits   84.62       87.64       87.66       84.62       87.66  
    Investment Securities to Total Assets   16.22       16.54       17.11       16.22       17.11  
    Tier 1 Leverage (3)   12.21       12.30       11.98       12.21       11.98  
    Tier 1 Risk-Based Capital (3)   14.73       14.51       14.28       14.73       14.28  
    Common Equity Tier 1 (CET1) (3)   14.73       14.51       14.28       14.73       14.28  
    Total Capital (3)   15.86       15.77       15.53       15.86       15.53  
    Tangible Capital (2)   10.15       10.09       9.91       10.15       9.91  
    Adjusted Tangible Capital (2)   12.17       12.19       12.18       12.17       12.18  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 1,648     $ 4,288     $ 1,615     $ 1,648     $ 1,615  
    Loans Past Due 90 Days or More   7       7       26       7       26  
    Nonaccrual Loans   30,627       57,392       57,124       30,627       57,124  
    Nonperforming Loans   30,634       57,399       57,150       30,634       57,150  
    Other Real Estate Owned   284       284       384       284       384  
    Other Nonperforming Assets   183       193       90       183       90  
    Total Nonperforming Assets   31,101       57,876       57,624       31,101       57,624  
    Individually Analyzed Loans   52,069       81,346       78,533       52,069       78,533  
    Non-Individually Analyzed Watch List Loans   139,548       134,218       189,726       139,548       189,726  
    Total Individually Analyzed and Watch List Loans   191,617       215,564       268,259       191,617       268,259  
    Gross Charge Offs   29,111       508       1,076       29,619       1,580  
    Recoveries   230       181       127       411       319  
    Net Charge Offs/(Recoveries)   28,881       327       949       29,208       1,261  
    Net Charge Offs/(Recoveries) to Average Loans   2.22 %     0.03 %     0.08 %     1.13 %     0.05 %
    Credit Loss Reserve to Loans   1.27       1.77       1.60       1.27       1.60  
    Credit Loss Reserve to Nonperforming Loans   217.25       161.04       141.23       217.25       141.23  
    Nonperforming Loans to Loans   0.59       1.10       1.13       0.59       1.13  
    Nonperforming Assets to Assets   0.45       0.84       0.88       0.45       0.88  
    Total Individually Analyzed and Watch List Loans to Total Loans   3.67 %     4.13 %     5.31 %     3.67 %     5.31 %
                       
                       
      Three Months Ended   Six Months Ended
    (Unaudited – Dollars in thousands, except per share data) June 30,   March 31,   June 30,   June 30,   June 30
    KEY RATIOS   2025       2025       2024       2025       2024,  
    OTHER DATA                  
    Full Time Equivalent Employees   675       647       653       675       653  
    Offices   54       54       53       54       53  
    (1 ) Core deposits equals deposits less brokered deposits.
    (2 ) Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3 ) Capital ratios for June 30, 2025 are preliminary until the Call Report is filed.
       
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)      
    ​ June 30,
    2025    		   December 31,
    2024
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 97,413     $ 71,733  
    Short-term investments   212,767       96,472  
    Total cash and cash equivalents   310,180       168,205  
    Securities available-for-sale, at fair value   996,957       991,426  
    Securities held-to-maturity, at amortized cost (fair value of $107,979 and $113,107, respectively)   132,389       131,568  
    Real estate mortgage loans held-for-sale   1,637       1,700  
    Loans, net of allowance for credit losses of $66,552 and $85,960   5,160,275       5,031,988  
    Land, premises and equipment, net   61,449       60,489  
    Bank owned life insurance   127,399       113,320  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   29,109       28,446  
    Goodwill   4,970       4,970  
    Other assets   118,516       124,842  
    Total assets $ 6,964,301     $ 6,678,374  
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,261,740     $ 1,297,456  
    Interest bearing deposits   4,915,093       4,603,510  
    Total deposits   6,176,833       5,900,966  
           
    Borrowings      
    Federal Home Loan Bank advance   1,200       0  
    Other borrowings   5,000     0  
    Total borrowings   6,200       0  
           
    Accrued interest payable   9,996       15,117  
    Other liabilities   61,285       78,380  
    Total liabilities   6,254,314       5,994,463  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    26,016,494 shares issued and 25,525,105 outstanding as of June 30, 2025      
    25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024   130,664       129,664  
    Retained earnings   757,739       736,412  
    Accumulated other comprehensive income (loss)   (161,121 )     (166,500 )
    Treasury stock, at cost (491,389 shares and 469,239 shares as of June 30, 2025 and December 31, 2024, respectively)   (17,384 )     (15,754 )
    Total stockholders’ equity   709,898       683,822  
    Noncontrolling interest   89       89  
    Total equity   709,987       683,911  
    Total liabilities and equity $ 6,964,301     $ 6,678,374  
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
    ​ Three Months Ended June 30,   Six Months Ended June 30,  
    ​   2025     2024     2025     2024    
    NET INTEREST INCOME                
    Interest and fees on loans                
    Taxable $ 84,418   $ 84,226   $ 166,158   $ 166,268    
    Tax exempt   291     632     583     1,532    
    Interest and dividends on securities                
    Taxable   3,457     3,104     6,846     6,143    
    Tax exempt   3,917     3,932     7,827     7,879    
    Other interest income   2,302     1,842     3,426     2,948    
    Total interest income   94,385     93,736     184,840     184,770    
    ​ ​   ​   ​   ​  
    Interest on deposits   39,111     44,363     75,569     85,527    
    Interest on short-term borrowings   398     1,077     1,520     3,531    
    Total interest expense   39,509     45,440     77,089     89,058    
    ​ ​   ​   ​   ​  
    NET INTEREST INCOME   54,876     48,296     107,751     95,712    
    ​ ​   ​   ​   ​  
    Provision for credit losses   3,000     8,480     9,800     10,000    
    ​ ​   ​   ​   ​  
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   51,876     39,816     97,951     85,712    
    ​ ​   ​   ​   ​  
    NONINTEREST INCOME                
    Wealth advisory fees   2,667     2,597     5,534     5,052    
    Investment brokerage fees   550     478     1,002     1,000    
    Service charges on deposit accounts   2,827     2,806     5,601     5,497    
    Loan and service fees   3,006     3,048     5,890     5,900    
    Merchant and interchange fee income   854     892     1,676     1,755    
    Bank owned life insurance income   1,040     890     1,362     1,926    
    Interest rate swap fee income   20     0     20     0    
    Mortgage banking income (loss)   124     23     73     75    
    Net securities gains (losses)   0     0     0     (46 )  
    Net gain on Visa shares   0     9,011     0     9,011    
    Other income   398     694     1,256     2,881    
    Total noninterest income   11,486     20,439     22,414     33,051    
    ​ ​   ​   ​   ​  
    NONINTEREST EXPENSE                
    Salaries and employee benefits   17,096     16,158     34,998     32,991    
    Net occupancy expense   1,747     1,698     3,727     3,438    
    Equipment costs   1,437     1,343     2,819     2,755    
    Data processing fees and supplies   4,152     3,812     8,417     7,651    
    Corporate and business development   1,160     1,265     2,566     2,646    
    FDIC insurance and other regulatory fees   839     816     1,639     1,605    
    Professional fees   1,706     2,123     4,086     4,586    
    Other expense   2,295     6,118     4,943     8,366    
    Total noninterest expense   30,432     33,333     63,195     64,038    
    ​ ​   ​   ​   ​  
    INCOME BEFORE INCOME TAX EXPENSE   32,930     26,922     57,170     54,725    
    Income tax expense   5,964     4,373     10,119     8,775    
    NET INCOME $ 26,966   $ 22,549   $ 47,051   $ 45,950    
    ​ ​   ​   ​   ​  
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,707,233     25,678,231     25,711,004     25,667,647    
    ​ ​   ​   ​   ​  
    BASIC EARNINGS PER COMMON SHARE $ 1.05   $ 0.88   $ 1.83   $ 1.79    
    ​                
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,776,205     25,742,871     25,782,817     25,746,773    
    ​                
    DILUTED EARNINGS PER COMMON SHARE $ 1.04   $ 0.87   $ 1.82   $ 1.78    
     

     

    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
     
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 717,484     13.7 %   $ 716,522     13.7 %   $ 697,754     13.8 %
    Non-working capital loans   776,278     14.9       807,048     15.5       828,523     16.4  
    Total commercial and industrial loans   1,493,762     28.6       1,523,570     29.2       1,526,277     30.2  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   552,998     10.6       623,905     12.0       658,345     13.0  
    Owner occupied loans   780,285     14.9       804,933     15.4       830,018     16.4  
    Nonowner occupied loans   869,196     16.6       852,033     16.3       762,365     15.1  
    Multifamily loans   477,910     9.1       339,946     6.5       252,652     5.0  
    Total commercial real estate and multi-family residential loans   2,680,389     51.2       2,620,817     50.2       2,503,380     49.5  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   150,934     2.9       156,112     3.0       161,410     3.2  
    Loans for agricultural production   188,501     3.6       227,659     4.3       199,654     4.0  
    Total agri-business and agricultural loans   339,435     6.5       383,771     7.3       361,064     7.2  
              ​            
    Other commercial loans   95,442     1.8       94,927     1.8       96,703     1.9  
    Total commercial loans   4,609,028     88.1       4,623,085     88.5       4,487,424     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   273,287     5.2       265,855     5.1       259,094     5.1  
    Open end and junior lien loans   226,114     4.4       217,981     4.2       197,861     3.9  
    Residential construction and land development loans   16,667     0.3       16,359     0.3       12,952     0.3  
    Total consumer 1-4 family mortgage loans   516,068     9.9       500,195     9.6       469,907     9.3  
      ​       ​            
    Other consumer loans   103,880     2.0       102,254     1.9       97,895     1.9  
    Total consumer loans   619,948     11.9       602,449     11.5       567,802     11.2  
    Subtotal   5,228,976     100.0 %     5,225,534     100.0 %     5,055,226     100.0 %
    Less:  Allowance for credit losses   (66,552 )         (92,433 )   ​     (80,711 )   ​
    Net deferred loan fees   (2,149 )         (2,313 )   ​     (2,885 )   ​
    Loans, net $ 5,160,275         $ 5,130,788     ​   $ 4,971,630     ​
     

     

    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
     
      June 30,
    2025    		   March 31,
    2025    		   June 30,
    2024
    Noninterest bearing demand deposits $ 1,261,740   $ 1,296,907   $ 1,212,989
    Savings and transaction accounts:          
    Savings deposits   283,976     293,768     283,809
    Interest bearing demand deposits   3,841,703     3,554,310     3,274,179
    Time deposits:          
    Deposits of $100,000 or more   584,165     602,577     776,314
    Other time deposits   205,249     212,632     216,246
    Total deposits $ 6,176,833   $ 5,960,194   $ 5,763,537
    FHLB advances and other borrowings   6,200     108,200     55,000
    Total funding sources $ 6,183,033   $ 6,068,394   $ 5,818,537
     

     

    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
     
        Three Months Ended June 30, 2025   Three Months Ended March 31, 2025   Three Months Ended June 30, 2024
    (fully tax equivalent basis, dollars in thousands)   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,204,006     $ 84,418   6.51 %   $ 5,160,031     $ 81,740   6.42 %   $ 4,993,270     $ 84,226   6.78 %
    Tax exempt (1)     25,640       359   5.62       25,887       361   5.66       41,581       783   7.57  
    Investments: (1)                                    
    Securities     1,125,597       8,416   3.00       1,136,404       8,338   2.98       1,118,776       8,082   2.91  
    Short-term investments     2,832       28   3.97       2,964       28   3.83       2,836       35   4.96  
    Interest bearing deposits     212,532       2,274   4.29       105,518       1,096   4.21       138,818       1,807   5.24  
    Total earning assets   $ 6,570,607     $ 95,495   5.83 %   $ 6,430,804     $ 91,563   5.77 %   $ 6,295,281     $ 94,933   6.07 %
    Less:  Allowance for credit losses     (93,644 )             (87,477 )             (74,166 )        
    Nonearning Assets                                    
    Cash and due from banks     66,713               71,004               64,518          
    Premises and equipment     61,280               60,523               58,702          
    Other nonearning assets     299,725               288,116               298,619          
    Total assets   $ 6,904,681             $ 6,762,970             $ 6,642,954          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 285,944     $ 43   0.06 %   $ 283,888     $ 42   0.06 %   $ 289,107     $ 48   0.07 %
    Interest bearing checking accounts     3,767,903       31,499   3.35       3,486,447       28,075   3.27       3,275,502       33,323   4.09  
    Time deposits:                                    
    In denominations under $100,000     208,770       1,745   3.35       212,934       1,832   3.49       217,146       1,871   3.47  
    In denominations over $100,000     589,829       5,824   3.96       633,112       6,509   4.17       807,304       9,121   4.54  
    Other short-term borrowings     33,297       398   4.79       99,830       1,122   4.56       77,077       1,077   5.62  
    Long-term borrowings     1,200       0   0.00       254       0   0.00       0       0   0.00  
    Total interest bearing liabilities   $ 4,886,943     $ 39,509   3.24 %   $ 4,716,465     $ 37,580   3.23 %   $ 4,666,136     $ 45,440   3.92 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,244,058               1,258,344               1,230,903          
    Other liabilities     76,704               92,108               106,916          
    Stockholders’ Equity     696,976               696,053               638,999          
    Total liabilities and stockholders’ equity   $ 6,904,681             $ 6,762,970             $ 6,642,954          
    Interest Margin Recap                                    
    Interest income/average earning assets         95,495   5.83 %         91,563   5.77 %         94,933   6.07 %
    Interest expense/average earning assets         39,509   2.41           37,580   2.37           45,440   2.90  
    Net interest income and margin       $ 55,986   3.42 %       $ 53,983   3.40 %       $ 49,493   3.17 %
    (1 ) Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax-exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.20 million in the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively.
    (2 ) Loan fees, which are immaterial in relation to total taxable loan interest income for the three-month periods ended June 30, 2025, March 31, 2025, and June 30, 2024, are included as taxable loan interest income.
    (3 ) Nonaccrual loans are included in the average balance of taxable loans.
       

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Six Months Ended
      Jun. 30, 2025   Mar. 31, 2025   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    Total Equity $ 709,987     $ 694,509     $ 654,590     $ 709,987     $ 654,590  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   706,184       690,706       650,787       706,184       650,787  
    Market Value Adjustment in AOCI   160,574       163,879       169,747       160,574       169,747  
    Adjusted Tangible Common Equity   866,758       854,585       820,534       866,758       820,534  
                       
    Assets $ 6,964,301     $ 6,851,178     $ 6,568,807     $ 6,964,301     $ 6,568,807  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,960,498       6,847,375       6,565,004       6,960,498       6,565,004  
    Market Value Adjustment in AOCI   160,574       163,879       169,747       160,574       169,747  
    Adjusted Tangible Assets   7,121,072       7,011,254       6,734,751       7,121,072       6,734,751  
                       
    Ending Common Shares Issued   25,697,093       25,727,393       25,679,066       25,697,093       25,679,066  
                       
    Tangible Book Value Per Common Share $ 27.48     $ 26.85     $ 25.34     $ 27.48     $ 25.34  
                       
    Tangible Common Equity/Tangible Assets   10.15 %     10.09 %     9.91 %     10.15 %     9.91 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.17 %     12.19 %     12.18 %     12.17 %     12.18 %
                       
    Net Interest Income $ 54,876     $ 52,875     $ 48,296     $ 107,751     $ 95,712  
    Plus:  Noninterest Income   11,486       10,928       20,439       22,414       33,051  
    Minus:  Noninterest Expense   (30,432 )     (32,763 )     (33,333 )     (63,195 )     (64,038 )
    Pretax Pre-Provision Earnings $ 35,930     $ 31,040     $ 35,402     $ 66,970     $ 64,725  
     

    Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual and 2023 wire fraud loss insurance recoveries for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Six Months Ended
      Jun. 30, 2025   Mar. 31, 2025   Jun. 30, 2024   Jun. 30, 2025   Jun. 30, 2024
    Noninterest Income $ 11,486     $ 10,928     $ 20,439     $ 22,414     $ 33,051  
    Less: Net Gain on Visa Shares   0       0       (9,011 )     0       (9,011 )
    Less: Insurance Recovery   0       0       0       0       (1,000 )
    Adjusted Core Noninterest Income $ 11,486     $ 10,928     $ 11,428     $ 22,414     $ 23,040  
                       
    Noninterest Expense $ 30,432     $ 32,763     $ 33,333     $ 63,195     $ 64,038  
    Less: Legal Accrual   0       0       (4,537 )     0       (4,537 )
    Adjusted Core Noninterest Expense $ 30,432     $ 32,763     $ 28,796     $ 63,195     $ 59,501  
                       
    Earnings Before Income Taxes $ 32,930     $ 24,240     $ 26,922     $ 57,170     $ 54,725  
    Adjusted Core Impact:                  
    Noninterest Income   0       0       (9,011 )     0       (10,011 )
    Noninterest Expense   0       0       4,537       0       4,537  
    Total Adjusted Core Impact   0       0       (4,474 )     0       (5,474 )
    Adjusted Earnings Before Income Taxes   32,930       24,240       22,448       57,170       49,251  
    Tax Effect   (5,964 )     (4,155 )     (3,261 )     (10,119 )     (7,414 )
    Core Operational Profitability (1) $ 26,966     $ 20,085     $ 19,187     $ 47,051     $ 41,837  
                       
    Diluted Earnings Per Common Share $ 1.04     $ 0.78     $ 0.87     $ 1.82     $ 1.78  
    Impact of Adjusted Core Items   0.00       0.00       (0.13 )     0.00       (0.16 )
    Core Operational Diluted Earnings Per Common Share $ 1.04     $ 0.78     $ 0.74     $ 1.82     $ 1.62  
                       
    Adjusted Core Efficiency Ratio   45.86 %     51.35 %     48.22 %     48.55 %     50.11 %
    (1 ) Core operational profitability was $3.4 million lower than reported net income for the three months ended June 30, 2024 and $4.1 million lower for the six months ended June 30, 2024.
       


    Contact     Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network –

  • MIL-OSI Banking: ABAC Calls for Open, Predictable and Rules-Based Trade in Standalone Statement Hai Phong, Viet Nam | 25 July 2025 APEC Business Advisory Council

    Source: APEC – Asia Pacific Economic Cooperation

    At its meeting this week in Hai Phong, Viet Nam, the APEC Business Advisory Council (ABAC) calls on APEC Leaders to reaffirm their commitment to open, predictable, rules-based, non-discriminatory and competitive markets.

    The Chair of ABAC’s Regional Economic Integration Working Group, Anna Curzon of ABAC New Zealand, noted the region’s remarkable success in raising living standards and creating jobs and opportunities has been grounded in open markets and underpinned by the global system of trade rules. But that is now in jeopardy in the face of mounting trade tensions, policy volatility and global uncertainty.

    “The current turmoil, including rising protectionism, is a distraction from the critical work of revitalizing businesses and our economies, and tackling critical challenges to achieving a prosperous, sustainable future. It poses substantial threats to the international economic outlook,” said Curzon.

    “In our Open Markets Statement, we are presenting our Leaders with more than recommendations—we are offering a strategic roadmap to restore the economic dynamism that defines our region. Our ask is simple. We are urging our Leaders to help create the breathing room we need to get back to work,” concluded Curzon.

    The statement can be found here.

    For further information, please contact:

    Stephanie Honey (Ms), REIWG Lead Staffer at +64 21 352 633 and [email protected]
    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

    MIL OSI Global Banks –

  • MIL-OSI Economics: ABAC Calls for Open, Predictable and Rules-Based Trade in Standalone Statement Hai Phong, Viet Nam | 25 July 2025 APEC Business Advisory Council

    Source: APEC – Asia Pacific Economic Cooperation

    At its meeting this week in Hai Phong, Viet Nam, the APEC Business Advisory Council (ABAC) calls on APEC Leaders to reaffirm their commitment to open, predictable, rules-based, non-discriminatory and competitive markets.

    The Chair of ABAC’s Regional Economic Integration Working Group, Anna Curzon of ABAC New Zealand, noted the region’s remarkable success in raising living standards and creating jobs and opportunities has been grounded in open markets and underpinned by the global system of trade rules. But that is now in jeopardy in the face of mounting trade tensions, policy volatility and global uncertainty.

    “The current turmoil, including rising protectionism, is a distraction from the critical work of revitalizing businesses and our economies, and tackling critical challenges to achieving a prosperous, sustainable future. It poses substantial threats to the international economic outlook,” said Curzon.

    “In our Open Markets Statement, we are presenting our Leaders with more than recommendations—we are offering a strategic roadmap to restore the economic dynamism that defines our region. Our ask is simple. We are urging our Leaders to help create the breathing room we need to get back to work,” concluded Curzon.

    The statement can be found here.

    For further information, please contact:

    Stephanie Honey (Ms), REIWG Lead Staffer at +64 21 352 633 and [email protected]
    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Belt-Road forum held in Beijing

    Source: Hong Kong Information Services

    The Hong Kong Special Administrative Region Government, the National Development & Reform Commission (NDRC) and relevant central ministries held the eighth Joint Conference on Advancing Hong Kong’s Full Participation in & Contribution to the Belt & Road Initiative in Beijing today.

    NDRC Vice Chairman Zhou Haibing attended the conference, together with representatives from the commission, the Hong Kong & Macao Work Office of the Communist Party of China Central Committee, the Hong Kong & Macao Affairs Office of the State Council, the Ministry of Foreign Affairs, the State-owned Assets Supervision & Administration Commission of the State Council, and the Liaison Office of the Central People’s Government in the Hong Kong SAR.

    Secretary for Justice Paul Lam, in his capacity as chairperson of the Working Group on Belt & Road Development under the Steering Group on Integration into National Development, led Hong Kong officials to attend the conference.

    He pointed out that the Hong Kong SAR Government has been taking forward Belt-Road collaboration to go deeper and deliver outcomes, fully participating in and contributing to the initiative under the guidance of the major steps the country has taken to support high-quality co-operation, so as to facilitate Hong Kong’s integration into overall national development.

    With the country’s support, Hong Kong will deepen international exchanges and actively utilise its advantages to exert a greater role in the nation’s high-level opening up to the world, Mr Lam added.

    The justice chief also said the Hong Kong SAR Government is exploring emerging markets such as the Middle East, the Association of Southeast Asian Nations and other Belt & Road countries, while making full use of the city’s professional services, thereby building it as a gateway between the country and the world.

    He expressed gratitude to the central government for the staunch support of hosting the International Organization for Mediation headquarters in Hong Kong, which will strengthen its roles as an international dispute resolution services centre and a hub for international mediation.

    Secretary for Commerce & Economic Development Algernon Yau, who was also at the conference, noted that the Hong Kong SAR Government will fully capitalise on the 10th Belt & Road Summit to showcase the city’s roles as an active participant and the premier platform to the Mainland and overseas.

    At the meeting, Mr Yau reported on Hong Kong’s progress in carrying out Belt & Road work, including the ongoing pursuit of Hong Kong’s early accession to the Regional Comprehensive Economic Partnership, pursuit of early conclusion of ongoing negotiations for free trade and investment agreements, and more.

    Today’s session also covered the work proposals on further promoting the Belt & Road Initiative put forward for consideration by central ministries. Relevant Mainland ministries introduced their work in supporting Hong Kong’s participation in and contribution to the initiative and provided feedback on the work proposals. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Spain: Greene signs €224 million financing deal with EIB and Santander to invest in non-recyclable waste recovery

    Source: European Investment Bank

    EIB

    • The financing will be used to build five innovative plants that will convert more than 200 000 tonnes of waste a year into raw materials for industry.
    • Approximately 50% of the financing will come from the European Investment Bank (EIB) and the other 50% from Santander.
    • The project supports the circular economy, climate action and cohesion between regions.

    Greene Enterprise has signed a €224 million financing deal with the European Investment Bank (EIB) and Santander to build five innovative industrial plants in Spain for the treatment of non-recyclable waste. Greene is a Spanish company offering an innovative technology solution for the treatment and recycling of industrial and urban solid waste, biomass and sludge, diverting it from incineration and landfill.

    Expected to be operational between 2026 and 2029, the plants will convert this waste into high-value industrial products through advanced pyrolysis technology. They will all concentrate on extracting value from the reject fraction – waste that would otherwise be sent to landfills or incinerated.

    The total treatment capacity of the five plants will exceed 200 000 tonnes a year. The waste will be converted into pyrolytic oil, char and other reusable materials for industry, supporting the circular economy and helping reduce CO2 emissions.

    The projects to be financed are located in Muel (Zaragoza), La Selva del Camp (Tarragona), San Cristóbal de Entreviñas (Zamora), Madridejos (Toledo) and As Somozas (A Coruña). The Valogreene CML Madridejos and Valogreene Recinor As Somozas plants are in the final phase of construction and are expected to be commissioned in 2026. Two of the plants have been designated as priority interest projects by the autonomous communities of Aragón and Galicia, underscoring their strategic nature.

    The construction and commissioning of the Valogreene plants will help boost the local economy and create jobs in the towns where they are located. Once operational, each plant is expected to create more than 20 direct jobs and more than 40 indirect jobs.

    The project supports the EU Circular Economy Action Plan and contributes to the EIB’s strategic priorities of climate action and cohesion between regions set out in its Strategic Roadmap for 2024-2027.

    Photo legend: Valogreene Recinor As Somozas plant

    Background information

    EIB

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world.

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.

    All projects financed by the EIB Group are in line with the Paris Agreement, as pledged in its Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

    In Spain, the EIB Group signed €12.3 billion of new financing for more than 100 high-impact projects in 2024. This financing is contributing to the green and digital transition, economic growth, competitiveness and improved services for citizens.

    High-quality, up-to-date photos of the organisation’s headquarters for media use are available here.

    Greene

    Greene Enterprise was founded in 2011 by four chemistry entrepreneurs from Elche, Alicante. Its shareholders include two major investment groups. Greene currently has more than 130 employees.

    The company provides the market with an innovative and efficient technology that addresses the need to manage and eliminate materials classified as waste, diverting them from landfill and incineration. This solution applies to various types of waste, notably industrial solid waste, urban solid waste, biomass and water treatment sludge.

    Our technology enables the efficient conversion of solid waste into high-quality raw materials. We use an integrated approach that combines advanced separation techniques and innovative chemical processes to extract reusable materials.

    The Valogreene solid waste material recovery plants developed by Greene target the currently non-recoverable reject fraction of waste and convert it into sustainable raw materials such as oils, calcium carbonate-rich materials, activated carbon, synthetic waxes and hydrogen. This is achieved through a sustainable and profitable thermosconversion process that aligns with circular economy principles and supports 2030 targets.

    High-quality, up-to-date photos of the organisation’s headquarters and projects for media use are available here: https://www.greene.es/multimedia/

    Santander

    Banco Santander (SAN SM) is a leading commercial bank founded in 1857, headquartered in Spain. It is one of the largest banks in the world by market capitalisation. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform, providing services to individuals, small and medium-sized businesses, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. In the first quarter of 2025, Banco Santander had €1.4 trillion in total funds, 175 million customers, 7 900 branches and 207 000 employees.

    MIL OSI Europe News –

  • India–UK FTA will boost Indian manufacturing, services: RBI Governor

    Source: Government of India

    Source: Government of India (4)

    Reserve Bank of India (RBI) Governor Sanjay Malhotra on Friday said the India–UK Free Trade Agreement (FTA) is expected to provide a boost to multiple sectors of the Indian economy, including manufacturing and services.

    Speaking at an event in Mumbai, Malhotra said that with multilateralism losing momentum globally, such bilateral agreements are becoming increasingly important for India’s trade strategy.

    “The UK FTA is the way forward, because unfortunately, multilateralism appears to have taken a back seat,” Malhotra said, adding that trade negotiations with the United States are also at an advanced stage.

    Malhotra also noted that India is actively pursuing several other trade agreements, many of which are currently under negotiation.

    The RBI Governor’s remarks came a day after Union Commerce and Industry Minister Piyush Goyal said India is expanding its trade relations across geographies, following the signing of the landmark FTA with the UK.

    “Very good talks are going on with New Zealand, Oman, Chile, Peru, and the European Union. And on the bilateral trade agreement (BTA), good discussions are also underway with the United States,” Goyal told IANS in London. “I firmly believe that all these negotiations will lead to positive outcomes.”

    India and the US recently concluded the fifth round of BTA negotiations in Washington, DC.

    The Trade and Economic Partnership Agreement (TEPA) between India and the European Free Trade Association (EFTA) is set to come into effect on October 1. The agreement is projected to generate around one million direct jobs in India.

    The India–UK FTA, now officially termed the Comprehensive Economic and Trade Agreement (CETA), is being viewed as a key milestone in India’s global trade policy, with the potential to unlock billions of dollars in trade and investment.

    —IANS

  • MIL-OSI Economics: ABAC Issued Declaration on Sustainable AI Infrastructure and Investment Hai Phong, Viet Nam | 25 July 2025 APEC Business Advisory Council

    Source: APEC Secretariat

    The APEC Business Advisory Council (ABAC) released its Declaration on Sustainable Artificial Intelligence (AI) Infrastructure and Investment, underscoring the business community’s commitment to a sustainable AI future.

    AI is rapidly transforming economies and societies across the region. It holds immense potential to unlock innovation, drive productivity, and promote inclusive growth. However, none of this works without infrastructure—underpinned by data centers and the electricity grids that support them. The full benefits of AI cannot be realized without resilient, efficient, and sustainable infrastructure to support its development and deployment.

    “Energy gaps are deepening inequality and limiting participation in the digital economy. The digital divide isn’t just about tech anymore—it’s about capital access, grid resilience and human capacity. Our declaration reaffirms our commitment to APEC’s 2025 vision of ‘Building a Sustainable Tomorrow’,” said Jan De Silva, Chair of ABAC’s AI and Digital Innovation Working Group.

    This meeting took place in advance of APEC’s first Digital and AI Ministerial meeting taking place August 4-6 in Incheon, Korea. ABAC has committed to four priority actions:

    • Accelerating Investment in Sustainable AI Infrastructure
    • Embedding Sustainability into the AI Lifecycle
    • Fostering Cross-Economy Collaboration and Investment
    • Advocating for Enabling Policies and Standards

    “ABAC reaffirms its commitment to shaping an AI-powered future that is not only innovative and inclusive but also sustainable and resilient. We invite governments, industry, academia, and civil society to join us in this shared effort to build responsible AI across the APEC region,” said ABAC Chair, HS Cho.

    The full declaration can be found here.

    For further information, please contact:

    Amanda Doyle (Ms), AIDIWG Lead Staffer at +1-905-467-0019 and [email protected]
    Antonio Basilio (Mr), Director of the ABAC Secretariat at +63 917 849 3351 and [email protected]

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Eighth Joint Conference on Advancing Hong Kong’s Full Participation in and Contribution to Belt and Road Initiative held in Beijing (with photos)

    Source: Hong Kong Government special administrative region – 4

         The Government of the Hong Kong Special Administrative Region (HKSAR), the National Development and Reform Commission (NDRC) and relevant central ministries held the eighth Joint Conference on Advancing Hong Kong’s Full Participation in and Contribution to the Belt and Road Initiative (B&RI) in Beijing today (July 25).
     
         Vice Chairman of the NDRC Mr Zhou Haibing attended the conference with Mainland officials led by him, including representatives from the NDRC, the Hong Kong and Macao Work Office of the Communist Party of China Central Committee, the Hong Kong and Macao Affairs Office of the State Council, the Supreme People’s Court, the Ministry of Foreign Affairs, the Ministry of Science and Technology, the Ministry of Justice, the Ministry of Commerce, the Ministry of Transport, the People’s Bank of China, the State-owned Assets Supervision and Administration Commission of the State Council, the National Financial Regulatory Administration, and the Liaison Office of the Central People’s Government in the HKSAR.
     
         The Secretary for Justice, Mr Paul Lam, SC, in his capacity as chairperson of the Working Group on Belt and Road (B&R) Development under the Steering Group on Integration into National Development, led HKSAR Government officials to attend the conference. They included the Secretary for Commerce and Economic Development, Mr Algernon Yau, who was also the Hong Kong-side Convenor of the Joint Conference, and representatives from the Commerce and Economic Development Bureau (CEDB), the Department of Justice, the Financial Services and the Treasury Bureau, the Innovation, Technology and Industry Bureau, the Development Bureau, the Environment and Ecology Bureau, the Belt and Road Office of the CEDB, and the Office of the Government of the HKSAR in Beijing. The Chairman of the Hong Kong Trade Development Council, Professor Frederick Ma, and a representative from the Airport Authority Hong Kong also attended the meeting.
     
         Mr Lam said that the HKSAR Government has been taking forward B&R co-operation to go deeper and deliver outcomes, thereby fully participating in and contributing to the B&RI under the continued guidance of the eight major steps the country has been taking to support high-quality B&R co-operation, with a view to facilitating Hong Kong’s active integration into overall national development. With the country’s support, Hong Kong will continue to deepen international exchanges and co-operation and will actively utilise its own advantages to exert a greater role in the country’s high-level opening up to the world.
     
         He pointed out that over the past year, the HKSAR Government has actively served as a proponent for institutional openness through Hong Kong’s strengths as a platform for two-way opening up; a pioneer for co-operation in new fields through strengths in education, science and technology and talent; and a facilitator for people-to-people bonds through strengths as a melting pot of diversified cultures. The HKSAR Government has been exploring emerging markets such as the Middle East, the Association of Southeast Asian Nations and other B&R countries, while making full use of Hong Kong’s professional services aligned with international standards, thereby building Hong Kong as the gateway between the country and the world and highlighting Hong Kong’s role as the premier B&R functional platform. He expressed gratitude to the Central Government for the staunch support of hosting the International Organization for Mediation headquarters in Hong Kong, which will help strengthen Hong Kong’s roles as an international dispute resolution services centre and a capital for international mediation.
     
         Mr Yau stated in the meeting that the HKSAR Government will fully capitalise on the 10th Belt and Road Summit to showcase Hong Kong’s important roles as an active participant and the premier B&R functional platform to the Mainland and overseas. He reported on Hong Kong’s progress in carrying out B&R work, including the CEDB’s ongoing pursuit of the early accession of Hong Kong to the Regional Comprehensive Economic Partnership, the pursuit of early conclusion of ongoing negotiations for free trade and investment agreements, and actively following up on the plan to establish Economic and Trade Offices in Kuala Lumpur, Malaysia and Riyadh, Saudi Arabia, to fully take forward the economic and trade relations between Hong Kong and B&R countries.
     
         The meeting also focused its discussion on the seven work proposals on further promoting the B&RI that the HKSAR Government put forward for consideration by central ministries, covering capacity building, deepening exchanges and co-operations with B&R countries, legal and dispute resolution services, cross-boundary financing, and the expansion of international co-operation and ties in innovation and technology. Representatives of relevant Joint Conference Mainland ministries introduced their respective work in supporting Hong Kong’s participation in and contribution to the B&RI and provided feedback on the HKSAR Government’s work proposals. The HKSAR Government is grateful for the support expressed by relevant central ministries at the meeting on various work proposals and will actively follow up with them.
     
         In addition, the meeting noted the HKSAR Government’s key areas and major work in its future participation and contribution to the B&RI, including leveraging Hong Kong’s role as a B&R functional platform to explore business opportunities and facilitating business matching and participation in B&R projects. The HKSAR Government will continue to consolidate Hong Kong’s unique advantage of connecting with the Mainland and the rest of the world under “one country, two systems”, seize the enormous opportunities brought about by national development, strengthen and deepen exchanges and co-operations with B&R countries, and give full play to its role as a “super connector” and “super value-adder”.
     
         The Arrangement between the NDRC and the HKSAR Government for Advancing Hong Kong’s Full Participation in and Contribution to the B&RI, signed between the HKSAR Government and the NDRC in 2017, provides the direction and a blueprint for Hong Kong’s full participation in and contribution to the B&RI, as well as sets up the Joint Conference mechanism to discuss relevant matters, with meetings convened at least once a year.

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Champions Women-Led Digital Trade in West Africa

    Source: APO


    .

    The Economic Community of West African States (ECOWAS), in collaboration with the United Nations Conference on Trade and Development (UNCTAD) and with the support of the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank, convened an eTrade for Women Joint Workshop in Lagos, on Friday July 17th, 2025, to spotlight and strengthen the role of women-led digital businesses in regional trade. This event was held as part of a broader regional agenda to build a more inclusive, connected, and digitally enabled West Africa.

    In his statement on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade at the ECOWAS Commission, welcomed participants and noted the event’s importance in advancing inclusive digital transformation. He highlighted that the ECOWAS E-Commerce Strategy, adopted by the ECOWAS Council of Ministers in July 2023, places women, youth, and small-scale producers at the centre of digital trade reforms to promote regional integration and inclusive development. Through platforms and dialogues such as the workshop, ECOWAS reaffirms its commitment to gender-responsive policymaking and sustainable digital trade development in West Africa.

    In her opening remarks, Madam Sonia NNAGOZIE, the representative of the United Nations Conference on Trade and Development (UNCTAD) highlighted the role of digital trade in unlocking new opportunities for women entrepreneurs across West Africa. She echoed the importance of the workshop in delivering actionable recommendations to improve women’s participation in digital trade. She went on to commend ECOWAS for leading the way in building an enabling digital ecosystem that supports women and appreciated the ongoing partnership between UNCTAD and ECOWAS.

    The workshop served as a platform for dialogue, policy coordination, and knowledge sharing. Participants discussed the structural and policy barriers women face in participating in the digital economy, and shared practical solutions and good practices that promote women’s digital empowerment.

    The event also showcased ECOWAS-led initiatives such as the ECOWAS Trade and Gender Action Plan, export readiness trainings, and platforms like the 50 Million African Women Speak (50MAWS) and the Business-to-Business matchmaking platform of the West Africa Competitiveness Observatory.

    The Workshop was attended by a cross-section of stakeholders including women entrepreneurs, representatives of Ministries responsible for trade in ECOWAS, and development partners.

    Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

    MIL OSI Africa –

  • MIL-OSI Africa: The Economic Community of West African States (ECOWAS) Launches Regional E-Commerce Committee to Accelerate Digital Trade Integration

    Source: APO


    .

    The Economic Community of West African States (ECOWAS) has officially launched the Regional E-Commerce Committee, marking another milestone in the implementation of the ECOWAS Regional E-Commerce Strategy (2023–2027) on Wednesday July 16th, 2025, in Lagos, Nigeria. The launch was immediately followed by the Committee’s first meeting, which brought together representatives from Member States and Community institutions.

    In his opening remarks during the launch ceremony, Dr. Tony Luka Elumelu, the Acting Director of Private Sector, ECOWAS Commission highlighted the private sector as both a key driver and beneficiary of digital transformation. He stressed the significance of e-commerce in unlocking opportunities under African Continental Free Trade Agreement and called for robust implementation of digital reforms. He described the establishment of the Regional E-Commerce Committee as pivotal to fostering private-sector-led digital economies.

    Madam Sally Koroma, the representative of the Ministry of Trade and Industry of the Republic of Sierra Leone and Chair of the Meeting emphasized the potential of e-commerce to boost inclusive growth. She highlighted the importance of harmonized regulations, secure infrastructure, digital literacy, and tailored financing to unlock the full benefits of digital trade. She commended the ECOWAS E-Commerce Strategy as critical to addressing these barriers and called for collective action among Member States, development partners, and the private sector to move from ambition to implementation, and build an inclusive, gender-responsive digital economy.

    In his goodwill message, Mr. Pedro Manuel Moreno, Deputy Secretary-General of the United Nations Trade and Development (UNCTAD) congratulated ECOWAS on its 50th anniversary, marking five decades of regional cooperation. He celebrated the adoption of the ECOWAS Regional E-Commerce Strategy and highlighted the role of digitalisation in realizing ECOWAS Vision 2050. He reaffirmed UNCTAD’s commitment to support digital reform, encourage inclusive digital ecosystems, and advance women’s economic empowerment within the region. He closed with a call to action to make e-commerce a driver of prosperity, innovation, and regional unity.

    In the keynote address, on behalf of Madame Massandjé TOURE-LITSE, Commissioner for Economic Affairs and Agriculture, Mr. Kolawole SOFOLA, Director of Trade of the ECOWAS Commission, underscored the significance of the launch of the Regional E-Commerce Committee during the 50th Anniversary celebrations of ECOWAS, noting the progress that had been made in advancing regional integration and the opportunities that lay ahead through digitalisation. He emphasized that the Committee would serve as a platform for implementing strategic goals, aligning policies, and accelerating digital trade across borders.

    Mr. Sofola called for continued collaboration across all stakeholders to realise the Strategy’s vision of an inclusive and sustainable digital future for West Africa. Finally, he declared the ECOWAS Regional E-Commerce Committee launched.

    The newly established Committee is a central feature of the governance framework outlined in the ECOWAS E-Commerce Strategy, which was adopted by the ECOWAS Council of Ministers in July 2023. It is designed to steer the implementation of digital trade reforms, foster inter-institutional coordination, and promote inclusive participation across the region, particularly of women, youth, and MSMEs.

    The launch and first meeting were attended by representatives of the Ministries responsible for Trade from ECOWAS Member States and the internal working group on e-commerce, consisting of key directorates and agencies of the ECOWAS Commission. Prior to the launch, the internal working group on e-commerce received a training on the e-Trade Reform Tracker, a tool for monitoring implementation of the E-Commerce Strategy. Both activities were supported by the UNCTAD and the Western Africa Regional Digital Integration Program (WARDIP) funded by World Bank.

    The meeting considered the overview of the ECOWAS E-Commerce Strategy, continental and regional digital initiatives as well as key initiatives from Member States in advancing e-commerce. The meeting concluded with the adoption of the terms of reference for the Committee and a call for continued collaboration among ECOWAS Member States to promote implementation of the E-Commerce Strategy.

    Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

    MIL OSI Africa –

  • MIL-OSI: Aurora Mobile Leverages Quantum Computing to Accelerate Business Model Innovation

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, China, July 25, 2025 (GLOBE NEWSWIRE) — Aurora Mobile Limited (NASDAQ: JG) (“Aurora Mobile” or the “Company”), a leading provider of customer engagement and marketing technology services in China, today announced that it is exploring the integration of emerging technologies, particularly quantum computing, into its existing operations. With its expertise in customer engagement and robust data ecosystem, Aurora Mobile believes quantum computing will be a driving force in its future growth and innovation.

    Quantum Acceleration in Data Processing and Insights
    Aurora Mobile’s data processing and analytics operations often face the challenge of handling vast and complex datasets. Quantum computing with its powerful parallel processing enables the Company to significantly improve efficiency in analyzing customer behavior and preferences. Quantum algorithms can rapidly identify behavioral patterns, isolate high-value customer segments, and uncover latent demand. For example, when analyzing customers’ purchasing cycles, quantum models can consider a broader range of influencing factors to predict repurchase timing more accurately. This allows enterprises to optimize their marketing timing and gain deeper, more precise insights from their data.

    Quantum-Enhanced Precision Marketing and Recommendations
    Precision marketing and personalized recommendations are at the core of Aurora Mobile’s offerings. Quantum computing enables more complex and detailed customer profiling, resulting in highly accurate, multidimensional customer insights. Quantum-enhanced collaborative filtering algorithms can synthesize vast amounts of information in recommendation systems to deliver tailor-made content. Regardless of whether they are applied to products, services, or marketing campaigns, these recommendations can accurately target customer interests, significantly increase conversion rates, enhance customer satisfaction, and optimize the allocation of marketing resources.

    Quantum-Powered Smarter Decision-Making
    Enterprises’ marketing decisions involve complex scenarios involving numerous variables. Aurora Mobile leverages quantum computing to simulate real-world market dynamics, integrating data on customer behavior, competitor strategies, and industry trends. By simulating the effects of different marketing strategies, it evaluates risks and returns to help businesses identify optimal solutions. For example, during new product launches, quantum simulation can evaluate how the market will respond to different combinations of promotional channels, timing, and campaign intensity, helping enterprises make smarter, more proactive decision-making.

    About Aurora Mobile Limited

    Founded in 2011, Aurora Mobile (NASDAQ: JG) is a leading provider of customer engagement and marketing technology services in China. Since its inception, Aurora Mobile has focused on providing stable and efficient messaging services to enterprises and has grown to be a leading mobile messaging service provider with its first-mover advantage. With the increasing demand for customer reach and marketing growth, Aurora Mobile has developed forward-looking solutions such as Cloud Messaging and Cloud Marketing to help enterprises achieve omnichannel customer reach and interaction, as well as artificial intelligence and big data-driven marketing technology solutions to help enterprises’ digital transformation.

    For more information, please visit https://ir.jiguang.cn/.

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident” and similar statements. Among other things, the Business Outlook and quotations from management in this announcement, as well as Aurora Mobile’s strategic and operational plans, contain forward-looking statements. Aurora Mobile may also make written or oral forward-looking statements in its reports to the U.S. Securities and Exchange Commission, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Aurora Mobile’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Aurora Mobile’s strategies; Aurora Mobile’s future business development, financial condition and results of operations; Aurora Mobile’s ability to attract and retain customers; its ability to develop and effectively market data solutions, and penetrate the existing market for developer services; its ability to transition to the new advertising-driven SAAS business model; its ability to maintain or enhance its brand; the competition with current or future competitors; its ability to continue to gain access to mobile data in the future; the laws and regulations relating to data privacy and protection; general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in the Company’s filings with the Securities and Exchange Commission. All information provided in this press release and in the attachments is as of the date of the press release, and Aurora Mobile undertakes no duty to update such information, except as required under applicable law.

    For more information, please contact:

    Aurora Mobile Limited
    E-mail: ir@jiguang.cn

    Christensen

    In China
    Ms. Xiaoyan Su
    Phone: +86-10-5900-1548
    E-mail: Xiaoyan.Su@christensencomms.com

    In US
    Ms. Linda Bergkamp
    Phone: +1-480-614-3004
    Email: linda.bergkamp@christensencomms.com

    The MIL Network –

  • PM Modi shares article highlighting benefits of India-UK trade deal

    Source: Government of India

    Source: Government of India (4)

    Prime Minister Narendra Modi on Friday shared an article highlighting the wide-ranging benefits of the landmark India-UK Comprehensive Economic and Trade Agreement (CETA), calling it a transformative step for various sections of the Indian economy.

    Reiterating Commerce Minister Piyush Goyal’s remarks, the Prime Minister’s Office (PMO) said on X:

    “Union Minister Shri @PiyushGoyal explains how the landmark India–UK Comprehensive Economic and Trade Agreement will empower Indian farmers, fishermen, artisans, and small businesses, while ensuring quality products at better prices for everyday consumers.”

    In his post on X, Goyal described the trade agreement as a “stellar example of how New India does business.” He noted that under the leadership of PM Modi, the deal would provide a significant boost to market access for Indian products and services, enhance competitiveness, and create jobs across sectors.

    Goyal added that the CETA will empower key contributors to the Indian economy—including farmers, fisherfolk, MSMEs, artisans, and service professionals—by opening new opportunities in the UK market. 

    https://x.com/PiyushGoyal/status/1948588543422394553

    Prime Minister Modi concluded a successful visit to the United Kingdom on Thursday, where he held talks with British Prime Minister Keir Starmer at Chequers, the official country residence of the UK Prime Minister.

    During the meeting, both leaders welcomed the signing of the India-UK Comprehensive Economic and Trade Agreement (CETA), which is poised to boost bilateral trade, attract investment, and generate employment opportunities in both countries.