Category: Commerce

  • MIL-OSI Asia-Pac: CE meets Deputy Prime Minister and Minister of Finance and Economic Management of Vanuatu (with photo)

    Source: Hong Kong Government special administrative region

    The Chief Executive, Mr John Lee, met with the Deputy Prime Minister and Minister of Finance and Economic Management of Vanuatu, Mr Johnny Koanapo Rasou, today (July 25) to exchange views on issues of mutual interest. The Acting Secretary for Commerce and Economic Development, Dr Bernard Chan, also attended the meeting.
     
    Mr Lee welcomed Mr Rasou and his delegation to Hong Kong to attend economic and trade co-operation events. Mr Lee said that Hong Kong is leveraging its advantages under the “one country, two systems” principle of connecting the Mainland and the world and is actively deepening international exchanges and co-operation. He said that, apart from strengthening traditional markets, Hong Kong will further explore emerging markets including Belt and Road countries and expand economic and trade networks with Global South countries including Vanuatu.
     
    Mr Lee noted that, as a functional platform for the Belt and Road Initiative, Hong Kong boasts a highly internationalised, market-oriented, and business-friendly environment, making it an ideal place for companies to expand their global operations. He welcomed enterprises from Vanuatu to leverage Hong Kong’s role as a “super connector” and “super value-adder” to explore overseas and Mainland markets, enhancing bilateral trade and business exchanges.    

    MIL OSI Asia Pacific News

  • MIL-OSI United Kingdom: Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

    Source: United Kingdom – Executive Government & Departments

    Press release

    Statement on Australia-UK Ministerial Consultations (AUKMIN) July 2025

    Joint statement from UK and Australia on the Australia-UK Ministerial Consultations (AUKMIN) July 2025

    1 . On 25 July 2025, the Minister for Foreign Affairs Senator the Hon Penny Wong and the Deputy Prime Minister and Minister for Defence the Hon Richard Marles MP hosted the Secretary of State for Foreign, Commonwealth and Development Affairs the Rt Hon David Lammy MP and the Secretary of State for Defence the Rt Hon John Healey MP for the Australia-UK Ministerial Consultations (AUKMIN) in Sydney.

    2 . Ministers noted the global security environment had become more dangerous and unpredictable since they last met in December 2024. They recognised the elevated importance of the enduring Australia-UK relationship in responding together to address these challenges.

    3 . Ministers agreed to significantly increase their cooperation to bolster Australia and the UK’s defence and national security, enhance economic security and mitigate and address the impacts of climate change. Ministers agreed on the enduring importance of the UK-Australia relationship in delivering economic growth to our peoples and globally.

    4 . Ministers underscored the role Australia and the UK play in upholding the rules, norms and institutions, including respect for universal human rights, that underpin global prosperity and security, and noted their deep, clear and longstanding commitment to the multilateral system. They committed to consider joint initiatives and advocacy on multilateral reform, including on the UN Secretary-General’s UN80 Initiative, to ensure the multilateral system is able to continue to deliver on critical core functions and mandates.

    Closer cooperation in the Indo-Pacific

    5 . Ministers reaffirmed that the security, resilience and prosperity of the Indo-Pacific and Euro-Atlantic regions are interconnected. They committed to continue to expand efforts to safeguard internationally agreed rules and norms and respect for sovereignty. Ministers agreed on the need to shape a world characterised by adherence to rules and norms, rather than power or coercion.

    6 . Ministers committed to further strengthen cooperation, bilaterally and with regional partners, to ensure a peaceful, stable and prosperous Indo-Pacific. Ministers agreed the UK and Australia’s enduring engagement in the Indo-Pacific was important to shaping a favourable strategic balance in the region.

    7 . Recognising the deteriorating geostrategic environment, Ministers emphasised the need for all countries to manage strategic competition responsibly, and the importance of dialogue and practical measures to reduce the risks of miscalculation, escalation and conflict.

    8 . Ministers reiterated their strong opposition to coercive or destabilising activities by China’s Coast Guard, naval vessels and maritime militia in the South China Sea, including sideswiping, water cannoning and close manoeuvres that have resulted in injuries, endangered lives and created risks of miscalculation and escalation. Ministers agreed to continue cooperating to support freedom of navigation and overflight in the region, including through participation in joint activities. They also reiterated their concern about the situation in the East China Sea.

    9 . Ministers emphasised the obligation of all states to adhere to international law, particularly the United Nations Convention on the Law of the Sea (UNCLOS), which provides the comprehensive legal framework for all activities in the ocean and seas. They agreed that maritime disputes must be resolved peacefully and in accordance with international law. Ministers reaffirmed that the 2016 South China Sea Arbitral Tribunal decision is final and binding on the parties. They emphasised any South China Sea Code of Conduct must be consistent with UNCLOS and not undermine the rights of States under international law.

    10 . Ministers agreed on the critical importance of peace and stability across the Taiwan Strait. They called for the peaceful resolution of cross-Strait issues through dialogue and not through the threat or use of force or coercion, and reaffirmed their opposition to unilateral changes to the status quo. They expressed concern at China’s destabilising military exercises around Taiwan. Ministers recognised that the international community benefits from the expertise of the people of Taiwan and committed to support Taiwan’s meaningful participation in international organisations where statehood is not a pre-requisite or as an observer or guest where it is. They reiterated their will to continue to deepen relations with Taiwan in the economic, trade, scientific, technological, and cultural fields.

    11 . Ministers strongly condemned the DPRK’s ongoing nuclear and ballistic missile programs and called for the complete, verifiable and irreversible denuclearisation of the DPRK. Ministers also expressed grave concern over the DPRK’s malicious cyber activity, including cryptocurrency theft and use of workers abroad to fund the DPRK’s unlawful weapons of mass destruction and ballistic missile programs.

    12 . Ministers emphasised their commitment to ASEAN centrality and recognised the critical role of ASEAN-led architecture in promoting peace, stability and prosperity in the region. They reaffirmed their ongoing commitment to support the practical implementation of the ASEAN Outlook on the Indo-Pacific.

    13 . Ministers underscored their commitment to deepen engagement on trade and investment diversification in Southeast Asia, including through Invested: Australia’s Southeast Asia Economic Strategy to 2040, Australia’s AUD 2 billion Southeast Asian Investment Financing Facility and dedicated Southeast Asia Investment Deal Teams, and the UK’s enhanced economic engagement. Ministers agreed to continue to strengthen coordination on clean energy transition in Southeast Asia and cooperation to bolster the region’s economic resilience through the mobilisation of private finance for climate objectives and green infrastructure, exploring collaboration on financing of low-carbon energy projects, and coordination of support to the ASEAN Power Grid.

    14 . Ministers reaffirmed their commitment to combat people smuggling, human trafficking and modern slavery in South and Southeast Asia, recognising that women and girls were most impacted, with a focus on trafficking into scam centres.

    15 . Ministers reiterated their commitment to the Indian Ocean Rim Association (IORA) as the premier ministerial-level forum in the Indian Ocean region. They agreed to continue collaboration on shared priorities in the Indian Ocean, including maritime security.

    16 . Ministers reiterated their serious concern at the deepening humanitarian crisis and escalating violence in Myanmar, compounded by the devastating earthquake in March. They strongly condemned the Myanmar regime’s violent oppression of its people, including the continued bombardment of civilian infrastructure. They called for all parties to prioritise the protection of civilians. They called on the regime to immediately cease violence, release those arbitrarily detained, allow safe and unimpeded humanitarian access, and return Myanmar to the path of inclusive democracy. Ministers reiterated their support for ASEAN’s efforts to resolve the crisis, including through the Five Point Consensus and the work of the ASEAN Special Envoy and UN Special Envoy. They welcomed ASEAN leaders’ recent call for an extended and expanded ceasefire, and inclusive national dialogue.

    17 . Ministers highlighted their commitment to continue to work with Pacific island countries through existing regional architecture, recognising the centrality of the Pacific Islands Forum. They agreed on the importance of pursuing Pacific priorities as set out in the 2050 Strategy for the Blue Pacific Continent. Ministers joined Pacific partner calls for increased access to climate finance, including further support to Pacific-owned and led mechanisms such as the Pacific Resilience Facility. Ministers welcomed ongoing reform of multilateral climate funds, including the Green Climate Fund (GCF), to provide better outcomes for Pacific island countries, noting encouraging progress made regarding the accreditation of Direct Access Entities and GCF regional presence. Ministers welcomed the UK’s continued contributions to Pacific security through their assistance in the removal of explosive remnants of war via their participation in the Australian-led Operation Render Safe. Ministers agreed to continue to work together to advance transparent and high-quality development in line with the Pacific Quality Infrastructure Principles (PQIPs), including through the Pacific Business Club. Ministers committed to work collaboratively on respective approaches to the Multilateral Development Banks (MDBs) to encourage reform consistent with the PQIPs. Ministers underscored our shared commitment to cyber coordination and capacity-building in the Pacific including through support to the inaugural Pacific Cyber Week in August 2025, a concept endorsed by the Pacific Islands Forum. Ministers emphasised the importance of sharing expertise and strengthening people-to-people links for a more cyber-resilient Pacific.

    Ambitious partners, facing global challenges together

    18 . Ministers unequivocally condemned Russia’s full-scale invasion of Ukraine and called on Russia to immediately withdraw its troops from Ukraine’s internationally recognised territory, and adhere fully to its obligations under international law, including in relation to the protection of civilians and treatment of prisoners of war. They reiterated their commitment to making sure that Ukraine gets the military and financial support it needs to defend itself in the fight now and agreed to step up action against Russia’s war machine. They emphasised the importance of taking further action against Russia’s shadow fleet, acknowledging the sanctions both countries had imposed in this regard. They also called on Russia to immediately cease their illegal deportation of Ukrainian children and reunify those already displaced with their families and guardians in Ukraine.

    19 . Ministers reiterated their deep concerns about the role of third countries in supporting Russia’s illegal war in Ukraine and the associated impact for the security of the Indo-Pacific. They called on China to prevent its companies from supplying dual-use components to Russia’s war effort, and exercise its influence with Russia to stop Moscow’s military aggression and enter negotiations to end the war in good faith. Ministers strongly condemned the DPRK’s support for Russia through the supply of munitions and deployment of DPRK personnel to enable Russia’s war efforts. Ministers called on Iran to cease all support for Russia’s illegal war against Ukraine and halt the transfer of ballistic missiles, UAVs and related technology.

    20 . Ministers agreed deepening military cooperation between Russia and the DPRK was a dangerous expansion of Russia’s war that has significant implications for security in the Indo-Pacific region. They expressed deep concerns about any political, military or economic support Russia may be providing to the DPRK’s nuclear and ballistic missile programs. Ministers affirmed their commitment to cooperating with international partners to strengthen efforts to hold the DPRK to account for violations and evasions of UN Council Resolutions (UNSCRs) including as founding members of the Multilateral Sanctions Monitoring Team (MSMT). Ministers acknowledged the release of the MSMT’s first report, which shines a light on unlawful DPRK-Russia military cooperation including arms transfers and Russia’s training of DPRK troops. Ministers urged all UN Member States to abide by their international obligations under the UNSCRs to implement sanctions, including the prohibition on the transfer or procurement of arms and related material to or from the DPRK.

    21 . Ministers called on Iran and Israel to adhere to the ceasefire and urged Iran to resume negotiations with the US. Ministers stated their determination that Iran must never develop a nuclear weapon. It is essential that Iran act promptly to return to full compliance with its safeguards obligations, cooperate fully with the International Atomic Energy Agency, and refrain from actions that would compromise efforts to address the security situation in the Middle East. Ministers condemned Iran’s unjust detention of foreign nationals and raised ongoing concerns over the human rights situation in Iran, particularly the escalation of the use of the death penalty as a political tool during the 12-day conflict, and the ongoing repression of women, girls and human rights defenders.

    22 . Ministers reiterated their support for Israel’s security and condemnation of Hamas’ horrific attacks on 7 October 2023, and underlined that Israeli actions must abide by international law. They called for an immediate ceasefire in Gaza, an end to Israeli blocks on aid, and the urgent and unconditional release of all hostages.

    23 . Ministers reaffirmed their conviction that an immediate and sustained ceasefire, alongside urgent steps towards a credible and irreversible pathway to a two-state solution are the only ways to deliver lasting peace, security and stability for Israelis, Palestinians and the wider region.

    24 . Ministers expressed grave concerns at the horrific and intolerable situation in Gaza. They continue to be appalled by the immense suffering of civilians, including Israel’s blocking of essential aid. They reiterated their call for Israel to immediately enable full, safe and unhindered access for UN agencies and humanitarian organisations to work independently and impartially to save lives, end the suffering and deliver dignity. Ministers also condemned settler violence in the West Bank, which has led to deaths of Palestinian civilians and the displacement of whole communities, and expressed opposition to any attempt to expand Israel’s illegal settlements.

    25 . Ministers expressed their deep concern for the safety and security of humanitarian personnel working in conflict settings around the world. They reaffirmed their commitment to finalise a Declaration for the Protection of Humanitarian Personnel and implement practical actions to ensure greater respect for and protection of humanitarian personnel. Ministers also called on all countries to endorse the Declaration once launched and to reaffirm their responsibility to uphold humanitarian principles and ensure respect for international humanitarian law. Ministers discussed the essential role of the humanitarian system which is critical to saving lives and livelihoods and avoiding mass displacement. Ministers noted that the core work of the UN, the Red Cross and Red Crescent Movement, and international, national and local humanitarian organisations, must be preserved. Ministers also reiterated support for the Emergency Relief Coordinator’s humanitarian reset.

    26 . Ministers committed to continue close collaboration on protecting and promoting gender equality internationally and countering rollback of rights, including through Australia-UK Strategic Dialogues on Gender Equality and progressing subsequent agreed commitments, such as the UK-Australia Gender Based Violence MoU.

    27 . Ministers reaffirmed their commitment to the full implementation of the Women Peace and Security (WPS) agenda. They acknowledged the 25th anniversary of UN Security Council Resolution 1325 and agreed to continue working together on implementing the WPS agenda, promoting the full, equal, meaningful and safe participation and leadership of women in conflict prevention, mediation and resolution, and working together on preventing conflict-related sexual violence and ending impunity.

    28 . Ministers reiterated their serious shared concerns about human rights violations in China, including the persecution and arbitrary detention of Uyghurs and Tibetans and the erosion of their religious, cultural, education and linguistic rights and freedoms. They expressed their deep concern with the transfer of a cohort of 40 Uyghurs to China against their will in February this year. Ministers shared grave concerns about the ongoing systemic erosion of Hong Kong’s autonomy, freedom, rights and democratic processes, including through the imposition of national security legislation and the prosecution of individuals such as British national Jimmy Lai and Australian citizen Gordon Ng. They shared their deep concern over the actions of Hong Kong authorities in targeting pro-democracy activists both within Hong Kong and overseas, including in Australia and the UK.

    29 . Ministers expressed growing concern over foreign information manipulation and interference (FIMI) and attempts to undermine security and democratic institutions and processes. They committed to working closely to analyse and respond to FIMI in order to raise the costs for malign actors, and build collective responses to FIMI, including in multilateral fora, and to promote resilient, healthy, open and fact-based environments.

    30 . Ministers acknowledged the unprecedented opportunities presented by critical and emerging technologies, including artificial intelligence, and the need to mitigate harms to build trust and confidence. They committed to collaborate on reciprocal information sharing on advanced AI capabilities and research, including between Australian agencies and the UK AI Security Institute, and working together to capture the opportunities of AI through the bilateral Cyber and Critical Technology Partnership.

    31 . Australia welcomed the UK’s new Laboratory for AI Security Research (LASR) and looked forward to exploring the opportunities for cooperation between our nations. The lab will pull together our world-class industry, academia and government agencies to ensure we reap the benefits of AI, while detecting, disrupting and deterring adversaries who would use it to undermine our national security and economic prosperity.

    32 . Ministers expressed shared concern over the persistent threat of malicious cyber activities impacting our societies and economies and agreed to continue to work closely on leveraging all tools of deterrence, including the use of attributions and sanctions to impose reputational, financial costs and travel bans on these actors. Our respective statements calling out the egregious activity of Russia’s GRU on Friday 18 July is a good example of such cooperation.

    33 . The UK is pleased to welcome Australia as a partner to the Common Good Cyber Fund, designed to strengthen cybersecurity for individuals most at risk from digital transnational repression. The Fund was first launched by the Prime Ministers of the UK and Canada under the G7 Rapid Response Mechanism. This participation underscores the growing commitment among G7 partners and like-minded nations to counter this threat and to deliver support to those who may be targeted.

    34 . Ministers reiterated their commitment to the Commonwealth as a unique platform for cross-regional dialogue and cooperation. They noted the importance of the Commonwealth in elevating the voices of small developing states on issues of global importance. Ministers took note of the important role of the Commonwealth Small States Offices in New York and Geneva, and committed to looking into options for expansion of this offer.

    Building shared defence capability

    35 . Ministers welcomed the continued growth in the bilateral defence relationship including the deployment of a British Carrier Strike Group to Australia for Exercise Talisman Sabre 2025 as part of an Indo-Pacific deployment. HMS Prince of Wales is the first UK aircraft carrier to visit Australia since 1997 and the deployment demonstrates the UK’s ongoing commitment to increase interoperability with Australia in the Indo-Pacific following significant contributions to Exercises Pitch Black and Predator’s Run in 2024. Ministers look forward to future opportunities in Australia and the wider region, including leveraging the Royal Navy’s (RN) offshore patrol vessels persistently deployed in the Indo-Pacific.

    36 . Ministers also welcomed the success of the inaugural Australia-UK Staff Level Meeting, with the second meeting set to take place in Australia later this year. This forum will continue to progress joint strategic and operational objectives, supporting the evolution of the bilateral relationship.

    37 . Ministers reaffirmed their enduring commitment to the generational AUKUS partnership, which is supporting security and stability in the Indo-Pacific and beyond, enhancing our collective deterrence against shared threats. This capability and technology sharing partnership will deliver military advantage to deter adversaries and promote regional security. The partnership also provides new pathways for innovation, boosting interoperability between partners and strengthening our combined defence industrial base.

    38 . Ministers announced their intent to sign a bilateral AUKUS treaty between the UK and Australia on Saturday, 26 July. The Treaty is a landmark agreement, which will underpin the next 50 years of UK-Australian bilateral cooperation under AUKUS Pillar I.

    39 . The Treaty will enable comprehensive cooperation on the design, build, operation, sustainment, and disposal of our SSN-AUKUS submarines; support the development of the personnel, workforce, infrastructure and regulatory systems required for Australia’s nuclear-powered submarine program; and realise increased port visits and the rotational presence of a UK Astute Class submarine at HMAS Stirling under Submarine Rotational Force – West.

    40 . The Treaty will enable our two countries to deliver a cutting-edge undersea capability through the SSN-AUKUS, in conjunction with our partner the US. Through working together we are supporting stability and security in the Indo-Pacific and beyond for decades to come, creating thousands of jobs, strengthening our economies and supply chains, building our respective submarine industrial bases and providing new opportunities for industry partners.

    41 . Ministers welcomed the significant progress made towards delivering Pillar I, including the entry into force of the AUKUS Naval Nuclear Propulsion Agreement between Australia, the UK and US on 17 January 2025 and the progress in design of the SSN-AUKUS submarines that will be operated by the RN and the Royal Australian Navy (RAN).

    42 . Ministers welcomed the UK’s June commitment, in its Strategic Defence Review, to build up to 12 SSN-A submarines, and continuous submarine production through investments in Barrow and Raynesway that will allow the UK to produce a submarine every 18 months, and recognised the UK’s additional investment to transform the UK’s submarine industrial base.

    43 . Ministers reaffirmed Australia and the UK’s strong and ongoing commitment to the delivery of the AUKUS Optimal Pathway. Reflecting the UK’s enduring dedication to this partnership, and long-standing engagement in the Indo-Pacific, Ministers welcomed the planned deployment of a RN submarine to undertake a port visit to Australia in 2026, delivering a varied programme of operational and engagement activities. The visit will support preparations for the establishment of the Submarine Rotational Force – West from as early as 2027, and represents another step forward on the shared path towards the delivery of SSN-AUKUS – ensuring our navies are ready, integrated, and capable of operating together to promote security and stability in the region.

    44 . Ministers underscored the importance of ensuring Australia’s acquisition of a conventionally-armed, nuclear-powered submarine capability sets the highest non-proliferation standard, and endorsed continued close engagement with the International Atomic Energy Agency.

    45 . Ministers affirmed their commitment under AUKUS Pillar II to continue to deliver tangible advanced capabilities to our defence forces and welcomed progress to date. By leveraging advanced technologies, our forces become more than the sum of their parts. They underlined the importance of Pillar II in streamlining capability acquisition and strengthening our defence innovation and industry sectors.

    46 . As part of Talisman Sabre 25, AUKUS partners participated in Maritime Big Play activities as well as groundbreaking AI and undersea warfare trials. The partners tested the remote operation of the UK’s Extra Large Unmanned Underwater Vehicle, Excalibur, controlled from Australia while operating in UK waters. The exercise once again accelerated interoperability between our forces and the accelerated integration of remote and autonomous systems.

    47 . Ministers noted the successful UK E-7A Seedcorn training program in Australia. The program, which is set to conclude in December 2025, was established to preserve a core of Airborne Early Warning and Control expertise within the Royal Air Force (RAF) and to lay a strong foundation for the introduction of the UK’s own Wedgetail aircraft. Thanks to the exceptional support of the Royal Australian Air Force (RAAF), since its inception in 2018, 30 RAF personnel – including pilots, mission crew, engineer officers, aircraft technicians, and operations specialists – have benefited from world-class training and exposure to the Wedgetail capability.

    48 . Ministers welcomed the upcoming deployment of a RAAF E-7A Wedgetail to Europe in August under Operation Kudu to help protect vital supply lines for humanitarian aid and military assistance into Ukraine. Delivering upon the vision for true interchangeability detailed in the Wedgetail Trilateral Joint Vision Statement in 2023, this deployment will see the Wedgetail jointly crewed by Australian and British service members in a live operational setting.  Ministers also welcomed Australia’s decision to extend support for training Ukrainian personnel under Operation Interflex, through Operation Kudu, to the end of 2026. Australia and the UK will also continue to work closely together to share insights and observations from the conflict.

    49 . Ministers reiterated their nations’ continued investment in the Five Power Defence Arrangements (FPDA) as a unique multilateral arrangement that plays a constructive role in building habits of cooperation and enhancing the warfighting capabilities of its members. They look forward to Exercise Bersama Lima 2025 which will feature high-end warfighting serials and next-generation assets such as Australia’s F-35s and the UK’s Carrier Strike Group.

    50 . Ministers affirmed their shared ambition to conduct a bilateral defence industry dialogue at both the Senior Official and Ministerial levels, providing a forum to deepen defence industry collaboration, enhance joint capability development, and cooperate on procurement reform to ensure improved efficiency in capability acquisition and sustainment.

    51 . Ministers agreed to deepen cooperation on using Active Electronically Scanned Array (AESA) radar technology in both nations. This includes exploring the potential of using Australian AESA radar technologies for UK integrated air and missile defence applications. They agreed to undertake a series of targeted risk reduction activities in the near future to inform future decisions.”

    52 . Ministers agreed to progress personnel exchanges that support the future combat effectiveness of the Australian Hunter Class and British Type 26 Frigates. To support the introduction of these platforms into service, the RAN and RN will undertake a series of maritime platform familiarisation activities that enable our people to gain experience in critical capabilities, including underwater and above water weapon systems, primary acoustical intelligence analysis, and overall signature management.

    53 . Ministers agreed to strengthen their sovereign defence industries through closer collaboration between the UK’s Complex Weapons Pipeline and Australia’s Guided Weapons and Explosive Ordnance Enterprise. As a first step the Ministers announced a collaborative effort to develop modular, low cost components for next-generation weapon systems.

    54 . Ministers acknowledged the shared legacy and the contribution of veterans to the bilateral relationship. They reaffirmed their commitment to identify avenues for closer collaboration on improving veterans’ health and transition services.

    Partnering on trade, climate and energy

    55 . Ministers agreed to work closely to safeguard and strengthen the role that free and fair trade and the rules-based multilateral trading system plays in economic prosperity and building resilience against economic shocks.

    56 . Ministers reaffirmed the importance of the rules-based multilateral trading system, with the World Trade Organization (WTO) at its core, to economic security and prosperity. Ministers agreed to deepen cooperation to reform and reposition the Organization, and the broader global trading system, to meet the trade challenges of the new economic and geopolitical environment. Ministers agreed to continue working together to overcome blockages in multilateral rulemaking, including by working in smaller and more agile plurilateral groupings to address contemporary challenges, such as non-market policies and practices, which could complement ongoing multilateral efforts. They welcomed cooperation on plurilateral rulemaking, including efforts to have the E-Commerce Agreement incorporated into WTO architecture and brought into force as soon as possible. They reaffirmed the importance of restoring a fully-functioning dispute settlement system as soon as possible, welcoming the UK’s decision to join the Multi-Party Interim Appeal Arbitration Arrangement (MPIA) while our countries work to fix the system.

    57 . Ministers welcomed the entry into force of the UK’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) in December 2024 and welcomed Australia as 2025 Chair. Ministers affirmed the need to work cooperatively together to ensure the CPTPP remains high standard and fit-for-purpose in addressing evolving challenges through continued progress on the CPTPP General Review and expansion of the membership. They looked forward to planned CPTPP trade and investment dialogues with the EU and with ASEAN.

    58 . Ministers welcomed the second meeting of the Australia-United Kingdom Free Trade Agreement (A-UKFTA) Joint Committee on 3 June which celebrated the strong and growing trade and investment relationship between the UK and Australia and the strong uptake of the agreement’s benefits.

    59 . Ministers welcomed close engagement on economic security under the annual United Kingdom-Australia Economic Security Dialogue, noting that its establishment by AUKMIN in 2023 was timely in preparing for future needs. They reflected on the closer integration of our analysis capabilities and committed to a joint-funded track 1.5 to generate practical insights and informal policy dialogue that will inform our joint economic security efforts.

    60 . As both countries continue to develop their bilateral partnership through the UK-Australia FTA, the Economic Security Dialogue, and other fora, Ministers committed to deepening cooperation in key sectors of mutual interest. Ministers view this as an opportunity to explore new areas of collaboration and share best practices in the interests of boosting bilateral trade and investment, facilitating innovation and research, and supporting our mutual economic security and resilience. This year, officials in relevant departments will compare approaches with the aim to identify areas of common interest or complementary strength and discuss further opportunities for related cooperation. This may include initiatives to advance supply chain resilience, frontier research, investment promotion, public finance cooperation, and effective regulation.

    61 . Ministers affirmed the calls in the Global Stocktake under the Paris Agreement for countries to come forward in their next NDCs with ambitious emissions reduction targets aligned with keeping 1.5 degrees within reach. In that context, Ministers recognised the immense economic opportunities in ambitious climate action and a rapid transition to renewable energy. Ministers welcomed the UK’s ambitious NDC and looked forward to Australia’s NDC and Net-Zero Plan. Ministers further welcomed the report released by the UN Secretary General titled ‘Seizing the Moment of Opportunity: Supercharging the new energy era of renewables, efficiency, and electrification’ that highlighted the compelling economic case for the rapidly declining cost of renewable energy, and the rapidly growing role of the clean energy economy in powering jobs and economic growth. Ministers affirmed their determination to fulfil multilateral climate commitments and reiterated the importance of reforming the finance system and improving access to climate finance for developing countries. Ministers recommitted to building nature-positive economies to support a central theme of Brazil’s COP Presidency. The UK reiterated its support for Australia’s bid to host COP31 in partnership with the Pacific and expressed the hope that a decision would soon be reached. Ministers welcomed UK sharing its hosting experience and agreed to explore secondments to support COP31 planning. The UK and Australia welcome the close collaboration between our countries in the Intergovernmental Negotiating Committee (INC) negotiations for an international legally binding instrument on plastic pollution, including through our shared membership of the High Ambition Coalition to End Plastic Pollution. At this critical juncture ahead of INC-5.2, the final opportunity to secure an agreement, we call upon all members of the INC to recommit to working constructively to achieve an effective comprehensive agreement that addresses the full lifecycle of plastic. We recognise that Commonwealth countries are particularly affected by plastic pollution and in that regard we renew our commitment to collaborating through the Commonwealth Clean Ocean Alliance, to tackle plastic pollution in the commonwealth. Ministers pledged to deepen collaboration through the UK-Australia Climate and Clean Energy Partnership.

    62 . Ministers welcomed close cooperation to support the development of resilient critical mineral supply chains governed by market principles. This includes developing a roadmap to promote a standards-based market to reflect the real costs of responsible production, processing and trade of critical minerals as agreed at the recent G7 meeting on 17 June. Ministers agreed upon the importance of the sustainable and responsible extraction and processing of critical minerals for the energy transition, and committed to working together on solutions. These include the new Critical Minerals Supply Finance developed by UK Export Finance (UKEF) which can provide finance support to overseas critical minerals projects that supply the UK’s high-growth sectors. UKEF has up to £5bn in finance support available for projects in Australia and will work closely with Export Finance Australia. Ministers also undertook to ensure the UK is consulted on the design and implementation of Australia’s Critical Minerals Strategic Reserve.

    63 . Ministers discussed the leading roles being played by Australia and the UK in the full and effective implementation of the Biodiversity Beyond National Jurisdiction (BBNJ) Agreement welcoming in particular Australia’s role as Co-Chair of the Preparatory Commission. Ministers were encouraged by each country’s progress towards ratification of the treaty, which is a landmark agreement for protection of the world’s ocean.

    64 . Ministers discussed the increasing geostrategic, climatic, and resource pressures on the Antarctic and Southern Ocean region and reaffirmed their shared and long-standing commitment to the Antarctic Treaty System (ATS). Ministers committed to upholding together the ATS rules and norms of peaceful use, scientific research, international cooperation and environmental protection, and to deepen understanding of the impact of climate change on the oceans and the world through Antarctic research including in the context of the International Polar Year of 2032/33. Ministers welcomed the United Kingdom’s chairing of CCAMLR for 2024-5 and 2025-6.

    65 . Ministers agreed on the importance of ensuring all children have the right to grow up in a safe and nurturing family environment. Ministers recognised the transformative impact on children’s health, capacity to learn and economic prospects that growing up in a family-based environment can have. Ministers acknowledged the UK’s Global Campaign on Children’s Care Reform and agreed to work together to drive international awareness and demonstrate their commitment to children’s care reform.

    66 . Ministers reiterated their commitment to upholding shared values and continuing to invest in sustainable development, gender equality, disability equity and social inclusion, which underpin global prosperity. To support sustainable development, Ministers agreed to deepen cooperation with emerging donors of development assistance, to diversify funding, enhance development effectiveness, share lessons and build trust and transparency with partners. Ministers committed to work together to deliver sustainable solutions for Small Island Developing States (SIDS), recognising their unique vulnerabilities and to ensure meaningful engagement in international processes, including ODA graduation.

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    Published 25 July 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Appointments to the Board of Royal Botanic Gardens, Kew

    Source: United Kingdom – Executive Government & Departments

    News story

    Appointments to the Board of Royal Botanic Gardens, Kew

    Three new appointments and two reappointments made

    A series of appointments and reappointments have been made to the Board of Royal Botanic Gardens, Kew.

    Dame Dervilla Mitchell, Dr Fiona Pathiraja and Sarah Greasley have been appointed as Trustees. Dervilla and Fiona’s four-year terms commenced on 1 July 2025. Sarah’s four-year term will commence on 1 October 2025.

    Steve Almond and Kate Priestman have been reappointed as Trustees for a second term of four years from 2 October 2025 to 1 October 2029.

    These appointments have been made in accordance with the Governance Code on Public Appointments published by the Cabinet Office. All appointments are made on merit and political activity plays no part in the selection process.

    Biographies

    Dame Dervilla Mitchell

    Dervilla is an experience engineering leader who has been involved in significant infrastructure programmes at Heathrow, Dublin and Abu Dhabi airports. She has also led the design of a range of new build and renovation projects in different sectors. She spent the majority of her career at Arup, a trust-owned organisation, latterly serving as Global Deputy Chair and Ethics Director.

    She became involved in the decarbonisation agenda whilst a member of the Council for Science and Technology and subsequently took on the role of Chair of the National Engineering Policy Centre’s decarbonisation working group. Her non-executive experience has been gained through Trustee roles as Vice President of the Royal Academy of Engineering and serving as a school governor at three different girls’ schools in London.

    She was awarded a DBE for Services to Engineering in 2024, having previously received a CBE in 2014. She has received Honorary Doctorates from University College Dublin, as well as Imperial College London, where she now sits on the Industry Advisory Board for the Department of Civil and Environmental Engineering.

    Dr Fiona Pathiraja

    Fiona is an investor and philanthropist. She is Managing Partner of Crista Galli Ventures, a pan-European healthtech venture capital firm. She serves on several boards and is currently a trustee of the Royal College of Physicians and the Royal College of Arts. Fiona leads philanthropic endeavours at IPQ Capital, her Family Office, and is vice-chair of London Business School’s fundraising board.

    A former NHS consultant radiologist at University College London Hospital, Fiona has held a range of strategic and leadership roles across healthcare, including Clinical Advisor to the Department of Health and Social Care. She is a Fellow of the Royal College of Radiologists, a Member of the Faculty of Public Health, and holds Master of Business Administration and Master of Public Health degrees. Fiona is an advocate for greater diversity in technology and investment.

    Sarah Greasley

    Sarah is an accomplished technology leader with more than 40 years’ expertise working in both the technology and financial services industries. She was Solutions Architecture Director for Europe, Middle East and Africa at Amazon Web Services, and prior to that, she was Group Chief Technology Officer at Direct Line Group and a Distinguished Engineer at IBM. She has a broad range of leadership experience across new technologies, strategy, risk and resilience. She also has a strong focus on increasing diversity, equity and inclusion.

    She has a degree in Mathematics from the University of Cambridge and is a Chartered Fellow of the British Computing Society, as well as a Fellow of the Institute of Engineering and Technology. Sarah is a Trustee of the British Exploring Society and a Governor at Charterhouse School.

    Steve Almond

    After obtaining a BA in History at Royal Holloway College, University of London, Steve trained as a Chartered Accountant at Deloitte and spent much of his career there as an Audit Partner specialising in the financial services industry. He worked in a variety of roles for 16 years on the Deloitte UK Executive and, concurrently, eight years on the Global Executive. He has a wealth of experience advising large company boards and audit committees and served for 10 years on the board of Deloitte UK. In 2011, he was elected Chairman of Deloitte’s Global Board. In that capacity, he represented Deloitte on various external bodies, including the Accounting for Sustainability Advisory Board; International Integrated Reporting Council; Social Progress Index Advisory Board; and the World Business Council for Sustainable Development.

    Kate Priestman

    Kate has worked in the biopharma industry for over 25 years and is currently Chief Corporate and External Affairs Officer at CSL. Before joining CSL, Kate served as Senior Vice-President of R&D Strategy and Portfolio at GlaxoSmithKline, focused on the development of transformational medicines and vaccines. Kate also serves as a Non-Executive Director at Oxford Nanopore Technologies PLC. Kate’s career has spanned roles in commercial, corporate governance, communications and government affairs, following an early career at the BBC as a presenter and documentary maker. In her spare time, Kate is an artist and creator of a popular design blog; her work inspired an installation in the Chicago Botanic Garden in 2016 and is used in schools as part of the creative arts curriculum.

    Updates to this page

    Published 25 July 2025

    MIL OSI United Kingdom

  • MIL-OSI Africa: Hlabisa to lead third roundtable with business on local government review

    Source: Government of South Africa

    The Minister of Cooperative Governance and Traditional Affairs (CoGTA), Velenkosini Hlabisa, will lead the third CoGTA–National Business Initiative (NBI) Roundtable on the review of the 1998 White Paper on Local Government.

    According to the department, Hlabisa will be joined by Deputy Minister Dr Namane Dickson Masemola at the East London International Convention Centre in East London on Wednesday, 30 July 2025.

    The roundtable, themed ‘Every Municipality Must Work – A Call to Collective Action’, is part of an inclusive policy reform process aimed at shaping a modern and effective local government system.

    This engagement will allow the business sector to reflect on the legacy and limitations of the 1998 White Paper and identify policy priorities for a renewed local government framework. 

    The platform will also offer practical recommendations from business and provincial perspectives and strengthen partnerships to improve governance and infrastructure delivery.

    “Efficient local government is critical to economic growth and business sustainability. Poor service delivery increases operational costs, disrupts business, and threatens jobs. 

    “This roundtable offers business leaders a platform to influence policies that reduce investment risk and foster a conducive business environment,” the advisory read. 

    Attendees will include business leaders, key economic institutions, Buffalo City Metro executive leadership, NBI, local business chambers in the Eastern Cape, and other private sector stakeholders. 

    In April this year, Hlabisa officially published a discussion document on the Review of the 1998 White Paper on Local Government. 

    This represents a significant and necessary step towards creating a reimagined and results-oriented local government system in South Africa.

    This document, published under Notice No. 6118 (Gazette: 52498), initiates a national discussion aimed at producing a revised White Paper on Local Government by March 2026.

    According to the department, the review aims to incite fresh thinking, honest reflection, and decisive action toward building a fit-for-purpose local government system that truly serves the people of South Africa. 

    In addition, the document aims to assess and revise outdated assumptions of the 1998 White Paper on Local Government and strengthen cooperative governance among the three spheres of government. 

    The initiative aims to align reforms with related efforts, including amendments to the Municipal Finance Management Act (MFMA), the Municipal Structures Act, and the Spatial Planning and Land Use Management Act (SPLUMA). 

    It also seeks to enhance integration with traditional leadership, improve community participation, and address systemic challenges, such as municipal financial sustainability, over-politicisation, climate risk, and spatial inequality. – SAnews.gov.za

    MIL OSI Africa

  • MIL-OSI Europe: 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 Europe News

  • MIL-OSI Banking: 2025 Science Prize for Women “Generative AI for Smart Water Management”

    Source: ASEAN

    JAKARTA, 16 July 2025 – Reflecting on a decade of impact, the annual UL Research Institutes’-ASEAN-US Science Prize for Women celebrates the significance of women in science, technology, engineering, and mathematics (STEM) across the ASEAN region. This year’s prize is launched in partnership between UL Research Institutes (ULRI), UL Standards & Engagements (ULSE), the  US-ASEAN Business Council (USABC), and the Association of Southeast Asian Nations (ASEAN), with support from Google. The Prize continues to highlight its ongoing commitment to advancing gender equality and promoting scientific excellence in the ASEAN region.
     
    2025 Theme: Generative AI for Smart Water Management
     
    This year’s theme, “Generative AI for Smart Water Management”, emphasizes the transformative potential of Generative AI in addressing pressing water-related challenges. This theme focuses on groundbreaking research that harnesses Generative AI to deliver smarter, more sustainable, and resilient water management systems. Applications are welcomed across various sectors, including urban development, agriculture, environmental sustainability, and disaster risk reduction.
     
    Competition Categories and Prizes
     
    Eligible candidates will compete in two categories based on their stage of career:

        Mid-career Scientist category (those 45 years of age and under)
        Senior Scientist category (those 46 years of age and over)

     
    Finalists will be invited to participate in a final judging session and attend the official award ceremony, which will be held during the ASEAN Committee on Science, Technology and Innovation (COSTI) meetings in Bangkok, Thailand in October 2025.
     
    Winners will be awarded $12,500 each, with runner-ups awarded $5,000 each, thanks to the generous sponsorship of the UL Research Institutes (ULRI).
     
    ASEAN COSTI Chair emphasises the value of this initiative in strengthening regional resilience: “This year’s theme, Generative AI for Smart Water Management, could not be more timely. Across ASEAN, the impacts of climate change and water scarcity are growing concerns. The work of women scientists in leveraging cutting-edge technologies like AI is essential to shaping more inclusive, sustainable, and date-driven solutions. COSTI is proud to continue this initiative of championing scientific excellence and gender equity in ASEAN.”
     
    Interim President and Chief Executive Officer of USABC, Amb. (ret) Brian McFeeters, highlights the inaugural opportunity of USABC to contribute to this year’s Science Prize: “We are proud to support the 2025 Science Prize for Women, an initiative pivotal for recognising the excellence of women researchers in STEM across ASEAN. We are incredibly honoured to showcase the contribution of ASEAN women researchers in solving regional challenges through cutting-edge research in environmental governance, artificial intelligence (AI), and an innovation-led ASEAN. The Council would also like to thank Google for their valuable support in this year’s Prize.”
     
    Google’s support for this year’s Prize further highlights the significance of innovation in tackling ASEAN’s most pressing challenges. Their commitment to the inclusive development of AI particularly aligns with the Prize’s focus on prompting science-based solutions and empowering women researchers to lead in the region’s digital and environmental transformation.
     
    In their remarks, ULRI noted that, “The health of our environment is inseparable from the safety of our communities.” said Chris Cramer, Chief Research Officer for UL Research Institutes.  “This year’s Science Prize spotlights innovative research in generative AI for smart water management—empowering us to better predict and mitigate environmental risks, preserve vital ecosystems, protect water quality, and foster a more resilient planet for all.”
     
    Call for Applications
     
    We invite women scientists from all ten ASEAN member states who hold doctoral degrees relevant to this year’s theme to apply. This is a unique opportunity for ASEAN women researchers to showcase their impactful research and innovations in utilising Generative AI for the purpose of smart water management.
     
    For more information, please visit the ULRI’s ASEAN-U.S Science Prize for Women website here.
     
    Applications will close by 20 August 2025.
     
    Queries can be directed to scienceprize4women@gmail.com.
     
    The post 2025 Science Prize for Women “Generative AI for Smart Water Management” appeared first on ASEAN Main Portal.

    MIL OSI Global Banks

  • MIL-OSI: Marex Group plc to acquire UK equity market maker Winterflood Securities

    Source: GlobeNewswire (MIL-OSI)

    LONDON, July 25, 2025 (GLOBE NEWSWIRE) — Marex Group plc (‘Marex’ or the ‘Group’; NASDAQ: MRX), the diversified global financial services platform, today announces that it has agreed to acquire UK equity market maker Winterflood Securities (Winterflood) from Close Brothers Group plc (Close Brothers) for approximately £103.9 million in cash, which represents a premium of £15 million.

    Winterflood is one of the UK’s leading equity market makers, delivering execution services to over 400 institutional clients and ranking consistently as a top three market counterparty with a market share of about 15% by volume on the London Stock Exchange1. Winterflood has well-established client connectivity through its proprietary technology platform.

    The acquisition is expected to enhance Marex’s existing UK cash equities business, consistent with its strategy to bring new clients and new capabilities onto its platform and diversify earnings. It is also expected to add a substantial distribution offering servicing the UK institutional community, in particular asset and wealth management companies, with the potential to deepen these relationships by offering access to a broader range of Marex’s products from across its platform.

    Winterflood also operates Winterflood Business Services, which provides outsourced dealing, settlement and custody services to a diverse range of clients, including large institutions, investment platforms, wealth managers, and retail aggregators.

    The deal is subject to regulatory approval and is expected to close in early 2026.

    Ian Lowitt, Marex Group Chief Executive Officer, commented:

    “This acquisition gives us an opportunity to transform our existing equity market making business into a leading franchise, utilising the technology and connectivity of what is the leading brand in this market. This deal is consistent with our strict financial criteria, and we see opportunities to materially improve Winterflood’s profitability and pay back its premium within two to three years. We believe we can gain economies from operating at scale and also benefit from Winterflood’s great technology and strong client relationships, which will enable us to introduce additional products and services from across our platform to a new set of clients.”

    Bradley Dyer, CEO of Winterflood Securities, commented:

    “We’re delighted to become part of Marex, which is a high-growth, global financial services company with a strong balance sheet. Our clients will continue to be served by the same team, while also benefitting from the backing of a large and growing company as well as access to a broader range of products and services from Marex. We’re excited to be joining a fast-paced organisation where our teams can thrive.”

    Mike Morgan, Close Brothers Group Chief Executive, commented:

    “We see Marex as an excellent steward for the business going forward, we thank the Winterflood team for their hard work and commitment over the years and wish them every success in their next chapter with Marex.”

    Forward-Looking Statements:
    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including the expected acquisition of Winterflood Securities and the closing of the transaction as well as expected benefits from the acquisition. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions.
    These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the risks discussed under the caption “Risk Factors” in our Annual Report on Form 20-F for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the “SEC”) and our other reports filed with the SEC. The forward-looking statements made in this press release relate only to events or information as of the date on which the statements are made in this press release. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon information available to us as of the date of this press release, and while we believe such information forms a reasonable basis for such statements, such information may be limited or incomplete, and our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely upon these statements.

    About Marex:
    Marex Group plc (NASDAQ: MRX) is a diversified global financial services platform providing essential liquidity, market access and infrastructure services to clients across energy, commodities and financial markets. The Group provides comprehensive breadth and depth of coverage across four services: Clearing, Agency and Execution, Market Making and Hedging and Investment Solutions. It has a leading franchise in many major metals, energy and agricultural products, with access to 60 exchanges. The Group provides access to the world’s major commodity markets, covering a broad range of clients that include some of the largest commodity producers, consumers and traders, banks, hedge funds and asset managers. With more than 40 offices worldwide, the Group has over 2,400 employees across Europe, Asia and the Americas. For more information visit www.marex.com.  

    Enquiries please contact:

    Marex: Nicola Ratchford / Adam Strachan

    +44 778 654 8889 / +1 914 200 2508

    nratchford@marex.com / astrachan@marex.com

    FTI Consulting US / UK

    +1 716 525 7239 / +44 7976870961

    marex@fticonsulting.com

    _______________________________

    1Rank and market share is based on Bloomberg data for London Stock Exchange market volumes from January 2019 to December 2024

    The MIL Network

  • MIL-OSI: Management changes in Inbank’s subsidiary companies

    Source: GlobeNewswire (MIL-OSI)

    AS Inbank has updated its group-wide governance principles, including the articles of association, resulting in changes to the management across several significant subsidiaries.

    As of 10 July 2025, AS Inbank CFO and Member of the Management Board Marko Varik was recalled from the Supervisory Board of AS Inbank Finance and appointed to its Management Board. AS Inbank Finance Management Board consists of Marko Varik, AS Inbank Head of Growth and Business Development Piret Paulus and Head of Baltic Business and Member of the Management Board Margus Kastein. On the same date, AS Inbank Chief of Staff and Member of the Management Board Ivar Kurvits, was appointed to the Supervisory Board. The three-member Supervisory Board of AS Inbank Finance now includes AS Inbank CEO and Chairman of the Management Board Priit Põldoja, Head of Risk Control and Member of the Management Board Evelin Lindvers and Ivar Kurvits.

    As of 26 May 2025, the new Management Board Members of Inbank Ventures OÜ are Margus Kastein and Ivar Kurvits. The three-member Management Board of Inbank Ventures OÜ also includes Marko Varik. 

    As of 2 June 2025, Inbank’s Head of Baltic Credit Underwriting Gatis Bergs, was recalled from the Management Board of Inbank Latvia SIA. The three-member Management Board of Inbank Latvia SIA now consists of Inbank Latvia Country Manager Dainis Skrinda, Head of Credit Risk Control Juris Filipovs and Margus Kastein.

    Inbank is a financial technology company with an EU banking license that connects merchants, consumers and financial institutions on its next generation embedded finance platform. Partnering with more than 5,600 merchants, Inbank has 941,000+ active contracts and collects deposits across 7 markets in Europe. Inbank bonds are listed on the Nasdaq Tallinn Stock Exchange.

    Additional information:
    Styv Solovjov
    Inbank
    Head of Investor Relations
    +372 5645 9738
    styv.solovjov@inbank.ee

    The MIL Network

  • Monsoon session: Lok Sabha to discuss report on ‘countering global terrorism at regional & international levels’ today

    Source: Government of India

    Source: Government of India (4)

    Several key legislations and reports are likely to be discussed in the Lok Sabha on Friday, including statements from the Standing Committee on External Affairs on countering global terrorism.

    As per the Business List of the Lower House, Arvind Ganpat Sawant and Arun Govil are scheduled to submit the statements of the Standing Committee on External Affairs.

    These include – Statement showing action taken by the government on the observations/recommendations on the subject “India and Gulf Cooperation Council (GCC)- Contours of Cooperation”; Statement showing action taken by the government on the observations/recommendations on the subject “India’s Engagement with G20 Countries”; and Statement showing action taken by the government on the observations/recommendations on the subject “Countering Global Terrorism at Regional and International Levels”.

    The Lower House will also see the tabling of various reports of the Public Accounts Committee (2025-26) by Dharmendra Yadav and Jai Parkash.

    These include reports on “Failure of the CMPFO Management to take timely decision to redeem debentures of Dewan Housing Finance Corporation Limited (DHFL) resulting in avoidable loss of Rs 315.35 crore; “Loss due to indecision of Railway Administration in the matter of Land Acquisition: East Central Railway”; “Grant of Concession without the support of Declaration in Form – F”; and “Evasion of Tax due to Suppression of Sales”.

    Additionally, “The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024”, the motion for which was moved by Arjun Ram Meghwal on December 17, 2024, will be presented for consideration and passing.

    The Bill enables “reservation of seats in accordance with Article 332 of the Constitution for effective democratic participation of members of Scheduled Tribes”. It provides for the “readjustment of seats in the Legislative Assembly of the State of Goa, in so far as such readjustment is necessitated by the inclusion of certain communities in the list of the Scheduled Tribes in the State of Goa”.

    (With inputs from IANS)

  • Monsoon session: Lok Sabha to discuss report on ‘countering global terrorism at regional & international levels’ today

    Source: Government of India

    Source: Government of India (4)

    Several key legislations and reports are likely to be discussed in the Lok Sabha on Friday, including statements from the Standing Committee on External Affairs on countering global terrorism.

    As per the Business List of the Lower House, Arvind Ganpat Sawant and Arun Govil are scheduled to submit the statements of the Standing Committee on External Affairs.

    These include – Statement showing action taken by the government on the observations/recommendations on the subject “India and Gulf Cooperation Council (GCC)- Contours of Cooperation”; Statement showing action taken by the government on the observations/recommendations on the subject “India’s Engagement with G20 Countries”; and Statement showing action taken by the government on the observations/recommendations on the subject “Countering Global Terrorism at Regional and International Levels”.

    The Lower House will also see the tabling of various reports of the Public Accounts Committee (2025-26) by Dharmendra Yadav and Jai Parkash.

    These include reports on “Failure of the CMPFO Management to take timely decision to redeem debentures of Dewan Housing Finance Corporation Limited (DHFL) resulting in avoidable loss of Rs 315.35 crore; “Loss due to indecision of Railway Administration in the matter of Land Acquisition: East Central Railway”; “Grant of Concession without the support of Declaration in Form – F”; and “Evasion of Tax due to Suppression of Sales”.

    Additionally, “The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024”, the motion for which was moved by Arjun Ram Meghwal on December 17, 2024, will be presented for consideration and passing.

    The Bill enables “reservation of seats in accordance with Article 332 of the Constitution for effective democratic participation of members of Scheduled Tribes”. It provides for the “readjustment of seats in the Legislative Assembly of the State of Goa, in so far as such readjustment is necessitated by the inclusion of certain communities in the list of the Scheduled Tribes in the State of Goa”.

    (With inputs from IANS)

  • MIL-OSI Australia: Arts funding boost for Canberra’s creative community

    Source: Australian National Party

    As part of ACT Government’s ‘One Government, One Voice’ program, we are transitioning this website across to our . You can access everything you need through this website while it’s happening.

    Released 25/07/2025

    Thirteen Canberra-based artists and arts groups will share in over $415,000 in funding through the first round of the ACT Government’s 2025 Arts Activities ($5,000 to $50,000) program, supporting a diverse range of creative projects across literature, music, digital games, screen, dance, theatre and visual arts.

    The funding will assist artists to create, develop and promote their work locally, nationally and internationally, and supports the ACT Government’s commitment to strengthening Canberra’s identity as Australia’s Arts Capital.

    Among the successful recipients, Paul House has received support to create a multi-media installation for the National Gallery of Victoria’s Country Road Biennale in 2026. Zora Kerr will be able to develop a prototype for the digital game ‘I Am This Castle’, Dance artist Sugar Kaye Grefaldeo will stage Fortūna, a new dance/theatre work, while James Batchelor will present his new dance work Resonance at the Canberra Theatre Centre. In literature, Marissa McDowell received funding to develop imagiNATION, a project imagining the future through First Nations storytellers, poets and animators.

    Minister for Business, Arts and Creative Industries Michael Pettersson congratulated the successful applicants:

    “Congratulations to all the successful recipients of the first round of Arts Activities funding. I’m excited by the diversity and creativity of the projects that this funding will support and look forward to seeing the outcomes.”

    “The continuation of this type of support for Canberra’s unique creative industries is essential in establishing ourselves as Australia’s Arts Capital. This funding enables creative individuals to be innovative and develop and grow their art, while nurturing our region’s creative and diverse arts sector.”

    Arts Activities $5 to $50K funding is open twice a year and provides support for one-off projects that help artists develop their skills and practice, assist their careers and employment, and enable them to engage with audiences through exhibitions and performances in the ACT, interstate and internationally.

    The next round of Arts Activities $5 to $50K funding is currently open and will close on 31 July at 5pm.

    For the full list of recipients and more information go to www.arts.act.gov.au/funding/arts-activities-funding.

    Quotes attributable to Marissa McDowell:

    “This endeavour celebrates the creativity, resilience, and heritage of First Nation culture, fostering connection, understanding, and empowerment. Our project will captivate audiences at film festivals, through light projections, literature and audio recordings, sharing the richness of First Nation culture globally.

    Being selected for this support is a tremendous honour, affirming Black & White Films commitment to amplifying First Nation voices and fuelling our passion for storytelling and cultural expression. We are excited and grateful to embark on this journey to realise our project’s potential.”

    Quotes attributable to Zora Kerr:

    “My team and I are building a digital game based on my story of growing up transgender. That’s important because humans understand each other through stories, they’re how we build compassion, respect and empathy. Our stories make us feel seen, represented, and accepted.

    As a game developer I couldn’t be happier that my game was funded, and as a Canberran, it fills my heart with pride that our city values and financially supports diverse people and communities to tell authentic stories.”

    – Statement ends –

    Michael Pettersson, MLA | Media Releases

    «ACT Government Media Releases | «Minister Media Releases

    MIL OSI News

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

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Merger approval comes 2 days after Paramount settles with Trump for $36 million 

    Washington (July 24, 2025) – Senators Edward J. Markey (D-Mass.), a member of the Commerce, Science, and Transportation Committee, and Ben Ray Luján (D-N.M.), Ranking Member of the Commerce, Science, and Transportation Telecommunications and Media Subcommittee, 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 Australia: Lowy Institute keynote speech – Navigating Australia’s Trading Future

    Source: Australian Attorney General’s Agencies

    I begin by acknowledging the traditional custodians of the land on which we gather today, and pay my respects to their elders past, present and emerging.

    Good afternoon everyone and thank you to the Lowy Institute and Executive Director, Dr Michael Fullilove, for the opportunity to speak today.

    Australia is a trading nation.

    From the first known trading networks between indigenous Australians in northern Australia and the Makasar of Indonesia; to the Australian wool which helped clothe the world in the early 20th century; to the energy and mineral resources that have helped societies across the globe develop their economies.

    For centuries, we have relied on our ability to export as we have built the robust and modern economy from which we all benefit today.

    However, until recently, most Australians did not have cause to pay much attention to international trade.

    But that has changed in recent years.

    The imposition of trade impediments by the Chinese Government on $20 billion worth of Australian exports highlighted the risk of putting all your eggs in one basket.

    Upon my appointment as Minister for Trade and Tourism in 2022, working alongside Prime Minister Albanese and Minister for Foreign Affairs, Senator Wong, we worked calmly and methodically to resolve these blockages for Australian businesses.

    Our patient and calibrated approach to stabilising the bilateral relationship with China – without compromising our core interests and values – was vital in achieving the removal of these impediments.

    This means that our world class wine, beef, lobster and many other products are now back on the tables of Chinese consumers, benefiting Australian businesses and local jobs.

    This turnaround could not have been achieved without personal engagement – I have now met my Chinese counterpart, Commerce Minister Wang Wentou, ten times.

    Our government has also taken steps to deepen our economic ties with our nearest neighbours and increase opportunities with new partners further abroad.

    We have worked hard to strengthen our relationships in Southeast Asia, boosting two-way trade and investment with our closest region and reached Australia’s first free trade agreement in the Middle East, when we signed the Australian-UAE agreement late last year.

    I look forward to visiting Abu Dhabi again soon to turbo-charge business and investment.

    Getting our products into the UAE is like getting it into the Woolies warehouse, if you can get it there, you can then get it to all the surrounding countries in the Middle East.

    I am proud of what our Government has achieved in the past three years, with solid foundations laid for continuing the work of building stronger and deeper trading relationships with international partners.

    The diversification of our trade networks will open new opportunities for Australian exporters to ship their goods to the world and bring down the cost of living for Australians.

    Of course, diversification doesn’t mean selling less to our largest trading partners, it means selling more to new partners.

    As the Treasurer laid out in his recent address to the National Press Club, the Albanese Labor Government has organised its economic policy for the second term around three priorities:

    • productivity;
    • economic resilience; and
    • budget sustainability.

    Trade and investment support all three of these priorities.

    Trade drives productivity through competitive innovation, spurred by global competition.

    Trade enhances economic resilience by diversifying markets and supply chains.

    And, trade contributes to budget sustainability by increasing revenues through exports and economic growth.

    Nearly a third of Australia’s economic output is supported by trade.

    One in four Australian jobs relate to trade.

    And foreign investment provides the capital to build for the future, and access to global talent, new ideas, best practices and cutting-edge technologies.

    Business craves certainty to enable long-term investment and planning.

    For the past eight decades that certainty has been based on the institutions forged from the wreckage of World War Two – from trade agreements that have allowed the free flow of resources and capital, and the rules based order which has allowed for an even playing field, ushering in an unprecedented period of global economic growth.

    But, these institutions and norms we worked so hard to build are being questioned and the rules we wrote are being challenged.

    One of the chief designers of the global trading system, the United States, is now questioning the benefits of open, rules-based trade.

    The Trump Administration is seeking to expand domestic manufacturing and influence the policies of trading partners.

    Australia is a medium-sized open economy that is highly integrated with the global economy.

    We rely on being able to send our produce, resources and human capital to the world to sustain the high standard of living which we enjoy today.

    What we risk seeing is a shift from a system based on shared prosperity and interdependence to one based solely on power and size.

    We cannot risk a return to the ‘law of the jungle’.

    If our trading partners’ growth slows, without doubt we will suffer.

    The costs to consumers and businesses of a global economic slowdown will be felt for generations, and the shockwaves of inflation will worsen.

    Even before the imposition of tariffs by the current US Administration, several other forces have been reshaping global trade for some time.

    Firstly, heightened geostrategic competition is increasing the intersection of national security and economic prosperity, made more complex by the rapidly evolving technology that is enabling both extraordinary new growth and adding to the global competition.

    Secondly, the widespread use of industrial policy to support key sectors as nations seek to rebuild industrial bases and sovereign manufacturing capability and ensure technological dominance.

    And thirdly, the transition towards net zero emissions.

    These forces demand a more strategic, coordinated approach to trade policy.

    An approach that balances openness with resilience and long-term competitiveness.

    In 2025, we’re no longer in a “set and forget” world.

    We can no longer afford to take the rules that underpin a stable trading system for granted.

    So, how will the Albanese Labor Government navigate these challenges to best position Australia in a turbulent global economy?

    We will be guided by five key principles.

    The first principle is that free and open markets are essential to Australia’s prosperity.

    Imposing tariffs of our own would drive up the costs for Australian families and businesses.

    This position was backed up by the Productivity Commission in its most recent Trade and Assistance Review released earlier this month.

    Our markets will remain open, and we will stand by our trade agreements. In fact, we will make them even stronger.

    Our second principle is that world trade should be governed by rules and not by power alone.

    We will always stand up for Australian industry and Australian jobs.

    By fighting for a level playing field for our businesses and workers.

    And by providing the right support to ensure our exporters are not locked out of the opportunities we have fought hard for.

    The third principle is that of cooperation.

    We have and will continue to take a good faith approach to trade negotiations – which means engaging with a genuine desire to achieve mutually beneficial outcomes and uphold the rules-based order which has benefited so many.

    The fourth principle is that we will not leave those affected behind – Australian businesses, workers or the broader community.

    As the Prime Minister has said, no one held back, no one left behind.

    We will work hard to ensure that the benefits of trade are shared widely, which is why the Albanese Government is putting so much effort into inclusive trade policies, including our First Nations trade agenda.

    That agenda has already had some big wins – a new international treaty recognising First Nations’ traditional knowledge, and a chapter specifically relating to first nations trade in our UAE agreement, which is the first time this has happened in any Australian trade agreement.

    The final principle is that we will not compromise our fundamental values and interests.

    Like the Pharmaceutical Benefits Scheme, and our biosecurity system.

    To be clear, the announcement yesterday of the outcome of the technical assessment of beef from the United States is the culmination of a decade of science and risk-based import assessments and evaluations.

    Australia is the land of the ‘’fair go’, we value social justice, fairness, inclusion and equality.

    Programs like the PBS, which are at the heart of the health and wellbeing of our country, will never be up for negotiation under an Albanese Labor Government.

    And while we believe in free and fair trade, we will not trade away parts of our core identity.

    With these principles in mind, our government will continue to advance a trade policy which delivers for all Australians.

    During the election campaign we committed to initiatives that would provide support to businesses impacted by protectionist trade measures.

    This included strengthening our anti-dumping regime to help create a level playing field by addressing unfair trade.

    In addition, we put $50 million dollars on the table to work closely with key industry peak bodies, supporting businesses to find and access new market opportunities and we will provide $1 billion in zero interest loans to firms.

    We also committed to establishing a Strategic Reserve for critical minerals so we can make sure Australia can respond to trade and supply disruptions from a position of strength with our key partners.

    And we will put Australian businesses at the front of the queue for government procurement and contracts.

    This is in addition to implementing our Southeast Asia Economic Strategy2040 and our Roadmap for Economic Engagement with India.

    And by backing local manufacturing through the Future Made in Australia policy, we will continue to invest in the skills, technology and renewable energy to make more things here, creating jobs and opportunities for Australians.

    Of course, our ability to compete abroad depends on how productive we are at home.

    Which is why the Government has such an ambitious domestic productivity reform agenda.

    And that agenda depends, in turn, on the quality of our trade and investment connections to the world.

    As I alluded to earlier in my remarks, trade diversification will continue to be a key focus.

    We are fortunate to already have a strong network of 18 free trade agreements with 30 partners, covering almost 80 per cent of the value of our two-way trade.

    But there is unfinished business.

    I am committed to concluding a deal with the European Union, the missing piece in the puzzle of Australia’s network of FTAs, with a market of over 450 million consumers.

    Having met recently with my European counterpart I know there is a genuine desire to reach an outcome.

    But it will require a Team Australia approach both internationally and domestically with stakeholders, including business and farmers.

    And I am committed to expanding our trade deal with India, the world’s most populous nation with a rapidly growing middle class.

    Just these two new agreements bring in almost 2 billion new consumers for Australian products.

    The good news is that my Indian counterpart, Piyush Goyal, and I have a shared vision to boost two-way trade and investment.

    There is new energy in regional trade agreements.

    We are here to work with the region to back this trend.

    As Chair of the CPTPP in 2025, Australia is seeking to expand the membership and deepen its high standard rules.

    And closer to home, in the Pacific region, I want to ensure the gains from trade are spread throughout our neighbourhood.

    Many Pacific island partners tell us they want to participate more fully in global supply chains. I want our friends like Fiji and PNG to be part of our regional trading network that has worked so well for us.

    One of the key ingredients in development and poverty alleviation in Southeast Asia has been a story of opening up to trade.

    That’s why so many of our neighbours are backing regionalism in trade as a response to the current turbulence.

    Because backing these norms of rules and openness backs our region’s strength and vitality.

    We will leverage the G20, OECD and APEC to build support for continued openness around the world, acting as a calm and considered voice for trade across the world.

    Underpinning these bilateral and regional deals is the World Trade Organization, through which most global trade still flows according to its rules.

    Our message to the world is simple: we will continue to respect the rules and be a partner you can count on.

    Shaping the rules of the road is in our DNA.

    We were a founding member of the General Agreement on Tariffs and Trade in 1948 and played a major role in the Uruguay Round negotiations which led to the creation of the WTO.

    Now we face a major challenge in global trade – a time when Australia can play its part as a calm and considered international partner, leveraging our relationships to support free and fair trade.

    The meeting of the world’s trade ministers in Cameroon in March next year must tackle the big issues of WTO reform – how we make decisions, make new rules, and enforce those rules.

    We have got to bring new agreements like the one we have helped create on E-commerce, into the WTO rulebook.

    We must also make progress on agriculture, where there has been a tilted playing field for far too long.

    Australian businesses, workers and consumers are on the front line of this new era of global trade policy.

    That is why we will back business with real, practical support to assist Australian exporters to seize the new opportunities created by our trade deals.

    The Government is committed to genuine consultation – to ensure that our approach both reflects our community’s experience and meets our nation’s expectations.

    Taking an economy wide approach has allowed us to navigate these last few months of tariff disruption successfully.

    It is only with that same approach that we can navigate through the period of uncertainty ahead.

    And ensure that Australia isn’t just a passive witness to our circumstances – but instead shapes them – as we have at key points before in our history.

    The new trading landscape we face is difficult, and challenging.

    But we have to have the courage of our convictions.

    We know that open, rules-based trade and investment works.

    An outward looking trade and investment policy is central to this Government’s ambitions for our economy.

    From our earliest days, Australia has always been a trading nation.

    Our businesses, our people and our communities benefit from it.

    And we will continue to be a successful trading nation if we can both lift our performance at home and shape our circumstances abroad.

    With a genuine Team Australia approach, I am confident we are up to that task.

    Thank you.

    MIL OSI News

  • MIL-OSI China: SCO scholars expect better connectivity for regional development

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

    Participants of the Shanghai Cooperation Organization (SCO) Media and Think Tank Summit pose for photos outside the venue in Zhengzhou, central China’s Henan Province, July 24, 2025. Themed “Upholding the ‘Shanghai Spirit’ to Build a More Beautiful Home,” the SCO Media and Think Tank Summit is held here from July 23 to 27. (Xinhua/Wu Jingdan)

    Scholars from the Shanghai Cooperation Organization (SCO) countries are upbeat that greater connectivity will enhance cooperation and joint development, as they gathered in central China’s Henan Province to discuss the SCO’s role and sustainable development in a changing world.

    The ongoing SCO Media and Think Tank Summit is taking place in Zhengzhou, the capital of Henan, from Wednesday to Sunday. Co-hosted by Xinhua News Agency, the Chinese Academy of Social Sciences (CASS), and the Henan provincial government, the event has attracted more than 400 representatives from media outlets, think tanks and governments of 26 SCO countries, as well as international and regional organizations.

    Since its establishment in 2001 with a focus on security cooperation, the SCO has expanded from six member states to 10 member states with two observer states and 14 dialogue partners. The participating scholars believe that the SCO can support closer economic and people-to-people ties, creating a new pattern of regional cooperation.

    “The SCO possesses the practical conditions to become a new type of geo-economic entity,” said Sun Zhuangzhi, head of the Institute of Russian, Eastern European and Central Asian Studies under the CASS, at a think tank forum held at the summit on Thursday.

    Sun highlighted that with the accession of Iran and Belarus as member states, the SCO has the potential to develop multiple overland corridors, which can support regional economic prosperity.

    As a key Eurasia hub, the SCO can establish an open and efficient transportation system, significantly contributing to economic development and connectivity across the continent, he added.

    Cholpon Koichumanova, a senior scholar at Kyrgyz State University named after I. Arabaev, remarked that the SCO has gained increased influence and respect over the past few years, demonstrating its relevance in global processes.

    “In the context of global transformations and shifting values, economic cooperation between Central Asia and China is especially important,” she said, noting that the China-Kyrgyzstan-Uzbekistan Railway will play a critical role not just for the countries involved but also for infrastructure development and mutual ties enhancement across Central Asia.

    Economic connectivity has evidently grown within the SCO since its establishment. China’s customs data show that from 2001 to 2020, the share of global trade of SCO member states rose from 5.4 percent to 17.5 percent. In 2024, trade between China and other SCO member states, observers and dialogue partners reached a record 890 billion U.S. dollars.

    Zhang Ting, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation with China’s Ministry of Commerce, said that while the potential for economic cooperation among SCO members continues to be unleashed, there remains a shortage in connectivity regarding infrastructure and digital trade.

    “Such factors have limited deeper regional economic integration and development,” she said.

    She thus suggested strengthening policy research collaboration to build an institutional framework for coordinated regional development based on the sustainable development strategies of member states, and deepening research in key areas such as the digital economy, green development, and industrial chain cooperation.

    Hassan Daud Butt, a senior associate professor at Bahria University in Pakistan, highlighted the importance of regional connectivity and integration in transforming underperforming regions into centers of opportunity.

    Butt regards the SCO as a critical framework for inclusive globalization, where “development is attuned to regional realities while connected to global opportunities,” in a world striving to balance resilience with openness.

    Therefore, he anticipates that the SCO framework will not only promote trade and logistics but, more importantly, empower and connect people, with a focus on quality, sustainability, digital and green connectivity.

    Kin Phea, director general of the International Relations Institute of Cambodia, Royal Academy of Cambodia, recommended leveraging digital technologies to encourage shared knowledge and real-time cooperation. This includes the establishment of a shared digital platform for media and research institutions.

    He also advised inclusive dialogue mechanisms that facilitate the exchange and cooperation among municipal authorities, think tanks, and academic institutions of the SCO countries in specific sectors such as urban innovation and public health.

    According to Sun Zhuangzhi, as the SCO has entered a “relatively mature stage of development,” it should shift from emphasizing the construction of consultation mechanisms to focusing more on action-oriented mechanisms, with measures to build a community with a shared future within the SCO framework.

    Building a community with a shared future under the SCO is a shared aspiration of countries in the region, and also a long-term task, Sun said.

    “Based on broad consensus, member states need to deepen practical cooperation across political, security, economic and cultural fields to gradually turn this vision into reality,” he said. 

    MIL OSI China News

  • MIL-OSI China: China, EU leaders chart course for future cooperation amid global challenges 2025-07-25 10:17:22 As China and the European Union mark the 50th anniversary of their diplomatic ties, Chinese President Xi Jinping has made new propositions on how the two sides can navigate a fast-changing and turbulent world through partnership, cooperation and multilateralism.

    Source: People’s Republic of China – Ministry of National Defense

    Chinese President Xi Jinping meets with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen, who are in China for the 25th China-EU Summit, at the Great Hall of the People in Beijing, capital of China, July 24, 2025. (Xinhua/Li Xiang)

    BEIJING, July 24 (Xinhua) — As China and the European Union mark the 50th anniversary of their diplomatic ties, Chinese President Xi Jinping has made new propositions on how the two sides can navigate a fast-changing and turbulent world through partnership, cooperation and multilateralism.

    China-EU relations have come to another critical juncture in their history, Xi said on Thursday, calling on Chinese and European leaders to once again demonstrate vision and leadership, and to provide more stability and certainty for the world through sound, steady China-EU relations.

    The Chinese leader made the remarks when meeting with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen, both of whom are in Beijing to attend the 25th China-EU Summit.

    For the future development of China-EU relations, Xi made three proposals: The two sides should uphold mutual respect and consolidate the positioning of China-EU relations as partnership; uphold openness and cooperation and properly manage differences; practice multilateralism and uphold international rules and order.

    On the same day, Chinese Premier Li Qiang co-chaired the summit with Costa and von der Leyen, with both sides pledging to promote cooperation on the economy, trade and investment.

    After the summit, Li and von der Leyen attended the China-EU Business Leaders Symposium, at which some 60 business leaders were present.

    UPHOLDING MUTUAL RESPECT

    Xi said that China and the EU should uphold mutual respect and consolidate the positioning of China-EU relations as partnership.

    Chinese President Xi Jinping meets with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen, who are in China for the 25th China-EU Summit, at the Great Hall of the People in Beijing, capital of China, July 24, 2025. (Xinhua/Xie Huanchi)

    The current challenges facing the EU do not come from China, and there are no fundamental conflicts of interest or geopolitical contradictions between China and the EU, Xi said. The fundamentals and prevailing trend of China-EU relations featuring cooperation over competition and consensus over differences have remained constant.

    China has regarded the EU as an important pole in a multipolar world, and consistently supported European integration and the strategic autonomy of the EU, he said, voicing hope that the EU will respect the path and system chosen by the Chinese people, respect China’s core interests and major concerns, and support its development and prosperity.

    He called on both sides to deepen strategic communication, enhance understanding and mutual trust, and foster a correct perception of each other.

    Echoing the Chinese leaders’ remarks, the EU side affirmed its commitment to deepening EU-China relations, managing differences in a constructive manner, and achieving more positive outcomes in bilateral cooperation that is balanced, reciprocal and mutually beneficial.

    ADHERING TO OPENNESS, COOPERATION

    China and the EU should uphold openness and cooperation, and properly manage differences and frictions, Xi said, adding that history and reality show that interdependency is not a risk, and convergent interests are not a threat.

    He said that “reducing dependency” should not lead to reducing China-EU cooperation, and the bilateral economic and trade relationship, which is by nature complementary and mutually beneficial, can indeed achieve dynamic equilibrium through development.

    China’s high-quality development and opening-up will provide new opportunities and potentials for China-EU cooperation, Xi noted.

    It is hoped that the EU can remain open in trade and investment market, refrain from using restrictive economic and trade tools, and foster a sound business environment for Chinese enterprises investing and operating in the EU, he stressed.

    China welcomes more European businesses to invest and pursue long-term operations in China, Premier Li said, calling on the EU to provide a fair, equitable and non-discriminatory environment for Chinese enterprises investing in Europe.

    Li said both sides can forge an “upgraded version” of the China-EU export control dialogue mechanism to ensure the stability of industrial and supply chains between China and Europe.

    The EU side noted that the EU does not seek “decoupling and severing supply chains” and welcomes Chinese enterprises to invest and operate in Europe.

    Feng Zhongping, director of the Institute of European Studies at the Chinese Academy of Social Sciences, said that China-EU cooperation aligns with the fundamental interests of both sides, carries profound global significance, and will provide certainty and stability for the world.

    PRACTICING MULTILATERALISM

    Confronted with the critical choice between war and peace, competition and cooperation, or seclusion and openness, multilateralism and solidarity-based cooperation remain the only viable approach, Xi said.

    He said that China and the EU should practice multilateralism, and uphold international rules and order.

    Xi said China and the EU should jointly uphold the international rules and order established after World War II, advance a more just and equitable global governance system in keeping with the times, and work together to address global challenges such as climate change.

    He said China stands ready to strengthen coordination with the EU to ensure the success of this year’s UN Climate Change Conference in Belem (COP30), and contribute more to global climate response and green transition.

    The EU leaders called on the two sides, faced with a turbulent and uncertain world, to uphold multilateralism, safeguard the purposes and principles of the UN Charter, address global challenges such as climate change, facilitate resolutions to regional hotspot issues, and safeguard world peace and stability.

    On the same day, leaders of China and the EU issued a joint statement on climate change, in which they recognized that strengthening China-EU cooperation on the issue will impact the well-being of people on both sides, and is of great and special significance to upholding multilateralism and advancing global climate governance.

    Wang Yiwei, director of the Institute of International Affairs at Renmin University of China, said that China-EU relations go beyond mere bilateral ties and are of great importance to safeguarding international law and order, and to upholding the international system with the UN at its core.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Adjustment in ceiling prices for dedicated LPG filling stations in August 2025

    Source: Hong Kong Government special administrative region

    Adjustment in ceiling prices for dedicated LPG filling stations in August 2025 
    A department spokesman said that the adjustment on August 1, 2025, would reflect the movement of the LPG international price in July 2025. The adjusted auto-LPG ceiling prices for dedicated LPG filling stations would range from $3.46 to $4.38 per litre, amounting to a decrease of $0.09 to $0.1 per litre.
     
    The spokesman said that the auto-LPG ceiling prices were adjusted according to a pricing formula specified in the contracts.  The formula comprises two elements – the LPG international price and the LPG operating price. The LPG international price refers to the LPG international price of the preceding month. The LPG operating price is adjusted on February 1 and June 1 annually according to the average movement of the Composite Consumer Price Index and the Nominal Wage Index.
     
    The auto-LPG ceiling prices for respective dedicated LPG filling stations in August 2025 are as follows:
     

    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Estate agencies guilty of breaking renting laws

    Source: Australian Capital Territory Policing

    Four real estate agencies have pleaded guilty to breaking Victoria’s rental laws, following an investigation by Consumer Affairs Victoria’s renting taskforce.  

    The agencies admitted they failed to advertise a fixed rental price for properties listed on realestate.com.au and domain.com.au. The businesses are: 

    • Wyndham Realty Pty Ltd, trading as Barry Plant, Werribee 
    • AAM Realtor Pty Ltd, trading as Ray White, Point Cook 
    • White Lotus Property Group, Truganina 
    • YouSales Pty Ltd, Docklands.  

    Consumer Affairs Victoria initially issued infringements to the agencies, but all chose to contest the penalties. They were taken to court as a result.  

    Director Nicole Rich described the breaches as serious, warning that not using a fixed price can promote illegal rental bidding.  

    “Our renting taskforce is committed to holding agents accountable if they break Victoria’s rental laws. We’ll continue to pursue those who fail to meet those standards, including taking them to court where necessary. 

    “Real estate agents are part of a licensed profession with clear legal obligations to understand and follow property sales and renting laws. This includes using their management systems correctly and ensuring staff are properly trained.  

    “Price transparency is vital. Renters have the right to know how much they can expect to pay for a rental property.” 

    Rental bidding, where renters compete to offer higher amounts to secure a property, has been banned in Victoria since 2021. It was outlawed as part of the introduction of 130 new rental law reforms.  

    Since the taskforce was established, more than 50 agencies have been fined for failing to advertise fixed rental prices. 

    As well as ensuring agents comply with renting laws, Consumer Affairs Victoria is also working with property listing websites to change their pricing parameters, to ensure properties can only be advertised with a fixed price.  

    Barry Plant Werribee, Ray White Point Cook and YouSales were fined. White Lotus Property Group received a 12-month court order prohibiting further offending. 
     
    A fifth case, involving Smart Six Corporation Pty Ltd (trading as PRD, Mildura) will be heard at the Mildura Magistrates’ Court on 19 August. 

    If you think a rental property hasn’t been advertised properly, report it to Consumer Affairs Victoria.  

    Consumer Affairs Victoria is a part of the Department of Government Services. 

    MIL OSI News

  • MIL-Evening Report: ER Report: A Roundup of Significant Articles on EveningReport.nz for July 25, 2025

    ER Report: Here is a summary of significant articles published on EveningReport.nz on July 25, 2025.

    Gangs are going global and so is the illegal gun trade – NZ can do more to fight it
    Source: The Conversation (Au and NZ) – By Alexander Gillespie, Professor of Law, University of Waikato According to the Global Organised Crime Index, international criminal activity has increased over the past two years. And the politically fractured post-pandemic world has made this even harder for nations to combat. New Zealand is far from immune. According

    Historic ICJ climate ruling ‘just the beginning’, says Vanuatu’s Regenvanu
    By Ezra Toara in Port Vila Vanuatu’s Minister of Climate Change Adaptation, Ralph Regenvanu, has welcomed the historic International Court of Justice (ICJ) climate ruling, calling it a “milestone in the fight for climate justice”. The ICJ has delivered a landmark advisory opinion on states’ obligations under international law to act on climate change. The

    3 reasons young people are more likely to believe conspiracy theories – and how we can help them discover the truth
    Source: The Conversation (Au and NZ) – By Jean-Nicolas Bordeleau, Research Fellow, Jeff Bleich Centre for Democracy and Disruptive Technologies, Flinders University Conspiracy theories are a widespread occurrence in today’s hyper connected and polarised world. Events such as Brexit, the 2016 and 2020 United States presidential elections, and the COVID pandemic serve as potent reminders

    Waiting too long for public dental care? Here’s why the system is struggling – and how to fix it
    Source: The Conversation (Au and NZ) – By Santosh Tadakamadla, Professor and Head of Dentistry and Oral Health, La Trobe University Just over one-third of Australians are eligible for public dental services, which provide free or low cost dental treatment. Yet demand for these services continues to exceed supply. As a result, many Australian adults

    Butter wars: ‘nothing cures high prices like high prices’ – but will market forces be enough?
    Source: The Conversation (Au and NZ) – By Alan Renwick, Professor of Agricultural Economics, Lincoln University, New Zealand RobynRoper/Getty Images The alarming rise of butter prices has become a real source of frustration for New Zealand consumers, as well as a topic of political recrimination. The issue has become so serious that Miles Hurrell, chief

    Ultrafast fashion brand Princess Polly has been certified as ‘sustainable’. Is that an oxymoron?
    Source: The Conversation (Au and NZ) – By Harriette Richards, Senior Lecturer, School of Fashion and Textiles, RMIT University Carol Yepes/Getty Images Last week, the ultrafast fashion brand Princess Polly received B Corp certification. This certification is designed to accredit for-profit businesses that provide social impact and environmental benefit. Established on the Gold Coast in

    AI will soon be able to audit all published research – what will that mean for public trust in science?
    Source: The Conversation (Au and NZ) – By Alexander Kaurov, PhD Candidate in Science and Society, Te Herenga Waka — Victoria University of Wellington Jamillah Knowles & Digit/Better Images of AI, CC BY-SA Self-correction is fundamental to science. One of its most important forms is peer review, when anonymous experts scrutinise research before it is

    Columbia’s $200M deal with Trump administration sets a precedent for other universities to bend to the government’s will
    Source: The Conversation (Au and NZ) – By Brendan Cantwell, Associate Professor of Higher, Adult, and Lifelong Education, Michigan State University Students at Columbia University in New York City on April 14, 2025. Charly Triballeau/AFP via Getty Images Columbia University agreed on July 23, 2025, to pay a US$200 million fine to the federal government

    Miles Franklin 2025: Siang Lu’s Ghost Cities is a haunting comedy about tyranny. Is it the funniest winner ever?
    Source: The Conversation (Au and NZ) – By Joseph Steinberg, Forrest Foundation Postdoctoral Fellow, English & Literary Studies, The University of Western Australia Siang Lu David Kelly/UQP The Miles Franklin judges described Siang Lu’s Ghost Cities, winner of the 2025 award, as “a grand farce and a haunting meditation on diaspora”. To my mind, it

    Keep fighting for a nuclear-free Pacific, Helen Clark warns Greenpeace over global storm clouds
    Asia Pacific Report Former New Zealand prime minister Helen Clark warned activists and campaigners in a speech on the deck of the Greenpeace environmental flagship Rainbow Warrior III last night to be wary of global “storm clouds” and the renewed existential threat of nuclear weapons. Speaking on her reflections on four decades after the bombing

    Business coalition calls for 25% cut in the cost of red tape by 2030
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra Business, universities, and investors have jointly urged the federal government to commit to cutting the cost of red tape by 25% by 2030, in a submission for next month’s Economic Reform Roundtable. The push to reduce regulation is in line

    Grattan on Friday: net zero battle has net zero positives for Sussan Ley
    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra There’s no other way of looking at it: Sussan Ley faces a diabolical situation with the debate over whether the Coalition should abandon the 2050 net zero emissions target. The issue is a microcosm of her wider problems. The Nationals,

    The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows
    Source: The Conversation (Au and NZ) – By Michael Stewardson, CEO One Basin CRC, The University of Melbourne Yarramalong Weir is one of many barriers to the passage of fish in the Murray-Darling Basin. Geoff Reid, One Basin CRC A report card into the A$13 billion Murray–Darling Basin Plan has found much work is needed

    The Murray–Darling Basin Plan Evaluation is out. The next step is to fix the land, not just the flows
    Source: The Conversation (Au and NZ) – By Michael Stewardson, CEO One Basin CRC, The University of Melbourne Yarramalong Weir is one of many barriers to the passage of fish in the Murray-Darling Basin. Geoff Reid, One Basin CRC A report card into the A$13 billion Murray–Darling Basin Plan has found much work is needed

    Reserve Bank says unemployment rise was not a shock, inflation on track
    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra Reserve Bank Governor Michele Bullock has fleshed out the central bank’s thinking behind its surprise decision to keep interest rates on hold this month. In a speech today to the Anika Foundation, Bullock said there has been:

    Reserve Bank says unemployment rise was not a shock, inflation on track
    Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra Reserve Bank Governor Michele Bullock has fleshed out the central bank’s thinking behind its surprise decision to keep interest rates on hold this month. In a speech today to the Anika Foundation, Bullock said there has been:

    Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief
    This is Democracy Now!. I’m Amy Goodman. More than 100 humanitarian groups are demanding action to end Israel’s siege of Gaza, warning mass starvation is spreading across the Palestinian territory. The NGOs, including Amnesty International, Oxfam, Doctors Without Borders, warn, “illnesses like acute watery diarrhea are spreading, markets are empty, waste is piling up, and

    Israel waging ‘horror show’ starvation campaign in Gaza, says UN chief
    This is Democracy Now!. I’m Amy Goodman. More than 100 humanitarian groups are demanding action to end Israel’s siege of Gaza, warning mass starvation is spreading across the Palestinian territory. The NGOs, including Amnesty International, Oxfam, Doctors Without Borders, warn, “illnesses like acute watery diarrhea are spreading, markets are empty, waste is piling up, and

    Historic ruling finds climate change ‘imperils all forms of life’ and puts laggard nations on notice
    Source: The Conversation (Au and NZ) – By Jacqueline Peel, Professor of Law and Director, Melbourne Climate Futures, The University of Melbourne Hilaire Bule/Getty Climate change “imperils all forms of life” and countries must tackle the problem or face consequences under international law, the International Court of Justice (ICJ) has found. The court delivered its

    Jet ski accidents are tragic but preventable. Here’s how to reduce the risk
    Source: The Conversation (Au and NZ) – By Milad Haghani, Associate Professor & Principal Fellow in Urban Risk & Resilience, The University of Melbourne Richard Hamilton Smith/Getty Two teenage boys were thrown from a jet ski during a ride on the Georges River in Sydney’s south this week. One died at the scene. The other

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: China, EU leaders chart course for future cooperation amid global challenges

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

    Chinese President Xi Jinping meets with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen, who are in China for the 25th China-EU Summit, at the Great Hall of the People in Beijing, capital of China, July 24, 2025. (Xinhua/Li Xiang)

    As China and the European Union mark the 50th anniversary of their diplomatic ties, Chinese President Xi Jinping has made new propositions on how the two sides can navigate a fast-changing and turbulent world through partnership, cooperation and multilateralism.

    China-EU relations have come to another critical juncture in their history, Xi said on Thursday, calling on Chinese and European leaders to once again demonstrate vision and leadership, and to provide more stability and certainty for the world through sound, steady China-EU relations.

    The Chinese leader made the remarks when meeting with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen, both of whom are in Beijing to attend the 25th China-EU Summit.

    For the future development of China-EU relations, Xi made three proposals: The two sides should uphold mutual respect and consolidate the positioning of China-EU relations as partnership; uphold openness and cooperation and properly manage differences; practice multilateralism and uphold international rules and order.

    On the same day, Chinese Premier Li Qiang co-chaired the summit with Costa and von der Leyen, with both sides pledging to promote cooperation on the economy, trade and investment.

    After the summit, Li and von der Leyen attended the China-EU Business Leaders Symposium, at which some 60 business leaders were present.

    UPHOLDING MUTUAL RESPECT

    Xi said that China and the EU should uphold mutual respect and consolidate the positioning of China-EU relations as partnership.

    Chinese President Xi Jinping meets with President of the European Council Antonio Costa and President of the European Commission Ursula von der Leyen, who are in China for the 25th China-EU Summit, at the Great Hall of the People in Beijing, capital of China, July 24, 2025. (Xinhua/Xie Huanchi)

    The current challenges facing the EU do not come from China, and there are no fundamental conflicts of interest or geopolitical contradictions between China and the EU, Xi said. The fundamentals and prevailing trend of China-EU relations featuring cooperation over competition and consensus over differences have remained constant.

    China has regarded the EU as an important pole in a multipolar world, and consistently supported European integration and the strategic autonomy of the EU, he said, voicing hope that the EU will respect the path and system chosen by the Chinese people, respect China’s core interests and major concerns, and support its development and prosperity.

    He called on both sides to deepen strategic communication, enhance understanding and mutual trust, and foster a correct perception of each other.

    Echoing the Chinese leaders’ remarks, the EU side affirmed its commitment to deepening EU-China relations, managing differences in a constructive manner, and achieving more positive outcomes in bilateral cooperation that is balanced, reciprocal and mutually beneficial.

    ADHERING TO OPENNESS, COOPERATION

    China and the EU should uphold openness and cooperation, and properly manage differences and frictions, Xi said, adding that history and reality show that interdependency is not a risk, and convergent interests are not a threat.

    He said that “reducing dependency” should not lead to reducing China-EU cooperation, and the bilateral economic and trade relationship, which is by nature complementary and mutually beneficial, can indeed achieve dynamic equilibrium through development.

    China’s high-quality development and opening-up will provide new opportunities and potentials for China-EU cooperation, Xi noted.

    It is hoped that the EU can remain open in trade and investment market, refrain from using restrictive economic and trade tools, and foster a sound business environment for Chinese enterprises investing and operating in the EU, he stressed.

    China welcomes more European businesses to invest and pursue long-term operations in China, Premier Li said, calling on the EU to provide a fair, equitable and non-discriminatory environment for Chinese enterprises investing in Europe.

    Li said both sides can forge an “upgraded version” of the China-EU export control dialogue mechanism to ensure the stability of industrial and supply chains between China and Europe.

    The EU side noted that the EU does not seek “decoupling and severing supply chains” and welcomes Chinese enterprises to invest and operate in Europe.

    Feng Zhongping, director of the Institute of European Studies at the Chinese Academy of Social Sciences, said that China-EU cooperation aligns with the fundamental interests of both sides, carries profound global significance, and will provide certainty and stability for the world.

    PRACTICING MULTILATERALISM

    Confronted with the critical choice between war and peace, competition and cooperation, or seclusion and openness, multilateralism and solidarity-based cooperation remain the only viable approach, Xi said.

    He said that China and the EU should practice multilateralism, and uphold international rules and order.

    Xi said China and the EU should jointly uphold the international rules and order established after World War II, advance a more just and equitable global governance system in keeping with the times, and work together to address global challenges such as climate change.

    He said China stands ready to strengthen coordination with the EU to ensure the success of this year’s UN Climate Change Conference in Belem (COP30), and contribute more to global climate response and green transition.

    The EU leaders called on the two sides, faced with a turbulent and uncertain world, to uphold multilateralism, safeguard the purposes and principles of the UN Charter, address global challenges such as climate change, facilitate resolutions to regional hotspot issues, and safeguard world peace and stability.

    On the same day, leaders of China and the EU issued a joint statement on climate change, in which they recognized that strengthening China-EU cooperation on the issue will impact the well-being of people on both sides, and is of great and special significance to upholding multilateralism and advancing global climate governance.

    Wang Yiwei, director of the Institute of International Affairs at Renmin University of China, said that China-EU relations go beyond mere bilateral ties and are of great importance to safeguarding international law and order, and to upholding the international system with the UN at its core.

    MIL OSI China News

  • MIL-OSI Australia: Responding to Notice of intents

    Source: New places to play in Gungahlin

    When members submit a valid Notice of Intent (NOI) to claim or vary a tax deduction for their personal super contributions, you must provide them with an acknowledgment of the NOI.

    You must also report the NOI to claim a deduction to us in line with the Member Account Transaction Service (MATS) Business Implementation GuideExternal Link.

    For information regarding NOI including accepting notices, variations, timeframes and acknowledging notices, see Notice of intent to claim a deduction.

    If you identify any reporting issues, you should follow the Amendments protocol.

    We can only answer fund enquiries regarding your contributions reporting and are unable to discuss taxation matters regarding your members for privacy reasons.

    Looking for the latest news for Super funds? You can stay up to date by visiting our Super funds newsroom and subscribingExternal Link to our monthly Super funds newsletter and CRT alerts.

    MIL OSI News

  • MIL-OSI USA: SBA Opens Disaster Loan Outreach Center in Clayton

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – The U.S. Small Business Administration (SBA) announced today the opening of a Disaster Loan Outreach Center (DLOC) in St. Louis County to assist small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, straight-line winds, tornadoes and wildfires occurring March 14–15 and also for those affected by severe storms, straight-line winds, tornadoes and flooding occurring May 16.

    Beginning Friday, July 25, SBA customer service representatives will be on hand at the Disaster Loan Outreach Center in Clayton to answer questions and assist with the disaster loan application process. No appointment is necessary, walk-ins are welcome. Those who prefer to schedule an in-person appointment in advance can do so at appointment.sba.gov.

    The center’s hours of operation are as follows:

    ST. LOUIS COUNTY

    Disaster Loan Outreach Center

    Mid-County Branch Library

    7821 Maryland Ave.

    Clayton, MO  63105

    Opens at 9:00 a.m., Friday, July 25

    Mondays – Thursdays, 9:00 a.m. – 6:00 p.m.

    Fridays – Saturdays, 9:00 a.m. – 5:00 p.m.

    The following locations are also open and continue to serve survivors:

    THE INDEPENDENT CITY OF ST. LOUIS

    Business Recovery Center

    St. Louis Community College

    Harrison Education Center

    3140 Cass Ave., Rm. #104

    St. Louis, MO  63106

    Mondays – Fridays, 8:30 a.m. – 6:00 p.m.

    ST. LOUIS COUNTY

    Disaster Loan Outreach Center

    St. Louis County Library

    Florissant Vallet Branch

    Quiet Room

    195 S. New Florissant Rd.

    Florissant, MO  63031

    Mondays – Thursdays, 9:00 a.m. – 6:00 p.m.

    Fridays – Saturdays, 9:00 – 5:00 p.m.

    “When disasters strike, SBA’s Disaster Loan Outreach Centers perform an important role by assisting small businesses and their communities,” said Chris Stallings, associate administrator of the Office of Disaster Recovery and Resilience at the U.S. Small Business Administration. “At these centers, our SBA specialists help business owners and residents apply for disaster loans and learn about the full range of programs available to support their recovery.”

    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 be eligible for a loan increase of up to 20% of their physical damages, as verified by the SBA, for mitigation purposes. Eligible mitigation improvements include insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

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

    EIDLs are available for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. The loans may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    For SBA declaration MO 21094 for the March storms, interest rates are as low as 4% for small businesses, 3.625% for nonprofits, and 2.75% for homeowners and renters with terms up to 30 years.

    For SBA declaration MO 21129 for the May storms, interest rates are 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 determines eligibility and 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.

    Although the deadline to return applications for physical property damage due to the March storms has passed, there is a grace period of 60 days the SBA will accept applications beyond the July 22 deadline. The grace period will end on Sept. 20, 2025. The deadline to return economic injury applications is Feb. 23, 2026.

    The filing deadline to return applications for physical property damage due to the May storms is Aug. 11, 2025. The deadline to return economic injury applications is March 9, 2026.

    ###

    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 Available to New Mexico Small Businesses, Private Nonprofits and Residents Affected by Severe Storms, Flooding and Landslides

    Source: United States Small Business Administration

    SACRAMENTO, Calif. – In response to a Presidential disaster declaration issued July 22, the U.S. Small Business Administration (SBA)announced the availability of low interest federal disaster loans to New Mexico small businesses, private nonprofit (PNP) organizations and residents affected by severe storms, flooding and landslides beginning June 23.

    The disaster declaration covers the New Mexico county of Lincoln which is eligible for both Physical damage loans and Economic Injury Disaster Loans (EIDLs) from the SBA. Small businesses and PNP organizations in the following adjacent counties are eligible to apply only for SBA EIDLs: Chaves, De Baca, Guadalupe, Otero, Sierra, Socorro and Torrance.

    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 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 insulating pipes, walls and attics, weather stripping doors and windows, and installing storm windows to help protect property and occupants from future disasters.

    SBA’s Economic Injury Disaster Loan (EIDL) program is available to eligible small businesses, small agricultural cooperatives, nurseries and PNPs including faith based 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.

    EIDLs are for working capital needs caused by the disaster and are available even if the business or PNP did not suffer any physical damage. They may be used to pay fixed debts, payroll, accounts payable, and other bills not paid due to the disaster.

    “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 mitigation loans.”

    Interest rates can be as low as 4% for small businesses, 3.625% for PNPs 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.

    As soon as Federal-State Disaster Recovery Centers open throughout the affected area, SBA will provide one-on-one assistance to disaster loan applicants. Additional information and details on the location of disaster recovery centers is available by calling the SBA Customer Service Center at (800) 659-2955.

    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.

    ###

    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: Murphy, Trahan Reintroduce Legislation to Codify College Athletes’ Unrestricted Right to Their Name, Image, Likeness

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    July 24, 2025

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Health, Education, Labor and Pensions Committee, and U.S. Representative Lori Trahan (D-Mass.-03), a member of the U.S. House Committee for Energy and Commerce and a former college athlete, on Wednesday reintroduced legislation that would establish an unrestricted federal right for college athletes to market their Name, Image, and Likeness (NIL). The College Athlete Economic Freedom Act allows international college athletes to market their NIL without losing their visa status, encourages negotiation between athletes and their colleges for the use of athletes’ NIL for promotion and media rights deals, and ensures colleges and collectives do not discriminate on the basis of gender, race, or participating sports in the facilitation of NIL deals.

    “College athletes dedicate years of their lives to their craft and deserve their fair share of a multibillion-dollar industry built on their hard work,” said Murphy. “While the past four years of Name, Image, and Likeness (NIL) policy have allowed these athletes to finally make money off their talent, the NCAA is hoping Donald Trump and Republicans in Congress will help them undo years of hard-earned progress. Our legislation shields college athletes from an assault on their livelihoods by expanding and codifying their basic right to be fairly compensated for their Name, Image, and Likeness.”

    “Instead of trying to undo the rights college athletes fought for decades to secure, Congress should address the real issues facing college sports today,” said Trahan. “The College Athlete Economic Freedom Act codifies athletes’ unrestricted NIL rights nationwide, closes the loophole prohibiting international athletes from entering into NIL agreements, and guarantees that women have a fair shot in the NIL marketplace. It’s long past time for Congress to stand with the athletes who’ve driven this industry without a real seat at the table.”

    Specifically, the College Athlete Economic Freedom Act would:

    • Establish an unrestricted federal right for college athletes and prospective college athletes to market the use of their name, image, and likeness — individually and as a group — by prohibiting colleges, conferences, and the NCAA from setting or enforcing rules that restrict this right or otherwise colluding to limit how athletes can use their NIL
    • Protect athletes’ ability to retain representation as they see fit, including lawyers, agents, and collective representatives (i.e. players associations) while prohibiting the NCAA or conferences from regulating athlete representation
    • Ensure colleges and affiliated NIL collectives do not discriminate by gender, race, or sport in the facilitation of NIL deals along with requiring collectives to register with the Federal Trade Commission (FTC) and report the NIL deals they have facilitated so athletes and stakeholders asserting discrimination have all the information they need to address it
    • Ensure equitable opportunities for college athletes to market their NIL by asserting that institutional support by colleges, conferences, or the NCAA for NIL opportunities is made available to all college athletes, along with commissioning a market analysis of NIL monetization with recommendations for improving opportunities across race, gender, and sport
    • Allow international college athletes to market their NIL in the same ways their non-immigrant peers can without losing their F-1 visa status, including in the case that athletes become employees of their schools and/or athletic associations
    • Require colleges and athletic associations to obtain a group license from athletes for using their NIL for any type of promotion, including via a media rights deal, and notify athletes of how their NIL was used along with how much revenue those deals generated, helping athletes negotiate with colleges, conferences, and the NCAA for their fair share of the revenues they produce
    • Assert robust enforcement for violations by colleges, conferences, or the NCAA in restricting athletes’ NIL rights, notably through asserting per se antitrust penalties, a private right of action for athletes to pursue civil action against violators, and authorizing the Federal Trade Commission (FTC) to levy “unfair or deceptive practice” penalties.

    Full text of the bill is available here.

    A one-pager of the bill is available here.

    MIL OSI USA News

  • MIL-OSI: First Savings Financial Group, Inc. Reports Financial Results for the Third Fiscal Quarter Ended June 30, 2025

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, Ind., July 24, 2025 (GLOBE NEWSWIRE) — First Savings Financial Group, Inc. (NASDAQ: FSFG – news) (the “Company”), the holding company for First Savings Bank (the “Bank”), today reported net income of $6.2 million, or $0.88 per diluted share, for the quarter ended June 30, 2025, compared to net income of $4.1 million, or $0.60 per diluted share, for the quarter ended June 30, 2024. Excluding nonrecurring items, the Company reported net income of $5.7 million (non-GAAP measure)(1) and net income per diluted share of $0.81 (non-GAAP measure)(1) for the quarter ended June 30, 2025 compared to $3.5 million, or $0.52 per diluted share for the quarter ended June 30, 2024.

    Commenting on the Company’s performance, Larry W. Myers, President and CEO, stated “We are pleased with the third fiscal quarter performance, including the continued improvement in the net interest margin, which has increased 32 basis points from June of 2024 to June of 2025, solid growth in deposits, expense containment, and meaningful efficiency ratio improvement. The SBA Lending segment posted its second consecutive profitable quarter, which included a solid level of loans originations and sales. Additionally, the SBA Lending pipeline for the fourth fiscal quarter remains robust. We are optimistic regarding the remainder of fiscal 2025 as we anticipate further expansion of the net interest margin, continued profitability from the SBA Lending segment, additional sales of home equity lines of credit, and stable and strong asset quality. We will continue our focus on customer deposit growth, select loan growth opportunities, preservation of asset quality, and prudent capital and liquidity management. We will also continue to evaluate options and strategies that we believe will maximize shareholder value.”

    (1) Non-GAAP net income and net income per diluted share exclude certain nonrecurring items. A reconciliation to GAAP and discussion of the use of non-GAAP measures is included in the table at the end of this release.

    Results of Operations for the Three Months Ended June 30, 2025 and 2024

    Net interest income increased $2.2 million, or 15.1%, to $16.7 million for the three months ended June 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the three months ended June 30, 2025 was 2.99% as compared to 2.67% for the same period in 2024. The increase in net interest income was due to an increase of $871,000 in interest income and a decrease of $1.3 million in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

    The Company recognized a provision for credit losses for loans and unfunded lending commitments of $347,000 and $77,000, respectively, and a reversal of provision for credit losses on securities of $1,000 for the three months ended June 30, 2025, compared to a provision for credit losses for loans, unfunded lending commitments and securities of $501,000, $158,000 and $84,000, respectively, for the same period in 2024. The Company recognized $309,000 in net charge-offs recognized during the three months ended June 30, 2025, of which $216,000 was related to unguaranteed portions of SBA loans. During the three months ended June 30, 2024, the Company recognized net charge-offs of $105,000, of which $49,000 was related to unguaranteed portions of SBA loans. Nonperforming loans, which consist of nonaccrual loans and loans over 90 days past due and still accruing interest, decreased $1.7 million from $16.9 million at September 30, 2024 to $15.2 million at June 30, 2025.

    Noninterest income increased $1.3 million for the three months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in other income and net gain on sales of SBA loans of $565,000 and $351,000, respectively, and net gain on sales of home equity lines of credit (“HELOC”) of $617,000, partially offset by a $404,000 decrease in net unrealized gains on equity securities. The increase in other income was primarily due to a $487,000 gain recognized in connection with a lease termination. The was no gain on sales of HELOC in the 2024 period as the sale of this product commenced in fiscal 2025.

    Noninterest expense increased $1.3 million for the three months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to an increase in compensation and benefits of $904,000, which was due to routine salary increases and increases in bonus and incentive accruals in 2025 related to stronger Company performance.

    The Company recognized income tax expense of $963,000 for the three months ended June 30, 2025 compared to $483,000 for the same period in 2024. The increase is due primarily to higher taxable income in 2025 as compared to 2024. The effective tax rate for 2025 was 13.5% compared to 10.6% for 2024. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

    Results of Operations for the Nine Months Ended June 30, 2025 and 2024

    The Company reported net income of $17.9 million, or $2.57 per diluted share, for the nine months ended June 30, 2025 compared to net income of $9.9 million, or $1.45 per diluted share, for the nine months ended June 30, 2024. Excluding nonrecurring items, the Company reported net income of $15.1 million (non-GAAP measure)(1) and net income per diluted share of $2.16 (non-GAAP measure)(1) for the nine months ended June 30, 2025 compared to net income of $9.4 million and net income per diluted share of $1.37 for the nine months ended June 30, 2024. The core banking segment reported net income of $17.2 million, or $2.46 per diluted share for the nine months ended June 30, 2025 compared to net income of $13.3 million and net income per diluted share of $1.92 for the nine months ended June 30, 2024. Excluding nonrecurring items, the core banking segment reported net income of $14.4 million (non-GAAP measure)(1), or $2.05 per diluted share (non-GAAP measure)(1) for the nine months ended June 30, 2025 compared to net income of $12.9 million and net income per diluted share of $1.89 for the nine months ended June 30, 2024.

    Net interest income increased $5.2 million, or 12.1%, to $48.2 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The tax equivalent net interest margin for the nine months ended June 30, 2025 was 2.89% as compared to 2.67% for the same period in 2024. The increase in net interest income was due to a $5.5 million increase in interest income, partially offset by a $279,000 increase in interest expense. A table of average balance sheets, including average asset yields and average liability costs, is included at the end of this release.

    The Company recognized a reversal of provision for credit losses for loans and securities of $501,000 and $8,000, respectively, and a provision for unfunded lending commitments of $246,000 for the nine months ended June 30, 2025, compared to a provision for credit losses for loans and securities of $1.7 million and $107,000, respectively, and reversal of provision for unfunded lending commitments of $159,000 for the same period in 2024. The reversal of provisions during the 2025 period was due primarily to the bulk sale of approximately $87.2 million of HELOC during the period and a decrease in qualitative reserves. The Company recognized net charge-offs totaling $271,000 for the nine months ended June 30, 2025, of which $52,000 was related to unguaranteed portions of SBA loans, compared to net charge-offs of $224,000 in 2024, of which $15,000 was related to unguaranteed portions of SBA loans.

    Noninterest income increased $4.5 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to a $3.1 million net gain on sales of HELOC, a $403,000 net gain on sales of equity securities in 2025, and the aforementioned $487,000 gain recognized in connection with a lease termination in the 2025 period with no corresponding gain amounts for the 2024 period.

    Noninterest expense increased $2.1 million for the nine months ended June 30, 2025 as compared to the same period in 2024. The increase was due primarily to increases in compensation and benefits and other operating expenses of $1.4 million and $1.1 million, respectively, partially offset by a decrease in professional fees of $412,000. The increase in compensation and benefits is primarily due to routine salary increases and increases in bonus and incentive accruals in 2025 related to stronger Company performance. The increase in other operating expenses was due primarily to a $721,000 reversal of accrued loss contingencies for SBA-guaranteed loans in the 2024 period with no corresponding amount for the 2025 period and a $405,000 accrued contingent liability associated with employee benefits recognized in the 2025 period with no corresponding amount in the 2024 period. The decrease in professional fees is primarily due to the cessation of national mortgage banking operations in the quarter ended December 31, 2023.

    The Company recognized income tax expense of $2.4 million for the nine months ended June 30, 2025 compared to $873,000 for the same period in 2024. The increase is due primarily to higher taxable income in the 2025 period. The effective tax rate for 2025 was 11.8% compared to 8.1%. The effective tax rate is well below the statutory tax rate primarily due to the recognition of investment tax credits related to solar projects in both the 2025 and 2024 periods.

    Comparison of Financial Condition at June 30, 2025 and September 30, 2024

    Total assets decreased $33.7 million, from $2.45 billion at September 30, 2024 to $2.42 billion at June 30, 2025. Net loans held for investment decreased $68.0 million during the nine months ended June 30, 2025, due primarily to $109.1 million of sales of HELOC during the nine months ended June 30, 2025, and residential mortgage loans held for sale increased $42.1 million during the same period.

    Total liabilities decreased $40.4 million due primarily to a decrease in total deposits and other borrowings of $144.7 and $19.9 million, respectively, partially offset by an increase in FHLB borrowings of $133.3 million. The decrease in total deposits was due to a decrease in brokered deposits of $229.1 million, which was due primarily to proceeds from the aforementioned sales of HELOC and greater utilization of FHLB borrowings, partially offset by an increase in customer deposits of $84.4 million. The decrease in other borrowings is due to the redemption of $20.0 million of subordinated notes during the quarter ended June 30, 2023. As of June 30, 2025, deposits exceeding the FDIC insurance limit of $250,000 per insured account were 35.0% of total deposits and 14.3% of total deposits when excluding public funds insured by the Indiana Public Deposit Insurance Fund.

    Total stockholders’ equity increased $6.7 million, from $177.1 million at September 30, 2024 to $183.8 million at June 30, 2025, due primarily to a $14.6 million increase in retained net income, partially offset by a $8.9 million increase in accumulated other comprehensive loss. The increase in accumulated other comprehensive loss was due primarily to increasing long-term market interest rates during the nine months ended June 30, 2025, which resulted in a decrease in the fair value of securities available for sale. At June 30, 2025 and September 30, 2024, the Bank was considered “well-capitalized” under applicable regulatory capital guidelines.

    First Savings Bank is an entrepreneurial community bank headquartered in Jeffersonville, Indiana, which is directly across the Ohio River from Louisville, Kentucky, and operates fifteen depository branches within Southern Indiana. The Bank also has two national lending programs, including single-tenant net lease commercial real estate and SBA lending, with offices located predominately in the Midwest. The Bank is a recognized leader, both in its local communities and nationally for its lending programs. The employees of First Savings Bank strive daily to achieve the organization’s vision, We Expect To Be The BEST community BANK, which fuels our success. The Company’s common shares trade on The NASDAQ Stock Market under the symbol “FSFG.”

    This release may contain forward-looking statements within the meaning of the federal securities laws. These statements are not historical facts; rather, they are statements based on the Company’s current expectations regarding its business strategies and their intended results and its future performance. Forward-looking statements are preceded by terms such as “expects,” “believes,” “anticipates,” “intends” and similar expressions.

    Forward-looking statements are not guarantees of future performance. Numerous risks and uncertainties could cause or contribute to the Company’s actual results, performance and achievements to be materially different from those expressed or implied by the forward-looking statements. Factors that may cause or contribute to these differences include, without limitation, changes in general economic conditions; changes in market interest rates; changes in monetary and fiscal policies of the federal government; legislative and regulatory changes; and other factors disclosed in the Company’s periodic filings with the Securities and Exchange Commission.

    Because of the risks and uncertainties inherent in forward-looking statements, readers are cautioned not to place undue reliance on them, whether included in this release or made elsewhere from time to time by the Company or on its behalf. Except as may be required by applicable law or regulation, the Company assumes no obligation to update any forward-looking statements.

    Contact:
    Tony A. Schoen, CPA
    Chief Financial Officer
    812-283-0724

     
    FIRST SAVINGS FINANCIAL GROUP, INC.
    CONSOLIDATED FINANCIAL HIGHLIGHTS
    (Unaudited)
                       
                       
      Three Months Ended   Nine Months Ended    
    OPERATING DATA: June 30,   June 30,    
    (In thousands, except share and per share data)   2025       2024       2025       2024      
                       
    Total interest income $ 31,965     $ 31,094     $ 95,237     $ 89,765      
    Total interest expense   15,240       16,560       47,059       46,780      
                       
    Net interest income   16,725       14,534       48,178       42,985      
                       
    Provision (credit) for credit losses – loans   347       501       (501 )     1,684      
    Provision (credit) for unfunded lending commitments   77       158       246       (159 )    
    Provision (credit) for credit losses – securities   (1 )     84       (8 )     107      
                       
    Total provision (credit) for credit losses   423       743       (263 )     1,632      
                       
    Net interest income after provision (credit) for credit losses   16,302       13,791       48,441       41,353      
                       
    Total noninterest income   4,520       3,196       14,183       9,688      
    Total noninterest expense   13,693       12,431       42,334       40,248      
                       
    Income before income taxes   7,129       4,556       20,290       10,793      
    Income tax expense   963       483       2,400       873      
                       
    Net income $ 6,166     $ 4,073     $ 17,890     $ 9,920      
                       
    Net income per share, basic $ 0.90     $ 0.60     $ 2.60     $ 1.45      
    Weighted average shares outstanding, basic   6,881,077       6,832,452       6,867,734       6,829,490      
                       
    Net income per share, diluted $ 0.88     $ 0.60     $ 2.57     $ 1.45      
    Weighted average shares outstanding, diluted   6,977,674       6,834,784       6,967,742       6,851,145      
                       
                       
    Performance ratios (annualized)                  
    Return on average assets   1.02 %     0.69 %     0.99 %     0.57 %    
    Return on average equity   13.66 %     9.86 %     13.32 %     8.23 %    
    Return on average common stockholders’ equity   13.66 %     9.86 %     13.32 %     8.23 %    
    Net interest margin (tax equivalent basis)   2.99 %     2.67 %     2.89 %     2.67 %    
    Efficiency ratio   64.45 %     70.11 %     67.89 %     76.41 %    
                       
                       
              QTD       FYTD
    FINANCIAL CONDITION DATA: June 30,   March 31,   Increase   September 30,   Increase
    (In thousands, except per share data)   2025       2025     (Decrease)     2024     (Decrease)
                       
    Total assets $ 2,416,675     $ 2,376,230     $ 40,445     $ 2,450,368     $ (33,693 )
    Cash and cash equivalents   52,123       28,683       23,440       52,142       (19 )
    Investment securities   244,284       244,084       200       249,719       (5,435 )
    Loans held for sale   60,970       61,239       (269 )     25,716       35,254  
    Gross loans   1,916,343       1,900,660       15,683       1,985,146       (68,803 )
    Allowance for credit losses   20,522       20,484       38       21,294       (772 )
    Interest earning assets   2,260,099       2,219,504       40,595       2,277,512       (17,413 )
    Goodwill   9,848       9,848             9,848        
    Core deposit intangibles   275       316       (41 )     398       (123 )
    Noninterest-bearing deposits   202,649       185,252       17,397       191,528       11,121  
    Interest-bearing deposits (customer)   1,253,525       1,207,159       46,366       1,180,196       73,329  
    Interest-bearing deposits (brokered)   280,020       396,770       (116,750 )     509,157       (229,137 )
    Federal Home Loan Bank borrowings   434,924       325,310       109,614       301,640       133,284  
    Subordinated debt and other borrowings   28,722       48,682       (19,960 )     48,603       (19,881 )
    Total liabilities   2,232,853       2,197,041       35,812       2,273,253       (40,400 )
    Accumulated other comprehensive loss   (20,061 )     (19,385 )     (676 )     (11,195 )     (8,866 )
    Total stockholders’ equity   183,822       179,189       4,633       177,115       6,707  
                       
    Book value per share $ 26.35     $ 25.90       0.45     $ 25.72       0.63  
    Tangible book value per share (non-GAAP) (1)   24.90       24.43       0.47       24.23       0.67  
                       
    Non-performing assets:                  
    Nonaccrual loans – SBA guaranteed $ 2,713     $ 123     $ 2,590     $ 5,036     $ (2,323 )
    Nonaccrual loans   12,502       12,597       (95 )     11,906       596  
    Total nonaccrual loans $ 15,215     $ 12,720     $ 2,495     $ 16,942     $ (1,727 )
    Accruing loans past due 90 days                            
    Total non-performing loans   15,215       12,720       2,495       16,942       (1,727 )
    Foreclosed real estate   1,113       444       669       444       669  
    Total non-performing assets $ 16,328     $ 13,164     $ 3,164     $ 17,386     $ (1,058 )
                       
    Asset quality ratios:                  
    Allowance for credit losses as a percent of total gross loans   1.07 %     1.08 %     (0.01 %)     1.07 %     (0.00 %)
    Allowance for credit losses as a percent of nonperforming loans   134.88 %     161.04 %     (26.16 %)     125.69 %     9.19 %
    Nonperforming loans as a percent of total gross loans   0.79 %     0.67 %     0.12 %     0.85 %     (0.06 %)
    Nonperforming assets as a percent of total assets   0.68 %     0.55 %     0.13 %     0.71 %     (0.03 %)
                       
    (1) See reconciliation of GAAP and non-GAAP financial measures for additional information relating to calculation of this item.      
                       
                       
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED):         
    The following non-GAAP financial measures used by the Company provide information useful to investors in understanding the Company’s performance. The Company believes the financial measures presented below are important because of their widespread use by investors as a means to evaluate capital adequacy and earnings. The following table summarizes the non-GAAP financial measures derived from amounts reported in the Company’s consolidated financial statements and reconciles those non-GAAP financial measures with the comparable GAAP financial measures.
                   
      Three Months Ended   Fiscal Year Ended    
    Net Income June 30,   June 30,    
    (In thousands)   2025       2024       2025       2024      
                       
    Net income attributable to the Company (non-GAAP) $ 5,691     $ 3,534     $ 15,057     $ 9,381      
    Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect               1,869            
    Plus: Gain on life insurance, net of tax effect   110             110            
    Plus: Gain on lease termination, net of tax effect   365             365            
    Plus: Gain on sale of equity securities, net of tax effect               302            
    Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect         212             212      
    Plus: Gain on sale of premises and equipment, net of tax effect               186            
    Plus: Recording of Visa Class C shares, net of tax         327             327      
    Net income attributable to the Company (GAAP) $ 6,166     $ 4,073     $ 17,890     $ 9,920      
                       
    Net Income per Share, Diluted                  
                       
    Net income per share attributable to the Company, diluted (non-GAAP) $ 0.81     $ 0.52     $ 2.16     $ 1.37      
    Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect               0.27            
    Plus: Gain on life insurance, net of tax effect   0.02             0.02            
    Plus: Gain on lease termination, net of tax effect   0.05             0.05            
    Plus: Gain on sale of equity securities, net of tax effect               0.04            
    Plus: Decrease in loss contingency for SBA-guaranteed loans, net of tax effect         0.03             0.03      
    Plus: Gain on sale of premises and equipment, net of tax effect               0.03            
    Plus: Recording of Visa Class C shares, net of tax         0.05             0.05      
    Net income per share, diluted (GAAP) $ 0.88     $ 0.60     $ 2.57     $ 1.45      
                       
    Core Bank Segment Net Income                  
    (In thousands)                  
                       
    Net income attributable to the Core Bank (non-GAAP) $ 5,299     $ 4,176     $ 14,379     $ 12,947      
    Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect               1,869            
    Plus: Gain on life insurance, net of tax effect   110             110            
    Plus: Gain on lease termination, net of tax effect   365             365            
    Plus: Gain on sale of equity securities, net of tax effect               302            
    Plus: Gain on sale of premises and equipment, net of tax effect               186            
    Plus: Recording of Visa Class C shares, net of tax         327             327      
    Net income attributable to the Core Bank (GAAP) $ 5,774     $ 4,503     $ 17,212     $ 13,274      
                       
    Core Bank Segment Net Income per Share, Diluted                  
                       
    Core Bank net income per share, diluted (non-GAAP) $ 0.75     $ 0.64     $ 2.05     $ 1.89      
    Plus: Gain on bulk sale of loans, home equity lines of credit, net of tax effect               0.27            
    Plus: Gain on life insurance, net of tax effect   0.02             0.02            
    Plus: Gain on lease termination, net of tax effect   0.05             0.05            
    Plus: Gain on sale of equity securities, net of tax effect               0.04            
    Plus: Gain on sale of premises and equipment, net of tax effect                     0.03      
    Plus: Recording of Visa Class C shares, net of tax         0.05       0.03            
    Core Bank net income per share, diluted (GAAP) $ 0.82     $ 0.69     $ 2.46     $ 1.92      
                       
                       
    RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL MEASURES (UNAUDITED) (CONTINUED): Three Months Ended   Fiscal Year Ended    
    Efficiency Ratio June 30,   June 30,    
    (In thousands)   2025       2024       2025       2024      
                       
    Net interest income (GAAP) $ 16,725     $ 14,534     $ 48,178     $ 42,985      
                       
    Noninterest income (GAAP)   4,520       3,196       14,183       9,688      
                       
    Noninterest expense (GAAP)   13,693       12,431       42,334       40,248      
                       
    Efficiency ratio (GAAP)   64.45 %     70.11 %     67.89 %     76.41 %    
                       
    Noninterest income (GAAP) $ 4,520     $ 3,196     $ 14,183     $ 9,688      
    Less: Gain on bulk sale of loans, home equity lines of credit               (2,492 )          
    Less: Gain on life insurance   (147 )           (147 )          
    Less: Gain on lease termination   (487 )           (487 )          
    Less: Gain on sale of equity securities               (403 )          
    Less: Gain on sale of premises and equipment               (140 )          
    Less: Recording of Visa Class C shares         (245 )           (245 )    
    Noninterest income (Non-GAAP)   3,886       2,951       10,515       9,443      
                       
    Noninterest expense (GAAP) $ 13,693     $ 12,431     $ 42,334     $ 40,248      
    Plus: Decrease in loss contingency for SBA-guaranteed loans         283             283      
    Noninterest expense (Non-GAAP) $ 13,693     $ 12,714     $ 42,334     $ 40,531      
                       
    Efficiency ratio (excluding nonrecurring items) (non-GAAP)   66.44 %     72.71 %     72.13 %     77.31 %    
                       
              QTD       FYTD
    Tangible Book Value Per Share June 30,   March 31,   Increase   September 30,   Increase
    (In thousands, except share and per share data)   2025       2025     (Decrease)     2024     (Decrease)
                       
    Stockholders’ equity (GAAP) $ 183,822     $ 179,189     $ 4,633     $ 177,115     $ 6,707  
    Less: goodwill and core deposit intangibles   (10,123 )     (10,164 )     41       (10,246 )     123  
    Tangible stockholders’ equity (non-GAAP) $ 173,699     $ 169,025     $ 4,674     $ 166,869     $ 6,830  
                       
    Outstanding common shares   6,976,558       6,919,136     $ 57,422       6,887,106     $ 89,452  
                       
    Tangible book value per share (non-GAAP) $ 24.90     $ 24.43     $ 0.47     $ 24.23     $ 0.67  
                       
    Book value per share (GAAP) $ 26.35     $ 25.90     $ 0.45     $ 25.72     $ 0.63  
                       
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED): As of
    Summarized Consolidated Balance Sheets June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands, except per share data)   2025       2025       2024       2024       2024  
                       
    Total cash and cash equivalents $ 52,123     $ 28,683     $ 76,224     $ 52,142     $ 42,423  
    Total investment securities   244,284       244,084       242,634       249,719       238,785  
    Total loans held for sale   60,970       61,239       24,441       25,716       125,859  
    Total loans, net of allowance for credit losses   1,895,821       1,880,176       1,884,514       1,963,852       1,826,980  
    Loan servicing rights   2,869       2,744       2,661       2,754       2,860  
    Total assets   2,416,675       2,376,230       2,388,735       2,450,368       2,393,491  
                       
    Customer deposits $ 1,456,174     $ 1,392,411     $ 1,395,766     $ 1,371,724     $ 1,312,997  
    Brokered deposits   280,020       396,770       437,008       509,157       399,151  
    Total deposits   1,736,194       1,789,181       1,832,774       1,880,881       1,712,148  
    Federal Home Loan Bank borrowings   434,924       325,310       295,000       301,640       425,000  
                       
    Common stock and additional paid-in capital $ 30,090     $ 28,650     $ 28,382     $ 27,725     $ 27,592  
    Retained earnings – substantially restricted   187,969       182,918       178,526       173,337       170,688  
    Accumulated other comprehensive loss   (20,061 )     (19,385 )     (17,789 )     (11,195 )     (17,415 )
    Unearned stock compensation   (2,005 )     (862 )     (973 )     (901 )     (999 )
    Less treasury stock, at cost   (12,171 )     (12,132 )     (12,119 )     (11,851 )     (11,866 )
    Total stockholders’ equity   183,822       179,189       176,027       177,115       168,000  
                       
    Outstanding common shares   6,976,558       6,919,136       6,909,173       6,887,106       6,883,656  
                       
                       
      Three Months Ended
    Summarized Consolidated Statements of Income June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands, except per share data)   2025       2025       2024       2024       2024  
                       
    Total interest income $ 31,965     $ 30,823     $ 32,449     $ 32,223     $ 31,094  
    Total interest expense   15,240       14,832       16,987       17,146       16,560  
    Net interest income   16,725       15,991       15,462       15,077       14,534  
    Provision (credit) for credit losses – loans   347       (357 )     (491 )     1,808       501  
    Provision (credit) for unfunded lending commitments   77       123       46       (262 )     158  
    Provision (credit) for credit losses – securities   (1 )     (1 )     (6 )     (86 )     84  
    Total provision (credit) for credit losses   423       (235 )     (451 )     1,460       743  
                       
    Net interest income after provision for credit losses   16,302       16,226       15,913       13,617       13,791  
                       
    Total noninterest income   4,520       3,560       6,103       2,842       3,196  
    Total noninterest expense   13,693       13,698       14,943       12,642       12,431  
    Income before income taxes   7,129       6,088       7,073       3,817       4,556  
    Income tax expense (benefit)   963       589       848       145       483  
    Net income   6,166       5,499       6,225       3,672       4,073  
                       
                       
    Net income per share, basic $ 0.90     $ 0.80     $ 0.91     $ 0.54     $ 0.60  
    Weighted average shares outstanding, basic   6,881,077       6,875,826       6,851,153       6,832,626       6,832,452  
                       
    Net income per share, diluted $ 0.88     $ 0.79     $ 0.89     $ 0.53     $ 0.60  
    Weighted average shares outstanding, diluted   6,977,674       6,960,020       6,969,223       6,894,532       6,842,336  
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Noninterest Income Detail June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands)   2025       2025       2024       2024       2024  
                       
    Service charges on deposit accounts $ 537     $ 541     $ 567     $ 552     $ 538  
    ATM and interchange fees   648       632       665       642       593  
    Net unrealized gain on equity securities   15       47       78       28       419  
    Net gain on equity securities               403              
    Net gain on sales of loans, Small Business Administration   932       1,078       711       647       581  
    Net gain on sales of loans, home equity lines of credit   617             2,492              
    Mortgage banking income   96       104       78       6       49  
    Increase in cash surrender value of life insurance   358       380       361       363       353  
    Gain on life insurance   147             108              
    Commission income   184       255       210       294       220  
    Real estate lease income   132       122       121       122       154  
    Net gain (loss) on premises and equipment               45       (4 )      
    Other income   854       401       264       192       289  
    Total noninterest income $ 4,520     $ 3,560     $ 6,103     $ 2,842     $ 3,196  
                       
                       
      Three Months Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
    Consolidated Performance Ratios (Annualized)   2025       2025       2024       2024       2024  
                       
    Return on average assets   1.02 %     0.93 %     1.02 %     0.61 %     0.69 %
    Return on average equity   13.66 %     12.24 %     14.07 %     8.52 %     9.86 %
    Return on average common stockholders’ equity   13.66 %     12.34 %     14.07 %     8.52 %     9.86 %
    Net interest margin (tax equivalent basis)   2.99 %     2.93 %     2.75 %     2.72 %     2.67 %
    Efficiency ratio   64.45 %     70.06 %     69.29 %     70.55 %     70.11 %
                       
                       
      As of or for the Three Months Ended
      June 30,   March 31,   December 31,   September 30,   June 30,
    Consolidated Asset Quality Ratios   2025       2025       2024       2024       2024  
                       
    Nonperforming loans as a percentage of total loans   0.79 %     0.67 %     0.87 %     0.85 %     0.91 %
    Nonperforming assets as a percentage of total assets   0.68 %     0.55 %     0.71 %     0.71 %     0.72 %
    Allowance for credit losses as a percentage of total loans   1.07 %     1.08 %     1.09 %     1.07 %     1.07 %
    Allowance for credit losses as a percentage of nonperforming loans   134.88 %     161.04 %     124.85 %     125.69 %     118.12 %
    Net charge-offs to average outstanding loans   0.02 %     -0.01 %     0.01 %     0.02 %     0.01 %
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Segmented Statements of Income Information June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands)   2025       2025       2024       2024       2024  
                       
    Core Banking Segment:                  
    Net interest income $ 15,086     $ 14,259     $ 13,756     $ 14,083     $ 13,590  
    Provision (credit) for credit losses – loans   420       (540 )     (745 )     1,339       320  
    Provision (credit) for unfunded lending commitments   32       35       (75 )     78       64  
    Provision (credit) for credit losses – securities   (1 )     (1 )     (7 )     (86 )     84  
    Total provision (credit) for credit losses   451       (506 )     (827 )     1,331       468  
    Net interest income after provision (credit) for credit losses   14,635       14,765       14,583       12,752       13,122  
    Noninterest income   3,340       2,242       5,253       2,042       2,474  
    Noninterest expense   11,366       11,486       12,574       10,400       10,192  
    Income before income taxes   6,609       5,521       7,262       4,394       5,404  
    Income tax expense   835       452       893       301       689  
    Net income $ 5,774     $ 5,069     $ 6,369     $ 4,093     $ 4,715  
                       
    SBA Lending Segment (Q2):                  
    Net interest income $ 1,639     $ 1,732     $ 1,706     $ 994     $ 944  
    Provision (credit) for credit losses – loans   (73 )     183       255       469       181  
    Provision (credit) for unfunded lending commitments   45       88       121       (340 )     94  
    Total provision (credit) for credit losses   (28 )     271       376       129       275  
    Net interest income after provision for credit losses   1,667       1,461       1,330       865       669  
    Noninterest income   1,180       1,318       850       800       722  
    Noninterest expense   2,327       2,212       2,369       2,242       2,239  
    Income (loss) before income taxes   520       567       (189 )     (577 )     (848 )
    Income tax expense (benefit)   128       137       (45 )     (156 )     (206 )
    Net income (loss) $ 392     $ 430     $ (144 )   $ (421 )   $ (642 )
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Segmented Statements of Income Information June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands, except percentage data)   2025       2025       2024       2024       2024  
                       
    Net Income (Loss) Per Share by Segment                  
    Net income per share, basic – Core Banking $ 0.84     $ 0.74     $ 0.93     $ 0.60     $ 0.69  
    Net income (loss) per share, basic – SBA Lending (Q2)   0.06       0.06       (0.02 )     (0.06 )     (0.09 )
    Total net income (loss) per share, basic $ 0.90     $ 0.80     $ 0.91     $ 0.54     $ 0.60  
                       
    Net Income (Loss) Per Diluted Share by Segment                  
    Net income per share, diluted – Core Banking $ 0.82     $ 0.73     $ 0.91     $ 0.59     $ 0.69  
    Net income (loss) per share, diluted – SBA Lending (Q2)   0.06       0.06       (0.02 )     (0.06 )     (0.09 )
    Total net income per share, diluted $ 0.88     $ 0.79     $ 0.89     $ 0.53     $ 0.60  
                       
    Return on Average Assets by Segment (annualized) (3)                  
    Core Banking   1.01 %     0.90 %     1.09 %     0.71 %     0.83 %
    SBA Lending   1.36 %     1.58 %     (0.55 %)     (1.71 %)     (2.91 %)
                       
    Efficiency Ratio by Segment (annualized) (3)                  
    Core Banking   61.68 %     69.61 %     66.15 %     64.50 %     63.45 %
    SBA Lending   82.55 %     72.52 %     92.68 %     124.97 %     134.39 %
                       
                       
      Three Months Ended
    Noninterest Expense Detail by Segment June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands)   2025       2025       2024       2024       2024  
                       
    Core Banking Segment:                  
    Compensation $ 6,470     $ 6,637     $ 7,245     $ 5,400     $ 5,587  
    Occupancy   1,533       1,648       1,577       1,554       1,573  
    Advertising   437       429       338       399       253  
    Other   2,926       2,772       3,414       3,047       2,779  
    Total Noninterest Expense $ 11,366     $ 11,486     $ 12,574     $ 10,400     $ 10,192  
                       
    SBA Lending Segment (Q2):                  
    Compensation $ 1,914     $ 1,892     $ 1,931     $ 1,854     $ 1,893  
    Occupancy   92       50       59       55       51  
    Advertising   17       10       14       17       12  
    Other   304       260       365       316       283  
    Total Noninterest Expense $ 2,327     $ 2,212     $ 2,369     $ 2,242     $ 2,239  
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    SBA Lending (Q2) Data June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands, except percentage data)   2025       2025       2024       2024       2024  
                       
    Final funded loans guaranteed portion sold, SBA $ 18,019     $ 15,716     $ 10,785     $ 10,880     $ 7,515  
                       
    Gross gain on sales of loans, SBA $ 1,548     $ 1,508     $ 1,141     $ 1,029     $ 811  
    Weighted average gross gain on sales of loans, SBA   8.59 %     9.60 %     10.58 %     9.46 %     10.79 %
                       
    Net gain on sales of loans, SBA (2) $ 932     $ 1,078     $ 711     $ 647     $ 581  
    Weighted average net gain on sales of loans, SBA   5.17 %     6.86 %     6.59 %     5.95 %     7.73 %
                       
                       
    (2) Inclusive of gains on servicing assets and net of commissions, referral fees, SBA repair fees and discounts on unguaranteed portions held-for-investment.    
                       
                       
    SUMMARIZED FINANCIAL INFORMATION (UNAUDITED) (CONTINUED): Three Months Ended
    Summarized Consolidated Average Balance Sheets June 30,   March 31,   December 31,   September 30,   June 30,
    (In thousands)   2025       2025       2024       2024       2024  
    Interest-earning assets                  
    Average balances:                  
    Interest-bearing deposits with banks $ 15,889     $ 11,851     $ 21,102     $ 16,841     $ 26,100  
    Loans   1,992,567       1,946,338       2,010,082       1,988,997       1,943,716  
    Investment securities – taxable   104,169       102,744       101,960       99,834       101,350  
    Investment securities – nontaxable   162,017       161,579       160,929       158,917       157,991  
    FRB and FHLB stock   24,993       24,986       24,986       24,986       24,986  
    Total interest-earning assets $ 2,299,635     $ 2,247,498     $ 2,319,059     $ 2,289,575     $ 2,254,143  
                       
    Interest income (tax equivalent basis):                  
    Interest-bearing deposits with banks $ 145     $ 168     $ 210     $ 209     $ 324  
    Loans   29,214       27,998       29,617       29,450       28,155  
    Investment securities – taxable   947       921       914       910       918  
    Investment securities – nontaxable   1,733       1,719       1,715       1,685       1,665  
    FRB and FHLB stock   416       511       493       471       519  
    Total interest income (tax equivalent basis) $ 32,455     $ 31,317     $ 32,949     $ 32,725     $ 31,581  
                       
    Weighted average yield (tax equivalent basis, annualized):                  
    Interest-bearing deposits with banks   3.65 %     5.67 %     3.98 %     4.96 %     4.97 %
    Loans   5.86 %     5.75 %     5.89 %     5.92 %     5.79 %
    Investment securities – taxable   3.64 %     3.59 %     3.59 %     3.65 %     3.62 %
    Investment securities – nontaxable   4.28 %     4.26 %     4.26 %     4.24 %     4.22 %
    FRB and FHLB stock   6.66 %     8.18 %     7.89 %     7.54 %     8.31 %
    Total interest-earning assets   5.65 %     5.57 %     5.68 %     5.72 %     5.60 %
                       
    Interest-bearing liabilities                  
    Interest-bearing deposits $ 1,537,248     $ 1,653,058     $ 1,671,156     $ 1,563,258     $ 1,572,871  
    Federal Home Loan Bank borrowings   437,371       266,975       315,583       378,956       351,227  
    Subordinated debt and other borrowings   35,070       48,656       48,616       48,576       48,537  
    Total interest-bearing liabilities $ 2,009,689     $ 1,968,689     $ 2,035,355     $ 1,990,790     $ 1,972,635  
                       
    Interest expense:                  
    Interest-bearing deposits $ 10,601     $ 12,069     $ 13,606     $ 12,825     $ 12,740  
    Federal Home Loan Bank borrowings   4,149       2,001       2,617       3,521       3,021  
    Subordinated debt and other borrowings   489       762       764       800       799  
    Total interest expense $ 15,239     $ 14,832     $ 16,987     $ 17,146     $ 16,560  
                       
    Weighted average cost (annualized):                  
    Interest-bearing deposits   2.76 %     2.92 %     3.26 %     3.28 %     3.24 %
    Federal Home Loan Bank borrowings   3.79 %     3.00 %     3.32 %     3.72 %     3.44 %
    Subordinated debt and other borrowings   5.58 %     6.26 %     6.29 %     6.59 %     6.58 %
    Total interest-bearing liabilities   3.03 %     3.01 %     3.34 %     3.45 %     3.36 %
                       
    Net interest income (taxable equivalent basis) $ 17,216     $ 16,485     $ 15,962     $ 15,579     $ 15,021  
    Less: taxable equivalent adjustment   (491 )     (494 )     (500 )     (502 )     (487 )
    Net interest income $ 16,725     $ 15,991     $ 15,462     $ 15,077     $ 14,534  
                       
    Interest rate spread (tax equivalent basis, annualized)   2.62 %     2.56 %     2.34 %     2.27 %     2.24 %
                       
    Net interest margin (tax equivalent basis, annualized)   2.99 %     2.93 %     2.75 %     2.72 %     2.67 %
                       

    The MIL Network

  • MIL-OSI China: China, EU should expand trade, investment ties to cope with external uncertainties: Chinese premier

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

    China, EU should expand trade, investment ties to cope with external uncertainties: Chinese premier

    Chinese Premier Li Qiang and President of the European Commission Ursula von der Leyen attend the China-EU Business Leaders Symposium at the Great Hall of the People in Beijing, capital of China, July 24, 2025. [Photo/Xinhua]

    BEIJING, July 24 — Chinese Premier Li Qiang on Thursday called on China and the European Union (EU) to expand trade and investment ties to enhance their economic resilience and vitality, and to increase their ability to negotiate external uncertainties.

    Li made the remarks at the China-EU Business Leaders Symposium, which was also attended by President of the European Commission Ursula von der Leyen, at the Great Hall of the People in Beijing.

    Speaking to some 60 business leaders, Li said that cooperation is the only correct choice for China and the EU, and that bilateral trade ties have demonstrated strong internal dynamism over the five decades since the establishment of these diplomatic relations.

    In the face of rising protectionism and unilateralism, China and the EU can play pivotal roles in economic globalization, and in the stability of international industrial and supply chains, by working together to uphold free trade and multilateralism, and through closer economic and trade cooperation, he said.

    He proposed that both sides focus on areas such as trade in services, sci-tech innovation, the green economy and third-party cooperation, and that they foster a good competitive and cooperative relationship.

    He encouraged enterprises from both sides to hold an open attitude, align their needs and deepen cooperation in the fields of industrial investment, market expansion, and joint research and development.

    Li noted that China will continue expanding its high-level opening-up, shorten its negative list for foreign investment, strengthen intellectual property protection and safeguard fair competition.

    “We welcome more European businesses to invest and pursue long-term operations in China,” he said, also calling on the EU to provide a fair, equitable and non-discriminatory environment for Chinese enterprises investing in Europe.

    Von der Leyen said that China is not only an industrial powerhouse but also a top performer in innovation.

    The EU stands ready to use the 50th anniversary of diplomatic relations as an opportunity to deepen its long-term, stable and mutually beneficial partnership with China, she said.

    She noted that the EU will enhance cooperation with China in such fields as trade and investment, work with China to promote industrial and supply chain stability, manage differences in a proper manner, and foster a favorable environment for cooperation and business.

    The EU has no intention to decouple from China and welcomes Chinese enterprises to invest in Europe, she added.

    MIL OSI China News

  • MIL-OSI Submissions: Tech Research – Artificial Intelligence Adoption in S&P 500 Firms Brings New Security Challenges, Study Finds

    Source: Cybernews

    July 24, 2025, Vilnius, Lithuania – As artificial intelligence becomes increasingly central to the operations of America’s largest corporations, recent research reveals potential security vulnerabilities that could affect both organizations and their customers.

    An analysis by cybersecurity experts at Cybernews examined AI deployments across the S&P 500 and uncovered close to 1,000 potential weak points that may lead to data exposure, theft of proprietary information, and erroneous AI actions.

    The study found that 327 S&P 500 companies publicly report using AI tools in their operations in sectors including finance, healthcare, manufacturing, and energy.

    While these tools have accelerated innovation and efficiency, safety measures have yet to fully catch up, leaving systems open to misuse or failure. This includes AI outputs that may be inaccurate or misleading, unintended disclosure of confidential data, and risks of corporate secrets being compromised.

    Žilvinas Girėnas, head of product at nexos.ai, emphasized, “It’s not enough to deploy AI and hope for the best. Businesses need to develop AI with the same safety standards as airplanes: constant oversight, clear guardrails, and a zero-trust approach. Every AI decision must be considered potentially wrong until proven correct, and every input must be monitored to prevent sensitive data from leaking or trade secrets from escaping.”

    The potential vulnerabilities extend across multiple industries. Technology and semiconductor companies are especially vulnerable to data leaks and intellectual property risks. Financial institutions might face challenges protecting client data while ensuring AI does not reinforce unfair bias in lending.

    Healthcare providers carry the added responsibility of protecting patients from flawed AI-driven recommendations. Meanwhile, industrial and infrastructure sectors must guard against disruptions that could affect critical services, such as power supply or supply chain operations.

    For consumers, the consequences are tangible. Unsecured AI systems risk leaking private details – ranging from medical histories to financial records – while flawed AI judgments could influence decisions that directly affect people’s health and finances.

    As AI tools play a larger role in retail, banking, transportation, and other areas, protecting these technologies becomes essential for public protection.

    The report highlights past incidents that illustrate these dangers. IBM’s Watson once offered unsafe cancer treatment suggestions. Apple’s credit system faced scrutiny after allegations of gender bias. Zillow’s AI-driven pricing led to substantial financial losses. Additionally, Samsung experienced unintended source code disclosures due to inappropriate use of AI chatbots by employees.

    “AI is becoming more deeply embedded in business operations, and the risks are multiplying. The lessons from all these incidents are clear: unchecked deployment without robust security and oversight leads to real-world failures,” said Martynas Vareikis, Security Researcher at Cybernews.

    As AI further transforms businesses, past incidents and potential threats show how crucial it is to improve security strategies in parallel.

    ABOUT CYBERNEWS

    Cybernews is a globally recognized independent media outlet where journalists and security experts debunk cyber by research, testing, and data. Founded in 2019 in response to rising concerns about online security, the site covers breaking news, conducts original investigations, and offers unique perspectives on the evolving digital security landscape. Through white-hat investigative techniques, Cybernews research team identifies and safely discloses cybersecurity threats and vulnerabilities, while the editorial team provides cybersecurity-related news, analysis, and opinions by industry insiders with complete independence. 

    Cybernews has earned worldwide attention for its high-impact research and discoveries, which have uncovered some of the internet’s most significant security exposures and data leaks. Notable ones include:

    • Cybernews researchers discovered multiple open datasets comprising 16 billion login credentials from infostealer malware, social media, developer portals, and corporate networks – highlighting the unprecedented risks of account takeovers, phishing, and business email compromise.

    • Cybernews researchers analyzed 156,080 randomly selected iOS apps – around 8% of the apps present on the App Store – and uncovered a massive oversight: 71% of them expose sensitive data.

    • Recently, Bob Dyachenko, a cybersecurity researcher and owner of SecurityDiscovery.com, and the Cybernews security research team discovered an unprotected Elasticsearch index, which contained a wide range of sensitive personal details related to the entire population of Georgia. 

    • The team analyzed the new Pixel 9 Pro XL smartphone’s web traffic, and found that Google’s latest flagship smartphone frequently transmits private user data to the tech giant before any app is installed.

    • The team revealed that a massive data leak at MC2 Data, a background check firm, affects one-third of the US population.

    • The Cybernews security research team discovered that 50 most popular Android apps require 11 dangerous permissions on average.

    • They revealed that two online PDF makers leaked tens of thousands of user documents, including passports, driving licenses, certificates, and other personal information uploaded by users.

    • An analysis by Cybernews research discovered over a million publicly exposed secrets from over 58 thousand websites’ exposed environment (.env) files.

    • The team revealed that Australia’s football governing body, Football Australia, has leaked secret keys potentially opening access to 127 buckets of data, including ticket buyers’ personal data and players’ contracts and documents.

    • The Cybernews research team, in collaboration with cybersecurity researcher Bob Dyachenko, discovered a massive data leak containing information from numerous past breaches, comprising 12 terabytes of data and spanning over 26 billion records.

    • The team analyzed NASA’s website, and discovered an open redirect vulnerability plaguing NASA’s Astrobiology website.

    • The team investigated 30,000 Android Apps, and discovered that over half of them are leaking secrets that could have huge repercussions for both app developers and their customers.

    MIL OSI – Submitted News

  • MIL-OSI Submissions: Tech Research – Artificial Intelligence Adoption in S&P 500 Firms Brings New Security Challenges, Study Finds

    Source: Cybernews

    July 24, 2025, Vilnius, Lithuania – As artificial intelligence becomes increasingly central to the operations of America’s largest corporations, recent research reveals potential security vulnerabilities that could affect both organizations and their customers.

    An analysis by cybersecurity experts at Cybernews examined AI deployments across the S&P 500 and uncovered close to 1,000 potential weak points that may lead to data exposure, theft of proprietary information, and erroneous AI actions.

    The study found that 327 S&P 500 companies publicly report using AI tools in their operations in sectors including finance, healthcare, manufacturing, and energy.

    While these tools have accelerated innovation and efficiency, safety measures have yet to fully catch up, leaving systems open to misuse or failure. This includes AI outputs that may be inaccurate or misleading, unintended disclosure of confidential data, and risks of corporate secrets being compromised.

    Žilvinas Girėnas, head of product at nexos.ai, emphasized, “It’s not enough to deploy AI and hope for the best. Businesses need to develop AI with the same safety standards as airplanes: constant oversight, clear guardrails, and a zero-trust approach. Every AI decision must be considered potentially wrong until proven correct, and every input must be monitored to prevent sensitive data from leaking or trade secrets from escaping.”

    The potential vulnerabilities extend across multiple industries. Technology and semiconductor companies are especially vulnerable to data leaks and intellectual property risks. Financial institutions might face challenges protecting client data while ensuring AI does not reinforce unfair bias in lending.

    Healthcare providers carry the added responsibility of protecting patients from flawed AI-driven recommendations. Meanwhile, industrial and infrastructure sectors must guard against disruptions that could affect critical services, such as power supply or supply chain operations.

    For consumers, the consequences are tangible. Unsecured AI systems risk leaking private details – ranging from medical histories to financial records – while flawed AI judgments could influence decisions that directly affect people’s health and finances.

    As AI tools play a larger role in retail, banking, transportation, and other areas, protecting these technologies becomes essential for public protection.

    The report highlights past incidents that illustrate these dangers. IBM’s Watson once offered unsafe cancer treatment suggestions. Apple’s credit system faced scrutiny after allegations of gender bias. Zillow’s AI-driven pricing led to substantial financial losses. Additionally, Samsung experienced unintended source code disclosures due to inappropriate use of AI chatbots by employees.

    “AI is becoming more deeply embedded in business operations, and the risks are multiplying. The lessons from all these incidents are clear: unchecked deployment without robust security and oversight leads to real-world failures,” said Martynas Vareikis, Security Researcher at Cybernews.

    As AI further transforms businesses, past incidents and potential threats show how crucial it is to improve security strategies in parallel.

    ABOUT CYBERNEWS

    Cybernews is a globally recognized independent media outlet where journalists and security experts debunk cyber by research, testing, and data. Founded in 2019 in response to rising concerns about online security, the site covers breaking news, conducts original investigations, and offers unique perspectives on the evolving digital security landscape. Through white-hat investigative techniques, Cybernews research team identifies and safely discloses cybersecurity threats and vulnerabilities, while the editorial team provides cybersecurity-related news, analysis, and opinions by industry insiders with complete independence. 

    Cybernews has earned worldwide attention for its high-impact research and discoveries, which have uncovered some of the internet’s most significant security exposures and data leaks. Notable ones include:

    • Cybernews researchers discovered multiple open datasets comprising 16 billion login credentials from infostealer malware, social media, developer portals, and corporate networks – highlighting the unprecedented risks of account takeovers, phishing, and business email compromise.

    • Cybernews researchers analyzed 156,080 randomly selected iOS apps – around 8% of the apps present on the App Store – and uncovered a massive oversight: 71% of them expose sensitive data.

    • Recently, Bob Dyachenko, a cybersecurity researcher and owner of SecurityDiscovery.com, and the Cybernews security research team discovered an unprotected Elasticsearch index, which contained a wide range of sensitive personal details related to the entire population of Georgia. 

    • The team analyzed the new Pixel 9 Pro XL smartphone’s web traffic, and found that Google’s latest flagship smartphone frequently transmits private user data to the tech giant before any app is installed.

    • The team revealed that a massive data leak at MC2 Data, a background check firm, affects one-third of the US population.

    • The Cybernews security research team discovered that 50 most popular Android apps require 11 dangerous permissions on average.

    • They revealed that two online PDF makers leaked tens of thousands of user documents, including passports, driving licenses, certificates, and other personal information uploaded by users.

    • An analysis by Cybernews research discovered over a million publicly exposed secrets from over 58 thousand websites’ exposed environment (.env) files.

    • The team revealed that Australia’s football governing body, Football Australia, has leaked secret keys potentially opening access to 127 buckets of data, including ticket buyers’ personal data and players’ contracts and documents.

    • The Cybernews research team, in collaboration with cybersecurity researcher Bob Dyachenko, discovered a massive data leak containing information from numerous past breaches, comprising 12 terabytes of data and spanning over 26 billion records.

    • The team analyzed NASA’s website, and discovered an open redirect vulnerability plaguing NASA’s Astrobiology website.

    • The team investigated 30,000 Android Apps, and discovered that over half of them are leaking secrets that could have huge repercussions for both app developers and their customers.

    MIL OSI – Submitted News

  • MIL-OSI USA: AG Brown files a lawsuit against Fidelity Information Services to protect the personal data of people who apply for or receive food assistance benefits

    Source: Washington State News

    SEATTLE – Attorney General Nick Brown today filed a breach of contract lawsuit against Fidelity Information Services (FIS) to block the company from illegally disclosing the private, personal data of more than one million Washington residents who receive or applied for food assistance benefits to the federal government for its deportation efforts.

    Since 2015, FIS has served as the contractor for Washington’s Department of Social and Health Services (DSHS) to deliver benefit payments to recipients. DSHS administers food assistance programs including the federally funded Supplemental Nutrition Assistance Program (SNAP) and the state-funded Food Assistance Program (FAP). FAP provides food benefits to people who would be eligible for SNAP but are excluded from the federal program because of their immigration status.

    “People who need food assistance for themselves and their families should be able to trust that their data will be protected and kept private,” Brown said. “If a contractor fails to uphold the terms they’ve agreed to, we will hold them accountable under the law.”

    Washington law requires that the information of public benefits applicants and recipients be protected from unauthorized disclosure or improper use. Additionally, the contract with FIS requires the company to get DSHS’s express written consent before disclosing this information and to follow DSHS policies and rules protecting recipients’ information.

    Nevertheless, FIS informed DSHS on May 9 that it intended to turn over the personal data of SNAP cardholders and data about transactions to the U.S. Department of Agriculture (USDA). That came in the wake of guidance from USDA incorrectly claiming it could use federal food benefits law to obtain SNAP data directly from contractors, rather than state agencies, to use for the Trump administration’s immigration enforcement efforts.

    DSHS told FIS on May 14 that the agency does not consent to the disclosure of confidential information to USDA, and FIS initially pledged that it would refrain from sharing the data until authorized. But since then, as USDA has continued its efforts to collect personal data of SNAP recipients, FIS failed to respond to repeated requests from DSHS asking for confirmation that it would not turn over any data without DSHS’s express consent.

    In the complaint, filed in Thurston County Superior Court, Brown argues that DSHS is entitled to a court order blocking FIS from disclosing confidential information to USDA and a declaration that unauthorized disclosure would constitute a breach of contract. The complaint also asks the court to determine that any unauthorized disclosure of confidential and personally identifiable information would violate the Washington Consumer Protection Act and the Washington Law Against Discrimination.

    Brown is asking the court to order FIS not to disclose any confidential information to any third party without the express written consent of DSHS.

    A copy of the complaint is available here.

    -30-

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    MIL OSI USA News

  • MIL-OSI USA: US Department of Labor recovers $155K in wages, benefits for 19 employees underpaid by Colorado contractor on federally funded project

    Source: US Department of Labor

    DENVER  The U.S. Department of Labor recovered a total of $155,066 in back wages and fringe benefits for 19 employees who were underpaid for their work on a project funded by the U.S. Department of Housing and Urban Development. 

    The department’s Wage and Hour Division found that AAA Fire Protection Inc. was contracted to install sprinklers at a newly constructed mixed-use apartment and retail complex in Denver. The company incorrectly classified 16 employees as apprentices and failed to provide fringe benefits and proper prevailing wages in violation of the Davis-Bacon and Related Acts. AAA Fire Protection also neglected to pay overtime premiums to employees working more than 40 hours in a workweek and failed to keep proper records, both violations of the Fair Labor Standards Act.

    “An employer cannot simply classify workers as apprentices and pay them a lower rate. Any workers classified as apprentices must be part of a registered apprenticeship program,” explained Wage and Hour Division District Director David Skinner in Denver. “Contractors can contact us for compliance assistance to learn how to properly classify workers to meet their legal obligation to pay them the wages and benefits they are rightfully due.”

    Located in Commerce City, AAA Fire Protection Inc. is a specialty contractor focusing on fire suppression. In addition to the $155,066 in back wages and fringe benefits, the employer agreed to comply with the Davis-Bacon Act and Davis-Bacon and Related Acts in all future contracts that are subject to the acts. 

    The Wage and Hour Division offers free virtual prevailing wage seminars to provide training and outreach on topics such as the Davis-Bacon Act, the Service Contract Act, Executive Orders 13658 and 13706, wage determinations and conformances, and compliance assistance and enforcement processes.

    Learn more about the Wage and Hour Division and the Davis-Bacon and Related Acts, including a search tool to use if you think you may be owed back wages collected by the division and how to file an online complaint. For compliance assistance, employees and employers can call the agency’s toll-free helpline at 866-4US-WAGE (487-9243). 

    Download the agency’s free Timesheet App for iOS and Android devices to ensure hours and pay are accurate. 

    MIL OSI USA News

  • MIL-OSI United Nations: Activities of Secretary-General in Spain, 29 June – 1 July

    Source: United Nations General Assembly and Security Council

    The United Nations Secretary-General, António Guterres, arrived in Sevilla, Spain, on Sunday, 29 June, to take part in the Fourth International Conference on Financing for Development (FFD4), which was being co-hosted by Spain and took place from 30 June to 3 July.

    In the afternoon, he met with His Majesty Don Felipe VI, King of Spain.  They discussed ongoing efforts to advance the international financing for development agenda.  During the meeting, the Secretary-General expressed his deep gratitude for Spain’s unwavering commitment to multilateralism and the UN system, as well as its leadership role in international cooperation and as a permanent bridge builder between the North and the South.

    In the evening, the Secretary-General attended a dinner hosted by H.H.M.M. the King and Queen of Spain.

    On Monday morning, 30 June, the Secretary-General had a bilateral meeting with the President of the Government of Spain, Pedro Sánchez Pérez-Castejón.  They discussed efforts to advance international financing for development and Spain’s cooperation with the UN in this regard.  The Secretary-General expressed his deep appreciation for the magnificent organization of the Conference and Spain’s warm hospitality.

    Soon after, together with President of the Government of Spain, the Secretary-General met and greeted Heads of State and Government.  This was followed by a family photo.

    Then, also with the President of the Government of Spain, the Secretary-General welcomed Don Felipe VI, King of Spain, and Queen Letizia.

    The Secretary-General then delivered remarks during the Conference’s opening session and underscored that financing is the engine of development, and right now, this engine is sputtering.  He warned that the 2030 Agenda for Sustainable Development, our global promise to transform our world for a better, fairer future, is in danger.

    The Secretary-General stressed that the Conference wasn’t about charity, it was about restoring justice and lives of dignity.  He also added that the Conference wasn’t about money, it was about investing in the future we want to build, together.

    Speaking to the media afterwards, in a joint press encounter with the President of the Government of Spain, the Secretary-General underscored that with the adoption of the Sevilla Commitment document, countries are proving their dedication to getting the engine of development revving again.  Above all, he added, Sevilla was about solutions and finding these solutions at a divided and difficult moment for the human family.

    The Secretary-General said that it was his hope that the collective efforts in Sevilla can inspire and motivate the countries of the world to work as one to solve other global challenges.

    In the afternoon, at the launch of the Sevilla Platform for Action, the Secretary-General highlighted that the Platform offers an ambitious, action-oriented response to the global financing challenge.  He pointed out that in the midst of a world of division, conflict and economic uncertainty, the Platform contains more than 130 specific initiatives that demonstrate what we can achieve by working together.

    Soon after, at the opening of the International Business Forum, the Secretary-General underscored that by uniting public and private sector leaders, regulators and development banks, we can ensure that the Conference is not an end, but rather a beginning.

    Later in the afternoon, the Secretary-General held a series of bilateral meetings, including with the President of the Republic of Ecuador, Daniel Noboa Azín, with the Prime Minister of Nepal, K.P. Sharma Oli, with the President of Estonia, Alar Karis,  with the President of Albania, Bajram Begaj, and the Prime Minister of Ukraine, Denys Shmyhal.

    The Secretary-General also met Deemah AlYahya, the Secretary-General of the Digital Cooperation Organization, and also held a bilateral meeting with Mark Suzman, CEO and Board Member of the Gates Foundation.

    Later in the evening, the Secretary-General attended a cocktail-style dinner hosted by the President of the Government of Spain with Heads of State and Government.

    On Tuesday morning, 1 July, the Secretary-General held a closed-door meeting with Heads of the multilateral development banks, which the President of the Government of Spain also participated, as well as the Deputy-Secretary-General, Amina Mohammed.

    He then had a meeting with Juan Manuel Moreno Bonilla, the President of the Regional Government of Andalusia and the First Vice-President of the European Committee of the Regions, before leaving Sevilla, Spain.

    MIL OSI United Nations News