NewzIntel.com

Category: Commerce

  • MIL-OSI USA: Public input needed for new roundabout on SR 3 near Shelton

    Source: Washington State News 2

    Online open house scheduled for April 30 to May 14

    SHELTON – Community members can learn more about a planned roundabout on State Route 3 north of Shelton during an online open house.

    Starting Wednesday, April 30, the Washington State Department of Transportation will host an online open house featuring a new single-lane roundabout. The roundabout will replace a stop sign at the SR 3 intersection with Mason Lake Road.

    Visitors are encouraged to leave feedback to help with the final design.

    Roundabouts help reduce the potential for crashes while keeping people moving. WSDOT routinely reviews intersections along state highways in rural areas around the state to find ways to reduce potential collisions.

    SR 3 Mason Lake Road Roundabout Online Open House

    When:  Wednesday, April 30, through Wednesday, May 14

    Where:  engage.wsdot.wa.gov/sr-3-mason-lake-road

    Details:  The online open house is available 24/7 for people to visit and fill out the questionnaire whenever fits their schedule.

    Free, temporary internet access is available to those who do not have broadband service in locations throughout the state. To find the nearest Drive-In WiFi Hotspot visit the Department of Commerce website.

    Free WiFi access is available at these locations for people who wish to participate in the online open house:

    • North Mason Timberland Library, 230381 NE State Route 3, Belfair, WA 98528
    • Shelton Timberland Library, 710 W. Alder St., Shelton, WA 98584

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Red Arrows could return to Ryde for Isle of Wight Armed Forces Day 30 April 2025 Red Arrows could return to Ryde for Isle of Wight Armed Forces Day

    Source: Aisle of Wight

    The RAF’s iconic Reds Arrows could return to Ryde for Armed Forces Day, helping to celebrate the 80th anniversary of VE Day.

    Last year marked a historic first as the Red Arrows soared over Ryde sands, performing breath-taking manoeuvres that left thousands of spectators in awe. The possibility of their return this June has stirred excitement across the Island once again.

    Ian Dore, event organiser, said: “As you may have seen, there is a currently a space in the Red Arrows display season calendar, and we have the opportunity to fill it as it’s reserved for us.

    “We had hoped to go firm with this at the beginning of the year, but circumstances out of our control prevented that.

    “Once the MOD comes through with their support, it will enable us to provide the necessary safety elements for a sky-high, seat-of-your-pants salute to the Island’s Armed Forces community.

    “We are one of only three Armed Forces Days to be offered the Reds, so it should be pursued at full throttle as it’s a considerable privilege.”

    Currently, the Red Arrows are engaged in their annual assessment in Croatia. Their first scheduled display is a flypast in London on 5 May, with a return to the Capital in June for His Majesty the King’s birthday flypast. If all goes well, they could be dazzling the skies over Ryde on Sunday, 29 June.

    Ian added: “We’ve done all the groundwork, and the air planning is in place. However, until the MOD commits further, I am not 100 per cent sure what we are looking at. Working off the known numbers as they stand, if everyone who attended last year’s event chipped in £2, we’d be there overnight.

    “I’m pleased to say that two major Island businesses have already stepped up to support this element of the event. Ultimately, it will be down to public generosity to get it fully airborne. If some more Armed Forces Covenant signatories do the same, the challenge lessens.”

    He added: “Times are tough, but given the significance of this year, it’s appropriate to rally together, helping to fund a spectacular display that honours the courage, commitment, and sacrifice of our Armed Forces community.

    “It’s also easy to forget that many youngsters and families, through no fault of their own, lack the resources to visit such a dynamic air display on the mainland. We strive to combine excitement and adventure with history and high-octane action for everyone to enjoy.

    “The Red Arrows are more than just a display team; they are a symbol of national pride. If the Island’s community can help crowd-fund their appearance at Armed Forces Day, it will demonstrate that our support is not just in words but in action. We surely must give it our best shot and try?”

    Next Wednesday afternoon, the official Isle of Wight Armed Forces Day website will provide details on any proposed fundraisers.

    Businesses, individuals, and corporate bodies have exclusive opportunities to support and facilitate this element of the event.

    For more information, please contact Ian Dore at ian.dore@iow.gov.uk

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Victorian school buildings update

    Source: Scotland – City of Aberdeen

    The possible options, estimated costs and timescales to improve the sustainability of Aberdeen City Council’s Victorian school buildings went before the Education and Children’s Services committee yesterday (Tuesday 29 April).

    Committee members approved the recommendations of the Victorian Schools Programme report which included the Outline Business Case.  The preferred options (Appendix A) for the 10 in-scope schools were detailed in a confidential report due to the commercially sensitive costs involved and heard in private.

    Councillor Martin Greig, the Convener of Education and Children’s Services Committee, said: “It is important to do all we can to ensure that every city schools is able to provide the best possible learning environment for the benefit of pupils. The ‘Outline Business Case’ for the ten Victorian Granite schools is the latest part of the Council’s strategy to maintain and improve the school estate in the long term. Detailed and careful planning is needed to identify how we can manage to upgrade these older buildings. Funding will be a major challenge with the very finite resources available.”

    Councillor Jessica Mennie, Vice-Convener of Education and Children’s Services Committee, said: “The Victorian Schools Programme report highlights the significant amount of work that we are committed to delivering over the next 15 years to ensure that we can provide the highest quality, sustainable and nurturing environments in our Victorian Schools. It’s important we invest in our heritage schools, whilst ensuring our learning environments are accessible and fit for purpose.”

    The Victorian school buildings included within the scope of this project are:

    • Aberdeen Grammar School
    • Ashley Road School
    • Broomhill School
    • Culter School
    • Gilcomstoun School
    • Kittybrewster School
    • Skene Square School
    • St Joseph’s RC School
    • Sunnybank School
    • Woodside School

    Some of the common suitability challenges affecting many of the schools include accessibility issues; lack of breakout spaces for small group work and pupil support; limited space for outdoor learning; lack of space for dining and PE provision; and inadequate toilet facilities. In addition, several schools are at or already exceed their available pupil capacity, and space within the school sites for extending the buildings is severely limited.

    The cost of the preferred option, programming and cost implications for the Victorian Schools Programme will be added to the development of the School Estate Plan annual update report, which will be presented to the Education and Children’s Services committee in September 2025.

    This will enable the costs to be considered within the budget setting process for 2026/27 along with the cost for any other new priorities which may be identified in the School Estate Plan update. 

    Photo: Aberdeen Grammar School. 

    MIL OSI United Kingdom –

  • MIL-OSI USA: Latta Washington Times Op-Ed: A Plan for American Energy Dominance

    Source: United States House of Representatives – Congressman Bob Latta (R-Bowling Green Ohio)

    Latta Washington Times Op-Ed: A Plan for American Energy Dominance

    Washington, April 30, 2025 | Ashley Juhn (202-225-6405)

    WASHINGTON, D.C.—In a new op-ed in the Washington Times, Congressman Bob Latta (R-OH-5), the Chairman of the Energy Subcommittee on the Energy and Commerce Committee details his all-of-his-above strategy for a new era of American energy dominance working with the Republican majority in Congress and the Trump administration.

    Below, please find an excerpt from the op-ed.

    A plan for American energy dominance

    Washington Times

    By: Congressman Bob Latta

    April 28, 2025

    With global tensions on the rise and energy prices increasing across the country, the new administration has made one thing quite clear: American energy dominance is no longer agoal-it’s a necessity. As chairman of the Energy Subcommittee on theEnergy and Commerce Committee, I’m committed to advancing an all-of -the-above energy approach that strengthens our economy, protects our national security, and puts American workers first. We must come together not only to reverse the damage caused by the Biden administration’s misguided policies, but also to build a resilient, proactive energy future that prioritizes innovation, affordability, and reliability.

    I firmly believe that we need to produce more energy in this country, not less. At a recent Energy Subcommittee hearing, I asked the Regional Transmission Organizations (RTO) and Independent System Operators(ISO) if America needs more or less energy to meet demand. Every witness said America needs to produce more energy to meet the growing demand. At the same time, they all agreed that we can’t be taking current generation offline. More energy is needed for consumers, small and large manufacturers, agriculture, and medical facilities.

    What is the largest contributing factor for our growing energy needs? AI data centers…

    The Department of Energy reported that data centers’ load growth tripled over the past decade, and will likely double to triple in the next three years…

     Energy security is national security.

    MIL OSI USA News –

  • MIL-OSI: Exporters & Importers Get Smarter with New Export Genius Dashboard

    Source: GlobeNewswire (MIL-OSI)

    NEW DELHI, April 30, 2025 (GLOBE NEWSWIRE) — Export Genius, a renowned name in global trade data, has announced the launch of its newly upgraded dashboard – designed to help exporters, importers, analysts, and business owners work more efficiently and make smarter trade decisions.

    In a world where trade is evolving rapidly, having raw data isn’t just enough. Businesses need access to trade data with the right tools to make sense of it. That’s exactly what this new dashboard delivers.

    “At Export Genius, we know how tough it can be to tackle trade data,” says Ankur Gupta, the Founder. “That’s why our new features don’t just add more data, instead they turn it into clear insights you can act on.”

    Built For You – Features That Solve Real Trade Challenges

    We’re excited to introduce powerful new tools that save you time, reduce guesswork, and make trade data truly actionable.

    Global Search

    All Your Country Data, United In One View

    Global Search brings all your subscribed countries’ trade data onto one screen, so you no longer have to jump between reports or pages. You get a unified view that makes spotting trends, tracking demand and supply, and making smart decisions easier.

    All Summary

    A Full Market Snapshot – Even Beyond Your Plan

    All Summary delivers a complete market snapshot about which country’s data to explore. It shows sample trade details (origins, buyers, quantities) alongside rising demand and active markets, so you can instantly spot opportunities.

    By combining real data on trade trends and preview access, it helps you pick the countries worth unlocking and focus on the markets that align with your goals.

    Custom Sorting

    Shape Your Data To Fit Your Goals

    Custom Sorting lets you arrange and filter your trade data – by HS code, country, date, importer, or supplier – in whatever order suits your workflow.

    Ready to Experience the New Dashboard?

    Book a personalized walkthrough, visit Export Genius or request a demo today!

    About Export Genius:

    Export Genius is a global trade intelligence platform helping businesses of all sizes turn raw import-export data into actionable insights. With coverage in 190+ countries, we serve thousands of customers with the tools they need to identify markets, track competitors, and make smarter trade decisions.

    Photo available: https://www.globenewswire.com/NewsRoom/AttachmentNg/60f16f85-558a-4024-9d43-07fb0bed4368

    The MIL Network –

  • MIL-OSI USA: Cortez Masto Highlights Pain Trump’s First 100 Days Have Caused Nevada Working Families and Businesses

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
     ***VIDEO AVAILABLE***
    FTPs for TV stations is available here.
    Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) spoke on the Senate floor on the 100th day of President Donald Trump’s second term to highlight the disastrous impacts President Trump’s agenda have had on hardworking Nevadans and their businesses.
    Throughout the start of Trump’s term, the Senator Cortez Masto has pushed multiple Departments under the Trump Administration for detailed, public information regarding the impacts of President Trump’s federal funding freeze, hiring freeze, and terminations on Nevada – including to the Department of the Interior, the U.S. Forest Service, the National Nuclear Security Administration, the Department of Veterans Affairs, Department of Agriculture, General Services Administration, Department of Health and Human Services, and Consumer Finance Protection Bureau.
    Senator Cortez Masto has also repeatedly called out President Trump and Congressional Republican’s attempts to slash Medicaid to pay for tax cuts for billionaires. And she has continued to push the Trump Administration to address the impacts of Trump’s tariffs on working families, small businesses, and Nevada’s travel and tourism economy.
    Below are her remarks as prepared for delivery:
    While campaigning last year in Bozeman, Montana, Donald Trump said, “Starting on day one, we will end inflation and make America affordable again, to bring down the prices of all goods.”
    Well, it’s been 100 days since he entered the White House, and here’s what he’s given us so far:
    His tariffs are increasing costs for the average family by more than $4,000 a year.
    He has slashed billions from programs that everyday Americans rely on, including $1 Billion for mental health care services.
    He has directed Elon Musk and his unqualified loyalists to fire more than 121,000 federal employees delivering essential services – everyone from to Park Rangers tasked with keeping Americans safe to scientists researching cures to deadly diseases.
    He’s pushing House and Senate Republicans to rubber stamp a plan to cut nearly $1 trillion dollars from Medicaid in order to give tax cuts to billionaires.
    And he’s created endless chaos and uncertainty.
    I could go on and on – that’s just how much damage President Trump has caused to our country in 100 days – but I want to take some time to focus on the impact his economic agenda is having on our small businesses.
    I’m from Nevada, where there are almost 300,000 small businesses.
    These mom-and-pop shops are the lifeblood of our economy and are a part of the fabric of every community.
    And it’s these small businesses that are bearing the brunt of President Trump’s destructive tariffs.
    Now, I believe targeted tariffs on our adversaries can be a useful tool to protect American jobs and support our national security.
    But these blanket tariffs are the opposite of that.
    These last two weeks – while back home in Nevada – I got a first-hand account of what small businesses are having to deal with.
    I heard these concerns from three small business owners in Las Vegas: Juanny, Santy, and Kristen. All three of these women own shops that serve specialty drinks and incredible food to Nevadans – from coffee and boba to tacos.
    In Vegas – as you may know – travel and tourism are the backbone of our economy.
    When people come to Las Vegas they don’t just visit the Strip. They go to Chinatown, and the arts district, and all over the valley to patronize our small businesses.
    For many business owners – like Juanny, like Santy, like Kristen – their margins are already razor-thin, and tourism is key to meeting their bottom line.
    But because of President Trump’s tariffs, we’re already seeing a decline in visitors coming to Las Vegas. 
    Whether people are staying home because they don’t have any room in their budgets for a vacation, or international tourists are choosing other destinations – Trump’s economic agenda is threatening to crater our $2 trillion tourism economy. 
    That hurts our small businesses!
    And when they can’t keep up because costs are rising, because they have fewer patrons, or because of the higher cost of importing their supplies – they’re forced to raise their prices and pass the burden onto customers.
    It’s unsustainable.
    And this same sentiment is echoed in the Northern part of our state.
    In Reno, I spoke to Mark, a small coffee shop owner who is already asking himself how he can continue to navigate everyday operations amid the uncertainty.
    He doesn’t want to pass higher costs onto customers, but if Trump’s erratic tariff agenda continues, he may have no choice.
    Trump says Americans must accept short-term pain for long-term gain, but what is there to be gained if hardworking Nevadans have to close the doors of their businesses?
    I think to myself, if it’s only been 100 days, how much damage is he going to potentially cause in the next 100?
    In the 1361 days left in his term?
    It’s been 100 days, and small businesses across the United States may soon be faced with having to close up shop.
    What’s going to happen to Juanny, to Mark, to Santy, to Kristen?
    Will they make it through the rest of Trump’s term?
    I don’t know the answer.
    But I hope my Republican colleagues stop rubber stamping Trump’s harmful agenda and actually stand up for working families and small businesses.

    MIL OSI USA News –

  • MIL-OSI: BexBack Launches Double Deposit Bonus and 100x Leverage Crypto Futures Trading No KYC

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 30, 2025 (GLOBE NEWSWIRE) — As Bitcoin prices return to around $95,000,, many analysts believe that it will enter a long-term high-volatility market. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $60,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $63,000, your profit will be (63,000 – 60,000) * 100 BTC / 60,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, XRP,and 50+ others futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC and 1M USDT in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign up now, claim your exclusive bonus and start accumulating more BTC today!

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

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

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

    Photos accompanying this announcement are available at
    https://www.globenewswire.com/NewsRoom/AttachmentNg/14716c86-6d38-4fcb-9648-00dc8a4c8f3d
    https://www.globenewswire.com/NewsRoom/AttachmentNg/112ffe2d-d9b6-4f34-a84e-93e23f1ae820
    https://www.globenewswire.com/NewsRoom/AttachmentNg/ad6d3a74-ced5-486c-a5b2-ade1caff54cb
    https://www.globenewswire.com/NewsRoom/AttachmentNg/2ef9f817-9d74-493e-8417-3a73dd448cd4

    The MIL Network –

  • MIL-OSI USA: House Passes Trahan’s Youth Poisoning Protection Act

    Source: United States House of Representatives – Congresswoman Lori Trahan (D-MA-03)

    WASHINGTON, DC – Today, the U.S. House of Representatives passed Congresswoman Lori Trahan’s (D-MA-03) Youth Poisoning Protection Act, bipartisan legislation that would ban the consumer sale of products containing high concentrations of sodium nitrite, a meat-curing chemical that can be lethal when ingested. The legislation was introduced earlier this year alongside Congressmen Joe Neguse (D-CO-02) and Mike Carey (R-OH-15) as well as U.S. Senators Tammy Duckworth (D-IL), John Curtis (R-UT), and Bernie Moreno (R-OH). 
    “Most Americans have never heard of Sodium Nitrite, but for families who’ve lost loved ones, it’s something they’ll never forget,” Congresswoman Trahan said. “The Youth Poisoning Protection Act would restrict sales of Sodium Nitrite above 10 percent concentration to businesses with verified industrial or commercial use.”
    CLICK HERE or the image below to view Trahan’s speech during the House’s consideration of the legislation. A transcript is embedded below.

    A 2021 New York Times investigation into an online suicide forum found that sodium nitrite was being popularized and encouraged as an easily accessible method to die by suicide. The forum, which is disguised as a safe place to discuss suicidal ideation, hosts threads where anonymous users provide detailed instructions and real-time guidance on how to die by suicide using sodium nitrite. A 2021 toxicology publication based on data from the National Poison Data System (NPDS), one of the data sources used by the CDC, points to a rise in self-poisonings using sodium nitrite in the United States since 2017.
    There is no known recreational use for highly concentrated amounts of sodium nitrite, but at the time of the Times’ investigation, highly concentrated amounts of the poison were widely available on multiple e-commerce platforms, including with free two-day shipping on Amazon. Following outcry from lawmakers and victims’ families, Amazon and a number of other online marketplaces began removing sodium nitrite listings. In May 2023, a Canadian citizen was arrested and charged for shipping packages containing lethal amounts of sodium nitrite to over 40 countries, including 272 sales to individuals in the United Kingdom, of whom at least 88 people died.
    The Youth Poisoning Protection Act bans the sale of consumer products with a concentration of sodium nitrite greater than 10 percent. The bipartisan legislation passed in the House with overwhelming bipartisan support last May.
    If you or someone you know is having suicidal thoughts, feeling at risk of suicide, or experiencing a state of distress, it is crucial to find help immediately. There are many resources available, including the 988 Suicide & Crisis Hotline which provides free, confidential support 24/7, and the Crisis Text Line which offers free crisis counseling 24/7. Dial 988 or text HOME to 741741 to connect with these services.
    ——————————————–
    Congresswoman Lori Trahan
    Remarks As Delivered
    Floor Speech on The Youth Poisoning Protection Act
    April 28, 2025

    I thank the gentleman for yielding as well as his leadership and Chair Bilirakis on this important issue.
    Mr. Speaker, I introduced the Youth Poisoning Protection Act alongside Representative Mike Carey because we are facing an urgent and deeply troubling trend: The promotion of Sodium Nitrite, a toxic chemical, as a method to die by suicide.
    In 2022, the New York Times revealed the existence of online suicide forums that don’t just discuss suicide – they promote it. Anonymous users on these platforms encourage vulnerable children and young adults to end their lives, and they often suggest using this chemical to do it.
    Now, most Americans have never heard of Sodium Nitrite, but for families who’ve lost loved ones, it’s something they’ll never forget. In lower concentrations, it’s a chemical used safely to cure meats and fish, but in higher concentrations, it’s deadly. And for the few who have survived attempts to end their lives using Sodium Nitrite, they report agonizing pain as the chemical deprives their body of oxygen.
    After learning how easy it is to purchase high-concentration Sodium Nitrite, my office worked with retailers to limit access to businesses with a proven use for the chemical, but some sites still openly market it as part of so-called “suicide kits” to people in crisis. There is no federal law that allows us to stop this.
    That’s where this bipartisan legislation comes in. The Youth Poisoning Protection Act would restrict sales of Sodium Nitrite above 10 percent concentration to businesses with verified industrial or commercial use. That threshold is based on expert recommendations for safe handling and won’t interfere with legitimate industries like food processing.
    This bill is focused and reasonable. It targets bad actors who are exploiting a loophole to profit off tragedy, and it does so without burdening responsible businesses.
    That’s why, last Congress, this bill passed the Energy and Commerce Committee unanimously before passing it here on the floor with overwhelming support. Now, we must finish the job. I urge my colleagues to support the Youth Poisoning Protection Act, and I yield back the balance of my time.
    ###

    MIL OSI USA News –

  • MIL-OSI Security: South Carolina Resident Sentenced in Connection With $1.4 Million Embezzlement and Identity Theft Scheme

    Source: Office of United States Attorneys

    Defendant and husband used fraudulently obtained funds for vacations, home renovations, pet expenses, and retail purchases.

    Baltimore, Maryland – U.S. District Judge Stephanie A. Gallagher sentenced Valerie Joseph, 61, of Murells Inlet, South Carolina, to 53 months in federal prison and 12 months of home detention. Joseph was convicted of wire fraud conspiracy and aggravated identity theft in connection with a decade-long, $1.4 million embezzlement scheme. Judge Gallagher also ordered the defendant to pay $1.4 million in restitution.

    Kelly O. Hayes, U.S. Attorney for the District of Maryland, announced the sentence with Special Agent in Charge William DelBagno of the Federal Bureau of Investigation (FBI) – Baltimore Field Office.

    Beginning in January 2011, at the latest, and continuing into August 2021, Joseph, and her husband Robin, conspired to defraud Victim Business l and Victim K.F. According to court documents, from 2003 until August 2021, Valerie Joseph served as a bookkeeper for Victim Business 1, a wholesale greenhouse and garden center owned by Victim K.F., located in Caroline County, Maryland.

    Valerie and Robin Joseph schemed to make unauthorized charges to three credit-card accounts —associated with Victim Business 1 and Victim K.F. — for personal gain. This included American Express and Capital One accounts, along with a Lowes/Synchrony financial account.

    Routinely, for more than a decade, Valerie and Robin Joseph used credit cards associated with the victims’ accounts to make numerous unauthorized purchases. The theft included unauthorized credit-card charges for $200,000-plus at Walmart; $53,000-plus to AT&T for personal phone bills; $30,000-plus at a Japanese steak and seafood restaurant; and $116,000-plus to PayPal. Valerie and Robin Joseph charged more than $90,000 to Easton Utilities for utility bills; $16,000 to Chesapeake College for tuition payments; $2,500 to the University of Hawaii for college expenses; and $3,800 for cosmetics.

    The couple also charged more than $195,000 to the Lowes Account. Several of the unauthorized Lowes account charges were to purchase materials and supplies to renovate their previous residence in Easton, Maryland.

    Additionally, Valerie and Robin Joseph paid for airline tickets, cruises, Airbnb expenses, and hundreds of retailor gift cards using the victims’ account. The couple also used the victims’ account to pay more than $33,000 in veterinary expenses and charged various items related to their pets, including high-end bird cages for their tropical birds.

    On April 25, 2025, Robin Joseph pled guilty to wire fraud conspiracy and aggravated identity theft in connection with the scheme.  He is facing a maximum sentence of 20 years in federal prison for wire fraud conspiracy and a mandatory two years for aggravated identity theft.

    U.S. Attorney Hayes commended the FBI for its work in the investigation. Ms. Hayes also thanked Assistant U.S. Attorney Paul Riley who is prosecuting the federal case.

    For more information about the Maryland U.S. Attorney’s Office, its priorities, and resources available to report fraud, visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

    # # #

    MIL Security OSI –

  • MIL-OSI Banking: Large Yacht Corporation Limited

    Source: Isle of Man

    Notice is hereby given that Large Yacht Corporation Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 30/04/2025.

    MIL OSI Global Banks –

  • MIL-OSI USA: U.S. oil companies spent less on interest over the last decade despite higher rates

    Source: US Energy Information Administration

    In-brief analysis

    April 30, 2025

    Data source: Evaluate Energy
    Note: Production expenses include costs of goods sold, operating expenses, and production taxes from company income statements. Interest expenses are in 2024 dollars and deflated using the Consumer Price Index.

    Higher oil prices, increased drilling efficiency, and structurally lower debt needs have contributed to lower interest expenses for some publicly traded U.S. oil companies over the past decade, despite the level of interest rates across the economy being relatively high.

    Based on the published financial reports of 26 U.S. publicly traded oil companies, interest expenses per barrel of oil equivalent (BOE)—a measure that accounts for crude oil, hydrocarbon gas liquids, and natural gas production—in 2024 were about $1.50/BOE, or around 6% of production expenses. In real dollar terms and as a share of production expenses, interest expenses are lower than they were before the pandemic, even though general interest rates are now higher.

    Although interest expenses typically represent a small portion of production expenses—those associated with labor, materials, and the costs of extracting and storing oil and other commodities—their variability can fluctuate with macroeconomic conditions. For example, a rapid decline in crude oil prices might lower some production expenses but not interest expenses, which are often fixed throughout the life of a loan. During these times, interest expenses can represent 15% or more of regular production expenses.

    Data source: Bloomberg L.P.

    The decline in interest expenses may be counterintuitive as interest rates in the United States have generally increased since 2020 and 2021. Short-term interest rates—designated by the federal funds effective rate, which determines the interest rate on overnight bank loans—have reached as high as 5.3% since 2022 and stayed above 4% since then, compared with nearly 0% five years ago.

    The Federal Reserve determines the federal funds rate, and the rate serves as a key monetary policy tool to reach the goals of price stability and maximum employment. The federal funds rate affects other interest rates that are determined from market participants’ supply and demand for loans, including bank loans, government bonds, and corporate bonds. For example, Moody’s Aaa and Baa corporate bond rates represent different bond yields based on creditworthiness.

    Oil company interest expense has declined despite higher interest rates because of:

    • Relatively high oil prices. Crude oil prices increased in the years after the pandemic. Higher oil prices bring in more revenue, which means oil companies need to borrow less to fund their capital expenditures and can also pay down debt obligations. In addition, higher oil prices increase the value of a company’s proved reserves and reduce the risk of loan default, which may lead to better borrowing terms, such as lower interest rates.
    • Increased efficiency and cost reduction. Lowering production expenses and improving efficiency increases company profits, which could result in better borrowing terms and lower borrowing costs.
    • Tempered investment growth and strategy. In recent years, companies have implemented strategies that favor modest capital expenditure growth by targeting fewer but more profitable projects. With this approach, the company may generate more profits even if the company’s production growth was small or unchanged. This strategy reduces companies’ needs for outside capital, including borrowing.

    Principal contributor: Jeff Barron

    MIL OSI USA News –

  • MIL-OSI: Applied Systems Honored with Three Stevie® Awards in 2025 American Business Awards®

    Source: GlobeNewswire (MIL-OSI)

    Chicago, IL., April 30, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced that the company was recognized in multiple categories of the 23rd Annual American Business Awards®. Applied was named the winner of a Gold Stevie® Award for Company of the Year in the Large-Sized Insurance category. Epic Quotes Commercial Lines won a Silver Stevie® Award in the Insurance Solution category, and Applied Pay won a Bronze Stevie® Award in the Payments Solution category.

    The American Business Awards are the U.S.A.’s premier business awards program. All organizations operating in the U.S.A. are eligible to submit nominations – public and private, for-profit and non-profit, large and small. More than 3,600 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories.

    “Congratulations to Applied Systems for impressive strides in digital transformation and operational excellence within the insurance sector. The acquisition of Planck and advancements in Applied Epic and Applied Pay show commendable vision and execution,” one American Business Award® judge noted. More than 250 professionals worldwide participated in the judging process to select this year’s Stevie Award winners.

    “It is an honor to be recognized as an indispensable partner to the insurance industry by the 2025 American Business Awards,” said Taylor Rhodes, chief executive officer, Applied Systems. “These awards underscore our commitment to leading the industry in the next generation of insurance, providing the innovative technology agents, brokers, carriers and MGAs need to drive more value in their business.”

    # # #

    The Applied products and logos are trademarks of Applied Systems, Inc., registered in the U.S.

    About Applied Systems
    Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

    The MIL Network –

  • MIL-OSI: Pythian Positioned as Oracle Database@Google Cloud Leader with Acquisition of Rittman Mead

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, April 30, 2025 (GLOBE NEWSWIRE) — Pythian Services Inc. (“Pythian”), a leading global services company specializing in data, analytics, and AI solutions, today announced the acquisition of globally recognized Oracle data and analytics consultancy Rittman Mead. The acquisition significantly enhances Pythian’s Oracle footprint, expands its geographic market presence in the United Kingdom and Europe, and strengthens the company’s Oracle Database@Google Cloud capabilities—a powerful multicloud partnership that accelerates modernization for customers.

    The acquisition combines Pythian’s expertise in data, analytics and AI with Rittman Mead’s Oracle specializations. Pythian, a 2025 Google Cloud Partner of the Year for Databases, will add more Oracle ACEs to its roster of consultants. The synergy resulting from the acquisition will enable Pythian to offer an even wider range of advanced Oracle services to a broader and more global customer base.

    “Rittman Mead and Pythian have worked together for more than 12 years, and we’re aligned in our cultures and values,” states Jon Mead, Founder and President, Rittman Mead. “Their technical expertise and the value of sharing information—consultants contributing to technical communities through thought leadership—along with a shared client-first approach to delivering projects, is what solidified Pythian as the right choice.” 

    As a leading Oracle services provider, Rittman Mead has an exceptional reputation for delivering critical consultancy services to customers in the U.K., Europe and the United States. The company brings a unique level of expertise and experience in Oracle autonomous data warehouse (EDW), data platforms, data lakes, data lakehouses, and more, to bring advanced analytics to their shared clients. Rittman Mead has a range of accelerators, IP and toolkits that will further complement Pythian’s existing suite of services. Over the last 20 years, Rittman Mead’s team of analysts, architects, engineers and delivery managers have successfully delivered a wide range of data and analytics systems, from simple data marts to multi-workstream data transformations.

    “The combination of Rittman Mead and Pythian offers an unmatched breadth and depth of Oracle expertise in the market,” said Mead. “Our exceptional people, advanced Oracle capabilities, and focus on strategic solutions perfectly complement Pythian’s existing capabilities, allowing us to offer even greater value to customers and accelerate our engagement in the data and AI services market.”

    Through the acquisition, Pythian gains an enhanced U.K. presence and access to greater Oracle-ecosystem expertise and influence—software skills, marketplace standing and strategic relationships. Rittman Mead in turn benefits from Pythian’s Google Cloud Premier Partnership and 2025 Database Partner of the Year win, global reach, delivery capabilities and the broader spectrum of professional and managed services beyond the Oracle ecosystem. The partnership signals an elevated ability to deliver value on business critical projects along the data journey pathway, from data and cloud engagements to analytics and AI initiatives—no matter the platform or ecosystem.

    “We are seeing a widespread adoption of vendors and hyperscalers by companies that need specific technical expertise. The challenge for us was finding a partner that could broaden our existing portfolio of skills and vendors,” said Mead. “We’re excited to meet that challenge by joining forces with Pythian. There are two sides to that—there is the breadth of technology including Google, AWS, and Azure, as well as the depth of expertise to expand our joint data, analytics and AI services.”

    “This acquisition marks a pivotal moment in Pythian’s trajectory, solidifying our position as a global leader in data, analytics and AI solutions,” said Brooks Borcherding, Pythian’s Chief Executive Officer. “Rittman Mead’s stellar reputation, deep Oracle expertise, U.K. presence and cultural alignment make them an ideal partner to accelerate our mission to empower enterprises to maximize the value of their data and redouble their innovative efforts as it relates to AI readiness.”

    Pythian’s existing suite of data, analytics and AI services helps businesses transform with ease—no matter where they are in their journey. Businesses begin with a simple, strategic discussion with the Field CTO team. Field CTOs are IT executives that help customers define their data and AI strategies through transformation roadmapping sessions, including an AI Workshop, and serve as catalysts to expedited decision-making around pivotal strategies and technology solutions that drive customers toward the successful realization of their business goals. The acquisition will bolster Pythian’s ability to bring more change-making customers into the fold—instilling in them, through our subject matter experts, the key information and guidance that allows innovators to build momentum for their respective data-driven initiatives.

    Schedule your AI Workshop today.

    About Rittman Mead

    Founded in 2007, Rittman Mead quickly became a leader in Oracle Data Warehousing and Business Intelligence through successful projects, a popular blog, and community engagement. As the market evolved with open-source, big data, and cloud technologies, the company expanded its focus to data and analytics while maintaining its core ethos. Today, its partner and product portfolios reflect a recognition of multi-cloud and multi-vendor architectures. A dedicated R&D department explores emerging technologies and builds development frameworks. With over 15 years of experience, the company now provides hybrid solutions across a wide range of enterprise and open-source technologies, striving to be a global leader in the broader data and analytics landscape. 

    About Pythian

    Founded in 1997, Pythian is a leading data and AI services provider specializing in digital transformation and operational excellence for enterprise customers. We help organizations optimize their data estates, helping them to drive AI enablement, innovation, and growth. Through strategic consulting, managed services and cloud migrations, we enable cost savings, risk reduction and seamless operations while preparing businesses to adopt AI and for the future of data management. A Google Cloud Premier Partner with multiple Specializations, including Data Analytics, Marketing Analytics, Machine Learning and a certified Google Cloud MSP, we’ve delivered thousands of professional and managed services projects for leading enterprises. For more information, visit www.pythian.com or follow us on X, LinkedIn, and our Blog.

    Pythian Media Contacts        

    Matt Malanga
    Senior Vice President, Marketing
    mmalanga@pythian.com    		 Elisabeth Grant
    Branch Out Public Relations
    egrant@branchoutpr.com
    +1 612-599-7797    		  

    The MIL Network –

  • MIL-OSI: Flywire and Avanse Financial Services Announce Strategic Partnership to Digitize Student Loan Disbursements from India

    Source: GlobeNewswire (MIL-OSI)

    Integrated solution enables Flywire to unlock new payment flows from India to academic destinations worldwide

    Flywire further expands footprint in India, capitalizes on the billions of dollars of payment volume from education loans

    BOSTON and MUMBAI, India, April 30, 2025 (GLOBE NEWSWIRE) — Flywire Corporation (Nasdaq: FLYW) (Flywire), a global payments and enablement and software company, today announced its strategic partnership with Avanse Financial Services, India’s second-largest education-focused non-banking financial company (NBFC). The collaboration simplifies the process of disbursing education loan payments for Indian students pursuing education opportunities abroad. The collaboration helps Flywire capitalize on tuition loan disbursements initiated by Avanse in Indian Rupees (INR) and builds on Flywire’s existing banking and loan integrations in India. The solution is available immediately and supports payment flows from India to academic destinations worldwide.

    Through this integration, Flywire streamlines the entire payments experience for students who opt to get educational loans from Avanse. After loan approval, students process payments via Flywire entirely in Indian rupees, with the ability to monitor transactions until funds reach their university. Flywire ensures transparency over all loan disbursements, facilitates efficient refunds, and automates the complex Tax Collected at Source (TCS) calculations—ultimately saving both students and providers valuable time and resources while ensuring adherence to relevant tax guidelines.

    “We’re excited to collaborate with Avanse to enhance the process of student loan disbursements from India,” commented Mina Fakhouri, SVP, APAC & Global Agents at Flywire. “The combination of Avanse’s presence in India and Flywire’s innovative payment technology addresses a crucial market gap for both students and lending institutions. India remains an important market for Flywire, and we’re excited to work together to deliver value to our partners, payers, educational institutions and beyond.”

    Additional benefits of the integration between Flywire and Avanse are expected to include:

    • Competitive foreign exchange conversion rates for students
    • Providing transparent payment tracking for students, schools and financial institutions
    • Enhancing compliance with international banking regulations
    • Managing TCS calculations for payments
    • Simplifying the documentation requirements for both students and institutions

    Rajesh Kachave, Chief Business Officer – Student Lending International Business of Avanse Financial Services, commented: “We believe in providing a holistic education financing experience. This collaboration with Flywire will create compelling and sustaining value for our customers, enabling them to focus entirely on their academics while leaving the financial complexities to us.”

    About Flywire

    Flywire is a global payments enablement and software company. We combine our proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for our clients and their customers.

    Flywire leverages its vertical-specific software and payments technology to deeply embed within the existing A/R workflows for its clients across the education, healthcare and travel vertical markets, as well as in key B2B industries. Flywire also integrates with leading ERP systems, such as NetSuite, so organizations can optimize the payment experience for their customers while eliminating operational challenges.

    Flywire supports more than 4,500 clients with diverse payment methods in more than 140 currencies across more than 240 countries and territories around the world. The company is headquartered in Boston, MA, USA with global offices. For more information, visit www.flywire.com. Follow Flywire on X , LinkedIn and Facebook.

    About Avanse Financial Services
    Avanse Financial Services Limited is an education-focused non-banking financial company (NBFC) on a mission to provide seamless and affordable education financing for every deserving Indian student. The company offers loans across three key segments:

    Student Loan – International – Customized education financing solutions for Indian students pursuing undergraduate & postgraduate courses overseas
    Education Loans Domestic – Customized financing solutions for Indian students seeking higher education at domestic institutions. It also includes loans for professionals engaging in executive learning programs, as well as financing for both curriculum fees for students enrolled in accredited schools and non-curriculum fees associated with skilling programs, executive education, and test preparation courses, all in India.
    Educational Institution Loans – Collateral-backed financing solutions to private educational institutions, generally K-12 schools, located in peripheral areas of tier I cities and in tier II and beyond cities in India. For more information, please click here.

    Safe Harbor Statement

    This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding Flywire’s expectations regarding the benefits of its education clients and business, Flywire’s business strategy and plans, market growth and trends. Flywire intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terms such as, but not limited to, “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negative of these terms, and similar expressions intended to identify forward-looking statements. Such forward-looking statements are based upon current expectations that involve risks, changes in circumstances, assumptions, and uncertainties. Important factors that could cause actual results to differ materially from those reflected in Flywire’s forward-looking statements include, among others, the factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Flywire’s Annual Report on Form 10-K for the year ended December 31, 2024, which is on file with the Securities and Exchange Commission (SEC) and available on the SEC’s website at https://www.sec.gov/. The information in this release is provided only as of the date of this release, and Flywire undertakes no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

    Contacts

    Flywire

    Media:
    Sarah King
    Media@Flywire.com

    Investor Relations:
    Masha Kahn
    IR@Flywire.com

    Avanse Financial Services
    Koeli Dutta | Lead – Corporate Communication & Content
    Mobile: +91 8879330544
    Email ID: koeli.dutta@avanse.com   

    The MIL Network –

  • MIL-OSI United Kingdom: Businesses commended for exceptional workplace support of disabled people in award ceremony

    Source: United Kingdom – Executive Government & Departments 2

    Press release

    Businesses commended for exceptional workplace support of disabled people in award ceremony

    Large and small businesses who have carried out exceptional work in hiring, retaining and supporting disabled people in the workplace have been recognised in the annual Disability Confident Awards in London.

    • Businesses supporting disabled people in the workplace have been commended in an award ceremony.
    • The Disability Confident scheme is a Government initiative designed to encourage employers to recruit, retain, and develop disabled people.
    • Minister Sir Stephen Timms, praised the efforts to support disabled people in work.

    Large and small businesses who have carried out exceptional work in hiring, retaining and supporting disabled people in the workplace have been recognised in the annual Disability Confident Awards in London.

    Judged by DWP’s Disability Confident team, winners were chosen from a wide selection of strong nominations ranging from tech companies developing accessible equipment to a heritage trust breaking down barriers for disabled people.

    The two winners, chosen for their work in the travel industry and fitness sector, were:

    • Small organisation winner (less than 250 employees) – Seable, a bespoke travel agent who provide experiences for people who are visually impaired. The company hires blind and partially sighted people who share their lived experiences, so holidays reflect the needs of their customers.

    • Big organisation winner (More than 250 employees) – The Gym Group, who run schemes such as the Inclusive Traineeship which helps disabled people in the workplace with dedicated support staff and programmes to help them break into the fitness industry.

    The Disability Confident scheme is a Government initiative designed to encourage employers to recruit, retain, and develop disabled people. It has more than 19,000 members, with more than 12 million employees working in their businesses.

    To become a Disability Confident employer, organisations must provide accessible and inclusive recruitment practices and a public commitment to supporting employees with a disability. These also signal to disabled jobseekers which companies may be suitable for their needs.

    Minister for Social Security and Disabled People Sir Stephen Timms, said:

    It has been great to see so many organisations leading by example to support disabled employees in the workplace. I congratulate everyone who has been nominated.

    The standard of the nominations for each category have been outstanding and it was difficult to select the finalists and winners who have all showed inspiring best practice to help other employers to start their Disability Confident journey.

    A Seable spokesperson said:

    We’re incredibly proud to win the Disability Confident Award.

    We are dedicated to creating inclusive and accessible travel experiences for the visually impaired community and reinforces our mission to break down barriers within the travel industry and champion true inclusivity in everything we do.

    The Disability Confident scheme helps businesses make a first step towards making their workplaces more suitable for disabled employees. These start with companies making commitments to support disabled people in the workplace which can include making sure recruitment processes are accessible, offering work experience, and providing reasonable adjustments for existing employees.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI: Red River Bancshares, Inc. Reports First Quarter 2025 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ALEXANDRIA, La., April 30, 2025 (GLOBE NEWSWIRE) — Red River Bancshares, Inc. (the “Company”) (Nasdaq: RRBI), the holding company for Red River Bank (the “Bank”), announced today its unaudited financial results for the first quarter of 2025.

    Net income for the first quarter of 2025 was $10.4 million, or $1.52 per diluted common share (“EPS”), an increase of $1.0 million, or 11.2%, compared to $9.3 million, or $1.37 EPS, for the fourth quarter of 2024, and an increase of $2.2 million, or 26.4%, compared to $8.2 million, or $1.16 EPS, for the first quarter of 2024. For the first quarter of 2025, the quarterly return on assets was 1.32%, and the quarterly return on equity was 12.85%.

    First Quarter 2025 Performance and Operational Highlights

    The Company had solid financial results for the first quarter of 2025. The net interest margin, net interest income, and net income increased. The balance sheet reflects good loan growth, while deposits and assets had slight increases. We increased the quarterly cash dividend paid to shareholders by 33.3% to $0.12 per share for the first quarter of 2025. Also, in the first quarter, we completed significant upgrades to our digital banking systems.

    • Net income for the first quarter of 2025 was $10.4 million, which was $1.0 million, or 11.2%, higher than the prior quarter. Net income for the first quarter increased due to having higher net interest income, along with approximately $620,000 of periodic items that reduced operating expenses. These operating expense reductions benefited EPS by approximately $0.07.
    • Net interest income and net interest margin FTE increased for the first quarter of 2025 compared to the prior quarter. Net interest income for the first quarter of 2025 was $24.6 million, which was $923,000, or 3.9%, higher than the prior quarter. Net interest margin FTE increased 13 basis points (“bp(s)”) to 3.22% for the first quarter of 2025, compared to 3.09% for the prior quarter. These improvements resulted from higher securities yields and lower deposit rates.
    • As of March 31, 2025, assets were $3.19 billion, which was $36.8 million, or 1.2%, higher than December 31, 2024. The increase was mainly due to a $20.6 million increase in deposits.
    • Deposits totaled $2.83 billion as of March 31, 2025, an increase of $20.6 million, or 0.7%, compared to $2.81 billion as of December 31, 2024. This increase was mainly due to higher balances in consumer and commercial customer deposit accounts, partially offset by the seasonal outflow of funds from public entity customers.
    • As of March 31, 2025, loans held for investment (“HFI”) were $2.11 billion, which was $39.7 million, or 1.9%, higher than $2.08 billion as of December 31, 2024. In the first quarter of 2025, we had steady new loan closing activity, combined with funding of loan construction commitments.
    • As of March 31, 2025, total securities were $699.5 million, which was $14.7 million, or 2.1%, higher than December 31, 2024. Securities increased mainly due to the purchase of new securities, combined with a smaller net unrealized loss on securities available-for-sale (“AFS”).
    • As of March 31, 2025, liquid assets, which are cash and cash equivalents, were $252.2 million, and the liquid assets to assets ratio was 7.91%. We do not have any borrowings, brokered deposits, or internet-sourced deposits.
    • The provision for credit losses was $450,000 for the first quarter of 2025, compared to $300,000 for the prior quarter. The $150,000 increase was due to loan growth and uncertainty regarding tariffs and trade.
    • As of March 31, 2025, nonperforming assets (“NPA(s)”) were $5.2 million, or 0.16% of assets, and the allowance for credit losses (“ACL”) was $21.8 million, or 1.03% of loans HFI.
    • In the first quarter of 2025, the quarterly cash dividend increased by 33.3% to $0.12 per common share, up from $0.09 per common share for each quarter in 2024.
    • The 2025 stock repurchase program authorizes us to purchase up to $5.0 million of our outstanding shares of common stock from January 1, 2025 through December 31, 2025. As of March 31, 2025, the 2025 stock repurchase program had $5.0 million of available capacity.
    • In the first quarter of 2025, Red River Bank’s online, mobile banking, and bill payment systems were upgraded in order to improve our digital services for all customers.
    • In the first quarter of 2025, S&P Global Market Intelligence ranked the Bank 14th of the top 50 best deposit franchises in 2024 for banks with assets between $3.0 and $10.0 billion.
    • On March 14, 2025, our board of directors and executive management had the privilege of ringing the closing bell at the Nasdaq Market Site in New York to commemorate being a public company for 6 years.

    Blake Chatelain, President and Chief Executive Officer, stated, “We are pleased with the financial results for the first quarter of 2025. We produced solid net interest margin improvement, higher net income, and positive, relationship-based core loan growth. As a result of consistent earnings, strong capital levels, and confidence in our consistent and conservative banking culture, the board of directors approved a 33.3% increase to the quarterly cash dividend for the first quarter of 2025 to $0.12 per share.

    “We continue to be very focused on net interest margin improvement and managing our cost of deposits, while also focusing on redeploying assets into higher yielding assets. In the first quarter of 2025, our net interest margin FTE increased by 13 bps, net interest income increased by 3.9%, and net income increased by 11.2%.

    “We remain pleased with the level of our customer banking activity across Louisiana. We are focused on adding experienced relationship bankers and growing our presence in our newer markets. Recently there has been expanded emphasis and renewed efforts on economic development in Louisiana. This has resulted in various new and significant corporate expansion announcements for new projects throughout the state. Overall, as of March 31, 2025, our customers seem optimistic about economic activity and growth.

    “Despite this optimism, as result of the April 2, 2025 announcements and changes to the United States tariff policy, we are assessing the possible impact to our customers and the Company. These changes have injected new uncertainty into the economic environment and could result in a slowdown in activity, higher inflation, and a loss of consumer confidence. We are monitoring this situation with our customers as these events unfold. We are hopeful that these policies will be settled quickly and with minimal, negative impact.

    “Since the Company was founded in 1998, we have focused on having a consistent, conservative, and prudent banking philosophy and strategy. We remain focused on these principles, while also striving daily to build customer relationships, expand market share, and create value for our shareholders.”

    Net Interest Income and Net Interest Margin FTE

    Net interest income and net interest margin FTE increased in the first quarter of 2025 compared to the prior quarter. These measures were both primarily impacted by improved yields on securities and lower deposit rates. The Federal Open Market Committee (“FOMC”) decreased the federal funds rate by 50 bps in September of 2024, and by an additional 50 bps during the fourth quarter of 2024, and then kept the federal funds rate consistent in the first quarter of 2025.

    Net interest income for the first quarter of 2025 was $24.6 million, which was $923,000, or 3.9%, higher than the fourth quarter of 2024, due to a $178,000 increase in interest and dividend income, combined with a $745,000 decrease in interest expense. The increase in interest and dividend income was mainly due to higher interest income on securities. Securities income increased $233,000, primarily due to reinvesting lower yielding securities cash flows into higher yielding securities. The decrease in interest expense was primarily due to lower rates on time deposits.

    The net interest margin FTE increased 13 bps to 3.22% for the first quarter of 2025, compared to 3.09% for the prior quarter. This increase was due to improved yields on securities and loans, combined with lower deposit costs. The yield on securities increased 11 bps, primarily due to reinvesting lower yielding securities cash flows into higher yielding securities. The yield on loans increased 7 bps due to higher rates on new and renewed loans compared to the existing portfolio yield. The average rate on new and renewed loans was 7.02% for the first quarter of 2025 and 7.25% for the prior quarter. The cost of deposits decreased 10 bps to 1.61% for the first quarter of 2025, compared to 1.71% for the previous quarter, mainly due to lowering selected time deposit rates. As a result of this change, there was a 37 bp decrease on time deposits during the first quarter.

    The FOMC kept the federal funds rate consistent in the first quarter of 2025, with the target federal funds range remaining at 4.25%-4.50%. The market’s expectation is that the FOMC may lower the target range of the federal funds rate several times in 2025. During the remainder of 2025, we anticipate receiving approximately $80.0 million in securities cash flows with an average yield of 3.28%, and we project approximately $162.2 million of fixed rate loans will mature with an average yield of 6.15%. We expect to redeploy these balances into slightly higher yielding assets. Additionally, during the second quarter of 2025, we expect $253.6 million of time deposits to mature with an average rate of 4.06%, which we anticipate repricing into slightly lower cost deposits. As of March 31, 2025, floating rate loans were 17.6% of loans HFI, and floating rate transaction deposits were 8.7% of interest-bearing transaction deposits. Depending on balance sheet activity, the movement in interest rates, and the economic outlook, we expect the net interest income and net interest margin FTE to remain fairly consistent for the remainder of 2025.

    Provision for Credit Losses

    The provision for credit losses for the first quarter of 2025 was $450,000 for loans, which was $150,000 higher than the provision for credit losses of $300,000 for the prior quarter. The increase in the first quarter of 2025 was related to loan growth in the quarter, combined with uncertainty regarding tariffs and trade. The provision in the fourth quarter of 2024, which included $200,000 for loans and $100,000 for unfunded loans commitments, was due to potential economic challenges resulting from the recent inflationary environment, changing monetary policy, and loan growth. We will continue to evaluate future provision needs in relation to current economic situations, loan growth, trends in asset quality, forecasted information, and other conditions influencing loss expectations.

    Noninterest Income

    Noninterest income totaled $5.3 million for the first quarter of 2025, an increase of $277,000, or 5.5%, compared to $5.0 million for the previous quarter. The increase was mainly due to higher brokerage income and a gain on equity securities, partially offset by lower mortgage loan income and Small Business Investment Company (“SBIC”) income.

    Brokerage income was $1.3 million for the first quarter of 2025, an increase of $401,000, or 43.4%, compared to $924,000 for the previous quarter. The higher income in the first quarter of 2025 was due to increased investing activity by clients. Assets under management were $1.14 billion as of March 31, 2025.

    Equity securities are an investment in a Community Reinvestment Act (“CRA”) mutual fund consisting primarily of bonds. The gain or loss on equity securities is a fair value adjustment primarily driven by changes in the interest rate environment. Due to the fluctuations in market rates between quarters, equity securities had a gain of $44,000 in the first quarter of 2025, compared to a loss of $91,000 for the previous quarter.

    Mortgage loan income totaled $530,000 for the first quarter of 2025, a decrease of $122,000, or 18.7%, compared to $652,000 for the previous quarter due to decreased purchase activity.

    SBIC income was $280,000 for the first quarter of 2025, a decrease of $66,000, or 19.1%, compared to $346,000 for the previous quarter. This decrease was primarily due to lower normal income received from these partnerships. We expect SBIC income to be lower in future quarters due to fund value fluctuations.

    Operating Expenses

    Operating expenses totaled $16.6 million for the first quarter of 2025, a decrease of $252,000, or 1.5%, compared to $16.8 million for the previous quarter. The decrease was mainly due to lower data processing expense and loan and deposit expense, partially offset by higher personnel expense.

    Data processing expense totaled $288,000 for the first quarter of 2025, a decrease of $393,000, or 57.7%, compared to $681,000 for the previous quarter. The decrease was attributable to receipt of a $447,000 periodic refund from our data processing center in the first quarter of 2025. This decrease was partially offset by new expenses and $14,000 of nonrecurring implementation fees related to online, mobile banking, and bill payment systems implemented in the first quarter of 2025.

    Loan and deposit expenses totaled $62,000 for the first quarter of 2025, a decrease of $272,000, or 81.4%, compared to $334,000 for the previous quarter. This decrease was primarily attributable to receipt of a $173,000 negotiated, variable rebate from a vendor in the first quarter of 2025.

    Personnel expenses totaled $10.0 million for the first quarter of 2025, an increase of $254,000, or 2.6%, compared to the previous quarter. This increase was primarily due to an increase in head count, restarting of payroll tax expense, and increased revenue-based commission compensation. As of March 31, 2025 and December 31, 2024, we had 375 and 369 total employees, respectively.

    Asset Overview

    As of March 31, 2025, assets were $3.19 billion, compared to assets of $3.15 billion as of December 31, 2024, an increase of $36.8 million, or 1.2%. In the first quarter, assets were mainly impacted by a $20.6 million, or 0.7%, increase in deposits. In the first quarter of 2024, liquid assets decreased $16.8 million, or 6.3%, to $252.2 million and averaged $275.9 million for the first quarter. As of March 31, 2025, we had sufficient liquid assets available and $1.66 billion accessible from other liquidity sources. The liquid assets to assets ratio was 7.91% as of March 31, 2025. Total securities increased $14.7 million, or 2.1%, to $699.5 million in the first quarter and were 22.0% of assets as of March 31, 2025. During the first quarter, loans HFI increased $39.7 million, or 1.9%, to $2.11 billion. The loans HFI to deposits ratio was 74.84% as of March 31, 2025, compared to 73.97% as of December 31, 2024.

    Securities

    Total securities as of March 31, 2025, were $699.5 million, an increase of $14.7 million, or 2.1%, from December 31, 2024. Securities increased mainly due to the purchase of new securities, combined with a smaller net unrealized loss on securities AFS.

    The estimated fair value of securities AFS totaled $566.9 million, net of $58.7 million of unrealized loss, as of March 31, 2025, compared to $550.1 million, net of $63.2 million of unrealized loss, as of December 31, 2024. As of March 31, 2025, the amortized cost of securities held-to-maturity (“HTM”) totaled $129.7 million compared to $131.8 million as of December 31, 2024. As of March 31, 2025, securities HTM had an unrealized loss of $21.8 million compared to $22.8 million as of December 31, 2024.

    As of March 31, 2025, equity securities, which is an investment in a CRA mutual fund consisting primarily of bonds, totaled $3.0 million compared to $2.9 million as of December 31, 2024.

    Loans

    Loans HFI as of March 31, 2025, were $2.11 billion, an increase of $39.7 million, or 1.9%, from $2.08 billion as of December 31, 2024. In the first quarter of 2025, we had steady new loan closing activity, combined with funding of loan construction commitments.

    Loans HFI by Category
      March 31, 2025   December 31, 2024   Change from
    December 31, 2024 to
    March 31, 2025
    (dollars in thousands) Amount   Percent   Amount   Percent   $ Change   % Change
    Real estate:                      
    Commercial real estate $ 892,205   42.2 %   $ 884,641   42.6 %   $ 7,564     0.9 %
    One-to-four family residential   617,679   29.2 %     614,551   29.6 %     3,128     0.5 %
    Construction and development   175,575   8.3 %     155,229   7.5 %     20,346     13.1 %
    Commercial and industrial   339,115   16.0 %     327,086   15.8 %     12,029     3.7 %
    Tax-exempt   61,722   2.9 %     64,930   3.1 %     (3,208 )   (4.9 %)
    Consumer   28,446   1.4 %     28,576   1.4 %     (130 )   (0.5 %)
    Total loans HFI $ 2,114,742   100.0 %   $ 2,075,013   100.0 %   $ 39,729     1.9 %

    Commercial real estate (“CRE”) loans are collateralized by owner occupied and non-owner occupied properties mainly in Louisiana. Non-owner occupied office loans were $54.2 million, or 2.6% of loans HFI, as of March 31, 2025, and are primarily centered in low-rise suburban areas. The average CRE loan size was $970,000 as of March 31, 2025.

    Health care loans are our largest industry concentration and are made up of a diversified portfolio of health care providers. As of March 31, 2025, total health care loans were 8.0% of loans HFI. Within the health care sector, loans to nursing and residential care facilities were 4.2% of loans HFI, and loans to physician and dental practices were 3.4% of loans HFI. The average health care loan size was $370,000 as of March 31, 2025.

    Asset Quality and Allowance for Credit Losses

    NPAs totaled $5.2 million as of March 31, 2025, an increase of $1.9 million, or 58.6%, from December 31, 2024. The increase was primarily due to a past due loan, partially offset by payoffs and charge-offs of nonaccrual loans. As of early April 2025, the past due loan was brought current by the customer, and NPAs were further reduced by receiving principal payments on two legacy nonaccrual loans. The ratio of NPAs to assets was 0.16% and 0.10% as of March 31, 2025 and December 31, 2024, respectively.

    As of March 31, 2025, the ACL was $21.8 million. The ratio of ACL to loans HFI was 1.03% as of March 31, 2025 and 1.05% as of December 31, 2024. The net charge-offs to average loans ratio was 0.02% for the first quarter of 2025 and 0.01% for the fourth quarter of 2024.

    Deposits

    As of March 31, 2025, deposits were $2.83 billion, an increase of $20.6 million, or 0.7%, compared to December 31, 2024. Average deposits for the first quarter of 2025 were $2.82 billion, an increase of $36.2 million, or 1.3%, from the prior quarter. The following tables provide details on our deposit portfolio:

    Deposits by Account Type
      March 31, 2025   December 31, 2024   Change from
    December 31, 2024 to
    March 31, 2025
    (dollars in thousands) Balance   % of Total   Balance   % of Total   $ Change   % Change
    Noninterest-bearing demand deposits $ 906,540   32.1 %   $ 866,496   30.9 %   $ 40,044     4.6 %
    Interest-bearing deposits:                      
    Interest-bearing demand deposits   147,343   5.2 %     154,720   5.5 %     (7,377 )   (4.8 %)
    NOW accounts   432,054   15.3 %     467,118   16.7 %     (35,064 )   (7.5 %)
    Money market accounts   569,613   20.2 %     556,769   19.8 %     12,844     2.3 %
    Savings accounts   175,239   6.2 %     169,894   6.1 %     5,345     3.1 %
    Time deposits less than or equal to $250,000   403,354   14.2 %     403,096   14.3 %     258     0.1 %
    Time deposits greater than $250,000   191,533   6.8 %     187,013   6.7 %     4,520     2.4 %
    Total interest-bearing deposits   1,919,136   67.9 %     1,938,610   69.1 %     (19,474 )   (1.0 %)
    Total deposits $ 2,825,676   100.0 %   $ 2,805,106   100.0 %   $ 20,570     0.7 %
    Deposits by Customer Type
      March 31, 2025   December 31, 2024   Change from
    December 31, 2024 to
    March 31, 2025
    (dollars in thousands) Balance   % of Total   Balance   % of Total   $ Change   % Change
    Consumer $ 1,388,944   49.1 %   $ 1,362,740   48.6 %   $ 26,204     1.9 %
    Commercial   1,200,367   42.5 %     1,178,488   42.0 %     21,879     1.9 %
    Public   236,365   8.4 %     263,878   9.4 %     (27,513 )   (10.4 %)
    Total deposits $ 2,825,676   100.0 %   $ 2,805,106   100.0 %   $ 20,570     0.7 %

    The increase in deposits in the first quarter of 2025 was mainly due to higher balances in consumer and commercial customer deposit accounts, partially offset by the seasonal outflow of funds from public entity customers.

    The Bank has a granular, diverse deposit portfolio with customers in a variety of industries throughout Louisiana. As of March 31, 2025, the average deposit account size was approximately $28,000.

    As of March 31, 2025, our estimated uninsured deposits, which are the portion of deposit accounts that exceed the FDIC insurance limit (currently $250,000), were approximately $875.2 million, or 31.0% of total deposits. This amount was estimated based on the same methodologies and assumptions used for regulatory reporting purposes. Also, as of March 31, 2025, our estimated uninsured deposits, excluding collateralized public entity deposits, were approximately $689.6 million, or 24.4% of total deposits. Our cash and cash equivalents of $252.2 million, combined with our available borrowing capacity of $1.66 billion, equaled 218.4% of our estimated uninsured deposits and 277.1% of our estimated uninsured deposits, excluding collateralized public entity deposits.

    Stockholders’ Equity

    Total stockholders’ equity as of March 31, 2025, was $333.3 million compared to $319.7 million as of December 31, 2024. The $13.6 million, or 4.2%, increase in stockholders’ equity during the first quarter of 2025 was attributable to $10.4 million of net income, a $3.9 million, net of tax, market adjustment to accumulated other comprehensive loss related to securities, and $149,000 of stock compensation, partially offset by $813,000 in cash dividends related to a $0.12 per share cash dividend that we paid on March 20, 2025.

    Non-GAAP Disclosure

    Our accounting and reporting policies conform to United States generally accepted accounting principles (“GAAP”) and the prevailing practices in the banking industry. Certain financial measures used by management to evaluate our operating performance are discussed as supplemental non-GAAP performance measures. In accordance with the Securities and Exchange Commission’s (“SEC”) rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the U.S.

    Management and the board of directors review tangible book value per share, tangible common equity to tangible assets, and realized book value per share as part of managing operating performance. However, these non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner we calculate the non-GAAP financial measures that are discussed may differ from that of other companies’ reporting measures with similar names. It is important to understand how such other banking organizations calculate and name their financial measures similar to the non-GAAP financial measures discussed by us when comparing such non-GAAP financial measures.

    A reconciliation of non-GAAP financial measures to the comparable GAAP financial measures is included within the following financial statement tables.

    About Red River Bancshares, Inc.

    Red River Bancshares, Inc. is the bank holding company for Red River Bank, a Louisiana state-chartered bank established in 1999 that provides a fully integrated suite of banking products and services tailored to the needs of our commercial and retail customers. Red River Bank operates from a network of 28 banking centers throughout Louisiana and one combined loan and deposit production office in New Orleans, Louisiana. Banking centers are located in the following Louisiana markets: Central, which includes the Alexandria metropolitan statistical area (“MSA”); Northwest, which includes the Shreveport-Bossier City MSA; Capital, which includes the Baton Rouge MSA; Southwest, which includes the Lake Charles MSA; the Northshore, which includes Covington; Acadiana, which includes the Lafayette MSA; and New Orleans.

    Forward-Looking Statements

    Statements in this news release regarding our expectations and beliefs about our future financial performance and financial condition, as well as trends in our business, interest rates, and markets, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements often include words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “project,” “outlook,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” The forward-looking statements in this news release are based on current information and on assumptions that we make about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond our control. As a result of those risks and uncertainties, our actual financial results in the future could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this news release and could cause us to make changes to our future plans. Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the section titled “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent quarterly reports on Form 10-Q, and in other documents that we file with the SEC from time to time. In addition, our actual financial results in the future may differ from those currently expected due to additional risks and uncertainties of which we are not currently aware or which we do not currently view as, but in the future may become, material to our business or operating results. Due to these and other possible uncertainties and risks, readers are cautioned not to place undue reliance on the forward-looking statements contained in this news release or to make predictions based solely on historical financial performance. Any forward-looking statement speaks only as of the date on which it is made, and we do not undertake any obligation to update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, express or implied, included in this news release are qualified in their entirety by this cautionary statement.

    Contact:
    Isabel V. Carriere, CPA, CGMA
    Executive Vice President, Chief Financial Officer, and Assistant Corporate Secretary
    318-561-4023
    icarriere@redriverbank.net

    FINANCIAL HIGHLIGHTS (UNAUDITED)
     
        As of and for the
    Three Months Ended
    (dollars in thousands, except per share data)   March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Net Income   $ 10,352     $ 9,306     $ 8,188  
                 
    Per Common Share Data:            
    Earnings per share, basic   $ 1.53     $ 1.37     $ 1.16  
    Earnings per share, diluted   $ 1.52     $ 1.37     $ 1.16  
    Book value per share   $ 49.18     $ 47.18     $ 43.43  
    Tangible book value per share (1)   $ 48.95     $ 46.95     $ 43.20  
    Realized book value per share (1)   $ 57.49     $ 56.07     $ 52.52  
    Cash dividends per share   $ 0.12     $ 0.09     $ 0.09  
    Shares outstanding     6,777,657       6,777,238       6,892,448  
    Weighted average shares outstanding, basic     6,777,332       6,797,469       7,050,048  
    Weighted average shares outstanding, diluted     6,796,707       6,816,299       7,066,709  
                 
    Summary Performance Ratios:            
    Return on average assets     1.32 %     1.18 %     1.07 %
    Return on average equity     12.85 %     11.46 %     10.77 %
    Net interest margin     3.17 %     3.04 %     2.80 %
    Net interest margin FTE     3.22 %     3.09 %     2.83 %
    Efficiency ratio     55.51 %     58.71 %     60.37 %
    Loans HFI to deposits ratio     74.84 %     73.97 %     74.22 %
    Noninterest-bearing deposits to deposits ratio     32.08 %     30.89 %     32.61 %
    Noninterest income to average assets     0.67 %     0.63 %     0.64 %
    Operating expense to average assets     2.12 %     2.14 %     2.07 %
                 
    Summary Credit Quality Ratios:            
    NPAs to assets     0.16 %     0.10 %     0.08 %
    Nonperforming loans to loans HFI     0.24 %     0.16 %     0.12 %
    ACL to loans HFI     1.03 %     1.05 %     1.06 %
    Net charge-offs to average loans     0.02 %     0.01 %     0.00 %
                 
    Capital Ratios:            
    Stockholders’ equity to assets     10.46 %     10.15 %     9.74 %
    Tangible common equity to tangible assets(1)     10.42 %     10.11 %     9.69 %
    Total risk-based capital to risk-weighted assets     18.25 %     18.13 %     17.84 %
    Tier I risk-based capital to risk-weighted assets     17.25 %     17.12 %     16.82 %
    Common equity Tier I capital to risk-weighted assets     17.25 %     17.12 %     16.82 %
    Tier I risk-based capital to average assets     12.01 %     11.86 %     11.44 %

    (1) Non-GAAP financial measure. Calculations of this measure and reconciliations to GAAP are included in the schedules accompanying this release.

    RED RIVER BANCSHARES, INC.
    CONSOLIDATED BALANCE SHEETS (UNAUDITED)
     
    (in thousands) March 31,
    2025    		   December 31,
    2024    		   September 30,
    2024    		   June 30,
    2024    		   March 31,
    2024
    ASSETS                  
    Cash and due from banks $ 36,438     $ 30,558     $ 39,664     $ 35,035     $ 19,401  
    Interest-bearing deposits in other banks   215,717       238,417       192,983       178,038       210,404  
    Securities available-for-sale, at fair value   566,874       550,148       560,555       526,890       545,967  
    Securities held-to-maturity, at amortized cost   129,686       131,796       134,145       136,824       139,328  
    Equity securities, at fair value   2,981       2,937       3,028       2,921       2,934  
    Nonmarketable equity securities   2,349       2,328       2,305       2,283       2,261  
    Loans held for sale   2,178       2,547       1,805       3,878       1,653  
    Loans held for investment   2,114,742       2,075,013       2,056,048       2,047,890       2,038,072  
    Allowance for credit losses   (21,835 )     (21,731 )     (21,757 )     (21,627 )     (21,564 )
    Premises and equipment, net   59,034       59,441       57,661       57,910       57,539  
    Accrued interest receivable   10,553       10,048       9,465       9,570       9,995  
    Bank-owned life insurance   30,593       30,380       30,164       29,947       29,731  
    Intangible assets   1,546       1,546       1,546       1,546       1,546  
    Right-of-use assets   2,611       2,733       2,853       2,973       3,091  
    Other assets   32,965       33,433       31,285       34,450       32,940  
    Total Assets $ 3,186,432     $ 3,149,594     $ 3,101,750     $ 3,048,528     $ 3,073,298  
    LIABILITIES                  
    Noninterest-bearing deposits $ 906,540     $ 866,496     $ 882,394     $ 892,942     $ 895,439  
    Interest-bearing deposits   1,919,136       1,938,610       1,864,731       1,823,704       1,850,452  
    Total Deposits   2,825,676       2,805,106       2,747,125       2,716,646       2,745,891  
    Accrued interest payable   6,463       7,583       11,751       8,747       8,959  
    Lease liabilities   2,739       2,864       2,982       3,100       3,215  
    Accrued expenses and other liabilities   18,238       14,302       15,574       13,045       15,919  
    Total Liabilities   2,853,116       2,829,855       2,777,432       2,741,538       2,773,984  
    COMMITMENTS AND CONTINGENCIES   —       —       —       —       —  
    STOCKHOLDERS’ EQUITY                  
    Preferred stock, no par value   —       —       —       —       —  
    Common stock, no par value   38,710       38,655       41,402       44,413       45,177  
    Additional paid-in capital   2,871       2,777       2,682       2,590       2,485  
    Retained earnings   348,093       338,554       329,858       321,719       314,352  
    Accumulated other comprehensive income (loss)   (56,358 )     (60,247 )     (49,624 )     (61,732 )     (62,700 )
    Total Stockholders’ Equity   333,316       319,739       324,318       306,990       299,314  
    Total Liabilities and Stockholders’ Equity $ 3,186,432     $ 3,149,594     $ 3,101,750     $ 3,048,528     $ 3,073,298  
    RED RIVER BANCSHARES, INC.  
    CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)  
                   
        For the Three Months Ended  
    (in thousands)   March 31,
    2025
    		   December 31,
    2024
    		   March 31,
    2024
    		  
                           
    INTEREST AND DIVIDEND INCOME              
    Interest and fees on loans   $ 28,270   $ 28,285     $ 25,893    
    Interest on securities     4,856     4,623       4,064    
    Interest on deposits in other banks     2,661     2,699       3,039    
    Dividends on stock     21     23       22    
    Total Interest and Dividend Income     35,808     35,630       33,018    
    INTEREST EXPENSE              
    Interest on deposits     11,198     11,943       11,655    
    Interest on other borrowed funds     —     —       —    
    Total Interest Expense     11,198     11,943       11,655    
    Net Interest Income     24,610     23,687       21,363    
    Provision for credit losses     450     300       300    
    Net Interest Income After Provision for Credit Losses     24,160     23,387       21,063    
    NONINTEREST INCOME              
    Service charges on deposit accounts     1,383     1,452       1,368    
    Debit card income, net     992     960       1,022    
    Mortgage loan income     530     652       456    
    Brokerage income     1,325     924       987    
    Loan and deposit income     459     463       492    
    Bank-owned life insurance income     213     216       202    
    Gain (Loss) on equity securities     44     (91 )     (31 )  
    SBIC income     280     346       352    
    Other income (loss)     46     73       80    
    Total Noninterest Income     5,272     4,995       4,928    
    OPERATING EXPENSES              
    Personnel expenses     10,023     9,769       9,550    
    Occupancy and equipment expenses     1,794     1,716       1,616    
    Technology expenses     835     884       709    
    Advertising     333     313       337    
    Other business development expenses     558     486       475    
    Data processing expense     288     681       347    
    Other taxes     612     547       737    
    Loan and deposit expenses     62     334       (42 )  
    Legal and professional expenses     632     658       618    
    Regulatory assessment expenses     391     428       404    
    Other operating expenses     1,060     1,024       1,122    
    Total Operating Expenses     16,588     16,840       15,873    
    Income Before Income Tax Expense     12,844     11,542       10,118    
    Income tax expense     2,492     2,236       1,930    
    Net Income   $ 10,352   $ 9,306     $ 8,188    
    RED RIVER BANCSHARES, INC.
    NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)
     
      For the Three Months Ended
      March 31, 2025   December 31, 2024
    (dollars in thousands) Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Assets                      
    Interest-earning assets:                      
    Loans(1,2) $ 2,089,712     $ 28,270   5.41 %   $ 2,072,858     $ 28,285   5.34 %
    Securities – taxable   559,752       3,871   2.77 %     555,622       3,636   2.62 %
    Securities – tax-exempt   189,729       985   2.08 %     190,470       987   2.07 %
    Interest-bearing deposits in other banks   243,751       2,661   4.37 %     225,660       2,699   4.74 %
    Nonmarketable equity securities   2,330       21   3.56 %     2,307       23   3.99 %
    Total interest-earning assets   3,085,274     $ 35,808   4.64 %     3,046,917     $ 35,630   4.60 %
    Allowance for credit losses   (21,789 )             (21,824 )        
    Noninterest-earning assets   107,295               109,992          
    Total assets $ 3,170,780             $ 3,135,085          
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing transaction deposits $ 1,341,885     $ 5,641   1.70 %   $ 1,263,775     $ 5,658   1.78 %
    Time deposits   592,368       5,557   3.80 %     599,910       6,285   4.17 %
    Total interest-bearing deposits   1,934,253       11,198   2.35 %     1,863,685       11,943   2.55 %
    Other borrowings   —       —   — %     —       —   — %
    Total interest-bearing liabilities   1,934,253     $ 11,198   2.35 %     1,863,685     $ 11,943   2.55 %
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   884,484               918,804          
    Accrued interest and other liabilities   25,336               29,567          
    Total noninterest-bearing liabilities   909,820               948,371          
    Stockholders’ equity   326,707               323,029          
    Total liabilities and stockholders’ equity $ 3,170,780             $ 3,135,085          
    Net interest income     $ 24,610           $ 23,687    
    Net interest spread         2.29 %           2.05 %
    Net interest margin         3.17 %           3.04 %
    Net interest margin FTE(3)         3.22 %           3.09 %
    Cost of deposits         1.61 %           1.71 %
    Cost of funds         1.47 %           1.56 %

    (1) Includes average outstanding balances of loans held for sale of $2.6 million and $3.2 million for the three months ended March 31, 2025 and December 31, 2024, respectively.
    (2) Nonaccrual loans are included as loans carrying a zero yield.
    (3) Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

    RED RIVER BANCSHARES, INC.
    NET INTEREST INCOME AND NET INTEREST MARGIN (UNAUDITED)
     
      For the Three Months Ended
      March 31, 2025   March 31, 2024
    (dollars in thousands) Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate    		   Average Balance Outstanding   Interest
    Income/
    Expense    		   Average
    Yield/
    Rate
    Assets                      
    Interest-earning assets:                      
    Loans(1,2) $ 2,089,712     $ 28,270   5.41 %   $ 2,015,063     $ 25,893   5.09 %
    Securities – taxable   559,752       3,871   2.77 %     569,600       3,048   2.14 %
    Securities – tax-exempt   189,729       985   2.08 %     197,817       1,016   2.05 %
    Interest-bearing deposits in other banks   243,751       2,661   4.37 %     224,301       3,039   5.42 %
    Nonmarketable equity securities   2,330       21   3.56 %     2,240       22   3.95 %
    Total interest-earning assets   3,085,274     $ 35,808   4.64 %     3,009,021     $ 33,018   4.35 %
    Allowance for credit losses   (21,789 )             (21,402 )        
    Noninterest-earning assets   107,295               100,486          
    Total assets $ 3,170,780             $ 3,088,105          
    Liabilities and Stockholders’ Equity                      
    Interest-bearing liabilities:                      
    Interest-bearing transaction deposits $ 1,341,885     $ 5,641   1.70 %   $ 1,261,361     $ 5,680   1.81 %
    Time deposits   592,368       5,557   3.80 %     582,847       5,975   4.12 %
    Total interest-bearing deposits   1,934,253       11,198   2.35 %     1,844,208       11,655   2.54 %
    Other borrowings   —       —   — %     —       —   — %
    Total interest-bearing liabilities   1,934,253     $ 11,198   2.35 %     1,844,208     $ 11,655   2.54 %
    Noninterest-bearing liabilities:                      
    Noninterest-bearing deposits   884,484               913,114          
    Accrued interest and other liabilities   25,336               25,055          
    Total noninterest-bearing liabilities   909,820               938,169          
    Stockholders’ equity   326,707               305,728          
    Total liabilities and stockholders’ equity $ 3,170,780             $ 3,088,105          
    Net interest income     $ 24,610           $ 21,363    
    Net interest spread         2.29 %           1.81 %
    Net interest margin         3.17 %           2.80 %
    Net interest margin FTE(3)         3.22 %           2.83 %
    Cost of deposits         1.61 %           1.70 %
    Cost of funds         1.47 %           1.56 %

    (1) Includes average outstanding balances of loans held for sale of $2.6 million and $2.0 million for the three months ended March 31, 2025 and 2024, respectively.
    (2) Nonaccrual loans are included as loans carrying a zero yield.
    (3) Net interest margin FTE includes an FTE adjustment using a 21.0% federal income tax rate on tax-exempt securities and tax-exempt loans.

    RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (UNAUDITED)
     
    (dollars in thousands, except per share data) March 31,
    2025    		   December 31,
    2024    		   March 31,
    2024
    Tangible common equity          
    Total stockholders’ equity $ 333,316     $ 319,739     $ 299,314  
    Adjustments:          
    Intangible assets   (1,546 )     (1,546 )     (1,546 )
    Total tangible common equity (non-GAAP) $ 331,770     $ 318,193     $ 297,768  
    Realized common equity          
    Total stockholders’ equity $ 333,316     $ 319,739     $ 299,314  
    Adjustments:          
    Accumulated other comprehensive (income) loss   56,358       60,247       62,700  
    Total realized common equity (non-GAAP) $ 389,674     $ 379,986     $ 362,014  
    Common shares outstanding   6,777,657       6,777,238       6,892,448  
    Book value per share $ 49.18     $ 47.18     $ 43.43  
    Tangible book value per share (non-GAAP) $ 48.95     $ 46.95     $ 43.20  
    Realized book value per share (non-GAAP) $ 57.49     $ 56.07     $ 52.52  
               
    Tangible assets          
    Total assets $ 3,186,432     $ 3,149,594     $ 3,073,298  
    Adjustments:          
    Intangible assets   (1,546 )     (1,546 )     (1,546 )
    Total tangible assets (non-GAAP) $ 3,184,886     $ 3,148,048     $ 3,071,752  
    Total stockholders’ equity to assets   10.46 %     10.15 %     9.74 %
    Tangible common equity to tangible assets (non-GAAP)   10.42 %     10.11 %     9.69 %

    The MIL Network –

  • MIL-OSI: BYDFi Partners with Ledger to Launch Limited Edition Hardware Wallet, Debuts at TOKEN2049 Dubai

    Source: GlobeNewswire (MIL-OSI)

    VICTORIA, Seychelles, April 30, 2025 (GLOBE NEWSWIRE) — As an official sponsor of TOKEN2049 Dubai, global crypto exchange BYDFi has teamed up with industry-leading hardware wallet provider Ledger to release a limited edition co-branded Ledger Nano X. The exclusive wallets made their debut at the TOKEN2049 event, where attendees had the chance to receive them for free through on-site interactive activities.

    This special edition wallet retains the advanced security features of the original Ledger Nano X, while incorporating custom BYDFi design elements, including visual branding and customized packaging. Symbolizing a deep collaboration on user asset protection and Web3 innovation, the wallet is equipped with a secure element chip, supports the offline storage of a wide range of digital assets, and defends against common forms of cyberattack—offering users an enhanced standard of self-custody.

    Secure by Design: Ledger x BYDFi Hardware Wallet Makes Its Official Launch

    The launch drew large crowds to the BYDFi booth at TOKEN2049, where many attendees successfully received the limited edition wallet by completing live interactions. Designed for secure self-custody, the Ledger x BYDFi wallet gives users full control over their private keys and assets, reducing reliance on centralized platforms and elevating personal asset sovereignty.

    Michael, Co-founder of BYDFi, commented at the event:

    “TOKEN2049 coincides with BYDFi’s fifth anniversary, making this a milestone moment for us. This collaboration with Ledger reflects our continued commitment to asset security. The limited edition wallet is designed especially for high-net-worth individuals who demand institutional-grade protection for their digital assets.”

    Expanding Horizons: BYDFi’s Vision for Global Growth and Market Leadership

    In addition to the co-branded wallet, BYDFi showcased its on-chain trading solution, MoonX, at the event. As a flagship product of BYDFi’s “CEX + DEX” dual-engine strategy, MoonX merges the transparency of on-chain execution with the high-speed performance of centralized systems—delivering an ultra-smooth, seamless trading experience tailored to the rising demands of DeFi users.

    The launch of MoonX not only expands the boundaries of BYDFi’s trading ecosystem, but also promotes greater diversity in trading methods and empowers users with more choice and flexibility.

    Looking ahead, BYDFi will continue to strengthen collaborations with global partners and infrastructure providers, accelerating the deployment of innovative products and further solidifying its global service capabilities.

    About Ledger Nano X

    The Ledger Nano X is a hardware wallet certified by independent security labs. It features a tamper-proof secure element chip that safely stores users’ private keys. Any unauthorized access attempts trigger a self-destruct mechanism, ensuring maximum protection. Additional features include PIN protection, a 24-word recovery phrase, encrypted Bluetooth connectivity, and hidden wallets accessible via separate PINs—delivering comprehensive security for crypto asset holders.
    More info: https://www.ledger.com

    About BYDFi

    Founded in 2020, BYDFi has been recognized by Forbes as one of the world’s top 10 crypto exchanges, officially listed on CoinMarketCap and CoinGecko, and holds MSB licenses in multiple jurisdictions. It is also a member of South Korea’s CODE VASP Alliance.

    Today, BYDFi serves users in 190+ countries, with a global user base exceeding 1,000,000. The platform supports spot, perpetual, and on-chain trading, enabling access to over 600 cryptocurrencies and 500,000+ memecoin pairs. BYDFi is committed to delivering a world-class crypto trading experience. BUIDL Your Dream Finance.

    • Website: https://www.bydfi.com
    • Support Email: cs@bydfi.com
    • Business Partnerships: bd@bydfi.com
    • Media Inquiries: media@bydfi.com

    Twitter( X )| LinkedIn| Facebook | Telegram| YouTube

    Photos accompanying this announcement are available at:
    https://www.globenewswire.com/NewsRoom/AttachmentNg/6a0f58b8-d323-40de-b689-70c3558a6f89
    https://www.globenewswire.com/NewsRoom/AttachmentNg/b9a49e6b-ad0d-4464-8213-42e029343cae

    The MIL Network –

  • MIL-OSI Global: In the $250B influencer industry, being a hater can be the only way to rein in bad behavior

    Source: The Conversation – USA – By Jessica Maddox, Assistant Professor of Journalism and Creative Media, University of Alabama

    Influencer Alix Earle, a self-described ‘hot mess,’ has legions of online haters. Greg Doherty/Getty Images for Revolve

    Since 2020, content creator Remi Bader had accumulated millions of TikTok followers by offering her opinions on the fits of popular clothing brands as a plus-size woman.

    In 2023, however, Bader appeared noticeably thinner. When some fans asked her whether she’d undergone a procedure, she blocked them. Later that year, she announced that she would no longer be posting about her body.

    Enter snark subreddits. On Reddit, these forums exist for the sole purpose of calling out internet celebrities, whether they’re devoted to dinging the late-night antics of self-described “hot mess” Alix Earle or venting over Savannah and Cole LaBrant, a family vlogging couple who misleadingly implied that their daughter had cancer.

    While the internet is synonymous with fan culture, snark subreddits aren’t for enthusiasts. Instead, snarkers are anti-fans who hone the art of hating.

    Remi Bader attends New York Fashion Week on Feb. 10, 2025.
    Dimitrios Kambouris/Getty Images for Tory Burch

    After Bader’s refusal to talk about her weight loss, the Remi Bader snark subreddit blew up. Posters weren’t upset that Bader had lost weight or had stopped posting about her body size. Instead, they believed Bader the influencer, who’d built her brand on plus-size inclusion in fashion, wasn’t being straight with her fans and needed to be taken to account.

    It worked. During a March 2025 appearance on Khloe Kardashian’s podcast, Bader finally revealed that she had, in fact, had weight-loss surgery.

    Some critics see snarkers as a big problem and understandably denounce their tendency to harass, body shame and try to cancel influencers.

    But completely dismissing snark glosses over the fact that it can serve a purpose. In our work as social media researchers, we’ve written about how snark can actually be thought of as a way to call out bad actors in the largely unregulated world of influencing and content creation.

    Grassroots policing

    Before there were influencers, there were bloggers. While bloggers covered topics that ranged from entertainment to politics to travel, parenting and fashion bloggers probably have the closest connection to today’s influencers.

    After Google introduced AdSense in 2003, bloggers were easily able to run advertising on their websites. Then brands saw an opportunity. Parenting and fashion bloggers had large, loyal followings. Many readers felt an intimate connection to their favorite bloggers, who seemed more like friends than out-of-touch celebrity spokespersons.

    Brands realized they could send bloggers their products in exchange for a write-up or a feature. Furthermore, advertisers understood that parenting and fashion bloggers didn’t have to adhere to the same industry regulations or code of ethics as most news media outlets, such as disclosing payments or conflicts of interest.

    This changed the dynamic between bloggers and their fans, who wondered whether bloggers could be trusted if they were sometimes being paid to promote certain products.

    In response, websites emerged in 2009 to critique bloggers. “Get Off My Internets,” for example, fashioned itself as a “quality control watchdog” to provide constructive criticism and call out deceptive practices. As Instagram and YouTube became more popular, the subreddit “r/Blogsnark” launched in 2015 to critique early influencers, in addition to bloggers.

    Few guardrails in place

    Today the influencer industry has a valuation of over US$250 billion in the U.S. alone, and it’s on track to be worth over $500 billion by 2027.

    Yet there are few regulations in place for influencers. A few laws have emerged to protect child influencers, and the U.S. Federal Trade Commission has established legal guidelines for sponsored content.

    That said, the influencing industry remains rife with exploitation.

    It goes both ways: Corporations can exploit influencers. For example, a 2021 study found that Black influencers receive below-market offers compared with white influencers.

    Savannah and Cole LaBrant came under fire for implying that their daughter had cancer, in what their critics called a ploy for attention.
    Danielle Del Valle/Getty Images for Lionsgate

    Likewise, influencers can deceive or exploit their followers. They might use unrealistic body filters to appear thinner than they are. They could hide who’s paying them. They may promote health misinformation such as the controversial ParaGuard cleanse, a fake treatment pushed by wellness influencers that claimed to rid its users of parasites.

    Or, in the case of Remi Bader, they might gain a huge following by promoting body positivity, only to conceal a weight-loss procedure from their fans.

    For disappointed fans or followers who feel burned, snark can seem like the only regulatory guardrail in an industry that has gone largely unchecked. Think of snark as a Better Business Bureau for the untamable world of influencing – a form of accountability that brings attention to the scammers and hustlers.

    Keeping it real

    Todays’s snark exists at the intersection of gossip and cancel culture.

    Though cancel culture certainly has its faults, we approach cancel culture in our writing as a worthy tool that allows audiences to hold the powerful accountable. For example, communities of color have joined forces to call out racists, as they did in 2024 when they exposed lifestyle influencer Brooke Schofield’s anti-Black tweets.

    Influencers build trust with their audiences based on being “real” and relatable. But there’s nothing preventing them from breaking that trust, and snarkers can swoop in to point out bad behavior or hypocrisy.

    Within the competitive world of family vlogging, snarkers see themselves as doing more than stirring the pot. They’re truth-tellers who bring injustices to light, such as abuse and child labor exploitation. Some of this exposure is paying off, with more and more states introducing and passing family vlogger laws that require children to one day receive a portion of their parents’ earnings or restrict how often children can appear in their parents’ videos.

    Yes, snark can veer into cyberbullying. But that shouldn’t discount its value as a tool for transparency. Influencers are ultimately brands. They sell audiences ideas, lifestyles and products.

    When people feel as if they’ve been misled, we think they have every right to call it out.

    Jess Rauchberg receives funding from Microsoft Research.

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

    – ref. In the $250B influencer industry, being a hater can be the only way to rein in bad behavior – https://theconversation.com/in-the-250b-influencer-industry-being-a-hater-can-be-the-only-way-to-rein-in-bad-behavior-253010

    MIL OSI – Global Reports –

  • MIL-OSI: Blue Foundry Bancorp Reports First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    RUTHERFORD, N.J., April 30, 2025 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ:BLFY) (the “Company”), the holding company for Blue Foundry Bank (the “Bank”), today reported a net loss of $2.7 million, or $0.13 per diluted common share, for the three months ended March 31, 2025, compared to net loss of $2.7 million, or $0.13 per diluted common share, for the three months ended December 31, 2024, and a net loss of $2.8 million, or $0.13 per diluted common share, for the three months ended March 31, 2024.

    James D. Nesci, President and Chief Executive Officer, commented, “We are pleased with the improvement experienced in yields on assets and cost of liabilities as both contributed to a 27 basis points increase in net interest margin. In addition, we continue to maintain our strong capital position, increasing tangible book value to $14.81 per share.”

    Mr. Nesci also noted, “Deposit growth continued in the first quarter, funding loan growth of $42 million. Increases in our commercial real estate and consumer portfolios drove loan growth during the quarter as we remain focused on growing our commercial portfolio, supplemented with consumer loan purchases. Credit quality remained strong with a non-performing asset to total asset ratio of 0.27% and our allowance for credit losses on loans at 81 basis points of our loan portfolio covers non-performing loans by 2.3 times.”

    Highlights for the first quarter of 2025:

    • Deposits increased $43.9 million to $1.39 billion and Loans increased $42.2 million to $1.63 billion compared to the linked quarter.
    • Uninsured deposits to third-party customers totaled approximately 11% of total deposits as of March 31, 2025.
    • Net interest margin increased 27 basis points from the linked quarter to 2.16%.
    • Interest income for the quarter was $22.7 million, an increase of $928 thousand, or 4.3%, compared to the linked quarter.
    • Interest expense for the quarter was $12.0 million, a decrease of $343 thousand, or 2.8%, compared to the linked quarter.
    • Provision for credit losses of $201 thousand was primarily due to the increase in the provision for loans attributed to the increase in the commercial real estate portfolio.
    • Book value per share was $14.82 and tangible book value per share was $14.81. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    • 464,085 shares were repurchased under our share repurchase plans at a weighted average share price of $9.52 per share.

    Loans

    Loans increased by $42.2 million during the first three months of 2025. The Company continues to focus on diversifying its lending portfolio by growing its commercial portfolios. Additionally, we purchased unsecured consumer loans with credit reserves. These loans improved yields while having low exposure to credit loss. During the first three months of 2025, the consumer loan portfolio increased by $34.3 million as a result of these purchases. In addition, the commercial real estate portfolio increased by $28.5 million, of which $14.4 million was in owner-occupied properties and the construction portfolio increased by $7.3 million. The multifamily and residential portfolios decreased by $25.7 million and $5.5 million, respectively.

    The details of the loan portfolio are below:

        March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
        (In thousands)
    Residential   $ 512,793     $ 518,243     $ 516,754     $ 526,453     $ 540,427  
    Multifamily     645,399       671,116       666,304       671,185       671,011  
    Commercial real estate     288,151       259,633       241,711       241,867       244,207  
    Construction     92,813       85,546       80,081       71,882       63,052  
    Junior liens     26,902       25,422       24,174       23,653       22,052  
    Commercial and industrial     18,079       16,311       14,228       12,261       13,372  
    Consumer and other     41,518       7,211       7,731       83       56  
    Total loans     1,625,655       1,583,482       1,550,983       1,547,384       1,554,177  
    Less: Allowance for credit losses     13,152       12,965       13,012       13,027       13,749  
    Loans receivable, net   $ 1,612,503     $ 1,570,517     $ 1,537,971     $ 1,534,357     $ 1,540,428  


    Deposits

    As of March 31, 2025, deposits totaled $1.39 billion, an increase of $43.9 million, or 3.27%, from December 31, 2024, driven by increases of $28.8 million and $19.6 million in NOW and demand accounts and time deposits, respectively, partially offset by decreases in savings accounts of $3.6 million. The Company’s strategy is to focus on attracting the full banking relationship of small- to medium-sized businesses through an extensive suite of deposit products. While there is strong competition for deposits in the northern New Jersey market, we were able to increase core customer deposits during the quarter. Brokered deposits increased $50.0 million during the first quarter of 2025 as higher cost customer time deposits matured and were supplemented with brokered deposits.

    The details of deposits are below:

        March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
        (In thousands)
    Non-interest bearing deposits   $ 25,222     $ 26,001     $ 22,254     $ 24,733     $ 25,342  
    NOW and demand accounts     398,332       369,554       357,503       368,386       373,172  
    Savings     236,779       240,426       237,651       246,559       250,298  
    Core deposits     660,333       635,981       617,408       639,678       648,812  
    Time deposits     726,908       707,339       701,262       671,478       642,372  
    Total deposits   $ 1,387,241     $ 1,343,320     $ 1,318,670     $ 1,311,156     $ 1,291,184  


    Financial Performance Overview:

    First quarter of 2025 compared to the fourth quarter of 2024

    Net interest income compared to the fourth quarter of 2024:

    • Net interest income was $10.7 million for the first quarter of 2025 compared to $9.5 million for the fourth quarter of 2024 as interest earned on interest-earning assets increased and interest paid on time deposits decreased.
    • Net interest margin increased by 27 basis points to 2.16%.
    • The yield on average interest-earning assets increased 14 basis points to 4.51%, while the cost of average interest-bearing liabilities decreased eight basis points to 2.89%.
    • Average interest-earning assets increased by $22.7 million and average interest-bearing liabilities increased by $30.3 million.

    Non-interest expense compared to the fourth quarter of 2024:

    • Non-interest expense increased $748 thousand primarily driven by an increase of $895 thousand in compensation and benefits expenses due to normal salary increases and a reset of variable compensation accruals. Variable compensation, achieved at less than target in 2024, was reset at the start of 2025. In addition, an increase of $109 thousand in occupancy and equipment was largely due to snow removal expenses in the first quarter partially offset by decreases in furniture and equipment expense. These increases were partially offset by a decrease of $174 thousand in other expenses.

    Income tax expense compared to the fourth quarter of 2024:

    • The Company did not record a tax benefit for the losses incurred during the first quarter of 2025 and the fourth quarter of 2024 due to the full valuation allowance required on its deferred tax assets.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At March 31, 2025, the valuation allowance on deferred tax assets was $25.4 million.

    First quarter of 2025 compared to the first quarter of 2024

    Net interest income compared to the first quarter of 2024:

    • Net interest income was $10.7 million for the first three months of 2025 compared to $9.4 million for the same period in 2024. The increase was largely due to increases in interest earned on interest-earning assets and lower interest costs on time deposits.
    • Net interest margin increased by 24 basis points to 2.16%.
    • The yield on average interest-earning assets increased 26 basis points to 4.51%, partially offset by a three basis point increase in the cost of average interest-bearing liabilities.
    • Average interest-earning assets and average interest-bearing liabilities increased by $44.3 million and $70.2 million, respectively. Average loans drove the growth in interest-earning assets, with an increase of $45.7 million. Average interest-bearing deposits increased by $96.6 million, while average FHLB advances decreased by $26.5 million.

    Non-interest expense compared to the first quarter of 2024:

    • Non-interest expense was $13.6 million for the first quarter of 2025, an increase of $387 thousand driven by increases of $289 thousand, $111 thousand and $100 thousand in compensation and benefits expenses, occupancy and equipment expenses and data processing, respectively.

    Income tax expense compared to the first quarter of 2024:

    • The Company did not record a tax benefit for the losses incurred during the first quarters of 2025 and 2024 due to the full valuation allowance required on its deferred tax assets.
    • The Company’s current tax position reflects the previously established full valuation allowance on its deferred tax assets. At March 31, 2025, the valuation allowance on deferred tax assets was $25.4 million.

    Balance Sheet Summary:

    March 31, 2025 compared to December 31, 2024

    Cash and cash equivalents:

    • Cash and cash equivalents increased $3.7 million to $46.2 million.

    Securities available-for-sale:

    • Securities available-for-sale decreased $10.4 million to $286.6 million due to maturities, calls and pay downs offset by a decrease in unrealized losses of $4.1 million.

    Securities held-to-maturity

    • Securities held-to-maturity decreased $1.0 million due to pay downs in the portfolio.

    Total loans:

    • Total loans held for investment increased $42.2 million to $1.63 billion.
    • Consumer, commercial real estate and construction loans increased $34.3 million, $28.5 million, and $7.3 million, respectively. Partially offsetting these increases were decreases in multifamily loans of $25.7 million and residential loans of $5.5 million.
    • During the first quarter, the Company purchased consumer and residential loans totaling $35.0 million and $6.6 million, respectively.

    Deposits:

    • Deposits increased $43.9 million from December 31, 2024 to $1.39 billion at March 31, 2025. This was largely the result of a $28.8 million increase in NOW and demand accounts and a $19.6 million increase in certificates of deposits.
    • Core deposits (defined as non-interest bearing checking, NOW and demand accounts and savings accounts) represented 47.6% of total deposits, compared to 47.3% at December 31, 2024.
    • Brokered deposits totaled $205.0 million and $155.0 million at March 31, 2025 and December 31, 2024, respectively. The increase in brokered deposits supplemented the reduction in retail time deposits.
    • Uninsured and uncollateralized deposits to third-party customers were $159.8 million, or 11% of total deposits, at the end of the first quarter.

    Borrowings:

    • FHLB borrowings decreased $5.5 million to $334.0 million.
    • As of March 31, 2025, the Company had $275.6 million of additional borrowing capacity at the FHLB, $107.5 million in secured lines at the Federal Reserve Bank and $30.0 million of other unsecured lines of credit.

    Capital:

    • Shareholders’ equity decreased $5.5 million to $326.7 million. The decrease was primarily driven by the repurchase of shares, including shares netted for income tax withholding on vested equity awards, at a cost of $4.8 million. Additionally, the year-to-date loss, partially offset by favorable changes in accumulated other comprehensive income, contributed to the decrease in shareholders’ equity.
    • Tangible equity to tangible assets was 15.61% and tangible common equity per share outstanding was $14.81. See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    • The Bank’s capital ratios remain above the FDIC’s “well capitalized” standards.

    Asset quality:

    • As of March 31, 2025, the allowance for credit losses (“ACL”) on loans as a percentage of gross loans was 0.81%.
    • The Company recorded a provision for credit losses of $201 thousand for the first quarter of 2025. For the first quarter of 2025, there was a provision of $203 thousand in the ACL for loans, offset by a release of $1 thousand in the ACL for both off-balance-sheet commitments and held-to-maturity securities. The provision was primarily driven by the increase in loan balances and the shift in composition of the portfolio.
    • Non-performing loans totaled $5.7 million, or 0.35% of total loans compared to $5.1 million, or 0.33% of total loans at December 31, 2024.
    • Net charge-offs were $16 thousand for the three months ended March 31, 2025.
    • The ratio of allowance for credit losses on loans to non-performing loans was 229.81% at March 31, 2025 compared to 254.02% at December 31, 2024.

    About Blue Foundry

    Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with a presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities. To learn more about Blue Foundry Bank visit BlueFoundryBank.com or call (888) 931-BLUE. Member FDIC.

    Conference Call Information

    A conference call covering Blue Foundry’s first quarter 2025 earnings announcement will be held today, Wednesday, April 30, 2025 at 11:00 a.m. (EDT). To listen to the live call, please dial 1-833-470-1428 (toll free) or +1-404-975-4839 (international) and use access code 556514. The webcast (audio only) will be available on ir.bluefoundrybank.com. The conference call will be recorded and will be available on the Company’s website for one month.

    Contact:
    James D. Nesci
    President and Chief Executive Officer
    BlueFoundryBank.com
    jnesci@bluefoundrybank.com
    201-972-8900

    Forward-Looking Statements

    Certain statements contained herein are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements, which are based on certain current assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of the words “may,” “will,” “should,” “could,” “would,” “plan,” “potential,” “estimate,” “project,” “believe,” “intend,” “anticipate,” “expect,” “target” and similar expressions.

    Forward-looking statements are based on current beliefs and expectations of management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: inflation and changes in the interest rate environment that reduce our margins and yields, the fair value of financial instruments or our level of loan originations, or increase in the level of defaults, losses and prepayments on loans we have made and make; general economic conditions, either nationally or in our market areas, that are worse than expected, including potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies; including potential recessionary conditions, the imposition of tariffs or other domestic or international governmental policies; changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for credit losses; our ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in our market area; our ability to implement and change our business strategies; competition among depository and other financial institutions; adverse changes in the securities or secondary mortgage markets; changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees, capital requirements and insurance premiums; changes in monetary or fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board; changes in the quality or composition of our loan or investment portfolios; technological changes that may be more difficult or expensive than expected; a failure or breach of our operational or security systems or infrastructure, including cyber-attacks; the inability of third party providers to perform as expected; our ability to manage market risk, credit risk and operational risk in the current economic environment; changes in consumer spending, borrowing and savings habits; changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission or the Public Company Accounting Oversight Board; our ability to retain key employees; the current or anticipated impact of military conflict, terrorism or other geopolitical events; the ability of the U.S. Government to manage federal debt limits; and changes in the financial condition, results of operations or future prospects of issuers of securities that we own.

    Because of these and other uncertainties, our actual future results may be materially different from the results indicated by these forward-looking statements. Except as required by applicable law or regulation, we do not undertake, and we specifically disclaim any obligation, to release publicly the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of the statements or to reflect the occurrence of anticipated or unanticipated events.

     
    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Statements of Financial Condition
     
        March 31, 2025   December 31, 2024   March 31, 2024
        (unaudited)   (audited)   (unaudited)
        (Dollars in Thousands)
    ASSETS            
    Cash and cash equivalents   $ 46,220     $ 42,502     $ 53,753  
    Securities available-for-sale, at fair value     286,620       297,028       265,191  
    Securities held to maturity     32,038       33,076       33,217  
    Other investments     17,605       17,791       17,908  
    Loans, net     1,612,503       1,570,517       1,540,428  
    Real estate owned, net     —       —       593  
    Interest and dividends receivable     8,746       8,014       8,001  
    Premises and equipment, net     28,805       29,486       31,696  
    Right-of-use assets     22,778       23,470       24,454  
    Bank owned life insurance     22,638       22,519       22,153  
    Other assets     14,253       16,280       30,393  
    Total assets   $ 2,092,206     $ 2,060,683     $ 2,027,787  
                 
    LIABILITIES AND SHAREHOLDERS’ EQUITY                
    Liabilities            
    Deposits   $ 1,387,241     $ 1,343,320     $ 1,291,184  
    Advances from the Federal Home Loan Bank     334,000       339,500       342,500  
    Advances by borrowers for taxes and insurance     9,743       9,356       9,368  
    Lease liabilities     24,490       25,168       26,081  
    Other liabilities     10,069       11,141       8,498  
    Total liabilities     1,765,543       1,728,485       1,677,631  
    Shareholders’ equity     326,663       332,198       350,156  
    Total liabilities and shareholders’ equity   $ 2,092,206     $ 2,060,683     $ 2,027,787  
    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Statements of Operations
    (Dollars in Thousands Except Per Share Data) (Unaudited)
     
        Three months ended
        March 31, 2025   December 31, 2024   March 31, 2024
        (Dollars in thousands)
    Interest income:            
    Loans   $ 18,892     $ 17,777     $ 17,192  
    Taxable investment income     3,785       3,972       3,614  
    Non-taxable investment income     36       36       36  
    Total interest income     22,713       21,785       20,842  
    Interest expense:            
    Deposits     9,026       9,573       8,413  
    Borrowed funds     2,943       2,739       3,012  
    Total interest expense     11,969       12,312       11,425  
    Net interest income     10,744       9,473       9,417  
    Provision for (release of) credit losses     201       (301 )     (535 )
    Net interest income after provision for (release of) credit losses     10,543       9,774       9,952  
    Non-interest income:            
    Fees and service charges     243       306       329  
    Gain on sale of loans     —       —       36  
    Other income     151       114       86  
    Total non-interest income     394       420       451  
    Non-interest expense:            
    Compensation and employee benefits     7,838       6,943       7,549  
    Occupancy and equipment     2,303       2,194       2,192  
    Data processing     1,487       1,514       1,387  
    Advertising     67       81       72  
    Professional services     699       737       730  
    Federal deposit insurance     223       226       199  
    Other     1,012       1,186       1,113  
    Total non-interest expense     13,629       12,881       13,242  
    Loss before income tax expense     (2,692 )     (2,687 )     (2,839 )
    Income tax expense     —       —       —  
    Net loss   $ (2,692 )   $ (2,687 )   $ (2,839 )
    Basic loss per share   $ (0.13 )   $ (0.13 )   $ (0.13 )
    Diluted loss per share   $ (0.13 )   $ (0.13 )   $ (0.13 )
    Weighted average shares outstanding            
    Basic     20,404,941       20,826,845       22,095,260  
    Diluted (1)     20,404,941       20,826,845       22,095,260  
    (1) The assumed vesting of outstanding restricted stock units had an anti-dilutive effect on diluted earnings per share due to the Company’s net loss for the 2025 and 2024 periods.
    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Consolidated Financial Highlights
    (Dollars in Thousands Except Per Share Data) (Unaudited)
     
        Three months ended
        March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
        (Dollars in thousands)
    Performance Ratios (%):                    
    Loss on average assets     (0.53 )     (0.52 )     (0.79 )     (0.47 )     (0.56 )
    Loss on average equity     (3.29 )     (3.17 )     (4.68 )     (2.71 )     (3.23 )
    Interest rate spread (1)     1.62       1.40       1.29       1.43       1.40  
    Net interest margin (2)     2.16       1.89       1.82       1.96       1.92  
    Efficiency ratio (3) (4)     122.36       130.20       140.04       130.73       134.19  
    Average interest-earning assets to average interest-bearing liabilities     120.01       120.84       121.37       122.28       122.50  
    Tangible equity to tangible assets (4)     15.61       16.11       16.50       16.88       17.25  
    Book value per share (5)   $ 14.82     $ 14.75     $ 14.76     $ 14.70     $ 14.61  
    Tangible book value per share (4) (5)   $ 14.81     $ 14.74     $ 14.74     $ 14.69     $ 14.60  
                         
    Asset Quality:                    
    Non-performing loans   $ 5,723     $ 5,104     $ 5,146     $ 6,208     $ 6,691  
    Real estate owned, net     —       —       —       —       593  
    Non-performing assets   $ 5,723     $ 5,104     $ 5,146     $ 6,208     $ 7,284  
    Allowance for credit losses to total loans (%)     0.81       0.83       0.84       0.84       0.88  
    Allowance for credit losses to non-performing loans (%)     229.81       254.02       252.86       209.84       205.48  
    Non-performing loans to total loans (%)     0.35       0.33       0.33       0.40       0.43  
    Non-performing assets to total assets (%)     0.27       0.25       0.25       0.30       0.36  
    Net charge-offs to average outstanding loans during the period (%)     —       —       —       —       —  
    (1) Interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (2) Net interest margin represents net interest income divided by average interest-earning assets.
    (3) Efficiency ratio represents adjusted non-interest expense divided by the sum of net interest income plus non-interest income.
    (4) See the “Supplemental Information – Non-GAAP Financial Measures” tables below for additional information regarding our non-GAAP measures.
    (5) March 31, 2025 per share metrics computed using 22,047,649 total shares outstanding.
    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Analysis of Net Interest Income
    (Dollars in Thousands) (Unaudited)
     
        Three Months Ended,
        March 31, 2025   December 31, 2024   March 31, 2024
        Average Balance   Interest   Average Yield/Cost   Average Balance   Interest   Average Yield/Cost   Average Balance   Interest   Average Yield/Cost
        (Dollars in thousands)
    Assets:                                    
    Loans (1)   $ 1,601,262   $ 18,892   4.72 %   $ 1,557,342   $ 17,777   4.57 %   $ 1,555,534   $ 17,192   4.45 %
    Mortgage-backed securities     189,820     1,323   2.79 %     185,382     1,254   2.71 %     160,349     876   2.20 %
    Other investment securities     163,590     1,689   4.13 %     164,392     1,573   3.83 %     183,717     1,652   3.62 %
    FHLB stock     17,680     399   9.02 %     17,153     411   9.58 %     20,123     492   9.83 %
    Cash and cash equivalents     43,195     410   3.80 %     68,536     770   4.50 %     51,561     630   4.92 %
    Total interest-earning assets     2,015,547     22,713   4.51 %     1,992,805     21,785   4.37 %     1,971,284     20,842   4.25 %
    Non-interest earning assets     61,518             61,586             59,357        
    Total assets   $ 2,077,065           $ 2,054,391           $ 2,030,641        
    Liabilities and shareholders’ equity:                                    
    NOW, savings, and money market deposits   $ 619,234     2,031   1.33 %   $ 614,623     1,988   1.29 %   $ 616,169     1,937   1.26 %
    Time deposits     712,796     6,995   3.98 %     698,801     7,585   4.32 %     619,220     6,476   4.21 %
    Interest-bearing deposits     1,332,030     9,026   2.75 %     1,313,424     9,573   2.90 %     1,235,389     8,413   2.74 %
    FHLB advances     347,394     2,943   3.39 %     335,686     2,739   3.26 %     373,874     3,012   3.24 %
    Total interest-bearing liabilities     1,679,424     11,969   2.89 %     1,649,110     12,312   2.97 %     1,609,263     11,425   2.86 %
    Non-interest bearing deposits     25,411             24,945             26,491        
    Non-interest bearing other     40,679             43,016             41,569        
    Total liabilities     1,745,514             1,717,071             1,677,323        
    Total shareholders’ equity     331,551             337,320             353,318        
    Total liabilities and shareholders’ equity   $ 2,077,065           $ 2,054,391           $ 2,030,641        
    Net interest income       $ 10,744           $ 9,473           $ 9,417    
    Net interest rate spread (2)           1.62 %           1.40 %           1.39 %
    Net interest margin (3)           2.16 %           1.89 %           1.92 %
    (1) Average loan balances are net of deferred loan fees and costs, premiums and discounts and include non-accrual loans.
    (2) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
    (3) Net interest margin represents net interest income divided by average interest-earning assets.

    BLUE FOUNDRY BANCORP AND SUBSIDIARY
    Supplemental Information – Non-GAAP Financial Measures
    (Unaudited)

    This press release contains certain supplemental financial information, described in the table below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Blue Foundry’s performance. Management believes these non-GAAP financial measures provide information useful to investors in understanding Blue Foundry’s financial results. These non-GAAP measures should not be considered a substitute for GAAP basis measures and results and Blue Foundry strongly encourages investors to review its consolidated financial statements in their entirety and not to rely on any single financial measure. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures having the same or similar names.

    Net income, as presented in the Consolidated Statements of Operations, includes the provision for credit losses and income tax expense, while pre-provision net revenue does not.

        Three months ended
        March 31, 2025   December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024
        (Dollars in thousands, except per share data)
    Pre-provision net revenue and efficiency ratio:                        
    Net interest income   $ 10,744     $ 9,473     $ 9,087     $ 9,573     $ 9,417  
    Other income     394       420       387       536       451  
    Total revenue     11,138       9,893       9,474       10,109       9,868  
    Operating expenses     13,629       12,881       13,267       13,215       13,242  
    Pre-provision net loss   $ (2,491 )   $ (2,988 )   $ (3,793 )   $ (3,106 )   $ (3,374 )
    Efficiency ratio     122.4 %     130.2 %     140.0 %     130.7 %     134.2 %
                         
    Core deposits:                    
    Total deposits   $ 1,387,241     $ 1,343,320     $ 1,318,670     $ 1,311,156     $ 1,291,184  
    Less: time deposits     726,908       707,339       701,262       671,478       642,372  
    Core deposits   $ 660,333     $ 635,981     $ 617,408     $ 639,678     $ 648,812  
    Core deposits to total deposits     47.6 %     47.3 %     46.8 %     48.8 %     50.2 %
                         
    Total assets   $ 2,092,206     $ 2,060,683     $ 2,055,093     $ 2,045,452     $ 2,027,787  
    Less: intangible assets     189       244       300       386       473  
    Tangible assets   $ 2,092,017     $ 2,060,439     $ 2,054,793     $ 2,045,066     $ 2,027,314  
                         
    Tangible equity:                    
    Shareholders’ equity   $ 326,663     $ 332,198     $ 339,299     $ 345,597     $ 350,156  
    Less: intangible assets     189       244       300       386       473  
    Tangible equity   $ 326,474     $ 331,954     $ 338,999     $ 345,211     $ 349,683  
                         
    Tangible equity to tangible assets     15.61 %     16.11 %     16.50 %     16.88 %     17.25 %
                         
    Tangible book value per share:                    
    Tangible equity   $ 326,474     $ 331,954     $ 338,999     $ 345,211     $ 349,683  
    Shares outstanding     22,047,649       22,522,626       22,990,908       23,505,357       23,958,888  
    Tangible book value per share   $ 14.81     $ 14.74     $ 14.74     $ 14.69       14.60  

    The MIL Network –

  • MIL-OSI: LeddarTech to Announce Second Quarter 2025 Financial Results and Host Investor and Business Update Call on May 14, 2025

    Source: GlobeNewswire (MIL-OSI)

    QUEBEC CITY, April 30, 2025 (GLOBE NEWSWIRE) — LeddarTech® Holdings Inc. (“LeddarTech”) (Nasdaq: LDTC), an automotive software company that provides patented disruptive AI-powered low-level sensor fusion and perception software technology, LeddarVision™, for ADAS, AD and parking applications, announced today that it plans to release its second quarter 2025 financial results before the market opens on Wednesday, May 14, 2025. It will host an Investor and Business Update conference call and webcast on the same day at 8:00 a.m. ET. Frantz Saintellemy, President and Chief Executive Officer, and Chris Stewart, Chief Financial Officer, will be participating in the call.

    The conference call can be accessed in the U.S. by dialing (646) 307-1963 and via (800) 715-9871 for international callers. The conference ID is 1293674. Interested parties may also  register for the live webcast, which will be archived on  LeddarTech’s Investor Relations website  following the event.

    About LeddarTech

    A global software company founded in 2007 and headquartered in Quebec City with additional R&D centers in Montreal and Tel Aviv, Israel, LeddarTech develops and provides comprehensive AI-based low-level sensor fusion and perception software solutions that enable the deployment of ADAS, autonomous driving (AD) and parking applications. LeddarTech’s automotive-grade software applies advanced AI and computer vision algorithms to generate accurate 3D models of the environment to achieve better decision making and safer navigation. This high-performance, scalable, cost-effective technology is available to OEMs and Tier 1-2 suppliers to efficiently implement automotive and off-road vehicle ADAS solutions.

    LeddarTech is responsible for several remote-sensing innovations, with over 170 patent applications (87 granted) that enhance ADAS, AD and parking capabilities. Better awareness around the vehicle is critical in making global mobility safer, more efficient, sustainable and affordable: this is what drives LeddarTech to seek to become the most widely adopted sensor fusion and perception software solution.

    Additional information about LeddarTech is accessible at www.leddartech.com and on LinkedIn, Twitter (X), Facebook and YouTube.

    Contact:
    Chris Stewart, Chief Financial Officer, LeddarTech Holdings Inc.

    Tel.: + 1-514-427-0858, chris.stewart@leddartech.com

    Leddar, LeddarTech, LeddarVision, LeddarSP, VAYADrive, VayaVision and related logos are trademarks or registered trademarks of LeddarTech Holdings Inc. and its subsidiaries. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

    LeddarTech Holdings Inc. is a public company listed on the Nasdaq under the ticker symbol “LDTC.”

    The MIL Network –

  • MIL-OSI: Infinidat’s InfiniBox® G4 Family Named One of the TOP 5 Cybersecure Sub-10PB NAS Solutions for Enterprises by Storage Analyst Firm DCIG

    Source: GlobeNewswire (MIL-OSI)

    WALTHAM, Mass., April 30, 2025 (GLOBE NEWSWIRE) — Infinidat, a leading provider of enterprise storage solutions, today announced that leading storage industry analyst firm DCIG has named Infinidat’s InfiniBox® G4 family as one of the world’s TOP 5 cybersecure sub-10PB NAS solutions. This DCIG TOP 5 report identifies Infinidat’s InfiniSafe® Automated Cyber Protection (ACP), InfiniSafe Cyber Detection, and InfiniVerse® platform as the key factors that “distinguish the Infinidat InfiniBox G4 from the other TOP 5 solutions.” The report entitled “2025-26 DCIG TOP 5 Cybersecure NAS Solutions Sub-10PB Report” is available now.

    “Infinidat’s InfiniSafe next-generation data protection capabilities that are built into our InfiniBox G4 systems to deliver cyber storage resilience and guaranteed cyber recovery are game-changing. With the InfiniBox G4’s guaranteed recovery time objective (RTO) of one minute or less, regardless of dataset size, Infinidat is providing the ultimate in cyber business continuity. This recognition by DCIG of the power of our cybersecure solutions reinforces our strong leadership position as a top innovator securing cyber storage for the high-end enterprise market,” said Eric Herzog, CMO at Infinidat. “This significant accolade for our next-gen InfiniBox G4 solutions dovetails identically with the increasing awareness among enterprise CIOs and CISOs that their storage infrastructure must go to the next level of being cybersecure. Infinidat is an ideal cyber storage solution for enterprise customers and service provider communities.”

    Jerome Wendt, Principal Analyst at DCIG, said, “DCIG’s TOP 5 report provides organizations with guidance on the best cybersecure sub-10PB NAS solutions available today. Cybersecurity has now become core to NAS solutions, with cyber criminals continuously attacking NAS solutions, especially during ransomware attacks. To protect critical enterprise data from these malicious attacks, it has become essential for NAS solutions to be cybersecure. Bolstered by its InfiniSafe software, Infinidat’s InfiniBox G4 family meets a real need in the enterprise market and, with the NAS market still growing, cybersecure NAS solutions will only become more necessary over time for enterprises to deploy.”

    Valued at approximately $40 billion in 2024, the NAS market is expected to grow to nearly $130 billion by 2032, according to projections by Fortune Business Insights. Approximately 80% of organizations are currently using NAS solutions. In addition, almost all file systems that organizations use support either the NFS or SMB network file protocols available on NAS solutions. Utilizing next-generation data protection capabilities for cyber storage resilience along with file system protocols that are commonly used in enterprises reduces risk and provides a higher level of assurance.

    Citing Infinidat’s multi-protocol support in its storage operating system, the DCIG report states: “As a unified platform, InfiniBox G4’s InfuzeOS operating system simultaneously supports both block (FC/iSCSI) and file (NFS/SMB) protocols, with Object coming in 2H 2025. InfuzeOS implements and distributes file services across all InfiniBox controllers, thereby eliminating controller ownership of directories and files. Utilizing InfiniBox’s mesh architecture improves performance as all controllers actively participate in file system activities.”

    Cyber Storage Resilience Built into the InfiniBox G4 Family

    The DCIG report delves into the differentiating factors that make Infinidat’s InfiniBox G4 solutions special for cybersecure NAS, including:

    • InfiniSafe Automated Cyber Protection (ACP). – DCIG describes this unique ACP capability as an advancement in cybersecurity. The analyst report states: “InfiniBox’s InfiniSafe ACP functions as a ‘listener’ for multiple existing cyber security software applications. These applications include syslog, Security Information and Event Management (SIEM), and Security Orchestration, Automation and Response (SOAR), among others. If these applications generate a security alert or notification, these events can trigger InfiniBox to take an immutable snapshot. Once taken, InfiniBox retains the immutable snapshot for no less than three days.” ACP can be used as a SOAR application itself.
    • InfiniSafe Cyber Detection – DCIG touts Infinidat’s cyber detection capability as essential for identifying a known clean copy of data to recover near-instantaneously in the wake of a cyberattack. The report states: “InfiniSafe Cyber Detection utilizes AI and ML technologies to detect cyber incidents. InfiniSafe Cyber Detection works in conjunction with InfiniSafe ACP to automatically queue up immutable snapshots for scanning. InfiniSafe Cyber Detection then does a forensic, full-content analysis of these snapshots. It examines them for data corruption, fingerprints of latent data corruption attacks, and other cyber issues. Its analysis helps identify compromised data, good known copies of data, and insights into the origins of any compromised data.”
    • InfiniVerse platform – DCIG recognizes InfiniVerse for its added value as a data services-oriented platform to support and optimize cybersecure storage. The report states: “Infinidat includes its cloud-based InfiniVerse platform that helps monitor, manage, and optimize storage services on the InfiniBox. InfiniVerse collects millions of data points across Infinidat’s global install base and analyzes this information in real-time. This collected data powers InfiniVerse’s AIOps and DevOps capabilities to provide infrastructure-wide predictive analytics, monitoring, and reporting on capacity and performance.”

    To download the DCIG report, click here.

    About Infinidat
    Infinidat provides enterprises and service providers with a platform-native primary and secondary storage architecture that delivers comprehensive data services based on InfiniVerse®. This unique platform delivers outstanding IT operating benefits, support for modern workloads across on-premises and hybrid multi-cloud environments. Infinidat’s cyber resilient-by-design infrastructure, consumption-based performance, 100% availability, and cyber security guaranteed SLAs align with enterprise IT and business priorities. Infinidat’s award-winning platform-native data services and acclaimed white glove service are continuously recommended by customers. For more information, visit www.infinidat.com.

    Connect with Infinidat
    About Infinidat
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    Media Contact
    Infinidat
    Sapna Capoor
    Director of Global Communications
    scapoor@infinidat.com I Mobile: +44 (0) 7789684159

    The MIL Network –

  • MIL-OSI: Safe Harbor Financial Expands Executive Leadership Team with Appointments of Jeffrey Kay as SVP of Marketing and Dominic Marella as VP of Business Development

    Source: GlobeNewswire (MIL-OSI)

    GOLDEN, Colo., April 30, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (Nasdaq: SHFS), a fintech leader providing financial services and credit facilities to the regulated cannabis industry, announced two strategic appointments to its leadership team: Jeffrey Kay as senior vice president of Marketing and the return of Dominic Marella as vice president of Business Development.

    Together, Kay and Marella will play key roles in expanding Safe Harbor’s national footprint, enhancing client services and elevating brand visibility—supporting the Company’s mission to deliver compliant, scalable and technology-driven financial solutions to cannabis-related businesses (CRBs).

    “Safe Harbor is entering a new phase of accelerated growth, innovation and market leadership,” said Terry Mendez, CEO of Safe Harbor Financial. “The appointments of Jeff and Dom represent a strategic investment in both our brand and business development engine. Jeff’s marketing acumen and Dominic’s deep relationships and experience across the cannabis sector give us an unmatched edge in serving the evolving needs of cannabis operators and financial institutions.”

    Jeffrey Kay, a seasoned marketing executive with over 30 years of experience, most recently served as chief marketing officer at AMMA Investments, a vertically integrated multi-state cannabis operator. He previously founded Brandfan, a marketing agency with a diverse client roster across cannabis, retail, technology and consumer goods. In his new role, Kay will lead integrated marketing strategy, brand development and go-to-market execution, driving demand generation, sales enablement and strategic partnerships.

    “I’m honored to join Safe Harbor at such a pivotal time,” said Jeff Kay, senior vice president of Marketing. “The opportunity to shape the strategic evolution of the brand and drive measurable results for our clients and partners is incredibly exciting.”

    Dominic Marella rejoins Safe Harbor following nearly two years of entrepreneurial and fintech leadership outside the organization. A veteran of the commodities and derivatives sector, Marella brings deep experience navigating highly regulated industries. He previously led the cannabis vertical at Paro, a digital-first accounting platform, where he supported cannabis entrepreneurs navigating Illinois’ adult-use dispensary licensing process. As vice president of business development at Abaca—a company acquired by Safe Harbor in 2022—Marella led national sales efforts and was instrumental in integrating cannabis financial solutions post-acquisition. Most recently, he ran CannaTech Ventures, an incubator helping launch innovative cannabis technology startups.

    “Returning to Safe Harbor feels like a homecoming,” added Dominic Marella, vice president of Business Development. “Our team has a powerful mission and a clear opportunity to help lead financial innovation in the cannabis sector. I’m excited to capitalize on our strong foundation—partnering with operators, legacy businesses and newcomers to the space to deliver scalable, tech-forward financial solutions.”

    Key initiatives under Kay’s leadership include a brand refresh, a comprehensive demand-generation strategy and a new partnership marketing program. Marella will focus on expanding Safe Harbor’s business development operations nationally, with an emphasis on strategic client acquisition, channel partnerships and tailored financial solutions that meet the unique needs of cannabis operators navigating complex regulatory frameworks.

    Both Kay and Marella join the Company with equity-based incentives, aligning their long-term interests with those of shareholders.

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions that provide traditional banking services to cannabis, hemp, CBD and ancillary operators, making communities safer, driving growth in local economies and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning more than 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements
    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; success or viability of new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that have been or may be brought by or against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Safe Harbor Investor Relations Contact
    Mike Regan, head of Safe Harbor Investor Relations
    ir@SHFinancial.org

    Safe Harbor Media Relations Contact
    Ellen Mellody
    safeharbor@kcsa.com
    570-209-2947

    The MIL Network –

  • MIL-OSI: Global-e to Announce Financial Results for the First Quarter 2025 on May 14, 2025

    Source: GlobeNewswire (MIL-OSI)

    PETAH-TIKVA, Israel, April 30, 2025 (GLOBE NEWSWIRE) — Global-e Online Ltd. (Nasdaq: GLBE), the platform powering global direct-to-consumer e-commerce, today announced it will report financial results for the first quarter ended March 31, 2025, before market open on Wednesday, May 14, 2025.

    Global-e management will host a conference call to review its financial results and outlook.

    Date: Wednesday, May 14, 2025
    Time: 8:00 AM ET
    United States/Canada Toll Free: +1-800-717-1738
    International Toll: +1-646-307-1865
       

    Please join the call 5-10 minutes prior to the scheduled start time, to avoid a delay in connecting. A live webcast will be available in the Investor Relations section of Global-e’s website at https://investors.global-e.com/news-events/events-presentations

    A replay of the webcast will be available in the Investor Relations section of Global-e’s website at https://investors.global-e.com/news-events/events-presentations approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

    About Global-e Online Ltd.

    Global-e (Nasdaq: GLBE) is the world’s leading platform enabling and accelerating global, Direct-To-Consumer e-commerce. The chosen partner of over 1,400 brands and retailers across the United States, EMEA and APAC, Global-e makes selling internationally as simple as selling domestically. The company enables merchants to increase the conversion of international traffic into sales by offering online shoppers in over 200 destinations worldwide a seamless, localized shopping experience. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, big-data best-practice business intelligence models, streamlined international logistics and vast global e-commerce experience, enabling international shoppers to buy seamlessly online and retailers to sell to, and from, anywhere in the world. For more information, please visit: www.global-e.com.

    Investor Contacts:
    Alan Katz
    Investor Relations
    Global-e
    IR@global-e.com

    Erica Mannion or Mike Funari
    Sapphire Investor Relations, LLC
    IR@global-e.com
    +1 617-542-6180

    Press Contact:
    Sarah Schloss
    Headline Media
    sarah.schloss@headline.media
    +1 914-506-5104

    The MIL Network –

  • MIL-OSI China: During visit to Eswatini, Foreign Minister Lin meets with Prime Minister Dlamini and announces additional funding for women’s microfinance revolving fund

    Source: Republic of Taiwan – Ministry of Foreign Affairs

    April 24, 2025

    No. 115

    Minister of Foreign Affairs Lin Chia-lung is currently visiting Eswatini as President Lai Ching-te’s special envoy. He continues to carry out important engagements in Taiwan’s African ally. 

     

    On the morning of April 23, the second day of his visit, Special Envoy Lin called on Prime Minister Russell Dlamini to thank him for his friendship with Taiwan. Prime Minister Dlamini, who assumed office in November 2023, led a delegation to Taiwan in March 2024. In the same year, he spoke up for Taiwan on behalf of the government of Eswatini at major international events, including the United Nations General Assembly and the 29th Conference of the Parties to the UN Framework Convention on Climate Change, demonstrating staunch support for the diplomatic alliance between the two countries.

     

    Prime Minister Dlamini warmly welcomed Special Envoy Lin to Eswatini and thanked Taiwan for its long-standing support. He reaffirmed that relations with Taiwan were rock-solid and emphasized that Eswatini, as a sovereign nation, had the right to choose its own friends without being influenced by other countries. He underlined that Eswatini was firmly committed to standing shoulder to shoulder with Taiwan.

     

    Also on the morning of April 23, Special Envoy Lin joined Deputy Prime Minister Thulisile Dladla; Minister of Foreign Affairs and International Cooperation Pholile Shakantu; Minister of Commerce, Industry and Trade Manqoba Khumalo; and other high-level officials at an event to showcase the results of a microfinance revolving fund implemented by Taiwan and Eswatini to help women start businesses.

     

    In his remarks, Special Envoy Lin stated that Taiwan had announced an investment of US$1 million to establish the revolving fund in September 2023. He said the program provided start-up loans for women in rural areas, increased household incomes, and contributed to the economic and social development of Eswatini. In the past year or more since the fund was launched, over 500 loans had been approved, leading to changes in people’s lives and helping women achieve economic independence, he added. Highlighting a touching result of the initiative, Special Envoy Lin noted that one beneficiary had named her newborn baby Taiwan to thank Taiwan for its assistance. He further announced that the Taiwan government would inject an additional US$500,000 into the fund to further expand the virtuous cycle.  Special Envoy Lin said this underscored Taiwan’s strong commitment to economic empowerment in Eswatini.

     

    Speaking at the event, Deputy Prime Minister Dladla recalled her 2019 visit to Taiwan as foreign minister, during which she presented a proposal to the Taiwan government for the revolving fund on behalf of Queen Mother Ntombi Tfwala. She said that in 2020 the Technical Mission of the International Cooperation and Development Fund in Eswatini had introduced the Women’s Microenterprise Mentoring and Capacity Building Project, under which more than 6,000 women had received entrepreneurship skills training. Deputy Prime Minister Dladla said this was followed by a bilateral cooperation agreement to launch the fund, signed at a ceremony witnessed by the heads of state of both nations in September 2023. She praised the results that the program had achieved since it was launched just over a year ago in effectively giving women in rural areas of Eswatini an avenue to finance their start-up plans.

     

    Around 100 beneficiaries of the fund attended the event. Participants sang classic Taiwanese songs such as “Fight to Win,” creating a warm and lively atmosphere. Special Envoy Lin presented a stuffed leopard cat to the child named Taiwan, highlighting the profound friendship between Taiwan and Eswatini.

     

    The Ministry of Foreign Affairs will continue to work with the government of Eswatini to enhance the well-being of the peoples of both countries and further deepen bilateral relations. (E)

    MIL OSI China News –

  • MIL-OSI USA: ICYMI: Warren Reads 100 Acts of Trump Corruption Into Congressional Record To Mark 100 Days of the Trump Administration

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren
    April 30, 2025
    “[I]nstead of following through on his promise [to lower costs], Trump and his administration have paved the way for the president, his top officials, and his billionaire buddies to personally feed at the trough of government corruption.” 
    “That’s 100 corrupt acts in 100 days. Americans deserve accountability. We need to fight back—all of us.” 
    Video of Speech (YouTube)
    Washington, D.C. – On the 100th day of this Trump administration, U.S. Senator Elizabeth Warren (D-Mass.) read 100 reports of corruption from President Trump’s term so far into the Congressional record. 
    Senator Warren pointed to all the ways President Trump, his family, and associates like Elon Musk have used the presidency to enrich themselves, give favors to donors, and made it more difficult to hold him accountable for corruption. 
    Transcript: “One Hundred Days, One Hundred Acts of Corruption”U.S. Senate FloorApril 29, 2025
    As Prepared for Delivery
    Senator Elizabeth Warren: So here we are: one hundred days; one hundred acts of corruption.
    Today, I’m reading into the congressional record 100 reports of corruption from Donald Trump’s first 100 days in office. When he ran for office, Trump promised repeatedly that he would lower costs “on day 1.”  But instead of following through on his promise, Trump and his administration have paved the way for the president, his top officials, and his billionaire buddies to personally feed at the trough of government corruption. 
    So, count with me: In just one hundred days, Donald Trump, his family, and his Administration have:
    Turned the White House into a Tesla dealership.
    Fired independent commissioners at the FTC.
    Punished former officials who opposed his 2020 election lies.
    Paid for the White House Easter Egg roll by soliciting corporate sponsors who have business pending with the government.
    Helped Trump’s son set up a club — pay $500,000 for access to Trump’s cabinet.
    Declared that there would be NO tariff exceptions. Then permitted Apple’s CEO “behind the scenes” access — and poof, iPhone tariffs were cut.
    Created an opening for insider trading by reportedly giving Wall Street exclusive information about trade talks.
    Hosted million-dollar dinners between Big Pharma CEOs and their regulator RFK Jr.
    Launched crypto memecoin right before inauguration to make millions of dollars, then increased the value of those coins by signing executive orders making crypto a priority.
    Launched a meme coin for Melania, too. 
    Promised his “rich-as-hell” donors a giant tax handout, and is working to deliver. 
    Weakened rules insulating government workers from politics.
    Limited corporate foreign bribery investigations.
    Halted enforcement of the Corporate Transparency Act.
    Offered a private dinner with Trump himself—and a special tour of the White House—for the top 220 holders of his memecoin, permitting Trump and his family to profit both from the run up in the value of the coin AND the increase in trading on the Trump platform.
    Accepted $40 million for First Lady Melania’s documentary from Jeff Bezos – way above the market rate.
    Pointed to Bezos’s multi-million-dollar documentary payment as a model, when Warner Bros. asked Trump’s team how to improve its own relationship with the White House.
    Struck a deal with Amazon to stream Trump’s old show The Apprentice, which will mean more money for Trump as Amazon seeks tax breaks and other federal benefits.
    Coercing law firms to offer almost $1 billion in free legal work in an arrangement that experts say could run afoul of anti-bribery laws.
    Started undermining Medicare’s ability to negotiate drug prices after Big Pharma companies gave millions to Trump’s inauguration.
    Filed a meritless lawsuit against 60 Minutes and launched a baseless FCC investigation.
    Tried to get the AP to bend the knee and kicked them out of the White House briefing room when they refused.
    Hired Defense Secretary Hegseth’s younger brother to serve in a key role.
    Hired a longtime former partner of Don Jr. to serve as Ambassador to Greece. 
    Nominated Jared Kushner’s father to serve as Ambassador to France. 
    Selected Tiffany Trump’s father-in-law to serve as an adviser.
    Appointed an oil and gas executive to lead the Department of Energy.
    Selected a Chief of Staff who was a big-time lobbyist for clients like tobacco and mining companies.
    Named officials who had recently lobbied for oil and chemical giants to help write E-P-A rules.
    Appointed Mehmet Oz, who has close ties to Medicare Advantage insurers, to lead CMS to set payment rates and otherwise help out Medicare Advantage insurers.
    Appointed John Phelan, a major donor with no military or government experience, to lead the Navy and hand out Navy construction contracts.  
    Appointed Pam Bondi, a former lobbyist for a federal detention contractor, to lead the DOJ.
    Announced the DOJ would stop prioritizing enforcement of restrictions on foreign lobbyists, under the leadership of Bondi, who herself is a former foreign lobbyist for Qatar.
    Appointed Howard Lutnick, who has billions invested in companies accused of illegally facilitating crypto money laundering, to lead the Commerce Department.
    Appointed Marty Makary, the former executive of a company selling weight-loss drugs, to lead the FDA, which would regulate his company.
    Appointed Sean Duffy, who lobbied for the airline industry, to Transportation Secretary.
    Tapped Pete Hegseth, whose wife owns stock in large defense contractors, to lead the Defense Department.
    Tapped Doug Burgum — who made money from leasing land to Big Oil — to lead the Interior Department.
    Nominated a Big Oil lobbyist to run the Bureau of Ocean Energy Management.
    Nominated as IRS head Billy Long, an aggressive salesman for a fraud-riddled tax credit, who received donations after being nominated to clear old campaign debts. 
    Tapped Paul Atkins, a former crypto lobbyist, to lead the SEC.
    Appointed a former tax lobbyist, to lead tax policy.
    Appointed RFK Jr., who planned to get paid for anti-vax lawsuits while heading up HHS.
    Appointed a top Pentagon official who led a firm investing in defense contractors and has directed D-O-D to outsource as much as it can.
    Appointed someone who lobbied to privatize Medicare to lead OMB’s healthcare budget.
    Installed Steve Davis to effectively lead DOGE while also leading a Musk company.
    Installed another DOGE leader to control Treasury’s payment system while still holding down his day job as a software CEO.
    Handed power over crypto policy to a White House crypto czar who leads a venture capital firm that heavily invests in crypto.
    Selected a border czar who led a firm that got tens of millions of dollars of federal contracts for homeland security companies.
    Appointed Treasury Secretary Bessent who is gutting the IRS so that it can’t audit rich tax cheats — he’s a tax-dodging mega-millionaire.
    Pardoned Rod Blagojevich, former Illinois governor convicted for corruption, after his vocal support for Trump.
    Pardoned January 6 insurrectionists who tried to overturn an election he lost.
    Pardoned a Trump loyalist found guilty of wire fraud.
    Pardoned the son of a longtime Republican donor.
    Pardoned a corporation that had been fined $100 million for money laundering.
    Launched his own stablecoin while preparing to sign legislation that will help the stablecoin and let him oversee it. 
    Sold merch with presidential branding.
    Disbanded DOJ’s crypto unit after business talks between Binance and a Trump-backed crypto company ramped up.
    Halted SEC enforcement actions against crypto companies that enriched Trump. 
    Met with crypto executives who are asking Treasury to back off of oversight of their companies — all while exploring a deal to list a Trump-linked crypto company’s new stablecoin.
    Maintained financial ties between Trump officials and Trump’s media company. That includes: FBI Director Kash Patel who was gifted a huge award of Trump media company stock.
    Nominated Attorney General Bondi who owned $2 million in DJT shares.
    Paid the Education Secretary almost $1 million in Trump Media company shares.
    Intelligence Board nominees who have millions in Trump Media company shares.
    Selected a Special Envoy to the Middle East who wants to develop real estate in Gaza while running his own real estate firm.
    Appointed an FBI Director who consulted for the Qatari government.
    Picked that FBI Director even though he also received millions from a Cayman Island holding company with ties to China.
    Decided to cancel the Direct File program, which will help the bottom line of Intuit, which gave $1 million to Trump’s inauguration.
    Took its largest inauguration donation from a poultry company under DOJ scrutiny. After the donation, the SEC approved its parent company for the New York Stock Exchange.
    Dropped a probe into sexual misconduct allegations against Trump’s Education Secretary’s husband.
    Hosted dozens of foreign, federal, and state officials at Mar-a-Lago, helping enrich Trump. 
    Hosted a GOP retreat at another one of Trump’s resorts.
    Circumvented the normal contracting process to pick a company with close ties to Trump’s former campaign manager.
    Awarded a $30 million ICE contract to Trump insider Peter Thiel.
    Continued developing new Trump properties overseas, including in Saudi Arabia and the UAE.
    Hatched a plan for the State Department to pay Tesla $400 million dollars.
    Accepted a $4 million inauguration donation from a GOP megadonor and nominated him as UK ambassador the same day.
    And Donald Trump took actions that could advance the personal interests of his co-president Elon Musk: 

    Fired EEOC leaders investigating and suing Tesla.
    Illegally fired the NLRB Chair, which filed a complaint against SpaceX.
    Gutted CFPB staff and fired the Director after they investigated complaints against Musk’s companies.
    Gutted the Department of Labor office investigating Tesla and Space X.
    Fired the USAID Inspector General, who launched a probe into satellite terminals made by Musk’s Starlink. 
    Targeted the National Highway Traffic Safety Administration staff who were reportedly, quote, a “thorn in Tesla’s side.”
    Said Musk would self-police his conflicts of interest. Yeah right…
    Pressured the Administrator of the FAA, which fined Musk’s SpaceX, to resign .
    Permitted Musk to keep his financial disclosure hidden. I’ve got a new bill to fix that!
    Allowed Musk’s Starlink to start working with the FAA after Musk criticized the FAA’s air traffic telecom system. 
    Made Musk’s SpaceX the frontrunner for a new lucrative Golden Dome contract.
    Stood by Musk when his X executives told an advertising firm to increase ad revenue — threatening that Musk could interfere with a pending merger.
    Permitted Musk to join Trump’s interview with the Air Force secretary nominee while SpaceX held billions of dollars in contracts with the Air Force. 
    Permitted the National Transportation Safety Board to share news related to the airplane crashes in Washington and Philadelphia only on Musk-owned X.
    Permitted the Social Security Administration to only share important public communication on X.
    Dropped DOJ’s anti-discrimination complaint against Musk’s SpaceX.
    Fired FDA staffers reviewing Elon Musk’s Neuralink clinical trial applications.
    And for our closing six moves that make every bit of this corruption even harder to root out, Trump got rid of cops on the beat:

    Fired 18 Inspectors General who make sure the federal agencies follow the law.
    Fired the head of the Office of Special Counsel who protects whistleblowers and makes sure that civil service laws are fired.
    Fired the head of the Office of Government Ethics who watches to see that the President and his Administration follow the laws on conflicts of interest, bribery and other ethics issues.
    Fired DOJ prosecutors who worked on January 6th investigations.
    Sidelined DOJ’s office that reviews the legality of executive orders.
    Gutted DOJ’s office that prosecutes misconduct by public officials.
    That’s 100 corrupt acts in 100 days. Americans deserve accountability. We need to fight back—all of us. 

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Three Trustees appointed to the Imperial War Museum

    Source: United Kingdom – Executive Government & Departments

    News story

    Three Trustees appointed to the Imperial War Museum

    The Prime Minister has appointed Professor Dame Janet Beer, Emma Loxton and Sheena Wagstaff as Trustees of the Imperial War Museum for a four year term from 1 March 2025 to 31 October 2028.

    Professor Dame Janet Beer

    Professor Dame Janet Beer was the Vice-Chancellor at Oxford Brookes 2007-2015 and at the University of Liverpool 2015-2022. She was President of Universities UK 2017-2019 and was awarded a Damehood in the New Years Honours list 2018 for services to higher education and equality and diversity. She is Chair of the Sport and Recreation Alliance; a Member of the Board of the Baltic Centre for Contemporary Art, Newcastle; an Independent Governor of Northumbria University; a Trustee of the Imperial War Museum; Trustee of the Royal Anniversary Trust and serves on the National Leadership Advisory Board, Cabinet Office. She is also Patron of the Mark Evison Foundation which exists to provide opportunities for young people to undertake personally designed challenges.

    Emma Loxton

    Emma Loxton is a partner at McKinsey & Company where she co-leads McKinsey’s work with defence, transport, and industrial companies in the UK. Emma has over 15 years’ experience advising institutions in the private sector on strategy and transformation. She has provided extensive pro bono support to arts institutions and homelessness charities in the UK on strategy and financial sustainability.

    Sheena Wagstaff

    Sheena Wagstaff is former Chair of Modern and Contemporary Art at The Metropolitan Museum of Art, New York, honored in 2022 as Chair Emerita. Her tenure was distinguished by leading The Met Breuer, establishing a transnational collection of modern and contemporary art, initiating an acclaimed exhibition program plus two series of artist commissions within the context of the museum’s global collections spanning 5,000 years. As Chief Curator of Tate Modern (2001-12), she commissioned artists for the Turbine Hall and devised the exhibition program. Working at leadership level for 30 years for institutions with strong civic values, she was previously Head of Exhibitions & Displays at Tate Britain, and Director of Collections, Exhibitions & Education at the Frick Art Museum, Pittsburgh. Wagstaff has extensive experience collaborating with architects on capital design projects, including David Chipperfield Architects, Herzog & De Meuron, Selldorf Architects, and others. She serves on the Professional Fine Arts Committee of the Foundation for Art & Preservation in Embassies, Washington DC; the International Advisory Committee of Istanbul Modern; the Advisory Board of Delfina Foundation, London.

    Remuneration and Governance Code

    Trustees of the Imperial War Museum are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments.

    The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Dame Janet Beer declared that she canvassed on behalf of the Labour Party in 1997. Emma Loxton is married to Gareth Davies CB, who is the Permanent Secretary of the Department for Business and Trade. Sheena Wagstaff has not declared any significant political activity.

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: The CMA’s approach to the new consumer enforcement regime

    Source: United Kingdom – Government Statements

    Speech

    The CMA’s approach to the new consumer enforcement regime

    Speech delivered by Emma Cochrane, Acting Executive Director, Consumer Protection at the Competition and Markets Authority (CMA).

    Introduction

    As everyone here will know, now is a pivotal time in consumer enforcement with direct enforcement. Today I want to talk about how we at the CMA are implementing our consumer protection work under the Digital Markets, Competition and Consumer Act (DMCCA).  

    This is a time of change and that’s exciting, including for me personally, as I take on the leadership of our consumer function. But importantly, what hasn’t changed is the CMA’s purpose, and our statutory mandate to promote competition and protect consumers.

    Those fundamentals remain. The protection of consumers – people – in the UK underpins everything that we do. The consumer welfare standard is central to competition policy and with the changes brought in by the DMCCA we have the opportunity to do our consumer protection work more effectively, more quickly and – hopefully – with even better outcomes for people in the UK.  

    In its steer the government emphasised the importance of the CMA using its consumer enforcement powers under the DMCCA. And, in particular, that the CMA should use its consumer enforcement functions to help to support economic growth and investment. 

    The CMA’s ambition for consumer protection

    The CMA’s ambition is an effective and independent consumer protection regime, which safeguards UK consumer interests and gives people the confidence they need that the CMA is standing up for them.   

    An effective consumer protection regime should also give fair dealing businesses the confidence to grow and invest on a level playing-field, knowing that their competitors cannot gain an unfair advantage by breaking the law. 

    We, together with other regulators, have been called upon to support the government’s push to unlock barriers to growth. Growth which will improve quality of life and ultimately support long-term prosperity for everyone in the UK.  

    To me, it is absolutely clear that free and fair competition and effective consumer protection support growth. And consumer protection does this in two ways.  

    First, enforcing consumer protection law protects people from harmful and unfair treatment. Protected consumers are confident consumers. When consumers are confident about spending money, markets thrive. Consumers need clear, accurate information about price and the other key features of products and services they buy so they can shop confidently and find the best deal for them. They need to be able to trust reviews of products on which they rely. They shouldn’t be misled into paying for goods or services they don’t want or would not choose if they had the full picture. And they need to be able to exercise their legal rights when things go wrong – when something they buy online doesn’t look how they expect or when goods or services simply are not fit for purpose. 

    Second, consumer protection supports growth when it levels the playing field on which businesses compete. Businesses can compete vigorously on the prices and quality of their products and services confident that their competitors are playing by the same rules and can’t gain an advantage by breaking the law. That way, businesses are incentivised to become more productive and innovative, rather than relying on unfair practices. As with competition enforcement, business and investor confidence in the level playing field is strengthened, with wider benefits across the economy. 

    Priorities in our first 12 months of direct enforcement

    With that ambition in mind, the CMA has 2 core priorities over the next 12 months. First to support compliance and help businesses to do the right thing. And second, to take action to protect consumers from harm where we see egregious breaches of the law.   

    On compliance, we will be continuing our extensive engagement with stakeholders across the business and advisory community as well as with consumer groups and other enforcers. We want to continue the dialogue that we have been building with business including through the CMA’s new Growth and Investment Council.  

    And we also want to make clear that we have listened to and acted upon the feedback we have received so far. In our consultation process, we heard that our guidance was overly long and too complex – making it difficult for non-lawyers to understand. So, we responded. Our unfair commercial practices guidance includes over 50 examples of how the law will apply in real life scenarios. And we published shorter, more digestible guides for businesses on unfair commercial practices and fake reviews.  

    Now, we are looking for views on how to further develop our guidance. We want to hear from you about the areas where you – or your clients – are still unclear about how to comply with consumer law. Where is there a need for further clarity? Where is there a need for greater predictability on how the CMA will take enforcement action? We want to hear from you and we will take these views into account when deciding which areas to prioritise because it is in everyone’s interests for businesses to get it right. When businesses comply, everyone benefits.    

    In terms of our priorities for the first 12 months our early enforcement action is likely to focus on more egregious practices where the law is clear. We have set out examples in our approach document, so that businesses have transparency on how the CMA intends to operate in the early days. We will focus on the more serious cases of consumer harm, for example: 

    • aggressive sales practices that prey on consumers especially those in vulnerable position
    • where information has been provided to consumers that is objectively false
    • where contract terms are in place that are clearly imbalanced and unfair

    In choosing which cases to pursue, we will continue to apply our public prioritisation principles – looking at whether we are best placed, whether we can be effective and really shift behaviour to create better outcomes for consumers.

    We will also continue to focus on areas of essential spend, to help people struggling with pressure on household budget. It’s always important that consumers are protected, but even more so when they have no choice but to engage with particular sectors. Our recent work in essential spend sectors includes heating, groceries and housing. We will be listening to what consumers say – including by engaging closely with consumer groups – to ensure we tackle issues the most important issues that matter to real people.

    New cases may well come out of the monitoring work we have been carrying out in the past few months. We have been monitoring business compliance with the new DMCCA provisions. It’s really positive to see that a number of businesses have changed their practices in response to the new regime coming into force. For those that haven’t changed their practices yet,we are continuing to monitor, and we will be making decisions about the cases which we will prioritise over the coming weeks.

    Approach to price transparency and fake reviews

    I wanted to talk briefly about the two main areas of change to substantive consumer law – the changes to the law on price transparency (or drip pricing) and the law on fake reviews. 

    Price transparency 

    On price transparency, section 230 of the DMCCA tells us that certain information has to be included in an invitation to purchase, including information about the total price of a product, which includes mandatory taxes, charges and other payments which the consumer will necessarily incur.  

    This provision has the effect of prohibiting drip pricing, which is where customers see a headline price and then, as they go through the transaction process, additional charges are added on, which means the final price ends up looking quite different to the advertised price. Government has published research estimating these unavoidable fees cost consumers £2.2 billion a year. It can also harm businesses that compete with a business that is drip pricing, because we know customers put a lot of weight on headline prices and so a business that complies with the law and presents a more expensive upfront price, may get fewer click throughs that one that conceals additional mandatory fees. We don’t think this is fair. 

    In our initial draft of the unfair commercial practices guidance, we set out guidance on how businesses could think about the requirement and could think about whether fees are mandatory or optional. We also provided guidance on particular types of contract such as fixed term monthly contracts.  

    We’ve received a lot of very helpful feedback from stakeholders who have asked questions about how this will work, often in an industry specific way, and who have suggested that some of the points we made in the guidance could result in unintended consequences. We want to reflect really carefully on how to answer those questions, on whether there are other ways to do things and to think about how to provide really clear guidance – noting of course that our remit covers all sectors across the economy.  

    For this reason, we have adopted a phased approach to the guidance. So what is set out in the recently published unfair commercial practices guidance is a slimmed down version of what the original draft provided, focusing on the core of drip pricing – untrailed, unexpected charges through the purchase process.  

    We will reflect on the feedback on some of the other aspects trailed in the draft Guidance and plan to re-consult on these in the summer, with new finalised guidance expected in the autumn. And we won’t take any enforcement cases on issues to be covered in this later guidance until it is published in its finalised form. 

    To round up on drip pricing, we were monitoring the pricing practices of a number of businesses as the DMCCA came into force. I am really pleased to say that many of the most serious and harmful examples of drip pricing were changed at the beginning of this month. This is a great outcome for consumers who will no longer be misled into clicking on a headline price that isn’t what they will ultimately pay. And it is also a great outcome for competitors of those businesses who can now compete fairly on price/on a LPF. But not all businesses have changed their practices and of those that did change their practices, not all will have come far enough so we are continuing to look at pricing practices across the economy, and where we have concerns about compliance, businesses can expect to hear from us.  

    Fake reviews 

    Turning now to fake reviews, which are covered in a new banned practice introduced in the DMCCA. Various practices involved in the supply chain for fake reviews are now prohibited including, creating reviews that conceal the fact they have been incentivised, and publishing reviews in a misleading way. It also imposes a duty on anyone who publishes reviews or review information to take effective steps to prevent and remove from publication fake and concealed incentivised reviews and false or misleading review information. 

    This is a new banned practice – but it is worth noting the CMA has been active in this space for a while. You may have seen that the CMA recently agreed undertakings with Google relating to its reviews practices and has an open investigation into Amazon. That followed undertakings signed with Facebook and eBay in relation to the sale of fake reviews on those platforms. And the CMA has previously taken action against sixteen influencers for not labelling endorsements as advertisements on social media, as well as the Instagram platform for not doing enough to tackle these practices on its platforms.

    Although we could already, and have already, tackled fake reviews under our existing powers, we recognise that the new provisions create very specific obligations on businesses that need to be operationalised and these may require changes to systems and compliance programmes.

    During our engagement with stakeholders, we have heard that businesses need time to bed these in, and so for the first 3 months of the new regime we will focus primarily on supporting businesses with their compliance efforts rather than taking enforcement action straight out the gates.

    But that is, of course, not to say that we won’t be doing anything until July. Our fake reviews enforcement strategy mirrors the new banned practice. We are looking across the fake reviews value chain and thinking about when and how to take enforcement action all across it. We are using the most up to date tech to help us to identify potential infringements at scale. We know customers rely on review data when taking decisions about which products to buy and the law now gives us the tools to hold to account those that fail to comply.

    Implementing the 4Ps

    I will now talk about a bit about the how – how we intend to use our DMCCA powers. You may have heard that the CMA has recently introduced ‘the 4Ps’ – a programme of meaningful changes to how the CMA will go about all our work, including consumer protection focusing on delivering good processes at pace, proportionately and predictability. The 4Ps framework reflects feedback we sought and heard clearly from businesses and investors, as well as themes from the draft government steer. 

    The 4Ps will enable businesses and investors to have confidence in UK’s competition and consumer protection regimes, providing a regulatory environment which is conducive to growth. 

    Pace 

    The CMA is committed to reaching decisions under its consumer enforcement regime as swiftly as possible – we aim to bring consumer harm to an end quickly and secure redress for consumers where appropriate. Of course, we must ensure decisions are robust, that processes are fair and that we respect the rights of defense of those we investigate.  

    To achieve this – first – we plan to publish timetables at the outset of investigations, so businesses are clear on what to expect and when. Our new case management system means that we will be able to administer cases more efficiently. We will use our information gathering powers in a targeted way, minimising the burden for businesses wherever possible whilst also being mindful of the need for our teams to have a full understanding of the conduct we are investigating and the context in which that takes place. 

    Where we can, we will seek to streamline cases, focusing on the most important areas of concern and dropping less important areas quickly. We will seek early resolution of cases where it is appropriate to do so through settlement. 

    Pace is a two-way street: we expect businesses and their advisers to play their part in progressing cases at pace. Parties will be expected to respond to information notices fully and on time, to work with us constructively and identify where there are issues they can be resolved or agreed early in the process.  

    Predictability 

    Core to predictability is our focus on helping businesses comply, in part by issuing further guidance that I have already spoken about. We know that at the start of a new regime there is an inherent level of uncertainty and we have worked hard to set out how we expect the regime to operate going forward. We are committing to communicating with businesses fairly and openly during the course of investigations. And as time progresses, businesses will be able to rely on the CMA’s precedent decisions to predict how consumer law could apply to different scenarios. 

    We are also exploring further ways to give businesses clarity on conduct which does not infringe the law, in particular, in areas where there is no legal precedent. And we are exploring new opportunities for businesses to seek advice for conduct they are considering introducing. 

    Proportionality 

    The burden of following the rules must be proportionate especially for small businesses. We recognise that businesses need time to review their compliance activities – our early enforcement action will focus on more egregious conduct and conduct where businesses should already be clear about their legal obligations as there is a clear marker in guidance or past cases.  

    The CMA will prioritise consumer redress, recognising that our primary focus is on stopping consumer harm. In determining the level of any penalty, we will take account of proactive steps businesses have taken to correct wrongdoing. We will also invest in monitoring the effectiveness of all our remedies, to ensure that where we do take action, it has the impact we hope to achieve.  

    Process 

    Finally the CMA intends to implement a process which works for all businesses, large and small, constructively and collaboratively. For that reason the CMA has consulted on its guidance extensively, both through formal consultations and business roundtables.  

    In terms of engagement throughout the lifetime of a case, the CMA’s direct enforcement process, has a lot of parallels with the competition process – and so businesses and their advisors can expect similar opportunities to engage on a case. 

    Leveraging the CMA’s expertise

    Finally, I wanted to talk briefly about an important topic which will be discussed later in one of the panel sessions later this afternoon including my colleague Karen Croxson, our Chief Data, Technology and Insight Officer. How at the CMA we intend to use the full range of our tools, including our in-house digital, data, technological and behavioural expertise.  

    Our data team provide invaluable input to our consumer function across the life cycle of our cases. From helping us draw on the very latest technology to identify at scale traders that may be infringing the law; to informing our prioritisation decisions; to gathering evidence, simulating consumer journeys to an evidential standard; evaluating evidence submitted by parties, and then all the way through to supporting our case teams with design and evaluation of potential remedies. We work closely with our DTI team and will continue to do so even more closely as we move into a direct enforcement model.  

    Of course, whether a commercial practice or contract term is illegal is, ultimately, a legal question. Exactly what types of evidence will be needed to prove an infringement will vary case by case. Behavioural evidence can shine a light on how consumers respond, but it won’t always be necessary or proportionate to undertake extensive complex analysis.  

    The expertise of the data team is also incredibly valuable in informing our work in supporting compliance including through guidance and principles we publish for businesses. The team provided extensive input into our discount and reference pricing principles in the mattress sector and in other papers and research published by the CMA – for example our Online Choice Architecture evidence review.  

    I’m looking forward to hearing more on this topic in the panel discussion later this afternoon.  

    Concluding remarks

    I would like to finish by re-emphasising the role an effective CMA consumer enforcement function has in today’s world. Effective, proportionate consumer protection will protect and safeguard UK consumer interests and should give UK consumers the confidence they need that the CMA is standing up for them. And when consumers are confident about spending their money, markets thrive.  

    An effective consumer protection regime should also give fair dealing businesses the confidence to grow and invest on a level playing-field, knowing that their competitors cannot gain an unfair advantage by breaking the law. 

    Reflecting the strategic steer from government, the CMA will use its new powers to properly and independently exercise our statutory function of consumer protection – promoting consumer trust and confidence and deterring poor corporate practices. I am confident this approach will deliver robust protections for consumers and support economic growth. 

    Thank you very much for listening.  

    Updates to this page

    Published 30 April 2025

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: During visit to Eswatini, Foreign Minister Lin meets with Prime Minister Dlamini and announces additional funding for women’s microfinance revolving fund

    Source: Republic of China Taiwan

    April 24, 2025
    No. 115

    Minister of Foreign Affairs Lin Chia-lung is currently visiting Eswatini as President Lai Ching-te’s special envoy. He continues to carry out important engagements in Taiwan’s African ally. 
     
    On the morning of April 23, the second day of his visit, Special Envoy Lin called on Prime Minister Russell Dlamini to thank him for his friendship with Taiwan. Prime Minister Dlamini, who assumed office in November 2023, led a delegation to Taiwan in March 2024. In the same year, he spoke up for Taiwan on behalf of the government of Eswatini at major international events, including the United Nations General Assembly and the 29th Conference of the Parties to the UN Framework Convention on Climate Change, demonstrating staunch support for the diplomatic alliance between the two countries.
     
    Prime Minister Dlamini warmly welcomed Special Envoy Lin to Eswatini and thanked Taiwan for its long-standing support. He reaffirmed that relations with Taiwan were rock-solid and emphasized that Eswatini, as a sovereign nation, had the right to choose its own friends without being influenced by other countries. He underlined that Eswatini was firmly committed to standing shoulder to shoulder with Taiwan.
     
    Also on the morning of April 23, Special Envoy Lin joined Deputy Prime Minister Thulisile Dladla; Minister of Foreign Affairs and International Cooperation Pholile Shakantu; Minister of Commerce, Industry and Trade Manqoba Khumalo; and other high-level officials at an event to showcase the results of a microfinance revolving fund implemented by Taiwan and Eswatini to help women start businesses.
     
    In his remarks, Special Envoy Lin stated that Taiwan had announced an investment of US$1 million to establish the revolving fund in September 2023. He said the program provided start-up loans for women in rural areas, increased household incomes, and contributed to the economic and social development of Eswatini. In the past year or more since the fund was launched, over 500 loans had been approved, leading to changes in people’s lives and helping women achieve economic independence, he added. Highlighting a touching result of the initiative, Special Envoy Lin noted that one beneficiary had named her newborn baby Taiwan to thank Taiwan for its assistance. He further announced that the Taiwan government would inject an additional US$500,000 into the fund to further expand the virtuous cycle.  Special Envoy Lin said this underscored Taiwan’s strong commitment to economic empowerment in Eswatini.
     
    Speaking at the event, Deputy Prime Minister Dladla recalled her 2019 visit to Taiwan as foreign minister, during which she presented a proposal to the Taiwan government for the revolving fund on behalf of Queen Mother Ntombi Tfwala. She said that in 2020 the Technical Mission of the International Cooperation and Development Fund in Eswatini had introduced the Women’s Microenterprise Mentoring and Capacity Building Project, under which more than 6,000 women had received entrepreneurship skills training. Deputy Prime Minister Dladla said this was followed by a bilateral cooperation agreement to launch the fund, signed at a ceremony witnessed by the heads of state of both nations in September 2023. She praised the results that the program had achieved since it was launched just over a year ago in effectively giving women in rural areas of Eswatini an avenue to finance their start-up plans.
     
    Around 100 beneficiaries of the fund attended the event. Participants sang classic Taiwanese songs such as “Fight to Win,” creating a warm and lively atmosphere. Special Envoy Lin presented a stuffed leopard cat to the child named Taiwan, highlighting the profound friendship between Taiwan and Eswatini.
     
    The Ministry of Foreign Affairs will continue to work with the government of Eswatini to enhance the well-being of the peoples of both countries and further deepen bilateral relations. (E)

    MIL OSI Asia Pacific News –

  • MIL-OSI: Onity Group Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., April 30, 2025 (GLOBE NEWSWIRE) — Onity Group Inc. (NYSE: ONIT) (“Onity” or the “Company”) today announced its first quarter 2025 results and provided a business update.

    First Quarter 2025:

    • Net income attributable to common stockholders of $21 million; diluted EPS of $2.50; ROE of 19%
    • Adjusted pre-tax income* of $25 million, resulting in annualized adjusted ROE* of 22%
    • Book value per share improved to $58 as of March 31, 2025, up $2.15 year-over-year
    • $17 billion in total servicing additions
    • Average servicing UPB of $305 billion, up $13 billion year-over-year

    2025 Outlook:

    • Confirmed previous guidance including 2025 adjusted ROE* range of 16% – 18%
    • Some or all of $180 million deferred tax valuation allowance (US) as of December 31, 2024, could be released by year-end 2025

             * See “Note Regarding Non-GAAP Financial Measures” below

    “We are thrilled to report another strong quarter, with growth in revenue, adjusted pre-tax income, adjusted ROE, and book value per share compared to a year ago,” said Onity Group Chair, President and CEO Glen Messina. “Our results demonstrate the success of our strategy coupled with strong execution. Our balanced business continues to perform well regardless of interest rate cycles.”

    Messina continued, “We believe our demonstrated resiliency, customer focus, and award-winning servicing platform will enable us to successfully navigate interest rate volatility and economic uncertainties. We expect our actions to deliver balanced MSR and subservicing additions, expand high-margin products, and continuously strengthen recapture performance, will drive our growth in the coming quarters.”

    Additional First Quarter 2025 Operating and Business Highlights

    • Funded recapture volume up 2.7x year-over-year; refinance recapture rate is 1.6x industry average based on ICE Mortgage Monitor report as of April 2025
    • Originations volume of $7 billion, up 53% year-over-year, exceeding 8% industry growth
    • MSR additions (bulk purchases and originations) of $12 billion, up more than 2x year-over-year
    • Expanded high-margin products with launch of enhanced home equity and proprietary reverse mortgage (EquityIQ®) loans
    • Effective MSR hedge strategy resulting in minimal MSR fair value volatility in the quarter and continued alignment with operating and financial performance
    • Total liquidity (unrestricted cash plus available credit) at $239 million as of March 31, 2025

    Webcast and Conference Call

    Onity will hold a conference call on Wednesday, April 30, 2025, at 8:30 a.m. (ET) to review the Company’s first quarter 2025 operating results and to provide a business update. All interested parties are welcome to participate. You can access the conference call by dialing (800) 579-2543 or (785) 424-1789 approximately 10 minutes prior to the call; please reference the conference ID “Onity.” Participants can also access the conference call through a live audio webcast available from the Shareholder Relations page at onitygroup.com under Events and Presentations. An investor presentation will accompany the conference call and be available by visiting the Shareholder Relations page at onitygroup.com prior to the call. A replay of the conference call will be available via the website approximately two hours after the conclusion of the call. A telephonic replay will also be available approximately three hours following the call’s completion through May 14, 2025, by dialing (844) 512-2921 or (412) 317-6671; please reference access code 11158988.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding our 2025 outlook and guidance, our expectation of releasing our deferred tax valuation allowance by year-end 2025, our ability to drive growth, and navigate interest volatility and economic uncertainties. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Readers should bear these factors in mind when considering such statements and should not place undue reliance on such statements.

    Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. In the past, actual results have differed from those suggested by forward looking statements and this may happen again. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the potential for ongoing disruption in the financial markets and in commercial activity generally as a result of U.S. and global political events, changes in monetary and fiscal policy, and other sources of instability; the impacts of inflation, employment disruption, and other financial difficulties facing our borrowers; whether we will release some or all of the valuation allowance offsetting our net U.S. deferred tax asset, and the timing and amount of such release; the adequacy of our financial resources, including our sources of liquidity and ability to sell, fund and recover servicing advances, forward and reverse whole loans, future draws on existing reverse loans, and HECM and forward loan buyouts and put backs, as well as repay, renew and extend borrowings, borrow additional amounts as and when required, meet our MSR or other asset investment objectives and comply with our debt agreements, including the financial and other covenants contained in them; our ability to interpret correctly and comply with current or future liquidity, net worth and other financial and other requirements of regulators, the Federal National Mortgage Association (Fannie Mae), and Federal Home Loan Mortgage Corporation (Freddie Mac) (together, the GSEs), and the Government National Mortgage Association (Ginnie Mae), including our ability to implement a cost-effective response to Ginnie Mae’s risk-based capital requirements by the extended deadline granted to us by Ginnie Mae of October 1, 2025; our ability to timely reduce operating costs, or generate offsetting revenue, in proportion to the industry-wide decrease in originations activity; the impact of cost-reduction initiatives on our business and operations; the impact of our rebranding initiative; the amount of senior debt or common stock or that we may repurchase under any repurchase programs, the timing of such repurchases, and the long-term impact, if any, of repurchases on the trading price of our securities or our financial condition; breach or failure of Onity’s, our contractual counterparties’, or our vendors’ information technology or other security systems or privacy protections, including any failure to protect customers’ data, resulting in disruption to our operations, loss of income, reputational damage, costly litigation and regulatory penalties; our reliance on our technology vendors to adequately maintain and support our systems, including our servicing systems, loan originations and financial reporting systems, and uncertainty relating to our ability to transition to alternative vendors, if necessary, without incurring significant cost or disruption to our operations; the future of our long-term relationship with Rithm Capital Corp. (Rithm); our ability to close acquisitions of MSRs and other transactions, including the ability to obtain regulatory approvals; our ability to grow our reverse servicing business; our ability to retain clients and employees of acquired businesses, and the extent to which acquisitions and our other strategic initiatives will contribute to achieving our growth objectives; increased servicing costs based on increased borrower delinquency levels or other factors; uncertainty related to past, present or future claims, litigation, cease and desist orders and investigations regarding our servicing, foreclosure, modification, origination and other practices brought by government agencies and private parties, including state regulators, the Consumer Financial Protection Bureau (CFPB), State Attorneys General, the Securities and Exchange Commission (SEC), the Department of Justice or the Department of Housing and Urban Development (HUD); the reactions of key counterparties, including lenders, the GSEs and Ginnie Mae, to our regulatory engagements and litigation matters; increased regulatory scrutiny and media attention; any adverse developments in existing legal proceedings or the initiation of new legal proceedings; our ability to effectively manage our regulatory and contractual compliance obligations; our ability to comply with our servicing agreements, including our ability to comply with the requirements of the GSEs and Ginnie Mae and maintain our seller/servicer and other statuses with them; our ability to fund future draws on existing loans in our reverse mortgage portfolio; our servicer and credit ratings as well as other actions from various rating agencies, including any future downgrades; as well as other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2024. Anyone wishing to understand Onity’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

    Note Regarding Non-GAAP Financial Measures

    This press release contains references to adjusted pre-tax income (loss) and adjusted ROE, both non-GAAP financial measures.

    We believe these non-GAAP financial measures provide a useful supplement to discussions and analysis of our financial condition, because they are measures that management uses to assess the financial performance of our operations and allocate resources. In addition, management believes that this presentation may assist investors with understanding and evaluating our initiatives to drive improved financial performance. Management believes, specifically, that the removal of fair value changes of our net MSR exposure due to changes in market interest rates and assumptions provides a useful, supplemental financial measure as it enables an assessment of our ability to generate earnings regardless of market conditions and the trends in our underlying businesses by removing the impact of fair value changes due to market interest rates and assumptions, which can vary significantly between periods. However, these measures should not be analyzed in isolation or as a substitute to analysis of our GAAP pre-tax income (loss) or GAAP pre-tax ROE nor a substitute for cash flows from operations. There are certain limitations to the analytical usefulness of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE and, accordingly, we use these adjustments only for purposes of supplemental analysis. Non-GAAP financial measures should be viewed in addition to, and not as an alternative for, Onity’s reported results under accounting principles generally accepted in the United States. Other companies may use non-GAAP financial measures with the same or similar titles that are calculated differently to our non-GAAP financial measures. As a result, comparability may be limited. Readers are cautioned not to place undue reliance on analysis of the adjustments we make to GAAP pre-tax income (loss) and GAAP pre-tax ROE.

    The Company has not provided reconciliations of guidance for adjusted ROE, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include the change in fair value of our net MSR exposure due to changes in market interest rates and assumptions which can vary significantly between periods and are difficult to predict in advance in order to include in a GAAP estimate.

    Notables

    In the table below, we adjust GAAP pre-tax income for the following factors: MSR valuation adjustments, expense notables, and other income statement notables. MSR valuation adjustments are comprised of changes to Forward MSR and Reverse mortgage valuations due to rates and assumption changes. Expense notables include significant legal and regulatory settlement expenses, severance and retention costs, LTIP stock price changes, consolidation of office facilities and other expenses (such as costs associated with strategic transactions). Other income statement notables include non-routine transactions that are not categorized in the above.

    Beginning with the three months ended December 31, 2024, for purposes of calculating Income Statement Notables and Adjusted Pre-Tax Income, we changed the methodology used to calculate Other Income Statement Notables to include change in fair value due to interest rates for reverse loan buyouts (reported in gain/loss on loans held for sale, at fair value). We made this change to align with the change to our risk management approach to include changes in fair value of reverse loan buyouts due to interest rates in our MSR hedge strategy, consistent with other notables, such as Forward MSR Valuation Adjustments due to rates and assumption changes, net and Reverse Mortgage Fair Value Change due to rates and assumption changes.

    Other Income Statement Notables (a component of Other Notables) for the first three quarters of 2024 have been revised from prior presentations to reflect the methodology we adopted during the fourth quarter of 2024.

     (Dollars in millions) Q1’25 Q4’24 Q1’24
    I Net Income (Loss) Attributable to Common Stockholders 21 (29) 30
      A. Preferred Stock Dividend (1) (1) –
    II Reported Net Income (Loss) [I – A] 22 (28) 30
      B. Income Tax Benefit (Expense) 13 6 (2)
    III Reported Pre-Tax Income (Loss) [II – B] 9 (34) 32
      Forward MSR Valuation Adjustments due to rates and assumption changes, net (a)(b) (12) 14 18
      Reverse Mortgage Fair Value Change due to rates and assumption changes (b)(c) 10 (15) 1
    IV Total MSR Valuation Adjustments due to rates and assumption changes, net (2) (1) 19
      Significant legal and regulatory settlement expenses (14) (2) (2)
      Severance and retention (d) (0) (0) (2)
      LTIP stock price changes (e) 0 (1) 3
      Office facilities consolidation (0) (0) (0)
      Other expense notables (f) 1 (0) (1)
      C. Total Expense Notables (14) (4) (2)
      D. Gain (loss) on extinguishment of debt – (51) 1
      E. Gain on sale of MAV canopy – 14 –
      F. Other Income Statement Notables (g) (0) (3) (2)
    V Total Other Notables [C + D + E + F] (14) (44) (2)
    VI Total Notables (h) [IV + V] (16) (45) 17
    VII Adjusted Pre-Tax Income (i) [III – VI] 25 11 15
    a) MSR valuation adjustments that are due to changes in market interest rates, valuation inputs or other assumptions, net of overall fair value gains / (losses) on MSR hedge, including FV changes of Pledged MSR liabilities associated with MSR transferred to MAV, Rithm and others and ESS financing liabilities that are due to changes in market interest rates, valuation inputs or other assumptions, a component of MSR valuation adjustments, net
    b) The changes in fair value due to market interest rates were measured by isolating the impact of market interest rate changes on the valuation model output as provided by our third-party valuation expert
    c) FV changes of loans HFI and HMBS related borrowings due to market interest rates and assumptions, a component of gain on reverse loans held for investment and HMBS-related borrowings, net
    d) Severance and retention due to organizational rightsizing or reorganization
    e) Long-term incentive program (LTIP) compensation expense changes attributable to stock price changes during the period
    f) Contains costs associated with but not limited to rebranding and other strategic initiatives and transactions
    g) Contains non-routine transactions including but not limited to fair value assumption changes on other investments recorded in other income/expense
    h) Certain previously presented notable categories with nil numbers for each period shown have been omitted
    i) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted PTI would be $14M in Q1’24 and $8M in Q4’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information
       

    Adjusted ROE Calculation

    (Dollars in millions) Q1’25 Q4’24 Q1’24
      GAAP ROE (after tax) 19% (25%) 29%
    I Reported Net Income (Loss) 22 (28) 30
    II Notable Items (16) (45) 17
    III Income Tax Benefit (Expense) 13 6 (2)
    IV Adjusted Pre-Tax Income (Loss) [I – II – III] 25 11 15
    V Annualized Adjusted Pre-tax Income [IV * 4 for qtr.] 102 46 59
      Equity      
           A Beginning Period Equity 443 468 402
                C Ending Period Equity 460 443 432
                D Equity Impact of Notables 16 45 (17)
           B Adjusted Ending Period Equity [C + D] 477 488 415
    VI Average Adjusted Equity [(A + B) / 2] 460 478 408
    VII Adjusted ROE (a) [V / VI] 22% 10% 14%
    a) Effective in Q4’24, change in fair value due to interest rates for reverse loan buyouts is now recognized as a notable (previously reported in gain/loss on loans held for sale, at fair value); presentation of past periods has been conformed to the current presentation; without this change, adjusted pre-tax income would be $14M in Q1’24 and $8M in Q4’24; without this change, adjusted ROE would be 14% in Q1’24 and 7% in Q4’24; see note titled “Note Regarding Non-GAAP Financial Measures” for more information
       

    Condensed Consolidated Balance Sheets (Unaudited)

    Assets (Dollars in millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Cash and cash equivalents 178.0 184.8 185.1
    Restricted cash 58.9 80.8 66.1
    Mortgage servicing rights (MSRs), at fair value 2,547.4 2,466.3 2,374.7
    Advances, net 514.0 577.2 602.7
    Loans held for sale, at fair value 1,402.2 1,290.2 1,028.9
    Loans held for investment, at fair value 10,812.5 11,125.3 8,130.5
    Receivables, net 222.3 176.4 152.1
    Investment in equity method investee – – 37.6
    Premises and equipment, net 10.8 11.0 11.8
    Other assets 106.0 111.3 84.3
    Contingent loan repurchase asset 407.2 412.2 416.3
    Total Assets 16,259.3 16,435.4 13,090.1
           
    Liabilities, Mezzanine & Stockholders’ Equity (Dollars in millions) March 31,
    2025    		 December 31,
    2024    		 March 31,
    2024
    Home Equity Conversion Mortgage-Backed Securities (HMBS) related borrowings, at fair value 10,587.6 10,872.1 7,945.0
    Other financing liabilities, at fair value 835.5 846.9 906.8
    Advance match funded liabilities 377.5 417.1 440.2
    Mortgage loan financing facilities, net 1,577.4 1,528.2 1,108.9
    MSR financing facilities, net 1,136.0 957.9 964.1
    Senior notes, net 488.0 487.4 552.0
    Other liabilities 340.0 420.6 324.7
    Contingent loan repurchase liability 407.2 412.2 416.3
    Total Liabilities 15,749.2 15,942.5 12,658.0
    Mezzanine Equity 49.9 49.9 –
    Stockholders’ Equity 460.2 442.9 432.1
    Total Liabilities, Mezzanine and Stockholders’ Equity 16,259.3 16,435.4 13,090.1
           

    Condensed Consolidated Statements of Operations (Unaudited)

      For the Quarter Ending
    (Dollars in millions) March 31, 2025 December 31, 2024 March 31, 2024
    Revenue      
    Servicing and subservicing fees 203.3 206.0 204.5
    Gain on reverse loans held for investment and HMBS-related borrowings, net 23.8 0.6 15.4
    Gain on loans held for sale, net 11.8 5.9 10.9
    Other revenue, net 10.9 12.4 8.3
    Total revenue 249.8 224.8 239.1
    MSR valuation adjustments, net (38.9) (20.4) (11.6)
    Operating expenses      
    Compensation and benefits 57.4 64.3 53.6
    Servicing and origination 13.0 12.3 15.0
    Technology and communications 15.0 14.1 12.7
    Professional services 22.6 12.5 12.0
    Occupancy, equipment and mailing 8.2 8.3 7.7
    Other expenses 3.6 4.1 3.4
    Total operating expenses 119.9 115.6 104.4
    Other income (expense)      
    Interest income 26.2 28.8 17.5
    Interest expense (67.0) (74.2) (67.4)
    Pledged MSR liability expense (41.9) (42.1) (44.9)
    Gain (loss) on extinguishment of debt – (51.2) 1.4
    Earnings of equity method investee – 16.2 2.7
    Other, net 0.9 0.1 (0.6)
    Other income (expense), net (81.9) (122.4) (91.3)
    Income before income taxes 9.1 (33.7) 31.8
    Income tax expense (13.0) (5.6) 1.7
    Net Income (Loss) 22.1 (28.1) 30.1
    Preferred stock dividend (1.0) (0.5) –
    Net Income (Loss) attributable to common stockholders 21.1 (28.6) 30.1
    Basic EPS $2.68 ($ 3.63) $3.91
    Diluted EPS $2.50 ($ 3.63) $3.74
           

    For Further Information Contact:

    Investors:

    Valerie Haertel, VP, Investor Relations
    (561) 570-2969
    shareholderrelations@onitygroup.com

    Media:

    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network –

  • MIL-OSI United Kingdom: Boost to local services from taxes on empty shops and second homes

    Source: Scotland – City of Edinburgh

    Hundreds of buildings have been brought back into use and over £10 million has been raised for council services thanks to new tax-raising powers adopted by the council.

    Since 1 April 2024, following changes to Scottish Government legislation, a 200% Council Tax charge has been applied to second homes. At the same time, non-domestic rates relief on empty commercial properties has been capped at three months.

    The move has encouraged the occupation and active use of at least 206 commercial properties and 52 homes, helping to stimulate the local economy and lived in homes during Edinburgh’s Housing Emergency.

    Finance and Resources Convener, Councillor Mandy Watt, said: 

    By making these changes, we’re not only raising millions of pounds for the council at a time when we face huge financial challenges – we’re successfully encouraging property owners to bring buildings back into their proper use. 

    It is well known that Edinburgh faces a chronic shortage of housing, which led us to become the first city in Scotland to declare a housing emergency. it is in the whole city’s best interests to allow those who have more than one home to contribute where they can towards addressing this crisis and supporting their local services.

    Likewise, I’m pleased to see our new rate relief policy working well. It’s about enhancing communities, stimulating the economy and putting underused buildings to better use. Some of these properties have been empty for years and under the previous regulations owners didn’t have to pay rates. 
     

    Published: April 30th 2025

    MIL OSI United Kingdom –