Category: Commerce

MIL-OSI USA News: Amendments to Adjusting Imports of Automobiles and Automobile Parts Into the United States

Source: The White House

class=”has-text-align-center”>BY THE PRESIDENT OF THE UNITED STATES OF AMERICA

A PROCLAMATION

1. On February 17, 2019, the Secretary of Commerce (Secretary) transmitted to me a report on his investigation into the effects of imports of passenger vehicles (sedans, sport utility vehicles, crossover utility vehicles, minivans, and cargo vans) and light trucks (collectively, automobiles) and certain automobile parts (engines and engine parts, transmissions and powertrain parts, and electrical components) (collectively, automobile parts) on the national security of the United States under section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862) (section 232). Based on the facts considered in that investigation, the Secretary found and advised me of his opinion that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States.
2. In Proclamation 9888 of May 17, 2019 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), I concurred with the Secretary’s finding in the February 17, 2019, report that automobiles and certain automobile parts are being imported into the United States in such quantities and under such circumstances as to threaten to impair the national security of the United States. I directed the United States Trade Representative (Trade Representative), in consultation with other executive branch officials, to pursue negotiation of agreements to address the threatened impairment of the national security of the United States with respect to imported automobiles and certain automobile parts from certain countries. The Trade Representative’s negotiations did not lead to any agreements of the type contemplated by section 232. I also directed the Secretary to monitor imports of automobiles and certain automobile parts and inform me of any circumstances that, in the Secretary’s opinion, might indicate the need for further action under section 232 with respect to such imports.
3. In Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States), I found, based on information newly provided by the Secretary, that imports of automobiles and certain automobile parts continued to threaten to impair the national security of the United States and deemed it necessary and appropriate to impose a tariff system to adjust imports of automobiles and certain automobile parts so that such imports will not threaten to impair national security. The tariffs on automobiles have been in effect since 12:01 a.m. eastern daylight time on April 3, 2025; the tariffs on automobile parts are set to go into effect on or after 12:01 a.m. eastern daylight time on May 3, 2025.
4. In Proclamation 10908, I also deemed it necessary and appropriate to establish processes to identify and impose tariffs on additional automobile parts to ensure that the tariffs on automobiles and certain automobile parts are not circumvented and that the purpose of this action to eliminate the threat to the national security of the United States by imports of automobiles and certain automobile parts is not undermined. I directed the Secretary to set up such a process within 90 days of the date of Proclamation 10908.
5. In Proclamation 10908, I also directed the Secretary to continue to monitor imports of automobiles and automobile parts, to review the status of such imports with respect to national security, and to inform me of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232. The Secretary has advised me that additional action is warranted in the interest of meeting the national security objectives outlined in Proclamation 10908.
6. In my judgment, it is necessary and appropriate to modify the system of monetary fees and related measures imposed to adjust imports of automobiles and certain automobile parts pursuant to Proclamation 10908 to more effectively eliminate the threat imports of automobiles and certain automobile parts pose on the national security of the United States.
7. I determine that the modified system, by linking the ultimate monetary fee imposed on imports of automobile parts to the imports’ use in assembly of automobiles within the United States, in the way and on the timeline described below, will adjust imports of automobiles and automobile parts and more effectively eliminate such imports’ threat to impair national security. I find that the modified system will more effectively eliminate the national security threat because it will more quickly reduce reliance on foreign manufacturing and importation of automobiles and automobile parts; strengthen United States vehicle assembly operations by encouraging companies to expand domestic production capacity, which is critical to a strong domestic defense industrial base; shift manufacturing activity into the United States; increase domestic automotive research and development so that American-owned producers can produce cutting-edge technologies that are essential to the United States defense industrial base and our military superiority; create jobs in the automotive industry that increase the number of employees in the domestic automotive industry; and ensure that other benefits of production are concentrated in the United States.
8. Section 232 authorizes the President to adjust the imports of an article and its derivatives that are being imported into the United States in such quantities or under such circumstances as to threaten to impair the national security of the United States so that such imports will not threaten to impair national security.
9. Section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), authorizes the President to embody in the Harmonized Tariff Schedule of the United States (HTSUS) the substance of statutes affecting import treatment, and actions thereunder, including the removal, modification, continuance, or imposition of any rate of duty or other import restriction.
NOW, THEREFORE, I, DONALD J. TRUMP, President of the United States of America, by the authority vested in me by the Constitution and the laws of the United States of America, including section 301 of title 3, United States Code; section 604 of the Trade Act of 1974, as amended; and section 232 of the Trade Expansion Act of 1962, as amended, do hereby proclaim as follows:
(1) To more effectively eliminate the threat to impair national security posed by imports of automobiles and automobile parts, I find that it is necessary to modify the system imposed in Proclamation 10908 by reducing duties assessed on automobile parts accounting for 15 percent of the value of an automobile assembled in the United States for 1 year and equivalent to 10 percent of that value for an additional year as follows:
(a) For automobiles assembled in the United States, automobile manufacturers shall be eligible to receive an import adjustment offset amount applicable to section 232 duties on automobile parts based on the following schedule:
(i)   The automobile manufacturer may apply for an import adjustment offset amount equal to 3.75 percent of the aggregate Manufacturer’s Suggested Retail Price (MSRP) value of all automobiles assembled in the United States from April 3, 2025, through April 30, 2026.
(ii) The automobile manufacturer may apply for an import adjustment offset amount equal to 2.5 percent of the aggregate MSRP value of all automobiles assembled in the United States from May 1, 2026, through April 30, 2027.
(b) The percentage rate provided in subsection (i) reflects the total duty that would be owed when a 25 percent duty is applied to parts accounting for 15 percent of an automobile’s MSRP value. The percentage rate provided in subsection (ii) reflects the total duty that would be owed when a 25 percent duty is applied to parts accounting for 10 percent of an automobile’s MSRP value.
(c) Only automobiles that undergo final assembly in the United States are eligible to be included in this calculation. The manufacturer’s import adjustment offset amount may only be used by importers of record authorized by that manufacturer, and the amount may only be used to offset tariff liability related to that manufacturer’s automobile parts tariff liability under Proclamation 10908. Should a manufacturer’s import adjustment offset amount exceed the total amount attributable to that manufacturer’s automobile parts tariff liability under Proclamation 10908, the relief is capped at the total amount of that manufacturer’s automobile parts tariff liability under Proclamation 10908, and the manufacturer may not use the additional amount above that cap to offset any other tariff liability. A manufacturer with an approved import adjustment offset amount may determine the importers of record eligible to decrement against that manufacturer’s import adjustment offset amount, and that list of importers of record may include suppliers in that manufacturer’s supply chain for automobiles assembled in the United States if the manufacturer so chooses.
(2) (a) Within 30 days of the date of this order, the Secretary shall establish a process by which manufacturers seeking an import adjustment offset amount shall submit to the Secretary:
(i)    documentation certifying the number of automobiles the manufacturer projects it will assemble in the United States, as well as a list of all plant locations where the projected automobiles will undergo final production;
(ii)   documentation certifying the manufacturer’s projected cost of tariffs due to imported automobile parts subject to Proclamation 10908, broken down by tariff costs the manufacturer will incur directly and tariff costs the manufacturer will incur from its suppliers;
(iii) documentation detailing the total import adjustment offset amount requested within the schedule determined by the Secretary in accordance with this proclamation;
(iv) documentation identifying the importer(s) of record, including importer of record numbers, eligible to use that manufacturer’s import adjustment offset amount, as well as the amount of the manufacturer’s offset amount allotted to each importer of record; and
(v)   a certification, signed by a senior officer of the manufacturer, attesting under penalty of perjury that the information submitted under subsections (i) through (iv) is true, complete, and accurate to the best of the manufacturer’s knowledge, and that the manufacturer has conducted reasonable due diligence to verify the accuracy of the assertions and facts contained in its submissions.
(b) Upon verification of the completeness and accuracy of a manufacturer’s submission and the manufacturer’s eligibility, the Secretary shall approve the application and notify U.S. Customs and Border Protection (CBP) with the information necessary for CBP to administer and implement the manufacturer’s import adjustment offset amount, including importer of record number(s) for the importer(s) eligible to use each offset amount and the approved import adjustment offset amount. CBP shall confer the approved offset amount to the approved importer(s) of record using processes and mechanisms consistent with CBP’s operational framework and tariff administration procedures, including offset against current tariff obligations due at the time of entry, or other lawful methods.
(3) The Secretary, in consultation with the Secretary of the Treasury and the Commissioner of CBP, shall issue such regulations, guidance, and procedures as necessary to carry out the provisions of this proclamation and Proclamation 10908, and may establish standards for determining United States content and for validating manufacturer certifications.
(4) The Secretary, in consultation with the United States International Trade Commission and CBP, shall determine whether modifications to the HTSUS are necessary to effectuate this proclamation and may make such modifications through notice in the Federal Registerif needed.
(5) CBP shall begin providing approved importers with an import adjustment offset amount as soon as practicable and may request information from importers of record as necessary to implement a particular manufacturer’s import adjustment offset amount.
(6) Should an importer claim and receive any import adjustment offset amount from CBP in excess of the amount approved by the Secretary, CBP may assess monetary penalties in the maximum amount permitted by law.
(7) The Secretary shall continue to monitor imports of automobiles and automobile parts. The Secretary also shall, from time to time, in consultation with any senior executive branch officials the Secretary deems appropriate, review the status of such imports with respect to national security. The Secretary shall inform the President of any circumstances that, in the Secretary’s opinion, might indicate the need for further action by the President under section 232. The Secretary shall also inform the President of any circumstance that, in the Secretary’s opinion, might indicate that the duty rate provided for in Proclamation 10908, or any proclamation issued pursuant thereto, is no longer necessary.
(8) Any provision of previous proclamations and Executive Orders that is inconsistent with the actions taken in this proclamation is superseded to the extent of such inconsistency. This proclamation shall apply in accordance with the Executive Order of April 29, 2025 (Addressing Certain Tariffs on Imported Articles).
IN WITNESS WHEREOF, I have hereunto set my hand this
twenty-ninth day of April, in the year of our Lord two thousand twenty-five, and of the Independence of the United States of America the two hundred and forty-ninth.

                               DONALD J. TRUMP

MIL OSI USA News –

April 30, 2025
MIL-OSI USA News: Addressing Certain Tariffs on Imported Articles

Source: The White House

class=”has-text-align-left”>
By the authority vested in me as President by the Constitution and the laws of the United States of America, including the International Emergency Economic Powers Act (50 U.S.C. 1701 et seq.), the National Emergencies Act (50 U.S.C. 1601 et seq.), section 604 of the Trade Act of 1974, as amended (19 U.S.C. 2483), section 232 of the Trade Expansion Act of 1962, as amended (19 U.S.C. 1862), and section 301 of title 3, United States Code, it is hereby ordered:

Section 1. Purpose. The United States has imposed tariffs under various statutory authorities and through a number of Executive Orders and proclamations to protect national security and address unusual and extraordinary threats to the national security, foreign policy, and economy of the United States. Although each of these actions, as listed in section 2 of this order, serves separate and distinct policy purposes, I have now determined that, to the extent these tariffs apply to the same article, these tariffs should not all have a cumulative effect (or “stack” on top of one another) because the rate of duty resulting from such stacking exceeds what is necessary to achieve the intended policy goals. To avoid the cumulative effect of overlapping tariffs on certain articles, this order sets out the procedure for determining which of multiple tariffs shall apply to an article when that article is subject to more than one of the actions listed in section 2 of this order.

Sec. 2. Applicability. This order shall apply only to the administration of tariffs imposed through the following actions and subsequent amendments to those tariffs:
(a) Proclamation 10908 of March 26, 2025 (Adjusting Imports of Automobiles and Automobile Parts Into the United States);
(b) Executive Order 14193 of February 1, 2025 (Imposing Duties To Address the Flow of Illicit Drugs Across Our Northern Border), as amended by Executive Order 14197 of February 3, 2025 (Progress on the Situation at Our Northern Border), Executive Order 14226 of March 2, 2025 (Amendment to Duties To Address the Flow of Illicit Drugs Across Our Northern Border), and Executive Order 14231 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Northern Border);
(c) Executive Order 14194 of February 1, 2025 (Imposing Duties To Address the Situation at Our Southern Border), as amended by Executive Order 14198 of February 3, 2025 (Progress on the Situation at Our Southern Border), Executive Order 14227 of March 2, 2025 (Amendment to Duties To Address the Situation at Our Southern Border), and Executive Order 14232 of March 6, 2025 (Amendment to Duties to Address the Flow of Illicit Drugs Across Our Southern Border);
(d) Proclamation 9704 of March 8, 2018 (Adjusting Imports of Aluminum Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10895 of February 10, 2025 Adjusting Imports of Aluminum Into the United States); and
(e) Proclamation 9705 of March 8, 2018 (Adjusting Imports of Steel Into the United States), as amended by Proclamation 9980 of January 24, 2020 (Adjusting Imports of Derivative Aluminum Articles and Derivative Steel Articles Into the United States), and Proclamation 10896 of February 10, 2025 (Adjusting Imports of Steel Into the United States).

Sec. 3. Non-Stacking of Tariff Measures. (a) Notwithstanding any provision of any action listed in section 2 of this order, tariffs for articles subject to tariffs under the actions listed in section 2 of this order shall apply as follows:
(i)    An article subject to tariffs pursuant to the action listed in section (2)(a) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in sections 2(b) through 2(e) of this order.
(ii)   An article subject to tariffs pursuant to the actions listed in section 2(b) or 2(c) of this order shall not be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) or 2(e) of this order.
(iii) An article subject to tariffs pursuant to the actions listed in section 2(d) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(e) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs; likewise, an article subject to tariffs pursuant to the actions listed in section 2(e) of this order shall be subject to additional tariffs on that article pursuant to the actions listed in section 2(d) of this order, provided the article otherwise satisfies all conditions necessary for application of those additional tariffs.
(b) Subsection (a) of this section shall not be construed to diminish the validity of any action listed in section 2 of this order. Each action listed in section 2 of this order remains independently valid and enforceable, except that the duty rates provided by these actions shall not be cumulative when the conditions outlined in subsection (a) of this section are met.
(c) If an imported article is subject to both a tariff imposed pursuant to subsection (a) of this section and one or more tariffs imposed pursuant to an action or actions not listed in section 2 of this order, then the tariff imposed on the article pursuant to subsection (a) of this section shall be cumulative with the tariff or tariffs imposed pursuant to the action or actions not listed in section 2 of this order.

Sec. 4. Non-applicability to Other Tariff Measures. (a) Nothing in this order shall be interpreted to alter or limit the application of any duties, taxes, fees, or exactions other than those imposed pursuant to the actions listed in section 2 of this order.
(b) Accordingly, an article that is subject to duties pursuant to an action listed in section 2 of this order may still be subject to other applicable duties, taxes, fees, exactions, and charges, such as, but not limited to, those set forth in column 1 of the Harmonized Tariff Schedule of the United States (HTSUS); duties imposed pursuant to section 301 of the Trade Act of 1974, as amended; duties imposed pursuant to Executive Order 14195 of February 1, 2025 (Imposing Duties To Address the Synthetic Opioid Supply Chain in the People’s Republic of China), as amended; and antidumping and countervailing duties.

Sec. 5. Implementation. (a) The Secretary of Homeland Security, acting through the Commissioner of U.S. Customs and Border Protection and in consultation with the Secretary of the Treasury, shall take all necessary steps to update guidance, systems, and enforcement mechanisms, including to revise, suspend, or rescind any regulations that may be inconsistent with this order, to reflect the policy set forth in this order.
(b) The Secretary of Commerce and the Secretary of Homeland Security, in coordination with the Secretary of the Treasury and the United States Trade Representative, shall provide additional guidance as necessary to ensure consistent interpretation and application of the policy set forth in this order.
(c) The Secretary of Homeland Security is authorized to determine whether changes to the HTSUS are necessary and to coordinate with the Chair of the United States International Trade Commission to implement all necessary changes to execute this order.
(d) Any changes to the HTSUS necessary to comply with this order shall be made not later than 12:01 a.m. eastern daylight time on May 16, 2025. This order shall apply retroactively to all entries of merchandise subject to any applicable tariffs outlined in section 2 of this order and made on or after March 4, 2025. Any refunds will be processed pursuant to applicable laws and U.S. Customs and Border Protection’s standard procedures for such refunds.

Sec. 6. General Provisions. (a) Nothing in this order shall be construed to impair or otherwise affect:
(i)   the authority granted by law to an executive department or agency, or the head thereof; or
(ii) the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
(b) This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
(c) This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.

                              DONALD J. TRUMP

THE WHITE HOUSE,
    April 29, 2025.

MIL OSI USA News –

April 30, 2025
MIL-OSI: FinWise Bancorp Announces Strategic Lending and Credit Enhanced Balance Sheet Program with Backd to Support Business Owners

Source: GlobeNewswire (MIL-OSI)

MURRAY, Utah, April 29, 2025 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced the launch of a new strategic lending program with leading fintech Backd Business Funding (“Backd”). Since its inception in 2019, Backd’s highly rated and experienced team has utilized an efficient and user-friendly process to support business owners with lending solutions best suited for their needs.

FinWise, through its relationship with Backd, will provide business installment loans to small and medium-sized (“SMB”) businesses. FinWise will also provide Backd with access to its Credit Enhanced Balance Sheet program, which benefits strategic programs through capital efficiency, allows them to diversify their sources of funding and extends the reach of their warehouse facilities.

“Backd continues to make strides in its mission to empower SMBs across the U.S. to achieve their greatest potential through fast and easy financing solutions. This lending and Credit Enhanced Balance Sheet partnership with FinWise gives us an opportunity to continue to scale and grow our business while ensuring deep regulatory expertise and guidance,” said Xan Myburgh, Backd’s CEO & Co-Founder. “We have proven success in multiple sectors including healthcare and e-commerce and believe we have a substantial runway for growth as the SMB population makes up nearly 44% of overall GDP and approximately $734 billion of the digital lending and credit market.”

Robert Keil, EVP and Chief Fintech Officer of FinWise commented, “We are thrilled that Backd chose FinWise to augment their thriving business by using both our Strategic Lending and Credit Enhanced Balance Sheet programs. The trust that they have placed in us is a testament to the strength of the FinWise multi-product offering and the innovative lending products that we deliver to our strategic partners.”

About Backd
Backd was founded to support relentless entrepreneurs—the true “men and women in the arena”—who build, innovate, and push their businesses forward. Backd provides fast, flexible financing to help business owners overcome critical financial challenges.

Backd believes courage, resilience, and ambition drive success. When financial resources make the difference between opportunity and setback, Backd bridges the gap with tailored funding solutions, keeping businesses moving forward.

Rooted in respect and partnership, Backd understands the challenges entrepreneurs face. With transparency, integrity, and a commitment to growth, obstacles are tackled head-on. As risks are taken and perseverance is tested in the arena, Backd stands beside business owners at every vital step.
https://www.backd.com/

About FinWise

FinWise provides Banking and Payments solutions to fintech brands. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. As part of Strategic Program Lending, FinWise also provides a Credit Enhanced Balance Sheet Program, which addresses the challenges that lending and card programs face securing warehouse facilities and managing capital requirements. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. The Company is also expanding and diversifying its business model by incorporating Payments (MoneyRails ™) and BIN Sponsorship offerings. Through its compliance oversight and risk management-first culture, the Company is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance.

https://www.finwise.bank/

Contacts

investors@finwisebank.com
media@finwisebank.com
info@backd.com
marketing@backd.com

The MIL Network –

April 30, 2025

MIL-OSI: Northeast Bank Reports Third Quarter Results and Declares Dividend

Source: GlobeNewswire (MIL-OSI)

PORTLAND, Maine, April 29, 2025 (GLOBE NEWSWIRE) — Northeast Bank (the “Bank”) (NASDAQ: NBN), a Maine-based bank, today reported net income of $18.7 million, or $2.23 per diluted common share, for the quarter ended March 31, 2025, compared to net income of $13.9 million, or $1.83 per diluted common share, for the quarter ended March 31, 2024. Net income for the nine months ended March 31, 2025 was $58.2 million, or $7.07 per diluted common share, compared to $43.1 million, or $5.67 per diluted common share, for the nine months ended March 31, 2024.

The Board of Directors declared a cash dividend of $0.01 per share, payable on May 27, 2025, to shareholders of record as of May 13, 2025.

“We recorded strong loan volume during the third fiscal quarter,” said Rick Wayne, Chief Executive Officer. “Our National Lending Division generated $292.5 million in originated and purchased volume, and our small balance SBA 7(a) program with Newity LLC as our loan service provider has continued to grow, with quarterly originations of $121.3 million, compared to $100.3 million for the quarter ended December 31, 2024 and $29.0 million for the quarter ended March 31, 2024. At March 31, 2025, the loan portfolio, including loans held for sale, totaled $3.80 billion, representing an increase of $1.04 billion, or 37.7%, over June 30, 2024. During the quarter ended March 31, 2025, we sold $73.6 million of the guaranteed portion of our SBA loans, generating a gain on sale of $6.0 million, compared with sales of $64.5 million for a gain on sale of $5.6 million in the quarter ended December 31, 2024. For the quarter, we are reporting earnings of $2.23 per diluted common share, a return on average equity of 16.5%, and a return on average assets of 1.9%.”

As of March 31, 2025, total assets were $4.23 billion, an increase of $1.10 billion, or 35.0%, from total assets of $3.13 billion as of June 30, 2024.

1. The following table highlights the changes in the loan portfolio, including loans held for sale, for the nine months ended March 31, 2025:


	Loan Portfolio Changes
	March 31, 2025 Balance		June 30, 2024 Balance		Change ($)			Change (%)
	(Dollars in thousands)
National Lending Purchased	$	2,443,822	$	1,708,551	$	735,271			43.03	%
National Lending Originated		1,185,153		981,497		203,656			20.75	%
SBA National		152,319		48,405		103,914			214.68	%
Community Banking		19,495		22,704		(3,209	)		(14.13	%)
Total	$	3,800,789	$	2,761,157	$	1,039,632			37.65	%

Loans generated by the Bank’s National Lending Division for the quarter ended March 31, 2025 totaled $292.5 million, which consisted of $74.5 million of purchased loans at an average price of 94.2% of unpaid principal balance, and $218.0 million of originated loans. Loans generated by the Bank’s SBA Division for the quarter ended March 31, 2025 totaled $121.3 million.

An overview of the Bank’s National Lending Division portfolio follows:

	National Lending Portfolio
	Three Months Ended March 31,
	2025						2024
	Purchased		Originated		Total		Purchased		Originated		Total
	(Dollars in thousands)
Loans purchased or originated during the period:
Unpaid principal balance	$	79,144	$	217,983	$	297,127	$	–	$	153,349	$	153,349
Initial net investment basis (1)		74,553		217,983		292,536		–		153,349		153,349

Loan returns during the period:
Yield		8.33%		8.73%		8.46%		8.67%		10.09%		9.19%
Total Return on Purchased Loans (2)		8.43%		N/A		8.43%		8.70%		N/A		8.70%

	Nine Months Ended March 31,
	2025						2024
	Purchased		Originated		Total		Purchased		Originated		Total
	(Dollars in thousands)
Loans purchased or originated during the period:
Unpaid principal balance	$	901,693	$	591,292	$	1,492,985	$	271,741	$	284,876	$	556,617
Initial net investment basis (1)		821,485		591,292		1,412,777		238,477		284,876		523,353

Loan returns during the period:
Yield		8.65%		9.02%		8.77%		8.95%		9.97%		9.34%
Total Return on Purchased Loans (2)		8.70%		N/A		8.70%		8.98%		N/A		8.98%

Total loans as of period end:
Unpaid principal balance	$	2,638,438	$	1,185,153	$	3,823,591	$	1,794,669	$	975,876	$	2,770,545
Net investment basis		2,443,822		1,185,153		3,628,975		1,620,409		975,876		2,596,285

(1) Initial net investment basis on purchased loans is the initial amortized cost basis net of initial allowance for credit losses (credit mark).
(2) The total return on purchased loans represents scheduled accretion, accelerated accretion, gains (losses) on real estate owned, release of allowance for credit losses on purchased loans, and other noninterest income recorded during the period divided by the average invested balance on an annualized basis. The total return on purchased loans does not include the effect of purchased loan charge-offs or recoveries during the period. Total return on purchased loans is considered a non-GAAP financial measure. See reconciliation in below table entitled “Total Return on Purchased Loans.”

2. Deposits increased by $956.3 million, or 40.9%, from June 30, 2024. The increase was primarily attributable to increases in time deposits of $943.5 million, or 72.2%. The significant drivers in the change in time deposits were the increase in brokered time deposits, which increased by $818.8 million, and Community Banking Division time deposits, which increased by $105.3 million compared to June 30, 2024.

3. Federal Home Loan Bank (“FHLB”) advances increased by $33.4 million, or 9.7%, from June 30, 2024. The increase was attributable to one new short-term borrowing, partially offset by net paydowns on amortizing advances.

4. Shareholders’ equity increased by $90.9 million, or 24.1%, from June 30, 2024, primarily due to net income of $58.2 million and $31.3 million of net proceeds on shares issued in connection with the Bank’s at-the-market (“ATM”) program.

Net income increased by $4.8 million to $18.7 million for the quarter ended March 31, 2025, compared to net income of $13.9 million for the quarter ended March 31, 2024.

1. Net interest and dividend income before provision for credit losses increased by $9.5 million to $46.0 million for the quarter ended March 31, 2025, compared to $36.5 million for the quarter ended March 31, 2024. The increase was primarily due to the following:

An increase in interest income earned on loans of $15.8 million, primarily due to higher average balances in the National Lending Division purchased and Small Business Administration (“SBA”) portfolios, partially offset by lower rates earned across the portfolio; and
An increase in interest income earned on short-term investments of $965 thousand, due to higher average balances, partially offset by lower rates earned; partially offset by,
An increase in deposit interest expense of $7.3 million, primarily due to higher average balances, partially offset by lower rates on interest-bearing deposits.

The following table summarizes interest income and related yields recognized on the loan portfolios:


	Interest Income and Yield on Loans
	Three Months Ended March 31,
	2025						2024
	Average		Interest				Average		Interest
	Balance (1)		Income		Yield		Balance (1)		Income		Yield
	(Dollars in thousands)
Community Banking	$	20,074	$	349	7.05	%	$	24,640	$	387	6.32	%
SBA National		121,521		2,975	9.93	%		35,848		1,159	13.00	%
National Lending:
Originated		1,120,756		24,120	8.73	%		953,401		23,909	10.09	%
Purchased		2,387,715		49,034	8.33	%		1,635,494		35,260	8.67	%
Total National Lending		3,508,471		73,154	8.46	%		2,588,895		59,169	9.19	%
Total	$	3,650,066	$	76,478	8.50	%	$	2,649,383	$	60,715	9.22	%

	Nine Months Ended March 31,
	2025						2024
	Average		Interest				Average		Interest
	Balance (1)		Income		Yield		Balance (1)		Income		Yield
	(Dollars in thousands)
Community Banking	$	21,330	$	1,088	6.79	%	$	25,786	$	1,242	6.41	%
SBA National		91,481		8,145	11.86	%		30,125		2,833	12.52	%
National Lending:
Originated		1,052,656		71,297	9.02	%		951,129		71,284	9.97	%
Purchased		2,183,068		141,831	8.65	%		1,558,362		104,780	8.95	%
Total National Lending		3,235,724		213,128	8.77	%		2,509,491		176,064	9.34	%
Total	$	3,348,535	$	222,361	8.85	%	$	2,565,402	$	180,139	9.35	%

(1) Includes loans held for sale.

The components of total income on purchased loans are set forth in the table below entitled “Total Return on Purchased Loans.” When compared to the quarter ended March 31, 2024, transactional income increased by $113 thousand for the quarter ended March 31, 2025, and regularly scheduled interest and accretion increased by $14.1 million primarily due to the increase in average balances. The total return on purchased loans for the quarter ended March 31, 2025 was 8.4%, a decrease from 8.7% for the quarter ended March 31, 2024. The following table details the total return on purchased loans:


	Total Return on Purchased Loans
	Three Months Ended March 31,
	2025				2024
	Income		Return (1)		Income		Return (1)
	(Dollars in thousands)
Regularly scheduled interest and accretion	$	48,149	8.18	%	$	34,045	8.37		%
Transactional income:
Release of allowance for credit losses on purchased loans		573	0.10	%		130	0.03		%
Accelerated accretion and loan fees		885	0.15	%		1,215	0.30		%
Total transactional income		1,458	0.25	%		1,345	0.33		%
Total	$	49,607	8.43	%	$	35,390	8.70		%

	Nine Months Ended March 31,
	2025				2024
	Income		Return (1)		Income			Return (1)
	(Dollars in thousands)
Regularly scheduled interest and accretion	$	136,055	8.30	%	$	98,505		8.41	%
Transactional income:
Release of allowance for credit losses on purchased loans		734	0.05	%		356		0.03	%
Accelerated accretion and loan fees		5,775	0.35	%		6,275		0.54	%
Total transactional income		6,509	0.40	%		6,631		0.57	%
Total	$	142,564	8.70	%	$	105,136		8.98	%

(1) The total return on purchased loans represents scheduled accretion, accelerated accretion, and gains (losses) on real estate owned, and release of allowance for credit losses on purchased loans recorded during the period divided by the average invested balance on an annualized basis. The total return does not include the effect of purchased loan charge-offs or recoveries in the quarter. Total return is considered a non-GAAP financial measure.

2. Provision for credit losses increased by $2.3 million to $2.9 million for the quarter ended March 31, 2025, compared to $596 thousand in the quarter ended March 31, 2024. The increase was primarily related to loan growth and increased reserves on the unguaranteed portion of the SBA portfolio.

3. Noninterest income increased by $5.1 million for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024, primarily due to an increase in gain on sale of SBA loans of $5.0 million, due to the sale of $73.6 million in SBA loans during the quarter ended March 31, 2025 as compared to the sale of $18.9 million during the quarter ended March 31, 2024.

4. Noninterest expense increased by $3.7 million for the quarter ended March 31, 2025 compared to the quarter ended March 31, 2024, primarily due to the following:

An increase in salaries and employee benefits expense of $1.7 million, primarily due to increases in regular, stock compensation expense and incentive compensation expense;
An increase in loan expense of $1.5 million primarily related to increased expenses in connection with the origination of SBA 7(a) loans; and
An increase in Federal Deposit Insurance Corporation (the “FDIC”) insurance expense of $195 thousand, due to the growth of the Bank’s asset size and an increased assessment rate.

5. Income tax expense increased by $3.7 million to $10.8 million, or an effective tax rate of 36.7%, for the quarter ended March 31, 2025, compared to $7.2 million, or an effective tax rate of 34.1%, for the quarter ended March 31, 2024. The increase in effective tax rate is primarily due to projected changes in income apportionment for state taxes and increased projections of the required write-down of the Bank’s deferred tax asset as a result of a change in Massachusetts income tax law.

As of March 31, 2025, nonperforming assets totaled $33.4 million, or 0.79% of total assets, compared to $28.3 million, or 0.90% of total assets, as of June 30, 2024.

As of March 31, 2025, past due loans totaled $34.0 million, or 0.91% of total loans, compared to past due loans totaling $26.3 million, or 0.95% of total loans, as of June 30, 2024.

As of March 31, 2025, the Bank’s Tier 1 leverage capital ratio was 11.5%, compared to 12.3% at June 30, 2024, and the Total risk-based capital ratio was 14.0% at March 31, 2025, compared to 14.8% at June 30, 2024. Capital ratios decreased primarily due to the increase in risk-weighted assets and average assets from significant loan growth during the nine months ended March 31, 2025, partially offset by increased retained earnings and additional capital raised under the Bank’s ATM program.

Investor Call Information
Rick Wayne, Chief Executive Officer, Richard Cohen, Chief Financial Officer, and Pat Dignan, Chief Operating Officer and Chief Credit Officer of Northeast Bank, will host a conference call to discuss third quarter earnings and business outlook at 10:00 a.m. Eastern Time on Wednesday, April 30^th. To access the conference call by phone, please go to this link (Phone Registration), and you will be provided with dial in details. The call will be available via live webcast, which can be viewed by accessing the Bank’s website at www.northeastbank.com and clicking on the About Us – Investor Relations section. To listen to the webcast, attendees are encouraged to visit the website at least fifteen minutes early to register, download and install any necessary audio software. Please note there will also be a slide presentation that will accompany the webcast. For those who cannot listen to the live broadcast, a replay will be available online for one year at www.northeastbank.com.

About Northeast Bank
Northeast Bank (NASDAQ: NBN) is a bank headquartered in Portland, Maine. We offer personal and business banking services to the Maine market via seven branches. Our National Lending Division purchases and originates commercial loans on a nationwide basis. ableBanking, a division of Northeast Bank, offers online savings products to consumers nationwide. Information regarding Northeast Bank can be found at www.northeastbank.com.

Non-GAAP Financial Measures
In addition to results presented in accordance with generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures, including tangible common shareholders’ equity, tangible book value per share, total return on purchased loans, and efficiency ratio. The Bank’s management believes that the supplemental non-GAAP information is utilized by regulators and market analysts to evaluate a company’s financial condition and therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. 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.

Forward-Looking Statements
Statements in this press release that are not historical facts 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, and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We may also make forward-looking statements in other documents we file with the FDIC, in our annual reports to our shareholders, in press releases and other written materials, and in oral statements made by our officers, directors or employees. You can identify forward-looking statements by the use of the words “believe,” “expect,” “anticipate,” “intend,” “estimate,” “assume,” “outlook,” “will,” “should,” and other expressions that predict or indicate future events and trends and which do not relate to historical matters. Although the Bank believes that these forward-looking statements are based on reasonable estimates and assumptions, they are not guarantees of future performance and are subject to known and unknown risks, uncertainties, contingencies, and other factors. You should not place undue reliance on our forward-looking statements. You should exercise caution in interpreting and relying on forward-looking statements because they are subject to significant risks, uncertainties and other factors which are, in some cases, beyond the Bank’s control. The Bank’s actual results could differ materially from those expressed or implied by such the forward-looking statements as a result of, among other factors, changes in interest rates and real estate values; changes in employment levels, general business and economic conditions on a national basis and in the local markets in which the Bank operates; changes in customer behavior due to changing business and economic conditions (including the impact of recently imposed tariffs by the U.S. Administration and foreign governments, inflation and concerns about liquidity) or legislative or regulatory initiatives; the possibility that future credits losses are higher than currently expected due to changes in economic assumptions, customer behavior or adverse economic developments; turbulence in the capital and debt markets; competitive pressures from other financial institutions; changes in loan defaults and charge-off rates; changes in the value of securities and other assets, adequacy of credit loss reserves, or deposit levels necessitating increased borrowing to fund loans and investments; changes in legislation and regulation under the new U.S. presidential administration; operational risks including, but not limited to, cybersecurity, fraud, natural disasters, climate change and future pandemics; the risk that the Bank may not be successful in the implementation of its business strategy; the risk that intangibles recorded in the Bank’s financial statements will become impaired; changes in assumptions used in making such forward-looking statements; and the other risks and uncertainties detailed in the Bank’s Annual Report on Form 10-K, as amended by Amendment No. 1 to the Annual Report on Form 10-K/A for the year ended June 30, 2024 as updated in the Bank’s Quarterly Reports on Form 10-Q and other filings submitted to the FDIC. These statements speak only as of the date of this release and the Bank does not undertake any obligation to update or revise any of these forward-looking statements to reflect events or circumstances occurring after the date of this communication or to reflect the occurrence of unanticipated events.

NBN-F


NORTHEAST BANK
BALANCE SHEETS
(Unaudited)
(Dollars in thousands, except share and per share data)
	March 31, 2025		June 30, 2024
Assets
Cash and due from banks	$	2,443	$	2,711
Short-term investments		341,633		239,447
Total cash and cash equivalents		344,076		242,158


Available-for-sale debt securities, at fair value		21,473		48,978
Equity securities, at fair value		7,314		7,013
Total investment securities		28,787		55,991

SBA loans held for sale		60,339		14,506

Loans:
Commercial real estate		2,764,809		2,028,280
Commercial and industrial		852,985		618,846
Residential real estate		122,466		99,234
Consumer		190		291
Total loans		3,740,450		2,746,651
Less: Allowance for credit losses		46,024		26,709
Loans, net		3,694,426		2,719,942


Premises and equipment, net		25,338		27,144
Real estate owned and other possessed collateral, net		1,200		–
Federal Home Loan Bank stock, at cost		16,106		15,751
Loan servicing rights, net		810		984
Bank-owned life insurance		19,203		18,830
Accrued interest receivable		17,445		15,163
Other assets		20,772		21,734
Total assets	$	4,228,502	$	3,132,203

Liabilities and Shareholders’ Equity
Deposits:
Demand	$	154,540	$	146,727
Savings and interest checking		796,762		732,029
Money market		94,837		154,504
Time		2,249,654		1,306,203
Total deposits		3,295,793		2,339,463

Federal Home Loan Bank and other advances		378,543		345,190
Lease liability		19,465		20,252
Other liabilities		67,185		50,664
Total liabilities		3,760,986		2,755,569

Commitments and contingencies		–		–


Shareholders’ equity
Preferred stock, $1.00 par value, 1,000,000 shares authorized; no shares
issued and outstanding at March 31, 2025 and June 30, 2024		–		–
Voting common stock, $1.00 par value, 25,000,000 shares authorized;
8,525,362 and 8,127,690 shares issued and outstanding at
March 31, 2025 and June 30, 2024, respectively		8,525		8,128
Non-voting common stock, $1.00 par value, 3,000,000 shares authorized;
No shares issued and outstanding at March 31, 2025 and June 30, 2024		–		–
Additional paid-in capital		97,078		64,762
Retained earnings		361,901		303,927
Accumulated other comprehensive income (loss)		12		(183	)
Total shareholders’ equity		467,516		376,634
Total liabilities and shareholders’ equity	$	4,228,502	$	3,132,203


NORTHEAST BANK
STATEMENTS OF INCOME
(Unaudited)
(Dollars in thousands, except share and per share data)
	Three Months Ended March 31,						Nine Months Ended March 31,
	2025			2024			2025		2024
Interest and dividend income:
Interest and fees on loans		$	76,478	$	60,715		$	222,361	$	180,139
Interest on available-for-sale securities			352		596			1,383		1,639
Other interest and dividend income			3,996		3,179			12,104		9,541
Total interest and dividend income			80,826		64,490			235,848		191,319

Interest expense:
Deposits			30,593		23,340			89,959		63,772
Federal Home Loan Bank advances			4,057		4,401			11,754		16,247
Obligation under capital lease agreements			225		237			691		664
Total interest expense			34,875		27,978			102,404		80,683
Net interest and dividend income before provision for credit losses			45,951		36,512			133,444		110,636
Provision for credit losses			2,908		596			5,275		1,221
Net interest and dividend income after provision for credit losses			43,043		35,916			128,169		109,415

Noninterest income:
Fees for other services to customers			362		320			1,197		1,218
Gain on sales of SBA loans			6,014		1,015			14,915		1,837
Net unrealized gain (loss) on equity securities			79		(55	)		106		17
Loss on real estate owned, other repossessed collateral and premises and equipment, net			–		–			–		(9	)
Bank-owned life insurance income			124		116			372		348
Correspondent fee income			16		40			69		183
Other noninterest income			24		106			28		194
Total noninterest income			6,619		1,542			16,687		3,788

Noninterest expense:
Salaries and employee benefits			12,477		10,784			34,947		30,409
Occupancy and equipment expense			1,275		1,072			3,456		3,277
Professional fees			669		503			1,985		1,784
Data processing fees			1,496		1,376			4,605		3,823
Marketing expense			89		256			318		738
Loan acquisition and collection expense			2,270		813			5,626		2,402
FDIC insurance expense			468		273			1,756		917
Other noninterest expense			1,399		1,352			4,203		4,138
Total noninterest expense			20,143		16,429			56,896		47,488
Income before income tax expense			29,519		21,029			87,960		65,715
Income tax expense			10,838		7,164			29,734		22,624
Net income		$	18,681	$	13,865		$	58,226	$	43,091


Weighted-average shares outstanding:
Basic			8,216,746		7,509,320			8,047,775		7,510,065
Diluted			8,394,964		7,595,124			8,232,435		7,602,844

Earnings per common share:
Basic		$	2.27	$	1.85		$	7.24	$	5.74
Diluted			2.23		1.83			7.07		5.67

Cash dividends declared per common share		$	0.01	$	0.01		$	0.03	$	0.03


NORTHEAST BANK
AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(Unaudited)
(Dollars in thousands)
	Three Months Ended March 31,
	2025						2024
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning assets:
Investment securities	$	32,963	$	352	4.33	%	$	60,211	$	596	3.98	%
Loans (1) (2) (3)		3,650,066		76,478	8.50	%		2,649,383		60,715	9.22	%
Federal Home Loan Bank stock		16,657		301	7.33	%		17,636		449	10.24	%
Short-term investments (4)		336,877		3,695	4.45	%		204,869		2,730	5.36	%
Total interest-earning assets		4,036,563		80,826	8.12	%		2,932,099		64,490	8.85	%
Cash and due from banks		2,332						2,446
Other non-interest earning assets		39,847						50,227
Total assets	$	4,078,742					$	2,984,772

Liabilities & Shareholders’ Equity:
Interest-bearing liabilities:
NOW accounts	$	566,932	$	5,190	3.71	%	$	524,301	$	5,767	4.42	%
Money market accounts		116,647		754	2.62	%		190,379		1,619	3.42	%
Savings accounts		198,094		1,365	2.79	%		140,737		1,126	3.22	%
Time deposits		2,129,320		23,284	4.43	%		1,185,558		14,828	5.03	%
Total interest-bearing deposits		3,010,993		30,593	4.12	%		2,040,975		23,340	4.60	%
Federal Home Loan Bank advances		372,029		4,057	4.42	%		396,130		4,401	4.47	%
Lease liability		19,340		225	4.72	%		20,981		237	4.54	%
Total interest-bearing liabilities		3,402,362		34,875	4.16	%		2,458,086		27,978	4.58	%

Non-interest bearing liabilities:
Demand deposits and escrow accounts		183,348						163,042
Other liabilities		33,025						24,571
Total liabilities		3,618,735						2,645,699
Shareholders’ equity		460,007						339,073
Total liabilities and shareholders’ equity	$	4,078,742					$	2,984,772

Net interest income			$	45,951					$	36,512

Interest rate spread					3.96	%					4.27	%
Net interest margin (5)					4.62	%					5.01	%

Cost of funds (6)					3.94	%					4.29	%

(1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
(2) Includes loans held for sale.
(3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
(4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
(5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
(6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.


NORTHEAST BANK
AVERAGE BALANCE SHEETS AND ANNUALIZED YIELDS
(Unaudited)
(Dollars in thousands)
	Nine Months Ended March 31,
	2025						2024
			Interest		Average				Interest		Average
	Average		Income/		Yield/		Average		Income/		Yield/
	Balance		Expense		Rate		Balance		Expense		Rate
Assets:
Interest-earning assets:
Investment securities	$	42,865	$	1,383	4.30	%	$	60,060	$	1,639	3.63	%
Loans (1) (2) (3)		3,348,535		222,361	8.85	%		2,565,402		180,139	9.35	%
Federal Home Loan Bank stock		16,190		977	8.04	%		20,415		1,331	8.68	%
Short-term investments (4)		302,262		11,127	4.90	%		204,252		8,210	5.35	%
Total interest-earning assets		3,709,852		235,848	8.47	%		2,850,129		191,319	8.93	%
Cash and due from banks		2,219						2,482
Other non-interest earning assets		55,078						58,609
Total assets	$	3,767,149					$	2,911,220

Liabilities & Shareholders’ Equity:
Interest-bearing liabilities:
NOW accounts	$	570,906	$	17,014	3.97	%	$	507,594	$	16,548	4.34	%
Money market accounts		131,481		2,972	3.01	%		226,072		5,760	3.39	%
Savings accounts		188,053		4,575	3.24	%		118,044		2,603	2.93	%
Time deposits		1,864,771		65,398	4.67	%		1,061,399		38,861	4.87	%
Total interest-bearing deposits		2,755,211		89,959	4.35	%		1,913,109		63,772	4.44	%
Federal Home Loan Bank advances		357,020		11,754	4.39	%		463,065		16,247	4.67	%
Lease liability		19,655		691	4.68	%		21,373		664	4.13	%
Total interest-bearing liabilities		3,131,886		102,404	4.36	%		2,397,547		80,683	4.48	%

Non-interest bearing liabilities:
Demand deposits and escrow accounts		182,877						166,955
Other liabilities		29,877						24,388
Total liabilities		3,344,640						2,588,890
Shareholders’ equity		422,509						322,330
Total liabilities and shareholders’ equity	$	3,767,149					$	2,911,220

Net interest income			$	133,444					$	110,636

Interest rate spread					4.11	%					4.45	%
Net interest margin (5)					4.79	%					5.17	%

Cost of funds (6)					4.12	%					4.19	%

(1) Interest income and yield are stated on a fully tax-equivalent basis using the statutory tax rate.
(2) Includes loans held for sale.
(3) Nonaccrual loans are included in the computation of average, but unpaid interest has not been included for purposes of determining interest income.
(4) Short-term investments include FHLB overnight deposits and other interest-bearing deposits.
(5) Net interest margin is calculated as net interest income divided by total interest-earning assets.
(6) Cost of funds is calculated as total interest expense divided by total interest-bearing liabilities plus demand deposits and escrow accounts.


NORTHEAST BANK
SELECTED FINANCIAL HIGHLIGHTS AND OTHER DATA
(Unaudited)
(Dollars in thousands, except share and per share data)
	Three Months Ended
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Net interest income	$	45,951	$	48,490	$	39,000	$	37,935	$	36,512
Provision for credit losses		2,908		1,944		422		547		596
Noninterest income		6,619		5,949		4,119		2,092		1,542
Noninterest expense		20,143		19,066		17,685		17,079		16,429
Net income		18,681		22,440		17,106		15,140		13,865

Weighted-average common shares outstanding:
Basic		8,216,746		8,044,345		7,886,148		7,765,868		7,509,320
Diluted		8,394,964		8,197,568		8,108,688		7,910,692		7,595,124
Earnings per common share:
Basic	$	2.27	$	2.79	$	2.17	$	1.95	$	1.85
Diluted		2.23		2.74		2.11		1.91		1.83

Dividends declared per common share	$	0.01	$	0.01	$	0.01	$	0.01	$	0.01

Return on average assets		1.86%		2.24%		2.09%		1.99%		1.87%
Return on average equity		16.47%		21.14%		17.53%		16.56%		16.45%
Net interest rate spread (1)		3.96%		4.21%		4.18%		4.41%		4.27%
Net interest margin (2)		4.62%		4.88%		4.90%		5.13%		5.01%
Efficiency ratio (non-GAAP) (3)		38.32%		35.02%		41.01%		42.67%		43.17%
Noninterest expense to average total assets		2.00%		1.90%		2.16%		2.24%		2.21%
Average interest-earning assets to average interest-bearing liabilities		118.64%		118.24%		118.48%		118.78%		119.28%

	As of:
	March 31, 2025		December 31, 2024		September 30, 2024		June 30, 2024		March 31, 2024
Nonperforming loans:
Originated portfolio:
Residential real estate	$	2,407	$	2,446	$	3,976	$	2,502	$	2,573
Commercial real estate		3,197		3,662		4,682		1,407		2,075
Commercial and industrial		6,945		6,696		6,684		6,520		6,928
Consumer		3		5		–		–		–
Total originated portfolio		12,552		12,809		15,342		10,429		11,576
Total purchased portfolio		19,680		17,257		21,830		17,832		16,370
Total nonperforming loans		32,232		30,066		37,172		28,261		27,946
Real estate owned and other repossessed collateral, net		1,200		1,200		–		–		–
Total nonperforming assets	$	33,432	$	31,266	$	37,172	$	28,261	$	27,946

Past due loans to total loans		0.91%		0.85%		0.89%		0.95%		1.13%
Nonperforming loans to total loans		0.86%		0.84%		1.06%		1.02%		1.05%
Nonperforming assets to total assets		0.79%		0.77%		0.94%		0.90%		0.93%
Allowance for credit losses to total loans		1.23%		1.25%		1.25%		0.97%		0.98%
Allowance for credit losses to nonperforming loans		142.79%		148.92%		117.40%		94.51%		92.83%
Net charge-offs (recoveries)	$	2,082	$	869	$	1,604	$	1,347	$	2,225
Commercial real estate loans to total capital (4)		521.47%		542.12%		604.38%		482.13%		509.08%
Net loans to deposits		112.10%		112.52%		110.70%		116.88%		118.15%
Purchased loans to total loans		65.33%		66.63%		69.11%		61.88%		60.99%
Equity to total assets		11.06%		10.88%		9.96%		12.02%		11.73%
Common equity tier 1 capital ratio		12.72%		12.66%		11.45%		13.84%		13.24%
Total risk-based capital ratio		13.97%		13.91%		12.70%		14.82%		14.22%
Tier 1 leverage capital ratio		11.45%		11.16%		12.06%		12.30%		11.79%

Total shareholders’ equity	$	467,516	$	444,101	$	392,557	$	376,634	$	351,913
Less: Preferred stock		–		–		–		–		–
Common shareholders’ equity		467,516		444,101		392,557		376,634		351,913
Less: Intangible assets (5)		–		–		–		–		–
Tangible common shareholders’ equity (non-GAAP)	$	467,516	$	444,101	$	392,557	$	376,634	$	351,913

Common shares outstanding		8,525,362		8,492,856		8,212,026		8,127,690		7,977,690
Book value per common share	$	54.84	$	52.29	$	47.80	$	46.34	$	44.11
Tangible book value per share (non-GAAP) (6)		54.84		52.29		47.80		46.34		44.11

(1) The net interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period.
(2) The net interest margin represents net interest income as a percent of average interest-earning assets for the period.
(3) The efficiency ratio represents noninterest expense divided by the sum of net interest income (before the credit loss provision) plus noninterest income.
(4) For purposes of calculating this ratio, commercial real estate includes all non-owner occupied commercial real estate loans defined as such by regulatory guidance, including all land development and construction loans.
(5) Includes the loan servicing rights asset.
(6) Tangible book value per share represents total shareholders’ equity less the sum of preferred stock and intangible assets divided by common shares outstanding.

For More Information:
Richard Cohen, Chief Financial Officer
Northeast Bank, 27 Pearl Street, Portland, Maine 04101
207.786.3245 ext. 3249
www.northeastbank.com

The MIL Network –

April 30, 2025

MIL-OSI Global: Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally

Source: The Conversation – UK – By Steve Dunne, PhD researcher, Department of Politics and International Studies, University of Warwick

As in life, trust matters in international politics. Vital for cooperation and reciprocation, trusting someone nevertheless leaves one vulnerable should they break faith and pursue self-serving goals. As US political scientist Andrew Kydd recognised, trust is the belief that someone “prefers mutual cooperation to exploiting and suckering others”.

Two versions of trust matter in international relations. Strategic trust, in the form of institutionalised agreements and organisations which provide certainty – as well as material incentives – to encourage people and nations to honour their commitments. And moralistic trust, based on what social scientists call an “implicit theory of personality” that involves people making everyday judgements regarding a person’s character and integrity.

A brief look at the liberal post-war economic order shows how trust has proved fundamental. The Bretton Woods system of multilateral institutions that developed after the second world war, including the International Monetary Fund, World Bank and World Trade Organization, created a rules-based consistency for mutual benefit.

The WTO, for example, promised members that economic conditions between countries would not opportunistically and suddenly change. If they did, independent recourse was available through its appellate body.

This certainty encouraged many otherwise hesitant states to engage. The collapse of the appellate body in 2019 – after the US, under then-president, Donald Trump, blocked further appointees, thus denying it the required quorum – was a critical first step towards the present crisis in trust.

How is Donald Trump’s presidency shaping up after 100 days? Here’s what the experts think. If you like what you see, sign up to receive our weekly World Affairs Briefing newsletter.

Across the opening 100 days of his second term, Trump has broken both these conceptions of trust. In doing so, he has devastated – perhaps irreparably – economic confidence in the US.

In terms of strategic trust, look no further than Trump’s attacks on Canada and Mexico. On February 1, Trump threatened near-universal 25% tariffs on exports from America’s two largest trading partners. These tariffs entered into effect on March 4 and were followed by additional duties on aluminum, steel and auto parts.

Viewed from Canada and Mexico, Trump’s actions were an unambiguous breach of trust and the US-Mexico-Canada agreement, which Trump had personally signed in 2020. Canada’s prime minister, Mark Carney, reacted by forewarning that “its clear the US is no longer a reliable partner” and predicted a “fundamentally different relationship” between the two countries going forwards.

When it comes to moralistic trust, Trump was on weak ground before even becoming president. Beyond his business dealings – which have historically involved unpaid vendors and fraudulent practices – as well as serious allegations of abuse, Trump’s first term was marked by numerous reputational failings. These included a historic two impeachments, the second for his role in the January 6 insurrection that attempted to unlawfully overturn the 2020 election result.

“Liberation Day” on April 2, which was when Trump announced the details of his tariffs, delivered a singular blow. The heavy targeting of poorer countries such as Cambodia and Lesotho – while exempting Russia – strengthened reservations about Trump’s character. Equally, the blatant idiocy of many tariffs – most prominently the Heard and McDonald Islands, which are uninhabited save for penguins – further limited confidence in his administration’s competency and judgement.

Combined with Trump’s imperialistic bullying of other nations, from Greenland, to Panama to Ukraine, his remaining integrity in economic affairs has imploded. Although the full effects (and damage) of Trump’s actions on America’s reputation are not yet known, adverse consequences should be expected in both the short and longer terms.

The long and the short

In the short term, decreased economic trust will prolong market volatility. April 3-4 saw the largest-ever two-day loss, as US$6.6 trillion (£5 trillion) was erased from US stocks. Trump’s tariffs are also expected to depress growth, both at home and abroad.

JP Morgan now rates the likelihood of a recession this year at 60% – more than double when Trump took office. Consumer confidence, meanwhile, is at its second lowest since records began.

Increased prices for groceries – two-thirds of US vegetable imports come from Mexico – as well as energy bills – the US imports 61% of its oil from Canada – is also likely. Higher tariffs on goods from China will similarly impact domestic spending.

In the longer-term, diminished economic trust will continue to weaken bond markets, hampering America’s ability to service its colossal national debt. The increased cost of dollar-denominated goods could also spark a debt crisis reminiscent of the 1980s, when Latin America defaulted en masse, causing widespread economic turmoil.

Perhaps most significantly, declining global trust will accelerate processes of de-dollarisation and reduce reliance on the dollar as a reserve currency. The ending of the “exorbitant privilege” – the advantage enjoyed by the US thanks to the dollar being the global reserve currency – could spell disaster vis-à-vis borrowing costs and, ultimately, risk a balance of payments crisis. More broadly, de-dollarisation would leave the US economically marginalised in a more multipolar global economy.

Extending beyond economics, however, Trump’s trade policy will eviscerate American soft power unless corrected. With trust in the US dwindling, an increase in coercive forms of bargaining with international trade partners over more cooperative approaches becomes inevitable. Despite the demonstrable superiority of the latter approach, mutual trust is required to facilitate successful collaboration.

Without trust, negotiation itself becomes an impossibility. And if trust is consistently broken, even those predisposed towards cooperation will be deterred.

The US under Trump is fast becoming untrustworthy. American reliability must now be broadly questioned, from collective security to the rule of law. The effect of this widespread loss of trust – embodied by Trump’s indiscriminate and ill-mannered economic attacks – will be the neutering of US soft power.

The foundation of American strength for decades, its ability to attract and appeal to its allies as an alternative to coercion, is now on life support. Meanwhile, China – purportedly “the greatest threat to America today” – is actively exploiting this decline and accelerating its own soft power initiatives.

If Trump truly wishes to make America great again, then betraying allies through coercive mistreatment is not the answer. Honest engagement that builds trust is.

Steve Dunne receives funding from the Equality and Human Rights Commission.

– ref. Donald Trump’s first 100 days have badly damaged trust in America both economically and as an ally – https://theconversation.com/donald-trumps-first-100-days-have-badly-damaged-trust-in-america-both-economically-and-as-an-ally-255150

MIL OSI – Global Reports –

April 30, 2025

MIL-OSI: EXL Reports 2025 First Quarter Results

Source: GlobeNewswire (MIL-OSI)

2025 First Quarter Revenue of $501.0 Million, up 14.8% year-over-year
Q1 Diluted EPS (GAAP) ⁽¹⁾of $0.40, up 38.3% from $0.29 in Q1 of 2024
Q1 Adjusted Diluted EPS (Non-GAAP) ⁽¹⁾of $0.48, up 26.9% from $0.38 in Q1 of 2024

NEW YORK, April 29, 2025 (GLOBE NEWSWIRE) — ExlService Holdings, Inc. (NASDAQ: EXLS), a global data and AI company, today announced its financial results for the quarter ended March 31, 2025.

Chairman and Chief Executive Officer Rohit Kapoor said, “We are pleased with our first quarter results and strong start to the year, as we delivered revenue and adjusted diluted EPS growth of 15% and 27% respectively. Our strong business momentum underscores the successful execution of our differentiated data and AI-led strategy and demonstrates the enduring resilience and adaptability of EXL’s business model.”

Chief Financial Officer Maurizio Nicolelli said, “While we remain prudent in our outlook given the increasing level of macro-economic uncertainty, we are increasing our revenue guidance for the year, based on our business momentum and more favorable currency exchange rates. We now expect revenue to be in the range of $2.035 billion to $2.065 billion, up from our prior guidance of $2.025 billion to $2.060 billion. This represents 11% to 12% year-over-year growth on a reported basis, or 11% to 13% on a constant currency basis. We continue to expect our adjusted diluted earnings per share for 2025 to be in the range of $1.83 to $1.89, representing an 11% to 14% increase over 2024, as we continue to accelerate our data and AI investments to generate future growth.”

^{______________________________________________________________}

Reconciliations of adjusted (non-GAAP) financial measures to the most directly comparable GAAP measures, where applicable, are included at the end of this release under “Reconciliation of Adjusted Financial Measures to GAAP Measures.” These non-GAAP measures, including adjusted diluted EPS and constant currency measures, are not measures of financial performance prepared in accordance with GAAP.

Financial Highlights: First Quarter 2025

Revenue for the quarter ended March 31, 2025, increased to $501.0 million compared to $436.5 million for the first quarter of 2024, an increase of 14.8% on a reported basis and 15.1% on a constant currency basis. Revenue increased by 4.1% sequentially on a reported basis and 4.3% on a constant currency basis, from the fourth quarter of 2024.

	Revenue				Gross Margin
	Three months ended				Three months ended
Reportable Segments ⁽¹⁾	March 31, 2025		March 31, 2024		March 31, 2025		March 31, 2024
	(dollars in millions)
Insurance	$	172.0	$	158.3	36.6	%	33.8	%
Healthcare and Life Sciences		125.6		100.7	43.9	%	45.3	%
Banking, Capital Markets and Diversified Industries		117.7		103.2	37.3	%	36.1	%
International Growth Markets		85.7		74.3	36.6	%	35.9	%
Total Revenue, net	$	501.0	$	436.5	38.6	%	37.4	%

⁽¹⁾ In the first quarter of 2025, the Company implemented operational and structural changes to accelerate the execution of its data and AI-led strategy. Under the new structure, the Company reports its financial performance based on new segments presented in the table above, and as described in more detail in its Quarterly Report on Form 10-Q for the three months ended March 31, 2025, that is being filed with the SEC. In conjunction with the new reporting structure, the Company has recast prior period amounts, wherever applicable, to conform to the way the Company internally manages and monitors segment performance.

Operating income margin for the quarter ended March 31, 2025 was 15.7%, compared to 14.1% for the first quarter of 2024 and 14.8% for the fourth quarter of 2024. Adjusted operating income margin for the quarter ended March 31, 2025 was 20.1%, compared to 18.9% for the first quarter of 2024 and 18.8% for the fourth quarter of 2024.
Diluted earnings per share for the quarter ended March 31, 2025 was $0.40, compared to $0.29 for the first quarter of 2024 and $0.31 for the fourth quarter of 2024. Adjusted diluted earnings per share for the quarter ended March 31, 2025 was $0.48, compared to $0.38 for the first quarter of 2024 and $0.44 for the fourth quarter of 2024.

Business Highlights: First Quarter 2025

Won 10 new clients in the first quarter of 2025.
- Named a Leader in four categories in the ISG Provider Lens™ Insurance Services 2024 report. Earning top honors in the North American Life & Retirement, Property & Casualty, Life & Retirement TPA Insurance Services, and Insurance IT Services.
- Named a Leader and a Star Performer in Everest Group’s Life and Annuities Insurance Business Process Services and Third-Party Administrator (TPA) PEAK Matrix® Assessment 2025.
- Recognized as part of Newsweek’s America’s Most Responsible Companies 2025, Forbes’ Most Trusted Companies in America 2025, USA Today’s America’s Climate Leaders 2025, and The Financial Times’ Best Employers Asia-Pacific 2025.

2025 Guidance
Based on current visibility, and a U.S. dollar to Indian rupee exchange rate of 85.5, U.K. pound sterling to U.S. dollar exchange rate of 1.30, U.S. dollar to the Philippine peso exchange rate of 57.0 and all other currencies at current exchange rates, we are providing the following guidance for the full year 2025:

Revenue of $2.035 billion to $2.065 billion, representing an increase of 11% to 12% on a reported basis, and 11% to 13% on a constant currency basis from 2024; and
Adjusted diluted earnings per share of $1.83 to $1.89, representing an increase of 11% to 14% from 2024.

Conference Call

ExlService Holdings, Inc. will host a conference call on Wednesday, April 30, 2025 at 10:00 A.M. ET to discuss the Company’s quarterly operating and financial results. The conference call will be available live via the internet by accessing the investor relations section of EXL’s website at ir.exlservice.com, where an accompanying investor-friendly spreadsheet of historical operating and financial data can also be accessed. Please access the website at least fifteen minutes prior to the call to register, download and install any necessary audio software.

Please note that there is a new system to access the live call-in order to ask questions. To join the live call, please register here. A dial-in and unique PIN will be provided to join the call. For those who cannot access the live broadcast, a replay will be available on the EXL website ir.exlservice.com for a period of twelve months.

About ExlService Holdings, Inc.
EXL (NASDAQ: EXLS) is a global data and artificial intelligence (“AI”) company that offers services and solutions to reinvent client business models, drive better outcomes and unlock growth with speed. EXL harnesses the power of data, AI, and deep industry knowledge to transform businesses, including the world’s leading corporations in industries including insurance, healthcare, banking and financial services, media and retail, among others. EXL was founded in 1999 with the core values of innovation, collaboration, excellence, integrity and respect. We are headquartered in New York and have more than 60,000 employees spanning six continents. For more information, visit www.exlservice.com.

Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995. You should not place undue reliance on those statements because they are subject to numerous uncertainties and factors relating to EXL’s operations and business environment, all of which are difficult to predict and many of which are beyond EXL’s control. Forward-looking statements include information concerning EXL’s possible or assumed future results of operations, including descriptions of its business strategy. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. These statements are based on assumptions that we have made in light of management’s experience in the industry as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. You should understand that these statements are not guarantees of performance or results. They involve known and unknown risks, uncertainties and assumptions. Although EXL believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect EXL’s actual financial results or results of operations and could cause actual results to differ materially from those in the forward-looking statements. These factors, which include our ability to maintain and grow client demand, our ability to hire and retain sufficiently trained employees, and our ability to accurately estimate and/or manage costs, rising interest rates, rising inflation and recessionary economic trends, are discussed in more detail in EXL’s filings with the Securities and Exchange Commission, including EXL’s Annual Report on Form 10-K. You should keep in mind that any forward-looking statement made herein, or elsewhere, speaks only as of the date on which it is made. New risks and uncertainties come up from time to time, and it is impossible to predict these events or how they may affect EXL. EXL has no obligation to update any forward-looking statements after the date hereof, except as required by applicable law.

EXLSERVICE HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(In thousands, except per share amount and share count)

	Three months ended March 31,
		2025			2024
Revenues, net	$	501,019		$	436,507
Cost of revenues ⁽¹⁾		307,705			273,424
Gross profit ⁽¹⁾		193,314			163,083
Operating expenses:
General and administrative expenses		59,417			53,243
Selling and marketing expenses		41,925			35,970
Depreciation and amortization expense		13,557			12,346
Total operating expenses		114,899			101,559
Income from operations		78,415			61,524
Foreign exchange gain, net		1,192			359
Interest expense		(4,144	)		(3,291	)
Other income, net		4,703			3,952
Income before income tax expense and earnings from equity affiliates		80,166			62,544
Income tax expense		13,496			13,753
Income before earnings from equity affiliates		66,670			48,791
Loss from equity-method investment		(109	)		(28	)
Net income	$	66,561		$	48,763
Earnings per share:
Basic	$	0.41		$	0.30
Diluted	$	0.40		$	0.29
Weighted-average number of shares used in computing earnings per share:
Basic		162,490,179			165,082,387
Diluted		164,557,333			166,726,853

⁽¹⁾ Exclusive of depreciation and amortization expense.

EXLSERVICE HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except per share amount and share count)

	As of
	March 31, 2025			December 31, 2024

Assets
Current assets:
Cash and cash equivalents	$	140,442		$	153,355
Short-term investments		190,978			187,223
Restricted cash		9,826			9,972
Accounts receivable, net		339,856			304,322
Other current assets		150,203			140,317
Total current assets		831,305			795,189
Property and equipment, net		107,148			101,837
Operating lease right-of-use assets		71,150			68,784
Restricted cash		8,210			8,071
Deferred tax assets, net		109,953			104,747
Goodwill		420,494			420,387
Other intangible assets, net		46,092			49,331
Long-term investments		20,134			13,972
Other assets		61,925			56,085
Total assets	$	1,676,411		$	1,618,403
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	5,648		$	5,884
Current portion of long-term borrowings		4,886			4,886
Deferred revenue		20,138			19,264
Accrued employee costs		63,575			129,994
Accrued expenses and other current liabilities		131,980			113,597
Current portion of operating lease liabilities		17,426			16,491
Total current liabilities		243,653			290,116
Long-term borrowings, less current portion		302,377			283,598
Operating lease liabilities, less current portion		61,408			59,851
Deferred tax liabilities, net		1,625			1,403
Other non-current liabilities		55,471			53,573
Total liabilities		664,534			688,541
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 15,000,000 shares authorized, none issued		—			—
Common stock, $0.001 par value; 400,000,000 shares authorized, 207,758,497 shares issued and 162,683,343 shares outstanding as of March 31, 2025 and 206,510,587 shares issued and 161,801,212 shares outstanding as of December 31, 2024		207			206
Additional paid-in capital		609,592			588,583
Retained earnings		1,348,521			1,281,960
Accumulated other comprehensive loss		(142,787	)		(154,722	)
Total including shares held in treasury		1,815,533			1,716,027
Less: 45,075,154 shares as of March 31, 2025 and 44,709,375 shares as of December 31, 2024, held in treasury, at cost		(803,656	)		(786,165	)
Total Stockholders’ equity		1,011,877			929,862
Total liabilities and stockholders’ equity	$	1,676,411		$	1,618,403

EXLSERVICE HOLDINGS, INC.

Reconciliation of Adjusted Financial Measures to GAAP Measures

In addition to its reported operating results in accordance with U.S. generally accepted accounting principles (GAAP), EXL has included in this release certain financial measures that are considered non-GAAP financial measures, including the following:

(i) Adjusted operating income and adjusted operating income margin;
(ii) Adjusted EBITDA and adjusted EBITDA margin;
(iii) Adjusted net income and adjusted diluted earnings per share; and
(iv) Revenue growth on constant currency basis.

These non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles, should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP financial measures used by other companies. Accordingly, the financial results calculated in accordance with GAAP and reconciliations from those financial statements should be carefully evaluated. EXL believes that providing these non-GAAP financial measures may help investors better understand EXL’s underlying financial performance. Management also believes that these non-GAAP financial measures, when read in conjunction with EXL’s reported results, can provide useful supplemental information for investors analyzing period-to-period comparisons of the Company’s results and comparisons of the Company’s results with the results of other companies. Additionally, management considers some of these non-GAAP financial measures to determine variable compensation of its employees. The Company believes that it is unreasonably difficult to provide its earnings per share financial guidance in accordance with GAAP, or a qualitative reconciliation thereof, for a number of reasons, including, without limitation, the Company’s inability to predict its future stock-based compensation expense under ASC Topic 718, the amortization of intangibles associated with future acquisitions and the currency fluctuations and associated tax effects. As such, the Company presents guidance with respect to adjusted diluted earnings per share. The Company also incurs significant non-cash charges for depreciation that may not be indicative of the Company’s ability to generate cash flow.

EXL non-GAAP financial measures exclude, where applicable, stock-based compensation expense, amortization of acquisition-related intangible assets, provision for litigation matters, effects of termination of leases, certain defined social security contributions, allowance for certain material expected credit losses, other acquisition-related expenses or benefits and effect of any non-recurring tax adjustments. Acquisition-related expenses or benefits include, changes in the fair value of contingent consideration, external deal costs, integration expenses, direct and incremental travel costs and non-recurring benefits or losses. Our adjusted net income and adjusted diluted EPS also excludes the effects of income tax on the above pre-tax items, as applicable. The effects of income tax of each item is calculated by applying the statutory rate of the local tax regulations in the jurisdiction in which the item was incurred.

A limitation of using non-GAAP financial measures versus financial measures calculated in accordance with GAAP is that non-GAAP financial measures do not reflect all of the amounts associated with our operating results as determined in accordance with GAAP and exclude costs that are recurring, namely stock-based compensation and amortization of acquisition-related intangible assets. EXL compensates for these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP financial measures to allow investors to evaluate such non-GAAP financial measures.

EXL’s primary exchange rate exposure is with the Indian rupee, the Philippine peso, the U.K. pound sterling and the South African rand. The average exchange rate of the U.S. dollar against the Indian rupee increased from 83.12 during the quarter ended March 31, 2024 to 86.52 during the quarter ended March 31, 2025, representing a depreciation of 4.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the Philippine peso increased from 56.24 during the quarter ended March 31, 2024 to 57.86 during the quarter ended March 31, 2025, representing a depreciation of 2.9% against the U.S. dollar. The average exchange rate of the U.K. pound sterling against the U.S. dollar decreased from 1.27 during the quarter ended March 31, 2024 to 1.26 during the quarter ended March 31, 2025, representing a depreciation of 0.1% against the U.S. dollar. The average exchange rate of the U.S. dollar against the South African rand decreased from 18.96 during the quarter ended March 31, 2024 to 18.49 during the quarter ended March 31, 2025, representing an appreciation of 2.5% against the U.S. dollar.

The following table shows the reconciliation of these non-GAAP financial measures for the three months ended March 31, 2025 and March 31, 2024, and the three months ended December 31, 2024:

Reconciliation of Adjusted Operating Income and Adjusted EBITDA
(Amounts in thousands)

	Three months ended
	March 31,						December 31,
		2025			2024			2024
Net Income (GAAP)	$	66,561		$	48,763		$	50,672
add: Income tax expense		13,496			13,753			19,850
add/(subtract): Foreign exchange gain, net, interest expense, gain/(loss) from equity-method investment and other income/(loss), net		(1,642	)		(992	)		720
Income from operations (GAAP)	$	78,415		$	61,524		$	71,242
add: Stock-based compensation expense		19,187			17,852			15,479
add: Amortization of acquisition-related intangibles		3,246			3,080			4,024
Adjusted operating income (Non-GAAP)	$	100,848		$	82,456		$	90,745
Adjusted operating income margin as a % of Revenue (Non-GAAP)		20.1	%		18.9	%		18.8	%
add: Depreciation on long-lived assets		10,311			9,266			12,140
Adjusted EBITDA (Non-GAAP)	$	111,159		$	91,722		$	102,885
Adjusted EBITDA margin as a % of revenue (Non-GAAP)		22.2	%		21.0	%		21.4	%

Reconciliation of Adjusted Net Income and Adjusted Diluted Earnings Per Share
(Amounts in thousands, except per share data)

	Three months ended
	March 31,						December 31,
		2025			2024			2024
Net income (GAAP)	$	66,561		$	48,763		$	50,672
add: Stock-based compensation expense		19,187			17,852			15,479
add: Amortization of acquisition-related intangibles		3,246			3,080			4,024
add/(subtract): Changes in fair value of contingent consideration		—			(589	)		—
add/(subtract): Other tax expense/(benefits) (a)		—			151			3,860
subtract: Tax impact on stock-based compensation expense (b)		(9,105	)		(5,358	)		(1,769	)
subtract: Tax impact on amortization of acquisition-related intangibles		(799	)		(766	)		(921	)
Adjusted net income (Non-GAAP)	$	79,090		$	63,133		$	71,345
Adjusted diluted earnings per share (Non-GAAP)	$	0.48		$	0.38		$	0.44

(a) To exclude other tax expenses/(benefits), primarily related to certain deferred tax assets and liabilities.

(b) Tax impact includes $14,526 and $7,523 during the three months ended March 31, 2025 and 2024 respectively, and $500 during the three months ended December 31, 2024, related to discrete benefit recognized in income tax expense in accordance with ASU No. 2016-09, Compensation – Stock Compensation.

Contacts:
Investor Relations
John Kristoff
Vice President, Investor Relations
+1 212 209 4613
ir@exlservice.com

Media – US
Keith Little
Assistant Vice President, Media Relations
+1 703 598 0980
media.relations@exlservice.com

This press release was published by a CLEAR® Verified individual.

The MIL Network –

April 30, 2025

MIL-OSI: Vicor Corporation Reports Results for the First Quarter Ended March 31, 2025

Source: GlobeNewswire (MIL-OSI)

ANDOVER, Mass., April 29, 2025 (GLOBE NEWSWIRE) — Vicor Corporation (NASDAQ: VICR) today reported financial results for the first quarter ended March 31, 2025. These results will be discussed later today at 5:00 p.m. Eastern Time, during management’s quarterly investor conference call. The details for the call are below.

Revenues for the first quarter ended March 31, 2025 totaled $94.0 million, a 12.0% increase from $83.9 million for the corresponding period a year ago, and a 2.3% sequential decrease from $96.2 million in the fourth quarter of 2024.

Gross margin decreased to $44.4 million for the first quarter of 2025, compared to $45.1 million for the corresponding period a year ago, and decreased sequentially from $50.4 million for the fourth quarter of 2024. Gross margin, as a percentage of revenue, decreased to 47.2% for the first quarter of 2025, compared to 53.8% for the corresponding period a year ago, and decreased from 52.4% for the fourth quarter of 2024. Operating expenses decreased to $44.5 million for the first quarter of 2025, compared to $61.2 million for the corresponding period a year ago, and increased sequentially from $41.2 million for the fourth quarter of 2024.

Net income for the first quarter was $2.5 million, or $0.06 per diluted share, compared to a net loss of ($14.5) million or ($0.33) per diluted share, for the corresponding period a year ago and net income of $10.2 million, or $0.23 per diluted share, for the fourth quarter of 2024.

Cash flow from operations totaled $20.1 million for the first quarter, compared to cash flow from operations of $2.6 million for the corresponding period a year ago, and cash flow from operations of $10.1 million in the fourth quarter of 2024. Capital expenditures for the first quarter totaled $4.6 million, compared to $7.3 million for the corresponding period a year ago and $1.7 million for the fourth quarter of 2024. Cash and cash equivalents as of March 31, 2025 increased 6.8% sequentially to approximately $296.1 million compared to approximately $277.3 million as of December 31, 2024.

Backlog for the first quarter ended March 31, 2025 totaled $171.7 million, a 14.2% increase from $150.3 million for the corresponding period a year ago, and 10.4% sequential increase from $155.5 million at the end of the fourth quarter of 2024.

Commenting on first quarter performance, Chief Executive Officer Dr. Patrizio Vinciarelli stated: “Revenues and gross margins declined sequentially, with reduced income from a licensee transitioning to a new generation of unlicensed products. Margin improvements await higher utilization of our ChiP fab and increased income from existing and future licensees. Licensing has been gaining traction with OEMs and hyper-scalers wishing to avoid infringing hardware being excluded from importation into the US.”

“Our 2^nd generation VPD for leading AI applications is coming to fruition with the arrival of an ASIC raising the density and bandwidth of our current multipliers. Second generation VPD will enable AI processors setting new standards for performance. We are still focused on completing initial delivery of a very high density VPD system to a lead customer before providing demo systems to processor chip companies and hyper-scalers.”

For more information on Vicor and its products, please visit the Company’s website at www.vicorpower.com.

Earnings Conference Call

Vicor will be holding its investor conference call today, Tuesday, April 29, 2025 at 5:00 p.m. Eastern Time. Vicor encourages investors and analysts who intend to ask questions via the conference call to register with Notified, the service provider hosting the conference call. Those registering on Notified’s website will receive dial-in info and a unique PIN to join the call as well as an email confirmation with the details. Registration may be completed at any time prior to 5:00 p.m. on April 29, 2025. For those parties interested in listen-only mode, the conference call will be webcast via a link that will be posted on the Investor Relations page of Vicor’s website prior to the conference call. Please access the website at least 15 minutes prior to the conference call to register and, if necessary, download and install any required software. For those who cannot participate in the live conference call, a webcast replay of the conference call will also be available on the Investor Relations page of Vicor’s website.

This press release contains certain 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. Any statement in this press release that is not a statement of historical fact is a forward-looking statement, and, the words “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” “assumes,” “may,” “will,” “would,” “should,” “continue,” “prospective,” “project,” and other similar expressions identify forward-looking statements. Forward-looking statements also include statements regarding bookings, shipments, revenue, profitability, targeted markets, increase in manufacturing capacity and utilization thereof, future products and capital resources. These statements are based upon management’s current expectations and estimates as to the prospective events and circumstances that may or may not be within the company’s control and as to which there can be no assurance. Actual results could differ materially from those projected in the forward-looking statements as a result of various factors, including those economic, business, operational and financial considerations set forth in Vicor’s Annual Report on Form 10-K for the year ended December 31, 2024, under Part I, Item I — “Business,” under Part I, Item 1A — “Risk Factors,” under Part I, Item 3 — “Legal Proceedings,” and under Part II, Item 7 — “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” The risk factors set forth in the Annual Report on Form 10-K may not be exhaustive. Therefore, the information contained in the Annual Report on Form 10-K should be read together with other reports and documents filed with the Securities and Exchange Commission from time to time, including Forms 10-Q, 8-K and 10-K, which may supplement, modify, supersede or update those risk factors. Vicor does not undertake any obligation to update any forward-looking statements as a result of future events or developments.

Vicor Corporation designs, develops, manufactures, and markets modular power components and complete power systems based upon a portfolio of patented technologies. Headquartered in Andover, Massachusetts, Vicor sells its products to the power systems market, including enterprise and high performance computing, industrial equipment and automation, telecommunications and network infrastructure, vehicles and transportation, and aerospace and defense electronics.

For further information contact:

James F. Schmidt, Chief Financial Officer
Office: (978) 470-2900
Email: invrel@vicorpower.com

VICOR CORPORATION

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(Thousands except for per share amounts)

	QUARTER ENDED
	(Unaudited)

	MAR 31,			MAR 31,
	2025			2024


Product revenue	$	83,206		$	75,692
Royalty revenue		10,762			8,180
Net revenues		93,968			83,872
Cost of product revenues		49,603			38,749
Gross margin		44,365			45,123

Operating expenses:
Selling, general and administrative		25,137			25,999
Research and development		19,377			18,039
Litigation-contingency expense		–			17,200
Total operating expenses		44,514			61,238

Loss from operations		(149	)		(16,115	)

Other income (expense), net		3,134			2,724

Income (loss) before income taxes		2,985			(13,391	)

Less: Provision for income taxes		424			1,071

Consolidated net income (loss)		2,561			(14,462	)

Less: Net income attributable to
noncontrolling interest		22			11

Net income (loss) attributable to
Vicor Corporation	$	2,539		($	14,473	)


Net income (loss) per share attributable
to Vicor Corporation:
Basic	$	0.06		($	0.33	)
Diluted	$	0.06		($	0.33	)

Shares outstanding:
Basic		45,217			44,516
Diluted		45,495			44,516

VICOR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEET
(Thousands)


	MAR 31,			DEC 31,
	2025			2024
	(Unaudited)			(Unaudited)
Assets

Current assets:
Cash and cash equivalents	$	296,099		$	277,273
Accounts receivable, net		65,864			52,948
Inventories		98,515			106,032
Other current assets		26,486			26,781
Total current assets		486,964			463,034

Long-term deferred tax assets		273			261
Long-term investment, net		2,664			2,641
Property, plant and equipment, net		153,117			152,705
Other assets		22,020			22,477

Total assets	$	665,038		$	641,118

Liabilities and Equity

Current liabilities:
Accounts payable	$	16,866		$	8,737
Accrued compensation and benefits		12,548			10,852
Accrued expenses		8,558			6,589
Accrued litigation		27,219			26,888
Sales allowances		2,114			1,667
Short-term lease liabilities		1,675			1,716
Income taxes payable		57			59
Short-term deferred revenue and customer prepayments		6,624			5,312

Total current liabilities		75,661			61,820

Long-term income taxes payable		3,461			3,387
Long-term lease liabilities		5,353			5,620
Total liabilities		84,475			70,827

Equity:
Vicor Corporation stockholders’ equity:
Capital stock		415,702			408,187
Retained earnings		305,342			302,803
Accumulated other comprehensive loss		(1,312	)		(1,495	)
Treasury stock		(139,424	)		(139,424	)
Total Vicor Corporation stockholders’ equity		580,308			570,071
Noncontrolling interest		255			220
Total equity		580,563			570,291

Total liabilities and equity	$	665,038		$	641,118

The MIL Network –

April 30, 2025

MIL-OSI: Tenable Announces First Quarter 2025 Financial Results

Source: GlobeNewswire (MIL-OSI)

Revenue of $239.1 million, up 11% year-over-year.
Calculated current billings of $215.4 million, up 9% year-over-year.
GAAP operating margin of (7)%; Non-GAAP operating margin of 20%.
Net cash provided by operating activities of $87.4 million; Unlevered free cash flow of $86.8 million.

COLUMBIA, Md., April 29, 2025 (GLOBE NEWSWIRE) — Tenable Holdings, Inc. (“Tenable”) (Nasdaq: TENB), the exposure management company, today announced financial results for the quarter ended March 31, 2025.

“We had a strong start to the year with better-than-expected results on both the top and bottom line,” said Steve Vintz, Co-CEO of Tenable. “With our ongoing investments in areas like AI and integrations with third-party tools and data sources we are helping our customers reduce risk with greater efficiency.”

“We had some incredible six- and seven-figure deals this quarter driving upside to our expectations and representing significant ongoing opportunities,” said Mark Thurmond, Co-CEO of Tenable. “Our outperformance was driven by continued momentum with Tenable One as we build strategic partnerships resulting in larger deal sizes, broader platform adoption, and greater asset coverage.”

First Quarter 2025 Financial Highlights

Revenue was $239.1 million, an 11% increase year-over-year.
Calculated current billings was $215.4 million, a 9% increase year-over-year.
GAAP loss from operations was $17.7 million, compared to $8.9 million in the first quarter of 2024.
Non-GAAP income from operations was $48.7 million, compared to $37.0 million in the first quarter of 2024.
GAAP net loss was $22.9 million, compared to $14.4 million in the first quarter of 2024.
GAAP net loss per share was $0.19, compared to $0.12 in the first quarter of 2024.
Non-GAAP net income was $44.3 million, compared to $30.4 million in the first quarter of 2024.
Non-GAAP diluted earnings per share was $0.36, compared to $0.25 in the first quarter of 2024.
Cash and cash equivalents and short-term investments were $460.3 million at March 31, 2025, compared to $577.2 million at December 31, 2024.
Net cash provided by operating activities was $87.4 million, compared to $50.3 million in the first quarter of 2024.
Unlevered free cash flow was $86.8 million, compared to $54.7 million in the first quarter of 2024.
Repurchased 1.6 million shares of our common stock for $60.0 million

Recent Business Highlights

Added 361 new enterprise platform customers and 54 net new six-figure customers.
Completed the acquisition of Vulcan Cyber Ltd., which is expected to enhance our industry-leading exposure management platform, delivering comprehensive visibility, prioritization and remediation across the entire attack surface.
Released Identity 360 and Exposure Center, two capabilities designed to help organizations pinpoint identity risks and take swift, targeted action to prevent identity-based attacks.
Achieved FedRAMP moderate authorization of Tenable One and Tenable Cloud Security, underscoring our commitment to strengthening government infrastructure and reducing cybersecurity risk to support national security.
Published the 2025 Cloud AI Risk Report, examining the current state of security risks in cloud AI development tools and frameworks and in AI services offered by the three major cloud providers.

Financial Outlook

For the second quarter of 2025, we currently expect:

Revenue in the range of $241.0 million to $243.0 million.
Non-GAAP income from operations in the range of $43.0 million to $45.0 million.
Non-GAAP net income in the range of $36.0 million to $38.0 million, assuming interest expense of $7.1 million, interest income of $4.0 million and a provision for income taxes of $3.2 million.
Non-GAAP diluted earnings per share in the range of $0.29 to $0.31.
123.0 million diluted weighted average shares outstanding.

For the year ending December 31, 2025, we currently expect:

Calculated current billings in the range of $1.025 billion to $1.045 billion.
Revenue in the range of $970.0 million to $980.0 million.
Non-GAAP income from operations in the range of $205.0 million to $215.0 million.
Non-GAAP net income in the range of $178.0 million to $188.0 million, assuming interest expense of $28.4 million, interest income of $16.8 million and a provision for income taxes of $13.1 million.
Non-GAAP diluted earnings per share in the range of $1.44 to $1.52.
123.5 million diluted weighted average shares outstanding.
Unlevered free cash flow in the range of $265.0 million to $275.0 million.

Conference Call Information

Tenable will host a conference call on April 29, 2025 at 4:30 p.m. Eastern Time to discuss its financial results. The conference call can be accessed at 877-407-9716 (U.S.) and 201-493-6779 (international). A live webcast of the event will be available on the Tenable Investor Relations website at https://investors.tenable.com. An archived replay of the live broadcast will be available on the Investor Relations page of the website following the call.

About Tenable

Tenable^® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for approximately 44,000 customers around the globe. Learn more at tenable.com.

Contact Information

Investor Relations
investors@tenable.com

Media Relations
tenablepr@tenable.com

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, our platform’s ability to help protect enterprises from security exposure and streamline vulnerability analysis and response, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “may,” “will” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. These risks and uncertainties are detailed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024 and other filings that we make from time to time with the SEC, which are available on the SEC’s website at sec.gov. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Non-GAAP Financial Measures

To supplement our consolidated financial statements, which are prepared and presented in accordance with GAAP, we use certain non-GAAP financial measures, as described below, to understand and evaluate our core operating performance. These non-GAAP financial measures, which may be different than similarly titled measures used by other companies, are presented to enhance the overall understanding of our financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We believe that these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to important metrics used by management for financial and operational decision-making. We include these non-GAAP financial measures to present our financial performance using a management view and because we believe that these measures provide an additional comparison of our core financial performance over multiple periods with other companies in our industry.

Reconciliations of non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the financial tables accompanying this press release.

Calculated Current Billings: We define calculated current billings, a non-GAAP financial measure, as total revenue recognized in a period plus the change in current deferred revenue in the corresponding period. We believe that calculated current billings is a key metric to measure our periodic performance. Given that most of our customers pay in advance (including multi-year contracts), but we generally recognize the related revenue ratably over time, we use calculated current billings to measure and monitor our ability to provide our business with the working capital generated by upfront payments from our customers. We believe that calculated current billings, which excludes deferred revenue for periods beyond twelve months in a customer’s contractual term, more closely correlates with annual contract value and that the variability in total billings, depending on the timing of large multi-year contracts and the preference for annual billing versus multi-year upfront billing, may distort growth in one period over another.

Free Cash Flow and Unlevered Free Cash Flow: We define free cash flow, a non-GAAP financial measure, as net cash provided by operating activities less purchases of property and equipment and capitalized software development costs. We believe free cash flow is an important liquidity measure of the cash that is available (if any), after purchases of property and equipment and capitalized software development costs, for investment in our business and to make acquisitions. We believe that free cash flow is useful as a liquidity measure because it measures our ability to generate cash. We define unlevered free cash flow as free cash flow plus cash paid for interest and other financing costs. We believe unlevered free cash flow is useful as a liquidity measure as it measures the cash that is available to invest in our business and meet our current debt obligations and future financing needs. However, given our debt obligations, non-cancelable commitments and other contractual obligations, unlevered free cash flow does not represent residual cash flow available for discretionary expenses.

Non-GAAP Income from Operations and Non-GAAP Operating Margin: We define these non-GAAP financial measures as their respective GAAP measures, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses, costs related to the intra-entity asset transfers resulting from the internal restructuring of legal entities, and amortization of acquired intangible assets. Acquisition-related expenses include transaction and integration expenses, as well as costs related to the intercompany transfer of acquired intellectual property. Restructuring expenses include non-ordinary course severance, employee related benefits, and other charges to reorganize business operations. We believe that the exclusion of these expenses provides for a useful comparison of our operating results to prior periods and to our peer companies, which commonly exclude restructuring expenses.

Non-GAAP Net Income and Non-GAAP Earnings Per Share: We define non-GAAP net income as GAAP net loss, excluding the effect of stock-based compensation, acquisition-related expenses, restructuring expenses and amortization of acquired intangible assets, including the applicable tax impacts. In addition, we exclude the tax impact and related costs of intra-entity asset transfers resulting from the internal restructuring of legal entities as well as deferred income tax benefits recognized in connection with acquisitions. We use non-GAAP net income to calculate non-GAAP earnings per share.

Non-GAAP Gross Profit and Non-GAAP Gross Margin: We define non-GAAP gross profit as GAAP gross profit, excluding the effect of stock-based compensation and amortization of acquired intangible assets. Non-GAAP gross margin is defined as non-GAAP gross profit as a percentage of revenue.

Non-GAAP Sales and Marketing Expense, Non-GAAP Research and Development Expense and Non-GAAP General and Administrative Expense: We define these non-GAAP measures as their respective GAAP measures, excluding stock-based compensation, acquisition-related expenses and costs related to intra-entity asset transfers resulting from the internal restructuring of legal entities.

TENABLE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
	Three Months Ended March 31,
(in thousands, except per share data)	2025			2024
Revenue	$	239,137		$	215,961
Cost of revenue⁽¹⁾		52,460			48,932
Gross profit		186,677			167,029
Operating expenses:
Sales and marketing⁽¹⁾		103,182			99,825
Research and development⁽¹⁾		53,223			43,727
General and administrative⁽¹⁾		47,983			31,018
Restructuring		—			1,389
Total operating expenses		204,388			175,959
Loss from operations		(17,711	)		(8,930	)
Interest income		4,927			5,624
Interest expense		(7,011	)		(8,112	)
Other income (expense), net		474			(1,310	)
Loss before income taxes		(19,321	)		(12,728	)
Provision for income taxes		3,614			1,658
Net loss	$	(22,935	)	$	(14,386	)

Net loss per share, basic and diluted	$	(0.19	)	$	(0.12	)
Weighted-average shares used to compute net loss per share, basic and diluted		120,083			117,542

_______________

⁽¹⁾ Includes stock-based compensation as follows:

	Three Months Ended March 31,
	2025		2024
Cost of revenue	$	3,315	$	2,982
Sales and marketing		16,630		15,300
Research and development		12,967		11,161
General and administrative⁽²⁾		22,991		10,276
Total stock-based compensation	$	55,903	$	39,719

_______________

⁽²⁾ Stock-based compensation in the three months ended March 31, 2025 includes $14.6 million of expense related to the accelerated vesting of equity awards for our late CEO.

TENABLE HOLDINGS, INC. CONSOLIDATED BALANCE SHEETS
	March 31, 2025			December 31, 2024
(in thousands, except per share data)	(unaudited)
Assets
Current assets:
Cash and cash equivalents	$	233,441		$	328,647
Short-term investments		226,836			248,547
Accounts receivable (net of allowance for doubtful accounts of $748 and $525 at March 31, 2025 and December 31, 2024, respectively)		167,793			258,734
Deferred commissions		51,247			51,791
Prepaid expenses and other current assets		67,106			53,026
Total current assets		746,423			940,745
Property and equipment, net		41,343			39,265
Deferred commissions (net of current portion)		65,582			67,914
Operating lease right-of-use assets		40,951			45,139
Acquired intangible assets, net		128,597			94,461
Goodwill		656,481			541,292
Other assets		14,200			13,303
Total assets	$	1,693,577		$	1,742,119

Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable and accrued expenses	$	17,684		$	19,981
Accrued compensation		51,432			55,784
Deferred revenue		633,224			650,372
Operating lease liabilities		6,305			6,801
Other current liabilities		6,346			5,154
Total current liabilities		714,991			738,092
Deferred revenue (net of current portion)		175,151			182,815
Term loan, net of issuance costs (net of current portion)		356,068			356,705
Operating lease liabilities (net of current portion)		54,621			56,224
Other liabilities		9,585			8,329
Total liabilities		1,310,416			1,342,165

Stockholders’ equity:
Common stock (par value: $0.01; 500,000 shares authorized; 124,484 and 122,371 shares issued at March 31, 2025 and December 31, 2024, respectively)		1,245			1,224
Additional paid-in capital		1,440,770			1,374,659
Treasury stock (at cost: 4,282 and 2,673 shares at March 31, 2025 and December 31, 2024, respectively)		(174,911	)		(114,911	)
Accumulated other comprehensive income		328			318
Accumulated deficit		(884,271	)		(861,336	)
Total stockholders’ equity		383,161			399,954
Total liabilities and stockholders’ equity	$	1,693,577		$	1,742,119

TENABLE HOLDINGS, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
	Three Months Ended March 31,
(in thousands)	2025			2024
Cash flows from operating activities:
Net loss	$	(22,935	)	$	(14,386	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization		9,854			8,232
Stock-based compensation		55,903			39,719
Net accretion of discounts and amortization of premiums on short-term investments		(1,180	)		(2,284	)
Amortization of debt issuance costs		349			329
Other		979			1,611
Changes in operating assets and liabilities:
Accounts receivable		92,968			63,437
Prepaid expenses and other assets		(9,875	)		5,216
Accounts payable, accrued expenses and accrued compensation		(8,491	)		(22,017	)
Deferred revenue		(32,507	)		(27,789	)
Other current and noncurrent liabilities		2,342			(1,742	)
Net cash provided by operating activities		87,407			50,326

Cash flows from investing activities:
Purchases of property and equipment		(6,553	)		(665	)
Capitalized software development costs		(624	)		(2,532	)
Purchases of short-term investments		(38,445	)		(77,465	)
Sales and maturities of short-term investments		61,345			65,570
Proceeds from other investments		664			3,512
Business combinations, net of cash acquired		(148,510	)		—
Net cash used in investing activities		(132,123	)		(11,580	)

Cash flows from financing activities:
Payments on term loan		(938	)		(938	)
Proceeds from stock issued in connection with the employee stock purchase plan		9,701			9,884
Proceeds from the exercise of stock options		347			1,874
Purchase of treasury stock		(60,000	)		(24,991	)
Net cash used in financing activities		(50,890	)		(14,171	)
Effect of exchange rate changes on cash and cash equivalents and restricted cash		400			(1,730	)
Net (decrease) increase in cash and cash equivalents and restricted cash		(95,206	)		22,845
Cash and cash equivalents and restricted cash at beginning of period		328,647			237,132
Cash and cash equivalents and restricted cash at end of period	$	233,441		$	259,977

TENABLE HOLDINGS, INC. REVENUE COMPONENTS AND RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (unaudited)
Revenue	Three Months Ended March 31,
(in thousands)	2025		2024
Subscription revenue	$	220,443	$	197,635
Perpetual license and maintenance revenue		11,552		12,156
Professional services and other revenue		7,142		6,170
Revenue⁽¹⁾	$	239,137	$	215,961

_______________

⁽¹⁾ Recurring revenue, which includes revenue from subscription arrangements for software (both recognized ratably over the subscription term and upon delivery) and cloud-based solutions and maintenance associated with perpetual licenses, represented 96% of revenue in the three months ended March 31, 2025 and 2024.

Calculated Current Billings	Three Months Ended March 31,
(in thousands)	2025			2024
Revenue	$	239,137		$	215,961
Deferred revenue (current), end of period		633,224			562,575
Deferred revenue (current), beginning of period⁽¹⁾		(657,001	)		(580,779	)
Calculated current billings	$	215,360		$	197,757

^{________________}
⁽¹⁾ Deferred revenue (current), beginning of period for the three months ended March 31, 2025 includes $6.6 million related to acquired deferred revenue.

Remaining Performance Obligations	March 31,
(in thousands)	2025		2024
Remaining performance obligations, short-term	$	647,647	$	572,851
Remaining performance obligations, long-term		234,598		169,560
Remaining performance obligations	$	882,245	$	742,411

Free Cash Flow and Unlevered Free Cash Flow	Three Months Ended March 31,
(in thousands)	2025			2024
Net cash provided by operating activities	$	87,407		$	50,326
Purchases of property and equipment		(6,553	)		(665	)
Capitalized software development costs		(624	)		(2,532	)
Free cash flow		80,230			47,129
Cash paid for interest and other financing costs		6,574			7,611
Unlevered free cash flow	$	86,804		$	54,740

Free cash flow and unlevered free cash flow for the periods presented were impacted by:

	Three Months Ended March 31,
(in thousands)	2025			2024
Employee stock purchase plan activity	$	(5,413	)	$	(6,332	)
Acquisition-related expenses		(3,189	)		(466	)
Restructuring		—			(3,822	)

Non-GAAP Income from Operations and Non-GAAP Operating Margin	Three Months Ended March 31,
(dollars in thousands)	2025			2024
Loss from operations	$	(17,711	)	$	(8,930	)
Stock-based compensation		55,903			39,719
Acquisition-related expenses		4,621			161
Restructuring		—			1,389
Amortization of acquired intangible assets		5,864			4,669
Non-GAAP income from operations	$	48,677		$	37,008
Operating margin	(7		)%	(4		)%
Non-GAAP operating margin		20	%		17	%

Non-GAAP Net Income and Non-GAAP Earnings Per Share	Three Months Ended March 31,
(in thousands, except per share data)	2025			2024
Net loss	$	(22,935	)	$	(14,386	)
Stock-based compensation		55,903			39,719
Tax impact of stock-based compensation⁽¹⁾		855			(1,077	)
Acquisition-related expenses⁽²⁾		4,621			161
Restructuring⁽²⁾		—			1,389
Amortization of acquired intangible assets⁽²⁾		5,864			4,669
Tax impact of acquisitions		(58	)		(35	)
Non-GAAP net income	$	44,250		$	30,440

Net loss per share, diluted	$	(0.19	)	$	(0.12	)
Stock-based compensation		0.46			0.34
Tax impact of stock-based compensation⁽¹⁾		0.01			(0.01	)
Acquisition-related expenses⁽²⁾		0.04			—
Restructuring⁽²⁾		—			0.01
Amortization of acquired intangible assets⁽²⁾		0.05			0.04
Tax impact of acquisitions		—			—
Adjustment to diluted earnings per share⁽³⁾		(0.01	)		(0.01	)
Non-GAAP earnings per share, diluted	$	0.36		$	0.25

Weighted-average shares used to compute GAAP net loss per share, diluted		120,083			117,542

Weighted-average shares used to compute non-GAAP earnings per share, diluted		124,152			123,266

________________

(1) The tax impact of stock-based compensation is based on the tax treatment for the applicable tax jurisdictions.
(2) The tax impact of acquisition-related expenses, restructuring and the amortization of acquired intangible assets are not material.
(3) An adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

Non-GAAP Gross Profit and Non-GAAP Gross Margin	Three Months Ended March 31,
(dollars in thousands)	2025			2024
Gross profit	$	186,677		$	167,029
Stock-based compensation		3,315			2,982
Amortization of acquired intangible assets		5,864			4,669
Non-GAAP gross profit	$	195,856		$	174,680
Gross margin		78	%		77	%
Non-GAAP gross margin		82	%		81	%

Non-GAAP Sales and Marketing Expense	Three Months Ended March 31,
(dollars in thousands)	2025			2024
Sales and marketing expense	$	103,182		$	99,825
Less: Stock-based compensation		16,630			15,300
Less: Acquisition-related expenses		1,054			—
Non-GAAP sales and marketing expense	$	85,498		$	84,525
Non-GAAP sales and marketing expense % of revenue		36	%		39	%

Non-GAAP Research and Development Expense	Three Months Ended March 31,
(dollars in thousands)	2025			2024
Research and development expense	$	53,223		$	43,727
Less: Stock-based compensation		12,967			11,161
Less: Acquisition-related expenses		1,239			(20	)
Non-GAAP research and development expense	$	39,017		$	32,586
Non-GAAP research and development expense % of revenue		16	%		15	%

Non-GAAP General and Administrative Expense	Three Months Ended March 31,
(dollars in thousands)	2025			2024
General and administrative expense	$	47,983		$	31,018
Less: Stock-based compensation		22,991			10,276
Less: Acquisition-related expenses		2,328			181
Non-GAAP general and administrative expense	$	22,664		$	20,561
Non-GAAP general and administrative expense % of revenue		9	%		10	%

The following adjustments to reconcile forecasted non-GAAP income from operations, non-GAAP net income, non-GAAP earnings per share, free cash flow and unlevered free cash flow are subject to a number of uncertainties and assumptions, each of which are inherently difficult to forecast. As a result, actual adjustments and GAAP results may differ materially.

Forecasted Non-GAAP Income from Operations	Three Months Ending June 30, 2025						Year Ending December 31, 2025
(in millions)	Low			High			Low			High
Forecasted loss from operations	$	(12.0	)	$	(10.0	)	$	(22.0	)	$	(12.0	)
Forecasted stock-based compensation		47.0			47.0			196.0			196.0
Forecasted acquisition-related expenses		1.5			1.5			6.0			6.0
Forecasted amortization of acquired intangible assets		6.5			6.5			25.0			25.0
Forecasted non-GAAP income from operations	$	43.0		$	45.0		$	205.0		$	215.0

Forecasted Non-GAAP Net Income and Non-GAAP Earnings Per Share	Three Months Ending June 30, 2025						Year Ending December 31, 2025
(in millions, except per share data)	Low			High			Low			High
Forecasted net loss⁽¹⁾	$	(20.0	)	$	(18.0	)	$	(53.0	)	$	(43.0	)
Forecasted stock-based compensation		47.0			47.0			196.0			196.0
Forecasted tax impact of stock-based compensation		1.0			1.0			4.0			4.0
Forecasted acquisition-related expenses		1.5			1.5			6.0			6.0
Forecasted amortization of acquired intangible assets		6.5			6.5			25.0			25.0
Forecasted non-GAAP net income	$	36.0		$	38.0		$	178.0		$	188.0

Forecasted net loss per share, diluted⁽¹⁾	$	(0.16	)	$	(0.15	)	$	(0.44	)	$	(0.36	)
Forecasted stock-based compensation		0.39			0.39			1.62			1.62
Forecasted tax impact of stock-based compensation		0.01			0.01			0.03			0.03
Forecasted acquisition-related expenses		0.01			0.01			0.05			0.05
Forecasted amortization of acquired intangible assets		0.05			0.05			0.21			0.21
Adjustment to diluted earnings per share⁽²⁾		(0.01	)		—			(0.03	)		(0.03	)
Forecasted non-GAAP earnings per share, diluted	$	0.29		$	0.31		$	1.44		$	1.52

Forecasted weighted-average shares used to compute GAAP net loss per share, diluted		121.5			121.5			121.0			121.0
Forecasted weighted-average shares used to compute non-GAAP earnings per share, diluted		123.0			123.0			123.5			123.5

________________
(1) The forecasted GAAP net loss assumes income tax expense of $4.1 million and $16.8 million in the three months ending June 30, 2025 and year ending December 31, 2025, respectively.
(2) Adjustment to reconcile GAAP net loss per share, which excludes potentially dilutive shares, to non-GAAP earnings per share, which includes potentially dilutive shares.

Forecasted Free Cash Flow and Unlevered Free Cash Flow	Year Ending December 31, 2025
(in millions)	Low			High
Forecasted net cash provided by operating activities	$	256.0		$	266.0
Forecasted purchases of property and equipment		(15.0	)		(15.0	)
Forecasted capitalized software development costs		(3.0	)		(3.0	)
Forecasted free cash flow		238.0			248.0
Forecasted cash paid for interest and other financing costs		27.0			27.0
Forecasted unlevered free cash flow	$	265.0		$	275.0

The MIL Network –

April 30, 2025

MIL-OSI USA: Bilirakis Bill to Protect Consumers Passes Out of House of Representatives
Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

WASHINGTON: This week, the TICKET Act, bipartisan legislation sponsored by Congressman Gus Bilirakis (R-FL-12) and Representative Jan Schakowsky (D-IL-09) passed the House. It will improve transparency in the entertainment industry by requiring all event ticket sellers to display the total ticket price—including all required fees—upfront, provide refunds for cancelled or postponed events, and protect consumers from deceptive ticketing websites. The TICKET Act mirrors current advertising guidelines for airline tickets, requiring that consumers can see the full price of the ticket before purchasing. This ensures that when American consumers are buying tickets (for concerts, theater, sporting events, etc.), they have full transparency throughout the process. Studies by the New York Attorney General’s office and the Government Accountability Office (GAO) show that fees can contribute anywhere from 21% to as much as 58% of the total cost of tickets.

“There is nothing more disappointing for an avid fan than being lured into the prospect of an affordable ticket to see his or her favorite sports team or band only to learn later in the check-out process that the final price tag is significantly higher. Our pro-consumer bill brings much needed transparency to the whole ticketing industry, and I’m committed to working towards reforms that protect consumers and provide certainty in the marketplace,” said Congressman Gus Bilirakis. “I appreciate my colleagues’ support of this bill in the House and urge the Senate to expedite its final passage.”

“Fans are incredibly frustrated by how hard it has become to buy event tickets. With every ticketing debacle, from Taylor Swift’s Eras Tour, to more recently with Beyoncé’s Cowboy Carter tour, and so many more, their frustration grows,” said Congresswoman Jan Schakowsky. “By introducing the bipartisan TICKET Act, we are proud to be responding to the voices of so many fans to make this process easier and more transparent. Consumers deserve to be protected from fraudulent tickets, surprise costs, and excessive fees.”

Specifically, the TICKET Act requires all event ticket sellers, including primary and secondary market event ticket sellers to:
1. Show consumers the total price of an event ticket upfront, inclusive of all fees
2. Ban the sale of a ticket that a seller does not have (“speculative ticketing”)
3. Guarantee refunds for event cancellations
4. Guarantee replacement tickets or a refund, whichever the consumer chooses, for event postponements
5. Protect consumers from fraudulent ticketing websites with clear disclosures and no deceptive URLs
A bipartisan companion of the TICKET Act is being championed in the United States Senate by Senator Eric Schmitt (R-MO) and Ed Markey (D-MA). Click here to listen to Congressman Bilirakis speak in support of his bill on the House Floor.

MIL OSI USA News –
April 30, 2025
MIL-OSI Asia-Pac: MNRE Minister Pralhad Joshi launches Green Hydrogen Certification scheme
Source: Government of India

MNRE Minister Pralhad Joshi launches Green Hydrogen Certification scheme

MNRE organizes Workshop on opportunities for MSMEs in Green Hydrogen Supply Chain

Posted On: 29 APR 2025 6:17PM by PIB Delhi

The Ministry of New and Renewable Energy (MNRE) organized on 29^th April 2025 one-day National Workshop on opportunities for “Micro, Small & Medium Enterprises (MSMEs) in the Green Hydrogen Supply Chain”, at New Delhi. The workshop was aimed to explore opportunities and discuss key role of MSMEs in development of green hydrogen ecosystem in India. Over 300 delegates drew participation from different stakeholder groups, including MSMEs, policymakers, technology providers, industry associations, and international partners.

Delivering the inaugural address, Shri Pralhad Venkatesh Joshi, Hon’ble Union Minister of New and Renewable Energy, highlighted the government’s commitment to fostering innovation-led growth and emphasized that MSMEs will serve as the backbone of India’s energy transition through their innovative capabilities and localized solutions. He highlighted the critical role MSMEs will play in realizing the Mission’s objectives of building a self-reliant green hydrogen ecosystem by 2030.

Hon’ble Union Minister also launched the Green Hydrogen Certification Scheme of India (GHCI). He mentioned that the scheme is a foundational step towards creating a robust framework for certifying green hydrogen production and ensuring transparency, traceability, and market credibility.

Shri Santosh Kumar Sarangi, Secretary, MNRE highlighted some key achievements in the implementation of National Green Hydrogen Mission. He stressed upon the importance of building capacities, facilitating finance, and strengthening technology linkages to empower MSMEs to meaningfully participate in this new industrial landscape. He reiterated the Ministry’s commitment to building institutional and infrastructural support for green hydrogen, with MSMEs playing a critical role.

The workshop included four focused technical sessions as follows:
1. Technology Collaboration for MSMEs
Panelists deliberated on R&D collaboration models, indigenization of components such as bipolar plates and electrolysers, and the role of knowledge institutions.
1. Business Opportunities in the Green Hydrogen Supply Chain
Discussions centered on the integration of MSMEs into large-scale projects. Experts from international agencies and corporate leaders outlined business models and market opportunities, advocating for systematic MSME engagement strategies.
1. Decentralized Hydrogen Production through Biomass
Expert speakers presented use cases on thermochemical and biochemical conversion of biomass to hydrogen, exploring their application in rural industries. The session highlighted the potential of decentralized models to meet local demand while promoting circular economy principles.
1. Catalyzing Investments in the Green Hydrogen Ecosystem
Financial institutions, including the World Bank, IREDA, KfW, and IIFCL, discussed de-risking strategies, blended finance mechanisms, and the need to design green credit lines accessible to MSMEs.

The workshop marked an important step towards mainstreaming MSMEs in India’s clean energy transition and showed MNRE’s commitment towards building an inclusive, technology-driven, and decentralized green hydrogen economy. The workshop saw active participation from MSMEs, who showed strong interest in entering the green hydrogen sector, particularly in areas such as component manufacturing, operations and maintenance services, and rural hydrogen generation. Participants emphasized the need for standardized protocols, shared platforms for joint innovation, and the formation of Green Hydrogen Clusters to help MSMEs combine capacities and benefit from economies of scale. The discussions also highlighted the importance of clear demand signals and long-term policy stability to encourage private investment. Experts noted India’s strong potential to emerge as a manufacturing hub for green hydrogen technologies, especially electrolysers and fuel cells.

The Government of India is implementing the National Green Hydrogen Mission, with an objective to make India a global hub of production, usage and export of Green Hydrogen and its derivatives.

The Mission will result in the following likely outcomes by 2030:
1. Development of Green Hydrogen production capacity of at least 5 MMT (Million Metric Tonne) per annum with an associated renewable energy capacity addition of about 125 GW in the country
2. Over Rs. Eight lakh crore in total investments
3. Creation of over Six lakh jobs
4. Cumulative reduction in fossil fuel imports over Rs. One lakh crore
5. Abatement of nearly 50 MMT of annual greenhouse gas emissions
******

TPJ/NJ

(Release ID: 2125231) Visitor Counter : 29

MIL OSI Asia Pacific News –
April 30, 2025
MIL-OSI Asia-Pac: India Post Partners with SBI Mutual Fund to Streamline KYC Verification Services for Investors across India

Source: Government of India

Posted On: 29 APR 2025 5:41PM by PIB Delhi

In a landmark initiative aimed at simplifying the customer on-boarding process for mutual fund investors, the Department of Posts (DoP) has entered into a strategic partnership with SBI Funds Management Limited (SBIFM), a prominent asset management company. The collaboration, formalized through a Memorandum of Understanding (MoU), will leverage India Post’s extensive network to provide doorstep KYC verification services for investors of SBI Mutual Fund. This initiative aims to streamline the KYC process, ensuring convenience, security, and regulatory compliance for investors across India.

The MoU was officially signed between the Ms. Manisha Bansal Badal, General Manager, Business Development Directorate, Department of Posts, and Sh. Munish Sabharwal, Senior Vice President, SBI Funds Management Limited, in a ceremony held at Dak Bhawan, New Delhi.

India Post, with its vast network of over 1.64 lakh post offices spread across even the remotest corners of the country, is uniquely positioned to support initiatives aimed at financial inclusion. With post offices in urban areas, rural towns, remote villages, and even areas with limited access to other financial services, the Department of Posts has the unparalleled reach to assist with customer service requirements, including KYC verification.

As part of the MoU, India Post will facilitate the completion of KYC formalities for SBI Mutual Fund investors by collecting the necessary forms and documents from investors across the country. The KYC documents will be collected by India Post’s trained personnel, ensuring a high level of security, accuracy, and privacy in the process.

By leveraging India Post’s nationwide network, this partnership will ensure that investors, regardless of their location, can easily complete the KYC process. This will be particularly beneficial for investors in rural, underserved, and far-flung areas who often face challenges in accessing traditional financial services. The door-to-door KYC service will offer immense convenience to investors, allowing them to complete the entire process from the comfort of their homes. This is particularly advantageous for senior citizens, individuals with mobility challenges, or those living in remote areas, where access to physical banking services is limited.

This collaboration directly supports the Government of India’s Jan Nivesh initiative, which aims to increase financial inclusion and encourage more people to participate in India’s capital markets. It also contributes to the ongoing efforts to digitize financial services under the Digital India program. With India Post’s trusted network, this partnership will help demystify the KYC process and provide a gateway for individuals, particularly in rural and semi-urban areas, to engage with investment products such as mutual funds. By offering KYC services at the doorstep, the initiative also plays a crucial role in educating the masses about the importance of compliance with financial regulations.

India Post’s role in facilitating KYC verifications has been demonstrated through its successful collaboration with other mutual fund companies, including UTI Mutual Fund and SUUTI (Securities and Exchange Board of India’s public fund). In these partnerships, India Post successfully handled over 5 lakh KYC verifications in a short period, showcasing its ability to manage high-volume operations with precision, security, and efficiency.

India Post is actively exploring new avenues for collaboration with both public and private sector organizations in the financial services sector. With its strong infrastructure, trained workforce, and credibility, India Post is well-positioned to play a larger role in promoting financial literacy, digital on-boarding, and investment participation among the Indian populace.

*****

Samrat/Allen:

(Release ID: 2125220) Visitor Counter : 66

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: Findings of the Forward-Looking Survey on Private Sector CAPEX Investment Intentions
Source: Government of India

Findings of the Forward-Looking Survey on Private Sector CAPEX Investment Intentions
(Survey period: November 2024 to January 2025)

Private Corporate Sector CAPEX: Three-Year Trends and Future Outlook:

Posted On: 29 APR 2025 4:16PM by PIB Delhi

Key findings:
- The average Gross Fixed Assets per enterprise in the private corporate sector increased from ₹3,151.9 crore in 2021–22 to ₹3,279.4 crore in 2022–23 (4% growth), and further to ₹4,183.3 crore in 2023–24, reflecting a significant 27.5% growth.
- The estimated CAPEX per enterprise for the years 2021–22, 2022–23, and 2023–24 was ₹109.2 crore, ₹148.8 crore and ₹107.6 crore respectively.
- The estimated provisional capital expenditure per enterprise for purchasing new assets in 2024–25 is ₹172.2 crore.
- Overall increase of 66.3% in aggregate CAPEX (unweighted) over the four-year period from 2021-22 to 2024-25.
- The strategy of 40.3% of enterprises is to undertake CAPEX on core assets during 2024–25, followed by 28.4% to invest in value addition to existing assets
Survey Background:

In 2022–23, the Parliamentary Standing Committee recommended that the Ministry of Statistics and Programme Implementation (MoSPI) develop a comprehensive methodology to capture capital expenditure (CAPEX) data from the private sector. Survey instruments designed to capture data on past investments, projected CAPEX for the next two years, and the breakdown of investments by asset type were developed in alignment with the specifications of the Department of Economic Affairs (DEA), Ministry of Finance.

Responding to this recommendation, the National Statistical Office (NSO) conducted the inaugural Forward-Looking Survey on Private Sector CAPEX Investment Intentions between November 2024 and January 2025. This marked the first initiative of MoSPI to engage the corporate sector through a self-administered, web-based survey platform, supported by chatbot assistance, to collect structured CAPEX data. MoSPI has released the findings of the survey in the form of a comprehensive booklet. A brief overview of key aspects, such as survey coverage, sampling methodology, and data collection process, is included in the Endnote.

The primary objective of the CAPEX survey is to estimate the CAPEX trends of private corporate sector enterprises from the past three financial years (2021-22, 2022-23 & 2023-24) along with anticipated capital expenditure for the current year (2024-25) and upcoming financial years (2025-26).

Key advantages of the Survey:

Capital expenditure (CAPEX) plays a crucial role in contributing to national investment and enhancing the stock of physical assets within the economy. It leads to the creation of long-term assets, which not only generate revenue for many years but also improve the overall operational efficiency of economic activities. CAPEX is fundamental to expanding production capacity, thereby serving as a catalyst for accelerated economic growth. This growth, in turn, supports job creation and enhances labour productivity.

Comprehensive data on CAPEX will be a valuable asset for a wide range of stakeholders, including government departments, private enterprises, trade associations, researchers, and other relevant entities. It will enable evidence-based policy formulation through the analysis of trends in future investments. Furthermore, a clear understanding of CAPEX patterns and scale can assist enterprises in making strategic, data-driven investment decisions, guided by the insights derived from survey findings.

Important Caveat:

In this inaugural edition of the survey, industry participation varied, with an overall response rate of 58.3% (58.6% in the census sector and 57.2% in the sample sector). Respondents appeared cautious in disclosing CAPEX plans, often pending management approvals. Certain entities, such as Special Purpose Vehicles (SPVs) involved in infrastructure projects, were excluded from the survey frame as they report no turnover despite high CAPEX. Meanwhile, some included SPVs had no future investment plans due to project completion. As this is the first round of the survey, the findings may be seen as indicative and subject to refinement in future iterations. It is also important to note that the results reflect responses from larger enterprises above specified turnover thresholds and may not represent the entire private corporate sector. Users are advised to interpret the results keeping these limitations in mind.

Insights and Way Forward for Future Survey Conduct

The Forward-Looking Survey on Private Sector Capex Investment Intentions, the first of its kind by the NSO, was conducted under the Collection of Statistics Act, 2008. Notices were issued to selected enterprises, explaining the survey’s objectives and assuring confidentiality. However, some enterprises questioned the legitimacy of notices containing portal credentials, leading to multiple cyber risk concerns. Explaining portal usage and submission procedures over the phone was challenging. Data analysis revealed issues such as incorrect unit entries (e.g., Rupees instead of Rupees thousands) and non-responses to follow-up queries. Enterprises also faced difficulties in selecting correct NIC codes and estimating future investments when official data was unavailable.

CAPEX tends to rise when enterprises pursue growth strategies rather than maintain current operations. Despite challenges like weak demand, geopolitical tensions, and high borrowing costs, about 30% of firms plan to invest in upgradation in 2024–25, supporting the sharp increase in CAPEX for that year. The slightly lower intended CAPEX for 2025–26, though still above 2023–24 levels, reflects cautious planning after a strong 2024–25. Overall, the trend indicates growing corporate confidence and a judicious approach to investment amid improving economic certainty.

While the response rate and results were generally promising, this initial round of the survey can be considered as an experimental phase, providing valuable insights to refine the questionnaire, methodology, estimation processes, and overall implementation. The lessons learned will guide improvements for future surveys, with necessary adjustments to various aspects of the survey process. Moving forward, responding enterprises will be engaged more proactively before the survey, with concerns about the authenticity of the online survey being addressed, assistance provided in understanding the questionnaire, confidentiality of individual responses ensured, and field personnel deployed to support enterprises in overcoming technical and conceptual challenges in completing future-oriented surveys. Additionally, the survey will incorporate qualitative inputs, such as reasons for year-on-year changes in investment, to gain deeper insights into enterprise-level CAPEX intentions and trends. The next round of the CAPEX survey is expected to be conducted during October to December 2025.

Key highlights from the CAPEX results:

Aggregated (Unweighted, i.e. without applying any multiplier) CAPEX during (2021-22 to 2025-26)

A total of 2,172 enterprises submitted complete information for all five years of the reference period, forming a fixed panel. The aggregated (unweighted) CAPEX data from this panel of enterprises serves as a reliable basis for analyzing capital expenditure trends over the five-year period, as presented below. The results show an overall increase of 66.3% in aggregate CAPEX (unweighted) over the four-year period from 2021-22 to 2024-25.:

(in ₹ Crore)

Actual CAPEX in 2021-22

Actual CAPEX 2022-23

Actual CAPEX 2023-24

Intended CAPEX in 2024-25

Intended CAPEX in 2025-26

394,681.5

572,199.7

422,183.3

656,492.7

488,865.5

Out of the 3,064 responding enterprises, 2,172 reported their Capex intentions for 2025–26. The data indicates a cautious approach by respondents in declaring their capital expenditure plans. Therefore, the Capex data for 2025–26 should be interpreted with caution, considering the conservative approach and apprehension shown by the responding enterprises in reporting these figures. However, the results show an overall increase of 23.9% in aggregate CAPEX (unweighted) during 2021-22 to 2025-26 for this fixed panel of 2,172 enterprises.

Estimated Key Indicators for past years (2021-22 to 2023-24) by Industry of Activity as per National Industry of Classification (Activity Categories)

The average Gross Fixed Asset (GFA) per enterprise in the private corporate sector was estimated at ₹3,151.9 crore in 2021–22. It increased by 4.0% to ₹3,279.4 crores in 2022–23, and further grew by 27.5% to reach ₹4,183.3 crore in 2023–24.

The highest GFA per enterprise, exceeding ₹14,000 crore, was observed in the industry category ‘Electricity, Gas, Steam, and Air Conditioning Supply’, followed by ‘Manufacturing” enterprises (₹7,000 crore to ₹10,000 crore). Enterprises principally engaged in manufacturing activities accounted for more than 65% of the total Gross fixed asset^{^[1]} in private corporate sector over the past three years from 2021-22 to 2023-24 followed by enterprises engaged in ‘Electricity, Gas, Steam, and Air Conditioning Supply’ (8%-10%).

In 2021–22, the estimated actual CAPEX per enterprise was ₹109.3 crore, compared to the proposed value of ₹102.7 crore, resulting in a realisation ratio of 106.41 %. A similar trend was observed in 2022–23, where the estimated value of actual CAPEX per enterprise reached ₹148.8 crore against a proposed value of ₹133.3 crore, also yielding a realisation ratio exceeding 100%. For 2023–24, the realisation ratio stands at 99.7%, with the estimated actual CAPEX per enterprise at ₹107.6 and the proposed CAPEX at ₹107.9.

The estimated provisional capital expenditure per enterprise for acquiring new assets in 2024–25 stands at ₹172.2 crore. Among the sectors, manufacturing enterprises account for the largest share at 43.8%, followed by those in ‘Information and Communication Activities’ (15.6%) and ‘Transportation and Storage Activities’ (14.0%).

Estimated Key Indicators for 2023-24 by Asset Groups

The estimated provisional capital expenditure per enterprise for acquiring new assets in 2024–25 stands at ₹172.2 crore. Out of the total capital expenditure provisionally incurred in the year 2024-25, nearly 53.1% were utilized for purchasing machinery & equipment. The amount allocated for ‘capital work in progress’ (22.0%) and purchasing ‘dwellings, other buildings and structures’ (9.7%) had the next highest share of allocation.

Strategy of CAPEX in 2024-25

According to survey estimates, nearly 40.3% of enterprises plan to undertake CAPEX on core assets during 2024–25. Additionally, 28.4% intend to invest in value addition to existing assets, while around 11.5% focus on opportunistic assets, and 2.7% on debt strategies. The strategy of investing in distressed assets and non-performing loans was adopted by less than one-half of a percent of enterprises. Meanwhile, about 16.9% allocated their CAPEX towards other diverse investment strategies.

Objectives of CAPEX in 2024-25

The survey estimates indicate that nearly 49.6% of private corporate sector enterprises undertook CAPEX in 2024–25 primarily for income generation. An additional 30.1% directed their investments toward upgradation, while around 2.8% focused on diversification. Remaining 17.5% of enterprises reported using their CAPEX for other reasons.

The results of CAPEX survey are provided in the booklet which is available in the website of the Ministry (https://www.mospi.gov.in). To protect the confidentiality of CAPEX investment plans of individual enterprises, the Steering Committee of NSS Surveys recommended that unit-level data of CAPEX survey would not be disseminated.

Endnote: A brief about the coverage, sampling scheme, sample size and data collection mechanism in the Forward-Looking Survey on Private Sector CAPEX Investment Intentions:

A. Coverage:

The survey covered large private corporate sector enterprises that play a significant role in their respective sectors. The sampling frame was madeusing data from active enterprises registered with the Ministry of Corporate Affairs (MCA), filtered based on annual turnover thresholds achieved in at least one of the last three financial years. The eligibility criteria were as follows:
- Manufacturing enterprises with an annual turnover of ₹400 crore or more
- Trade enterprises with an annual turnover of ₹300 crore or more
- Other enterprises with an annual turnover of ₹100 crore or more
Based on these criteria, the final survey frame consisted of 16,025 enterprises.

B. Sampling Scheme:

Eligible enterprises were initially categorized into seventeen (17) strata based on their Principal Business Activity as reported in the MGT-7 Form of the Ministry of Corporate Affairs (MCA). In strata with 100 or fewer enterprises, all units were included in the Census Sector for complete enumeration.

For strata with more than 100 enterprises, the selection process involved identifying Census Sector Enterprises and Sample Sector Enterprises. To determine the Census Sector, enterprises were ranked in descending order based on (i) the highest fixed asset value in the past three years and (ii) the fixed asset value of latest reported year. The top enterprises accounting for 90% of asset value (or 80% for Construction and Trade) from either list were classified as Census Sector Enterprises. The remaining units formed the Sample Sector, from which 10% were randomly selected using Simple Random Sampling without Replacement (SRSWOR), with allocation proportional to each stratum’s size and variation.

C. Sample Size:

The sample size for the survey was of 5,380 enterprises: 4,145 enterprises in the Census Sector and 1,235 enterprises in sample sector.

D. Data Collection Mechanism:

The survey was conducted under the provisions of the Collection of Statistics Act, 2008, with prior notices sent to all selected enterprises outlining the survey’s objective and intended use of the data. Confidentiality of individual responses was strictly maintained, and no unit-level data would be disseminated. A secure, dedicated web portal was developed to enable selected enterprises to complete and submit the survey questionnaire online. The portal included background information on the survey, reasons for a unit’s selection, and chatbot support to assist respondents in understanding key concepts and definitions.

*****

Samrat/Allen

(Release ID: 2125175) Visitor Counter : 143

MIL OSI Asia Pacific News –
April 30, 2025
MIL-OSI Asia-Pac: Hong Kong Customs combats unfair trade practices at medicine shop

Source: Hong Kong Government special administrative region

Hong Kong Customs combats unfair trade practices at medicine shop
Customs earlier received information alleging that a salesperson of a medicine shop in Jordan was suspected of providing material information about the total price of a proprietary Chinese medicine in an untimely manner. The total price, which was 10 times higher than what was expected, was only revealed after the medicine was ground into powder.

After an extensive investigation, Customs officers today arrested a 32-year-old salesman of the medicine shop concerned.

An investigation is ongoing and the arrested man was held for questioning.

Customs has long been concerned about visitors being misled into making purchases by unfair trade practices, and has established a Quick Response Team to handle urgent complaints lodged by short-term visitors. The complaints will be promptly referred to investigators to handle with priority.

With the Labour Day Golden Week of the Mainland approaching, Customs will continue to step up inspection and enforcement activities to vigorously combat unfair trade practices.

Customs reminds traders to comply with the requirements of the TDO, and consumers to purchase products from reputable shops. Consumers should also be cautious about the unit price for a commodity and ask for more information, including the total price of the goods selected, before making a purchase decision.

Under the TDO, any trader who engages in a commercial practice that omits or hides material information or provides material information in a manner that is unclear, unintelligible, ambiguous or untimely, and as a result causes, or is likely to cause, an average consumer to make a transactional decision, commits an offence. The maximum penalty upon conviction is a fine of $500,000 and imprisonment for five years.

Members of the public may report any suspected violations of the TDO to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/enIssued at HKT 18:35

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CategoriesMIL-OSI

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI Asia-Pac: Indian and U.S. officials meet in Washington, Bilateral Trade Agreement Talks Make Positive Progress

Source: Government of India

Posted On: 29 APR 2025 3:11PM by PIB Delhi

As part of ongoing discussions on the India-US Bilateral Trade Agreement, representatives of India’s Department of Commerce and the Office of the U.S. Trade Representative met in Washington, D.C. from 23-25 April 2025. This follows earlier bilateral discussions held in March, 2025 in New Delhi.

During the meetings in Washington, D.C., the team had fruitful discussions on wide ranging subjects covering tariff and non-tariff matters. The team discussed the pathway for concluding the first tranche of the mutually beneficial, multi-sector Bilateral Trade Agreement by Fall of 2025, including through opportunities for early mutual wins. While productive Sectoral expert level engagements have taken place through the virtual format, in-person Sectoral engagements are planned from end May.

The productive discussions are part of bilateral efforts in line with Leaders’ Statement of February 2025 to enhance and expand India-U.S. economic ties and supply chain integration through the Bilateral Trade Agreement.

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Abhishek Dayal/ Abhijith Narayanan

(Release ID: 2125141) Visitor Counter : 184

MIL OSI Asia Pacific News –

April 30, 2025
MIL-OSI USA: Small Business Administration Celebrates First 100 Days Accomplishments
Source: United States Small Business Administration

WASHINGTON — Today, the U.S. Small Business Administration (SBA) celebrated the tremendous success of the First 100 Days of the Trump Administration by highlighting the economic wins of President Trump – including an 80% increase in SBA loan approvals which are driving historic rates of growth, hiring, and investment for America’s small businesses. The agency also laid out its top accomplishments under the leadership of Administrator Kelly Loeffler – including major reforms to cut waste, enhance government efficiency, restore fiscal responsibility, and refocus the agency on its core mission of empowering small businesses and growing the economy.

“In just 100 days, President Trump has restored optimism and opportunity for our job creators with a pro-growth economic agenda that has already slashed inflation, driven job creation, and delivered record investment. At the SBA, we’re driving that agenda forward by serving the massive surge in demand for loans – which is a strong indicator that our small businesses finally have the confidence to hire, expand, and invest,” said SBA Administrator Kelly Loeffler. “Anchored by our broader efforts to eliminate waste, enhance efficiency, and restore fiscal responsibility, the SBA is now a powerful engine for American workers and job creators – and in just 100 days, the results speak for themselves.”

Compared to Joe Biden’s First 100 Days, demand for new capital has skyrocketed. President Trump’s SBA has delivered an 80% increase in 7(a) and 504 loan approvals with about 26,000 loans approved for $12.6 billion – indicating a strong surge in small business formation and growth. This includes a 95% increase in loans for businesses with five or fewer employees (nearly 15,500 loans), a 56% increase in loans for new startups (over 3,700 loans), and a 74% increase in 7(a) loans for manufacturers (over 1,500 loans).

In total, about 60% of all new SBA loans in the First 100 Days benefitted America’s smallest job creators, with five or fewer employees. Additionally, over the last three months, the percentage of federal contracts awarded to small businesses has increased from 18% to 23%.

In the First 100 Days, the SBA has also enacted the Day One Priorities announced by Administrator Loeffler when she was first sworn-in. Key agency accomplishments include:

Cutting Waste and Enhancing Efficiency
- Reduced total agency spending by about $190 million.
- Terminated or paused over 120 contracts for about $3 billion in future savings.
- Terminated, consolidated, or relocated 47% of SBA leases – including regional offices located in sanctuary cities.
- Announced an agency-wide reorganization that will reduce the SBA workforce by 43%, restoring it to pre-pandemic levels for a cost savings of $435 million annually by 2026.
Advancing President Trump’s Agenda
- Took the lead on the President’s initiative to restore American industrial dominance, jobs, and national security by launching the Made in America Manufacturing Initiative to cut $100 billion in red tape, improve access to capital, and promote workforce development.
- Enacted President Trump’s Executive Orders, including eliminating the Office of Diversity, Equity, Inclusion, and Accessibility, updating agency collateral to reflect the existence of only two genders, ending the Green Lender Initiative, and terminating the Biden-era MOU with the Michigan Secretary of State’s office.
Restoring Fiscal Responsibility
- Took immediate action to enhance fraud protections within SBA loan programs by mandating that all loan applications include a citizenship and birth date verification.
- Restored underwriting standards and lender fees to the 7(a) loan program in the effort to preserve the zero-subsidy status of the program, protect taxpayers from fiscal liability, and reverse the Biden-era mismanagement that led to historic defaults.
Delivering Disaster Relief
- Approved over 17,000 disaster loans totaling $3.4 billion, far exceeding the total volume of disaster loans approved in all of FY 24 under Biden – including $1.4 billion in Florida, $350 million in North Carolina, and $173 million in Georgia.
# # #

About the U.S. Small Business Administration

The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

MIL OSI USA News –
April 30, 2025
MIL-OSI USA: Arizona Man Sentenced to Prison for COVID-19 and Tax Fraud

Source: US State Government of Utah

Defendant Used Another’s Identity to File More Than $7 Million in False Refund Claims with the IRS.

An Arizona man was sentenced to 4 years in prison for filing false tax returns and loan applications to obtain COVID-19 disaster relief.

According to court documents and evidence presented in court, to create the appearance that he was operating several businesses, Roy Layne of St. David, Arizona filed paperwork with the IRS, applied for a business license from the City of Tuscon, opened business bank accounts, and filed false employment-related tax returns. In April 2020, he filed an application with the U.S. Small Business Administration, that claimed he operated a “wholesale” business with 17 employees that had revenue of more than half a million dollars a year. In 2021, he submitted a false application for a Paycheck Protection Act Loan, claiming that same “wholesale” business had 31 employees, and $1.2 million in revenue. Layne ultimately received $306,700 in COVID-19 related loans to which he was not entitled.

In addition, Layne used the personal identifying information and identity of another person to file false claims for refunds with the IRS. In total, Layne claimed over $7.4 million in false refunds, of which the IRS paid $590,000.

In addition to the term of imprisonment, U.S. District Judge John C. Hinderaker ordered Layne to serve three years of supervised release and to pay $856,692.91 in restitution to the United States.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Interim U.S. Attorney Timothy Courchaine of the District of Arizona made the announcement.

IRS Criminal Investigation and the Federal Bureau of Investigation are conducting the investigation.

Trial Attorney Matthew R. Hoffman of the Tax Division and Assistant U.S. Attorney Mary Sue Feldmeier of the District of Arizona are prosecuting the case.

MIL OSI USA News –

April 30, 2025
MIL-OSI Security: Arizona Man Sentenced to Prison for COVID-19 and Tax Fraud

Source: United States Attorneys General 13

Defendant Used Another’s Identity to File More Than $7 Million in False Refund Claims with the IRS.

An Arizona man was sentenced to 4 years in prison for filing false tax returns and loan applications to obtain COVID-19 disaster relief.

According to court documents and evidence presented in court, to create the appearance that he was operating several businesses, Roy Layne of St. David, Arizona filed paperwork with the IRS, applied for a business license from the City of Tuscon, opened business bank accounts, and filed false employment-related tax returns. In April 2020, he filed an application with the U.S. Small Business Administration, that claimed he operated a “wholesale” business with 17 employees that had revenue of more than half a million dollars a year. In 2021, he submitted a false application for a Paycheck Protection Act Loan, claiming that same “wholesale” business had 31 employees, and $1.2 million in revenue. Layne ultimately received $306,700 in COVID-19 related loans to which he was not entitled.

In addition, Layne used the personal identifying information and identity of another person to file false claims for refunds with the IRS. In total, Layne claimed over $7.4 million in false refunds, of which the IRS paid $590,000.

In addition to the term of imprisonment, U.S. District Judge John C. Hinderaker ordered Layne to serve three years of supervised release and to pay $856,692.91 in restitution to the United States.

Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and Interim U.S. Attorney Timothy Courchaine of the District of Arizona made the announcement.

IRS Criminal Investigation and the Federal Bureau of Investigation are conducting the investigation.

Trial Attorney Matthew R. Hoffman of the Tax Division and Assistant U.S. Attorney Mary Sue Feldmeier of the District of Arizona are prosecuting the case.

MIL Security OSI –

April 30, 2025
MIL-OSI USA: Trader Joe’s Sesame Miso Salad with Salmon Voluntarily Recalled Due to Undeclared Milk Allergen

Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:
April 28, 2025
FDA Publish Date:
April 29, 2025
Product Type:
Food & BeveragesAllergens
Reason for Announcement:

Recall Reason Description
Potential or Undeclared Allergen – Milk

Company Name:
Taylor Fresh Foods
Brand Name:

Brand Name(s)
Trader Joe’s

Product Description:

Product Description
Sesame Miso Salad with Salmon

Company Announcement
FOR IMMEDIATE RELEASE – April 28, 2025 – A limited quantity of Trader Joe’s Sesame Miso Salad with Salmon is voluntarily being recalled because the topping packet may potentially contain an undeclared milk allergen. The product may contain milk that is not declared on the label. 500 units of the salad were mistakenly packaged with a sealed packet of parmesan cheese crumbles (instead of a packet of crispy onions).
People who have sensitivity or allergy to milk may be at risk of an adverse reaction if they consume this product. To date, there have been no reported adverse reactions to this product.
The product subject to the recall was distributed to the following stores:

STORE

ITEM DESCRIPTIOM

USE BY DATE

UPC

DISTRIBUTION

Trader Joe’s

Trader Joe’s Sesame Miso Salad with Salmon 10.25oz

April 28, 2025April 29, 2025

00773164

AL, IA, IL, IN, KS, KY, MI, MN, MO, NC, NE, NJ, NY, OH, PA, SC, TN, WI

The voluntary recalled product, which was produced by Taylor Fresh Foods Illinois, has the Use By date of April 28, 2025 and April 29, 2025 and was distributed to Trader Joe’s stores in AL, IA, IL, IN, KS, KY, MI, MN, MO, NC, NE, NJ, NY, OH, PA, SC, TN, WI. This voluntary recall does not apply to any other products or brands produced or distributed anywhere in the United States.
Consumers who purchased Trader Joe’s Sesame Miso Salad with Salmon with the Use By dates of April 28, 2025 and April 29, 2025 in any of the states listed above are urged to discard the product if they or the person eating the product may have milk allergies.
Consumers with questions may contact customer service at (855) 455-0098 Monday through Friday between 8am and 5pm PST.

Company Contact Information

Consumers:
Customer Service
(855) 455-0098

Product Photos

Content current as of:
04/29/2025

Regulated Product(s)

Topic(s)

Follow FDA

MIL OSI USA News –

April 30, 2025
MIL-OSI Africa: The U.S.-Africa Energy Forum (USAEF) to Spotlight African Energy Opportunities, U.S.-Africa Collaboration

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

HOUSTON, United States of America, April 29, 2025/APO Group/ —

The U.S.-Africa Energy Forum (USAEF) returns to Houston with a bold agenda focused on catalyzing American investment and innovation across Africa’s most dynamic energy markets. Designed as a high-impact platform for government and private sector dialogue, USAEF brings together African energy stakeholders and leading U.S. companies to accelerate project development, capital deployment and technology transfer across the continent.

The forum is set to open with a High-Level U.S.-Africa Energy Dialogue, bringing together senior policymakers, energy ministers and private sector leaders to set the tone for deeper cooperation and alignment on mutual priorities. This flagship session will be followed by a forward-looking panel discussion on Private Equity Driving a New Wave of African Business, exploring how U.S.-based investment firms are shaping Africa’s next chapter of energy growth. The agenda will also spotlight frontier opportunities; overlooked plays across the Middle East, North Africa and sub-Saharan Africa; and bold strategies to grow the U.S. footprint in Africa’s critical minerals and energy assets.

Libya, the Republic of Congo, Nigeria and the Democratic Republic of the Congo (DRC) will take center stage during a series of Country-Focused Sessions highlighting strategic priorities, reform agendas and concrete investment opportunities. African governments and national oil companies will present their latest projects and policy frameworks, while American firms such as Chevron, ExxonMobil, SLB and ConocoPhillips will explore avenues to deepen partnerships in established markets like Nigeria and Libya, and tap into emerging opportunities in the Republic of Congo and the DRC.

With major reforms and investment drives underway, these markets are fast becoming focal points for American engagement. Libya, North Africa’s powerhouse, has launched a 22-block licensing round as it works to revitalize its upstream sector and reach a production target of 1.6 million barrels per day (bpd), alongside multi-billion-dollar gas monetization and export projects.

The Republic of Congo is aiming to scale production to 500,000 bpd, while advancing gas monetization under a new Gas Master Plan that invites international collaboration. In the DRC, reforms to the hydrocarbons code and a potential minerals-for-security agreement with the U.S. signal new entry points for American firms. Nigeria continues to stand out as a top-tier investment destination, targeting $10 billion in deepwater gas projects through new tax incentives and a planned auction of undeveloped blocks to boost exploration and production.

With participation from key industry players and high-level delegations, USAEF affirms a shared commitment by African stakeholders to attract American capital and technology to bolster their respective energy markets. U.S. companies, in turn, are ready to expand their footprint, forge new alliances and unlock the full potential of Africa’s energy future.

For tickets, sponsorship opportunities and more information, please contact sales@energycapitalpower.com. Join us in Houston this August to connect with the leaders shaping Africa’s energy landscape and experience the momentum that drives ECP’s events worldwide.

MIL OSI Africa –

April 30, 2025
MIL-OSI USA: Governor Stein Proclaims April as World Autism Month

Source: US State of North Carolina

Headline: Governor Stein Proclaims April as World Autism Month

Governor Stein Proclaims April as World Autism Month
lsaito
Tue, 04/29/2025 – 13:17

Raleigh, NC

Governor Josh Stein has proclaimed April as World Autism Month in North Carolina to raise awareness and recognize individuals with autism spectrum disorder (ASD), their families, and organizations working to support them.

“I am proud to recognize North Carolinians with autism, their families, and organizations across the state that educate us about the unique challenges people with autism face from early childhood,” said Governor Josh Stein. “To help people with autism thrive, schools, families, and organizations need resources to ensure that the students reach their full potential.”

Autism spectrum disorder is a neurological and developmental disorder that begins early in childhood and consists of a broad range of conditions characterized by challenges with social skills, repetitive behaviors, speech and nonverbal communication. The Center for Disease Control and Prevention (CDC) estimates that ASD affects approximately 1 in 36 children.

North Carolina is at the forefront of innovative workforce programs for individuals with autism. In 2018, the North Carolina Business Committee for Education (NCBCE), a work-based learning and education focused nonprofit housed in the Office of the Governor, helped to launch the LiNC-IT Collaborative. LiNC-IT was created to facilitate paid employment experiences for students and professionals with autism, as well as to provide employers with a pipeline of excellent talent often missed during conventional recruitment processes. You can hear from LiNC-IT employers and participants in this video. The successful LiNC-IT model will be expanded on through NC Career Launch.

March 2025 marked the sixth anniversary of Executive Order 92: Employment First for North Carolinians with Disabilities. The executive order charged state agencies with facilitating welcoming environments across state government where individuals with disabilities could successfully participate in competitive, integrated employment. State employees have credited the designation of North Carolina as an Employment First state with creating a more supportive environment for state employees with disabilities.

Governor Stein’s proposed budget recommends investments to help with autism thrive, including increased funding for vocational rehabilitation, recruiting and retaining direct support professionals, education for children with disabilities, and additional slots for the Medicaid Innovations Waiver.

To learn more about Autism Spectrum Disorder, visit the UNC TEACCH Autism Center, the Autism Society of North Carolina and the Duke Center for Autism and Brain Development. For more information on LiNC-IT or to get involved, visit the LiNC-IT website or email NCBCEadmin@nc.gov.

Read Governor Stein’s full proclamation.

Apr 29, 2025

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Energy and Commerce Committee Republicans Oppose McClellan Measures to Prevent Further Mass Firings at U.S. Health Agencies

Source: United States House of Representatives – Congresswoman Jennifer McClellan (Virginia 4th District)

Washington, D.C. – Today, Congresswoman Jennifer McClellan (VA-04) called on her Republican colleagues on the House Energy and Commerce Committee to support measures to prohibit further mass firings at U.S. health agencies after the Trump Administration and Elon Musk’s widespread health personnel layoffs last month.

During a Committee markup of bills, including H.R. 2483, the SUPPORT for Patients and Communities Reauthorization Act of 2025, McClellan offered two amendments to prohibit further reductions in force (RIFs) at the Centers for Disease Control and Prevention and Substance Abuse and Mental Health Services Administration.

Both were unanimously opposed by Committee Republicans.

“This Administration haphazardly purged thousands of personnel from U.S. health agencies responsible for supporting lifesaving cancer research, managing measles outbreaks, ensuring medication safety and efficacy, and combating opioid addiction,” said Congresswoman McClellan. “These cuts will delay critical treatments and place even greater pressure on already strained state and local health agencies, many of which are also facing federal funding reductions. The Trump Administration’s actions force these agencies into an untenable position where they will be unable to carry out their responsibilities and keep communities healthy and safe.”

Earlier this month, McClellan introduced a bill to prevent the Department of Health and Human Services (HHS) from implementing additional mass workforce cuts, following reports that the Virginia Department of Health had billions of dollars in federal funding cut by the Trump Administration that resulted in layoffs statewide for community health workers, nurses and epidemiologists.

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MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Reps. Titus, Omar Introduce Evidence-Based Drug Policy Act

Source: United States House of Representatives – Congresswoman Dina Titus (1st District of Nevada)

Congresswoman Dina Titus and Congresswoman Ilhan Omar, Democratic Co-Chairs of the Cannabis Caucus, today introduced the Evidence-Based Drug Policy Act of 2025.

Under current law, the Office of National Drug Control Policy (ONDCP) is prohibited from spending on or sponsoring any research related to the medical or recreational use of a Schedule 1 substance. Additionally, the Director of the ONDCP must oppose any attempt to legalize a substance that is listed under Schedule 1 and has not been approved for a medical purpose by the Food and Drug Administration.

The Evidence-Based Drug Policy Act removes these restrictions, allowing the executive branch’s drug policy advisor to take actions reflecting the current use of cannabis in the United States. This outdated prohibition is not based on science or reality. Removing this restriction would allow the ONDCP to conduct essential public policy analyses on states’ adult-use and medicinal cannabis programs and sponsor medical research on the benefits of cannabis. A 2024 National Academies study entitled, “Cannabis Policy Impacts Public Health and Health Equity”, specifically recommended Congress remove these restrictions so that ONDCP can support research on the impacts of changes in cannabis policy.

“The Office of National Drug Control Policy and its Director should be free to sponsor research or speak about substances like cannabis based on evidence and research,” said Congresswoman Titus. “Statutory restrictions on what can be studied and a mandate to oppose any attempts to reschedule substances like cannabis make no sense. It’s time to update the law to reflect the current use of cannabis in the United States and its medical benefits. The federal government needs to catch up to the states.”

“Our nation’s drug policies have been shaped by stigma. The American people overwhelmingly support cannabis reform, and yet the federal government continues to tie the hands of its own experts,” said Congresswoman Ilhan Omar. “The Evidence-Based Drug Policy Act is about bringing our laws into the 21st century, ensuring that the Office of National Drug Control Policy can do its job guided by facts, not outdated ideology. We need drug policy to follow the science and reflect the reality on the ground in states across the country.”

The Evidence-Based Drug Policy Act of 2025 is supported by the Drug Policy Alliance, the Nevada Cannabis Association, the National Cannabis Industry Association, the UNLV Cannabis Policy Institute, NORML, the Marijuana Policy Project, the Law Enforcement Action Partnership, the Parabola Center for Law and Policy, Doctors for Drug Policy Reform, the US Cannabis Roundtable, Cannabis Regulators of Color, Students for Sensible Drug Policy, the Minority Cannabis Business Association, and the Indigenous Cannabis Industry Association.

“The Drug Policy Alliance is proud to support the Evidence-Based Drug Policy Reform Act because it removes unnecessary barriers to ensure that the Office of National Drug Control Policy is empowered to develop drug policy based on evidence, not outdated political mandates,” said Cat Packer, Director of Drug Markets & Legal Regulation, Drug Policy Alliance. “To advance policies that support public health, promote fairness, and meet the needs of the American people, ONDCP must be free to study the full range of public policy approaches—including the impacts of cannabis policy changes such as legalization and regulation.”

“The Evidence-Based Drug Policy Act of 2025 is a smart, surgical fix to promote much needed cannabis research. By targeting one deeply flawed provision that blocks scientific research and prevents us from understanding the public health impacts of cannabis legalization, this bill allows the government to study what’s already happening in dozens of states,” said Riana Durrett, Director, UNLV Cannabis Policy Institute. “Representative Titus is championing rational, responsible, and long overdue access to research. This is a commendable effort to prevent our nation from continuing to fall behind other countries that are forging ahead and surpassing the United States in cannabis research.”

“We are proud to endorse this bill that would encourage the federal government to study the impacts of cannabis legalization. Despite the fact that over two-thirds of Americans live in jurisdictions that allow the medical use of cannabis and 24 states have legalized adult-use cannabis, the federal government has maintained restrictions on research aimed at understanding the impacts of these policy changes since their inception,” said Lauren Daly, Marijuana Policy Project Interim Executive Director. “With state-legal cannabis becoming increasingly accessible across the nation, it is imperative for the federal government to enable and support comprehensive research into cannabis legalization, ensuring that future policies are informed by sound evidence.”

“Mandating that a federal agency charged with supporting public health and safety must ignore scientific research and oppose evidence-based policies that have been embraced by dozens of states is simply bad law, and out of step with where the vast majority of Americans stand on cannabis issues,” said Morgan Fox, Political Director for the National Organization for the Reform of Marijuana Laws (NORML). “The ONDCP should have the liberty to look at all the available information and explore policy solutions free from outdated political restrictions. We commend the sponsors for introducing this long overdue legislation and urge Congress to approve it without delay.”

“On behalf of the Law Enforcement Action Partnership (LEAP), I write in strong support of the Evidence-Based Drug Policy Act,” said Lt. Diana Goldstein (Ret.), Law Enforcement Action Partnership Executive Director. “This legislation would give the Director of the Office of National Drug Control Policy (ONDCP) the freedom to consider funding research on Schedule I drugs and the ability to endorse any proposals to change the status of Schedule I drugs. As law enforcement professionals, we believe this act is essential for public health and safety.”

“The Cannabis Regulators of Color Coalition supports the Evidence-Based Drug Policy Reform Act because it affirms what communities and cannabis regulators across the country already know: federal drug policy must be guided by evidence, not ideology,” said Dasheeda Dawson, Board Chair, Cannabis Regulators of Color. “For more than a decade, tribal, state, and local governments have taken meaningful steps to repair the harms of criminalization and promote public health and safety through cannabis legalization and regulation. Empowering the Office of National Drug Control Policy to study these reforms is critical to developing federal policies that truly reflect the needs of everyday Americans—especially communities of color disproportionately impacted by prohibition.”

“We strongly support the Evidence-Based Drug Policy Act to ensure researchers have the ability to conduct rigorous research on medical cannabis and cannabis legalization,” said Charlie Bacthell, Acting Chairman, US Cannabis Roundtable. “The Department of Health and Human Services determined in 2023 that cannabis has low abuse potential and accepted medical use, and 80% of states allow some form of legal cannabis. Our nation’s research guidelines should reflect this reality.”

“The Minority Cannabis Business Association Board of Directors supports the Evidence-Based Drug Policy Act of 2025 introduced by Congresswoman Titus and Representative Omar. For too long, antiquated prohibitions have prevented critical research into cannabis, hampering our understanding of potential benefits and impacts,” said Frederika Easley, President, Minority Cannabis Business Association. “By removing these statutory barriers to research funding, this bill represents a crucial step toward creating evidence-based policies that can help address the ongoing harms of the War on Drugs, which have disproportionately affected communities of color. Science, not stigma, should guide our nation’s drug policies, and we applaud this legislation for embracing this principle. We urge Congress to pass this common-sense measure to allow research that will inform more equitable and effective approaches to cannabis regulation.”

“SSDP is proud to stand in support of the Evidence-Based Drug Policy Act of 2025 and commends Rep. Titus for her much-needed leadership on this issue. The science is clear and Americans on both sides of the aisle agree: marijuana does not belong on Schedule I of the Controlled Substances Act,” said Kat Muri, Executive Director, Students for Sensible Drug Policy. “By eliminating the ONDCP’s current legal requirement to oppose any efforts towards legalizing a Schedule I substance, this bill removes one of the biggest obstacles to legalizing cannabis at the federal level, and it does it in a very straightforward and clear way. It’s high time the U.S. replaces the disastrous and detrimental War on Drugs with policies rooted in evidence, compassion, and human rights—policies that make sense—and the Evidence-Based Drug Policy Act is an important step in that direction.”

“The Evidence-based Drug Policy Act of 2025 would pave the way for much-needed studies into cannabis, and we firmly believe those studies will show what Indigenous communities have always known—that plant-based medicine is a natural, beneficial way to treat ailments that is far superior to opioids and pharmaceuticals,” said Rob Pero (Bad River), founder of the Indigenous Cannabis Industry Association. “The criminalization of cannabis is doing more harm to our communities than good, and it’s time to take an evidence-based approach to correcting cannabis policy at the federal level.”

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: Secretary Wright Highlights 100 Days of Unleashing American Energy Under President Trump
Source: US Department of Energy

WASHINGTON— U.S. Secretary of Energy Chris Wright today released the following statement marking President Trump’s 100^th day in office:

“Under President Trump’s leadership, the Department of Energy has restored American Energy Dominance and strengthened our position as the largest oil producer and LNG exporter in the world.

“Following President Trump’s reversal of the reckless Biden LNG export ban, the Department of Energy has approved record levels of new U.S. LNG exports, adding as much incremental capacity in just 100 days as the world’s current second and third largest LNG exporting nations combined.

“Today, Americans are paying less at the pump and have more choices for home appliances thanks to President Trump cutting red tape and unleashing the production of affordable, reliable, secure American energy.”

Under Secretary Wright, the Department of Energy has been hard at work to implement the President Trump’s agenda of unleashing American energy dominance and lowering energy costs for the American people.

DOE at 100 Days: Top Accomplishments
- January 21 – President Trump officially reverses the Biden-era pause on LNG exports, restoring regular order and reaffirming U.S. global energy leadership.
- February 3 – Secretary Chris Wright is officially sworn in as Secretary of Energy, pledging to cut red tape, prioritize common-sense solutions, and unleash American ingenuity.
- February 5 – Secretary Wright delivers welcome remarks to DOE staff at the Forrestal Building, outlining his vision for restoring American energy dominance.
- February 5 – Secretary Wright signs his first Secretarial Order, directing DOE to implement President Trump’s energy-focused executive orders immediately.
- February 5 – Secretary Wright announces the “9 Pillars for American Energy Dominance,” establishing DOE’s strategic roadmap:
  - Advance Energy Addition, Not Subtraction – Focused on expanding energy supply, not restricting it.
  - Unleash American Energy Innovation – Empowering the National Labs, advanced nuclear, and cutting-edge energy R&D.
  - Return to Regular Order on LNG Exports – Restoring certainty and accelerating LNG approvals.
  - Promote Affordability and Consumer Choice in Home Appliances – Halting burdensome appliance regulations to protect consumer freedom.
  - Refill the Strategic Petroleum Reserve (SPR) – Prioritizing domestic energy security through reserve replenishment.
  - Modernize America’s Nuclear Stockpile – Supporting national security through safe, modern nuclear capabilities.
  - Unleash Commercial Nuclear Power in the United States – Reviving and advancing nuclear energy projects.
  - Strengthen Grid Reliability and Security – Ensuring the U.S. grid is resilient, dependable, and cyber secure.
  - Streamline Permitting and Identify Undue Burdens on American Energy – Reducing delays for energy infrastructure and innovation.
- February 12 – Secretary Wright meets His Royal Highness Crown Prince Al Hussein bin Abdullah II of the Hashemite Kingdom of Jordan, discussing cooperation to foster economic growth through energy abundance.
- February 14 – Secretary Wright issues the first LNG export approval for Commonwealth LNG, sending a signal that the U.S. is once again open for business and restoring American leadership on LNG exports.
- February 14 – President Trump establishes the National Energy Dominance Council, chaired by Secretary of the Interior Doug Burgum and vice-chaired by Secretary Wright.
- February 18– DOE completed demolition of the south side of the Alpha-2 building at the Y-12 National Security Complex, marking the largest demolition project at Y-12 and supporting modernization for national security missions.
- February 19 – Secretary Wright and DOE representatives met with Alaska Governor Mike Dunleavy to discuss advancing the ambitious Alaska Gas Pipeline and Alaska LNG Project.
- February 25 – Secretary Wright visits Sandia and Los Alamos National Laboratories to advance nuclear modernization and AI innovation, calling AI the “next Manhattan Project.”
- February 28 – DOE removes regulatory barriers for the use of LNG as a marine fuel, strengthening America’s energy competitiveness in shipping.
- February 28 – Secretary Wright visits Oak Ridge National Laboratory to observe modernization efforts supporting national security and advanced nuclear energy. During the visit, Secretary Wright participates in the “1,000 Scientist AI Jam Session” with Senator Hagerty, Chairman Fleischmann, and Greg Brockman, OpenAI President and Co-Founder to accelerate scientific discovery through AI.
- March 4 – DOE commissions the Safety Significant Confinement Ventilation System (SSCVS) at the Waste Isolation Pilot Plant (WIPP), improving safety and efficiency underground.
- March 5 – Secretary Wright approves an LNG export permit extension for Golden Pass LNG Terminal, reinforcing U.S. energy supply security.
- March 6 – Secretaries Wright and Burgum deliver remarks at Venture Global’s Plaquemines LNG Export Facility, marking an $18 billion expansion project supporting LNG exports to Asia and Europe made possible by President Trump’s leadership.
- March 7 – Secretary Wright delivers keynote address at the Powering Africa Summit, promoting U.S. energy investment and supply chain partnerships on the African continent.
- March 10 – DOE leads successful advocacy efforts to return the International Energy Agency (IEA) to the Current Policies Scenario (CPS), restoring focus on energy security.
- March 12 – DOE supports the first U.S.-Japan fast reactor fuel safety test of the 21st century at the TREAT reactor at Idaho National Laboratory.
- March 14 – Secretary Wright powers up American energy leadership at CERAWeek 2025 in Houston, Texas, delivering a keynote address on restoring U.S. energy dominance and the return to commonsense, pro-consumer, pro-growth energy policies under President Trump’s leadership.
- March 17 – Oak Ridge National Laboratory researchers demonstrate a new method to track chemical changes in molten salt in real-time, advancing next-generation nuclear reactors.
- March 17 – DOE issues a second loan disbursement to Holtec International to reopen the Palisades Nuclear Plant restart project in Michigan, advancing President Trump’s commitment to expand all sources of energy that are affordable, reliable and secure.
- March 18 – DOE completes demolition of Building 175 at Lawrence Livermore National Laboratory, opening land for future science missions and innovation expansion.
- March 19 – Secretary Wright signs an LNG export authorization for Venture Global’s CP2 LNG project, supporting U.S. energy exports to allies abroad. With this action, DOE has approved more than DOE has approved over 9.5 Bcf/d of U.S. LNG.
- March 19 – DOE releases Biden administration’s buried 2023 study on the benefits of U.S. LNG exports, demonstrating the Trump administration’s commitment to restoring transparency and commonsense to energy policymaking.
- March 24 – DOE reissues a $900 million solicitation to accelerate the deployment of small modular reactors (SMRs) and strengthen America’s nuclear future.
- March 24 – DOE announces the postponement of efficiency standards for gas instantaneous water heaters, expanding consumer choice, lowering costs and protecting American manufacturing jobs.
- March 24 – DOE further delays the implementation of Biden-era home efficiency standards for walk-in coolers and freezers and central air conditioners and heat pumps, ensuring Americans can choose the appliances that fit best for their lifestyle and budget.
- March 24 – DOE withdraws four conservation standards, including standards on electric motors, ceiling fans, dehumidifiers, and external power supplies, advancing President Trump’s pledge to cut the red tape and regulations that raise prices, reduce consumer choice, and frustrate the American people.
- March 27 – DOE announces streamlined permitting reforms at the Department’s 17 National Labs, accelerating critical infrastructure projects and saving taxpayers millions.
- March 28 – DOE helps unlock U.S.-India civil nuclear investment and exports by resolving liability issues and promoting American SMR technologies in India.
- April 1 – DOE removes additional regulatory barriers standing in the way of LNG export extensions, restoring certainty for U.S. energy developers.
- April 3 – Secretary Wright visits the National Renewable Energy Laboratory (NREL) in Golden, Colorado, to highlight innovation in renewables and AI-driven energy solutions.
- April 3 – DOE announces a Request for Information to co-locate data centers and energy infrastructure on DOE lands, powering America’s AI revolution with abundant U.S. energy.
- April 3 – DOE awards a $1.4 billion Strategic Petroleum Reserve (SPR) management contract to Strategic Storage Partners to safeguard emergency fuel supplies.
- April 4 – DOE leads bilateral engagement with Vietnam on foreign direct investment screening, countering malign influence and strengthening economic security.
- April 8 – DOE reinstates the National Coal Council and initiates new actions to unleash American coal, including promoting investment and mineral recovery from coal ash following President Trump’s Executive Order “Reinvigorating America’s Beautiful Clean Coal Industry”.
- April 9 – DOE allocates high-assay low-enriched uranium (HALEU) material to five U.S. advanced nuclear reactor developers to boost domestic reactor deployment.
- April 9 – Secretary Wright travels to the United Arab Emirates, beginning a high-level mission to strengthen energy partnerships and attract Gulf investment to America.
- April 9 – DOE issues a Request for Information (RFI) seeking input to improve energy conservation standards and restore consumer choice in household products.
- April 10 – DOE begins testing accident-tolerant, higher-enriched nuclear fuel in a U.S. commercial reactor to boost reactor performance and longevity.
- April 11 – DOE announces a new policy saving $405 million annually by halting inefficient spending by colleges and universities receiving DOE research funds.
- April 15 – Secretary Wright holds bilateral talks on shared energy security goals with senior leaders in the U.A.E., Saudi Arabia and Qatar. The Secretary also delivers remarks in Riyadh, Saudi Arabia, following the announcement of an agreement between the U.S. and Saudi Arabia to sign a Memorandum of Understanding (MOU) advancing bilateral energy cooperation.
- April 18 – DOE repeals the Biden-era burdensome definition of “showerhead,” restoring consumer choice and rolling back overregulation.
- April 21 – DOE solicits public feedback to lift energy efficiency regulations on portable electric spas, protecting market competition and consumer access.
- April 22 – DOE issues a third loan disbursement to Holtec International for the Palisades Nuclear Plant, restoring nuclear generation to the Midwest grid.
- April 22 – DOE conducts four site inspections ensuring companies comply with national security terms under CFIUS mitigation agreements.
- April 22 – DOE extends deadline for compliance with the Biden administration’s efficiency standards for manufactured housing, granting greater flexibility for both manufacturers and consumers.
- April 28 – Secretary Wright oversees the signing of the Engineering Development Agreement between U.S. companies Bechtel and Westinghouse with PEJ to advance Poland’s first AP-1000 nuclear power plant.
- April 28 – Secretary Wright meets with senior leaders from across Central Europe and delivers keynote remarks at the Three Seas Business Forum in Poland, where he invites European nations to invest in American energy and embrace a shared vision for greater energy security.
- April 28 – DOE announces the cancellation of wasteful and unnecessary contracts, generating over $700 million in immediate savings for American taxpayers.
MIL OSI USA News –
April 30, 2025
MIL-OSI USA: Outlining Turmoil Created in First 100 Days Under Trump
Source: US State of New York

overnor Kathy Hochul today outlined the turmoil created under President Trump’s first 100 days in office, warning that his administration’s retaliatory policies, deep federal cuts and unilateral tariffs are poised to negatively impact New York’s economy, the environment and hard working families. Last week, New York State joined a multi-state lawsuit challenging the constitutionality of President Trump’s global tariffs. According to independent estimates, Trump’s tariffs will cost the State’s economy more than $7 billion, result in more than 280,000 jobs lost and hit New York families with an average cost increase of $6,400. New York has also led the fight to protect federal funding from cuts and disruptions that are impacting more than $1.3 billion in federal funding for New York and has successfully challenged in court the Trump Administration’s global funding freeze, as well as cuts to the National Institutes of Health, the Department of Health and Human Services, the Federal Emergency Management Agency and other critical federal agencies.

“The first 100 days of the Trump Administration have been rife with chaos and uncertainty, from on-again, off-again tariffs to cuts to vital programs, New Yorkers are paying the price,” Governor Hochul said. “President Trump promised relief from inflation and his policies are making life harder, chaotic and more expensive for working class New Yorkers while slashing the very services they rely on.”

Implications for New Yorkers during President Trump’s First 100 Days Include:
- More than $1.3 billion in cuts to funding for State programs so far with more expected, in addition to the funding cuts to local governments, universities and other organizations delivering critical services to New Yorkers
- Massive fluctuation in the stock market from ever changing tariff policies has shrunk 401(k)s and 529 college savings plans, and is expected to increase cost of living for New Yorkers by thousands of dollars
- Manufacturers and small businesses are reeling from severe cost hikes on some products due to tariffs, leading them to leave shipments in customs or cancel orders
- Canadian and European travel to New York has dropped and hotel stays and trips in regions such as the North Country and Western New York have been cancelled
- The pause of construction of Empire Wind, which will have a profound impact on jobs and energy production
- Cutting millions in funding that allows school districts and food banks to buy produce from local farmers who rely on their purchases
- Three Social Security Administration offices closed in New York
- Eliminated every person in the office that manages a program helping over 1 million New Yorkers pay their heating and cooling bills
- Cuts to the NIH paused the critical research of a New York Scientist on Alzheimer’s treatments
- Cut over $300 million in infrastructure funding for New York communities, threatening our public safety
- Cutting the majority of federal AmeriCorps funding in New York, which supports approximately 1,500 AmeriCorps members working for non-profits and in low-income communities across the State
PUBLIC SAFETY AND IMMIGRATION

The Trump administration has revoked more than $325 million in vital resiliency funding from the Building Resilient Infrastructure and Communities program and put $56 million more at risk, which will impact several critical infrastructure and community resilience projects in New York State.

Additionally, DOGE is planning to cut up to 84 percent of staff from their Office of Community Planning and Development, which helps pay to rebuild homes and other recovery efforts after the country’s worst disasters such as Superstorm Sandy and Tropical Storms Lee and Irene.

The Albany National Weather Service (NWS) Office was forced to suspend weather balloon launches due to staff shortages and budget constraints. This has impacted the ability of the NWS to provide twice-daily balloon launches, impacting the accuracy of weather forecasts.

After Immigration and Customs Enforcement (ICE) detained a Sackets Harbor mom and her children, Governor Hochul took action, engaging with the White House, Border Czar Tom Homan and local officials in an effort to bring the family back home. After 11 days in detention, the family was returned to Sackets Harbor.

ECONOMY AND TOURISM

The stock market has been unstable due to President Trump’s on-again, off-again tariff policy. This has caused retirees’ 401(k)s and students’ 529 savings plans to shrink. Additionally, consumer confidence plunged, to 50.8 percent in April from 71.7 percent in January. The dollar has weakened, falling to a three month low in April.

The Governor has heard from small and mid-sized businesses across the State who are worried about rising costs and their future. A recent survey from the National Small Business Association found that the majority of small businesses are concerned about tariffs and one in three are very concerned. Examples include North Country manufacturer Alcoa, which took an estimated $20 million hit on imports from Canada, and North Country Golf Club which is facing declines in businesses due to the decline in tourism from Canada. In the Southern Tier, the Cortland Standard, which was in business for more than a century, has closed its doors, citing the expected 25 percent tariffs on paper as part of the decision.

The Trump administration is cancelling the successful Manufacturers Extension Partnership (MEP) in several states. In New York, NY MEP centers generated $1.25 billion in economic impact, supported the creation or retention of nearly 6,300 jobs and served over 700 companies during the 2023 calendar year. This decision has raised widespread concern across the entire national network of MEP Centers, prompting fears about whether these initial cancellations are the first step in a broader effort to dismantle the program and eliminate federal funding for all 51 centers.

Due to the tariff trade war with Canada, New York’s number one trade partner, and the rhetoric that Canada could be the “51st state,” impacts are widespread. Visitors from Canada are avoiding the U.S. and New York State. Overall, total bridge crossings between Eastern Ontario and New York State for March are down 23,000 compared to 2024, and at the lowest level since 2022. Additionally, Niagara River bridges traffic for February is down 14 percent and Thousand Islands Bridge crossings are down 19 percent.

A survey of local businesses in the North Country found that 66 percent have already experienced a slight to significant decrease in Canadian bookings for 2025, and that 26 percent have already adjusted staffing levels in response to the decline.

TRANSPORTATION

President Trump’s Department of Transportation vowed to kill congestion pricing from day one of his administration, despite clear evidence that the program is working. The MTA reported that in March, traffic is down 13 percent, travel times have improved in key corridors within the Central Business District and it has increased revenue for the MTA that will result in improvements in the system.

IMPACTS ON HARD WORKING FAMILIES

President Trump has reduced the federal workforce by more than 120,000 people nationwide according to data compiled from CNN. In New York more than 1,200 federal workers have been forced to file for unemployment.

The Trump administration has pledged to cancel the successful and free Direct File tax filing program. This program has already begun to make an impact in its first full year, with many New Yorkers saving nearly $300 per household in tax prep fees that could instead go toward groceries, gas, child care or rent.

The U.S. Department of Agriculture slashed hundreds of millions of dollars in funding that helped schools buy food from local farms. The program sought to bring local produce to schools and child care facilities, giving schools the opportunities to purchase fresh foods and use smaller producers rather than rely on large corporations.

The Trump Administration announced that half of all food shipments through The Emergency Food Assistance Program (TEFAP) would be canceled, resulting in a $500 million reduction in funding for food banks across the country. New York State could see a loss of around 16 million pounds of USDA foods in 2025 due to the TEFAP funding cuts, according to Feeding New York State.

SSA field offices are closing, wait times for deserving seniors are increasing and sensitive and private personal data is in danger of being insecure.

ENERGY

The Trump Administration stopped construction on Empire Wind, putting thousands of construction jobs at risk and threatening to dismantle a project that when complete, will generate enough electricity to power about 500,000 homes in New York State.

Funding has been suspended for the National Electric Vehicle Infrastructure (NEVI) Formula Funds. The NEVI program — passed as part of the Bipartisan Infrastructure Law — provides funding directly to states for installing public electric vehicle (EV) charging stations, which, if implemented, will lower fuel costs for families, reduce U.S. dependence on fossil fuels and create construction jobs nationwide.

President Trump has also threatened to roll back the Inflation Reduction Act (IRA) and repeal its tax credits. NYSERDA estimates a full repeal of the clean energy incentives could result in more than $20 billion in increased project costs and could cause significant project attrition.

HOUSING

At the direction of President Trump and DOGE, HUD staff has been decimated, imperiling the core functions of the agency that serve our communities, manage federally funded housing programs and assist housing development at a time of national crisis for housing. Funding has also been cut for organizations that fight housing discrimination across the country, while rolling back federal protections to Affirmatively Further Fair Housing.

HUD has further announced it was ending four years early the Emergency Housing Voucher Program, a successful federal program to combat homelessness for more than 9,500 households across the State. The federal administration imperiling this funding will force these families, at last stably housed, back onto the street.

The $1 billion Green and Resilient Retrofit Program that helps preserve affordable housing is being paused, threatening projects that keep tens of thousands of units livable for low-income Americans.

HEALTH CARE

The actions of the current administration threaten the health and safety of New Yorkers. New York State remains steadfast in its commitment to safeguarding the health and well-being of all New Yorkers and promoting health equity.

President Trump has endorsed the House’s budget resolution which includes over $1 trillion in cuts to critical safety net programs like Medicaid and SNAP. Nearly 7 million qualifying New Yorkers are covered under Medicaid, including 2.5 million children, and 636,000 New Yorkers with disabilities. 2.9 million New Yorkers rely on SNAP for healthy food, including over 800,000 children.

The Trump administration’s National Institute of Health (NIH) has cut grant funding to SUNY used to conduct research to cure diseases, keep our nation safe and grow our economy. The NIH’s sudden budget cuts will cost SUNY research an estimated $79 million on current grants, including more than $21 million over just the next five months that will immediately imperil the work of SUNY’s dedicated researchers by decimating the equipment, staff and services they rely on.

The Trump Administration picked a top health official who has questioned the safety of vaccines and the use of fluoride in drinking water and claimed that autism was preventable. These views go against proven science and could lead to more diseases by making people doubt public health advice.

The Administration has taken back important public health funding. This includes money for tracking disease, supporting vaccinations and helping vulnerable communities hit hardest by the pandemic. Without this funding, local health services must cut staff and scale back programs, especially in areas that need the most help.

Hundreds of federal health workers have lost jobs, making it harder for both the federal government and states like New York to respond to health threats and deliver services like maternal care and disease control.

New executive orders have removed federal support for diversity, equity and inclusion programs, harming efforts to ensure fair health care for women, LGBTQ+ people and communities of color. These actions affirm that the needs of these communities no longer matter to the federal government.

In addition, with massive arbitrary cuts to federal agencies, the future of federal programs to help combat substance use disorder, heating and cooling assistance for low-income New Yorkers, and early childhood investment programs like Head Start remain in jeopardy.

New York State remains committed to ensuring all New Yorkers have access to affordable, quality health care. Accordingly, the State rejects thinly veiled attacks on anyone who may not comport with the Trump Administration’s limited views of who is a person.

EDUCATION

President Trump vowed to eliminate the Department of Education, a crucial part of the federal government that supports kids, teachers and administrators right here in New York State. New York receives $5.5 billion annually from the Department of Education. Approximately $3.2 billion is routed through the State Budget and $2.3 billion is sent directly to local entities, primarily colleges and universities. This crucial funding supports Pell Grants for college students, money for kids with disabilities, programs that are supporting kids’ mental health, crucial research at our public higher education institutions and much more

ENVIRONMENT & AGRICULTURE

The Trump administration has taken aim through Executive Order at dismantling New York State’s strong environmental protections.

Additionally, funding for the Local Food Purchasing Assistance Program has been slashed. While the Biden administration had indicated that $24 million would be available under the LFPA program (New York Food for New York Families), the Trump administration (USDA) has reversed and this next round of funding will no longer be available.

More recently, New York State’s $60 million award for the New York Connects: Climate Smart Farms and Forests Program, which funds climate smart agriculture and forestry practices, was cancelled by USDA.

USDA staff that assist farmers with implementing conservation programs, loans and other resources for their farms, have been laid off.

Over 80 percent of agrochemical imports and 70 percent of farm machinery imports come from countries facing tariffs of 10 percent or more. Tariffs may slow down or halt on-farm expansion and modernization due to projected increases in equipment costs, with much of the stainless steel coming from abroad.

Trade issues are having a compounding effect for dairy farmers — input costs are going up and the milk price relies on export markets. Tariffs and threats of trade disputes result in lost markets and lower milk prices. For example, the budget for a building project went from $85,000 to $106,000, due to tariffs on steel and aluminum, one farm had a $2,200 fee added to their bill for grain because it came from a Canadian feed mill and another farm is anticipating their bottom line to be 7-10 percent lower this year due to lower milk prices and tariffs on inputs, including feed, energy and building supplies.

The ability of West Coast apple producers to export their product will play a key role in the price and demand for New York apples. If West Coast producers are not able to expand overseas markets, they will continue to flood East Coast markets and displace New York State fresh apples where they can undercut prices.

Tariffs placed on equipment, largely coming from Canada, would increase producers’ costs of maple syrup production significantly and negatively impact profitability in the maple industry.

MIL OSI USA News –
April 30, 2025
MIL-OSI: Radix to showcase AI driven Digital transformation for the Pulp and Paper Industry at TAPPICON 2025
Source: GlobeNewswire (MIL-OSI)

HOUSTON, April 29, 2025 (GLOBE NEWSWIRE) — Radix, a technology services company delivering innovative industrial solutions to asset-intensive industries, will attend the TAPPICON 2025 Conference at the Minneapolis Convention Center, from May 4 to May 7, 2025.

For the past three years, Radix has actively participated at TAPPICON, supporting the growth and development of the Pulp and Paper industry. This year, the Radix team will step up to share insights that enable collaboration, education and elevate innovation and action.

André Furtado, Digital Transformation Expert at Radix who will present a couple of success stories commented: “We’re excited to connect and collaborate with the industry leaders and experts sharing our insights into process improvement and optimization that boost productivity and reduce cost. In essence, insights that Radix can help elevate operational excellence at scale through data-driven, measurable solutions that have the buy-in of both the stakeholders and day to day users.”

“The Radix team will share how digital transformation and data analytics are driving measurable improvements in ways that were previously unattainable. Unlocking these insights could elevate operational excellence and enhance workplace safety for asset-intensive industries like pulp, paper and tissue,” Robert Bustin, Pulp & Paper Industry Specialist at Radix added.

Andre and Robert will share insightful presentations that can inspire and elevate the dialogue:
1. “Change Management in Digital Transformation: Key Strategies for Successful Implementation” – André Furtado
2. “Leveraging GenAI for Enhanced Plant Performance: An OEE Case Study” – André Furtado
3. “The Path to Optimized Asset Performance Management: A Comprehensive Framework” – André Furtado
4. “Enhancing Workplace Safety with Computer Vision: Real-Time Monitoring and PPE Compliance” – Robert Bustin
5. “How Can the Management of Critical Assets in the Pulp and Paper Industry Be Transformed Through Predictive Maintenance and Proactive Anomaly Detection Using PIMS to Enhance Planning and Ensure OEE? “ – André Furtado
The Radix’s team including Simon Sierra, Business Development Manager for Manufacturing looks forward to engaging and build strong relationships by welcoming you to the presentations or the Radix Booth #324. For more information, visit RADIX | TAPPICON 2025.

About Radix
Founded in 2010, Radix is a privately held technology solutions company providing consulting, engineering, operations technology, and data and software technology solutions globally. Radix combines key capabilities and practices to empower customers to thrive along their digital transformation journey. Radix provides technology-based, data-driven solutions to industrial and non-industrial companies worldwide. Radix has experience leading projects in more than 30 countries. It has more than 1,800+ employees around the globe, with North American headquarters in Houston, Texas, main headquarters in Rio de Janeiro, additional offices in Sao Paulo and Belo Horizonte, and a presence in Singapore and Amsterdam. To learn more, visit www.radixeng.com

For more information:
Citalouise Geiggar, Ph.D.
citalouise.geiggar@radixeng.com
Radix

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/83b1e7ae-2f41-4d62-bf32-9829e7ca84fe

The MIL Network –
April 30, 2025
MIL-OSI USA: ICYMI—Hagerty Joins Mornings With Maria on Fox Business to Discuss Trump’s First 100 Days, Reconciliation, Tariff Negotiations

US Senate News:

Source: United States Senator for Tennessee Bill Hagerty
WASHINGTON—Today, United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, joined Mornings With Maria on Fox Business to discuss President Donald Trump’s success during his first 100 days, the budget reconciliation moving through Congress, and the ongoing tariff negotiations.

*Click the photo above or here to watch*
Partial Transcript
Hagerty on Democrats protesting Trump’s successful first 100 days: “I think in reality, Maria, they’re protesting because this has been the most effective, most impactful, in a positive sense, 100 days, certainly in my lifetime. [Senator] Chuck Schumer seems to forget that in November of last year, 75 percent of the American public felt this nation was on the wrong track. As President Trump has come into office, he’s fixed our border, he’s put us on a fundamentally different plane in terms of crime in America. He’s addressing some of the longstanding issues that we’ve had with some of our partners. We’re moving in the right direction, and I think that the Democrat party is imploding as a result of it. Today is exhibit A in that point.”
Hagerty on budget reconciliation process: “I met with a group of House leaders last night. They’re working apace to get their piece of the reconciliation package done by Memorial Day. It’s our job in the Senate—I spoke with Leader [John] Thune yesterday—to move as quickly as we possibly can to get the reconciliation package done right after Memorial Day. We need to be moving apace to get certainty locked into our tax code so that companies can make the type of capital commitments that we want to see happen in 2026. That’ll be addressed with corporate tax rate reductions. That’ll be addressed with certainty again and how we amortize the investments that I hope to see. At the same time, the deregulatory thrust is very real. It’s going to be very significant. If you think about [former President] Joe Biden’s term over four years, the estimates are that each year, compliance costs for regulations that he added have gone up $1.4 trillion per annum on corporate America. As we peel those away, that’s going to have an immediate benefit and immediate impact on operating costs. That’s going to be positive for our economy as well […] The Senate’s going to come up with far more than four billion, Maria. It has to do with the rules here, the Byrd Rule in the Senate. We’ll navigate this, I hope, closer to $2 trillion worth of cuts. It is certainly possible. You go back to where we were before the pandemic, before Joe Biden unleashed massive amounts of wasteful stimulus spending. We get back to those levels; we’re not going to have a difficult time getting around $2 trillion cut out of this budget.”
Hagerty on the trade negotiations with Japan: “As you say, Maria, I’ve seen this movie before. We negotiated two trade deals when I served as ambassador. The Japanese are very tough negotiators, but it’s not just tariffs. It’s non-tariff barriers that exist in Japan. Local rules, localization requirements, we need to be harmonizing those sorts of regulations. I think Japan has a tremendous opportunity. If they step up, we have plenty of room to do more trade, and they have plenty of room to procure more from America. I want to see that happen. President Trump wants to see it happen. That will accommodate a greater partnership, greater strategic alliances, and I think all parties will be better off as a result.”
Hagerty on his optimism towards a deal with Japan: “I think we can go to zero tariffs with respect to Japan. They are certainly willing to move on tariffs, but again, it’s the non-tariff barriers that have to be addressed. We need to put in place metrics. We need to make certain that they’re addressed. And again, I see real opportunity working with Japan as companies move their supply chains out of China, de-risk those. Japan should be working with us very closely as we develop new technologies, as we work on new military posture, new technologies there, there’s much to be done that’s positive. And we start to announce those types of aggressive forward-leaning activities that we can do together, those types of investments, I think it’ll be very positive for all of us. And President Trump can focus on that.”
Hagerty on non-tariff barriers with Japan: “The localization requirements have been extraordinarily difficult. And Maria, these difficulties have gone on for decades. Japan has protected its market very heavily. They’ve made it very difficult for us, for, I say western companies, non-Japanese countries, to enter that marketplace. So, if you think about the regulations that they use, again, localizing the product, we’ve got to find ways to make this work in both countries. If you think about the inspection requirements, that type of thing, it can all be addressed. With respect to agricultural products, extremely protective of Japanese farmers, we dealt with a lot of that in the phase one agreement that we negotiated when I was ambassador. There’s a lot more room there as well.”
Hagerty on the timing of the budget reconciliation package: “I spoke with Leader Thune just yesterday, and I think the [U.S.] House of Representatives working at pace. I’m delighted to see them putting text out. I think as America sees that text, they start to get more and more certainty about where we’re headed. I spoke with Leader Thune yesterday about the fact that as soon as we get back from Memorial Day break, we need to be working at pace. We need to be working in parallel with the House to get this implemented as quickly as possible. This is going to be great news for corporate America. This is going to stimulate more investment. I want these investments committed this year so that we actually see them materialize in 2026. That’s why this needs to be happening at the beginning of the summer, rather than at the end of the summer.”
Hagerty on the Senate Republicans united to pass the budget reconciliation package: “That was also a part of my conversation with Leader Thune yesterday, and I’ll be speaking with a number of my colleagues aimed at just that. But I think there’s plenty of room to see significant cuts in terms of trimming back this wasteful stimulus spending that took place under Biden, a lot of spending that should have never happened in the first place. Again, moving in the right direction there from a fiscal responsibility standpoint. At the same time, making permanence an overarching goal for corporate tax rates, for the way depreciation is treated and for many other aspects of the tax code that will give, again, certainty to corporate America, so the types of commitments we want to see for 2026 are put in place as soon as possible […] [Pre-covid spending numbers] certainly has been a goal of a number of my colleagues, and we need to be aiming in that direction. You adjust for population growth and I think we can get there.”

MIL OSI USA News –

April 30, 2025
MIL-OSI USA: 100 Days, 4 Words: Promises Made, Promises Kept

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

WASHINGTON — This morning, at the weekly House Republican Leadership press conference, Speaker Johnson celebrated the achievements of President Trump’s historic first 100 days in office and addressed Congressional Democrats’ recent political theatrics.

Watch Speaker Johnson’s full remarks here

On President Trump’s First 100 Days:

President Trump has accomplished more in the first 100 days than most presidents do in their entire careers, their entire tenures. The Atlantic, right? I don’t know if there’s an Atlantic reporter here this morning, but they’re not a fan of him, right? Yesterday, they described him this way. “He is the most consequential American leader of the 21st century.” And that’s an understatement.

President Trump has,here’s a list: removed men from women’s sports, ended DEI in the federal government and the US military, expanded oil and gas extraction to lower prices, taken steps to end unfair trade practices, secured trillions of dollars in new investments in American manufacturing, deported criminal illegal aliens, stood up for religious liberty and rooted out anti-Christian bias, and combated virulent antisemitism on college campuses. The list goes on and on and on, and that’s just barely scratching the surface.

On Promises Made, Promises Kept:

Nearly every public opinion survey found that voters in the last election were most concerned about two things: inflation and the wide open border and the crisis that it created. On just these two issues and in 100 days, legal crossings are at an all-time low and inflation has fallen rapidly. President Biden often said that he had exhausted his executive authority, he told me that we needed new laws. He told me this many times himself: we have to stop the border crisis, but Congress has to act. I pleaded with President Biden, do your job, use your executive authority. He claimed he didn’t have it. But as President Trump has just demonstrated, all we needed was a new president. We needed real leadership. We didn’t need new laws.

The Trump administration has stopped illegal border crossings with a 99.9% success rate. The border crisis is solved, more than 100,000 illegal aliens and gang members have been deported, and that makes Americans safer. They feel more secure again. Groups of migrants are actually stopping their journeys and they are turning around. You know why? Because we got a new sheriff in town due to President Trump’s border policies. We now know again that deterrence works. On inflation, President Trump promised to rapidly drive down prices and make American goods affordable again. The Consumer Price Index beat expectations and actually dropped .1% in March. That is the first time that has happened since COVID. Inflation is cooling. Energy prices are down, as we all know, trillions of dollars in US investments have been secured by the Trump administration. And again, we’re just getting started.

On Congressional Democrats political theatrics:

While we’re working to build on President Trump’s successes and codify his agenda into law, the Democrats just still don’t get it. I mean, they just keep demonstrating they don’t get it. It is more than 100 days into the 119th Congress, and the contrast could not be clearer. They don’t have any message. They don’t have a clear leader. They don’t have a clear vision. They don’t they don’t know what to do. Their platform has been repudiated, and they’re turning on themselves.

…In one of the most baffling political displays that we’ve ever seen, Congressional Democrats used their district work period to fly to El Salvador and provide comfort to a wife beating MS-13 gang member who entered the US illegally. I mean, it was a shameful performance, and I hope their constituents do not forget it. We won’t. And we reflect on the first 100 days the Trump administration, it’s very clear which party is fighting for the American people, for a stronger and safer and more prosperous America.

###

MIL OSI USA News –

April 30, 2025
MIL-OSI: Credit Agricole Sa: Evolution of Crédit Agricole S.A.’s governance
Source: GlobeNewswire (MIL-OSI)

Press release

Montrouge, 29 April 2025

Evolution of Crédit Agricole S.A.’s governance

At Crédit Agricole S.A.’s Board meeting of 29 April 2025 chaired by Dominique Lefebvre, Olivier Gavalda, CEO of Crédit Agricole S.A. as of the 14^th of May 2025, presented his future organisation.

Olivier Gavalda will propose to the Board of Directors following Crédit Agricole S.A. general shareholders’ meeting which will be held the 14^th of May 2025, that Jérôme Grivet be appointed as sole Deputy Chief Executive Officer and second executive director of Crédit Agricole S.A.

As of the 1^st of June 2025, the General Management of Crédit Agricole S.A. will be organised around seven divisions, the Corporate Secretary and the control functions.

Five divisions and the General Secretary will be under the direct supervision of Olivier Gavalda:
- Universal Retail Banks, bringing together LCL under the responsibility of its CEO, Serge Magdeleine, and Crédit Agricole Italia under the responsibility of its CEO, Hugues Brasseur.
- International Banking and Services, under the responsibility of Stéphane Priami as Deputy General Manager. This new division will be composed of Crédit Agricole Personal Finance & Mobility, Crédit Agricole Leasing & Factoring, the International Banking Development department and BforBank.
- Major Clients, gathering Crédit Agricole CIB and CACEIS, under the responsibility of Jean-François Balaÿ, CEO of Crédit Agricole CIB.
- Client, Development and Innovation, under the responsibility of Gérald Grégoire as Deputy General Manager. This division gathers the Retail Markets department, the Transformation/Distribution and Development department, the Brand and Customer Communication department, the regional Banks’ relationships department, the Payments, the startup studio’s La Fabrique and Crédit Agricole Immobilier.
- Transformation, Human Resources and Transitions, under the responsibility of Grégory Erphelin as Deputy General Manager. This new division will gather the Group Human Resources, Technological Transformation, Sustainability and Impact, Agri-Agro, Guarantee and Capital Development departments, Crédit Agricole Transitions & Energies and Crédit Agricole Santé & Territoires.
  In this division, the Technological Transformation department will be under the responsibility of Olivier Biton and will gather Crédit Agricole Group Infrastructure Platform, Data/AI teams, and the Information Systems Department.
- Corporate Secretary, under the responsibility of Véronique Faujour gathers the Group Communication department, the Board of Director’s secretary, General affairs, Security/Safety, and Grameen Crédit Agricole Foundation, the Public Affairs department and Uni-Medias.
Two divisions and the control functions will be under the direct supervision of Jérôme Grivet:
- Finance and Steering, under the responsibility of Clotilde L’Angevin as Deputy General Manager. This division gathers Finance, Financial Communication & Investors relations, Subsidiaries and Investments, Strategic studies, Legal, Economic studies and Procurement departments.
- Savings and Wealth Management, this new division will gather Amundi, under the responsibility of its CEO, Valérie Baudson, Crédit Agricole Assurances, under the responsibility of its CEO, Nicolas Denis and Indosuez Wealth Management, under the responsibility of its CEO, Jacques Prost.
- Group Risks, under the responsibility of Alexandra Boleslawski.
- Group Compliance, under the responsibility of Hubert Reynier.
- Group Internal Audit, under the responsibility of Laurence Renoult.
As of 1 June 2025, Crédit Agricole S.A.’s Executive Committee will be thus composed of 18 members:
- Olivier Gavalda, CEO
- Jérôme Grivet, Deputy CEO
- Clotilde L’Angevin, Deputy General Manager, in charge of Finance and Steering division
- Grégory Erphelin, Deputy General Manager, in charge of Transformation, Human Resources and Transitions division
- Gérald Grégoire, Deputy General Manager, in charge of the Customer, Development and Innovation division
- Stéphane Priami, Deputy General Manager, in charge of International Banking and Services division
- Jean-François Balaÿ, CEO of Crédit Agricole CIB, in charge of Major Clients division
- Valérie Baudson, CEO of Amundi
- Hugues Brasseur, CEO of Crédit Agricole Italia and Senior Country Officer for the Group
- Nicolas Denis, CEO of Crédit Agricole Assurances
- Serge Magdeleine, CEO of LCL
- Olivier Biton, Director of Technological Transformation
- Eric Campos, Chief Sustainability and Impact Officer
- Bénédicte Chrétien, Group Head of Human Resources
- Véronique Faujour, Corporate Secretary
- Alexandra Boleslawski, Group Chief Risk Officer
- Laurence Renoult, Group Head of Internal Audit
- Hubert Reynier, Group Head of Compliance
Jean-Paul Mazoyer, on his own initiative, will now provide strategic advice to the Chief Executive Officer of Crédit Agricole SA.

The Board of Directors expressed its warm thanks to Philippe Brassac and Xavier Musca for their commitment and action during a decade of strong development for the Group.

Biographies

Clotilde L’Angevin started her career in 2003 at the National Institute of Statistics and Economic Studies, before joining the Treasury Department in 2005 as deputy head of the “Economic and Monetary Union” division. In 2007, she became technical adviser to the Prime Minister on macroeconomic and economic forecasts.
In 2009, she joined the Ministry of Finance as Head of the “International Diagnostics and Forecasts” division, before being appointed General Secretary of the Paris Club and Head of the “International Debt” division in the Treasury Department in 2011.
She joined the Crédit Agricole Group in 2015, as Head of Strategy for Crédit Agricole S.A. In 2019, she was appointed Head of Financial Communication at Crédit Agricole S.A. where she was responsible for relations with individual shareholders, institutional debt investors and rating agencies, as well as financial communication and relations with institutional equity investors.
Since 2023, she has been Deputy Chief Executive Officer of Crédit Agricole d’Ile-de-France.
Aged 46, Clotilde L’Angevin is a graduate of the Ecole Polytechnique (class 1998), the Ecole Nationale de la Statistique et de l’Administration Économique (2002), and obtained a master’s degree in economics from the London School of Economics (2003).

Olivier Biton started his career at Crédit Lyonnais in 2002, as IT project manager. He moved to the United States in 2005 where he was a research assistant at the University of Pennsylvania.
Upon his return to France in 2007, he joined the Crédit Agricole Group and held various project management positions at CA Payment & Services. He was appointed Head of the Flow Business Line in 2014 and then Head of Information Systems and Projects in 2016.
He joined LCL in 2017 as Head of Digital Solutions and Information Systems and joined the Executive Committee in 2020. Since 2023, Olivier Biton has been Chief Executive Officer of Crédit Agricole Group Infrastructure (CAGIP).
Aged 45, Olivier Biton is a computer engineer and a graduate of the Polytech Paris Sud school.

Grégory Erphelin started his career in 2001 at the French Ministry of Agriculture as Head of the Credit and Insurance bureau. In 2005, he joined the French Direction Générale du Trésor, in charge of the regulation of property and liability insurance. He joined the Crédit Agricole Group in 2008 as Head of Financial Management for Predica (personal insurance subsidiary of Crédit Agricole Assurances). In 2012, he was appointed Chief Financial Officer of Crédit Agricole Assurances.
In 2015, he also became Chief Financial Officer of Predica and joined the Executive Committee of the Crédit Agricole Assurances Group. In 2017, he was appointed Head of Finance, Procurement, Legal Affairs, Credit commitments and recovery, and member of the LCL Executive Committee.
Since May 2022, he has been Chief Executive Officer of the Fédération Nationale du Crédit Agricole.
Aged 49, Grégory Erphelin is a graduate of the Ecole Polytechnique (class 1996), Water and Forestry Engineer and holds an MBA from the Collège des ingénieurs.

Jean-François Balaÿ started his career in 1989 at Crédit Lyonnais in the Corporate Banking Markets and held several managerial positions in London, Paris and Asia. In 2001, he joined Crédit Lyonnais in the Loan Syndication business line, first as Head of Origination for Europe, then for Western Europe within Calyon from 2004. In 2006, he was appointed Deputy Head of Syndication for the EMEA region. In 2009, he became Global Head of Loan Syndication at Crédit Agricole CIB. In 2012, he was appointed Head of Debt Optimisation and Distribution. In 2016, he became Head of Risk and Permanent Control. He was appointed Deputy General Manager of Crédit Agricole CIB in 2018 and Deputy CEO of Crédit Agricole CIB in 2021.
Aged 59, Jean-François Balaÿ holds a master’s degree in economics and management and a master’s degree in banking and finance from Lyon II Lumière University.

Press contacts Crédit Agricole S.A.

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The MIL Network –
April 30, 2025
MIL-OSI United Kingdom: Liverpool launches landmark 2040 plan to create “framework for a better future”
Source: City of Liverpool

A detailed, data-led report looking at how to create a better future for Liverpool’s half a million residents over the next 15 years has been published.

The Liverpool 2040 Plan, which has been published online, sets out a step-by-step framework to foster greater collaborations across dozens of key organisations to make Liverpool the UK’s leading city of opportunity – for all.

This strategic vision, documented in a 37-page publication, has been launched with a commitment from city leaders “to work closer together than ever before” on a series of common issues and to influence and guide public sector reform on key areas such as education, employment, housing and health.

Set out as “a framework for a better future”, the wide-ranging plan has been developed by the Liverpool Strategic Partnership, whose membership has been increased to include more than 20 organisations. Collectively the LSP has a combined workforce of more than 60,000 people and an annual spend of £10bn a year.

The overall aim of the Liverpool 2040 Plan is to offer greater opportunities to the city’s residents, of all ages and backgrounds, in a united effort to make it a better city to live, learn, work and play in.

The Liverpool 2040 plan also sets out how city partners will collaborate to improve life-long educational standards whilst addressing deep rooted socio-economic and health inequalities, as well as global challenges such as climate change.

Work is already on some fronts, with Liverpool last week being awarded Marmot City status for its work in tackling health inequalities and has been appointed the world’s first UN Accelerator City for its work on reduce the carbon footprint in the entertainment industry.

However, Liverpool, whose population is set to grow by 10% over the coming decade, is a city where a third of residents are classed as economically inactive and where one in five have a disability. And at a neighbourhood level, life expectancy can vary by up to 14 years for residents living just four miles apart.

Such challenges, set against unprecedented pressures on public finances, has led city leaders to come together in a renewed effort to identify and align common priorities. This approach is underpinned by a commitment to analyse and share intelligence to inform and strengthen joint-working to identify and maximise opportunities presented by new government policies.

The 2040 timeline also aligns with other key data-rich programmes as identified in the State of Health in the City: Liverpool 2040 report and the city region goal to achieve New Zero status also by 2040.

This shared ambition is set around eight key priorities, each to be measured against five specific outcomes, with a clear intent to provide a long-term vision for the type of city the next generation should be inheriting.

The eight pillars of the 2040 plan are:
1. The Next Generation – key aim: For Liverpool to be UNICEF Child Friendly City.
2. Healthy Lives – key aim: To improve life expectancy and reduce health inequalities in poorest communities.
3. A Fair Transition to Net Zero – key aim: For Liverpool to be a zero-waste city.
4. Safe, Cohesive and Clean Communities – key aim: To improve safety at neighbourhood level.
5. Quality Homes – key aim: To work at eliminating homelessness and rough sleeping.
6. Inclusive Economic Growth – key aim: To develop city-wide innovation and skills strategy.
7. An Exciting and Distinctive City – key aim: For Liverpool to build on top 5 UK visitor city destination status.
8. Vibrant Public Services – key aim: To be a leading innovator based on data-led evidence.
The LSP, overseen by a board of chief executives, chaired by the chief executive of Liverpool City Council, has also been refreshed in response to the Strategic Futures Panel’s recommendations around strengthening the city’s approach to public service reform.

The LSP has also been devised to enable Liverpool to speak with one voice to national government and its departments. It also provides a shared platform for the city to take advantage of any new government opportunities.

The Liverpool 2040 Plan has also identified a priority focus on public service reform, with an emphasis on what makes sense for local areas to meet the needs of local people. This will build on key initiatives including Liverpool City Council’s new neighbourhood model, the Health Determinants Research Collaboration (HDRC), the Complex Lives project, the North Liverpool Public Service Reform Prototype, and the development of an Office of Public Service Innovation.

The Liverpool 2040 plan, which has been endorsed by Liverpool City Council’s cabinet, replaces the former City Plan that was published in 2020.

This previous city plan was in need of a refresh to reflect on the lessons and consequences of Covid-19 pandemic, the commissioner-led intervention to improve Council performance, as well as recent socio-political issues like a new UK government, last summer’s civil unrest. It also needed to respond to wider issues like the global energy crisis caused by the Russian invasion of Ukraine as well as the rise of AI and understanding and identifying the challenges and opportunities it presents.

Member of the Liverpool Strategic Partnership are:

• Liverpool City Council
• University of Liverpool
• Liverpool John Moores University
• Liverpool Hope University
• Liverpool School of Tropical Medicine
• City of Liverpool College
• Liverpool Chamber of Commerce
• Liverpool Charity and Voluntary Service
• Torus
• The Riverside Group
• Onward Homes
• Merseyside Police
• Merseyside Fire and Rescue Service
• HMPS – Liverpool Prison
• Mersey Care NHS Foundation Trust
• NHS Cheshire and Merseyside Health and Care Partnership
• Liverpool University Hospitals NHS Foundation Trust
• Alder Hey Children’s Hospital Trust
• Liverpool Heart and Chest Hospital
• Walton Centre NHS Foundation Trust
• Department for Work and Pensions, North West

Councillor Liam Robinson, Leader of Liverpool City Council, said: “The Liverpool 2040 Plan sets out the beginning of a 15-year journey to shape Liverpool as the UK’s leading city of opportunity – for all.

“The Liverpool 2040 Plan sets out a clear vision of how to be a better city and sets the foundations to guide the changes needed well into the rest of the 21^st century.

“it’s clear our major organisations need to work much harder and smarter together. For Liverpool to be a better city, we need to do better on a lot of levels – and I’m heartened by the desire and commitment in so many of our partner organisations to do that.

“This is the city that delivered both the best-ever European Capital of Culture and Eurovision. Through a potent mix of imagination, inspiration and collaboration we saw mass participation on an unprecedented scale, delivering remarkable results with huge economic benefits. Under the biggest spotlight and phenomenal pressure, Liverpool performs. And excels. Like few cities can.

“But on another level, too many of our residents are not living their best life. Opportunity is not knocking in the way it should in the world of education and employment. The health and wealth for a lot of our residents is below the national average. Much of our housing is poor quality, so many of our children are not benefitting from the best possible start in life. That is unacceptable. That needs to change.

“This Liverpool 2040 plan provides the best possible platform for us to start that journey, informed by data every step of the way to ensure we all make the right decisions to ensure we create an environment that nurtures and fosters talent and opportunity.

“We need to fully address the fundamental issues we face – in education, employment, health, housing, transport and employment – and its eight guiding priorities will shape how we respond to the challenges and maximise the opportunities over these next 15 years.

“I’m deeply encouraged by how many partners right across the public, private and voluntary sector have signed up to a vision of offering greater opportunities than ever before to our residents. We all have a role to play in making Liverpool the best place to grow up, grow a family, and grow a business – where no-one is left behind.

“Rest assured myself, my cabinet and this Council will work tirelessly with the Metro Mayor and the city region combined authority to make our case to the UK Government where and when it is needed. The Council cannot make these improvements alone. And not all the solutions are financial – reform and policy changes are just as vital to delivering the changes we need.

“Lasting change takes time, which is why we have set a 15-year timeline for our vision. Despite this, we are determined that our residents will see immediate and incremental improvements in the here and now, and I am deeply optimistic about the progress we can make together on an ongoing basis.”

Andrew Lewis, Chair of the Liverpool Strategic Partnership and Chief Executive of Liverpool City Council said: “Public services across the country, and particularly here in Liverpool, are facing unprecedented challenges, including rising demand for services, limited public funding and increasing complexity of needs.

“These challenges cannot be met by any one organisation acting alone. So it’s vital to have a strong strategic partnership across Liverpool. Together we represent the full range of public services for our city, committing to work together on a shared strategy for Liverpool 2040, prioritising our investments, sharing data and evidence, and transforming services together.”
MIL OSI United Kingdom –
April 30, 2025
MIL-OSI USA: Bilirakis Shepherds Bipartisan Bill to Protect Victims of Non-Consensual Intimate Imagery through House
Source: United States House of Representatives – Representative Gus Bilirakis (FL-12)

Washington, DC: This week, the House passed the TAKE IT DOWN ACT, a bill Congressman Gus Bilirakis has helped shepherd through the legislative process in the House. This bill would criminalize the publication of non-consensual, sexually exploitative images—including AI-generated deepfakes—and require platforms to remove images within 48 hours of notice. To see Congressman Bilirakis speaking on the House Floor in support of this important bill, click here. This bill will also help address a problem that recently occurred in Pasco County. The Pasco Sheriff’s Office acted quickly to investigate and arrest an elementary school teacher on child pornography charges. However, during its investigation, the Pasco County Sheriff’s Office discovered that the teacher was using yearbook photos of his students to create AI-generated child erotica. While the individual was able to be charged for some of the images, there were many more images in his possession that the police were unable to charge him for. The TAKE IT DOWN Act will help to close this loophole. The TAKE IT DOWN Act will protect and empower victims of real and deepfake NCII while respecting speech by:
1. Criminalizing the publication of NCII in interstate commerce. The bill makes it unlawful for a person to knowingly publish NCII on social media and other online platforms. NCII is defined to include realistic, computer-generated pornographic images and videos that depict identifiable, real people. The bill also clarifies that a victim consenting to the creation of an authentic image does not mean that the victim has consented to its publication.
2. Protecting good faith efforts to assist victims. The bill permits the good faith disclosure of NCII, such as to law enforcement, in narrow cases.
3. Requiring websites to take down NCII upon notice from the victim. Social media and other websites would be required to have in place procedures to remove NCII, pursuant to a valid request from a victim, within 48 hours. Websites must also make reasonable efforts to remove copies of the images. The FTC is charged with enforcement of this section.
4. Protecting lawful speech. The bill is narrowly tailored to criminalize knowingly publishing NCII without chilling lawful speech. The bill conforms to current First Amendment jurisprudence by requiring that computer-generated NCII meet a “reasonable person” test for appearing indistinguishable from an authentic image.
“I am glad we are one step closer to protecting victims of online sexual exploitation. Giving victims rights to flag non-consensual images and requiring social media companies to remove that content quickly is a pivotal and necessary change to the online landscape,” said Congressman Gus Bilirakis (FL-12), who serves as Chairman of the Subcommittee on Commerce, Manufacturing, and Trade. “And by ensuring that AI-generated deep-fake content is included in these protections, Congress is showing its commitment to fighting 21st Century harms that are plaguing our children and grandchildren. I applaud Representatives María Elvira Salazar (R-FL), Madeleine Dean (D-PA), Vern Buchanan (R-FL), Debbie Dingell (D-MI), August Pfluger (R-TX), and Stacey Plaskett (D-VI) for their tireless work on this issue, as well as our entire Subcommittee for their efforts to ensure final passage in the House. I encourage my Senate colleagues to expedite passage so it can be signed into law by President Trump.”

While nearly every state has a law protecting people from non-consensual intimate imagery (NCII), including 30 states with laws explicitly covering sexual deepfakes, these state laws vary in classification of crime and penalty and have uneven criminal prosecution. Further, victims struggle to have images depicting them removed from websites, increasing the likelihood the images are continuously spread and victims are retraumatized. In 2022, Congress passed legislation creating a civil cause of action for victims to sue individuals responsible for publishing NCII. However, bringing a civil action can be incredibly impractical. It is time-consuming, expensive, and may force victims to relive trauma. Further exacerbating the problem, it is not always clear who is responsible for publishing the NCII. The TAKE IT DOWN Act has received widespread support from over 100 organizations, including victim advocacy groups, law enforcement, and tech industry leaders. Leaders from both large and small social media platforms, dating apps, and tech organizations, the U.S. Chamber of Commerce, and Internet Works, are rallying behind the bipartisan legislation. RAINN (Rape, Abuse & Incest National Network), the nation’s largest anti-sexual violence organization, spearheaded a letter with 23 additional groups calling for the swift passage of this bill. The National Fraternal Order of Police has also sent a letter to Senate leadership endorsing the legislation. In November 2024, the Cyber Civil Rights Initiative, Microsoft, and National Center for Missing and Exploited Children (NCMEC) sent a letter to Senate and House leadership urging the passage of the TAKE IT DOWN Act.

MIL OSI USA News –
April 30, 2025

Actual CAPEX in 2021-22	Actual CAPEX 2022-23	Actual CAPEX 2023-24	Intended CAPEX in 2024-25	Intended CAPEX in 2025-26
394,681.5	572,199.7	422,183.3	656,492.7	488,865.5

Category: Commerce

The long and the short

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MNRE Minister Pralhad Joshi launches Green Hydrogen Certification scheme

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