NewzIntel.com

Category: Commerce

  • MIL-OSI Security: Nevada Printer and Mailer Pleads Guilty to Participating in Elder Fraud Scheme

    Source: United States Attorneys General

    A Nevada woman pleaded guilty today for engaging in a prize notice fraud scheme that defrauded thousands of consumers, many of whom were elderly, across the United States and abroad. Barbara Trickle, 80, of Las Vegas, pleaded guilty to conspiracy to commit mail and wire fraud.

    According to the indictment, Trickle and her co-conspirators prepared and mailed millions of fraudulent prize notices that led their victims to believe that they had been individually selected to receive a large cash prize and would receive their prize if they paid a $20 to $50 fee. In reality, no victim ever received a large cash prize from Trickle or her co-conspirators. Instead, victims received a “report” describing sweepstakes opportunities or a trinket of minimal value. After victims responded to one fraudulent prize notice mailing, Trickle and her co-conspirators inundated them with additional fraudulent mailings. Trickle and her co-conspirators used the scheme to steal more than $15 million from victims.

    The fraud scheme operated from 2012 to February 2018, when the U.S. Postal Inspection Service (USPIS) executed multiple search warrants and the Justice Department obtained a court order shutting down the fraudulent mail operation. Trickle was the owner and operator of a printing and mailing business that produced the fraudulent prize notice mailings for the scheme. Trickle supervised the lasering, printing, and mailing of the fraudulent mailings.

    “The Department of Justice’s Consumer Protection Branch is committed to protecting elderly consumers from fraudulent mass-mailing schemes,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “We are grateful to the Postal Inspection Service for their thorough investigation in this matter.”

    “The defendant and her co-conspirators used the promise of sweepstakes winnings to defraud the most vulnerable members in our communities,” said Inspector in Charge Eric Shen of the  U.S. Postal Inspection Service Criminal Investigations Group. “The U.S. Postal Inspection Service will continue to aggressively investigate mass-mailing schemes and other types of fraud to protect older Americans from financial exploitation and bring criminals to justice.”

    The USPIS conducted the investigation.

    Trial Attorneys Carolyn Rice and Charles Dunn of the Civil Division’s Consumer Protection Branch prosecuted the case, with substantial assistance from the U.S. Attorney’s Office for the District of Nevada.

    The department urges individuals to be on the lookout for fraudulent lottery, prize notification, sweepstakes, and psychic scams. If you receive a phone call, letter or email promising a large prize in exchange for a fee, do not respond. Fraudsters often will use official-sounding names or the names of real lotteries or sweepstakes or pretend to be a government agent purportedly helping to secure a prize.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL Security OSI –

  • MIL-OSI Economics: Heineken’s campaigns unite tradition, sport, and social experience, reveals GlobalData

    Source: GlobalData

    Heineken’s campaigns unite tradition, sport, and social experience, reveals GlobalData

    Posted in Business Fundamentals

    Heineken’s YouTube advertising campaigns during Q1 2025 (January to March) have illustrated a deliberate effort to integrate the brand into various facets of consumer life through targeted messaging and diverse thematic approaches. The “Pub Succession” campaign leverages cultural heritage and opportunity to engage a specific demographic. Football-focused campaigns like “The Social Screen” and “Excuses Bar” tap into shared passions and social dynamics, reflecting a strategy to build brand resonance through consumer values and experiences, reveals Global Ads Platform of GlobalData, a leading data and analytics company.

    Sagar Kishor, Ads Analyst at GlobalData, comments: “Heineken’s advertising consistently focuses on creating emotional and social connections with its target consumers. By staying attuned to evolving social norms, Heineken has strategically promoted its non-alcoholic option, Heineken 0.0. This move reflects a proactive effort to appeal to the growing number of consumers who prioritize moderation and well-being, expanding the brand’s relevance. Additionally, its campaigns often tie the product to cultural passions, like football, helping to foster a sense of shared identity and making the brand feel like a natural part of social gatherings around these events.”

    Below are the key focus areas of Heineken’s advertisements, revealed by GlobalData’s Global Ads Platform:

    Heritage and Legacy: The “Heineken Pub Succession” campaign strategically focuses on Irish heritage and the legacy of family-run pubs. By offering the unique opportunity to inherit a 155-year-old establishment on Achill Island, Heineken connects its brand to a sense of timeless tradition and community roots, appealing to those who value their ancestry and the cultural significance of the pub.

    Responsible Choices: The advertisements for Heineken 0.0 address the increasing consumer focus on responsible consumption. By showcasing the agreeable taste and adaptability of their non-alcoholic option, Heineken intends to appeal to individuals desiring a balanced lifestyle while maintaining social engagement, thus expanding its reach.

    Cultivating Social Bonds: Campaigns like “The Social Screen” and “Excuses Bar” centre on Heineken’s role in enhancing social connections, particularly within the context of sports. By introducing innovative ways for fans to share viewing experiences and playfully acknowledging the social dynamics of prioritizing football, Heineken subtly positions itself as a catalyst for shared enjoyment and camaraderie.

    Spirit of Adventure: The “Heineken Pub Succession” initiative also appeals to the sense of adventure and the desire for a unique life change. The allure of inheriting a pub in a picturesque location offers a compelling narrative that extends beyond traditional beer advertising, associating Heineken with the excitement of new beginnings and idyllic lifestyles.

    Leveraging Shared Passions: Heineken’s advertising connects with widespread football enthusiasm through relatable content, particularly around the UEFA Champions League. This approach highlights the intense emotions and community spirit of the sport, integrating the brand into the social viewing experience and enhancing collective enjoyment during matches.

    MIL OSI Economics –

  • MIL-OSI USA: Senator Mullin Speaks to Edmond Chamber of Commerce, Holds Q&A

    US Senate News:

    Source: United States Senator MarkWayne Mullin (R-Oklahoma)
    Washington, D.C. – Last week, U.S. Senator Markwayne Mullin (R-OK) spoke with the Edmond Chamber of Commerce on a range of topics including the importance of business owners being involved in their communities and President Trump standing up to the rest of the world in defense of the American worker. Highlights of the Senator’s remarks to the Chamber are below.

    On the importance of business owners being involved in the community:
    “It’s important because nothing affects your business more than state and federal government. Nothing. Dealing with mandates and regulations absolutely destroys your company. And no one is going to know it’s actually hurting you if you’re not in a position to tell the story. No one is going to know to fight for you, for that particular issue, unless you’re in that position to actually be able to say what is going on.”
    On President Trump standing up for the American worker: 
    “When the President was campaigning, he made this a focal point. We knew what was going to happen. The President was very very clear. He’s not as concerned about today’s workforce as he is about tomorrow’s. He says this is a generational issue that at some point if we don’t resolve it, it’s going to destroy our economy. And the trillions of dollars that have been sucked out of the United States and has built these other countries, they’re going to become the wealthy countries and we’re going to have to be taking money from them to help us out of our recession that’s going to last permanently until we learn to remanufacture, and at that point they won’t need us, and so they won’t be wanting to do trade deals with us. And so, the President was looking way down the road, like most business owners.”
    “Someone at some point had to take the bullet. At some point this was coming to a head. And thank goodness President Trump was willing to do it.

    MIL OSI USA News –

  • MIL-OSI USA: Fischer Statement on EPA Waiver to Allow for Nationwide Year-Round E15

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    Calls for Congress to make year-round E15 permanent with her Nationwide Consumer and Fuel Retailers Choice Act

    U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Agriculture Committee, released the following statement after the Environmental Protection Agency (EPA)today issued an emergency waiver to allow for the sale of E15 gasoline during the summer driving season:


    “I’m pleased the EPA has issued a summertime emergency fuel waiver to allow E15 to be sold year-round; however, a permanent, nationwide solution is still needed. I’m going to continue calling on Congress to pass my     Nationwide Consumer and Fuel Retailers Choice Act to end years of patchwork regulations and unleash the power of year-round E15.”

    Fischer’s work on E15:

    Fischer has been a steadfast champion for year-round E15 since 2015, when she first co-led a bill to allow year-round E15 during the 114th Congress.

    In 2017, she introduced the Consumer and Fuel Retailer Choice Act to amend the Clear Air Act and help make year-round E15 a reality. Later that year, she testified before the Senate Environment and Public Works Committee in support of her bipartisan legislation.

    In 2019, Fischer traveled with President Trump to Nebraska and Iowa when he announced regulatory efforts to allow the sale of E15. When President Trump’s efforts were struck down by courts, Fischer continued to lead by reintroducing this legislation in 2021, during the 117th Congress. Fischer released an updated bill in 2022 that included unprecedented support.

    In 2023, Fischer introduced the Nationwide Consumer and Fuel Retailer Choice Act of 2023 to break down remaining barriers and unlock the full potential of nationwide, year-round E15, advancing America’s energy independence. In the U.S. House of Representatives, Congressman Adrian Smith (NE-03) introduced companion legislation.

    On the first day of his term, President Trump took steps to make E15 available year-round through his Executive Order Declaring a National Energy Emergency.

    In February, Fischer reintroduced her Nationwide Consumer and Fuel Retailer Choice Act of 2025, which is the only permanent, nationwide solution that will unleash the power of year-round E15 and fulfill President Trump’s mandate for energy independence. 

    Last month, Fischer joined U.S. Representative Adrian Smith (NE-03) at a press conferenceurging Congress to fulfill President Trump’s pledge to allow the sale of year-round E15.

    MIL OSI USA News –

  • MIL-OSI USA: Ricketts Statement on E15 Announcement

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE), a member of the Senate Environment and Public Works Committee, complimented the announcement that the Environmental Protection Agency (EPA) would issue an emergency fuel waiver to allow the sale of E15 this summer. Ricketts said the following:

    “E15 saves consumers money at the pump, supports Nebraska agriculture, cleans our environment, and promotes energy independence. Expanding access to E15 use will help President Trump deliver on his promise to unleash American energy. The next step is a permanent fix. Let’s pass Senator Fischer’s Consumer and Fuel Retailer Choice Act and make year-round nationwide E15 permanent.”

    BACKGROUND

    As Governor of Nebraska, Ricketts made repeated requests of the EPA to allow the year-round sale of E-15. As Senator, Ricketts co-sponsors the Consumer Fuel and Retailer Choice Act, which would make permanent its year-round sale. Ricketts also frequently touts the benefits of ethanol and other renewable fuels as a member of the Environment and Public Works Committee, which oversees the EPA. In addition, Ricketts co-leads the bipartisan Flex Fuel Fairness Act with Senator Amy Klobuchar (D-MN) to level the playing field for vehicles running on higher blends of ethanol.

    MIL OSI USA News –

  • MIL-OSI USA: American Music Tourism Act PASSES House

    Source: United States House of Representatives – Representative Diana Harshbarger (R-TN)

    WASHINGTON — Today, Congresswoman Diana Harshbarger’s bipartisan American Music Tourism Act passed the House Floor on suspension with bipartisan support.

    This legislation would require the Assistant Secretary of Commerce for Travel and Tourism to implement a plan to support and increase music tourism for both domestic and international visitors. The Act would also require the Assistant Secretary to report to Congress on the success and challenges related to achieving these tourism goals.

    Notably, this bill will not require any additional taxpayer dollars to implement.

    Congresswoman Harshbarger issued the following statement.

    “We’ve been working longer than nine to five to get this legislation passed through the House, and I’m thrilled that it passed with such overwhelming support. This legislation will have a direct impact on Tennessee’s First Congressional District. As home to iconic destinations like Dollywood in Pigeon Forge and the Birthplace of Country Music in Bristol, we play a vital role in the music tourism industry.

    “I’m thankful to my colleague and co-lead Rep. Nanette Barragán (CA-44), as well as all of the members who voted to support this bill. I look forward to this legislation making its way through the Senate, where it’s sponsored by Senator Blackburn, with the ultimate goal of having it signed into law by President Trump.”

    View the bill text HERE.

    MIL OSI USA News –

  • MIL-OSI USA: Ernst Names Small Business of the Week, Bloomsbury Farm

    US Senate News:

    Source: United States Senator Joni Ernst (R-IA)
    Published: April 28, 2025
    Throughout this Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    RED OAK, Iowa – U.S. Senator Joni Ernst (R-Iowa), Chair of the Senate Small Business Committee, today announced her Small Business of the Week: Bloomsbury Farm of Benton County. Throughout the 119th Congress, Chair Ernst plans to recognize a small business in every one of Iowa’s 99 counties.
    “From its Bunny Bash to the inaugural Iowa Tulip Festival, Bloomsbury Farm plants memories and captures smiles with their family-centered seasonal events,” said Chair Ernst. “Welcoming over 75,000 visitors annually, the Petersen family continues to grow Bloomsbury Farm into a premier agritourism destination!”
    In 1995, Karen and Dave Petersen opened Bloomsbury Farm on their 2,000 acres, primarily farming soybeans and corn and selling floral arrangements. When their daughter Sammy’s first-grade class visited the farm on a field trip, the couple was inspired to transform the farm into an agritourism destination. After a devastating tornado in 2004, the Petersens pivoted and renovated the farm to become a family-centered destination dedicated to agriculture, fun, and education. Today, Bloomsbury Farm welcomes over 75,000 people annually to experience their seasonal events. The second generation of Petersens became partners in January 2024. This year, Bloomsbury Farm will celebrate its 30th anniversary in Iowa. 
    Stay tuned as Chair Ernst recognizes more Iowa small businesses across the state with her Small Business of the Week award.

    MIL OSI USA News –

  • MIL-OSI Security: Security News: Nevada Printer and Mailer Pleads Guilty to Participating in Elder Fraud Scheme

    Source: United States Department of Justice 2

    A Nevada woman pleaded guilty today for engaging in a prize notice fraud scheme that defrauded thousands of consumers, many of whom were elderly, across the United States and abroad. Barbara Trickle, 80, of Las Vegas, pleaded guilty to conspiracy to commit mail and wire fraud.

    According to the indictment, Trickle and her co-conspirators prepared and mailed millions of fraudulent prize notices that led their victims to believe that they had been individually selected to receive a large cash prize and would receive their prize if they paid a $20 to $50 fee. In reality, no victim ever received a large cash prize from Trickle or her co-conspirators. Instead, victims received a “report” describing sweepstakes opportunities or a trinket of minimal value. After victims responded to one fraudulent prize notice mailing, Trickle and her co-conspirators inundated them with additional fraudulent mailings. Trickle and her co-conspirators used the scheme to steal more than $15 million from victims.

    The fraud scheme operated from 2012 to February 2018, when the U.S. Postal Inspection Service (USPIS) executed multiple search warrants and the Justice Department obtained a court order shutting down the fraudulent mail operation. Trickle was the owner and operator of a printing and mailing business that produced the fraudulent prize notice mailings for the scheme. Trickle supervised the lasering, printing, and mailing of the fraudulent mailings.

    “The Department of Justice’s Consumer Protection Branch is committed to protecting elderly consumers from fraudulent mass-mailing schemes,” said Acting Assistant Attorney General Yaakov Roth of the Justice Department’s Civil Division. “We are grateful to the Postal Inspection Service for their thorough investigation in this matter.”

    “The defendant and her co-conspirators used the promise of sweepstakes winnings to defraud the most vulnerable members in our communities,” said Inspector in Charge Eric Shen of the  U.S. Postal Inspection Service Criminal Investigations Group. “The U.S. Postal Inspection Service will continue to aggressively investigate mass-mailing schemes and other types of fraud to protect older Americans from financial exploitation and bring criminals to justice.”

    The USPIS conducted the investigation.

    Trial Attorneys Carolyn Rice and Charles Dunn of the Civil Division’s Consumer Protection Branch prosecuted the case, with substantial assistance from the U.S. Attorney’s Office for the District of Nevada.

    The department urges individuals to be on the lookout for fraudulent lottery, prize notification, sweepstakes, and psychic scams. If you receive a phone call, letter or email promising a large prize in exchange for a fee, do not respond. Fraudsters often will use official-sounding names or the names of real lotteries or sweepstakes or pretend to be a government agent purportedly helping to secure a prize.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL Security OSI –

  • MIL-OSI USA: Governor Lamont: Data Submitted Through Connecticut’s Federal Impact Reporting Portal Now Being Published Online

    Source: US State of Connecticut

    (HARTFORD, CT) – Governor Ned Lamont today announced that his administration is now publishing online the reports it is receiving through the Federal Impact Reporting portal that he launched earlier this month.

    The reports are publicly available in a dataset that can be downloaded on the Connecticut Open Data portal, data.ct.gov. (To access the Federal Impact Reporting dataset directly, click here.)

    The Federal Impact Reporting portal was created by Governor Lamont as a way of providing state policymakers with a better and more comprehensive understanding of how recent federal actions are impacting public and private entities throughout Connecticut. Businesses, nonprofits, and municipalities are encouraged to submit reports through the portal identifying items such as pauses, cancelations, and reductions in federal funding; reductions in employment caused by federal actions; and impacts from tariffs.

    To date, nearly 30 reports have been submitted. The dataset on the Connecticut Open Data portal will be updated regularly as new reports continue to be made.

    To submit a report, businesses, nonprofits, and municipalities should visit ct.gov/fedimpact.

     

    MIL OSI USA News –

  • MIL-OSI Russia: The IMF to Hold the Inaugural Annual Economic Research Conference on Middle East and North Africa (MENA)

    Source: IMF – News in Russian

    April 28, 2025

    Washington, DC: Jihad Azour, Director of the Middle East and Central Asia Department and Pierre-Olivier Gourinchas, Economic Counsellor and Director of the Research Department of the International Monetary Fund (IMF) issued a statement today:

    “Global shocks are adding to regional factors resulting in exceptionally uncertain economic environment for Middle East and North Africa (MENA) economies. Conflicts, trade tensions, volatile commodity prices, changing climate conditions, energy transitions, rapid technological advances are altering the economic landscape of the region, posing severe challenges but also presenting opportunities for bold reforms that safeguard macroeconomic stability, build resilience, and raise living standards for all. Economic research is essential to provide reliable analysis and develop workable and innovative policy responses.

    “In this context, we are pleased to announce that the IMF will organize an annual Economic Research Conference on MENA, partnering with leading universities in the region. The aim is to establish a forum for dialogue on pressing economic issues, promote policy-oriented academic research tailored to the needs and unique challenges of the region. It will also provide a platform for the exchange of ideas and insights for academics, researchers, and policymakers in the MENA region and worldwide.

    “The inaugural conference, Steering Macroeconomic and Structural Policies in A Shifting Global Economic Landscape, will be co-organized with Onsi Sawiris School of Business at The American University in Cairo and take place in Cairo on May 18-19, 2025. It will feature presentations and panel discussions by leading economists and policymakers. The conference details and agenda are available here.

    “The IMF is a long-standing partner to countries in the MENA region in the quest for more inclusive and resilient growth. The IMF-MENA Annual Research Conference is another step forward to further strengthen that partnership and engagement with the region and its people.” 

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/04/28/pr-25125-imf-to-hold-inaugural-ann-economic-research-conf-on-middle-east-and-north-africa

    MIL OSI

    MIL OSI Russia News –

  • MIL-Evening Report: New survey shows business outlook is weakening and uncertainty rising as the trade war bites

    Source: The Conversation (Au and NZ) – By John Simon, Adjunct Fellow in Economics, Macquarie University

    Vivid Brands/Shutterstock

    Uncertainty is everywhere these days.

    There is even uncertainty about the uncertainty.

    The Reserve Bank of Australia, for example, noted in the minutes from its April 1 meeting:

    The most significant development in the period leading up to the meeting had been the significant rise in uncertainty about global trade policy, although the effect of this on sentiment and economic developments in Australia was not yet clear.

    A new monthly business survey, developed by a team of researchers at Macquarie University, the Business Outlook Scenarios Survey (BOSS), provides some clarity.

    A key feature of the survey, which distinguishes it from other business surveys, is its focus on uncertainty about the future, not just expectations about the most likely outcome.

    The most recent survey was conducted between April 10–17, after the announcement of the US “liberation day” tariffs on April 2. The results are concerning, but not yet alarming.

    Big rise in uncertainty

    The results suggest there has been a significant increase in business uncertainty stemming from the tariff and geopolitical tensions.

    Our survey asks roughly 500 Australian businesses about their expectations for, and perceptions of uncertainty about, key business and macroeconomic conditions.

    Running since June 2024, it tracks a sample that is representative of Australian businesses. It surveys key decision makers, such as chief financial officers and business owners, who have a detailed knowledge of their own business, and a general knowledge of the broader economy.

    The jump in uncertainty is leading to an increase in pessimistic views about businesses’ prospects. Moreover, these expectations are surrounded by elevated uncertainty.

    While this has yet to translate into plans to reduce employment and investment, businesses on average expect their costs will rise, and plan to counter the effect through increasing prices.

    More importantly, uncertainty generally leads people to defer decisions, and we see evidence of that in the April survey. Firms on average are not expecting to reduce investment or employment – but neither are they planning on increasing it.

    Inflation worries are off the boil

    When asked about the main source of uncertainty over the next 12 months, businesses used to point to inflation. In June 2024, more than 65% of businesses cited inflation as the main source of business uncertainty. While this is still a significant concern, it has fallen to 48% of respondents.

    More dramatically, however, geopolitical risk and tariffs combined were nominated by 52% of businesses in April as one of the main sources of uncertainty. This is up from about 20% of firms in June last year.

    This global uncertainty is translating into uncertainty about individual business conditions. There is an increase in the percentage of businesses that expect deteriorating conditions for their business. And there is also an increase in uncertainty about the likely outcomes for their industry conditions, product demand, and access to credit and business inputs.

    Risks for hiring and investment

    While deteriorating expectations are a source of concern, the rise in uncertainty is like a one-two punch. Businesses that are uncertain about the future will stop hiring or investing until they have a better idea of what the future holds.

    Indeed, during the Great Depression in the 1930s, uncertainty about the future exacerbated the initial downturn and helped turn it from a recession into a depression. This paralysing uncertainty is what led US President Franklin D. Roosevelt to utter the famous line “the only thing we have to fear is fear itself.”

    While the situation in Australia is not nearly that dire, you can see the consequences of the uncertainty in businesses’ expectations for both their own businesses and the economy more generally.

    In light of the tariff tensions, the majority of businesses are adopting a “wait and see” approach and expect to keep employment and investment unchanged in the next 12 months. The majority (62%) also expect their costs will be higher and, consequently, that they will have to raise their prices.

    What it means for the RBA

    Most businesses surveyed also anticipate higher inflation and lower economic growth in Australia. That is, stagflation.

    This has important consequences for the next Reserve Bank board meeting in May.

    The March quarter consumer price index, to be released on April 30, is unlikely to show the effects of the trade tensions. But monetary policy needs to be set in a forward-looking manner. That means business expectations of higher costs, prices and inflation over the next 12 months could argue for higher interest rates than otherwise.

    Complicating the picture is the expectation of slower economic growth, which would usually argue for lower interest rates.

    On balance, the majority of businesses surveyed in April expect the Reserve Bank to lower the cash rate in response to the trade war.

    Regardless, what is undeniable is that uncertainty has increased in the last few months. And that means that policymakers need to deal with the uncertainty itself. Slightly lower interest rates or a little extra government spending cannot, of themselves, overcome the paralysing effects of uncertainty.

    As such, the Reserve Bank and the government need to talk about not just their central expectations, but their strategy for dealing with the uncertainty around those expectations.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. New survey shows business outlook is weakening and uncertainty rising as the trade war bites – https://theconversation.com/new-survey-shows-business-outlook-is-weakening-and-uncertainty-rising-as-the-trade-war-bites-255101

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: RBB Bancorp Reports First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, April 28, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter ended March 31, 2025.

    First Quarter 2025 Highlights

    • Net income totaled $2.3 million, or $0.13 diluted earnings per share
    • Return on average assets of 0.24%, compared to 0.44% for the quarter ended December 31, 2024
    • Net interest margin expanded to 2.88%, up from 2.76% for the quarter ended December 31, 2024
    • Net loans held for investment growth of $89.8 million, or 12% annualized 
    • Nonperforming assets decreased $16.5 million, or 20.3%, to $64.6 million at March 31, 2025, down from $81.0 million at December 31, 2024
    • Book value and tangible book value per share(1) increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024 

    The Company reported net income of $2.3 million, or $0.13 diluted earnings per share, for the quarter ended March 31, 2025, compared to net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024. First quarter of 2025 net income included $6.7 million in pre-tax provision for credit losses mostly related to reducing exposure to nonperforming loans, including higher specific reserves.

    “First quarter net income declined to $2.3 million, or 13 cents per share, as we took decisive action to address our nonperforming loans,” said David Morris, Chief Executive Officer of RBB Bancorp. “We reduced our net exposure to nonperforming loans to $51 million, including specific reserves, or 32% since year end. We remain focused on resolving our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital and we think our actions in the first quarter reflect this.”

    “Our loan production was relatively strong during the first quarter driven by continued execution of our initiatives, which resulted in 12% annualized net loan growth. Our loan prospect pipeline continues to be healthy, and we anticipate loan growth to continue in the second quarter, albeit likely at a more moderate pace,” said Johnny Lee, President of RBB Bancorp and President and Chief Executive Officer of the Bank. “While the market environment is volatile, we have not observed significant signs of financial impact to our clients at this time.”

    (1 ) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

    Net Interest Income and Net Interest Margin

    Net interest income was $26.2 million for the first quarter of 2025, compared to $26.0 million for the fourth quarter of 2024. The $186,000 increase was due to a $2.4 million decrease in interest expense, offset by a $2.2 million decrease in interest income. The decrease in interest income was mostly due to the impact of fewer days in the quarter of $1.2 million and lower average excess liquidity (cash and cash equivalents and investment securities) of $1.5 million. The decrease in interest expense was mostly due to the impact of lower average funding rates of $1.5 million, fewer days in the quarter of $621,000 and lower average interest-bearing liabilities of $336,000. The $1.5 million attributed to lower average funding rates included $1.8 million due to a 29 basis point decrease in the average cost of interest-bearing deposits.

    The net interest margin (“NIM”) was 2.88% for the first quarter of 2025, an increase of 12 basis points from 2.76% for the fourth quarter of 2024. The NIM expansion was due to a 17 basis point decrease in the overall cost of funds, partially offset by a 3 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.76% for the first quarter of 2025 from 5.79% for the fourth quarter of 2024 due mainly to a decrease in the yield on average cash and cash equivalents of 32 basis points and average loans of 2 basis points, partially offset by the benefit of a change in the mix in average-earning assets. Average loans represented 84% of average interest-earning assets in the first quarter of 2025, as compared to 82% in the fourth quarter of 2024.

    The average cost of funds decreased to 3.15% for the first quarter of 2025 from 3.32% for the fourth quarter of 2024, driven by a 29 basis point decrease in the average cost of interest-bearing deposits, partially offset by a 38 basis point increase in the average cost of borrowings. The average cost of interest-bearing deposits decreased to 3.77% for the first quarter of 2025 from 4.06% for the fourth quarter of 2024. During the first quarter of 2025, $150.0 million in Federal Home Loan Bank (“FHLB”) advances with an average cost of 1.18% matured and were largely replaced with $110.0 million in FHLB advances with various terms at an average rate of 3.88%. The overall funding mix for the first quarter of 2025 remained relatively unchanged from the fourth quarter of 2024 with total deposits representing 90% of the funding mix and average noninterest-bearing deposits representing 17% of average total deposits. The all-in average spot rate for total deposits was 3.06% at March 31, 2025.

    Provision for Credit Losses

    The provision for credit losses was $6.7 million for the first quarter of 2025 compared to $6.0 million for the fourth quarter of 2024. The first quarter of 2025 provision for credit losses was due to an increase in specific reserves of $2.8 million, net charge-offs of $2.6 million and an increase in general reserves of $1.3 million due mainly to net loan growth. The first quarter increase in specific reserves related mostly to two lending relationships. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming single-family residential (“SFR”) mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to other real estate owned (“OREO”) and subsequently sold. Net charge-offs on an annualized basis represented 0.35% of average loans for the first quarter of 2025 compared to 0.26% for the fourth quarter of 2024. The first quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including changes in nonperforming loans, special mention and substandard loans during the period.

    Noninterest Income

    Noninterest income for the first quarter of 2025 was $2.3 million, a decrease of $434,000 from $2.7 million for the fourth quarter of 2024. This decrease was mostly due to the fourth quarter of 2024 including $258,000 of income from a Bank Enterprise Award grant (included in other income) and lower net gain on sale of loans as compared to the fourth quarter of 2024.

    Noninterest Expense

    Noninterest expense for the first quarter of 2025 was $18.5 million, an increase of $873,000 from $17.6 million for the fourth quarter of 2024. This increase was mostly due to higher salaries and employee benefits expense of $716,000 attributed to higher payroll taxes and annual pay increases, which are typically reflected in the first quarter of the year. The annualized noninterest expenses to average assets ratio was 1.90% for the first quarter of 2025, up from 1.76% for the fourth quarter of 2024. The efficiency ratio was 65.1% for the first quarter of 2025, up from 61.5% for the fourth quarter of 2024 due mostly to higher noninterest expense.

    Income Taxes

    The effective tax rate was 28.2% for the first quarter of 2025 and 13.3% for the fourth quarter of 2024. The increase in the effective tax rate for the first quarter was due in part to lower tax credits combined with higher estimated pre-tax net income for the full year of 2025 as compared to the prior quarter.2

    Balance Sheet

    At March 31, 2025, total assets were $4.0 billion, a $16.9 million increase compared to December 31, 2024, and a $131.4 million increase compared to March 31, 2024.

    Loan and Securities Portfolio

    Loans held for investment (“HFI”) totaled $3.1 billion as of March 31, 2025, an increase of $89.8 million, or 12% annualized, compared to December 31, 2024 and an increase of $115.7 million, or 3.8%, compared to March 31, 2024. The first quarter of 2025 net loan growth included $201 million in new production with an average yield of 6.77%. When loan sales, charge-offs, and foreclosures totaling $28.6 million are considered, the annualized first quarter net loan growth rate was 16%. The increase from December 31, 2024 was primarily due to a $51.8 million increase in SFR mortgage loans, a $44.0 million increase in commercial real estate (“CRE”) loans, a $6.0 million increase in commercial and industrial (“C&I”) loans and a $3.4 million increase in Small Business Administration (“SBA”) loans, partially offset by a $14.4 million decrease in construction and land development (“C&D”) loans. The loan to deposit ratio was 98.4% at March 31, 2025, compared to 97.5% at December 31, 2024 and 98.6% at March 31, 2024. 

    As of March 31, 2025, available for sale securities totaled $378.2 million, a decrease of $42.0 million from December 31, 2024, primarily related to the net decrease in short-term commercial paper of $41.4 million due to maturity and purchase activity during the first quarter of 2025. As of March 31, 2025, net unrealized losses totaled $25.0 million, a $4.2 million decrease, when compared to net unrealized losses of $29.2 million as of December 31, 2024.

    Deposits

    Total deposits were $3.1 billion as of March 31, 2025, an increase of $58.8 million, or 7.7% annualized, compared to December 31, 2024 and an increase of $114.3 million, or 3.8%, compared to March 31, 2024. The increase during the first quarter of 2025 was due to a $93.6 million increase in interest-bearing deposits, while noninterest-bearing deposits decreased $34.8 million. The increase in interest-bearing deposits included increases in non-maturity deposits of $58.2 million and time deposits of $35.5 million. Wholesale deposits totaled $158.5 million at March 31, 2025, and $147.5 million at December 31, 2024. Noninterest-bearing deposits totaled $528.2 million and represented 16.8% of total deposits at March 31, 2025 compared to $563.0 million and 18.3% at December 31, 2024.

    Credit Quality

    Nonperforming assets totaled $64.6 million, or 1.61% of total assets, at March 31, 2025, down from $81.0 million, or 2.03% of total assets, at December 31, 2024. The $16.5 million decrease in nonperforming assets was due to sales totaling $20.0 million and payoffs or paydowns of $1.8 million, partially offset by the addition of one $5.3 million CRE loan placed on nonaccrual status in the first quarter of 2025. Nonperforming assets included one $4.2 million OREO (included in “Accrued interest and other assets”) at March 31, 2025, which was a nonaccrual loan at December 31, 2024.

    Special mention loans totaled $64.3 million, or 2.05% of total loans, at March 31, 2025, down from $65.3 million, or 2.14% of total loans, at December 31, 2024. The $1.1 million decrease was primarily due to the upgrade of one $1.7 million CRE loan to a pass-rated loan, offset by the addition of one $578,000 C&I loan. All special mention loans are paying current.

    Substandard loans totaled $76.4 million at March 31, 2025, down from $100.3 million at December 31, 2024. This $24.0 million decrease was primarily due to loan sales totaling $11.7 million, transfers to OREO totaling $12.8 million, of which $8.8 million was subsequently sold during the first quarter of 2025, and payoffs and paydowns totaling $5.4 million, partially offset by the downgrade of two loans totaling $6.2 million. Of the total substandard loans at March 31, 2025, there were $16.0 million on accrual status.

    30-89 day delinquent loans, excluding nonperforming loans, totaled $5.9 million, or 0.19% of total loans, at March 31, 2025, down from $22.1 million, or 0.72% of total loans, at December 31, 2024. The $16.2 million decrease was mostly due to $16.3 million in loans returning to current status, $2.9 million in SFR mortgage loans included in the bulk sale of several underperforming SFR mortgage loans and $398,000 in paydowns and payoffs, offset by $3.5 million in new delinquent loans.3

    As of March 31, 2025, the allowance for credit losses totaled $52.6 million and was comprised of an allowance for loan losses of $51.9 million and a reserve for unfunded commitments of $629,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $48.5 million, comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 at December 31, 2024. The $4.1 million increase in the allowance for credit losses for the first quarter of 2025 was due to a $6.7 million provision for credit losses offset by net charge-offs of $2.6 million. Net charge-offs included $1.4 million related to a bulk sale of $10.8 million in underperforming SFR mortgage loans, of which $6.5 million were on nonaccrual at the end of the year, and $1.2 million related to an $8.8 million loan transferred to OREO and subsequently sold. The allowance for loan losses as a percentage of loans HFI increased to 1.65% at March 31, 2025, compared to 1.56% at December 31, 2024, due to an increase in specific reserves. The allowance for loan losses as a percentage of nonperforming loans HFI was 86% at March 31, 2025, an increase from 68% at December 31, 2024. 

        For the Three Months Ended March 31, 2025  
    (dollars in thousands)   Allowance for
    loan losses    		     Reserve for
    unfunded loan
    commitments    		     Allowance for
    credit losses    		  
    Beginning balance   $ 47,729     $ 729     $ 48,458  
    Provision for (reversal of) credit losses     6,846       (100 )     6,746  
    Less loans charged-off     (2,727 )     —       (2,727 )
    Recoveries on loans charged-off     84       —       84  
    Ending balance   $ 51,932     $ 629     $ 52,561  

    Shareholders’ Equity

    At March 31, 2025, total shareholders’ equity was $510.3 million, a $2.4 million increase compared to December 31, 2024, and a $3.7 million decrease compared to March 31, 2024. The increase in shareholders’ equity for the first quarter of 2025 was due to lower net unrealized losses on available for sale securities of $3.0 million, net income of $2.3 million and equity compensation activity of $43,000, offset by common stock cash dividends paid of $2.9 million. The decrease in shareholders’ equity for the last twelve months was due to common stock repurchases of $19.2 million and dividends paid of $11.6 million on common stock, offset by net income of $20.9 million, lower net unrealized losses on available for sale securities of $3.7 million, and equity compensation activity of $2.5 million. Book value per share and tangible book value per share(1) increased to $28.77 and $24.63 at March 31, 2025, up from $28.66 and $24.51 at December 31, 2024 and up from $27.67 and $23.68 at March 31, 2024.

    (1 ) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of March 31, 2025, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, April 29, 2025, to discuss the Company’s first quarter 2025 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 534591, conference ID RBBQ125. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 52277, approximately one hour after the conclusion of the call and will remain available through May 13, 2025.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; tariffs, trade policies, and related tensions, which could impact our clients, specific industry sectors, and/or broader economic conditions and financial market; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system and increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the impact of changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2024, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
     
        March 31,     December 31,     September 30,     June 30,     March 31,  
        2025     2024     2024     2024     2024  
    Assets                                        
    Cash and due from banks   $ 25,315     $ 27,747     $ 26,388     $ 23,313     $ 21,887  
    Interest-earning deposits with financial institutions     213,508       229,998       323,002       229,456       247,356  
    Cash and cash equivalents     238,823       257,745       349,390       252,769       269,243  
    Interest-earning time deposits with financial institutions     600       600       600       600       600  
    Investment securities available for sale     378,188       420,190       305,666       325,582       335,194  
    Investment securities held to maturity     5,188       5,191       5,195       5,200       5,204  
    Loans held for sale     655       11,250       812       3,146       3,903  
    Loans held for investment     3,143,063       3,053,230       3,091,896       3,047,712       3,027,361  
    Allowance for loan losses     (51,932 )     (47,729 )     (43,685 )     (41,741 )     (41,688 )
    Net loans held for investment     3,091,131       3,005,501       3,048,211       3,005,971       2,985,673  
    Premises and equipment, net     24,308       24,601       24,839       25,049       25,363  
    Federal Home Loan Bank (FHLB) stock     15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance     60,699       60,296       59,889       59,486       59,101  
    Goodwill     71,498       71,498       71,498       71,498       71,498  
    Servicing assets     6,766       6,985       7,256       7,545       7,794  
    Core deposit intangibles     1,839       2,011       2,194       2,394       2,594  
    Right-of-use assets     26,779       28,048       29,283       30,530       31,231  
    Accrued interest and other assets     87,926       83,561       70,644       63,416       65,608  
    Total assets   $ 4,009,400     $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006  
    Liabilities and shareholders’ equity                                        
    Deposits:                                        
    Noninterest-bearing demand   $ 528,205     $ 563,012     $ 543,623     $ 542,971     $ 539,517  
    Savings, NOW and money market accounts     721,216       663,034       666,089       647,770       642,840  
    Time deposits, $250,000 and under     1,000,106       1,007,452       1,052,462       1,014,189       1,083,898  
    Time deposits, greater than $250,000     893,101       850,291       830,010       818,675       762,074  
    Total deposits     3,142,628       3,083,789       3,092,184       3,023,605       3,028,329  
    FHLB advances     160,000       200,000       200,000       150,000       150,000  
    Long-term debt, net of issuance costs     119,624       119,529       119,433       119,338       119,243  
    Subordinated debentures     15,211       15,156       15,102       15,047       14,993  
    Lease liabilities – operating leases     28,483       29,705       30,880       32,087       32,690  
    Accrued interest and other liabilities     33,148       36,421       23,150       16,818       18,765  
    Total liabilities     3,499,094       3,484,600       3,480,749       3,356,895       3,364,020  
    Shareholders’ equity:                                        
    Common stock     260,284       259,957       259,280       266,160       271,645  
    Additional paid-in capital     3,360       3,645       3,520       3,456       3,348  
    Retained earnings     263,885       264,460       262,946       262,518       259,903  
    Non-controlling interest     72       72       72       72       72  
    Accumulated other comprehensive loss, net     (17,295 )     (20,257 )     (16,090 )     (20,915 )     (20,982 )
    Total shareholders’ equity     510,306       507,877       509,728       511,291       513,986  
    Total liabilities and shareholders’ equity   $ 4,009,400     $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006  
     
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 
     
        For the Three Months Ended  
        March 31, 2025     December 31, 2024     March 31, 2024  
    Interest and dividend income:                        
    Interest and fees on loans   $ 45,621     $ 46,374     $ 45,547  
    Interest on interest-earning deposits     2,014       3,641       5,040  
    Interest on investment securities     4,136       3,962       3,611  
    Dividend income on FHLB stock     330       330       331  
    Interest on federal funds sold and other     235       248       266  
    Total interest and dividend income     52,336       54,555       54,795  
    Interest expense:                        
    Interest on savings deposits, NOW and money market accounts     4,468       4,671       4,478  
    Interest on time deposits     19,084       21,361       23,322  
    Interest on long-term debt and subordinated debentures     1,632       1,660       1,679  
    Interest on FHLB advances     989       886       439  
    Total interest expense     26,173       28,578       29,918  
    Net interest income before provision for credit losses     26,163       25,977       24,877  
    Provision for credit losses     6,746       6,000       —  
    Net interest income after provision for credit losses     19,417       19,977       24,877  
    Noninterest income:                        
    Service charges and fees     1,017       988       992  
    Gain on sale of loans     81       376       312  
    Loan servicing fees, net of amortization     588       492       589  
    Increase in cash surrender value of life insurance     403       407       382  
    Gain on OREO     —       —       724  
    Other income     206       466       373  
    Total noninterest income     2,295       2,729       3,372  
    Noninterest expense:                        
    Salaries and employee benefits     10,643       9,927       9,927  
    Occupancy and equipment expenses     2,407       2,403       2,443  
    Data processing     1,602       1,499       1,420  
    Legal and professional     1,515       1,355       880  
    Office expenses     408       399       356  
    Marketing and business promotion     197       251       172  
    Insurance and regulatory assessments     730       677       982  
    Core deposit premium     172       182       201  
    Other expenses     848       956       588  
    Total noninterest expense     18,522       17,649       16,969  
    Income before income taxes     3,190       5,057       11,280  
    Income tax expense     900       672       3,244  
    Net income   $ 2,290     $ 4,385     $ 8,036  
                             
    Net income per share                        
    Basic   $ 0.13     $ 0.25     $ 0.43  
    Diluted   $ 0.13     $ 0.25     $ 0.43  
    Cash dividends declared per common share   $ 0.16     $ 0.16     $ 0.16  
    Weighted-average common shares outstanding                        
    Basic     17,727,712       17,704,992       18,601,277  
    Diluted     17,770,588       17,796,840       18,666,683  
                             
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
     
        For the Three Months Ended  
        March 31, 2025     December 31, 2024     March 31, 2024  
    (tax-equivalent basis,    Average     Interest     Yield /     Average     Interest     Yield /     Average     Interest     Yield /  
      dollars in thousands)   Balance     & Fees     Rate     Balance     & Fees     Rate     Balance     & Fees     Rate  
    Interest-earning assets                                                                        
    Cash and cash equivalents (1)   $ 194,236     $ 2,249       4.70 %   $ 308,455     $ 3,890       5.02 %   $ 364,979     $ 5,306       5.85 %
    FHLB Stock     15,000       330       8.92 %     15,000       330       8.75 %     15,000       331       8.88 %
    Securities                                                                        
    Available for sale (2)     390,178       4,113       4.28 %     361,253       3,939       4.34 %     320,015       3,589       4.51 %
    Held to maturity (2)     5,189       49       3.83 %     5,194       48       3.68 %     5,207       46       3.55 %
    Total loans (3)     3,079,224       45,621       6.01 %     3,059,786       46,374       6.03 %     3,018,423       45,547       6.07 %
    Total interest-earning assets     3,683,827     $ 52,362       5.76 %     3,749,688     $ 54,581       5.79 %     3,723,624     $ 54,819       5.92 %
    Total noninterest-earning assets     260,508                       244,609                       246,341                  
    Total average assets   $ 3,944,335                     $ 3,994,297                     $ 3,969,965                  
                                                                             
    Interest-bearing liabilities                                                                        
    NOW     61,222       321       2.13 %   $ 53,879     $ 254       1.88 %   $ 58,946     $ 298       2.03 %
    Money market     463,443       3,625       3.17 %     463,850       3,735       3.20 %     411,751       3,526       3.44 %
    Saving deposits     155,116       522       1.36 %     162,351       682       1.67 %     157,227       654       1.67 %
    Time deposits, $250,000 and under     989,622       10,046       4.12 %     1,034,946       11,583       4.45 %     1,175,804       13,805       4.72 %
    Time deposits, greater than $250,000     864,804       9,038       4.24 %     835,583       9,778       4.66 %     785,172       9,517       4.88 %
    Total interest-bearing deposits     2,534,207       23,552       3.77 %     2,550,609       26,032       4.06 %     2,588,900       27,800       4.32 %
    FHLB advances     176,833       989       2.27 %     200,000       886       1.76 %     150,000       439       1.18 %
    Long-term debt     119,562       1,295       4.39 %     119,466       1,295       4.31 %     119,180       1,295       4.37 %
    Subordinated debentures     15,175       337       9.01 %     15,121       365       9.60 %     14,957       384       10.33 %
    Total interest-bearing liabilities     2,845,777       26,173       3.73 %     2,885,196       28,578       3.94 %     2,873,037       29,918       4.19 %
    Noninterest-bearing liabilities                                                                        
    Noninterest-bearing deposits     520,145                       539,900                       528,346                  
    Other noninterest-bearing liabilities     66,151                       56,993                       55,795                  
    Total noninterest-bearing liabilities     586,296                       596,893                       584,141                  
    Shareholders’ equity     512,262                       512,208                       512,787                  
    Total liabilities and shareholders’ equity   $ 3,944,335                     $ 3,994,297                     $ 3,969,965                  
    Net interest income / interest rate spreads           $ 26,189       2.03 %           $ 26,003       1.85 %           $ 24,901       1.73 %
    Net interest margin                     2.88 %                     2.76 %                     2.69 %
                                                                             
    Total cost of deposits   $ 3,054,352     $ 23,552       3.13 %   $ 3,090,509     $ 26,032       3.35 %   $ 3,117,246     $ 27,800       3.59 %
    Total cost of funds   $ 3,365,922     $ 26,173       3.15 %   $ 3,425,096     $ 28,578       3.32 %   $ 3,401,383     $ 29,918       3.54 %
    (1 ) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2 ) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3 ) Average loan balances relate to loans held for investment and loans held for sale and include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
     
        At or for the Three Months Ended  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Per share data (common stock)                        
    Book value   $ 28.77     $ 28.66     $ 27.67  
    Tangible book value (1)   $ 24.63     $ 24.51     $ 23.68  
    Performance ratios                        
    Return on average assets, annualized     0.24 %     0.44 %     0.81 %
    Return on average shareholders’ equity, annualized     1.81 %     3.41 %     6.30 %
    Return on average tangible common equity, annualized (1)     2.12 %     3.98 %     7.37 %
    Noninterest income to average assets, annualized     0.24 %     0.27 %     0.34 %
    Noninterest expense to average assets, annualized     1.90 %     1.76 %     1.72 %
    Yield on average earning assets     5.76 %     5.79 %     5.92 %
    Yield on average loans     6.01 %     6.03 %     6.07 %
    Cost of average total deposits (2)     3.13 %     3.35 %     3.59 %
    Cost of average interest-bearing deposits     3.77 %     4.06 %     4.32 %
    Cost of average interest-bearing liabilities     3.73 %     3.94 %     4.19 %
    Net interest spread     2.03 %     1.85 %     1.73 %
    Net interest margin     2.88 %     2.76 %     2.69 %
    Efficiency ratio (3)     65.09 %     61.48 %     60.07 %
    Common stock dividend payout ratio     123.08 %     64.00 %     37.21 %
                             
    (1 ) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2 ) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3 ) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
     
        At or for the quarter ended  
        March 31,     December 31,     March 31,  
        2025     2024     2024  
    Credit Quality Data:                        
    Special mention loans   $ 64,279     $ 65,329     $ 20,580  
    Special mention loans to total loans     2.05 %     2.14 %     0.68 %
    Substandard loans HFI   $ 76,372     $ 89,141     $ 57,170  
    Substandard loans HFS   $ —     $ 11,195     $ —  
    Substandard loans HFI to total loans HFI     2.43 %     2.92 %     1.89 %
    Loans 30-89 days past due, excluding nonperforming loans   $ 5,927     $ 22,086     $ 20,950  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans     0.19 %     0.72 %     0.69 %
    Nonperforming loans HFI   $ 60,380     $ 69,843     $ 35,935  
    Nonperforming loans HFS   $ —     $ 11,195     $ —  
    OREO   $ 4,170     $ —     $ 1,071  
    Nonperforming assets   $ 64,550     $ 81,038     $ 37,006  
    Nonperforming loans HFI to total loans HFI     1.92 %     2.29 %     1.19 %
    Nonperforming assets to total assets     1.61 %     2.03 %     0.95 %
                             
    Allowance for loan losses   $ 51,932     $ 47,729     $ 41,688  
    Allowance for loan losses to total loans HFI     1.65 %     1.56 %     1.38 %
    Allowance for loan losses to nonperforming loans HFI     86.01 %     68.34 %     116.01 %
    Net charge-offs   $ 2,643     $ 2,006     $ 184  
    Net charge-offs to average loans     0.35 %     0.26 %     0.02 %
                             
    Capital ratios (1)                        
    Tangible common equity to tangible assets (2)     11.10 %     11.08 %     11.56 %
    Tier 1 leverage ratio     12.07 %     11.92 %     12.16 %
    Tier 1 common capital to risk-weighted assets     17.87 %     17.94 %     19.10 %
    Tier 1 capital to risk-weighted assets     18.45 %     18.52 %     19.72 %
    Total capital to risk-weighted assets     24.41 %     24.49 %     25.91 %
    (1 ) March 31, 2025 capital ratios are preliminary.
    (2 ) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
     
    Loan Portfolio Detail   As of March 31, 2025   As of December 31, 2024     As of March 31, 2024  
    (dollars in thousands)   $   %   $     %     $     %  
    Loans:                                          
    Commercial and industrial   $ 135,538   4.3 %   $ 129,585       4.2 %   $ 121,441       4.0 %
    SBA     50,651   1.6 %     47,263       1.5 %     54,677       1.8 %
    Construction and land development     158,883   5.1 %     173,290       5.7 %     198,070       6.5 %
    Commercial real estate (1)     1,245,402   39.6 %     1,201,420       39.3 %     1,178,498       38.9 %
    Single-family residential mortgages     1,545,822   49.2 %     1,494,022       48.9 %     1,463,497       48.4 %
    Other loans     6,767   0.2 %     7,650       0.4 %     11,178       0.4 %
    Total loans (2)   $ 3,143,063   100.0 %   $ 3,053,230       100.0 %   $ 3,027,361       100.0 %
    Allowance for loan losses     (51,932 )       (47,729 )             (41,688 )        
    Total loans, net   $ 3,091,131       $ 3,005,501             $ 2,985,673          
    (1 ) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2 ) Net of discounts and deferred fees and costs of $808, $488, and $474 as of March 31, 2025, December 31, 2024, and March 31, 2024, respectively.
    Deposits   As of March 31, 2025   As of December 31, 2024     As of March 31, 2024  
    (dollars in thousands)   $   %   $     %     $     %  
    Deposits:                                          
    Noninterest-bearing demand   $ 528,205   16.8 %   $ 563,012       18.3 %   $ 539,517       17.8 %
    Savings, NOW and money market accounts     721,216   22.9 %     663,034       21.5 %     642,840       21.2 %
    Time deposits, $250,000 and under     863,962   27.5 %     882,438       28.6 %     901,738       29.8 %
    Time deposits, greater than $250,000     870,708   27.8 %     827,854       26.8 %     746,611       24.7 %
    Wholesale deposits (1)     158,537   5.0 %     147,451       4.8 %     197,623       6.5 %
    Total deposits   $ 3,142,628   100.0 %   $ 3,083,789       100.0 %   $ 3,028,329       100.0 %
    (1 ) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of March 31, 2025, December 31, 2024, and March 31, 2024.

                           
    (dollars in thousands, except share and per share data)   March 31, 2025     December 31, 2024     March 31, 2024  
    Tangible common equity:                        
    Total shareholders’ equity   $ 510,306     $ 507,877     $ 513,986  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (1,839 )     (2,011 )     (2,594 )
    Tangible common equity   $ 436,969     $ 434,368     $ 439,894  
    Tangible assets:                        
    Total assets-GAAP   $ 4,009,400     $ 3,992,477     $ 3,878,006  
    Adjustments                        
    Goodwill     (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible     (1,839 )     (2,011 )     (2,594 )
    Tangible assets   $ 3,936,063     $ 3,918,968     $ 3,803,914  
    Common shares outstanding     17,738,628       17,720,416       18,578,132  
    Common equity to assets ratio     12.73 %     12.72 %     13.25 %
    Tangible common equity to tangible assets ratio     11.10 %     11.08 %     11.56 %
    Book value per share   $ 28.77     $ 28.66     $ 27.67  
    Tangible book value per share   $ 24.63     $ 24.51     $ 23.68  

    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

        Three Months Ended  
    (dollars in thousands)   March 31, 2025     December 31, 2024     March 31, 2024  
    Net income available to common shareholders   $ 2,290     $ 4,385     $ 8,036  
    Average shareholders’ equity     512,262       512,208       512,787  
    Adjustments:                        
    Average goodwill     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible     (1,951 )     (2,129 )     (2,726 )
    Adjusted average tangible common equity   $ 438,813     $ 438,581     $ 438,563  
    Return on average common equity, annualized     1.81 %     3.41 %     6.30 %
    Return on average tangible common equity, annualized     2.12 %     3.98 %     7.37 %

    The MIL Network –

  • MIL-OSI USA: Nigerian National Sentenced to Prison for International Fraud Scheme that Defrauded Elderly U.S. Victims

    Source: US State of California

    A Nigerian national was sentenced on Friday to 97 months in prison for his role in a transnational inheritance fraud scheme.

    According to court documents, Okezie Bonaventure Ogbata, 36, was a member of a group of fraudsters that sent personalized letters to elderly victims in the United States over the course of several years. The letters falsely claimed that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left for the recipient by a family member who had died overseas years before. Ogbata and his co-conspirators told a series of lies to victims, including that, before they could receive their purported inheritance, they were required to send money for delivery fees, taxes, and other payments to avoid questioning from government authorities. Ogbata and his co-conspirators collected money victims sent in response to the fraudulent letters through a complex web of U.S.-based former victims, whom the defendants convinced to receive money and forward to the defendants or persons associated with them. Victims who sent money never received any purported inheritance funds. In pleading guilty, Ogbata admitted to defrauding over $6 million from more than 400 victims, many of whom were elderly or otherwise vulnerable.

    “The Justice Department’s Consumer Protection Branch will continue to pursue, prosecute, and bring to justice transnational criminals responsible for defrauding U.S. consumers, wherever they are located,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “This case is a testament to the critical role of international collaboration in tackling transnational crime. I want to thank our U.S. law enforcement partners, as well as those who assisted across the globe, including the Portuguese Judicial Police and Public Prosecution Service of Portugal, for their outstanding contributions to this case.”

    “The long arm of the American justice system has no limits when it comes to reaching fraudsters who prey on our nation’s most vulnerable populations, to include the elderly,” said U.S. Attorney Hayden P. Byrne for the Southern District of Florida. “We will not allow transnational criminals to steal money from the public we serve. Individuals who defraud American consumers will be brought to justice, no matter where they are located.”

    “The U.S. Postal Inspection Service (USPIS) has a long history of protecting American citizens from these types of schemes and bringing those responsible to justice,” said Acting Postal Inspector in Charge Steven Hodges of the USPIS Miami Division. “Today’s sentencing is a testament to the dedicated partnership between the Department of Justice’s Consumer Protection Branch, HSI and USPIS to protect our citizens from these scams.”

    “It’s inconceivable to imagine any human being robbing from those who’ve spent a lifetime working and building a life, and then are duped out of it all,” said Special Agent in Charge Fransisco B. Burrola of Homeland Security Investigations (HSI) Arizona. “Together, with our law enforcement partners, we will not tolerate this kind of behavior – we will bring justice to those who have wronged and stolen from so many people.”

    Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian and Trial Attorneys Josh Rothman and Brianna Gardner of the Civil Division’s Consumer Protection Branch are prosecuting the case. USPIS and HSI investigated the case. The Justice Department’s Office of International Affairs, the U.S. Attorney’s Office for the Southern District of Florida, Europol, and authorities from the UK, Spain, and Portugal all provided critical assistance.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL OSI USA News –

  • MIL-OSI Security: Nigerian National Sentenced to Prison for International Fraud Scheme that Defrauded Elderly U.S. Victims

    Source: United States Attorneys General 6

    A Nigerian national was sentenced on Friday to 97 months in prison for his role in a transnational inheritance fraud scheme.

    According to court documents, Okezie Bonaventure Ogbata, 36, was a member of a group of fraudsters that sent personalized letters to elderly victims in the United States over the course of several years. The letters falsely claimed that the sender was a representative of a bank in Spain and that the recipient was entitled to receive a multimillion-dollar inheritance left for the recipient by a family member who had died overseas years before. Ogbata and his co-conspirators told a series of lies to victims, including that, before they could receive their purported inheritance, they were required to send money for delivery fees, taxes, and other payments to avoid questioning from government authorities. Ogbata and his co-conspirators collected money victims sent in response to the fraudulent letters through a complex web of U.S.-based former victims, whom the defendants convinced to receive money and forward to the defendants or persons associated with them. Victims who sent money never received any purported inheritance funds. In pleading guilty, Ogbata admitted to defrauding over $6 million from more than 400 victims, many of whom were elderly or otherwise vulnerable.

    “The Justice Department’s Consumer Protection Branch will continue to pursue, prosecute, and bring to justice transnational criminals responsible for defrauding U.S. consumers, wherever they are located,” said Acting Assistant Attorney General Yaakov M. Roth of the Justice Department’s Civil Division. “This case is a testament to the critical role of international collaboration in tackling transnational crime. I want to thank our U.S. law enforcement partners, as well as those who assisted across the globe, including the Portuguese Judicial Police and Public Prosecution Service of Portugal, for their outstanding contributions to this case.”

    “The long arm of the American justice system has no limits when it comes to reaching fraudsters who prey on our nation’s most vulnerable populations, to include the elderly,” said U.S. Attorney Hayden P. Byrne for the Southern District of Florida. “We will not allow transnational criminals to steal money from the public we serve. Individuals who defraud American consumers will be brought to justice, no matter where they are located.”

    “The U.S. Postal Inspection Service (USPIS) has a long history of protecting American citizens from these types of schemes and bringing those responsible to justice,” said Acting Postal Inspector in Charge Steven Hodges of the USPIS Miami Division. “Today’s sentencing is a testament to the dedicated partnership between the Department of Justice’s Consumer Protection Branch, HSI and USPIS to protect our citizens from these scams.”

    “It’s inconceivable to imagine any human being robbing from those who’ve spent a lifetime working and building a life, and then are duped out of it all,” said Special Agent in Charge Fransisco B. Burrola of Homeland Security Investigations (HSI) Arizona. “Together, with our law enforcement partners, we will not tolerate this kind of behavior – we will bring justice to those who have wronged and stolen from so many people.”

    Senior Trial Attorney and Transnational Criminal Litigation Coordinator Phil Toomajian and Trial Attorneys Josh Rothman and Brianna Gardner of the Civil Division’s Consumer Protection Branch are prosecuting the case. USPIS and HSI investigated the case. The Justice Department’s Office of International Affairs, the U.S. Attorney’s Office for the Southern District of Florida, Europol, and authorities from the UK, Spain, and Portugal all provided critical assistance.

    If you or someone you know is age 60 or older and has been a victim of financial fraud, help is standing by at the National Elder Fraud Hotline: 1-833-FRAUD-11 (1-833-372-8311). This U.S. Department of Justice hotline, managed by the Office for Victims of Crime, is staffed by experienced professionals who provide personalized support to callers by assessing the needs of the victim and identifying relevant next steps. Case managers will identify appropriate reporting agencies, provide information to callers to assist them in reporting, connect callers directly with appropriate agencies, and provide resources and referrals, on a case-by-case basis. Reporting is the first step. Reporting can help authorities identify those who commit fraud and reporting certain financial losses due to fraud as soon as possible can increase the likelihood of recovering losses. The hotline is open Monday through Friday from 10:00 a.m. to 6:00 p.m. ET. English, Spanish, and other languages are available.

    More information about the department’s efforts to help American seniors is available at its Elder Justice Initiative webpage. For more information about the Consumer Protection Branch and its enforcement efforts, visit its website at www.justice.gov/civil/consumer-protection-branch. Elder fraud complaints may be filed with the FTC at https://reportfraud.ftc.gov/  or at 877-FTC-HELP. The Department of Justice provides a variety of resources relating to elder fraud victimization through its Office for Victims of Crime, which can be reached at www.ovc.gov.

    MIL Security OSI –

  • MIL-OSI: Financial Institutions, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, N.Y., April 28, 2025 (GLOBE NEWSWIRE) — Financial Institutions, Inc. (NASDAQ: FISI) (the “Company,” “we” or “us”), parent company of Five Star Bank (the “Bank”) and Courier Capital, LLC (“Courier Capital”), today reported financial and operational results for the first quarter ended March 31, 2025.

    The Company reported net income of $16.9 million in the first quarter of 2025, compared to a net loss of $82.8 million in the fourth quarter of 2024 and net income of $2.1 million in the first quarter of 2024. After preferred dividends, net income available to common shareholders was $16.5 million, or $0.81 per diluted share, in the first quarter of 2025, compared to net loss of $83.2 million, or $(5.07) per diluted share, in the fourth quarter of 2024, and net income of $1.7 million, or $0.11 per diluted share, in the first quarter of 2024. The Company recorded a provision for credit losses of $2.9 million in the current quarter, compared to a provision of $6.5 million in the linked quarter and a benefit of $5.5 million in the prior year quarter.

    First Quarter 2025 Key Results:

    • Net interest margin and net interest income expanded meaningfully in the first quarter of 2025, primarily reflecting the impact of the investment portfolio restructuring that was executed at the end of 2024. Net interest margin of 3.35% for first quarter of 2025 was up 44 and 57 basis points from the linked and year-ago quarters, respectively, while net interest income of $46.9 million for first quarter of 2025 increased $5.2 million, or 12.6%, and $6.8 million, or 16.9%, from the linked and year-ago quarters, respectively.
    • Noninterest income was $10.4 million in the first quarter of 2025, compared to noninterest loss of $91.0 million in the linked quarter, which reflected the previously disclosed investment securities loss, and noninterest income of $10.9 million in the year-ago quarter, when the Company’s results included income from its former insurance subsidiary. First quarter 2025 noninterest income benefited from higher income from company owned life insurance (“COLI”) as a result of a surrender and redeploy strategy initiated in January 2025, in addition to higher swap fees and investment advisory income relative to comparable prior periods.
    • Noninterest expense in the first quarter of 2025 totaled $33.7 million, compared to noninterest expense including non-operating items in the linked and year-ago quarters of $59.4 million and $54.0 million, respectively.
    • Total loans were $4.55 billion at March 31, 2025, reflecting an increase of $74.1 million, or 1.7%, during the quarter, and an increase of $111.2 million, or 2.5%, from one year prior, driven by both commercial business and commercial mortgage lending.
    • Total deposits were $5.37 billion at March 31, 2025, up $268.2 million, or 5.3%, from December 31, 2024, driven by seasonal public deposit inflows as well as an increase in brokered deposits, and down $23.8 million, or 0.4%, from one year prior, due in part to lower reciprocal deposits and the previously announced wind-down of the Company’s Banking-as-a-Service, or BaaS, offering.
    • The Company reported improved credit quality metrics, as measured by quarterly net charge-offs to average loans of 0.21% for the first quarter of 2025, down from both the linked and year-ago quarters.
    • In February, the Company’s Board of Directors approved a 3.3% increase in its quarterly cash dividend to $0.31 per common share, a reflection of both its ongoing commitment to building shareholder value and its confidence in the Company’s long-term sustainable growth strategy.

    “Our first quarter results were highlighted by improved earnings and profitability metrics, and reflected the full benefit of the strategic investment securities restructuring we undertook in December, as well as our team’s ability to meet the banking, credit and investment advisory needs of our customers amid a challenging environment,” said President and Chief Executive Officer Martin K. Birmingham. “Our focus on performance resulted in a more than 12% increase in net interest income from the linked quarter, as well as a 44-basis-point expansion of net interest margin, an efficiency ratio below 60% and solid return on average assets of 1.10% and return on average equity of 11.82%.

    “Our pipelines carried momentum with credit-disciplined lending heading into 2025 and supported a 1.7% quarterly increase in total loans, with stable-to-improved credit metrics for the first quarter. Amid the uncertain economic landscape, coupled with our current pipelines and discussions with customers, we believe that loan growth will be concentrated in the first half of the year.”

    Chief Financial Officer and Treasurer W. Jack Plants II added, “Our successful fourth quarter public equity offering not only allowed us to restructure our investment securities portfolio to drive stronger earnings potential, evident in our first quarter results, but also provided additional dry powder that we have sought to thoughtfully deploy. To that end, earlier this month we called $10 million of fixed-to-floating sub-debt that was issued in April 2015. We also took steps to enhance noninterest revenue by restructuring a portion of our COLI portfolio into a higher-yielding credit fund, which contributed to higher COLI income in the first quarter. We continue to remain confident that our stronger capital position and improved earnings outlook position us well to drive sustainable and profitable growth, as we seek to support our customers amid a challenging operating environment and prudently manage expenses.”

    Net Interest Income and Net Interest Margin

    Net interest income was $46.9 million for the first quarter of 2025, an increase of $5.2 million from the fourth quarter of 2024, and an increase of $6.8 million from the first quarter of 2024.

    Average interest-earning assets for the current quarter were $5.65 billion, reflecting decreases of $64.5 million from the fourth quarter of 2024 and $153.6 million from the first quarter of 2024. The linked quarter decrease was due to a $74.2 million decrease in the average balance of investment securities and a $49.8 million decrease in the average balance of Federal Reserve interest-earning cash, partially offset by a $59.5 million increase in average loans. The year-over-year decrease in average interest-earning assets was due to a $97.3 million decrease in the average balance of investment securities and an $86.3 million decrease in the average balance of Federal Reserve interest-earning cash, partially offset by a $30.0 million increase in average loans.

    Average interest-bearing liabilities for the current quarter were $4.51 billion, reflecting an increase of $31.1 million from the linked quarter and a decrease of $108.0 million from the year-ago quarter. The increase from the fourth quarter of 2024 was primarily due to a $38.7 million increase in average short-term borrowings and a $19.9 million increase in average time deposits, partially offset by a $15.6 million decrease in average savings and money market deposits and a $12.0 million decrease in average interest-bearing demand deposits. The year-over-year decrease was due to a $105.3 million decrease in average savings and money market deposits, along with an $84.2 million decrease in average borrowings and a $4.3 million decrease in average interest-bearing demand deposits, partially offset by a $85.9 million increase in average time deposits. The outflow of BaaS-related deposits following the Company’s September 2024 announcement that it would wind-down its BaaS platform by mid-2025 was the primary driver of the reduction in average savings and money market deposits from the linked and year-ago periods.

    Net interest margin was 3.35% in the current quarter as compared to 2.91% in the fourth quarter of 2024, and 2.78% in the first quarter of 2024. Expansion from both the linked and prior year quarters was primarily due to an increase in the average yield on investment securities, following the previously disclosed restructuring of the available-for-sale portfolio, which supported an increase in the average yield on interest-earning assets. Margin expansion was also supported by lower cost of interest-bearing liabilities, driven by the repricing across public, non-public and reciprocal deposits.

    Noninterest Income (Loss)

    The Company reported noninterest income of $10.4 million for the first quarter of 2025, compared to noninterest loss of $91.0 million in the fourth quarter of 2024, and noninterest income of $10.9 million in the first quarter of 2024.

    • A net loss on investment securities of $100.1 million was recognized in the fourth quarter of 2024 related to the previously disclosed securities portfolio restructuring.
    • Noninterest income no longer includes contributions from the Company’s insurance agency, which generated first quarter 2024 insurance income of $2.1 million prior to its sale on April 1, 2024.
    • Investment advisory income of $2.7 million was $182 thousand higher than the fourth quarter of 2024 and up $155 thousand from the first quarter of 2024.
    • Income from COLI of $2.8 million was $1.4 million higher than the fourth quarter of 2024 and $1.5 million higher than the first quarter of 2024, due to the previously mentioned surrender and redeploy strategy initiated in January 2025.
    • Income from investments in limited partnerships of $415 thousand was $422 thousand lower than the fourth quarter of 2024 and $73 thousand higher than the first quarter of 2024. The Company has made several investments in limited partnerships, primarily small business investment companies, and accounts for these investments under the equity method. Income from these investments fluctuates based on the maturity and performance of the underlying investments.
    • Income from derivative instruments, net was $250 thousand in the current quarter, compared to a loss of $37 thousand in the fourth quarter of 2024, and income of $174 thousand in the first quarter of 2024. Income from derivative instruments, net is based on the number and value of interest rate swap transactions executed during the quarter combined with the impact of changes in the fair value of borrower-facing trades.

    Noninterest Expense

    Noninterest expense was $33.7 million in the first quarter of 2025, compared to $59.4 million in the fourth quarter of 2024, and $54.0 million in the first quarter of 2024.

    • Salaries and employee benefits expense of $16.9 million was $261 thousand lower than the fourth quarter of 2024 and $442 thousand lower than the first quarter of 2024. The decrease from the linked quarter was primarily due to a $1.3 million nonrecurring settlement accounting adjustment in the Company’s pension plan recorded in the fourth quarter of 2024, while the year-over-year decrease was primarily due to the timing of the insurance subsidiary asset sale.
    • Professional services expenses of $1.7 million were $120 thousand higher than the fourth quarter of 2024 and $681 thousand lower than the first quarter of 2024, with the year-over-year variance primarily attributable to legal expenses incurred in the first quarter of 2024 related to the Company’s previously disclosed deposit-related fraud event.
    • Computer and data processing expense of $5.5 million was $1.1 million lower than the fourth quarter of 2024 and $101 thousand higher than the first quarter of 2024. The linked quarter variance was primarily due to nonrecurring project related expenses incurred in the fourth quarter of 2024.
    • As previously disclosed, the Company recorded a $23.0 million provision for litigation settlement in its fourth quarter 2024 financial results related to a long-standing auto lending litigation.
    • The Company recorded deposit-related recoveries of $294 thousand, primarily driven by insurance proceeds related to a past commercial deposit charged-off item, compared to charged-off items of $354 thousand in the fourth quarter of 2024 and $19.2 million in the first quarter of 2024, the majority of which related to the Company’s previously disclosed deposit-related fraud event.
    • Other expense of $3.8 million was down $484 thousand from the linked quarter, due in part to the timing of both New York State capital base tax and charitable contributions impacting the fourth quarter of 2024, while year-over-year other expense was relatively flat.

    Income Taxes

    Income tax expense was $3.7 million for the first quarter of 2025, compared to a benefit of $32.5 million in the fourth quarter of 2024, reflective of the net loss reported in that period, and expense of $356 thousand in the first quarter of 2024. The Company also recognized federal and state tax benefits related to tax credit investments placed in service and/or amortized during the first quarter of 2025, fourth quarter of 2024, and first quarter of 2024, resulting in income tax expense reductions of $1.1 million, $1.2 million, and $785 thousand, respectively.

    The effective tax rate was 18.2% for the first quarter of 2025, -28.2% for the fourth quarter of 2024, and 18.7% for the first quarter of 2024. The effective tax rate fluctuates on a quarterly basis primarily due to the level of pre-tax (loss) earnings and may differ from statutory rates because of interest income from tax-exempt securities, earnings on COLI and the impact of tax credit investments.

    Balance Sheet and Capital Management

    Total assets were $6.34 billion at March 31, 2025, up $223.4 million from December 31, 2024, and up $41.9 million from March 31, 2024.

    Investment securities were $1.04 billion at March 31, 2025, up $13.0 million from December 31, 2024, and down $27.4 million from March 31, 2024.

    Total loans were $4.55 billion at March 31, 2025, an increase of $74.1 million, or 1.7%, from December 31, 2024, and an increase of $111.2 million, or 2.5%, from March 31, 2024.

    • Commercial business loans totaled $709.1 million, up $43.8 million, or 6.6%, from December 31, 2024, and up $1.5 million, or 0.2%, from March 31, 2024.
    • Commercial mortgage loans totaled $2.23 billion, up $28.7 million, or 1.3%, from December 31, 2024, and up $183.2 million, or 9.0%, from March 31, 2024.
    • Residential real estate loans totaled $644.0 million, down $6.2 million, or 1.0%, from December 31, 2024, and down $4.2 million, or 0.6%, from March 31, 2024.
    • Consumer indirect loans totaled $853.2 million, up $7.4 million, or 0.9%, from December 31, 2024, and down $67.3 million, or 7.3%, from March 31, 2024.

    Total deposits were $5.37 billion at March 31, 2025, up $268.2 million, or 5.3%, from December 31, 2024, and down $23.8 million, or 0.4%, from March 31, 2024. The increase from December 31, 2024 was primarily due to seasonally higher public deposit balances in addition to an increase in brokered deposits between period ends. The decrease from March 31, 2024 was driven in part by reductions in BaaS-related and reciprocal deposits. Public deposit balances represented 23% of total deposits at March 31, 2025, 20% at December 31, 2024, and 22% at March 31, 2024.

    Short-term borrowings were $55.0 million at March 31, 2025, compared to $99.0 million at December 31, 2024, and $133.0 million at March 31, 2024. Short-term borrowings and brokered deposits have historically been utilized to manage the seasonality of public deposits.

    Shareholders’ equity was $589.9 million at March 31, 2025, compared to $569.0 million at December 31, 2024, and $445.7 million at March 31, 2024. Both the linked quarter and year-over-year period end increases were primarily driven by additional paid-in-capital resulting from the common stock capital raise executed in the fourth quarter of 2024 and decreases in accumulated other comprehensive loss between period ends following the investment securities restructuring.

    Common book value per share was $28.48 at March 31, 2025, an increase of $1.00, or 3.6%, from $27.48 at December 31, 2024, and an increase of $0.74, or 2.7%, from $27.74 at March 31, 2024. Tangible common book value per share(1) was $25.46 at March 31, 2025, an increase of $1.01, or 4.1%, from $24.45 at December 31, 2024, and an increase of $2.40, or 10.4%, from $23.06 at March 31, 2024. The common equity to assets ratio was 9.03% at March 31, 2025, compared to 9.02% at December 31, 2024, and 6.80% at March 31, 2024. Tangible common equity to tangible assets(1), or the TCE ratio, was 8.15%, 8.11% and 5.72% at March 31, 2025, December 31, 2024, and March 31, 2024, respectively. The year-over-year increases in both ratios were attributable to the additional capital raised in the fourth quarter and the decrease in accumulated other comprehensive loss.

    During the first quarter of 2025, the Company declared a common stock dividend of $0.31 per common share, an increase of $0.01, or 3.3%, over the linked and year-ago quarters. The dividend returned more than 37% of first quarter net income to common shareholders.

    The Company’s regulatory capital ratios at March 31, 2025 continued to exceed all regulatory capital requirements to be considered well capitalized.

    • Leverage Ratio was 9.24% compared to 9.15% and 8.03% at December 31, 2024, and March 31, 2024, respectively.
    • Common Equity Tier 1 Capital Ratio was 10.38% compared to 10.54% and 9.43% at December 31, 2024, and March 31, 2024, respectively.
    • Tier 1 Capital Ratio was 10.71% compared to 10.87% and 9.76% at December 31, 2024, and March 31, 2024, respectively.
    • Total Risk-Based Capital Ratio was 13.09% compared to 13.25% and 12.04% at December 31, 2024, and March 31, 2024, respectively.

    In April 2025, the Company called $10.0 million of its $40.0 million of fixed-to-floating rate subordinated debt that was originally issued in April 2015. These notes initially bore interest at a fixed rate of 6.00% and were scheduled to reprice at a rate equal to the then-current three-month term SOFR plus 4.20561% after the April 2025 call date. The Company’s subordinated debt is now comprised of $30.0 million of April 2015 notes, as well as the separate $35.0 million of fixed-to-floating rate subordinated notes that were issued in October 2020, which currently bear interest at a fixed rate of 4.375%, and are set to reprice at a rate of the then-current three-month term SOFR plus 4.265% beginning in October 2025. The April 2015 notes are callable on a quarterly basis going forward and the October 2020 notes become callable beginning in October 2025. The Company will continue to evaluate options relative to the subordinated debt which may include redemption in part or in full, as well as replacing or refinancing the facilities.

    Credit Quality

    Non-performing loans were $40.0 million, or 0.88% of total loans, at March 31, 2025, as compared to $41.4 million, or 0.92% of total loans, at December 31, 2024, and $26.7 million, or 0.60% of total loans, at March 31, 2024. The increase in non-performing loans from March 31, 2024 was primarily driven by one commercial loan relationship that was placed on nonaccrual during the third quarter of 2024. Net charge-offs were $2.4 million, representing 0.21% of average loans on an annualized basis, for the current quarter, as compared to $2.8 million, or an annualized 0.25% of average loans, in the fourth quarter of 2024 and $3.1 million, or an annualized 0.28%, in the first quarter of 2024.

    At March 31, 2025, the allowance for credit losses on loans to total loans ratio was 1.08%, compared to 1.07% at December 31, 2024 and 0.97% at March 31, 2024.

    Provision for credit losses was $2.9 million in the current quarter, compared to a provision of $6.5 million in the linked quarter and a benefit of $5.5 million in the prior year quarter. Provision for credit losses on loans was $3.3 million in the current quarter, compared to a provision of $6.1 million in the fourth quarter of 2024, and a benefit of $4.9 million in the first quarter of 2024. The allowance for unfunded commitments, also included in provision for credit losses as required by the current expected credit loss standard (“CECL”), totaled a provision of $364 thousand in the first quarter of 2025, a provision of $321 thousand in the fourth quarter of 2024, and a credit of $570 thousand in the first quarter of 2024. The provision for credit losses for the first quarter of 2025 was driven by a combination of factors, including the impact of loan growth and an increase in specific reserves, partially offset by modest improvement in forecasted losses and qualitative factors, primarily reflecting a reduction in consumer indirect delinquencies. Specific reserves increased by $932,000 for the first quarter, primarily driven by a $1.3 million specific reserve related to the Bank’s participation in a non-owner occupied commercial mortgage loan, which it moved to nonaccrual in the fourth quarter of 2023.

    The Company has remained strategically focused on the importance of credit discipline, allocating resources to credit and risk management functions as the loan portfolio has grown. The ratio of allowance for credit losses on loans to non-performing loans was 122% at March 31, 2025, 116% at December 31, 2024, and 161% at March 31, 2024, with the year-over-year decrease reflective of the higher level of nonperforming loans reported at March 31, 2025.

    Subsequent Events

    The Company is required, under generally accepted accounting principles (“GAAP”), to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended March 31, 2025, on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2025, and will adjust amounts preliminarily reported, if necessary.

    Conference Call

    The Company will host an earnings conference call and audio webcast on April 29, 2025 at 8:30 a.m. Eastern Time. The call will be hosted by Martin K. Birmingham, President and Chief Executive Officer, and W. Jack Plants II, Chief Financial Officer and Treasurer. The live webcast will be available in listen-only mode on the Company’s website at www.FISI-investors.com. Within the United States, listeners may also access the call by dialing 1-833-470-1428 and providing the access code 737945. The webcast replay will be available on the Company’s website for at least 30 days.

    About Financial Institutions, Inc.

    Financial Institutions, Inc. (NASDAQ: FISI) is a financial holding company with approximately $6.3 billion in assets offering banking and wealth management products and services. Its Five Star Bank subsidiary provides consumer and commercial banking and lending services to individuals, municipalities and businesses through banking locations spanning Western and Central New York and a commercial loan production office serving the Mid-Atlantic region. Courier Capital, LLC offers customized investment management, consulting and retirement plan services to individuals, businesses, institutions, foundations and retirement plans. Learn more at Five-StarBank.com and FISI-Investors.com.

    Non-GAAP Financial Information

    In addition to results presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this press release contains certain non-GAAP financial measures. A reconciliation of these non-GAAP measures to GAAP measures is included in Appendix A to this document.

    The Company believes that providing certain non-GAAP financial measures provides investors with information useful in understanding our financial performance, performance trends and financial position. Our management uses these measures for internal planning and forecasting purposes and we believe that our presentation and discussion, together with the accompanying reconciliations, allows investors, security analysts and other interested parties to view our performance and the factors and trends affecting our business in a manner similar to management. These non-GAAP measures should not be considered a substitute for GAAP measures, and we strongly encourage investors to review our consolidated financial statements in their entirety and not to rely on any single financial measure to evaluate the Company. Non-GAAP financial measures have inherent limitations, are not uniformly applied and are not audited. 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.

    Safe Harbor Statement

    This press release may contain forward-looking statements as defined by Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. In this context, forward-looking statements often address our expected future business and financial performance and financial condition, and often contain words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “focus,” “forecast,” “intend,” “may,” “plan,” “preliminary,” “should,” “target” or “will.” Statements herein are based on certain assumptions and analyses by the Company and factors it believes are appropriate in the circumstances. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: additional information regarding the deposit fraudulent activity; changes in interest rates; inflation; tariffs; changes in deposit flows and the cost and availability of funds; the Company’s ability to implement its strategic plan, including by expanding its commercial lending footprint and integrating its acquisitions; whether the Company experiences greater credit losses than expected; whether the Company experiences breaches of its, or third party, information systems; the attitudes and preferences of the Company’s customers; legal and regulatory proceedings and related matters, including any action described in our reports filed with the SEC, could adversely affect us and the banking industry in general; the competitive environment; fluctuations in the fair value of securities in its investment portfolio; changes in the regulatory environment and the Company’s compliance with regulatory requirements; and general economic and credit market conditions nationally and regionally; and the macroeconomic volatility related to global political unrest. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language and risk factors included in the Company’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other documents filed with the SEC. Except as required by law, the Company undertakes no obligation to revise these statements following the date of this press release.

    (1) See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.

    For additional information contact:
    Kate Croft
    Director of Investor and External Relations
    (716) 817-5159
    klcroft@five-starbank.com


    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

        2025     2024  
    SELECTED BALANCE SHEET DATA:   March 31,     December 31,     September 30,     June 30,     March 31,  
    Cash and cash equivalents   $ 167,352     $ 87,321     $ 249,569     $ 146,347     $ 237,038  
    Investment securities:                              
    Available for sale     926,992       911,105       886,816       871,635       923,761  
    Held-to-maturity, net     113,105       116,001       121,279       128,271       143,714  
    Total investment securities     1,040,097       1,027,106       1,008,095       999,906       1,067,475  
    Loans held for sale     387       2,280       2,495       2,099       504  
    Loans:                              
    Commercial business     709,101       665,321       654,519       713,947       707,564  
    Commercial mortgage–construction     566,359       582,619       533,506       518,013       528,694  
    Commercial mortgage–multifamily     475,867       470,954       467,527       463,171       453,027  
    Commercial mortgage–non-owner occupied     899,679       857,987       814,392       814,953       798,637  
    Commercial mortgage–owner occupied     286,391       288,036       290,216       289,733       264,698  
    Residential real estate loans     643,983       650,206       648,241       647,675       648,160  
    Residential real estate lines     74,769       75,552       76,203       75,510       75,668  
    Consumer indirect     853,176       845,772       874,651       894,596       920,428  
    Other consumer     43,953       42,757       43,734       43,870       45,170  
    Total loans     4,553,278       4,479,204       4,402,989       4,461,468       4,442,046  
    Allowance for credit losses – loans     48,964       48,041       44,678       43,952       43,075  
    Total loans, net     4,504,314       4,431,163       4,358,311       4,417,516       4,398,971  
    Total interest-earning assets     5,733,743       5,602,570       5,666,972       5,709,148       5,857,616  
    Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Total assets     6,340,492       6,117,085       6,156,317       6,131,772       6,298,598  
    Deposits:                              
    Noninterest-bearing demand     945,182       950,351       978,660       939,346       972,801  
    Interest-bearing demand     773,475       705,195       793,996       711,580       798,831  
    Savings and money market     2,033,323       1,904,013       2,027,181       2,007,256       2,064,539  
    Time deposits     1,620,930       1,545,172       1,506,764       1,475,139       1,560,586  
    Total deposits     5,372,910       5,104,731       5,306,601       5,133,321       5,396,757  
    Short-term borrowings     55,000       99,000       55,000       202,000       133,000  
    Long-term borrowings, net     124,917       124,842       124,765       124,687       124,610  
    Total interest-bearing liabilities     4,607,645       4,405,912       4,507,706       4,520,662       4,681,566  
    Shareholders’ equity     589,928       568,984       500,342       467,667       445,734  
    Common shareholders’ equity     572,643       551,699       483,050       450,375       428,442  
    Tangible common equity (1)     511,992       490,941       422,183       389,396       356,155  
    Accumulated other comprehensive loss   $ (41,995 )   $ (52,604 )   $ (102,029 )   $ (125,774 )   $ (126,264 )
                                   
    Common shares outstanding     20,110       20,077       15,474       15,472       15,447  
    Treasury shares     590       623       625       627       653  
    CAPITAL RATIOS AND PER SHARE DATA:                              
    Leverage ratio     9.24 %     9.15 %     8.98 %     8.61 %     8.03 %
    Common equity Tier 1 capital ratio     10.38 %     10.54 %     10.28 %     10.03 %     9.43 %
    Tier 1 capital ratio     10.71 %     10.87 %     10.62 %     10.36 %     9.76 %
    Total risk-based capital ratio     13.09 %     13.25 %     12.95 %     12.65 %     12.04 %
    Common equity to assets     9.03 %     9.02 %     7.85 %     7.34 %     6.80 %
    Tangible common equity to tangible assets (1)     8.15 %     8.11 %     6.93 %     6.41 %     5.72 %
                                   
    Common book value per share   $ 28.48     $ 27.48     $ 31.22     $ 29.11     $ 27.74  
    Tangible common book value per share (1)   $ 25.46     $ 24.45     $ 27.28     $ 25.17     $ 23.06  

    1. See Appendix A — Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.


    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands, except per share amounts)

        2025     2024  
        First     Fourth     Third     Second     First  
    SELECTED STATEMENT OF OPERATIONS DATA:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Interest income   $ 81,051     $ 78,119     $ 77,911     $ 78,788     $ 78,413  
    Interest expense     34,187       36,486       37,230       37,595       38,331  
    Net interest income     46,864       41,633       40,681       41,193       40,082  
    Provision (benefit) for credit losses     2,928       6,461       3,104       2,041       (5,456 )
    Net interest income after provision (benefit) for credit losses     43,936       35,172       37,577       39,152       45,538  
    Noninterest income:                              
    Service charges on deposits     1,052       1,074       1,103       979       1,077  
    Insurance income     3       3       3       4       2,134  
    Card interchange income     1,840       2,045       1,900       2,008       1,902  
    Investment advisory     2,737       2,555       2,797       2,779       2,582  
    Company owned life insurance     2,777       1,425       1,404       1,360       1,298  
    Investments in limited partnerships     415       837       400       803       342  
    Loan servicing     123       295       88       158       175  
    Income (loss) from derivative instruments, net     250       (37 )     212       377       174  
    Net gain on sale of loans held for sale     117       186       220       124       88  
    Net loss on investment securities     –       (100,055 )     –       –       –  
    Net (loss) gain on other assets     –       (19 )     138       13,508       (13 )
    Net (loss) gain on tax credit investments     (514 )     (636 )     (170 )     406       (375 )
    Other     1,573       1,291       1,345       1,508       1,517  
    Total noninterest income (loss)     10,373       (91,036 )     9,440       24,014       10,901  
    Noninterest expense:                              
    Salaries and employee benefits     16,898       17,159       15,879       15,748       17,340  
    Occupancy and equipment     3,590       3,791       3,370       3,448       3,752  
    Professional services     1,691       1,571       1,965       1,794       2,372  
    Computer and data processing     5,487       6,608       5,353       5,342       5,386  
    Supplies and postage     578       504       519       437       475  
    FDIC assessments     1,467       1,551       1,092       1,346       1,295  
    Advertising and promotions     342       465       371       440       297  
    Amortization of intangibles     107       109       112       114       217  
    Provision for litigation settlement     –       23,022       –       –       –  
    Deposit-related charged-off items (recoveries) expense     (294 )     354       410       398       19,179  
    Restructuring charges     68       35       –       –       –  
    Other     3,751       4,235       3,398       3,953       3,700  
    Total noninterest expense     33,685       59,404       32,469       33,020       54,013  
    Income (loss) before income taxes     20,624       (115,268 )     14,548       30,146       2,426  
    Income tax expense (benefit)     3,746       (32,457 )     1,082       4,517       356  
    Net income (loss)     16,878       (82,811 )     13,466       25,629       2,070  
    Preferred stock dividends     365       365       365       364       365  
    Net income (loss) available to common shareholders   $ 16,513     $ (83,176 )   $ 13,101     $ 25,265     $ 1,705  
    FINANCIAL RATIOS:                              
    Earnings (loss) per share – basic   $ 0.82     $ (5.07 )   $ 0.85     $ 1.64     $ 0.11  
    Earnings (loss) per share – diluted   $ 0.81     $ (5.07 )   $ 0.84     $ 1.62     $ 0.11  
    Cash dividends declared on common stock   $ 0.31     $ 0.30     $ 0.30     $ 0.30     $ 0.30  
    Common dividend payout ratio     37.80 %     -5.92 %     35.29 %     18.29 %     272.73 %
    Dividend yield (annualized)     5.05 %     4.37 %     4.69 %     6.25 %     6.41 %
    Return on average assets (annualized)     1.10 %     -5.38 %     0.89 %     1.68 %     0.13 %
    Return on average equity (annualized)     11.82 %     -63.70 %     11.08 %     22.93 %     1.83 %
    Return on average common equity (annualized)     11.92 %     -66.19 %     11.18 %     23.51 %     1.57 %
    Return on average tangible common equity (annualized) (1)     13.36 %     -75.36 %     12.87 %     27.51 %     1.88 %
    Efficiency ratio (2)     58.79 %     117.13 %     64.70 %     50.58 %     105.77 %
    Effective tax rate     18.2 %     -28.2 %     7.4 %     15.0 %     18.7 %

    1. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    2. The efficiency ratio is calculated by dividing noninterest expense by net revenue, i.e., the sum of net interest income (fully taxable equivalent) and noninterest income before net gains on investment securities. This is a banking industry measure not required by GAAP.


    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

        2025     2024  
        First     Fourth     Third     Second     First  
    SELECTED AVERAGE BALANCES:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Federal funds sold and interest-earning deposits   $ 71,767     $ 121,530     $ 49,476     $ 134,123     $ 158,075  
    Investment securities(1)     1,085,649       1,159,863       1,147,052       1,194,808       1,182,993  
    Loans:                              
    Commercial business     677,700       658,038       673,830       704,272       722,720  
    Commercial mortgage–construction     562,724       558,200       513,768       495,177       470,115  
    Commercial mortgage–multifamily     475,262       458,691       467,801       466,501       468,028  
    Commercial mortgage–non-owner occupied     879,387       843,034       826,275       837,209       843,526  
    Commercial mortgage–owner occupied     286,526       288,502       285,061       260,495       248,172  
    Residential real estate loans     647,005       649,549       647,844       648,099       648,921  
    Residential real estate lines     74,709       76,164       75,671       75,575       76,396  
    Consumer indirect     848,282       858,854       881,133       905,056       934,380  
    Other consumer     42,230       43,333       43,789       44,552       51,535  
    Total loans     4,493,825       4,434,365       4,415,172       4,436,936       4,463,793  
    Total interest-earning assets     5,651,241       5,715,758       5,611,700       5,765,867       5,804,861  
    Goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Total assets     6,220,187       6,121,449       6,018,390       6,153,429       6,225,760  
    Interest-bearing liabilities:                              
    Interest-bearing demand     745,210       757,221       691,412       741,006       749,512  
    Savings and money market     1,976,483       1,992,059       1,938,935       2,036,772       2,081,815  
    Time deposits     1,564,987       1,545,071       1,515,745       1,505,665       1,479,133  
    Short-term borrowings     95,223       56,513       129,130       140,110       179,747  
    Long-term borrowings, net     124,871       124,795       124,717       124,640       124,562  
    Total interest-bearing liabilities     4,506,774       4,475,659       4,399,939       4,548,193       4,614,769  
    Noninterest-bearing demand deposits     926,696       947,428       952,970       950,819       962,522  
    Total deposits     5,213,376       5,241,779       5,099,062       5,234,262       5,272,982  
    Total liabilities     5,640,981       5,604,249       5,535,112       5,703,929       5,770,725  
    Shareholders’ equity     579,206       517,200       483,278       449,500       455,035  
    Common equity     561,921       499,910       465,986       432,208       437,743  
    Tangible common equity(2)     501,204       439,086       405,050       369,315       365,334  
    Common shares outstanding:                              
    Basic     20,073       16,415       15,464       15,444       15,403  
    Diluted     20,285       16,415       15,636       15,556       15,543  
    SELECTED AVERAGE YIELDS:
    (Tax equivalent basis)    		                              
    Investment securities     4.25 %     2.38 %     2.14 %     2.17 %     2.09 %
    Loans     6.20 %     6.28 %     6.42 %     6.40 %     6.33 %
    Total interest-earning assets     5.80 %     5.45 %     5.53 %     5.50 %     5.43 %
    Interest-bearing demand     1.15 %     1.34 %     1.05 %     1.18 %     1.11 %
    Savings and money market     2.75 %     2.94 %     3.07 %     3.01 %     3.08 %
    Time deposits     4.31 %     4.53 %     4.72 %     4.72 %     4.68 %
    Short-term borrowings     2.09 %     0.15 %     2.64 %     2.75 %     3.42 %
    Long-term borrowings, net     5.00 %     5.03 %     5.03 %     5.02 %     5.02 %
    Total interest-bearing liabilities     3.07 %     3.24 %     3.37 %     3.32 %     3.34 %
    Net interest rate spread     2.73 %     2.21 %     2.16 %     2.18 %     2.09 %
    Net interest margin     3.35 %     2.91 %     2.89 %     2.87 %     2.78 %

    1. Includes investment securities at adjusted amortized cost.
    2. See Appendix A – Reconciliation to Non-GAAP Financial Measures for the computation of this non-GAAP financial measure.
    3. The interest on tax-exempt securities is calculated on a tax-equivalent basis assuming a Federal income tax rate of 21%.


    FINANCIAL INSTITUTIONS, INC.
    Selected Financial Information (Unaudited)
    (Amounts in thousands)

        2025     2024  
        First     Fourth     Third     Second     First  
    ASSET QUALITY DATA:   Quarter     Quarter     Quarter     Quarter     Quarter  
    Allowance for Credit Losses – Loans                              
    Beginning balance   $ 48,041     $ 44,678     $ 43,952     $ 43,075     $ 51,082  
    Net loan charge-offs (recoveries):                              
    Commercial business     57       131       (3 )     7       (37 )
    Commercial mortgage–construction     –       –       –       –       –  
    Commercial mortgage–multifamily     –       –       13       –       –  
    Commercial mortgage–non-owner occupied     (1 )     (5 )     (1 )     (1 )     (1 )
    Commercial mortgage–owner occupied     (1 )     (1 )     (2 )     (2 )     –  
    Residential real estate loans     41       (4 )     (1 )     96       4  
    Residential real estate lines     –       –       –       –       –  
    Consumer indirect     2,149       2,557       1,553       844       2,973  
    Other consumer     124       100       106       178       182  
    Total net charge-offs (recoveries)     2,369       2,778       1,665       1,122       3,121  
    Provision (benefit) for credit losses – loans     3,292       6,141       2,391       1,999       (4,886 )
    Ending balance   $ 48,964     $ 48,041     $ 44,678     $ 43,952     $ 43,075  
                                   
    Net charge-offs (recoveries) to average loans (annualized):                              
    Commercial business     0.03 %     0.80 %     0.00 %     0.00 %     -0.02 %
    Commercial mortgage–construction     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–multifamily     0.00 %     0.00 %     0.01 %     0.00 %     0.00 %
    Commercial mortgage–non-owner occupied     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Commercial mortgage–owner occupied     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Residential real estate loans     0.03 %     0.00 %     0.00 %     0.06 %     0.00 %
    Residential real estate lines     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
    Consumer indirect     1.03 %     1.18 %     0.70 %     0.38 %     1.28 %
    Other consumer     1.19 %     0.91 %     0.95 %     1.62 %     1.41 %
    Total loans     0.21 %     0.25 %     0.15 %     0.10 %     0.28 %
                                   
    Supplemental information(1)                              
    Non-performing loans:                              
    Commercial business   $ 5,672     $ 5,609     $ 5,752     $ 5,680     $ 5,956  
    Commercial mortgage–construction     19,684       20,280       20,280       4,970       5,320  
    Commercial mortgage–multifamily     –       –       71       183       185  
    Commercial mortgage–non-owner occupied     4,766       4,773       4,903       4,919       4,929  
    Commercial mortgage–owner occupied     349       354       366       380       392  
    Residential real estate loans     6,035       6,918       5,790       5,961       6,797  
    Residential real estate lines     316       253       232       183       235  
    Consumer indirect     2,917       3,157       3,291       2,897       2,880  
    Other consumer     279       62       57       36       36  
    Total non-performing loans     40,018       41,406       40,742       25,209       26,730  
    Foreclosed assets     196       60       109       63       140  
    Total non-performing assets   $ 40,214     $ 41,466     $ 40,851     $ 25,272     $ 26,870  
                                   
    Total non-performing loans to total loans     0.88 %     0.92 %     0.93 %     0.57 %     0.60 %
    Total non-performing assets to total assets     0.63 %     0.68 %     0.66 %     0.41 %     0.43 %
    Allowance for credit losses – loans to total loans     1.08 %     1.07 %     1.01 %     0.99 %     0.97 %
    Allowance for credit losses – loans to non-performing loans     122 %     116 %     110 %     174 %     161 %

    1. At period end.


    FINANCIAL INSTITUTIONS, INC.
    Appendix A — Reconciliation to Non-GAAP Financial Measures (Unaudited)
    (In thousands, except per share amounts)

        2025     2024  
        First     Fourth     Third     Second     First  
        Quarter     Quarter     Quarter     Quarter     Quarter  
    Ending tangible assets:                              
    Total assets   $ 6,340,492     $ 6,117,085     $ 6,156,317     $ 6,131,772     $ 6,298,598  
    Less: Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Tangible assets   $ 6,279,841     $ 6,056,327     $ 6,095,450     $ 6,070,793     $ 6,226,311  
                                   
    Ending tangible common equity:                              
    Common shareholders’ equity   $ 572,643     $ 551,699     $ 483,050     $ 450,375     $ 428,442  
    Less: Goodwill and other intangible assets, net     60,651       60,758       60,867       60,979       72,287  
    Tangible common equity   $ 511,992     $ 490,941     $ 422,183     $ 389,396     $ 356,155  
                                   
    Tangible common equity to tangible assets (1)     8.15 %     8.11 %     6.93 %     6.41 %     5.72 %
                                   
    Common shares outstanding     20,110       20,077       15,474       15,472       15,447  
    Tangible common book value per share (2)   $ 25.46     $ 24.45     $ 27.28     $ 25.17     $ 23.06  
                                   
    Average tangible assets:                              
    Average assets   $ 6,220,187     $ 6,121,449     $ 6,018,390     $ 6,153,429     $ 6,225,760  
    Less: Average goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Average tangible assets   $ 6,159,470     $ 6,060,625     $ 5,957,454     $ 6,090,536     $ 6,153,351  
                                   
    Average tangible common equity:                              
    Average common equity   $ 561,921     $ 499,910     $ 465,986     $ 432,208     $ 437,743  
    Less: Average goodwill and other intangible assets, net     60,717       60,824       60,936       62,893       72,409  
    Average tangible common equity   $ 501,204     $ 439,086     $ 405,050     $ 369,315     $ 365,334  
                                   
    Net income (loss) available to common shareholders   $ 16,513     $ (83,176 )   $ 13,101     $ 25,265     $ 1,705  
    Return on average tangible common equity (3)     13.36 %     -75.36 %     12.87 %     27.51 %     1.88 %

    1. Tangible common equity divided by tangible assets.
    2. Tangible common equity divided by common shares outstanding.
    3. Net income available to common shareholders (annualized) divided by average tangible common equity.

    The MIL Network –

  • MIL-OSI Africa: Afreximbank announces specialized African Continental Free Trade Area (AfCFTA) training to empower African businesses

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

    CAIRO, Egypt, April 28, 2025/APO Group/ —

    To enable African businesses to fully capitalise on the opportunities presented by the African Continental Free Trade Area (AfCFTA), African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has announced a specialized training program designed to equip enterprises with a deep understanding of the agreement’s commercial implications and transformative potential.

    Scheduled to take place in Abuja, Nigeria, from June 30 to July 2, 2025, the training program is designed to provide businesses with practical policy-relevant insights into the AfCFTA’s evolving regulatory and institutional landscape. It will help participants interpret key treaty instruments, ensuring compliance with new trade rules while enhancing their knowledge of regional integration and operational mechanisms. Additionally, the program will serve as a crucial platform for guiding both prospective and existing exporters on new trade developments, equipping them with the tools to navigate tariff and non-tariff barriers across the continent.

    Conceived and implemented by Afreximbank in collaboration with the American University in Cairo (AUC) and the AfCFTA Secretariat, the training is expected to attract a diverse range of participants, including African corporates engaged in import and export activities, Trade Support Institutions such as Trade Promotion Organizations and Chambers of Commerce, Investment Promotion Agencies, Export Trading Companies, Financial Institutions, and the broader foreign trade community.

    Participants will also benefit from tailored presentations on key Afreximbank products and initiatives that support the AfCFTA’s implementation, including the Pan-African Payment and Settlement System (PAPSS), Africa Trade Gateway (ATG), and various trade finance solutions.

    Addressing critical knowledge gaps to unlock AfCFTA’s potential

    Reflecting on the significance of the program, Dr. Yemi Kale, Group Chief Economist & Managing Director of Research at Afreximbank, emphasized that while the AfCFTA holds immense potential for Africa’s economic growth, its success hinges on the ability of businesses to fully understand and operationalize its provisions. However, limited understanding of its technical and operational aspects has prevented many businesses from fully leveraging its benefits.

    “The AfCFTA is not just a policy framework—it is a catalyst for a structural shift in Africa’s economic landscape,” said Dr. Kale. “However, many African businesses are still grappling with limited awareness of the agreement’s technical provisions, trade protocols, and strategic benefits. This knowledge deficit has constrained their ability to compete effectively, expand their market reach, and optimize value chains across the continent.”

    He further explained that without a solid grasp of the AfCFTA’s tariff schedules, rules of origin, customs cooperation, and dispute resolution mechanisms, even the most competitive enterprises risk missing out on critical growth opportunities.

    “This training is about more than compliance; it is about empowerment. It equips participants not only to meet regulatory requirements but also to develop export strategies, diversify markets, and improve competitiveness.”

    Tsotetsi Makong, Director Coordination and Programmes at the AfCFTA Secretariat, reinforced this point, stating:

    “This training program will help African businesses seeking export opportunities overcome key challenges, including understanding African markets in depth, navigating market rules and compliance requirements, and optimizing cross-border product transportation. To fully harness the AfCFTA’s potential, it is essential to address these barriers and build the capacity of African companies to transition from local production for domestic consumption to a model that supports exports across the continent and beyond.”

    He further highlighted Afreximbank’s commitment to the AfCFTA’s full implementation, stressing that by developing the necessary competencies and industrial capacity, all African nations can maximize the benefits of a single market. He called on both public and private sector stakeholders to deepen their understanding of the agreement’s operationalization to drive sustainable economic growth.

    Afreximbank’s role in advancing the AfCFTA

    As a key partner to the African Union in the implementation of the AfCFTA, Afreximbank has spearheaded multiple initiatives that enhance intra- and extra-African trade and investment. Leveraging the expertise of its Trade Intelligence Solutions Unit and Human Resources and Learning Department, the Bank serves as the anchor institution for the AfCFTA Training Program, ensuring that African businesses are well-equipped to thrive in the new trade environment. The upcoming training is the second edition and will also mark a milestone as one of the first major events hosted at the recently launched Afreximbank African Trade Centre (AATC) in Abuja. Purposely designed as a strategic hub for trade facilitation, investment promotion, and business collaboration, the AATC features state-of-the-art conference facilities, premium hospitality services, and a dynamic environment conducive to learning and networking .

    By equipping African businesses with the knowledge and tools needed to navigate the AfCFTA, Afreximbank continues to play a pivotal role in unlocking Africa’s vast trade potential and driving economic transformation across the continent.

    MIL OSI Africa –

  • MIL-OSI: CrpoBase Secures US MSB License, Emerges as Fully Registered Global Compliance Digital Asset Platform

    Source: GlobeNewswire (MIL-OSI)

    New York, NY, April 28, 2025 (GLOBE NEWSWIRE) — CrpoBase has obtained the Money Services Business (MSB) license issued by the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury, officially completing its compliance registration in the United States. This milestone signifies CrpoBase as one of the very few global cryptocurrency trading platforms with both U.S. domestic registration and licensing, further showcasing its compliance strength and regulatory transparency in the global digital asset industry.

    Compliance has become the core competitive advantage for the platform, with CrpoBase continuously deepening its global regulatory layout.

    CEO Michael Garrett of CrpoBase stated in a media interview, “We have not only established a physical entity in the United States but also chosen the ‘U.S. regulatory structure’ as the cornerstone of the exchange’s governance. This is to provide global users and institutional clients with clearer and more reliable legal and financial security.”

    As of now, CrpoBase Exchange has established comprehensive Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance processes, strictly adhering to the U.S. Bank Secrecy Act (BSA) and the Financial Action Task Force’s (FATF) 40 recommendations for combating money laundering. Through multi-layer verification mechanisms in registration, trading, withdrawals, custody, and other aspects, user data protection and risk screening are conducted to ensure that user assets are monitorable, auditable, and traceable throughout the entire process.

    Endorsed by the MSB license, CrpoBase attracts global capital and institutional trust.

    The U.S. MSB license, as one of the most authoritative financial regulatory qualifications globally, imposes strict requirements on platform asset security capabilities, risk control capabilities, anti-money laundering mechanisms, customer protection mechanisms, among others. The successful approval of CrpoBase indicates that its technical architecture, financial transparency, and compliance operations have met international financial institution standards.

    According to industry experts’ analysis, against the backdrop of tightening global compliance and stricter reviews, CrpoBase’s acquisition of the MSB qualification is equivalent to obtaining a “passport to the global institutional capital market.” This will not only help the platform expand its high-net-worth and institutional client base in more European and American regions but also lay a solid foundation for future applications for licenses in Singapore (PSA), the EU (MiCA), Japan (FSA), and other countries.

    CrpoBase Exchange: Establishing the cornerstone of compliant, secure, and international digital asset trading

    As one of the leading global digital asset platforms, CrpoBase Exchange has consistently adhered to the core development philosophy of “compliance driving growth, security empowering the ecosystem.” Based in the United States, the platform offers diverse services including spot trading, stablecoin exchanges, DeFi aggregation gateways, institutional custody, and more. It currently serves over 15 million users globally across North America, Europe, Southeast Asia, the Middle East, and other core markets.

    Looking ahead, CrpoBase will continue to expand its global compliance footprint, foster deep cooperation with international regulators, sovereign funds, major brokerage firms, and traditional financial institutions, striving to become the most trusted “compliant financial foundation” in the global Web3 infrastructure.

    Media contact 

    Contact: Sandra C. Collins 
    Company Name: CrpoBase LTD
    Website: https://trade.crpobasex.com
    Email: Sandra(at)crpobasex.com

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI USA: Don’t wait! Today is the last day for West Virginians to apply for FEMA disaster assistance

    Source: US Federal Emergency Management Agency

    Headline: Don’t wait! Today is the last day for West Virginians to apply for FEMA disaster assistance

    Don’t wait! Today is the last day for West Virginians to apply for FEMA disaster assistance

    CHARLESTON, W

    Va

     – Today is the last day for West Virginia residents to apply for FEMA Assistance if they had damages from the Feb

    15-18, 2025, floods

    THE DEADLINE TO APPLY IS 11:59 P

    M

    TODAY, APRIL 28, 2025

    FEMA assistance for individuals and families in Logan, McDowell, Mercer, Mingo, Raleigh, Wayne and Wyoming counties affected by the flooding can cover home repairs, personal property losses and other disaster-related needs not covered by insurance

    Survivors can visit the Disaster Recovery Center (DRC) to apply and talk face-to-face with FEMA staff

    Disaster Recovery Centers are open in McDowell, Mingo, Raleigh, and Wyoming counties

    You can visit a center to talk face-to-face with FEMA staff, apply for assistance, check the status of your application, and learn about recovery resources

     McDowell County Disaster (Bradshaw) Recovery Center Mingo County Disaster Recovery CenterBradshaw Town Hall10002 Marshall HwyBradshaw, WV 24817 Hours of operation:Monday to Friday: 8 a

    m

    to 6 p

    m

    Closed weekendsWilliamson Campus1601 Armory DriveWilliamson, WV 25661 Hours of operation:Monday to Friday: 8 a

    m

    to 6 p

    m

    Closed weekendsRaleigh County Disaster Recovery CenterWyoming County Disaster Recovery CenterBeckley-Raleigh County Emergency Services1224 Airport RoadBeaver WV 25813 Hours of operation:Monday to Friday: 8 a

    m

    to 6 p

    m

    Closed weekendsWyoming Court House24 Main AvePineville, WV 24874 Hours of operation:Monday to Friday: 8 a

    m

    to 6 p

    m

    Closed weekendsDRCs are accessible to all, including survivors with mobility issues, impaired vision, and those who are who are Deaf or Hard of Hearing

    Residents who live in one of the seven designated counties can register at any Disaster Recovery Center, regardless of the county it is in

     PLEASE NOTE: While the deadline to apply for FEMA assistance is April 28, centers will stay open past that date to allow residents to visit and check on their cases, add needed documents or appeal decisions

    Even after the DRCs are closed at 6 p

    m

    , an easy way to apply for FEMA assistance is by phone at 800-621-3362

    The toll-free telephone line operates from 7 a

    m

    to 11 p

    m

    If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service

     Residents can apply online until 11:59 p

    m

    today at DisasterAssistance

    gov or download the FEMA app to their smartphone or tablet

    Monday, April 28, 2025, is also the final deadline for homeowners, renters and business owners to apply for a U

    S

    Small Business Administration physical disaster loan

    Applicants can apply online at sba

    gov/disaster, call SBA’s Customer Service Center at (800) 659-2955, or email disastercustomerservice@sba

    gov for more information on SBA disaster assistance

    For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay service

    For more information on West Virginia’s disaster recovery, visit emd

    wv

    gov, West Virginia Emergency Management Division Facebook page, www

    fema

    gov/disaster/4861 and www

    facebook

    com/FEMA

    ###FEMA’s mission is helping people before, during and after disasters

    Follow FEMA online, on X @FEMA or @FEMAEspanol, on FEMA’s Facebook page or Espanol page and at FEMA’s YouTube account

    Also, follow on X FEMA_Cam

    For preparedness information follow the Ready Campaign on X at @Ready

    gov, on Instagram @Ready

    gov or on the Ready Facebook page

    lianza

    yap
    Mon, 04/28/2025 – 17:53

    MIL OSI USA News –

  • MIL-OSI USA: FEMA to Host Housing Resource Fair May 3 in Jeff Davis County

    Source: US Federal Emergency Management Agency

    Headline: FEMA to Host Housing Resource Fair May 3 in Jeff Davis County

    FEMA to Host Housing Resource Fair May 3 in Jeff Davis County

    FEMA is hosting a Housing Resource Fair from 9 a

    m

    to 5 p

    m

    , Saturday, May 3, in Jeff Davis County at the following location:Jeff Davis Public Library189 E

    Jarman St

     Hazlehurst, GA 31539The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene

     The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery

    Survivors will get information on available rental properties, the HEARTS Georgia Sheltering Program, and U

    S

    Small Business Administration (SBA) loans

    The Housing Resource Fair is an opportunity for survivors to: Explore affordable housing options and rental assistance programs

    Gain access to resources for displaced individuals and families

    Learn from community partners about educational funding resources

     For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair is opportunity to give survivors a one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said

     “We will walk them through their options to ensure they are aware of the resources that are available to fit their need

    ”Anyone affected by Tropical Storm Debby or Hurricane Helene, whether they have applied for FEMA assistance or not, is welcome to attend

    julia

    hendersonkobin
    Mon, 04/28/2025 – 12:54

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Hardin County

    Source: US Federal Emergency Management Agency 2

    strong>FRANKFORT, Ky. –A Disaster Recovery Center has opened in Hardin County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides. The new Disaster Recovery Center in Hardin County is located at:
     
    Kentucky State Police Post #4, 954 Cameron Ponder Drive, Elizabethtown, KY 42701 
    Working hours are 9 a.m. to 7 p.m. Eastern Time, Monday through Saturday and 1 – 7 p.m. Eastern Time, Sunday.
    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will also be available at the recovery centers to assist survivors.
    Click here to find centers that are already open in Kentucky. You can visit any open center to meet with representatives of FEMA, the Commonwealth of Kentucky and the U.S. Small Business Administration. No appointment is needed. 
    To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362. 
    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible. 
    If you are unable to visit a center, there are other ways to apply: online at DisasterAssistance.gov, use the FEMA app for mobile devices or call 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.
    When you apply, you will need to provide:

    A current phone number where you can be contacted.
    Your address at the time of the disaster and the address where you are now staying.
    Your Social Security Number.
    A general list of damage and losses.
    Banking information if you choose direct deposit.
    If insured, the policy number or the agent and/or the company name.

    Apply Separately for Each Disaster

    When two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits. Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster. 
    When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number.

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7. Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible. The deadline to apply under DR-4860-KY is May 25.
    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing. Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible. Survivors have 60 days from the date of the presidential major disaster declaration to apply for individual assistance under DR-4864-KY. 

    Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY. If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications.
    For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860 and www.fema.gov/disaster/4864. Follow the FEMA Region 4 X account at x.com/femaregion4.

    MIL OSI USA News –

  • MIL-OSI USA: Disaster Recovery Center Opens in Hopkins County

    Source: US Federal Emergency Management Agency 2

    strong>FRANKFORT, Ky. –A Disaster Recovery Center has opened in Hopkins County to offer in-person support to Kentucky survivors who experienced loss as the result of the April severe storms, straight-line winds, flooding, landslides and mudslides. The new Disaster Recovery Center in Hopkins County is located at:
     
    Hopkins County Fairground, 605 E. Arch St., Madisonville, KY 42431 
    Working hours are 9 a.m. to 7 p.m. Central Time, Monday through Saturday and 1 – 7 p.m. Central Time, Sunday.
    FEMA representatives can explain available assistance programs, how to apply to FEMA, and help connect survivors with resources for their recovery needs. Representatives from the Kentucky Office of Unemployment Insurance, the Kentucky Department of Insurance and the U.S. Small Business Administration (SBA) will also be available at the recovery centers to assist survivors.
    Click here to find centers that are already open in Kentucky. You can visit any open center to meet with representatives of FEMA, the Commonwealth of Kentucky and the U.S. Small Business Administration. No appointment is needed. 
    To find all other center locations, including those in other states, go to fema.gov/drc or text “DRC” and a Zip Code to 43362. 
    FEMA is encouraging Kentuckians affected by the April storms to apply for federal disaster assistance as soon as possible. 
    If you are unable to visit a center, there are other ways to apply: online at DisasterAssistance.gov, use the FEMA app for mobile devices or call 800-621-3362. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service.
    When you apply, you will need to provide:

    A current phone number where you can be contacted.
    Your address at the time of the disaster and the address where you are now staying.
    Your Social Security Number.
    A general list of damage and losses.
    Banking information if you choose direct deposit.
    If insured, the policy number or the agent and/or the company name.

    Apply Separately for Each Disaster

    When two or more disasters are declared in the same state, FEMA ensures survivors receive all eligible assistance while preventing a duplication of federal benefits. Disaster survivors affected by multiple disasters should apply with FEMA separately for each individual disaster. 
    When applying for FEMA assistance, be sure to specify the damage and the date it occurred to ensure you are applying under the correct declaration number.

    DR-4860-KY for the severe storms, straight-line winds, landslides and mudslides that occurred from Feb14 – March 7. Homeowners and renters in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson, Woodford counties may be eligible. The deadline to apply under DR-4860-KY is May 25.
    DR-4864-KY for the severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that occurred on April 2 and continuing. Homeowners and renters in the Anderson, Butler, Carroll, Christian, Clark, Franklin, Hardin, Hopkins, Jessamine, McCracken, Mercer, Owen and Woodford counties may be eligible. Survivors have 60 days from the date of the presidential major disaster declaration to apply for individual assistance under DR-4864-KY. 

    Homeowners and renters in Woodford County may be eligible for federal assistance under DR-4860-KY or/and DR-4864-KY. If you had property damage or loss in Woodford County from the February severe incident, and then again from the April severe incident, you will need to complete two separate disaster assistance applications.
    For more information about Kentucky flooding recovery, visit www.fema.gov/disaster/4860 and www.fema.gov/disaster/4864. Follow the FEMA Region 4 X account at x.com/femaregion4.

    MIL OSI USA News –

  • MIL-OSI USA: Following Hinson’s Advocacy, Trump Administration Grants Summer E15 Waiver

    Source: United States House of Representatives – Congresswoman Ashley Hinson (IA-01)

    Washington, D.C. – Congresswoman Ashley Hinson (IA-02) released the below statement following the Environmental Protection Agency (EPA)’s emergency waiver to allow the uninterrupted sale of E15 this summer nationwide. 

    “I want to extend a huge thank you to the Trump Administration for following through on its commitments to Iowa farmers & biofuels producers by allowing the sale of E15 this summer nationwide.

    “I recently led a letter urging the administration to ensure E15 could be sold across the country this summer, and I’m thrilled to see them take this crucial step. I will continue working with the administration to expand the use of biofuels to achieve American energy dominance and get a permanent solution across the finish line for the benefit of producers and consumers alike.” – Congresswoman Ashley Hinson

    Background:  
    In Congress, Rep. Hinson has been a leading advocate for expanded access to higher blends of ethanol, including E15. EPA’s announcement follows a letter led by Representatives Hinson, Adrian Smith, Angie Craig, and Mark Pocan urging the president to permit the nationwide sale of E15 during the 2025 summer driving season. This Congress, Rep. Hinson has also joined several efforts to promote the use of biofuels and pursue American energy dominance, including:

    • Sending a letter to EPA Administrator Lee Zeldin urging support for the Renewable Fuel Standard and the elimination of regulatory barriers to the growth of the American biofuels industry.
    • Helping introduce the Nationwide Consumer and Fuel Retailer Choice Act to make E15 available year-round, nationwide.

     

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Miller-Meeks Delivers Summer E15 Victory for Iowa, Pushes for Year-Round Access

    Source: United States House of Representatives – Representative Mariannette Miller-Meeks’ (IA-02)

    Washington, D.C. — Rep. Mariannette Miller-Meeks (R-IA) today praised President Trump, EPA Administrator Lee Zeldin, and Agriculture Secretary Brooke Rollins for granting an emergency waiver allowing E15 sales this summer, helping lower costs for Iowa families and strengthening America’s biofuels industry.

    “I’m proud to have worked with President Trump, Administrator Zeldin, and Secretary Rollins to deliver summer E15 for Iowa,” said Miller-Meeks. “But Iowans deserve permanent, year-round access to E15. That’s why I introduced the Nationwide Consumer and Fuel Retailer Choice Act to guarantee affordable, homegrown energy at the pump—strengthening our farmers, lowering prices, and unlocking America’s energy future.”

    Background:

    Rep. Mariannette Miller-Meeks has been a leadingadvocate for the year-round, nationwide sale of E15, a fuel blend containing 15% ethanol. In February, she introduced the Nationwide Consumer and Fuel Retailer Choice Act with a bipartisan group of lawmakers to permanently extend the Reid Vapor Pressure (RVP) waiver and eliminate seasonal restrictions on E15 sales. This legislation would lower costs at the pump, strengthen rural economies, reduce dependence on foreign oil, and support Iowa’s farmers. Companion legislation was introduced in the Senate by Sens. Deb Fischer (R-NE) and Tammy Duckworth (D-IL).

    ###

    MIL OSI USA News –

  • MIL-OSI Europe: Answer to a written question – Documents required by financial institutions when entering into contracts with clients – E-000321/2025(ASW)

    Source: European Parliament

    Article 18 of the Treaty on the Functioning of the European Union prohibits discrimination on grounds of nationality within the scope of application of the Treaties. Sectorial EU legislation may additionally include specific provisions to prevent discrimination.

    In the area of consumer credits, the Consumer Credit Directive[1] obliges Member States to ensure that the conditions for being granted credit do not discriminate against consumers on the grounds of nationality or place of residence.

    Article 15 of the Payment Accounts Directive[2] prohibits banks from discriminating against consumers, on grounds such as nationality or place of residence, as regards access to bank accounts. However, different documents may be required from consumers for compliance with other EU legislation, for instance Anti-Money Laundering (AML) rules.

    The AML Directive[3] requires obliged entities[4] to adopt a risk-based approach, granting discretion on the measures applied to mitigate customer, geographic and other risks.

    Discriminatory practices would however run counter to the spirit of the directive[5]. Should the alleged discrimination result from national transposing measures and their implementation, note that Member States must act within the limits of EU law and comply with general principles of EU law, including non-discrimination[6].

    Regarding telecommunications activities, the European Electronic Communications Code[7], includes a non-discrimination provision for reasons related to end-users’ nationality or place of residence or of establishment[8].

    Customers may consider directing their concerns to national authorities responsible for alternative dispute resolution in financial services, such as FIN-NET[9] members, consumer affairs or telecommunications.

    • [1] OJ L, 2023/2225, 30.10.2023.
    • [2] Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014 on the comparability of fees related to payment accounts, payment account switching and access to payment accounts with basic features Text with EEA relevance, OJ L 257, 28.8.2014, p. 214-246.
    • [3] OJ L 141, 5.6.2015, p. 73-117.
    • [4] The obliged entities that are subject to Directive (EU) 2015/849 are listed in Article 2 of that directive.
    • [5] Please refer to recitals (65) and (66). Recital (66) emphasises that Member States must ‘ensure that this directive is implemented, as regards risk assessments in the context of customer due diligence, without discrimination’.
    • [6] Judgment of 17 November 2022, SIA ‘Rodl & Partner’, C-562/20, paragraph 49.
    • [7] Directive (EU) 2018/1972 of the European Parliament and of the Council of 11 December 2018 establishing the European Electronic Communications Code (Recast), OJ L 321, 17.12.2018, p. 36-214.
    • [8] Article 99 of the European Electronic Communications Code (EECC), states that ‘providers of electronic communications networks or services shall not apply any different requirements or general conditions of access to, or use of, networks or services to end-users, for reasons related to the end-user’s nationality, place of residence or place of establishment, unless such different treatment is objectively justified’. Such ‘objectively justifiable differences in costs and risks’ (as explained in Recital (256) of the EECC) could, for example, be linked to the provision of services at the end-user’s location or refer to a situation where services are denied for reasons of public security.
    • [9] https://finance.ec.europa.eu/consumer-finance-and-payments/retail-financial-services/financial-dispute-resolution-network-fin-net/make-complaint-about-financial-service-provider-another-eea-country_en#what-is-a-financial-services-provider

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Joint Chairs appointed for Caithness Committee

    Source: Scotland – Highland Council

    First thing on the agenda at today’s Caithness Committee was to elect a new Chair to take over from Cllr Ron Gunn who has held the role since July 2022. The committee have taken the decision to have a joint chair arrangement between Councillor Andrew Jarvie and Councillor Karl Rosie. 

    The duty of chairing the regular Caithness Committee meetings will currently fall to Councillor Andrew Jarvie.

    He said: “I am honoured to be given this opportunity to serve Caithness as joint chair and I would like to thank Councillor Gunn who has held the role since 2022.

    “I stood for election in Caithness because I saw so many tremendous opportunities for the County and abundance of highly skilled people, despite the mood music from too many organisations being rather negative about Caithness’s prospects. I have only seen the odds of those opportunities begin to come a financial reality with the Highland Investment Plan, so I cannot think of a more exciting time to take on this role.

    “There is not much time remaining in my Council term, so getting on with doing what matters and not hosting endless meetings is my priority. It is also why I wanted two people to take this on as co-chairs, because there is more work to be done outside of Committee meetings than in them.

    “The priorities are simple, making best use of the Highland Investment Plan to fix our roads and build the future infrastructure, encouraging economic development and improving connectivity for both business and leisure – such as the Wick Airport PSO.”

    Joint Chair, Councillor Karl Rosie added: “I too look forward to serving in my new role and working to represent Caithness’ best interests.”

    All Council Wards receive a discretionary budget, and it is for Ward Councillors to consider what they wish to commit funds to, in line with Highland Council objectives and outcomes.

    During today’s meeting the Committee reflected on the Discretionary Awards they have allocated to applicants over the last financial year.

    Today’s Chair Councillor Jarvie said: “It is always a privilege and a pleasure for Ward Councillors to make discretionary budget awards. One of the most rewarding aspects is that it allows members to utilise their local knowledge and work with local organisations to make positive improvements to our communities.

     “On behalf of the Committee, I’d like to wish all the successful applicants the very best with their projects.”

    Thurso and Northwest Caithness Ward Discretionary Budget applications approved 1 April 2024 – 31 March 2025

    • Community Food Initiatives North East – Fareshare in Highland – £1,690.00
    • Caithness Chamber of Commerce – Caithness Transport Forum – £500.00
    • Pentland Firth Yacht Club – Replacement Windows – £1,450.00
    • Highlife Highland – Active School Coaching & Equipment – £1,500.00
    • Sidh Chailleann Art – “Industrial Caithness” Exhibition – £1,000.00
    • Thurso Youth Club SCIO – Holiday Activities £1,000.00
    • Thurso Community Council – Thurso Town Centre initiative 2024 – £400.00
    • Association of Caithness Community Council – Village officer Funding – £3,200.00
    • Connecting Carers Caithness – £1,916.00
    • Caithness Voluntary Group – Winter Support 24/25 – £1000.00

    Wick and East Caithness Ward Discretionary Budget applications approved 1 April 2024 – 31 March 2025

    • Community Food Initiatives North East – Fareshare in Highland – £2,763.00
    • Caithness Chamber of Commerce – Caithness Transport Forum – £500.00
    • Highlife Highland – Youth Session Resources – £999.00
    • Argyll Square Area Association – Replacement Litter Bin – £561.60
    • Association of Caithness Community Council – Village officer Funding – £5,300.00
    • Caithness Voluntary Group – Winter Support 24/25 – £2,000
    • Dunbeath & District Centre – Back Office Support £2,276.40

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: WAVES 2025: The Ultimate Global Exhibition for Media, Entertainment, and Technology

    Source: Government of India

    Posted On: 28 APR 2025 5:21PM by PIB Mumbai

    Mumbai, 28 April 2025

     

    World Audio Visual and Entertainment Summit 2025 – will bring together the world’s leading media, entertainment, and technology innovators at Jio Convention Centre, Mumbai from 1st to 4th May. Spanning an extraordinary 15,000 Sqms, WAVES 2025 will serve as the ultimate platform for industry giants, creators, investors, and cutting-edge technology pioneers to converge, collaborate, and explore the future of global entertainment. With over 100 leading exhibitors — including Netflix, Amazon, Google, Meta, Sony, Reliance, Adobe, Tata, Balaji Telefilms, Dharma Productions, Saregama, and Yash Raj Films — along with next-generation innovators such as JetSynthesys, Digital Radio Mondiale (DRM), Free Stream Technologies, Neural Garage, and Fractal Picture —WAVES will be the definitive meeting point for innovation, creativity, and cross-border collaboration in the entertainment sector.

    At the heart of this extraordinary summit is the Bharat Pavilion, spanning a magnificent 1,470 Sqms, celebrating India’s dynamic legacy under the theme “Kala to Code.” Visitors will embark on an immersive journey through the evolution of Indian storytelling — from ancient oral traditions and visual arts to cutting-edge technological advancements — across four experiential zones: Shruti, Kriti, Drishti, and Creator’s Leap.

    In addition to the Bharat Pavilion, WAVES 2025 will feature exclusive State Pavilions, where Maharashtra, Uttar Pradesh, Goa, Gujarat, Telangana, Madhya Pradesh, and several other states will proudly showcase their cultural and creative strengths.

    Furthermore, the MSME Pavilion and Start-Up Booths will provide emerging businesses and innovators in the M&E Sector with unparalleled opportunities to connect with industry leaders, investors, and key stakeholders from the global entertainment and technology sectors.

    A key attraction at WAVES 2025 will be the expansive Gaming Arena, highlighting the rapid growth of the gaming and esports industries. Featuring prominent brands such as Microsoft  &Xbox, Dream11, Krafton, Nazara, MPL, and JioGames. The arena will offer a glimpse into the future of interactive entertainment and demonstrate gaming’s growing influence within the global digital ecosystem.

    Open for Business Days from 1st to 4th May 2025, with Public Days on 3rd and 4th May 2025, WAVES 2025 will offer exclusive networking opportunities and unparalleled insights into the entertainment, media, and technology landscapes. The exhibition will be open from 10 AM to 6 PM from 1st to 3rd May, and from 10 AM to 5 PM on 4th May 2025. With its extraordinary scale, influential exhibitors, and forward-looking vision, WAVES 2025 is set to emerge as the premier hub for global media convergence — a place where tradition and innovation come together to shape the future of storytelling, technology, and entertainment.

     

    About WAVES

    The first World Audio Visual & Entertainment Summit (WAVES), a milestone event for the Media & Entertainment (M&E) sector, will be hosted by the Government of India in Mumbai, Maharashtra, from May 1 to 4, 2025.

    Whether you’re an industry professional, investor, creator, or innovator, the Summit offers the ultimate global platform to connect, collaborate, innovate and contribute to the M&E landscape.

    WAVES is set to magnify India’s creative strength, amplifying its position as a hub for content creation, intellectual property, and technological innovation. Industries and sectors in focus include Broadcasting, Print Media, Television, Radio, Films, Animation, Visual Effects, Gaming, Comics, Sound and Music, Advertising, Digital Media, Social Media Platforms, Generative AI, Augmented Reality (AR), Virtual Reality (VR), and Extended Reality (XR).

    Have questions? Find answers here  

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: India’s Index of industrial production records growth of 3% in March 2025

    Source: Government of India

    India’s Index of industrial production records growth of 3% in March 2025

    Quick Estimate of Index of Industrial Production and Use-Based Index for the Month of March 2025

    (BASE 2011-12=100)

    Posted On: 28 APR 2025 4:00PM by PIB Delhi

    As per the revised calendar, the Quick Estimate of Index of Industrial Production (IIP) will now be released on 28th of every month (or next working day if 28th is a holiday). The index is compiled with data received from source agencies, which in turn receive the data from the producing factories/ establishments. These Quick Estimates will undergo revision in subsequent releases as per the revision policy of IIP.

    2.        Key Highlights:

    1.  The IIP growth rate for the month of March 2025 is 3.0 percent which was 2.9 percent (Quick Estimate) in the month of February 2025.
    2.  The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of March 2025 are 0.4 percent, 3.0 percent and 6.3 percent respectively.
    3.  The Quick Estimates of IIP stands at 164.8 against 160.0 in March 2024. The Indices of Industrial Production for the Mining, Manufacturing and Electricity sectors for the month of March 2025 stand at 156.8, 160.9 and 217.1 respectively.
    4.  Within the manufacturing sector, 13 out of 23 industry groups at NIC 2 digit-level have recorded a positive growth in March 2025 over March 2024. The top three positive contributors for the month of March 2025 are – “Manufacture of basic metals” (6.9%), “Manufacture of motor vehicles, trailers and semi-trailers” (10.3%) and “Manufacture of electrical equipment” (15.7%).
    5.  In the industry group “Manufacture of basic metals”, item groups “Flat products of Alloy Steel “, “Pipes and tubes of Steel”, “Bars and Rods of Mild steel” have shown significant contribution in growth.
    6. In the industry group “Manufacture of motor vehicles, trailers and semi-trailers”, item groups “Auto components/ spares and accessories”, “Axle”, “Bodies of trucks, lorries and trailers” have shown significant contribution in growth.
    7. In the industry group “Manufacture of electrical equipment” item groups “Electric heaters”, “Transformers (Small)”, “End facing connector for optical fibres and cables” have shown significant contribution in growth.
    8.  As per the use base classification, the indices stand at 168.2 for Primary Goods, 134.8 for Capital Goods, 173.1 for Intermediate Goods and 212.3 for Infrastructure/ Construction Goods for the month of March 2025. Further, the indices for Consumer durables and Consumer non-durables stand at 138.5 and 147.9 respectively.
    9.  The corresponding growth rates of IIP as per Use-based classification in March 2025 over March 2024 are 3.1 percent in Primary goods, 2.4 percent in Capital goods, 2.3 percent in Intermediate goods, 8.8 percent in Infrastructure/ Construction Goods, 6.6 percent in Consumer durables and (-)4.7 percent in Consumer non-durables (Statement III).  Based on use-based classification, top three positive contributors to the growth of IIP for the month of March 2025 are – Infrastructure/ construction goods, Primary goods, Consumer durables.
    10.   Monthly Indices and Growth Rate (in %) of IIP for the last 13 months

     

    3.       Along with the Quick Estimate of IIP for the month of March 2025, the indices for December 2024, January 2025 and February 2025 have undergone final revision in the light of the updated data received from the source agencies. The Quick Estimate for March 2025, has been compiled at weighted response rate of 88 percent, whereas the weighted response rate for December 2024, January 2025 and February 2025 were 95 percent, 94 percent and 94 percent respectively.

    4.     Details of Quick Estimates of the Index of Industrial Production for the month of March 2025 at Sectoral, 2-digit level of National Industrial Classification (NIC-2008) and by Use-based classification are given at Statements I, II and III respectively. Also, for users to appreciate the changes in the industrial sector, Statement IV provides month-wise indices for the last 13 months, by industry groups (as per 2-digit level of NIC-2008) and sectors.

    5.     Release of the Index for April 2025 will be on Wednesday, 28th May 2025.

     

     

    Note: –

    1. This Press release (English and Hindi Version) is also available at the Ministry’s Website –http://www.mospi.gov.in.
    2. Detailed information pertaining to IIP is available at https://mospi.gov.in/iip and https://esankhyiki.mospi.gov.in/

     

    STATEMENT I: INDEX OF INDUSTRIAL PRODUCTION – SECTORAL

    		  

    (Base: 2011-12=100)

    		  

    Month

    Mining

    Manufacturing

    Electricity

    General

    (14.372472)

    (77.63321)

    (7.994318)

    (100)

    2023-24

    2024-25

    2023-24

    2024-25

    2023-24

    2024-25

    2023-24

    2024-25

    Apr

    122.6

    130.9

    138.8

    144.6

    192.3

    212.0

    140.7

    148.0

    May

    128.1

    136.5

    143.1

    150.4

    201.6

    229.3

    145.6

    154.7

    Jun

    122.3

    134.9

    141.6

    146.6

    205.2

    222.8

    143.9

    151.0

    Jul

    111.9

    116.1

    142.1

    148.8

    204.0

    220.2

    142.7

    149.8

    Aug

    111.9

    107.1

    144.4

    146.1

    220.5

    212.3

    145.8

    145.8

    Sep

    111.5

    111.7

    141.5

    147.2

    205.9

    206.9

    142.3

    146.9

    Oct

    127.4

    128.5

    142.1

    148.4

    203.8

    207.8

    144.9

    150.3

    Nov

    131.3

    133.8

    139.3

    147.0

    176.3

    184.1

    141.1

    148.1

    Dec

    139.5

    143.2

    151.6

    157.2

    181.6

    192.8

    152.3

    158.0

    Jan

    144.3

    150.7

    150.8

    159.5

    197.1

    201.9

    153.6

    161.6

    Feb

    139.7

    141.9

    144.4

    148.4

    187.2

    194.0

    147.1

    151.1

    Mar*

    156.2

    156.8

    156.2

    160.9

    204.2

    217.1

    160.0

    164.8

    Average

     

     

     

     

     

     

     

     

    Apr-Mar

    128.9

    132.7

    144.7

    150.4

    198.3

    208.4

    146.7

    152.5

    Growth over the corresponding period of previous year

     

     

     

     

    Feb

    8.1

    1.6

    4.9

    2.8

    7.6

    3.6

    5.6

    2.7

    Mar*

    1.3

    0.4

    5.9

    3.0

    8.6

    6.3

    5.5

    3.0

    Apr-Mar

    7.5

    2.9

    5.5

    3.9

    7.1

    5.1

    5.9

    4.0

    * Figures for March 2025 are Quick Estimates.

    NOTE : Indices for the months of Dec’24, Jan’25 and Feb’25 incorporate updated production data.

     

    STATEMENT II:  INDEX OF INDUSTRIAL PRODUCTION – (2-DIGIT LEVEL)

    (Base: 2011-12=100)

    Industry

    Description

    Weight

    Index

    Cumulative Index

    Percentage growth

     

    code

     

    		  

    Mar’24

    Mar’25*

    Apr-Mar*

    Mar’25*

    Apr-Mar*

     

     

     

    		  

     

     

    2023-24

    2024-25

     

    2024-25

     

    10

    Manufacture of food products

    5.302

    142.4

    131.0

    134.5

    130.9

    -8.0

    -2.7

     

    11

    Manufacture of beverages

    1.035

    124.2

    128.0

    110.9

    114.1

    3.1

    2.9

     

    12

    Manufacture of tobacco products

    0.798

    78.3

    96.6

    81.1

    84.5

    23.4

    4.2

     

    13

    Manufacture of textiles

    3.291

    106.9

    112.1

    107.6

    109.2

    4.9

    1.5

     

    14

    Manufacture of wearing apparel

    1.322

    143.0

    144.8

    109.9

    116.7

    1.3

    6.2

     

    15

    Manufacture of leather and related products

    0.502

    95.9

    87.8

    95.0

    91.6

    -8.4

    -3.6

     

    16

    Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials

    0.193

    111.4

    116.9

    98.3

    103.9

    4.9

    5.7

     

    17

    Manufacture of paper and paper products

    0.872

    83.0

    77.9

    79.4

    78.3

    -6.1

    -1.4

     

    18

    Printing and reproduction of recorded media

    0.680

    91.6

    80.9

    89.3

    83.8

    -11.7

    -6.2

     

    19

    Manufacture of coke and refined petroleum products

    11.775

    142.4

    145.3

    133.0

    137.3

    2.0

    3.2

     

    20

    Manufacture of chemicals and chemical products

    7.873

    132.3

    129.0

    127.4

    129.3

    -2.5

    1.5

     

    21

    Manufacture of pharmaceuticals, medicinal chemical and botanical products

    4.981

    228.0

    217.5

    233.6

    230.9

    -4.6

    -1.2

     

    22

    Manufacture of rubber and plastics products

    2.422

    116.3

    117.9

    109.1

    113.7

    1.4

    4.2

     

    23

    Manufacture of other non-metallic mineral products

    4.085

    165.4

    179.4

    144.1

    150.5

    8.5

    4.4

     

    24

    Manufacture of basic metals

    12.804

    232.1

    248.0

    214.1

    228.0

    6.9

    6.5

     

    25

    Manufacture of fabricated metal products, except machinery and equipment

    2.655

    115.0

    108.9

    92.4

    98.0

    -5.3

    6.1

     

    26

    Manufacture of computer, electronic and optical products

    1.570

    134.7

    163.6

    121.7

    132.9

    21.5

    9.2

     

    27

    Manufacture of electrical equipment

    2.998

    124.7

    144.3

    106.7

    130.5

    15.7

    22.3

     

    28

    Manufacture of machinery and equipment n.e.c.

    4.765

    145.4

    157.1

    121.0

    125.1

    8.0

    3.4

     

    29

    Manufacture of motor vehicles, trailers and semi-trailers

    4.857

    130.5

    143.9

    127.8

    133.6

    10.3

    4.5

     

    30

    Manufacture of other transport equipment

    1.776

    175.7

    165.6

    144.7

    161.4

    -5.7

    11.5

     

    31

    Manufacture of furniture

    0.131

    296.4

    237.8

    192.9

    225.1

    -19.8

    16.7

     

    32

    Other manufacturing

    0.941

    90.0

    88.0

    85.3

    81.3

    -2.2

    -4.7

     

     

     

    		  

     

     

     

     

     

     

     

    05

    Mining

    14.372

    156.2

    156.8

    128.9

    132.7

    0.4

    2.9

     

    10-32

    Manufacturing

    77.633

    156.2

    160.9

    144.7

    150.4

    3.0

    3.9

     

    35

    Electricity

    7.994

    204.2

    217.1

    198.3

    208.4

    6.3

    5.1

     

     

     

    		  

     

     

     

     

     

     

     

     

    General Index

    100.00

    160.0

    164.8

    146.7

    152.5

    3.0

    4.0

     

    * Figures for March 2025 are Quick Estimates.

    		              

     

     

    STATEMENT III: INDEX OF INDUSTRIAL PRODUCTION – USE-BASED

    (Base :2011-12=100)

     

    Primary goods

    Capital goods

    Intermediate goods

    Infrastructure/ construction goods

    Consumer durables

    Consumer non-durables

    Month

    (34.048612)

    (8.223043)

    (17.221487)

    (12.338363)

    (12.839296)

    (15.329199)

     

    2023-24

    2024-25

    2023-24

    2024-25

    2023-24

    2024-25

    2023-24

    2024-25

    2023-24

    2024-25

    2023-24

    2024-25

    Apr

    142.2

    152.2

    92.4

    95.0

    152.0

    157.8

    169.8

    184.2

    108.1

    119.5

    154.7

    150.9

    May

    149.9

    160.9

    102.6

    105.3

    156.9

    162.4

    173.2

    186.3

    115.6

    130.2

    149.8

    154.0

    Jun

    146.7

    156.0

    107.4

    111.3

    154.2

    159.1

    170.9

    184.9

    116.8

    127.1

    146.7

    145.2

    Jul

    141.8

    150.1

    102.1

    114.0

    153.8

    164.6

    170.3

    179.7

    117.0

    126.6

    153.5

    147.1

    Aug

    145.4

    141.6

    107.4

    107.4

    157.4

    162.3

    176.8

    181.5

    123.2

    129.8

    148.3

    141.8

    Sep

    138.8

    141.3

    112.6

    116.5

    154.2

    160.8

    172.8

    178.8

    125.0

    132.9

    142.6

    145.7

    Oct

    146.1

    149.8

    106.1

    109.2

    157.5

    165.0

    175.9

    184.2

    123.0

    129.8

    142.4

    146.4

    Nov

    143.8

    147.7

    98.0

    106.7

    151.3

    158.5

    164.2

    177.3

    106.5

    121.5

    157.2

    158.1

    Dec

    151.9

    157.7

    103.8

    114.7

    159.8

    170.1

    180.3

    195.4

    114.5

    123.8

    179.7

    166.9

    Jan

    154.3

    162.8

    108.3

    119.3

    163.8

    172.5

    186.6

    200.2

    121.4

    130.0

    164.9

    165.1

    Feb

    148.2

    152.3

    106.7

    115.4

    157.6

    159.1

    179.5

    191.7

    121.9

    126.4

    149.9

    146.7

    Mar*

    163.1

    168.2

    131.6

    134.8

    169.2

    173.1

    195.2

    212.3

    129.9

    138.5

    155.2

    147.9

    Average

     

     

     

     

     

     

     

     

     

     

     

     

    Apr-Mar

    147.7

    153.4

    106.6

    112.5

    157.3

    163.8

    176.3

    188.0

    118.6

    128.0

    153.7

    151.3

    Growth over the corresponding period of previous year

     

     

     

     

     

     

     

    Feb

    5.9

    2.8

    1.7

    8.2

    8.6

    1.0

    8.3

    6.8

    12.6

    3.7

    -3.2

    -2.1

    Mar*

    3.0

    3.1

    7.0

    2.4

    6.1

    2.3

    7.4

    8.8

    9.5

    6.6

    5.2

    -4.7

    Apr-Mar

    6.1

    3.9

    6.3

    5.5

    5.3

    4.1

    9.7

    6.6

    3.6

    7.9

    4.1

    -1.6

    * Figures for March 2025 are Quick Estimates.

    NOTE: Indices for the months of Dec’24, Jan’25 and Feb’25 incorporate updated production data.

     

    STATEMENT IV:  MONTHLY INDEX OF INDUSTRIAL PRODUCTION – (2-DIGIT LEVEL)

    (Base: 2011-12=100)

    Industry code

    Description

    Weight

    Mar-24

    Apr-24

    May-24

    Jun-24

    Jul-24

    Aug-24

    Sep-24

    Oct-24

    Nov-24

    Dec-24

    Jan-25

    Feb-25

    Mar-25

    10

    Manufacture of food products

    5.3025

    142.4

    119.8

    116.4

    118.3

    119.9

    122.3

    120.5

    130.5

    136.5

    154.2

    159.2

    142.7

    131.0

    11

    Manufacture of beverages

    1.0354

    124.2

    123.8

    136.4

    125.2

    112.9

    100.3

    101.8

    102.7

    99.4

    104.2

    117.1

    116.9

    128.0

    12

    Manufacture of tobacco products

    0.7985

    78.3

    61.1

    88.1

    83.2

    81.3

    78.5

    91.2

    92.3

    80.3

    88.2

    96.9

    76.3

    96.6

    13

    Manufacture of textiles

    3.2913

    106.9

    105.3

    107.0

    106.2

    109.1

    109.4

    109.3

    111.1

    106.2

    114.2

    113.7

    106.7

    112.1

    14

    Manufacture of wearing apparel

    1.3225

    143.0

    105.1

    123.6

    122.6

    111.7

    112.5

    103.7

    104.0

    110.3

    119.1

    121.1

    121.4

    144.8

    15

    Manufacture of leather and related products

    0.5021

    95.9

    89.3

    102.6

    99.2

    102.0

    94.3

    89.5

    87.0

    76.3

    89.2

    93.8

    88.1

    87.8

    16

    Manufacture of wood and products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials

    0.1930

    111.4

    84.3

    100.3

    103.8

    99.1

    108.1

    106.7

    103.2

    98.2

    115.0

    104.4

    106.8

    116.9

    17

    Manufacture of paper and paper products

    0.8724

    83.0

    75.6

    81.0

    79.8

    81.7

    83.0

    81.2

    78.3

    75.0

    76.9

    76.7

    72.2

    77.9

    18

    Printing and reproduction of recorded media

    0.6798

    91.6

    82.1

    91.9

    85.3

    84.4

    83.3

    84.7

    78.0

    82.6

    89.9

    83.3

    78.9

    80.9

    19

    Manufacture of coke and refined petroleum products

    11.7749

    142.4

    135.4

    140.7

    132.2

    140.9

    130.8

    128.8

    132.8

    135.6

    147.4

    146.3

    131.8

    145.3

    20

    Manufacture of chemicals and chemical products

    7.8730

    132.3

    127.0

    133.2

    131.7

    135.2

    129.5

    129.4

    129.4

    123.2

    131.0

    130.7

    121.9

    129.0

    21

    Manufacture of pharmaceuticals, medicinal chemical and botanical products

    4.9810

    228.0

    244.4

    245.0

    218.8

    224.7

    212.6

    222.9

    216.9

    251.4

    259.1

    246.1

    211.8

    217.5

    22

    Manufacture of rubber and plastics products

    2.4222

    116.3

    108.9

    112.4

    114.5

    116.9

    115.5

    117.6

    116.6

    103.6

    107.0

    118.7

    114.6

    117.9

    23

    Manufacture of other non-metallic mineral products

    4.0853

    165.4

    148.7

    149.1

    154.1

    136.3

    139.8

    137.6

    144.3

    136.7

    157.7

    162.3

    159.8

    179.4

    24

    Manufacture of basic metals

    12.8043

    232.1

    220.7

    225.9

    219.2

    223.7

    225.6

    219.7

    228.2

    222.0

    236.8

    242.2

    224.3

    248.0

    25

    Manufacture of fabricated metal products, except machinery and equipment

    2.6549

    115.0

    85.0

    97.8

    89.5

    93.7

    92.8

    99.5

    100.2

    95.2

    107.4

    104.0

    102.2

    108.9

    26

    Manufacture of computer, electronic and optical products

    1.5704

    134.7

    114.2

    136.5

    134.8

    130.9

    146.6

    146.7

    124.2

    115.9

    115.1

    126.0

    139.9

    163.6

    27

    Manufacture of electrical equipment

    2.9983

    124.7

    110.4

    122.7

    136.8

    131.8

    127.7

    128.1

    125.9

    121.1

    163.9

    131.4

    122.1

    144.3

    28

    Manufacture of machinery and equipment n.e.c.

    4.7653

    145.4

    108.0

    118.1

    125.3

    126.2

    122.9

    131.7

    120.2

    117.7

    127.5

    121.7

    124.4

    157.1

    29

    Manufacture of motor vehicles, trailers and semi-trailers

    4.8573

    130.5

    126.5

    134.4

    128.9

    133.5

    129.2

    132.6

    133.4

    134.4

    116.0

    148.3

    142.0

    143.9

    30

    Manufacture of other transport equipment

    1.7763

    175.7

    140.3

    153.2

    153.4

    155.0

    156.4

    189.0

    184.5

    159.4

    142.2

    180.0

    157.8

    165.6

    31

    Manufacture of furniture

    0.1311

    296.4

    220.8

    246.0

    217.0

    209.2

    226.2

    246.6

    211.4

    201.7

    239.0

    212.1

    233.8

    237.8

    32

    Other manufacturing

    0.9415

    90.0

    96.5

    72.5

    74.6

    83.3

    86.9

    99.5

    91.8

    57.0

    77.9

    76.6

    71.5

    88.0

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    5

    Mining

    14.3725

    156.2

    130.9

    136.5

    134.9

    116.1

    107.1

    111.7

    128.5

    133.8

    143.2

    150.7

    141.9

    156.8

    10-32

    Manufacturing

    77.6332

    156.2

    144.6

    150.4

    146.6

    148.8

    146.1

    147.2

    148.4

    147.0

    157.2

    159.5

    148.4

    160.9

    35

    Electricity

    7.9943

    204.2

    212.0

    229.3

    222.8

    220.2

    212.3

    206.9

    207.8

    184.1

    192.8

    201.9

    194.0

    217.1

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    General Index

    100

    160.0

    148.0

    154.7

    151.0

    149.8

    145.8

    146.9

    150.3

    148.1

    158.0

    161.6

    151.1

    164.8

    Note: The figures for March 2025 are provisional

    *********

    Samrat/Allen

    (Release ID: 2124850) Visitor Counter : 146

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: H.R. 2503, Undersea Cable Control Act

    Source: US Congressional Budget Office

    H.R. 2503 would require the Department of Commerce to report to the Congress on its strategy to prevent foreign adversaries from acquiring the means to build and operate undersea cables. The bill also would direct the department to study whether to impose export controls on equipment used to construct, operate, or maintain undersea cables.

    On the basis of information about the costs of similar requirements, CBO estimates that providing the required studies and reports would cost less than $500,000 over the 2025-2030 period. Such spending would be subject to the availability of appropriated funds.

    The CBO staff contact for this estimate is Aldo Prosperi. The estimate was reviewed by Christina Hawley Anthony, Deputy Director of Budget Analysis.

    Phillip L. Swagel

    Director, Congressional Budget Office

    MIL OSI USA News –

  • MIL-OSI Global: Trump’s first 100 days: economic uncertainty spikes while the president’s approval ratings tank

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

    When US president Donald Trump took office in January he inherited a strong economy, which was growing faster than those of many of its rivals. Nevertheless, he won the election in November on the back of strong voter dissatisfaction with the economy, especially the cost of living. This is the legacy of high inflation sparked first by COVID and then Russia’s invasion of Ukraine.

    But Trump also won with his appeal to “left-behind” voters, especially working-class people in the US rust belt. This demographic has suffered a long-term decline in living standards as manufacturing jobs in traditional industries like car-making and steel have disappeared.

    Trump claimed during his campaign that high tariffs were the answer to most of America’s economic problems. He promised a revival in domestic manufacturing by blocking imports, while forcing foreign firms to shift production to the US. And there was also the promise of tax cuts paid for with the revenues raised from tariffs.

    But the erratic roll-out of his tariff policies have shattered business and consumer confidence. They have also tanked his poll ratings with respect to his management of the economy. And it is causing chaos to world trade and economic cooperation.


    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.

    The threat of higher prices for imported goods has made US consumers cautious. Businesses are facing the awesome task of rejigging global supply chains established over many decades, with no certainty over where they should invest.

    China was always the main target of Trump’s tariffs, but it is not clear who will win the battle. China has been preparing for this confrontation for years, shifting its exports to other countries and boosting domestic consumption.

    And blocking Chinese exports does not automatically mean that US industry will become more efficient and productive. This is especially true in the absence of any industrial policy and with massive cutbacks in federal support for business, including for research.

    Trouble ahead for Trump

    The dramatic swings in tariff policy are probably less a product of Trump’s deep strategic planning – “the art of the deal” – than a response to conflicting pressures from different factions of Trump’s supporters.

    What Trump probably did not anticipate was the negative reaction of financial markets to his April 2 announcement of massive global tariffs. The precipitous fall in the stock market (which arguably was overvalued already) has wiped US$4 trillion (£3 trillion) off the value of shares. This threatens the pensions of millions of US voters.

    Even more serious has been the reaction of the bond market. Trump’s plan for massive tax cuts for the rich, now being negotiated in Congress, could add nearly US$6 trillion to the already huge and growing stock of US government debt over the next decade. This strategy will only work if international bond holders are prepared to buy a lot more US Treasury bonds.

    But they are now fleeing that market, which is normally the bedrock of the international financial system. This has the effect of forcing up interest rates, both in the US and globally.

    The US president’s attack on the independence of the US central bank, the Federal Reserve, is further unsettling the markets. The Fed now has the unenviable task of trying both to stop a recession and prevent inflation getting out of hand.

    And the economic damage of Trump’s tariffs is having political consequences. The Democrats are now favoured to retake control of the House of Representatives in the 2026 mid-term elections.

    Targeting welfare may be a cut too far for many US voters.
    Christopher Penler/Shutterstock

    Trump’s popularity will suffer a further blow if Congress is forced to cut government spending even further to finance its tax cuts. One casualty could be Medicaid spending, which faces cuts of US$880 billion. Medicaid provides health insurance for 70 million people on low incomes or with disabilities. The cut has already been included in one version of the budget resolution.



    Read more:
    Trump thinks tariffs can bring back the glory days of US manufacturing. Here’s why he’s wrong

    Trump is now caught between his big business backers, who want to drastically reduce the role of the federal government but keep free trade, and his working-class supporters, who are hoping that his tariffs will restore manufacturing jobs.

    But this group would be deeply upset by cuts to major government programmes such as Medicare and social security, which many depend on for much of their income. These programmes make up a large portion of all government non-defence spending, and without major cuts it will be hard to find enough savings to fund tax reductions.

    With the International Monetary Fund now forecasting a 40% chance of recession in the US, the president’s economic ratings look unlikely to improve any time soon.

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

    – ref. Trump’s first 100 days: economic uncertainty spikes while the president’s approval ratings tank – https://theconversation.com/trumps-first-100-days-economic-uncertainty-spikes-while-the-presidents-approval-ratings-tank-255449

    MIL OSI – Global Reports –

  • MIL-OSI USA: Energy Secretary Chris Wright Delivers Keynote Remarks at the Three Seas Business Forum in Warsaw, Poland

    Source: US Department of Energy

    WARSAW, POLAND— U.S. Energy Secretary Chris Wright delivered keynote remarks today at the Inaugural Session of the Three Seas Business Forum. 

    Secretary Wright’s full remarks from the Three Seas Business Forum are below:

    It is a great honor to stand here before you all at the 2025 Three Seas. A truly visionary idea from 10 years ago to unite the proud Central European nations in building infrastructure and investment in pursuit of opportunity and prosperity.

    Eight years ago, President Trump addressed the Three Seas right here in Poland and I will quote his words: “We support your drive for greater prosperity and security. We applaud your initiative to expand infrastructure. And we welcome this historic opportunity to deepen our economic partnership with your region.” 

    I can’t top those words, but I can reiterate them today. The United States stands here in partnership with all of you. We seek to work with you all for much betterment via energy, economic and strategic cooperation. 

    President Trump’s agenda is simple: Prosperity at home and peace abroad. He was elected by the American people to bring back commonsense to Washington and focus on bettering the lives of our citizens and our allies. I am in a room full of allies. Thank you all for that. 

    I thank Poland for hosting this fabulous conference and for inviting me to attend. I thank Poland and its people for its steadfast alliance with the United States that began with our Revolutionary War and continues today, as evidenced by our growing cooperation in LNG and our large-scale partnership in nuclear energy that was highlighted earlier today with a signing ceremony and press conference. 

    This nuclear partnership is strategic and long-lasting. It will grow and scale as we jointly pursue expansions of nuclear deployment in Poland and other countries. I am here to celebrate this emerging nuclear partnership between the United States and Poland, made possible through the tireless efforts of President Duda and Prime Minister Tusk.

    Partnership in energy, if chosen wisely, tends to be very long lasting. The U.S. nuclear relationship with Poland will tightly bind our nations through the next century. I will come back to natural gas and nuclear at the end of my words. 

    This visit is personal to me. I love the Three Seas nations. You have faced grave geopolitical challenges throughout history and have always faced them with courageous resolve. 

    I traveled on my own to Czechoslovakia — yes, that was a country then — and Hungary in 1987. I saw a people struggling under an external yoke and stymied in their pursuit of freedom and prosperity. Yet, I also saw unbowed commitment to our universal values and a yearning for freedom. I engaged in hushed conversations with those that I met. I left with the conclusion that surely this externally imposed suppression cannot last forever. 

    Little did I realize then that it would all come crashing down only two and half years later. Amen. A fork in the road arrived and Central Europe chose freedom and prosperity. 

    As a lifelong energy entrepreneur, please allow me to be blunt regarding another fork in the road. This is a “time for choosing”, to quote the late, great President Ronald Reagan. 

    After the Global Financial Crisis 15 years ago, the major nations of Western Europe — not Central Europe — choose one side of a fork in the road and the U.S. chose the other side. On one side is energy for the sake of human flourishing. Energy that is abundant, secure, affordable and reliable. Energy that comes from innovation and choice. 

    This is the road to economic growth, advancing the interests of our citizens and securing the economic and national security of our nations. A simple realization that energy’s true purpose is to better human lives. Full stop. 

    I testified in the British House of Lords more than a decade ago, urging the U.K. to choose our side of the fork. I failed. 

    The other side of the fork deprives citizens, consumers of choice. It is top-down imposition of mandates for the energy system. This top-down imposition of enforced “climate policies” is justified as necessary to save the world from climate change. 

    Might the causation actually run in the opposite direction? Could it be instead that a desire to grow centralization and re-establish top-down control is best served by climate alarmism? Is it the chicken or the egg? I don’t know.

    But I can say that climate alarmism has clearly reduced energy freedom, and, hence, prosperity and national security across Western Europe. Let me say that again. Climate alarmism has reduced freedom, prosperity, and national security. 

    On the other hand, top-down diktats have not been successful in reducing global greenhouse gas emissions. They have indeed reduced local Western European greenhouse gas emissions. Europe, however, represents only 8% of global emissions and this impoverishing energy model is unlikely to spread globally because the emissions reductions are mainly due to two highly undesirable factors: 

    First, as Germany and the U.K. have both illustrated, an expensive and unreliable energy system drives industry and economic activity out of national borders and towards other nations with more rational energy policies. Moving industry from your nation and to another nation. Is that success? I suggest it is not. 

    Second, we have seen that more expensive energy imposes on citizens an economic necessity to reduce energy consumption and shrink families spending power, which limits a nation’s citizens’ pursuit of hopes and dreams. 

    Germany has more than doubled its electricity generation capacity over the last 15 years, yet German electricity production today is 20% below where it was 15 years ago. And each unit of electricity has tripled in cost. Is that success?

    Let me illustrate my point via a macroeconomic comparison of the EU and the U.S. over the last 15 years since the fork in the road. 

    In 2010, the U.S. and the EU each represented roughly 25% of global consumption. Today, U.S. consumption has risen to 28% of global consumption and EU consumption has declined to only 18% in dollar terms. This data is from 2023, but I have not seen any recent reversal of this trend. 

    Surely many things are responsible for this dramatic divergence. It is my belief that diverging energy pathways has been the largest driver of economic outcomes. Affordable, reliable, secure energy is essential to economic prosperity and national security.

    The previous U.S. administration worked hard to move the United States onto that same fork. The fork with mandated, top-down, expensive, unreliable energy that would drive de-industrialization of America. The American people rejected this pathway after seeing the ruinous toll that lay down that road. Instead, they re-elected President Trump to bring back freedom and prosperity. 

    Before I conclude let me say a few more words about climate change. I have been engaged in the climate discussion for over 20 years, mostly in the areas of physical science and economics.

    Unfortunately, most of the climate action we hear today in the media has been in the politics and social science areas of climate change. I urge a little more focus on the science and economics. I believe that might help drive a more balanced and beneficial approach. 

    While climate change is a real physical phenomenon, nothing in the data indicates that climate change is even close to the world’s most urgent problem. In fact, the clarion conclusion from economic studies of climate change is that Net Zero 2050 is absolutely the wrong goal. Not only is it unachievable, but the blind pursuit of it will cause, is causing, far more human damage than climate change itself. 

    Over two billion people today still lack access to basic energy services like clean cooking fuels. Millions annually die from indoor air pollution from burning wood and dung indoors. More than half of humanity is still living their lives in hand washed cloths still not utilizing the enormous time-saving and women-liberating benefits of washing machines.

    Today, folks struggling to pay their bills while aspiring to live highly energized lifestyles like you and I is a far bigger global challenge than climate change. Energy access is far too important to get wrong. 

    Only a billion people live the highly energized lifestyles of the people in this room traveling to conferences, having custom controls on our temperatures, turning off our cooking stoves when we want, driving around in motorized transport or riding in motorized transport. Seven billion people only aspire to what we have. Fulfilling their energy aspirations is the energy challenge of our time. 

    For my friends tightly focused on climate change, no nation has reduced greenhouse gas emissions more than the United States. While the U.S. gets a little more than 80% of our energy from hydrocarbons, Germany still gets 74%. A little difference. Not a lot. Although the difference in human opportunity through energy cost and availability is a lot. 

    It turns out to be very hard to transform energy systems. Decarbonization will likely take generations. Only time and innovation will deliver the low-carbon affordable, reliable secure energy that will gain widespread adoption.

    The two biggest “climate solutions” in the coming decades are the same as they were in the last two decades, natural gas and nuclear, for the simple reason that they work. They supply affordable, reliable, secure energy. 

    Central Europe faces a time for choosing. You all have a long history of choosing freedom and sovereignty for your citizens. 

    We warmly welcome you to join us on Team Energy Freedom and prosperity for citizens. President Trump’s agenda of prosperity at home and peace abroad is a team sport! God bless you all.

    MIL OSI USA News –